EX-99.12tm263695d2_ex99-1.htmEXHIBIT 99.1 tm263695-2_nonfiling - none - 52.0377956s
TABLE OF CONTENTS
SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED FOURTH QUARTER
TABLE OF CONTENTS
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED DECEMBER 31, 2025
PAGE
Earnings Release(1)
2 – 11
Overview
12
The Company
12
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants
13
Financial Data
Selected Financial and Equity Information
14
Net Operating Income (NOI) Composition
15
Net Operating Income Overview (at Share)
16
Reconciliations of Non-GAAP Financial Measures
17
Consolidated Net Income to NOI
17
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)
18
Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest
19
Operational Data
Operating Information
20
U.S. Malls and Premium Outlets Lease Expirations
21
U.S. Malls and Premium Outlets Top Tenants
22
Development Activity
Capital Expenditures
23
Development Activity Summary
24
Balance Sheet Information
Common and Preferred Stock Information
25
Changes in Common Share and Limited Partnership Unit Ownership
25
Preferred Stock/Units Outstanding
25
Credit Profile
26
Summary of Indebtedness
27
Total Debt Amortization and Maturities by Year (Our Share)
28
Unsecured Debt Information
29
Property and Debt Information
30–38
Other
Non-GAAP Pro-Rata Financial Information
39–42
(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 Fourth Quarter
and Full Year 2025 Results
INDIANAPOLIS, February 2, 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 and twelve months ended December 31, 2025.
“I am very pleased with our fourth-quarter results, which caps another impressive year of performance for our Company,” said David Simon, Chairman, Chief Executive Officer and President. “T1In 2025, we generated record Real Estate Funds From Operations of $4.8 billion and returned a remarkable $3.5 billion to our shareholders. We T2executed over 17 million square feet of leases, opened a new Premium Outlet in Indonesia, completed 23 significant redevelopment projects, and T3acquired $2 billion of high-quality retail properties. We remain focused on disciplined, value-creating investment activity and operational excellence that will drive sustainable growth in cash flow, FFO, and dividends per share.”
Results for the Quarter
•
Net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, as compared to $667.2 million, or $2.04 per diluted share in 2024.
–
Net income for the fourth quarter of 2025 includes a non-cash gain of $2.89 billion primarily related to our acquisition of the remaining interest in Taubman Realty Group, resulting from the remeasurement of our previously held equity interest to fair value.
•
Real Estate Funds From Operations (“Real Estate FFO”) was $1.328 billion, or $3.49 per diluted share as compared to $1.261 billion, or $3.35 per diluted share in the prior year, an increase of 4.2%.
•
Funds From Operations (“FFO”) was $1.242 billion, or $3.27 per diluted share as compared to $1.389 billion, or $3.68 per diluted share in the prior year.
–
FFO in the fourth quarter of 2025 includes: contribution of $55.5 million, or $0.15 per diluted share from the Company’s Other Platform Investments; a one-time after-tax loss of $120.7 million, or $0.31 per diluted share primarily related to Catalyst Brands restructuring costs and valuation adjustment for certain cost method investments; and a non-cash loss of $21.1 million, or $0.06 per diluted share due to an unrealized mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.
•
T4Domestic property Net Operating Income (“NOI”) increased 4.8% and portfolio NOI increased 5.1% compared to the prior year period.
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Results for the Year
•
Net income attributable to common stockholders was $4.624 billion, or $14.17 per diluted share, as compared to $2.368 billion, or $7.26 per diluted share in 2024.
•
Real Estate FFO was $4.812 billion, or $12.73 per diluted share as compared to $4.597 billion, or $12.24 per diluted share in the prior year, an increase of 4.0%.
•
FFO was $4.663 billion, or $12.34 per diluted share as compared to $4.877 billion, or $12.99 per diluted share in the prior year.
•
Domestic property NOI increased 4.4% and portfolio NOI increased 4.7% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
•
Occupancy at December 31, 2025 was 96.4%, compared to 96.5% at December 31, 2024.
•
Base minimum rent per square foot was $60.97 at December 31, 2025, compared to $58.26 at December 31, 2024, an increase of 4.7%.
•
Reported retailer sales per square foot was $799 for the trailing 12 months ended December 31, 2025, compared to $739 at December 31, 2024, an increase of 8.1%.
Capital Markets and Balance Sheet Liquidity
The Company was active in both the secured and unsecured credit markets in 2025.
The Company T5completed a two tranche senior notes offering totaling $1.5 billion, with a weighted-average term of 7.8 years and a coupon rate of 4.775%. In addition, the Company completed 46 secured loan transactions totaling approximately $7.0 billion (U.S. dollar equivalent), with a weighted average interest rate of 5.43%.
As of December 31, 2025, Simon had approximately $9.1 billion of liquidity consisting of $1.4 billion of cash on hand, including its share of joint venture cash, and $7.7 billion of available capacity under its revolving credit facilities.
Subsequent to year-end, the Company completed an $800 million offering of 5-year, 4.300% senior notes. The proceeds were used to repay the $800 million outstanding principal amount of its 3.300% notes at maturity on January 15, 2026.
Dividends
Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.20 for the first quarter of 2026. T6This is an increase of $0.10, or 4.8% year-over-year. The dividend will be payable on March 31, 2026 to shareholders of record on March 10, 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 March 31, 2026 to shareholders of record on March 17, 2026.
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2026 Guidance
The Company currently estimates net income to be within a range of $6.87 to $7.12 per diluted share and T7Real Estate FFO to be within a range of $13.00 to $13.25 per diluted share for the year ending December 31, 2026.
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
G1Estimated net income attributable to common stockholders per diluted share
$
6.87
$
7.12
Depreciation and amortization including Simon’s share of unconsolidated entities
6.13
6.13
G2Estimated Real Estate FFO per diluted share
$
13.00
$
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 Time, Monday, February 2, 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 February 9, 2026. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13758027.
Supplemental Materials and Website
Supplemental information on our fourth quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
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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 the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry, the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, T8including 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.
The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
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Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2025
2024
2025
2024
REVENUE:
Lease income
$
1,639,349
$
1,431,524
$
5,839,160
$
5,389,760
Management fees and other revenues
35,777
37,147
144,426
133,250
Other income
116,336
113,561
380,919
440,788
Total revenue
1,791,462
1,582,232
6,364,505
5,963,798
EXPENSES:
Property operating
154,528
131,233
580,975
529,753
Depreciation and amortization
420,675
327,591
1,426,423
1,265,340
Real estate taxes
122,959
108,792
451,128
408,641
Repairs and maintenance
37,940
31,748
119,915
105,020
Advertising and promotion
46,615
43,504
155,826
144,551
Home and regional office costs
64,835
58,721
251,748
223,277
General and administrative
17,870
15,602
60,888
44,743
Other
35,371
29,295
142,206
149,677
Total operating expenses
900,793
746,486
3,189,109
2,871,002
OPERATING INCOME BEFORE OTHER ITEMS
890,669
835,746
3,175,396
3,092,796
Interest expense
(272,327)
(227,414)
(974,835)
(905,797)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net
(157,755)
36,403
(86,119)
451,172
Income and other tax benefit (expense)
6,796
31,908
(35,788)
(23,262)
Income from unconsolidated entities
206,938
140,947
504,088
207,322
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net
(21,105)
36,740
(106,082)
(17,392)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and
interests in unconsolidated entities and impairment, net
2,886,666
(82,570)
2,887,460
(75,818)
CONSOLIDATED NET INCOME
3,539,882
771,760
5,364,120
2,729,021
Net income attributable to noncontrolling interests
490,779
103,695
736,508
358,125
Preferred dividends
834
834
3,337
3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
3,048,269
$
667,231
$
4,624,275
$
2,367,559
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$
9.35
$
2.04
$
14.17
$
7.26
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Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
December 31,
2025
December 31,
2024
ASSETS:
Investment properties, at cost
$
50,946,067
$
40,242,392
Less – accumulated depreciation
20,701,510
19,047,078
30,244,557
21,195,314
Cash and cash equivalents
823,147
1,400,345
Tenant receivables and accrued revenue, net
934,077
796,513
Investment in other unconsolidated entities, at equity
4,362,339
2,670,739
Investment in Klépierre, at equity
1,505,377
1,384,267
Investment in TRG, at equity
—
3,069,297
Right-of-use assets, net
755,934
519,607
Deferred costs and other assets
1,981,035
1,369,609
Total assets
$
40,606,466
$
32,405,691
LIABILITIES:
Mortgages and unsecured indebtedness
$
28,430,175
$
24,264,495
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,954,402
1,712,465
Cash distributions and losses in unconsolidated entities, at equity
1,739,418
1,680,431
Dividend payable
2,723
2,410
Lease liabilities
756,539
520,283
Other liabilities
1,017,816
626,155
Total liabilities
33,901,073
28,806,239
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests
233,306
184,729
EQUITY:
Stockholders’ Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of
preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847
40,451
40,778
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and 342,945,839 issued and outstanding, respectively
33
33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding
—
—
Capital in excess of par value
