{"url_path":"/sec/cik-0001022344/10-k/2026/item-15","section_key":"item-15","section_title":"Item 15 Exhibits and Financial Statement Schedules**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-02-25","source_url":"https://www.sec.gov/Archives/edgar/data/1022344/0001104659-26-019419-index.html","accession_number":"0001104659-26-019419","cik":"0001022344","ticker":null,"issuer_name":"SIMON PROPERTY GROUP L P","edgar_url":"https://www.sec.gov/Archives/edgar/data/1022344/0001104659-26-019419-index.html","primary_entity_key":"0001022344","primary_entity_name":"SIMON PROPERTY GROUP L P"},"word_count":11175,"has_tables":true,"body_markdown":"**Item 15.  Exhibits and Financial Statement Schedules**\n\n​\n\n​\n\n​\n\n**Page No.**\n\n(a)\n\n(1)\n\n*Financial Statements*\n\n​\n\n​\n\n​\n\nThe following consolidated financial statements of Simon Property Group, Inc. and Simon Property Group, L.P. are set forth in Part II, item 8.\n\n​\n\n​\n\n​\n\n[Reports of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccou)\n\n80\n\n​\n\n​\n\nConsolidated Financial Statements of Simon Property Group, Inc.\n\n[Consolidated Balance Sheets as of December 31, 2025 and 2024](#ConsolidatedBalanceSheets_715324)\n\n89\n\n​\n\n​\n\n[Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2025, 2024 and 2023](#StatementsofOperationsandComprehensive_2)\n\n90\n\n​\n\n​\n\n[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#CashFlows_364864)\n\n91\n\n​\n\n​\n\n[Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023](#Equity_75278)\n\n92\n\n​\n\n​\n\nConsolidated Financial Statements of Simon Property Group, L.P.\n\n[Consolidated Balance Sheets as of December 31, 2025 and 2024](#ConsolidatedBalanceSheets_873302)\n\n94\n\n​\n\n​\n\n[Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofOperations_36940)\n\n95\n\n​\n\n​\n\n[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofCashFlows_576011)\n\n96\n\n​\n\n​\n\n[Consolidated Statements of Equity for the years ended December 31, 2025, 2024 and 2023](#ConsolidatedStatementsofEquity_561160)\n\n97\n\n​\n\n​\n\n[Notes to Consolidated Financial Statements](#a1Organization_335491)\n\n99\n\n​\n\n(2)\n\n*Financial Statement Schedule*\n\n​\n\n​\n\n​\n\n[Simon Property Group, Inc. and Simon Property Group, L.P. Schedule III — Schedule of Real Estate and Accumulated Depreciation](#SCHEDULEIII_984064)\n\n158\n\n​\n\n​\n\n[Notes to Schedule III](#Notes_to_ScheduleIII)\n\n163\n\n​\n\n​\n\nOther financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.\n\n​\n\n​\n\n(3)\n\n*Exhibits*\n\n​\n\n​\n\n​\n\n[The Exhibit Index attached hereto is hereby incorporated by reference to this Item.](#EXHIBITINDEX_871374)\n\n149\n\n​\n\n​\n\n**Item ****16. Form 10-K Summary**\n\nNone.\n\n​\n\n148\n\n[Table of Contents](#Toc)\n\n**EXHI****BIT INDEX**\n\n​\n\n​\n\n**Exhibits**\n\n​\n\n​\n\n2.1\n\n​\n\n[Separation and Distribution Agreement by and among Simon Property Group, Inc., Simon Property Group, L.P., Washington Prime Group Inc. and Washington Prime Group, L.P., dated as of May 27, 2014 (incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed May 29, 2014).](http://www.sec.gov/Archives/edgar/data/1063761/000110465914042292/a14-13789_1ex2d1.htm)\n\n​\n\n​\n\n​\n\n2.2\n\n​\n\n[Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2020, by and among the Taubman Parties and the Simon Parties (incorporated by reference to exhibit 2.1 of Simon Property Group Inc.’s and Simon Property Group L.P.’s Current Report on Form 8-K filed on November 16, 2020).](https://www.sec.gov/Archives/edgar/data/1022344/000110465920125289/tm2036052d1_ex2-1.htm)\n\n​\n\n​\n\n​\n\n2.3\n\n​\n\n[Plan of Conversion of Simon Property Group, Inc. (incorporated by reference to Exhibit 2.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed May 15, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000110465925049284/tm2515129d1_ex2-1.htm)\n\n​\n\n​\n\n​\n\n2.4\n\n​\n\n[Plan of Conversion of Simon Property Group, L.P. (incorporated by reference to Exhibit 2.