Form 8-K

8-K — SIMON PROPERTY GROUP INC.

Accession: 0001104659-26-093361

Filed: 2026-08-10

Period: 2026-08-10

CIK: 0001063761

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2620726d2_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2620726d2_ex99-1.htm)

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 10, 2026

SIMON

PROPERTY GROUP, INC.

(Exact name of registrant as specified in its

charter)

Indiana

001-14469

04-6268599

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

225 WEST WASHINGTON STREET

INDIANAPOLIS,

INDIANA

46204

(Address

of principal executive offices)

(Zip Code)

Registrant’s telephone

number, including area code: 317.636.1600

Not Applicable

(Former name or former address,

if changed since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§

230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b- 2 of this chapter).

Emerging

growth company ¨

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. ¨

Securities

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

Title

of each class

Trading

Symbols

Name

of each exchange on which registered

Common

stock, $0.0001 par value

SPG

New

York Stock Exchange

83/8%

Series J Cumulative Redeemable Preferred Stock, $0.0001 par value

SPGJ

New

York Stock Exchange

Item 2.02. Results of Operations and Financial Condition

On August 10, 2026, Simon

Property Group, Inc. issued a press release containing information on earnings for the quarter ended June 30, 2026 and other matters.

A copy of the press release is furnished with this report as Exhibit 99.1 and is incorporated by reference into this report.

Item 7.01. Regulation FD Disclosure

Exhibit 99.1 also includes

supplemental financial and operating information for the quarter ended June 30, 2026.

Item 9.01. Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit No.

Description

99.1

Earnings Release dated August 10, 2026 and supplemental

information

104

The cover page from this Current Report on Form

8-K formatted in Inline XBRL (included as Exhibit 101)

The exhibit filed with this

report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles

(“GAAP”) in the United States, including funds from operations (“FFO”), FFO per share, Real Estate FFO, Real Estate

FFO per share, funds available for distribution, net operating income (“NOI”), domestic property NOI and portfolio NOI. FFO

and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information

concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures

internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar

measures reported by other REITs.

These non-GAAP financial measures

should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance

with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.

Reconciliations of each of

these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.

The information in this report

and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,

and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933,

as amended.

Page 2

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: August 10, 2026

SIMON PROPERTY GROUP, INC.

By:

/s/ BRIAN J. MCDADE

Brian J. McDade,

Executive Vice President and Chief Financial Officer

Page 3

EX-99.1 — EXHIBIT 99.1

EX-99.1

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TABLE OF CONTENTS

SIMON PROPERTY GROUP

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED SECOND QUARTER

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED JUNE 30, 2026

PAGE

Earnings Release(1)

2–11

Overview

The Company

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

Financial Data

Selected Financial and Equity Information

Net Operating Income (NOI) Composition

Net Operating Income Overview (at Share)

Reconciliations of Non-GAAP Financial Measures

Consolidated Net Income to NOI

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest

Operational Data

Operating Information

U.S. Malls and Premium Outlets Lease Expirations

U.S. Malls and Premium Outlets Top Tenants

Development Activity

Capital Expenditures

Development Activity Summary

Balance Sheet Information

Common and Preferred Stock Information

Changes in Common Share and Limited Partnership Unit Ownership

Preferred Stock/Units Outstanding

Credit Profile

Summary of Indebtedness

Total Debt Amortization and Maturities by Year (Our Share)

Unsecured Debt Information

Property and Debt Information

30–38

Other

Non-GAAP Pro-Rata Financial Information

39–42

Guidance Reconciliation

(1)

Includes reconciliation of consolidated net income to FFO and Real Estate FFO.

2Q 2026 SUPPLEMENTAL

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EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

Nicole Kennon

704-804-1960 Media

Simon® Reports Second Quarter 2026 Results and

Increases Guidance for Full Year 2026 Real Estate FFO Per Share

INDIANAPOLIS, August 10, 2026 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2026.

“We delivered excellent financial and operational results this quarter,” said Eli Simon, Chief Executive Officer, President and Chief Operating Officer. “Real Estate FFO per share grew 7.9% year-over-year, supported by consistent broad-based leasing demand, accelerated traffic increases, strong retailer sales growth, and the contribution from acquisitions completed over the past year. Today, we are once again increasing our guidance for full-year 2026 Real Estate FFO per share.”

Results for the Quarter

•

Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, as compared to $556.1 million, or $1.70 per diluted share in 2025. Net income for the second quarter of 2025 included a non-cash after-tax gain of $0.21 per diluted share from investment activity.

•

Real Estate Funds From Operations (“Real Estate FFO”) was $1.249 billion, or $3.29 per diluted share as compared to $1.154 billion, or $3.05 per diluted share in the prior year, an increase of 7.9%.

•

Funds From Operations (“FFO”) was $1.185 billion, or $3.12 per diluted share as compared to $1.189 billion, or $3.15 per diluted share in the prior year, inclusive of the $0.21 per diluted share non-cash after-tax gain in the prior year period.

•

Domestic property Net Operating Income (“NOI”) increased 8.5% and portfolio NOI increased 8.3% compared to the prior year period.

Results for the Six Months

•

Net income attributable to common stockholders was $962.7 million, or $2.97 per diluted share, as compared to $969.8 million, or $2.97 per diluted share in 2025.

•

Real Estate FFO was $2.457 billion, or $6.46 per diluted share as compared to $2.268 billion, or $6.01 per diluted share in the prior year, an increase of 7.5%.

•

FFO was $2.293 billion, or $6.03 per diluted share as compared to $2.194 billion, or $5.82 per diluted share in the prior year.

2Q 2026 SUPPLEMENTAL

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EARNINGS RELEASE

•

Domestic property NOI increased 7.6% and portfolio NOI increased 7.5% compared to the prior year period.

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at June 30, 2026 was 96.0%, unchanged from June 30, 2025.

•

Base minimum rent per square foot was $62.42 at June 30, 2026, compared to $58.70 at June 30, 2025, an increase of 6.3%.

•

Reported retailer sales per square foot was $838 for the trailing 12 months ended June 30, 2026, compared to $736 at June 30, 2025, an increase of 13.9%.

Dividends

Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.25 for the third quarter of 2026. This is an increase of $0.10, or 4.7% year-over-year. The dividend will be payable on September 30, 2026 to shareholders of record on September 9, 2026.

Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2026 to shareholders of record on September 16, 2026.

Common Stock Repurchase Program

During the quarter ended June 30, 2026, the Company repurchased 793,077 shares of its common stock and 237,618 limited partnership units at an average price of $205.10 per share/unit, for a total investment of $211.4 million.

Capital Markets and Balance Sheet Liquidity

During the quarter, the Company completed 8 secured loan transactions totaling approximately $1.4 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.36%.

The Company completed a Euro senior notes offering totaling €500 million with a 3.65% coupon rate and term of 5 years. Proceeds were used for general corporate purposes.

Additionally, the Company closed a $460 million 5-year term loan priced at SOFR +0.70%. Proceeds were used to repay the $460 million draw under the Company’s $5 billion revolving credit facility.

As of June 30, 2026, Simon had approximately $9.3 billion of liquidity consisting of $1.7 billion of cash on hand, including its share of joint venture cash, and $7.6 billion of available capacity, net of outstanding commercial paper, under its $8.5 billion of total revolving credit facilities.

2Q 2026 SUPPLEMENTAL

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EARNINGS RELEASE

2026 Guidance

The Company’s estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2026 are included in the table below and are reconciled in the Company’s supplemental information. The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.20 to $13.30, an increase of $0.08 per diluted share at the midpoint.

Current

Low

End

High

End

Low

End

High

End

Estimated net income attributable to common stockholders per diluted share

6.47

7.47

6.61

6.76

Estimated Real Estate FFO per share

13.20

13.30

13.10

13.25

Conference Call

Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, August 10, 2026. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until August 17, 2026. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13761320.

Supplemental Materials and Website

Supplemental information on our second quarter 2026 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures

This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real Estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

2Q 2026 SUPPLEMENTAL

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EARNINGS RELEASE

Forward-Looking Statements

Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon’s actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.

Simon discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. Simon may update that discussion in subsequent other periodic reports, but except as required by law, Simon undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon

Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

2Q 2026 SUPPLEMENTAL

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EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

2026

2025

2026

2025

REVENUE:

Lease income

1,659,709

1,379,454

3,288,240

2,746,882

Management fees and other revenues

40,834

37,931

81,022

71,723

Other income

90,055

81,074

178,429

152,867

Total revenue

1,790,598

1,498,459

3,547,691

2,971,472

EXPENSES:

Property operating

171,440

139,816

342,200

276,637

Depreciation and amortization

459,876

339,058

918,773

667,109

Real estate taxes

131,905

105,315

267,865

212,768

Repairs and maintenance

32,687

26,238

72,888

56,380

Advertising and promotion

39,056

36,310

72,986

70,566

Home and regional office costs

69,842

57,564

137,498

122,630

General and administrative

12,004

14,298

66,303

26,927

Other

49,690

35,663

82,918

66,641

Total operating expenses

966,500

754,262

1,961,431

1,499,658

OPERATING INCOME BEFORE OTHER ITEMS

824,098

744,197

1,586,260

1,471,814

Interest expense

(281,164)

(232,724)

(556,826)

(459,720)

(Loss) gain due to disposal, exchange, or revaluation of equity interests, net

(11,950)

104,499

(18,329)

80,507

Income and other tax (expense) benefit

(10,809)

(35,107)

9,125

(27,470)

Income from unconsolidated entities

119,127

122,875

97,879

153,234

Unrealized losses in fair value of publicly traded equity instruments and derivative

instrument, net

(56,425)

(50,455)

(31,037)

(87,220)

(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and

interests in unconsolidated entities and impairment, net

(8,747)

(9,604)

55,593

(9,604)

CONSOLIDATED NET INCOME

574,130

643,681

1,142,665

1,121,541

Net income attributable to noncontrolling interests

90,157

86,714

178,288

150,040

Preferred dividends

834

1,669

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

483,139

556,133

962,708

969,832

BASIC AND DILUTED EARNINGS PER COMMON SHARE:

Net income attributable to common stockholders

1.49

1.70

2.97

2Q 2026 SUPPLEMENTAL

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Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

June 30,

2026

December 31,

2025

ASSETS:

Investment properties, at cost

51,094,995

50,946,067

Less – accumulated depreciation

21,382,543

20,701,510

29,712,452

30,244,557

Cash and cash equivalents

1,019,091

823,147

Tenant receivables and accrued revenue, net

884,241

934,077

Investment in other unconsolidated entities, at equity

4,012,480

4,362,339

Investment in Klépierre, at equity

1,377,318

1,505,377

Right-of-use assets, net

731,200

755,934

Deferred costs and other assets

1,972,484

1,981,035

Total assets

39,709,266

40,606,466

LIABILITIES:

Mortgages and unsecured indebtedness

28,699,607

28,430,175

Accounts payable, accrued expenses, intangibles, and deferred revenues

1,806,922

1,954,402

Cash distributions and losses in unconsolidated entities, at equity

1,808,807

1,739,418

Dividend payable

1,318

2,723

Lease liabilities

727,902

756,539

Other liabilities

818,183

1,017,816

Total liabilities

33,862,739

33,901,073

Commitments and contingencies

Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests

271,827

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

40,287

40,451

Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,059,947 and 343,060,687 issued and outstanding, respectively

Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding

—

Capital in excess of par value

12,394,125

12,347,192

Accumulated deficit

(5,128,188)

(4,608,136)

Accumulated other comprehensive loss

(233,740)

(251,361)

Common stock held in treasury, at cost, 19,508,432 and 17,844,817 shares, respectively

(2,638,101)

(2,319,911)

Total stockholders’ equity

4,434,416

5,208,268

Noncontrolling interests

1,140,284

1,263,819

Total equity

5,574,700

6,472,087

Total liabilities and equity

39,709,266

40,606,466

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Simon Property Group, Inc.

