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4Q 2025 SUPPLEMENTAL SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER
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TABLE OF CONTENTS EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2025 PAGE Earnings Release(1)2–11 Overview12 The Company12 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 Profile26 Summary of Indebtedness 27 Total Debt Amortization and Maturities by Year (Our Share) 28 Unsecured Debt Information 29 Property and Debt Information30–38 Other Non-GAAP Pro-Rata Financial Information 39–42 (1) Includes reconciliation of consolidated net income to FFO and Real Estate FFO. 4Q 2025 SUPPLEMENTAL1
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EARNINGS RELEASE Contacts: Tom Ward 317-685-7330 Investors Nicole Kennon 704-804-1960 Media SIMON®REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS INDIANAPOLIS, February 2, 2026 −Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed- use destinations, today reported results for the quarter and twelve months ended December 31, 2025. “I am very pleased with our fourth-quarter results, which caps another impressive year of performance for our Company,” said David Simon, Chairman, Chief Executive Officer and President. “In 2025, we generated record Real Estate Funds From Operations of $4.8 billion and returned a remarkable $3.5billion to our shareholders. We executed over 17 million square feet of leases, opened a new Premium Outlet in Indonesia, completed 23 significant redevelopment projects, and acquired $2 billion of high-quality retail properties. We remain focused on disciplined, value-creating investment activity and operational excellence that will drive sustainable growth in cash flow, FFO, and dividends per share.” Results for the Quarter • Net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, as compared to $667.2 million, or $2.04 per diluted share in 2024. –Net income for the fourth quarter of 2025 includes a non-cash gain of $2.89 billion primarily related to our acquisition of the remaining interest in Taubman Realty Group, resulting from the remeasurement of our previously held equity interest to fair value. • Real Estate Funds From Operations (“Real Estate FFO”) was $1.328 billion, or $3.49 per diluted share as compared to $1.261 billion, or $3.35 per diluted share in the prior year, an increase of 4.2%. • Funds From Operations (“FFO”) was $1.242 billion, or $3.27 per diluted share as compared to $1.389 billion, or $3.68 per diluted share in the prior year. –FFO in the fourth quarter of 2025 includes: contribution of $55.5 million, or $0.15 per diluted share from the Company’s Other Platform Investments; a one-time after-tax loss of $120.7 million, or $0.31 per diluted share primarily related to Catalyst Brands restructuring costs and valuation adjustment for certain cost method investments; and a non-cash loss of $21.1 million, or $0.06 per diluted share due to an unrealized mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023. • Domestic property Net Operating Income (“NOI”) increased 4.8% and portfolio NOI increased 5.1% compared to the prior year period. 4Q 2025 SUPPLEMENTAL2
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EARNINGS RELEASE Results for the Year • Net income attributable to common stockholders was $4.624 billion, or $14.17 per diluted share, as compared to $2.368 billion, or $7.26 per diluted share in 2024. • Real Estate FFO was $4.812 billion, or $12.73 per diluted share as compared to $4.597 billion, or $12.24 per diluted share in the prior year, an increase of 4.0%. • FFO was $4.663 billion, or $12.34 per diluted share as compared to $4.877 billion, or $12.99 per diluted share in the prior year. • Domestic property NOI increased 4.4% and portfolio NOI increased 4.7% compared to the prior year period. U.S. Malls and Premium Outlets Operating Statistics • Occupancy at December 31, 2025 was 96.4%, compared to 96.5% at December 31, 2024. • Base minimum rent per square foot was $60.97 at December 31, 2025, compared to $58.26 at December 31, 2024, an increase of 4.7%. • Reported retailer sales per square foot was $799 for the trailing 12 months ended December 31, 2025, compared to $739 at December 31, 2024, an increase of 8.1%. Capital Markets and Balance Sheet Liquidity The Company was active in both the secured and unsecured credit markets in 2025. The Company completed a two tranche senior notes offering totaling $1.5 billion, with a weighted-average term of 7.8 years and a coupon rate of 4.775%. In addition, the Company completed 46 secured loan transactions totaling approximately $7.0 billion (U.S. dollar equivalent), with a weighted average interest rate of 5.43%. As of December 31, 2025, Simon had approximately $9.1 billion of liquidity consisting of $1.4 billion of cash on hand, including its share of joint venture cash, and $7.7 billion of available capacity under its revolving credit facilities. Subsequent to year-end, the Company completed an $800 million offering of 5-year, 4.300% senior notes. The proceeds were used to repay the $800 million outstanding principal amount of its 3.300% notes at maturity on January 15, 2026. Dividends Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.20 for the first quarter of 2026. This is an increase of $0.10, or 4.8% year-over-year. The dividend will be payable on March 31, 2026 to shareholders of record on March 10, 2026. Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on March 31, 2026 to shareholders of record on March 17, 2026. 4Q 2025 SUPPLEMENTAL3
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EARNINGS RELEASE 2026 Guidance The Company currently estimates net income to be within a range of $6.87 to $7.12 per diluted share and Real Estate FFO to be within a range of $13.00 to $13.25 per diluted share for the year ending December 31, 2026. The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated Real Estate FFO per diluted share: Low End High End Estimated net income attributable to common stockholders per diluted share $ 6.87 $ 7.12 Depreciation and amortization including Simon’s share of unconsolidated entities 6.13 6.13 Estimated Real Estate FFO per diluted share $13.00 $13.25 Conference Call Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Monday, February 2, 2026. Alive webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until February 9, 2026. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13758027. Supplemental Materials and Website Supplemental information on our fourth quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K. We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our websiteis not incorporated by reference into, and is not a part of, this document. Non-GAAP Financial Measures This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs. 4Q 2025 SUPPLEMENTAL4
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EARNINGS RELEASE Forward-Looking Statements Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry, the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war inUkraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activitiesat our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenantsin the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities;natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. About Simon Simon®is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.4Q 2025 SUPPLEMENTAL5
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EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 REVENUE: Lease income$1,639,349$1,431,524$5,839,160$5,389,760 Management fees and other revenues35,77737,147144,426133,250 Other income116,336113,561380,919440,788 Total revenue1,791,4621,582,2326,364,5055,963,798 EXPENSES: Property operating154,528131,233580,975529,753 Depreciation and amortization420,675327,5911,426,4231,265,340 Real estate taxes122,959108,792451,128408,641 Repairs and maintenance37,94031,748119,915105,020 Advertising and promotion46,61543,504155,826144,551 Home and regional office costs64,83558,721251,748223,277 General and administrative17,87015,60260,88844,743 Other35,37129,295142,206149,677 Total operating expenses 900,793746,4863,189,1092,871,002 OPERATING INCOME BEFORE OTHER ITEMS 890,669835,7463,175,3963,092,796 Interest expense(272,327)(227,414)(974,835)(905,797) (Loss) gain due to disposal, exchange, or revaluation of equity interests, net(157,755)36,403(86,119)451,172 Income and other tax benefit (expense)6,79631,908(35,788)(23,262) Income from unconsolidated entities206,938140,947504,088207,322 Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net(21,105)36,740(106,082)(17,392) Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net2,886,666(82,570)2,887,460(75,818) CONSOLIDATED NET INCOME 3,539,882771,7605,364,1202,729,021 Net income attributable to noncontrolling interests490,779103,695736,508358,125 Preferred dividends8348343,3373,337 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $3,048,269$ 667,231$4,624,275$2,367,559 BASIC AND DILUTED EARNINGS PER COMMON SHARE: Net income attributable to common stockholders $ 9.35$ 2.04$ 14.17$ 7.26 4Q 2025 SUPPLEMENTAL6
