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… The short-term nature of these leases generally serves to reduce our risk to adverse effects of inflation on our revenue. During the year ended December 31, 2025, we experienced inflationary pressures that drove higher operating expenses, primarily in personnel …

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

• increases in operating costs (including real estate taxes, utilities and insurance premiums) due to inflation and other factors, which may not be offset by increased rental rates;

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

Inflation (including prolonged inflationary periods) may adversely affect our results of operations, financial condition and liquidity.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Increased inflation or anticipated inflationary periods, such as the period in which we are currently in, could have a more pronounced negative impact on any variable rate debt we incur in the future and on our results of operations. During …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… are governed by long-term contracts with pre-determined pricing that we will not be able to increase in response to increases in inflation other than our contracts in South America and Africa which have inflationary index-based rent escalators.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

… Due to inflationary pressures on the U.S. economy and governmental action to combat inflation, interest rates have risen in the past three years, and interest rates may increase in the future, which will likely increase our interest expense on …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

• for tax years beginning after December 31, 2022, we would possibly also be subject to certain taxes enacted by the Inflation Reduction Act of 2022 that are applicable to non-REIT corporations, including the corporate alternative minimum tax and the nondeductible one percent excise tax on certain stock repurchases;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

operational expenses at our leased properties are borne by our tenants and do not directly impact their rent obligations (other than with respect to underlying inflation as applied to the CPI-based escalators described below) or other obligations under our lease agreements. Similarly, our borrowers are responsible for operating their businesses, subject to compliance with the terms of our loan agreements.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Labor costs, costs of construction materials, interest, utilities, and other operating costs may increase during periods of inflation. Inflationary increases in expenses will generally be offset, in whole or in part, by the tenant expense reimbursements and contractual rent increases described above.

Item 7, MD&A, 10-K Feb 3, 2026open_in_new

… government policies implemented to address inflation, including actions by the Federal Reserve System’s Federal Open Market Committee (the “FOMC”) to increase short-term interest rates, resulted in increases in interest rates in the credit markets and other impacts on …

Item 1A, Risk Factors, 10-K Feb 3, 2026open_in_new

Although general economic impacts of elevated levels of inflation and higher interest rates are impacting us in the short-term, our long-term focus has not changed.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• drive inflation, adversely affect trading activity in securities markets, which could negatively impact the trading prices of our common shares and debt securities and our ability to access the securities markets as a source of liquidity;

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• increased costs to maintain, renovate and develop our properties related to inflation;

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

We are exposed to inflation risk, as income from long-term leases is the primary source of our cash flows from operations. There are provisions in the majority of our client leases that protect us from, and mitigate the near …

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

… As a result, during inflationary periods in which the inflation rate exceeds the annual rent escalation percentages within our customer contracts, we may not adequately mitigate the impact of inflation, which may adversely affect our business, financial condition, results of …

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… We believe that inflationary increases may be at least partially offset by the contractual rent increases and expense escalations described above. A period of inflation, however, could cause an increase in the cost of our variable-rate borrowings, including borrowings …

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

… regulations, government relations and inflation. While we have aimed to minimize our risk, via hedging, conservation, and other efficiencies, we expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures. We believe we …

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• increases in market interest rates and changes in other general market and economic conditions, including inflationary concerns;

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… The rate of inflation may remain elevated or increase in the future, resulting in further increases to our operating expenses. Although the short-term nature of hotel bookings generally allows our managers to compensate to a certain extent for inflationary …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• Any new construction involves the possibility of construction delays and cost overruns that may increase project costs, including increased costs due to shortages of supplies as a result of supply chain disruptions, trade disputes tariffs or other trade protection measures, immigration issues and policy changes, labor unrest or shortages, or other inflationary pressures.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• potential interest rate and /or inflation rate increases and less available and more expensive debt capital;

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Our performance is significantly related to general economic, political and regulatory conditions and, accordingly, our business, operations and financial condition could be materially adversely affected by economic slowdowns, liquidity constraints, inflationary pressures, significant rises in interest rates, significant public health …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… Certain of our tenant contracts contain (1) fixed escalation clauses (such as fixed-dollar or fixed-percentage increases) or inflation-based escalation clauses (such as those tied to the change in CPI), (2) multiple renewal periods exercisable at the tenant …

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

… Certain of our ground lease agreements contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the change in consumer price index ("CPI")). If the payment terms include …

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

• expenses may be higher than anticipated due to, without limitation, inflationary pressures (including potentially exacerbated by the imposition of tariffs), supply chain issues, litigation over construction, environmental remediation or increased costs for labor (including potentially related to any shrinkage in the labor force or labor shortages related to changing immigration policies, concerns regarding deportation or otherwise), materials and leasing;

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

• changes in economic conditions, such as high or sustained inflationary periods in which our operating and financing costs may increase at a rate greater than our ability to increase rents, thereby compressing our operating margins which may have a material adverse effect on our business, or deflationary periods where rents may decline more quickly relative to operating and financing costs; and

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Property operating expense increased $40.4 million as a result of inflationary cost increases and the consolidation of two properties.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Simon may be subject to the one-percent excise tax on stock repurchases imposed by the 2022 Inflation Reduction Act;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… In addition, inflation could also impact our general and administrative expenses, the interest on our debt if variable or refinanced in a high-inflationary environment, our cost of capital, and our cost of development, redevelopment, maintenance or other operating activities …

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

We Face Risks Related to Inflation/Deflation. Substantial inflationary or deflationary pressures could have a negative effect on rental rates and property operating expenses. The U.S. economy has during certain periods over the last few years experienced periods of …

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

… In a highly inflationary environment, we may not be able to raise rental rates at or above the rate of inflation, which could reduce our profit margins. If we are unable to increase our rental prices to offset the effects …

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… In addition, inflation could also impact the interest we pay on our floating rate debt and upon refinancing of fixed rate debt in a high-inflationary environment, our cost of capital and our cost of development, renovation and capital expenditure …

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

Economic downturns or adverse economic or industry conditions, including those related to high levels of inflation, could adversely impact our financial results, growth, and access to capital. Our revenues and operating cash flow can be negatively impacted by reductions in employment and population levels, household and disposable income, and other general economic factors that lead to a reduction in demand for self-storage space in each of the markets in which we operate.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… and threatened or implemented tariffs imposed by foreign countries in retaliation, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our development and redevelopment projects. Trade disputes could …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

The U.S. Federal Reserve has changed its benchmark federal funds rate at different times since 2021. Currently, the federal funds rate remains elevated as compared with the 2010-2020 period. The federal funds rate has historically been adjusted by the U.S. Federal Reserve to address its perception of economic conditions, including inflation and the jobs market.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… Federal Reserve"), inflationary pressures, changes in interest rates, energy price changes, labor availability and shortages (including those influenced by governmental immigration policies), supply chain disruptions, tightening credit markets, decreases in consumer confidence and discretionary spending, increases in unemployment and broader …

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

Increased inflation affects the cost of our operations across each of our business segments, including costs for raw materials, transportation, energy and labor. The Consumer Price Index increased at an annual rate of 2.7 percent as of December 2025 …

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

… Demand in these markets is sensitive to changes in economic conditions such as the level of employment, consumer confidence, inflation, consumer income, the availability of financing and interest rate levels. Other factors that could limit or adversely affect demand for …

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• we may incur higher construction and other costs for our development projects, due primarily to this inflationary environment, along with the evolving technological demands for data centers, which are more power-intensive, or additional costs related to regulation that exceed our estimates and projects may not be completed, delivered or stabilized as planned due to defects or other issues;

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

G&A expenses were $469 million and $419 million for 2025 and 2024, respectively. G&A expenses increased in 2025 compared to 2024, principally due to inflationary increases and higher compensation expenses including additions in our workforce in growth areas of the business. We capitalize certain internal costs that are incremental and directly related to our development and building improvement activities.

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

• an increase in CoStar revenue of $60 million, or 5%, due to an increase in subscribers and inflation-based price increases and $7 million of revenue from the Visual Lease Acquisition completed in November 2024,

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

• an increase in CoStar revenue of $103 million, or 9%, due to an increase in subscribers and inflation-based price increases and an increase of $35 million of revenue from the Visual Lease Acquisition completed in November 2024,

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… Unexpected disruptions to our supply chain, continued inflationary pressures or high interest rates, tariffs, delays in construction, limited financing availability, constrained supplies of new power, or changes in customer requirements could significantly affect the cost or timing of our planned …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… The significant assumptions used in estimating our aggregate asset retirement obligations are the timing of removals, the probability of a requirement to perform, estimated cost and associated expected inflation rates that are consistent with historical rates and credit-adjusted risk …

10-K, 10-K Feb 12, 2026open_in_new

… Credit and financial markets can be volatile and may be impacted by diminished liquidity and credit availability, rising interest and inflation rates, declines in economic growth and uncertainty about economic stability as well as geopolitical events such as the ongoing …

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

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