EX-99.12tm2528944d2_ex99-1.htmEXHIBIT 99.1 tm2528944-2_nonfiling - none - 37.4956889s
TABLE OF CONTENTS
SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED THIRD QUARTER
TABLE OF CONTENTS
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED SEPTEMBER 30, 2025
PAGE
Earnings Release(1)
2−11
Overview
12
The Company
12
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants
13
Financial Data
Selected Financial and Equity Information
14
Net Operating Income (NOI) Composition
15
Net Operating Income Overview (at Share)
16
Reconciliations of Non-GAAP Financial Measures
17
Consolidated Net Income to NOI
17
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)
18
Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest
19
Operational Data
Operating Information
20
U.S. Malls and Premium Outlets Lease Expirations
21
U.S. Malls and Premium Outlets Top Tenants
22
Development Activity
Capital Expenditures
23
Development Activity Summary
24
Balance Sheet Information
Common and Preferred Stock Information
25
Changes in Common Share and Limited Partnership Unit Ownership
25
Preferred Stock/Units Outstanding
25
Credit Profile
26
Summary of Indebtedness
27
Total Debt Amortization and Maturities by Year (Our Share)
28
Unsecured Debt Information
29
Property and Debt Information
30–39
Other
Non-GAAP Pro-Rata Financial Information
40–43
Guidance Reconciliation
44
(1)
Includes reconciliation of consolidated net income to funds from operations.
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Contacts:
Tom Ward
317-685-7330 Investors
Nicole Kennon
704-804-1960 Media
Simon® Reports Third Quarter 2025 Results
•
Increases Full Year 2025 Real Estate FFO per share guidance
•
T1Raises quarterly dividend by 4.8% year-over-year to $2.20 per share
•
T2Completes acquisition of remaining 12% interest in The Taubman Realty Group
INDIANAPOLIS, November 3, 2025 − 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 September 30, 2025.
“We delivered a strong quarter highlighted by excellent financial and operational performance,” said David Simon, Chairman, Chief Executive Officer and President. “Healthy demand was seen across all our platforms and is reflected in our results. Occupancy gains continued, retailer sales accelerated, and cash flow increased. We are also pleased to have acquired the remaining interest in Taubman Realty Group.”
Results for the Quarter
•
Net income attributable to common stockholders was $606.2 million, or $1.86 per diluted share, as compared to $475.2 million, or $1.46 per diluted share in 2024.
•
Funds From Operations (“FFO”) was $1.228 billion, or $3.25 per diluted share as compared to $1.067 billion, or $2.84 per diluted share in the prior year.
•
Real Estate Funds From Operations (“Real Estate FFO”) was $1.215 billion, or $3.22 per diluted share as compared to $1.144 billion, or $3.05 per diluted share in the prior year, an increase of 5.6%.
•
T3Domestic property Net Operating Income (“NOI”) increased 5.1% and portfolio NOI increased 5.2% compared to the prior year period.
Results for the Nine Months
•
Net income attributable to common stockholders was $1.576 billion, or $4.83 per diluted share, as compared to $1.700 billion, or $5.22 per diluted share in 2024.
•
FFO was $3.421 billion, or $9.07 per diluted share as compared to $3.488 billion, or $9.30 per diluted share in the prior year.
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•
Real Estate FFO was $3.484 billion, or $9.24 per diluted share as compared to $3.335 billion, or $8.90 per diluted share in the prior year, an increase of 3.8%.
•
Domestic property NOI increased 4.2% and portfolio NOI increased 4.5% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
•
T4Occupancy at September 30, 2025 was 96.4%, a 0.2% increase compared to 96.2% at September 30, 2024.
•
Base minimum rent per square foot was $59.14 at September 30, 2025, compared to $57.71 at September 30, 2024, an increase of 2.5%.
•
Reported retailer sales per square foot was $742 for the trailing 12 months ended September 30, 2025.
Acquisition Activity
On October 31, 2025, Simon closed on the acquisition of the remaining 12% interest in The Taubman Realty Group Limited Partnership which it did not own in exchange for 5.06 million limited partnership units in Simon Property Group, L.P.
Capital Markets and Balance Sheet Liquidity
T5During the quarter, the Company completed a two tranche senior notes offering totaling $1.5 billion. Combined, the two new issues of senior notes had a weighted-average term of 7.8 years and a weighted-average coupon rate of 4.775%.
During the first nine months, the Company completed 33 secured loan transactions totaling approximately $5.4 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.38%.
As of September 30, 2025, Simon had approximately $9.5 billion of liquidity consisting of $2.1 billion of cash on hand, including its share of joint venture cash, and $7.4 billion of available capacity under its revolving credit facilities.
Dividends
Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.20 for the fourth quarter of 2025. This is an increase of $0.10, or 4.8% year-over-year. The dividend will be payable on December 31, 2025 to shareholders of record on December 10, 2025.
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 December 31, 2025 to shareholders of record on December 17, 2025.
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2025 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, 2025 are included in the table below and are reconciled in the Company’s supplemental information. T6The Company is increasing its outlook for Real Estate FFO to $12.60 to $12.70 per diluted share.
Low
End
High
End
G1Estimated net income attributable to common stockholders per diluted share
$
6.74
$
6.84
G2Estimated Real Estate FFO per diluted share
$
12.60
$
12.70
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 Time, Monday, November 3, 2025. 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 November 10, 2025. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13756323.
Supplemental Materials and Website
Supplemental information on our third quarter 2025 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.
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 the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company
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can give no assurance that its expectations will be attained, and it is possible that the Company’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, 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; reducing emissions of greenhouse gases; environmental liabilities; natural 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.
The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company 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.
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Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2025
2024
2025
2024
REVENUE:
Lease income
$
1,452,930
$
1,339,824
$
4,199,812
$
3,958,236
Management fees and other revenues
36,925
33,461
108,648
96,103
Other income
111,717
107,425
264,583
327,227
Total revenue
1,601,572
1,480,710
4,573,043
4,381,566
EXPENSES:
Property operating
149,811
141,114
426,447
398,520
Depreciation and amortization
338,639
320,365
1,005,748
937,749
Real estate taxes
115,400
93,999
328,168
299,848
Repairs and maintenance
25,595
23,019
81,975
73,272
Advertising and promotion
38,645
34,138
109,211
101,046
Home and regional office costs
64,282
53,351
186,912
164,556
General and administrative
16,091
9,171
43,018
29,141
Other
40,195
37,784
106,837
120,384
Total operating expenses
788,658
712,941
2,288,316
2,124,516
OPERATING INCOME BEFORE OTHER ITEMS
812,914
767,769
2,284,727
2,257,050
Interest expense
(242,790)
(226,424)
(702,509)
(678,382)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net
(8,871)
—
71,636
414,769
Income and other tax expense
(15,114)
(2,605)
(42,584)
(55,170)
Income from unconsolidated entities
143,916
58,504
297,150
66,375
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net
2,243
(49,345)
(84,977)
(54,132)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and
interests in unconsolidated entities and impairment, net
10,398
(1,228)
794
6,752
CONSOLIDATED NET INCOME
702,696
546,671
1,824,237
1,957,262
Net income attributable to noncontrolling interests
95,688
70,676
245,728
254,431
Preferred dividends
834
834
2,503
2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
606,174
$
475,161
$
1,576,006
$
1,700,328
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$
1.86
$
1.46
$
4.83
$
5.22
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Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
September 30,
2025
December 31,
2024
ASSETS:
Investment properties, at cost
$
42,619,293
$
40,242,392
Less – accumulated depreciation
20,335,226
19,047,078
22,284,067
21,195,314
Cash and cash equivalents
1,552,577
1,400,345
Tenant receivables and accrued revenue, net
819,487
796,513
Investment in TRG, at equity
2,895,019
3,069,297
Investment in Klépierre, at equity
1,489,548
1,384,267
Investment in other unconsolidated entities, at equity
2,590,008
2,670,739
Right-of-use assets, net
529,116
519,607
Deferred costs and other assets
1,442,365
1,369,609
Total assets
$
33,602,187
$
32,405,691
LIABILITIES:
Mortgages and unsecured indebtedness
$
25,789,055
$
24,264,495
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,648,577
1,712,465
Cash distributions and losses in unconsolidated entities, at equity
1,747,430
1,680,431
Dividend payable
2,386
2,410
Lease liabilities
529,708
520,283
Other liabilities
910,495
626,155
Total liabilities
30,627,651
28,806,239
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests
244,965
184,729
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
40,531
40,778
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and 342,945,839 issued and outstanding, respectively
33
33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding
—
—
Capital in excess of par value
11,618,355
11,583,051
Accumulated deficit
(6,934,926)
(6,382,515)
Accumulated other comprehensive loss
(281,298)
(193,026)
Common stock held in treasury, at cost, 16,598,627 and 16,675,701 shares, respectively
(2,093,084)
(2,106,396)
Total stockholders’ equity
2,349,611
2,941,925
Noncontrolling interests
379,960
472,798
Total equity
2,729,571
3,414,723
Total liabilities and equity
$
33,602,187
$
32,405,691
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Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2025
2024
2025
2024
REVENUE:
Lease income
$
758,148
$
763,185
$
2,265,844
$
2,257,101
Other income
110,101
92,151
317,108
277,915
Total revenue
868,249
855,336
2,582,952
2,535,016
OPERATING EXPENSES:
Property operating
166,804
171,027
499,411
494,210
Depreciation and amortization
152,713
155,472
471,399
473,394
Real estate taxes
50,187
56,683
167,586
180,967
Repairs and maintenance
23,564
17,382
62,531
55,016
Advertising and promotion
20,963
20,098
65,586
63,292
Other
62,078
53,225
180,233
161,735
Total operating expenses
476,309
473,887
1,446,746
1,428,614
OPERATING INCOME BEFORE OTHER ITEMS
391,940
381,449
1,136,206
1,106,402
Interest expense
(175,580)
(176,583)
(520,944)
(532,692)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
1,217
—
1,217
—
NET INCOME
$
217,577
$
204,866
$
616,479
$
573,710
Third-Party Investors’ Share of Net Income
$
110,051
$
104,298
$
314,298
$
291,517
Our Share of Net Income
107,526
100,568
302,181
282,193
Amortization of Excess Investment (A)
(13,822)
(14,404)
(42,158)
(43,564)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net
(722)
—
(722)
—
Income from Unconsolidated Entities (B)
$
92,982
$
86,164
$
259,301
$
238,629
Note:
The above financial presentation does not include any information related to our investments in Klépierre S.A.
