Table of Contents SIMON PROPERTY GROUP EARNINGS RELEASE &
Table of Contents SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER Table of Contents
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED SEPTEMBER 30, 2026 PAGE ────────────────────────────────────────────────────────────────────────────── Earnings Release(1) 2–11 Overview 12 The Company 12 Stock Information, Credit Ratings and Senior Unsecured Debt 13 Covenants 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 18 Distribution (Our Share) Lease Income, Other Income, Other Expense, Income from 19 Unconsolidated Entities, and Capitalized Interest 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 25 Ownership 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
(1) Includes reconciliation of consolidated net income to FFO and Real Estate FFO.
EARNINGS RELEASE Contacts: Tom Ward 317-685-7330 Investors Nicole Kennon 704-804-1960 Media Simon ® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per Share and Raises Quarterly Dividend INDIANAPOLIS, November 5, 2026 –Simon ®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2026. “We delivered another quarter of excellent financial and operational results,” said Eli Simon, Chief Executive Officer, President and Chief Operating Officer. “Leasing momentum continued, rents and occupancy increased and shopper traffic growth accelerated for the third consecutive quarter, driving robust retailer sales growth across our portfolio. Today, we are once again increasing our full-year 2026 Real Estate FFO per share guidance and raising our quarterly dividend.” Results for the Quarter • Net income attributable to common stockholders was $499.0 million, or $1.54 per diluted share, as compared to $606.2 million, or $1.86 per diluted share in 2025. Net income for the third quarter of 2026 includes non-cash after-tax losses of $99.6 million, or $0.27 per diluted share, due to unrealized mark-to-market adjustments attributable to the Klépierre exchangeable bonds and the revaluation of an equity security that became publicly traded during the quarter and is held by one of our unconsolidated Other Platform Investments. • Real Estate Funds From Operations (“Real Estate FFO”) was $1.277 billion, or $3.37 per diluted share as compared to $1.215 billion, or $3.22 per diluted share in the prior year, an increase of 4.7%. • Funds From Operations (“FFO”) was $1.172 billion, or $3.09 per diluted share as compared to $1.228 billion, or $3.25 per diluted share in the prior year, inclusive of the $0.27 per diluted share non-cash after-tax losses in the current year period. • Domestic property Net Operating Income (“NOI”) increased 6.6% and portfolio NOI increased 6.7% compared to the prior year period. Results for the Nine Months • Net income attributable to common stockholders was $1.462 billion, or $4.51 per diluted share, as compared to $1.576 billion, or $4.83 per diluted share in 2025.
EARNINGS RELEASE • Real Estate FFO was $3.733 billion, or $9.82 per diluted share as compared to $3.484 billion, or $9.24 per diluted share in the prior year, an increase of 6.3%. • FFO was $3.464 billion, or $9.12 per diluted share as compared to $3.421 billion, or $9.07 per diluted share in the prior year. • Domestic property NOI increased 7.3% and portfolio NOI increased 7.2% compared to the prior year period. U.S. Malls and Premium Outlets Operating Statistics • Occupancy at September 30, 2026 was 96.5%, a 0.1% increase compared to 96.4% at September 30, 2025. • Base minimum rent per square foot was $62.75 at September 30, 2026, compared to $59.14 at September 30, 2025, an increase of 6.1%. • Reported retailer sales per square foot was $852 for the trailing 12 months ended September 30, 2026, compared to $742 at September 30, 2025, an increase of 14.8%. Dividends Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.30 for the fourth quarter of 2026. This is an increase of $0.10, or 4.5% year-over-year. The dividend will be payable on December 31, 2026 to shareholders of record on December 10, 2026. Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31, 2026 to shareholders of record on December 17, 2026. Common Stock Repurchase Program During the quarter ended September 30, 2026, the Company repurchased 1,137,182 shares of its common stock at an average price of $207.98 per share for a total investment of $236.5 million. Capital Markets and Balance Sheet Liquidity During the quarter, the Company completed a two-tranche senior notes offering totaling $800 million. Combined, the two new issues of senior notes had a weighted-average term of 7.7 years and a weighted-average coupon rate of 5.45%. We also completed seven secured loan transactions totaling approximately $970 million (U.S. dollar equivalent). The weighted-average interest rate on these loans was 6.33%. As of September 30, 2026, Simon had approximately $9.0 billion of liquidity consisting of $1.3 billion of cash on hand, including its share of joint venture cash, and $7.7 billion of available capacity, net of outstanding commercial paper, under its $8.5 billion of total revolving credit facilities.
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 year ending December 31, 2026 are included in the table below and are reconciled in the Company’s supplemental information. The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.30 to $13.40, an increase of $0.10 per diluted share from previous estimates.
Conference Call Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Thursday, November 5, 2026. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until November 12, 2026. To access the audio replay, dial 1-844-512-2921(international + 1-412-317-6671) passcode 10212388. Supplemental Materials and Website Supplemental information on our third quarter 2026 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K. We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document. Non-GAAP Financial Measures This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real Estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
EARNINGS RELEASE Forward-Looking Statements Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon’s actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce, as well as evolving consumer preferences and purchasing habits; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities, or inappropriate or unacceptable behavior by visitors, at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; risks associated with artificial intelligence, including generative artificial intelligence technologies, and the evolving regulatory environment applicable to those technologies; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. 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 update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. About Simon Simon ®is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands)
Note: The above financial presentation does not include any information related to our investments in Klépierre S.A. (“Klépierre”), our other platform investments, and our previously held equity investment in The Taubman Realty Group (“TRG”) up to the October 31, 2025 transaction. For additional information, see footnote B. (E) Represents a non-cash gain related to the recapitalization of an unconsolidated property.
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands)
Note: 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.
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
(1) For the three months ended March 31, 2026, FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense, 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 platform investments, net of tax. (2) 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 TRG purchase accounting.
EARNINGS RELEASE Simon Property Group, Inc. Footnotes to Unaudited Financial Information Notes: (A) Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets. (B) The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K. (C) This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs. We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper –2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity. (D) Includes our share of: – Gain on land sales of $0.0 million and $18.5 million for the three months ended September 30, 2026 and 2025, respectively, and $1.8 million and $19.7 million for the nine months ended September 30, 2026 and 2025, respectively. – Straight-line adjustments increased income by $20.8 million and $16.0 million for the three months ended September 30, 2026 and 2025, respectively, and $45.7 million and $21.9 million for the nine months ended September 30, 2026 and 2025, respectively. – Amortization of fair market value of leases increased income by $2.4 million and $0.3 million for the three months ended September 30, 2026 and 2025, respectively, and $3.0 million and $0.9 million for the nine months ended September 30, 2026 and 2025, respectively.
OVERVIEW THE COMPANY Simon Property Group, Inc. (NYSE:SPG) is a self- administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At September 30, 2026, we owned or had an interest in 254 properties comprising 206 million square feet in North America, Asia and Europe. Additionally, at September 30, 2026, we had a 20.7% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 13 European countries. This package was prepared to provide operational and balance sheet information as of September 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 Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce, as well as evolving consumer preferences and purchasing habits; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities, or inappropriate or unacceptable behavior by visitors, at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; risks associated with artificial intelligence, including generative artificial intelligence technologies, and the evolving regulatory environment applicable to those technologies; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
OVERVIEW STOCK INFORMATION The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:
Common Stock SPG 8.375% Series J Cumulative SPGPrJ Redeemable Preferred 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
Required Actual Compliance Total Debt to Total Assets (1) ≤65% 36% Yes Total Secured Debt to Total ≤50% 15% Yes Assets (1) Fixed Charge Coverage Ratio >1.5X 4.6X Yes Total Unencumbered Assets to ≥125% 304% Yes Unsecured Debt
(1) 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.
Stockho… Equity Informa… Limited Partner… Units Outstan… at end of period Common Shares Outstan… at end of period Total Common Shares and Limited Partner… Units Outstan… at end of period Weighted Average Limited Partner… Units Outstan… Weighted Average Common Shares Outstan… Basic and AS AS Diluted… OFSEPTE… OFDECEM… purposes 30,2026 31,2025 of EPS 55,756 55,690 and 322,470 325,224 FFOPS 378,226 380,914 Equity 55,857 51,558 Market Capital… 324,124 326,367 ────────────────────────────────────────────────────────────────────────────── Common Stock Price at $ 200.76 $ 185.11 end of period Common Equity Capital… includi… $ 75,932,… $ 70,510,… Limited Partner… Units Preferr… Equity Capital… includi… 53,086 52,935 Limited Partner… Preferr… Units Total Equity $ 75,985,… $ 70,563,… Market Capital…
NET OPERATING INCOME (NOI) COMPOSITION (1) For the Nine Months Ended September 30, 2026 (1) Based on our beneficial interest of NOI. (2) Includes Klépierre, international Premium Outlets, Designer Outlets, The Mall Luxury Outlets, and international malls.