12,347,192
11,583,051
Accumulated deficit
(4,608,136)
(6,382,515)
Accumulated other comprehensive loss
(251,361)
(193,026)
Common stock held in treasury, at cost, 17,844,817 and 16,675,701 shares, respectively
(2,319,911)
(2,106,396)
Total stockholders’ equity
5,208,268
2,941,925
Noncontrolling interests
1,263,819
472,798
Total equity
6,472,087
3,414,723
Total liabilities and equity
$
40,606,466
$
32,405,691
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Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2025
2024
2025
2024
REVENUE:
Lease income
$
923,287
$
803,654
$
3,189,131
$
3,060,755
Other income
122,944
107,089
440,052
385,004
Total revenue
1,046,231
910,743
3,629,183
3,445,759
OPERATING EXPENSES:
Property operating
187,806
165,794
687,216
660,004
Depreciation and amortization
182,089
162,824
653,488
636,218
Real estate taxes
64,360
50,876
231,945
231,843
Repairs and maintenance
25,560
19,155
88,091
74,172
Advertising and promotion
31,132
25,400
96,718
88,693
Other
77,565
137,912
257,799
299,645
Total operating expenses
568,512
561,961
2,015,257
1,990,575
OPERATING INCOME BEFORE OTHER ITEMS
477,719
348,782
1,613,926
1,455,184
Interest expense
(198,994)
(178,710)
(719,938)
(711,402)
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
22,648
(36,536)
23,865
(36,536)
NET INCOME
$
301,373
$
133,536
$
917,853
$
707,246
Third-Party Investors’ Share of Net Income
$
164,861
$
69,275
$
479,160
$
360,792
Our Share of Net Income
136,512
64,261
438,693
346,454
Amortization of Excess Investment (A)
(37,180)
(14,599)
(79,338)
(58,163)
Our Share of loss due to disposal, exchange, or revaluation of equity interests, net in the Consolidated Financial Statements
—
36,470
—
36,470
Our Share of loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
—
18,236
(722)
18,236
Income from Unconsolidated Entities (B)
$
99,332
$
104,368
$
358,633
$
342,997
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)
December 31,
2025
December 31,
2024
Assets:
Investment properties, at cost
$
22,077,749
$
18,875,241
Less – accumulated depreciation
9,020,481
8,944,188
13,057,268
9,931,053
Cash and cash equivalents
1,264,619
1,270,594
Tenant receivables and accrued revenue, net
605,756
533,676
Right-of-use assets, net
108,349
113,014
Deferred costs and other assets
572,826
531,059
Total assets
$
15,608,818
$
12,379,396
Liabilities and Partners’ Deficit:
Mortgages
$
16,374,773
$
13,666,090
Accounts payable, accrued expenses, intangibles, and deferred revenue
1,117,855
1,037,015
Lease liabilities
99,837
104,120
Other liabilities
334,246
363,488
Total liabilities
17,926,711
15,170,713
Preferred units
67,450
67,450
Partners’ deficit
(2,385,343)
(2,858,767)
Total liabilities and partners’ deficit
$
15,608,818
$
12,379,396
Our Share of:
Partners’ deficit
$
(1,247,554)
$
(1,180,960)
Add: Excess Investment (A)
2,773,173
1,077,204
Our net Investment in unconsolidated entities, at equity
$
1,525,619
$
(103,756)
Note:
The above financial presentation does not include any information related to our investments in Klépierre, our other platform investments,
and our previously held equity investment in TRG up to the October 31, 2025 transaction. 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 December 31,
For the Twelve Months
Ended December 31,
2025
2024
2025
2024
Consolidated Net Income (D)
$
3,539,882
$
771,760
$
5,364,120
$
2,729,021
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
416,707
323,858
1,410,595
1,250,440
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
185,527
217,727
811,690
848,188
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(2,886,666)
82,570
(2,887,460)
75,818
Net (gain) loss attributable to noncontrolling interest holders in properties
(4,849)
(92)
(4,815)
1,641
Noncontrolling interests portion of depreciation and amortization
(7,563)
(5,950)
(26,322)
(23,367)
Preferred distributions and dividends
(1,126)
(1,125)
(4,503)
(4,897)
FFO of the Operating Partnership
$
1,241,912
$
1,388,748
$
4,663,305
$
4,876,844
FFO of the Operating Partnership
$
1,241,912
$
1,388,748
$
4,663,305
$
4,876,844
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
120,708
(75,340)
66,981
(386,417)
Other platform investments, net of tax
(55,474)
(15,187)
(24,590)
88,902
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
21,105
(36,740)
106,082
17,392
Real Estate FFO
$
1,328,251
$
1,261,481
$
4,811,778
$
4,596,721
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
9.35
$
2.04
$
14.17
$
7.26
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
1.55
1.42
5.81
5.53
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(7.63)
0.22
(7.64)
0.20
Diluted FFO per share
$
3.27
$
3.68
$
12.34
$
12.99
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
0.31
(0.20)
0.18
(1.03)
Other platform investments, net of tax
(0.15)
(0.04)
(0.07)
0.23
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
0.06
(0.09)
0.28
0.05
Real Estate FFO per share
$
3.49
$
3.35
$
12.73
$
12.24
4.2%
4.0%
Details for per share calculations:
FFO of the Operating Partnership
$
1,241,912
$
1,388,748
$
4,663,305
$
4,876,844
Diluted FFO allocable to unitholders
(176,053)
(186,158)
(636,189)
(640,886)
Diluted FFO allocable to common stockholders
$
1,065,859
$
1,202,590
$
4,027,116
$
4,235,958
Basic and Diluted weighted average shares outstanding
326,180
326,278
326,367
326,097
Weighted average limited partnership units outstanding
54,039
50,713
51,558
49,338
Basic and Diluted weighted average shares and units outstanding
380,219
376,991
377,925
375,435
Basic and Diluted FFO per Share
$
3.27
$
3.68
$
12.34
$
12.99
Percent Change
-11.1%
-5.0%
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EARNINGS RELEASE
Simon Property Group, Inc.
Footnotes to Unaudited Financial Information
Notes:
(A)
Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.
(B)
The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG up 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 up 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 $6.8 million and $6.6 million for the three months ended December 31, 2025 and 2024, respectively, and $26.5 million and $21.9 million for the twelve months ended December 31, 2025 and 2024, respectively.
–
Straight-line adjustments increased income by $10.3 million and $7.3 million for the three months ended December 31, 2025 and 2024, respectively, and $32.2 million and $2.2 million for the twelve months ended December 31, 2025 and 2024, respectively.
–
Amortization of fair market value of leases increased income by $0.3 million and $0.4 million for the three months ended December 31, 2025 and 2024, respectively, and $1.2 million and $0.8 million for the twelve months ended December 31, 2025 and 2024, respectively.
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OVERVIEW
THE COMPANY
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At December 31, 2025, we owned or had an interest in 254 properties comprising 206 million square feet in North America, Asia and Europe. Additionally, at December 31, 2025, we had a 22.2% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries.
This package was prepared to provide operational and balance sheet information as of December 31, 2025 for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry, the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; 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
(Stable Outlook)
Commercial Paper
P2
(Stable Outlook)
Preferred Stock
Baa1
(Stable Outlook)
SENIOR UNSECURED DEBT COVENANTS (1)
Required
Actual
Compliance
Total Debt to Total Assets (1)
≤65%
37%
Yes
Total Secured Debt to Total Assets (1)
≤50%
16%
Yes
Fixed Charge Coverage Ratio
>1.5X
4.7X
Yes
Total Unencumbered Assets to Unsecured Debt
≥125%
307%
Yes
(1)
Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.
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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
THREE MONTHS ENDED
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
2025
2024
2025
2024
Financial Highlights
Total Revenue – Consolidated Properties
$
1,791,462
$
1,582,232
$
6,364,505
$
5,963,798
Consolidated Net Income
$
3,539,882
$
771,760
$
5,364,120
$
2,729,021
Net Income Attributable to Common Stockholders
$
3,048,269
$
667,231
$
4,624,275
$
2,367,559
Basic and Diluted Earnings per Common Share (EPS)
$
9.35
$
2.04
$
14.17
$
7.26
Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership
$
1,328,251
$
1,261,481
$
4,811,778
$
4,596,721
Basic and Diluted Real Estate FFO per Share
$
3.49
$
3.35
$
12.73
$
12.24
Funds from Operations (FFO) of the Operating Partnership
$
1,241,912
$
1,388,748
$
4,663,305
$
4,876,844
Basic and Diluted FFO per Share (FFOPS)
$
3.27
$
3.68
$
12.34
$
12.99
Dividends/Distributions per Share/Unit
$
2.20
$
2.10
$
8.55
$
8.10
AS OF
DECEMBER 31,
2025
AS OF
DECEMBER 31,
2024
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period
55,690
50,760
Common Shares Outstanding at end of period
325,224
326,278
Total Common Shares and Limited Partnership Units Outstanding at end of period
380,914
377,038
Weighted Average Limited Partnership Units Outstanding
51,558
49,338
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS
326,367
326,097
Equity Market Capitalization
Common Stock Price at end of period
$
185.11
$
172.21
Common Equity Capitalization, including Limited Partnership Units
$
70,510,913
$
64,929,673
Preferred Equity Capitalization, including Limited Partnership Preferred Units
52,935
61,944
Total Equity Market Capitalization
$
70,563,848
$
64,991,617
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NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Twelve Months Ended December 31, 2025
(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 December 31,
% Growth
For the Twelve Months
Ended December 31,
% Growth
2025
2024
2025
2024
Domestic Property NOI (1)
$
1,554,283
$
1,482,584
4.8
%
$
5,745,081
$
5,503,350
4.4
%
International Properties (2)
104,651
95,657
372,107
340,531
Portfolio NOI
$
1,658,934
$
1,578,241
5.1
%
$
6,117,188
$
5,843,881
4.7
%
NOI from Other Platform Investments (3)
96,027
50,111
150,336
(42,094)
NOI from Investments (4)
69,975
72,251
263,793
250,049
Corporate and Other NOI Sources (5)
84,865
78,524
299,387
313,566
Beneficial interest of Combined NOI
$
1,909,801
$
1,779,127
$
6,830,704
$
6,365,402
(1)
All properties in North America (including 4 in Canada and 2 in Mexico).
(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 and HBS.
(5)
Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, Simon management company revenues, foreign exchange impact, and other assets.
