EX-99.12tm2620726d2_ex99-1.htmEXHIBIT 99.1 tm2620726-2_nonfiling - none - 39.9999341s
TABLE OF CONTENTS
SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED SECOND QUARTER
TABLE OF CONTENTS
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED JUNE 30, 2026
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
30–38
Other
Non-GAAP Pro-Rata Financial Information
39–42
Guidance Reconciliation
43
(1)
Includes reconciliation of consolidated net income to FFO and Real Estate FFO.
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Contacts:
Tom Ward
317-685-7330 Investors
Nicole Kennon
704-804-1960 Media
Simon® Reports Second Quarter 2026 Results and
Increases Guidance for Full Year 2026 Real Estate FFO Per Share
INDIANAPOLIS, August 10, 2026 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2026.
“We delivered excellent financial and operational results this quarter,” said Eli Simon, Chief Executive Officer, President and Chief Operating Officer. “T1Real Estate FFO per share grew 7.9% year-over-year, supported by consistent broad-based leasing demand, accelerated traffic increases, strong retailer sales growth, and the contribution from acquisitions completed over the past year. Today, we are once again increasing our guidance for full-year 2026 Real Estate FFO per share.”
Results for the Quarter
•
Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, as compared to $556.1 million, or $1.70 per diluted share in 2025. Net income for the second quarter of 2025 included a non-cash after-tax gain of $0.21 per diluted share from investment activity.
•
Real Estate Funds From Operations (“Real Estate FFO”) was $1.249 billion, or $3.29 per diluted share as compared to $1.154 billion, or $3.05 per diluted share in the prior year, an increase of 7.9%.
•
Funds From Operations (“FFO”) was $1.185 billion, or $3.12 per diluted share as compared to $1.189 billion, or $3.15 per diluted share in the prior year, inclusive of the $0.21 per diluted share non-cash after-tax gain in the prior year period.
•
T2Domestic property Net Operating Income (“NOI”) increased 8.5% and portfolio NOI increased 8.3% compared to the prior year period.
Results for the Six Months
•
Net income attributable to common stockholders was $962.7 million, or $2.97 per diluted share, as compared to $969.8 million, or $2.97 per diluted share in 2025.
•
Real Estate FFO was $2.457 billion, or $6.46 per diluted share as compared to $2.268 billion, or $6.01 per diluted share in the prior year, an increase of 7.5%.
•
FFO was $2.293 billion, or $6.03 per diluted share as compared to $2.194 billion, or $5.82 per diluted share in the prior year.
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•
Domestic property NOI increased 7.6% and portfolio NOI increased 7.5% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
•
T3Occupancy at June 30, 2026 was 96.0%, unchanged from June 30, 2025.
•
T4Base minimum rent per square foot was $62.42 at June 30, 2026, compared to $58.70 at June 30, 2025, an increase of 6.3%.
•
T5Reported retailer sales per square foot was $838 for the trailing 12 months ended June 30, 2026, compared to $736 at June 30, 2025, an increase of 13.9%.
Dividends
Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.25 for the third quarter of 2026. T6This is an increase of $0.10, or 4.7% year-over-year. The dividend will be payable on September 30, 2026 to shareholders of record on September 9, 2026.
Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2026 to shareholders of record on September 16, 2026.
Common Stock Repurchase Program
T7During the quarter ended June 30, 2026, the Company repurchased 793,077 shares of its common stock and 237,618 limited partnership units at an average price of $205.10 per share/unit, for a total investment of $211.4 million.
Capital Markets and Balance Sheet Liquidity
During the quarter, the Company completed 8 secured loan transactions totaling approximately $1.4 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.36%.
The Company completed a Euro senior notes offering totaling €500 million with a 3.65% coupon rate and term of 5 years. Proceeds were used for general corporate purposes.
Additionally, the Company closed a $460 million 5-year term loan priced at SOFR +0.70%. Proceeds were used to repay the $460 million draw under the Company’s $5 billion revolving credit facility.
As of June 30, 2026, Simon had approximately $9.3 billion of liquidity consisting of $1.7 billion of cash on hand, including its share of joint venture cash, and $7.6 billion of available capacity, net of outstanding commercial paper, under its $8.5 billion of total revolving credit facilities.
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2026 Guidance
The Company’s estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2026 are included in the table below and are reconciled in the Company’s supplemental information. The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.20 to $13.30, an increase of $0.08 per diluted share at the midpoint.
Current
Previous
Low
End
High
End
Low
End
High
End
G1Estimated net income attributable to common stockholders per diluted share
$
6.47
$
7.47
$
6.61
$
6.76
G2Estimated Real Estate FFO per share
$
13.20
$
13.30
$
13.10
$
13.25
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, August 10, 2026. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until August 17, 2026. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13761320.
Supplemental Materials and Website
Supplemental information on our second quarter 2026 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real Estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
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Forward-Looking Statements
Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon’s actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.
Simon discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. Simon may update that discussion in subsequent other periodic reports, but except as required by law, Simon undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
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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 June 30,
For the Six Months
Ended June 30,
2026
2025
2026
2025
REVENUE:
Lease income
$
1,659,709
$
1,379,454
$
3,288,240
$
2,746,882
Management fees and other revenues
40,834
37,931
81,022
71,723
Other income
90,055
81,074
178,429
152,867
Total revenue
1,790,598
1,498,459
3,547,691
2,971,472
EXPENSES:
Property operating
171,440
139,816
342,200
276,637
Depreciation and amortization
459,876
339,058
918,773
667,109
Real estate taxes
131,905
105,315
267,865
212,768
Repairs and maintenance
32,687
26,238
72,888
56,380
Advertising and promotion
39,056
36,310
72,986
70,566
Home and regional office costs
69,842
57,564
137,498
122,630
General and administrative
12,004
14,298
66,303
26,927
Other
49,690
35,663
82,918
66,641
Total operating expenses
966,500
754,262
1,961,431
1,499,658
OPERATING INCOME BEFORE OTHER ITEMS
824,098
744,197
1,586,260
1,471,814
Interest expense
(281,164)
(232,724)
(556,826)
(459,720)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net
(11,950)
104,499
(18,329)
80,507
Income and other tax (expense) benefit
(10,809)
(35,107)
9,125
(27,470)
Income from unconsolidated entities
119,127
122,875
97,879
153,234
Unrealized losses in fair value of publicly traded equity instruments and derivative
instrument, net
(56,425)
(50,455)
(31,037)
(87,220)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and
interests in unconsolidated entities and impairment, net
(8,747)
(9,604)
55,593
(9,604)
CONSOLIDATED NET INCOME
574,130
643,681
1,142,665
1,121,541
Net income attributable to noncontrolling interests
90,157
86,714
178,288
150,040
Preferred dividends
834
834
1,669
1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
483,139
$
556,133
$
962,708
$
969,832
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$
1.49
$
1.70
$
2.97
$
2.97
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Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
June 30,
2026
December 31,
2025
ASSETS:
Investment properties, at cost
$
51,094,995
$
50,946,067
Less – accumulated depreciation
21,382,543
20,701,510
29,712,452
30,244,557
Cash and cash equivalents
1,019,091
823,147
Tenant receivables and accrued revenue, net
884,241
934,077
Investment in other unconsolidated entities, at equity
4,012,480
4,362,339
Investment in Klépierre, at equity
1,377,318
1,505,377
Right-of-use assets, net
731,200
755,934
Deferred costs and other assets
1,972,484
1,981,035
Total assets
$
39,709,266
$
40,606,466
LIABILITIES:
Mortgages and unsecured indebtedness
$
28,699,607
$
28,430,175
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,806,922
1,954,402
Cash distributions and losses in unconsolidated entities, at equity
1,808,807
1,739,418
Dividend payable
1,318
2,723
Lease liabilities
727,902
756,539
Other liabilities
818,183
1,017,816
Total liabilities
33,862,739
33,901,073
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests
271,827
233,306
EQUITY:
Stockholders’ Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of
$39,847
40,287
40,451
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,059,947 and 343,060,687 issued and outstanding, respectively
33
33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding
—
—
Capital in excess of par value
12,394,125
12,347,192
Accumulated deficit
(5,128,188)
(4,608,136)
Accumulated other comprehensive loss
(233,740)
(251,361)
Common stock held in treasury, at cost, 19,508,432 and 17,844,817 shares, respectively
(2,638,101)
(2,319,911)
Total stockholders’ equity
4,434,416
5,208,268
Noncontrolling interests
1,140,284
1,263,819
Total equity
5,574,700
6,472,087
Total liabilities and equity
$
39,709,266
$
40,606,466
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Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2026
2025
2026
2025
REVENUE:
Lease income
$
937,653
$
757,888
$
1,859,445
$
1,507,695
Other income
103,708
112,941
208,889
207,008
Total revenue
1,041,361
870,829
2,068,334
1,714,703
OPERATING EXPENSES:
Property operating
201,456
165,960
416,398
332,607
Depreciation and amortization
177,211
159,675
362,376
318,687
Real estate taxes
67,310
58,606
133,709
117,398
Repairs and maintenance
23,159
18,204
49,440
38,967
Advertising and promotion
25,085
22,474
50,018
44,623
Other
67,184
61,308
139,469
118,155
Total operating expenses
561,405
486,227
1,151,410
970,437
OPERATING INCOME BEFORE OTHER ITEMS
479,956
384,602
916,924
744,266
Interest expense
(205,540)
(174,995)
(410,577)
(345,363)
NET INCOME
$
274,416
$
209,607
$
506,347
$
398,903
Third-Party Investors’ Share of Net Income
$
142,119
$
107,651
$
258,581
$
204,248
Our Share of Net Income
132,297
101,956
247,766
194,655
Amortization of Excess Investment (A)
(48,684)
(13,871)
(96,341)
(28,336)
Income from Unconsolidated Entities (B)
$
83,613
$
88,085
$
151,425
$
166,319
Note:
The above financial presentation does not include any information related to our investments in Klépierre S.A. (“Klépierre”), our other platform investments, and our previously held equity investment in The Taubman Realty Group (“TRG”) up to the October 31, 2025 transaction. For additional information, see footnote B.