(“Klépierre”), The Taubman Realty Group (“TRG”) and other platform investments. For additional information, see footnote B.
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Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
September 30,
2025
December 31,
2024
Assets:
Investment properties, at cost
$
18,547,075
$
18,875,241
Less – accumulated depreciation
9,058,890
8,944,188
9,488,185
9,931,053
Cash and cash equivalents
1,195,219
1,270,594
Tenant receivables and accrued revenue, net
512,706
533,676
Right-of-use assets, net
114,870
113,014
Deferred costs and other assets
550,523
531,059
Total assets
$
11,861,503
$
12,379,396
Liabilities and Partners’ Deficit:
Mortgages
$
13,593,433
$
13,666,090
Accounts payable, accrued expenses, intangibles, and deferred revenue
1,004,424
1,037,015
Lease liabilities
106,488
104,120
Other liabilities
335,959
363,488
Total liabilities
15,040,304
15,170,713
Preferred units
67,450
67,450
Partners’ deficit
(3,246,251)
(2,858,767)
Total liabilities and partners’ deficit
$
11,861,503
$
12,379,396
Our Share of:
Partners’ deficit
$
(1,259,415)
$
(1,180,960)
Add: Excess Investment (A)
994,349
1,077,204
Our net Investment in unconsolidated entities, at equity
$
(265,066)
$
(103,756)
Note:
The above financial presentation does not include any information related to our investments in Klépierre,
TRG and 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
September 30,
For the Nine Months Ended
September 30,
2025
2024
2025
2024
Consolidated Net Income (D)
$
702,696
$
546,671
$
1,824,237
$
1,957,262
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
334,409
316,593
993,888
926,582
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
209,612
209,225
626,162
630,460
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(10,398)
1,228
(794)
(6,752)
Net (gain) loss attributable to noncontrolling interest holders in properties
(1,231)
1,047
34
1,733
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties
(6,419)
(6,820)
(18,757)
(17,416)
Preferred distributions and dividends
(1,126)
(1,239)
(3,377)
(3,772)
FFO of the Operating Partnership
$
1,227,543
$
1,066,705
$
3,421,393
$
3,488,097
FFO allocable to limited partners
165,045
139,191
460,136
454,729
FFO allocable to common stockholders
$
1,062,498
$
927,514
$
2,961,257
$
3,033,368
FFO of the Operating Partnership
$
1,227,543
$
1,066,705
$
3,421,393
$
3,488,097
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
6,654
—
(53,727)
(311,077)
Other platform investments, net of tax
(16,707)
28,306
30,884
104,089
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net
(2,243)
49,345
84,977
54,132
Real Estate FFO
$
1,215,247
$
1,144,356
$
3,483,527
$
3,335,241
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
1.86
$
1.46
$
4.83
$
5.22
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
1.42
1.37
4.25
4.10
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(0.03)
0.01
(0.01)
(0.02)
Diluted FFO per share
$
3.25
$
2.84
$
9.07
$
9.30
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
0.02
—
(0.14)
(0.83)
Other platform investments, net of tax
(0.04)
0.08
0.08
0.29
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net
(0.01)
0.13
0.23
0.14
Real Estate FFO per share
$
3.22
$
3.05
$
9.24
$
8.90
5.6%
3.8%
Details for per share calculations:
FFO of the Operating Partnership
$
1,227,543
$
1,066,705
$
3,421,393
$
3,488,097
Diluted FFO allocable to unitholders
(165,045)
(139,191)
(460,136)
(454,729)
Diluted FFO allocable to common stockholders
$
1,062,498
$
927,514
$
2,961,257
$
3,033,368
Basic and Diluted weighted average shares outstanding
326,486
326,158
326,429
326,036
Weighted average limited partnership units outstanding
50,713
48,939
50,723
48,876
Basic and Diluted weighted average shares and units outstanding
377,199
375,097
377,152
374,912
Basic and Diluted FFO per Share
$
3.25
$
2.84
$
9.07
$
9.30
Percent Change
14.4%
-2.5%
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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, TRG and other platform investments. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, TRG and other platform investments. 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 $18.5 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively, and $19.7 million and $15.3 million for the nine months ended September 30, 2025 and 2024, respectively.
–
Straight-line adjustments increased (decreased) income by $16.0 million and $3.7 million for the three months ended September 30, 2025 and 2024, respectively, and $21.9 million and ($5.1) million for the nine months ended September 30, 2025 and 2024, respectively.
–
Amortization of fair market value of leases increased income by $0.3 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $0.9 million and $0.4 million for the nine months ended September 30, 2025 and 2024, 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 September 30, 2025, we owned or had an interest in 232 properties comprising 183 million square feet in North America, Asia and Europe.
We also owned an 88% interest in The Taubman Realty Group, or TRG, which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at September 30, 2025, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries.
This package was prepared to provide operational and balance sheet information as of September 30, 2025 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, 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; reducing emissions of greenhouse gases; environmental liabilities; natural 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
A
(Stable Outlook)
Senior Unsecured
A
(Stable Outlook)
Commercial Paper
A1
(Stable Outlook)
Preferred Stock
BBB+
(Stable Outlook)
Moody’s
Senior Unsecured
A3
(Stable Outlook)
Commercial Paper
P2
(Stable Outlook)
Preferred Stock
Baa1
(Stable 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%
303%
Yes
(1)
Covenants for indentures dated June 7, 2005 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
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2025
2024
2025
2024
Financial Highlights
Total Revenue – Consolidated Properties
$
1,601,572
$
1,480,710
$
4,573,043
$
4,381,566
Consolidated Net Income
$
702,696
$
546,671
$
1,824,237
$
1,957,262
Net Income Attributable to Common Stockholders
$
606,174
$
475,161
$
1,576,006
$
1,700,328
Basic and Diluted Earnings per Common Share (EPS)
$
1.86
$
1.46
$
4.83
$
5.22
Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership
$
1,215,247
$
1,144,356
$
3,483,527
$
3,335,241
Basic and Diluted Real Estate FFO per Share
$
3.22
$
3.05
$
9.24
$
8.90
Funds from Operations (FFO) of the Operating Partnership
$
1,227,543
$
1,066,705
$
3,421,393
$
3,488,097
Basic and Diluted FFO per Share (FFOPS)
$
3.25
$
2.84
$
9.07
$
9.30
Dividends/Distributions per Share/Unit
$
2.15
$
2.05
$
6.35
$
6.00
AS OF
SEPTEMBER 30,
2025
AS OF
DECEMBER 31,
2024
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period
50,713
50,760
Common Shares Outstanding at end of period
326,470
326,278
Total Common Shares and Limited Partnership Units Outstanding at end of period
377,183
377,038
Weighted Average Limited Partnership Units Outstanding
50,723
49,338
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS
326,429
326,097
Equity Market Capitalization
Common Stock Price at end of period
$
187.67
$
172.21
Common Equity Capitalization, including Limited Partnership Units
$
70,785,964
$
64,929,673
Preferred Equity Capitalization, including Limited Partnership Preferred Units
58,166
61,944
Total Equity Market Capitalization
$
70,844,130
$
64,991,617
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NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Nine Months Ended September 30, 2025
(1)
Based on our beneficial interest of NOI.
(2)
Includes TRG U.S. assets.
(3)
Includes Klépierre, international Premium Outlets, Designer Outlets, The Mall Luxury Outlets, and international TRG assets.
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NET OPERATING INCOME OVERVIEW (AT SHARE)
(In thousands)
FOR THE THREE MONTHS
ENDED SEPTEMBER 30,
% Growth
FOR THE NINE MONTHS
ENDED SEPTEMBER 30,
% Growth
2025
2024
2025
2024
Domestic Property NOI (1)
$
1,430,535
$
1,361,404
5.1
%
$
4,190,799
$
4,020,765
4.2
%
International Properties (2)
91,726
85,747
267,456
244,874
Portfolio NOI
$
1,522,261
$
1,447,151
5.2
%
$
4,458,255
$
4,265,639
4.5
%
NOI from Other Platform Investments (3)
54,083
(7,568)
54,311
(84,089)
NOI from Investments (4)
74,157
67,896
193,819
177,798
Corporate and Other NOI Sources (5)
100,391
75,045
214,520
226,924
Beneficial interest of Combined NOI
$
1,750,892
$
1,582,524
$
4,920,905
$
4,586,272
(1)
All properties in North America (including TRG’s 17 in the U.S., 4 in Canada and 2 in Mexico).
(2)
International properties outside of North America at constant currency (including TRG’s 4 international properties).
(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 and HBS.