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
THREE MONTHS ENDED
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
2025
2024
2025
2024
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
3,539,882
$
771,760
$
5,364,120
$
2,729,021
Income and other tax (benefit) expense
(6,796)
(31,908)
35,788
23,262
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net
157,755
(36,403)
86,119
(451,172)
Interest expense
272,327
227,414
974,835
905,797
Income from unconsolidated entities
(206,938)
(140,947)
(504,088)
(207,322)
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
21,105
(36,740)
106,082
17,392
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(2,886,666)
82,570
(2,887,460)
75,818
Operating Income Before Other Items
890,669
835,746
3,175,396
3,092,796
Depreciation and amortization
420,675
327,591
1,426,423
1,265,340
Home and regional office costs
64,835
58,721
251,748
223,277
General and administrative
17,870
15,602
60,888
44,743
Other expenses
251
797
260
818
NOI of consolidated entities
$
1,394,300
$
1,238,457
$
4,914,715
$
4,626,974
Less: Noncontrolling interest partners share of NOI
(16,731)
(8,462)
(43,016)
(32,605)
Beneficial NOI of consolidated entities(1)
$
1,377,569
$
1,229,995
$
4,871,699
$
4,594,369
Reconciliation of NOI of unconsolidated entities:
Net Income
$
301,373
$
133,536
$
917,853
$
707,246
Interest expense
198,994
178,710
719,938
711,402
(Gain) loss on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
(22,648)
36,536
(23,865)
36,536
Operating Income Before Other Items
477,719
348,782
1,613,926
1,455,184
Depreciation and amortization
182,089
162,824
653,488
636,218
Other expenses
—
73,146
—
73,152
NOI of unconsolidated entities
$
659,808
$
584,752
$
2,267,414
$
2,164,554
Less: Joint Venture partners share of NOI
(343,593)
(305,025)
(1,181,628)
(1,134,573)
Beneficial NOI of unconsolidated entities(1)
$
316,215
$
279,727
$
1,085,786
$
1,029,981
Add: Beneficial interest of NOI from TRG (1)
50,015
152,786
459,090
533,009
Add: Beneficial interest of NOI from Other Platform Investments and Investments (2)
166,002
116,619
414,129
208,043
Beneficial interest of Combined NOI
$
1,909,801
$
1,779,127
$
6,830,704
$
6,365,402
(1)
Beneficial interest of NOI from TRG includes NOI from TRG up to the October 31, 2025 transaction. Post transaction NOI is included in Beneficial NOI of consolidated entities and Beneficial NOI of unconsolidated entities, as appropriate.
(2)
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
DECEMBER 31, 2025
TWELVE
MONTHS ENDED
DECEMBER 31, 2025
FFO of the Operating Partnership
$
1,241,912
$
4,663,305
Non-cash impacts to FFO (1)
146,609
208,132
FFO of the Operating Partnership excluding non-cash impacts
1,388,521
4,871,437
Tenant allowances
(102,796)
(335,369)
Operational capital expenditures
(113,509)
(297,947)
Funds available for distribution
$
1,172,216
$
4,238,121
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE
MONTHS ENDED
DECEMBER 31, 2025
TWELVE
MONTHS ENDED
DECEMBER 31, 2025
Deductions:
Fair market value of lease amortization
(311)
(1,177)
Straight line lease income
(10,292)
(32,150)
Additions:
Loss due to disposal, exchange or revaluation or equity interests, net of tax
92,226
8,913
Stock based compensation expense
25,455
82,542
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
21,105
106,082
Write-off of pre-development costs
250
259
Fair value of debt amortization
5,004
5,451
Mortgage, financing fee, accretion interest, and terminated swap amortization expense
13,172
38,212
$
146,609
$
208,132
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
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
Consolidated Properties
2025
2024
2025
2024
Lease Income
Fixed lease income (1)
$
1,296,870
$
1,131,233
$
4,727,341
$
4,365,734
Variable lease income (2)
342,479
300,291
1,111,819
1,024,026
Total Lease Income
$
1,639,349
$
1,431,524
$
5,839,160
$
5,389,760
Other Income
Interest, dividend and distribution income (3)
$
18,669
$
29,098
$
95,359
$
154,767
Lease settlement income
2,272
4,490
7,174
14,209
Gains on land sales
6,442
5,183
26,357
20,488
Mixed-use and franchise operations income
16,446
14,247
55,226
74,135
Other (4)
72,507
60,543
196,803
177,189
Total Other Income
$
116,336
$
113,561
$
380,919
$
440,788
Other Expense
Ground leases
$
13,834
$
12,460
$
50,340
$
49,430
Mixed-use and franchise operations expense
10,595
11,609
39,304
64,594
Professional fees and other
10,942
5,226
52,562
35,653
Total Other Expense
$
35,371
$
29,295
$
142,206
$
149,677
Income from Unconsolidated Entities
Share of Joint Ventures (5)
$
99,332
$
104,368
$
358,633
$
342,997
Share of Klépierre net income, net of amortization of excess investment
21,105
22,524
86,064
72,865
Share of Other Platform Investments net income (loss), net of amortization of excess
investment, pre-tax
85,574
26,807
77,894
(135,050)
Share of TRG net income (loss) including amortization of excess investment(6)
927
(12,752)
(18,503)
(73,490)
Total Income from Unconsolidated Entities
$
206,938
$
140,947
$
504,088
$
207,322
Capitalized Interest
Our Share of Consolidated Properties
$
6,710
$
8,286
$
30,961
$
36,059
Our Share of Joint Venture Properties
$
207
$
62
$
578
$
376
(1)
Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.
(2)
Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing.
(3)
Includes distributions from other international investments and preferred unit distributions from TRG up to the October 31, 2025 transaction.
(4)
Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.
(5)
Includes U.S. joint venture operations and international outlet joint ventures.
(6)
Includes Share of TRG net loss including amortization of excess investment up to the October 31, 2025 transaction.
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OPERATING INFORMATION
AS OF DECEMBER 31,
2025
2024
U.S. Malls and Premium Outlets
Total Number of Properties
178
162
Total Square Footage of Properties (in millions)
150.4
136.0
Ending Occupancy (1):
Consolidated Assets
96.4%
96.5%
Unconsolidated Assets
96.5%
96.6%
Total Portfolio
96.4%
96.5%
Base Minimum Rent PSF (2):
Consolidated Assets
$
58.98
$
56.60
Unconsolidated Assets
$
66.61
$
63.12
Total Portfolio
$
60.97
$
58.26
The Mills
Total Number of Properties
16
14
Total Square Footage of Properties (in millions)
24.1
21.3
Ending Occupancy (3)
99.2%
98.8%
Base Minimum Rent PSF (2)
$
41.24
$
37.95
AS OF DECEMBER 31,
2025
2024
International Properties
Premium Outlets
Total Number of Properties
24
23
Total Square Footage of Properties (in millions)
9.2
8.9
Designer Outlets
Total Number of Properties
12
12
Total Square Footage of Properties (in millions)
3.0
3.0
The Mall Luxury Outlets
Total Number of Properties
2
—
Total Square Footage of Properties (in millions)
0.4
—
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
957
3,221,378
$
63.60
3.0
%
2026
3,156
10,840,848
$
55.63
8.7
%
2027
3,067
11,145,893
$
60.25
9.7
%
2028
2,585
10,514,539
$
65.82
10.2
%
2029
2,092
8,670,646
$
66.19
8.2
%
2030
1,488
6,585,520
$
75.60
7.1
%
2031
786
3,966,562
$
70.04
4.0
%
2032
654
2,465,174
$
91.46
3.3
%
2033
713
2,845,373
$
97.80
4.0
%
2034
772
2,982,331
$
99.34
4.3
%
2035
852
3,890,609
$
101.20
5.5
%
2036 and Thereafter
680
3,408,311
$
69.85
2.9
%
Specialty Leasing Agreements w/ terms in excess of 12 months
2,370
6,732,959
$
17.65
1.7
%
Anchors
Month to Month Leases
1
59,895
$
17.09
0.0
%
2026
6
375,321
$
20.85
0.0
%
2027
13
1,570,417
$
5.81
0.1
%
2028
18
2,325,205
$
5.17
0.2
%
2029
17
1,698,901
$
6.59
0.2
%
2030
18
2,087,074
$
6.70
0.2
%
2031
18
2,055,372
$
5.35
0.2
%
2032
4
282,245
$
25.21
0.1
%
2033
7
1,028,383
$
8.48
0.1
%
2034
8
703,597
$
21.82
0.1
%
2035
10
900,858
$
12.77
0.1
%
2036 and Thereafter
29
2,677,406
$
15.65
0.6
%
(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.
4Q 2025 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
313
3,269
1.7
%
2.6
%
Knitwell Group
461
2,099
1.1
%
1.7
%
LVMH Fashion
151
608
0.3
%
1.6
%
Tapestry
220
948
0.5
%
1.6
%
Kering
104
470
0.2
%
1.5
%
American Eagle Outfitters
246
1,563
0.8
%
1.4
%
Signet Jewelers
348
505
0.3
%
1.4
%
Victoria’s Secret & Co.
138
1,196
0.6
%
1.4
%
Capri Holdings
144
568
0.3
%
1.4
%
Luxottica Group
407
718
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
112
21,977
11.7
%
0.3
%
J.C. Penney
55
9,007
4.8
%
0.2
%
Dillard’s
36
6,709
3.6
%
*
Nordstrom
30
5,029
2.7
%
0.1
%
Dick’s Sporting Goods
45
3,746
2.0
%
0.7
%
Saks Global
27
2,985
1.6
%
0.2
%
Belk
7
1,194
0.6
%
*
Target
8
1,047
0.6
%
0.1
%
Von Maur
7
892
0.5
%
*
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, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
*
Less than one-tenth of one percent.
4Q 2025 SUPPLEMENTAL
22
TABLE OF CONTENTS
CAPITAL EXPENDITURES
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects
$
7,449
$
21,261
$
10,631
Redevelopment projects with incremental square footage and/or anchor replacement
362,148
207,674
100,636
Redevelopment projects with no incremental square footage
46,271
16,394
8,423
Subtotal new development and redevelopment projects
415,868
245,329
119,690
Tenant allowances
285,767
102,291
49,602
Operational capital expenditures (CAM and non-CAM)
234,459
142,793
63,488
Totals
$
936,094
$
490,413
$
232,780
Conversion from accrual to cash basis
(1,748)
(26,287)
(12,477)
Capital Expenditures for the Twelve Months Ended 12/31/25 (1)
$
934,346
$
464,126
$
220,303
Capital Expenditures for the Twelve Months Ended 12/31/24 (1)
$
755,584
$
538,462
$
258,018
(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.