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Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
June 30,
2026
December 31,
2025
Assets:
Investment properties, at cost
$
21,519,924
$
22,077,749
Less – accumulated depreciation
10,083,799
9,020,481
11,436,125
13,057,268
Cash and cash equivalents
1,511,847
1,264,619
Tenant receivables and accrued revenue, net
599,064
605,756
Right-of-use assets, net
111,163
108,349
Deferred costs and other assets
645,256
572,826
Total assets
$
14,303,455
$
15,608,818
Liabilities and Partners’ Deficit:
Mortgages
$
16,605,493
$
16,374,773
Accounts payable, accrued expenses, intangibles, and deferred revenue
1,149,481
1,117,855
Lease liabilities
112,971
99,837
Other liabilities
377,817
334,246
Total liabilities
18,245,762
17,926,711
Preferred units
67,450
67,450
Partners’ deficit
(4,009,757)
(2,385,343)
Total liabilities and partners’ deficit
$
14,303,455
$
15,608,818
Our Share of:
Partners’ deficit
$
(1,805,176)
$
(1,247,554)
Add: Excess Investment
3,055,376
2,773,173
Our net Investment in unconsolidated entities, at equity
$
1,250,200
$
1,525,619
Note:
The above financial presentation does not include any information related to our investments in Klépierre and our other platform investments.
For additional information, see footnote B.
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Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO and Real Estate FFO
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2026
2025
2026
2025
Consolidated Net Income (D)
$
574,130
$
643,681
$
1,142,665
$
1,121,541
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
455,655
335,157
910,434
659,479
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
160,762
207,587
322,370
416,551
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
8,747
9,604
(55,593)
9,604
Net (gain) loss attributable to noncontrolling interest holders in properties
(6,400)
(26)
(12,021)
1,266
Noncontrolling interests portion of depreciation and amortization
(6,917)
(6,346)
(13,202)
(12,339)
Preferred distributions and dividends
(1,032)
(1,126)
(2,064)
(2,252)
FFO of the Operating Partnership(1)
$
1,184,945
$
1,188,531
$
2,292,589
$
2,193,850
FFO of the Operating Partnership(1)
$
1,184,945
$
1,188,531
$
2,292,589
$
2,193,850
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
9,818
(78,374)
15,136
(60,381)
Other platform investments, net of tax
(2,624)
(6,594)
117,758
47,591
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
56,425
50,455
31,037
87,220
Real Estate FFO(1)
$
1,248,564
$
1,154,018
$
2,456,520
$
2,268,280
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
1.49
$
1.70
$
2.97
$
2.97
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization
1.61
1.42
3.21
2.82
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
0.02
0.03
(0.15)
0.03
Diluted FFO per share(1)
$
3.12
$
3.15
$
6.03
$
5.82
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
0.03
(0.21)
0.04
(0.16)
Other platform investments, net of tax
(0.01)
(0.02)
0.31
0.12
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
0.15
0.13
0.08
0.23
Real Estate FFO per share(1)
$
3.29
$
3.05
$
6.46
$
6.01
7.9%
7.5%
Details for per share calculations:
FFO of the Operating Partnership
$
1,184,945
$
1,188,531
$
2,292,589
$
2,193,850
Diluted FFO allocable to unitholders
(174,687)
(159,806)
(336,951)
(295,091)
Diluted FFO allocable to common stockholders
$
1,010,258
$
1,028,725
$
1,955,638
$
1,898,759
Basic and Diluted weighted average shares outstanding
324,018
326,487
324,458
326,401
Weighted average limited partnership units outstanding
56,029
50,714
55,903
50,727
Basic and Diluted weighted average shares and units outstanding
380,047
377,201
380,361
377,128
Basic and Diluted FFO per Share
$
3.12
$
3.15
$
6.03
$
5.82
Percent Change
-1.0%
3.6%
(1)
FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense recorded in the first quarter of 2026, of which $8.3 million, or $0.02 per share, is included in Real Estate FFO and Real Estate FFO per share, and $31.7 million, or $0.08 per share, is included in Other platform investments, net of tax.
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Simon Property Group, Inc.
Footnotes to Unaudited Financial Information
Notes:
(A)
Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.
(B)
The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K.
(C)
This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.
However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(D)
Includes our share of:
–
Gain on land sales of $0.0 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.8 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively.
–
Straight-line adjustments increased income by $19.0 million and $3.7 million for the three months ended June 30, 2026 and 2025, respectively, and $24.9 million and $5.9 million for the six months ended June 30, 2026 and 2025, respectively.
–
Amortization of fair market value of leases increased income by $0.4 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and $0.6 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.
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OVERVIEW
THE COMPANY
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At June 30, 2026, we owned or had an interest in 254 properties comprising 206 million square feet in North America, Asia and Europe. Additionally, at June 30, 2026, we had a 20.7% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 13 European countries.
This package was prepared to provide operational and balance sheet information as of June 30, 2026 for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.
We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
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OVERVIEW
STOCK INFORMATION
The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:
Common Stock
SPG
8.375% Series J Cumulative
Redeemable Preferred
SPGPrJ
CREDIT RATINGS
Standard & Poor’s
Corporate
A
(Stable Outlook)
Senior Unsecured
A
(Stable Outlook)
Commercial Paper
A1
(Stable Outlook)
Preferred Stock
BBB+
(Stable Outlook)
Moody’s
Senior Unsecured
A3
(Positive Outlook)
Commercial Paper
P2
(Positive Outlook)
Preferred Stock
Baa1
(Positive Outlook)
SENIOR UNSECURED DEBT COVENANTS (1)
Required
Actual
Compliance
Total Debt to Total Assets (1)
≤65%
37%
Yes
Total Secured Debt to Total Assets (1)
≤50%
16%
Yes
Fixed Charge Coverage Ratio
>1.5X
4.7X
Yes
Total Unencumbered Assets to Unsecured Debt
≥125%
305%
Yes
(1)
Covenants for indentures dated January 25, 2010 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.
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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
THREE MONTHS ENDED
JUNE 30,
SIX MONTHS ENDED
JUNE 30,
2026
2025
2026
2025
Financial Highlights
Total Consolidated Revenue
$
1,790,598
$
1,498,459
$
3,547,691
$
2,971,472
Consolidated Net Income
$
574,130
$
643,681
$
1,142,665
$
1,121,541
Net Income Attributable to Common Stockholders
$
483,139
$
556,133
$
962,708
$
969,832
Basic and Diluted Earnings per Common Share (EPS)
$
1.49
$
1.70
$
2.97
$
2.97
Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership
$
1,248,564
$
1,154,018
$
2,456,520
$
2,268,280
Basic and Diluted Real Estate FFO per Share
$
3.29
$
3.05
$
6.46
$
6.01
Funds from Operations (FFO) of the Operating Partnership
$
1,184,945
$
1,188,531
$
2,292,589
$
2,193,850
Basic and Diluted FFO per Share (FFOPS)
$
3.12
$
3.15
$
6.03
$
5.82
Dividends/Distributions per Share/Unit
$
2.25
$
2.10
$
4.45
$
4.20
AS OF
JUNE 30,
2026
AS OF
DECEMBER 31,
2025
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period
55,826
55,690
Common Shares Outstanding at end of period
323,560
325,224
Total Common Shares and Limited Partnership Units Outstanding at end of period
379,386
380,914
Weighted Average Limited Partnership Units Outstanding
55,903
51,558
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS
324,458
326,367
Equity Market Capitalization
Common Stock Price at end of period
$
223.65
$
185.11
Common Equity Capitalization, including Limited Partnership Units
$
84,849,647
$
70,510,913
Preferred Equity Capitalization, including Limited Partnership Preferred Units
54,449
52,935
Total Equity Market Capitalization
$
84,904,096
$
70,563,848
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NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Six Months Ended June 30, 2026
(1)
Based on our beneficial interest of NOI.
(2)
Includes Klépierre, international Premium Outlets, Designer Outlets, The Mall Luxury Outlets, and international malls.
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NET OPERATING INCOME OVERVIEW (AT SHARE)
(In thousands)
FOR THE THREE MONTHS
ENDED JUNE 30,
% GROWTH
FOR THE SIX MONTHS
ENDED JUNE 30,
% GROWTH
2026
2025
2026
2025
Domestic Property NOI (1)
$
1,506,800
$
1,388,856
8.5
%
$
2,986,124
$
2,775,087
7.6
%
International Properties (2)
96,003
91,269
187,407
177,746
Portfolio NOI
$
1,602,803
$
1,480,125
8.3
%
$
3,173,531
$
2,952,833
7.5
%
NOI from Other Platform Investments (3)
31,842
41,688
(52,293)
227
NOI from Klépierre (4)
61,522
62,957
117,669
118,643
Corporate and Other NOI Sources (5)
57,525
63,017
108,564
98,311
Beneficial interest of Combined NOI
$
1,753,692
$
1,647,787
6.4
%
$
3,347,471
$
3,170,014
5.6
%
(1)
All properties in North America (including 4 in Canada and 2 in Mexico at constant currency).
(2)
International properties outside of North America at constant currency.
(3)
Includes investment in retail operations (Catalyst Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and management company (Jamestown).
(4)
NOI of Klépierre at constant currency.
(5)
Includes income components excluded from Domestic Property NOI and Portfolio NOI including lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, management company revenues, foreign exchange impact, and other assets.
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
THREE MONTHS ENDED
JUNE 30,
SIX MONTHS ENDED
JUNE 30,
2026
2025
2026
2025
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
574,130
$
643,681
$
1,142,665
$
1,121,541
Income and other tax expense (benefit)
10,809
35,107
(9,125)
27,470
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net
11,950
(104,499)
18,329
(80,507)
Interest expense
281,164
232,724
556,826
459,720
Income from unconsolidated entities
(119,127)
(122,875)
(97,879)
(153,234)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
56,425
50,455
31,037
87,220
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
8,747
9,604
(55,593)
9,604
Operating Income Before Other Items
824,098
744,197
1,586,260
1,471,814
Depreciation and amortization
459,876
339,058
918,773
667,109
Home and regional office costs
69,842
57,564
137,498
122,630
General and administrative
12,004
14,298
66,303
26,927
Other expenses
118
9
130
9
NOI of consolidated entities
$
1,365,938
$
1,155,126
$
2,708,964
$
2,288,489
Less: Noncontrolling interest partners share of NOI
(18,425)
(8,766)
(35,477)
(16,150)
Beneficial NOI of consolidated entities (1)
$
1,347,513
$
1,146,360
$
2,673,487
$
2,272,339
Reconciliation of NOI of unconsolidated entities:
Net Income
$
274,416
$
209,607
$
506,347
$
398,903
Interest expense
205,540
174,995
410,577
345,363
Operating Income Before Other Items
479,956
384,602
916,924
744,266
Depreciation and amortization
177,211
159,675
362,376
318,687
Other expenses
14
—
27
—
NOI of unconsolidated entities
$
657,181
$
544,277
$
1,279,327
$
1,062,953
Less: Joint Venture partners share of NOI
(347,545)
(284,903)
(673,897)
(555,664)
Beneficial NOI of unconsolidated entities (1)
$
309,636
$
259,374
$
605,430
$
507,289
Add: Beneficial interest of NOI from TRG (2)
—
134,093
—
270,497
Add: Beneficial interest of NOI from Other Platform Investments and Investments (3)
96,543
107,960
68,554
119,889
Beneficial interest of Combined NOI
$
1,753,692
$
1,647,787
$
3,347,471
$
3,170,014
(1)
Net Income and those adjustments following to arrive at beneficial interest in NOI includes amounts for TRG assets for periods post October 31, 2025 transaction.
