Earnings release
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SIMON PROPERTY GROUP EARNINGS RELEASE &SUPPLEMENTAL INFORMATIONUNAUDITED FIRST QUARTER TABLE OF CONTENTS
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(1) TABLE OF CONTENTS TABLE OF CONTENTS EARNINGS RELEASE AND SUPPLEMENTAL INFORMATIONFOR THE QUARTER ENDED MARCH 31, 2025 PAGE Earnings Release 2–11 Overview 12 The Company 12 Stock Information, Credit Ratings and Senior Unsecured Debt Covenants 13 Financial Data Selected Financial and Equity Information 14 Net Operating Income (NOI) Composition 15 Net Operating Income Overview (at Share) 16 Reconciliations of Non-GAAP Financial Measures 17 Consolidated Net Income to NOI 17 FFO of the Operating Partnership to Funds Available for Distribution (Our Share) 18 Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest 19 Operational Data Operating Information 20 U.S. Malls and Premium Outlets Lease Expirations 21 U.S. Malls and Premium Outlets Top Tenants 22 Development Activity Capital Expenditures 23 Development Activity Summary 24 Balance Sheet Information Common and Preferred Stock Information 25 Changes in Common Share and Limited Partnership Unit Ownership 25 Preferred Stock/Units Outstanding 25 Credit Profile 26 Summary of Indebtedness 27 Total Debt Amortization and Maturities by Year (Our Share) 28 Unsecured Debt Information 29 Property and Debt Information 30–39 Other Non-GAAP Pro-Rata Financial Information 40–42 Guidance Reconciliation 43 Includes reconciliation of consolidated net income to funds from operations. 1Q 2025 SUPPLEMENTAL 1 (1)
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Tom WardNicole Kennon • – – • • • • TABLE OF CONTENTS EARNINGS RELEASE Contacts: 317-685-7330 Investors704-804-1960 Media SIMON REPORTS FIRST QUARTER 2025 RESULTS ANDREAFFIRMS FULL YEAR 2025 REAL ESTATE FFO PER SHARE GUIDANCE INDIANAPOLIS, May 12, 2025 − Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2025. “Our first quarter results underscore the strength of our business,” said David Simon, Chairman, Chief Executive Officer and President. “We deliveredstrong financial and operational performance and enhanced our portfolio with the acquisition of The Mall Luxury Outlets in Italy and the successfulopening of Jakarta Premium Outlets in Indonesia. As macroeconomic conditions continue to shift, we are well-positioned with a fortress balance sheetand a proven track record of navigating successfully through a wide range of economic cycles.” Results for the Quarter Net income attributable to common stockholders was $413.7 million, or $1.27 per diluted share, as compared to $731.7 million, or $2.25 per dilutedshare in 2024. Net income for the first quarter of 2025 includes losses of $54.8 million, or $0.15 per diluted share, primarily due to an unrealized mark-to-marketloss in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023. Net income for the first quarter of 2024 included after-tax net gains of $303.9 million, or $0.81 per diluted share, primarily resulting from the sale ofthe Company’s remaining ownership interest in Authentic Brands Group. Real Estate Funds From Operations (“FFO”) was $1.113 billion, or $2.95 per diluted share as compared to $1.090 billion, or $2.91 per diluted share inthe prior year. FFO was $1.005 billion, or $2.67 per diluted share as compared to $1.334 billion, or $3.56 per diluted share in the prior year, inclusive of the currentyear and prior year period items mentioned above. Domestic property Net Operating Income (“NOI”) increased 3.4% and portfolio NOI increased 3.6% compared to the prior year period. U.S. Malls and Premium Outlets Operating Statistics Occupancy at March 31, 2025 was 95.9%, a 0.4% increase compared to 95.5% at March 31, 2024. 1Q 2025 SUPPLEMENTAL 2 ® ®
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• • TABLE OF CONTENTS EARNINGS RELEASE Base minimum rent per square foot was $58.92 at March 31, 2025, compared to $57.53 at March 31, 2024, an increase of 2.4%. Reported retailer sales per square foot was $733 for the trailing 12 months ended March 31, 2025. Acquisition Activity and Development Activity On January 30, 2025, the Company completed the acquisition of two luxury outlets in Italy: The Mall Firenze in Leccio, near Florence and The MallSanremo, on the Italian Riviera. On March 6, 2025, Jakarta Premium Outlets (Tangerang, Indonesia) opened with 302,000 square feet featuring global and local brands and internationaldining options. Simon owns 50% of this center. Capital Markets and Balance Sheet Liquidity During the quarter, the Company completed 12 secured loan transactions totaling approximately $2.6 billion (U.S. dollar equivalent). The weightedaverage interest rate on these loans was 5.73%. As of March 31, 2025, Simon had approximately $10.1 billion of liquidity consisting of $1.9 billion of cash on hand, including its share of joint venturecash, and $8.2 billion of available capacity under its revolving credit facilities. Dividends Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.10 for the second quarter of 2025. This is an increase of $0.10, or5.0% year-over-year. The dividend will be payable on June 30, 2025 to shareholders of record on June 9, 2025. Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 30, 2025 to shareholders of record on June 16, 2025. 2025 Guidance The Company’s estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the yearending December 31, 2025 are included in the table below and are reconciled in the Company’s supplemental information. The Company is reaffirmingits outlook for Real Estate FFO of $12.40 to $12.65 per diluted share. LowEnd HighEnd Estimated net income attributable to common stockholders per diluted share $6.67 $6.92 Estimated Real Estate FFO per diluted share $12.40 $12.65 Conference Call Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, May 12,2025. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will beavailable until May 19, 2025. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13753110. 1Q 2025 SUPPLEMENTAL 3
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TABLE OF CONTENTS EARNINGS RELEASE Supplemental Materials and Website Supplemental information on our first quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SECin 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 encouragemembers of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website isnot 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 portfolio NOI growth which are financial performancemeasures not defined by generally accepted accounting principles in the United States (“GAAP”). Real estate FFO is FFO of the operating partnershipless other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealizedlosses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures tothe most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth are financialperformance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measuresreported by other REITs. Forward-Looking Statements Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities LitigationReform 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 fromthose 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 industry, including e-commerce; the inability to renew leases and relet vacant space at existingproperties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor storesor major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions thatmay adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptionson us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and theconflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; theavailability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes inmarket rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domesticoperations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in thegoverning agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that mayadversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continuedability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition,development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms;risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; reducing emissions of greenhouse gases;environmental liabilities; natural disasters; uncertainties regarding 1Q 2025 SUPPLEMENTAL 4
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TABLE OF CONTENTS EARNINGS RELEASE the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results ofoperations, 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 withthe SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes noduty 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&P100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places formillions of people every day and generate billions in annual sales. 1Q 2025 SUPPLEMENTAL 5 ®
