The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this report. Overview Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2026, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 107 malls, 68 Premium Outlets, 16 Mills, six lifestyle centers, and 15 other retail properties in 38 states and Puerto Rico. Internationally, as of June 30, 2026, we had ownership in 42 properties primarily located in Asia, Europe, and Canada. As of June 30, 2026, we also owned a 20.7% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments. Until October 31, 2025, we owned an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG. As further discussed in Note 4 of the condensed notes to the consolidated financial statements, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or the TRG Acquisition. We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from: ● fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and ● variable lease consideration primarily based on tenants’ reported sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items. Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We invest in real estate properties to maximize total financial return which includes both operating cash flows and capital appreciation. We seek growth in earnings, funds from operations, or FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this growth through the following: ● attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses, ● expanding and re-tenanting existing highly productive locations at competitive rental rates, ● selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets, ● generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, including creating mixed-use destinations, and ● selling selective non-core assets. We also grow by generating supplemental revenues from the following activities: ● establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, ● offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, 43 Table of Contents ● selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and ● generating interest income on cash deposits and investments in loans, including those made to related entities. We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail outlet properties. We routinely review and evaluate acquisition opportunities based on their ability to enhance our portfolio. Our international strategy includes partnering with established real estate companies and financing international investments with local currency to minimize foreign exchange risk. To support our growth, we employ a three-fold capital strategy: ● generate the capital necessary to fund growth, ● maintain sufficient flexibility to access capital in many forms, both public and private, including but not limited to, having in place the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or the Credit Facility, its $3.5 billion supplemental unsecured revolving credit facility, or the Supplemental Facility, and together, the Credit Facilities, and its global unsecured commercial paper note program, or the Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof, and ● manage our overall financial structure in a fashion that preserves our investment grade credit ratings. We consider FFO, Real Estate FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Reconciliations of these measures to the most comparable GAAP measure are included below in this discussion. Results Overview Diluted earnings per share and diluted earnings per unit were $2.97 during the first six months of 2026 and the same period last year. The changes to the components of these diluted earnings per share and diluted earnings per unit primarily consisted of: ● improved operating performance and solid core business fundamentals in 2026 and the impact of our acquisition activity, as discussed below, ● increased lease income of $541.4 million, or $1.42 per diluted share/unit, of which $386.7 million, or $1.02 per diluted share/unit, relates to our acquisition activity, ● a non-cash gain of $64.3 million, or $0.17 per diluted share/unit, due to the exchange of 4,074,711 shares of Klépierre to settle the conversion of €110.3 million of the Operating Partnership’s exchangeable bonds in 2026, ● an unrealized, favorable change in fair value of publicly traded equity instruments and derivative instrument, net, of $56.2 million, or $0.15 per diluted share/unit, which primarily relates to movements in the fair value of the exchange option within our Klépierre exchangeable bonds, ● decreased income and other tax expense of $36.6 million, or $0.10 per diluted share/unit, primarily due to a $20.1 million, or $0.05 per diluted share/unit, non-cash tax impact as a result of a gain within Catalyst due to the deconsolidation of Forever 21 in 2025, and a $4.6 million, or $0.01 per diluted share/unit, tax impact as a result of the net losses recorded due to certain transition and restructuring activities related to Catalyst and the TRG Acquisition in 2026, ● increased other income of $25.6 million, or $0.07 per diluted share/unit, which primarily relates to our acquisition activity, and ● a loss in 2025 of $9.6 million, or $0.03 per diluted share/unit, on the disposition of certain Klépierre assets, partially offset by, ● increased depreciation and amortization in 2026 of $251.7 million, or $0.66 per diluted share/unit, of which $242.2 million, or $0.64 per diluted share/unit, relates to our acquisition activity, ● decreased income from unconsolidated entities of $55.4 million, or $0.15 per diluted share/unit, the majority of which is due to unfavorable year-over-year operations from other platform investments, partially offset by improved operations and core fundamentals in our other unconsolidated entities, 44 Table of Contents ● increased interest expense of $97.1 million, or $0.26 per diluted share/unit, of which $77.8 million, or $0.20 per diluted share/unit, relates to our acquisition activity, ● increased general and administrative expenses of $39.4 million, or $0.10 per diluted share/unit, which relates to accelerated stock compensation expense recognized in the first quarter of 2026, ● increased property operating expenses of $65.6 million, or $0.17 per diluted share/unit, of which $48.9 million, or $0.13 per diluted share/unit, relates to our acquisition activity, ● increased real estate taxes of $55.1 million, or $0.14 per diluted share/unit, of which $41.2 million, or $0.11 per diluted share/unit, relates to our acquisition activity, ● increased other expenses of $16.3 million, or $0.04 per diluted share/unit, of which $9.4 million, or $0.02 per diluted share/unit, relates to our acquisition activity, ● increased repairs and maintenance expenses of $16.5 million, or $0.04 per diluted share/unit, of which $9.9 million, or $0.03 per diluted share/unit, relates to our acquisition activity, ● a non-cash other-than-temporary impairment charge in 2026 of $8.7 million, or $0.02 per diluted share/unit, representing our remaining equity method investment balance in a real estate venture, ● a net pre-tax gain in 2025 due to disposal, exchange, or revaluation of equity interests of $80.5 million, or $0.21 per diluted share/unit, due to transition and restructuring activities within Catalyst, primarily because of the deconsolidation of Forever 21, and ● a pre-tax loss in 2026 due to disposal, exchange, or revaluation of equity interests of $18.3 million, or $0.05 per diluted share/unit, related to certain transaction related transition costs separately related to Catalyst and the TRG Acquisition. Portfolio NOI increased 7.5% for the six month period in 2026 over the prior year period primarily as a result of improved operations in our domestic and international portfolios and our acquisition activity. Average base minimum rent for U.S. Malls and Premium Outlets increased 6.3% to $62.42 psf as of June 30, 2026, from $58.70 psf as of June 30, 2025. Ending occupancy for our U.S. Malls and Premium Outlets was 96.0% as of each of June 30, 2026, and 2025. Our effective overall borrowing rate at June 30, 2026 on our consolidated indebtedness increased 30 basis points to 3.93% as compared to 3.63% at June 30, 2025. This is primarily due to an increase in the effective overall borrowing rate on the fixed rate debt of 25 basis points. The weighted average years to maturity of our consolidated indebtedness was 6.9 years and 7.0 years at June 30, 2026 and December 31, 2025, respectively. Our financing activity for the six months ended June 30, 2026 included: ● On June 18, 2026, the Operating Partnership entered into a $460.0 million unsecured term loan with a maturity date of June 18, 2031, and swapped the interest rate to an all-in fixed rate of 4.02%. The proceeds of the term loan were used to repay the remaining $460.0 million outstanding under the Credit Facility. ● On June 15, 2026, the Operating Partnership completed the issuance of €500.0 million of senior unsecured notes with a fixed interest rate of 3.65% and a maturity date of June 15, 2031. The proceeds were used for general corporate purposes. ● Settling during the first half of 2026 the conversion of €547.1 million ($641.6 million U.S. dollar equivalent) of the Operating Partnership’s exchangeable bonds, which are exchangeable at the option of the bondholder into shares of Klépierre, reducing the outstanding balance to €187.5 million ($213.9 million U.S. dollar equivalent) as of June 30, 2026. During the first half of 2026 we exchanged 4,074,711 shares of Klépierre to settle the conversion of €110.3 45 Table of Contents million of the exchangeable bonds. The remaining conversions were settled in cash for €548.7 million ($643.3 million U.S. dollar equivalent). ● On March 5, 2026, the Operating Partnership amended, restated, and extended the Credit Facility and amended the Supplemental Facility. ● On January 13, 2026, the Operating Partnership completed the issuance of $800.0 million of senior unsecured notes with a fixed interest rate of 4.30% and a maturity date of January 15, 2031. The proceeds were used to redeem, at par, its $800.0 million 3.30% senior unsecured notes at maturity on January 15, 2026. ● Increasing our borrowings under the Commercial Paper program by $491.1 million. Subsequent to June 30, 2026, we settled additional conversions of €86.3 million of the exchangeable bonds in cash for €115.7 million, further reducing the exchangeable bonds’ outstanding balance to €101.2 million. Additionally, we unencumbered one property from its $375.0 million mortgage using existing liquidity. ​ United States Portfolio Data The portfolio data discussed in this overview includes the following key operating statistics: ending occupancy and average base minimum rent per square foot. We include acquired properties in this data beginning in the year of acquisition and remove disposed properties in the year of disposition. For comparative information purposes, we separate the information related to The Mills from our other U.S. operations. We also do not include any information for properties located outside the United States. The following table sets forth these key operating statistics for domestic properties: ● properties that are consolidated in our consolidated financial statements, ● properties we account for under the equity method of accounting as joint ventures, and ● the foregoing two categories of properties on a total portfolio basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ %/Basis Points ​ ​ 2026 ​ 2025 ​ Change (1) U.S. Malls and Premium Outlets: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ 96.0% ​ ​ 96.0% ​ 0 bps Unconsolidated ​ 96.0% ​ ​ 95.9% ​ 10 bps Total Portfolio ​ 96.0% ​ ​ 96.0% ​ 0 bps Average Base Minimum Rent per Square Foot ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ $ 60.14 ​ $ 56.86 ​ 5.8% Unconsolidated ​ $ 68.95 ​ $ 64.19 ​ 7.4% Total Portfolio ​ $ 62.42 ​ $ 58.70 ​ 6.3% The Mills: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 98.8% ​ 99.3% ​ -50 bps Average Base Minimum Rent per Square Foot ​ $ 42.28 ​ $ 37.65 ​ 12.3% (1) Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or 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. Base minimum rent per square foot 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. Current Leasing Activities During the six months ended June 30, 2026, we signed 544 new leases and 934 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our 46 Table of Contents U.S. Malls and Premium Outlets portfolio, comprising approximately 5.9 million square feet, of which 4.7 million square feet related to consolidated properties. During the comparable period in 2025, we signed 526 new leases and 997 renewal leases with a fixed minimum rent, comprising approximately 5.7 million square feet, of which 4.3 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $78.58 per square foot in 2026 and $67.36 per square foot in 2025 with an average tenant allowance on new leases of $53.67 per square foot and $60.79 per square foot, respectively. Japan Data The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ %/Basis Points ​ ​ 2026 ​ 2025 ​ Change ​ Ending Occupancy ​ 99.8 % ​ 99.7 % +10 bps ​ Average Base Minimum Rent per Square Foot ¥ 5,607 ​ ¥ 5,559 ​ 0.86 % ​ ​ ​ Results of Operations The following acquisitions, dispositions and openings of consolidated properties affected our consolidated results in the comparative periods: ● On November 17, 2025, we acquired a 100% interest in a retail property, Phillips Place, a 132,805 square foot center in Charlotte, North Carolina. ● On October 31, 2025, we closed on the acquisition of the remaining 12% interest in TRG which we did not previously own. As a result of this acquisition, we obtained control of and consolidated TRG as of the acquisition date. TRG had an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia, 11 of which are now consolidated and 11 of which are accounted for under the equity method upon the acquisition. ● On June 27, 2025, we acquired the remaining interest in the retail component and 100% of the parking component of Brickell City Centre resulting in the consolidation of the retail component of this property. ● On April 1, 2025, we acquired the remaining interest in Briarwood Mall from a joint venture partner, resulting in the consolidation of this property. ● On January 30, 2025, we acquired 100% interest in two luxury outlet destinations in Italy, The Mall Luxury Outlets Firenze, a 264,750 square foot center located in Leccio, nearby Florence, and The Mall Luxury Outlets Sanremo, a 122,300 square foot center located in Sanremo. The following acquisitions, dispositions and openings of equity method investments and properties affected our income from unconsolidated entities in the comparative periods: ● During the fourth quarter of 2025, we disposed of one retail property. ● On March 6, 2025, we opened Jakarta Premium Outlets, a 302,000 square foot center in Indonesia. We own a 50% interest in this center. Three months ended June 30, 2026 vs. Three months ended June 30, 2025 Lease income increased $280.3 million, driven by an increase of $197.5 million due to our acquisition activity, our development activity, and increases in fixed and variable lease consideration. Other income increased $9.0 million as a result of a $19.1 million increase in Simon Media and Experiences and a $4.5 million increase in mixed use and franchise income, partially offset by a $14.6 million decrease in interest income. Property operating expenses increased $31.6 million, due to inflationary cost increases and $27.2 million related to our acquisition activity. Depreciation and amortization increased $120.8 million, related to our acquisition activity. Real estate taxes increased $26.6 million, of which $20.0 million relates to our acquisition activity, and due to a large successful property tax appeal impacting 2025. Home and regional office costs increased $12.3 million due to increased personnel and compensation costs, including adjustments to performance-based stock compensation accruals to reflect current results and our expectations of future performance. 47 Table of Contents Other expenses increased $14.0 million, of which $7.1 million relates to our acquisition activity, and due to an increase in legal fees. Interest expense increased $48.4 million, of which $38.5 million related to our acquisition activity, and due to increases related to USD note and commercial paper issuances of $32.8 million, partially offset by a USD bond payoff of $16.2 million and the reduced amounts outstanding on the Euro exchangeable bond, which reduced interest expense by $5.7 million. (Loss) gain due to disposal, exchange, or revaluation of equity interests, net, decreased $116.4 million. In 2026, we recorded transition and restructuring costs of $12.0 million related to Catalyst and to the TRG Acquisition. In 2025 we recorded a gain of $104.5 million due to a net pre-tax gain within Catalyst, primarily because of the deconsolidation of Forever 21. Income and other tax (expense) benefit decreased $24.3 million, primarily due to the non-cash tax expense of $27.8 million related to the gain from Catalyst primarily because of the deconsolidation of Forever 21 in 2025. We recorded non-cash unrealized losses of $56.4 million in 2026 and $50.5 million in 2025 as a result of the change in fair value of a derivative instrument. During 2026, we recorded an $8.7 million non-cash other-than-temporary impairment charge representing our remaining equity method investment in a real estate venture. During 2025, we recognized a $9.6 million loss on the disposition of certain Klépierre assets. Six months ended June 30, 2026 vs. Six months ended June 30, 2025 Lease income increased $541.4 million, driven by an increase of $386.7 million due to our acquisition activity, our development activity, and increases in fixed and variable lease consideration. Other income increased $25.6 million as a result of a $30.7 million increase in Simon Media and Experiences, an $8.7 million increase in mixed use and franchise income, a $5.6 million increase in distribution income and other income sources and a $4.7 million increase in lease settlement income, partially offset by a $24.1 million decrease in interest income. Property operating expenses increased $65.6 million, due to inflationary cost increases and $48.9 million related to our acquisition activity. Depreciation and amortization increased $251.7 million, of which $242.2 million relates to our acquisition activity. Real estate taxes increased $55.1 million, of which $41.2 million relates to our acquisition activity, and due to a large successful property tax appeal impacting 2025. Repairs and maintenance increased $16.5 million, of which $9.9 million relates to our acquisition activity, inflationary cost increases, and an increase in snow removal costs in 2026. Home and regional office costs increased $14.9 million due to increased personnel and compensation costs, including adjustments to performance-based stock compensation accruals to reflect current results and our expectations of future performance. General and administrative increased $39.4 million, which includes $40.0 million of accelerated stock compensation expense. Interest expense increased $97.1 million, of which $77.8 million relates to our acquisition activity, and due to increases related to USD note and commercial paper issuances of $60.3 million and a $2.4 million increase due to the issuance of a Euro term loan, partially offset by a USD bond payoff of $31.3 million and the reduced amounts outstanding on the Euro exchangeable bond which reduced interest expense by $13.5 million. (Loss) gain due to disposal, exchange, or revaluation of equity interests, net, decreased $98.8 million. In 2026, we recorded transition and restructuring costs of $18.3 million related to Catalyst and to the TRG Acquisition. In 2025, we recorded a net pre-tax gain within Catalyst of $80.5 million, primarily because of the deconsolidation of Forever 21. Income and other tax (expense) benefit decreased $36.6 million, due to a larger tax benefit related to Catalyst operations and restructuring charges of $9.9 million, as well as a non-cash tax expense of $27.8 million related to the gain from Catalyst related to the deconsolidation of Forever 21 during 2025. Income from unconsolidated entities decreased $55.4 million, primarily due to lower results of operations from our other platform investments, partially offset by a strong performance of our domestic and international joint venture properties. We recorded net non-cash unrealized losses of $31.0 million in 2026 and $87.2 million in 2025 as a result of mark-to-market activity on publicly traded equity instruments and the change in fair value of a derivative instrument. 48 Table of Contents During 2026, we recorded a $64.3 million gain related to the exchange of 4,074,711 shares of Klépierre to settle the conversion of €110.3 million of the Operating Partnership’s exchangeable bonds, partially offset by a non-cash other-than-temporary impairment charge representing our remaining equity method investment in a real estate venture of $8.7 million. During 2025, we recognized a $9.6 million loss on the disposition of certain Klépierre assets. Simon’s net income attributable to noncontrolling interests increased $28.2 million due to an increase in the net income of the Operating Partnership. Liquidity and Capital Resources Because we own long-lived income-producing assets, our financing strategy relies primarily on long-term fixed rate debt. Floating rate debt comprised 4.5% of our total consolidated debt at June 30, 2026. We also enter into interest rate protection agreements from time to time to manage our interest rate risk. We derive most of our liquidity from positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $2.3 billion in the aggregate during the six months ended June 30, 2026. The Credit Facilities and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time. Borrowing capacity under these sources may be increased as discussed further below. Our balance of cash and cash equivalents increased $195.9 million during the first six months of 2026 to $1.0 billion as of June 30, 2026 as a result of the operating and financing activity, as further discussed in “Cash Flows” below. On June 30, 2026, we had an aggregate available borrowing capacity of approximately $7.7 billion under the Credit Facilities, net of letters of credit of $3.1 million. For the six months ended June 30, 2026, the maximum aggregate outstanding balance under the Credit Facilities was $460.0 million and the weighted average outstanding balance was $429.5 million. The weighted average interest rate was 4.06% for the six months ended June 30, 2026. Simon has historically had access to public equity markets and the Operating Partnership has historically had access to private and public long and short-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level. Our business model and Simon’s status as a REIT require us to regularly access the debt markets to raise funds for acquisition, development and redevelopment activity, and to refinance maturing debt. Simon may also, from time to time, access the equity capital markets to accomplish our business objectives. We believe we have sufficient cash on hand and availability under the Credit Facilities and the Commercial Paper program to address our debt maturities and capital needs through 2026. Cash Flows Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the six months ended June 30, 2026 totaled $2.3 billion. In addition, we had net proceeds from our debt financing and repayment activities of $504.4 million in the first six months of 2026. These activities are further discussed below under “Financing and Debt.” During the first six months of 2026, we also: ● paid stockholder dividends and unitholder distributions totaling approximately $1.7 billion and preferred unit distributions totaling $2.1 million, ● funded consolidated capital expenditures of $445.3 million (including development and other costs of $5.3 million, redevelopment and expansion costs of $239.3 million, and tenant costs and other operational capital expenditures of $200.7 million), ● funded the redemption of $51.9 million of Operating Partnership units, ● funded the repurchase of $336.0 million of Simon’s common stock, and ● funded investments in unconsolidated entities of $24.0 million. In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures, and dividends to stockholders and/or distributions to partners necessary to maintain Simon’s REIT qualification on a long-term basis. In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital: ● excess cash generated from operating performance and working capital reserves, ● borrowings on the Credit Facilities and Commercial Paper program, ● additional secured or unsecured debt financing, or 49 Table of Contents ● additional equity raised in the public or private markets. We expect to generate positive cash flow from operations in 2026, and we consider these projected cash flows in our sources and uses of cash. These cash flows are principally derived from rents paid by our tenants. A significant deterioration in projected cash flows from operations could cause us to increase our reliance on available funds from the Credit Facilities and Commercial Paper program, further curtail planned capital expenditures, or seek other additional sources of financing. Financing and Debt Unsecured Debt At June 30, 2026, our unsecured debt, excluding discounts and debt issuance costs, consisted of $19.0 billion of senior unsecured notes of the Operating Partnership, a €350.0 million ($399.3 million U.S. dollar equivalent) unsecured term loan, a $460.0 million unsecured term loan, and $846.4 million outstanding under the Commercial Paper program. On March 5, 2026, we amended, restated, and extended the Credit Facility and amended the Supplemental Facility. The Credit Facility has an initial borrowing capacity of $5.0 billion which may be increased in the form of additional commitments in the aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euros, Yen, Pounds Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Credit Facility is June 30, 2030. The Credit Facility can be extended for an additional year to June 30, 2031, at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Term SOFR Rate, the applicable Local Rate, the term CORRA Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Pounds Sterling, SONIA, if denominated in U.S. dollars, Daily Simple SOFR and, if denominated in Canadian dollars, Daily Simple CORRA, or (z) for Daily SOFR Loans, the Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.625% and 1.350% or (ii) for loans denominated in U.S. dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or the Term SOFR Rate for an interest period of one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.350%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 65.0 basis points. The Supplemental Facility has a borrowing capacity of $3.5 billion, which may be increased to $4.5 billion during its term subject to obtaining additional lender commitments and satisfying certain customary conditions precedent and provides for borrowings denominated in U.S. dollars, Euros, Yen, Pounds Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Supplemental Facility is January 31, 2029. The Supplemental Facility can be extended for an additional year to January 31, 2030 at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Supplemental Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Term SOFR Rate, the applicable Local Rate, the term CORRA Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA, if denominated in U.S. dollars, Daily Simple SOFR and, if denominated in Canadian dollars, Daily Simple CORRA, or (z) for Daily SOFR Loans, the Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.625% and 1.350% or (ii) for loans denominated in U.S. dollars only, the Base Rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or the Term SOFR Rate for an interest period of one month plus 1.000%), plus a margin determined by our corporate credit rating of between 0.000% and 0.350%.The Supplemental Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings at June 30, 2026, the interest rate on the Supplemental Facility is SOFR plus 65.0 basis points. At June 30, 2026, we had an aggregate available borrowing capacity of $7.7 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the six months ended June 30, 2026 was $460.0 million and the weighted average outstanding balance was $429.5 million. Letters of credit of $3.1 million were outstanding under the Credit Facilities as of June 30, 2026. The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and, if necessary or 50 Table of Contents appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On June 30, 2026, we had $846.4 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 3.96%. These borrowings have a weighted average maturity date of July 17, 2026 and reduced amounts otherwise available under the Credit Facilities. During the first half of 2026, we settled the conversion of €547.1 million ($641.6 million U.S. dollar equivalent) of the Operating Partnership’s exchangeable bonds, which are exchangeable at the option of the bondholder into shares of Klépierre, reducing the outstanding balance to €187.5 million ($213.9 million U.S. dollar equivalent) as of June 30, 2026. Amounts settled through the exchange of Klépierre shares are discussed in Note 6. The remaining conversions were settled in cash for €548.7 million ($643.3 million U.S. dollar equivalent). Subsequent to June 30, 2026, we settled additional conversions of €86.3 million of the exchangeable bonds in cash for €115.7 million, further reducing the exchangeable bonds’ outstanding balance to €101.2 million. On June 18, 2026, the Operating Partnership entered into a $460.0 million unsecured term loan with a maturity date of June 18, 2031, and swapped the interest rate to an all-in fixed rate of 4.02%. The proceeds of the term loan were used to repay the remaining $460.0 million outstanding under the Credit Facility. On June 15, 2026, the Operating Partnership completed the issuance of €500.0 million of senior unsecured notes with a fixed interest rate of 3.65% and a maturity date of June 15, 2031. On January 13, 2026, the Operating Partnership completed the issuance of $800.0 million of senior unsecured notes with a fixed interest rate of 4.30% and a maturity date of January 15, 2031. The proceeds were used to redeem, at par, its $800.0 million 3.30% senior unsecured notes at maturity on January 15, 2026. On August 19, 2025, the Operating Partnership completed the issuance of $700.0 million of senior unsecured notes with a fixed interest rate of 4.375% and a maturity date of October 1, 2030, and $800.0 million of senior unsecured notes with a fixed interest rate of 5.125% and a maturity date of October 1, 2035. A portion of the proceeds were used to redeem, at par, its $1.1 billion 3.50% senior unsecured notes at maturity on September 1, 2025. Another portion of the proceeds were used to repay the €500.0 million outstanding under the Supplemental Facility on October 8, 2025. On May 12, 2025, the Operating Partnership drew €500.0 million under the Supplemental Facility. The proceeds were used to fund the redemption at par of the Operating Partnerships €500.0 million notes maturing on May 13, 2025. On April 25, 2025, the Operating Partnership drew $155.0 million under the Credit Facility. On January 29, 2025, the Operating Partnership drew €376.0 million under the Credit Facility and used the proceeds to facilitate the acquisition of two Italian assets. On March 13, 2025, we repaid €18.0 million that had been outstanding under the Credit Facility at December 31, 2024. On March 20, 2025, the Operating Partnership entered into a €350.0 million unsecured term loan with a maturity date of March 20, 2027, which has been subsequently extended to March 20, 2029, and swapped the interest rate to an all-in fixed rate of 2.6% which matured on March 20, 2026. The proceeds of the term loan, along with cash on hand, were used to repay the then remaining €376.0 million outstanding under the Credit Facility. Mortgage Debt Total mortgage indebtedness was $8.1 billion and $8.2 billion at June 30, 2026 and December 31, 2025, respectively. On October 31, 2025, as part of the TRG Acquisition, discussed in Note 4 of the condensed notes to the consolidated financial statements, the Operating Partnership’s consolidated debt increased $3.1 billion. Subsequent to June 30, 2026, we unencumbered one property from its $375.0 million mortgage using existing liquidity. Covenants Our unsecured debt agreements contain financial covenants and other non-financial covenants. The Credit Facilities contain ongoing covenants relating to total and secured leverage to capitalization value, minimum earnings before interest, taxes, depreciation, and amortization, or EBITDA, and unencumbered EBITDA coverage requirements. Payment under the Credit Facilities can be accelerated if the Operating Partnership or Simon is subject to bankruptcy proceedings or upon the occurrence of certain other events. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of June 30, 2026, we were in compliance with all covenants of our unsecured debt. ​ 51 Table of Contents At June 30, 2026, our consolidated subsidiaries were the borrowers under 41 non-recourse mortgage notes secured by mortgages on 44 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At June 30, 2026, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Summary of Financing Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of June 30, 2026 and December 31, 2025, consisted of the following (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ Adjusted Balance ​ Weighted ​ Adjusted ​ Weighted ​ ​ as of ​ Average ​ Balance as of ​ Average Debt Subject to ​ June 30, 2026 Interest Rate(1) ​ December 31, 2025 Interest Rate(1) ​ Fixed Rate ​ $ 27,396,295 3.88% ​ $ 28,119,149 3.86% ​ Variable Rate ​ 1,303,312 4.86% ​ 311,026 4.58% ​ ​ ​ $ 28,699,607 3.93% ​ $ 28,430,175 3.87% ​ ​ (1) Effective weighted average interest rate excludes the impact of net discounts and debt issuance costs. Contractual Obligations There have been no material changes to our outstanding capital expenditure and lease commitments previously disclosed in the combined 2025 Annual Report on Form 10-K of Simon and the Operating Partnership. In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of June 30, 2026, for the remainder of 2026 and subsequent years thereafter (dollars in thousands), assuming the obligations remain outstanding through initial maturities, including applicable exercise of available extension options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2027-2028 ​ ​ ​ 2029-2030 ​ ​ ​ After 2030 ​ ​ ​ Total Long Term Debt (1) ​ $ 3,702,237 ​ $ 6,175,691 ​ $ 4,758,270 ​ $ 14,242,862 ​ $ 28,879,060 ​ Interest Payments (2) ​ 550,109 ​ 1,876,410 ​ 1,500,059 ​ 5,382,490 ​ 9,309,068 ​ ​ (1) Represents principal maturities only and, therefore, excludes net discounts and debt issuance costs. (2) Variable rate interest payments are estimated based on the SOFR or other applicable rate at June 30, 2026. Off-Balance Sheet Arrangements Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 6 of the condensed notes to the consolidated financial statements. Our joint ventures typically fund their cash needs through secured debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. In addition to the guarantee disclosed in Note 6 of the condensed notes of the consolidated financial statements, as of June 30, 2026, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $124.0 million. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise. ​ 52 Table of Contents Acquisitions and Dispositions Buy-sell, marketing rights, and other exit mechanisms are common in real estate partnership agreements. Most of our partners are institutional investors who have a history of direct investment in retail real estate. We and our partners in our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions). If we determine it is in our stockholders’ best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate these provisions or elect to buy our partner’s interest. If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development, redevelopment, or expansion opportunities. Acquisitions. On November 17, 2025, we completed the acquisition of a 100% interest in a retail property, Phillips Place, located in Charlotte, North Carolina. The cash consideration including working capital was $143.8 million. The property is unencumbered. ​ On October 31, 2025, we closed on the acquisition of the remaining 12% interest in TRG which we did not previously own in exchange for approximately 5.06 million units in the Operating Partnership. As a result of this acquisition, we obtained control of and consolidated TRG as of the acquisition date. TRG had an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia, 11 of which are now consolidated and 11 of which are accounted for under the equity method upon the acquisition. This acquisition aligns with our strategy of owning high-quality assets, unlocking operational synergies and driving further innovation. ​ On June 27, 2025, we acquired the remaining 75% interest in the retail component and 100% of the parking component of Brickell City Centre resulting in the consolidation of the retail component which had previously been accounted for under the equity method. The cash consideration for this transaction, including working capital, was $497.7 million. Cash acquired was $24.0 million. ​ On April 1, 2025, we acquired the remaining interest in Briarwood Mall from a joint venture partner, resulting in the consolidation of this property. The cash consideration for this transaction, including working capital, was $9.2 million. Cash acquired was $14.7 million. The property is subject to a $165 million 3.29% fixed rate mortgage loan. ​ On January 30, 2025, we completed the acquisition of a 100% interest in two luxury outlet destinations in Italy, The Mall Luxury Outlets Firenze, in Leccio, nearby Florence, and The Mall Luxury Outlets Sanremo, in Sanremo on the Italian Riviera. The cash consideration including working capital and capitalized transaction costs was $392.4 million. Cash acquired was $25.3 million. The properties are unencumbered. Dispositions. We may continue to pursue the disposition of properties that no longer meet our strategic criteria or that are not a primary retail venue within their trade area. During 2025, we disposed of our interests in one unconsolidated retail property in satisfaction of its $84.3 million non-recourse mortgage loan, resulting in a gain of $21.6 million. Development Activity We routinely incur costs related to construction for significant redevelopment and expansion projects at our properties. Redevelopment and expansion projects, including the addition of anchors, big box tenants, restaurants, as well as mixed-use projects are underway at several properties in North America, Europe, and Asia. Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Our share of the costs of all new development, redevelopment and expansion projects currently under construction is approximately $1.1 billion. Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction in the remainder of 2026 and 2027 is approximately $346.0 million. We expect to fund these capital projects with cash flows from operations. We seek a stabilized return on invested capital in the range of 8-10% for all of our new development, expansion and redevelopment projects. International Development Activity. We typically reinvest net cash flow from our international joint ventures to fund future international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded most of our foreign investments with local currency-denominated borrowings that act as a natural hedge against fluctuations in exchange rates. Our consolidated net income exposure to changes in the volatility of the Euro, Yen, Peso, Won, and other foreign currencies is not material. We expect our share of estimated committed capital for international development projects to be completed with projected delivery in 2026 or 2027 is $2.0 million, which we expect will be primarily funded through reinvested joint venture cash flow and construction loans. ​ 53 Table of Contents The following table describes these new development and expansion projects as well as our share of the estimated total cost as of June 30, 2026 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Our ​ Our Share of ​ Our Share of ​ Projected/Actual ​ ​ ​ ​ Leasable ​ Ownership ​ Projected Net Cost ​ Projected Net Cost ​ Opening Property ​ ​ Location ​ ​ Area (sqft) ​ ​ Percentage ​ ​ (in Local Currency) ​ ​ (in USD) (1) ​ ​ Date Expansion: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yeoju Premium Outlet Phase 1 ​ Seoul, South Korea ​ 15,700 ​ 50% ​ KRW 3,634 ​ $ 2.3 ​ Jan. - 2027 (1) USD equivalent based upon June 30, 2026 foreign currency exchange rates. ​ Dividends, Distributions and Stock Repurchase Program Simon paid a common stock dividend of $2.25 per share for the second quarter of 2026, and $4.45 for the six months ended June 30, 2026. We paid common stock dividends of $4.20 per share for the six months ended June 30, 2025. The Operating Partnership paid distributions per unit for the same amounts. On August 10, 2026, Simon’s Board of Directors declared a quarterly cash dividend for the third quarter of 2026 of $2.25 per share, payable on September 30, 2026 to shareholders of record on September 9, 2026. The distribution rate on units is equal to the dividend rate on common stock. In order to maintain its status as a REIT, Simon must pay a minimum amount of dividends. Simon’s future dividends and the Operating Partnership’s future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT. On February 8, 2024, Simon’s Board of Directors authorized a common stock repurchase program under which Simon was permitted to purchase up to $2.0 billion of its common stock during the two-year period ending February 15, 2026 in the open market or in privately negotiated transactions. During the quarter ended March 31, 2026, Simon purchased 273,295 shares at an average price of $182.95 per share under this plan. During the year ended December 31, 2025, Simon purchased 1,246,190 shares at an average price of $182.02 per share under this plan. As Simon repurchases shares under the plan, the Operating Partnership repurchased an equal number of units from Simon. On February 5, 2026, Simon’s Board of Directors authorized a new common stock repurchase program, which immediately replaced the existing repurchase plan. Under the plan, Simon may purchase up to $2.0 billion of its common stock during the period ending on February 29, 2028 in the open market or in privately negotiated transactions as market conditions warrant. During the period ended June 30, 2026, Simon purchased 1,485,078 shares at an average price of $192.59 under this plan. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon. Forward-Looking Statements Certain statements made in this Quarterly Report on Form 10-Q 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; 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 at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including 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 54 Table of Contents 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. Non-GAAP Financial Measures Industry practice is to evaluate real estate properties in part based on performance measures such as FFO, Real Estate FFO, diluted FFO per share, Real Estate FFO per share, NOI, beneficial interest of combined NOI and portfolio NOI. We believe that these non-GAAP measures are helpful to investors because they are widely recognized measures of the performance of REITs and provide a relevant basis for comparison among REITs. We also use these measures internally to measure the operating performance of our portfolio. We are providing different components of NOI, such as Portfolio NOI (a component of beneficial interest of combined NOI that relates to the operational performance of our global real estate portfolio), to provide investors with disaggregated information to further differentiate our global real estate portfolio performance from corporate and other platform investments. 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 real estate. Gain 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 extraordinary items, ● excluding gains and losses from the acquisition of controlling interest, 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. We determine Real Estate FFO utilizing the definition of FFO as stated above excluding the impact of operations from ● Other Platform Investments, net of tax, ● gains or losses due to disposal, exchange, or revaluation of equity interests, net of tax, and ● unrealized gains or losses in fair value of publicly traded equity instruments and derivative instruments. You should understand that our computations of these non-GAAP measures might not be comparable to similar measures reported by other REITs and that these non-GAAP measures: ● do 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 ● are not an alternative to cash flows as a measure of liquidity. 55 Table of Contents The following schedule reconciles total FFO and Real Estate FFO to consolidated net income and, for Simon, diluted net income per share to diluted FFO per share and Real Estate FFO per share. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ (in thousands) Consolidated Net Income ​ $ 574,130 ​ $ 643,681 ​ $ 1,142,665 ​ $ 1,121,541 Adjustments to Arrive at FFO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization from consolidated properties ​ 455,655 ​ 335,157 ​ 910,434 ​ 659,479 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments ​ 160,762 ​ 207,587 ​ 322,370 ​ 416,551 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 8,747 ​ 9,604 ​ (55,593) ​ 9,604 Net (gain) loss attributable to noncontrolling interest holders in properties ​ (6,400) ​ (26) ​ (12,021) ​ 1,266 Noncontrolling interests portion of depreciation and amortization ​ (6,917) ​ (6,346) ​ (13,202) ​ (12,339) Preferred distributions and dividends ​ (1,032) ​ (1,126) ​ (2,064) ​ (2,252) FFO of the Operating Partnership ​ $ 1,184,945 ​ $ 1,188,531 ​ $ 2,292,589 ​ $ 2,193,850 FFO allocable to limited partners ​ ​ 174,687 ​ ​ 159,806 ​ ​ 336,951 ​ ​ 295,091 Dilutive FFO allocable to common stockholders ​ $ 1,010,258 ​ $ 1,028,725 ​ $ 1,955,638 ​ $ 1,898,759 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FFO of the Operating Partnership (1) ​ $ 1,184,945 ​ $ 1,188,531 ​ $ 2,292,589 ​ $ 2,193,850 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ 9,818 ​ ​ (78,374) ​ ​ 15,136 ​ ​ (60,381) Other platform investments, net of tax ​ ​ (2,624) ​ ​ (6,594) ​ ​ 117,758 ​ ​ 47,591 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 56,425 ​ ​ 50,455 ​ ​ 31,037 ​ ​ 87,220 Real Estate FFO (1) ​ $ 1,248,564 ​ $ 1,154,018 ​ $ 2,456,520 ​ $ 2,268,280 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share to diluted FFO per share reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share ​ $ 1.49 ​ $ 1.70 ​ $ 2.97 ​ $ 2.97 Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization ​ 1.61 ​ 1.42 ​ 3.21 ​ 2.82 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 0.02 ​ 0.03 ​ (0.15) ​ 0.03 Diluted FFO per share (1) ​ $ 3.12 ​ $ 3.15 ​ $ 6.03 ​ $ 5.82 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ 0.03 ​ ​ (0.21) ​ ​ 0.04 ​ ​ (0.16) Other platform investments, net of tax ​ ​ (0.01) ​ ​ (0.02) ​ ​ 0.31 ​ ​ 0.12 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 0.15 ​ ​ 0.13 ​ ​ 0.08 ​ ​ 0.23 Real Estate FFO per share (1) ​ $ 3.29 ​ $ 3.05 ​ $ 6.46 ​ $ 6.01 Basic and Diluted weighted average shares outstanding ​ 324,018 ​ 326,487 ​ 324,458 ​ 326,401 Weighted average limited partnership units outstanding ​ 56,029 ​ 50,714 ​ 55,903 ​ 50,727 Basic and Diluted weighted average shares and units outstanding ​ 380,047 ​ 377,201 ​ 380,361 ​ 377,128 ​ (1) FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense recorded in the first quarter of 2026, of which $8.3 million, or $0.02 per share, is included in Real Estate FFO and Real Estate FFO per share, and $31.7 million, or $0.08 per share, is included in Other platform investments, net of tax. ​ ​ ​ ​ 56 Table of Contents The following schedule reconciles consolidated net income to our beneficial interest of combined NOI and the components thereof. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ (in thousands) Reconciliation of NOI of consolidated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Net Income ​ $ 574,130 ​ $ 643,681 ​ $ 1,142,665 ​ $ 1,121,541 Income and other tax expense (benefit) ​ 10,809 ​ 35,107 ​ (9,125) ​ 27,470 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net ​ ​ 11,950 ​ ​ (104,499) ​ ​ 18,329 ​ ​ (80,507) Interest expense ​ 281,164 ​ 232,724 ​ 556,826 ​ 459,720 Income from unconsolidated entities ​ (119,127) ​ (122,875) ​ (97,879) ​ (153,234) Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ 56,425 ​ 50,455 ​ 31,037 ​ 87,220 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 8,747 ​ 9,604 ​ (55,593) ​ 9,604 Operating Income Before Other Items ​ 824,098 ​ 744,197 ​ 1,586,260 ​ 1,471,814 Depreciation and amortization ​ 459,876 ​ 339,058 ​ 918,773 ​ 667,109 Home and regional office costs ​ ​ 69,842 ​ ​ 57,564 ​ ​ 137,498 ​ ​ 122,630 General and administrative ​ ​ 12,004 ​ ​ 14,298 ​ ​ 66,303 ​ ​ 26,927 Other expenses (1) ​ ​ 118 ​ ​ 9 ​ ​ 130 ​ ​ 9 NOI of consolidated entities ​ $ 1,365,938 ​ $ 1,155,126 ​ $ 2,708,964 ​ $ 2,288,489 Less: Noncontrolling interest partners share of NOI ​ ​ (18,425) ​ ​ (8,766) ​ ​ (35,477) ​ ​ (16,150) Beneficial NOI of consolidated entities (2) ​ $ 1,347,513 ​ $ 1,146,360 ​ $ 2,673,487 ​ $ 2,272,339 Reconciliation of NOI of unconsolidated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ $ 274,416 ​ $ 209,607 ​ $ 506,347 ​ $ 398,903 Interest expense ​ 205,540 ​ 174,995 ​ 410,577 ​ 345,363 Operating Income Before Other Items ​ 479,956 ​ 384,602 ​ 916,924 ​ 744,266 Depreciation and amortization ​ 177,211 ​ 159,675 ​ 362,376 ​ 318,687 Other expenses (3) ​ ​ 14 ​ ​ -- ​ ​ 27 ​ ​ — NOI of unconsolidated entities ​ $ 657,181 ​ $ 544,277 ​ $ 1,279,327 ​ $ 1,062,953 Less: Joint Venture partners share of NOI ​ ​ (347,545) ​ ​ (284,903) ​ ​ (673,897) ​ ​ (555,664) Beneficial NOI of unconsolidated entities (2) ​ $ 309,636 ​ $ 259,374 ​ $ 605,430 ​ $ 507,289 Add: Beneficial interest of NOI from TRG (4) ​ ​ — ​ ​ 134,093 ​ ​ — ​ ​ 270,497 Add: Beneficial interest of NOI from other platform investments and investments ​ ​ 96,543 ​ ​ 107,960 ​ ​ 68,554 ​ ​ 119,889 Beneficial interest of Combined NOI ​ $ 1,753,692 ​ $ 1,647,787 ​ $ 3,347,471 ​ $ 3,170,014 Less: Beneficial interest of Corporate and Other NOI Sources (5) ​ 57,525 ​ 63,017 ​ 108,564 ​ 98,311 Less: Beneficial interest of NOI from other platform investments (6) ​ ​ 31,842 ​ ​ 41,688 ​ ​ (52,293) ​ ​ 227 Less: Beneficial interest of NOI from Klépierre (7) ​ ​ 61,522 ​ ​ 62,957 ​ ​ 117,669 ​ ​ 118,643 Beneficial interest of Portfolio NOI ​ $ 1,602,803 ​ $ 1,480,125 ​ $ 3,173,531 ​ $ 2,952,833 Beneficial interest of Portfolio NOI Change ​ ​ 8.3 % ​ ​ ​ ​ 7.5 % ​ ​ (1) Represents the write-off of pre-development costs. (2) 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. (3) Represents the gross amount of write-offs at unconsolidated entities of pre-development costs. (4) Beneficial interest of NOI from TRG prior to the October 31, 2025 transaction. 57 Table of Contents (5) Includes components excluded from portfolio NOI and domestic property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), Simon management company revenues, foreign exchange impact and other assets. (6) Other platform investments include retail operations (Catalyst), an e-commerce company (Rue Gilt Groupe, or RGG), and a global real estate investment and management company (Jamestown). (7) Includes our share of NOI of Klépierre (at constant currency) and other corporate investments. ​