(5)
Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, Simon 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
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2025
2024
2025
2024
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
702,696
$
546,671
$
1,824,237
$
1,957,262
Income and other tax expense
15,114
2,605
42,584
55,170
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net
8,871
—
(71,636)
(414,769)
Interest expense
242,790
226,424
702,509
678,382
Income from unconsolidated entities
(143,916)
(58,504)
(297,150)
(66,375)
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net
(2,243)
49,345
84,977
54,132
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(10,398)
1,228
(794)
(6,752)
Operating Income Before Other Items
812,914
767,769
2,284,727
2,257,050
Depreciation and amortization
338,639
320,365
1,005,748
937,749
Home and regional office costs
64,282
53,351
186,912
164,556
General and administrative
16,091
9,171
43,018
29,141
Other expenses
—
—
9
21
NOI of consolidated entities
$
1,231,926
$
1,150,656
$
3,520,414
$
3,388,517
Less: Noncontrolling interest partners share of NOI
(10,135)
(8,292)
(26,286)
(24,144)
Beneficial NOI of consolidated entities
$
1,221,791
$
1,142,364
$
3,494,128
$
3,364,373
Reconciliation of NOI of unconsolidated entities:
Net Income
$
217,577
$
204,866
$
616,479
$
573,710
Interest expense
175,580
176,583
520,944
532,692
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
(1,217)
—
(1,217)
—
Operating Income Before Other Items
391,940
381,449
1,136,206
1,106,402
Depreciation and amortization
152,713
155,472
471,399
473,394
Other expenses
—
6
—
6
NOI of unconsolidated entities
$
544,653
$
536,927
$
1,607,605
$
1,579,802
Less: Joint Venture partners share of NOI
(282,371)
(282,105)
(838,033)
(829,548)
Beneficial NOI of unconsolidated entities
$
262,282
$
254,822
$
769,572
$
750,254
Add: Beneficial interest of NOI from TRG
138,579
128,813
409,075
380,222
Add: Beneficial interest of NOI from Other Platform Investments and Investments (1)
128,240
56,525
248,130
91,423
Beneficial interest of Combined NOI
$
1,750,892
$
1,582,524
$
4,920,905
$
4,586,272
(1)
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
SEPTEMBER 30, 2025
NINE
MONTHS ENDED
SEPTEMBER 30, 2025
FFO of the Operating Partnership
$
1,227,543
$
3,421,393
Non-cash impacts to FFO (1)
14,323
61,522
FFO of the Operating Partnership excluding non-cash impacts
1,241,866
3,482,915
Tenant allowances
(74,772)
(232,573)
Operational capital expenditures
(77,224)
(184,438)
Funds available for distribution
$
1,089,870
$
3,065,904
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE
MONTHS ENDED
SEPTEMBER 30, 2025
NINE
MONTHS ENDED
SEPTEMBER 30, 2025
Deductions:
Gain due to disposal, exchange or revaluation or equity interests, net of tax
—
(83,313)
Fair market value of lease amortization
(305)
(866)
Straight line lease income
(15,974)
(21,858)
Additions:
Stock based compensation expense
24,325
57,087
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net
(2,243)
84,977
Write-off of pre-development costs
—
9
Fair value of debt amortization
561
447
Mortgage, financing fee, accretion interest, and terminated swap amortization expense
7,959
25,039
$
14,323
$
61,522
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 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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TABLE OF CONTENTS
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM
UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST
(In thousands)
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
Consolidated Properties
2025
2024
2025
2024
Lease Income
Fixed lease income (1)
$
1,173,555
$
1,093,064
$
3,430,471
$
3,234,501
Variable lease income (2)
279,375
246,760
769,341
723,735
Total Lease Income
$
1,452,930
$
1,339,824
$
4,199,812
$
3,958,236
Other Income
Interest, dividend and distribution income (3)
$
26,511
$
42,536
$
76,690
$
125,669
Lease settlement income
1,072
1,422
4,902
9,719
Gains on land sales
18,745
7,826
19,915
15,304
Mixed-use and franchise operations income
14,921
17,211
38,780
59,888
Other (4)
50,468
38,430
124,296
116,647
Total Other Income
$
111,717
$
107,425
$
264,583
$
327,227
Other Expense
Ground leases
$
12,000
$
11,678
$
36,506
$
36,971
Mixed-use and franchise operations expense
10,583
15,328
28,709
52,986
Professional fees and other
17,612
10,778
41,622
30,427
Total Other Expense
$
40,195
$
37,784
$
106,837
$
120,384
Income from Unconsolidated Entities
Share of Joint Ventures (5)
$
92,982
$
86,164
$
259,301
$
238,629
Share of Klépierre net income, net of amortization of excess investment
24,402
13,331
64,959
50,341
Share of Other Platform Investments net income (loss), net of amortization of excess
investment, pre-tax
32,160
(28,009)
(7,680)
(161,857)
Share of TRG net loss including amortization of excess investment
(5,628)
(12,982)
(19,430)
(60,738)
Total Income from Unconsolidated Entities
$
143,916
$
58,504
$
297,150
$
66,375
Capitalized Interest
Our Share of Consolidated Properties
$
7,383
$
9,013
$
24,251
$
27,773
Our Share of Joint Venture Properties
$
195
$
142
$
371
$
314
(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 other international investments and preferred unit distributions from TRG.
(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 outlet joint ventures.
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TABLE OF CONTENTS
OPERATING INFORMATION
AS OF SEPTEMBER 30,
2025
2024
U.S. Malls and Premium Outlets
Total Number of Properties
162
163
Total Square Footage of Properties (in millions)
136.0
136.9
Ending Occupancy (1):
Consolidated Assets
96.4%
96.2%
Unconsolidated Assets
96.1%
96.2%
Total Portfolio
96.4%
96.2%
Base Minimum Rent PSF (2):
Consolidated Assets
$
57.41
$
56.18
Unconsolidated Assets
$
64.39
$
62.04
Total Portfolio
$
59.14
$
57.71
U.S. TRG
Total Number of Properties
17
18
Total Square Footage of Properties (in millions)
17.1
17.9
Ending Occupancy (1)
94.2%
94.2%
Base Minimum Rent PSF (2)
$
72.36
$
66.74
AS OF SEPTEMBER 30,
2025
2024
The Mills
Total Number of Properties
14
14
Total Square Footage of Properties (in millions)
21.3
21.3
Ending Occupancy (3)
99.4%
98.6%
Base Minimum Rent PSF (2)
$
38.25
$
37.56
International Properties
Premium Outlets
Total Number of Properties
24
23
Total Square Footage of Properties (in millions)
9.2
8.9
Designer Outlets
Total Number of Properties
12
12
Total Square Footage of Properties (in millions)
3.0
3.0
The Mall Luxury Outlets
Total Number of Properties
2
—
Total Square Footage of Properties (in millions)
0.4
—
TRG
Total Number of Properties
4
4
Total Square Footage of Properties (in millions)
4.7
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)(2)
Year
Number of
Leases
Expiring
Square Feet
Avg. Base
Minimum
Rent PSF
at Expiration (3)
Percentage of
Gross Annual
Rental
Revenues (4)
Inline Stores and Freestanding
Month to Month Leases
931
3,274,592
$
66.21
3.8
%
2025 (10/1/25 – 12/31/25)
353
902,299
$
62.88
1.0
%
2026
2,973
10,365,105
$
54.96
9.8
%
2027
2,699
10,097,966
$
59.71
10.3
%
2028
2,296
9,557,026
$
65.34
10.9
%
2029
1,803
7,671,163
$
64.78
8.4
%
2030
1,243
5,698,762
$
74.99
7.2
%
2031
573
3,060,511
$
70.77
3.6
%
2032
537
2,049,177
$
89.86
3.2
%
2033
608
2,385,030
$
96.44
3.9
%
2034
667
2,533,535
$
93.74
4.1
%
2035
605
2,895,946
$
91.74
4.5
%
2036 and Thereafter
663
3,206,853
$
63.80
3.0
%
Specialty Leasing Agreements w/ terms in excess of 12 months
2,217
6,432,890
$
16.32
1.8
%
Anchors
2025 (10/1/25 – 12/31/25)
1
59,895
$
17.09
0.0
%
2026
9
688,182
$
7.95
0.1
%
2027
12
1,525,268
$
5.81
0.2
%
2028
16
1,988,747
$
5.72
0.2
%
2029
16
1,669,076
$
6.40
0.2
%
2030
17
1,781,902
$
7.83
0.2
%
2031
17
1,817,485
$
5.87
0.2
%
2032
4
282,245
$
25.21
0.1
%
2033
7
1,028,383
$
8.48
0.2
%
2034
7
559,597
$
21.82
0.2
%
2035
7
797,120
$
8.73
0.1
%
2036 and Thereafter
25
2,347,994
$
15.43
0.6
%
(1)
Does not include TRG portfolio lease expirations.
(2)
Does not consider the impact of renewal options that may be contained in leases.
(3)
Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration.
(4)
Annual rental revenues represent 2024 consolidated and joint venture combined base rental revenue.
3Q 2025 SUPPLEMENTAL
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TABLE OF CONTENTS
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS (1)
Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
Tenant
Number
of
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
286
3,065
1.8
%
2.7
%
Knitwell Group
424
1,933
1.1
%
1.7
%
Tapestry
202
901
0.5
%
1.7
%
Signet Jewelers
330
484
0.3
%
1.5
%
American Eagle Outfitters
227
1,444
0.8
%
1.5
%
LVMH Fashion
130
500
0.3
%
1.5
%
Capri Holdings
130
532
0.3
%
1.4
%
Victoria’s Secret & Co.
126
1,089
0.6
%
1.4
%
PVH Corporation
145
1,094
0.6
%
1.4
%
VF Corporation
207
902
0.5
%
1.3
%
Top Anchors (sorted by percentage of total square footage in U.S. properties) (2)
Tenant
Number
of
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
97
18,845
11.0
%
0.3
%
J.C. Penney
53
8,668
5.1
%
0.3
%
Dillard’s
33
6,113
3.6
%
*
Nordstrom
22
3,814
2.2
%
0.1
%
Dick’s Sporting Goods
41
3,398
2.0
%
0.7
%
Saks Global
19
2,281
1.3
%
0.2
%
Belk
7
1,194
0.7
%
*
Target
7
968
0.6
%
0.1
%
Von Maur
7
892
0.5
%
*
Primark
13
695
0.4
%
0.2
%
(1)
Does not include TRG portfolio top tenants.
(2)
Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
*
Less than one-tenth of one percent.
3Q 2025 SUPPLEMENTAL
22
TABLE OF CONTENTS
CAPITAL EXPENDITURES (1)
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects
$
7,217
$
20,143
$
10,071
Redevelopment projects with incremental square footage and/or anchor replacement
247,908
127,950
63,319
Redevelopment projects with no incremental square footage
22,054
10,838
5,602
Subtotal new development and redevelopment projects
277,179
158,931
78,992
Tenant allowances
202,031
63,459
30,542
Operational capital expenditures (CAM and non-CAM)
139,074
101,414
45,364
Totals
$
618,284
$
323,804
$
154,898
Conversion from accrual to cash basis
61,164
41,990
20,087
Capital Expenditures for the Nine Months Ended 9/30/25 (2)
$
679,448
$
365,794
$
174,985
Capital Expenditures for the Nine Months Ended 9/30/24 (2)
$
537,714
$
419,296
$
201,577
(1)
Does not include TRG portfolio capital expenditures.