(2)
Beneficial interest of NOI from TRG prior to the October 31, 2025 transaction.
(3)
See footnotes 3 and 4 on prior page.
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)
THREE MONTHS ENDED
JUNE 30,
SIX MONTHS ENDED
JUNE 30,
2026
2025
2026
2025
FFO of the Operating Partnership
$
1,184,945
$
1,188,531
$
2,292,589
$
2,193,850
Non-cash impacts to FFO (1)
78,633
(11,363)
124,478
47,198
FFO of the Operating Partnership excluding non-cash impacts
1,263,578
1,177,168
2,417,067
2,241,048
Tenant allowances
(96,486)
(104,510)
(150,692)
(157,801)
Operational capital expenditures
(67,974)
(61,154)
(107,944)
(107,214)
Funds available for distribution
$
1,099,118
$
1,011,504
$
2,158,431
$
1,976,033
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE MONTHS ENDED
JUNE 30,
SIX MONTHS ENDED
JUNE 30,
2026
2025
2026
2025
Deductions:
Fair market value of lease amortization
(331)
(254)
(570)
(561)
Straight line lease income
(19,005)
(3,643)
(24,887)
(5,884)
Gain due to disposal, exchange or revaluation of equity interests, net of tax
—
(83,313)
—
(83,313)
Additions:
Stock based compensation expense
17,699
16,521
75,304
32,762
Write-off of pre-development costs
111
9
129
9
Fair value of debt amortization
8,235
(72)
16,424
(114)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
56,425
50,455
31,037
87,220
Mortgage, financing fee, accretion interest, and terminated swap amortization expense
15,499
8,934
27,041
17,079
$
78,633
$
(11,363)
$
124,478
$
47,198
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (NOI), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO, Real Estate FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.
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TABLE OF CONTENTS
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM
UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST
(In thousands)
THREE MONTHS ENDED
JUNE 30,
SIX MONTHS ENDED
JUNE 30,
Consolidated Properties
2026
2025
2026
2025
Lease Income
Fixed lease income (1)
$
1,349,129
$
1,132,802
$
2,664,863
$
2,256,917
Variable lease income (2)
310,580
246,652
623,377
489,965
Total Lease Income
$
1,659,709
$
1,379,454
$
3,288,240
$
2,746,882
Other Income
Interest, dividend and distribution income (3)
$
11,999
$
27,275
$
24,715
$
50,179
Lease settlement income
2,318
2,475
8,503
3,830
Gains on land sales
—
1,170
1,815
1,170
Mixed-use and franchise operations income
17,033
12,633
32,512
23,859
Other (4)
58,705
37,521
110,884
73,829
Total Other Income
$
90,055
$
81,074
$
178,429
$
152,867
Other Expense
Ground leases
$
16,851
$
12,236
$
33,291
$
24,506
Mixed-use and franchise operations expense
9,522
8,895
18,805
18,126
Professional fees and other
23,317
14,532
30,822
24,009
Total Other Expense
$
49,690
$
35,663
$
82,918
$
66,641
Income from Unconsolidated Entities
Share of Joint Ventures (5)
$
83,613
$
88,085
$
151,425
$
166,319
Share of Klépierre net income, net of amortization of excess investment
26,238
21,290
46,464
40,557
Share of Other Platform Investments net loss, net of amortization of excess investment, pre-tax
9,276
20,935
(100,010)
(39,840)
Share of TRG net loss including amortization of excess investment (6)
—
(7,435)
—
(13,802)
Total Income from Unconsolidated Entities
$
119,127
$
122,875
$
97,879
$
153,234
Capitalized Interest
Our Share of Consolidated Properties
$
7,720
$
7,869
$
15,011
$
16,868
Our Share of Joint Venture Properties
$
221
$
106
$
430
$
176
(1)
Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.
(2)
Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing.
(3)
Includes distributions from international investments and preferred unit distributions from TRG for the three and six months ended June 30, 2025.
(4)
Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.
(5)
Includes U.S. joint venture operations and international joint ventures.
(6)
Includes Share of TRG net loss including amortization of excess investment for the three and six months ended June 30, 2025.
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OPERATING INFORMATION
AS OF JUNE 30,
2026
2025
U.S. Malls and Premium Outlets
Total Number of Properties
175
162
Total Square Footage of Properties (in millions)
149.0
136.1
Ending Occupancy (1):
Consolidated Assets
96.0%
96.0%
Unconsolidated Assets
96.0%
95.9%
Total Portfolio
96.0%
96.0%
Base Minimum Rent PSF (2):
Consolidated Assets
$
60.14
$
56.86
Unconsolidated Assets
$
68.95
$
64.19
Total Portfolio
$
62.42
$
58.70
The Mills
Total Number of Properties
16
14
Total Square Footage of Properties (in millions)
24.1
21.4
Ending Occupancy (3)
98.8%
99.3%
Base Minimum Rent PSF (2)
$
42.28
$
37.65
AS OF JUNE 30,
2026
2025
International Properties
Premium Outlets
Total Number of Properties
24
24
Total Square Footage of Properties (in millions)
9.2
9.2
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
2
Total Square Footage of Properties (in millions)
0.4
0.4
Malls
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)
Year
Number of
Leases
Expiring
Square Feet
Avg. Base
Minimum
Rent PSF
at Expiration (2)
Percentage of
Gross Annual
Rental
Revenues (3)
Inline Stores and Freestanding
Month to Month Leases
1,339
5,129,704
$
56.85
4.2
%
2026 (7/1/26 – 12/31/26)
712
2,033,479
$
67.81
2.0
%
2027
3,182
11,408,842
$
60.22
10.0
%
2028
2,731
10,819,713
$
65.49
10.4
%
2029
2,474
9,748,363
$
64.32
9.2
%
2030
1,560
6,815,167
$
76.11
7.5
%
2031
1,011
4,514,197
$
72.24
4.8
%
2032
693
2,595,438
$
92.62
3.5
%
2033
771
3,072,596
$
95.94
4.4
%
2034
790
3,092,388
$
98.27
4.5
%
2035
897
4,127,478
$
100.74
5.9
%
2036
439
2,146,013
$
82.51
2.6
%
2037 and Thereafter
723
3,561,105
$
63.67
2.8
%
Specialty Leasing Agreements w/ terms in excess of 12 months
2,253
6,830,520
$
17.65
1.8
%
Anchors
2026 (7/1/26 – 12/31/26)
2
61,725
$
21.10
0.0
%
2027
8
1,021,299
$
3.57
0.1
%
2028
17
2,274,763
$
5.33
0.2
%
2029
16
1,594,569
$
6.36
0.2
%
2030
18
2,087,074
$
6.70
0.2
%
2031
20
2,097,199
$
5.69
0.2
%
2032
9
831,363
$
15.48
0.2
%
2033
8
1,078,825
$
8.22
0.1
%
2034
6
417,573
$
21.82
0.1
%
2035
10
900,858
$
13.22
0.1
%
2036
5
318,133
$
33.74
0.1
%
2037 and Thereafter
26
2,698,604
$
14.70
0.5
%
(1)
Does not consider the impact of renewal options that may be contained in leases.
(2)
Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration.
(3)
Annual rental revenues represent 2025 consolidated and joint venture combined base rental revenue.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS
Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
Tenant
Number
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
312
3,262
1.7
%
2.5
%
LVMH Fashion
150
607
0.3
%
1.6
%
Knitwell Group
435
1,983
1.1
%
1.6
%
Tapestry
214
927
0.5
%
1.5
%
Kering
98
457
0.2
%
1.5
%
American Eagle Outfitters
243
1,560
0.8
%
1.5
%
Victoria’s Secret & Co.
140
1,215
0.6
%
1.4
%
Signet Jewelers
335
492
0.3
%
1.3
%
VF Corporation
221
948
0.5
%
1.2
%
Luxottica Group
400
702
0.4
%
1.2
%
Top Anchors (sorted by percentage of total square footage in U.S. properties) (1)
Tenant
Number
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
111
21,774
11.6
%
0.3
%
J.C. Penney
54
8,863
4.7
%
0.2
%
Dillard’s
36
6,709
3.6
%
*
Nordstrom
30
5,029
2.7
%
0.1
%
Dick’s Sporting Goods
45
3,886
2.1
%
0.7
%
Exemplar Luxury Group
26
2,880
1.5
%
0.2
%
Belk
7
1,194
0.6
%
*
Von Maur
7
892
0.5
%
*
Target
7
852
0.5
%
0.1
%
Primark
14
744
0.4
%
0.2
%
(1)
Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
*
Less than one-tenth of one percent.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
CAPITAL EXPENDITURES
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects
$
4,299
$
427
$
214
Redevelopment projects with incremental square footage and/or anchor replacement
135,146
104,989
51,826
Redevelopment projects with no incremental square footage
26,432
1,358
684
Subtotal new development and redevelopment projects
165,877
106,774
52,724
Tenant allowances
122,207
56,604
28,485
Operational capital expenditures (CAM and non-CAM)
65,978
106,665
41,966
Totals
$
354,062
$
270,043
$
123,175
Conversion from accrual to cash basis
91,223
15,426
7,036
Capital Expenditures for the Six Months Ended 6/30/26 (1)
$
445,285
$
285,469
$
130,211
Capital Expenditures for the Six Months Ended 6/30/25 (1)
$
474,225
$
251,013
$
120,364
(1)
Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
2Q 2026 SUPPLEMENTAL
23
TABLE OF CONTENTS
DEVELOPMENT ACTIVITY SUMMARY
As of June 30, 2026
(in thousands, except percent)
PLATFORM
PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
ACTUAL 2026
INVESTMENT
THRU Q2 2026
FORECASTED
INVESTMENT
Q3 - Q4 2026
FORECASTED
INVESTMENT
FY 2026
FORECASTED
INVESTMENT
FY 2027
TOTAL
FORECASTED
INVESTMENT
FY 2026 - 2027
Malls and Premium Outlets
Redevelopments
$
1,061,650
9
%
$
184,867
$
234,919
$
419,786
$
193,136
$
612,922
The Mills
Redevelopments
$
11,735
15
%
$
1,235
$
2,934
$
4,169
$
7,058
$
11,227
Total Investment
$
1,073,385
9
%
$
186,102
$
237,853
$
423,955
$
200,194
$
624,149
Less funding from: Construction Loans, International JV Cash on hand, etc.