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed May 15, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000110465925049284/tm2515129d1_ex2-2.htm)\n\n​\n\n​\n\n​\n\n3.1\n\n​\n\n[Articles of Incorporation of Simon Property Group, Inc. (incorporated by reference to Exhibit 3.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed May 15, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000110465925049284/tm2515129d1_ex3-1.htm)\n\n​\n\n​\n\n​\n\n3.2\n\n​\n\n[Bylaws of Simon Property Group, Inc. (incorporated by reference to Exhibit 3.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed May 15, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000110465925049284/tm2515129d1_ex3-2.htm)\n\n​\n\n​\n\n​\n\n3.3\n\n​\n\n[Certificate of Limited Partnership of Simon Property Group, L.P. (incorporated by reference to Exhibit 3.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed May 15, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000110465925049284/tm2515129d1_ex3-3.htm)\n\n​\n\n​\n\n​\n\n3.4\n\n​\n\n[Ninth Amended and Restated Limited Partnership Agreement of Simon Property Group, L.P. dated as of May 15, 2025 (incorporated by reference to Exhibit 3.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed May 15, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000110465925049284/tm2515129d1_ex3-4.htm)\n\n​\n\n​\n\n​\n\n3.5\n\n​\n\n[Agreement between Simon Property Group, Inc. and Simon Property Group, L.P. dated March 7, 2007, but effective as of August 27, 1999, regarding a prior agreement filed under an exhibit 99.1 to Form S-3/A of Simon Property Group, L.P. on November 20, 1996 (incorporated by reference to Exhibit 3.4 of Simon Property Group, L.P.'s Annual Report on Form 10-K filed March 16, 2007).](http://www.sec.gov/Archives/edgar/data/1022344/000104746907001854/a2176666zex-3_4.htm)\n\n​\n\n​\n\n​\n\n3.6\n\n​\n\n[Agreement between Simon Property Group, Inc. and Simon Property Group, L.P. dated April 29, 2009, but effective as of October 14, 2004, regarding redemption of the Registrant's Series I Preferred Units (incorporated by reference to Exhibit 3.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 8, 2009).](http://www.sec.gov/Archives/edgar/data/1022344/000104746909005270/a2192861zex-3_2.htm)\n\n​\n\n​\n\n​\n\n4.1\n\n(a)\n\n[Indenture, dated as of November 26, 1996, by and among Simon Property Group, L.P. and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.1 of Simon Property Group, L.P.'s Registration Statement on Form S-3 filed October 21, 1996 (Reg. No. 333-11491)).](http://www.sec.gov/Archives/edgar/data/1022344/0000950142-96-000546-index.html)\n\n​\n\n​\n\n​\n\n4.2\n\n[Description of Each Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.](spg-20251231xex4d2.htm)\n\n​\n\n​\n\n​\n\n9.1\n\n​\n\n[Second Amended and Restated Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between Melvin Simon & Associates, Inc., on the one hand and Melvin Simon, Herbert Simon and David Simon on the other hand (incorporated by reference to Exhibit 9.1 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 10, 2004).](http://www.sec.gov/Archives/edgar/data/1063761/000104746904016678/a2135849zex-9_1.htm)\n\n​\n\n​\n\n​\n\n9.2\n\n​\n\n[Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between David Simon, Melvin Simon and Herbert Simon (incorporated by reference to Exhibit 9.2 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 10, 2004).](http://www.sec.gov/Archives/edgar/data/1063761/000104746904016678/a2135849zex-9_2.htm)\n\n​\n\n​\n\n​\n\n10.1\n\n​\n\n[Form of the Indemnity Agreement between Simon Property Group, Inc. and its directors and officers (incorporated by reference to Exhibit 10.7 of Simon Property Group, Inc.’s Form S-4 filed August 13, 1998 (Reg. No. 333-61399)).](http://www.sec.gov/Archives/edgar/data/1063761/0000950123-98-007520-index.html)\n\n​\n\n​\n\n​\n\n149\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n**Exhibits**\n\n​\n\n​\n\n10.2\n\n​\n\n[Registration Rights Agreement, dated as of September 24, 1998, by and among Simon Property Group, Inc. and the persons named therein (incorporated by reference