(2)
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.
3Q 2025 SUPPLEMENTAL
23
TABLE OF CONTENTS
DEVELOPMENT ACTIVITY SUMMARY (1)
As of September 30, 2025
(in thousands, except percent)
PLATFORM
PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
ACTUAL 2025
INVESTMENT
THRU Q3 2025
FORECASTED
INVESTMENT
Q4 2025
FORECASTED
INVESTMENT
FY 2025
FORECASTED
INVESTMENT
FY 2026
FORECASTED
TOTAL INVESTMENT
FY 2025 - 2026
Malls
Redevelopments
$
1,144,073
9
%
$
252,694
$
116,921
$
369,615
$
392,111
$
761,726
Premium Outlets
New Developments
$
55,851
11
%
$
11,783
$
1,380
$
13,163
$
—
$
13,163
Redevelopments
$
13,836
14
%
$
4,236
$
3,095
$
7,331
$
6,191
$
13,522
The Mills
Redevelopments
$
40,318
15
%
$
14,698
$
10,218
$
24,916
$
11,472
$
36,388
Total Investment (1)
$
1,254,078
9
%
$
283,411
$
131,614
$
415,025
$
409,774
$
824,799
Less funding from: Construction Loans, International JV Cash on hand, etc.
$
(153,229)
$
(22,138)
$
(2,784)
$
(24,922)
$
(61,662)
$
(86,584)
Total Net Cash Investment
$
1,100,849
$
261,273
$
128,830
$
390,103
$
348,112
$
738,215
Notes:
(1)
Does not include TRG.
3Q 2025 SUPPLEMENTAL
24
TABLE OF CONTENTS
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2024 through September 30, 2025
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2024
326,278,138
50,759,627
Activity During the First Six Months of 2025
Redemption of Limited Partnership Units for Cash
—
(36,591)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)
157,360
107,462
Exchange of Limited Partnership Units for Common Stock
116,558
(116,558)
Shares Repurchased to Satisfy Employee Tax Obligations
(59,293)
—
Number Outstanding at June 30, 2025
326,492,763
50,713,940
Third Quarter Activity
Redemption of Limited Partnership Units for Cash
—
(840)
Shares Repurchased to Satisfy Employee Tax Obligations
(22,703)
—
Number Outstanding at September 30, 2025
326,470,060
50,713,100
Number of Limited Partnership Units and Common Shares at September 30, 2025
377,183,160
PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 2025
($ 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)
155,373
$
100.00
$
15,537
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 September 30, 2025 was $53.49 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
3Q 2025 SUPPLEMENTAL
25
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.
(3)
Includes TRG secured, corporate and other debt.
3Q 2025 SUPPLEMENTAL
26
TABLE OF CONTENTS
SUMMARY OF INDEBTEDNESS (1)
As of September 30, 2025
(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
$
4,752,920
$
4,581,752
4.05
%
1.5
Floating Rate Debt (Swapped
to Fixed)
226,519
206,919
4.65
%
2.2
Floating Rate Debt (Hedged) (2)
294,832
249,224
4.72
%
2.3
Variable Rate Debt
35,680
32,112
4.53
%
1.5
Total Mortgage Debt
5,309,951
5,070,007
4.11
%
1.5
Unsecured Debt
Fixed Rate Notes
19,160,404
19,160,404
3.64
%
9.5
Euro Term Loan (Swapped to
Fixed)
410,789
410,789
2.60
%
1.5
Revolving Credit Facility – USD Currency (Swapped to Fixed)
305,000
305,000
5.22
%
2.7
Revolving Credit Facility – USD Currency
155,000
155,000
4.94
%
2.7
Supplemental Credit Facility – EUR Currency
586,840
586,840
2.58
%
4.3
Total Revolving Credit Facilities
1,046,840
1,046,840
3.70
%
3.6
Total Unsecured Debt
20,618,033
20,618,033
3.62
%
9.0
Premium
1,176
1,176
Discount
(76,942)
(76,942)
Debt Issuance Costs
(122,228)
(121,348)
Other Debt Obligations
59,065
59,065
Consolidated Mortgages and Unsecured Indebtedness (2)
$
25,789,055
$
25,549,991
3.72
%
7.6
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$
11,003,472
$
5,199,708
4.87
%
4.5
Floating Rate Debt (Swapped
to Fixed)
784,690
343,557
4.51
%
3.6
Floating Rate Debt (Hedged) (2)
1,129,529
527,741
6.40
%
1.2
Variable Rate Debt
457,411
222,375
5.95
%
2.8
TMLP Debt (3)
258,980
—
Total Mortgage Debt
13,634,082
6,293,381
5.02
%
4.1
Debt Issuance Costs
(40,649)
(20,104)
Joint Venture Mortgages and Other Indebtedness (2)
$
13,593,433
$
6,273,277
5.02
%
4.1
Our Share of Total Indebtedness
$
31,823,268
3.98
%
6.9
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
96.0
%
$
24,528,886
3.73
%
7.8
Variable
4.0
%
1,021,105
3.52
%
3.5
100.0
%
25,549,991
3.72
%
7.6
Joint Venture
Fixed
88.1
%
$
5,526,269
4.85
%
4.5
Variable
11.9
%
747,008
6.27
%
1.6
100.0
%
6,273,277
5.02
%
4.1
Total Debt
$
31,823,268
Total Fixed Debt
94.4
%
$
30,055,155
3.94
%
7.1
Total Variable Debt
5.6
%
$
1,768,113
4.68
%
2.7
Total Variable Debt Inclusive of In-the Money-Caps
3.2
%
(1)
Does not include TRG secured and corporate debt.
(2)
Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(3)
See footnote 10 on the Property and Debt Information.
3Q 2025 SUPPLEMENTAL
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TABLE OF CONTENTS
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) (1)
As of September 30, 2025
(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
2025
$
—
—
$
658,326
4.23
%
$
138,388
4.33
%
$
796,714
4.25
%
2026
2,430,143
3.36
%
2,935,368
4.11
%
1,371,840
4.76
%
6,737,351
3.96
%
2027
2,460,789
2.80
%
438,618
4.32
%
1,145,916
4.63
%
4,045,323
3.49
%
2028
1,260,000
2.98
%
48,808
3.85
%
970,300
4.11
%
2,279,108
3.48
%
2029
1,250,000
2.45
%
561,065
3.44
%
71,824
6.67
%
1,882,889
2.85
%
2030
2,036,840
3.22
%
76,500
5.73
%
421,160
3.86
%
2,534,500
3.44
%
2031
700,000
2.20
%
227,043
3.20
%
93,608
4.45
%
1,020,651
2.61
%
2032
1,400,000
2.45
%
—
—
386,043
5.30
%
1,786,043
3.11
%
2033
1,530,261
2.98
%
124,279
6.46
%
598,425
6.86
%
2,252,965
4.24
%
2034
1,500,000
5.25
%
—
—
363,329
6.15
%
1,863,329
5.42
%
2035
800,000
5.13
%
—
—
732,548
5.79
%
1,532,548
5.45
%
Thereafter
5,250,000
4.71
%
—
—
—
—
5,250,000
4.71
%
Face Amounts of Indebtedness
$
20,618,033
3.62
%
$
5,070,007
4.11
%
$
6,293,381
5.02
%
$
31,981,421
3.98
%
Premiums (Discounts) on Indebtedness, Net
(76,942)
1,176
—
(75,766)
Debt Issuance Costs
(112,302)
(9,046)
(20,104)
(141,452)
Other Debt Obligations
—
59,065
—
59,065
Our Share of Total Indebtedness
$
20,428,789
$
5,121,202
$
6,273,277
$
31,823,268
(1)
Does not include TRG.
3Q 2025 SUPPLEMENTAL
28
TABLE OF CONTENTS
Unsecured Debt Information
As of September 30, 2025
DEBT INFORMATION
MATURITY
DATE
INTEREST
RATE(7)
TYPE
INDEBTEDNESS
TOTAL
($ IN 000’S)
Unsecured Indebtedness:
Simon Property Group, LP (Sr. Notes)
1/15/2026
3.30
%
Fixed
800,000
Simon Property Group, LP (Exchangable Euro Sr. Bonds)
11/14/2026
(2)
3.50
%
Fixed
880,143(8)
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
Euro Term Loan
3/20/2027
(7)
2.60
%
Fixed
410,789(7)
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
Revolving Credit Facility – USD Currency
6/30/2028
(5)
4.94
%
Variable
155,000
Revolving Credit Facility – USD Currency
6/30/2028
(4)(5)
5.22
%
Fixed
305,000
Simon Property Group, LP (Sr. Notes)
9/13/2029
2.45
%
Fixed
1,250,000
Supplemental Credit Facility – Euro Currency
1/31/2030
(5)
2.58
%
Variable
586,840(1)
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)
2/1/2031
2.20
%
Fixed
700,000
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 Property Group, LP (Euro Sr. Notes)
3/19/2033
1.13
%
Fixed
880,261(3)
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
6.75
%
Fixed
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
1/15/2054
6.65
%
Fixed
500,000
Total Unsecured Indebtedness at Face Value
$
20,618,033 (6)
(1)
Amount shown in USD equivalent; EUR equivalent is 500.0 million.
(2)
Notes exchangable into ordinary shares of Klépierre S.A., at a common stock price of €27.0693.
(3)
Amount shown in USD equivalent; EUR equivalent is 750.0 million.
(4)
Through an interest rate swap agreement which matures on December 31, 2025, interest is essentially fixed at the all-in-rate presented.
(5)
Includes applicable extensions available at our option.
(6)
Also represents our share of Total Unsecured Indebtedness.
(7)
Amount shown in USD equivalent; EUR equivalent is 350.0 million. Through an interest rate swap agreement which matures on March 20, 2026, interest is essentially fixed at the all-in-rate presented.
(8)
Amount shown in USD equivalent; EUR equivalent is 749.9 million.
3Q 2025 SUPPLEMENTAL
29
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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
1.
Apple Blossom Mall
VA
Winchester
49.1%
470,086
(2)
2.
