Earnings release
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TABLE OF CONTENTS MONCLER QUIC SIMONⓇ 2Q 2026 SUPPLEMENTAL lululemon SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED SECOND QUARTER
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(1) TABLE OF CONTENTS TABLE OF CONTENTS EARNINGS RELEASE AND SUPPLEMENTAL INFORMATIONFOR THE QUARTER ENDED JUNE 30, 2026 PAGE Earnings Release 2–11 Overview 12 The Company 12 Stock Information, Credit Ratings and Senior Unsecured Debt Covenants 13 Financial Data Selected Financial and Equity Information 14 Net Operating Income (NOI) Composition 15 Net Operating Income Overview (at Share) 16 Reconciliations of Non-GAAP Financial Measures 17 Consolidated Net Income to NOI 17 FFO of the Operating Partnership to Funds Available for Distribution (Our Share) 18 Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest 19 Operational Data Operating Information 20 U.S. Malls and Premium Outlets Lease Expirations 21 U.S. Malls and Premium Outlets Top Tenants 22 Development Activity Capital Expenditures 23 Development Activity Summary 24 Balance Sheet Information Common and Preferred Stock Information 25 Changes in Common Share and Limited Partnership Unit Ownership 25 Preferred Stock/Units Outstanding 25 Credit Profile 26 Summary of Indebtedness 27 Total Debt Amortization and Maturities by Year (Our Share) 28 Unsecured Debt Information 29 Property and Debt Information 30–38 Other Non-GAAP Pro-Rata Financial Information 39–42 Guidance Reconciliation 43 Includes reconciliation of consolidated net income to FFO and Real Estate FFO. 2Q 2026 SUPPLEMENTAL 1 (1)
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Tom WardNicole Kennon • • • • • • • TABLE OF CONTENTS EARNINGS RELEASE Contacts: 317-685-7330 Investors704-804-1960 Media SIMON REPORTS SECOND QUARTER 2026 RESULTS ANDINCREASES GUIDANCE FOR FULL YEAR 2026 REAL ESTATE FFO PER SHARE INDIANAPOLIS, August 10, 2026 – Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment andmixed-use destinations, today reported results for the quarter ended June 30, 2026. “We delivered excellent financial and operational results this quarter,” said Eli Simon, Chief Executive Officer, President and Chief Operating Officer.“Real Estate FFO per share grew 7.9% year-over-year, supported by consistent broad-based leasing demand, accelerated traffic increases, strongretailer sales growth, and the contribution from acquisitions completed over the past year. Today, we are once again increasing our guidance for full-year2026 Real Estate FFO per share.” Results for the Quarter Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, as compared to $556.1 million, or $1.70 per dilutedshare in 2025. Net income for the second quarter of 2025 included a non-cash after-tax gain of $0.21 per diluted share from investment activity. Real Estate Funds From Operations (“Real Estate FFO”) was $1.249 billion, or $3.29 per diluted share as compared to $1.154 billion, or $3.05 perdiluted share in the prior year, an increase of 7.9%. Funds From Operations (“FFO”) was $1.185 billion, or $3.12 per diluted share as compared to $1.189 billion, or $3.15 per diluted share in the prioryear, inclusive of the $0.21 per diluted share non-cash after-tax gain in the prior year period. Domestic property Net Operating Income (“NOI”) increased 8.5% and portfolio NOI increased 8.3% compared to the prior year period. Results for the Six Months Net income attributable to common stockholders was $962.7 million, or $2.97 per diluted share, as compared to $969.8 million, or $2.97 per dilutedshare in 2025. Real Estate FFO was $2.457 billion, or $6.46 per diluted share as compared to $2.268 billion, or $6.01 per diluted share in the prior year, an increaseof 7.5%. FFO was $2.293 billion, or $6.03 per diluted share as compared to $2.194 billion, or $5.82 per diluted share in the prior year. 2Q 2026 SUPPLEMENTAL 2 ® ®
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• • • • TABLE OF CONTENTS EARNINGS RELEASE Domestic property NOI increased 7.6% and portfolio NOI increased 7.5% compared to the prior year period. U.S. Malls and Premium Outlets Operating Statistics Occupancy at June 30, 2026 was 96.0%, unchanged from June 30, 2025. Base minimum rent per square foot was $62.42 at June 30, 2026, compared to $58.70 at June 30, 2025, an increase of 6.3%. Reported retailer sales per square foot was $838 for the trailing 12 months ended June 30, 2026, compared to $736 at June 30, 2025, an increase of13.9%. Dividends Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.25 for the third quarter of 2026. This is an increase of $0.10, or4.7% year-over-year. The dividend will be payable on September 30, 2026 to shareholders of record on September 9, 2026. Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2026 to shareholders of record on September 16, 2026. Common Stock Repurchase Program During the quarter ended June 30, 2026, the Company repurchased 793,077 shares of its common stock and 237,618 limited partnership units at anaverage price of $205.10 per share/unit, for a total investment of $211.4 million. Capital Markets and Balance Sheet Liquidity During the quarter, the Company completed 8 secured loan transactions totaling approximately $1.4 billion (U.S. dollar equivalent). The weightedaverage interest rate on these loans was 5.36%. The Company completed a Euro senior notes offering totaling €500 million with a 3.65% coupon rate and term of 5 years. Proceeds were used forgeneral corporate purposes. Additionally, the Company closed a $460 million 5-year term loan priced at SOFR +0.70%. Proceeds were used to repay the $460 million draw under theCompany’s $5 billion revolving credit facility. As of June 30, 2026, Simon had approximately $9.3 billion of liquidity consisting of $1.7 billion of cash on hand, including its share of joint venture cash,and $7.6 billion of available capacity, net of outstanding commercial paper, under its $8.5 billion of total revolving credit facilities. 2Q 2026 SUPPLEMENTAL 3
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TABLE OF CONTENTS EARNINGS RELEASE 2026 Guidance The Company’s estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the yearending December 31, 2026 are included in the table below and are reconciled in the Company’s supplemental information. The Company is increasing itsoutlook for full year 2026 Real Estate FFO per diluted share to $13.20 to $13.30, an increase of $0.08 per diluted share at the midpoint. Current Previous LowEnd HighEnd LowEnd HighEnd Estimated net income attributable to common stockholders perdiluted share $6.47 $7.47 $6.61 $6.76 Estimated Real Estate FFO per share $13.20 $13.30 $13.10 $13.25 Conference Call Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, August 10,2026. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will beavailable until August 17, 2026. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13761320. Supplemental Materials and Website Supplemental information on our second quarter 2026 performance is available at investors.simon.com. This information has also been furnished to theSEC 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 encouragemembers of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website isnot incorporated by reference into, and is not a part of, this document. Non-GAAP Financial Measures This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financialperformance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real Estate FFO is FFO of the operatingpartnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; andunrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financialmeasures to the most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth arefinancial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similarmeasures reported by other REITs. 2Q 2026 SUPPLEMENTAL 4
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TABLE OF CONTENTS 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 LitigationReform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simoncan give no assurance that its expectations will be attained, and it is possible that Simon’s actual results may differ materially from those indicated bythese forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intenselycompetitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and reletvacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; thepotential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes ineconomic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impactof tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a resultof the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terroristactivities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology orinfrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associatedwith our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, includingcovenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial marketsthat may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; ourcontinued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with theacquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties onfavorable 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 associatedgovernmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estateinvestments, including the illiquidity of real estate investments. Simon discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC.Simon may update that discussion in subsequent other periodic reports, but except as required by law, Simon undertakes no duty or obligation to updateor revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. About Simon Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places formillions of people every day and generate billions in annual sales. 2Q 2026 SUPPLEMENTAL 5 ®