4Q 2025 SUPPLEMENTAL
23
TABLE OF CONTENTS
DEVELOPMENT ACTIVITY SUMMARY
As of December 31, 2025
(in thousands, except percent)
PLATFORM
PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
ACTUAL 2025
INVESTMENT
FORECASTED
INVESTMENT
FY 2026 - 2027
TOTAL
FORECASTED
INVESTMENT
FY 2025 - 2027
Malls
Redevelopments
$
1,363,653
9
%
$
388,492
$
628,797
$
1,017,289
Premium Outlets
New Developments
$
55,795
11
%
$
13,263
$
3,716
$
16,979
Redevelopments
$
13,836
14
%
$
6,569
$
6,953
$
13,522
The Mills
Redevelopments
$
46,014
17
%
$
22,199
$
20,527
$
42,726
Total Investment
$
1,479,298
9
%
$
430,523
$
659,993
$
1,090,516
Less funding from: Construction Loans, International JV Cash on hand, etc.
$
(251,433)
$
(39,194)
$
(120,858)
$
(160,052)
Total Net Cash Investment
$
1,227,865
$
391,329
$
539,135
$
930,464
4Q 2025 SUPPLEMENTAL
24
TABLE OF CONTENTS
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2024 through December 31, 2025
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2024
326,278,138
50,759,627
Activity During the First Nine Months of 2025
Redemption of Limited Partnership Units for Cash
—
(37,431)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)
157,360
107,462
Exchange of Limited Partnership Units for Common Stock
116,558
(116,558)
Shares Repurchased to Satisfy Employee Tax Obligations
(81,996)
—
Number Outstanding at September 30, 2025
326,470,060
50,713,100
Fourth Quarter Activity
Redemption of Limited Partnership Units for Cash
—
(4,079)
Issuance of Limited Partnership Units
—
4,980,693
Repurchase of Simon Property Group Common Stock in open market
(1,246,190)
—
Number Outstanding at December 31, 2025
325,223,870
55,689,714
Number of Limited Partnership Units and Common Shares at December 31, 2025
380,913,584
PREFERRED STOCK/UNITS OUTSTANDING AS OF DECEMBER 31, 2025
($ in 000’s, except per share amounts)
ISSUER
DESCRIPTION
NUMBER OF
SHARES/UNITS
PER SHARE
LIQUIDATION
PREFERENCE
AGGREGATE
LIQUIDATION
PREFERENCE
TICKER
SYMBOL
Preferred Stock:
Simon Property Group, Inc.
Series J 8.375% Cumulative Redeemable (4)
796,948
$
50.00
$
39,847
SPGPrJ
Preferred Units:
Simon Property Group, L.P.
7.50% Cumulative Redeemable (5)
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 December 31, 2025 was $53.20 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
4Q 2025 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.
4Q 2025 SUPPLEMENTAL
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TABLE OF CONTENTS
SUMMARY OF INDEBTEDNESS
As of December 31, 2025
(In thousands)
TOTAL
INDEBTEDNESS
OUR
SHARE OF
INDEBTEDNESS
WEIGHTED
AVERAGE
END OF PERIOD
INTEREST RATE
WEIGHTED
AVERAGE
YEARS TO
MATURITY
Consolidated Indebtedness
Mortgage Debt
Fixed Rate
$
6,687,004
$
6,241,112
4.27
%
2.0
Floating Rate Debt (Swapped to Fixed)
1,226,585
1,206,979
5.23
%
3.6
Floating Rate Debt (Hedged) (1)
277,400
236,368
4.58
%
2.1
Variable Rate Debt
35,690
32,121
4.53
%
1.2
Total Mortgage Debt
8,226,679
7,716,580
4.43
%
2.2
Unsecured Debt
Fixed Rate Notes
19,142,952
19,142,952
3.64
%
9.3
Euro Term Loan (Swapped
to Fixed)
410,908
410,908
2.60
%
1.2
Revolving Credit
Facility – USD Currency
(Swapped to Fixed)
460,000
460,000
4.12
%
2.5
Total Revolving Credit Facilities
460,000
460,000
4.12
%
2.5
Global Commercial Paper – USD
355,000
355,000
4.04
%
0.1
Total Unsecured Debt
20,368,860
20,368,860
3.64
%
8.8
Premium
1,065
1,065
Discount
(73,175)
(73,175)
Debt Issuance Costs
(117,853)
(117,049)
Other Debt Obligations and Other
24,599
24,599
Consolidated Mortgages and
Unsecured Indebtedness (1)
$
28,430,175
$
27,920,880
3.86
%
7.0
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$
13,609,511
$
6,386,840
4.88
%
4.2
Floating Rate Debt (Swapped to Fixed)
726,510
317,354
4.40
%
3.4
Floating Rate Debt (Hedged) (1)
1,129,551
527,751
6.15
%
0.9
Variable Rate Debt
691,748
302,242
5.34
%
3.2
TMLP Debt (2)
258,980
—
Total Mortgage Debt
16,416,300
7,534,187
4.97
%
3.9
Debt Issuance Costs
(41,527)
(20,263)
Joint Venture Mortgages and
Other Indebtedness (1)
$
16,374,773
$
7,513,924
4.97
%
3.9
Our Share of Total Indebtedness
$
35,434,804
4.09
%
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
99.0
%
$
27,654,248
3.86
%
7.1
Variable
1.0
%
266,632
4.58
%
2.1
100.0
%
27,920,880
3.86
%
7.0
Joint Venture
Fixed
89.0
%
$
6,687,668
4.86
%
4.1
Variable
11.0
%
826,256
5.85
%
1.8
100.0
%
7,513,924
4.97
%
3.9
Total Debt
$
35,434,804
Total Fixed Debt
96.9
%
$
34,341,916
4.05
%
6.5
Total Variable Debt
3.1
%
$
1,092,888
5.54
%
1.8
Total Variable Debt Inclusive of In-the Money-Caps
0.9
%
(1)
Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(2)
See footnote 10 on the Property and Debt Information.
4Q 2025 SUPPLEMENTAL
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TABLE OF CONTENTS
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of December 31, 2025
(In thousands)
UNSECURED CONSOLIDATED DEBT
SECURED CONSOLIDATED DEBT
UNCONSOLIDATED JOINT VENTURE DEBT
TOTAL
Year
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
2026
$
2,767,436
3.44
%
$
3,032,718
4.09
%
$
1,505,650
4.35
%
$
7,305,804
3.90
%
2027
2,460,908
2.80
%
1,443,275
3.73
%
1,216,660
4.32
%
5,120,843
3.43
%
2028
1,260,000
2.62
%
761,538
5.04
%
1,380,603
4.69
%
3,402,141
4.01
%
2029
1,250,000
2.45
%
1,631,226
4.79
%
320,442
5.34
%
3,201,668
3.93
%
2030
1,450,000
3.48
%
199,234
6.16
%
838,215
4.37
%
2,487,449
4.02
%
2031
700,000
2.20
%
226,821
3.20
%
192,915
5.47
%
1,119,736
2.95
%
2032
1,400,000
2.45
%
—
—
385,480
5.28
%
1,785,480
3.11
%
2033
1,530,516
2.98
%
301,768
6.49
%
598,345
6.86
%
2,430,629
4.41
%
2034
1,500,000
5.25
%
—
—
363,329
6.15
%
1,863,329
5.42
%
2035
800,000
5.13
%
120,000
6.21
%
732,548
5.79
%
1,652,548
5.50
%
2036
—
—
—
—
—
—
—
—
Thereafter
5,250,000
4.71
%
—
—
—
—
5,250,000
4.71
%
Face Amounts of Indebtedness
$
20,368,860
3.64
%
$
7,716,580
4.43
%
$
7,534,187
4.97
%
$
35,619,627
4.09
%
Premiums (Discounts) on Indebtedness, Net
(73,175)
1,065
—
(72,110)
Debt Issuance Costs
(105,863)
(11,186)
(20,263)
(137,312)
Other Debt Obligations and Other
—
24,599
—
24,599
Our Share of Total Indebtedness
$
20,189,822
$
7,731,058
$
7,513,924
$
35,434,804
4Q 2025 SUPPLEMENTAL
28
TABLE OF CONTENTS
Unsecured Debt Information
As of December 31, 2025
DEBT INFORMATION
MATURITY
DATE
INTEREST
RATE
TYPE
INDEBTEDNESS
TOTAL
($ IN 000’S)
Unsecured Indebtedness:
Simon Property Group, LP (Sr. Notes)
1/15/2026
3.30
%
Fixed
800,000(8)
Global Commercial Paper – USD
1/22/2026
(7)
4.04
%
Fixed
355,000
Simon Property Group, LP (Exchangable Euro Sr. Bonds)
11/14/2026
(2)
3.50
%
Fixed
862,436(1)
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 Property Group, LP (Euro Term Loan)
3/20/2027
2.60
% (6)
Fixed
410,908(6)
Simon Property Group, LP (Sr. Notes)
6/15/2027
3.38
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
12/1/2027
3.38
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
2/1/2028
1.75
%
Fixed
800,000
Revolving Credit Facility – USD Currency
6/30/2028
(5)
4.12
% (4)
Fixed
460,000
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)
2/1/2031
2.20
%
Fixed
700,000
Simon Property Group, LP (Sr. Notes)
1/15/2032
2.25
%
Fixed
700,000
Simon Property Group, LP (Sr. Notes)
2/1/2032
2.65
%
Fixed
700,000
Simon Property Group, LP (Sr. Notes)
3/8/2033
5.50
%
Fixed
650,000
Simon Property Group, LP (Euro Sr. Notes)
3/19/2033
1.13
%
Fixed
880,516(3)
Simon Property Group, LP (Sr. Notes)
1/15/2034
6.25
%
Fixed
500,000
Simon Property Group, LP (Sr. Notes)
9/26/2034
4.75
%
Fixed
1,000,000
Simon Property Group, LP (Sr. Notes)
10/1/2035
5.13
%
Fixed
800,000
Simon Property Group, LP (Sr. Notes)
2/1/2040
6.75
%
Fixed
600,000
Simon Property Group, LP (Sr. Notes)
3/15/2042
4.75
%
Fixed
550,000
Simon Property Group, LP (Sr. Notes)
10/1/2044
4.25
%
Fixed
400,000
Simon Property Group, LP (Sr. Notes)
11/30/2046
4.25
%
Fixed
550,000
Simon Property Group, LP (Sr. Notes)
9/13/2049
3.25
%
Fixed
1,250,000
Simon Property Group, LP (Sr. Notes)
7/15/2050
3.80
%
Fixed
750,000
Simon Property Group, LP (Sr. Notes)
3/8/2053
5.85
%
Fixed
650,000
Simon Property Group, LP (Sr. Notes)
1/15/2054
6.65
%
Fixed
500,000
Total Unsecured Indebtedness at Face Value
$
20,368,860
(1)
Amount shown in USD equivalent; EUR equivalent is 734.6 million.