Auburn Mall
MA
Auburn
56.4%
498,385
(2)
3.
Aventura Mall (3)
FL
Miami Beach (Miami)
33.3%
2,156,151
07/01/28
4.12%
Fixed
1,750,000
583,333
4.
Barton Creek Square
TX
Austin
100.0%
1,448,718
(2)
5.
Battlefield Mall
MO
Springfield
100.0%
1,180,690
(2)
6.
Bay Park Square
WI
Green Bay
100.0%
690,444
(2)
7.
Brea Mall
CA
Brea (Los Angeles)
100.0%
1,355,046
(2)
8.
Briarwood Mall
MI
Ann Arbor
100.0%
925,773
09/01/26
3.29%
Fixed
165,000
165,000
9.
Brickell City Centre
FL
Miami
100.0%
471,577
(2)
10.
Broadway Square
TX
Tyler
100.0%
613,413
(2)
11.
Burlington Mall
MA
Burlington (Boston)
100.0%
1,258,305
(2)
12.
Cape Cod Mall
MA
Hyannis
56.4%
705,966
06/01/35
6.46%
Fixed
54,000
30,440
13.
Castleton Square
IN
Indianapolis
100.0%
1,363,654
(2)
14.
Cielo Vista Mall
TX
El Paso
100.0%
1,245,387
(2)
15.
Coconut Point
FL
Estero
50.0%
1,121,280
10/01/26
3.95%
Fixed
164,525
82,263
16.
College Mall
IN
Bloomington
100.0%
577,649
(2)
17.
Columbia Center
WA
Kennewick
100.0%
763,678
(2)
18.
Copley Place
MA
Boston
94.4%
(4)
1,252,052
(2)
19.
Coral Square
FL
Coral Springs (Miami)
97.2%
944,349
(2)
20.
Cordova Mall
FL
Pensacola
100.0%
932,320
(2)
21.
Dadeland Mall
FL
Miami
50.0%
1,510,712
01/05/27
3.11%
Fixed
354,823
177,412
22.
Del Amo Fashion Center
CA
Torrance (Los Angeles)
50.0%
2,503,072
06/01/27
3.66%
Fixed
585,000
292,500
23.
Domain, The
TX
Austin
100.0%
1,227,682
07/01/31
3.09%
Fixed
210,000
210,000
24.
Empire Mall
SD
Sioux Falls
100.0%
1,166,233
12/01/25
4.31%
Fixed
166,614
166,614
25.
Falls, The
FL
Miami
50.0%
710,219
09/01/26
3.45%
Fixed
150,000
75,000
26.
Fashion Centre at Pentagon City, The
VA
Arlington (Washington, DC)
42.5%
1,034,832
05/09/26
(31)
6.94%
Variable
455,000
193,376
27.
Fashion Mall at Keystone, The
IN
Indianapolis
100.0%
702,940
(2)
28.
Fashion Valley
CA
San Diego
50.0%
1,683,829
06/01/33
5.73%
Fixed
450,000
225,000
29.
Firewheel Town Center
TX
Garland (Dallas)
100.0%
993,050
(2)
30.
Florida Mall, The
FL
Orlando
50.0%
1,725,304
02/09/27
(5)(32)
6.30%
Variable
600,000
300,000
31.
Forum Shops at Caesars Palace, The
NV
Las Vegas
100.0%
673,046
(2)
32.
Galleria, The
TX
Houston
50.4%
1,995,048
02/01/35
5.65%
Fixed
1,200,000
604,440
33.
Greenwood Park Mall
IN
Greenwood (Indianapolis)
100.0%
1,285,095
(2)
34.
Haywood Mall
SC
Greenville
100.0%
1,238,248
(2)
35.
King of Prussia
PA
King of Prussia (Philadelphia)
100.0%
2,686,869
(2)
36.
La Plaza
TX
McAllen
100.0%
1,323,417
(2)
37.
Lakeline Mall
TX
Cedar Park (Austin)
100.0%
1,099,065
(2)
38.
Lehigh Valley Mall
PA
Whitehall
50.0%
1,192,743
11/01/27
4.06%
Fixed
169,498
84,749
39.
Lenox Square
GA
Atlanta
100.0%
1,546,028
(2)
3Q 2025 SUPPLEMENTAL
30
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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.
Mall at Rockingham Park, The
NH
Salem (Boston)
28.2%
1,067,994
06/01/26
4.04%
Fixed
262,000
73,845
41.
Mall of Georgia
GA
Buford (Atlanta)
100.0%
1,849,242
(2)
42.
Mall of New Hampshire, The
NH
Manchester
56.4%
802,214
07/01/28
4.11%
Fixed
150,000
84,555
43.
McCain Mall
AR
N. Little Rock
100.0%
789,502
(2)
44.
Meadowood Mall
NV
Reno
50.0%
931,177
12/01/26
5.70%
Fixed
99,749
49,875
45.
Menlo Park Mall
NJ
Edison (New York)
100.0%
1,246,735
(2)
46.
Miami International Mall
FL
Miami
95.0%
1,080,449
02/06/26
7.92%
Fixed
152,298
144,677
47.
Midland Park Mall
TX
Midland
100.0%
645,702
(2)
48.
Miller Hill Mall
MN
Duluth
100.0%
827,591
(2)
49.
North East Mall
TX
Hurst (Dallas)
100.0%
1,544,968
(2)
50.
Northshore Mall
MA
Peabody (Boston)
56.4%
1,591,193
07/05/26
8.02%
Fixed
171,505
96,678
51.
Ocean County Mall
NJ
Toms River (New York)
100.0%
889,899
(2)
52.
Orland Square
IL
Orland Park (Chicago)
100.0%
1,230,536
(2)
53.
Penn Square Mall
OK
Oklahoma City
94.5%
1,082,982
01/01/26
3.84%
Fixed
310,000
292,938
54.
Pheasant Lane Mall
NH
Nashua
(6)
977,464
(2)
55.
Phipps Plaza
GA
Atlanta
100.0%
1,126,839
(2)
56.
Plaza Carolina
PR
Carolina (San Juan)
100.0%
1,149,529
(2)
57.
Prien Lake Mall
LA
Lake Charles
100.0%
717,777
(2)
58.
Quaker Bridge Mall
NJ
Lawrenceville
50.0%
1,079,938
05/01/26
4.50%
Fixed
180,000
90,000
59.
Rockaway Townsquare
NJ
Rockaway (New York)
100.0%
1,241,778
(2)
60.
Roosevelt Field
NY
Garden City (New York)
100.0%
2,349,138
(2)
61.
Ross Park Mall
PA
Pittsburgh
100.0%
1,185,066
(2)
62.
Santa Rosa Plaza
CA
Santa Rosa
100.0%
697,758
(2)
63.
Shops at Chestnut Hill, The
MA
Chestnut Hill (Boston)
94.4%
470,200
08/31/33
6.66%
Fixed
91,836
86,730
64.
Shops at Clearfork, The
TX
Fort Worth
45.0%
552,573
03/11/30
(25)
2.81%
Fixed
145,000
65,250
65.
Shops at Crystals, The
NV
Las Vegas
50.0%
282,964
07/01/26
3.74%
Fixed
550,000
275,000
66.
Shops at Mission Viejo, The
CA
Mission Viejo (Los Angeles)
51.0%
1,261,003
01/01/35
6.73%
Fixed
180,000
91,800
67.
Shops at Riverside, The
NJ
Hackensack (New York)
100.0%
726,763
(2)
68.
Smith Haven Mall
NY
Lake Grove (New York)
100.0%
1,257,669
(2)
69.
South Hills Village
PA
Pittsburgh
100.0%
1,126,702
(2)
70.
South Shore Plaza
MA
Braintree (Boston)
100.0%
1,583,451
(2)
71.
Southdale Center
MN
Edina (Minneapolis)
100.0%
1,161,291
(2)
72.
SouthPark
NC
Charlotte
100.0%
1,699,914
(2)
73.
Springfield Mall (3)
PA
Springfield (Philadelphia)
50.0%
610,120
10/06/25
4.45%
Fixed
52,722
26,361
74.
St. Charles Towne Center
MD
Waldorf (Washington, DC)
100.0%
979,709
(2)
75.
St. Johns Town Center
FL
Jacksonville
50.0%
1,417,655
06/01/34
5.95%
Fixed
360,000
180,001
76.
Stanford Shopping Center
CA
Palo Alto (San Jose)
94.4%
(4)
1,321,561
(2)
77.
Stoneridge Shopping Center
CA
Pleasanton (San Francisco)
49.9%
1,295,577
09/05/26
3.50%
Fixed
330,000
164,670
78.
Summit Mall
OH
Akron
100.0%
774,473
10/01/26
3.31%
Fixed
85,000
85,000
79.
Tacoma Mall
WA
Tacoma (Seattle)
100.0%
1,264,098
(2)
3Q 2025 SUPPLEMENTAL
31
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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.
Tippecanoe Mall
IN
Lafayette
100.0%
864,871
(2)
81.
Town Center at Boca Raton
FL
Boca Raton (Miami)
100.0%
1,778,027
(2)
82.
Towne East Square
KS
Wichita
100.0%
1,157,219
(2)
83.
Treasure Coast Square
FL
Jensen Beach
100.0%
873,907
(2)
84.
Tyrone Square
FL
St. Petersburg (Tampa)
100.0%
955,987
(2)
85.
University Park Mall
IN
Mishawaka
100.0%
910,370
(2)
86.
Walt Whitman Shops
NY
Huntington Station (New York)
100.0%
1,082,678
(2)
87.
West Town Mall
TN
Knoxville
50.0%
1,279,275
(2)
88.
Westchester, The
NY
White Plains (New York)
40.0%
802,693
02/01/30
3.25%
Fixed
400,000
160,000
89.
White Oaks Mall
IL
Springfield
88.6%
922,129
06/15/27
6.98%
Fixed
34,000
30,138
90.
Wolfchase Galleria
TN
Memphis
94.5%
1,147,016
11/01/26
4.15%
Fixed
155,152
146,612
91.
Woodfield Mall
IL
Schaumburg (Chicago)
50.0%
2,152,231
12/01/33
6.71%
Fixed
294,000
147,000
92.