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TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Consolidated Statements of Operations(Dollars in thousands, except per share amounts) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2026 2025 2026 2025 REVENUE: Lease income $1,659,709 $1,379,454 $3,288,240 $2,746,882 Management fees and other revenues 40,834 37,931 81,022 71,723 Other income 90,055 81,074 178,429 152,867 Total revenue 1,790,598 1,498,459 3,547,691 2,971,472 EXPENSES: Property operating 171,440 139,816 342,200 276,637 Depreciation and amortization 459,876 339,058 918,773 667,109 Real estate taxes 131,905 105,315 267,865 212,768 Repairs and maintenance 32,687 26,238 72,888 56,380 Advertising and promotion 39,056 36,310 72,986 70,566 Home and regional office costs 69,842 57,564 137,498 122,630 General and administrative 12,004 14,298 66,303 26,927 Other 49,690 35,663 82,918 66,641 Total operating expenses 966,500 754,262 1,961,431 1,499,658 OPERATING INCOME BEFORE OTHER ITEMS 824,098 744,197 1,586,260 1,471,814 Interest expense (281,164 (232,724 (556,826 (459,720 (Loss) gain due to disposal, exchange, or revaluation of equity interests, net (11,950 104,499 (18,329 80,507 Income and other tax (expense) benefit (10,809 (35,107 9,125 (27,470 Income from unconsolidated entities 119,127 122,875 97,879 153,234 Unrealized losses in fair value of publicly traded equity instruments and derivativeinstrument, net (56,425 (50,455 (31,037 (87,220 (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets andinterests in unconsolidated entities and impairment, net (8,747 (9,604 55,593 (9,604 CONSOLIDATED NET INCOME 574,130 643,681 1,142,665 1,121,541 Net income attributable to noncontrolling interests 90,157 86,714 178,288 150,040 Preferred dividends 834 834 1,669 1,669 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 483,139 $ 556,133 $ 962,708 $ 969,832 BASIC AND DILUTED EARNINGS PER COMMON SHARE: Net income attributable to common stockholders $ 1.49 $ 1.70 $ 2.97 $ 2.97 2Q 2026 SUPPLEMENTAL 6 ) ) ) )) )) ) ) ) ) ) ) ) ) )
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TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Consolidated Balance Sheets(Dollars in thousands, except share amounts) June 30,2026 December 31,2025 ASSETS: Investment properties, at cost $51,094,995 $50,946,067 Less – accumulated depreciation 21,382,543 20,701,510 29,712,452 30,244,557 Cash and cash equivalents 1,019,091 823,147 Tenant receivables and accrued revenue, net 884,241 934,077 Investment in other unconsolidated entities, at equity 4,012,480 4,362,339 Investment in Klépierre, at equity 1,377,318 1,505,377 Right-of-use assets, net 731,200 755,934 Deferred costs and other assets 1,972,484 1,981,035 Total assets $39,709,266 $40,606,466 LIABILITIES: Mortgages and unsecured indebtedness $28,699,607 $28,430,175 Accounts payable, accrued expenses, intangibles, and deferred revenues 1,806,922 1,954,402 Cash distributions and losses in unconsolidated entities, at equity 1,808,807 1,739,418 Dividend payable 1,318 2,723 Lease liabilities 727,902 756,539 Other liabilities 818,183 1,017,816 Total liabilities 33,862,739 33,901,073 Commitments and contingencies Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests 271,827 233,306 EQUITY: Stockholders’ Equity Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares ofpreferred stock): Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of$39,847 40,287 40,451 Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,059,947 and 343,060,687 issued and outstanding, respectively 33 33 Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding — — Capital in excess of par value 12,394,125 12,347,192 Accumulated deficit (5,128,188 (4,608,136 Accumulated other comprehensive loss (233,740 (251,361 Common stock held in treasury, at cost, 19,508,432 and 17,844,817 shares, respectively (2,638,101 (2,319,911 Total stockholders’ equity 4,434,416 5,208,268 Noncontrolling interests 1,140,284 1,263,819 Total equity 5,574,700 6,472,087 Total liabilities and equity $39,709,266 $40,606,466 2Q 2026 SUPPLEMENTAL 7 ) )) )) )
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Note: TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Joint Venture Combined Statements of Operations(Dollars in thousands) For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2026 2025 2026 2025 REVENUE: Lease income $ 937,653 $757,888 $1,859,445 $1,507,695 Other income 103,708 112,941 208,889 207,008 Total revenue 1,041,361 870,829 2,068,334 1,714,703 OPERATING EXPENSES: Property operating 201,456 165,960 416,398 332,607 Depreciation and amortization 177,211 159,675 362,376 318,687 Real estate taxes 67,310 58,606 133,709 117,398 Repairs and maintenance 23,159 18,204 49,440 38,967 Advertising and promotion 25,085 22,474 50,018 44,623 Other 67,184 61,308 139,469 118,155 Total operating expenses 561,405 486,227 1,151,410 970,437 OPERATING INCOME BEFORE OTHER ITEMS 479,956 384,602 916,924 744,266 Interest expense (205,540 (174,995 (410,577 (345,363 NET INCOME $ 274,416 $209,607 $ 506,347 $ 398,903 Third-Party Investors’ Share of Net Income $ 142,119 $107,651 $ 258,581 $ 204,248 Our Share of Net Income 132,297 101,956 247,766 194,655 Amortization of Excess Investment (A) (48,684 (13,871 (96,341 (28,336 Income from Unconsolidated Entities (B) $ 83,613 $ 88,085 $ 151,425 $ 166,319 The above financial presentation does not include any information related to our investments in Klépierre S.A. (“Klépierre”), our other platform investments, andour previously held equity investment in The Taubman Realty Group (“TRG”) up to the October 31, 2025 transaction. For additional information, see footnote B. 2Q 2026 SUPPLEMENTAL 8 ) ) ) ) ) ) ) )
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Note: TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Joint Venture Combined Balance Sheets(Dollars in thousands) June 30,2026 December 31,2025 Assets: Investment properties, at cost $21,519,924 $22,077,749 Less – accumulated depreciation 10,083,799 9,020,481 11,436,125 13,057,268 Cash and cash equivalents 1,511,847 1,264,619 Tenant receivables and accrued revenue, net 599,064 605,756 Right-of-use assets, net 111,163 108,349 Deferred costs and other assets 645,256 572,826 Total assets $14,303,455 $15,608,818 Liabilities and Partners’ Deficit: Mortgages $16,605,493 $16,374,773 Accounts payable, accrued expenses, intangibles, and deferred revenue 1,149,481 1,117,855 Lease liabilities 112,971 99,837 Other liabilities 377,817 334,246 Total liabilities 18,245,762 17,926,711 Preferred units 67,450 67,450 Partners’ deficit (4,009,757 (2,385,343 Total liabilities and partners’ deficit $14,303,455 $15,608,818 Our Share of: Partners’ deficit $(1,805,176 $(1,247,554 Add: Excess Investment 3,055,376 2,773,173 Our net Investment in unconsolidated entities, at equity $ 1,250,200 $ 1,525,619 The above financial presentation does not include any information related to our investments in Klépierre and our other platform investments.For additional information, see footnote B. 2Q 2026 SUPPLEMENTAL 9 ) ) ) )
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(1) TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc.Unaudited Reconciliation of Non-GAAP Financial Measures (C)(Amounts in thousands, except per share amounts) Reconciliation of Consolidated Net Income to FFO and Real Estate FFO For the Three MonthsEnded June 30, For the Six MonthsEnded June 30, 2026 2025 2026 2025 Consolidated Net Income (D) $ 574,130 $ 643,681 $1,142,665 $1,121,541 Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties 455,655 335,157 910,434 659,479 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments 160,762 207,587 322,370 416,551 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities andimpairment, net 8,747 9,604 (55,593 9,604 Net (gain) loss attributable to noncontrolling interest holders in properties (6,400 (26 (12,021 1,266 Noncontrolling interests portion of depreciation and amortization (6,917 (6,346 (13,202 (12,339 Preferred distributions and dividends (1,032 (1,126 (2,064 (2,252 FFO of the Operating Partnership $1,184,945 $1,188,531 $2,292,589 $2,193,850 FFO of the Operating Partnership $1,184,945 $1,188,531 $2,292,589 $2,193,850 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax 9,818 (78,374 15,136 (60,381 Other platform investments, net of tax (2,624 (6,594 117,758 47,591 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 56,425 50,455 31,037 87,220 Real Estate FFO $1,248,564 $1,154,018 $2,456,520 $2,268,280 Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share $ 1.49 $ 1.70 $ 2.97 $ 2.97 Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities,including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization 1.61 1.42 3.21 2.82 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities andimpairment, net 0.02 0.03 (0.15 0.03 Diluted FFO per share $ 3.12 $ 3.15 $ 6.03 $ 5.82 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax 0.03 (0.21 0.04 (0.16 Other platform investments, net of tax (0.01 (0.02 0.31 0.12 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 0.15 0.13 0.08 0.23 Real Estate FFO per share $ 3.29 $ 3.05 $ 6.46 $ 6.01 7.9 7.5 Details for per share calculations: FFO of the Operating Partnership $1,184,945 $1,188,531 $2,292,589 $2,193,850 Diluted FFO allocable to unitholders (174,687 (159,806 (336,951 (295,091 Diluted FFO allocable to common stockholders $1,010,258 $1,028,725 $1,955,638 $1,898,759 Basic and Diluted weighted average shares outstanding 324,018 326,487 324,458 326,401 Weighted average limited partnership units outstanding 56,029 50,714 55,903 50,727 Basic and Diluted weighted average shares and units outstanding 380,047 377,201 380,361 377,128 Basic and Diluted FFO per Share $ 3.12 $ 3.15 $ 6.03 $ 5.82 Percent Change -1.0 3.6 FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense recorded in the first quarter of 2026, of which$8.3 million, or $0.02 per share, is included in Real Estate FFO and Real Estate FFO per share, and $31.7 million, or $0.08 per share, is included in Other platforminvestments, net of tax. 2Q 2026 SUPPLEMENTAL 10 )) ) )) ) ) )) ) ) ) (1) (1) ) )) ) (1) ) (1) ) )) ) (1) % % ) ) ) ) % %