to Exhibit 4.4 of Simon Property Group, Inc.’s Current Report on Form 8-K filed October 9, 1998).](http://www.sec.gov/Archives/edgar/data/1063761/0000950123-98-008890-index.html)\n\n​\n\n​\n\n​\n\n10.3\n\n​\n\n[Registration Rights Agreement, dated as of August 27, 1999, by and among Simon Property Group, Inc. and the persons named therein (incorporated by reference to Exhibit 4.4 of the Registration Statement on Form S-3 filed March 24, 2004 (Reg. No. 333-113884)).](http://www.sec.gov/Archives/edgar/data/1063761/000104746904009131/a2131689zex-4_4.htm)\n\n​\n\n​\n\n​\n\n10.4\n\n​\n\n[Registration Rights Agreement, dated as of November 14, 1997, by and between O’Connor Retail Partners, L.P. and Simon DeBartolo Group, Inc. (incorporated by reference to Exhibit 4.8 of the Registration Statement on Form S-3 filed December 7, 2001 (Reg. No. 333-74722)).](http://www.sec.gov/Archives/edgar/data/1063761/000091205701542393/a2065357zex-4_8.htm)\n\n​\n\n​\n\n​\n\n10.5*\n\n​\n\n[Simon Property Group, L.P. Amended and Restated 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 10, 2014).](http://www.sec.gov/Archives/edgar/data/1063761/000110465914027055/a14-10319_1ex10d1.htm)\n\n​\n\n​\n\n​\n\n10.6*\n\n​\n\n[Form of Nonqualified Stock Option Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed March 16, 2005).](http://www.sec.gov/Archives/edgar/data/1063761/000104746905006797/a2153313zex-10_8.htm)\n\n​\n\n​\n\n​\n\n10.7*\n\n​\n\n[Form of Performance-Based Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.9 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed February 28, 2007).](http://www.sec.gov/Archives/edgar/data/1063761/000104746907001496/a2176251zex-10_9.htm)\n\n​\n\n​\n\n​\n\n10.8*\n\n​\n\n[Form of Non-Employee Director Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed March 16, 2005).](https://www.sec.gov/Archives/edgar/data/1063761/000104746905006797/a2153313zex-10_10.htm)\n\n​\n\n​\n\n​\n\n10.9*\n\n​\n\n[Employment Agreement between Simon Property Group, Inc. and David Simon effective as of July 6, 2011 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).](http://www.sec.gov/Archives/edgar/data/1063761/000110465911038221/a11-17050_1ex10d2.htm)\n\n​\n\n​\n\n​\n\n10.10*\n\n​\n\n[First Amendment to Employment Agreement between Simon Property Group, Inc. and David Simon, dated as of March 29, 2013 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4, 2013).](http://www.sec.gov/Archives/edgar/data/1063761/000110465913026962/a13-9351_1ex10d1.htm)\n\n​\n\n​\n\n​\n\n10.11*\n\n​\n\n[Non-Qualified Deferred Compensation Plan dated as of December 31, 2008 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed November 5, 2009).](http://www.sec.gov/Archives/edgar/data/1063761/000104746909009591/a2195218zex-10_1.htm)\n\n​\n\n​\n\n​\n\n10.12*\n\n​\n\n[Amendment — 2008 Performance Based-Restricted Stock Agreement dated as of March 6, 2009 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed November 5, 2009).](http://www.sec.gov/Archives/edgar/data/1063761/000104746909009591/a2195218zex-10_2.htm)\n\n​\n\n​\n\n​\n\n10.13*\n\n​\n\n[Certificate of Designation of Series 2010 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.'s Current Report on Form 8-K filed March 19, 2010).](http://www.sec.gov/Archives/edgar/data/1063761/000110465910015472/a10-6528_2ex10d4.htm)\n\n​\n\n​\n\n​\n\n10.14*\n\n​\n\n[Form of Series 2010 LTIP Unit (Three Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed March 19, 2010).](http://www.sec.gov/Archives/edgar/data/1063761/000110465910015472/a10-6528_2ex10d1.htm)\n\n​\n\n​\n\n​\n\n10.15*\n\n​\n\n[Form of Series 2010 LTIP Unit (Two Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed March 19, 2010).](http://www.sec.gov/Archives/edgar/data/1063761/000110465910015472/a10-6528_2ex10d2.htm)\n\n​\n\n​\n\n​\n\n10.16*\n\n​\n\n[Form of Series 2010 LTIP Unit (One Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Current Report on Form 8-K filed March 19, 2010).](http://www.sec.gov/Archives/edgar/data/1063761/000110465910015472/a10-6528_2ex10d3.htm)\n\n​\n\n​\n\n​\n\n10.17*\n\n​\n\n[Certificate of Designation of Series CEO LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.'s Current Report on Form 8-K filed July 7, 2011).](http://www.sec.gov/Archives/edgar/data/1063761/000110465911038221/a11-17050_1ex10d3.htm)\n\n​\n\n​\n\n​\n\n150\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n**Exhibits**\n\n​\n\n​\n\n10.18*\n\n​\n\n[Simon Property Group Series CEO LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).](http://www.sec.gov/Archives/edgar/data/1063761/000110465911038221/a11-17050_1ex10d4.htm)\n\n​\n\n​\n\n​\n\n10.19*\n\n​\n\n[First Amendment to Simon Property Group Series CEO LTIP Unit Award Agreement dated as of December 22, 2011 (incorporated by reference to Exhibit 10.24 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed February 28, 2012).](http://www.sec.gov/Archives/edgar/data/1063761/000104746912001667/a2207375zex-10_24.htm)\n\n​\n\n​\n\n​\n\n10.20*\n\n​\n\n[Second Amendment to Simon Property Group Series CEO LTIP Unit Award Agreement, dated as of March 29, 2013 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4, 2013).](http://www.sec.gov/Archives/edgar/data/1063761/000110465913026962/a13-9351_1ex10d2.htm)\n\n​\n\n​\n\n​\n\n10.21*\n\n​\n\n[Simon Property Group Amended and Restated Series CEO LTIP Unit Award Agreement, dated as of December 31, 2013 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed January 2, 2014).](http://www.sec.gov/Archives/edgar/data/1063761/000110465914000122/a14-1068_1ex10d1.htm)\n\n​\n\n​\n\n​\n\n10.22*\n\n​\n\n[Certificate of Designation of Series 2011 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.5 of Simon Property Group, Inc.'s Current Report on Form 8-K filed July 7, 2011).](http://www.sec.gov/Archives/edgar/data/1063761/000110465911038221/a11-17050_1ex10d5.htm)\n\n​\n\n​\n\n​\n\n10.23*\n\n​\n\n[Form of Simon Property Group Series 2011 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.6 of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).](http://www.sec.gov/Archives/edgar/data/1063761/000110465911038221/a11-17050_1ex10d6.htm)\n\n​\n\n​\n\n​\n\n10.24*\n\n​\n\n[Certificate of Designation of Series 2012 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 11, 2012).](http://www.sec.gov/Archives/edgar/data/1022344/000104746912005785/a2209435zex-10_2.htm)\n\n​\n\n​\n\n​\n\n10.25*\n\n​\n\n[Amended and Restated Certificate of Designation of Series 2012 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.5 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 7, 2014).](http://www.sec.gov/Archives/edgar/data/1022344/000104746914004664/a2219949zex-10_5.htm)\n\n​\n\n​\n\n​\n\n10.26*\n\n​\n\n[Form of Simon Property Group Series 2012 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 8, 2012).](http://www.sec.gov/Archives/edgar/data/1063761/000104746912005497/a2209128zex-10_1.htm)\n\n​\n\n​\n\n​\n\n10.27*\n\n​\n\n[Simon Property Group Amended and Restated Series 2012 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).](http://www.sec.gov/Archives/edgar/data/1063761/000110465914030964/a14-11177_1ex10d1.htm)\n\n​\n\n​\n\n​\n\n10.28*\n\n​\n\n[Certificate of Designation of Series 2013 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 10, 2013).](http://www.sec.gov/Archives/edgar/data/1022344/000104746913005837/a2214892zex-10_2.htm)\n\n​\n\n​\n\n​\n\n10.29*\n\n​\n\n[Form of Simon Property Group Series 2013 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4, 2013).](http://www.sec.gov/Archives/edgar/data/1063761/000110465913026962/a13-9351_1ex10d3.htm)\n\n​\n\n​\n\n​\n\n10.30*\n\n​\n\n[Form of Simon Property Group Executive Officer LTIP Waiver, dated April 18, 2014 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).](http://www.sec.gov/Archives/edgar/data/1063761/000110465914030964/a14-11177_1ex10d2.htm)\n\n​\n\n​\n\n​\n\n10.31*\n\n​\n\n[Simon Property Group CEO LTIP Unit Adjustment Waiver, dated April 18, 2014 (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).](http://www.sec.gov/Archives/edgar/data/1063761/000110465914030964/a14-11177_1ex10d3.htm)\n\n​\n\n​\n\n​\n\n10.32*\n\n​\n\n[Form