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TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Consolidated Statements of Operations(Dollars in thousands, except per share amounts) For the Three MonthsEnded March 31, 2025 2024 REVENUE: Lease income $1,367,428 $1,302,671 Management fees and other revenues 33,792 29,455 Other income 71,792 110,464 Total revenue 1,473,012 1,442,590 EXPENSES: Property operating 136,821 126,114 Depreciation and amortization 328,051 307,369 Real estate taxes 107,452 109,210 Repairs and maintenance 30,142 25,728 Advertising and promotion 34,257 28,081 Home and regional office costs 65,066 60,723 General and administrative 12,629 9,132 Other 30,978 41,053 Total operating expenses 745,396 707,410 OPERATING INCOME BEFORE OTHER ITEMS 727,616 735,180 Interest expense (226,995 (230,623 (Loss) gain due to disposal, exchange, or revaluation of equity interests, net (23,992 414,769 Income and other tax benefit (expense) 7,637 (47,603 Income (loss) from unconsolidated entities 30,359 (34,342 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net (36,765 (7,192 Gain on acquisition of controlling interest, sale or disposal of, or recovery on,assets and interests in unconsolidated entities and impairment, net — 10,966 CONSOLIDATED NET INCOME 477,860 841,155 Net income attributable to noncontrolling interests 63,327 108,619 Preferred dividends 834 834 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 413,699 $ 731,702 BASIC AND DILUTED EARNINGS PER COMMON SHARE: Net income attributable to common stockholders $ 1.27 $ 2.25 1Q 2025 SUPPLEMENTAL 6 ) )) )) ) )
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TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Consolidated Balance Sheets(Dollars in thousands, except share amounts) March 31,2025 December 31,2024 ASSETS: Investment properties, at cost $40,837,785 $40,242,392 Less – accumulated depreciation 19,296,503 19,047,078 21,541,282 21,195,314 Cash and cash equivalents 1,380,008 1,400,345 Tenant receivables and accrued revenue, net 779,888 796,513 Investment in TRG, at equity 3,015,484 3,069,297 Investment in Klépierre, at equity 1,398,028 1,384,267 Investment in other unconsolidated entities, at equity 2,554,065 2,670,739 Right-of-use assets, net 517,531 519,607 Deferred costs and other assets 1,314,857 1,369,609 Total assets $32,501,143 $32,405,691 LIABILITIES: Mortgages and unsecured indebtedness $24,753,200 $24,264,495 Accounts payable, accrued expenses, intangibles, and deferred revenues 1,487,366 1,712,465 Cash distributions and losses in unconsolidated entities, at equity 1,729,919 1,680,431 Dividend payable 1,736 2,410 Lease liabilities 518,174 520,283 Other liabilities 743,173 626,155 Total liabilities 29,233,568 28,806,239 Commitments and contingencies Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests 241,766 184,729 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 ofpreferred 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 40,696 40,778 Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,062,397 and 342,945,839 issued and outstanding, respectively 33 33 Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding — — Capital in excess of par value 11,594,691 11,583,051 Accumulated deficit (6,709,618 (6,382,515 Accumulated other comprehensive loss (219,745 (193,026 Common stock held in treasury, at cost, 16,645,358 and 16,675,701 shares, respectively (2,100,482 (2,106,396 Total stockholders’ equity 2,605,575 2,941,925 Noncontrolling interests 420,234 472,798 Total equity 3,025,809 3,414,723 Total liabilities and equity $32,501,143 $32,405,691 1Q 2025 SUPPLEMENTAL 7 ) )) )) )
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Note: TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Joint Venture Combined Statements of Operations(Dollars in thousands) For the Three MonthsEnded March 31 2025 2024 REVENUE: Lease income $749,807 $752,030 Other income 94,066 90,992 Total revenue 843,873 843,022 OPERATING EXPENSES: Property operating 166,647 161,044 Depreciation and amortization 159,012 159,815 Real estate taxes 58,793 63,180 Repairs and maintenance 20,763 19,492 Advertising and promotion 22,150 21,663 Other 56,847 54,881 Total operating expenses 484,212 480,075 OPERATING INCOME BEFORE OTHER ITEMS 359,661 362,947 Interest expense (170,368 (176,751 NET INCOME $189,293 $186,196 Third-Party Investors’ Share of Net Income $ 96,594 $ 94,370 Our Share of Net Income 92,699 91,826 Amortization of Excess Investment (A) (14,465 (14,697 Income from Unconsolidated Entities (B) $ 78,234 $ 77,129 The above financial presentation does not include any information related to our investments in Klépierre S.A.(“Klépierre”), The Taubman Realty Group (“TRG”) and other platform investments. For additional information, see footnote B. 1Q 2025 SUPPLEMENTAL 8 ) ) ) )
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Note: TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Joint Venture Combined Balance Sheets(Dollars in thousands) March 31,2025 December 31,2024 Assets: Investment properties, at cost $19,014,468 $18,875,241 Less – accumulated depreciation 9,100,476 8,944,188 9,913,992 9,931,053 Cash and cash equivalents 1,154,946 1,270,594 Tenant receivables and accrued revenue, net 469,879 533,676 Right-of-use assets, net 115,123 113,014 Deferred costs and other assets 540,350 531,059 Total assets $12,194,290 $12,379,396 Liabilities and Partners’ Deficit: Mortgages $13,718,783 $13,666,090 Accounts payable, accrued expenses, intangibles, and deferred revenue 925,463 1,037,015 Lease liabilities 106,446 104,120 Other liabilities 346,606 363,488 Total liabilities 15,097,298 15,170,713 Preferred units 67,450 67,450 Partners’ deficit (2,970,458 (2,858,767 Total liabilities and partners’ deficit $12,194,290 $12,379,396 Our Share of: Partners’ deficit $(1,231,356 $(1,180,960 Add: Excess Investment (A) 1,065,955 1,077,204 Our net Investment in unconsolidated entities, at equity $ (165,401 $ (103,756 The above financial presentation does not include any information related to our investments in Klépierre,TRG and other platform investments. For additional information, see footnote B. 1Q 2025 SUPPLEMENTAL 9 ) ) ) ) ) )
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TABLE OF CONTENTS EARNINGS RELEASE 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 EndedMarch 31, 2025 2024 Consolidated Net Income (D) $ 477,860 $ 841,155 Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties 324,322 303,672 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments 208,964 204,979 Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (10,966 Net loss attributable to noncontrolling interest holders in properties 1,292 1,470 Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties (5,993 (5,510 Preferred distributions and dividends (1,126 (1,266 FFO of the Operating Partnership $1,005,319 $1,333,534 FFO of the Operating Partnership $1,005,319 $1,333,534 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax 17,994 (311,077 Other platform investments, net of tax 52,843 60,776 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 36,765 7,192 Real Estate FFO $1,112,921 $1,090,425 Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share $ 1.27 $ 2.25 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 1.40 1.34 Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (0.03 Diluted FFO per share $ 2.67 $ 3.56 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax 0.05 (0.83 Other platform investments, net of tax 0.13 0.16 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 0.10 0.02 Real Estate FFO per share $ 2.95 $ 2.91 1.4 Details for per share calculations: FFO of the Operating Partnership $1,005,319 $1,333,534 Diluted FFO allocable to unitholders (135,284 (173,804 Diluted FFO allocable to common stockholders $ 870,035 $1,159,730 Basic and Diluted weighted average shares outstanding 326,313 325,912 Weighted average limited partnership units outstanding 50,740 48,843 Basic and Diluted weighted average shares and units outstanding 377,053 374,755 Basic and Diluted FFO per Share $ 2.67 $ 3.56 Percent Change -25.0 1Q 2025 SUPPLEMENTAL 10 ) ) )) ) ) ) ) % ) ) %
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(A) (B) (C) (D) – – – TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc. Footnotes to Unaudited Financial Information Notes: Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures showntherein. The Company generally amortizes excess investment over the life of the related assets. 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 ourinvestments in Klépierre, TRG and other platform investments. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre,TRG and other platform investments. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additionaldiscussion and analysis in our Form 10-K. 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 RealEstate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning ouroperating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance ofour 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 – 2018Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains andlosses 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 orproperty insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint venturesbased upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not representcash 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 operatingperformance, and is not an alternative to cash flows as a measure of liquidity. Includes our share of: Gain on land sales of $0.0 million and $7.5 million for the three months ended March 31, 2025 and 2024, respectively. Straight-line adjustments increased (decreased) income by $2.2 million and ($4.6) million for the three months ended March 31, 2025 and 2024, respectively. Amortization of fair market value of leases increased income by $0.3 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively. 1Q 2025 SUPPLEMENTAL 11