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EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) December 31, 2025 December 31, 2024 ASSETS: Investment properties, at cost$50,946,067$40,242,392 Less–accumulated depreciation20,701,51019,047,078 30,244,55721,195,314 Cash and cash equivalents823,1471,400,345 Tenant receivables and accrued revenue, net934,077796,513 Investment in other unconsolidated entities, at equity4,362,3392,670,739 Investment in Klépierre, at equity1,505,3771,384,267 Investment in TRG, at equity—3,069,297 Right-of-use assets, net755,934519,607 Deferred costs and other assets1,981,0351,369,609 Total assets$40,606,466$32,405,691 LIABILITIES: Mortgages and unsecured indebtedness$28,430,175$24,264,495 Accounts payable, accrued expenses, intangibles, and deferred revenues1,954,4021,712,465 Cash distributions and losses in unconsolidated entities, at equity1,739,4181,680,431 Dividend payable2,7232,410 Lease liabilities756,539520,283 Other liabilities1,017,816626,155 Total liabilities33,901,07328,806,239 Commitments and contingencies Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests233,306184,729 EQUITY: Stockholders’ Equity Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,84740,45140,778 Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and 342,945,839 issued and outstanding, respectively3333 Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding—— Capital in excess of par value12,347,19211,583,051 Accumulated deficit(4,608,136)(6,382,515) Accumulated other comprehensive loss(251,361)(193,026) Common stock held in treasury, at cost, 17,844,817 and 16,675,701 shares, respectively(2,319,911)(2,106,396) Total stockholders’ equity5,208,2682,941,925 Noncontrolling interests1,263,819472,798 Total equity6,472,0873,414,723 Total liabilities and equity$40,606,466$32,405,691 4Q 2025 SUPPLEMENTAL7
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EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 REVENUE: Lease income$ 923,287$ 803,654$3,189,131$3,060,755 Other income122,944107,089440,052385,004 Total revenue1,046,231910,7433,629,1833,445,759 OPERATING EXPENSES: Property operating187,806165,794687,216660,004 Depreciation and amortization182,089162,824653,488636,218 Real estate taxes64,36050,876231,945231,843 Repairs and maintenance25,56019,15588,09174,172 Advertising and promotion31,13225,40096,71888,693 Other77,565137,912257,799299,645 Total operating expenses568,512561,9612,015,2571,990,575 OPERATING INCOME BEFORE OTHER ITEMS 477,719348,7821,613,9261,455,184 Interest expense(198,994)(178,710)(719,938)(711,402) Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net22,648(36,536)23,865(36,536) NET INCOME$ 301,373$ 133,536$ 917,853$ 707,246 Third-Party Investors’ Share of Net Income $ 164,861$ 69,275$ 479,160$ 360,792 Our Share of Net Income136,51264,261438,693346,454 Amortization of Excess Investment (A) (37,180)(14,599)(79,338)(58,163) Our Share of loss due to disposal, exchange, or revaluation of equity interests, net in the Consolidated Financial Statements—36,470—36,470 Our Share of loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net —18,236(722)18,236 Income from Unconsolidated Entities (B) $ 99,332$ 104,368$ 358,633$ 342,997 Note: The above financial presentation does not include any information related to our investments in Klépierre S.A. (“Klépierre”), our other platform investments, and our previously held equity investment in The Taubman Realty Group (“TRG”) up to the October 31, 2025 transaction. For additional information, seefootnote B. 4Q 2025 SUPPLEMENTAL8
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EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands) December 31, 2025 December 31, 2024 Assets: Investment properties, at cost$22,077,749$18,875,241 Less–accumulated depreciation9,020,4818,944,188 13,057,2689,931,053 Cash and cash equivalents1,264,6191,270,594 Tenant receivables and accrued revenue, net605,756533,676 Right-of-use assets, net108,349113,014 Deferred costs and other assets572,826531,059 Total assets$15,608,818$12,379,396 Liabilities and Partners’ Deficit: Mortgages$16,374,773$13,666,090 Accounts payable, accrued expenses, intangibles, and deferred revenue1,117,8551,037,015 Lease liabilities99,837104,120 Other liabilities334,246363,488 Total liabilities17,926,71115,170,713 Preferred units67,45067,450 Partners’ deficit(2,385,343)(2,858,767) Total liabilities and partners’ deficit$15,608,818$12,379,396 Our Share of: Partners’ deficit$ (1,247,554)$ (1,180,960) Add: Excess Investment (A)2,773,1731,077,204 Our net Investment in unconsolidated entities, at equity$ 1,525,619$ (103,756) Note: The above financial presentation does not include any information related to our investments in Klépierre, our other platform investments, and our previously held equity investment in TRG up to the October 31, 2025 transaction. For additional information, see footnote B. 4Q 2025 SUPPLEMENTAL9
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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 Ended December 31, For the Twelve Months Ended December 31, 2025 2024 2025 2024 Consolidated Net Income (D)$ 3,539,882$ 771,760$ 5,364,120$2,729,021 Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties416,707323,8581,410,5951,250,440 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments185,527217,727811,690848,188 (Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net(2,886,666)82,570(2,887,460)75,818 Net (gain) loss attributable to noncontrolling interest holders in properties(4,849)(92)(4,815)1,641 Noncontrolling interests portion of depreciation and amortization(7,563)(5,950)(26,322)(23,367) Preferred distributions and dividends(1,126)(1,125)(4,503)(4,897) FFO of the Operating Partnership$ 1,241,912$1,388,748$ 4,663,305$4,876,844 FFO of the Operating Partnership$ 1,241,912$1,388,748$ 4,663,305$4,876,844 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax120,708(75,340)66,981(386,417) Other platform investments, net of tax(55,474)(15,187)(24,590)88,902 Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net21,105(36,740)106,08217,392 Real Estate FFO$ 1,328,251$1,261,481$ 4,811,778$4,596,721 Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share$ 9.35$ 2.04$ 14.17$ 7.26 Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization1.551.425.815.53 (Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net(7.63)0.22(7.64)0.20 Diluted FFO per share$ 3.27$ 3.68$ 12.34$ 12.99 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax0.31(0.20)0.18(1.03) Other platform investments, net of tax(0.15)(0.04)(0.07)0.23 Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net0.06(0.09)0.280.05 Real Estate FFO per share$ 3.49$ 3.35$ 12.73$ 12.24 4.2% 4.0% Details for per share calculations: FFO of the Operating Partnership$1,241,912$1,388,748$4,663,305$4,876,844 Diluted FFO allocable to unitholders(176,053)(186,158)(636,189)(640,886) Diluted FFO allocable to common stockholders$1,065,859$1,202,590$4,027,116$4,235,958 Basic and Diluted weighted average shares outstanding326,180326,278326,367326,097 Weighted average limited partnership units outstanding54,03950,71351,55849,338 Basic and Diluted weighted average shares and units outstanding380,219376,991377,925375,435 Basic and Diluted FFO per Share$ 3.27$ 3.68$ 12.34$ 12.99 Percent Change-11.1% -5.0% 4Q 2025 SUPPLEMENTAL10
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EARNINGS RELEASE Simon Property Group, Inc. Footnotes to Unaudited Financial Information Notes: (A) Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets. (B) The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG up to the October 31, 2025 transaction. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, our other platform investments and our previously held equity investment in TRG up to the October 31, 2025 transaction. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K. (C) This report contains measures of financial or operating performance that are not specifically defined by GAAP , including FFO, FFO per share, RealEstate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs. We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper–2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordancewith GAAP , excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP . However, you should understand that FFO does not represent cashflow from operations as defined by GAAP , should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, andis not an alternative to cash flows as a measure of liquidity. (D) Includes our share of: –Gain on land sales of $6.8 million and $6.6 million for the three months ended December 31, 2025 and 2024, respectively, and $26.5 million and $21.9 million for the twelve months ended December 31, 2025 and 2024, respectively. –Straight-line adjustments increased income by $10.3 million and $7.3 million for the three months ended December 31, 2025 and 2024, respectively, and $32.2 million and $2.2 million for the twelve months ended December 31, 2025 and 2024, respectively. –Amortization of fair market value of leases increased income by $0.3 million and $0.4 million for the three months ended December 31, 2025 and 2024, respectively, and $1.2 million and $0.8 million for the twelve months ended December 31, 2025 and 2024, respectively. 4Q 2025 SUPPLEMENTAL11
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OVERVIEW THE COMPANY Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P ., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At December 31, 2025, we owned or had an interest in 254 properties comprising 206 million square feet in North America, Asia and Europe. Additionally,at December 31, 2025, we had a 22.2% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries. This package was prepared to provide operational and balance sheet information as of December 31, 2025 for the Company and the Operating Partnership. Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward- looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry, the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchorstores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market ratesof interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our abilityto access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status asa REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward- looking statements, whether as a result of new information, future developments, or otherwise. Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330). 4Q 2025 SUPPLEMENTAL12
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OVERVIEW STOCK INFORMATION The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols: Common Stock SPG 8.375% Series J Cumulative Redeemable Preferred SPGPrJ CREDIT RATINGS Standard & Poor’s Corporate A (Stable Outlook) Senior Unsecured A (Stable Outlook) Commercial Paper A1 (Stable Outlook) Preferred Stock BBB+ (Stable Outlook) Moody’s Senior Unsecured A3 (Stable Outlook) Commercial Paper P2 (Stable Outlook) Preferred Stock Baa1 (Stable Outlook) SENIOR UNSECURED DEBT COVENANTS(1) Required Actual Compliance Total Debt to Total Assets(1)≤65% 37% Yes Total Secured Debt to Total Assets(1)≤50% 16% Yes Fixed Charge Coverage Ratio >1.5X 4.7X Yes Total Unencumbered Assets to Unsecured Debt ≥125% 307% Yes (1) Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent netoperating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost. 4Q 2025 SUPPLEMENTAL13
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SELECTED FINANCIAL AND EQUITY INFORMATION (In thousands, except as noted) THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, 2025 2024 2025 2024 Financial Highlights Total Revenue–Consolidated Properties $1,791,462 $1,582,232 $6,364,505 $5,963,798 Consolidated Net Income$3,539,882 $ 771,760 $5,364,120 $2,729,021 Net Income Attributable to Common Stockholders $3,048,269 $ 667,231 $4,624,275 $2,367,559 Basic and Diluted Earnings per Common Share (EPS) $ 9.35 $ 2.04 $ 14.17 $ 7.26 Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership $1,328,251 $1,261,481 $4,811,778 $4,596,721 Basic and Diluted Real Estate FFO per Share $ 3.49 $ 3.35 $ 12.73 $ 12.24 Funds from Operations (FFO) of the Operating Partnership $1,241,912 $1,388,748 $4,663,305 $4,876,844 Basic and Diluted FFO per Share (FFOPS) $ 3.27 $ 3.68 $ 12.34 $ 12.99 Dividends/Distributions per Share/Unit $ 2.20 $ 2.10 $ 8.55 $ 8.10 AS OF DECEMBER 31, 2025 AS OF DECEMBER 31, 2024 Stockholders’ Equity Information Limited Partners’ Units Outstanding at end of period55,690 50,760 Common Shares Outstanding at end of period325,224 326,278 Total Common Shares and Limited Partnership Units Outstanding at end of period 380,914 377,038 Weighted Average Limited Partnership Units Outstanding51,558 49,338 Weighted Average Common Shares Outstanding: Basic and Diluted–for purposes of EPS and FFOPS326,367 326,097 Equity Market Capitalization Common Stock Price at end of period$ 185.11 $ 172.21 Common Equity Capitalization, including Limited Partnership Units $70,510,913 $64,929,673 Preferred Equity Capitalization, including Limited Partnership Preferred Units 52,935 61,944 Total Equity Market Capitalization$70,563,848 $64,991,617 4Q 2025 SUPPLEMENTAL14
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NET OPERATING INCOME (NOI) COMPOSITION(1) For the Twelve Months Ended December 31, 2025 NOI BREAKDOWN U.S. PORTFOLIO NOI BY STATE THE MILLS 13.5% INTERNA TIONAL (2) 10.0% U.S. MALLS & PREMIUM OUTLETS 76.5% ALL OTHERS (28 ST A TES) 23.4% IN 2.5% GA 3.6% MA 4.5% PA 4.7% NV 5.4% NJ 5.6% NY 6.7% TX 10.2% CA 13.7% FL 19.7% (1) Based on our beneficial interest of NOI. (2) Includes Klépierre, international Premium Outlets, Designer Outlets, The Mall Luxury Outlets, and international malls. 4Q 2025 SUPPLEMENTAL15
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NET OPERATING INCOME OVERVIEW (AT SHARE) (In thousands) FOR THE THREE MONTHS ENDED DECEMBER 31, %G R O W T H FOR THE TWELVE MONTHS ENDED DECEMBER 31, %G R O W T H 2025 2024 2025 2024 Domestic Property NOI(1)$1,554,283 $1,482,584 4.8% $5,745,081 $5,503,350 4.4% International Properties(2)104,651 95,657 372,107 340,531 Portfolio NOI$1,658,934 $1,578,241 5.1% $6,117,188 $5,843,881 4.7% NOI from Other Platform Investments(3)96,027 50,111 150,336 (42,094) NOI from Investments(4)69,975 72,251 263,793 250,049 Corporate and Other NOI Sources(5)84,865 78,524 299,387 313,566 Beneficial interest of Combined NOI $1,909,801 $1,779,127 $6,830,704 $6,365,402 (1) All properties in North America (including 4 in Canada and 2 in Mexico). (2) International properties outside of North America at constant currency. (3) Includes investment in retail operations (Catalyst Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investmentand management company (Jamestown). (4) NOI of Klépierre at constant currency and HBS. (5) Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, Simon management company revenues, foreign exchange impact, and other assets. 4Q 2025 SUPPLEMENTAL16
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, 2025 2024 2025 2024 Reconciliation of NOI of consolidated entities: Consolidated Net Income$ 3,539,882$ 771,760$ 5,364,120$ 2,729,021 Income and other tax (benefit) expense(6,796)(31,908)35,78823,262 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net157,755(36,403)86,119(451,172) Interest expense272,327227,414974,835905,797 Income from unconsolidated entities(206,938)(140,947)(504,088)(207,322) Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net21,105(36,740)106,08217,392 (Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net(2,886,666)82,570(2,887,460)75,818 Operating Income Before Other Items890,669835,7463,175,3963,092,796 Depreciation and amortization420,675327,5911,426,4231,265,340 Home and regional office costs64,83558,721251,748223,277 General and administrative17,87015,60260,88844,743 Other expenses251797260818 NOI of consolidated entities$ 1,394,300$1,238,457$ 4,914,715$ 4,626,974 Less: Noncontrolling interest partners share of NOI (16,731)(8,462)(43,016)(32,605) Beneficial NOI of consolidated entities(1)$ 1,377,569$1,229,995$ 4,871,699$ 4,594,369 Reconciliation of NOI of unconsolidated entities: Net Income$ 301,373$ 133,536$ 917,853$ 707,246 Interest expense198,994178,710719,938711,402 (Gain) loss on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net(22,648)36,536(23,865)36,536 Operating Income Before Other Items477,719348,7821,613,9261,455,184 Depreciation and amortization182,089162,824653,488636,218 Other expenses—73,146—73,152 NOI of unconsolidated entities$ 659,808$ 584,752$ 2,267,414$ 2,164,554 Less: Joint Venture partners share of NOI(343,593)(305,025)(1,181,628)(1,134,573) Beneficial NOI of unconsolidated entities(1)$ 316,215$ 279,727$ 1,085,786$ 1,029,981 Add:Beneficial interest of NOI from TRG(1)50,015152,786459,090533,009 Add:Beneficial interest of NOI from Other Platform Investments and Investments(2)166,002116,619414,129208,043 Beneficial interest of Combined NOI$ 1,909,801$1,779,127$ 6,830,704$ 6,365,402 (1) Beneficial interest of NOI from TRG includes NOI from TRG up to the October 31, 2025 transaction. Post transaction NOI is included in Beneficial NOIof consolidated entities and Beneficial NOI of unconsolidated entities, as appropriate. (2) See footnotes 3 and 4 on prior page. 4Q 2025 SUPPLEMENTAL17
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE) THREE MONTHS ENDED DECEMBER 31, 2025 TWELVE MONTHS ENDED DECEMBER 31, 2025 FFO of the Operating Partnership$ 1,241,912 $ 4,663,305 Non-cash impacts to FFO(1)146,609 208,132 FFO of the Operating Partnership excluding non-cash impacts1,388,521 4,871,437 Tenant allowances(102,796) (335,369) Operational capital expenditures (113,509) (297,947) Funds available for distribution $1,172,216 $4,238,121 (1) Non-cash impacts to FFO of the Operating Partnership include: THREE MONTHS ENDED DECEMBER 31, 2025 TWELVE MONTHS ENDED DECEMBER 31, 2025 Deductions: Fair market value of lease amortization (311) (1,177) Straight line lease income(10,292) (32,150) Additions: Loss due to disposal, exchange or revaluation or equity interests, net of tax 92,226 8,913 Stock based compensation expense 25,455 82,542 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net21,105 106,082 Write-off of pre-development costs 250 259 Fair value of debt amortization 5,004 5,451 Mortgage, financing fee, accretion interest, and terminated swap amortization expense13,172 38,212 $146,609 $208,132 This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles(GAAP) in the United States, including FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (NOI), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO, Real Estate FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs. The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance orto cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non- GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period. 4Q 2025 SUPPLEMENTAL18
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LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST (In thousands) THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31, Consolidated Properties2025 2024 2025 2024 Lease Income Fixed lease income(1)$ 1,296,870 $ 1,131,233 $ 4,727,341 $ 4,365,734 Variable lease income(2)342,479 300,291 1,111,819 1,024,026 Total Lease Income$1,639,349 $1,431,524 $5,839,160 $5,389,760 Other Income Interest, dividend and distribution income(3)$ 18,669 $ 29,098 $ 95,359 $ 154,767 Lease settlement income2,272 4,490 7,174 14,209 Gains on land sales6,442 5,183 26,357 20,488 Mixed-use and franchise operations income 16,446 14,247 55,226 74,135 Other (4)72,507 60,543 196,803 177,189 Total Other Income$ 116,336 $ 113,561 $ 380,919 $ 440,788 Other Expense Ground leases$ 13,834 $ 12,460 $ 50,340 $ 49,430 Mixed-use and franchise operations expense 10,595 11,609 39,304 64,594 Professional fees and other10,942 5,226 52,562 35,653 Total Other Expense$ 35,371 $ 29,295 $ 142,206 $ 149,677 Income from Unconsolidated Entities Share of Joint Ventures (5)$ 99,332 $ 104,368 $ 358,633 $ 342,997 Share of Klépierre net income, net of amortization of excess investment 21,105 22,524 86,064 72,865 Share of Other Platform Investments net income (loss), net of amortization of excess investment, pre-tax85,574 26,807 77,894 (135,050) Share of TRG net income (loss) including amortization of excess investment (6)927 (12,752) (18,503) (73,490) Total Income from Unconsolidated Entities $ 206,938 $ 140,947 $ 504,088 $ 207,322 Capitalized Interest Our Share of Consolidated Properties $ 6,710 $ 8,286 $ 30,961 $ 36,059 Our Share of Joint Venture Properties $ 207 $ 62 $ 578 $ 376 (1) Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. (2) Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing. (3) Includes distributions from other international investments and preferred unit distributions from TRG up to the October 31, 2025 transaction. (4) Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items. (5) Includes U.S. joint venture operations and international outlet joint ventures. (6) Includes Share of TRG net loss including amortization of excess investment up to the October 31, 2025 transaction. 4Q 2025 SUPPLEMENTAL19
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OPERATING INFORMATION AS OF DECEMBER 31, 2025 2024 U.S. Malls and Premium Outlets Total Number of Properties178162 Total Square Footage of Properties (in millions)150.4136.0 Ending Occupancy(1): Consolidated Assets 96.4% 96.5% Unconsolidated Assets 96.5% 96.6% Total Portfolio96.4%96.5% Base Minimum Rent PSF (2): Consolidated Assets $ 58.98 $ 56.60 Unconsolidated Assets $ 66.61 $ 63.12 Total Portfolio$ 60.97$ 58.26 The Mills Total Number of Properties1614 Total Square Footage of Properties (in millions)24.121.3 Ending Occupancy (3)99.2%98.8% Base Minimum Rent PSF(2)$ 41.24$ 37.95 AS OF DECEMBER 31, 2025 2024 International Properties Premium Outlets Total Number of Properties2423 Total Square Footage of Properties (in millions)9.28.9 Designer Outlets Total Number of Properties1212 Total Square Footage of Properties (in millions)3.03.0 The Mall Luxury Outlets Total Number of Properties2— Total Square Footage of Properties (in millions)0.4— Malls Total Number of Properties44 Total Square Footage of Properties (in millions)4.74.7 (1) Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. (2) Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above. (3) See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space. 4Q 2025 SUPPLEMENTAL20
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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS(1) YEAR NUMBER OF LEASES EXPIRING SQUARE FEET AVG. BASE MINIMUM RENT PSF AT EXPIRATION(2) PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES(3) Inline Stores and Freestanding Month to Month Leases957 3,221,378 $ 63.60 3.0% 20263,156 10,840,848 $ 55.63 8.7% 20273,067 11,145,893 $ 60.25 9.7% 20282,585 10,514,539 $ 65.82 10.2% 20292,092 8,670,646 $ 66.19 8.2% 20301,488 6,585,520 $ 75.60 7.1% 2031786 3,966,562 $ 70.04 4.0% 2032654 2,465,174 $ 91.46 3.3% 2033713 2,845,373 $ 97.80 4.0% 2034772 2,982,331 $ 99.34 4.3% 2035852 3,890,609 $101.20 5.5% 2036 and Thereafter680 3,408,311 $ 69.85 2.9% Specialty Leasing Agreements w/ terms in excess of 12 months 2,370 6,732,959 $ 17.65 1.7% Anchors Month to Month Leases1 59,895 $ 17.09 0.0% 20266 375,321 $ 20.85 0.0% 202713 1,570,417 $ 5.81 0.1% 202818 2,325,205 $ 5.17 0.2% 202917 1,698,901 $ 6.59 0.2% 203018 2,087,074 $ 6.70 0.2% 203118 2,055,372 $ 5.35 0.2% 20324 282,245 $ 25.21 0.1% 20337 1,028,383 $ 8.48 0.1% 20348 703,597 $ 21.82 0.1% 203510 900,858 $ 12.77 0.1% 2036 and Thereafter29 2,677,406 $ 15.65 0.6% (1) Does not consider the impact of renewal options that may be contained in leases. (2) Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration. (3) Annual rental revenues represent 2025 consolidated and joint venture combined base rental revenue. 4Q 2025 SUPPLEMENTAL21
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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS Top Inline Store Tenants(sorted by percentage of total base minimum rent for U.S. properties) TENANT NUMBER OF STORES SQUARE FEET (000’S) PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES The Gap313 3,269 1.7% 2.6% Knitwell Group461 2,099 1.1% 1.7% LVMH Fashion151 608 0.3% 1.6% Tapestry220 948 0.5% 1.6% Kering104 470 0.2% 1.5% American Eagle Outfitters246 1,563 0.8% 1.4% Signet Jewelers348 505 0.3% 1.4% Victoria’s Secret & Co.138 1,196 0.6% 1.4% Capri Holdings144 568 0.3% 1.4% Luxottica Group407 718 0.4% 1.2% Top Anchors(sorted by percentage of total square footage in U.S. properties)(1) TENANT NUMBER OF STORES SQUARE FEET (000’S) PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES Macy’s112 21,977 11.7% 0.3% J.C. Penney55 9,007 4.8% 0.2% Dillard’s36 6,709 3.6% * Nordstrom30 5,029 2.7% 0.1% Dick’s Sporting Goods45 3,746 2.0% 0.7% Saks Global27 2,985 1.6% 0.2% Belk7 1,194 0.6% * Target8 1,047 0.6% 0.1% Von Maur7 892 0.5% * Primark14 744 0.4% 0.2% (1) Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th. * Less than one-tenth of one percent. 4Q 2025 SUPPLEMENTAL22
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CAPITAL EXPENDITURES (In thousands) UNCONSOLIDATED PROPERTIES CONSOLIDATED PROPERTIES TOTAL OUR SHARE New development projects$ 7,449 $ 21,261 $ 10,631 Redevelopment projects with incremental square footage and/or anchor replacement 362,148 207,674 100,636 Redevelopment projects with no incremental square footage 46,271 16,394 8,423 Subtotal new development and redevelopment projects 415,868 245,329 119,690 Tenant allowances285,767 102,291 49,602 Operational capital expenditures (CAM and non-CAM) 234,459 142,793 63,488 Totals$936,094 $490,413 $232,780 Conversion from accrual to cash basis(1,748) (26,287) (12,477) Capital Expenditures for the Twelve Months Ended 12/31/25 (1)$934,346 $464,126 $220,303 Capital Expenditures for the Twelve Months Ended 12/31/24(1)$755,584 $538,462 $258,018 (1) Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties. 4Q 2025 SUPPLEMENTAL23
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DEVELOPMENT ACTIVITY SUMMARY As of December 31, 2025 (in thousands, except percent) PLATFORM PROJECT TYPE OUR SHARE OF NET INVESTMENT EXPECTED STABILIZED RATE OF RETURN ACTUAL 2025 INVESTMENT FORECASTED INVESTMENT FY 2026 - 2027 TOTAL FORECASTED INVESTMENT FY 2025 - 2027 Malls Redevelopments $ 1,363,653 9% $ 388,492 $ 628,797 $ 1,017,289 Premium Outlets New Developments $ 55,795 11% $ 13,263 $ 3,716 $ 16,979 Redevelopments $ 13,836 14% $ 6,569 $ 6,953 $ 13,522 The Mills Redevelopments $ 46,014 17% $ 22,199 $ 20,527 $ 42,726 Total Investment $1,479,298 9% $430,523 $659,993 $1,090,516 Less funding from:Construction Loans, International JV Cash on hand, etc. $ (251,433) $ (39,194) $(120,858) $ (160,052) Total Net Cash Investment $1,227,865 $391,329 $539,135 $ 930,464 4Q 2025 SUPPLEMENTAL24
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COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP For the Period December 31, 2024 through December 31, 2025 COMMON SHARES(1) LIMITED PARTNERSHIP UNITS(2) Number Outstanding at December 31, 2024326,278,138 50,759,627 ActivityDuringtheFirstNineMonthsof2025 Redemption of Limited Partnership Units for Cash— (37,431) Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)157,360 107,462 Exchange of Limited Partnership Units for Common Stock116,558 (116,558) Shares Repurchased to Satisfy Employee Tax Obligations(81,996) — Number Outstanding at September 30, 2025326,470,060 50,713,100 FourthQuarterActivity Redemption of Limited Partnership Units for Cash— (4,079) Issuance of Limited Partnership Units— 4,980,693 Repurchase of Simon Property Group Common Stock in open market (1,246,190) — Number Outstanding at December 31, 2025325,223,870 55,689,714 Number of Limited Partnership Units and Common Shares at December 31, 2025 380,913,584 PREFERRED STOCK/UNITS OUTSTANDING AS OF DECEMBER 31, 2025 ($ in 000’s, except per share amounts) ISSUER DESCRIPTION NUMBER OF SHARES/UNITS PER SHARE LIQUIDATION PREFERENCE AGGREGATE LIQUIDATION PREFERENCE TICKER SYMBOL Preferred Stock: Simon Property Group, Inc. Series J 8.375% Cumulative Redeemable(4)796,948 $ 50.00 $39,847 SPGPrJ Preferred Units: Simon Property Group, L.P . 7.50% Cumulative Redeemable (5)105,373 $100.00 $10,537 N/A (1) Excludes Limited Partnership preferred units relating to preferred stock outstanding. (2) Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares. (3) Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures. (4) Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2025 was $53.20 per share. (5) Each preferred unit is redeemable upon the occurrence of certain tax triggering events. 4Q 2025 SUPPLEMENTAL25
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CREDIT PROFILE(1) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 40.0 35.0 2021 2022 2023 20242025 Non-Recourse Mortgage DebtUnsecured Net Debt 49% 58% 60% 62% 69% 40% 45% 50% 55% 60% 65% 70% 75% 80% 2021 2023 5.04.8 4.34.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2021 2022 2023 2025 4.7 2024 5.85.8 5.4 5.9 6.2 0.0 1.0 2.0 3.0 4.0 5.0 7.0 6.0 2021 2022 2023 20252024 UNSECURED INTEREST COVERAGE (X) FIXED CHARGE COVERAGE (X) FFO PAYOUT RATIO (%)WEIGHTED AVERAGE YEARS TO MATURITY (YRS) 20222025 2024 3.03% 3.43% 3.70% 3.86% 4.09% 2.75% 3.25% 3.75% 4.25% 2021 2022 2023 2024 2025 WEIGHTED AVERAGE INTEREST RATE (%) 7.1 6.7 7.2 5.4 5.9 6.4 6.9 7.4 2021 2022 2023 2024 7.1 6.3 2025 NET DEBT ($ BILLIONS) 29.7 30.2 30.9 28.4 34.0 11.511.411.110.6 19.418.818.617.8 14.7 19.3 (2) (1) As of year end, unless otherwise indicated. (2) Non-recourse mortgage net debt includes our pro-rata share of consolidatednon-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt. 4Q 2025 SUPPLEMENTAL26
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SUMMARY OF INDEBTEDNESS As of December 31, 2025 (In thousands) TOTAL INDEBTEDNESS OUR SHARE OF INDEBTEDNESS WEIGHTED AVERAGE END OF PERIOD INTEREST RATE WEIGHTED AVERAGE YEARS TO MATURITY Consolidated Indebtedness Mortgage Debt Fixed Rate $ 6,687,004 $ 6,241,112 4.27% 2.0 Floating Rate Debt (Swapped to Fixed) 1,226,585 1,206,979 5.23% 3.6 Floating Rate Debt (Hedged) (1)277,400 236,368 4.58% 2.1 Variable Rate Debt 35,690 32,121 4.53% 1.2 Total Mortgage Debt 8,226,679 7,716,580 4.43% 2.2 Unsecured Debt Fixed Rate Notes 19,142,952 19,142,952 3.64% 9.3 Euro Term Loan (Swapped to Fixed) 410,908 410,908 2.60% 1.2 Revolving Credit Facility–USD Currency (Swapped to Fixed) 460,000 460,000 4.12% 2.5 Total Revolving Credit Facilities 460,000 460,000 4.12% 2.5 Global Commercial Paper–USD 355,000 355,000 4.04% 0.1 Total Unsecured Debt 20,368,860 20,368,860 3.64% 8.8 Premium 1,065 1,065 Discount (73,175) (73,175) Debt Issuance Costs (117,853) (117,049) Other Debt Obligations and Other 24,599 24,599 Consolidated Mortgages and Unsecured Indebtedness (1)$28,430,175 $27,920,880 3.86% 7.0 Joint Venture Indebtedness Mortgage Debt Fixed Rate $ 13,609,511 $ 6,386,840 4.88% 4.2 Floating Rate Debt (Swapped to Fixed) 726,510 317,354 4.40% 3.4 Floating Rate Debt (Hedged) (1)1,129,551 527,751 6.15% 0.9 Variable Rate Debt 691,748 302,242 5.34% 3.2 TMLP Debt(2)258,980 — Total Mortgage Debt 16,416,300 7,534,187 4.97% 3.9 Debt Issuance Costs (41,527) (20,263) Joint Venture Mortgages and Other Indebtedness(1)$16,374,773 $ 7,513,924 4.97% 3.9 Our Share of Total Indebtedness $35,434,804 4.09% 6.3 TOTAL INDEBTEDNESS OUR SHARE OF INDEBTEDNESS WEIGHTED AVERAGE END OF PERIOD INTEREST RATE WEIGHTED AVERAGE YEARS TO MATURITY Summary of Our Share of Fixed and Variable Rate Debt Consolidated Fixed 99.0% $ 27,654,248 3.86% 7.1 Variable 1.0% 266,632 4.58% 2.1 100.0% 27,920,880 3.86% 7.0 Joint Venture Fixed 89.0% $ 6,687,668 4.86% 4.1 Variable 11.0% 826,256 5.85% 1.8 100.0% 7,513,924 4.97% 3.9 Total Debt $ 35,434,804 Total Fixed Debt 96.9% $34,341,916 4.05% 6.5 Total Variable Debt 3.1% $ 1,092,888 5.54% 1.8 Total Variable Debt Inclusive of In-the Money-Caps 0.9% (1) Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information. (2) See footnote 10 on the Property and Debt Information. 4Q 2025 SUPPLEMENTAL27
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TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of December 31, 2025 (In thousands) UNSECURED CONSOLIDATED DEBT SECURED CONSOLIDATED DEBT UNCONSOLIDATED JOINT VENTURE DEBT TOTAL YEAR OUR SHARE OF DEBT WEIGHTED AVERAGE RATE OUR SHARE OF DEBT WEIGHTED AVERAGE RATE OUR SHARE OF DEBT WEIGHTED AVERAGE RATE OUR SHARE OF DEBT WEIGHTED AVERAGE RATE 2026 $ 2,767,436 3.44% $ 3,032,718 4.09% $ 1,505,650 4.35% $ 7,305,804 3.90% 2027 2,460,908 2.80% 1,443,275 3.73% 1,216,660 4.32% 5,120,843 3.43% 2028 1,260,000 2.62% 761,538 5.04% 1,380,603 4.69% 3,402,141 4.01% 2029 1,250,000 2.45% 1,631,226 4.79% 320,442 5.34% 3,201,668 3.93% 2030 1,450,000 3.48% 199,234 6.16% 838,215 4.37% 2,487,449 4.02% 2031 700,000 2.20% 226,821 3.20% 192,915 5.47% 1,119,736 2.95% 2032 1,400,000 2.45% — — 385,480 5.28% 1,785,480 3.11% 2033 1,530,516 2.98% 301,768 6.49% 598,345 6.86% 2,430,629 4.41% 2034 1,500,000 5.25% — — 363,329 6.15% 1,863,329 5.42% 2035 800,000 5.13% 120,000 6.21% 732,548 5.79% 1,652,548 5.50% 2036 — — — — — — — — Thereafter 5,250,000 4.71% — — — — 5,250,000 4.71% Face Amounts of Indebtedness $ 20,368,860 3.64% $ 7,716,580 4.43% $ 7,534,187 4.97% $ 35,619,627 4.09% Premiums (Discounts) on Indebtedness, Net (73,175) 1,065 — (72,110) Debt Issuance Costs (105,863) (11,186) (20,263) (137,312) Other Debt Obligations and Other — 24,599 — 24,599 Our Share of Total Indebtedness $20,189,822 $7,731,058 $7,513,924 $35,434,804 4Q 2025 SUPPLEMENTAL28
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UNSECURED DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION MATURITY DATE INTEREST RATE TYPE INDEBTEDNESS TOTAL ($ IN 000’S) Unsecured Indebtedness: Simon Property Group, LP (Sr. Notes) 1/15/2026 3.30% Fixed 800,000(8) Global Commercial Paper–USD 1/22/2026(7)4.04% Fixed 355,000 Simon Property Group, LP (Exchangable Euro Sr. Bonds) 11/14/2026(2)3.50% Fixed 862,436(1) Simon Property Group, LP (Sr. Notes) 11/30/2026 3.25% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 1/15/2027 1.38% Fixed 550,000 Simon Property Group, LP (Euro Term Loan) 3/20/2027 2.60% (6)Fixed 410,908(6) Simon Property Group, LP (Sr. Notes) 6/15/2027 3.38% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 12/1/2027 3.38% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 2/1/2028 1.75% Fixed 800,000 Revolving Credit Facility–USD Currency 6/30/2028 (5)4.12%(4)Fixed 460,000 Simon Property Group, LP (Sr. Notes) 9/13/2029 2.45% Fixed 1,250,000 Simon Property Group, LP (Sr. Notes) 7/15/2030 2.65% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 10/1/2030 4.38% Fixed 700,000 Simon Property Group, LP (Sr. Notes) 2/1/2031 2.20% Fixed 700,000 Simon Property Group, LP (Sr. Notes) 1/15/2032 2.25% Fixed 700,000 Simon Property Group, LP (Sr. Notes) 2/1/2032 2.65% Fixed 700,000 Simon Property Group, LP (Sr. Notes) 3/8/2033 5.50% Fixed 650,000 Simon Property Group, LP (Euro Sr. Notes) 3/19/2033 1.13% Fixed 880,516 (3) Simon Property Group, LP (Sr. Notes) 1/15/2034 6.25% Fixed 500,000 Simon Property Group, LP (Sr. Notes) 9/26/2034 4.75% Fixed 1,000,000 Simon Property Group, LP (Sr. Notes) 10/1/2035 5.13% Fixed 800,000 Simon Property Group, LP (Sr. Notes) 2/1/2040 6.75% Fixed 600,000 Simon Property Group, LP (Sr. Notes) 3/15/2042 4.75% Fixed 550,000 Simon Property Group, LP (Sr. Notes) 10/1/2044 4.25% Fixed 400,000 Simon Property Group, LP (Sr. Notes) 11/30/2046 4.25% Fixed 550,000 Simon Property Group, LP (Sr. Notes) 9/13/2049 3.25% Fixed 1,250,000 Simon Property Group, LP (Sr. Notes) 7/15/2050 3.80% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 3/8/2053 5.85% Fixed 650,000 Simon Property Group, LP (Sr. Notes) 1/15/2054 6.65% Fixed 500,000 Total Unsecured Indebtedness at Face Value$20,368,860 (1) Amount shown in USD equivalent; EUR equivalent is 734.6 million. (2) Notes exchangable into ordinary shares of Klépierre S.A., at or above a common stock price of €27.0693. (3) Amount shown in USD equivalent; EUR equivalent is 750.0 million. (4) Through an interest rate swap agreement which matures on December 31, 2026, interest is essentially fixed at the all-in-rate presented. (5) Includes applicable extensions available at our option. (6) Amount shown in USD equivalent; EUR equivalent is 350.0 million. Through an interest rate swap agreement which matures on March 20, 2026, interestis essentially fixed at the all-in-rate presented. (7) Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at December 31, 2025. (8) Paid off subsequent to quarter end. 4Q 2025 SUPPLEMENTAL29
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE Malls 1. Apple Blossom Mall VA Winchester 49.1% 470,086(2) 2. Auburn Mall MA Auburn 56.4% 498,385(2) 3. Aventura Mall(3)FL Miami Beach (Miami) 33.3% 2,372,034 07/01/28 4.12% Fixed 1,750,000 583,333 11/25/30(5)5.79% Variable 86,500 28,833 4. Barton Creek Square TX Austin 100.0% 1,447,740(2) 5. Battlefield Mall MO Springfield 100.0% 1,180,247(2) 6. Bay Park Square WI Green Bay 100.0% 690,122(2) 7. Beverly Center CA Los Angeles 100.0% 842,212(2) 8. Brea Mall CA Brea (Los Angeles) 100.0% 1,360,764(2) 9. Briarwood Mall MI Ann Arbor 100.0% 924,116 09/01/26 3.29% Fixed 165,000 165,000 10. Brickell City Centre FL Miami 100.0% 471,577 (2) 11. Broadway Square TX Tyler 100.0% 613,437(2) 12. Burlington Mall MA Burlington (Boston) 100.0% 1,258,214(2) 13. Cape Cod Mall MA Hyannis 56.4% 705,966 06/01/35 6.46% Fixed 54,000 30,440 14. Castleton Square IN Indianapolis 100.0% 1,361,038 (2) 15. Cherry Creek Shopping Center CO Denver 50.0% 1,068,124 06/01/28 3.85% Fixed 550,000 275,000 16. Cielo Vista Mall TX El Paso 100.0% 1,245,387 (2) 17. City Creek Center UT Salt Lake City 100.0% 686,004 05/01/29 7.63% Fixed 70,000 70,000 18. Coconut Point FL Estero 50.0% 1,114,340 10/01/26 3.95% Fixed 163,459 81,730 19. College Mall IN Bloomington 100.0% 577,529 (2) 20. Columbia Center WA Kennewick 100.0% 733,924(2) 21. Copley Place MA Boston 94.4%(4)1,252,052(2) 22. Coral Square FL Coral Springs (Miami) 97.2% 947,951(2) 23. Cordova Mall FL Pensacola 100.0% 932,520(2) 24. Dadeland Mall FL Miami 50.0% 1,510,747 01/05/27 3.11% Fixed 352,638 176,319 25. Del Amo Fashion Center CA Torrance (Los Angeles) 50.0% 2,503,055 06/01/27 3.66% Fixed 585,000 292,500 26. Domain, The TX Austin 100.0% 1,228,827 07/01/31 3.09% Fixed 210,000 210,000 27. Empire Mall SD Sioux Falls 100.0% 1,163,658 10/01/30 6.72% Fixed 120,000 120,000 28. Falls, The FL Miami 50.0% 709,919 09/01/26 3.45% Fixed 150,000 75,000 29. Fashion Centre at Pentagon City, The VA Arlington (Washington, DC) 42.5% 927,462 05/09/26 (31)6.74% Variable 455,000 193,376 30. Fashion Mall at Keystone, The IN Indianapolis 100.0% 702,940(2) 31. Fashion Valley CA San Diego 50.0% 1,684,713 06/01/33 5.73% Fixed 450,000 225,000 32. Firewheel Town Center TX Garland (Dallas) 100.0% 989,552 (2) 33. Florida Mall, The FL Orlando 50.0% 1,725,304 02/09/27(5)(32)5.99% Variable 600,000 300,000 34. Forum Shops at Caesars Palace, The NV Las Vegas 100.0% 672,798(2) 35. Galleria, The TX Houston 50.4% 1,975,486 02/01/35 5.65% Fixed 1,200,000 604,440 36. Gardens Mall, The FL Palm Beach Gardens 50.0% 1,403,614 07/15/28 5.63% Fixed 205,000 102,500 37. Gardens on El Paseo, The CA Palm Desert 100.0% 235,131 (2) 38. Greenwood Park Mall IN Greenwood (Indianapolis) 100.0% 1,285,095(2) 39. Haywood Mall SC Greenville 100.0% 1,249,623(2) 4Q 2025 SUPPLEMENTAL30
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 40. International Market Place HI Waikiki, Honolulu 100.0% 339,414(2) 41. International Plaza FL Tampa 50.1% 1,370,893 11/01/30 5.04% Fixed 575,000 288,075 42. King of Prussia PA King of Prussia (Philadelphia) 100.0% 2,686,345(2) 43. La Plaza TX McAllen 100.0% 1,323,450(2) 44. Lakeline Mall TX Cedar Park (Austin) 100.0% 1,097,945(2) 45. Lehigh Valley Mall PA Whitehall 50.0% 1,192,742 11/01/27 4.06% Fixed 168,348 84,174 46. Lenox Square GA Atlanta 100.0% 1,546,028 (2) 47. Mall at Green Hills, The TN Nashville 100.0% 1,057,531(2) 48. Mall at Millenia, The FL Orlando 50.0% 1,130,483 10/15/29 5.41% Fixed 450,000 225,000 49. Mall at Rockingham Park, The NH Salem (Boston) 28.2% 1,068,042 06/01/26 4.04% Fixed 262,000 73,845 50. Mall at Short Hills, The NJ Short Hills 100.0% 1,413,319 10/01/27 3.48% Fixed 1,000,000 1,000,000 51. Mall at University Town Center, The FL Sarasota 50.0% 858,640 11/01/26 3.40% Fixed 263,030 131,515 52. Mall of Georgia GA Buford (Atlanta) 100.0% 1,853,230 (2) 53. Mall of New Hampshire, The NH Manchester 56.4% 801,791 07/01/28(5)4.11% Fixed 150,000 84,555 54. Mall of San Juan, The PR San Juan 95.0% 674,733(2) 55. McCain Mall AR N. Little Rock 100.0% 789,502(2) 56. Meadowood Mall NV Reno 50.0% 931,167 12/01/26 5.70% Fixed 99,140 49,570 57. Menlo Park Mall NJ Edison (New York) 100.0% 1,294,588 (2) 58. Miami International Mall FL Miami 95.0% 1,080,449 02/06/26 7.92% Fixed 151,980 144,375 59. Midland Park Mall TX Midland 100.0% 645,652 (2) 60. Miller Hill Mall MN Duluth 100.0% 820,001(2) 61. North East Mall TX Hurst (Dallas) 100.0% 1,543,932(2) 62. Northshore Mall MA Peabody (Boston) 56.4% 1,591,152 01/01/31 6.36% Fixed 175,000 98,648 63. Ocean County Mall NJ Toms River (New York) 100.0% 889,856 (2) 64. Orland Square IL Orland Park (Chicago) 100.0% 1,229,301(2) 65. Penn Square Mall OK Oklahoma City 94.5% 1,082,982 01/01/26 3.84% Fixed 310,000 292,938 66. Pheasant Lane Mall NH Nashua (6)977,460(2) 67. Phillips Place NC Charlotte 100.0% 132,805(2) 68. Phipps Plaza GA Atlanta 100.0% 1,127,024(2) 69. Plaza Carolina PR Carolina (San Juan) 100.0% 1,154,214(2) 70. Prien Lake Mall LA Lake Charles 100.0% 717,956(2) 71. Quaker Bridge Mall NJ Lawrenceville 50.0% 1,079,938 05/01/26 4.50% Fixed 180,000 90,000 72. Rockaway Townsquare NJ Rockaway (New York) 100.0% 1,241,645 (2) 73. Roosevelt Field NY Garden City (New York) 100.0% 2,349,159(2) 74. Ross Park Mall PA Pittsburgh 100.0% 1,185,112(2) 75. Santa Rosa Plaza CA Santa Rosa 100.0% 697,764(2) 76. Shops at Chestnut Hill, The MA Chestnut Hill (Boston) 94.4% 470,264 08/31/33 6.66% Fixed 91,404 86,322 77. Shops at Clearfork, The TX Fort Worth 45.0% 552,573 03/11/30 (25)2.92% Fixed 145,000 65,250 03/11/30 6.80% Variable 2,250 1,013 78. Shops at Crystals, The NV Las Vegas 50.0% 282,964 07/01/26 3.74% Fixed 550,000 275,000 79. Shops at Mission Viejo, The CA Mission Viejo (Los Angeles) 51.0% 1,265,373 01/01/35 6.73% Fixed 180,000 91,800 4Q 2025 SUPPLEMENTAL31
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 80. Shops at Riverside, The NJ Hackensack (New York) 100.0% 726,720(2) 81. Smith Haven Mall NY Lake Grove (New York) 100.0% 1,257,593(2) 82. South Hills Village PA Pittsburgh 100.0% 1,126,733(2) 83. South Shore Plaza MA Braintree (Boston) 100.0% 1,582,160(2) 84. Southdale Center MN Edina (Minneapolis) 100.0% 1,156,103(2) 85. SouthPark NC Charlotte 100.0% 1,699,314(2) 86. Springfield Mall(3)PA Springfield (Philadelphia) 50.0% 610,092 10/06/25(24)4.45% Fixed 52,465 26,233 87. St. Charles Towne Center MD Waldorf (Washington, DC) 100.0% 979,100(2) 88. St. Johns Town Center FL Jacksonville 50.0% 1,416,958 06/01/34 5.95% Fixed 360,000 180,000 89. Stanford Shopping Center CA Palo Alto (San Jose) 94.4% (4)1,322,323(2) 90. Stoneridge Shopping Center CA Pleasanton (San Francisco) 49.9% 1,295,577 09/05/26 3.50% Fixed 330,000 164,670 91. Summit Mall OH Akron 100.0% 774,217 10/01/26 3.31% Fixed 85,000 85,000 92. Tacoma Mall WA Tacoma (Seattle) 100.0% 1,263,980 (2) 93. Tippecanoe Mall IN Lafayette 100.0% 864,871(2) 94. Town Center at Boca Raton FL Boca Raton (Miami) 100.0% 1,776,374(2) 95. Towne East Square KS Wichita 100.0% 1,157,209(2) 96. Treasure Coast Square FL Jensen Beach 100.0% 873,908(2) 97. Twelve Oaks Mall MI Novi 100.0% 1,520,979 03/06/28 4.85% Fixed 260,737 260,737 98. Tyrone Square FL St. Petersburg (Tampa) 100.0% 955,987 (2) 99. University Park Mall IN Mishawaka 100.0% 910,370(2) 100. Walt Whitman Shops NY Huntington Station (New York) 100.0% 1,084,890(2) 101. Waterside Shops FL Naples 50.0% 304,314 04/15/26 3.86% Fixed 154,337 77,169 102. West Town Mall TN Knoxville 50.0% 1,275,963 (2) 103. Westchester, The NY White Plains (New York) 40.0% 802,897 02/01/30 3.25% Fixed 400,000 160,000 104. Westfarms CT West Hartford 78.9% 1,263,850 09/06/28 7.80% Fixed 242,000 191,035 105. White Oaks Mall IL Springfield 88.6% 922,129 06/15/27 6.98% Fixed 31,652 28,057 106. Wolfchase Galleria TN Memphis 94.5% 1,147,164 11/01/26 4.15% Fixed 155,152 146,612 107. Woodfield Mall IL Schaumburg (Chicago) 50.0% 2,154,656 12/01/33 6.71% Fixed 294,000 147,000 108. Woodland Hills Mall OK Tulsa 94.5% 1,238,604 (2) Total Mall Square Footage 119,734,147 Lifestyle Centers 1. ABQ Uptown NM Albuquerque 100.0% 228,833(2) 2. Hamilton Town Center IN Noblesville (Indianapolis) 50.0% 679,382 02/24/30(5)5.84% Variable 92,663 46,332 3. Liberty Tree Mall MA Danvers 49.1% 861,398 05/03/28(25)6.18% Fixed 27,644 13,584 4. Northgate Station WA Seattle 100.0% 412,720(2) 5. Pier Park FL Panama City Beach 65.6% 944,846(2) 6. University Park Village TX Fort Worth 100.0% 171,857 05/01/28 3.85% Fixed 48,927 48,927 Total Lifestyle Centers Square Footage3,299,036 4Q 2025 SUPPLEMENTAL32
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE Premium Outlets 1. Albertville Premium Outlets MN Albertville (Minneapolis) 100.0% 301,148(2) 2. Allen Premium Outlets TX Allen (Dallas) 100.0% 548,490(2) 3. Aurora Farms Premium Outlets OH Aurora (Cleveland) 100.0% 262,070(2) 4. Birch Run Premium Outlets MI Birch Run (Detroit) 100.0% 593,925 02/06/26 4.21% Fixed 123,000 123,000 5. Camarillo Premium Outlets CA Camarillo (Los Angeles) 100.0% 691,160 (2) 6. Carlsbad Premium Outlets CA Carlsbad (San Diego) 100.0% 288,899(2) 7. Carolina Premium Outlets NC Smithfield (Raleigh) 100.0% 439,078(2) 8. Charlotte Premium Outlets NC Charlotte 50.0% 398,386 07/01/28 4.27% Fixed 95,814 47,907 9. Chicago Premium Outlets IL Aurora (Chicago) 100.0% 685,056 (2) 10. Cincinnati Premium Outlets OH Monroe (Cincinnati) 100.0% 398,932(2) 11. Clarksburg Premium Outlets MD Clarksburg (Washington, DC) 66.0% 381,671 01/01/28 3.95% Fixed 151,387 99,915 12. Clinton Premium Outlets CT Clinton 100.0% 276,229 (2) 13. Denver Premium Outlets CO Thornton (Denver) 100.0% 328,107(2) 14. Desert Hills Premium Outlets CA Cabazon (Palm Springs) 100.0% 656,950(2) 15. Ellenton Premium Outlets FL Ellenton (Tampa) 100.0% 477,175 12/01/35 6.21% Fixed 120,000 120,000 16. Finger Lakes Premium Outlets NY Waterloo 100.0% 413,558 (2) 17. Folsom Premium Outlets CA Folsom (Sacramento) 100.0% 295,993(2) 18. Gilroy Premium Outlets CA Gilroy (San Jose) 100.0% 502,867(2) 19. Gloucester Premium Outlets NJ Blackwood (Philadelphia) 66.7% 377,907 03/01/33 6.12% Fixed 75,000 50,003 20. Grand Prairie Premium Outlets TX Grand Prairie (Dallas) 100.0% 419,523 (2) 21. Grove City Premium Outlets PA Grove City (Pittsburgh) 100.0% 525,904 12/01/28(5)7.31% Fixed 140,000 140,000 22. Gulfport Premium Outlets MS Gulfport 100.0% 297,498 12/01/28(5)7.35% Fixed 50,000 50,000 23. Hagerstown Premium Outlets MD Hagerstown (Baltimore/ Washington, DC) 100.0% 485,670 02/06/26 4.26% Fixed 68,365 68,365 24. Houston Premium Outlets TX Cypress (Houston) 100.0% 556,074(2) 25. Indiana Premium Outlets IN Edinburgh (Indianapolis) 100.0% 378,389(2) 26. Jackson Premium Outlets NJ Jackson (New York) 100.0% 285,575(2) 27. Jersey Shore Premium Outlets NJ Tinton Falls (New York) 100.0% 434,765(2) 28. Johnson Creek Premium Outlets WI Johnson Creek 100.0% 275,063(2) 29. Kittery Premium Outlets ME Kittery 100.0% 261,974(2) 30. Las Americas Premium Outlets CA San Diego 100.0% 689,452(2) 31. Las Vegas North Premium Outlets NV Las Vegas 100.0% 675,750(2) 32. Las Vegas South Premium Outlets NV Las Vegas 100.0% 535,621(2) 33. Lee Premium Outlets MA Lee 100.0% 223,611 06/01/26(8)4.17% Fixed 43,813 43,813 34. Leesburg Premium Outlets VA Leesburg (Washington, DC) 100.0% 478,434(2) 35. Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL) 100.0% 444,045(2) 36. Merrimack Premium Outlets NH Merrimack 100.0% 409,081(2) 37. Napa Premium Outlets CA Napa 100.0% 178,917(2) 38. Norfolk Premium Outlets VA Norfolk 65.0% 329,789 04/01/32 4.50% Fixed 73,039 47,475 4Q 2025 SUPPLEMENTAL33
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 39. North Bend Premium Outlets WA North Bend (Seattle) 100.0% 189,132(2) 40. North Georgia Premium Outlets GA Dawsonville (Atlanta) 100.0% 536,629(2) 41. Orlando International Premium Outlets FL Orlando 100.0% 775,231(2) 42. Orlando Vineland Premium Outlets FL Orlando 100.0% 658,238(2) 43. Petaluma Village Premium Outlets CA Petaluma (San Francisco) 100.0% 199,261(2) 44. Philadelphia Premium Outlets PA Limerick (Philadelphia) 100.0% 544,765(2) 45. Phoenix Premium Outlets AZ Chandler (Phoenix) 100.0% 356,521(2) 46. Pismo Beach Premium Outlets CA Pismo Beach 100.0% 147,903 09/06/26(9)3.33% Fixed 29,393 29,393 47. Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/ Milwaukee) 100.0% 396,208 09/01/27 4.00% Fixed 145,000 145,000 48. Pocono Premium Outlets PA Tannersville 100.0% 411,752(2) 49. Puerto Rico Premium Outlets PR Barceloneta 100.0% 350,688(2) 50. Queenstown Premium Outlets MD Queenstown (Baltimore) 100.0% 289,596 09/06/26(9)3.33% Fixed 51,635 51,635 51. Rio Grande Valley Premium Outlets TX Mercedes (McAllen) 100.0% 593,720(2) 52. Round Rock Premium Outlets TX Round Rock (Austin) 100.0% 495,706(2) 53. San Francisco Premium Outlets CA Livermore (San Francisco) 100.0% 697,029(2) 54. San Marcos Premium Outlets TX San Marcos (Austin/ San Antonio) 100.0% 730,057(2) 55. Seattle Premium Outlets WA Tulalip (Seattle) 100.0% 554,811(2) 56. Silver Sands Premium Outlets FL Destin 50.0% 446,012 03/01/32 3.96% Fixed 140,000 70,000 57. St. Augustine Premium Outlets FL St. Augustine (Jacksonville) 100.0% 327,754(2) 58. St. Louis Premium Outlets MO St. Louis (Chesterfield) 60.0% 351,416 10/06/27 4.06% Fixed 81,887 49,132 59. Tampa Premium Outlets FL Lutz (Tampa) 100.0% 468,094 (2) 60. Tanger Outlets—Columbus(3)OH Sunbury (Columbus) 50.0% 352,797 10/01/32 6.25% Fixed 71,000 35,500 61. Tanger Outlets—Galveston/Houston(3)TX Texas City 50.0% 352,705 06/26/30(29)5.06% Fixed 60,000 30,000 62. Tucson Premium Outlets AZ Marana (Tucson) 100.0% 366,102(2) 63. Tulsa Premium Outlets OK Jenks (Tulsa) 100.0% 338,472(2) 64. Twin Cities Premium Outlets MN Eagan 35.0% 403,744 11/01/34 6.70% Fixed 95,000 33,250 65. Vacaville Premium Outlets CA Vacaville 100.0% 442,502 (2) 66. Waikele Premium Outlets HI Waipahu (Honolulu) 100.0% 219,379(2) 67. Williamsburg Premium Outlets VA Williamsburg 100.0% 507,525 02/06/26 4.23% Fixed 185,000 185,000 68. Woodburn Premium Outlets OR Woodburn (Portland) 100.0% 389,223 (2) 69. Woodbury Common Premium Outlets NY Central Valley (New York) 100.0% 921,983(2) 70. Wrentham Village Premium Outlets MA Wrentham (Boston) 100.0% 672,948(2) Total U.S. Premium Outlet Square Footage 30,690,639 4Q 2025 SUPPLEMENTAL34
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE The Mills 1. Arizona Mills AZ Tempe (Phoenix) 100.0% 1,221,069 09/01/26 3.80% Fixed 91,995 91,995 2. Arundel Mills MD Hanover (Baltimore) 59.3% 1,955,312 11/01/33 7.70% Fixed 360,000 213,301 3. Colorado Mills CO Lakewood (Denver) 37.5% 1,399,610 11/01/26 4.28% Fixed 99,243 37,216 07/01/31 2.80% Fixed 30,000 11,250 4. Concord Mills NC Concord (Charlotte) 59.3% 1,368,190 11/01/32 6.55% Fixed 227,137 134,601 5. Dolphin Mall FL Miami 100.0% 1,404,076 12/09/29 (5)(34)5.35% Fixed 1,000,000 1,000,000 6. Grapevine Mills TX Grapevine (Dallas) 59.3% 1,779,663 07/01/34 6.26% Fixed 250,000 148,150 7. Great Lakes Crossing Outlets MI Auburn Hills 100.0% 1,355,126 02/01/33 6.52% Fixed 180,000 180,000 8. Great Mall CA Milpitas (San Jose) 100.0% 1,365,059 (2) 9. Gurnee Mills IL Gurnee (Chicago) 100.0% 1,931,339 10/01/26 3.99% Fixed 257,710 257,710 10. Katy Mills TX Katy (Houston) 62.5% (7)1,679,417 08/01/32 5.77% Fixed 124,453 77,783 11. Mills at Jersey Gardens, The NJ Elizabeth 100.0% 1,309,390(2) 12. Ontario Mills CA Ontario (Riverside) 50.0% 1,430,423(2) 13. Opry Mills TN Nashville 100.0% 1,119,934 07/01/26 4.09% Fixed 375,000 375,000 14. Outlets at Orange, The CA Orange (Los Angeles) 100.0% 864,082 (2) 15. Potomac Mills VA Woodbridge (Washington, DC) 100.0% 1,564,823 11/01/26 3.46% Fixed 416,000 416,000 16. Sawgrass Mills FL Sunrise (Miami) 100.0% 2,365,454 (2) Total The Mills Square Footage 24,112,967 Other Properties Calhoun Outlet Marketplace, Dover Mall, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Oxford Valley Mall, Philadelphia Mills, Southridge Mall, Square One Mall, Sugarloaf Mills, Sunvalley Shopping Center, The Avenues (7)(8)(10)720,609 278,692 Total Other Properties Square Footage10,593,367 TOTAL U.S. SQUARE FOOTAGE(11)(12)188,430,156 4Q 2025 SUPPLEMENTAL35
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE International Properties AUSTRIA 1. Parndorf Designer Outlet Phases 3 & 4 Vienna 90.0% 118,000 07/04/29(13)2.00% Fixed 212,307 191,076 Austria Square Footage 118,000 CANADA 2. Premium Outlet Collection Edmonton IA Edmonton (Alberta) 50.0% 421,900 11/30/27(14)3.85% Variable 99,561 49,781 3. Premium Outlets Montréal Montréal (Quebec) 50.0% 367,500 09/01/31(14)4.69% Fixed 87,539 43,770 4. Toronto Premium Outlets Toronto (Ontario) 50.0% 504,900(2) 5. Vancouver Designer Outlet Vancouver (British Columbia) 45.0% 326,000 12/01/27(14)4.40% Variable 60,183 27,082 12/01/27(14)(25)5.81% Fixed 60,183 27,082 Canada Square Footage 1,620,300 CHINA 6. CityOn.Xian Xi’an 25.0% 995,000 03/14/29(23)(33)3.60% Variable 76,747 19,187 7. CityOn.Zhengzhou Zhengzhou 24.5% 919,000 03/22/32(23)(27)3.85% Fixed 104,827 25,683 China Square Footage 1,914,000 FRANCE 8. Paris-Giverny Designer Outlet Vernon 73.8% 228,000 06/11/26(13)(28)4.66% Variable 81,947 60,460 9. Provence Designer Outlet Miramas 90.0% 269,000 07/27/27(5)(13)(28)4.00% Variable 110,453 99,408 France Square Footage 497,000 GERMANY 10. Ochtrup Designer Outlet Ochtrup 70.5% 191,500 06/30/26(13)2.10% Fixed 58,701 41,384 Germany Square Footage 191,500 INDONESIA 11. Jakarta Premium Outlets Tangerang (Jakarta) 50.0% 302,000 12/29/33(35)9.25% Fixed 45,619 22,810 Indonesia Square Footage 302,000 ITALY 12. La Reggia Designer Outlet Marcianise (Naples) 90.0% 344,000 03/31/27(13)4.53% Variable 35,690 32,121 03/31/27(13)(25)4.25% Fixed 150,274 135,247 13. Noventa Di Piave Designer Outlet Venice 90.0% 353,000 01/23/26(13)4.48% Fixed 325,899 293,309 14. The Mall Luxury Outlets Firenze Leccio (Florence) 100.0% 264,750(2) 15. The Mall Luxury Outlets Sanremo Sanremo 100.0% 122,300(2) Italy Square Footage 1,084,050 JAPAN 16. Ami Premium Outlets Ami (Tokyo) 40.0% 315,000(2) 17. Fukaya-Hanazono Premium Outlets Fukaya City (Saitama) 40.0% 296,300 10/01/32(15)0.70% Fixed 68,304 27,322 18. Gotemba Premium Outlets Gotemba City (Tokyo) 40.0% 659,500 05/31/27(15)0.31% Fixed 82,985 33,194 19. Kobe-Sanda Premium Outlets Kobe (Osaka) 40.0% 441,000(2) 20. Rinku Premium Outlets Izumisano (Osaka) 40.0% 512,500 07/31/27(15)0.30% Fixed 37,663 15,065 21. Sano Premium Outlets Sano (Tokyo) 40.0% 390,800 02/29/28(15)1.28% Fixed 29,046 11,618 22. Sendai-Izumi Premium Outlets Izumi Park Town (Sendai) 40.0% 164,200(2) 23. Shisui Premium Outlets Shisui (Chiba) 40.0% 434,600 11/30/28(15)1.03% Fixed 16,596 6,638 05/31/29(15)0.68% Fixed 5,107 2,043 4Q 2025 SUPPLEMENTAL36
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGAL OWNERSHIP TOTAL SQUARE FEET MATURITY DATE INTEREST RATE(1)TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 24. Toki Premium Outlets Toki (Nagoya) 40.0% 367,700(2) 25. Tosu Premium Outlets Fukuoka (Kyushu) 40.0% 328,400 10/31/26(15)0.97% Fixed 39,578 15,831 Japan Square Footage 3,910,000 KOREA 26. Busan Premium Outlets Busan 50.0% 544,200 04/28/28(16)3.64% Fixed 132,960 66,480 27. Jeju Premium Outlets Jeju Province 50.0% 92,000(2) 28. Paju Premium Outlets Paju (Seoul) 50.0% 558,900 03/13/27(16)3.75% Fixed 38,087 19,044 29. Siheung Premium Outlets Siheung (Seoul) 50.0% 444,400 03/15/26(16)4.38% Fixed 96,952 48,476 30. Starfield Anseong Anseong 49.0% 1,068,000 02/28/28(16)3.75% Fixed 237,748 116,497 31. Starfield Hanam Hanam 17.2% 1,709,000 07/28/30(16)3.72% Fixed 468,702 80,382 32. Yeoju Premium Outlets Yeoju (Seoul) 50.0% 551,600 09/28/27(16)3.85% Fixed 38,089 19,045 South Korea Square Footage 4,968,100 MALAYSIA 33. Genting Highlands Premium Outlets Pahang (Kuala Lumpur) 50.0% 277,500(2) 34. Johor Premium Outlets Johor (Singapore) 50.0% 309,400 09/30/31(17)5.13% Variable 2,249 1,125 Malaysia Square Footage 586,900 MEXICO 35. Premium Outlets Punta Norte Mexico City 50.0% 333,000(2) 36. Premium Outlets Querétaro Querétaro 50.0% 274,800 12/20/33(18)11.03% Fixed 19,921 9,961 Mexico Square Footage 607,800 NETHERLANDS 37. Roermond Designer Outlet Phases 2, 3 & 4 Roermond(19)298,000 06/06/29(13)3.90% Fixed 328,726 295,853 08/18/30(13)(25)4.02% Fixed 234,804 110,975 38. Roosendaal Designer Outlet Roosendaal 94.0% 247,500 02/28/29(13)(26)5.40% Fixed 76,311 71,732 Netherlands Square Footage 545,500 SPAIN 39. Malaga Designer Outlet Malaga 46.1% 191,000 05/05/28(13)(30)4.28% Variable 74,551 34,375 Spain Square Footage 191,000 THAILAND 40. Siam Premium Outlets Bangkok Bangkok 50.0% 264,000 06/05/31(20)4.69% Fixed 58,500 29,250 Thailand Square Footage 264,000 UNITED KINGDOM 41. Ashford Designer Outlet Kent 45.0% 281,000 05/23/27(21)5.88% Variable 27,856 12,535 05/23/27(21)(25)4.29% Fixed 111,415 50,137 42. West Midlands Designer Outlet Staffordshire 23.2% 197,000 06/06/26(21)(25)7.49% Fixed 87,464 20,326 United Kingdom Square Footage 478,000 TOTAL INTERNATIONAL SQUARE FOOTAGE(11)(22)17,278,150 TOTAL SQUARE FOOTAGE 205,708,306 4Q 2025 SUPPLEMENTAL37
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PROPERTY AND DEBT INFORMATION As of December 31, 2025 FOOTNOTES: (1) Variable rate debt interest rates are based on the following base rates as of December 31, 2025: Overnight SOFR 3.87%; 1 month CME Term SOFR 3.6875%;30 Day Average SOFR 3.7866%; 1M EURIBOR at 1.939%; 3M EURIBOR at 2.026%; 6M EURIBOR at 2.107%;1M YEN TIBOR at 0.8727%; 6M YEN TIBOR at 1.0909%; 1M CORRA at 2.30%; Overnight SONIA 3.7257% and Cost of Funds Rate at 3.63%. (2) Unencumbered asset. (3) This property is managed by a third party. Reported amounts may be provided in arrears. (4) The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance. (5) Includes applicable extensions available at our option. (6) The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property. (7) The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership. (8) Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages. (9) These two properties are secured by cross-collateralized and cross-defaulted mortgages. (10) Consists of 8 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2026 and 2029, of which one property isheld within TMLP . (11) Does not include any other spaces in joint ventures which are not listed above. (12) GLA includes office space. (13) Amount shown in USD equivalent; EUR equivalent is 1.4 billion. (14) Amount shown in USD equivalent; CAD equivalent is 421.5 million. (15) Amounts shown in USD equivalent; JPY equivalent is 43.8 billion. (16) Amounts shown in USD equivalent; KRW equivalent is 1.5 trillion. (17) Amounts shown in USD equivalent; MYR equivalent is 9.1 million. (18) Amounts shown in USD equivalent; MXN equivalent is 358.5 million. (19) The Company owns a 90.0% interest in Phases 2 & 3 and a 46.1% interest in Phase 4. (20) Amounts shown in USD equivalent; THB equivalent is 1.8 billion. (21) Amount shown in USD equivalent; GBP equivalent is 168.5 million. (22) Does not include Klépierre. (23) Amounts shown in USD equivalent; CNY equivalent is 1.3 billion. (24) Mortgage is outstanding as of December 31, 2025. (25) Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented. (26) Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027. (27) The interest rate resets on April 16th of each year. (28) Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented. (29) Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029. (30) Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027. (31) Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until May 15, 2026. (32) Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2026. (33) The interest rate resets on January 1st of each year. (34) Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027. (35) Amount shown in USD equivalent; IDR equivalent is 761.8 billion. 4Q 2025 SUPPLEMENTAL38
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NON-GAAP PRO-RATA FINANCIAL INFORMATION The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP . The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest. We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent 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. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP . The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include: • The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and • Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure. Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP . We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally. 4Q 2025 SUPPLEMENTAL39
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NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 FOR THE THREE MONTHS ENDED DECEMBER 31, 2024 NONCONTROLLING INTERESTS(1) OUR SHARE OF JOINT VENTURES NONCONTROLLING INTERESTS(1) OUR SHARE OF JOINT VENTURES REVENUE: Lease income$(26,313) $434,363 $(16,090) $ 376,236 Management fees and other revenues—— —— Other income(2,126) 61,981 (1,311) 51,028 Total revenue(28,439) 496,344 (17,401) 427,264 EXPENSES: Property operating(4,452) 87,524 (3,095) 74,079 Depreciation and amortization(6,904) 122,766 (5,403) 90,586 Real estate taxes(1,687) 30,489 (674) 22,903 Repairs and maintenance(785) 11,924 (429) 8,769 Advertising and promotion(2,707) 14,587 (2,934) 11,839 Home and regional office costs—— —— General and administrative—— —— Other(2,078) 35,605 (1,812) 29,944 Total operating expenses(18,613) 302,895 (14,347) 238,120 OPERATING INCOME BEFORE OTHER ITEMS(9,826) 193,449 (3,054) 189,144 Interest expense5,468 (94,608) 3,388 (85,202) Loss on extinguishment of debt—— —— Loss due to disposal, exchange, or revaluation of equity interests, net — — — — Income and other tax expense—— —— Income from unconsolidated entities(491) (98,841) (2)(426) (103,942)(2) Unrealized gains in fair value of publicly traded equity instruments and derivative instrument, net—— —— Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — — — Consolidated income from continuing operations(4,849) — (92) — CONSOLIDATED NET INCOME(4,849) — (92) — Net income attributable to noncontrolling interests (4,849) —(3)(92) —(3) Preferred dividends—— —— NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$— $ — $— $ — (1) Represents our venture partners’ share of operations from consolidated properties. (2) Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and our previously held equity investment in TRG up to the October 31, 2025 transaction. (3) Represents limited partners’ interest in the Operating Partnership. 4Q 2025 SUPPLEMENTAL40
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NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025 FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2024 NONCONTROLLING INTERESTS(1) OUR SHARE OF JOINT VENTURES NONCONTROLLING INTERESTS(1) OUR SHARE OF JOINT VENTURES REVENUE: Lease income$(75,280) $1,497,607 $(62,728) $1,422,787 Management fees and other revenues—— —— Other income(5,899) 221,785 (3,706) 183,038 Total revenue(81,179) 1,719,392 (66,434) 1,605,825 EXPENSES: Property operating(14,695) 318,371 (12,404) 291,379 Depreciation and amortization(23,938) 385,033 (21,125) 353,790 Real estate taxes(3,014) 108,149 (2,484) 106,065 Repairs and maintenance(2,120) 40,434 (1,680) 33,112 Advertising and promotion(10,497) 45,408 (9,348) 41,530 Home and regional office costs—— —— General and administrative—— —— Other(7,838) 121,244 (7,917) 103,755 Total operating expenses(62,102) 1,018,639 (54,958) 929,631 OPERATING INCOME BEFORE OTHER ITEMS(19,077) 700,753 (11,476) 676,194 Interest expense15,797 (343,654) 13,626 (333,707) Loss on extinguishment of debt—— —— Gain due to disposal, exchange, or revaluation of equity interests, net — — — — Income and other tax expense—— —— Income from unconsolidated entities(1,535) (357,099) (2)(509) (342,487)(2) Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net—— —— Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net — — — — Consolidated income from continuing operations(4,815) — 1,641 — CONSOLIDATED NET INCOME(4,815) — 1,641 — Net income attributable to noncontrolling interests (4,815) —(3)1,641 —(3) Preferred dividends—— —— NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$— $ — $— $ — (1) Represents our venture partners’ share of operations from consolidated properties. (2) Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and our previously held equity investment in TRG up to the October 31, 2025 transaction. (3) Represents limited partners’ interest in the Operating Partnership. 4Q 2025 SUPPLEMENTAL41
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NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) AS OF DECEMBER 31, 2025 AS OF DECEMBER 31, 2024 NONCONTROLLING INTERESTS OUR SHARE OF JOINT VENTURES NONCONTROLLING INTERESTS OUR SHARE OF JOINT VENTURES ASSETS: Investment properties, at cost $(1,323,026) $12,798,509 $(578,550) $ 9,934,061 Less–accumulated depreciation (197,698) 4,245,309 (161,779) 4,181,648 (1,125,328) 8,553,200 (416,771) 5,752,413 Cash and cash equivalents(29,139) 599,668 (22,837) 601,567 Short-term investments—— —— Tenant receivables and accrued revenue, net (7,268) 288,205 (6,884) 253,648 Investment in unconsolidated entities, at equity (3,729) (4,358,610) (6,896) (2,663,843) Investment in Klépierre, at equity—— —— Investment in TRG, at equity—— —— Right-of-use assets, net(845) 49,987 (854) 51,673 Deferred costs and other assets(20,491) 1,341,940 (27,555) 1,327,069 Total assets$(1,186,800) $ 6,474,390 $(481,797) $ 5,322,527 LIABILITIES: Mortgages and unsecured indebtedness $ (509,295) $ 7,513,924 $(222,514) $ 6,312,675 Accounts payable, accrued expenses, intangibles, and deferred revenues (21,984) 515,497 (24,056) 481,921 Cash distributions and losses in unconsolidated entities, at equity — (1,739,418) — (1,680,431) Dividend payable—— —— Lease liabilities(845) 45,731 (854) 47,226 Other liabilities(52,999) 138,656 (43,722) 161,136 Total liabilities(585,123) 6,474,390 (291,146) 5,322,527 Commitments and contingencies Limited partners’ preferred interest in the Operating Partnership $ (222,769) $ — $(169,192) $ — EQUITY: Stockholders’ equity Capital stock Series J 8 3/8% cumulative redeemable preferred stock — — — — Common stock, $.0001 par value—— —— Class B common stock, $.0001 par value — — — — Capital in excess of par value—— —— Accumulated deficit—— —— Accumulated other comprehensive loss — — — — Common stock held in treasury at cost — — — — Total stockholders’ equity—— —— Noncontrolling interests(378,908) — (21,459) — Total equity(378,908) — (21,459) — Total liabilities and equity$(1,186,800) $ 6,474,390 $(481,797) $ 5,322,527 4Q 2025 SUPPLEMENTAL42