of Simon Property Group Series 2014 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 7, 2014).](http://www.sec.gov/Archives/edgar/data/1063761/000104746914004661/a2219880zex-10_2.htm)\n\n​\n\n​\n\n​\n\n10.33*\n\n​\n\n[Certificate of Designation of Series 2014 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 7, 2014).](http://www.sec.gov/Archives/edgar/data/1022344/000104746914004664/a2219949zex-10_3.htm)\n\n​\n\n​\n\n​\n\n10.34*\n\n​\n\n[Form of Simon Property Group Series 2015 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015 filed on January 13, 2016).](http://www.sec.gov/Archives/edgar/data/1063761/000104746916009673/a2227090zex-10_3.htm)\n\n​\n\n​\n\n​\n\n151\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n**Exhibits**\n\n​\n\n​\n\n10.35*\n\n​\n\n[Certificate of Designation of Series 2015 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.4 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015 filed on January 13, 2016).](http://www.sec.gov/Archives/edgar/data/1022344/000104746916009666/a2227085zex-10_3.htm)\n\n​\n\n​\n\n​\n\n10.36*\n\n​\n\n[Form of Simon Property Group Series 2016 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed on May 5, 2016).](http://www.sec.gov/Archives/edgar/data/1022344/000104746916012892/a2228363zex-10_1.htm)\n\n​\n\n​\n\n​\n\n10.37*\n\n​\n\n[Form of Certificate of Designation of Series 2016 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed on May 5, 2016).](http://www.sec.gov/Archives/edgar/data/1022344/000104746916012892/a2228363zex-10_2.htm)\n\n​\n\n​\n\n​\n\n10.38*\n\n​\n\n[Form of Simon Property Group Series 2018 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed on May 3, 2018).](https://www.sec.gov/Archives/edgar/data/1022344/000155837018003817/spg-20180331ex1015f617a.htm)\n\n​\n\n​\n\n​\n\n10.39*\n\n​\n\n[Form of Certificate of Designation of Series 2018 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed on May 3, 2018).](https://www.sec.gov/Archives/edgar/data/1022344/000155837018003817/spg-20180331ex10290139a.htm)\n\n​\n\n​\n\n​\n\n10.40*\n\n​\n\n[Form of Simon Property Group Series 2019 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed on August 7, 2019).](https://www.sec.gov/Archives/edgar/data/1022344/000155837019007355/spg-20190630ex1020195b8.htm)\n\n​\n\n​\n\n​\n\n10.41*\n\n​\n\n[Form of Certificate of Designation of Series 2019 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed on August 7, 2019).](https://www.sec.gov/Archives/edgar/data/1022344/000155837019007355/spg-20190630ex103a35365.htm)\n\n​\n\n​\n\n​\n\n10.42*\n\n​\n\n[Form of Restricted Stock Unit Agreement under Simon Property Group, L.P. 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.48 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed February 25, 2021).](https://www.sec.gov/Archives/edgar/data/1022344/000155837021001700/spg-20201231ex1048aeab8.htm)\n\n​\n\n​\n\n​\n\n10.43*\n\n​\n\n[Form of Simon Property Group Series 2021 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 10, 2021).](https://www.sec.gov/Archives/edgar/data/1022344/000155837021006672/spg-20210331ex101e51106.htm)\n\n​\n\n​\n\n​\n\n10.44*\n\n​\n\n[Form of Certificate of Designation of Series 2021 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 10, 2021).](https://www.sec.gov/Archives/edgar/data/1022344/000155837021006672/spg-20210331ex102588f1b.htm)\n\n​\n\n​\n\n​\n\n10.45*\n\n​\n\n[Simon Property Group, Inc., 2022 Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).](https://www.sec.gov/Archives/edgar/data/1022344/000155837022007828/spg-20220331xex10d1.htm)\n\n​\n\n​\n\n​\n\n10.46*\n\n​\n\n[Form of Simon Property Group Series 2022 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).](https://www.sec.gov/Archives/edgar/data/1022344/000155837022007828/spg-20220331xex10d2.htm)\n\n​\n\n​\n\n​\n\n10.47*\n\n​\n\n[Form of Certificate of Designation of Series 2022 