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TABLE OF CONTENTS 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., orthe Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, theterms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop andmanage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, andInternational Properties. At March 31, 2025, we owned or had an interest in 232 properties comprising 183 million square feet in North America, Asia andEurope. We also owned an 88% interest in The Taubman Realty Group, or TRG, which owns 22 regional, super-regional, and outlet malls in the U.S. andAsia. Additionally, at March 31, 2025, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which ownsshopping centers in 14 European countries. This package was prepared to provide operational and balance sheet information as of March 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 SecuritiesLitigation 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 bythese forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intenselycompetitive market environment in the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties onfavorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or majortenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that mayadversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions onus to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts inthe Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availabilityof comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates ofinterest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, includingchanges in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreementsthat impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability toaccess capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our statusas 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 toour joint venture properties, including guarantees of certain joint venture indebtedness; reducing emissions of greenhouse gases; environmentalliabilities; natural disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmentalrestrictions 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 andquarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, weundertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, orotherwise. Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of InvestorRelations (tom.ward@simon.com or 317.685.7330). 1Q 2025 SUPPLEMENTAL 12
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(1) TABLE OF CONTENTS 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 CumulativeRedeemable Preferred SPGPrJ CREDIT RATINGS Standard & Poor’s Corporate A- (Positive Outlook) Senior Unsecured A- (Positive Outlook) Commercial Paper A2 (Positive Outlook) Preferred Stock BBB (Positive Outlook) Moody’s Senior Unsecured A3 (Stable Outlook) Commercial Paper P2 (Stable Outlook) Preferred Stock Baa1 (Stable Outlook) SENIOR UNSECURED DEBT COVENANTS Required Actual Compliance Total Debt to Total Assets ≤65% 38% Yes Total Secured Debt to Total Assets ≤50% 16% Yes Fixed Charge Coverage Ratio >1.5X 4.6X Yes Total Unencumbered Assets to Unsecured Debt ≥125% 307% Yes 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. 1Q 2025 SUPPLEMENTAL 13 (1) (1) (1)
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TABLE OF CONTENTS SELECTED FINANCIAL AND EQUITY INFORMATION(In thousands, except as noted) THREE MONTHS ENDEDMARCH 31, 2025 2024 Financial Highlights Total Revenue – Consolidated Properties $1,473,012 $1,442,590 Consolidated Net Income $ 477,860 $ 841,155 Net Income Attributable to Common Stockholders $ 413,699 $ 731,702 Basic and Diluted Earnings per Common Share (EPS) $ 1.27 $ 2.25 Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership $1,112,921 $1,090,425 Basic and Diluted Real Estate FFO per Share $ 2.95 $ 2.91 Funds from Operations (FFO) of the Operating Partnership $1,005,319 $1,333,534 Basic and Diluted FFO per Share (FFOPS) $ 2.67 $ 3.56 Dividends/Distributions per Share/Unit $ 2.10 $ 1.95 AS OFMARCH 31,2025 AS OFDECEMBER 31,2024 Stockholders’ Equity Information Limited Partners’ Units Outstanding at end of period 50,714 50,760 Common Shares Outstanding at end of period 326,425 326,278 Total Common Shares and Limited Partnership Units Outstanding at end of period 377,139 377,038 Weighted Average Limited Partnership Units Outstanding 50,740 49,338 Weighted Average Common Shares Outstanding: Basic and Diluted – for purposes of EPS and FFOPS 326,313 326,097 Equity Market Capitalization Common Stock Price at end of period $ 166.08 $ 172.21 Common Equity Capitalization, including Limited Partnership Units $62,635,292 $64,929,673 Preferred Equity Capitalization, including Limited Partnership Preferred Units 63,354 61,944 Total Equity Market Capitalization $62,698,646 $64,991,617 1Q 2025 SUPPLEMENTAL 14
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(1) (2) (3) TABLE OF CONTENTS NET OPERATING INCOME (NOI) COMPOSITION For the Three Months Ended March 31, 2025 Based on our beneficial interest of NOI. Includes TRG U.S. assets. Includes Klépierre, international Premium Outlets, international Designer Outlets and international TRG assets. 1Q 2025 SUPPLEMENTAL 15 (1)
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(1) (2) (3) (4) (5) TABLE OF CONTENTS NET OPERATING INCOME OVERVIEW (AT SHARE)(In thousands) FOR THE THREE MONTHSENDED MARCH 31, % GROWTH 2025 2024 Domestic Property NOI $1,372,843 $1,328,282 3.4% International Properties 82,503 76,650 Portfolio NOI $1,455,346 $1,404,932 3.6% NOI from Other Platform Investments (41,461 (91,122 NOI from Investments 53,390 49,356 Corporate and Other NOI Sources 54,950 91,857 Beneficial interest of Combined NOI $1,522,225 $1,455,023 All properties in North America (including TRG’s 18 in the U.S., 4 in Canada and 2 in Mexico). International properties outside of North America at constant currency (including TRG’s 4 international properties). Includes investment in retail operations (Catalyst Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and managementcompany (Jamestown). NOI of Klépierre at constant currency and HBS. Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straightline lease income, above/below market lease adjustments, Simon management company revenues, foreign exchange impact, and other assets. 1Q 2025 SUPPLEMENTAL 16 (1) (2) (3) ) ) (4) (5)
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(1) TABLE OF CONTENTS RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES(In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI THREE MONTHS ENDEDMARCH 31, 2025 2024 Reconciliation of NOI of consolidated entities: Consolidated Net Income $ 477,860 $ 841,155 Income and other tax (benefit) expense (7,637 47,603 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net 23,992 (414,769 Interest expense 226,995 230,623 (Income) loss from unconsolidated entities (30,359 34,342 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 36,765 7,192 Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — (10,966 Operating Income Before Other Items 727,616 735,180 Depreciation and amortization 328,051 307,369 Home and regional office costs 65,066 60,723 General and administrative 12,629 9,132 NOI of consolidated entities $1,133,362 $1,112,404 Less: Noncontrolling interest partners share of NOI (7,384 (7,471 Beneficial NOI of consolidated entities $1,125,978 $1,104,933 Reconciliation of NOI of unconsolidated entities: Net Income $ 189,293 $ 186,196 Interest expense 170,368 176,751 Operating Income Before Other Items 359,661 362,947 Depreciation and amortization 159,012 159,815 NOI of unconsolidated entities $ 518,673 $ 522,762 Less: Joint Venture partners share of NOI (270,758 (273,939 Beneficial NOI of unconsolidated entities $ 247,915 $ 248,823 Add: Beneficial interest of NOI from TRG 136,403 130,478 Add: Beneficial interest of NOI from Other Platform Investments and Investments 11,929 (29,211 Beneficial interest of Combined NOI $1,522,225 $1,455,023 See footnotes 3 and 4 on prior page. 1Q 2025 SUPPLEMENTAL 17 ) ) ) ) ) ) ) ) (1) )
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(1) TABLE OF CONTENTS 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) THREEMONTHS ENDEDMARCH 31, 2025 FFO of the Operating Partnership $1,005,319 Non-cash impacts to FFO 58,561 FFO of the Operating Partnership excluding non-cash impacts 1,063,880 Tenant allowances (53,291 Operational capital expenditures (46,060 Funds available for distribution $ 964,529 Non-cash impacts to FFO of the Operating Partnership include: THREEMONTHS ENDEDMARCH 31, 2025 Deductions: Fair value of debt amortization (42 Fair market value of lease amortization (307 Straight line lease income (2,241 Additions: Stock based compensation expense 16,241 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 36,765 Mortgage, financing fee, accretion interest, and terminated swap amortization expense 8,145 $58,561 This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the UnitedStates, including FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (NOI), domestic portfolio NOIand portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additionalinformation concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internallyto 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 flowscomputed 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 andin the Earnings Release for the latest period. 1Q 2025 SUPPLEMENTAL 18 (1) )) )))
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(1) (2) (3) (4) (5) TABLE OF CONTENTS LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROMUNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST(In thousands) THREE MONTHS ENDEDMARCH 31, Consolidated Properties 2025 2024 Lease Income Fixed lease income $1,124,114 $1,068,405 Variable lease income 243,314 234,266 Total Lease Income $1,367,428 $1,302,671 Other Income Interest, dividend and distribution income $ 22,904 $ 38,531 Lease settlement income 1,355 5,334 Gains on land sales — 7,479 Mixed-use and franchise operations income 11,226 21,218 Other 36,307 37,902 Total Other Income $ 71,792 $ 110,464 Other Expense Ground leases $ 12,270 $ 12,255 Mixed-use and franchise operations expense 9,231 18,947 Professional fees and other 9,477 9,851 Total Other Expense $ 30,978 $ 41,053 Income from Unconsolidated Entities Share of Joint Ventures $ 78,234 $ 77,129 Share of Klépierre net income, net of amortization of excess investment 19,267 15,637 Share of Other Platform Investments net loss, net of amortization of excess investment, pre-tax (60,775 (115,768 Share of TRG net loss including amortization of excess investment (6,367 (11,340 Total Income from Unconsolidated Entities $ 30,359 $ (34,342 Capitalized Interest Our Share of Consolidated Properties $ 8,999 $ 9,061 Our Share of Joint Venture Properties $ 70 $ 68 Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing. Includes distributions from other international investments and preferred unit distributions from TRG. Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estateinvestments, insurance proceeds from business interruption and other miscellaneous income items. Includes U.S. joint venture operations and international outlet joint ventures. 1Q 2025 SUPPLEMENTAL 19 (1) (2) (3) (4) (5) ) )) ))
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AS OF MARCH 31, 2025 2024 U.S. Malls and Premium Outlets Total Number of Properties 162 162 Total Square Footage of Properties (in millions) 136.1 136.6 Ending Occupancy : Consolidated Assets 95.9% 95.4% Unconsolidated Assets 96.0% 95.8% Total Portfolio 95.9% 95.5% Base Minimum Rent PSF : Consolidated Assets $57.13 $56.15 Unconsolidated Assets $64.24 $61.38 Total Portfolio $58.92 $57.53 U.S. TRG Total Number of Properties 18 18 Total Square Footage of Properties (in millions) 18.5 17.9 Ending Occupancy 94.0% 95.3% Base Minimum Rent PSF $68.68 $65.92 AS OF MARCH 31, 2025 2024 The Mills Total Number of Properties 14 14 Total Square Footage of Properties (in millions) 21.3 21.4 Ending Occupancy 98.4% 97.7% Base Minimum Rent PSF $38.41 $36.97 International Properties Premium Outlets Total Number of Properties 24 23 Total Square Footage of Properties (in millions) 9.2 8.7 Designer Outlets Total Number of Properties 12 12 Total Square Footage of Properties (in millions) 3.0 3.0 The Mall Luxury Outlets Total Number of Properties 2 — Total Square Footage of Properties (in millions) 0.4 — TRG Total Number of Properties 4 4 Total Square Footage of Properties (in millions) 4.7 4.7 (1) (2) (3) TABLE OF CONTENTS OPERATING INFORMATION 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 spaceexcept for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. 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 asdefined above. See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space. 1Q 2025 SUPPLEMENTAL 20 (1) (2) (1) (2) (3) (2)
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(1) (2) (3) (4) TABLE OF CONTENTS U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS YEAR NUMBER OFLEASESEXPIRING SQUARE FEET AVG. BASEMINIMUMRENT PSFAT EXPIRATION PERCENTAGE OFGROSS ANNUALRENTALREVENUES Inline Stores and Freestanding Month to Month Leases 1,314 4,847,479 $63.95 5.3% 2025 (4/1/25 – 12/31/25) 1,268 4,223,356 $63.11 4.6% 2026 3,005 11,556,889 $55.12 10.0% 2027 2,515 9,679,407 $60.61 10.0% 2028 2,037 8,855,123 $65.84 10.1% 2029 1,776 7,635,218 $64.74 8.3% 2030 950 4,588,704 $72.84 5.6% 2031 490 2,524,330 $72.12 3.1% 2032 491 1,827,329 $93.27 3.0% 2033 598 2,323,379 $99.23 3.9% 2034 662 2,545,879 $91.60 4.1% 2035 202 979,076 $86.81 1.4% 2036 and Thereafter 663 2,832,127 $55.22 2.2% Specialty Leasing Agreements w/ terms in excess of 12 months 2,116 5,597,752 $17.68 1.7% Anchors Month to Month Leases 2 263,650 $2.52 0.0% 2025 (4/1/25 – 12/31/25) 2 255,671 $4.58 0.0% 2026 14 1,417,724 $4.76 0.1% 2027 13 1,765,268 $5.32 0.2% 2028 16 1,986,210 $5.73 0.2% 2029 16 1,669,076 $6.40 0.2% 2030 18 1,835,708 $8.09 0.2% 2031 10 816,174 $9.12 0.1% 2032 4 282,245 $25.21 0.1% 2033 7 1,028,383 $8.48 0.2% 2034 7 559,597 $21.82 0.2% 2035 6 601,344 $8.30 0.1% 2036 and Thereafter 20 1,787,160 $17.54 0.4% Does not include TRG portfolio lease expirations. Does not consider the impact of renewal options that may be contained in leases. Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration. Annual rental revenues represent 2024 consolidated and joint venture combined base rental revenue. 1Q 2025 SUPPLEMENTAL 21 (1)(2) (3) (4)
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(1) (2) * 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 NUMBEROFSTORES SQUAREFEET(000’S) PERCENT OFTOTAL SQ. FT. INU.S. PROPERTIES PERCENT OF TOTALBASE MINIMUM RENTFOR U.S. PROPERTIES The Gap 281 3,020 1.8% 2.8% Knitwell Group 429 1,954 1.1% 1.8% Tapestry 215 930 0.5% 1.7% Signet Jewelers 336 493 0.3% 1.5% American Eagle Outfitters 225 1,421 0.8% 1.5% LVMH Fashion 128 492 0.3% 1.4% Victoria’s Secret & Co. 123 1,071 0.6% 1.4% Capri Holdings 133 540 0.3% 1.4% Kering 79 353 0.2% 1.3% VF Corporation 195 859 0.5% 1.3% Top Anchors (sorted by percentage of total square footage in U.S. properties) TENANT NUMBEROFSTORES SQUAREFEET(000’S) PERCENT OFTOTAL SQ. FT. INU.S. PROPERTIES PERCENT OF TOTALBASE MINIMUM RENTFOR U.S. PROPERTIES Macy’s 97 18,845 11.0% 0.3% J.C. Penney 53 8,668 5.1% 0.3% Dillard’s 35 6,377 3.7% * Nordstrom 23 3,965 2.3% 0.1% Dick’s Sporting Goods 36 2,753 1.6% 0.6% Saks Global 19 2,281 1.3% 0.2% Belk 7 1,194 0.7% * Target 7 968 0.6% 0.1% Von Maur 7 892 0.5% * Primark 13 695 0.4% 0.2% Does not include TRG portfolio top tenants. 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, andSaks Fifth Avenue Off 5th. Less than one-tenth of one percent. 1Q 2025 SUPPLEMENTAL 22 (1) (2)
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(1) (2) TABLE OF CONTENTS CAPITAL EXPENDITURES (In thousands) UNCONSOLIDATEDPROPERTIES CONSOLIDATEDPROPERTIES TOTAL OURSHARE New development projects $ 1,284 $ 9,576 $ 4,788 Redevelopment projects with incremental square footage and/or anchor replacement 69,286 41,096 20,626 Redevelopment projects with no incremental square footage 4,051 2,891 1,581 Subtotal new development and redevelopment projects 74,621 53,563 26,995 Tenant allowances 46,664 13,506 6,627 Operational capital expenditures (CAM and non-CAM) 32,024 33,579 14,036 Totals $153,309 $100,648 $47,658 Conversion from accrual to cash basis 76,892 25,332 11,995 Capital Expenditures for the Three Months Ended 3/31/25 $230,201 $125,980 $59,653 Capital Expenditures for the Three Months Ended 3/31/24 $162,974 $117,615 $56,722 Does not include TRG portfolio capital expenditures. Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is preparedfor the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties. 1Q 2025 SUPPLEMENTAL 23 (1) (2) (2)
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(1) TABLE OF CONTENTS DEVELOPMENT ACTIVITY SUMMARY As of March 31, 2025(in thousands, except percent) PLATFORM PROJECT TYPE OUR SHAREOF NETINVESTMENT EXPECTEDSTABILIZEDRATE OFRETURN ACTUAL 2025INVESTMENTTHRU Q1 2025 FORECASTEDINVESTMENTQ2 - Q4 2025 FORECASTEDINVESTMENTFY 2025 FORECASTEDINVESTMENTFY 2026 FORECASTEDTOTAL INVESTMENTFY 2025 - 2026 Malls Redevelopments $850,425 8% $78,757 $278,791 $357,548 $182,833 $540,381 Premium Outlets New Developments $ 56,037 11% $ 7,068 $ 7,374 $ 14,442 $ — $ 14,442 The Mills Redevelopments $ 37,867 15% $ 4,112 $ 23,512 $ 27,624 $ 5,290 $ 32,914 Total Investment $944,329 9% $89,937 $309,677 $399,614 $188,123 $587,737 Less funding from: Construction Loans,International JV Cash on hand, etc. $(143,415 $(12,657 $ (14,884 $ (27,541 $ (54,197 $(81,738 Total Net Cash Investment $800,914 $77,280 $294,793 $372,073 $133,926 $505,999 Notes: Does not include TRG 1Q 2025 SUPPLEMENTAL 24 (1) (1) ) ) ) ) ) )
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(1) (2) (3) (4) (5) TABLE OF CONTENTS COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIPFor the Period December 31, 2024 through March 31, 2025 COMMONSHARES LIMITEDPARTNERSHIPUNITS Number Outstanding at December 31, 2024 326,278,138 50,759,627 Activity During the First Nine Months of 2024 Redemption of Limited Partnership Units for Cash — (36,291 Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned 39,949 107,462 Exchange of Limited Partnership Units for Common Stock 116,558 (116,558 Shares Repurchased to Satisfy Employee Tax Obligations (9,606 — Number Outstanding at March 31, 2025 326,425,039 50,714,240 Number of Limited Partnership Units and Common Shares at March 31, 2025 377,139,279 PREFERRED STOCK/UNITS OUTSTANDING AS OF MARCH 31, 2025($ in 000’s, except per share amounts) ISSUER DESCRIPTION NUMBER OFSHARES/UNITS PER SHARELIQUIDATIONPREFERENCE AGGREGATELIQUIDATIONPREFERENCE TICKERSYMBOL Preferred Stock: Simon Property Group, Inc. Series J 8.375% Cumulative Redeemable 796,948 $ 50.00 $39,847 SPGPrJ Preferred Units: Simon Property Group, L.P. 7.50% Cumulative Redeemable 155,373 $100.00 $23,037 N/A Excludes Limited Partnership preferred units relating to preferred stock outstanding. Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares. Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net offorfeitures. Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2025 was $60.00per share. Each preferred unit is redeemable upon the occurrence of certain tax triggering events. 1Q 2025 SUPPLEMENTAL 25 (1) (2) )(3) )) (4) (5)
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(1)(2) (3) TABLE OF CONTENTS CREDIT PROFILE As of year end, unless otherwise indicated.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 mortgagedebt.Includes TRG secured, corporate and other debt. 1Q 2025 SUPPLEMENTAL 26 (1)
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TOTALINDEBTEDNESS OURSHARE OFINDEBTEDNESS WEIGHTEDAVERAGEEND OF PERIODINTEREST RATE WEIGHTEDAVERAGEYEARS TOMATURITY Consolidated Indebtedness Mortgage Debt Fixed Rate $ 4,625,191 $ 4,451,879 3.96% 1.9 Floating Rate Debt(Swapped to Fixed) 208,848 190,777 4.65% 2.7 Floating Rate Debt(Hedged) 171,571 140,372 5.41% 2.8 Variable Rate Debt 39,714 34,917 4.98% 1.8 Total Mortgage Debt 5,045,324 4,817,945 4.03% 2.0 Unsecured Debt Fixed Rate Notes 19,164,242 19,164,242 3.48% 9.4 Euro Term Loan (Swappedto Fixed) 378,742 378,742 2.60% 2.0 Revolving CreditFacility – USD Currency 305,000 305,000 5.22% 3.2 Total Unsecured Debt 19,847,984 19,847,984 3.49% 9.1 Premium 4,363 4,363 Discount (76,520 (76,520 Debt Issuance Costs (127,016 (126,007 Other Debt Obligations 59,065 59,065 Consolidated Mortgages andUnsecured Indebtedness $ 24,753,200 $ 24,526,830 3.60% 7.7 Joint Venture Indebtedness Mortgage Debt Fixed Rate $ 11,068,815 $ 5,239,819 4.88% 4.9 Floating Rate Debt(Swapped to Fixed) 758,546 330,529 4.85% 2.4 Floating Rate Debt(Hedged) 1,055,000 493,376 6.20% 1.6 Variable Rate Debt 619,639 293,972 5.29% 2.3 TMLP Debt 258,980 — — — Total Mortgage Debt 13,760,980 6,357,696 5.00% 4.4 Debt Issuance Costs (42,197 (20,505 Joint Venture Mortgages andOther Indebtedness $ 13,718,783 $ 6,337,191 5.00% 4.4 Our Share of TotalIndebtedness $ 30,864,021 3.89% 7.0 TOTALINDEBTEDNESS OURSHARE OFINDEBTEDNESS WEIGHTEDAVERAGEEND OF PERIODINTEREST RATE WEIGHTEDAVERAGEYEARS TOMATURITY Summary of Our Share of Fixedand Variable Rate Debt Consolidated Fixed 99.3% $ 24,353,889 3.59% 7.8 Variable 0.7% 172,941 5.32% 2.6 100.0% 24,526,830 3.60% 7.7 Joint Venture Fixed 87.6% $ 5,552,943 4.88% 4.7 Variable 12.4% 784,248 5.86% 1.8 100.0% 6,337,191 5.00% 4.4 Total Debt $ 30,864,021 Total Fixed Debt 96.9% $ 29,906,832 3.83% 7.2 Total Variable Debt 3.1% $ 957,189 5.76% 2.0 Total Variable DebtInclusive of In-theMoney-Caps 1.1% (1)(2)(3) TABLE OF CONTENTS SUMMARY OF INDEBTEDNESS As of March 31, 2025(In thousands) Does not include TRG secured and corporate debt.Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.See footnote 10 on the Property and Debt Information. 1Q 2025 SUPPLEMENTAL 27 (1) (2) ) )) ) (2) (2) (3) ) ) (2)
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(1) TABLE OF CONTENTS TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of March 31, 2025(In thousands) UNSECURED CONSOLIDATED DEBT SECURED CONSOLIDATED DEBT UNCONSOLIDATED JOINT VENTURE DEBT TOTAL YEAR OUR SHAREOF DEBT WEIGHTEDAVERAGERATE OUR SHAREOF DEBT WEIGHTEDAVERAGERATE OUR SHAREOF DEBT WEIGHTEDAVERAGERATE OUR SHAREOF DEBT WEIGHTEDAVERAGERATE 2025 $ 1,641,060 2.76% $1,005,271 3.67% $ 508,701 5.24% $ 3,155,032 3.41% 2026 2,361,591 3.35% 2,400,288 4.10% 1,379,690 4.35% 6,141,569 3.87% 2027 2,428,742 2.80% 418,260 4.55% 1,155,617 4.67% 4,002,619 3.53% 2028 1,105,000 2.71% 48,809 3.85% 849,592 4.30% 2,003,401 3.44% 2029 1,250,000 2.45% 517,496 3.44% 84,457 5.21% 1,851,953 2.81% 2030 750,000 2.65% 76,500 5.92% 278,956 3.70% 1,105,456 3.25% 2031 700,000 2.20% 227,042 3.20% 91,745 4.45% 1,018,787 2.61% 2032 1,400,000 2.45% — — 346,643 5.24% 1,746,643 3.07% 2033 1,461,591 3.07% 124,279 6.46% 596,912 6.85% 2,182,782 4.33% 2034 1,500,000 5.25% — — 363,331 6.15% 1,863,331 5.42% 2035 — — — — 702,052 5.76% 702,052 5.76% Thereafter 5,250,000 4.71% — — — — 5,250,000 4.71% Face Amounts of Indebtedness $19,847,984 3.49% $4,817,945 4.03% $6,357,696 5.00% $31,023,625 3.89% Premiums (Discounts) on Indebtedness, Net (73,561 1,404 — (72,157 Debt Issuance Costs (115,020 (10,987 (20,505 (146,512 Other Debt Obligations — 59,065 — 59,065 Our Share of Total Indebtedness $19,659,403 $4,867,427 $6,337,191 $30,864,021 Does not include TRG. 1Q 2025 SUPPLEMENTAL 28 (1) ) ) ) ) ) )
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(1)(2)(3)(4)(5)(6)(7) TABLE OF CONTENTS UNSECURED DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION MATURITYDATE INTERESTRATE TYPE INDEBTEDNESSTOTAL($ IN 000’S) Unsecured Indebtedness: Simon Property Group, LP (Euro Sr. Notes) 5/13/2025 1.25% Fixed 541,060 Simon Property Group, LP (Sr. Notes) 9/1/2025 3.50% Fixed 1,100,000 Simon Property Group, LP (Sr. Notes) 1/15/2026 3.30% Fixed 800,000 Simon Property Group, LP (Exchangable Euro Sr. Bonds) 11/14/2026 3.50% Fixed 811,591 Simon Property Group, LP (Sr. Notes) 11/30/2026 3.25% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 1/15/2027 1.38% Fixed 550,000 Euro Term Loan 3/20/2027 2.60% Fixed 378,742 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 5.22% Fixed 305,000 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) 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 811,591 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) 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 $ 19,847,984 Amount shown in USD equivalent; EUR equivalent is 500.0 million.Notes exchangable into ordinary shares of Klépierre S.A., at a common stock price of €27.1552.Amount shown in USD equivalent; EUR equivalent is 750.0 million.Through an interest rate swap agreement which matures on December 31, 2025, interest is essentially fixed at the all-in-rate presented.Includes applicable extensions available at our option.Also represents our share of Total Unsecured Indebtedness.Amount shown in USD equivalent; EUR equivalent is 350.0 million. Through an interest rate swap agreement which matures on March 20, 2026, interest isessentially fixed at the all-in-rate presented. 1Q 2025 SUPPLEMENTAL 29 (7) (1) (2) (3) (7) (4)(5) (3) (6)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE Malls 1. Apple Blossom Mall VA Winchester 49.1% 474,006 2. Auburn Mall MA Auburn 56.4% 499,085 3. Aventura Mall FL Miami Beach (Miami) 33.3% 2,147,316 07/01/28 4.12% Fixed 1,750,000 583,333 4. Barton Creek Square TX Austin 100.0% 1,450,115 5. Battlefield Mall MO Springfield 100.0% 1,202,710 6. Bay Park Square WI Green Bay 100.0% 690,682 7. Brea Mall CA Brea (Los Angeles) 100.0% 1,338,725 8. Briarwood Mall MI Ann Arbor 50.0% 869,500 09/01/26 3.29% Fixed 165,000 82,500 9. Brickell City Centre FL Miami 25.0% 475,088 10. Broadway Square TX Tyler 100.0% 613,158 11. Burlington Mall MA Burlington (Boston) 100.0% 1,260,282 12. Cape Cod Mall MA Hyannis 56.4% 706,132 07/30/26 6.62% Variable 52,000 29,313 13. Castleton Square IN Indianapolis 100.0% 1,365,653 14. Cielo Vista Mall TX El Paso 100.0% 1,245,349 15. Coconut Point FL Estero 50.0% 1,123,142 10/01/26 3.95% Fixed 166,588 83,294 16. College Mall IN Bloomington 100.0% 579,129 17. Columbia Center WA Kennewick 100.0% 763,413 18. Copley Place MA Boston 94.4% 1,252,704 19. Coral Square FL Coral Springs (Miami) 97.2% 944,629 20. Cordova Mall FL Pensacola 100.0% 936,666 21. Dadeland Mall FL Miami 50.0% 1,510,568 01/05/27 3.11% Fixed 359,145 179,573 22. Del Amo Fashion Center CA Torrance (Los Angeles) 50.0% 2,506,531 06/01/27 3.66% Fixed 585,000 292,500 23. Domain, The TX Austin 100.0% 1,232,013 07/01/31 3.09% Fixed 210,000 210,000 24. Empire Mall SD Sioux Falls 100.0% 1,168,394 12/01/25 4.31% Fixed 168,566 168,566 25. Falls, The FL Miami 50.0% 709,851 09/01/26 3.45% Fixed 150,000 75,000 26. Fashion Centre at Pentagon City, The VA Arlington (Washington, DC) 42.5% 1,036,072 05/09/26 6.05% Variable 455,000 193,376 27. Fashion Mall at Keystone, The IN Indianapolis 100.0% 710,180 28. Fashion Valley CA San Diego 50.0% 1,681,516 06/01/33 5.73% Fixed 450,000 225,000 29. Firewheel Town Center TX Garland (Dallas) 100.0% 995,876 30. Florida Mall, The FL Orlando 50.0% 1,727,254 02/09/27 6.30% Variable 600,000 300,000 31. Forum Shops at Caesars Palace, The NV Las Vegas 100.0% 676,551 32. Galleria, The TX Houston 50.4% 2,003,777 02/01/35 5.65% Fixed 1,200,000 604,440 33. Greenwood Park Mall IN Greenwood (Indianapolis) 100.0% 1,284,914 34. Haywood Mall SC Greenville 100.0% 1,251,792 35. King of Prussia PA King of Prussia (Philadelphia) 100.0% 2,665,586 36. La Plaza TX McAllen 100.0% 1,323,336 37. Lakeline Mall TX Cedar Park (Austin) 100.0% 1,098,867 38. Lehigh Valley Mall PA Whitehall 50.0% 1,192,623 11/01/27 4.06% Fixed 171,725 85,863 39. Lenox Square GA Atlanta 100.0% 1,545,558 1Q 2025 SUPPLEMENTAL 30 (1) (2) (2) (3) (2) (2) (2) (2) (3) (2) (2) (2) (5) (2) (2) (2) (2) (4) (2) (2) (2) (5)(31) (2) (2) (5)(32) (2) (2) (2) (2) (2) (2) (2)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 40. Mall at Rockingham Park, The NH Salem (Boston) 28.2% 1,063,619 06/01/26 4.04% Fixed 262,000 73,845 41. Mall of Georgia GA Buford (Atlanta) 100.0% 1,849,232 42. Mall of New Hampshire, The NH Manchester 56.4% 803,783 07/01/25 4.11% Fixed 150,000 84,555 43. McCain Mall AR N. Little Rock 100.0% 789,502 44. Meadowood Mall NV Reno 50.0% 931,579 12/01/26 5.70% Fixed 100,913 50,457 45. Menlo Park Mall NJ Edison (New York) 100.0% 1,294,766 46. Miami International Mall FL Miami 95.0% 1,080,730 02/06/26 7.92% Fixed 152,889 145,238 47. Midland Park Mall TX Midland 100.0% 645,611 48. Miller Hill Mall MN Duluth 100.0% 827,566 49. North East Mall TX Hurst (Dallas) 100.0% 1,547,321 50. Northshore Mall MA Peabody (Boston) 56.4% 1,591,420 07/05/25 8.02% Fixed 181,201 102,144 51. Ocean County Mall NJ Toms River (New York) 100.0% 889,980 52. Orland Square IL Orland Park (Chicago) 100.0% 1,230,541 53. Penn Square Mall OK Oklahoma City 94.5% 1,082,998 01/01/26 3.84% Fixed 310,000 292,938 54. Pheasant Lane Mall NH Nashua 979,750 55. Phipps Plaza GA Atlanta 100.0% 1,057,546 56. Plaza Carolina PR Carolina (San Juan) 100.0% 1,156,259 57. Prien Lake Mall LA Lake Charles 100.0% 718,224 58. Quaker Bridge Mall NJ Lawrenceville 50.0% 1,079,422 05/01/26 4.50% Fixed 180,000 90,000 59. Rockaway Townsquare NJ Rockaway (New York) 100.0% 1,242,058 60. Roosevelt Field NY Garden City (New York) 100.0% 2,346,535 61. Ross Park Mall PA Pittsburgh 100.0% 1,185,114 62. Santa Rosa Plaza CA Santa Rosa 100.0% 697,785 63. Shops at Chestnut Hill, The MA Chestnut Hill (Boston) 94.4% 470,263 08/31/33 6.66% Fixed 92,646 87,495 64. Shops at Clearfork, The TX Fort Worth 45.0% 556,086 03/11/30 2.81% Fixed 145,000 65,250 65. Shops at Crystals, The NV Las Vegas 50.0% 279,376 07/01/26 3.74% Fixed 550,000 275,000 66. Shops at Mission Viejo, The CA Mission Viejo (Los Angeles) 51.0% 1,260,872 01/01/35 6.73% Fixed 180,000 91,800 67. Shops at Riverside, The NJ Hackensack (New York) 100.0% 726,736 68. Smith Haven Mall NY Lake Grove (New York) 100.0% 1,249,052 69. South Hills Village PA Pittsburgh 100.0% 1,126,871 70. South Shore Plaza MA Braintree (Boston) 100.0% 1,583,997 71. Southdale Center MN Edina (Minneapolis) 100.0% 1,168,168 72. SouthPark NC Charlotte 100.0% 1,699,873 73. Springfield Mall PA Springfield (Philadelphia) 50.0% 610,120 10/06/25 4.45% Fixed 53,498 26,749 74. St. Charles Towne Center MD Waldorf (Washington, DC) 100.0% 980,214 75. St. Johns Town Center FL Jacksonville 50.0% 1,445,061 06/01/34 5.95% Fixed 360,000 180,001 76. Stanford Shopping Center CA Palo Alto (San Jose) 94.4% 1,321,597 77. Stoneridge Shopping Center CA Pleasanton (San Francisco) 49.9% 1,295,863 09/05/26 3.50% Fixed 330,000 164,670 78. Summit Mall OH Akron 100.0% 774,622 10/01/26 3.31% Fixed 85,000 85,000 79. Tacoma Mall WA Tacoma (Seattle) 100.0% 1,262,954 1Q 2025 SUPPLEMENTAL 31 (1) (2) (2) (2) (5) (2) (2) (2) (2) (2) (6) (2) (2) (2) (2) (2) (2) (2) (2) (25) (2) (2) (2) (2) (2) (2) (3) (2) (4) (2) (2)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 80. Tippecanoe Mall IN Lafayette 100.0% 864,871 81. Town Center at Boca Raton FL Boca Raton (Miami) 100.0% 1,779,211 82. Towne East Square KS Wichita 100.0% 1,157,209 83. Treasure Coast Square FL Jensen Beach 100.0% 875,178 84. Tyrone Square FL St. Petersburg (Tampa) 100.0% 955,887 85. University Park Mall IN Mishawaka 100.0% 910,314 86. Walt Whitman Shops NY Huntington Station (New York) 100.0% 1,083,095 87. West Town Mall TN Knoxville 50.0% 1,281,244 88. Westchester, The NY White Plains (New York) 40.0% 804,666 02/01/30 3.25% Fixed 400,000 160,000 89. White Oaks Mall IL Springfield 88.6% 926,060 06/15/27 6.98% Fixed 34,000 30,138 90. Wolfchase Galleria TN Memphis 94.5% 1,148,366 11/01/26 4.15% Fixed 155,152 146,612 91. Woodfield Mall IL Schaumburg (Chicago) 50.0% 2,151,796 12/01/33 6.71% Fixed 294,000 147,000 92. Woodland Hills Mall OK Tulsa 94.5% 1,238,750 Total Mall Square Footage 105,338,456 Lifestyle Centers 1. ABQ Uptown NM Albuquerque 100.0% 228,827 2. Hamilton Town Center IN Noblesville (Indianapolis) 50.0% 679,060 02/24/30 6.47% Variable 93,500 46,750 3. Liberty Tree Mall MA Danvers 49.1% 861,590 05/03/28 6.18% Fixed 27,899 13,709 4. Northgate Station WA Seattle 100.0% 416,839 5. Pier Park FL Panama City Beach 65.6% 947,325 6. University Park Village TX Fort Worth 100.0% 170,287 05/01/28 3.85% Fixed 49,821 49,821 Total Lifestyle Centers SquareFootage 3,303,928 1Q 2025 SUPPLEMENTAL 32 (1) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (5) (25) (2) (2)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE Premium Outlets 1. Albertville Premium Outlets MN Albertville (Minneapolis) 100.0% 301,148 2. Allen Premium Outlets TX Allen (Dallas) 100.0% 548,453 3. Aurora Farms Premium Outlets OH Aurora (Cleveland) 100.0% 262,110 4. Birch Run Premium Outlets MI Birch Run (Detroit) 100.0% 593,952 02/06/26 4.21% Fixed 123,000 123,000 5. Camarillo Premium Outlets CA Camarillo (Los Angeles) 100.0% 691,613 6. Carlsbad Premium Outlets CA Carlsbad (San Diego) 100.0% 288,587 7. Carolina Premium Outlets NC Smithfield (Raleigh) 100.0% 438,782 8. Charlotte Premium Outlets NC Charlotte 50.0% 398,394 07/01/28 4.27% Fixed 97,160 48,580 9. Chicago Premium Outlets IL Aurora (Chicago) 100.0% 687,154 10. Cincinnati Premium Outlets OH Monroe (Cincinnati) 100.0% 398,922 11. Clarksburg Premium Outlets MD Clarksburg (Washington, DC) 66.0% 379,470 01/01/28 3.95% Fixed 153,697 101,440 12. Clinton Premium Outlets CT Clinton 100.0% 276,287 13. Denver Premium Outlets CO Thornton (Denver) 100.0% 328,101 14. Desert Hills Premium Outlets CA Cabazon (Palm Springs) 100.0% 656,162 15. Ellenton Premium Outlets FL Ellenton (Tampa) 100.0% 477,158 12/01/25 4.30% Fixed 178,000 178,000 16. Finger Lakes Premium Outlets NY Waterloo 100.0% 422,606 17. Folsom Premium Outlets CA Folsom (Sacramento) 100.0% 298,738 18. Gilroy Premium Outlets CA Gilroy (San Jose) 100.0% 509,259 19. Gloucester Premium Outlets NJ Blackwood (Philadelphia) 66.0% 378,514 03/01/33 6.12% Fixed 75,000 50,003 20. Grand Prairie Premium Outlets TX Grand Prairie (Dallas) 100.0% 423,356 21. Grove City Premium Outlets PA Grove City (Pittsburgh) 100.0% 530,957 12/01/25 4.31% Fixed 140,000 140,000 22. Gulfport Premium Outlets MS Gulfport 100.0% 300,232 12/01/25 4.35% Fixed 50,000 50,000 23. Hagerstown Premium Outlets MD Hagerstown (Baltimore/ Washington, DC) 100.0% 485,744 02/06/26 4.26% Fixed 68,365 68,365 24. Houston Premium Outlets TX Cypress (Houston) 100.0% 548,464 25. Indiana Premium Outlets IN Edinburgh (Indianapolis) 100.0% 378,603 26. Jackson Premium Outlets NJ Jackson (New York) 100.0% 285,741 27. Jersey Shore Premium Outlets NJ Tinton Falls (New York) 100.0% 434,823 28. Johnson Creek Premium Outlets WI Johnson Creek 100.0% 275,063 29. Kittery Premium Outlets ME Kittery 100.0% 259,628 30. Las Americas Premium Outlets CA San Diego 100.0% 689,231 31. Las Vegas North Premium Outlets NV Las Vegas 100.0% 675,733 32. Las Vegas South Premium Outlets NV Las Vegas 100.0% 535,713 33. Lee Premium Outlets MA Lee 100.0% 224,804 06/01/26 4.17% Fixed 44,769 44,769 34. Leesburg Premium Outlets VA Leesburg (Washington, DC) 100.0% 478,415 35. Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL) 100.0% 448,814 36. Merrimack Premium Outlets NH Merrimack 100.0% 408,863 37. Napa Premium Outlets CA Napa 100.0% 178,908 38. Norfolk Premium Outlets VA Norfolk 65.0% 332,288 04/01/32 4.50% Fixed 73,931 48,055 1Q 2025 SUPPLEMENTAL 33 (1) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (8) (2) (2) (2) (2)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 39. North Bend Premium Outlets WA North Bend (Seattle) 100.0% 189,132 40. North Georgia Premium Outlets GA Dawsonville (Atlanta) 100.0% 537,797 41. Orlando International Premium Outlets FL Orlando 100.0% 774,261 42. Orlando Vineland Premium Outlets FL Orlando 100.0% 657,544 43. Petaluma Village Premium Outlets CA Petaluma (San Francisco) 100.0% 201,580 44. Philadelphia Premium Outlets PA Limerick (Philadelphia) 100.0% 549,043 45. Phoenix Premium Outlets AZ Chandler (Phoenix) 100.0% 356,521 46. Pismo Beach Premium Outlets CA Pismo Beach 100.0% 147,603 09/06/26 3.33% Fixed 30,099 30,099 47. Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/ 100.0% 399,557 09/01/27 4.00% Fixed 145,000 145,000 Milwaukee) 48. Pocono Premium Outlets PA Tannersville 100.0% 411,992 49. Puerto Rico Premium Outlets PR Barceloneta 100.0% 353,229 50. Queenstown Premium Outlets MD Queenstown (Baltimore) 100.0% 289,639 09/06/26 3.33% Fixed 52,875 52,875 51. Rio Grande Valley Premium Outlets TX Mercedes (McAllen) 100.0% 599,372 52. Round Rock Premium Outlets TX Round Rock (Austin) 100.0% 498,521 53. San Francisco Premium Outlets CA Livermore (San Francisco) 100.0% 697,079 54. San Marcos Premium Outlets TX San Marcos (Austin/ 100.0% 730,051 San Antonio) 55. Seattle Premium Outlets WA Tulalip (Seattle) 100.0% 554,813 56. Silver Sands Premium Outlets FL Destin 50.0% 448,608 03/01/32 3.96% Fixed 140,000 70,000 57. St. Augustine Premium Outlets FL St. Augustine (Jacksonville) 100.0% 328,005 58. St. Louis Premium Outlets MO St. Louis (Chesterfield) 60.0% 351,166 10/06/27 7.56% Fixed 85,361 51,217 59. Tampa Premium Outlets FL Lutz (Tampa) 100.0% 468,123 60. Tanger Outlets — Columbus OH Sunbury (Columbus) 50.0% 354,920 10/01/32 6.25% Fixed 71,000 35,500 61. Tanger Outlets — Galveston/Houston TX Texas City 50.0% 352,705 06/16/28 7.41% Variable 29,000 14,500 06/16/28 7.44% Fixed 29,000 14,500 62. Tucson Premium Outlets AZ Marana (Tucson) 100.0% 367,203 63. Tulsa Premium Outlets OK Jenks (Tulsa) 100.0% 338,472 64. Twin Cities Premium Outlets MN Eagan 35.0% 403,726 11/01/34 6.70% Fixed 95,000 33,250 65. Vacaville Premium Outlets CA Vacaville 100.0% 445,008 66. Waikele Premium Outlets HI Waipahu (Honolulu) 100.0% 219,388 67. Williamsburg Premium Outlets VA Williamsburg 100.0% 513,308 02/06/26 4.23% Fixed 185,000 185,000 68. Woodburn Premium Outlets OR Woodburn (Portland) 100.0% 389,154 69. Woodbury Common Premium Outlets NY Central Valley (New York) 100.0% 915,979 70. Wrentham Village Premium Outlets MA Wrentham (Boston) 100.0% 672,966 Total U.S. Premium Outlet Square Footage 30,747,255 1Q 2025 SUPPLEMENTAL 34 (1) (2) (2) (2) (2) (2) (2) (2) (9) (2) (2) (9) (2) (2) (2) (2) (2) (2) (2) (3) (3) (5) (5)(29) (2) (2) (2) (2) (2) (2) (2)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE The Mills 1. Arizona Mills AZ Tempe (Phoenix) 100.0% 1,221,547 09/01/26 3.80% Fixed 93,494 93,494 2. Arundel Mills MD Hanover (Baltimore) 59.3% 1,955,278 11/01/33 7.70% Fixed 360,000 213,301 3. Colorado Mills CO Lakewood (Denver) 37.5% 1,351,643 11/01/26 4.28% Fixed 108,730 40,774 07/01/31 2.80% Fixed 30,000 11,250 4. Concord Mills NC Concord (Charlotte) 59.3% 1,368,203 11/01/32 6.55% Fixed 229,154 135,797 5. Grapevine Mills TX Grapevine (Dallas) 59.3% 1,779,842 07/01/34 6.26% Fixed 250,000 148,150 6. Great Mall CA Milpitas (San Jose) 100.0% 1,365,305 7. Gurnee Mills IL Gurnee (Chicago) 100.0% 1,914,692 10/01/26 3.99% Fixed 257,710 257,710 8. Katy Mills TX Katy (Houston) 62.5% 1,681,067 08/01/32 5.77% Fixed 125,778 78,611 9. Mills at Jersey Gardens, The NJ Elizabeth 100.0% 1,307,269 10. Ontario Mills CA Ontario (Riverside) 50.0% 1,430,475 11. Opry Mills TN Nashville 100.0% 1,174,508 07/01/26 4.09% Fixed 375,000 375,000 12. Outlets at Orange, The CA Orange (Los Angeles) 100.0% 863,513 13. Potomac Mills VA Woodbridge (Washington, DC) 100.0% 1,565,237 11/01/26 3.46% Fixed 416,000 416,000 14. Sawgrass Mills FL Sunrise (Miami) 100.0% 2,367,231 Total The Mills Square Footage 21,345,810 Other Properties Calhoun Outlet Marketplace, Dover Mall, Florida Keys Outlet Marketplace,Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Oxford ValleyMall, Philadelphia Mills, Southridge Mall, Square One Mall, Solomon Pond Mall,Sugarloaf Mills, The Avenues 825,046 345,051 Total Other Properties SquareFootage 10,041,276 TOTAL U.S. SQUARE FOOTAGE 170,776,725 1Q 2025 SUPPLEMENTAL 35 (1) (2) (7) (2) (2) (2) (2) (7)(8)(10) (11)(12)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE International Properties AUSTRIA1. Parndorf Designer Outlet Phases 3 & 4 Vienna 90.0% 118,000 07/04/29 2.00% Fixed 195,688 176,119Austria Square Footage 118,000CANADA2. Premium Outlet CollectionEdmonton IA Edmonton (Alberta) 50.0% 421,900 11/30/25 4.37% Variable 95,081 47,5413. Premium Outlets Montréal Montréal (Quebec) 50.0% 367,500 09/01/31 4.69% Fixed 83,599 41,8004. Toronto Premium Outlets Toronto (Ontario) 50.0% 504,9005. Vancouver Designer Outlet Vancouver (British Columbia) 45.0% 326,000 12/01/27 5.81% Fixed 57,474 25,86312/01/27 6.13% Fixed 57,474 25,863Canada Square Footage 1,620,300FRANCE6. Paris-Giverny Designer Outlet Vernon 73.8% 228,000 06/11/25 6.14% Variable 5,086 3,75206/11/25 4.80% Variable 86,571 63,8727. Provence Designer Outlet Miramas 90.0% 269,000 07/27/27 4.92% Fixed 101,807 91,626France Square Footage 497,000GERMANY8. Ochtrup Designer Outlet Ochtrup 70.5% 191,500 06/30/26 2.10% Fixed 54,106 38,145Germany Square Footage 191,500INDONESIA9. Jakarta Premium Outlets Tangerang (Jakarta) 50.0% 302,000 12/29/33 9.25% Fixed 34,646 17,323Indonesia Square Footage 302,000ITALY10. La Reggia Designer Outlet Marcianise (Naples) 90.0% 344,000 03/31/27 4.84% Variable 34,628 31,16503/31/27 4.25% Fixed 138,511 124,66011. Noventa Di Piave Designer Outlet Venice 90.0% 353,000 07/25/25 2.00% Fixed 300,389 270,35012. The Mall Luxury Outlets Firenze Leccio (Florence) 100.0% 264,75013. The Mall Luxury Outlets Sanremo Sanremo 100.0% 122,300Italy Square Footage 1,084,050JAPAN14. Ami Premium Outlets Ami (Tokyo) 40.0% 315,00015. Fukaya-Hanazono Premium Outlets Fukaya City (Saitama) 40.0% 296,300 09/30/32 0.76% Fixed 71,580 28,63216. Gotemba Premium Outlets Gotemba City (Tokyo) 40.0% 659,500 04/08/27 0.31% Variable 86,966 34,78617. Kobe-Sanda Premium Outlets Kobe (Osaka) 40.0% 441,00018. Rinku Premium Outlets Izumisano (Osaka) 40.0% 512,500 07/31/27 0.30% Fixed 39,470 15,78819. Sano Premium Outlets Sano (Tokyo) 40.0% 390,800 02/29/28 1.28% Fixed 30,438 12,17520. Sendai-Izumi Premium Outlets Izumi Park Town (Sendai) 40.0% 164,20021. Shisui Premium Outlets Shisui (Chiba) 40.0% 434,600 05/31/29 0.37% Fixed 33,449 13,38011/30/28 1.03% Fixed 17,393 6,95722. Toki Premium Outlets Toki (Nagoya) 40.0% 367,70023. Tosu Premium Outlets Fukuoka (Kyushu) 40.0% 328,400 10/31/26 0.80% Variable 41,476 16,590Japan Square Footage 3,910,000 1Q 2025 SUPPLEMENTAL 36 (1) (13) (14) (14) (2) (5)(14)(25) (5)(14)(27) (13) (13)(28) (5)(13) (13) (13) (13)(25) (13) (2) (2) (2) (15) (15) (2) (15) (15) (2) (15) (15) (2) (15)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHAREKOREA24. Busan Premium Outlets Busan 50.0% 544,200 03/13/28 4.44% Fixed 125,800 62,90025. Jeju Premium Outlets Jeju Province 50.0% 92,00026. Paju Premium Outlets Paju (Seoul) 50.0% 558,900 03/13/27 3.74% Fixed 37,339 18,67027. Siheung Premium Outlets Siheung (Seoul) 50.0% 444,400 03/15/26 4.38% Fixed 95,047 47,52428. Yeoju Premium Outlets Yeoju (Seoul) 50.0% 551,600 05/23/26 4.06% Fixed 38,698 19,349South Korea Square Footage 2,191,100MALAYSIA29. Genting Highlands Premium Outlets Pahang (Kuala Lumpur) 50.0% 277,50030. Johor Premium Outlets Johor (Singapore) 50.0% 309,400 09/30/31 5.19% Variable 4,564 2,282Malaysia Square Footage 586,900MEXICO31. Premium Outlets Punta Norte Mexico City 50.0% 333,00032. Premium Outlets Querétaro Querétaro 50.0% 274,800 12/20/33 11.89% Fixed 18,468 9,23406/20/28 12.42% Variable 278 139Mexico Square Footage 607,800NETHERLANDS33. Roermond Designer OutletPhases 2, 3 & 4 Roermond 298,000 06/06/29 3.90% Fixed 302,994 272,69508/18/25 4.55% Fixed 181,796 85,92234. Roosendaal Designer Outlet Roosendaal 94.0% 247,500 02/28/29 5.40% Fixed 70,337 66,117Netherlands Square Footage 545,500SPAIN35. Malaga Designer Outlet Malaga 46.1% 191,000 05/05/28 5.54% Fixed 68,715 31,684Spain Square Footage 191,000THAILAND36. Siam Premium Outlets Bangkok Bangkok 50.0% 264,000 06/05/31 4.69% Fixed 58,638 29,319Thailand Square Footage 264,000UNITED KINGDOM37. Ashford Designer Outlet Kent 45.0% 281,000 05/23/27 6.61% Variable 26,777 12,05005/23/27 4.29% Fixed 107,107 48,19838. West Midlands Designer Outlet Staffordshire 23.2% 197,000 06/06/26 7.49% Fixed 84,081 19,540United Kingdom Square Footage 478,000 TOTAL INTERNATIONAL SQUARE FOOTAGE 12,587,150 TOTAL SQUARE FOOTAGE 183,363,875 1Q 2025 SUPPLEMENTAL 37 (1) (16) (2) (16) (16) (16) (2) (17) (2) (18) (18) (19) (13) (13)(25) (5)(13)(26) (13)(30) (20) (21) (21) (25) (21)(25) (11)(22)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) TRGOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL TRG SHARE Taubman Realty Group 1. Beverly Center CA Los Angeles 100.0% 823,350 2. Cherry Creek Shopping Center CO Denver 50.0% 1,246,731 06/01/28 3.85% Fixed 550,000 275,000 3. City Creek Center UT Salt Lake City 100.0% 683,829 05/01/29 7.63% Fixed 70,000 70,000 4. Dolphin Mall FL Miami 100.0% 1,398,555 12/09/29 5.35% Fixed 1,000,000 1,000,000 5. Gardens Mall, The FL Palm Beach Gardens 50.0% 1,405,449 07/15/25 4.43% Fixed 187,013 94,387 6. Gardens on El Paseo, The CA Palm Desert 100.0% 237,892 7. Great Lakes Crossing Outlets MI Auburn Hills 100.0% 1,358,104 02/01/33 6.52% Fixed 180,000 180,000 8. International Market Place HI Waikiki, Honolulu 93.5% 339,414 9. International Plaza FL Tampa 50.1% 1,370,613 10/09/26 6.07% Variable 477,000 238,977 10. Mall at Green Hills, The TN Nashville 100.0% 1,046,515 11. Mall at Millenia, The FL Orlando 50.0% 1,117,536 10/15/29 5.41% Fixed 450,000 225,000 12. Mall at Short Hills, The NJ Short Hills 100.0% 1,413,621 10/01/27 3.48% Fixed 1,000,000 1,000,000 13. Mall at University Town Center, The FL Sarasota 50.0% 860,646 11/01/26 3.40% Fixed 267,436 133,718 14. Mall of San Juan, The PR San Juan 95.0% 626,720 15. Sunvalley Shopping Center CA Concord 50.0% 1,430,072 09/01/25 4.44% Fixed 137,098 68,549 16. Twelve Oaks Mall MI Novi 100.0% 1,530,014 03/06/28 4.85% Fixed 265,304 265,304 17. Waterside Shops FL Naples 50.0% 304,525 04/15/26 3.86% Fixed 154,337 77,168 18. Westfarms CT West Hartford 78.9% 1,266,414 09/06/28 7.80% Fixed 242,000 191,035 19. CityOn.Xian Xi’an, China 25.0% 995,000 03/14/29 3.60% Fixed 100,746 25,186 20. CityOn.Zhengzhou Zhengzhou, China 24.5% 919,000 03/22/32 4.95% Fixed 115,423 28,279 21. Starfield Anseong Anseong, South Korea 49.0% 1,068,000 02/27/28 3.75% Fixed 208,957 102,389 22. Starfield Hanam Hanam, South Korea 17.2% 1,709,000 10/26/25 2.38% Fixed 397,019 68,089 Total Taubman Realty Group Square Footage 23,151,000 TOTAL TRG SECURED INDEBTEDNESS $4,043,081 TRG – Corporate & Other TRG – $525M Revolving Credit Facility 100.0% 03/31/30 5.48% Variable 55,000 55,000 5.19% Fixed 150,000 150,000 TRG – $65M Revolving Credit Facility 100.0% 04/19/25 5.83% Variable 25,200 25,200 Other 50.0% 11/01/27 6.58% Variable 24,000 12,000 TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS $242,200 1Q 2025 SUPPLEMENTAL 38 (1) (2) (5)(34) (2) (2) (5)(33) (2) (2) (5) (23)(37) (23) (24) (24) (5) (36) (5)