$
(179,871)
$
(29,988)
$
(46,779)
$
(76,767)
$
(44,928)
$
(121,695)
Total Net Cash Investment
$
893,514
$
156,114
$
191,074
$
347,188
$
155,266
$
502,454
2Q 2026 SUPPLEMENTAL
24
TABLE OF CONTENTS
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2025 through June 30, 2026
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2025
325,223,870
55,689,714
First Quarter Activity
Redemption of Limited Partnership Units for Cash
—
(6,100)
Restricted Stock/Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)
43,097
380,344
Shares Repurchased to Satisfy Employee Tax Obligations
(11,759)
—
Repurchase of Simon Property Group Common Stock in open market
(965,296)
—
Number Outstanding at March 31, 2026
324,289,912
56,063,958
Second Quarter Activity
Redemption of Limited Partnership Units for Cash
—
(237,618)
Restricted Stock/Unit Awards(3)
109,861
—
Shares Repurchased to Satisfy Employee Tax Obligations
(47,181)
—
Repurchase of Simon Property Group Common Stock in open market
(793,077)
—
Number Outstanding at June 30, 2026
323,559,515
55,826,340
Number of Limited Partnership Units and Common Shares at June 30, 2026
379,385,855
PREFERRED STOCK/UNITS OUTSTANDING AS OF JUNE 30, 2026
($ in 000’s, except per share amounts)
ISSUER
DESCRIPTION
NUMBER OF
SHARES/UNITS
PER SHARE
LIQUIDATION
PREFERENCE
AGGREGATE
LIQUIDATION
PREFERENCE
TICKER
SYMBOL
Preferred Stock:
Simon Property Group, Inc.
Series J 8.375% Cumulative Redeemable (4)
796,948
$
50.00
$
39,847
SPGPrJ
Preferred Units:
Simon Property Group, L.P.
7.50% Cumulative Redeemable (5)
105,373
$
100.00
$
10,537
N/A
(1)
Excludes Limited Partnership preferred units relating to preferred stock outstanding.
(2)
Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
(3)
Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures.
(4)
Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2026 was $55.10 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
CREDIT PROFILE (1)
(1)
As of year end, unless otherwise indicated.
(2)
Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
SUMMARY OF INDEBTEDNESS
As of June 30, 2026
(In thousands)
TOTAL
INDEBTEDNESS
OUR
SHARE OF
INDEBTEDNESS
WEIGHTED
AVERAGE
END OF PERIOD
INTEREST RATE
WEIGHTED
AVERAGE
YEARS TO
MATURITY
Consolidated Indebtedness
Mortgage Debt
Fixed Rate
$
6,568,662
$
6,144,529
4.40
%
2.4
Floating Rate Debt (Swapped to Fixed)
1,260,096
1,229,267
5.33
%
3.1
Floating Rate Debt (Capped)(1)
192,325
173,093
4.55
%
2.3
Variable Rate Debt
112,483
88,320
4.96
%
0.3
Total Mortgage Debt
8,133,566
7,635,209
4.56
%
2.5
Unsecured Debt
Fixed Rate Notes
18,439,871
18,439,871
3.59
%
9.0
Fixed Rate Note (Swapped
to Variable)
600,000
600,000
6.39
%
13.6
Euro Term Loan (Variable)
399,273
399,273
2.69
%
0.7
USD Term Loan (Swapped
to Fixed)
460,000
460,000
4.02
%
5.0
Global Commercial Paper – USD
846,350
846,350
3.96
%
0.0
Total Unsecured Debt
20,745,494
20,745,494
3.68
%
8.5
Premium
1,047
1,047
Discount
(67,936)
(67,936)
Debt Issuance Costs
(136,240)
(133,168)
Other Debt Obligations and Other
23,676
23,676
Consolidated Mortgages and
Unsecured Indebtedness (1)
$
28,699,607
$
28,204,322
3.92
%
6.9
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$
14,654,120
$
6,635,726
4.95
%
4.2
Floating Rate Debt (Swapped to Fixed)
692,856
307,036
4.31
%
3.0
Floating Rate Debt (Capped) (1)
687,440
340,902
5.51
%
4.3
Variable Rate Debt
611,038
261,369
5.23
%
2.9
Total Mortgage Debt
16,645,454
7,545,033
4.92
%
4.0
Debt Issuance Costs
(63,961)
(30,322)
Other
24,000
12,000
Joint Venture Mortgages and
Other Indebtedness (1)
$
16,605,493
$
7,526,711
4.92
%
4.0
Our Share of Total Indebtedness
$
35,731,033
4.14
%
6.3
TOTAL
INDEBTEDNESS
OUR
SHARE OF
INDEBTEDNESS
WEIGHTED
AVERAGE
END OF PERIOD
INTEREST RATE
WEIGHTED
AVERAGE
YEARS TO
MATURITY
Summary of Our Share of Fixed
and Variable Rate Debt
Consolidated
Fixed
95.5
%
$
26,944,329
3.88
%
6.9
Variable
4.5
%
1,259,993
4.86
%
7.0
100.0
%
28,204,322
3.92
%
6.9
Joint Venture
Fixed
92.1
%
$
6,930,697
4.92
%
4.1
Variable
7.9
%
596,014
5.40
%
3.7
100.0
%
7,526,711
4.97
%
4.1
Total Debt
$
35,731,033
Total Fixed Debt
94.8
%
$
33,875,026
4.09
%
6.3
Total Variable Debt
5.2
%
$
1,856,007
5.04
%
6.0
(1)
Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of June 30, 2026
(In thousands)
UNSECURED CONSOLIDATED DEBT
SECURED CONSOLIDATED DEBT
UNCONSOLIDATED JOINT VENTURE DEBT
TOTAL
Year
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
2026
$
1,810,246
3.61
%
$
1,860,904
3.82
%
$
712,817
3.92
%
$
4,383,967
3.75
%
2027
2,449,273
2.81
%
1,567,489
4.10
%
1,027,632
3.81
%
5,044,394
3.42
%
2028
800,000
1.75
%
1,030,386
5.04
%
1,238,440
4.76
%
3,068,826
3.99
%
2029
1,250,000
2.45
%
1,792,213
4.70
%
359,501
5.30
%
3,401,714
4.00
%
2030
1,450,000
3.48
%
200,284
6.15
%
829,926
4.36
%
2,480,210
4.02
%
2031
2,530,390
3.52
%
542,274
4.20
%
1,166,106
5.30
%
4,238,770
4.10
%
2032
1,400,000
2.45
%
—
—
428,672
5.20
%
1,828,672
3.12
%
2033
1,505,585
3.01
%
304,406
6.49
%
621,062
6.20
%
2,431,053
4.29
%
2034
1,500,000
5.25
%
—
—
363,329
6.15
%
1,863,329
5.42
%
2035
800,000
5.13
%
121,454
6.21
%
732,548
5.79
%
1,654,002
5.50
%
2036
—
—
215,799
6.58
%
65,000
6.98
%
280,799
6.67
%
Thereafter
5,250,000
4.67
%
—
—
—
—
5,250,000
4.67
%
Face Amounts of Indebtedness
$
20,745,494
3.68
%
$
7,635,209
4.56
%
$
7,545,033
4.92
%
$
35,925,736
4.14
%
Premiums (Discounts) on Indebtedness, Net
(67,936)
1,047
—
(66,889)
Debt Issuance Costs
(117,454)
(15,714)
(30,322)
(163,490)
Other Debt Obligations and Other
(9,495)
33,171
12,000
35,676
Our Share of Total Indebtedness
$
20,550,609
$
7,653,713
$
7,526,711
$
35,731,033
2Q 2026 SUPPLEMENTAL
28
TABLE OF CONTENTS
Unsecured Debt Information
As of June 30, 2026
DEBT INFORMATION
MATURITY
DATE
INTEREST
RATE
TYPE
INDEBTEDNESS
TOTAL
($ IN 000’S)
Unsecured Indebtedness:
Global Commercial Paper – USD
7/17/2026
(4)
3.96
%
Fixed
846,350
Simon Global Development, BV (Exchangeable Euro Sr. Bonds) (2)
11/14/2026
3.50
%
Fixed
213,896 (1)(7)
Simon Property Group, LP (Sr. Notes)
11/30/2026
3.25
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
1/15/2027
1.38
%
Fixed
550,000
Simon Global Development, BV (Euro Term Loan)
3/20/2027
(8)
2.69
% (6)
Variable
399,273 (1)
Simon Property Group, LP (Sr. Notes)
6/15/2027
3.38
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
12/1/2027
3.38
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
2/1/2028
1.75
%
Fixed
800,000
Simon Property Group, LP (Sr. Notes)
9/13/2029
2.45
%
Fixed
1,250,000
Simon Property Group, LP (Sr. Notes)
7/15/2030
2.65
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
10/1/2030
4.38
%
Fixed
700,000
Simon Property Group, LP (Sr. Notes)
1/15/2031
4.30
%
Fixed
800,000
Simon Property Group, LP (Sr. Notes)
2/1/2031
2.20
%
Fixed
700,000
Simon Global Development, BV (Sr. Notes)
6/15/2031
3.65
%
Fixed
570,390 (1)
Simon Property Group, LP (USD Term Loan)
6/18/2031
4.02
% (3)
Fixed
460,000
Simon Property Group, LP (Sr. Notes)
1/15/2032
2.25
%
Fixed
700,000
Simon Property Group, LP (Sr. Notes)
2/1/2032
2.65
%
Fixed
700,000
Simon Property Group, LP (Sr. Notes)
3/8/2033
5.50
%
Fixed
650,000
Simon International Finance SCA (Euro Sr. Notes)
3/19/2033
1.13
%
Fixed
855,585 (1)
Simon Property Group, LP (Sr. Notes)
1/15/2034
6.25
%
Fixed
500,000
Simon Property Group, LP (Sr. Notes)
9/26/2034
4.75
%
Fixed
1,000,000
Simon Property Group, LP (Sr. Notes)
10/1/2035
5.13
%
Fixed
800,000
Simon Property Group, LP (Sr. Notes)
2/1/2040
6.39
% (5)
Variable
600,000
Simon Property Group, LP (Sr. Notes)
3/15/2042
4.75
%
Fixed
550,000
Simon Property Group, LP (Sr. Notes)
10/1/2044
4.25
%
Fixed
400,000
Simon Property Group, LP (Sr. Notes)
11/30/2046
4.25
%
Fixed
550,000
Simon Property Group, LP (Sr. Notes)
9/13/2049
3.25
%
Fixed
1,250,000
Simon Property Group, LP (Sr. Notes)
7/15/2050
3.80
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
3/8/2053
5.85
%
Fixed
650,000
Simon Property Group, LP (Sr. Notes)
1/15/2054
6.65
%
Fixed
500,000
Total Unsecured Indebtedness at Face Value
$
20,745,494
(1)
Foreign currency balances translated to USD: EUR-USD 1.14078.
(2)
Notes exchangeable into ordinary shares of Klépierre S.A., at or above a common stock price of €27.0693.
(3)
Through an interest rate swap agreement which matures on December 31, 2026, interest is essentially fixed at the all-in-rate presented.
(4)
Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at June 30, 2026.
(5)
Through an interest rate swap agreement, which matures on November 1, 2039, interest has been swapped from a fixed rate of 6.75% to a variable rate based on USD SOFR plus an interest rate spread of 2.74%. 1M SOFR was 3.652% as of June 30, 2026.
(6)
Variable rate debt interest rates are based on 1M EURIBOR at 2.201% as of June 30, 2026
(7)
Subsequent to June 30, 2026, we settled additional conversions of €86.3 million of the exchangeable bonds in cash for €115.7 million further reducing the outstanding balance to €101.2 million through the use of existing liquidity and the issuance of commercial paper.
(8)
Subsequent to June 30, 2026, loan was extended to March 20, 2029.
2Q 2026 SUPPLEMENTAL
29
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
Malls
1.
Apple Blossom Mall
VA
Winchester
49.1%
470,088
(3)
2.
Auburn Mall
MA
Auburn
56.4%
498,385
(3)
3.
Aventura Mall
FL
Miami Beach (Miami)
33.3%
(25)
2,364,265
07/01/28
4.12%
Fixed
1,750,000
583,333
11/25/30
(5)
5.72%
Variable
63,101
21,034
4.
Barton Creek Square
TX
Austin
100.0%
1,447,373
(3)
5.
Battlefield Mall
MO
Springfield
100.0%
1,180,102
(3)
6.
Bay Park Square
WI
Green Bay
100.0%
690,264
(3)
7.
Beverly Center
CA
Los Angeles
100.0%
854,260
(3)
8.
Brea Mall
CA
Brea (Los Angeles)
100.0%
1,360,354
(3)
9.
Briarwood Mall
MI
Ann Arbor
100.0%
923,526
09/01/26
3.29%
Fixed
165,000
165,000
10.
Brickell City Centre
FL
Miami
100.0%
476,994
(3)
11.
Broadway Square
TX
Tyler
100.0%
613,437
(3)
12.
Burlington Mall
MA
Burlington (Boston)
100.0%
1,258,184
(3)
13.
Cape Cod Mall
MA
Hyannis
56.4%
712,012
06/01/35
6.46%
Fixed
54,000
30,440
14.
Castleton Square
IN
Indianapolis
100.0%
1,365,054
(3)
15.
Cherry Creek Shopping Center
CO
Denver
50.0%
1,056,821
06/01/28
3.85%
Fixed
550,000
275,000
16.
Cielo Vista Mall
TX
El Paso
100.0%
1,243,437
(3)
17.
City Creek Center
UT
Salt Lake City
100.0%
632,200
05/01/29
7.63%
Fixed
70,000
70,000
18.
Coconut Point
FL
Estero
50.0%
1,114,193
10/01/26
3.95%
Fixed
161,300
80,650
19.
College Mall
IN
Bloomington
100.0%
577,960
(3)
20.
Columbia Center
WA
Kennewick
100.0%
763,711
(3)
21.
Copley Place
MA
Boston
94.4%
(4)
1,176,901
(3)
22.
Coral Square
FL
Coral Springs (Miami)
97.2%
942,532
(3)
23.
Cordova Mall
FL
Pensacola
100.0%
932,538
(3)
24.
Dadeland Mall
FL
Miami
50.0%
1,510,810
01/05/27
3.11%
Fixed
348,214
174,107
25.
Del Amo Fashion Center
CA
Torrance (Los Angeles)
50.0%
2,504,581
06/01/27
3.66%
Fixed
585,000
292,500
26.
Domain, The
TX
Austin
100.0%
1,222,241
07/01/31
3.09%
Fixed
210,000
210,000
27.
Empire Mall
SD
Sioux Falls
100.0%
1,164,398
10/01/30
6.72%
Fixed
120,000
120,000
28.
Falls, The
FL
Miami
50.0%
709,836
06/01/36
6.98%
Fixed
130,000
65,000
29.
Fashion Centre at Pentagon City, The
VA
Arlington (Washington, DC)
42.5%
1,032,703
04/01/31
5.70%
Fixed
465,000
197,625
30.
Fashion Mall at Keystone, The
IN
Indianapolis
100.0%
583,271
(3)
31.
Fashion Valley
CA
San Diego
50.0%
1,681,645
06/01/33
5.73%
Fixed
450,000
225,000
32.
Firewheel Town Center
TX
Garland (Dallas)
100.0%
992,991
(3)
33.
Florida Mall, The
FL
Orlando
50.0%
1,725,463
02/09/31
(5)(22)
5.62%
Variable
615,000
307,500
34.
Forum Shops at Caesars Palace, The
NV
Las Vegas
100.0%
673,121
(3)
35.
Galleria, The
TX
Houston
50.4%
1,991,892
02/01/35
5.65%
Fixed
1,200,000
604,440
36.
Gardens Mall, The
FL
Palm Beach Gardens
50.0%
1,387,768
07/15/28
5.63%
Fixed
205,000
102,500
37.
Gardens on El Paseo, The
CA
Palm Desert
100.0%
238,075
(3)
38.
Greenwood Park Mall
IN
Greenwood (Indianapolis)
100.0%
1,276,893
(3)
39.
Haywood Mall
SC
Greenville
100.0%
1,249,684
(3)
2Q 2026 SUPPLEMENTAL
30
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
40.
International Market Place
HI
Waikiki, Honolulu
100.0%
338,257
(3)
41.
International Plaza
FL
Tampa
50.1%
1,304,246
11/01/30
5.04%
Fixed
575,000
288,075
42.
King of Prussia
PA
King of Prussia (Philadelphia)
100.0%
2,685,030
(3)
43.
La Plaza
TX
McAllen
100.0%
1,323,772
(3)
44.
Lakeline Mall
TX
Cedar Park (Austin)
100.0%
1,097,765
(3)
45.
Lehigh Valley Mall
PA
Whitehall
50.0%
1,190,678
11/01/27
4.06%
Fixed
166,013
83,007
46.
Lenox Square
GA
Atlanta
100.0%
1,546,505
(3)
47.
Mall at Green Hills, The
TN
Nashville
100.0%
1,048,919
(3)
48.
Mall at Millenia, The
FL
Orlando
50.0%
1,123,133
10/15/29
5.41%
Fixed
450,000
225,000
49.
Mall at Rockingham Park, The
NH
Salem (Boston)
28.2%
1,065,423
06/01/26
(15)
4.04%
Fixed
262,000
73,845
50.
Mall at Short Hills, The
NJ
Short Hills
100.0%
1,412,348
10/01/27
3.48%
Fixed
1,000,000
1,000,000
51.
Mall at University Town Center, The
FL
Sarasota
50.0%
978,489
11/01/26
3.40%
Fixed
259,525
129,763
52.
Mall of Georgia
GA
Buford (Atlanta)
100.0%
1,832,424
(3)
53.
Mall of New Hampshire, The
NH
Manchester
56.4%
801,910
07/01/27
(5)
4.11%
Fixed
150,000
84,555
54.
Mall of San Juan, The
PR
San Juan
95.0%
622,542
(3)
55.
McCain Mall
AR
N. Little Rock
100.0%
789,502
(3)
56.
Meadowood Mall
NV
Reno
50.0%
931,182
12/01/26
5.70%
Fixed
97,901
48,951
57.
Menlo Park Mall
NJ
Edison (New York)
100.0%
1,294,586
(3)
58.
Miami International Mall
FL
Miami
95.0%
1,079,905
02/06/27
7.92%
Fixed
145,361
138,087
59.
Midland Park Mall
TX
Midland
100.0%
645,648
(3)
60.
Miller Hill Mall
MN
Duluth
100.0%
819,996
(3)
61.
North East Mall
TX
Hurst (Dallas)
100.0%
1,543,304
(3)
62.
Northshore Mall
MA
Peabody (Boston)
56.4%
1,561,971
01/01/31
6.36%
Fixed
175,000
98,648
63.
Ocean County Mall
NJ
Toms River (New York)
100.0%
889,900
(3)
64.
Orland Square
IL
Orland Park (Chicago)
100.0%
1,229,266
(3)
65.
Penn Square Mall
OK
Oklahoma City
94.5%
1,081,581
01/01/29
(5)
3.84%
Fixed
280,800
265,345
66.
Pheasant Lane Mall
NH
Nashua
100.0%
(6)
977,486
(3)
67.
Phillips Place
NC
Charlotte
100.0%
133,029
(3)
68.
Phipps Plaza
GA
Atlanta
100.0%
1,127,268
(3)
69.
Plaza Carolina
PR
Carolina (San Juan)
100.0%
1,151,951
(3)
70.
Prien Lake Mall
LA
Lake Charles
100.0%
718,027
(3)
71.
Quaker Bridge Mall
NJ
Lawrenceville
50.0%
1,079,600
05/01/26
(15)
4.50%
Fixed
180,000
90,000
72.
Rockaway Townsquare
NJ
Rockaway (New York)
100.0%
1,241,760
(3)
73.
Roosevelt Field
NY
Garden City (New York)
100.0%
2,355,275
(3)
74.
Ross Park Mall
PA
Pittsburgh
100.0%
1,185,075
(3)
75.
Santa Rosa Plaza
CA
Santa Rosa
100.0%
697,833
(3)
76.
Shops at Chestnut Hill, The
MA
Chestnut Hill (Boston)
94.4%
470,264
08/31/33
6.66%
Fixed
90,517
85,484
77.
Shops at Clearfork, The
TX
Fort Worth
45.0%
602,282
03/11/30
(16)
2.92%
Fixed
145,000
65,250
03/11/30
6.77%
Variable
8,505
3,827
78.
Shops at Crystals, The
NV
Las Vegas
50.0%
283,143
05/01/31
4.83%
Fixed
750,000
375,000
79.
Shops at Mission Viejo, The
CA
Mission Viejo (Los Angeles)
51.0%
1,279,604
01/01/35
6.73%
Fixed
180,000
91,800
2Q 2026 SUPPLEMENTAL
31
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
80.
Shops at Riverside, The
NJ
Hackensack (New York)
100.0%
726,895
(3)
81.
Smith Haven Mall
NY
Lake Grove (New York)
100.0%
1,257,894
(3)
82.
South Hills Village
PA
Pittsburgh
100.0%
1,123,562
(3)
83.
South Shore Plaza
MA
Braintree (Boston)
100.0%
1,582,100
(3)
84.
Southdale Center
MN
Edina (Minneapolis)
100.0%
1,157,887
(3)
85.
SouthPark
NC
Charlotte
100.0%
1,701,224
(3)
86.
St. Charles Towne Center
MD
Waldorf (Washington, DC)
100.0%
977,171
(3)
87.
St. Johns Town Center
FL
Jacksonville
50.0%
1,428,461
06/01/34
5.95%
Fixed
360,000
180,001
88.
Stanford Shopping Center
CA
Palo Alto (San Jose)
94.4%
(4)
1,322,410
(3)
89.
Stoneridge Shopping Center
CA
Pleasanton (San Francisco)
49.9%
1,295,235
09/05/26
3.50%
Fixed
330,000
164,670
90.
Summit Mall
OH
Akron
100.0%
774,217
10/01/26
3.31%
Fixed
85,000
85,000
91.
Tacoma Mall
WA
Tacoma (Seattle)
100.0%
1,268,689
(3)
92.
Tippecanoe Mall
IN
Lafayette
100.0%
864,871
(3)
93.
Town Center at Boca Raton
FL
Boca Raton (Miami)
100.0%
1,763,779
(3)
94.
Towne East Square
KS
Wichita
100.0%
1,178,677
(3)
95.
Treasure Coast Square
FL
Jensen Beach
100.0%
873,873
(3)
96.
Twelve Oaks Mall
MI
Novi
100.0%
1,515,901
03/06/28
4.85%
Fixed
257,057
257,057
97.
Tyrone Square
FL
St. Petersburg (Tampa)
100.0%
957,781
(3)
98.
University Park Mall
IN
Mishawaka
100.0%
907,664
(3)
99.
Walt Whitman Shops
NY
Huntington Station (New York)
100.0%
1,084,779
(3)
100.
Waterside Shops
FL
Naples
50.0%
300,546
05/15/31
4.99%
Fixed
195,000
97,500
101.
West Town Mall
TN
Knoxville
50.0%
1,275,964
(3)
102.
Westchester, The
NY
White Plains (New York)
40.0%
803,056
02/01/30
3.25%
Fixed
400,000
160,000
103.
Westfarms
CT
West Hartford
78.9%
1,265,855
09/06/28
7.80%
Fixed
242,000
191,035
104.
White Oaks Mall
IL
Springfield
88.6%
922,632
06/15/27
6.98%
Fixed
31,650
28,055
105.
Wolfchase Galleria
TN
Memphis
94.5%
1,149,419
11/01/26
4.15%
Fixed
155,152
146,612
106.
Woodfield Mall
IL
Schaumburg (Chicago)
50.0%
2,154,937
12/01/33
6.71%
Fixed
294,000
147,000
107.
Woodland Hills Mall
OK
Tulsa
94.5%
1,238,604
(3)
Total Mall Square Footage
119,014,925
Lifestyle Centers
1.
ABQ Uptown
NM
Albuquerque
100.0%
228,831
(3)
2.
Hamilton Town Center
IN
Noblesville (Indianapolis)
50.0%
679,376
02/24/30
(5)
5.77%
Variable
92,104
46,052
3.
Liberty Tree Mall
MA
Danvers
49.1%
866,456
05/03/28
(16)
6.18%
Fixed
27,460
13,493
4.
Northgate Station
WA
Seattle
100.0%
413,189
(3)
5.
Pier Park
FL
Panama City Beach
65.6%
943,804
(3)
6.
University Park Village
TX
Fort Worth
100.0%
171,756
05/01/28
3.85%
Fixed
48,317
48,317
Total Lifestyle Centers Square
Footage
3,303,412
2Q 2026 SUPPLEMENTAL
32
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
Premium Outlets
1.
Albertville Premium Outlets
MN
Albertville (Minneapolis)
100.0%
301,148
(3)
2.
Allen Premium Outlets
TX
Allen (Dallas)
100.0%
548,527
(3)
3.
Aurora Farms Premium Outlets
OH
Aurora (Cleveland)
100.0%
262,326
(3)
4.
Birch Run Premium Outlets
MI
Birch Run (Detroit)
100.0%
591,943
02/01/36
6.46%
Fixed
90,000
90,000
5.
Camarillo Premium Outlets
CA
Camarillo (Los Angeles)
100.0%
691,660
(3)
6.
Carlsbad Premium Outlets
CA
Carlsbad (San Diego)
100.0%
288,968
(3)
7.
Carolina Premium Outlets
NC
Smithfield (Raleigh)
100.0%
439,041
(3)
8.
Charlotte Premium Outlets
NC
Charlotte
50.0%
398,346
07/01/28
4.27%
Fixed
94,893
47,447
9.
Chicago Premium Outlets
IL
Aurora (Chicago)
100.0%
683,020
(3)
10.
Cincinnati Premium Outlets
OH
Monroe (Cincinnati)
100.0%
401,202
(3)
11.
Clarksburg Premium Outlets
MD
Clarksburg (Washington, DC)
66.0%
381,680
01/01/28
3.95%
Fixed
149,808
98,873
12.
Clinton Premium Outlets
CT
Clinton
100.0%
276,105
(3)
13.
Denver Premium Outlets
CO
Thornton (Denver)
100.0%
328,391
(3)
14.
Desert Hills Premium Outlets
CA
Cabazon (Palm Springs)
100.0%
662,324
(3)
15.
Ellenton Premium Outlets
FL
Ellenton (Tampa)
100.0%
477,112
12/01/35
6.21%
Fixed
120,000
120,000
16.
Folsom Premium Outlets
CA
Folsom (Sacramento)
100.0%
295,981
(3)
17.
Gilroy Premium Outlets
CA
Gilroy (San Jose)
100.0%
503,205
(3)
18.
Gloucester Premium Outlets
NJ
Blackwood (Philadelphia)
66.7%
376,062
03/01/33
6.12%
Fixed
75,000
50,003
19.
Grand Prairie Premium Outlets
TX
Grand Prairie (Dallas)
100.0%
423,782
(3)
20.
Grove City Premium Outlets
PA
Grove City (Pittsburgh)
100.0%
517,298
12/01/28
(5)
7.31%
Fixed
140,000
140,000
21.
Gulfport Premium Outlets
MS
Gulfport
100.0%
302,066
12/01/28
(5)
7.35%
Fixed
50,000
50,000
22.
Hagerstown Premium Outlets
MD
Hagerstown (Baltimore/
Washington, DC)
100.0%
485,748
02/06/26
(15)
4.26%
Fixed
68,365
68,365
23.
Houston Premium Outlets
TX
Cypress (Houston)
100.0%
556,249
(3)
24.
Indiana Premium Outlets
IN
Edinburgh (Indianapolis)
100.0%
374,148
(3)
25.
Jackson Premium Outlets
NJ
Jackson (New York)
100.0%
285,570
(3)
26.
Jersey Shore Premium Outlets
NJ
Tinton Falls (New York)
100.0%
434,745
(3)
27.
Johnson Creek Premium Outlets
WI
Johnson Creek
100.0%
275,073
(3)
28.
Kittery Premium Outlets
ME
Kittery
100.0%
241,809
(3)
29.
Las Americas Premium Outlets
CA
San Diego
100.0%
684,670
(3)
30.
Las Vegas North Premium Outlets
NV
Las Vegas
100.0%
674,861
(3)
31.
Las Vegas South Premium Outlets
NV
Las Vegas
100.0%
541,666
(3)
32.
Leesburg Premium Outlets
VA
Leesburg (Washington, DC)
100.0%
476,809
(3)
33.
Lighthouse Place Premium Outlets
IN
Michigan City (Chicago, IL)
100.0%
440,047
(3)
34.
Merrimack Premium Outlets
NH
Merrimack
100.0%
409,052
(3)
35.
Napa Premium Outlets
CA
Napa
100.0%
177,002
(3)
36.
Norfolk Premium Outlets
VA
Norfolk
65.0%
329,801
04/01/32
4.50%
Fixed
72,415
47,070
37.
North Bend Premium Outlets
WA
North Bend (Seattle)
100.0%
189,132
(3)
38.
North Georgia Premium Outlets
GA
Dawsonville (Atlanta)
100.0%
536,447
(3)
2Q 2026 SUPPLEMENTAL
33
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
39.
Orlando International Premium Outlets
FL
Orlando
100.0%
775,225
(3)
40.
Orlando Vineland Premium Outlets
FL
Orlando
100.0%
658,277
(3)
41.
Petaluma Village Premium Outlets
CA
Petaluma (San Francisco)
100.0%
199,194
(3)
42.
Philadelphia Premium Outlets
PA
Limerick (Philadelphia)
100.0%
546,608
(3)
43.
Phoenix Premium Outlets
AZ
Chandler (Phoenix)
100.0%
356,309
(3)
44.
Pismo Beach Premium Outlets
CA
Pismo Beach
100.0%
147,603
09/06/26
(9)
3.33%
Fixed
28,909
28,909
45.
Pleasant Prairie Premium Outlets
WI
Pleasant Prairie (Chicago, IL/
Milwaukee)
100.0%
387,841
09/01/27
4.00%
Fixed
145,000
145,000
46.
Pocono Premium Outlets
PA
Tannersville
100.0%
411,916
(3)
47.
Puerto Rico Premium Outlets
PR
Barceloneta
100.0%
353,167
(3)
48.
Queenstown Premium Outlets
MD
Queenstown (Baltimore)
100.0%
289,420
09/06/26
(9)
3.33%
Fixed
50,785
50,785
49.
Rio Grande Valley Premium Outlets
TX
Mercedes (McAllen)
100.0%
595,188
(3)
50.
Round Rock Premium Outlets
TX
Round Rock (Austin)
100.0%
495,662
(3)
51.
San Francisco Premium Outlets
CA
Livermore (San Francisco)
100.0%
697,017
(3)
52.
San Marcos Premium Outlets
TX
San Marcos (Austin/
San Antonio)
100.0%
730,253
(3)
53.
Seattle Premium Outlets
WA
Tulalip (Seattle)
100.0%
554,529
(3)
54.
Silver Sands Premium Outlets
FL
Destin
50.0%
445,942
03/01/32
3.96%
Fixed
140,000
70,000
55.
St. Augustine Premium Outlets
FL
St. Augustine (Jacksonville)
100.0%
327,754
(3)
56.
St. Louis Premium Outlets
MO
St. Louis (Chesterfield)
60.0%
351,416
10/06/27
4.06%
Fixed
79,849
47,909
57.
Tampa Premium Outlets
FL
Lutz (Tampa)
100.0%
468,094
(3)
58.
Tanger Outlets — Columbus
OH
Sunbury (Columbus)
50.0%
(25)
354,857
10/01/32
6.25%
Fixed
71,000
35,500
59.
Tanger Outlets — Galveston/Houston
TX
Texas City
50.0%
(25)
348,588
06/26/30
(20)
5.06%
Fixed
60,000
30,000
60.
Tucson Premium Outlets
AZ
Marana (Tucson)
100.0%
364,384
(3)
61.
Tulsa Premium Outlets
OK
Jenks (Tulsa)
100.0%
338,472
(3)
62.
Twin Cities Premium Outlets
MN
Eagan
35.0%
401,435
11/01/34
6.70%
Fixed
95,000
33,250
63.
Vacaville Premium Outlets
CA
Vacaville
100.0%
437,826
(3)
64.
Waikele Premium Outlets
HI
Waipahu (Honolulu)
100.0%
219,193
(3)
65.
Williamsburg Premium Outlets
VA
Williamsburg
100.0%
507,069
02/06/29
4.23%
Fixed
183,733
183,733
66.
Woodburn Premium Outlets
OR
Woodburn (Portland)
100.0%
389,223
(3)
67.
Woodbury Common Premium Outlets
NY
Central Valley (New York)
100.0%
922,902
(3)
68.
Wrentham Village Premium Outlets
MA
Wrentham (Boston)
100.0%
673,001
(3)
Total U.S. Premium Outlet Square Footage
30,011,381
2Q 2026 SUPPLEMENTAL
34
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
The Mills
1.
Arizona Mills
AZ
Tempe (Phoenix)
100.0%
1,221,773
07/01/36
6.66%
Fixed
135,000
135,000
2.
Arundel Mills
MD
Hanover (Baltimore)
59.3%
1,955,126
11/01/33
5.75%
Fixed
360,000
213,301
3.
Colorado Mills
CO
Lakewood (Denver)
37.5%
1,379,339
11/01/26
4.28%
Fixed
92,203
34,576
07/01/31
2.80%
Fixed
30,000
11,250
4.
Concord Mills
NC
Concord (Charlotte)
59.3%
1,368,414
11/01/32
6.55%
Fixed
225,677
133,736
5.
Dolphin Mall
FL
Miami
100.0%
1,400,544
12/09/29
(5)(24)
5.50%
Fixed
1,000,000
1,000,000
6.
Grapevine Mills
TX
Grapevine (Dallas)
59.3%
1,779,098
07/01/34
6.26%
Fixed
250,000
148,150
7.
Great Lakes Crossing Outlets
MI
Auburn Hills
100.0%
1,353,579
02/01/33
6.52%
Fixed
180,000
180,000
8.
Great Mall
CA
Milpitas (San Jose)
100.0%
1,374,956
(3)
9.
Gurnee Mills
IL
Gurnee (Chicago)
100.0%
1,934,272
10/01/26
3.99%
Fixed
257,710
257,710
10.
Katy Mills
TX
Katy (Houston)
62.5%
(7)
1,679,911
08/01/32
5.77%
Fixed
123,510
77,194
11.
Mills at Jersey Gardens, The
NJ
Elizabeth
100.0%
1,309,413
(3)
12.
Ontario Mills
CA
Ontario (Riverside)
50.0%
1,430,333
(3)
13.
Opry Mills
TN
Nashville
100.0%
1,153,424
07/01/26
(26)
4.09%
Fixed
375,000
375,000
14.
Outlets at Orange, The
CA
Orange (Los Angeles)
100.0%
863,355
(3)
15.
Potomac Mills
VA
Woodbridge (Washington, DC)
100.0%
1,565,134
11/01/26
3.46%
Fixed
416,000
416,000
16.
Sawgrass Mills
FL
Sunrise (Miami)
100.0%
2,364,766
(3)
Total The Mills Square Footage
24,133,437
Other Properties
Calhoun Outlet Marketplace, Dover Mall, Finger Lakes Premium Outlets,
Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace,
Lee Premium Outlets, Orlando Outlet Marketplace, Oxford Valley Mall,
Philadelphia Mills, Southridge Mall, Springfield Mall, Square One Mall,
Sugarloaf Mills, Sunvalley Shopping Center, The Avenues
(7)(8)(10)
944,017
295,074
Total Other Properties Square
Footage
11,834,313
TOTAL U.S. SQUARE FOOTAGE (11)(12)
188,297,468
2Q 2026 SUPPLEMENTAL
35
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
International Properties
AUSTRIA
1.
Parndorf Designer Outlet Phases 3 & 4
Vienna
90.0%
118,000
07/04/29
(2)
2.00%
Fixed
206,296
185,666
Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
422,000
11/30/27
(2)
3.90%
Variable
95,993
47,997
3.
Premium Outlets Montréal
Montréal (Quebec)
50.0%
367,500
09/01/31
(2)
4.69%
Fixed
84,401
42,201
4.
Toronto Premium Outlets
Toronto (Ontario)
50.0%
504,900
(3)
5.
Vancouver Designer Outlet
Vancouver (British Columbia)
45.0%
326,000
12/01/27
(2)
4.49%
Variable
58,026
26,112
12/01/27
(2)(16)
5.81%
Fixed
58,026
26,112
Canada Square Footage
1,620,400
CHINA
6.
CityOn.Xian
Xi’an
25.0%
995,000
03/14/29
(2)(23)
3.60%
Variable
70,641
17,660
7.
CityOn.Zhengzhou
Zhengzhou
24.5%
919,000
03/22/32
(2)(18)
3.85%
Fixed
109,827
26,908
China Square Footage
1,914,000
FRANCE
8.
Paris-Giverny Designer Outlet
Vernon
73.8%
228,000
07/31/26
(2)
5.02%
Variable
79,628
58,750
9.
Provence Designer Outlet
Miramas
90.0%
269,000
07/27/27
(2)(5)(19)
4.00%
Variable
107,325
96,593
France Square Footage
497,000
GERMANY
10.
Ochtrup Designer Outlet
Ochtrup
70.5%
191,500
06/30/31
(2) (16)
4.04%
Fixed
39,927
28,149
Germany Square Footage
191,500
INDONESIA
11.
Jakarta Premium Outlets
Tangerang (Jakarta)
50.0%
302,000
12/29/33
(2)
9.25%
Fixed
41,684
20,842
Indonesia Square Footage
302,000
ITALY
12.
La Reggia Designer Outlet
Marcianise (Naples)
90.0%
344,000
03/31/27
(2)
4.82%
Variable
32,855
29,570
03/31/27
(2)(16)
4.25%
Fixed
146,020
131,418
13.
Noventa Di Piave Designer Outlet
Venice
90.0%
353,000
01/23/31
(2)
5.00%
Fixed
316,672
285,005
14.
The Mall Luxury Outlets Firenze
Leccio (Florence)
100.0%
264,750
(3)
15.
The Mall Luxury Outlets Sanremo
Sanremo
100.0%
122,300
(3)
Italy Square Footage
1,084,050
JAPAN
16.
Ami Premium Outlets
Ami (Tokyo)
40.0%
315,000
(3)
17.
Fukaya-Hanazono Premium Outlets
Fukaya City (Saitama)
40.0%
296,300
10/01/32
(2)
0.70%
Fixed
65,893
26,357
18.
Gotemba Premium Outlets
Gotemba City (Tokyo)
40.0%
659,500
05/31/27
(2)
0.31%
Fixed
80,055
32,022
19.
Kobe-Sanda Premium Outlets
Kobe (Osaka)
40.0%
441,000
(3)
20.
Rinku Premium Outlets
Izumisano (Osaka)
40.0%
512,500
07/31/27
(2)
0.30%
Fixed
36,333
14,533
21.
Sano Premium Outlets
Sano (Tokyo)
40.0%
390,800
02/29/28
(2)
1.28%
Fixed
28,021
11,208
22.
Sendai-Izumi Premium Outlets
Izumi Park Town (Sendai)
40.0%
164,200
(3)
23.
Shisui Premium Outlets
Shisui (Chiba)
40.0%
434,600
11/30/28
(2)
1.03%
Fixed
16,010
6,404
05/31/29
(2)
0.68%
Fixed
4,927
1,971
2Q 2026 SUPPLEMENTAL
36
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
24.
Toki Premium Outlets
Toki (Nagoya)
40.0%
367,700
(3)
25.
Tosu Premium Outlets
Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(2)
1.29%
Fixed
38,181
15,272
Japan Square Footage
3,910,000
KOREA
26.
Busan Premium Outlets
Busan
50.0%
544,200
04/28/28
(2)
3.64%
Fixed
123,962
61,981
27.
Jeju Premium Outlets
Jeju Province
50.0%
92,000
(3)
28.
Paju Premium Outlets
Paju (Seoul)
50.0%
558,900
03/13/27
(2)
3.75%
Fixed
35,509
17,755
29.
Siheung Premium Outlets
Siheung (Seoul)
50.0%
444,400
03/15/29
(2)
3.99%
Fixed
81,352
40,676
30.
Starfield Anseong
Anseong
49.0%
1,068,000
02/28/28
(2)
3.75%
Fixed
225,973
110,727
31.
Starfield Hanam
Hanam
17.2%
1,709,000
07/28/30
(2)
3.72%
Fixed
445,489
76,401
32.
Yeoju Premium Outlets
Yeoju (Seoul)
50.0%
551,600
05/23/29
(2)
3.72%
Fixed
31,638
15,819
South Korea Square Footage
4,968,100
MALAYSIA
33.
Genting Highlands Premium Outlets
Pahang (Kuala Lumpur)
50.0%
277,500
(3)
34.
Johor Premium Outlets
Johor (Singapore)
50.0%
309,400
09/30/31
(2)
5.19%
Variable
2,055
1,028
Malaysia Square Footage
586,900
MEXICO
35.
Premium Outlets Punta Norte
Mexico City
50.0%
333,000
(3)
36.
Premium Outlets Querétaro
Querétaro
50.0%
274,800
12/20/33
(2)
11.03%
Fixed
19,848
9,924
Mexico Square Footage
607,800
NETHERLANDS
37.
Roermond Designer Outlet
Phases 2, 3 & 4
Roermond
(13)
298,000
06/06/29
(2)
3.90%
Fixed
319,419
287,477
08/18/30
(2)(16)
4.02%
Fixed
228,156
107,833
38.
Roosendaal Designer Outlet
Roosendaal
94.0%
247,500
02/28/29
(2)(17)
5.40%
Fixed
74,149
69,700
Netherlands Square Footage
545,500
SPAIN
39.
Malaga Designer Outlet
Malaga
46.1%
191,000
05/05/28
(2)(21)
4.57%
Variable
72,440
33,402
Spain Square Footage
191,000
THAILAND
40.
Siam Premium Outlets Bangkok
Bangkok
50.0%
264,000
06/05/31
(2)
4.69%
Fixed
52,360
26,180
Thailand Square Footage
264,000
UNITED KINGDOM
41.
Ashford Designer Outlet
Kent
45.0%
281,000
05/23/27
(2)
5.88%
Variable
27,416
12,337
05/23/27
(2)(16)
4.29%
Fixed
109,653
49,344
42.
West Midlands Designer Outlet
Staffordshire
23.2%
197,000
06/07/27
(2)
6.23%
Variable
21,520
5,001
06/07/27
(2)(16)
6.67%
Fixed
64,561
15,004
United Kingdom Square Footage
478,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(14)
17,278,250
TOTAL SQUARE FOOTAGE
205,575,718
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of June 30, 2026
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of June 30, 2026: Overnight SOFR 3.68%; 1 month CME Term SOFR 3.652%; 30 Day Average SOFR 3.6318%; 1M EURIBOR at 2.201%; 3M EURIBOR at 2.324%; 6M EURIBOR at 2.568%; 1M YEN TIBOR at 1.167%; 6M YEN TIBOR at 1.5258%; 1M CORRA at 2.34%; Overnight SONIA 3.7318% and Cost of Funds Rate at 3.691%.
(2)
Foreign currency balances translated to USD: EUR-USD 1.14078, CAD-USD 0.70335, JPY-USD 0.00616, GBP-USD 1.32432, KRW-USD 0.00065, MYR-USD 0.24525, MXN-USD 0.05722, THB-USD 0.03008, CNY-USD 0.14722, IDR-USD 0.00006.
(3)
Unencumbered asset.
(4)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(5)
Includes applicable extensions available at our option.
(6)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(7)
The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
(8)
Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.
(9)
These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(10)
Consists of 11 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2026 and 2029.
(11)
Does not include any other spaces in joint ventures which are not listed above.
(12)
GLA includes office space.
(13)
The Company owns a 90.0% interest in Phases 2 & 3 and a 46.1% interest in Phase 4.
(14)
Does not include Klépierre.
(15)
Mortgage is outstanding as of June 30, 2026.
(16)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
(17)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027.
(18)
The interest rate resets on April 16th of each year.
(19)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.
(20)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029.
(21)
Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027.
(22)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2028.
(23)
The interest rate resets on January 1st of each year.
(24)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027.
(25)
This property is managed by a third party. Reported amounts may be provided in arrears.
(26)
This mortgage was paid off on the maturity date of July 1, 2026.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions.
Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:
•
The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
•
Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.
Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
June 30, 2026
For the Three Months Ended
June 30, 2025
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(27,471)
$
432,478
$
(16,093)
$
354,798
Management fees and other revenues
—
—
—
—
Other income
(2,164)
51,298
(935)
56,789
Total revenue
(29,635)
483,776
(17,028)
411,587
EXPENSES:
Property operating
(4,640)
90,898
(3,323)
76,779
Depreciation and amortization
(6,299)
131,461
(5,775)
88,027
Real estate taxes
(1,729)
31,376
(589)
27,350
Repairs and maintenance
(324)
9,825
(429)
8,164
Advertising and promotion
(2,306)
11,633
(2,432)
10,612
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(2,223)
30,413
(1,489)
29,307
Total operating expenses
(17,521)
305,606
(14,037)
240,239
OPERATING INCOME BEFORE OTHER ITEMS
(12,114)
178,170
(2,991)
171,348
Interest expense
6,206
(95,048)
3,370
(83,667)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax (expense) benefit
—
—
—
—
Income from unconsolidated entities
(492)
(83,122)(2)
(405)
(87,681)(2)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
—
—
—
—
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
—
—
—
—
Consolidated income from continuing operations
(6,400)
—
(26)
—
CONSOLIDATED NET INCOME
(6,400)
—
(26)
—
Net income attributable to noncontrolling interests
(6,400)
—(3)
(26)
—(3)
Preferred dividends
—
—
—
—
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
—
—
$
—
$
—
(1)
Represents our venture partners’ share of operations from consolidated properties.
(2)
Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and our previously held equity investment in TRG up to the October 31, 2025 transaction.
(3)
Represents limited partners’ interest in the Operating Partnership.
2Q 2026 SUPPLEMENTAL
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TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Six Months Ended
June 30, 2026
For the Six Months Ended
June 30, 2025
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(54,224)
$
858,528
$
(31,363)
$
705,507
Management fees and other revenues
—
—
—
—
Other income
(4,211)
103,099
(1,601)
103,887
Total revenue
(58,435)
961,627
(32,964)
809,394
EXPENSES:
Property operating
(9,512)
187,120
(6,626)
153,307
Depreciation and amortization
(11,941)
265,046
(11,212)
176,498
Real estate taxes
(3,943)
62,762
(740)
54,340
Repairs and maintenance
(1,269)
21,791
(917)
17,681
Advertising and promotion
(4,068)
23,289
(5,055)
20,968
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(4,178)
61,246
(3,477)
55,809
Total operating expenses
(34,911)
621,254
(28,027)
478,603
OPERATING INCOME BEFORE OTHER ITEMS
(23,524)
340,373
(4,937)
330,791
Interest expense
12,366
(189,810)
6,770
(165,038)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax (expense) benefit
—
—
—
—
Income from unconsolidated entities
(863)
(150,563)(2)
(567)
(165,753)(2)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
—
—
—
—
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
—
—
—
—
Consolidated income from continuing operations
(12,021)
—
1,266
—
CONSOLIDATED NET INCOME
(12,021)
—
1,266
—
Net income attributable to noncontrolling interests
(12,021)
—(3)
1,266
—(3)
Preferred dividends
—
—
—
—
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
—
$
—
$
—
$
—
(1)
Represents our venture partners’ share of operations from consolidated properties.
(2)
Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and our previously held equity investment in TRG up to the October 31, 2025 transaction.
(3)
Represents limited partners’ interest in the Operating Partnership.
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TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of June 30, 2026
As of June 30, 2025
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$
(1,373,410)
$
12,921,761
$
(683,674)
$
9,845,933
Less – accumulated depreciation
(203,123)
4,698,584
(187,171)
4,223,773
(1,170,287)
8,223,177
(496,503)
5,622,160
Cash and cash equivalents
(34,805)
690,023
(28,763)
547,765
Tenant receivables and accrued revenue, net
(12,769)
275,046
(5,871)
237,272
Investment in unconsolidated entities, at equity
(3,963)
(4,008,517)
(6,634)
(2,606,909)
Investment in Klépierre, at equity
—
—
—
—
Right-of-use assets, net
10,308
51,785
(850)
55,725
Deferred costs and other assets
(24,663)
1,212,574
(22,069)
1,345,451
Total assets
$
(1,236,179)
$
6,444,088
$
(560,690)
$
5,201,464
LIABILITIES:
Mortgages and unsecured indebtedness
$
(495,285)
$
7,526,711
$
(239,117)
$
6,291,553
Accounts payable, accrued expenses, intangibles, and deferred revenues
(31,586)
516,312
(20,680)
455,267
Cash distributions and losses in unconsolidated entities, at equity
—
(1,808,807)
—
(1,746,426)
Dividend payable
—
—
—
—
Lease liabilities
(13,453)
52,613
(850)
51,378
Other liabilities
(52,437)
157,259
(50,501)
149,692
Total liabilities
(592,761)
6,444,088
(311,148)
5,201,464
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership
$
(261,290)
$
—
$
(227,967)
$
—
EQUITY:
Stockholders’ equity
Capital stock
Series J 8 3/8% cumulative redeemable preferred stock
—
—
—
—
Common stock, $.0001 par value
—
—
—
—
Class B common stock, $.0001 par value
—
—
—
—
Capital in excess of par value
—
—
—
—
Accumulated deficit
—
—
—
—
Accumulated other comprehensive loss
—
—
—
—
Common stock held in treasury at cost
—
—
—
—
Total stockholders’ equity
—
—
—
—
Noncontrolling interests
(382,128)
—
(21,575)
—
Total equity
(382,128)
—
(21,575)
—
Total liabilities and equity
$
(1,236,179)
$
6,444,088
$
(560,690)
$
5,201,464
2Q 2026 SUPPLEMENTAL
42
TABLE OF CONTENTS
GUIDANCE RECONCILIATION
The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated Real Estate FFO per diluted share:
LOW
END
HIGH
END
FOR THE YEAR ENDING DECEMBER 31, 2026
Estimated net income attributable to common stockholders per diluted share
$
6.47
$
6.57
Add: Depreciation and amortization including Simon’s share of unconsolidated entities
6.45
6.45
Less: Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net*
(0.15)
(0.15)
Estimated FFO per diluted share
$
12.77
$
12.87
Add: Loss due to disposal, exchange or revaluation of equity interests, net*
0.04
0.04
Add: Other platform investments, net of tax*
0.31
0.31
Add: Unrealized losses in fair value adjustments of the Klépierre exchangeable bonds*
0.08
0.08
Estimated Real Estate FFO per diluted share
$
13.20
$
13.30
*
Amounts represent year-to-date actual results for the respective line items. The Company is not providing guidance for these line items.
2Q 2026 SUPPLEMENTAL
43
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 | — | 1 |
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.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Capital markets activity
“Completed 8 secured loan transactions totaling approximately $1.4 billion with weighted average interest rate of 5.36%”
Theme · Development pipeline
“Total Net Cash Investment of $893,514 with expected stabilized rate of return of 9%”
Theme · Risk factors
“including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions, recessionary pressures”
Source: SEC EDGAR · public domain · Highlights by Palanor