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(A) (B) (C) (D) – – – TABLE OF CONTENTS EARNINGS RELEASE Simon Property Group, Inc. Footnotes to Unaudited Financial Information Notes: Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures showntherein. The Company generally amortizes excess investment over the life of the related assets. The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to ourinvestments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. Amounts included inFootnote 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 priorto the October 31, 2025 transaction. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additionaldiscussion and analysis in our Form 10-K. This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and RealEstate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning ouroperating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance ofour portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains andlosses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP,excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal orproperty insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint venturesbased upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not representcash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operatingperformance, and is not an alternative to cash flows as a measure of liquidity. Includes our share of: Gain on land sales of $0.0 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.8 million and $1.2 million for the six monthsended June 30, 2026 and 2025, respectively. Straight-line adjustments increased income by $19.0 million and $3.7 million for the three months ended June 30, 2026 and 2025, respectively, and $24.9 million and$5.9 million for the six months ended June 30, 2026 and 2025, respectively. Amortization of fair market value of leases increased income by $0.4 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and$0.6 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively. 2Q 2026 SUPPLEMENTAL 11
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TABLE OF CONTENTS OVERVIEW THE COMPANY Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., orthe Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, theterms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop andmanage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, andInternational Properties. At June 30, 2026, we owned or had an interest in 254 properties comprising 206 million square feet in North America, Asia andEurope. Additionally, at June 30, 2026, we had a 20.7% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which ownsshopping centers in 13 European countries. This package was prepared to provide operational and balance sheet information as of June 30, 2026 for the Company and the Operating Partnership. Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions,we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated bythese forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intenselycompetitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and reletvacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; thepotential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes ineconomic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impactof tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a resultof the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terroristactivities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology orinfrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associatedwith our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, includingcovenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial marketsthat may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; ourcontinued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with theacquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties onfavorable 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 associatedgovernmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estateinvestments, including the illiquidity of real estate investments. We discuss these and other risks and uncertainties under the heading “Risk Factors” inour annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as requiredby law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, futuredevelopments, or otherwise. Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of InvestorRelations (tom.ward@simon.com or 317.685.7330). 2Q 2026 SUPPLEMENTAL 12
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(1) TABLE OF CONTENTS OVERVIEW STOCK INFORMATION The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols: Common Stock SPG 8.375% Series J CumulativeRedeemable Preferred SPGPrJ CREDIT RATINGS Standard & Poor’s Corporate A (Stable Outlook) Senior Unsecured A (Stable Outlook) Commercial Paper A1 (Stable Outlook) Preferred Stock BBB+ (Stable Outlook) Moody’s Senior Unsecured A3 (Positive Outlook) Commercial Paper P2 (Positive Outlook) Preferred Stock Baa1 (Positive Outlook) SENIOR UNSECURED DEBT COVENANTS Required Actual Compliance Total Debt to Total Assets ≤65% 37% Yes Total Secured Debt to Total Assets ≤50% 16% Yes Fixed Charge Coverage Ratio >1.5X 4.7X Yes Total Unencumbered Assets to Unsecured Debt ≥125% 305% Yes Covenants for indentures dated January 25, 2010 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI)divided by a 7.0% capitalization rate plus the value of other assets at cost. 2Q 2026 SUPPLEMENTAL 13 (1) (1) (1)
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TABLE OF CONTENTS SELECTED FINANCIAL AND EQUITY INFORMATION(In thousands, except as noted) THREE MONTHS ENDEDJUNE 30, SIX MONTHS ENDEDJUNE 30, 2026 2025 2026 2025 Financial Highlights Total Consolidated Revenue $1,790,598 $1,498,459 $3,547,691 $2,971,472 Consolidated Net Income $ 574,130 $ 643,681 $1,142,665 $1,121,541 Net Income Attributable to Common Stockholders $ 483,139 $ 556,133 $ 962,708 $ 969,832 Basic and Diluted Earnings per Common Share (EPS) $ 1.49 $ 1.70 $ 2.97 $ 2.97 Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership $1,248,564 $1,154,018 $2,456,520 $2,268,280 Basic and Diluted Real Estate FFO per Share $ 3.29 $ 3.05 $ 6.46 $ 6.01 Funds from Operations (FFO) of the Operating Partnership $1,184,945 $1,188,531 $2,292,589 $2,193,850 Basic and Diluted FFO per Share (FFOPS) $ 3.12 $ 3.15 $ 6.03 $ 5.82 Dividends/Distributions per Share/Unit $ 2.25 $ 2.10 $ 4.45 $ 4.20 AS OFJUNE 30,2026 AS OFDECEMBER 31,2025 Stockholders’ Equity Information Limited Partners’ Units Outstanding at end of period 55,826 55,690 Common Shares Outstanding at end of period 323,560 325,224 Total Common Shares and Limited Partnership Units Outstanding at end of period 379,386 380,914 Weighted Average Limited Partnership Units Outstanding 55,903 51,558 Weighted Average Common Shares Outstanding: Basic and Diluted – for purposes of EPS and FFOPS 324,458 326,367 Equity Market Capitalization Common Stock Price at end of period $ 223.65 $ 185.11 Common Equity Capitalization, including Limited Partnership Units $84,849,647 $70,510,913 Preferred Equity Capitalization, including Limited Partnership Preferred Units 54,449 52,935 Total Equity Market Capitalization $84,904,096 $70,563,848 2Q 2026 SUPPLEMENTAL 14
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(1) (2) TABLE OF CONTENTS NET OPERATING INCOME (NOI) COMPOSITION For the Six Months Ended June 30, 2026 Based on our beneficial interest of NOI. Includes Klépierre, international Premium Outlets, Designer Outlets, The Mall Luxury Outlets, and international malls. 2Q 2026 SUPPLEMENTAL 15 (1)
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(1) (2) (3) (4) (5) TABLE OF CONTENTS NET OPERATING INCOME OVERVIEW (AT SHARE)(In thousands) FOR THE THREE MONTHSENDED JUNE 30, % GROWTH FOR THE SIX MONTHSENDED JUNE 30, % GROWTH 2026 2025 2026 2025 Domestic Property NOI $1,506,800 $1,388,856 8.5% $2,986,124 $2,775,087 7.6% International Properties 96,003 91,269 187,407 177,746 Portfolio NOI $1,602,803 $1,480,125 8.3% $3,173,531 $2,952,833 7.5% NOI from Other Platform Investments 31,842 41,688 (52,293 227 NOI from Klépierre 61,522 62,957 117,669 118,643 Corporate and Other NOI Sources 57,525 63,017 108,564 98,311 Beneficial interest of Combined NOI $1,753,692 $1,647,787 6.4% $3,347,471 $3,170,014 5.6% All properties in North America (including 4 in Canada and 2 in Mexico at constant currency). International properties outside of North America at constant currency. Includes investment in retail operations (Catalyst Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and managementcompany (Jamestown). NOI of Klépierre at constant currency. Includes income components excluded from Domestic Property NOI and Portfolio NOI including lease termination income, interest income, land sale gains, straight line leaseincome, above/below market lease adjustments, management company revenues, foreign exchange impact, and other assets. 2Q 2026 SUPPLEMENTAL 16 (1) (2) (3) )(4) (5)
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(1) (2) (3) TABLE OF CONTENTS RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES(In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI THREE MONTHS ENDEDJUNE 30, SIX MONTHS ENDEDJUNE 30, 2026 2025 2026 2025 Reconciliation of NOI of consolidated entities: Consolidated Net Income $ 574,130 $ 643,681 $1,142,665 $1,121,541 Income and other tax expense (benefit) 10,809 35,107 (9,125 27,470 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net 11,950 (104,499 18,329 (80,507 Interest expense 281,164 232,724 556,826 459,720 Income from unconsolidated entities (119,127 (122,875 (97,879 (153,234 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 56,425 50,455 31,037 87,220 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests inunconsolidated entities and impairment, net 8,747 9,604 (55,593 9,604 Operating Income Before Other Items 824,098 744,197 1,586,260 1,471,814 Depreciation and amortization 459,876 339,058 918,773 667,109 Home and regional office costs 69,842 57,564 137,498 122,630 General and administrative 12,004 14,298 66,303 26,927 Other expenses 118 9 130 9 NOI of consolidated entities $1,365,938 $1,155,126 $2,708,964 $2,288,489 Less: Noncontrolling interest partners share of NOI (18,425 (8,766 (35,477 (16,150 Beneficial NOI of consolidated entities $1,347,513 $1,146,360 $2,673,487 $2,272,339 Reconciliation of NOI of unconsolidated entities: Net Income $ 274,416 $ 209,607 $ 506,347 $ 398,903 Interest expense 205,540 174,995 410,577 345,363 Operating Income Before Other Items 479,956 384,602 916,924 744,266 Depreciation and amortization 177,211 159,675 362,376 318,687 Other expenses 14 — 27 — NOI of unconsolidated entities $ 657,181 $ 544,277 $1,279,327 $1,062,953 Less: Joint Venture partners share of NOI (347,545 (284,903 (673,897 (555,664 Beneficial NOI of unconsolidated entities $ 309,636 $ 259,374 $ 605,430 $ 507,289 Add: Beneficial interest of NOI from TRG — 134,093 — 270,497 Add: Beneficial interest of NOI from Other Platform Investments and Investments 96,543 107,960 68,554 119,889 Beneficial interest of Combined NOI $1,753,692 $1,647,787 $3,347,471 $3,170,014 Net Income and those adjustments following to arrive at beneficial interest in NOI includes amounts for TRG assets for periods post October 31, 2025 transaction. Beneficial interest of NOI from TRG prior to the October 31, 2025 transaction. See footnotes 3 and 4 on prior page. 2Q 2026 SUPPLEMENTAL 17 )) ) ) ) ) ) ) ) ) ) ) (1) ) ) ) ) (1) (2) (3)
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(1) TABLE OF CONTENTS RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES(In thousands, except as noted) RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE) THREE MONTHS ENDEDJUNE 30, SIX MONTHS ENDEDJUNE 30, 2026 2025 2026 2025 FFO of the Operating Partnership $1,184,945 $1,188,531 $2,292,589 $2,193,850 Non-cash impacts to FFO 78,633 (11,363 124,478 47,198 FFO of the Operating Partnership excluding non-cash impacts 1,263,578 1,177,168 2,417,067 2,241,048 Tenant allowances (96,486 (104,510 (150,692 (157,801 Operational capital expenditures (67,974 (61,154 (107,944 (107,214 Funds available for distribution $1,099,118 $1,011,504 $2,158,431 $1,976,033 Non-cash impacts to FFO of the Operating Partnership include: THREE MONTHS ENDEDJUNE 30, SIX MONTHS ENDEDJUNE 30, 2026 2025 2026 2025 Deductions: Fair market value of lease amortization (331 (254 (570 (561 Straight line lease income (19,005 (3,643 (24,887 (5,884 Gain due to disposal, exchange or revaluation of equity interests, net of tax — (83,313 — (83,313 Additions: Stock based compensation expense 17,699 16,521 75,304 32,762 Write-off of pre-development costs 111 9 129 9 Fair value of debt amortization 8,235 (72 16,424 (114 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 56,425 50,455 31,037 87,220 Mortgage, financing fee, accretion interest, and terminated swap amortization expense 15,499 8,934 27,041 17,079 $78,633 $(11,363 $124,478 $47,198 This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the UnitedStates, including FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (NOI), domestic property NOIand 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 withadditional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measuresinternally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported byother REITs. The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flowscomputed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures andin the Earnings Release for the latest period. 2Q 2026 SUPPLEMENTAL 18 (1) ) ) ) ) )) ) ) ) ) ) ) )) ) ) )) ) ) ) )
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(1) (2) (3) (4) (5) (6) TABLE OF CONTENTS LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROMUNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST(In thousands) THREE MONTHS ENDEDJUNE 30, SIX MONTHS ENDEDJUNE 30, Consolidated Properties 2026 2025 2026 2025 Lease Income Fixed lease income $1,349,129 $1,132,802 $2,664,863 $2,256,917 Variable lease income 310,580 246,652 623,377 489,965 Total Lease Income $1,659,709 $1,379,454 $3,288,240 $2,746,882 Other Income Interest, dividend and distribution income $ 11,999 $ 27,275 $ 24,715 $ 50,179 Lease settlement income 2,318 2,475 8,503 3,830 Gains on land sales — 1,170 1,815 1,170 Mixed-use and franchise operations income 17,033 12,633 32,512 23,859 Other 58,705 37,521 110,884 73,829 Total Other Income $ 90,055 $ 81,074 $ 178,429 $ 152,867 Other Expense Ground leases $ 16,851 $ 12,236 $ 33,291 $ 24,506 Mixed-use and franchise operations expense 9,522 8,895 18,805 18,126 Professional fees and other 23,317 14,532 30,822 24,009 Total Other Expense $ 49,690 $ 35,663 $ 82,918 $ 66,641 Income from Unconsolidated Entities Share of Joint Ventures $ 83,613 $ 88,085 $ 151,425 $ 166,319 Share of Klépierre net income, net of amortization of excess investment 26,238 21,290 46,464 40,557 Share of Other Platform Investments net loss, net of amortization of excess investment, pre-tax 9,276 20,935 (100,010 (39,840 Share of TRG net loss including amortization of excess investment — (7,435 — (13,802 Total Income from Unconsolidated Entities $ 119,127 $ 122,875 $ 97,879 $ 153,234 Capitalized Interest Our Share of Consolidated Properties $ 7,720 $ 7,869 $ 15,011 $ 16,868 Our Share of Joint Venture Properties $ 221 $ 106 $ 430 $ 176 Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing. Includes distributions from international investments and preferred unit distributions from TRG for the three and six months ended June 30, 2025. Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estateinvestments, insurance proceeds from business interruption and other miscellaneous income items. Includes U.S. joint venture operations and international joint ventures. Includes Share of TRG net loss including amortization of excess investment for the three and six months ended June 30, 2025. 2Q 2026 SUPPLEMENTAL 19 (1) (2) (3) (4) (5) ) ) (6) ) )
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AS OF JUNE 30, 2026 2025 U.S. Malls and Premium Outlets Total Number of Properties 175 162 Total Square Footage of Properties (in millions) 149.0 136.1 Ending Occupancy : Consolidated Assets 96.0% 96.0% Unconsolidated Assets 96.0% 95.9% Total Portfolio 96.0% 96.0% Base Minimum Rent PSF : Consolidated Assets $60.14 $56.86 Unconsolidated Assets $68.95 $64.19 Total Portfolio $62.42 $58.70 The Mills Total Number of Properties 16 14 Total Square Footage of Properties (in millions) 24.1 21.4 Ending Occupancy 98.8% 99.3% Base Minimum Rent PSF $42.28 $37.65 AS OF JUNE 30, 2026 2025 International Properties Premium Outlets Total Number of Properties 24 24 Total Square Footage of Properties (in millions) 9.2 9.2 Designer Outlets Total Number of Properties 12 12 Total Square Footage of Properties (in millions) 3.0 3.0 The Mall Luxury Outlets Total Number of Properties 2 2 Total Square Footage of Properties (in millions) 0.4 0.4 Malls Total Number of Properties 4 4 Total Square Footage of Properties (in millions) 4.7 4.7 (1) (2) (3) TABLE OF CONTENTS OPERATING INFORMATION Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned spaceexcept for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy asdefined above. See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space. 2Q 2026 SUPPLEMENTAL 20 (1) (2) (3) (2)
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(1) (2) (3) TABLE OF CONTENTS U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS YEAR NUMBER OFLEASESEXPIRING SQUARE FEET AVG. BASEMINIMUMRENT PSFAT EXPIRATION PERCENTAGE OFGROSS ANNUALRENTALREVENUES Inline Stores and Freestanding Month to Month Leases 1,339 5,129,704 $56.85 4.2% 2026 (7/1/26 – 12/31/26) 712 2,033,479 $67.81 2.0% 2027 3,182 11,408,842 $60.22 10.0% 2028 2,731 10,819,713 $65.49 10.4% 2029 2,474 9,748,363 $64.32 9.2% 2030 1,560 6,815,167 $76.11 7.5% 2031 1,011 4,514,197 $72.24 4.8% 2032 693 2,595,438 $92.62 3.5% 2033 771 3,072,596 $95.94 4.4% 2034 790 3,092,388 $98.27 4.5% 2035 897 4,127,478 $100.74 5.9% 2036 439 2,146,013 $82.51 2.6% 2037 and Thereafter 723 3,561,105 $63.67 2.8% Specialty Leasing Agreements w/ terms in excess of 12 months 2,253 6,830,520 $17.65 1.8% Anchors 2026 (7/1/26 – 12/31/26) 2 61,725 $21.10 0.0% 2027 8 1,021,299 $ 3.57 0.1% 2028 17 2,274,763 $ 5.33 0.2% 2029 16 1,594,569 $ 6.36 0.2% 2030 18 2,087,074 $ 6.70 0.2% 2031 20 2,097,199 $ 5.69 0.2% 2032 9 831,363 $15.48 0.2% 2033 8 1,078,825 $ 8.22 0.1% 2034 6 417,573 $21.82 0.1% 2035 10 900,858 $13.22 0.1% 2036 5 318,133 $33.74 0.1% 2037 and Thereafter 26 2,698,604 $14.70 0.5% Does not consider the impact of renewal options that may be contained in leases. Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration. Annual rental revenues represent 2025 consolidated and joint venture combined base rental revenue. 2Q 2026 SUPPLEMENTAL 21 (1) (2) (3)
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(1) * TABLE OF CONTENTS U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties) TENANT NUMBEROFSTORES SQUAREFEET(000’S) PERCENT OFTOTAL SQ. FT. INU.S. PROPERTIES PERCENT OF TOTALBASE MINIMUM RENTFOR U.S. PROPERTIES The Gap 312 3,262 1.7% 2.5% LVMH Fashion 150 607 0.3% 1.6% Knitwell Group 435 1,983 1.1% 1.6% Tapestry 214 927 0.5% 1.5% Kering 98 457 0.2% 1.5% American Eagle Outfitters 243 1,560 0.8% 1.5% Victoria’s Secret & Co. 140 1,215 0.6% 1.4% Signet Jewelers 335 492 0.3% 1.3% VF Corporation 221 948 0.5% 1.2% Luxottica Group 400 702 0.4% 1.2% Top Anchors (sorted by percentage of total square footage in U.S. properties) TENANT NUMBEROFSTORES SQUAREFEET(000’S) PERCENT OFTOTAL SQ. FT. INU.S. PROPERTIES PERCENT OF TOTALBASE MINIMUM RENTFOR U.S. PROPERTIES Macy’s 111 21,774 11.6% 0.3% J.C. Penney 54 8,863 4.7% 0.2% Dillard’s 36 6,709 3.6% * Nordstrom 30 5,029 2.7% 0.1% Dick’s Sporting Goods 45 3,886 2.1% 0.7% Exemplar Luxury Group 26 2,880 1.5% 0.2% Belk 7 1,194 0.6% * Von Maur 7 892 0.5% * Target 7 852 0.5% 0.1% Primark 14 744 0.4% 0.2% Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Nordstrom Rack, and Saks Fifth Avenue Off 5th. Less than one-tenth of one percent. 2Q 2026 SUPPLEMENTAL 22 (1)
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(1) TABLE OF CONTENTS CAPITAL EXPENDITURES(In thousands) UNCONSOLIDATEDPROPERTIES CONSOLIDATEDPROPERTIES TOTAL OURSHARE New development projects $ 4,299 $ 427 $ 214 Redevelopment projects with incremental square footage and/or anchor replacement 135,146 104,989 51,826 Redevelopment projects with no incremental square footage 26,432 1,358 684 Subtotal new development and redevelopment projects 165,877 106,774 52,724 Tenant allowances 122,207 56,604 28,485 Operational capital expenditures (CAM and non-CAM) 65,978 106,665 41,966 Totals $354,062 $270,043 $123,175 Conversion from accrual to cash basis 91,223 15,426 7,036 Capital Expenditures for the Six Months Ended 6/30/26 $445,285 $285,469 $130,211 Capital Expenditures for the Six Months Ended 6/30/25 $474,225 $251,013 $120,364 Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is preparedfor the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties. 2Q 2026 SUPPLEMENTAL 23 (1) (1)
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TABLE OF CONTENTS DEVELOPMENT ACTIVITY SUMMARYAs of June 30, 2026(in thousands, except percent) PLATFORM PROJECT TYPE OUR SHAREOF NETINVESTMENT EXPECTEDSTABILIZEDRATE OFRETURN ACTUAL 2026INVESTMENTTHRU Q2 2026 FORECASTEDINVESTMENTQ3 - Q4 2026 FORECASTEDINVESTMENTFY 2026 FORECASTEDINVESTMENTFY 2027 TOTALFORECASTEDINVESTMENTFY 2026 - 2027 Malls and Premium Outlets Redevelopments $1,061,650 9% $184,867 $234,919 $419,786 $193,136 $612,922 The Mills Redevelopments $ 11,735 15% $ 1,235 $ 2,934 $ 4,169 $ 7,058 $ 11,227 Total Investment $1,073,385 9% $186,102 $237,853 $423,955 $200,194 $624,149 Less funding from: Construction Loans,International JV Cash on hand, etc. $ (179,871 $(29,988 $ (46,779 $ (76,767 $ (44,928 $(121,695 Total Net Cash Investment $ 893,514 $156,114 $191,074 $347,188 $155,266 $502,454 2Q 2026 SUPPLEMENTAL 24 ) ) ) ) ) )
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(1) (2) (3) (4) (5) TABLE OF CONTENTS COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIPFor the Period December 31, 2025 through June 30, 2026 COMMONSHARES LIMITEDPARTNERSHIPUNITS Number Outstanding at December 31, 2025 325,223,870 55,689,714 First Quarter Activity Redemption of Limited Partnership Units for Cash — (6,100 Restricted Stock/Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned 43,097 380,344 Shares Repurchased to Satisfy Employee Tax Obligations (11,759 — Repurchase of Simon Property Group Common Stock in open market (965,296 — Number Outstanding at March 31, 2026 324,289,912 56,063,958 Second Quarter Activity Redemption of Limited Partnership Units for Cash — (237,618 Restricted Stock/Unit Awards 109,861 — Shares Repurchased to Satisfy Employee Tax Obligations (47,181 — Repurchase of Simon Property Group Common Stock in open market (793,077 — Number Outstanding at June 30, 2026 323,559,515 55,826,340 Number of Limited Partnership Units and Common Shares at June 30, 2026 379,385,855 PREFERRED STOCK/UNITS OUTSTANDING AS OF JUNE 30, 2026($ in 000’s, except per share amounts) ISSUER DESCRIPTION NUMBER OFSHARES/UNITS PER SHARELIQUIDATIONPREFERENCE AGGREGATELIQUIDATIONPREFERENCE TICKERSYMBOL Preferred Stock: Simon Property Group, Inc. Series J 8.375% Cumulative Redeemable 796,948 $ 50.00 $39,847 SPGPrJ Preferred Units: Simon Property Group, L.P. 7.50% Cumulative Redeemable 105,373 $100.00 $10,537 N/A Excludes Limited Partnership preferred units relating to preferred stock outstanding. Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares. Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net offorfeitures. Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2026 was $55.10per share. Each preferred unit is redeemable upon the occurrence of certain tax triggering events. 2Q 2026 SUPPLEMENTAL 25 (1) (2) )(3) )) )(3) )) (4) (5)
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(1)(2) TABLE OF CONTENTS CREDIT PROFILE As of year end, unless otherwise indicated.Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgagedebt. 2Q 2026 SUPPLEMENTAL 26 (1)
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TOTALINDEBTEDNESS OURSHARE OFINDEBTEDNESS WEIGHTEDAVERAGEEND OF PERIODINTEREST RATE WEIGHTEDAVERAGEYEARS TOMATURITY Consolidated Indebtedness Mortgage Debt Fixed Rate $ 6,568,662 $ 6,144,529 4.40% 2.4 Floating Rate Debt(Swapped to Fixed) 1,260,096 1,229,267 5.33% 3.1 Floating Rate Debt(Capped) 192,325 173,093 4.55% 2.3 Variable Rate Debt 112,483 88,320 4.96% 0.3 Total Mortgage Debt 8,133,566 7,635,209 4.56% 2.5 Unsecured Debt Fixed Rate Notes 18,439,871 18,439,871 3.59% 9.0 Fixed Rate Note (Swappedto Variable) 600,000 600,000 6.39% 13.6 Euro Term Loan (Variable) 399,273 399,273 2.69% 0.7 USD Term Loan (Swappedto Fixed) 460,000 460,000 4.02% 5.0 Global CommercialPaper – USD 846,350 846,350 3.96% 0.0 Total Unsecured Debt 20,745,494 20,745,494 3.68% 8.5 Premium 1,047 1,047 Discount (67,936 (67,936 Debt Issuance Costs (136,240 (133,168 Other Debt Obligations andOther 23,676 23,676 Consolidated Mortgages andUnsecured Indebtedness $ 28,699,607 $ 28,204,322 3.92% 6.9 Joint Venture Indebtedness Mortgage Debt Fixed Rate $ 14,654,120 $ 6,635,726 4.95% 4.2 Floating Rate Debt(Swapped to Fixed) 692,856 307,036 4.31% 3.0 Floating Rate Debt(Capped) 687,440 340,902 5.51% 4.3 Variable Rate Debt 611,038 261,369 5.23% 2.9 Total Mortgage Debt 16,645,454 7,545,033 4.92% 4.0 Debt Issuance Costs (63,961 (30,322 Other 24,000 12,000 Joint Venture Mortgages andOther Indebtedness $ 16,605,493 $ 7,526,711 4.92% 4.0 Our Share of TotalIndebtedness $ 35,731,033 4.14% 6.3 TOTALINDEBTEDNESS OURSHARE OFINDEBTEDNESS WEIGHTEDAVERAGEEND OF PERIODINTEREST RATE WEIGHTEDAVERAGEYEARS TOMATURITY Summary of Our Share of Fixedand Variable Rate Debt Consolidated Fixed 95.5% $ 26,944,329 3.88% 6.9 Variable 4.5% 1,259,993 4.86% 7.0 100.0% 28,204,322 3.92% 6.9 Joint Venture Fixed 92.1% $ 6,930,697 4.92% 4.1 Variable 7.9% 596,014 5.40% 3.7 100.0% 7,526,711 4.97% 4.1 Total Debt $ 35,731,033 Total Fixed Debt 94.8% $ 33,875,026 4.09% 6.3 Total Variable Debt 5.2% $ 1,856,007 5.04% 6.0 (1) TABLE OF CONTENTS SUMMARY OF INDEBTEDNESSAs of June 30, 2026(In thousands) Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information. 2Q 2026 SUPPLEMENTAL 27 (1) ) )) ) (1) (1) ) ) (1)
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TABLE OF CONTENTS TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)As of June 30, 2026(In thousands) UNSECURED CONSOLIDATED DEBT SECURED CONSOLIDATED DEBT UNCONSOLIDATED JOINT VENTURE DEBT TOTAL YEAR OUR SHAREOF DEBT WEIGHTEDAVERAGERATE OUR SHAREOF DEBT WEIGHTEDAVERAGERATE OUR SHAREOF DEBT WEIGHTEDAVERAGERATE OUR SHAREOF DEBT WEIGHTEDAVERAGERATE 2026 $ 1,810,246 3.61% $1,860,904 3.82% $ 712,817 3.92% $ 4,383,967 3.75% 2027 2,449,273 2.81% 1,567,489 4.10% 1,027,632 3.81% 5,044,394 3.42% 2028 800,000 1.75% 1,030,386 5.04% 1,238,440 4.76% 3,068,826 3.99% 2029 1,250,000 2.45% 1,792,213 4.70% 359,501 5.30% 3,401,714 4.00% 2030 1,450,000 3.48% 200,284 6.15% 829,926 4.36% 2,480,210 4.02% 2031 2,530,390 3.52% 542,274 4.20% 1,166,106 5.30% 4,238,770 4.10% 2032 1,400,000 2.45% — — 428,672 5.20% 1,828,672 3.12% 2033 1,505,585 3.01% 304,406 6.49% 621,062 6.20% 2,431,053 4.29% 2034 1,500,000 5.25% — — 363,329 6.15% 1,863,329 5.42% 2035 800,000 5.13% 121,454 6.21% 732,548 5.79% 1,654,002 5.50% 2036 — — 215,799 6.58% 65,000 6.98% 280,799 6.67% Thereafter 5,250,000 4.67% — — — — 5,250,000 4.67% Face Amounts of Indebtedness $20,745,494 3.68% $7,635,209 4.56% $7,545,033 4.92% $35,925,736 4.14% Premiums (Discounts) on Indebtedness, Net (67,936 1,047 — (66,889 Debt Issuance Costs (117,454 (15,714 (30,322 (163,490 Other Debt Obligations and Other (9,495 33,171 12,000 35,676 Our Share of Total Indebtedness $20,550,609 $7,653,713 $7,526,711 $35,731,033 2Q 2026 SUPPLEMENTAL 28 ) ) ) ) ) ) )
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(1)(2)(3)(4)(5) (6)(7) (8) TABLE OF CONTENTS UNSECURED DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION MATURITYDATE INTERESTRATE TYPE INDEBTEDNESSTOTAL($ IN 000’S) Unsecured Indebtedness: Global Commercial Paper – USD 7/17/2026 3.96% Fixed 846,350 Simon Global Development, BV (Exchangeable Euro Sr. Bonds) 11/14/2026 3.50% Fixed 213,896 Simon Property Group, LP (Sr. Notes) 11/30/2026 3.25% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 1/15/2027 1.38% Fixed 550,000 Simon Global Development, BV (Euro Term Loan) 3/20/2027 2.69% Variable 399,273 Simon Property Group, LP (Sr. Notes) 6/15/2027 3.38% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 12/1/2027 3.38% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 2/1/2028 1.75% Fixed 800,000 Simon Property Group, LP (Sr. Notes) 9/13/2029 2.45% Fixed 1,250,000 Simon Property Group, LP (Sr. Notes) 7/15/2030 2.65% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 10/1/2030 4.38% Fixed 700,000 Simon Property Group, LP (Sr. Notes) 1/15/2031 4.30% Fixed 800,000 Simon Property Group, LP (Sr. Notes) 2/1/2031 2.20% Fixed 700,000 Simon Global Development, BV (Sr. Notes) 6/15/2031 3.65% Fixed 570,390 Simon Property Group, LP (USD Term Loan) 6/18/2031 4.02% Fixed 460,000 Simon Property Group, LP (Sr. Notes) 1/15/2032 2.25% Fixed 700,000 Simon Property Group, LP (Sr. Notes) 2/1/2032 2.65% Fixed 700,000 Simon Property Group, LP (Sr. Notes) 3/8/2033 5.50% Fixed 650,000 Simon International Finance SCA (Euro Sr. Notes) 3/19/2033 1.13% Fixed 855,585 Simon Property Group, LP (Sr. Notes) 1/15/2034 6.25% Fixed 500,000 Simon Property Group, LP (Sr. Notes) 9/26/2034 4.75% Fixed 1,000,000 Simon Property Group, LP (Sr. Notes) 10/1/2035 5.13% Fixed 800,000 Simon Property Group, LP (Sr. Notes) 2/1/2040 6.39% Variable 600,000 Simon Property Group, LP (Sr. Notes) 3/15/2042 4.75% Fixed 550,000 Simon Property Group, LP (Sr. Notes) 10/1/2044 4.25% Fixed 400,000 Simon Property Group, LP (Sr. Notes) 11/30/2046 4.25% Fixed 550,000 Simon Property Group, LP (Sr. Notes) 9/13/2049 3.25% Fixed 1,250,000 Simon Property Group, LP (Sr. Notes) 7/15/2050 3.80% Fixed 750,000 Simon Property Group, LP (Sr. Notes) 3/8/2053 5.85% Fixed 650,000 Simon Property Group, LP (Sr. Notes) 1/15/2054 6.65% Fixed 500,000 Total Unsecured Indebtedness at Face Value $ 20,745,494 Foreign currency balances translated to USD: EUR-USD 1.14078.Notes exchangeable into ordinary shares of Klépierre S.A., at or above a common stock price of €27.0693.Through an interest rate swap agreement which matures on December 31, 2026, interest is essentially fixed at the all-in-rate presented.Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at June 30, 2026.Through an interest rate swap agreement, which matures on November 1, 2039, interest has been swapped from a fixed rate of 6.75% to a variable rate basedon USD SOFR plus an interest rate spread of 2.74%. 1M SOFR was 3.652% as of June 30, 2026.Variable rate debt interest rates are based on 1M EURIBOR at 2.201% as of June 30, 2026Subsequent to June 30, 2026, we settled additional conversions of €86.3 million of the exchangeable bonds in cash for €115.7 million further reducing theoutstanding balance to €101.2 million through the use of existing liquidity and the issuance of commercial paper.Subsequent to June 30, 2026, loan was extended to March 20, 2029. 2Q 2026 SUPPLEMENTAL 29 (4) (2) (1)(7) (8) (6) (1) (1) (3) (1) (5)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE Malls 1. Apple Blossom Mall VA Winchester 49.1% 470,088 2. Auburn Mall MA Auburn 56.4% 498,385 3. Aventura Mall FL Miami Beach (Miami) 33.3% 2,364,265 07/01/28 4.12% Fixed 1,750,000 583,333 11/25/30 5.72% Variable 63,101 21,034 4. Barton Creek Square TX Austin 100.0% 1,447,373 5. Battlefield Mall MO Springfield 100.0% 1,180,102 6. Bay Park Square WI Green Bay 100.0% 690,264 7. Beverly Center CA Los Angeles 100.0% 854,260 8. Brea Mall CA Brea (Los Angeles) 100.0% 1,360,354 9. Briarwood Mall MI Ann Arbor 100.0% 923,526 09/01/26 3.29% Fixed 165,000 165,000 10. Brickell City Centre FL Miami 100.0% 476,994 11. Broadway Square TX Tyler 100.0% 613,437 12. Burlington Mall MA Burlington (Boston) 100.0% 1,258,184 13. Cape Cod Mall MA Hyannis 56.4% 712,012 06/01/35 6.46% Fixed 54,000 30,440 14. Castleton Square IN Indianapolis 100.0% 1,365,054 15. Cherry Creek Shopping Center CO Denver 50.0% 1,056,821 06/01/28 3.85% Fixed 550,000 275,000 16. Cielo Vista Mall TX El Paso 100.0% 1,243,437 17. City Creek Center UT Salt Lake City 100.0% 632,200 05/01/29 7.63% Fixed 70,000 70,000 18. Coconut Point FL Estero 50.0% 1,114,193 10/01/26 3.95% Fixed 161,300 80,650 19. College Mall IN Bloomington 100.0% 577,960 20. Columbia Center WA Kennewick 100.0% 763,711 21. Copley Place MA Boston 94.4% 1,176,901 22. Coral Square FL Coral Springs (Miami) 97.2% 942,532 23. Cordova Mall FL Pensacola 100.0% 932,538 24. Dadeland Mall FL Miami 50.0% 1,510,810 01/05/27 3.11% Fixed 348,214 174,107 25. Del Amo Fashion Center CA Torrance (Los Angeles) 50.0% 2,504,581 06/01/27 3.66% Fixed 585,000 292,500 26. Domain, The TX Austin 100.0% 1,222,241 07/01/31 3.09% Fixed 210,000 210,000 27. Empire Mall SD Sioux Falls 100.0% 1,164,398 10/01/30 6.72% Fixed 120,000 120,000 28. Falls, The FL Miami 50.0% 709,836 06/01/36 6.98% Fixed 130,000 65,000 29. Fashion Centre at Pentagon City, The VA Arlington (Washington, DC) 42.5% 1,032,703 04/01/31 5.70% Fixed 465,000 197,625 30. Fashion Mall at Keystone, The IN Indianapolis 100.0% 583,271 31. Fashion Valley CA San Diego 50.0% 1,681,645 06/01/33 5.73% Fixed 450,000 225,000 32. Firewheel Town Center TX Garland (Dallas) 100.0% 992,991 33. Florida Mall, The FL Orlando 50.0% 1,725,463 02/09/31 5.62% Variable 615,000 307,500 34. Forum Shops at Caesars Palace, The NV Las Vegas 100.0% 673,121 35. Galleria, The TX Houston 50.4% 1,991,892 02/01/35 5.65% Fixed 1,200,000 604,440 36. Gardens Mall, The FL Palm Beach Gardens 50.0% 1,387,768 07/15/28 5.63% Fixed 205,000 102,500 37. Gardens on El Paseo, The CA Palm Desert 100.0% 238,075 38. Greenwood Park Mall IN Greenwood (Indianapolis) 100.0% 1,276,893 39. Haywood Mall SC Greenville 100.0% 1,249,684 2Q 2026 SUPPLEMENTAL 30 (1) (3) (3) (25) (5) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (4) (3) (3) (3) (3) (3) (5)(22) (3) (3) (3) (3)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 40. International Market Place HI Waikiki, Honolulu 100.0% 338,257 41. International Plaza FL Tampa 50.1% 1,304,246 11/01/30 5.04% Fixed 575,000 288,075 42. King of Prussia PA King of Prussia (Philadelphia) 100.0% 2,685,030 43. La Plaza TX McAllen 100.0% 1,323,772 44. Lakeline Mall TX Cedar Park (Austin) 100.0% 1,097,765 45. Lehigh Valley Mall PA Whitehall 50.0% 1,190,678 11/01/27 4.06% Fixed 166,013 83,007 46. Lenox Square GA Atlanta 100.0% 1,546,505 47. Mall at Green Hills, The TN Nashville 100.0% 1,048,919 48. Mall at Millenia, The FL Orlando 50.0% 1,123,133 10/15/29 5.41% Fixed 450,000 225,000 49. Mall at Rockingham Park, The NH Salem (Boston) 28.2% 1,065,423 06/01/26 4.04% Fixed 262,000 73,845 50. Mall at Short Hills, The NJ Short Hills 100.0% 1,412,348 10/01/27 3.48% Fixed 1,000,000 1,000,000 51. Mall at University Town Center, The FL Sarasota 50.0% 978,489 11/01/26 3.40% Fixed 259,525 129,763 52. Mall of Georgia GA Buford (Atlanta) 100.0% 1,832,424 53. Mall of New Hampshire, The NH Manchester 56.4% 801,910 07/01/27 4.11% Fixed 150,000 84,555 54. Mall of San Juan, The PR San Juan 95.0% 622,542 55. McCain Mall AR N. Little Rock 100.0% 789,502 56. Meadowood Mall NV Reno 50.0% 931,182 12/01/26 5.70% Fixed 97,901 48,951 57. Menlo Park Mall NJ Edison (New York) 100.0% 1,294,586 58. Miami International Mall FL Miami 95.0% 1,079,905 02/06/27 7.92% Fixed 145,361 138,087 59. Midland Park Mall TX Midland 100.0% 645,648 60. Miller Hill Mall MN Duluth 100.0% 819,996 61. North East Mall TX Hurst (Dallas) 100.0% 1,543,304 62. Northshore Mall MA Peabody (Boston) 56.4% 1,561,971 01/01/31 6.36% Fixed 175,000 98,648 63. Ocean County Mall NJ Toms River (New York) 100.0% 889,900 64. Orland Square IL Orland Park (Chicago) 100.0% 1,229,266 65. Penn Square Mall OK Oklahoma City 94.5% 1,081,581 01/01/29 3.84% Fixed 280,800 265,345 66. Pheasant Lane Mall NH Nashua 100.0% 977,486 67. Phillips Place NC Charlotte 100.0% 133,029 68. Phipps Plaza GA Atlanta 100.0% 1,127,268 69. Plaza Carolina PR Carolina (San Juan) 100.0% 1,151,951 70. Prien Lake Mall LA Lake Charles 100.0% 718,027 71. Quaker Bridge Mall NJ Lawrenceville 50.0% 1,079,600 05/01/26 4.50% Fixed 180,000 90,000 72. Rockaway Townsquare NJ Rockaway (New York) 100.0% 1,241,760 73. Roosevelt Field NY Garden City (New York) 100.0% 2,355,275 74. Ross Park Mall PA Pittsburgh 100.0% 1,185,075 75. Santa Rosa Plaza CA Santa Rosa 100.0% 697,833 76. Shops at Chestnut Hill, The MA Chestnut Hill (Boston) 94.4% 470,264 08/31/33 6.66% Fixed 90,517 85,484 77. Shops at Clearfork, The TX Fort Worth 45.0% 602,282 03/11/30 2.92% Fixed 145,000 65,250 03/11/30 6.77% Variable 8,505 3,827 78. Shops at Crystals, The NV Las Vegas 50.0% 283,143 05/01/31 4.83% Fixed 750,000 375,000 79. Shops at Mission Viejo, The CA Mission Viejo (Los Angeles) 51.0% 1,279,604 01/01/35 6.73% Fixed 180,000 91,800 2Q 2026 SUPPLEMENTAL 31 (1) (3) (3) (3) (3) (3) (3) (15) (3) (5) (3) (3) (3) (3) (3) (3) (3) (3) (5) (6) (3) (3) (3) (3) (3) (15) (3) (3) (3) (3) (16)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 80. Shops at Riverside, The NJ Hackensack (New York) 100.0% 726,895 81. Smith Haven Mall NY Lake Grove (New York) 100.0% 1,257,894 82. South Hills Village PA Pittsburgh 100.0% 1,123,562 83. South Shore Plaza MA Braintree (Boston) 100.0% 1,582,100 84. Southdale Center MN Edina (Minneapolis) 100.0% 1,157,887 85. SouthPark NC Charlotte 100.0% 1,701,224 86. St. Charles Towne Center MD Waldorf (Washington, DC) 100.0% 977,171 87. St. Johns Town Center FL Jacksonville 50.0% 1,428,461 06/01/34 5.95% Fixed 360,000 180,001 88. Stanford Shopping Center CA Palo Alto (San Jose) 94.4% 1,322,410 89. Stoneridge Shopping Center CA Pleasanton (San Francisco) 49.9% 1,295,235 09/05/26 3.50% Fixed 330,000 164,670 90. Summit Mall OH Akron 100.0% 774,217 10/01/26 3.31% Fixed 85,000 85,000 91. Tacoma Mall WA Tacoma (Seattle) 100.0% 1,268,689 92. Tippecanoe Mall IN Lafayette 100.0% 864,871 93. Town Center at Boca Raton FL Boca Raton (Miami) 100.0% 1,763,779 94. Towne East Square KS Wichita 100.0% 1,178,677 95. Treasure Coast Square FL Jensen Beach 100.0% 873,873 96. Twelve Oaks Mall MI Novi 100.0% 1,515,901 03/06/28 4.85% Fixed 257,057 257,057 97. Tyrone Square FL St. Petersburg (Tampa) 100.0% 957,781 98. University Park Mall IN Mishawaka 100.0% 907,664 99. Walt Whitman Shops NY Huntington Station (New York) 100.0% 1,084,779 100. Waterside Shops FL Naples 50.0% 300,546 05/15/31 4.99% Fixed 195,000 97,500 101. West Town Mall TN Knoxville 50.0% 1,275,964 102. Westchester, The NY White Plains (New York) 40.0% 803,056 02/01/30 3.25% Fixed 400,000 160,000 103. Westfarms CT West Hartford 78.9% 1,265,855 09/06/28 7.80% Fixed 242,000 191,035 104. White Oaks Mall IL Springfield 88.6% 922,632 06/15/27 6.98% Fixed 31,650 28,055 105. Wolfchase Galleria TN Memphis 94.5% 1,149,419 11/01/26 4.15% Fixed 155,152 146,612 106. Woodfield Mall IL Schaumburg (Chicago) 50.0% 2,154,937 12/01/33 6.71% Fixed 294,000 147,000 107. Woodland Hills Mall OK Tulsa 94.5% 1,238,604 Total Mall Square Footage 119,014,925 Lifestyle Centers 1. ABQ Uptown NM Albuquerque 100.0% 228,831 2. Hamilton Town Center IN Noblesville (Indianapolis) 50.0% 679,376 02/24/30 5.77% Variable 92,104 46,052 3. Liberty Tree Mall MA Danvers 49.1% 866,456 05/03/28 6.18% Fixed 27,460 13,493 4. Northgate Station WA Seattle 100.0% 413,189 5. Pier Park FL Panama City Beach 65.6% 943,804 6. University Park Village TX Fort Worth 100.0% 171,756 05/01/28 3.85% Fixed 48,317 48,317 Total Lifestyle Centers SquareFootage 3,303,412 2Q 2026 SUPPLEMENTAL 32 (1) (3) (3) (3) (3) (3) (3) (3) (4) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (5) (16) (3) (3)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE Premium Outlets 1. Albertville Premium Outlets MN Albertville (Minneapolis) 100.0% 301,148 2. Allen Premium Outlets TX Allen (Dallas) 100.0% 548,527 3. Aurora Farms Premium Outlets OH Aurora (Cleveland) 100.0% 262,326 4. Birch Run Premium Outlets MI Birch Run (Detroit) 100.0% 591,943 02/01/36 6.46% Fixed 90,000 90,000 5. Camarillo Premium Outlets CA Camarillo (Los Angeles) 100.0% 691,660 6. Carlsbad Premium Outlets CA Carlsbad (San Diego) 100.0% 288,968 7. Carolina Premium Outlets NC Smithfield (Raleigh) 100.0% 439,041 8. Charlotte Premium Outlets NC Charlotte 50.0% 398,346 07/01/28 4.27% Fixed 94,893 47,447 9. Chicago Premium Outlets IL Aurora (Chicago) 100.0% 683,020 10. Cincinnati Premium Outlets OH Monroe (Cincinnati) 100.0% 401,202 11. Clarksburg Premium Outlets MD Clarksburg (Washington, DC) 66.0% 381,680 01/01/28 3.95% Fixed 149,808 98,873 12. Clinton Premium Outlets CT Clinton 100.0% 276,105 13. Denver Premium Outlets CO Thornton (Denver) 100.0% 328,391 14. Desert Hills Premium Outlets CA Cabazon (Palm Springs) 100.0% 662,324 15. Ellenton Premium Outlets FL Ellenton (Tampa) 100.0% 477,112 12/01/35 6.21% Fixed 120,000 120,000 16. Folsom Premium Outlets CA Folsom (Sacramento) 100.0% 295,981 17. Gilroy Premium Outlets CA Gilroy (San Jose) 100.0% 503,205 18. Gloucester Premium Outlets NJ Blackwood (Philadelphia) 66.7% 376,062 03/01/33 6.12% Fixed 75,000 50,003 19. Grand Prairie Premium Outlets TX Grand Prairie (Dallas) 100.0% 423,782 20. Grove City Premium Outlets PA Grove City (Pittsburgh) 100.0% 517,298 12/01/28 7.31% Fixed 140,000 140,000 21. Gulfport Premium Outlets MS Gulfport 100.0% 302,066 12/01/28 7.35% Fixed 50,000 50,000 22. Hagerstown Premium Outlets MD Hagerstown (Baltimore/ Washington, DC) 100.0% 485,748 02/06/26 4.26% Fixed 68,365 68,365 23. Houston Premium Outlets TX Cypress (Houston) 100.0% 556,249 24. Indiana Premium Outlets IN Edinburgh (Indianapolis) 100.0% 374,148 25. Jackson Premium Outlets NJ Jackson (New York) 100.0% 285,570 26. Jersey Shore Premium Outlets NJ Tinton Falls (New York) 100.0% 434,745 27. Johnson Creek Premium Outlets WI Johnson Creek 100.0% 275,073 28. Kittery Premium Outlets ME Kittery 100.0% 241,809 29. Las Americas Premium Outlets CA San Diego 100.0% 684,670 30. Las Vegas North Premium Outlets NV Las Vegas 100.0% 674,861 31. Las Vegas South Premium Outlets NV Las Vegas 100.0% 541,666 32. Leesburg Premium Outlets VA Leesburg (Washington, DC) 100.0% 476,809 33. Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL) 100.0% 440,047 34. Merrimack Premium Outlets NH Merrimack 100.0% 409,052 35. Napa Premium Outlets CA Napa 100.0% 177,002 36. Norfolk Premium Outlets VA Norfolk 65.0% 329,801 04/01/32 4.50% Fixed 72,415 47,070 37. North Bend Premium Outlets WA North Bend (Seattle) 100.0% 189,132 38. North Georgia Premium Outlets GA Dawsonville (Atlanta) 100.0% 536,447 2Q 2026 SUPPLEMENTAL 33 (1) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (5) (5) (15) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) (3)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE 39. Orlando International Premium Outlets FL Orlando 100.0% 775,225 40. Orlando Vineland Premium Outlets FL Orlando 100.0% 658,277 41. Petaluma Village Premium Outlets CA Petaluma (San Francisco) 100.0% 199,194 42. Philadelphia Premium Outlets PA Limerick (Philadelphia) 100.0% 546,608 43. Phoenix Premium Outlets AZ Chandler (Phoenix) 100.0% 356,309 44. Pismo Beach Premium Outlets CA Pismo Beach 100.0% 147,603 09/06/26 3.33% Fixed 28,909 28,909 45. Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/Milwaukee) 100.0% 387,841 09/01/27 4.00% Fixed 145,000 145,000 46. Pocono Premium Outlets PA Tannersville 100.0% 411,916 47. Puerto Rico Premium Outlets PR Barceloneta 100.0% 353,167 48. Queenstown Premium Outlets MD Queenstown (Baltimore) 100.0% 289,420 09/06/26 3.33% Fixed 50,785 50,785 49. Rio Grande Valley Premium Outlets TX Mercedes (McAllen) 100.0% 595,188 50. Round Rock Premium Outlets TX Round Rock (Austin) 100.0% 495,662 51. San Francisco Premium Outlets CA Livermore (San Francisco) 100.0% 697,017 52. San Marcos Premium Outlets TX San Marcos (Austin/San Antonio) 100.0% 730,253 53. Seattle Premium Outlets WA Tulalip (Seattle) 100.0% 554,529 54. Silver Sands Premium Outlets FL Destin 50.0% 445,942 03/01/32 3.96% Fixed 140,000 70,000 55. St. Augustine Premium Outlets FL St. Augustine (Jacksonville) 100.0% 327,754 56. St. Louis Premium Outlets MO St. Louis (Chesterfield) 60.0% 351,416 10/06/27 4.06% Fixed 79,849 47,909 57. Tampa Premium Outlets FL Lutz (Tampa) 100.0% 468,094 58. Tanger Outlets — Columbus OH Sunbury (Columbus) 50.0% 354,857 10/01/32 6.25% Fixed 71,000 35,500 59. Tanger Outlets — Galveston/Houston TX Texas City 50.0% 348,588 06/26/30 5.06% Fixed 60,000 30,000 60. Tucson Premium Outlets AZ Marana (Tucson) 100.0% 364,384 61. Tulsa Premium Outlets OK Jenks (Tulsa) 100.0% 338,472 62. Twin Cities Premium Outlets MN Eagan 35.0% 401,435 11/01/34 6.70% Fixed 95,000 33,250 63. Vacaville Premium Outlets CA Vacaville 100.0% 437,826 64. Waikele Premium Outlets HI Waipahu (Honolulu) 100.0% 219,193 65. Williamsburg Premium Outlets VA Williamsburg 100.0% 507,069 02/06/29 4.23% Fixed 183,733 183,733 66. Woodburn Premium Outlets OR Woodburn (Portland) 100.0% 389,223 67. Woodbury Common Premium Outlets NY Central Valley (New York) 100.0% 922,902 68. Wrentham Village Premium Outlets MA Wrentham (Boston) 100.0% 673,001 Total U.S. Premium Outlet Square Footage 30,011,381 2Q 2026 SUPPLEMENTAL 34 (1) (3) (3) (3) (3) (3) (9) (3) (3) (9) (3) (3) (3) (3) (3) (3) (3) (25) (25) (20) (3) (3) (3) (3) (3) (3) (3)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE The Mills 1. Arizona Mills AZ Tempe (Phoenix) 100.0% 1,221,773 07/01/36 6.66% Fixed 135,000 135,000 2. Arundel Mills MD Hanover (Baltimore) 59.3% 1,955,126 11/01/33 5.75% Fixed 360,000 213,301 3. Colorado Mills CO Lakewood (Denver) 37.5% 1,379,339 11/01/26 4.28% Fixed 92,203 34,576 07/01/31 2.80% Fixed 30,000 11,250 4. Concord Mills NC Concord (Charlotte) 59.3% 1,368,414 11/01/32 6.55% Fixed 225,677 133,736 5. Dolphin Mall FL Miami 100.0% 1,400,544 12/09/29 5.50% Fixed 1,000,000 1,000,000 6. Grapevine Mills TX Grapevine (Dallas) 59.3% 1,779,098 07/01/34 6.26% Fixed 250,000 148,150 7. Great Lakes Crossing Outlets MI Auburn Hills 100.0% 1,353,579 02/01/33 6.52% Fixed 180,000 180,000 8. Great Mall CA Milpitas (San Jose) 100.0% 1,374,956 9. Gurnee Mills IL Gurnee (Chicago) 100.0% 1,934,272 10/01/26 3.99% Fixed 257,710 257,710 10. Katy Mills TX Katy (Houston) 62.5% 1,679,911 08/01/32 5.77% Fixed 123,510 77,194 11. Mills at Jersey Gardens, The NJ Elizabeth 100.0% 1,309,413 12. Ontario Mills CA Ontario (Riverside) 50.0% 1,430,333 13. Opry Mills TN Nashville 100.0% 1,153,424 07/01/26 4.09% Fixed 375,000 375,000 14. Outlets at Orange, The CA Orange (Los Angeles) 100.0% 863,355 15. Potomac Mills VA Woodbridge (Washington, DC) 100.0% 1,565,134 11/01/26 3.46% Fixed 416,000 416,000 16. Sawgrass Mills FL Sunrise (Miami) 100.0% 2,364,766 Total The Mills Square Footage 24,133,437 Other Properties Calhoun Outlet Marketplace, Dover Mall, Finger Lakes Premium Outlets,Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace,Lee Premium Outlets, Orlando Outlet Marketplace, Oxford Valley Mall,Philadelphia Mills, Southridge Mall, Springfield Mall, Square One Mall,Sugarloaf Mills, Sunvalley Shopping Center, The Avenues 944,017 295,074 Total Other Properties SquareFootage 11,834,313 TOTAL U.S. SQUARE FOOTAGE 188,297,468 2Q 2026 SUPPLEMENTAL 35 (1) (5)(24) (3) (7) (3) (3) (26) (3) (3) (7)(8)(10) (11)(12)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE International Properties AUSTRIA1. Parndorf Designer Outlet Phases 3 & 4 Vienna 90.0% 118,000 07/04/29 2.00% Fixed 206,296 185,666Austria Square Footage 118,000CANADA2. Premium Outlet CollectionEdmonton IA Edmonton (Alberta) 50.0% 422,000 11/30/27 3.90% Variable 95,993 47,9973. Premium Outlets Montréal Montréal (Quebec) 50.0% 367,500 09/01/31 4.69% Fixed 84,401 42,2014. Toronto Premium Outlets Toronto (Ontario) 50.0% 504,900 5. Vancouver Designer Outlet Vancouver (British Columbia) 45.0% 326,000 12/01/27 4.49% Variable 58,026 26,11212/01/27 5.81% Fixed 58,026 26,112Canada Square Footage 1,620,400CHINA6. CityOn.Xian Xi’an 25.0% 995,000 03/14/29 3.60% Variable 70,641 17,6607. CityOn.Zhengzhou Zhengzhou 24.5% 919,000 03/22/32 3.85% Fixed 109,827 26,908China Square Footage 1,914,000FRANCE8. Paris-Giverny Designer Outlet Vernon 73.8% 228,000 07/31/26 5.02% Variable 79,628 58,7509. Provence Designer Outlet Miramas 90.0% 269,000 07/27/27 4.00% Variable 107,325 96,593France Square Footage 497,000GERMANY10. Ochtrup Designer Outlet Ochtrup 70.5% 191,500 06/30/31 4.04% Fixed 39,927 28,149Germany Square Footage 191,500INDONESIA11. Jakarta Premium Outlets Tangerang (Jakarta) 50.0% 302,000 12/29/33 9.25% Fixed 41,684 20,842Indonesia Square Footage 302,000ITALY12. La Reggia Designer Outlet Marcianise (Naples) 90.0% 344,000 03/31/27 4.82% Variable 32,855 29,57003/31/27 4.25% Fixed 146,020 131,41813. Noventa Di Piave Designer Outlet Venice 90.0% 353,000 01/23/31 5.00% Fixed 316,672 285,00514. The Mall Luxury Outlets Firenze Leccio (Florence) 100.0% 264,750 15. The Mall Luxury Outlets Sanremo Sanremo 100.0% 122,300 Italy Square Footage 1,084,050JAPAN16. Ami Premium Outlets Ami (Tokyo) 40.0% 315,000 17. Fukaya-Hanazono Premium Outlets Fukaya City (Saitama) 40.0% 296,300 10/01/32 0.70% Fixed 65,893 26,35718. Gotemba Premium Outlets Gotemba City (Tokyo) 40.0% 659,500 05/31/27 0.31% Fixed 80,055 32,02219. Kobe-Sanda Premium Outlets Kobe (Osaka) 40.0% 441,000 20. Rinku Premium Outlets Izumisano (Osaka) 40.0% 512,500 07/31/27 0.30% Fixed 36,333 14,53321. Sano Premium Outlets Sano (Tokyo) 40.0% 390,800 02/29/28 1.28% Fixed 28,021 11,20822. Sendai-Izumi Premium Outlets Izumi Park Town (Sendai) 40.0% 164,200 23. Shisui Premium Outlets Shisui (Chiba) 40.0% 434,600 11/30/28 1.03% Fixed 16,010 6,40405/31/29 0.68% Fixed 4,927 1,971 2Q 2026 SUPPLEMENTAL 36 (1) (2) (2) (2) (3) (2) (2)(16) (2)(23) (2)(18) (2) (2)(5)(19) (2) (16) (2) (2) (2)(16) (2) (3) (3) (3) (2) (2) (3) (2) (2) (3) (2) (2)
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TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 DEBT INFORMATION PROPERTY NAME STATE CITY (CBSA) LEGALOWNERSHIP TOTALSQUARE FEET MATURITYDATE INTERESTRATE TYPE INDEBTEDNESS ($ in 000’s) TOTAL OUR SHARE24. Toki Premium Outlets Toki (Nagoya) 40.0% 367,700 25. Tosu Premium Outlets Fukuoka (Kyushu) 40.0% 328,400 10/31/26 1.29% Fixed 38,181 15,272Japan Square Footage 3,910,000KOREA26. Busan Premium Outlets Busan 50.0% 544,200 04/28/28 3.64% Fixed 123,962 61,98127. Jeju Premium Outlets Jeju Province 50.0% 92,000 28. Paju Premium Outlets Paju (Seoul) 50.0% 558,900 03/13/27 3.75% Fixed 35,509 17,75529. Siheung Premium Outlets Siheung (Seoul) 50.0% 444,400 03/15/29 3.99% Fixed 81,352 40,67630. Starfield Anseong Anseong 49.0% 1,068,000 02/28/28 3.75% Fixed 225,973 110,72731. Starfield Hanam Hanam 17.2% 1,709,000 07/28/30 3.72% Fixed 445,489 76,40132. Yeoju Premium Outlets Yeoju (Seoul) 50.0% 551,600 05/23/29 3.72% Fixed 31,638 15,819South Korea Square Footage 4,968,100MALAYSIA33. Genting Highlands Premium Outlets Pahang (Kuala Lumpur) 50.0% 277,500 34. Johor Premium Outlets Johor (Singapore) 50.0% 309,400 09/30/31 5.19% Variable 2,055 1,028Malaysia Square Footage 586,900MEXICO35. Premium Outlets Punta Norte Mexico City 50.0% 333,000 36. Premium Outlets Querétaro Querétaro 50.0% 274,800 12/20/33 11.03% Fixed 19,848 9,924Mexico Square Footage 607,800NETHERLANDS37. Roermond Designer OutletPhases 2, 3 & 4 Roermond 298,000 06/06/29 3.90% Fixed 319,419 287,47708/18/30 4.02% Fixed 228,156 107,83338. Roosendaal Designer Outlet Roosendaal 94.0% 247,500 02/28/29 5.40% Fixed 74,149 69,700Netherlands Square Footage 545,500SPAIN39. Malaga Designer Outlet Malaga 46.1% 191,000 05/05/28 4.57% Variable 72,440 33,402Spain Square Footage 191,000THAILAND40. Siam Premium Outlets Bangkok Bangkok 50.0% 264,000 06/05/31 4.69% Fixed 52,360 26,180Thailand Square Footage 264,000UNITED KINGDOM41. Ashford Designer Outlet Kent 45.0% 281,000 05/23/27 5.88% Variable 27,416 12,33705/23/27 4.29% Fixed 109,653 49,34442. West Midlands Designer Outlet Staffordshire 23.2% 197,000 06/07/27 6.23% Variable 21,520 5,00106/07/27 6.67% Fixed 64,561 15,004United Kingdom Square Footage 478,000 TOTAL INTERNATIONAL SQUARE FOOTAGE 17,278,250 TOTAL SQUARE FOOTAGE 205,575,718 2Q 2026 SUPPLEMENTAL 37 (1) (3) (2) (2) (3) (2) (2) (2) (2) (2) (3) (2) (3) (2) (13) (2) (2)(16) (2)(17) (2)(21) (2) (2) (2)(16) (2) (2)(16) (11)(14)