Woodland Hills Mall
OK
Tulsa
94.5%
1,238,750
(2)
Total Mall Square Footage
105,328,702
Lifestyle Centers
1.
ABQ Uptown
NM
Albuquerque
100.0%
228,779
(2)
2.
Hamilton Town Center
IN
Noblesville (Indianapolis)
50.0%
679,382
02/24/30
(5)
6.28%
Variable
92,942
46,471
3.
Liberty Tree Mall
MA
Danvers
49.1%
861,590
05/03/28
(25)
6.18%
Fixed
27,733
13,627
4.
Northgate Station
WA
Seattle
100.0%
400,220
(2)
5.
Pier Park
FL
Panama City Beach
65.6%
948,132
(2)
6.
University Park Village
TX
Fort Worth
100.0%
170,787
05/01/28
3.85%
Fixed
49,228
49,228
Total Lifestyle Centers Square
Footage
3,288,890
3Q 2025 SUPPLEMENTAL
32
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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
1.
Albertville Premium Outlets
MN
Albertville (Minneapolis)
100.0%
301,148
(2)
2.
Allen Premium Outlets
TX
Allen (Dallas)
100.0%
548,450
(2)
3.
Aurora Farms Premium Outlets
OH
Aurora (Cleveland)
100.0%
262,130
(2)
4.
Birch Run Premium Outlets
MI
Birch Run (Detroit)
100.0%
593,925
02/06/26
4.21%
Fixed
123,000
123,000
5.
Camarillo Premium Outlets
CA
Camarillo (Los Angeles)
100.0%
691,759
(2)
6.
Carlsbad Premium Outlets
CA
Carlsbad (San Diego)
100.0%
288,917
(2)
7.
Carolina Premium Outlets
NC
Smithfield (Raleigh)
100.0%
439,078
(2)
8.
Charlotte Premium Outlets
NC
Charlotte
50.0%
398,384
07/01/28
4.27%
Fixed
96,268
48,134
9.
Chicago Premium Outlets
IL
Aurora (Chicago)
100.0%
685,208
(2)
10.
Cincinnati Premium Outlets
OH
Monroe (Cincinnati)
100.0%
398,932
(2)
11.
Clarksburg Premium Outlets
MD
Clarksburg (Washington, DC)
66.0%
376,984
01/01/28
3.95%
Fixed
152,165
100,429
12.
Clinton Premium Outlets
CT
Clinton
100.0%
276,225
(2)
13.
Denver Premium Outlets
CO
Thornton (Denver)
100.0%
328,107
(2)
14.
Desert Hills Premium Outlets
CA
Cabazon (Palm Springs)
100.0%
655,346
(2)
15.
Ellenton Premium Outlets
FL
Ellenton (Tampa)
100.0%
477,101
12/01/25
4.30%
Fixed
178,000
178,000
16.
Finger Lakes Premium Outlets
NY
Waterloo
100.0%
422,606
(2)
17.
Folsom Premium Outlets
CA
Folsom (Sacramento)
100.0%
297,902
(2)
18.
Gilroy Premium Outlets
CA
Gilroy (San Jose)
100.0%
505,366
(2)
19.
Gloucester Premium Outlets
NJ
Blackwood (Philadelphia)
66.0%
376,008
03/01/33
6.12%
Fixed
75,000
50,003
20.
Grand Prairie Premium Outlets
TX
Grand Prairie (Dallas)
100.0%
419,507
(2)
21.
Grove City Premium Outlets
PA
Grove City (Pittsburgh)
100.0%
525,514
12/01/25
4.31%
Fixed
140,000
140,000
22.
Gulfport Premium Outlets
MS
Gulfport
100.0%
297,498
12/01/25
4.35%
Fixed
50,000
50,000
23.
Hagerstown Premium Outlets
MD
Hagerstown (Baltimore/
Washington, DC)
100.0%
485,612
02/06/26
4.26%
Fixed
68,365
68,365
24.
Houston Premium Outlets
TX
Cypress (Houston)
100.0%
556,217
(2)
25.
Indiana Premium Outlets
IN
Edinburgh (Indianapolis)
100.0%
378,389
(2)
26.
Jackson Premium Outlets
NJ
Jackson (New York)
100.0%
285,822
(2)
27.
Jersey Shore Premium Outlets
NJ
Tinton Falls (New York)
100.0%
434,765
(2)
28.
Johnson Creek Premium Outlets
WI
Johnson Creek
100.0%
275,063
(2)
29.
Kittery Premium Outlets
ME
Kittery
100.0%
259,952
(2)
30.
Las Americas Premium Outlets
CA
San Diego
100.0%
689,526
(2)
31.
Las Vegas North Premium Outlets
NV
Las Vegas
100.0%
675,750
(2)
32.
Las Vegas South Premium Outlets
NV
Las Vegas
100.0%
535,636
(2)
33.
Lee Premium Outlets
MA
Lee
100.0%
223,642
06/01/26
(8)
4.17%
Fixed
44,138
44,138
34.
Leesburg Premium Outlets
VA
Leesburg (Washington, DC)
100.0%
478,434
(2)
35.
Lighthouse Place Premium Outlets
IN
Michigan City (Chicago, IL)
100.0%
448,821
(2)
36.
Merrimack Premium Outlets
NH
Merrimack
100.0%
409,081
(2)
37.
Napa Premium Outlets
CA
Napa
100.0%
178,917
(2)
38.
Norfolk Premium Outlets
VA
Norfolk
65.0%
329,788
04/01/32
4.50%
Fixed
73,346
47,675
3Q 2025 SUPPLEMENTAL
33
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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.
North Bend Premium Outlets
WA
North Bend (Seattle)
100.0%
189,132
(2)
40.
North Georgia Premium Outlets
GA
Dawsonville (Atlanta)
100.0%
536,629
(2)
41.
Orlando International Premium Outlets
FL
Orlando
100.0%
774,081
(2)
42.
Orlando Vineland Premium Outlets
FL
Orlando
100.0%
657,551
(2)
43.
Petaluma Village Premium Outlets
CA
Petaluma (San Francisco)
100.0%
201,661
(2)
44.
Philadelphia Premium Outlets
PA
Limerick (Philadelphia)
100.0%
549,040
(2)
45.
Phoenix Premium Outlets
AZ
Chandler (Phoenix)
100.0%
356,521
(2)
46.
Pismo Beach Premium Outlets
CA
Pismo Beach
100.0%
147,903
09/06/26
(9)
3.33%
Fixed
29,632
29,632
47.
Pleasant Prairie Premium Outlets
WI
Pleasant Prairie (Chicago, IL/
100.0%
396,208
09/01/27
4.00%
Fixed
145,000
145,000
Milwaukee)
48.
Pocono Premium Outlets
PA
Tannersville
100.0%
411,752
(2)
49.
Puerto Rico Premium Outlets
PR
Barceloneta
100.0%
350,789
(2)
50.
Queenstown Premium Outlets
MD
Queenstown (Baltimore)
100.0%
289,596
09/06/26
(9)
3.33%
Fixed
52,055
52,055
51.
Rio Grande Valley Premium Outlets
TX
Mercedes (McAllen)
100.0%
593,747
(2)
52.
Round Rock Premium Outlets
TX
Round Rock (Austin)
100.0%
498,380
(2)
53.
San Francisco Premium Outlets
CA
Livermore (San Francisco)
100.0%
697,062
(2)
54.
San Marcos Premium Outlets
TX
San Marcos (Austin/
100.0%
730,055
(2)
San Antonio)
55.
Seattle Premium Outlets
WA
Tulalip (Seattle)
100.0%
554,811
(2)
56.
Silver Sands Premium Outlets
FL
Destin
50.0%
445,900
03/01/32
3.96%
Fixed
140,000
70,000
57.
St. Augustine Premium Outlets
FL
St. Augustine (Jacksonville)
100.0%
327,754
(2)
58.
St. Louis Premium Outlets
MO
St. Louis (Chesterfield)
60.0%
351,166
10/06/27
7.56%
Fixed
82,775
49,665
59.
Tampa Premium Outlets
FL
Lutz (Tampa)
100.0%
468,093
(2)
60.
Tanger Outlets — Columbus (3)
OH
Sunbury (Columbus)
50.0%
354,838
10/01/32
6.25%
Fixed
71,000
35,500
61.
Tanger Outlets — Galveston/Houston (3)
TX
Texas City
50.0%
352,705
06/26/30
(29)
5.06%
Fixed
60,000
30,000
62.
Tucson Premium Outlets
AZ
Marana (Tucson)
100.0%
367,203
(2)
63.
Tulsa Premium Outlets
OK
Jenks (Tulsa)
100.0%
338,472
(2)
64.
Twin Cities Premium Outlets
MN
Eagan
35.0%
400,745
11/01/34
6.70%
Fixed
95,000
33,250
65.
Vacaville Premium Outlets
CA
Vacaville
100.0%
442,523
(2)
66.
Waikele Premium Outlets
HI
Waipahu (Honolulu)
100.0%
219,371
(2)
67.
Williamsburg Premium Outlets
VA
Williamsburg
100.0%
513,358
02/06/26
4.23%
Fixed
185,000
185,000
68.
Woodburn Premium Outlets
OR
Woodburn (Portland)
100.0%
389,223
(2)
69.
Woodbury Common Premium Outlets
NY
Central Valley (New York)
100.0%
915,629
(2)
70.
Wrentham Village Premium Outlets
MA
Wrentham (Boston)
100.0%
672,947
(2)
Total U.S. Premium Outlet Square Footage
30,706,355
3Q 2025 SUPPLEMENTAL
34
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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
1.
Arizona Mills
AZ
Tempe (Phoenix)
100.0%
1,221,069
09/01/26
3.80%
Fixed
92,506
92,506
2.
Arundel Mills
MD
Hanover (Baltimore)
59.3%
1,955,312
11/01/33
7.70%
Fixed
360,000
213,301
3.
Colorado Mills
CO
Lakewood (Denver)
37.5%
1,352,725
11/01/26
4.28%
Fixed
102,951
38,607
07/01/31
2.80%
Fixed
30,000
11,250
4.