(2)
Notes exchangable into ordinary shares of Klépierre S.A., at or above a common stock price of €27.0693.
(3)
Amount shown in USD equivalent; EUR equivalent is 750.0 million.
(4)
Through an interest rate swap agreement which matures on December 31, 2026, interest is essentially fixed at the all-in-rate presented.
(5)
Includes applicable extensions available at our option.
(6)
Amount shown in USD equivalent; EUR equivalent is 350.0 million. Through an interest rate swap agreement which matures on March 20, 2026, interest is essentially fixed at the all-in-rate presented.
(7)
Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at December 31, 2025.
(8)
Paid off subsequent to quarter end.
4Q 2025 SUPPLEMENTAL
29
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
Malls
1.
Apple Blossom Mall
VA
Winchester
49.1%
470,086
(2)
2.
Auburn Mall
MA
Auburn
56.4%
498,385
(2)
3.
Aventura Mall(3)
FL
Miami Beach (Miami)
33.3%
2,372,034
07/01/28
4.12%
Fixed
1,750,000
583,333
11/25/30
(5)
5.79%
Variable
86,500
28,833
4.
Barton Creek Square
TX
Austin
100.0%
1,447,740
(2)
5.
Battlefield Mall
MO
Springfield
100.0%
1,180,247
(2)
6.
Bay Park Square
WI
Green Bay
100.0%
690,122
(2)
7.
Beverly Center
CA
Los Angeles
100.0%
842,212
(2)
8.
Brea Mall
CA
Brea (Los Angeles)
100.0%
1,360,764
(2)
9.
Briarwood Mall
MI
Ann Arbor
100.0%
924,116
09/01/26
3.29%
Fixed
165,000
165,000
10.
Brickell City Centre
FL
Miami
100.0%
471,577
(2)
11.
Broadway Square
TX
Tyler
100.0%
613,437
(2)
12.
Burlington Mall
MA
Burlington (Boston)
100.0%
1,258,214
(2)
13.
Cape Cod Mall
MA
Hyannis
56.4%
705,966
06/01/35
6.46%
Fixed
54,000
30,440
14.
Castleton Square
IN
Indianapolis
100.0%
1,361,038
(2)
15.
Cherry Creek Shopping Center
CO
Denver
50.0%
1,068,124
06/01/28
3.85%
Fixed
550,000
275,000
16.
Cielo Vista Mall
TX
El Paso
100.0%
1,245,387
(2)
17.
City Creek Center
UT
Salt Lake City
100.0%
686,004
05/01/29
7.63%
Fixed
70,000
70,000
18.
Coconut Point
FL
Estero
50.0%
1,114,340
10/01/26
3.95%
Fixed
163,459
81,730
19.
College Mall
IN
Bloomington
100.0%
577,529
(2)
20.
Columbia Center
WA
Kennewick
100.0%
733,924
(2)
21.
Copley Place
MA
Boston
94.4%
(4)
1,252,052
(2)
22.
Coral Square
FL
Coral Springs (Miami)
97.2%
947,951
(2)
23.
Cordova Mall
FL
Pensacola
100.0%
932,520
(2)
24.
Dadeland Mall
FL
Miami
50.0%
1,510,747
01/05/27
3.11%
Fixed
352,638
176,319
25.
Del Amo Fashion Center
CA
Torrance (Los Angeles)
50.0%
2,503,055
06/01/27
3.66%
Fixed
585,000
292,500
26.
Domain, The
TX
Austin
100.0%
1,228,827
07/01/31
3.09%
Fixed
210,000
210,000
27.
Empire Mall
SD
Sioux Falls
100.0%
1,163,658
10/01/30
6.72%
Fixed
120,000
120,000
28.
Falls, The
FL
Miami
50.0%
709,919
09/01/26
3.45%
Fixed
150,000
75,000
29.
Fashion Centre at Pentagon City, The
VA
Arlington (Washington, DC)
42.5%
927,462
05/09/26
(31)
6.74%
Variable
455,000
193,376
30.
Fashion Mall at Keystone, The
IN
Indianapolis
100.0%
702,940
(2)
31.
Fashion Valley
CA
San Diego
50.0%
1,684,713
06/01/33
5.73%
Fixed
450,000
225,000
32.
Firewheel Town Center
TX
Garland (Dallas)
100.0%
989,552
(2)
33.
Florida Mall, The
FL
Orlando
50.0%
1,725,304
02/09/27
(5)(32)
5.99%
Variable
600,000
300,000
34.
Forum Shops at Caesars Palace, The
NV
Las Vegas
100.0%
672,798
(2)
35.
Galleria, The
TX
Houston
50.4%
1,975,486
02/01/35
5.65%
Fixed
1,200,000
604,440
36.
Gardens Mall, The
FL
Palm Beach Gardens
50.0%
1,403,614
07/15/28
5.63%
Fixed
205,000
102,500
37.
Gardens on El Paseo, The
CA
Palm Desert
100.0%
235,131
(2)
38.
Greenwood Park Mall
IN
Greenwood (Indianapolis)
100.0%
1,285,095
(2)
39.
Haywood Mall
SC
Greenville
100.0%
1,249,623
(2)
4Q 2025 SUPPLEMENTAL
30
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
40.
International Market Place
HI
Waikiki, Honolulu
100.0%
339,414
(2)
41.
International Plaza
FL
Tampa
50.1%
1,370,893
11/01/30
5.04%
Fixed
575,000
288,075
42.
King of Prussia
PA
King of Prussia (Philadelphia)
100.0%
2,686,345
(2)
43.
La Plaza
TX
McAllen
100.0%
1,323,450
(2)
44.
Lakeline Mall
TX
Cedar Park (Austin)
100.0%
1,097,945
(2)
45.
Lehigh Valley Mall
PA
Whitehall
50.0%
1,192,742
11/01/27
4.06%
Fixed
168,348
84,174
46.
Lenox Square
GA
Atlanta
100.0%
1,546,028
(2)
47.
Mall at Green Hills, The
TN
Nashville
100.0%
1,057,531
(2)
48.
Mall at Millenia, The
FL
Orlando
50.0%
1,130,483
10/15/29
5.41%
Fixed
450,000
225,000
49.
Mall at Rockingham Park, The
NH
Salem (Boston)
28.2%
1,068,042
06/01/26
4.04%
Fixed
262,000
73,845
50.
Mall at Short Hills, The
NJ
Short Hills
100.0%
1,413,319
10/01/27
3.48%
Fixed
1,000,000
1,000,000
51.
Mall at University Town Center, The
FL
Sarasota
50.0%
858,640
11/01/26
3.40%
Fixed
263,030
131,515
52.
Mall of Georgia
GA
Buford (Atlanta)
100.0%
1,853,230
(2)
53.
Mall of New Hampshire, The
NH
Manchester
56.4%
801,791
07/01/28
(5)
4.11%
Fixed
150,000
84,555
54.
Mall of San Juan, The
PR
San Juan
95.0%
674,733
(2)
55.
McCain Mall
AR
N. Little Rock
100.0%
789,502
(2)
56.
Meadowood Mall
NV
Reno
50.0%
931,167
12/01/26
5.70%
Fixed
99,140
49,570
57.
Menlo Park Mall
NJ
Edison (New York)
100.0%
1,294,588
(2)
58.
Miami International Mall
FL
Miami
95.0%
1,080,449
02/06/26
7.92%
Fixed
151,980
144,375
59.
Midland Park Mall
TX
Midland
100.0%
645,652
(2)
60.
Miller Hill Mall
MN
Duluth
100.0%
820,001
(2)
61.
North East Mall
TX
Hurst (Dallas)
100.0%
1,543,932
(2)
62.
Northshore Mall
MA
Peabody (Boston)
56.4%
1,591,152
01/01/31
6.36%
Fixed
175,000
98,648
63.
Ocean County Mall
NJ
Toms River (New York)
100.0%
889,856
(2)
64.
Orland Square
IL
Orland Park (Chicago)
100.0%
1,229,301
(2)
65.
Penn Square Mall
OK
Oklahoma City
94.5%
1,082,982
01/01/26
3.84%
Fixed
310,000
292,938
66.
Pheasant Lane Mall
NH
Nashua
(6)
977,460
(2)
67.
Phillips Place
NC
Charlotte
100.0%
132,805
(2)
68.
Phipps Plaza
GA
Atlanta
100.0%
1,127,024
(2)
69.
Plaza Carolina
PR
Carolina (San Juan)
100.0%
1,154,214
(2)
70.
Prien Lake Mall
LA
Lake Charles
100.0%
717,956
(2)
71.
Quaker Bridge Mall
NJ
Lawrenceville
50.0%
1,079,938
05/01/26
4.50%
Fixed
180,000
90,000
72.
Rockaway Townsquare
NJ
Rockaway (New York)
100.0%
1,241,645
(2)
73.
Roosevelt Field
NY
Garden City (New York)
100.0%
2,349,159
(2)
74.
Ross Park Mall
PA
Pittsburgh
100.0%
1,185,112
(2)
75.
Santa Rosa Plaza
CA
Santa Rosa
100.0%
697,764
(2)
76.
Shops at Chestnut Hill, The
MA
Chestnut Hill (Boston)
94.4%
470,264
08/31/33
6.66%
Fixed
91,404
86,322
77.
Shops at Clearfork, The
TX
Fort Worth
45.0%
552,573
03/11/30
(25)
2.92%
Fixed
145,000
65,250
03/11/30
6.80%
Variable
2,250
1,013
78.
Shops at Crystals, The
NV
Las Vegas
50.0%
282,964
07/01/26
3.74%
Fixed
550,000
275,000
79.