(1) All properties in North America (including 4 in Canada and 2 in Mexico at constant currency). (2) International properties outside of North America at constant currency. (3) Includes investment in retail operations (Catalyst Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and management company (Jamestown). (4) NOI of Klépierre at constant currency (5) Includes income components excluded from Domestic Property NOI and Portfolio NOI including lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, management company revenues, foreign exchange impact, and other assets.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI
(1) 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. (2) Beneficial interest of NOI from TRG prior to the October 31, 2025 transaction. (3) See footnotes 3 and 4 on prior page.
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)
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (NOI), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO, Real Estate FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs. The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST (In thousands)
(1) Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. (2) Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing. (3) Includes distributions from international investments and preferred unit distributions from TRG for the three and nine months ended September 30, 2025. (4) Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non- real estate investments, insurance proceeds from business interruption and other miscellaneous income items. (5) Includes U.S. joint venture operations and international joint ventures. (6) Includes Share of TRG net loss including amortization of excess investment for the three and nine months ended September 30, 2025.
(1) Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. (2) Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above. (3) For the nine months ended September 30, 2026, excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less. (4) See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space.
(1) Does not consider the impact of renewal options that may be contained in leases. (2) Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration. (3) Annual rental revenues represent 2025 consolidated and joint venture combined base rental revenue.
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
(1) 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.
(1) Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
DEVELOPMENT ACTIVITY SUMMARY As of September 30, 2026 (in thousands, except percent)
COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP For the Period December 31, 2025 through September 30, 2026
COMMONSH… LIMITED… Number Outstand… at 325,223,… 55,689,7… December 31, 2025 Activity During the First Six Months of 2026 Redempti… of Limited — -243,718 Partners… Units for Cash Restrict… Stock/Un… Awards and Long-Term Incentive 152,958 380,344 Performa… (LTIP) Units Earned (3) Shares Repurcha… to Satisfy -58,940 — Employee Tax Obligati… Repurcha… of Simon Property Group -1,758,3… — Common Stock in open market Number Outstand… 323,559,… 55,826,3… at June 30, 2026 Third Quarter Activity Redempti… of Limited — -637 Partners… Units for Cash Exchange of Limited Partners… 70,000 -70,000 Units for Common Stock Restrict… Stock/Un… 872 — Awards (3) Shares Repurcha… to Satisfy -22,994 — Employee Tax Obligati… Repurcha… of Simon Property Group -1,137,1… — Common Stock in open market Number Outstand… at 322,470,… 55,755,7… September 30, 2026 Number of Limited Partners… Units and 378,225,… Common Shares at September 30, 2026
PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 2026 ($ in 000’s, except per share amounts)
(1) Excludes Limited Partnership preferred units relating to preferred stock outstanding. (2) Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares. (3) Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures. (4) Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on September 30, 2026 was $53.39 per share. (5) Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
CREDIT PROFILE (1) (1) As of year end, unless otherwise indicated. (2) Non- recourse mortgage net debt includes our pro-rata share of consolidated non- recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.
(1) Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of September 30, 2026 (In thousands)
(1) Foreign currency balances translated to USD: EUR-USD 1.1343. (2) Notes exchangeable into ordinary shares of Klépierre S.A., at or above a common stock price of €26.9512. (3) Through an interest rate swap agreement which matures on December 31, 2026, interest is essentially fixed at the all-in-rate presented. (4) Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at September 30, 2026. (5) 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 based on USD SOFR plus an interest rate spread of 2.74%. 1M SOFR was 3.9125% as of September 30, 2026. (6) Variable rate debt interest rates are based on 1M EURIBOR at 2.496% as of September 30, 2026
PROPERTY AND DEBT INFORMATION As of September 30, 2026 FOOTNOTES: (1) Variable rate debt interest rates are based on the following base rates as of September 30, 2026: Overnight SOFR 3.90%; 1 month CME Term SOFR 3.9125%; 30 Day Average SOFR 3.7468%; 1M EURIBOR at 2.496%; 3M EURIBOR at 2.617%; 6M EURIBOR at 3.074%; 1M YEN TIBOR at 1.3999%; 6M YEN TIBOR at 1.8309%; 1M CORRA at 2.31%; Overnight SONIA 3.7329% and Cost of Funds Rate at 3.691%. (2) Foreign currency balances translated to USD: EUR-USD 1.1343, CAD-USD 0.704146, JPY-USD 0.00636594, GBP-USD 1.32611, KRW-USD 0.0007378, MYR-USD 0.24509203, MXN-USD 0.05536302, THB-USD 0.02978744, CNY-USD 0.14916201, IDR-USD 0.00005587. (3) Unencumbered asset. (4) The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance. (5) Includes applicable extensions available at our option. (6) The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property. (7) The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership. (8) Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages. (9) Properties are secured by cross-collateralized and cross- defaulted mortgages (Pismo Beach Premium Outlets & Queenstown Premium Outlets and Gurnee Mills & Potomac Mills). (10) Consists of 12 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2026 and 2029. (11) Does not include any other spaces in joint ventures which are not listed above. (12) GLA includes office space. (13) The Company owns a 90.0% interest in Phases 2 & 3 and a 46.1% interest in Phase 4. (14) Does not include Klépierre. (15) Mortgage is outstanding as of September 30, 2026. (16) Through an interest rate swap agreement, interest is essentially fixed at the all-in- rate presented. (17) Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until March 31, 2027. (18) The interest rate resets on April 16th of each year. (19) Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented. (20) Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029. (21) Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027. (22) Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2028. (23) The interest rate resets on January 1st of each year. (24) Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027. (25) This property is managed by a third party. Reported amounts may be provided in arrears.
NON-GAAP PRO-RATA FINANCIAL INFORMATION The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest. We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include: • The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and • Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure. Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.
(1) Represents our venture partners’ share of operations from consolidated properties. (2) Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and our previously held equity investment in TRG up to the October 31, 2025 transaction. (3) Represents limited partners’ interest in the Operating Partnership.
(1) Represents our venture partners’ share of operations from consolidated properties. (2) Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, RGG, Catalyst, Jamestown, and our previously held equity investment in TRG up to the October 31, 2025 transaction. (3) Represents limited partners’ interest in the Operating Partnership.
GUIDANCE RECONCILIATION The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated Real Estate FFO per diluted share:
FOR THE YEAR ENDING LOWEND HIGHEND DECEMBER 31, 2026 ────────────────────────────────────────────────────────────────────────────── Estimated net income attributable to common $ 6.32 $ 6.42 stockholders per diluted share Add: Depreciation and amortization including Simon’s 6.45 6.45 share of unconsolidated entities Less: Gain on acquisition of controlling interest, sale or disposal of, or -0.17 -0.17 recovery on, assets and interest in unconsolidated entities and impairment, net* Estimated FFO per $ 12.60 $ 12.70 diluted share Add: Loss due to disposal, exchange or revaluation of 0.06 0.06 equity interests, net* Add: Other platform investments, net of 0.30 0.30 tax* Add: Unrealized losses in fair value of publicly traded equity 0.34 0.34 instruments and derivative instrument, net* Estimated Real Estate FFO per $ 13.30 $ 13.40 diluted share
Full text with the tables
Table of Contents SIMON PROPERTY GROUP EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED THIRD QUARTER Table of Contents
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED SEPTEMBER 30, 2026 PAGE
──────────────────────────────────────────────────────────────────────────────
Earnings Release(1) 2–11
Overview 12
The Company 12
Stock Information, Credit Ratings and Senior Unsecured Debt 13
Covenants
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 18
Distribution (Our Share)
Lease Income, Other Income, Other Expense, Income from 19
Unconsolidated Entities, and Capitalized Interest
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 25
Ownership
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
(1) Includes reconciliation of consolidated net income to FFO and Real Estate
FFO.
3Q 2026 SUPPLEMENTAL 1
Table of Contents
EARNINGS RELEASE Contacts: Tom Ward 317-685-7330 Investors Nicole Kennon
704-804-1960 Media Simon ® Reports Third Quarter 2026 Results,
Increases Guidance for Full Year 2026 Real Estate FFO Per Share and
Raises Quarterly Dividend INDIANAPOLIS, November 5, 2026 –Simon ®, a real estate
investment trust engaged in the ownership of premier shopping, dining,
entertainment and mixed-use destinations, today reported results for the quarter
ended September 30, 2026. “We delivered another quarter of excellent financial
and operational results,” said Eli Simon, Chief Executive Officer, President and
Chief Operating Officer. “Leasing momentum continued, rents and occupancy
increased and shopper traffic growth accelerated for the third consecutive
quarter, driving robust retailer sales growth across our portfolio. Today, we
are once again increasing our full-year 2026 Real Estate FFO per share guidance
and raising our quarterly dividend.” Results for the Quarter • Net income
attributable to common stockholders was $499.0 million, or $1.54 per diluted
share, as compared to $606.2 million, or $1.86 per diluted share in 2025. Net
income for the third quarter of 2026 includes non-cash after-tax losses of $99.6
million, or $0.27 per diluted share, due to unrealized mark-to-market
adjustments attributable to the Klépierre exchangeable bonds and the revaluation
of an equity security that became publicly traded during the quarter and is held
by one of our unconsolidated Other Platform Investments. • Real Estate Funds
From Operations (“Real Estate FFO”) was $1.277 billion, or $3.37 per diluted
share as compared to $1.215 billion, or $3.22 per diluted share in the prior
year, an increase of 4.7%. • Funds From Operations (“FFO”) was $1.172 billion,
or $3.09 per diluted share as compared to $1.228 billion, or $3.25 per diluted
share in the prior year, inclusive of the $0.27 per diluted share non-cash
after-tax losses in the current year period. • Domestic property Net Operating
Income (“NOI”) increased 6.6% and portfolio NOI increased 6.7% compared to the
prior year period. Results for the Nine Months • Net income attributable to
common stockholders was $1.462 billion, or $4.51 per diluted share, as compared
to $1.576 billion, or $4.83 per diluted share in 2025.