Unaudited Joint Venture Combined Statements of Operations

(Dollars in thousands)

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

2026

2025

2026

2025

REVENUE:

Lease income

937,653

757,888

1,859,445

1,507,695

Other income

103,708

112,941

208,889

207,008

Total revenue

1,041,361

870,829

2,068,334

1,714,703

OPERATING EXPENSES:

Property operating

201,456

165,960

416,398

332,607

Depreciation and amortization

177,211

159,675

362,376

318,687

Real estate taxes

67,310

58,606

133,709

117,398

Repairs and maintenance

23,159

18,204

49,440

38,967

Advertising and promotion

25,085

22,474

50,018

44,623

Other

67,184

61,308

139,469

118,155

Total operating expenses

561,405

486,227

1,151,410

970,437

OPERATING INCOME BEFORE OTHER ITEMS

479,956

384,602

916,924

744,266

Interest expense

(205,540)

(174,995)

(410,577)

(345,363)

NET INCOME

274,416

209,607

506,347

398,903

Third-Party Investors’ Share of Net Income

142,119

107,651

258,581

204,248

Our Share of Net Income

132,297

101,956

247,766

194,655

Amortization of Excess Investment (A)

(48,684)

(13,871)

(96,341)

(28,336)

Income from Unconsolidated Entities (B)

83,613

88,085

151,425

166,319

Note:

The above financial presentation does not include any information related to our investments in Klépierre S.A. (“Klépierre”), our other platform investments, and our previously held equity investment in The Taubman Realty Group (“TRG”) up to the October 31, 2025 transaction. For additional information, see footnote B.

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Simon Property Group, Inc.

Unaudited Joint Venture Combined Balance Sheets

(Dollars in thousands)

June 30,

2026

December 31,

2025

Assets:

Investment properties, at cost

21,519,924

22,077,749

Less – accumulated depreciation

10,083,799

9,020,481

11,436,125

13,057,268

Cash and cash equivalents

1,511,847

1,264,619

Tenant receivables and accrued revenue, net

599,064

605,756

Right-of-use assets, net

111,163

108,349

Deferred costs and other assets

645,256

572,826

Total assets

14,303,455

15,608,818

Liabilities and Partners’ Deficit:

Mortgages

16,605,493

16,374,773

Accounts payable, accrued expenses, intangibles, and deferred revenue

1,149,481

1,117,855

Lease liabilities

112,971

99,837

Other liabilities

377,817

334,246

Total liabilities

18,245,762

17,926,711

Preferred units

67,450

Partners’ deficit

(4,009,757)

(2,385,343)

Total liabilities and partners’ deficit

14,303,455

15,608,818

Our Share of:

Partners’ deficit

(1,805,176)

(1,247,554)

Add: Excess Investment

3,055,376

2,773,173

Our net Investment in unconsolidated entities, at equity

1,250,200

1,525,619

Note:

The above financial presentation does not include any information related to our investments in Klépierre and our other platform investments.

For additional information, see footnote B.

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Simon Property Group, Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures (C)

(Amounts in thousands, except per share amounts)

Reconciliation of Consolidated Net Income to FFO and Real Estate FFO

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

2026

2025

2026

2025

Consolidated Net Income (D)

574,130

643,681

1,142,665

1,121,541

Adjustments to Arrive at FFO:

Depreciation and amortization from consolidated properties

455,655

335,157

910,434

659,479

Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments

160,762

207,587

322,370

416,551

Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

8,747

9,604

(55,593)

9,604

Net (gain) loss attributable to noncontrolling interest holders in properties

(6,400)

(26)

(12,021)

1,266

Noncontrolling interests portion of depreciation and amortization

(6,917)

(6,346)

(13,202)

(12,339)

Preferred distributions and dividends

(1,032)

(1,126)

(2,064)

(2,252)

FFO of the Operating Partnership(1)

1,184,945

1,188,531

2,292,589

2,193,850

FFO of the Operating Partnership(1)

1,184,945

1,188,531

2,292,589

2,193,850

Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax

9,818

(78,374)

15,136

(60,381)

Other platform investments, net of tax

(2,624)

(6,594)

117,758

47,591

Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net

56,425

50,455

31,037

87,220

Real Estate FFO(1)

1,248,564

1,154,018

2,456,520

2,268,280

Diluted net income per share to diluted FFO per share reconciliation:

Diluted net income per share

1.49

1.70

2.97

Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization

1.61

1.42

3.21

2.82

Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

0.02

0.03

(0.15)

0.03

Diluted FFO per share(1)

3.12

3.15

6.03

5.82

Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax

0.03

(0.21)

0.04

(0.16)

Other platform investments, net of tax

(0.01)

(0.02)

0.31

0.12

Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net

0.15

0.13

0.08

0.23

Real Estate FFO per share(1)

3.29

3.05

6.46

6.01

7.9%

7.5%

Details for per share calculations:

FFO of the Operating Partnership

1,184,945

1,188,531

2,292,589

2,193,850

Diluted FFO allocable to unitholders

(174,687)

(159,806)

(336,951)

(295,091)

Diluted FFO allocable to common stockholders

1,010,258

1,028,725

1,955,638

1,898,759

Basic and Diluted weighted average shares outstanding

324,018

326,487

324,458

326,401

Weighted average limited partnership units outstanding

56,029

50,714

55,903

50,727

Basic and Diluted weighted average shares and units outstanding

380,047

377,201

380,361

377,128

Basic and Diluted FFO per Share

3.12

3.15

6.03

5.82

Percent Change

-1.0%

3.6%

(1)

FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense recorded in the first quarter of 2026, of which $8.3 million, or $0.02 per share, is included in Real Estate FFO and Real Estate FFO per share, and $31.7 million, or $0.08 per share, is included in Other platform investments, net of tax.

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EARNINGS RELEASE

Simon Property Group, Inc.

Footnotes to Unaudited Financial Information

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.

(B)

The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

–

Gain on land sales of $0.0 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.8 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively.

–

Straight-line adjustments increased income by $19.0 million and $3.7 million for the three months ended June 30, 2026 and 2025, respectively, and $24.9 million and $5.9 million for the six months ended June 30, 2026 and 2025, respectively.

–

Amortization of fair market value of leases increased income by $0.4 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and $0.6 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.

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OVERVIEW

THE COMPANY

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At June 30, 2026, we owned or had an interest in 254 properties comprising 206 million square feet in North America, Asia and Europe. Additionally, at June 30, 2026, we had a 20.7% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 13 European countries.

This package was prepared to provide operational and balance sheet information as of June 30, 2026 for the Company and the Operating Partnership.

Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).

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OVERVIEW

STOCK INFORMATION

The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:

Common Stock

SPG

8.375% Series J Cumulative

Redeemable Preferred

SPGPrJ

CREDIT RATINGS

Standard & Poor’s

Corporate

(Stable Outlook)

Senior Unsecured

(Stable Outlook)

Commercial Paper

(Stable Outlook)

Preferred Stock

BBB+

(Stable Outlook)

Moody’s

Senior Unsecured

(Positive Outlook)

Commercial Paper

(Positive Outlook)

Preferred Stock

Baa1

(Positive Outlook)

SENIOR UNSECURED DEBT COVENANTS (1)

Required

Actual

Compliance

Total Debt to Total Assets (1)

≤65%

37%

Yes

Total Secured Debt to Total Assets (1)

≤50%

16%

Yes

Fixed Charge Coverage Ratio

>1.5X

4.7X

Yes

Total Unencumbered Assets to Unsecured Debt

≥125%

305%

Yes

(1)

Covenants for indentures dated January 25, 2010 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.

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SELECTED FINANCIAL AND EQUITY INFORMATION

(In thousands, except as noted)

THREE MONTHS ENDED

JUNE 30,

SIX MONTHS ENDED

JUNE 30,

2026

2025

2026

2025

Financial Highlights

Total Consolidated Revenue

1,790,598

1,498,459

3,547,691

2,971,472

Consolidated Net Income

574,130

643,681

1,142,665

1,121,541

Net Income Attributable to Common Stockholders

483,139

556,133

962,708

969,832

Basic and Diluted Earnings per Common Share (EPS)

1.49

1.70

2.97

Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership

1,248,564

1,154,018

2,456,520

2,268,280

Basic and Diluted Real Estate FFO per Share

3.29

3.05

6.46

6.01

Funds from Operations (FFO) of the Operating Partnership

1,184,945

1,188,531

2,292,589

2,193,850

Basic and Diluted FFO per Share (FFOPS)

3.12

3.15

6.03

5.82

Dividends/Distributions per Share/Unit

2.25

2.10

4.45

4.20

AS OF

JUNE 30,

2026

AS OF

DECEMBER 31,

2025

Stockholders’ Equity Information

Limited Partners’ Units Outstanding at end of period

55,826

55,690

Common Shares Outstanding at end of period

323,560

325,224

Total Common Shares and Limited Partnership Units Outstanding at end of period

379,386

380,914

Weighted Average Limited Partnership Units Outstanding

55,903

51,558

Weighted Average Common Shares Outstanding:

Basic and Diluted – for purposes of EPS and FFOPS

324,458

326,367

Equity Market Capitalization

Common Stock Price at end of period

223.65

185.11

Common Equity Capitalization, including Limited Partnership Units

84,849,647

70,510,913

Preferred Equity Capitalization, including Limited Partnership Preferred Units

54,449

52,935

Total Equity Market Capitalization

84,904,096

70,563,848

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NET OPERATING INCOME (NOI) COMPOSITION (1)

For the Six Months Ended June 30, 2026

(1)

Based on our beneficial interest of NOI.

(2)

Includes Klépierre, international Premium Outlets, Designer Outlets, The Mall Luxury Outlets, and international malls.