Shops at Mission Viejo, The
CA
Mission Viejo (Los Angeles)
51.0%
1,265,373
01/01/35
6.73%
Fixed
180,000
91,800
4Q 2025 SUPPLEMENTAL
31
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
80.
Shops at Riverside, The
NJ
Hackensack (New York)
100.0%
726,720
(2)
81.
Smith Haven Mall
NY
Lake Grove (New York)
100.0%
1,257,593
(2)
82.
South Hills Village
PA
Pittsburgh
100.0%
1,126,733
(2)
83.
South Shore Plaza
MA
Braintree (Boston)
100.0%
1,582,160
(2)
84.
Southdale Center
MN
Edina (Minneapolis)
100.0%
1,156,103
(2)
85.
SouthPark
NC
Charlotte
100.0%
1,699,314
(2)
86.
Springfield Mall (3)
PA
Springfield (Philadelphia)
50.0%
610,092
10/06/25
(24)
4.45%
Fixed
52,465
26,233
87.
St. Charles Towne Center
MD
Waldorf (Washington, DC)
100.0%
979,100
(2)
88.
St. Johns Town Center
FL
Jacksonville
50.0%
1,416,958
06/01/34
5.95%
Fixed
360,000
180,000
89.
Stanford Shopping Center
CA
Palo Alto (San Jose)
94.4%
(4)
1,322,323
(2)
90.
Stoneridge Shopping Center
CA
Pleasanton (San Francisco)
49.9%
1,295,577
09/05/26
3.50%
Fixed
330,000
164,670
91.
Summit Mall
OH
Akron
100.0%
774,217
10/01/26
3.31%
Fixed
85,000
85,000
92.
Tacoma Mall
WA
Tacoma (Seattle)
100.0%
1,263,980
(2)
93.
Tippecanoe Mall
IN
Lafayette
100.0%
864,871
(2)
94.
Town Center at Boca Raton
FL
Boca Raton (Miami)
100.0%
1,776,374
(2)
95.
Towne East Square
KS
Wichita
100.0%
1,157,209
(2)
96.
Treasure Coast Square
FL
Jensen Beach
100.0%
873,908
(2)
97.
Twelve Oaks Mall
MI
Novi
100.0%
1,520,979
03/06/28
4.85%
Fixed
260,737
260,737
98.
Tyrone Square
FL
St. Petersburg (Tampa)
100.0%
955,987
(2)
99.
University Park Mall
IN
Mishawaka
100.0%
910,370
(2)
100.
Walt Whitman Shops
NY
Huntington Station (New York)
100.0%
1,084,890
(2)
101.
Waterside Shops
FL
Naples
50.0%
304,314
04/15/26
3.86%
Fixed
154,337
77,169
102.
West Town Mall
TN
Knoxville
50.0%
1,275,963
(2)
103.
Westchester, The
NY
White Plains (New York)
40.0%
802,897
02/01/30
3.25%
Fixed
400,000
160,000
104.
Westfarms
CT
West Hartford
78.9%
1,263,850
09/06/28
7.80%
Fixed
242,000
191,035
105.
White Oaks Mall
IL
Springfield
88.6%
922,129
06/15/27
6.98%
Fixed
31,652
28,057
106.
Wolfchase Galleria
TN
Memphis
94.5%
1,147,164
11/01/26
4.15%
Fixed
155,152
146,612
107.
Woodfield Mall
IL
Schaumburg (Chicago)
50.0%
2,154,656
12/01/33
6.71%
Fixed
294,000
147,000
108.
Woodland Hills Mall
OK
Tulsa
94.5%
1,238,604
(2)
Total Mall Square Footage
119,734,147
Lifestyle Centers
1.
ABQ Uptown
NM
Albuquerque
100.0%
228,833
(2)
2.
Hamilton Town Center
IN
Noblesville (Indianapolis)
50.0%
679,382
02/24/30
(5)
5.84%
Variable
92,663
46,332
3.
Liberty Tree Mall
MA
Danvers
49.1%
861,398
05/03/28
(25)
6.18%
Fixed
27,644
13,584
4.
Northgate Station
WA
Seattle
100.0%
412,720
(2)
5.
Pier Park
FL
Panama City Beach
65.6%
944,846
(2)
6.
University Park Village
TX
Fort Worth
100.0%
171,857
05/01/28
3.85%
Fixed
48,927
48,927
Total Lifestyle Centers Square
Footage
3,299,036
4Q 2025 SUPPLEMENTAL
32
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
Premium Outlets
1.
Albertville Premium Outlets
MN
Albertville (Minneapolis)
100.0%
301,148
(2)
2.
Allen Premium Outlets
TX
Allen (Dallas)
100.0%
548,490
(2)
3.
Aurora Farms Premium Outlets
OH
Aurora (Cleveland)
100.0%
262,070
(2)
4.
Birch Run Premium Outlets
MI
Birch Run (Detroit)
100.0%
593,925
02/06/26
4.21%
Fixed
123,000
123,000
5.
Camarillo Premium Outlets
CA
Camarillo (Los Angeles)
100.0%
691,160
(2)
6.
Carlsbad Premium Outlets
CA
Carlsbad (San Diego)
100.0%
288,899
(2)
7.
Carolina Premium Outlets
NC
Smithfield (Raleigh)
100.0%
439,078
(2)
8.
Charlotte Premium Outlets
NC
Charlotte
50.0%
398,386
07/01/28
4.27%
Fixed
95,814
47,907
9.
Chicago Premium Outlets
IL
Aurora (Chicago)
100.0%
685,056
(2)
10.
Cincinnati Premium Outlets
OH
Monroe (Cincinnati)
100.0%
398,932
(2)
11.
Clarksburg Premium Outlets
MD
Clarksburg (Washington, DC)
66.0%
381,671
01/01/28
3.95%
Fixed
151,387
99,915
12.
Clinton Premium Outlets
CT
Clinton
100.0%
276,229
(2)
13.
Denver Premium Outlets
CO
Thornton (Denver)
100.0%
328,107
(2)
14.
Desert Hills Premium Outlets
CA
Cabazon (Palm Springs)
100.0%
656,950
(2)
15.
Ellenton Premium Outlets
FL
Ellenton (Tampa)
100.0%
477,175
12/01/35
6.21%
Fixed
120,000
120,000
16.
Finger Lakes Premium Outlets
NY
Waterloo
100.0%
413,558
(2)
17.
Folsom Premium Outlets
CA
Folsom (Sacramento)
100.0%
295,993
(2)
18.
Gilroy Premium Outlets
CA
Gilroy (San Jose)
100.0%
502,867
(2)
19.
Gloucester Premium Outlets
NJ
Blackwood (Philadelphia)
66.7%
377,907
03/01/33
6.12%
Fixed
75,000
50,003
20.
Grand Prairie Premium Outlets
TX
Grand Prairie (Dallas)
100.0%
419,523
(2)
21.
Grove City Premium Outlets
PA
Grove City (Pittsburgh)
100.0%
525,904
12/01/28
(5)
7.31%
Fixed
140,000
140,000
22.
Gulfport Premium Outlets
MS
Gulfport
100.0%
297,498
12/01/28
(5)
7.35%
Fixed
50,000
50,000
23.
Hagerstown Premium Outlets
MD
Hagerstown (Baltimore/
Washington, DC)
100.0%
485,670
02/06/26
4.26%
Fixed
68,365
68,365
24.
Houston Premium Outlets
TX
Cypress (Houston)
100.0%
556,074
(2)
25.
Indiana Premium Outlets
IN
Edinburgh (Indianapolis)
100.0%
378,389
(2)
26.
Jackson Premium Outlets
NJ
Jackson (New York)
100.0%
285,575
(2)
27.
Jersey Shore Premium Outlets
NJ
Tinton Falls (New York)
100.0%
434,765
(2)
28.
Johnson Creek Premium Outlets
WI
Johnson Creek
100.0%
275,063
(2)
29.
Kittery Premium Outlets
ME
Kittery
100.0%
261,974
(2)
30.
Las Americas Premium Outlets
CA
San Diego
100.0%
689,452
(2)
31.
Las Vegas North Premium Outlets
NV
Las Vegas
100.0%
675,750
(2)
32.
Las Vegas South Premium Outlets
NV
Las Vegas
100.0%
535,621
(2)
33.
Lee Premium Outlets
MA
Lee
100.0%
223,611
06/01/26
(8)
4.17%
Fixed
43,813
43,813
34.
Leesburg Premium Outlets
VA
Leesburg (Washington, DC)
100.0%
478,434
(2)
35.
Lighthouse Place Premium Outlets
IN
Michigan City (Chicago, IL)
100.0%
444,045
(2)
36.
Merrimack Premium Outlets
NH
Merrimack
100.0%
409,081
(2)
37.
Napa Premium Outlets
CA
Napa
100.0%
178,917
(2)
38.
Norfolk Premium Outlets
VA
Norfolk
65.0%
329,789
04/01/32
4.50%
Fixed
73,039
47,475
4Q 2025 SUPPLEMENTAL
33
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
39.
North Bend Premium Outlets
WA
North Bend (Seattle)
100.0%
189,132
(2)
40.
North Georgia Premium Outlets
GA
Dawsonville (Atlanta)
100.0%
536,629
(2)
41.
Orlando International Premium Outlets
FL
Orlando
100.0%
775,231
(2)
42.
Orlando Vineland Premium Outlets
FL
Orlando
100.0%
658,238
(2)
43.
Petaluma Village Premium Outlets
CA
Petaluma (San Francisco)
100.0%
199,261
(2)
44.
Philadelphia Premium Outlets
PA
Limerick (Philadelphia)
100.0%
544,765
(2)
45.
Phoenix Premium Outlets
AZ
Chandler (Phoenix)
100.0%
356,521
(2)
46.
Pismo Beach Premium Outlets
CA
Pismo Beach
100.0%
147,903
09/06/26
(9)
3.33%
Fixed
29,393
29,393
47.
Pleasant Prairie Premium Outlets
WI
Pleasant Prairie (Chicago, IL/
Milwaukee)
100.0%
396,208
09/01/27
4.00%
Fixed
145,000
145,000
48.