3Q 2026 SUPPLEMENTAL 2
Table of Contents
EARNINGS RELEASE • Real Estate FFO was $3.733 billion, or $9.82 per diluted
share as compared to $3.484 billion, or $9.24 per diluted share in the prior
year, an increase of 6.3%. • FFO was $3.464 billion, or $9.12 per diluted share
as compared to $3.421 billion, or $9.07 per diluted share in the prior year. •
Domestic property NOI increased 7.3% and portfolio NOI increased 7.2% compared
to the prior year period. U.S. Malls and Premium Outlets Operating Statistics •
Occupancy at September 30, 2026 was 96.5%, a 0.1% increase compared to 96.4% at
September 30, 2025. • Base minimum rent per square foot was $62.75 at September
30, 2026, compared to $59.14 at September 30, 2025, an increase of 6.1%. •
Reported retailer sales per square foot was $852 for the trailing 12 months
ended September 30, 2026, compared to $742 at September 30, 2025, an increase of
14.8%. Dividends Today, Simon’s Board of Directors declared a quarterly common
stock dividend of $2.30 for the fourth quarter of 2026. This is an increase of
$0.10, or 4.5% year-over-year. The dividend will be payable on December 31, 2026
to shareholders of record on December 10, 2026. Simon’s Board of Directors
declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable
Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31,
2026 to shareholders of record on December 17, 2026. Common Stock Repurchase
Program During the quarter ended September 30, 2026, the Company repurchased
1,137,182 shares of its common stock at an average price of $207.98 per share
for a total investment of $236.5 million. Capital Markets and Balance Sheet
Liquidity During the quarter, the Company completed a two-tranche senior notes
offering totaling $800 million. Combined, the two new issues of senior notes had
a weighted-average term of 7.7 years and a weighted-average coupon rate of
5.45%. We also completed seven secured loan transactions totaling approximately
$970 million (U.S. dollar equivalent). The weighted-average interest rate on
these loans was 6.33%. As of September 30, 2026, Simon had approximately $9.0
billion of liquidity consisting of $1.3 billion of cash on hand, including its
share of joint venture cash, and $7.7 billion of available capacity, net of
outstanding commercial paper, under its $8.5 billion of total revolving credit
facilities.
3Q 2026 SUPPLEMENTAL 3
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 year ending December 31, 2026 are included in the table
below and are reconciled in the Company’s supplemental information. The Company
is increasing its outlook for full year 2026 Real Estate FFO per diluted share
to $13.30 to $13.40, an increase of $0.10 per diluted share from previous
estimates.
C… Pr…
L… H… Lo… Hi…
──────────────────────────────────────────────────────────────────────────────
E…
n…
i…
a…
to $ 6… $ 6… $ 6… $ 6…
c…
s…
p…
d…
s…
E…
R…
E… $ 1… $ 1… $ 1… $ 1…
F…
p…
s…
Conference Call Simon will hold a conference call to discuss the quarterly
financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Thursday,
November 5, 2026. A live webcast of the conference call will be accessible in
listen-only mode at investors.simon.com. An audio replay of the conference call
will be available until November 12, 2026. To access the audio replay, dial
1-844-512-2921(international + 1-412-317-6671) passcode 10212388. Supplemental
Materials and Website Supplemental information on our third quarter 2026
performance is available at investors.simon.com. This information has also been
furnished to the SEC in a current report on Form 8-K. We routinely post
important information online on our investor relations website,
investors.simon.com. We use this website, press releases, SEC filings, quarterly
conference calls, presentations and webcasts to disclose material, non-public
information in accordance with Regulation FD. We encourage members of the
investment community to monitor these distribution channels for material
disclosures. Any information accessed through our website is not incorporated by
reference into, and is not a part of, this document. Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO
per share and domestic and portfolio NOI growth which are financial performance
measures not defined by generally accepted accounting principles in the United
States (“GAAP”). Real Estate FFO is FFO of the operating partnership less other
platform investments and loss (gain) due to disposal, exchange, or revaluation
of equity interests, in each case, net of tax; and unrealized losses (gains) in
fair value of publicly traded equity instruments and derivative instrument, net.
Reconciliations of these non-GAAP financial measures to the most directly
comparable GAAP measures are included in Simon’s supplemental information for
the quarter. FFO and NOI growth are financial performance measures widely used
in the REIT industry. Our definitions of these non-GAAP measures may not be the
same as similar measures reported by other REITs.
3Q 2026 SUPPLEMENTAL 4
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 Litigation Reform Act of 1995. Although Simon believes
the expectations reflected in any forward-looking statements are based on
reasonable assumptions, Simon can give no assurance that its expectations will
be attained, and it is possible that Simon’s actual results may differ
materially from those indicated by these forward-looking statements due to a
variety of risks, uncertainties and other factors. Such factors include, but are
not limited to: the intensely competitive market environment in the retail real
estate industry and the retail industry, including e-commerce, as well as
evolving consumer preferences and purchasing habits; the inability to renew
leases and relet vacant space at existing properties on favorable terms; the
inability to collect rent due to the bankruptcy or insolvency of tenants or
otherwise; the potential loss of anchor stores or major tenants; an increase in
vacant space at our properties; the loss of key management personnel; changes in
economic and market conditions that may adversely affect the general retail
environment, including but not limited to those caused by inflation, the impact
of tariffs and global trade disruptions on us to the extent impacting our
tenants, recessionary pressures, wars, escalating geopolitical tensions as a
result of the war in Ukraine and the conflicts in the Middle East, and supply
chain disruptions; the potential for violence, civil unrest, criminal activity
or terrorist activities, or inappropriate or unacceptable behavior by visitors,
at our properties; the availability of comprehensive insurance coverage;
security breaches that could compromise our information technology or
infrastructure; risks associated with artificial intelligence, including
generative artificial intelligence technologies, and the evolving regulatory
environment applicable to those technologies; changes in market rates of
interest; our international activities subjecting us to risks that are different
from or greater than those associated with our domestic operations, including
changes in foreign exchange rates; the impact of our substantial indebtedness on
our future operations, including covenants in the governing agreements that
impose restrictions on us that may affect our ability to operate freely; any
disruption in the financial markets that may adversely affect our ability to
access capital for growth and satisfy our ongoing debt service requirements; any
change in our credit rating; our continued ability to maintain our status as a
REIT; changes in tax laws or regulations that result in adverse tax
consequences; risks associated with the acquisition, development, redevelopment,
expansion, leasing and management of properties; the inability to lease newly
developed properties on favorable terms; risks relating to our joint venture
properties, including guarantees of certain joint venture indebtedness; the
effects of climate change; environmental liabilities; natural or other
disasters; uncertainties regarding the impact of pandemics, epidemics or public
health crises, and the associated governmental restrictions on our business,
financial condition, results of operations, cash flow and liquidity; and general
risks related to real estate investments, including the illiquidity of real
estate investments. 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 update or revise these forward-looking statements, whether as a
result of new information, future developments, or otherwise. About Simon Simon
®is a real estate investment trust engaged in the ownership of premier shopping,
dining, entertainment and mixed-use destinations (Simon Property Group, NYSE:
SPG). Our properties across North America, Europe and Asia provide community
gathering places for millions of people every day and generate billions in
annual sales.
3Q 2026 SUPPLEMENTAL 5
Table of Contents
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Statements of
Operations
(Dollars in thousands, except per share amounts)
F… F…
t… t…
T… N…
M… M…
S… S…
3… 3…
2… 2… 2… 2…
R…
──────────────────────────────────────────────────────────────────────────────
L… $ 1… $ 1… $ 4,… $ 4,…
i…
M…
f…
a… 4… 3… 12… 10…
o…
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O… 8… 1… 26… 26…
i…
T… 1… 1… 5,… 4,…
r…
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P… 1… 1… 52… 42…
o…
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a…
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t…
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a… 3… 2… 10… 81…
m…
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p…
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a…
r… 7… 6… 20… 18…
o…
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to
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TO
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to
c…
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3Q 2026 SUPPLEMENTAL 6
Table of Contents
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Balance
Sheets
(Dollars in thousands, except share amounts)
September December
30,2026 31,2025
ASSETS:
──────────────────────────────────────────────────────────────────────────────
Investme…
properti… $ 51,263,1… $ 50,946,0…
at cost
Less–acc… 21,829,5… 20,701,5…
deprecia…
29,433,5… 30,244,5…
Cash and
cash 569,941 823,147
equivale…
Tenant
receivab…
and 899,587 934,077
accrued
revenue,
net
Investme…
in other
unconsol… 3,980,094 4,362,339
entities,
at equity
Investme…
in 1,335,142 1,505,377
Klépierr…
at equity
Right-of…
assets, 725,194 755,934
net
Deferred
costs and 2,131,594 1,981,035
other
assets
Total $ 39,075,1… $ 40,606,4…
assets
LIABILIT…
Mortgages
and $ 28,423,9… $ 28,430,1…
unsecured
indebted…
Accounts
payable,
accrued
expenses, 1,985,380 1,954,402
intangib…
and
deferred
revenues
Cash
distribu…
and
losses in 1,789,559 1,739,418
unconsol…
entities,
at equity
Dividend 1,578 2,723
payable
Lease 724,961 756,539
liabilit…
Other 740,980 1,017,816
liabilit…
Total 33,666,3… 33,901,0…
liabilit…
Commitme…
and
continge…
Limited
partners’
preferred
interest
in the
Operating 268,936 233,306
Partners…
and
noncontr…
redeemab…
interests
EQUITY:
Stockhol…
Equity
Capital
stock
(850,000…
total
shares
authoriz…
$0.0001
par
value,
238,000,…
shares of
excess
common
stock,
100,000,…
authoriz…
shares
ofprefer…
stock):
Series J
8 3/8%
cumulati…
redeemab…
preferred
stock,
1,000,000
shares
authoriz… 40,205 40,451
796,948
issued
and
outstand…
with a
liquidat…
value of
$39,847
Common
stock,
$0.0001
par
value,
511,990,…
shares
authoriz… 33 33
343,129,…
and
343,060,…
issued
and
outstand…
respecti…
Class B
common
stock,
$0.0001
par
value,
10,000 — —
shares
authoriz…
8,000
issued
and
outstand…
Capital
in excess 12,445,2… 12,347,1…
of par
value
Accumula… -5,352,9… -4,608,1…
deficit
Accumula…
other -168,039 -251,361
comprehe…
loss
Common
stock
held in
treasury,
at cost, -2,879,3… -2,319,9…
20,667,7…
and
17,844,8…
shares,
respecti…
Total
stockhol… 4,085,150 5,208,268
equity
Noncontr… 1,054,683 1,263,819
interests
Total 5,139,833 6,472,087
equity
Total
liabilit… $ 39,075,1… $ 40,606,4…
and
equity
3Q 2026 SUPPLEMENTAL 7
Table of Contents
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined
Statements of Operations
(Dollars in thousands)
F… F…
t… t…
T… N…
M… M…
S… S…
3… 3…
2… 2… 2… 2…
R…
──────────────────────────────────────────────────────────────────────────────
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t…
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m…
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p…
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T…
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a…
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of
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E…
(…
Note: The above financial presentation does not include any information related
to our investments in Klépierre S.A. (“Klépierre”), our other platform
investments, and our previously held equity investment in The Taubman Realty
Group (“TRG”) up to the October 31, 2025 transaction. For additional
information, see footnote B. (E) Represents a non-cash gain related to the
recapitalization of an unconsolidated property.
3Q 2026 SUPPLEMENTAL 8
Table of Contents
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined
Balance Sheets
(Dollars in thousands)
September December
30,2026 31,2025
Assets:
──────────────────────────────────────────────────────────────────────────────
Investme…
properti… $ 21,951,8… $ 22,077,7…
at cost
Less –
accumula… 10,289,7… 9,020,481
deprecia…
11,662,1… 13,057,2…
Cash and
cash 1,572,520 1,264,619
equivale…
Tenant
receivab…
and 617,183 605,756
accrued
revenue,
net
Right-of…
assets, 116,537 108,349
net
Deferred
costs and 690,541 572,826
other
assets
Total $ 14,658,9… $ 15,608,8…
assets
Liabilit…
and
Partners’
Deficit:
Mortgages $ 16,429,1… $ 16,374,7…
Accounts
payable,
accrued
expenses, 1,208,444 1,117,855
intangib…
and
deferred
revenue
Lease 120,242 99,837
liabilit…
Other 393,534 334,246
liabilit…
Total 18,151,3… 17,926,7…
liabilit…
Preferred 67,450 67,450
units
Partners’ -3,559,9… -2,385,3…
deficit
Total
liabilit…
and $ 14,658,9… $ 15,608,8…
partners’
deficit
Our Share
of:
Partners’ $ -1,553,5… $ -1,247,5…
deficit
Add:
Excess 2,928,745 2,773,173
Investme…
Our net
Investme…
in $ 1,375,178 $ 1,525,619
unconsol…
entities,
at equity
Note: 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.
3Q 2026 SUPPLEMENTAL 9
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
F… F…
t… t…
T… N…
M… M…
S… S…
3… 3…
2… 2… 2… 2…
──────────────────────────────────────────────────────────────────────────────
C…
N… $ 5… $ 7… $ 1,… $ 1,…
I…
(…
A…
to
A…
at
F…
D…
a…
a… 5… 3… 1,… 99…
f…
c…
p…
O…
s…
of
d…
a…
a…
f…
u… 1… 2… 44… 62…
e…
i…
K…
T…
a…
o…
c…
i…
G…
on
a…
of
c…
i…
s…
or
d…
o…
or -… -… -6… -7…
r…
o…
a…
a…
i…
in
u…
e…
a…
i…
n…
N…
l…
(…
a…
to 2… -… 8,… 34
n…
i…
h…
in
p…
N…
i…
p…
of -… -… -4… -1…
d…
a…
a…
P…
d… -… -… -3… -3…
a…
d…
F…
of
t… $ 1… $ 1… $ 3,… $ 3,…
O…
P…
F…
of
t… $ 1… $ 1… $ 3,… $ 3,…
O…
P…
L…
(…
d…
to
d…
e…
or 6… 6… 21… -5…
r…
of
e…
i…
n…
of
t…
O…
p…
i… -… -… 11… 30…
n…
of
t…
U…
l…
(…
in
f…
v…
of
p… 9… -… 13… 84…
t…
e…
i…
a…
d…
i…
n…
R…
E… $ 1… $ 1… $ 3,… $ 3,…
F…
D…
n…
i…
p…
s…
to
d…
F…
p…
s…
r…
D…
n…
i… $ 1… $ 1… $ 4.… $ 4.…
p…
s…
D…
a…
a…
f…
c…
p…
a…
o…
s…
of
d…
a…
a…
f…
u…
e… 1… 1… 4.… 4.…
i…
K…
T…
a…
o…
c…
i…
n…
of
n…
i…
p…
of
d…
a…
a…
L…
(…
on
a…
of
c…
i…
s…
or
d…
o…
or -… -… -0… -0…
r…
o…
a…
a…
i…
in
u…
e…
a…
i…
n…
D…
F… $ 3… $ 3… $ 9.… $ 9.…
p…
s…
L…
(…
d…
to
d…
e…
or 0… 0… 0.… -0…
r…
of
e…
i…
n…
of
t…
O…
p…
i… -… -… 0.… 0.…
n…
of
t…
U…
l…
(…
in
f…
v…
of
p… 0… -… 0.… 0.…
t…
e…
i…
a…
d…
i…
n…
R…
E…
F… $ 3… $ 3… $ 9.… $ 9.…
p…
s…
4… 6.…
De…
for
per
sh…
ca…
──────────────────────────────────────────────────────────────────────────────
FFO
of
the $ 1,… $ 1,… $ 3,… $ 3,4…
Op…
Pa…
Di…
FFO
al… -1… -1… -5… -46…
to
un…
Di…
FFO
al… $ 99… $ 1,… $ 2,… $ 2,9…
to
co…
st…
Ba…
and
Di…
we… 32… 32… 32… 326…
av…
sh…
ou…
We…
av…
li… 55… 50… 55… 50,…
pa…
un…
ou…
Ba…
and
Di…
we…
av… 37… 37… 37… 377…
sh…
and
un…
ou…
Ba…
and
Di… $ 3.… $ 3.… $ 9.… $ 9.07
FFO
per
Sh…
Pe… -4… 0.…
Ch…
(1) For the three months ended March 31, 2026, FFO and Diluted FFO per share
includes $40.0 million, or $0.10 per share, of accelerated stock compensation
expense, 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 platform investments, net of tax. (2) 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 TRG purchase accounting.
3Q 2026 SUPPLEMENTAL 10
Table of Contents
EARNINGS RELEASE Simon Property Group, Inc. Footnotes to Unaudited Financial
Information Notes: (A) Excess investment represents the unamortized difference
of our investment over equity in the underlying net assets of the related
partnerships and joint ventures shown therein. The Company generally amortizes
excess investment over the life of the related assets. (B) The Unaudited Joint
Venture Combined Statements of Operations do not include any operations or our
share of net income or excess investment amortization related to our investments
in Klépierre, our other platform investments and our previously held equity
investment in TRG prior to the October 31, 2025 transaction. Amounts included in
Footnote D below exclude our share of related activity for our investments in
Klépierre, our other platform investments and our previously held equity
investment in TRG prior to the October 31, 2025 transaction. For further
information on Klépierre, reference should be made to financial information in
Klépierre’s public filings and additional discussion and analysis in our Form
10-K. (C) This report contains measures of financial or operating performance
that are not specifically defined by GAAP, including FFO, FFO per share, Real
Estate FFO and Real Estate FFO per share. FFO is a performance measure that is
standard in the REIT business. We believe FFO provides investors with additional
information concerning our operating performance and a basis to compare our
performance with those of other REITs. We also use these measures internally to
monitor the operating performance of our portfolio. Our computation of these
non-GAAP measures may not be the same as similar measures reported by other
REITs. We determine FFO based upon the definition set forth by the National
Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations
White Paper –2018 Restatement. Our main business includes acquiring, owning,
operating, developing, and redeveloping real estate in conjunction with the
rental of retail real estate. Gains and losses of assets incidental to our main
business are included in FFO. We determine FFO to be our share of consolidated
net income computed in accordance with GAAP, excluding real estate related
depreciation and amortization, excluding gains and losses from the sale,
disposal or property insurance recoveries of, or any impairment related to,
depreciable retail operating properties, plus the allocable portion of FFO of
unconsolidated joint ventures based upon economic ownership interest, and all
determined on a consistent basis in accordance with GAAP. However, you should
understand that FFO does not represent cash flow from operations as defined by
GAAP, should not be considered as an alternative to net income determined in
accordance with GAAP as a measure of operating performance, and is not an
alternative to cash flows as a measure of liquidity. (D) Includes our share of:
– Gain on land sales of $0.0 million and $18.5 million for the three months
ended September 30, 2026 and 2025, respectively, and $1.8 million and $19.7
million for the nine months ended September 30, 2026 and 2025, respectively. –
Straight-line adjustments increased income by $20.8 million and $16.0 million
for the three months ended September 30, 2026 and 2025, respectively, and $45.7
million and $21.9 million for the nine months ended September 30, 2026 and 2025,
respectively. – Amortization of fair market value of leases increased income by
$2.4 million and $0.3 million for the three months ended September 30, 2026 and
2025, respectively, and $3.0 million and $0.9 million for the nine months ended
September 30, 2026 and 2025, respectively.
3Q 2026 SUPPLEMENTAL 11
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., or the Operating Partnership, is our majority-owned
partnership subsidiary that owns all of our real estate properties and other
assets. In this package, the terms Simon, we, our, or the Company refer to Simon
Property Group, Inc., the Operating Partnership, and its subsidiaries. We own,
develop and manage premier shopping, dining, entertainment and mixed-use
destinations, which consist primarily of malls, Premium Outlets®, The Mills®,
and International Properties. At September 30, 2026, we owned or had an interest
in 254 properties comprising 206 million square feet in North America, Asia and
Europe. Additionally, at September 30, 2026, we had a 20.7% ownership interest
in Klépierre, a publicly traded, Paris-based real estate company, which owns
shopping centers in 13 European countries. This package was prepared to provide
operational and balance sheet information as of September 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 Securities Litigation Reform Act of 1995. Although we
believe the expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our expectations will
be attained, and it is possible that our actual results may differ materially
from those indicated by these forward-looking statements due to a variety of
risks, uncertainties and other factors. Such factors include, but are not
limited to: the intensely competitive market environment in the retail real
estate industry and the retail industry, including e-commerce, as well as
evolving consumer preferences and purchasing habits; the inability to renew
leases and relet vacant space at existing properties on favorable terms; the
inability to collect rent due to the bankruptcy or insolvency of tenants or
otherwise; the potential loss of anchor stores or major tenants; an increase in
vacant space at our properties; the loss of key management personnel; changes in
economic and market conditions that may adversely affect the general retail
environment, including but not limited to those caused by inflation, the impact
of tariffs and global trade disruptions on us to the extent impacting our
tenants, recessionary pressures, wars, escalating geopolitical tensions as a
result of the war in Ukraine and the conflicts in the Middle East, and supply
chain disruptions; the potential for violence, civil unrest, criminal activity
or terrorist activities, or inappropriate or unacceptable behavior by visitors,
at our properties; the availability of comprehensive insurance coverage;
security breaches that could compromise our information technology or
infrastructure; risks associated with artificial intelligence, including
generative artificial intelligence technologies, and the evolving regulatory
environment applicable to those technologies; changes in market rates of
interest; our international activities subjecting us to risks that are different
from or greater than those associated with our domestic operations, including
changes in foreign exchange rates; the impact of our substantial indebtedness on
our future operations, including covenants in the governing agreements that
impose restrictions on us that may affect our ability to operate freely; any
disruption in the financial markets that may adversely affect our ability to
access capital for growth and satisfy our ongoing debt service requirements; any
change in our credit rating; our continued ability to maintain our status as a
REIT; changes in tax laws or regulations that result in adverse tax
consequences; risks associated with the acquisition, development, redevelopment,
expansion, leasing and management of properties; the inability to lease newly
developed properties on favorable terms; risks relating to our joint venture
properties, including guarantees of certain joint venture indebtedness; the
effects of climate change; environmental liabilities; natural or other
disasters; uncertainties regarding the impact of pandemics, epidemics or public
health crises, and the associated governmental restrictions on our business,
financial condition, results of operations, cash flow and liquidity; and general
risks related to real estate investments, including the illiquidity of real
estate investments. We discuss these and other risks and uncertainties under the
heading “Risk Factors” in our annual and quarterly periodic reports filed with
the SEC. We may update that discussion in subsequent other periodic reports,
but, except as required by law, we undertake no duty or obligation to update or
revise these forward-looking statements, whether as a result of new information,
future developments, or otherwise. Any questions, comments or suggestions
regarding this Supplemental Information should be directed to Tom Ward, Senior
Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
3Q 2026 SUPPLEMENTAL 12
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
Cumulative SPGPrJ
Redeemable
Preferred
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 (1)
Required Actual Compliance
Total Debt to Total Assets (1) ≤65% 36% Yes
Total Secured Debt to Total ≤50% 15% Yes
Assets (1)
Fixed Charge Coverage Ratio >1.5X 4.6X Yes
Total Unencumbered Assets to ≥125% 304% Yes
Unsecured Debt
(1) 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.
3Q 2026 SUPPLEMENTAL 13
Table of Contents
SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
… …
… …
… …
… … …
… … … … …
──────────────────────────────────────────────────────────────────────────────
…
… $ … $ … $ … $
…
…
… $ … $ … $ … $
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
… $ … $ … $ … $
…
Stockho…
Equity
Informa…
Limited
Partner…
Units
Outstan…
at end
of
period
Common
Shares
Outstan…
at end
of
period
Total
Common
Shares
and
Limited
Partner…
Units
Outstan…
at end
of
period
Weighted
Average
Limited
Partner…
Units
Outstan…
Weighted
Average
Common
Shares
Outstan…
Basic
and AS AS
Diluted… OFSEPTE… OFDECEM…
purposes 30,2026 31,2025
of EPS 55,756 55,690
and 322,470 325,224
FFOPS 378,226 380,914
Equity 55,857 51,558
Market
Capital… 324,124 326,367
──────────────────────────────────────────────────────────────────────────────
Common
Stock
Price at $ 200.76 $ 185.11
end of
period
Common
Equity
Capital…
includi… $ 75,932,… $ 70,510,…
Limited
Partner…
Units
Preferr…
Equity
Capital…
includi… 53,086 52,935
Limited
Partner…
Preferr…
Units
Total
Equity $ 75,985,… $ 70,563,…
Market
Capital…
3Q 2026 SUPPLEMENTAL 14
Table of Contents
NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Nine Months Ended September 30, 2026 (1) Based on our beneficial
interest of NOI. (2) Includes Klépierre, international Premium Outlets, Designer
Outlets, The Mall Luxury Outlets, and international malls.
3Q 2026 SUPPLEMENTAL 15
Table of Contents
NET OPERATING INCOME OVERVIEW (AT SHARE)
(In thousands)
──────────────────────────────────────────────────────────────────────────────
(1) All properties in North America (including 4 in Canada and 2 in Mexico at
constant currency). (2) International properties outside of North America at
constant currency. (3) Includes investment in retail operations (Catalyst
Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real
estate investment and management company (Jamestown). (4) NOI of Klépierre at
constant currency (5) Includes income components excluded from Domestic Property
NOI and Portfolio NOI including lease termination income, interest income, land
sale gains, straight line lease income, above/below market lease adjustments,
management company revenues, foreign exchange impact, and other assets.
3Q 2026 SUPPLEMENTAL 16
Table of Contents
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI
… … …
… … …
… … …
… … …
… … … … 2…
…
──────────────────────────────────────────────────────────────────────────────
…
… $ … $ … $ … $ …
…
…
…
… … … … …
…
…
…
…
…
…
…
…
… … … … …
…
…
…
…
…
…
… … … … …
…
…
… … … … …
…
…
…
…
…
…
…
…
…
… … … … …
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… … … … …
…
…
…
…
…
…
…
…
…
…
…
…
…
… … … … …
…
…
…
… … … … …
…
…
…
… … … … …
…
…
…
… … … … …
…
… — — … 9
…
…
… $ … $ … $ … $ …
…
…
…
…
…
… … … … …
…
…
…
…
…
… $ … $ … $ … $ …
…
…
…
…
…
…
…
…
… $ … $ … $ … $ …
…
… … … … …
…
…
…
…
…
…
…
…
… … … … …
…
…
…
…
…
…
…
…
…
…
… … … … …
…
…
…
… … … … …
…
… 2 — … —
…
…
… $ … $ … $ … $ …
…
…
…
…
…
… … … … …
…
…
…
…
…
… $ … $ … $ … $ …
…
…
…
…
…
… — … — …
…
…
…
…
…
…
…
…
…
… … … … …
…
…
…
…
…
…
…
…
… $ … $ … $ … $ …
…
…
(1) 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. (2) Beneficial interest of NOI from TRG prior to the October 31,
2025 transaction. (3) See footnotes 3 and 4 on prior page.
3Q 2026 SUPPLEMENTAL 17
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)
… …
… …
… …
… …
… … … 2…
──────────────────────────────────────────────────────────────────────────────
…
…
… $ … $ … $ … $ …
…
…
…
…
… … … … …
…
…
…
…
…
… … … … …
…
…
…
…
… … … … …
…
…
… … … … …
…
…
… $ … $ … $ … $ …
…
…
(1) Non-cash impacts to FFO of the Operating Partnership include:
… …
… …
… …
… …
… … … 2…
…
…
…
… … … … …
…
…
…
…
… … … … …
…
…
…
…
…
…
…
…
… — — — …
…
…
…
…
…
…
…
…
… … … … …
…
…
…
… 1 — … 9
…
…
…
…
… … … … …
…
…
…
…
…
…
…
…
…
… … … … …
…
…
…
…
…
…
…
…
…
…
…
… … … … …
…
…
…
…
…
$ … $ … $ … $ …
This report contains measures of financial or operating performance that are not
specifically defined by generally accepted accounting principles (GAAP) in the
United States, including FFO, FFO per share, Real Estate FFO, Real Estate FFO
per share, funds available for distribution, net operating income (NOI),
domestic property NOI and portfolio NOI. FFO and NOI are performance measures
that are standard in the REIT business. We believe FFO, Real Estate FFO and NOI
provide investors with additional information concerning our operating
performance and a basis to compare our performance with the performance of other
REITs. We also use these measures internally to monitor the operating
performance of our portfolio. Our computation of these non-GAAP measures may not
be the same as similar measures reported by other REITs. The non-GAAP financial
measures used in this report should not be considered as alternatives to net
income as a measure of our operating performance or to cash flows computed in
accordance with GAAP as a measure of liquidity nor are they indicative of cash
flows from operating and financial activities. Reconciliations of other non-GAAP
measures used in this report to the most-directly comparable GAAP measure are
included in the tables on Reconciliations of Non-GAAP Financial Measures and in
the Earnings Release for the latest period.
3Q 2026 SUPPLEMENTAL 18
Table of Contents
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM
UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST
(In thousands)
… …
… …
… … …
… … …
… … … … …
…
──────────────────────────────────────────────────────────────────────────────
…
… $ … $ … $ … $
…
…
…
… … … …
…
…
…
… $ … $ … $ … $
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
… … … …
…
…
… — … …
…
…
…
…
… … … …
…
…
… … … …
…
…
… $ … $ … $ … $
…
…
…
… $ … $ … $ … $
…
…
…
… … … …
…
…
…
… … … …
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
…
… … … …
…
…
…
…
…
…
…
…
…
…
…
… … … …
…
…
…
…
…
…
…
…
…
…
…
…
… — … —
…
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
…
…
… $ … $ … $ … $
…
…
…
…
… $ … $ … $ … $
…
…
…
(1) Fixed lease income under our operating leases includes fixed minimum lease
consideration and fixed CAM reimbursements recorded on a straight-line basis.
(2) Variable lease income primarily includes consideration based on sales, as
well as reimbursements for real estate taxes, utilities, and marketing. (3)
Includes distributions from international investments and preferred unit
distributions from TRG for the three and nine months ended September 30, 2025.
(4) Includes ancillary property revenues, marketing, media, parking and
sponsorship revenues, gains on sale of non-retail real estate investments, non-
real estate investments, insurance proceeds from business interruption and other
miscellaneous income items. (5) Includes U.S. joint venture operations and
international joint ventures. (6) Includes Share of TRG net loss including
amortization of excess investment for the three and nine months ended September
30, 2025.
3Q 2026 SUPPLEMENTAL 19
Table of Contents
OPERATING INFORMATION
U.S. Malls and
Premium Outlets
Total Number of
Properties
Total Square
Footage of
Properties (in AS OF SEPTEMBER
millions) 30,
Ending Occupancy 2026 2025
(1):
Consolidated 174 162
Assets 148.6 136.0
Unconsolidated
Assets 96.6% 96.4%
Total Portfolio 96.2% 96.1%
Base Minimum 96.5% 96.4%
Rent PSF (2):
──────────────────────────────────────────────────────────────────────────────
Consolidated $ 60.41 $ 57.41
Assets
Unconsolidated $ 69.49 $ 64.39
Assets
Total Portfolio $ 62.75 $ 59.14
New Leasing
Activity (3)
Number of Leases 853 819
Average Annual
Initial Base $ 76.03 $ 65.09
Minimum Rent PSF
Average Tenant $ 54.12 $ 60.13
Allowance PSF
The Mills
Total Number of
Properties AS OF SEPTEMBER
Total Square 30,
Footage of 2026 2025
Properties (in
millions) 16 14
Ending Occupancy 24.1 21.3
(4) 98.9% 99.4%
──────────────────────────────────────────────────────────────────────────────
Base Minimum $ 42.44 $ 38.25
Rent PSF (2)
International
Properties
Premium Outlets
Total Number of 24 24
Properties
Total Square
Footage of 9.2 9.2
Properties (in
millions)
Designer Outlets
Total Number of 12 12
Properties
Total Square
Footage of 3.0 3.0
Properties (in
millions)
The Mall Luxury
Outlets
Total Number of 2 2
Properties
Total Square
Footage of 0.4 0.4
Properties (in
millions)
Malls
Total Number of 4 4
Properties
Total Square
Footage of 4.7 4.7
Properties (in
millions)
(1) Ending Occupancy is the percentage of total owned square footage (GLA) which
is leased as of the last day of the reporting period. We include all company
owned space except for mall anchors, mall majors, mall freestanding and mall
outlots in the calculation. (2) Base Minimum Rent PSF is the average base
minimum rent charge in effect for the reporting period for all tenants that
would qualify to be included in Ending Occupancy as defined above. (3) For the
nine months ended September 30, 2026, excluding mall anchors and majors, new
development, redevelopment and leases with terms of one year or less. (4) See
footnote 1 for definition, except Ending Occupancy is calculated on all company
owned space.
3Q 2026 SUPPLEMENTAL 20
Table of Contents
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)
Y…
I… A…
S… B… P…
a… N… S… P… o…
F… o… F… E… A…
──────────────────────────────────────────────────────────────────────────────
M…
to … … $ … … %
M…
L…
2…
(… … … $ … … %
–
1…
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2…
a… … … $ … … %
T…
S…
L…
A…
w/
t… … … $ … … %
in
e…
of
12
m…
A…
2…
(… 1 … $ … … %
–
1…
2… 6 … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… … … $ … … %
2… 8 … $ … … %
2… 6 … $ … … %
2… 9 … $ … … %
2… 5 … $ … … %
2…
a… … … $ … … %
T…
(1) Does not consider the impact of renewal options that may be contained in
leases. (2) Average Base Minimum Rent psf reflects base minimum rent in the
respective year of expiration. (3) Annual rental revenues represent 2025
consolidated and joint venture combined base rental revenue.
3Q 2026 SUPPLEMENTAL 21
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)
… …
… …
… …
T… … … … …
… …
… …
…
T… 3… 3… 1… % 2… %
G…
K… 4… 1… 1… % 1… %
G…
T… 2… 9… 0… % 1… %
K… 1… 4… 0… % 1… %
A…
E… 2… 1… 0… % 1… %
O…
L… 1… 4… 0… % 1… %
F…
V…
S… 1… 1… 0… % 1… %
&
C…
S… 3… 4… 0… % 1… %
J…
VF 2… 9… 0… % 1… %
C…
P… 1… 1… 0… % 1… %
C…
Top Anchors (sorted by percentage of total square footage in U.S. properties)
(1)
… …
… …
… …
T… … … … …
… …
… …
…
M… 1… 2… 1… % 0… %
J… 54 8… 4… % 0… %
P…
D… 36 6… 3… % *
N… 30 5… 2… % 0… %
D…
S… 46 4… 2… % 0… %
G…
E…
L… 26 2… 1… % 0… %
G…
B… 7 1… 0… % *
V… 7 8… 0… % *
M…
T… 7 8… 0… % 0… %
P… 14 7… 0… % 0… %
(1) 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.
3Q 2026 SUPPLEMENTAL 22
Table of Contents
CAPITAL EXPENDITURES
(In thousands)
UNC…
CON… TOT… OU…
──────────────────────────────────────────────────────────────────────────────
New
dev… $ 40,… $ 571 $ 289
pro…
Red…
pro…
with
inc…
squ… 206… 187… 91,…
foo…
and…
anc…
rep…
Red…
pro…
with
no 30,… 2,1… 1,1…
inc…
squ…
foo…
Sub…
new
dev… 277… 190… 92,…
and
red…
pro…
Ten… 193… 88,… 44,…
all…
Ope…
cap…
exp… 124… 159… 68,…
(CAM
and
non…
Tot… $ 595… $ 437… $ 206…
Con…
from
acc… 99,… 1,2… 607
to
cash
bas…
Cap…
Exp…
for
the
Nine $ 694… $ 438… $ 206…
Mon…
End…
9/3…
(1)
Cap…
Exp…
for
the
Nine $ 679… $ 365… $ 174…
Mon…
End…
9/3…
(1)
(1) Agrees with the line item “Capital expenditures” on the Combined Statements
of Cash Flows for the consolidated properties. No statement of cash flows is
prepared for the joint venture properties; however, the above reconciliation was
completed in the same manner as the reconciliation for the consolidated
properties.
3Q 2026 SUPPLEMENTAL 23
Table of Contents
DEVELOPMENT ACTIVITY SUMMARY As of September 30, 2026
(in thousands, except percent)
──────────────────────────────────────────────────────────────────────────────
3Q 2026 SUPPLEMENTAL 24
Table of Contents
COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED
PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2025 through September 30, 2026
COMMONSH… LIMITED…
Number
Outstand…
at 325,223,… 55,689,7…
December
31, 2025
Activity
During
the First
Six
Months of
2026
Redempti…
of
Limited — -243,718
Partners…
Units for
Cash
Restrict…
Stock/Un…
Awards
and
Long-Term
Incentive 152,958 380,344
Performa…
(LTIP)
Units
Earned
(3)
Shares
Repurcha…
to
Satisfy -58,940 —
Employee
Tax
Obligati…
Repurcha…
of Simon
Property
Group -1,758,3… —
Common
Stock in
open
market
Number
Outstand… 323,559,… 55,826,3…
at June
30, 2026
Third
Quarter
Activity
Redempti…
of
Limited — -637
Partners…
Units for
Cash
Exchange
of
Limited
Partners… 70,000 -70,000
Units for
Common
Stock
Restrict…
Stock/Un… 872 —
Awards
(3)
Shares
Repurcha…
to
Satisfy -22,994 —
Employee
Tax
Obligati…
Repurcha…
of Simon
Property
Group -1,137,1… —
Common
Stock in
open
market
Number
Outstand…
at 322,470,… 55,755,7…
September
30, 2026
Number of
Limited
Partners…
Units and 378,225,…
Common
Shares at
September
30, 2026
PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 2026
($ in 000’s, except per share amounts)
I… N… P…
P… D… O… S… … …
S…
──────────────────────────────────────────────────────────────────────────────
S… S…
P… J
G… 8… 7… $ 5… $ 3… …
I… C…
R…
P…
U…
S… 7…
P… C… 1… $ 1… $ 1… …
G… R…
L… (…
(1) Excludes Limited Partnership preferred units relating to preferred stock
outstanding. (2) Excludes units owned by the Company (shown here as Common
Shares) and Limited Partnership Units not exchangeable for common shares. (3)
Represents restricted stock/restricted stock unit awards and earned LTIP units
issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of
forfeitures. (4) Each share is redeemable on or after October 15, 2027. The
shares are traded on the New York Stock Exchange. The closing price on September
30, 2026 was $53.39 per share. (5) Each preferred unit is redeemable upon the
occurrence of certain tax triggering events.
3Q 2026 SUPPLEMENTAL 25
Table of Contents
CREDIT PROFILE (1) (1) As of year end, unless otherwise indicated. (2) Non-
recourse mortgage net debt includes our pro-rata share of consolidated non-
recourse mortgage debt and our pro-rata share of joint venture non-recourse
mortgage debt.
3Q 2026 SUPPLEMENTAL 26
Table of Contents
SUMMARY OF INDEBTEDNESS As of September 30, 2026
(In thousands)
W…
OF
… O… P… W…
… T… O… R… T…
…
…
──────────────────────────────────────────────────────────────────────────────
… $ … $ … … % …
…
…
…
… … … … % …
…
…
…
…
… … … … % …
…
…
…
… … … … % …
…
…
… … … … % …
…
…
…
…
… … … … % …
…
…
…
… … … … % …
…
…
…
… … … … % …
…
…
…
…
… … … … % …
…
…
…
… … … … % …
…
…
… … … … % …
…
… … …
… … …
…
… … …
…
…
…
… … …
…
…
…
… $ … $ … … % …
…
…
…
…
…
…
…
… $ … $ … … % …
…
…
…
… … … … % …
…
…
…
…
… … … … % …
…
…
…
… … … … % …
…
…
… … … … % …
…
…
… … …
…
… … …
…
…
… $ … $ … … % …
…
…
…
…
… $ … … % …
…
…
…
…
…
…
…
… …
… …
… … … …
… … … … …
…
──────────────────────────────────────────────────────────────────────────────
… 9… % $ 2… 4… % 7…
… 4… % 1… 5… % 7…
1… % 2… 4… % 7…
…
…
… 9… % $ 6… 5… % 4…
… 8… % 5… 5… % 3…
1… % 7… 5… % 4…
… $ 3…
…
…
… 9… % $ 3… 4… % 6…
…
…
… 5… % $ 1… 5… % 6…
…
(1) Amounts give effect to outstanding derivative instruments as footnoted in
the Property and Debt Information.
3Q 2026 SUPPLEMENTAL 27
Table of Contents
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of September 30,
2026
(In thousands)
──────────────────────────────────────────────────────────────────────────────
3Q 2026 SUPPLEMENTAL 28
Table of Contents
Unsecured Debt Information
As of September 30, 2026
D…
I…
…
M… … T… …
…
U…
I…
G…
C…
P… 1… (… 3… % F… 7…
–
U…
S…
G…
D…
BV 3…
(… 1… 3… % F… (…
E…
S…
B…
(…
S…
P…
G… 1… 3… % F… 7…
LP
(…
N…
S…
P…
G… 1… 1… % F… 5…
LP
(…
N…
S…
P…
G… 6… 3… % F… 7…
LP
(…
N…
S…
P…
G… 1… 3… % F… 7…
LP
(…
N…
S…
P…
G… 2… 1… % F… 8…
LP
(…
N…
S…
G…
D… % 3…
BV 3… 2… … V… (…
(…
T…
L…
S…
P…
G… 9… 2… % F… 1…
LP
(…
N…
S…
P…
G… 7… 2… % F… 7…
LP
(…
N…
S…
P…
G… 1… 4… % F… 7…
LP
(…
N…
S…
P…
G… 1… 4… % F… 8…
LP
(…
N…
S…
P…
G… 2… 2… % F… 7…
LP
(…
N…
S…
G…
D… 6… 3… % F… 5…
BV (…
(…
N…
S…
P…
G… %
LP 6… 4… … F… 4…
(…
T…
L…
S…
P…
G… 1… 2… % F… 7…
LP
(…
N…
S…
P…
G… 2… 2… % F… 7…
LP
(…
N…
S…
P…
G… 2… 5… % F… 4…
LP
(…
N…
S…
P…
G… 3… 5… % F… 6…
LP (…
(…
N…
S…
I…
F…
S… 3… 1… % F… 8…
(…
S…
N…
S…
P…
G… 1… 6… % F… 5…
LP
(…
N…
S…
P…
G… 9… 4… % F… 1…
LP
(…
N…
S…
P…
G… 1… 5… % F… 8…
LP
(…
N…
S…
P…
G… 1… 5… % F… 4…
LP
(…
N…
S…
P…
G… 2… 6… % V… 6…
LP …
(…
N…
S…
P…
G… 3… 4… % F… 5…
LP
(…
N…
S…
P…
G… 1… 4… % F… 4…
LP
(…
N…
S…
P…
G… 1… 4… % F… 5…
LP
(…
N…
S…
P…
G… 9… 3… % F… 1…
LP
(…
N…
S…
P…
G… 7… 3… % F… 7…
LP
(…
N…
S…
P…
G… 3… 5… % F… 6…
LP
(…
N…
S…
P…
G… 1… 6… % F… 5…
LP
(…
N…
T…
U…
I… $ 2…
at
F…
V…
(1) Foreign currency balances translated to USD: EUR-USD 1.1343. (2) Notes
exchangeable into ordinary shares of Klépierre S.A., at or above a common stock
price of €26.9512. (3) Through an interest rate swap agreement which matures on
December 31, 2026, interest is essentially fixed at the all-in-rate presented.
(4) Reflects the weighted average maturity date and weighted average interest
rate of all outstanding tranches of Commercial Paper at September 30, 2026. (5)
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 based on
USD SOFR plus an interest rate spread of 2.74%. 1M SOFR was 3.9125% as of
September 30, 2026. (6) Variable rate debt interest rates are based on 1M
EURIBOR at 2.496% as of September 30, 2026
3Q 2026 SUPPLEMENTAL 29
Table of Contents
PROPERTY AND DEBT INFORMATION
As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 30
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 31
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 32
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 33
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 34
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 35
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 36
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
3Q 2026 SUPPLEMENTAL 37
Table of Contents
PROPERTY AND DEBT INFORMATION As of September 30, 2026 FOOTNOTES: (1) Variable
rate debt interest rates are based on the following base rates as of September
30, 2026: Overnight SOFR 3.90%; 1 month CME Term SOFR 3.9125%; 30 Day Average
SOFR 3.7468%; 1M EURIBOR at 2.496%; 3M EURIBOR at 2.617%; 6M EURIBOR at 3.074%;
1M YEN TIBOR at 1.3999%; 6M YEN TIBOR at 1.8309%; 1M CORRA at 2.31%; Overnight
SONIA 3.7329% and Cost of Funds Rate at 3.691%. (2) Foreign currency balances
translated to USD: EUR-USD 1.1343, CAD-USD 0.704146, JPY-USD 0.00636594, GBP-USD
1.32611, KRW-USD 0.0007378, MYR-USD 0.24509203, MXN-USD 0.05536302, THB-USD
0.02978744, CNY-USD 0.14916201, IDR-USD 0.00005587. (3) Unencumbered asset. (4)
The Operating Partnership receives substantially all the economic benefit of the
property due to a preference or advance. (5) Includes applicable extensions
available at our option. (6) The Operating Partnership owns a mortgage note that
encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this
property. (7) The Operating Partnership’s direct and indirect interests in some
joint venture properties are subject to preferences on distributions and/or
capital allocation in favor of other partners or the Operating Partnership. (8)
Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney
Outlet Marketplace) are secured by cross-collateralized and cross-defaulted
mortgages. (9) Properties are secured by cross-collateralized and cross-
defaulted mortgages (Pismo Beach Premium Outlets & Queenstown Premium Outlets
and Gurnee Mills & Potomac Mills). (10) Consists of 12 encumbered properties
with interest rates ranging from 3.60% to 8.02% and maturities between 2026 and
2029. (11) Does not include any other spaces in joint ventures which are not
listed above. (12) GLA includes office space. (13) The Company owns a 90.0%
interest in Phases 2 & 3 and a 46.1% interest in Phase 4. (14) Does not include
Klépierre. (15) Mortgage is outstanding as of September 30, 2026. (16) Through
an interest rate swap agreement, interest is essentially fixed at the all-in-
rate presented. (17) Through an interest rate swap agreement, interest is
essentially fixed at the all-in-rate presented until March 31, 2027. (18) The
interest rate resets on April 16th of each year. (19) Through an interest rate
cap agreement, interest is essentially capped at the all-in-rate presented. (20)
Through interest rate swap agreements, the interest is essentially fixed at the
all-in rate presented until June 26, 2029. (21) Through interest rate cap
agreements, the interest is essentially fixed at the all-in rate presented until
May 5, 2027. (22) Through an interest rate cap agreement, interest is
essentially capped at the all-in-rate presented until February 15, 2028. (23)
The interest rate resets on January 1st of each year. (24) Through interest rate
swap agreements, the interest is essentially fixed at the all-in rate presented
until December 15, 2027. (25) This property is managed by a third party.
Reported amounts may be provided in arrears.
3Q 2026 SUPPLEMENTAL 38
Table of Contents
NON-GAAP PRO-RATA FINANCIAL INFORMATION The following pro-rata financial
information is not, and is not intended to be, a presentation in accordance with
GAAP. The non-GAAP pro-rata financial information aggregates our proportionate
economic ownership of each asset in our property portfolio that we do not wholly
own. The amounts in the column labeled “Our Share of Joint Ventures” were
derived on a property-by-property or entity-by-entity basis by applying to each
line item the ownership percentage interest used to arrive at our share of the
net operations for the period consistent with the application of the equity
method of accounting to each of our unconsolidated joint ventures. A similar
calculation was performed for the amounts in the column labeled “Noncontrolling
Interests,” which represents the share of consolidated assets and net income or
loss attributable to any noncontrolling interest. We do not control the
unconsolidated joint ventures and the presentations of the assets and
liabilities and revenues and expenses do not represent our legal claim to such
items. The operating agreements of the unconsolidated joint ventures generally
provide that partners may receive cash distributions (1) to the extent there is
available cash from operations, (2) upon a capital event, such as a refinancing
or sale or (3) upon liquidation of the venture. The amount of cash each partner
receives is based upon specific provisions of each operating agreement and
varies depending on factors including the amount of capital contributed by each
partner and whether any contributions are entitled to priority distributions.
Upon liquidation of the joint venture and after all liabilities, priority
distributions and initial equity contributions have been repaid, the partners
generally would be entitled to any residual cash remaining based on their
respective legal ownership percentages. We provide pro-rata financial
information because we believe it assists investors and analysts in estimating
our economic interest in our unconsolidated joint ventures when read in
conjunction with the Company’s reported results under GAAP. The presentation of
pro-rata financial information has limitations as an analytical tool. Some of
these limitations include: • The amounts shown on the individual line items were
derived by applying our overall economic ownership interest percentage
determined when applying the equity method of accounting and do not necessarily
represent our legal claim to the assets and liabilities, or the revenues and
expenses; and • Other companies in our industry may calculate their pro-rata
interest differently than we do, limiting the usefulness as a comparative
measure. Because of these limitations, the pro-rata financial information should
not be considered in isolation or as a substitute for our financial statements
as reported under GAAP. We compensate for these limitations by relying primarily
on our GAAP results and using the pro-rata financial information only
supplementally.
3Q 2026 SUPPLEMENTAL 39
Table of Contents
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
… …
… …
… …
… …
… …
… …
… …
──────────────────────────────────────────────────────────────────────────────
… …
… … … …
… …
…
… $ … $ … $ … $
…
…
…
… — — —
…
…
… … … …
…
… … … …
…
…
… … … …
…
…
… … … …
…
…
… … … …
…
…
… … … …
…
…
… … … …
…
…
…
… — — —
…
…
…
… — — —
…
… … … …
…
… … … …
…
…
…
… … … …
…
…
… … … …
…
…
…
… — — —
…
…
…
…
…
…
…
… — — —
…
…
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(1) Represents our venture partners’ share of operations from consolidated
properties. (2) Our Total Share of income from unconsolidated entities excludes
our share of net results related to our investment in Klépierre, RGG, Catalyst,
Jamestown, and our previously held equity investment in TRG up to the October
31, 2025 transaction. (3) Represents limited partners’ interest in the Operating
Partnership.
3Q 2026 SUPPLEMENTAL 40
Table of Contents
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands)
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(1) Represents our venture partners’ share of operations from consolidated
properties. (2) Our Total Share of income from unconsolidated entities excludes
our share of net results related to our investment in Klépierre, RGG, Catalyst,
Jamestown, and our previously held equity investment in TRG up to the October
31, 2025 transaction. (3) Represents limited partners’ interest in the Operating
Partnership.
3Q 2026 SUPPLEMENTAL 41
Table of Contents
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands)
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3Q 2026 SUPPLEMENTAL 42
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 stockholders per diluted share to estimated Real Estate FFO per diluted
share:
FOR THE YEAR ENDING LOWEND HIGHEND
DECEMBER 31, 2026
──────────────────────────────────────────────────────────────────────────────
Estimated net
income attributable
to common $ 6.32 $ 6.42
stockholders per
diluted share
Add: Depreciation
and amortization
including Simon’s 6.45 6.45
share of
unconsolidated
entities
Less: Gain on
acquisition of
controlling
interest, sale or
disposal of, or -0.17 -0.17
recovery on, assets
and interest in
unconsolidated
entities and
impairment, net*
Estimated FFO per $ 12.60 $ 12.70
diluted share
Add: Loss due to
disposal, exchange
or revaluation of 0.06 0.06
equity interests,
net*
Add: Other platform
investments, net of 0.30 0.30
tax*
Add: Unrealized
losses in fair
value of publicly
traded equity 0.34 0.34
instruments and
derivative
instrument, net*
Estimated Real
Estate FFO per $ 13.30 $ 13.40
diluted share
* Amounts represent year-to-date actual results for the respective line items.
The Company is not providing guidance for these line items.
3Q 2026 SUPPLEMENTAL 43