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NET OPERATING INCOME OVERVIEW (AT SHARE)

(In thousands)

FOR THE THREE MONTHS

ENDED JUNE 30,

% GROWTH

FOR THE SIX MONTHS

ENDED JUNE 30,

% GROWTH

2026

2025

2026

2025

Domestic Property NOI (1)

1,506,800

1,388,856

8.5

2,986,124

2,775,087

7.6

International Properties (2)

96,003

91,269

187,407

177,746

Portfolio NOI

1,602,803

1,480,125

8.3

3,173,531

2,952,833

7.5

NOI from Other Platform Investments (3)

31,842

41,688

(52,293)

227

NOI from Klépierre (4)

61,522

62,957

117,669

118,643

Corporate and Other NOI Sources (5)

57,525

63,017

108,564

98,311

Beneficial interest of Combined NOI

1,753,692

1,647,787

6.4

3,347,471

3,170,014

5.6

(1)

All properties in North America (including 4 in Canada and 2 in Mexico at constant currency).

(2)

International properties outside of North America at constant currency.

(3)

Includes investment in retail operations (Catalyst Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and management company (Jamestown).

(4)

NOI of Klépierre at constant currency.

(5)

Includes income components excluded from Domestic Property NOI and Portfolio NOI including lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, management company revenues, foreign exchange impact, and other assets.

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

(In thousands, except as noted)

RECONCILIATION OF NET INCOME TO NOI

THREE MONTHS ENDED

JUNE 30,

SIX MONTHS ENDED

JUNE 30,

2026

2025

2026

2025

Reconciliation of NOI of consolidated entities:

Consolidated Net Income

574,130

643,681

1,142,665

1,121,541

Income and other tax expense (benefit)

10,809

35,107

(9,125)

27,470

Loss (gain) due to disposal, exchange, or revaluation of equity interests, net

11,950

(104,499)

18,329

(80,507)

Interest expense

281,164

232,724

556,826

459,720

Income from unconsolidated entities

(119,127)

(122,875)

(97,879)

(153,234)

Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net

56,425

50,455

31,037

87,220

Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

8,747

9,604

(55,593)

9,604

Operating Income Before Other Items

824,098

744,197

1,586,260

1,471,814

Depreciation and amortization

459,876

339,058

918,773

667,109

Home and regional office costs

69,842

57,564

137,498

122,630

General and administrative

12,004

14,298

66,303

26,927

Other expenses

118

130

NOI of consolidated entities

1,365,938

1,155,126

2,708,964

2,288,489

Less: Noncontrolling interest partners share of NOI

(18,425)

(8,766)

(35,477)

(16,150)

Beneficial NOI of consolidated entities (1)

1,347,513

1,146,360

2,673,487

2,272,339

Reconciliation of NOI of unconsolidated entities:

Net Income

274,416

209,607

506,347

398,903

Interest expense

205,540

174,995

410,577

345,363

Operating Income Before Other Items

479,956

384,602

916,924

744,266

Depreciation and amortization

177,211

159,675

362,376

318,687

Other expenses

—

NOI of unconsolidated entities

657,181

544,277

1,279,327

1,062,953

Less: Joint Venture partners share of NOI

(347,545)

(284,903)

(673,897)

(555,664)

Beneficial NOI of unconsolidated entities (1)

309,636

259,374

605,430

507,289

Add: Beneficial interest of NOI from TRG (2)

—

134,093

—

270,497

Add: Beneficial interest of NOI from Other Platform Investments and Investments (3)

96,543

107,960

68,554

119,889

Beneficial interest of Combined NOI

1,753,692

1,647,787

3,347,471

3,170,014

(1)

Net Income and those adjustments following to arrive at beneficial interest in NOI includes amounts for TRG assets for periods post October 31, 2025 transaction.

(2)

Beneficial interest of NOI from TRG prior to the October 31, 2025 transaction.

(3)

See footnotes 3 and 4 on prior page.

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

(In thousands, except as noted)

RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)

THREE MONTHS ENDED

JUNE 30,

SIX MONTHS ENDED

JUNE 30,

2026

2025

2026

2025

FFO of the Operating Partnership

1,184,945

1,188,531

2,292,589

2,193,850

Non-cash impacts to FFO (1)

78,633

(11,363)

124,478

47,198

FFO of the Operating Partnership excluding non-cash impacts

1,263,578

1,177,168

2,417,067

2,241,048

Tenant allowances

(96,486)

(104,510)

(150,692)

(157,801)

Operational capital expenditures

(67,974)

(61,154)

(107,944)

(107,214)

Funds available for distribution

1,099,118

1,011,504

2,158,431

1,976,033

(1)

Non-cash impacts to FFO of the Operating Partnership include:

THREE MONTHS ENDED

JUNE 30,

SIX MONTHS ENDED

JUNE 30,

2026

2025

2026

2025

Deductions:

Fair market value of lease amortization

(331)

(254)

(570)

(561)

Straight line lease income

(19,005)

(3,643)

(24,887)

(5,884)

Gain due to disposal, exchange or revaluation of equity interests, net of tax

—

(83,313)

—

(83,313)

Additions:

Stock based compensation expense

17,699

16,521

75,304

32,762

Write-off of pre-development costs

111

129

Fair value of debt amortization

8,235

(72)

16,424

(114)

Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net

56,425

50,455

31,037

87,220

Mortgage, financing fee, accretion interest, and terminated swap amortization expense

15,499

8,934

27,041

17,079

78,633

(11,363)

124,478

47,198

This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (NOI), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO, Real Estate FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.

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LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM

UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST

(In thousands)

THREE MONTHS ENDED

JUNE 30,

SIX MONTHS ENDED

JUNE 30,

Consolidated Properties

2026

2025

2026

2025

Lease Income

Fixed lease income (1)

1,349,129

1,132,802

2,664,863

2,256,917

Variable lease income (2)

310,580

246,652

623,377

489,965

Total Lease Income

1,659,709

1,379,454

3,288,240

2,746,882

Other Income

Interest, dividend and distribution income (3)

11,999

27,275

24,715

50,179

Lease settlement income

2,318

2,475

8,503

3,830

Gains on land sales

—

1,170

1,815

1,170

Mixed-use and franchise operations income

17,033

12,633

32,512

23,859

Other (4)

58,705

37,521

110,884

73,829

Total Other Income

90,055

81,074

178,429

152,867

Other Expense

Ground leases

16,851

12,236

33,291

24,506

Mixed-use and franchise operations expense

9,522

8,895

18,805

18,126

Professional fees and other

23,317

14,532

30,822

24,009

Total Other Expense

49,690

35,663

82,918

66,641

Income from Unconsolidated Entities

Share of Joint Ventures (5)

83,613

88,085

151,425

166,319

Share of Klépierre net income, net of amortization of excess investment

26,238

21,290

46,464

40,557

Share of Other Platform Investments net loss, net of amortization of excess investment, pre-tax

9,276

20,935

(100,010)

(39,840)

Share of TRG net loss including amortization of excess investment (6)

—

(7,435)

—

(13,802)

Total Income from Unconsolidated Entities

119,127

122,875

97,879

153,234

Capitalized Interest

Our Share of Consolidated Properties

7,720

7,869

15,011

16,868

Our Share of Joint Venture Properties

221

106

430

176

(1)

Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.

(2)

Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing.

(3)

Includes distributions from international investments and preferred unit distributions from TRG for the three and six months ended June 30, 2025.

(4)

Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.

(5)

Includes U.S. joint venture operations and international joint ventures.

(6)

Includes Share of TRG net loss including amortization of excess investment for the three and six months ended June 30, 2025.

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OPERATING INFORMATION

AS OF JUNE 30,

2026

2025

U.S. Malls and Premium Outlets

Total Number of Properties

175

162

Total Square Footage of Properties (in millions)

149.0

136.1

Ending Occupancy (1):

Consolidated Assets

96.0%

Unconsolidated Assets

96.0%

95.9%

Total Portfolio

96.0%

Base Minimum Rent PSF (2):

Consolidated Assets

60.14

56.86

Unconsolidated Assets

68.95

64.19

Total Portfolio

62.42

58.70

The Mills

Total Number of Properties

Total Square Footage of Properties (in millions)

24.1

21.4

Ending Occupancy (3)

98.8%

99.3%

Base Minimum Rent PSF (2)

42.28

37.65

AS OF JUNE 30,

2026

2025

International Properties

Premium Outlets

Total Number of Properties

Total Square Footage of Properties (in millions)

9.2

Designer Outlets

Total Number of Properties

Total Square Footage of Properties (in millions)

3.0

The Mall Luxury Outlets

Total Number of Properties

Total Square Footage of Properties (in millions)

0.4

Malls

Total Number of Properties

Total Square Footage of Properties (in millions)

4.7

(1)

Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.

(2)

Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.

(3)

See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space.

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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)

Year

Number of

Leases

Expiring

Square Feet

Avg. Base

Minimum

Rent PSF

at Expiration (2)

Percentage of

Gross Annual

Rental

Revenues (3)

Inline Stores and Freestanding

Month to Month Leases

1,339

5,129,704

56.85

4.2

2026 (7/1/26 – 12/31/26)

712

2,033,479

67.81

2.0

2027

3,182

11,408,842

60.22

10.0

2028

2,731

10,819,713

65.49

10.4

2029

2,474

9,748,363

64.32

9.2

2030

1,560

6,815,167

76.11

7.5

2031

1,011

4,514,197

72.24

4.8

2032

693

2,595,438

92.62

3.5

2033

771

3,072,596

95.94

4.4

2034

790

3,092,388

98.27

4.5

2035

897

4,127,478

100.74

5.9

2036

439

2,146,013

82.51

2.6

2037 and Thereafter

723

3,561,105

63.67

2.8

Specialty Leasing Agreements w/ terms in excess of 12 months

2,253

6,830,520

17.65

1.8

Anchors

2026 (7/1/26 – 12/31/26)

61,725

21.10

0.0

2027

1,021,299

3.57

0.1

2028

2,274,763

5.33

0.2

2029

1,594,569

6.36

0.2

2030

2,087,074

6.70

0.2

2031

2,097,199

5.69

0.2

2032

831,363

15.48

0.2

2033

1,078,825

8.22

0.1

2034

417,573

21.82

0.1

2035

900,858

13.22

0.1

2036

318,133

33.74

0.1

2037 and Thereafter

2,698,604

14.70

0.5

(1)

Does not consider the impact of renewal options that may be contained in leases.

(2)

Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration.

(3)

Annual rental revenues represent 2025 consolidated and joint venture combined base rental revenue.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS

Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)

Tenant

Number

Stores

Square

Feet

(000’s)

Percent of

Total Sq. Ft. in

U.S. Properties

Percent of Total

Base Minimum Rent

for U.S. Properties

The Gap

312

3,262

1.7

2.5

LVMH Fashion

150

607

0.3

1.6

Knitwell Group

435

1,983

1.1

1.6

Tapestry

214

927

0.5

1.5

Kering

457

0.2

1.5

American Eagle Outfitters

243

1,560

0.8

1.5

Victoria’s Secret & Co.

140

1,215

0.6

1.4

Signet Jewelers

335

492

0.3

1.3

VF Corporation

221

948

0.5

1.2

Luxottica Group

400

702

0.4

1.2

Top Anchors (sorted by percentage of total square footage in U.S. properties) (1)

Tenant

Number

Stores

Square

Feet

(000’s)

Percent of

Total Sq. Ft. in

U.S. Properties

Percent of Total

Base Minimum Rent

for U.S. Properties

Macy’s

111

21,774

11.6

0.3

J.C. Penney

8,863

4.7

0.2

Dillard’s

6,709

3.6

Nordstrom

5,029

2.7

0.1

Dick’s Sporting Goods

3,886

2.1

0.7

Exemplar Luxury Group

2,880

1.5

0.2

Belk

1,194

0.6

Von Maur

892

0.5

Target

852

0.5

0.1

Primark

744

0.4

0.2

(1)

Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Nordstrom Rack, and Saks Fifth Avenue Off 5th.

Less than one-tenth of one percent.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

CAPITAL EXPENDITURES

(In thousands)

UNCONSOLIDATED

PROPERTIES

CONSOLIDATED

PROPERTIES

TOTAL

OUR

New development projects

4,299

427

214

Redevelopment projects with incremental square footage and/or anchor replacement

135,146

104,989

51,826

Redevelopment projects with no incremental square footage

26,432

1,358

684

Subtotal new development and redevelopment projects

165,877

106,774

52,724

Tenant allowances

122,207

56,604

28,485

Operational capital expenditures (CAM and non-CAM)

65,978

106,665

41,966

Totals

354,062

270,043

123,175

Conversion from accrual to cash basis

91,223

15,426

7,036

Capital Expenditures for the Six Months Ended 6/30/26 (1)

445,285

285,469

130,211

Capital Expenditures for the Six Months Ended 6/30/25 (1)

474,225

251,013

120,364

(1)

Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

DEVELOPMENT ACTIVITY SUMMARY

As of June 30, 2026

(in thousands, except percent)

PLATFORM

PROJECT TYPE

OUR SHARE

OF NET

INVESTMENT

EXPECTED

STABILIZED

RATE OF

RETURN

ACTUAL 2026

INVESTMENT

THRU Q2 2026

FORECASTED

INVESTMENT

Q3 - Q4 2026

FORECASTED

INVESTMENT

FY 2026

FORECASTED

INVESTMENT

FY 2027

TOTAL

FORECASTED

INVESTMENT

FY 2026 - 2027

Malls and Premium Outlets

Redevelopments

1,061,650

184,867

234,919

419,786

193,136

612,922

The Mills

Redevelopments

11,735

1,235

2,934

4,169

7,058

11,227

Total Investment

1,073,385

186,102

237,853

423,955

200,194

624,149

Less funding from: Construction Loans, International JV Cash on hand, etc.

(179,871)

(29,988)

(46,779)

(76,767)

(44,928)

(121,695)

Total Net Cash Investment

893,514

156,114

191,074

347,188

155,266

502,454

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

COMMON AND PREFERRED STOCK INFORMATION

CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP

For the Period December 31, 2025 through June 30, 2026

COMMON

SHARES (1)

LIMITED

PARTNERSHIP

UNITS (2)

Number Outstanding at December 31, 2025

325,223,870

55,689,714

First Quarter Activity

Redemption of Limited Partnership Units for Cash

—

(6,100)

Restricted Stock/Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)

43,097

380,344

Shares Repurchased to Satisfy Employee Tax Obligations

(11,759)

—

Repurchase of Simon Property Group Common Stock in open market

(965,296)

—

Number Outstanding at March 31, 2026

324,289,912

56,063,958

Second Quarter Activity

Redemption of Limited Partnership Units for Cash

—

(237,618)

Restricted Stock/Unit Awards(3)

109,861

—

Shares Repurchased to Satisfy Employee Tax Obligations

(47,181)

—

Repurchase of Simon Property Group Common Stock in open market

(793,077)

—

Number Outstanding at June 30, 2026

323,559,515

55,826,340

Number of Limited Partnership Units and Common Shares at June 30, 2026

379,385,855

PREFERRED STOCK/UNITS OUTSTANDING AS OF JUNE 30, 2026

($ in 000’s, except per share amounts)

ISSUER

DESCRIPTION

NUMBER OF

SHARES/UNITS

PER SHARE

LIQUIDATION

PREFERENCE

AGGREGATE

LIQUIDATION

PREFERENCE

TICKER

SYMBOL

Preferred Stock:

Simon Property Group, Inc.

Series J 8.375% Cumulative Redeemable (4)

796,948

50.00

39,847

SPGPrJ

Preferred Units:

Simon Property Group, L.P.

7.50% Cumulative Redeemable (5)

105,373

100.00

10,537

N/A

(1)

Excludes Limited Partnership preferred units relating to preferred stock outstanding.

(2)

Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.

(3)

Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures.

(4)

Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2026 was $55.10 per share.

(5)

Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

CREDIT PROFILE (1)

(1)

As of year end, unless otherwise indicated.

(2)

Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

SUMMARY OF INDEBTEDNESS

As of June 30, 2026

(In thousands)

TOTAL

INDEBTEDNESS

OUR

SHARE OF

INDEBTEDNESS

WEIGHTED

AVERAGE

END OF PERIOD

INTEREST RATE

WEIGHTED

AVERAGE

YEARS TO

MATURITY

Consolidated Indebtedness

Mortgage Debt

Fixed Rate

6,568,662

6,144,529

4.40

2.4

Floating Rate Debt (Swapped to Fixed)

1,260,096

1,229,267

5.33

3.1

Floating Rate Debt (Capped)(1)

192,325

173,093

4.55

2.3

Variable Rate Debt

112,483

88,320

4.96

0.3

Total Mortgage Debt

8,133,566

7,635,209

4.56

2.5

Unsecured Debt

Fixed Rate Notes

18,439,871

3.59

9.0

Fixed Rate Note (Swapped

to Variable)

600,000

6.39

13.6

Euro Term Loan (Variable)

399,273

2.69

0.7

USD Term Loan (Swapped

to Fixed)

460,000

4.02

5.0

Global Commercial Paper – USD

846,350

3.96

0.0

Total Unsecured Debt

20,745,494

3.68

8.5

Premium

1,047

Discount

(67,936)

Debt Issuance Costs

(136,240)

(133,168)

Other Debt Obligations and Other

23,676

Consolidated Mortgages and

Unsecured Indebtedness (1)

28,699,607

28,204,322

3.92

6.9

Joint Venture Indebtedness

Mortgage Debt

Fixed Rate

14,654,120

6,635,726

4.95

4.2

Floating Rate Debt (Swapped to Fixed)

692,856

307,036

4.31

3.0

Floating Rate Debt (Capped) (1)

687,440

340,902

5.51

4.3

Variable Rate Debt

611,038

261,369

5.23

2.9

Total Mortgage Debt

16,645,454

7,545,033

4.92

4.0

Debt Issuance Costs

(63,961)

(30,322)

Other

24,000

12,000

Joint Venture Mortgages and

Other Indebtedness (1)

16,605,493

7,526,711

4.92

4.0

Our Share of Total Indebtedness

35,731,033

4.14

6.3

TOTAL

INDEBTEDNESS

OUR

SHARE OF

INDEBTEDNESS

WEIGHTED

AVERAGE

END OF PERIOD

INTEREST RATE

WEIGHTED

AVERAGE

YEARS TO

MATURITY

Summary of Our Share of Fixed

and Variable Rate Debt

Consolidated

Fixed

95.5

26,944,329

3.88

6.9

Variable

4.5

1,259,993

4.86

7.0

100.0

28,204,322

3.92

6.9

Joint Venture

Fixed

92.1

6,930,697

4.92

4.1

Variable

7.9

596,014

5.40

3.7

100.0

7,526,711

4.97

4.1

Total Debt

35,731,033

Total Fixed Debt

94.8

33,875,026

4.09

6.3

Total Variable Debt

5.2

1,856,007

5.04

6.0

(1)

Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)

As of June 30, 2026

(In thousands)

UNSECURED CONSOLIDATED DEBT

SECURED CONSOLIDATED DEBT

UNCONSOLIDATED JOINT VENTURE DEBT

TOTAL

Year

OUR SHARE

OF DEBT

WEIGHTED

AVERAGE

RATE

OUR SHARE

OF DEBT

WEIGHTED

AVERAGE

RATE

OUR SHARE

OF DEBT

WEIGHTED

AVERAGE

RATE

OUR SHARE

OF DEBT

WEIGHTED

AVERAGE

RATE

2026

1,810,246

3.61

1,860,904

3.82

712,817

3.92

4,383,967

3.75

2027

2,449,273

2.81

1,567,489

4.10

1,027,632

3.81

5,044,394

3.42

2028

800,000

1.75

1,030,386

5.04

1,238,440

4.76

3,068,826

3.99

2029

1,250,000

2.45

1,792,213

4.70

359,501

5.30

3,401,714

4.00

2030

1,450,000

3.48

200,284

6.15

829,926

4.36

2,480,210

4.02

2031

2,530,390

3.52

542,274

4.20

1,166,106

5.30

4,238,770

4.10

2032

1,400,000

2.45

—

428,672

5.20

1,828,672

3.12

2033

1,505,585

3.01

304,406

6.49

621,062

6.20

2,431,053

4.29

2034

1,500,000

5.25

—

363,329

6.15

1,863,329

5.42

2035

800,000

5.13

121,454

6.21

732,548

5.79

1,654,002

5.50

2036

—

215,799

6.58

65,000

6.98

280,799

6.67

Thereafter

5,250,000

4.67

—

5,250,000

4.67

Face Amounts of Indebtedness

20,745,494

3.68

7,635,209

4.56

7,545,033

4.92

35,925,736

4.14

Premiums (Discounts) on Indebtedness, Net

(67,936)

1,047

—

(66,889)

Debt Issuance Costs

(117,454)

(15,714)

(30,322)

(163,490)

Other Debt Obligations and Other

(9,495)

33,171

12,000

35,676

Our Share of Total Indebtedness

20,550,609

7,653,713

7,526,711

35,731,033

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

Unsecured Debt Information

As of June 30, 2026

DEBT INFORMATION

MATURITY

DATE

INTEREST

RATE

TYPE

INDEBTEDNESS

TOTAL

($ IN 000’S)

Unsecured Indebtedness:

Global Commercial Paper – USD

7/17/2026

(4)

3.96

Fixed

846,350

Simon Global Development, BV (Exchangeable Euro Sr. Bonds) (2)

11/14/2026

3.50

Fixed

213,896 (1)(7)

Simon Property Group, LP (Sr. Notes)

11/30/2026

3.25

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

1/15/2027

1.38

Fixed

550,000

Simon Global Development, BV (Euro Term Loan)

3/20/2027

(8)

2.69

% (6)

Variable

399,273 (1)

Simon Property Group, LP (Sr. Notes)

6/15/2027

3.38

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

12/1/2027

3.38

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

2/1/2028

1.75

Fixed

800,000

Simon Property Group, LP (Sr. Notes)

9/13/2029

2.45

Fixed

1,250,000

Simon Property Group, LP (Sr. Notes)

7/15/2030

2.65

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

10/1/2030

4.38

Fixed

700,000

Simon Property Group, LP (Sr. Notes)

1/15/2031

4.30

Fixed

800,000

Simon Property Group, LP (Sr. Notes)

2/1/2031

2.20

Fixed

700,000

Simon Global Development, BV (Sr. Notes)

6/15/2031

3.65

Fixed

570,390 (1)

Simon Property Group, LP (USD Term Loan)

6/18/2031

4.02

% (3)

Fixed

460,000

Simon Property Group, LP (Sr. Notes)

1/15/2032

2.25

Fixed

700,000

Simon Property Group, LP (Sr. Notes)

2/1/2032

2.65

Fixed

700,000

Simon Property Group, LP (Sr. Notes)

3/8/2033

5.50

Fixed

650,000

Simon International Finance SCA (Euro Sr. Notes)

3/19/2033

1.13

Fixed

855,585 (1)

Simon Property Group, LP (Sr. Notes)

1/15/2034

6.25

Fixed

500,000

Simon Property Group, LP (Sr. Notes)

9/26/2034

4.75

Fixed

1,000,000

Simon Property Group, LP (Sr. Notes)

10/1/2035

5.13

Fixed

800,000

Simon Property Group, LP (Sr. Notes)

2/1/2040

6.39

% (5)

Variable

600,000

Simon Property Group, LP (Sr. Notes)

3/15/2042

4.75

Fixed

550,000

Simon Property Group, LP (Sr. Notes)

10/1/2044

4.25

Fixed

400,000

Simon Property Group, LP (Sr. Notes)

11/30/2046

4.25

Fixed

550,000

Simon Property Group, LP (Sr. Notes)

9/13/2049

3.25

Fixed

1,250,000

Simon Property Group, LP (Sr. Notes)

7/15/2050

3.80

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

3/8/2053

5.85

Fixed

650,000

Simon Property Group, LP (Sr. Notes)

1/15/2054

6.65

Fixed

500,000

Total Unsecured Indebtedness at Face Value

20,745,494

(1)

Foreign currency balances translated to USD: EUR-USD 1.14078.

(2)

Notes exchangeable into ordinary shares of Klépierre S.A., at or above a common stock price of €27.0693.

(3)

Through an interest rate swap agreement which matures on December 31, 2026, interest is essentially fixed at the all-in-rate presented.

(4)

Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at June 30, 2026.

(5)

Through an interest rate swap agreement, which matures on November 1, 2039, interest has been swapped from a fixed rate of 6.75% to a variable rate based on USD SOFR plus an interest rate spread of 2.74%. 1M SOFR was 3.652% as of June 30, 2026.

(6)

Variable rate debt interest rates are based on 1M EURIBOR at 2.201% as of June 30, 2026

(7)

Subsequent to June 30, 2026, we settled additional conversions of €86.3 million of the exchangeable bonds in cash for €115.7 million further reducing the outstanding balance to €101.2 million through the use of existing liquidity and the issuance of commercial paper.

(8)

Subsequent to June 30, 2026, loan was extended to March 20, 2029.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

Malls

Apple Blossom Mall

Winchester

49.1%

470,088

(3)

Auburn Mall

Auburn

56.4%

498,385

(3)

Aventura Mall

Miami Beach (Miami)

33.3%

(25)

2,364,265

07/01/28

4.12%

Fixed

1,750,000

583,333

11/25/30

(5)

5.72%

Variable

63,101

21,034

Barton Creek Square

Austin

100.0%

1,447,373

(3)

Battlefield Mall

Springfield

100.0%

1,180,102

(3)

Bay Park Square

Green Bay

100.0%

690,264

(3)

Beverly Center

Los Angeles

100.0%

854,260

(3)

Brea Mall

Brea (Los Angeles)

100.0%

1,360,354

(3)

Briarwood Mall

Ann Arbor

100.0%

923,526

09/01/26

3.29%

Fixed

165,000

10.

Brickell City Centre

Miami

100.0%

476,994

(3)

11.

Broadway Square

Tyler

100.0%

613,437

(3)

12.

Burlington Mall

Burlington (Boston)

100.0%

1,258,184

(3)

13.

Cape Cod Mall

Hyannis

56.4%

712,012

06/01/35

6.46%

Fixed

54,000

30,440

14.

Castleton Square

Indianapolis

100.0%

1,365,054

(3)

15.

Cherry Creek Shopping Center

Denver

50.0%

1,056,821

06/01/28

3.85%

Fixed

550,000

275,000

16.

Cielo Vista Mall

El Paso

100.0%

1,243,437

(3)

17.

City Creek Center

Salt Lake City

100.0%

632,200

05/01/29

7.63%

Fixed

70,000

18.

Coconut Point

Estero

50.0%

1,114,193

10/01/26

3.95%

Fixed

161,300

80,650

19.

College Mall

Bloomington

100.0%

577,960

(3)

20.

Columbia Center

Kennewick

100.0%

763,711

(3)

21.

Copley Place

Boston

94.4%

(4)

1,176,901

(3)

22.

Coral Square

Coral Springs (Miami)

97.2%

942,532

(3)

23.

Cordova Mall

Pensacola

100.0%

932,538

(3)

24.

Dadeland Mall

Miami

50.0%

1,510,810

01/05/27

3.11%

Fixed

348,214

174,107

25.

Del Amo Fashion Center

Torrance (Los Angeles)

50.0%

2,504,581

06/01/27

3.66%

Fixed

585,000

292,500

26.

Domain, The

Austin

100.0%

1,222,241

07/01/31

3.09%

Fixed

210,000

27.

Empire Mall

Sioux Falls

100.0%

1,164,398

10/01/30

6.72%

Fixed

120,000

28.

Falls, The

Miami

50.0%

709,836

06/01/36

6.98%

Fixed

130,000

65,000

29.

Fashion Centre at Pentagon City, The

Arlington (Washington, DC)

42.5%

1,032,703

04/01/31

5.70%

Fixed

465,000

197,625

30.

Fashion Mall at Keystone, The

Indianapolis

100.0%

583,271

(3)

31.

Fashion Valley

San Diego

50.0%

1,681,645

06/01/33

5.73%

Fixed

450,000

225,000

32.

Firewheel Town Center

Garland (Dallas)

100.0%

992,991

(3)

33.

Florida Mall, The

Orlando

50.0%

1,725,463

02/09/31

(5)(22)

5.62%

Variable

615,000

307,500

34.

Forum Shops at Caesars Palace, The

Las Vegas

100.0%

673,121

(3)

35.

Galleria, The

Houston

50.4%

1,991,892

02/01/35

5.65%

Fixed

1,200,000

604,440

36.

Gardens Mall, The

Palm Beach Gardens

50.0%

1,387,768

07/15/28

5.63%

Fixed

205,000

102,500

37.

Gardens on El Paseo, The

Palm Desert

100.0%

238,075

(3)

38.

Greenwood Park Mall

Greenwood (Indianapolis)

100.0%

1,276,893

(3)

39.

Haywood Mall

Greenville

100.0%

1,249,684

(3)

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

40.

International Market Place

Waikiki, Honolulu

100.0%

338,257

(3)

41.

International Plaza

Tampa

50.1%

1,304,246

11/01/30

5.04%

Fixed

575,000

288,075

42.

King of Prussia

King of Prussia (Philadelphia)

100.0%

2,685,030

(3)

43.

La Plaza

McAllen

100.0%

1,323,772

(3)

44.

Lakeline Mall

Cedar Park (Austin)

100.0%

1,097,765

(3)

45.

Lehigh Valley Mall

Whitehall

50.0%

1,190,678

11/01/27

4.06%

Fixed

166,013

83,007

46.

Lenox Square

Atlanta

100.0%

1,546,505

(3)

47.

Mall at Green Hills, The

Nashville

100.0%

1,048,919

(3)

48.

Mall at Millenia, The

Orlando

50.0%

1,123,133

10/15/29

5.41%

Fixed

450,000

225,000

49.

Mall at Rockingham Park, The

Salem (Boston)

28.2%

1,065,423

06/01/26

(15)

4.04%

Fixed

262,000

73,845

50.

Mall at Short Hills, The

Short Hills

100.0%

1,412,348

10/01/27

3.48%

Fixed

1,000,000

51.

Mall at University Town Center, The

Sarasota

50.0%

978,489

11/01/26

3.40%

Fixed

259,525

129,763

52.

Mall of Georgia

Buford (Atlanta)

100.0%

1,832,424

(3)

53.

Mall of New Hampshire, The

Manchester

56.4%

801,910

07/01/27

(5)

4.11%

Fixed

150,000

84,555

54.

Mall of San Juan, The

San Juan

95.0%

622,542

(3)

55.

McCain Mall

N. Little Rock

100.0%

789,502

(3)

56.

Meadowood Mall

Reno

50.0%

931,182

12/01/26

5.70%

Fixed

97,901

48,951

57.

Menlo Park Mall

Edison (New York)

100.0%

1,294,586

(3)

58.

Miami International Mall

Miami

95.0%

1,079,905

02/06/27

7.92%

Fixed

145,361

138,087

59.

Midland Park Mall

Midland

100.0%

645,648

(3)

60.

Miller Hill Mall

Duluth

100.0%

819,996

(3)

61.

North East Mall

Hurst (Dallas)

100.0%

1,543,304

(3)

62.

Northshore Mall

Peabody (Boston)

56.4%

1,561,971

01/01/31

6.36%

Fixed

175,000

98,648

63.

Ocean County Mall

Toms River (New York)

100.0%

889,900

(3)

64.

Orland Square

Orland Park (Chicago)

100.0%

1,229,266

(3)

65.

Penn Square Mall

Oklahoma City

94.5%

1,081,581

01/01/29

(5)

3.84%

Fixed

280,800

265,345

66.

Pheasant Lane Mall

Nashua

100.0%

(6)

977,486

(3)

67.

Phillips Place

Charlotte

100.0%

133,029

(3)

68.

Phipps Plaza

Atlanta

100.0%

1,127,268

(3)

69.

Plaza Carolina

Carolina (San Juan)

100.0%

1,151,951

(3)

70.

Prien Lake Mall

Lake Charles

100.0%

718,027

(3)

71.

Quaker Bridge Mall

Lawrenceville

50.0%

1,079,600

05/01/26

(15)

4.50%

Fixed

180,000

90,000

72.

Rockaway Townsquare

Rockaway (New York)

100.0%

1,241,760

(3)

73.

Roosevelt Field

Garden City (New York)

100.0%

2,355,275

(3)

74.

Ross Park Mall

Pittsburgh

100.0%

1,185,075

(3)

75.

Santa Rosa Plaza

Santa Rosa

100.0%

697,833

(3)

76.

Shops at Chestnut Hill, The

Chestnut Hill (Boston)

94.4%

470,264

08/31/33

6.66%

Fixed

90,517

85,484

77.

Shops at Clearfork, The

Fort Worth

45.0%

602,282

03/11/30

(16)

2.92%

Fixed

145,000

65,250

03/11/30

6.77%

Variable

8,505

3,827

78.

Shops at Crystals, The

Las Vegas

50.0%

283,143

05/01/31

4.83%

Fixed

750,000

375,000

79.

Shops at Mission Viejo, The

Mission Viejo (Los Angeles)

51.0%

1,279,604

01/01/35

6.73%

Fixed

180,000

91,800

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

80.

Shops at Riverside, The

Hackensack (New York)

100.0%

726,895

(3)

81.

Smith Haven Mall

Lake Grove (New York)

100.0%

1,257,894

(3)

82.

South Hills Village

Pittsburgh

100.0%

1,123,562

(3)

83.

South Shore Plaza

Braintree (Boston)

100.0%

1,582,100

(3)

84.

Southdale Center

Edina (Minneapolis)

100.0%

1,157,887

(3)

85.

SouthPark

Charlotte

100.0%

1,701,224

(3)

86.

St. Charles Towne Center

Waldorf (Washington, DC)

100.0%

977,171

(3)

87.

St. Johns Town Center

Jacksonville

50.0%

1,428,461

06/01/34

5.95%

Fixed

360,000

180,001

88.

Stanford Shopping Center

Palo Alto (San Jose)

94.4%

(4)

1,322,410

(3)

89.

Stoneridge Shopping Center

Pleasanton (San Francisco)

49.9%

1,295,235

09/05/26

3.50%

Fixed

330,000

164,670

90.

Summit Mall

Akron

100.0%

774,217

10/01/26

3.31%

Fixed

85,000

91.

Tacoma Mall

Tacoma (Seattle)

100.0%

1,268,689

(3)

92.

Tippecanoe Mall

Lafayette

100.0%

864,871

(3)

93.

Town Center at Boca Raton

Boca Raton (Miami)

100.0%

1,763,779

(3)

94.

Towne East Square

Wichita

100.0%

1,178,677

(3)

95.

Treasure Coast Square

Jensen Beach

100.0%

873,873

(3)

96.

Twelve Oaks Mall

Novi

100.0%

1,515,901

03/06/28

4.85%

Fixed

257,057

97.

Tyrone Square

St. Petersburg (Tampa)

100.0%

957,781

(3)

98.

University Park Mall

Mishawaka

100.0%

907,664

(3)

99.

Walt Whitman Shops

Huntington Station (New York)

100.0%

1,084,779

(3)

100.

Waterside Shops

Naples

50.0%

300,546

05/15/31

4.99%

Fixed

195,000

97,500

101.

West Town Mall

Knoxville

50.0%

1,275,964

(3)

102.

Westchester, The

White Plains (New York)

40.0%

803,056

02/01/30

3.25%

Fixed

400,000

160,000

103.

Westfarms

West Hartford

78.9%

1,265,855

09/06/28

7.80%

Fixed

242,000

191,035

104.

White Oaks Mall

Springfield

88.6%

922,632

06/15/27

6.98%

Fixed

31,650

28,055

105.

Wolfchase Galleria

Memphis

94.5%

1,149,419

11/01/26

4.15%

Fixed

155,152

146,612

106.

Woodfield Mall

Schaumburg (Chicago)

50.0%

2,154,937

12/01/33

6.71%

Fixed

294,000

147,000

107.

Woodland Hills Mall

Tulsa

94.5%

1,238,604

(3)

Total Mall Square Footage

119,014,925

Lifestyle Centers

ABQ Uptown

Albuquerque

100.0%

228,831

(3)

Hamilton Town Center

Noblesville (Indianapolis)

50.0%

679,376

02/24/30

(5)

5.77%

Variable

92,104

46,052

Liberty Tree Mall

Danvers

49.1%

866,456

05/03/28

(16)

6.18%

Fixed

27,460

13,493

Northgate Station

Seattle

100.0%

413,189

(3)

Pier Park

Panama City Beach

65.6%

943,804

(3)

University Park Village

Fort Worth

100.0%

171,756

05/01/28

3.85%

Fixed

48,317

Total Lifestyle Centers Square

Footage

3,303,412

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

Premium Outlets

Albertville Premium Outlets

Albertville (Minneapolis)

100.0%

301,148

(3)

Allen Premium Outlets

Allen (Dallas)

100.0%

548,527

(3)

Aurora Farms Premium Outlets

Aurora (Cleveland)

100.0%

262,326

(3)

Birch Run Premium Outlets

Birch Run (Detroit)

100.0%

591,943

02/01/36

6.46%

Fixed

90,000

Camarillo Premium Outlets

Camarillo (Los Angeles)

100.0%

691,660

(3)

Carlsbad Premium Outlets

Carlsbad (San Diego)

100.0%

288,968

(3)

Carolina Premium Outlets

Smithfield (Raleigh)

100.0%

439,041

(3)

Charlotte Premium Outlets

Charlotte

50.0%

398,346

07/01/28

4.27%

Fixed

94,893

47,447

Chicago Premium Outlets

Aurora (Chicago)

100.0%

683,020

(3)

10.

Cincinnati Premium Outlets

Monroe (Cincinnati)

100.0%

401,202

(3)

11.

Clarksburg Premium Outlets

Clarksburg (Washington, DC)

66.0%

381,680

01/01/28

3.95%

Fixed

149,808

98,873

12.

Clinton Premium Outlets

Clinton

100.0%

276,105

(3)

13.

Denver Premium Outlets

Thornton (Denver)

100.0%

328,391

(3)

14.

Desert Hills Premium Outlets

Cabazon (Palm Springs)

100.0%

662,324

(3)

15.

Ellenton Premium Outlets

Ellenton (Tampa)

100.0%

477,112

12/01/35

6.21%

Fixed

120,000

16.

Folsom Premium Outlets

Folsom (Sacramento)

100.0%

295,981

(3)

17.

Gilroy Premium Outlets

Gilroy (San Jose)

100.0%

503,205

(3)

18.

Gloucester Premium Outlets

Blackwood (Philadelphia)

66.7%

376,062

03/01/33

6.12%

Fixed

75,000

50,003

19.

Grand Prairie Premium Outlets

Grand Prairie (Dallas)

100.0%

423,782

(3)

20.

Grove City Premium Outlets

Grove City (Pittsburgh)

100.0%

517,298

12/01/28

(5)

7.31%

Fixed

140,000

21.

Gulfport Premium Outlets

Gulfport

100.0%

302,066

12/01/28

(5)

7.35%

Fixed

50,000

22.

Hagerstown Premium Outlets

Hagerstown (Baltimore/

Washington, DC)

100.0%

485,748

02/06/26

(15)

4.26%

Fixed

68,365

23.

Houston Premium Outlets

Cypress (Houston)

100.0%

556,249

(3)

24.

Indiana Premium Outlets

Edinburgh (Indianapolis)

100.0%

374,148

(3)

25.

Jackson Premium Outlets

Jackson (New York)

100.0%

285,570

(3)

26.

Jersey Shore Premium Outlets

Tinton Falls (New York)

100.0%

434,745

(3)

27.

Johnson Creek Premium Outlets

Johnson Creek

100.0%

275,073

(3)

28.

Kittery Premium Outlets

Kittery

100.0%

241,809

(3)

29.

Las Americas Premium Outlets

San Diego

100.0%

684,670

(3)

30.

Las Vegas North Premium Outlets

Las Vegas

100.0%

674,861

(3)

31.

Las Vegas South Premium Outlets

Las Vegas

100.0%

541,666

(3)

32.

Leesburg Premium Outlets

Leesburg (Washington, DC)

100.0%

476,809

(3)

33.

Lighthouse Place Premium Outlets

Michigan City (Chicago, IL)

100.0%

440,047

(3)

34.

Merrimack Premium Outlets

Merrimack

100.0%

409,052

(3)

35.

Napa Premium Outlets

Napa

100.0%

177,002

(3)

36.

Norfolk Premium Outlets

Norfolk

65.0%

329,801

04/01/32

4.50%

Fixed

72,415

47,070

37.

North Bend Premium Outlets

North Bend (Seattle)

100.0%

189,132

(3)

38.

North Georgia Premium Outlets

Dawsonville (Atlanta)

100.0%

536,447

(3)

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

39.

Orlando International Premium Outlets

Orlando

100.0%

775,225

(3)

40.

Orlando Vineland Premium Outlets

Orlando

100.0%

658,277

(3)

41.

Petaluma Village Premium Outlets

Petaluma (San Francisco)

100.0%

199,194

(3)

42.

Philadelphia Premium Outlets

Limerick (Philadelphia)

100.0%

546,608

(3)

43.

Phoenix Premium Outlets

Chandler (Phoenix)

100.0%

356,309

(3)

44.

Pismo Beach Premium Outlets

Pismo Beach

100.0%

147,603

09/06/26

(9)

3.33%

Fixed

28,909

45.

Pleasant Prairie Premium Outlets

Pleasant Prairie (Chicago, IL/

Milwaukee)

100.0%

387,841

09/01/27

4.00%

Fixed

145,000

46.

Pocono Premium Outlets

Tannersville

100.0%

411,916

(3)

47.

Puerto Rico Premium Outlets

Barceloneta

100.0%

353,167

(3)

48.

Queenstown Premium Outlets

Queenstown (Baltimore)

100.0%

289,420

09/06/26

(9)

3.33%

Fixed

50,785

49.

Rio Grande Valley Premium Outlets

Mercedes (McAllen)

100.0%

595,188

(3)

50.

Round Rock Premium Outlets

Round Rock (Austin)

100.0%

495,662

(3)

51.

San Francisco Premium Outlets

Livermore (San Francisco)

100.0%

697,017

(3)

52.

San Marcos Premium Outlets

San Marcos (Austin/

San Antonio)

100.0%

730,253

(3)

53.

Seattle Premium Outlets

Tulalip (Seattle)

100.0%

554,529

(3)

54.

Silver Sands Premium Outlets

Destin

50.0%

445,942

03/01/32

3.96%

Fixed

140,000

70,000

55.

St. Augustine Premium Outlets

St. Augustine (Jacksonville)

100.0%

327,754

(3)

56.