Concord Mills
NC
Concord (Charlotte)
59.3%
1,368,205
11/01/32
6.55%
Fixed
227,848
135,023
5.
Grapevine Mills
TX
Grapevine (Dallas)
59.3%
1,779,825
07/01/34
6.26%
Fixed
250,000
148,150
6.
Great Mall
CA
Milpitas (San Jose)
100.0%
1,365,059
(2)
7.
Gurnee Mills
IL
Gurnee (Chicago)
100.0%
1,931,339
10/01/26
3.99%
Fixed
257,710
257,710
8.
Katy Mills
TX
Katy (Houston)
62.5%
(7)
1,679,417
08/01/32
5.77%
Fixed
124,915
78,072
9.
Mills at Jersey Gardens, The
NJ
Elizabeth
100.0%
1,315,424
(2)
10.
Ontario Mills
CA
Ontario (Riverside)
50.0%
1,430,465
(2)
11.
Opry Mills
TN
Nashville
100.0%
1,119,889
07/01/26
4.09%
Fixed
375,000
375,000
12.
Outlets at Orange, The
CA
Orange (Los Angeles)
100.0%
863,941
(2)
13.
Potomac Mills
VA
Woodbridge (Washington, DC)
100.0%
1,564,569
11/01/26
3.46%
Fixed
416,000
416,000
14.
Sawgrass Mills
FL
Sunrise (Miami)
100.0%
2,368,712
(2)
Total The Mills Square Footage
21,315,951
Other Properties
Calhoun Outlet Marketplace, Dover Mall, Florida Keys Outlet Marketplace,
Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Oxford Valley
Mall, Philadelphia Mills, Southridge Mall, Square One Mall, Solomon Pond Mall,
Sugarloaf Mills, The Avenues
(7)(8)(10)
823,340
344,046
Total Other Properties Square
Footage
10,048,924
TOTAL U.S. SQUARE FOOTAGE (11)(12)
170,688,822
3Q 2025 SUPPLEMENTAL
35
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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
1.
Parndorf Designer Outlet Phases 3 & 4
Vienna
90.0%
118,000
07/04/29
(13)
2.00%
Fixed
212,246
191,021
Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
421,900
11/30/25
(14)
4.16%
Variable
98,062
49,031
3.
Premium Outlets Montréal
Montréal (Quebec)
50.0%
367,500
09/01/31
(14)
4.69%
Fixed
86,220
43,110
4.
Toronto Premium Outlets
Toronto (Ontario)
50.0%
504,900
(2)
5.
Vancouver Designer Outlet
Vancouver (British Columbia)
45.0%
326,000
12/01/27
(14)(25)
5.81%
Fixed
59,276
26,674
12/01/27
(14)(27)
6.13%
Fixed
59,276
26,674
Canada Square Footage
1,620,300
FRANCE
6.
Paris-Giverny Designer Outlet
Vernon
73.8%
228,000
06/11/26
(13)(28)
4.66%
Variable
99,411
73,345
7.
Provence Designer Outlet
Miramas
90.0%
269,000
07/27/27
(5)(13)(38)
4.00%
Variable
110,421
99,379
France Square Footage
497,000
GERMANY
8.
Ochtrup Designer Outlet
Ochtrup
70.5%
191,500
06/30/26
(13)
2.10%
Fixed
58,684
41,372
Germany Square Footage
191,500
INDONESIA
9.
Jakarta Premium Outlets
Tangerang (Jakarta)
50.0%
302,000
12/29/33
(35)
9.25%
Fixed
45,662
22,831
Indonesia Square Footage
302,000
ITALY
10.
La Reggia Designer Outlet
Marcianise (Naples)
90.0%
344,000
03/31/27
(13)
4.53%
Variable
35,680
32,112
03/31/27
(13)(25)
4.25%
Fixed
150,231
135,208
11.
Noventa Di Piave Designer Outlet
Venice
90.0%
353,000
01/26/26
(13)
4.48%
Fixed
325,805
293,225
12.
The Mall Luxury Outlets Firenze
Leccio (Florence)
100.0%
264,750
(2)
13.
The Mall Luxury Outlets Sanremo
Sanremo
100.0%
122,300
(2)
Italy Square Footage
1,084,050
JAPAN
14.
Ami Premium Outlets
Ami (Tokyo)
40.0%
315,000
(2)
15.
Fukaya-Hanazono Premium Outlets
Fukaya City (Saitama)
40.0%
296,300
10/01/32
(15)
0.70%
Fixed
72,257
28,903
16.
Gotemba Premium Outlets
Gotemba City (Tokyo)
40.0%
659,500
05/31/27
(15)
0.31%
Fixed
87,787
35,115
17.
Kobe-Sanda Premium Outlets
Kobe (Osaka)
40.0%
441,000
(2)
18.
Rinku Premium Outlets
Izumisano (Osaka)
40.0%
512,500
07/31/27
(15)
0.30%
Fixed
39,842
15,937
19.
Sano Premium Outlets
Sano (Tokyo)
40.0%
390,800
02/29/28
(15)
1.28%
Fixed
30,727
12,291
20.
Sendai-Izumi Premium Outlets
Izumi Park Town (Sendai)
40.0%
164,200
(2)
21.
Shisui Premium Outlets
Shisui (Chiba)
40.0%
434,600
05/31/29
(15)
0.68%
Fixed
5,402
2,161
11/30/28
(15)
1.03%
Fixed
17,557
7,023
22.
Toki Premium Outlets
Toki (Nagoya)
40.0%
367,700
(2)
23.
Tosu Premium Outlets
Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(15)
0.82%
Fixed
41,868
16,747
Japan Square Footage
3,910,000
3Q 2025 SUPPLEMENTAL
36
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
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
KOREA
24.
Busan Premium Outlets
Busan
50.0%
544,200
04/28/28
(16)
3.64%
Fixed
136,994
68,497
25.
Jeju Premium Outlets
Jeju Province
50.0%
92,000
(2)
26.
Paju Premium Outlets
Paju (Seoul)
50.0%
558,900
03/13/27
(16)
3.75%
Fixed
39,181
19,591
27.
Siheung Premium Outlets
Siheung (Seoul)
50.0%
444,400
03/15/26
(16)
4.38%
Fixed
99,737
49,869
28.
Yeoju Premium Outlets
Yeoju (Seoul)
50.0%
551,600
05/23/26
(16)
4.06%
Fixed
40,607
20,304
South Korea Square Footage
2,191,100
MALAYSIA
29.
Genting Highlands Premium Outlets
Pahang (Kuala Lumpur)
50.0%
277,500
(2)
30.
Johor Premium Outlets
Johor (Singapore)
50.0%
309,400
09/30/31
(17)
5.13%
Variable
2,256
1,128
Malaysia Square Footage
586,900
MEXICO
31.
Premium Outlets Punta Norte
Mexico City
50.0%
333,000
(2)
32.
Premium Outlets Querétaro
Querétaro
50.0%
274,800
12/20/33
(18)
11.01%
Fixed
19,990
9,996
Mexico Square Footage
607,800
NETHERLANDS
33.
Roermond Designer Outlet
Phases 2, 3 & 4
Roermond
(19)
298,000
06/06/29
(13)
3.90%
Fixed
328,631
295,768
08/18/30
(13)(25)
4.02%
Fixed
234,736
110,943
34.
Roosendaal Designer Outlet
Roosendaal
94.0%
247,500
02/28/29
(13)(26)
5.40%
Fixed
76,288
71,711
Netherlands Square Footage
545,500
SPAIN
35.
Malaga Designer Outlet
Malaga
46.1%
191,000
05/05/28
(13)(30)
4.28%
Variable
74,529
34,365
Spain Square Footage
191,000
THAILAND
36.
Siam Premium Outlets Bangkok
Bangkok
50.0%
264,000
06/05/31
(20)
4.69%
Fixed
58,447
29,224
Thailand Square Footage
264,000
UNITED KINGDOM
37.
Ashford Designer Outlet
Kent
45.0%
281,000
05/23/27
(21)
6.12%
Variable
27,826
12,522
05/23/27
(21)(25)
4.29%
Fixed
111,298
50,084
38.
West Midlands Designer Outlet
Staffordshire
23.2%
197,000
06/06/26
(21)(25)
7.49%
Fixed
87,371
20,305
United Kingdom Square Footage
478,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)
12,587,150
TOTAL SQUARE FOOTAGE
183,275,972
3Q 2025 SUPPLEMENTAL
37
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
TRG
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
TRG SHARE
Taubman Realty Group
1.
Beverly Center
CA
Los Angeles
100.0%
842,111
(2)
2.
Cherry Creek Shopping Center
CO
Denver
50.0%
1,238,013
06/01/28
3.85%
Fixed
550,000
275,000
3.
City Creek Center
UT
Salt Lake City
100.0%
680,047
05/01/29
7.63%
Fixed
70,000
70,000
4.
Dolphin Mall
FL
Miami
100.0%
1,396,285
12/09/29
(5)(34)
5.35%
Fixed
1,000,000
1,000,000
5.
Gardens Mall, The
FL
Palm Beach Gardens
50.0%
1,403,614
07/15/28
5.63%
Fixed
205,000
102,500
6.
Gardens on El Paseo, The
CA
Palm Desert
100.0%
234,336
(2)
7.
Great Lakes Crossing Outlets
MI
Auburn Hills
100.0%
1,361,617
02/01/33
6.52%
Fixed
180,000
180,000
8.
International Market Place
HI
Waikiki, Honolulu
93.5%
339,414
(2)
9.
International Plaza
FL
Tampa
50.1%
1,378,201
10/09/26
(5)(33)
6.07%
Variable
477,000
238,977
10.
Mall at Green Hills, The
TN
Nashville
100.0%
1,050,700
(2)
11.
Mall at Millenia, The
FL
Orlando
50.0%
1,124,135
10/15/29
5.41%
Fixed
450,000
225,000
12.
Mall at Short Hills, The
NJ
Short Hills
100.0%
1,416,649
10/01/27
3.48%
Fixed
1,000,000
1,000,000
13.
Mall at University Town Center, The
FL
Sarasota
50.0%
848,815
11/01/26
3.40%
Fixed
264,511
132,256
14.