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(1) (2)(3)(4)(5)(6)(7) (8)(9)(10)(11)(12)(13)(14)(15)(16)(17)(18)(19)(20)(21)(22)(23)(24)(25)(26)(27)(28)(29)(30)(31)(32)(33)(34)(35)(36)(37) TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of March 31, 2025 FOOTNOTES:Variable rate debt interest rates are based on the following base rates as of March 31, 2025: Overnight SOFR 4.41%; 1 month CME Term SOFR 4.31937%; 30 Day AverageSOFR 4.33365%; 1M EURIBOR at 2.358%; 3M EURIBOR at 2.336%; 6M EURIBOR at 3.336%; 1M YEN TIBOR at 0.60636%; 6M YEN TIBOR at 0.84727%; 1M CORRA at2.77%; Overnight SONIA 4.4554% and Cost of Funds Rate at 5.1%.Unencumbered asset.This property is managed by a third party. Reported amounts may be provided in arrears.The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.Includes applicable extensions available at our option.The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.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 otherpartners or the Operating Partnership.Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.These two properties are secured by cross-collateralized and cross-defaulted mortgages.Consists of 10 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2025 and 2029, of which one property is held within TMLP.Does not include any other spaces in joint ventures which are not listed above.GLA includes office space.Amount shown in USD equivalent; EUR equivalent is 1.4 billion.Amount shown in USD equivalent; CAD equivalent is 421.5 million.Amounts shown in USD equivalent; JPY equivalent is 48.0 billion.Amounts shown in USD equivalent; KRW equivalent is 423.3 billion.Amounts shown in USD equivalent; MYR equivalent is 20.2 million.Amounts shown in USD equivalent; MXN equivalent is 390.8 million.The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.Amounts shown in USD equivalent; THB equivalent is 2.0 billion.Amount shown in USD equivalent; GBP equivalent is 168.5 million.Does not include Klépierre.Amounts shown in USD equivalent; CNY equivalent is 1.6 billion.Amounts shown in USD equivalent; KRW equivalent is 947.9 billion.Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027.Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 1, 2025.Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 21, 2025.Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2025.Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until May 15, 2026.Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2026.Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until October 15, 2025.Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027.Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until April 1, 2026.Through interest rate swap agreements, interest is essentially fixed at the all-in-rate presentated through April 1, 2026The interest rate resets on January 1st of each year. 1Q 2025 SUPPLEMENTAL 39
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• • TABLE OF CONTENTS NON-GAAP PRO-RATA FINANCIAL INFORMATION The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financialinformation aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in thecolumn labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item theownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method ofaccounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “NoncontrollingInterests,” 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 ourlegal 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. Theamount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including theamount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture andafter all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cashremaining 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 unconsolidatedjoint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information haslimitations 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 whenapplying 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 asreported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information onlysupplementally. 1Q 2025 SUPPLEMENTAL 40
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(1) (2) (3) TABLE OF CONTENTS NON-GAAP PRO-RATA FINANCIAL INFORMATION(In thousands) FOR THE THREE MONTHS ENDEDMARCH 31, 2025 FOR THE THREE MONTHS ENDEDMARCH 31, 2024 NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES REVENUE: Lease income $(15,270 $350,709 $(15,434 $348,345 Management fees and other revenues — — — — Other income (666 47,098 (806 43,380 Total revenue (15,936 397,807 (16,240 391,725 EXPENSES: Property operating (3,303 76,527 (3,144 70,676 Depreciation and amortization (5,438 88,471 (4,949 89,142 Real estate taxes (151 26,990 (607 28,886 Repairs and maintenance (488 9,517 (426 8,740 Advertising and promotion (2,623 10,356 (2,157 10,077 Home and regional office costs — — — — General and administrative — — — — Other (1,987 26,502 (2,435 24,523 Total operating expenses (13,990 238,363 (13,718 232,044 OPERATING INCOME BEFORE OTHER ITEMS (1,946 159,444 (2,522 159,681 Interest expense 3,400 (81,371 3,823 (82,383 (Loss) gain due to disposal, exchange, or revaluation of equity interests, net — — — — Income and other tax benefit (expense) — — — — Income (loss) from unconsolidated entities (162 (78,073 169 (77,298 Unrealized losses in fair value of publicly traded equity instruments and derivativeinstrument, net — — — — Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets andinterests in unconsolidated entities and impairment, net — — — — Consolidated income from continuing operations 1,292 — 1,470 — CONSOLIDATED NET INCOME 1,292 — 1,470 — Net income attributable to noncontrolling interests 1,292 — 1,470 — Preferred dividends — — — — NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ — $ — $ — $ — Represents our venture partners’ share of operations from consolidated properties. Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, TRG, RGG, Catalyst and Jamestown. Represents limited partners’ interest in the Operating Partnership. 1Q 2025 SUPPLEMENTAL 41 (1) (1) ) ) ) ) ) ) ) )) )) )) )) ) ) ) ) ) ) )) ) ) )(2) )(2) (3) (3)
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TABLE OF CONTENTS NON-GAAP PRO-RATA FINANCIAL INFORMATION(In thousands) AS OF MARCH 31, 2025 AS OF MARCH 31, 2024 NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES ASSETS: Investment properties, at cost $(655,500 $9,984,789 $(554,527 $10,022,455 Less – accumulated depreciation (173,511 4,251,058 (147,353 4,096,960 (481,989 5,733,731 (407,174 5,925,495 Cash and cash equivalents (25,360 543,921 (22,891 619,816 Short-term investments — — — — Tenant receivables and accrued revenue, net (6,628 224,300 (9,267 219,597 Investment in TRG, at equity — — — — Investment in Klépierre, at equity — — — — Investment in unconsolidated entities, at equity (6,091 (2,547,974 (8,082 (2,762,570 Right-of-use assets, net (852 52,655 (861 53,266 Investments held in trust – special purpose acquisition company — — — — Deferred costs and other assets (21,533 1,226,399 (29,450 1,348,389 Total assets $(542,453 $5,233,032 $(477,725 $5,403,993 LIABILITIES: Mortgages and unsecured indebtedness $(226,370 $6,337,191 $(229,912 $6,452,905 Accounts payable, accrued expenses, intangibles, and deferred revenues (20,433 427,218 (31,394 444,711 Cash distributions and losses in unconsolidated entities, at equity — (1,729,919 — (1,724,494 Dividend payable — — — — Lease liabilities (852 48,317 (861 48,417 Other liabilities (46,821 150,225 (41,892 182,453 Total liabilities (294,476 5,233,032 (304,059 5,403,993 Commitments and contingencies Limited partners’ preferred interest in the Operating Partnership (226,229 — (154,491 — EQUITY: Stockholders’ equity Capital stock Series J 8 3/8% cumulative redeemable preferred stock — — — — Common stock, $.0001 par value — — — — Class B common stock, $.0001 par value — — — — Capital in excess of par value — — — — Accumulated deficit — — — — Accumulated other comprehensive loss — — — — Common stock held in treasury at cost — — — — Total stockholders’ equity — — — — Noncontrolling interests (21,748 — (19,175 — Total equity (21,748 — (19,175 — Total liabilities and equity $(542,453 $5,233,032 $(477,725 $5,403,993 1Q 2025 SUPPLEMENTAL 42 ) )) ) ) )) ) ) ) ) ) ) )) ) ) ) ) ) ) )) )) ) ) )) ) ) ) ) ) ) ) ) ) ) )
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* TABLE OF CONTENTS GUIDANCE RECONCILIATION The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholdersper diluted share to estimated Real Estate FFO per diluted share: LOWEND HIGHEND FOR THE YEAR ENDING DECEMBER 31, 2025 Estimated net income attributable to common stockholders per diluted share $ 6.67 $ 6.92 Add: Depreciation and amortization including Simon’s share of unconsolidated entities 5.45 5.45 Estimated FFO per diluted share $12.12 $12.37 Add: Loss due to disposal, exchange or revaluation of equity interests, net* 0.05 0.05 Add: Other platform investments, net of tax* 0.13 0.13 Add: Unrealized losses in fair value adjustments of the Klépierre exchangeable bonds and publicly traded equity instruments, net* 0.10 0.10 Estimated Real Estate FFO per diluted share $12.40 $12.65 Amounts represent year-to-date actual results for the respective line items. The Company is not providing guidance for these line items. 1Q 2025 SUPPLEMENTAL 43