St. Louis Premium Outlets

St. Louis (Chesterfield)

60.0%

351,416

10/06/27

4.06%

Fixed

79,849

47,909

57.

Tampa Premium Outlets

Lutz (Tampa)

100.0%

468,094

(3)

58.

Tanger Outlets — Columbus

Sunbury (Columbus)

50.0%

(25)

354,857

10/01/32

6.25%

Fixed

71,000

35,500

59.

Tanger Outlets — Galveston/Houston

Texas City

50.0%

(25)

348,588

06/26/30

(20)

5.06%

Fixed

60,000

30,000

60.

Tucson Premium Outlets

Marana (Tucson)

100.0%

364,384

(3)

61.

Tulsa Premium Outlets

Jenks (Tulsa)

100.0%

338,472

(3)

62.

Twin Cities Premium Outlets

Eagan

35.0%

401,435

11/01/34

6.70%

Fixed

95,000

33,250

63.

Vacaville Premium Outlets

Vacaville

100.0%

437,826

(3)

64.

Waikele Premium Outlets

Waipahu (Honolulu)

100.0%

219,193

(3)

65.

Williamsburg Premium Outlets

Williamsburg

100.0%

507,069

02/06/29

4.23%

Fixed

183,733

66.

Woodburn Premium Outlets

Woodburn (Portland)

100.0%

389,223

(3)

67.

Woodbury Common Premium Outlets

Central Valley (New York)

100.0%

922,902

(3)

68.

Wrentham Village Premium Outlets

Wrentham (Boston)

100.0%

673,001

(3)

Total U.S. Premium Outlet Square Footage

30,011,381

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

The Mills

Arizona Mills

Tempe (Phoenix)

100.0%

1,221,773

07/01/36

6.66%

Fixed

135,000

Arundel Mills

Hanover (Baltimore)

59.3%

1,955,126

11/01/33

5.75%

Fixed

360,000

213,301

Colorado Mills

Lakewood (Denver)

37.5%

1,379,339

11/01/26

4.28%

Fixed

92,203

34,576

07/01/31

2.80%

Fixed

30,000

11,250

Concord Mills

Concord (Charlotte)

59.3%

1,368,414

11/01/32

6.55%

Fixed

225,677

133,736

Dolphin Mall

Miami

100.0%

1,400,544

12/09/29

(5)(24)

5.50%

Fixed

1,000,000

Grapevine Mills

Grapevine (Dallas)

59.3%

1,779,098

07/01/34

6.26%

Fixed

250,000

148,150

Great Lakes Crossing Outlets

Auburn Hills

100.0%

1,353,579

02/01/33

6.52%

Fixed

180,000

Great Mall

Milpitas (San Jose)

100.0%

1,374,956

(3)

Gurnee Mills

Gurnee (Chicago)

100.0%

1,934,272

10/01/26

3.99%

Fixed

257,710

10.

Katy Mills

Katy (Houston)

62.5%

(7)

1,679,911

08/01/32

5.77%

Fixed

123,510

77,194

11.

Mills at Jersey Gardens, The

Elizabeth

100.0%

1,309,413

(3)

12.

Ontario Mills

Ontario (Riverside)

50.0%

1,430,333

(3)

13.

Opry Mills

Nashville

100.0%

1,153,424

07/01/26

(26)

4.09%

Fixed

375,000

14.

Outlets at Orange, The

Orange (Los Angeles)

100.0%

863,355

(3)

15.

Potomac Mills

Woodbridge (Washington, DC)

100.0%

1,565,134

11/01/26

3.46%

Fixed

416,000

16.

Sawgrass Mills

Sunrise (Miami)

100.0%

2,364,766

(3)

Total The Mills Square Footage

24,133,437

Other Properties

Calhoun Outlet Marketplace, Dover Mall, Finger Lakes Premium Outlets,

Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace,

Lee Premium Outlets, Orlando Outlet Marketplace, Oxford Valley Mall,

Philadelphia Mills, Southridge Mall, Springfield Mall, Square One Mall,

Sugarloaf Mills, Sunvalley Shopping Center, The Avenues

(7)(8)(10)

944,017

295,074

Total Other Properties Square

Footage

11,834,313

TOTAL U.S. SQUARE FOOTAGE (11)(12)

188,297,468

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

International Properties

AUSTRIA

Parndorf Designer Outlet Phases 3 & 4

Vienna

90.0%

118,000

07/04/29

(2)

2.00%

Fixed

206,296

185,666

Austria Square Footage

118,000

CANADA

Premium Outlet Collection

Edmonton IA

Edmonton (Alberta)

50.0%

422,000

11/30/27

(2)

3.90%

Variable

95,993

47,997

Premium Outlets Montréal

Montréal (Quebec)

50.0%

367,500

09/01/31

(2)

4.69%

Fixed

84,401

42,201

Toronto Premium Outlets

Toronto (Ontario)

50.0%

504,900

(3)

Vancouver Designer Outlet

Vancouver (British Columbia)

45.0%

326,000

12/01/27

(2)

4.49%

Variable

58,026

26,112

12/01/27

(2)(16)

5.81%

Fixed

58,026

26,112

Canada Square Footage

1,620,400

CHINA

CityOn.Xian

Xi’an

25.0%

995,000

03/14/29

(2)(23)

3.60%

Variable

70,641

17,660

CityOn.Zhengzhou

Zhengzhou

24.5%

919,000

03/22/32

(2)(18)

3.85%

Fixed

109,827

26,908

China Square Footage

1,914,000

FRANCE

Paris-Giverny Designer Outlet

Vernon

73.8%

228,000

07/31/26

(2)

5.02%

Variable

79,628

58,750

Provence Designer Outlet

Miramas

90.0%

269,000

07/27/27

(2)(5)(19)

4.00%

Variable

107,325

96,593

France Square Footage

497,000

GERMANY

10.

Ochtrup Designer Outlet

Ochtrup

70.5%

191,500

06/30/31

(2) (16)

4.04%

Fixed

39,927

28,149

Germany Square Footage

191,500

INDONESIA

11.

Jakarta Premium Outlets

Tangerang (Jakarta)

50.0%

302,000

12/29/33

(2)

9.25%

Fixed

41,684

20,842

Indonesia Square Footage

302,000

ITALY

12.

La Reggia Designer Outlet

Marcianise (Naples)

90.0%

344,000

03/31/27

(2)

4.82%

Variable

32,855

29,570

03/31/27

(2)(16)

4.25%

Fixed

146,020

131,418

13.

Noventa Di Piave Designer Outlet

Venice

90.0%

353,000

01/23/31

(2)

5.00%

Fixed

316,672

285,005

14.

The Mall Luxury Outlets Firenze

Leccio (Florence)

100.0%

264,750

(3)

15.

The Mall Luxury Outlets Sanremo

Sanremo

100.0%

122,300

(3)

Italy Square Footage

1,084,050

JAPAN

16.

Ami Premium Outlets

Ami (Tokyo)

40.0%

315,000

(3)

17.

Fukaya-Hanazono Premium Outlets

Fukaya City (Saitama)

40.0%

296,300

10/01/32

(2)

0.70%

Fixed

65,893

26,357

18.

Gotemba Premium Outlets

Gotemba City (Tokyo)

40.0%

659,500

05/31/27

(2)

0.31%

Fixed

80,055

32,022

19.

Kobe-Sanda Premium Outlets

Kobe (Osaka)

40.0%

441,000

(3)

20.

Rinku Premium Outlets

Izumisano (Osaka)

40.0%

512,500

07/31/27

(2)

0.30%

Fixed

36,333

14,533

21.

Sano Premium Outlets

Sano (Tokyo)

40.0%

390,800

02/29/28

(2)

1.28%

Fixed

28,021

11,208

22.

Sendai-Izumi Premium Outlets

Izumi Park Town (Sendai)

40.0%

164,200

(3)

23.

Shisui Premium Outlets

Shisui (Chiba)

40.0%

434,600

11/30/28

(2)

1.03%

Fixed

16,010

6,404

05/31/29

(2)

0.68%

Fixed

4,927

1,971

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

DEBT INFORMATION

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL

OWNERSHIP

TOTAL

SQUARE FEET

MATURITY

DATE

INTEREST

RATE (1)

TYPE

INDEBTEDNESS ($ in 000’s)

TOTAL

OUR SHARE

24.

Toki Premium Outlets

Toki (Nagoya)

40.0%

367,700

(3)

25.

Tosu Premium Outlets

Fukuoka (Kyushu)

40.0%

328,400

10/31/26

(2)

1.29%

Fixed

38,181

15,272

Japan Square Footage

3,910,000

KOREA

26.

Busan Premium Outlets

Busan

50.0%

544,200

04/28/28

(2)

3.64%

Fixed

123,962

61,981

27.

Jeju Premium Outlets

Jeju Province

50.0%

92,000

(3)

28.

Paju Premium Outlets

Paju (Seoul)

50.0%

558,900

03/13/27

(2)

3.75%

Fixed

35,509

17,755

29.

Siheung Premium Outlets

Siheung (Seoul)

50.0%

444,400

03/15/29

(2)

3.99%

Fixed

81,352

40,676

30.

Starfield Anseong

Anseong

49.0%

1,068,000

02/28/28

(2)

3.75%

Fixed

225,973

110,727

31.

Starfield Hanam

Hanam

17.2%

1,709,000

07/28/30

(2)

3.72%

Fixed

445,489

76,401

32.

Yeoju Premium Outlets

Yeoju (Seoul)

50.0%

551,600

05/23/29

(2)

3.72%

Fixed

31,638

15,819

South Korea Square Footage

4,968,100

MALAYSIA

33.

Genting Highlands Premium Outlets

Pahang (Kuala Lumpur)

50.0%

277,500

(3)

34.

Johor Premium Outlets

Johor (Singapore)

50.0%

309,400

09/30/31

(2)

5.19%

Variable

2,055

1,028

Malaysia Square Footage

586,900

MEXICO

35.

Premium Outlets Punta Norte

Mexico City

50.0%

333,000

(3)

36.

Premium Outlets Querétaro

Querétaro

50.0%

274,800

12/20/33

(2)

11.03%

Fixed

19,848

9,924

Mexico Square Footage

607,800

NETHERLANDS

37.

Roermond Designer Outlet

Phases 2, 3 & 4

Roermond

(13)

298,000

06/06/29

(2)

3.90%

Fixed

319,419

287,477

08/18/30

(2)(16)

4.02%

Fixed

228,156

107,833

38.

Roosendaal Designer Outlet

Roosendaal

94.0%

247,500

02/28/29

(2)(17)

5.40%

Fixed

74,149

69,700

Netherlands Square Footage

545,500

SPAIN

39.

Malaga Designer Outlet

Malaga

46.1%

191,000

05/05/28

(2)(21)

4.57%

Variable

72,440

33,402

Spain Square Footage

191,000

THAILAND

40.

Siam Premium Outlets Bangkok

Bangkok

50.0%

264,000

06/05/31

(2)

4.69%

Fixed

52,360

26,180

Thailand Square Footage

264,000

UNITED KINGDOM

41.

Ashford Designer Outlet

Kent

45.0%

281,000

05/23/27

(2)

5.88%

Variable

27,416

12,337

05/23/27

(2)(16)

4.29%

Fixed

109,653

49,344

42.

West Midlands Designer Outlet

Staffordshire

23.2%

197,000

06/07/27

(2)

6.23%

Variable

21,520

5,001

06/07/27

(2)(16)

6.67%

Fixed

64,561

15,004

United Kingdom Square Footage

478,000

TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(14)

17,278,250

TOTAL SQUARE FOOTAGE

205,575,718

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of June 30, 2026

FOOTNOTES:

(1)

Variable rate debt interest rates are based on the following base rates as of June 30, 2026: Overnight SOFR 3.68%; 1 month CME Term SOFR 3.652%; 30 Day Average SOFR 3.6318%; 1M EURIBOR at 2.201%; 3M EURIBOR at 2.324%; 6M EURIBOR at 2.568%; 1M YEN TIBOR at 1.167%; 6M YEN TIBOR at 1.5258%; 1M CORRA at 2.34%; Overnight SONIA 3.7318% and Cost of Funds Rate at 3.691%.

(2)

Foreign currency balances translated to USD: EUR-USD 1.14078, CAD-USD 0.70335, JPY-USD 0.00616, GBP-USD 1.32432, KRW-USD 0.00065, MYR-USD 0.24525, MXN-USD 0.05722, THB-USD 0.03008, CNY-USD 0.14722, IDR-USD 0.00006.

(3)

Unencumbered asset.

(4)

The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(5)

Includes applicable extensions available at our option.

(6)

The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(7)

The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.

(8)

Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.

(9)

These two properties are secured by cross-collateralized and cross-defaulted mortgages.

(10)

Consists of 11 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2026 and 2029.

(11)

Does not include any other spaces in joint ventures which are not listed above.

(12)

GLA includes office space.

(13)

The Company owns a 90.0% interest in Phases 2 & 3 and a 46.1% interest in Phase 4.

(14)

Does not include Klépierre.

(15)

Mortgage is outstanding as of June 30, 2026.

(16)

Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.

(17)

Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027.

(18)

The interest rate resets on April 16th of each year.

(19)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.

(20)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029.

(21)

Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027.

(22)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2028.

(23)

The interest rate resets on January 1st of each year.

(24)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027.

(25)

This property is managed by a third party. Reported amounts may be provided in arrears.

(26)

This mortgage was paid off on the maturity date of July 1, 2026.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION

The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

•

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•

Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.

Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION

(In thousands)

For the Three Months Ended

June 30, 2026

For the Three Months Ended

June 30, 2025

Noncontrolling

Interests (1)

Our

Share of

Joint Ventures

Noncontrolling

Interests (1)

Our

Share of

Joint Ventures

REVENUE:

Lease income

(27,471)

432,478

(16,093)

354,798

Management fees and other revenues

—

Other income

(2,164)

51,298

(935)

56,789

Total revenue

(29,635)

483,776

(17,028)

411,587

EXPENSES:

Property operating

(4,640)

90,898

(3,323)

76,779

Depreciation and amortization

(6,299)

131,461

(5,775)

88,027

Real estate taxes

(1,729)

31,376

(589)

27,350

Repairs and maintenance

(324)

9,825

(429)

8,164

Advertising and promotion

(2,306)

11,633

(2,432)

10,612

Home and regional office costs

—

General and administrative

—

Other

(2,223)

30,413

(1,489)

29,307

Total operating expenses

(17,521)

305,606

(14,037)

240,239

OPERATING INCOME BEFORE OTHER ITEMS

(12,114)

178,170

(2,991)

171,348

Interest expense

6,206

(95,048)

3,370

(83,667)

(Loss) gain due to disposal, exchange, or revaluation of equity interests, net

—

Income and other tax (expense) benefit

—

Income from unconsolidated entities

(492)

(83,122)(2)

(405)

(87,681)(2)

Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net

—

Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

—

Consolidated income from continuing operations

(6,400)

—

(26)

—

CONSOLIDATED NET INCOME

(6,400)

—

(26)

—

Net income attributable to noncontrolling interests

(6,400)

—(3)

(26)

—(3)

Preferred dividends

—

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

—

(1)

Represents our venture partners’ share of operations from consolidated properties.

(2)

Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and our previously held equity investment in TRG up to the October 31, 2025 transaction.

(3)

Represents limited partners’ interest in the Operating Partnership.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION

(In thousands)

For the Six Months Ended

June 30, 2026

For the Six Months Ended

June 30, 2025

Noncontrolling

Interests (1)

Our

Share of

Joint Ventures

Noncontrolling

Interests (1)

Our

Share of

Joint Ventures

REVENUE:

Lease income

(54,224)

858,528

(31,363)

705,507

Management fees and other revenues

—

Other income

(4,211)

103,099

(1,601)

103,887

Total revenue

(58,435)

961,627

(32,964)

809,394

EXPENSES:

Property operating

(9,512)

187,120

(6,626)

153,307

Depreciation and amortization

(11,941)

265,046

(11,212)

176,498

Real estate taxes

(3,943)

62,762

(740)

54,340

Repairs and maintenance

(1,269)

21,791

(917)

17,681

Advertising and promotion

(4,068)

23,289

(5,055)

20,968

Home and regional office costs

—

General and administrative

—

Other

(4,178)

61,246

(3,477)

55,809

Total operating expenses

(34,911)

621,254

(28,027)

478,603

OPERATING INCOME BEFORE OTHER ITEMS

(23,524)

340,373

(4,937)

330,791

Interest expense

12,366

(189,810)

6,770

(165,038)

(Loss) gain due to disposal, exchange, or revaluation of equity interests, net

—

Income and other tax (expense) benefit

—

Income from unconsolidated entities

(863)

(150,563)(2)

(567)

(165,753)(2)

Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net

—

Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

—

Consolidated income from continuing operations

(12,021)

—

1,266

—

CONSOLIDATED NET INCOME

(12,021)

—

1,266

—

Net income attributable to noncontrolling interests

(12,021)

—(3)

1,266

—(3)

Preferred dividends

—

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

—

(1)

Represents our venture partners’ share of operations from consolidated properties.

(2)

(3)

Represents limited partners’ interest in the Operating Partnership.

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION

(In thousands)

As of June 30, 2026

As of June 30, 2025

Noncontrolling

Interests

Our

Share of

Joint Ventures

Noncontrolling

Interests

Our

Share of

Joint Ventures

ASSETS:

Investment properties, at cost

(1,373,410)

12,921,761

(683,674)

9,845,933

Less – accumulated depreciation

(203,123)

4,698,584

(187,171)

4,223,773

(1,170,287)

8,223,177

(496,503)

5,622,160

Cash and cash equivalents

(34,805)

690,023

(28,763)

547,765

Tenant receivables and accrued revenue, net

(12,769)

275,046

(5,871)

237,272

Investment in unconsolidated entities, at equity

(3,963)

(4,008,517)

(6,634)

(2,606,909)

Investment in Klépierre, at equity

—

Right-of-use assets, net

10,308

51,785

(850)

55,725

Deferred costs and other assets

(24,663)

1,212,574

(22,069)

1,345,451

Total assets

(1,236,179)

6,444,088

(560,690)

5,201,464

LIABILITIES:

Mortgages and unsecured indebtedness

(495,285)

7,526,711

(239,117)

6,291,553

Accounts payable, accrued expenses, intangibles, and deferred revenues

(31,586)

516,312

(20,680)

455,267

Cash distributions and losses in unconsolidated entities, at equity

—

(1,808,807)

—

(1,746,426)

Dividend payable

—

Lease liabilities

(13,453)

52,613

(850)

51,378

Other liabilities

(52,437)

157,259

(50,501)

149,692

Total liabilities

(592,761)

6,444,088

(311,148)

5,201,464

Commitments and contingencies

Limited partners’ preferred interest in the Operating Partnership

(261,290)

—

(227,967)

—

EQUITY:

Stockholders’ equity

Capital stock

Series J 8 3/8% cumulative redeemable preferred stock

—

Common stock, $.0001 par value

—

Class B common stock, $.0001 par value

—

Capital in excess of par value

—

Accumulated deficit

—

Accumulated other comprehensive loss

—

Common stock held in treasury at cost

—

Total stockholders’ equity

—

Noncontrolling interests

(382,128)

—

(21,575)

—

Total equity

(382,128)

—

(21,575)

—

Total liabilities and equity

(1,236,179)

6,444,088

(560,690)

5,201,464

2Q 2026 SUPPLEMENTAL

TABLE OF CONTENTS

GUIDANCE RECONCILIATION

The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated Real Estate FFO per diluted share:

LOW

END

HIGH

END

FOR THE YEAR ENDING DECEMBER 31, 2026

Estimated net income attributable to common stockholders per diluted share

6.47

6.57

Add: Depreciation and amortization including Simon’s share of unconsolidated entities

6.45

Less: Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net*

(0.15)

Estimated FFO per diluted share

12.77

12.87

Add: Loss due to disposal, exchange or revaluation of equity interests, net*

0.04

Add: Other platform investments, net of tax*

0.31

Add: Unrealized losses in fair value adjustments of the Klépierre exchangeable bonds*

0.08

Estimated Real Estate FFO per diluted share

13.20

13.30

Amounts represent year-to-date actual results for the respective line items. The Company is not providing guidance for these line items.

2Q 2026 SUPPLEMENTAL

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Cover

Aug. 10, 2026

Document Information [Line Items]

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Document Period End Date

Aug. 10, 2026

Entity File Number

001-14469

Entity Registrant Name

SIMON

PROPERTY GROUP, INC.

Entity Central Index Key

0001063761

Entity Tax Identification Number

04-6268599

Entity Incorporation, State or Country Code

Entity Address, Address Line One

225 WEST WASHINGTON STREET

Entity Address, City or Town

INDIANAPOLIS

Entity Address, State or Province

Entity Address, Postal Zip Code

46204

City Area Code

317

Local Phone Number

636.1600

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Document Information [Line Items]

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Trading Symbol

SPG

Security Exchange Name

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Series J Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

83/8%

Series J Cumulative Redeemable Preferred Stock, $0.0001 par value

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SPGJ

Security Exchange Name

NYSE

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

+ Details

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dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

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No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

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Period Type:

duration

- Definition

Name of the City or Town

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No definition available.

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Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

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No definition available.

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the state or province.

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No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Namespace Prefix:

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Balance Type:

Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

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Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityRegistrantName

Namespace Prefix:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Namespace Prefix:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Namespace Prefix:

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Data Type:

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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dei_SolicitingMaterial

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- Details

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