Mall of San Juan, The
PR
San Juan
95.0%
674,546
(2)
15.
Twelve Oaks Mall
MI
Novi
100.0%
1,530,172
03/06/28
4.85%
Fixed
262,242
262,242
16.
Waterside Shops
FL
Naples
50.0%
304,314
04/15/26
3.86%
Fixed
154,337
77,168
17.
Westfarms
CT
West Hartford
78.9%
1,263,730
09/06/28
7.80%
Fixed
242,000
191,035
18.
CityOn.Xian
Xi’an, China
25.0%
995,000
03/14/29
(23)(37)
3.60%
Fixed
92,608
23,152
19.
CityOn.Zhengzhou
Zhengzhou, China
24.5%
919,000
03/22/32
(23)(39)
3.85%
Fixed
110,928
27,177
20.
Starfield Anseong
Anseong, South Korea
49.0%
1,068,000
02/28/28
(24)
3.75%
Fixed
250,465
122,728
21.
Starfield Hanam
Hanam, South Korea
17.2%
1,709,000
07/28/30
(24)
3.72%
Fixed
493,774
84,682
Total Taubman Realty Group Square Footage
21,777,699
TOTAL TRG SECURED INDEBTEDNESS
$4,011,917
TRG – Corporate & Other
TRG – $525M Revolving Credit Facility
100.0%
03/31/30
(5)
5.28%
Variable
20,000
20,000
(36)
5.15%
Fixed
150,000
150,000
TRG – $65M Revolving Credit Facility
100.0%
04/18/26
5.63%
Variable
6,825
6,825
22.
Other Property
50.0%
1,430,072
09/01/25
(5)(40)
4.44%
Fixed
135,651
0
Other Debt
50.0%
11/01/27
(5)
6.38%
Variable
24,000
12,000
TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS
23,207,771
$188,825
3Q 2025 SUPPLEMENTAL
38
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2025
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of September 30, 2025: Overnight SOFR 4.24%; 1 month CME Term SOFR 4.1292%; 30 Day Average SOFR 4.3076%; 1M EURIBOR at 1.929%; 3M EURIBOR at 2.032%; 6M EURIBOR at 2.096%; 1M YEN TIBOR at 0.6018%; 6M YEN TIBOR at 0.8809%; 1M CORRA at 2.56%; Overnight SONIA 3.96710% and Cost of Funds Rate at 3.63%.
(2)
Unencumbered asset.
(3)
This property is managed by a third party. Reported amounts may be provided in arrears.
(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 10 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2025 and 2029, of which one property is held within TMLP.
(11)
Does not include any other spaces in joint ventures which are not listed above.
(12)
GLA includes office space.
(13)
Amount shown in USD equivalent; EUR equivalent is 5 billion.
(14)
Amount shown in USD equivalent; CAD equivalent is 421.5 million.
(15)
Amounts shown in USD equivalent; JPY equivalent is 43.8 billion.
(16)
Amounts shown in USD equivalent; KRW equivalent is 444.3 billion.
(17)
Amounts shown in USD equivalent; MYR equivalent is 9.5 million.
(18)
Amounts shown in USD equivalent; MXN equivalent is 366.6 million.
(19)
The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.
(20)
Amounts shown in USD equivalent; THB equivalent is 1.9 billion.
(21)
Amount shown in USD equivalent; GBP equivalent is 168.5 million.
(22)
Does not include Klépierre.
(23)
Amounts shown in USD equivalent; CNY equivalent is 1.4 billion.
(24)
Amounts shown in USD equivalent; KRW equivalent is 1.0 trillion.
(25)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
(26)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027.
(27)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 1, 2025.
(28)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.
(29)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029.
(30)
Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027.
(31)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until May 15, 2026.
(32)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2026.
(33)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until October 15, 2025.
(34)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027.
(35)
Amount shown in USD equivalent; IDR equivalent is 761.8 billion.
(36)
Through interest rate swap agreements, interest is essentially fixed at the all-in-rate presentated through April 1, 2026.
(37)
The interest rate resets on January 1st of each year.
(38)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until July 27, 2026.
(39)
The interest rate resets on April 16th of each year.
(40)
Mortgage is outstanding as of September 30, 2025
3Q 2025 SUPPLEMENTAL
39
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.
3Q 2025 SUPPLEMENTAL
40
TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
September 30, 2025
For the Three Months Ended
September 30, 2024
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(17,604)
$
357,737
$
(16,205)
$
354,272
Management fees and other revenues
—
—
—
—
Other income
(2,172)
55,919
(916)
43,712
Total revenue
(19,776)
413,656
(17,121)
397,984
EXPENSES:
Property operating
(3,617)
77,541
(3,204)
75,287
Depreciation and amortization
(5,822)
85,770
(6,211)
86,633
Real estate taxes
(587)
23,320
(594)
26,212
Repairs and maintenance
(418)
10,829
(397)
7,701
Advertising and promotion
(2,735)
9,853
(2,461)
9,428
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(2,284)
29,830
(2,173)
24,534
Total operating expenses
(15,463)
237,143
(15,040)
229,795
OPERATING INCOME BEFORE OTHER ITEMS
(4,313)
176,513
(2,081)
168,189
Interest expense
3,559
(84,008)
3,546
(82,443)
Loss on extinguishment of debt
—
—
—
—
Loss due to disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax expense
—
—
—
—
Income from unconsolidated entities
(477)
(92,505)
(418)
(85,746)
Unrealized gains 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
(1,231)
0
1,047
—
CONSOLIDATED NET INCOME
(1,231)
0
1,047
—
Net income attributable to noncontrolling interests
(1,231)
—
1,047
—
Preferred dividends
—
—
—
—
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
—
$
—
$
—
$
—
3Q 2025 SUPPLEMENTAL
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TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Nine Months Ended
September 30, 2025
For the Nine Months Ended
September 30, 2024
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(48,967)
$
1,063,244
$
(46,638)
$
1,046,551
Management fees and other revenues
—
—
—
—
Other income
(3,773)
159,805
(2,395)
132,010
Total revenue
(52,740)
1,223,049
(49,033)
1,178,561
EXPENSES:
Property operating
(10,243)
230,848
(9,309)
217,301
Depreciation and amortization
(17,034)
262,268
(15,722)
263,204
Real estate taxes
(1,327)
77,660
(1,810)
83,163
Repairs and maintenance
(1,335)
28,510
(1,251)
24,343
Advertising and promotion
(7,790)
30,821
(6,414)
29,691
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(5,760)
85,639
(6,105)
73,809
Total operating expenses
(43,489)
715,746
(40,611)
691,511
OPERATING INCOME BEFORE OTHER ITEMS
(9,251)
507,303
(8,422)
487,050
Interest expense
10,329
(249,046)
10,238
(248,505)
Loss on extinguishment of debt
—
—
—
—
Gain due to disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax expense
—
—
—
—
Income from unconsolidated entities
(1,044)
(258,257)(2)
(83)
(238,545)(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
34
—
1,733
—
CONSOLIDATED NET INCOME
34
—
1,733
—
Net income attributable to noncontrolling interests
34
—(3)
1,733
—(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, TRG, RGG, Catalyst and Jamestown.
(3)
Represents limited partners’ interest in the Operating Partnership.
3Q 2025 SUPPLEMENTAL
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TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of September 30, 2025
As of September 30, 2024
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$
(685,489)
$
9,831,993
$
(589,263)
$
10,194,677
Less – accumulated depreciation
(192,481)
4,270,907
(163,218)
4,250,513
(493,008)
5,561,086
(426,045)
5,944,164
Cash and cash equivalents
(35,981)
565,833
(26,216)
588,044
Short-term investments
—
—
—
—
Tenant receivables and accrued revenue, net
(6,962)
244,276
(7,401)
237,178
Investment in TRG, at equity
—
—
—
—
Investment in Klépierre, at equity
—
—
—
—
Investment in unconsolidated entities, at equity
(3,583)
(2,586,425)
(7,668)
(2,620,491)
Right-of-use assets, net
(848)
52,825
(857)
53,019
Investments held in trust – special purpose acquisition company
—
—
—
—
Deferred costs and other assets
(21,914)
1,344,888
(28,613)
1,223,906
Total assets
$
(562,296)
$
5,182,483
$
(496,800)
$
5,425,820
LIABILITIES:
Mortgages and unsecured indebtedness
(239,064)
6,273,277
(233,494)
6,480,573
Accounts payable, accrued expenses, intangibles, and deferred revenues
(21,209)
465,840
(27,364)
449,602
Cash distributions and losses in unconsolidated entities, at equity
—
(1,747,430)
—
(1,733,935)
Dividend payable
—
—
—
—
Lease liabilities
(848)
48,634
(857)
48,211
Other liabilities
(50,473)
142,162
(44,438)
181,369
Total liabilities
$
(311,594)
5,182,483
$
(306,153)
5,425,820
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership
(229,428)
—
(167,342)
—
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
(21,274)
—
(23,305)
—
Total equity
(21,274)
—
(23,305)
—
Total liabilities and equity
$
(562,296)
$
5,182,483
$
(496,800)
$
5,425,820
3Q 2025 SUPPLEMENTAL
43
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, 2025
Estimated net income attributable to common stockholders per diluted share*
$
6.74
$
6.84
Add: Depreciation and amortization including Simon’s share of unconsolidated entities
5.70
5.70
Less: Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net**
(0.01)
(0.01)
Estimated FFO per diluted share
$
12.43
$
12.53
Less: Gain due to disposal, exchange or revaluation of equity interests, net**
(0.14)
(0.14)
Add: Other platform investments, net of tax**
0.08
0.08
Add: Unrealized losses in fair value adjustments of the Klépierre exchangeable bonds and publicly traded equity instruments, net**
0.23
0.23
Estimated Real Estate FFO per diluted share
$
12.60
$
12.70
*
Excludes any gain on the Taubman Realty Group transaction and purchase accounting.
**
Amounts represent year-to-date actual results for the respective line items. The Company is not providing guidance for these line items.
3Q 2025 SUPPLEMENTAL
44
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 2 | 2 | 1 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 2 | 2 | 1 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor