SPGSimon Property Group
Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. 10-K, Item 1
- Headquarters
- Indianapolis, IN
- CEO
- David Simon
- Next results
- around Feb 1, 2027
7 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
we may face construction delays or higher construction costs caused by potential increases in the cost of imported goods and materials due to threatened or implemented tariffs and international trade disputes, supply chain disruptions and/or shortages;
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of the lien on that property without the payment of the associated debt and/or a substantial prepayment penalty, which could restrict our ability to dispose of the property, even though the sale might otherwise be desirable.
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it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including Simon.
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We depend on free cash flow and external financings, principally debt financings, to fund the growth of our business, execute on our business model, and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on our credit ratings, the willingness of lending institutions and other debt investors to grant credit to us
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managed locally by joint ventures in which we share control of the properties with our partner. The other owners have participating rights that we consider substantive for purposes of determining control over the joint venture properties’ assets. The remaining joint venture properties, Klépierre and our other platform investments are managed by joint ventures in which we share control.
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differences in cultures and consumer retail behavior may create operational complexity and result in inefficiencies;
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difficulties in managing international operations, in particular where our properties are held in joint ventures;
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New in the latest 10-Q
11 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 10, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
The carrying value of our interest rate swap and cap agreements, at fair value, are included in deferred costs and other assets and other liabilities. As of September 30, 2026, we had interest rate swap and cap agreements with combined asset balances of $10.2 million and combined liability balances of $55.1 million. As of December 31, 2025, we had interest rate swap and cap agreements with combined asset balances of $1.5 million and combined liability balances of $12.8 million.
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We have designated certain derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the nine months ended September 30, 2026 and 2025, we recorded gains (losses) of $66.5 million and ($239.4) million, respectively, in the cumulative translation adjustment section of the other comprehensive income (loss). Changes in the value of these instruments are offset by changes in the underlying hedged Euro investments.
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(1) Includes a Level 1 mark-to-market adjustment related to shares held within an unconsolidated investment, our share of which was $120.0 million pre-tax and $90.0 million net of tax for the three and nine months ended September 30, 2026, which is included within the unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net.
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During the nine months ended September 30, 2026, Simon issued 70,000 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. During the nine months ended September 30, 2026, the Operating Partnership redeemed 244,355 units from seven limited partners for $52.0 million. These transactions increased Simon’s ownership interest in the Operating Partnership.
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Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below.
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decreased income due to unfavorable year-over-year operations from our other platform investments.
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During the third quarter of 2026, we unencumbered two properties using existing liquidity, which reduced mortgage indebtedness by $540.0 million.
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Depreciation and amortization increased $172.1 million, primarily related to our acquisition activity, including a $49.8 million measurement period adjustment in connection with the finalization of the valuation of TRG Acquisition assets acquired and liabilities assumed to our preliminary estimate of depreciation and amortization expense of investment properties and in-place lease intangible assets.
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(1) USD equivalent based upon September 30, 2026 foreign currency exchange rates.
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(3) The three months ended September 30, 2026 includes $49.8 million, or $0.13 per share, of additional consolidated depreciation and amortization and a $25.2 million, or $0.07 per share, decrease in amortization of our excess investment in unconsolidated entities, for an increase of $24.6 million, or $0.06 per share, net, as a result of the finalization of purchase accounting related to the TRG Acquisition.
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Share sales and buybacks
During the quarter ended September 30, 2026, Simon issued 70,000 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. The issuance of shares of common stock was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
Through the period covered by this report there were no material changes to the Risk Factors disclosed under Item 1A. Risk Factors in Part I of the combined 2025 Annual Report on Form 10-K of Simon and the Operating Partnership.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on SPG in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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