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(1) (2) (3)(4)(5)(6)(7) (8)(9)(10)(11)(12)(13)(14)(15)(16)(17)(18)(19)(20)(21)(22)(23)(24)(25)(26) TABLE OF CONTENTS PROPERTY AND DEBT INFORMATIONAs of June 30, 2026 FOOTNOTES:Variable rate debt interest rates are based on the following base rates as of June 30, 2026: Overnight SOFR 3.68%; 1 month CME Term SOFR 3.652%; 30 Day AverageSOFR 3.6318%; 1M EURIBOR at 2.201%; 3M EURIBOR at 2.324%; 6M EURIBOR at 2.568%; 1M YEN TIBOR at 1.167%; 6M YEN TIBOR at 1.5258%; 1M CORRA at2.34%; Overnight SONIA 3.7318% and Cost of Funds Rate at 3.691%.Foreign currency balances translated to USD: EUR-USD 1.14078, CAD-USD 0.70335, JPY-USD 0.00616, GBP-USD 1.32432, KRW-USD 0.00065, MYR-USD 0.24525,MXN-USD 0.05722, THB-USD 0.03008, CNY-USD 0.14722, IDR-USD 0.00006.Unencumbered asset.The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.Includes applicable extensions available at our option.The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of otherpartners or the Operating Partnership.Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.These two properties are secured by cross-collateralized and cross-defaulted mortgages.Consists of 11 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2026 and 2029.Does not include any other spaces in joint ventures which are not listed above.GLA includes office space.The Company owns a 90.0% interest in Phases 2 & 3 and a 46.1% interest in Phase 4.Does not include Klépierre.Mortgage is outstanding as of June 30, 2026.Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027.The interest rate resets on April 16th of each year.Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029.Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027.Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2028.The interest rate resets on January 1st of each year.Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027.This property is managed by a third party. Reported amounts may be provided in arrears.This mortgage was paid off on the maturity date of July 1, 2026. 2Q 2026 SUPPLEMENTAL 38
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• • TABLE OF CONTENTS NON-GAAP PRO-RATA FINANCIAL INFORMATION The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financialinformation aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in thecolumn labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item theownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method ofaccounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “NoncontrollingInterests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest. We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent ourlegal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions(1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. Theamount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including theamount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture andafter all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cashremaining based on their respective legal ownership percentages. We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidatedjoint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information haslimitations as an analytical tool. Some of these limitations include: The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined whenapplying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses;and Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure. Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements asreported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information onlysupplementally. 2Q 2026 SUPPLEMENTAL 39
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(1) (2) (3) TABLE OF CONTENTS NON-GAAP PRO-RATA FINANCIAL INFORMATION(In thousands) FOR THE THREE MONTHS ENDEDJUNE 30, 2026 FOR THE THREE MONTHS ENDEDJUNE 30, 2025 NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES REVENUE: Lease income $(27,471 $432,478 $(16,093 $354,798 Management fees and other revenues — — — — Other income (2,164 51,298 (935 56,789 Total revenue (29,635 483,776 (17,028 411,587 EXPENSES: Property operating (4,640 90,898 (3,323 76,779 Depreciation and amortization (6,299 131,461 (5,775 88,027 Real estate taxes (1,729 31,376 (589 27,350 Repairs and maintenance (324 9,825 (429 8,164 Advertising and promotion (2,306 11,633 (2,432 10,612 Home and regional office costs — — — — General and administrative — — — — Other (2,223 30,413 (1,489 29,307 Total operating expenses (17,521 305,606 (14,037 240,239 OPERATING INCOME BEFORE OTHER ITEMS (12,114 178,170 (2,991 171,348 Interest expense 6,206 (95,048 3,370 (83,667 (Loss) gain due to disposal, exchange, or revaluation of equity interests, net — — — — Income and other tax (expense) benefit — — — — Income from unconsolidated entities (492 (83,122 (405 (87,681 Unrealized losses in fair value of publicly traded equity instruments and derivativeinstrument, net — — — — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assetsand interests in unconsolidated entities and impairment, net — — — — Consolidated income from continuing operations (6,400 — (26 — CONSOLIDATED NET INCOME (6,400 — (26 — Net income attributable to noncontrolling interests (6,400 — (26 — Preferred dividends — — — — NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ — — $ — $ — Represents our venture partners’ share of operations from consolidated properties. Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and ourpreviously held equity investment in TRG up to the October 31, 2025 transaction. Represents limited partners’ interest in the Operating Partnership. 2Q 2026 SUPPLEMENTAL 40 (1) (1) ) ) ) ) ) ) ) )) )) )) )) ) ) ) ) ) ) )) ) ) )(2) ) )(2) ) ) ) )) (3) ) (3)
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(1) (2) (3) TABLE OF CONTENTS NON-GAAP PRO-RATA FINANCIAL INFORMATION(In thousands) FOR THE SIX MONTHS ENDEDJUNE 30, 2026 FOR THE SIX MONTHS ENDEDJUNE 30, 2025 NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES REVENUE: Lease income $(54,224 $858,528 $(31,363 $705,507 Management fees and other revenues — — — — Other income (4,211 103,099 (1,601 103,887 Total revenue (58,435 961,627 (32,964 809,394 EXPENSES: Property operating (9,512 187,120 (6,626 153,307 Depreciation and amortization (11,941 265,046 (11,212 176,498 Real estate taxes (3,943 62,762 (740 54,340 Repairs and maintenance (1,269 21,791 (917 17,681 Advertising and promotion (4,068 23,289 (5,055 20,968 Home and regional office costs — — — — General and administrative — — — — Other (4,178 61,246 (3,477 55,809 Total operating expenses (34,911 621,254 (28,027 478,603 OPERATING INCOME BEFORE OTHER ITEMS (23,524 340,373 (4,937 330,791 Interest expense 12,366 (189,810 6,770 (165,038 (Loss) gain due to disposal, exchange, or revaluation of equity interests, net — — — — Income and other tax (expense) benefit — — — — Income from unconsolidated entities (863 (150,563 (567 (165,753 Unrealized losses in fair value of publicly traded equity instruments and derivativeinstrument, net — — — — Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assetsand interests in unconsolidated entities and impairment, net — — — — Consolidated income from continuing operations (12,021 — 1,266 — CONSOLIDATED NET INCOME (12,021 — 1,266 — Net income attributable to noncontrolling interests (12,021 — 1,266 — Preferred dividends — — — — NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ — $ — $ — $ — Represents our venture partners’ share of operations from consolidated properties. Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and ourpreviously held equity investment in TRG up to the October 31, 2025 transaction. Represents limited partners’ interest in the Operating Partnership. 2Q 2026 SUPPLEMENTAL 41 (1) (1) ) ) ) ) ) ) ) )) )) )) )) ) ) ) ) ) ) )) ) ) )(2) ) )(2) ) )) (3) (3)
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TABLE OF CONTENTS NON-GAAP PRO-RATA FINANCIAL INFORMATION(In thousands) AS OF JUNE 30, 2026 AS OF JUNE 30, 2025 NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES NONCONTROLLINGINTERESTS OURSHARE OFJOINT VENTURES ASSETS: Investment properties, at cost $(1,373,410 $12,921,761 $(683,674 $9,845,933 Less – accumulated depreciation (203,123 4,698,584 (187,171 4,223,773 (1,170,287 8,223,177 (496,503 5,622,160 Cash and cash equivalents (34,805 690,023 (28,763 547,765 Tenant receivables and accrued revenue, net (12,769 275,046 (5,871 237,272 Investment in unconsolidated entities, at equity (3,963 (4,008,517 (6,634 (2,606,909 Investment in Klépierre, at equity — — — — Right-of-use assets, net 10,308 51,785 (850 55,725 Deferred costs and other assets (24,663 1,212,574 (22,069 1,345,451 Total assets $(1,236,179 $6,444,088 $(560,690 $5,201,464 LIABILITIES: Mortgages and unsecured indebtedness $ (495,285 $ 7,526,711 $(239,117 $6,291,553 Accounts payable, accrued expenses, intangibles, and deferred revenues (31,586 516,312 (20,680 455,267 Cash distributions and losses in unconsolidated entities, at equity — (1,808,807 — (1,746,426 Dividend payable — — — — Lease liabilities (13,453 52,613 (850 51,378 Other liabilities (52,437 157,259 (50,501 149,692 Total liabilities (592,761 6,444,088 (311,148 5,201,464 Commitments and contingencies Limited partners’ preferred interest in the Operating Partnership $ (261,290 $ — $(227,967 $ — EQUITY: Stockholders’ equity Capital stock Series J 8 3/8% cumulative redeemable preferred stock — — — — Common stock, $.0001 par value — — — — Class B common stock, $.0001 par value — — — — Capital in excess of par value — — — — Accumulated deficit — — — — Accumulated other comprehensive loss — — — — Common stock held in treasury at cost — — — — Total stockholders’ equity — — — — Noncontrolling interests (382,128 — (21,575 — Total equity (382,128 — (21,575 — Total liabilities and equity $(1,236,179 $6,444,088 $(560,690 $5,201,464 2Q 2026 SUPPLEMENTAL 42 ) )) ) ) )) )) )) ) ) ) )) ) ) ) ) )) )) ) ) )) ) ) ) ) ) ) ) ) ) ) )
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* TABLE OF CONTENTS GUIDANCE RECONCILIATION The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholdersper diluted share to estimated Real Estate FFO per diluted share: LOWEND HIGHEND FOR THE YEAR ENDING DECEMBER 31, 2026 Estimated net income attributable to common stockholders per diluted share $ 6.47 $ 6.57 Add: Depreciation and amortization including Simon’s share of unconsolidated entities 6.45 6.45 Less: Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net* (0.15 (0.15 Estimated FFO per diluted share $12.77 $12.87 Add: Loss due to disposal, exchange or revaluation of equity interests, net* 0.04 0.04 Add: Other platform investments, net of tax* 0.31 0.31 Add: Unrealized losses in fair value adjustments of the Klépierre exchangeable bonds* 0.08 0.08 Estimated Real Estate FFO per diluted share $13.20 $13.30 Amounts represent year-to-date actual results for the respective line items. The Company is not providing guidance for these line items. 2Q 2026 SUPPLEMENTAL 43 ) )