Pocono Premium Outlets
PA
Tannersville
100.0%
411,752
(2)
49.
Puerto Rico Premium Outlets
PR
Barceloneta
100.0%
350,688
(2)
50.
Queenstown Premium Outlets
MD
Queenstown (Baltimore)
100.0%
289,596
09/06/26
(9)
3.33%
Fixed
51,635
51,635
51.
Rio Grande Valley Premium Outlets
TX
Mercedes (McAllen)
100.0%
593,720
(2)
52.
Round Rock Premium Outlets
TX
Round Rock (Austin)
100.0%
495,706
(2)
53.
San Francisco Premium Outlets
CA
Livermore (San Francisco)
100.0%
697,029
(2)
54.
San Marcos Premium Outlets
TX
San Marcos (Austin/
San Antonio)
100.0%
730,057
(2)
55.
Seattle Premium Outlets
WA
Tulalip (Seattle)
100.0%
554,811
(2)
56.
Silver Sands Premium Outlets
FL
Destin
50.0%
446,012
03/01/32
3.96%
Fixed
140,000
70,000
57.
St. Augustine Premium Outlets
FL
St. Augustine (Jacksonville)
100.0%
327,754
(2)
58.
St. Louis Premium Outlets
MO
St. Louis (Chesterfield)
60.0%
351,416
10/06/27
4.06%
Fixed
81,887
49,132
59.
Tampa Premium Outlets
FL
Lutz (Tampa)
100.0%
468,094
(2)
60.
Tanger Outlets — Columbus (3)
OH
Sunbury (Columbus)
50.0%
352,797
10/01/32
6.25%
Fixed
71,000
35,500
61.
Tanger Outlets — Galveston/Houston (3)
TX
Texas City
50.0%
352,705
06/26/30
(29)
5.06%
Fixed
60,000
30,000
62.
Tucson Premium Outlets
AZ
Marana (Tucson)
100.0%
366,102
(2)
63.
Tulsa Premium Outlets
OK
Jenks (Tulsa)
100.0%
338,472
(2)
64.
Twin Cities Premium Outlets
MN
Eagan
35.0%
403,744
11/01/34
6.70%
Fixed
95,000
33,250
65.
Vacaville Premium Outlets
CA
Vacaville
100.0%
442,502
(2)
66.
Waikele Premium Outlets
HI
Waipahu (Honolulu)
100.0%
219,379
(2)
67.
Williamsburg Premium Outlets
VA
Williamsburg
100.0%
507,525
02/06/26
4.23%
Fixed
185,000
185,000
68.
Woodburn Premium Outlets
OR
Woodburn (Portland)
100.0%
389,223
(2)
69.
Woodbury Common Premium Outlets
NY
Central Valley (New York)
100.0%
921,983
(2)
70.
Wrentham Village Premium Outlets
MA
Wrentham (Boston)
100.0%
672,948
(2)
Total U.S. Premium Outlet Square Footage
30,690,639
4Q 2025 SUPPLEMENTAL
34
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
The Mills
1.
Arizona Mills
AZ
Tempe (Phoenix)
100.0%
1,221,069
09/01/26
3.80%
Fixed
91,995
91,995
2.
Arundel Mills
MD
Hanover (Baltimore)
59.3%
1,955,312
11/01/33
7.70%
Fixed
360,000
213,301
3.
Colorado Mills
CO
Lakewood (Denver)
37.5%
1,399,610
11/01/26
4.28%
Fixed
99,243
37,216
07/01/31
2.80%
Fixed
30,000
11,250
4.
Concord Mills
NC
Concord (Charlotte)
59.3%
1,368,190
11/01/32
6.55%
Fixed
227,137
134,601
5.
Dolphin Mall
FL
Miami
100.0%
1,404,076
12/09/29
(5)(34)
5.35%
Fixed
1,000,000
1,000,000
6.
Grapevine Mills
TX
Grapevine (Dallas)
59.3%
1,779,663
07/01/34
6.26%
Fixed
250,000
148,150
7.
Great Lakes Crossing Outlets
MI
Auburn Hills
100.0%
1,355,126
02/01/33
6.52%
Fixed
180,000
180,000
8.
Great Mall
CA
Milpitas (San Jose)
100.0%
1,365,059
(2)
9.
Gurnee Mills
IL
Gurnee (Chicago)
100.0%
1,931,339
10/01/26
3.99%
Fixed
257,710
257,710
10.
Katy Mills
TX
Katy (Houston)
62.5%
(7)
1,679,417
08/01/32
5.77%
Fixed
124,453
77,783
11.
Mills at Jersey Gardens, The
NJ
Elizabeth
100.0%
1,309,390
(2)
12.
Ontario Mills
CA
Ontario (Riverside)
50.0%
1,430,423
(2)
13.
Opry Mills
TN
Nashville
100.0%
1,119,934
07/01/26
4.09%
Fixed
375,000
375,000
14.
Outlets at Orange, The
CA
Orange (Los Angeles)
100.0%
864,082
(2)
15.
Potomac Mills
VA
Woodbridge (Washington, DC)
100.0%
1,564,823
11/01/26
3.46%
Fixed
416,000
416,000
16.
Sawgrass Mills
FL
Sunrise (Miami)
100.0%
2,365,454
(2)
Total The Mills Square Footage
24,112,967
Other Properties
Calhoun Outlet Marketplace, Dover Mall, Florida Keys Outlet Marketplace,
Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Oxford Valley Mall,
Philadelphia Mills, Southridge Mall, Square One Mall, Sugarloaf Mills,
Sunvalley Shopping Center, The Avenues
(7)(8)(10)
720,609
278,692
Total Other Properties Square
Footage
10,593,367
TOTAL U.S. SQUARE FOOTAGE (11)(12)
188,430,156
4Q 2025 SUPPLEMENTAL
35
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
International Properties
AUSTRIA
1.
Parndorf Designer Outlet Phases 3 & 4
Vienna
90.0%
118,000
07/04/29
(13)
2.00%
Fixed
212,307
191,076
Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
421,900
11/30/27
(14)
3.85%
Variable
99,561
49,781
3.
Premium Outlets Montréal
Montréal (Quebec)
50.0%
367,500
09/01/31
(14)
4.69%
Fixed
87,539
43,770
4.
Toronto Premium Outlets
Toronto (Ontario)
50.0%
504,900
(2)
5.
Vancouver Designer Outlet
Vancouver (British Columbia)
45.0%
326,000
12/01/27
(14)
4.40%
Variable
60,183
27,082
12/01/27
(14)(25)
5.81%
Fixed
60,183
27,082
Canada Square Footage
1,620,300
CHINA
6.
CityOn.Xian
Xi’an
25.0%
995,000
03/14/29
(23)(33)
3.60%
Variable
76,747
19,187
7.
CityOn.Zhengzhou
Zhengzhou
24.5%
919,000
03/22/32
(23)(27)
3.85%
Fixed
104,827
25,683
China Square Footage
1,914,000
FRANCE
8.
Paris-Giverny Designer Outlet
Vernon
73.8%
228,000
06/11/26
(13)(28)
4.66%
Variable
81,947
60,460
9.
Provence Designer Outlet
Miramas
90.0%
269,000
07/27/27
(5)(13)(28)
4.00%
Variable
110,453
99,408
France Square Footage
497,000
GERMANY
10.
Ochtrup Designer Outlet
Ochtrup
70.5%
191,500
06/30/26
(13)
2.10%
Fixed
58,701
41,384
Germany Square Footage
191,500
INDONESIA
11.
Jakarta Premium Outlets
Tangerang (Jakarta)
50.0%
302,000
12/29/33
(35)
9.25%
Fixed
45,619
22,810
Indonesia Square Footage
302,000
ITALY
12.
La Reggia Designer Outlet
Marcianise (Naples)
90.0%
344,000
03/31/27
(13)
4.53%
Variable
35,690
32,121
03/31/27
(13)(25)
4.25%
Fixed
150,274
135,247
13.
Noventa Di Piave Designer Outlet
Venice
90.0%
353,000
01/23/26
(13)
4.48%
Fixed
325,899
293,309
14.
The Mall Luxury Outlets Firenze
Leccio (Florence)
100.0%
264,750
(2)
15.
The Mall Luxury Outlets Sanremo
Sanremo
100.0%
122,300
(2)
Italy Square Footage
1,084,050
JAPAN
16.
Ami Premium Outlets
Ami (Tokyo)
40.0%
315,000
(2)
17.
Fukaya-Hanazono Premium Outlets
Fukaya City (Saitama)
40.0%
296,300
10/01/32
(15)
0.70%
Fixed
68,304
27,322
18.
Gotemba Premium Outlets
Gotemba City (Tokyo)
40.0%
659,500
05/31/27
(15)
0.31%
Fixed
82,985
33,194
19.
Kobe-Sanda Premium Outlets
Kobe (Osaka)
40.0%
441,000
(2)
20.
Rinku Premium Outlets
Izumisano (Osaka)
40.0%
512,500
07/31/27
(15)
0.30%
Fixed
37,663
15,065
21.
Sano Premium Outlets
Sano (Tokyo)
40.0%
390,800
02/29/28
(15)
1.28%
Fixed
29,046
11,618
22.
Sendai-Izumi Premium Outlets
Izumi Park Town (Sendai)
40.0%
164,200
(2)
23.
Shisui Premium Outlets
Shisui (Chiba)
40.0%
434,600
11/30/28
(15)
1.03%
Fixed
16,596
6,638
05/31/29
(15)
0.68%
Fixed
5,107
2,043
4Q 2025 SUPPLEMENTAL
36
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
24.
Toki Premium Outlets
Toki (Nagoya)
40.0%
367,700
(2)
25.
Tosu Premium Outlets
Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(15)
0.97%
Fixed
39,578
15,831
Japan Square Footage
3,910,000
KOREA
26.
Busan Premium Outlets
Busan
50.0%
544,200
04/28/28
(16)
3.64%
Fixed
132,960
66,480
27.
Jeju Premium Outlets
Jeju Province
50.0%
92,000
(2)
28.
Paju Premium Outlets
Paju (Seoul)
50.0%
558,900
03/13/27
(16)
3.75%
Fixed
38,087
19,044
29.
Siheung Premium Outlets
Siheung (Seoul)
50.0%
444,400
03/15/26
(16)
4.38%
Fixed
96,952
48,476
30.
Starfield Anseong
Anseong
49.0%
1,068,000
02/28/28
(16)
3.75%
Fixed
237,748
116,497
31.
Starfield Hanam
Hanam
17.2%
1,709,000
07/28/30
(16)
3.72%
Fixed
468,702
80,382
32.
Yeoju Premium Outlets
Yeoju (Seoul)
50.0%
551,600
09/28/27
(16)
3.85%
Fixed
38,089
19,045
South Korea Square Footage
4,968,100
MALAYSIA
33.
Genting Highlands Premium Outlets
Pahang (Kuala Lumpur)
50.0%
277,500
(2)
34.
Johor Premium Outlets
Johor (Singapore)
50.0%
309,400
09/30/31
(17)
5.13%
Variable
2,249
1,125
Malaysia Square Footage
586,900
MEXICO
35.
Premium Outlets Punta Norte
Mexico City
50.0%
333,000
(2)
36.
Premium Outlets Querétaro
Querétaro
50.0%
274,800
12/20/33
(18)
11.03%
Fixed
19,921
9,961
Mexico Square Footage
607,800
NETHERLANDS
37.
Roermond Designer Outlet
Phases 2, 3 & 4
Roermond
(19)
298,000
06/06/29
(13)
3.90%
Fixed
328,726
295,853
08/18/30
(13)(25)
4.02%
Fixed
234,804
110,975
38.
Roosendaal Designer Outlet
Roosendaal
94.0%
247,500
02/28/29
(13)(26)
5.40%
Fixed
76,311
71,732
Netherlands Square Footage
545,500
SPAIN
39.
Malaga Designer Outlet
Malaga
46.1%
191,000
05/05/28
(13)(30)
4.28%
Variable
74,551
34,375
Spain Square Footage
191,000
THAILAND
40.
Siam Premium Outlets Bangkok
Bangkok
50.0%
264,000
06/05/31
(20)
4.69%
Fixed
58,500
29,250
Thailand Square Footage
264,000
UNITED KINGDOM
41.
Ashford Designer Outlet
Kent
45.0%
281,000
05/23/27
(21)
5.88%
Variable
27,856
12,535
05/23/27
(21)(25)
4.29%
Fixed
111,415
50,137
42.
West Midlands Designer Outlet
Staffordshire
23.2%
197,000
06/06/26
(21)(25)
7.49%
Fixed
87,464
20,326
United Kingdom Square Footage
478,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)
17,278,150
TOTAL SQUARE FOOTAGE
205,708,306
4Q 2025 SUPPLEMENTAL
37
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of December 31, 2025
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of December 31, 2025: Overnight SOFR 3.87%; 1 month CME Term SOFR 3.6875%; 30 Day Average SOFR 3.7866%; 1M EURIBOR at 1.939%; 3M EURIBOR at 2.026%; 6M EURIBOR at 2.107%; 1M YEN TIBOR at 0.8727%; 6M YEN TIBOR at 1.0909%; 1M CORRA at 2.30%; Overnight SONIA 3.7257% and Cost of Funds Rate at 3.63%.
(2)
Unencumbered asset.
(3)
This property is managed by a third party. Reported amounts may be provided in arrears.
(4)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(5)
Includes applicable extensions available at our option.
(6)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(7)
The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
(8)
Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.
(9)
These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(10)
Consists of 8 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2026 and 2029, of which one property is held within TMLP.
(11)
Does not include any other spaces in joint ventures which are not listed above.
(12)
GLA includes office space.
(13)
Amount shown in USD equivalent; EUR equivalent is 1.4 billion.
(14)
Amount shown in USD equivalent; CAD equivalent is 421.5 million.
(15)
Amounts shown in USD equivalent; JPY equivalent is 43.8 billion.
(16)
Amounts shown in USD equivalent; KRW equivalent is 1.5 trillion.
(17)
Amounts shown in USD equivalent; MYR equivalent is 9.1 million.
(18)
Amounts shown in USD equivalent; MXN equivalent is 358.5 million.
(19)
The Company owns a 90.0% interest in Phases 2 & 3 and a 46.1% interest in Phase 4.
(20)
Amounts shown in USD equivalent; THB equivalent is 1.8 billion.
(21)
Amount shown in USD equivalent; GBP equivalent is 168.5 million.
(22)
Does not include Klépierre.
(23)
Amounts shown in USD equivalent; CNY equivalent is 1.3 billion.
(24)
Mortgage is outstanding as of December 31, 2025.
(25)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
(26)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027.
(27)
The interest rate resets on April 16th of each year.
(28)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.
(29)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029.
(30)
Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027.
(31)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until May 15, 2026.
(32)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2026.
(33)
The interest rate resets on January 1st of each year.
(34)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027.
(35)
Amount shown in USD equivalent; IDR equivalent is 761.8 billion.
4Q 2025 SUPPLEMENTAL
38
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.
4Q 2025 SUPPLEMENTAL
39
TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
December 31, 2025
For the Three Months Ended
December 31, 2024
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(26,313)
$
434,363
$
(16,090)
$
376,236
Management fees and other revenues
—
—
—
—
Other income
(2,126)
61,981
(1,311)
51,028
Total revenue
(28,439)
496,344
(17,401)
427,264
EXPENSES:
Property operating
(4,452)
87,524
(3,095)
74,079
Depreciation and amortization
(6,904)
122,766
(5,403)
90,586
Real estate taxes
(1,687)
30,489
(674)
22,903
Repairs and maintenance
(785)
11,924
(429)
8,769
Advertising and promotion
(2,707)
14,587
(2,934)
11,839
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(2,078)
35,605
(1,812)
29,944
Total operating expenses
(18,613)
302,895
(14,347)
238,120
OPERATING INCOME BEFORE OTHER ITEMS
(9,826)
193,449
(3,054)
189,144
Interest expense
5,468
(94,608)
3,388
(85,202)
Loss on extinguishment of debt
—
—
—
—
Loss due to disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax expense
—
—
—
—
Income from unconsolidated entities
(491)
(98,841)(2)
(426)
(103,942)(2)
Unrealized gains in fair value of publicly traded equity instruments and derivative instrument, net
—
—
—
—
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
—
—
—
—
Consolidated income from continuing operations
(4,849)
—
(92)
—
CONSOLIDATED NET INCOME
(4,849)
—
(92)
—
Net income attributable to noncontrolling interests
(4,849)
—(3)
(92)
—(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.
4Q 2025 SUPPLEMENTAL
40
TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Twelve Months Ended
December 31, 2025
For the Twelve Months Ended
December 31, 2024
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(75,280)
$
1,497,607
$
(62,728)
$
1,422,787
Management fees and other revenues
—
—
—
—
Other income
(5,899)
221,785
(3,706)
183,038
Total revenue
(81,179)
1,719,392
(66,434)
1,605,825
EXPENSES:
Property operating
(14,695)
318,371
(12,404)
291,379
Depreciation and amortization
(23,938)
385,033
(21,125)
353,790
Real estate taxes
(3,014)
108,149
(2,484)
106,065
Repairs and maintenance
(2,120)
40,434
(1,680)
33,112
Advertising and promotion
(10,497)
45,408
(9,348)
41,530
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(7,838)
121,244
(7,917)
103,755
Total operating expenses
(62,102)
1,018,639
(54,958)
929,631
OPERATING INCOME BEFORE OTHER ITEMS
(19,077)
700,753
(11,476)
676,194
Interest expense
15,797
(343,654)
13,626
(333,707)
Loss on extinguishment of debt
—
—
—
—
Gain due to disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax expense
—
—
—
—
Income from unconsolidated entities
(1,535)
(357,099)(2)
(509)
(342,487)(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
(4,815)
—
1,641
—
CONSOLIDATED NET INCOME
(4,815)
—
1,641
—
Net income attributable to noncontrolling interests
(4,815)
—(3)
1,641
—(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.
4Q 2025 SUPPLEMENTAL
41
TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of December 31, 2025
As of December 31, 2024
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$
(1,323,026)
$
12,798,509
$
(578,550)
$
9,934,061
Less – accumulated depreciation
(197,698)
4,245,309
(161,779)
4,181,648
(1,125,328)
8,553,200
(416,771)
5,752,413
Cash and cash equivalents
(29,139)
599,668
(22,837)
601,567
Short-term investments
—
—
—
—
Tenant receivables and accrued revenue, net
(7,268)
288,205
(6,884)
253,648
Investment in unconsolidated entities, at equity
(3,729)
(4,358,610)
(6,896)
(2,663,843)
Investment in Klépierre, at equity
—
—
—
—
Investment in TRG, at equity
—
—
—
—
Right-of-use assets, net
(845)
49,987
(854)
51,673
Deferred costs and other assets
(20,491)
1,341,940
(27,555)
1,327,069
Total assets
$
(1,186,800)
$
6,474,390
$
(481,797)
$
5,322,527
LIABILITIES:
Mortgages and unsecured indebtedness
$
(509,295)
$
7,513,924
$
(222,514)
$
6,312,675
Accounts payable, accrued expenses, intangibles, and deferred revenues
(21,984)
515,497
(24,056)
481,921
Cash distributions and losses in unconsolidated entities, at equity
—
(1,739,418)
—
(1,680,431)
Dividend payable
—
—
—
—
Lease liabilities
(845)
45,731
(854)
47,226
Other liabilities
(52,999)
138,656
(43,722)
161,136
Total liabilities
(585,123)
6,474,390
(291,146)
5,322,527
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership
$
(222,769)
$
—
$
(169,192)
$
—
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
(378,908)
—
(21,459)
—
Total equity
(378,908)
—
(21,459)
—
Total liabilities and equity
$
(1,186,800)
$
6,474,390
$
(481,797)
$
5,322,527
4Q 2025 SUPPLEMENTAL
42
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 | 1 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 2 | 2 | 1 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 2 | 2 | 1 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor