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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

SIMON PROPERTY GROUP, INC.

SIMON PROPERTY GROUP, L.P.

(Exact name of registrant as specified in its charter)

Indiana
(Simon Property Group, Inc.)
Indiana
(Simon Property Group, L.P.)
(State or other jurisdiction of

incorporation or organization)

001-14469
(Simon Property Group, Inc.)
001-36110
(Simon Property Group, L.P.)
(Commission File No.)

04-6268599
(Simon Property Group, Inc.)
34-1755769
(Simon Property Group, L.P.)
(I.R.S. Employer
Identification No.)

225 West Washington Street
Indianapolis, Indiana 46204
(Address of principal executive offices)

(317) 636-1600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


	Title of each class		Trading Symbols		Name of each exchange on which registered
Simon Property Group, Inc.	Common stock, $0.0001 par value		SPG		New York Stock Exchange
Simon Property Group, Inc.	8³/₈% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value		SPGJ		New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Simon Property Group, Inc. Yes ⌧ No ◻	Simon Property Group, L.P. Yes ⌧ No ◻

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).


Simon Property Group, Inc. Yes ⌧ No ◻	Simon Property Group, L.P. Yes ⌧ No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Simon Property Group, Inc.:
Large accelerated filer ⌧	Accelerated filer ◻	Non-accelerated filer ◻	Smaller reporting company ◻
			Emerging growth company ◻

Simon Property Group, L.P.:
Large accelerated filer ◻	Accelerated filer ◻	Non-accelerated filer ⌧	Smaller reporting company ◻
			Emerging growth company ◻

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Simon Property Group, Inc. ◻

Simon Property Group, L.P. ◻

Indicate by check mark whether Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).

Simon Property Group, Inc. Yes ◻ No ⌧

Simon Property Group, L.P. Yes ◻ No ⌧

As of March 31, 2026, Simon Property Group, Inc. had 324,281,912 shares of common stock, par value $0.0001 per share, and 8,000 shares of Class B common stock, par value $0.0001 per share, outstanding. Simon Property Group, L.P. has no common stock outstanding.

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended March 31, 2026 of Simon Property Group, Inc., an Indiana corporation, and Simon Property Group, L.P., an Indiana limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.

Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of March 31, 2026, Simon owned an approximate 85.3% ownership interest in the Operating Partnership, with the remaining 14.7% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management.

We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements.

We believe that combining the quarterly reports on Form 10-Q of Simon and the Operating Partnership into this single report provides the following benefits:

●

enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

●

eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and

●

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership.

The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties.

The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same.

To help investors understand the differences between Simon and the Operating Partnership, this report provides:

●

separate consolidated financial statements for Simon and the Operating Partnership;

●

a single set of condensed notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable;

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●

a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and

●

separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections related to each entity.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business.

In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

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Simon Property Group, Inc.

Simon Property Group, L.P.

Form 10-Q

INDEX

				Page
Part I — Financial Information

	Item 1.	Consolidated Financial Statements of Simon Property Group, Inc. (Unaudited)
		Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025		5
		Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2026 and 2025		6
		Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025		7
		Consolidated Statements of Equity at March 31, 2026 and 2025		8

		Consolidated Financial Statements of Simon Property Group, L.P. (Unaudited)
		Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025		10
		Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2026 and 2025		11
		Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025		12
		Consolidated Statements of Equity at March 31, 2026 and 2025		13

		Condensed Notes to Consolidated Financial Statements		15
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		41
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		54
	Item 4.	Controls and Procedures		54

Part II — Other Information

	Item 1.	Legal Proceedings		55
	Item 1A.	Risk Factors		55
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		55
	Item 3.	Defaults Upon Senior Securities		55
	Item 4.	Mine Safety Disclosures		55
	Item 5.	Other Information		56
	Item 6.	Exhibits		57

Signatures				58

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)


	March 31,		December 31,
	2026		2025
ASSETS:
Investment properties, at cost	$	50,936,227	$	50,946,067
Less - accumulated depreciation		20,988,491		20,701,510
		29,947,736		30,244,557
Cash and cash equivalents		542,955		823,147
Tenant receivables and accrued revenue, net		880,807		934,077
Investment in other unconsolidated entities, at equity		4,196,012		4,362,339
Investment in Klépierre, at equity		1,363,615		1,505,377
Right-of-use assets, net		738,033		755,934
Deferred costs and other assets		1,969,923		1,981,035
Total assets	$	39,639,081	$	40,606,466
LIABILITIES:
Mortgages and unsecured indebtedness	$	28,247,682	$	28,430,175
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,701,757		1,954,402
Cash distributions and losses in unconsolidated entities, at equity		1,791,354		1,739,418
Dividend payable		1,462		2,723
Lease liabilities		734,567		756,539
Other liabilities		825,477		1,017,816
Total liabilities		33,302,299		33,901,073
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests		264,251		233,306
EQUITY:
Stockholders’ Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8^3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847		40,369		40,451
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and 343,060,687 issued and outstanding, respectively		33		33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		—		—
Capital in excess of par value		12,411,236		12,347,192
Accumulated deficit		(4,875,676)		(4,608,136)
Accumulated other comprehensive loss		(227,770)		(251,361)
Common stock held in treasury, at cost, 18,778,775 and 17,844,817 shares, respectively		(2,489,435)		(2,319,911)
Total stockholders’ equity		4,858,757		5,208,268
Noncontrolling interests		1,213,774		1,263,819
Total equity		6,072,531		6,472,087
Total liabilities and equity	$	39,639,081	$	40,606,466

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per share amounts)


		For the Three Months Ended
		March 31,
		2026			2025
REVENUE:
Lease income		$	1,628,532		$	1,367,428
Management fees and other revenues			40,189			33,792
Other income			88,372			71,792
Total revenue			1,757,093			1,473,012
EXPENSES:
Property operating			170,760			136,821
Depreciation and amortization			458,898			328,051
Real estate taxes			135,960			107,452
Repairs and maintenance			40,200			30,142
Advertising and promotion			33,930			34,257
Home and regional office costs			67,656			65,066
General and administrative			54,299			12,629
Other			33,227			30,978
Total operating expenses			994,930			745,396
OPERATING INCOME BEFORE OTHER ITEMS			762,163			727,616
Interest expense			(275,662)			(226,995)
Loss due to disposal, exchange, or revaluation of equity interests, net			(6,379)			(23,992)
Income and other tax benefit			19,934			7,637
(Loss) income from unconsolidated entities			(21,248)			30,359
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net			25,388			(36,765)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			64,339			—
CONSOLIDATED NET INCOME			568,535			477,860
Net income attributable to noncontrolling interests			88,132			63,327
Preferred dividends			834			834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	479,569		$	413,699
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders		$	1.48		$	1.27

Consolidated Net Income		$	568,535		$	477,860
Unrealized gain (loss) on derivative hedge agreements			11,234			(13,833)
Net gain reclassified from accumulated other comprehensive loss into earnings			(1,706)			(1,455)
Currency translation adjustments			16,585			(16,640)
Changes in available-for-sale securities and other			1,143			1,098
Comprehensive income			595,791			447,030
Comprehensive income attributable to noncontrolling interests			91,796			59,216
Comprehensive income attributable to common stockholders		$	503,995		$	387,814

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Cash Flows

(Dollars in thousands)


		For the Three Months Ended
		March 31,
		2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income		$	568,535		$	477,860
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization			532,591			355,647
Gain on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			(64,339)			—
Loss due to disposal, exchange, or revaluation of equity interests, net			6,379			23,992
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net			(25,388)			36,765
Straight-line lease income			(4,965)			(1,682)
Equity in income of unconsolidated entities			21,248			(30,359)
Distributions of income from unconsolidated entities			98,464			108,263
Changes in assets and liabilities
Tenant receivables and accrued revenue, net			57,417			35,093
Deferred costs and other assets			(55,206)			48,189
Accounts payable, accrued expenses, intangibles, deferred revenues and other			(301,358)			(226,550)
Net cash provided by operating activities			833,378			827,218
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions			—			(392,388)
Repayments of loans to related parties			3,336			7,018
Capital expenditures, net			(208,396)			(230,201)
Cash impact from the consolidation of properties			—			25,281
Investments in unconsolidated entities			(10,523)			(5,763)
Purchase of equity instruments			(970)			(12,874)
Proceeds from sale of equity instruments			1,143			85,215
Distributions of capital from unconsolidated entities and other			108,951			145,846
Net cash used in investing activities			(106,459)			(377,866)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs			(82)			(82)
Purchase of shares related to stock grant recipients' tax withholdings			(2,397)			(1,588)
Redemption of limited partner units			(1,219)			(6,335)
Purchase of treasury stock			(175,284)			—
Distributions to noncontrolling interest holders in properties			(5,824)			(1,928)
Contributions from noncontrolling interest holders in properties			654			2,622
Preferred distributions of the Operating Partnership			(198)			(291)
Preferred dividends and distributions to stockholders			(715,706)			(686,102)
Distributions to limited partners			(122,887)			(106,934)
Proceeds from issuance of debt, net of transaction costs			1,812,650			857,079
Repayments of debt			(1,796,818)			(526,130)
Net cash used in financing activities			(1,007,111)			(469,689)
DECREASE IN CASH AND CASH EQUIVALENTS			(280,192)			(20,337)
CASH AND CASH EQUIVALENTS, beginning of period			823,147			1,400,345
CASH AND CASH EQUIVALENTS, end of period		$	542,955		$	1,380,008

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)


								Accumulated									Common
								Other			Capital in						Stock
		Preferred			Common			Comprehensive			Excess of			Accumulated			Held in			Noncontrolling			Total
		Stock			Stock			Income (Loss)			Par Value			Deficit			Treasury			interests			Equity
December 31, 2025		$	40,451		$	33		$	(251,361)		$	12,347,192		$	(4,608,136)		$	(2,319,911)		$	1,263,819		$	6,472,087
Series J preferred stock premium amortization			(82)																					(82)
Stock incentive program (43,097 common shares)												(8,157)						8,157						—
Redemption of limited partner units (6,100 units)												(1,122)									(97)			(1,219)
Amortization of stock incentive												6,914												6,914
Treasury stock purchase (965,296 shares)																		(175,284)						(175,284)
Long-term incentive performance units																					51,519			51,519
Issuance of unit equivalents and other (11,759 common shares repurchased)												(1)			(32,237)			(2,397)			(251)			(34,886)
Unrealized gain on hedging activities									9,544												1,690			11,234
Currency translation adjustments									14,531												2,054			16,585
Changes in available-for-sale securities and other									971												172			1,143
Net gain reclassified from accumulated other comprehensive loss into earnings									(1,455)												(251)			(1,706)
Other comprehensive income									23,591												3,665			27,256
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership												66,410									(66,410)			—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests															(715,706)						(122,887)			(838,593)
Distributions to other noncontrolling interest partners																					(3,418)			(3,418)
Net income, excluding $198 attributable to preferred interests in the Operating Partnership and $100 attributable to noncontrolling redeemable interests in properties															480,403						87,834			568,237
March 31, 2026		$	40,369		$	33		$	(227,770)		$	12,411,236		$	(4,875,676)		$	(2,489,435)		$	1,213,774		$	6,072,531

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)


								Accumulated									Common
								Other			Capital in						Stock
		Preferred			Common			Comprehensive			Excess of			Accumulated			Held in			Noncontrolling			Total
		Stock			Stock			Income (Loss)			Par Value			Deficit			Treasury			interests			Equity
December 31, 2024		$	40,778		$	33		$	(193,026)		$	11,583,051		$	(6,382,515)		$	(2,106,396)		$	472,798		$	3,414,723
Exchange of limited partner units (116,558 common shares, note 8)												922									(922)			—
Series J preferred stock premium amortization			(82)																					(82)
Stock incentive program (39,949 common shares)												(7,502)						7,502						—
Redemption of limited partner units (36,291 units)												(6,048)									(287)			(6,335)
Amortization of stock incentive												7,300												7,300
Long-term incentive performance units																					12,042			12,042
Issuance of unit equivalents and other (9,606 common shares repurchased)												(1)			(55,534)			(1,588)			471			(56,652)
Unrealized loss on hedging activities									(11,964)												(1,869)			(13,833)
Currency translation adjustments									(14,447)												(2,193)			(16,640)
Changes in available-for-sale securities and other									951												147			1,098
Net gain reclassified from accumulated other comprehensive loss into earnings									(1,259)												(196)			(1,455)
Other comprehensive income (loss)									(26,719)												(4,111)			(30,830)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership												16,969									(16,969)			—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests															(686,102)						(106,934)			(793,036)
Distributions to other noncontrolling interest partners																					(693)			(693)
Net income, excluding $292 attributable to preferred interests in the Operating Partnership and a $1,804 loss attributable to noncontrolling redeemable interests in properties															414,533						64,839			479,372
March 31, 2025		$	40,696		$	33		$	(219,745)		$	11,594,691		$	(6,709,618)		$	(2,100,482)		$	420,234		$	3,025,809

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, L.P.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except unit amounts)


	March 31,		December 31,
	2026		2025
ASSETS:
Investment properties, at cost	$	50,936,227	$	50,946,067
Less — accumulated depreciation		20,988,491		20,701,510
		29,947,736		30,244,557
Cash and cash equivalents		542,955		823,147
Tenant receivables and accrued revenue, net		880,807		934,077
Investment in other unconsolidated entities, at equity		4,196,012		4,362,339
Investment in Klépierre, at equity		1,363,615		1,505,377
Right-of-use assets, net		738,033		755,934
Deferred costs and other assets		1,969,923		1,981,035
Total assets	$	39,639,081	$	40,606,466
LIABILITIES:
Mortgages and unsecured indebtedness	$	28,247,682	$	28,430,175
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,701,757		1,954,402
Cash distributions and losses in unconsolidated entities, at equity		1,791,354		1,739,418
Distribution payable		1,462		2,723
Lease liabilities		734,567		756,539
Other liabilities		825,477		1,017,816
Total liabilities		33,302,299		33,901,073
Commitments and contingencies
Preferred units, various series, at liquidation value, and noncontrolling redeemable interests		264,251		233,306
EQUITY:
Partners’ Equity
Preferred units, 796,948 units outstanding. Liquidation value of $39,847		40,369		40,451
General Partner, 324,289,912 and 325,223,870 units outstanding, respectively		4,818,388		5,167,817
Limited Partners, 56,063,958 and 55,689,714 units outstanding, respectively		833,015		884,913
Total partners’ equity		5,691,772		6,093,181
Nonredeemable noncontrolling interests in properties, net		380,759		378,906
Total equity		6,072,531		6,472,087
Total liabilities and equity	$	39,639,081	$	40,606,466

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, L.P.

Unaudited Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per unit amounts)


	For the Three Months Ended
	March 31,
	2026		2025
REVENUE:
Lease income	$	1,628,532	$	1,367,428
Management fees and other revenues		40,189		33,792
Other income		88,372		71,792
Total revenue		1,757,093		1,473,012
EXPENSES:
Property operating		170,760		136,821
Depreciation and amortization		458,898		328,051
Real estate taxes		135,960		107,452
Repairs and maintenance		40,200		30,142
Advertising and promotion		33,930		34,257
Home and regional office costs		67,656		65,066
General and administrative		54,299		12,629
Other		33,227		30,978
Total operating expenses		994,930		745,396
OPERATING INCOME BEFORE OTHER ITEMS		762,163		727,616
Interest expense		(275,662)		(226,995)
Loss due to disposal, exchange, or revaluation of equity interests, net		(6,379)		(23,992)
Income and other tax benefit		19,934		7,637
(Loss) income from unconsolidated entities		(21,248)		30,359
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net		25,388		(36,765)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		64,339		—
CONSOLIDATED NET INCOME		568,535		477,860
Net income (loss) attributable to noncontrolling interests		5,621		(1,292)
Preferred unit requirements		1,032		1,126
NET INCOME ATTRIBUTABLE TO UNITHOLDERS	$	561,882	$	478,026
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:
General Partner	$	479,569	$	413,699
Limited Partners		82,313		64,327
Net income attributable to unitholders	$	561,882	$	478,026
BASIC AND DILUTED EARNINGS PER UNIT:
Net income attributable to unitholders	$	1.48	$	1.27

Consolidated Net Income	$	568,535	$	477,860
Unrealized gain (loss) on derivative hedge agreements		11,234		(13,833)
Net gain reclassified from accumulated other comprehensive loss into earnings		(1,706)		(1,455)
Currency translation adjustments		16,585		(16,640)
Changes in available-for-sale securities and other		1,143		1,098
Comprehensive income		595,791		447,030
Comprehensive income attributable to noncontrolling interests		5,521		512
Comprehensive income attributable to unitholders	$	590,270	$	446,518

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, L.P.

Unaudited Consolidated Statements of Cash Flows

(Dollars in thousands)


		For the Three Months Ended
		March 31,
		2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income		$	568,535		$	477,860
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization			532,591			355,647
Gain on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			(64,339)			—
Loss due to disposal, exchange, or revaluation of equity interests, net			6,379			23,992
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net			(25,388)			36,765
Straight-line lease income			(4,965)			(1,682)
Equity in income of unconsolidated entities			21,248			(30,359)
Distributions of income from unconsolidated entities			98,464			108,263
Changes in assets and liabilities
Tenant receivables and accrued revenue, net			57,417			35,093
Deferred costs and other assets			(55,206)			48,189
Accounts payable, accrued expenses, intangibles, deferred revenues and other			(301,358)			(226,550)
Net cash provided by operating activities			833,378			827,218
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions			—			(392,388)
Repayments of loans to related parties			3,336			7,018
Capital expenditures, net			(208,396)			(230,201)
Cash impact from the consolidation of properties			—			25,281
Investments in unconsolidated entities			(10,523)			(5,763)
Purchase of equity instruments			(970)			(12,874)
Proceeds from sale of equity instruments			1,143			85,215
Distributions of capital from unconsolidated entities and other			108,951			145,846
Net cash used in investing activities			(106,459)			(377,866)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of units and other			(82)			(82)
Purchase of units related to stock grant recipients' tax withholdings			(2,397)			(1,588)
Redemption of limited partner units			(1,219)			(6,335)
Purchase of general partner units			(175,284)			—
Distributions to noncontrolling interest holders in properties			(5,824)			(1,928)
Contributions from noncontrolling interest holders in properties			654			2,622
Partnership distributions			(838,791)			(793,327)
Proceeds from issuance of debt, net of transaction costs			1,812,650			857,079
Repayments of debt			(1,796,818)			(526,130)
Net cash used in financing activities			(1,007,111)			(469,689)
DECREASE IN CASH AND CASH EQUIVALENTS			(280,192)			(20,337)
CASH AND CASH EQUIVALENTS, beginning of period			823,147			1,400,345
CASH AND CASH EQUIVALENTS, end of period		$	542,955		$	1,380,008

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, L.P.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)


		Preferred			Simon (Managing			Limited			Noncontrolling			Total
		Units			General Partner)			Partners			interests			Equity
December 31, 2025		$	40,451		$	5,167,817		$	884,913		$	378,906		$	6,472,087
Series J preferred stock premium and amortization			(82)												(82)
Stock incentive program (43,097 common units)						—									—
Amortization of stock incentive						6,914									6,914
Redemption of limited partner units (6,100 units)						(1,122)			(97)						(1,219)
Treasury unit purchase (965,296 units)						(175,284)									(175,284)
Long-term incentive performance units									51,519						51,519
Issuance of unit equivalents and other (380,344 LTIP units and 11,759 common units)						(34,635)			(1)			(250)			(34,886)
Unrealized gain on hedging activities						9,544			1,690						11,234
Currency translation adjustments						14,531			2,054						16,585
Changes in available-for-sale securities and other						971			172						1,143
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,455)			(251)						(1,706)
Other comprehensive income						23,591			3,665						27,256
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership						66,410			(66,410)						—
Distributions, excluding distributions on preferred interests classified as temporary equity			(834)			(714,872)			(122,887)			(3,418)			(842,011)
Net income, excluding preferred distributions on temporary equity preferred units of $198 and $100 attributable to noncontrolling redeemable interests in properties			834			479,569			82,313			5,521			568,237
March 31, 2026		$	40,369		$	4,818,388		$	833,015		$	380,759		$	6,072,531

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, L.P.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)


		Preferred			Simon (Managing			Limited			Noncontrolling			Total
		Units			General Partner)			Partners			interests			Equity
December 31, 2024		$	40,778		$	2,901,147		$	451,339		$	21,459		$	3,414,723
Series J preferred stock premium and amortization			(82)												(82)
Limited partner units exchanged to common units (116,558 units)						922			(922)						—
Stock incentive program (39,949 common units)						—									—
Amortization of stock incentive						7,300									7,300
Redemption of limited partner units (36,291 units)						(6,048)			(287)						(6,335)
Long-term incentive performance units									12,042						12,042
Issuance of unit equivalents and other (107,462 units and 9,606 common units)						(57,123)			1			470			(56,652)
Unrealized loss on hedging activities						(11,964)			(1,869)						(13,833)
Currency translation adjustments						(14,447)			(2,193)						(16,640)
Changes in available-for-sale securities and other						951			147						1,098
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,259)			(196)						(1,455)
Other comprehensive income (loss)						(26,719)			(4,111)						(30,830)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership						16,969			(16,969)						—
Distributions, excluding distributions on preferred interests classified as temporary equity			(834)			(685,268)			(106,934)			(693)			(793,729)
Net income, excluding preferred distributions on temporary equity preferred units of $292 and a $1,804 loss attributable to noncontrolling redeemable interests in properties			834			413,699			64,327			512			479,372
March 31, 2025		$	40,696		$	2,564,879		$	398,486		$	21,748		$	3,025,809

The accompanying notes are an integral part of these statements.

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Simon Property Group, Inc.
Simon Property Group, L.P.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in thousands, except share, per share, unit and per unit amounts
and where indicated in millions or billions)

1. Organization

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these condensed notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets^®, and The Mills^®. As of March 31, 2026, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 69 Premium Outlets, 16 Mills, six lifestyle centers, and 13 other retail properties in 38 states and Puerto Rico. Internationally, as of March 31, 2026, we had ownership in 42 properties primarily located in Asia, Europe, and Canada. As of March 31, 2026, we also owned a 20.7% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.

Until October 31, 2025, we owned an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG. As further discussed in Note 4, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or the TRG Acquisition.

2. Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim periods are not necessarily indicative of the results to be expected for the full year.

These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the combined 2025 Annual Report on Form 10-K of Simon and the Operating Partnership. Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations.

We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us.

We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during 2026 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide.

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Investments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in partnerships and joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the partnerships and joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain partnerships and joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization.

As of March 31, 2026, we consolidated 144 wholly-owned properties and 22 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 88 properties (the joint venture properties), our investments in Klépierre, and our other platform investments. We manage the day-to-day operations of 51 of the 88 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Canada, the People’s Republic of China, Spain, Thailand, Indonesia, and the United Kingdom comprise 29 of the remaining 37 properties.

Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to Simon based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Simon’s weighted average ownership interest in the Operating Partnership was 85.4% and 86.5% for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, Simon’s ownership interest in the Operating Partnership was 85.3% and 85.4%, respectively. We adjust the noncontrolling limited partners’ interests at the end of each period to reflect their interest in the net assets of the Operating Partnership.

Preferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.

3. Significant Accounting Policies

Cash and Cash Equivalents and Short-term Investments

We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits.

Equity Instruments and Debt Securities

Equity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At March 31, 2026 and December 31, 2025, we had equity instruments with readily determinable fair values of $34.4 million and $33.7 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net in our consolidated statements of operations and comprehensive income. At March 31, 2026 and December 31, 2025, we had equity instruments without readily determinable fair values of $332.5 million and $329.1 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as

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any observable price changes for an identical or similar equity instrument of the same issuer, and determined that no material adjustment in the carrying value was required for the three months ended March 31, 2026 and 2025.

Our deferred compensation plan equity instruments are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.

At March 31, 2026 and December 31, 2025, we held debt securities of $163.8 million and $161.6 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive loss until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established.

Our captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited.

Fair Value Measurements

Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.

We have equity instruments with readily determinable fair values that are valued using Level 1 inputs. We have foreign currency forward contracts, interest rate cap and swap agreements that are valued using Level 2 inputs. We also have a bifurcated embedded derivative option that was a component of the €750.0 million exchangeable bonds issued in November 2023. This instrument is classified as primarily having Level 3 inputs and is further discussed in Note 3, within the Derivative Financial Instruments subsection and in Note 7.


Description	March 31, 2026		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Deferred costs and other assets	$	45,347	$	34,387	$	10,960	$	-

Liabilities:
Other Liabilities	$	132,691	$	-	$	7,253	$	125,438

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Description	December 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Deferred costs and other assets	$	36,348	$	33,687	$	2,661	$	-

Liabilities:
Other Liabilities	$	218,372	$	-	$	13,259	$	205,113

Note 7 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, based primarily on net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests

Simon

Details of the carrying amount of our noncontrolling interests are as follows:


		As of			As of
		March 31,			December 31,
		2026			2025
Limited partners’ interests in the Operating Partnership		$	833,015		$	884,913
Nonredeemable noncontrolling interests in properties, net			380,759			378,906
Total noncontrolling interests reflected in equity		$	1,213,774		$	1,263,819

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

The Operating Partnership

Our evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership.

Limited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon.

Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.

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Accumulated Other Comprehensive Income (Loss)

Simon

The total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($263.8) million and ($278.3) million as of March 31, 2026 and December 31, 2025, respectively.

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following:


	For the Three Months Ended
	March 31,
						Affected line item where
	2026		2025			net income is presented

Accumulated derivative gains, net	$	1,706	$	1,455		Interest expense
		(251)		(196)		Net income attributable to noncontrolling interests
	$	1,455	$	1,259

The Operating Partnership

The total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($309.4) million and ($326.0) million as of March 31, 2026 and December 31, 2025, respectively.

The reclassifications out of accumulated other comprehensive income (loss) consisted of the following:


		For the Three Months Ended
		March 31,
							Affected line item where
		2026		2025			net income is presented

Accumulated derivative gains, net		$	1,706	$	1,455		Interest expense

Derivative Financial Instruments

We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

As of March 31, 2026, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


		Number of		Notional
Interest Rate Derivative		Instruments		Amount
Interest Rate Swaps		13		$	2.8 billion
Interest Rate Caps		1		$	85.0 million
Interest Rate Swaps		2		€	190.4 million
Interest Rate Caps		3		€	178.8 million

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As of December 31, 2025, we had the following outstanding interest rate derivatives related to managing our interest rate risk:


		Number of		Notional
Interest Rate Derivative		Instruments		Amount
Interest Rate Swaps		7		$	2.2 billion
Interest Rate Caps		1		$	85.0 million
Interest Rate Swaps		3		€	541.7 million
Interest Rate Caps		3		€	178.8 million

The carrying value of our interest rate swap and cap agreements, at fair value, are included in deferred costs and other assets and other liabilities. As of March 31, 2026, we had interest rate swap and cap agreements with combined asset balances of $2.4 million and combined liability balances of $6.8 million. As of December 31, 2025, we had interest rate swap and cap agreements with combined asset balances of $1.5 million and combined liability balances of $12.8 million.

Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We primarily manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt.

We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement.

The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $33.6 million and $35.3 million as of March 31, 2026 and December 31, 2025, respectively. Within the next 12 months, we expect to reclassify to earnings approximately $6.6 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss).

We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and nonderivative instruments such as foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date.

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We had the following Euro:USD forward contracts designated as net investment hedges at March 31, 2026 and December 31, 2025 (in millions):


					Asset (Liability) Value as of
					March 31,			December 31,
Notional Value			Maturity Date		2026			2025
€	125.0		January 15, 2026			—			0.3
€	125.0		January 15, 2026			—			0.3
€	50.5		February 18, 2026			—			(0.4)
€	50.0		March 16, 2026			—			0.1
€	50.0		May 15, 2026			1.2			0.1
€	125.0		May 15, 2026			1.8			—
€	50.5		June 17, 2026			1.7			—
€	50.0		June 17, 2026			(0.1)			—
€	50.0		June 17, 2026			(0.1)			—
€	50.0		July 15, 2026			1.2			0.1
€	75.0		July 15, 2026			(0.2)			—
€	15.0		July 15, 2026			0.1			—
€	100.0		January 15, 2027			2.5			0.3

Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.

We have designated certain derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the three months ended March 31, 2026 and 2025, we recorded gains (losses) of ($35.7) million and $78.1 million, respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these instruments are offset by changes in the underlying hedged Euro investments.

The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $33.1 million and $25.0 million as of March 31, 2026 and December 31, 2025, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $38.9 million and $29.3 million as of March 31, 2026 and December 31, 2025, respectively.

The exchange option of our exchangeable bonds is valued as a derivative liability using an option pricing model that incorporates the observed period ending price of the exchangeable bonds and secondary market prices of comparable unsecured senior notes without an exchange feature. The key assumptions utilized are the period ending share-price of Klépierre, share-price implied volatility, the EUR risk-free rate, Klépierre expected dividend yield, time to maturity, and the comparable spread to the EUR risk-free rate of unsecured senior notes without an exchange feature.

The fair value of the option is recorded in other liabilities in the consolidated balance sheets and changes to the value of the option are recognized in the consolidated statements of operations and comprehensive income in unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net.

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The key inputs into the option model for the exchange option within the exchangeable bonds as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025
Klépierre stock price	€	32.58	€	33.74
Implied volatility		16.92%		17.78%
EUR risk-free rate		2.37%		2.04%
Klépierre expected dividend yield		5.23%		5.06%
Expected term		0.62 years		0.87 years
Credit Spread		0.33%		0.45%

The option is measured at fair value on a recurring basis. As of March 31, 2026 and December 31, 2025, the values of the option were $125.4 million and $205.1 million, respectively.

New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures,” to improve the disclosures about a public business entity’s expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard will be effective for us for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact that the adoption of this new standard will have on our consolidated financial statements and footnotes.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting,” which is intended to improve the navigability of the required interim reporting disclosures and clarifies when that guidance is applicable. The amendments in the ASU will be effective for us for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are currently evaluating the impact that the adoption of these amendments will have on our footnotes.

4. Real Estate Acquisitions and Dispositions

Unless otherwise noted, gains and losses on property transactions are included in gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during the three months ended March 31, 2026 and 2025.

2025 Acquisitions

On November 17, 2025, we completed the acquisition of a 100% interest in a retail property, Phillips Place, located in Charlotte, North Carolina. The cash consideration including working capital was $143.8 million. Upon acquisition, we recorded $133.3 million of investment property. The property is unencumbered. We accounted for this transaction as an asset acquisition.

On October 31, 2025, we closed on the acquisition of the remaining 12% interest in TRG which we did not previously own in exchange for approximately 5.06 million units in the Operating Partnership. As a result of this acquisition, we obtained control of and consolidated TRG as of the acquisition date. TRG has an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia, 11 of which are now consolidated and 11 of which are accounted for under the equity method upon the acquisition. The 11 consolidated properties are now reported within our Real estate segment in Note 11. This acquisition aligns with our strategy of owning high-quality assets, unlocking operational synergies and driving further innovation.

The acquisition was accounted for as a business combination requiring a remeasurement of our previously held 88% noncontrolling equity interest to fair value, which resulted in the recognition of a non-cash gain of $2.858 billion in the fourth quarter of 2025, which was included in gain (loss) on acquisition of controlling interest, sale, or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statement of operations and comprehensive income and the assets acquired and liabilities assumed were recognized at their acquisition date fair value. The fair value of our previously

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held 88% noncontrolling equity interest was measured based primarily on the value implied by our most recent previous purchase of noncontrolling equity interests in TRG discussed in Note 6.

We have not yet finalized the valuation of the assets acquired and liabilities assumed as of March 31, 2026. The primary assumptions that are not yet finalized relate to the determination and review of the fair value of rents related to each space in each property where we are the lessor, as well as leases in which we are the lessee. These assumptions are required in order to finalize estimates underlying the valuation of lease-related intangible assets and liabilities, as well as investment property and the related nonredeemable noncontrolling interest in a consolidated property. Our estimates and assumptions are provisional pending determination and review of the assumptions discussed above and are subject to change during the measurement period, not to exceed one year from the date of the transaction. Please refer to Note 4 of the notes to the consolidated financial statements within our 2025 Annual Report on Form 10-K for additional information related to the TRG Acquisition.

We recognized $186.7 million of total consolidated revenue and a consolidated net loss of $34.9 million for the three months ended March 31, 2026, which includes an estimate of depreciation on the preliminary allocation of fair value to tangible and intangible assets acquired. We recorded amortization of acquisition related intangibles related to the TRG Acquisition of $34.0 million for the three months ended March 31, 2026. Refer to Note 6 for further discussion and summarized financial information of the revenue and earnings of TRG prior to the date of acquisition.

On June 27, 2025, we acquired the remaining 75% interest in the retail component and 100% of the parking component of Brickell City Centre, resulting in the consolidation of the retail component which had previously been accounted for under the equity method. The cash consideration for this transaction, including working capital, was $497.7 million. Cash acquired was $24.0 million. Upon consolidation, we recorded $544.6 million of investment property and lease intangible assets. The property is unencumbered. We accounted for this transaction as an asset acquisition and the non-cash components of these investing activities are excluded from our consolidated statement of cash flows.

On April 1, 2025, we acquired the remaining 50% interest in Briarwood Mall from a joint venture partner, resulting in the consolidation of this property. The cash consideration for this transaction, including working capital, was $9.2 million. Cash acquired was $14.7 million. Upon consolidation, we recorded $168.6 million of investment property. The property is subject to a $165 million 3.29% fixed rate mortgage loan. We accounted for this transaction as an asset acquisition and these non-cash investing and financing activities are excluded from our consolidated statement of cash flows.

On January 30, 2025, we completed the acquisition of a 100% interest in two luxury outlet destinations in Italy, The Mall Luxury Outlets Firenze, in Leccio, nearby Florence, and The Mall Luxury Outlets Sanremo, in Sanremo on the Italian Riviera. The cash consideration including working capital and capitalized transaction costs was $392.4 million. Cash acquired was $25.3 million. Upon acquisition, we recorded $413.5 million of investment property. The properties are unencumbered. We accounted for this transaction as an asset acquisition.

5. Per Share and Per Unit Data

We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit.

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Simon


		For the Three Months Ended March 31,
		2026			2025
Net Income attributable to Common Stockholders — Basic and Diluted		$	479,569		$	413,699
Weighted Average Shares Outstanding — Basic and Diluted			324,961,423			326,313,432

For the three months ended March 31, 2026, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the three months ended March 31, 2026 and 2025. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.

The Operating Partnership


		For the Three Months Ended March 31,
		2026			2025
Net Income attributable to Unitholders — Basic and Diluted		$	561,882		$	478,026
Weighted Average Units Outstanding — Basic and Diluted			380,737,494			377,052,997

For the three months ended March 31, 2026, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the three months ended March 31, 2026 and 2025. We accrue distributions when they are declared.

6. Investment in Unconsolidated Entities and International Investments

Real Estate Joint Ventures and Investments

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 88 properties as of March 31, 2026.

Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.

We may provide financing to joint venture properties primarily in the form of interest bearing loans. As of March 31, 2026 and December 31, 2025, we had construction loans and other advances to these related parties totaling $40.7 million and $48.3 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Taubman Realty Group

Subsequent to the TRG Acquisition discussed in Note 4, 11 of the former TRG properties are accounted for as equity method investments and are presented in the summary financial information later in this Note.

Table of Contents

The table below represents summary financial information of TRG up to the date of the TRG Acquisition discussed in Note 4.

SIMON PROPERTY GROUP INC. 10-Q