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).](https://www.sec.gov/Archives/edgar/data/1022344/000155837022007828/spg-20220331xex10d3.htm)\n\n​\n\n​\n\n​\n\n10.48*\n\n​\n\n[Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).](https://www.sec.gov/Archives/edgar/data/1022344/000155837022007828/spg-20220331xex10d4.htm)\n\n​\n\n​\n\n​\n\n10.49\n\n​\n\n[Third Amended and Restated $5,000,000,000 Credit Agreement, dated as of March 14, 2023 (incorporated by reference to Exhibit 99.2 of Simon Property Group, Inc. and L.P.’s Current Report on Form 8-K filed March 15, 2023).](https://www.sec.gov/Archives/edgar/data/1022344/000110465923032884/tm239565d1_ex99-2.htm)\n\n152\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n**Exhibits**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n10.50*\n\n​\n\n[Simon Property Group, Inc., 2023 Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).](https://www.sec.gov/Archives/edgar/data/1063761/000155837023007951/spg-20230331xex10d2.htm)\n\n​\n\n​\n\n​\n\n10.51*\n\n​\n\n[Form of Simon Property Group Series 2023 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).](https://www.sec.gov/Archives/edgar/data/1063761/000155837023007951/spg-20230331xex10d3.htm)\n\n​\n\n​\n\n​\n\n10.52*\n\n​\n\n[Form of Certificate of Designation of Series 2023 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).](https://www.sec.gov/Archives/edgar/data/1063761/000155837023007951/spg-20230331xex10d4.htm)\n\n​\n\n​\n\n​\n\n10.53*\n\n​\n\n[Form of Simon Property Group 2023 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.5 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).](https://www.sec.gov/Archives/edgar/data/1063761/000155837023007951/spg-20230331xex10d5.htm)\n\n​\n\n​\n\n​\n\n10.54*\n\n​\n\n[Amended and Restated Other Platform Investment Incentive Program (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Form 8-K/A filed on November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1063761/000110465923115887/tm2330272d2_ex10-1.htm)\n\n​\n\n​\n\n​\n\n10.55*\n\n​\n\n[Simon Property Group L.P. 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).](https://www.sec.gov/Archives/edgar/data/1063761/000155837024007058/spg-20240331xex10d1.htm)\n\n​\n\n​\n\n​\n\n10.56*\n\n​\n\n[Form of Simon Property Group Series 2024 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).](https://www.sec.gov/Archives/edgar/data/1063761/000155837024007058/spg-20240331xex10d2.htm)\n\n​\n\n​\n\n​\n\n10.57*\n\n​\n\n[Form of Certificate of Designation of Series 2024 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).](https://www.sec.gov/Archives/edgar/data/1063761/000155837024007058/spg-20240331xex10d3.htm)\n\n​\n\n​\n\n​\n\n10.58*\n\n​\n\n[Form of Simon Property Group 2024 Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).](https://www.sec.gov/Archives/edgar/data/1063761/000155837024007058/spg-20240331xex10d4.htm)\n\n​\n\n​\n\n​\n\n10.59*\n\n​\n\n[Form of Simon Property Group Series 2024-2 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed on August 29, 2024).](https://www.sec.gov/Archives/edgar/data/0001063761/000110465924095040/tm2423008d1_ex10-1.htm)\n\n​\n\n​\n\n​\n\n10.60*\n\n​\n\n[Form of Certificate of Designation of Series 2024-2 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed on August 29, 2024).](https://www.sec.gov/Archives/edgar/data/0001063761/000110465924095040/tm2423008d1_ex10-2.htm)\n\n​\n\n​\n\n​\n\n10.61\n\n​\n\n[Third Amended and Restated $3,500,000,000 Credit Agreement dated as of September 19, 2024 (incorporated by reference to Exhibit 99.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed September 19, 2024).](https://www.sec.gov/Archives/edgar/data/0001063761/000110465924101363/tm2424274d1_ex99-2.htm)\n\n​\n\n​\n\n​\n\n10.62*\n\n​\n\n[Simon Property Group, L.P. 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000155837025007380/spg-20250331xex10d1.htm)\n\n​\n\n​\n\n​\n\n10.63*\n\n​\n\n[Form of Simon Property Group Series 2025 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000155837025007380/spg-20250331xex10d2.htm)\n\n​\n\n​\n\n​\n\n153\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n**Exhibits**\n\n​\n\n​\n\n10.64*\n\n​\n\n[Form of Certificate of Designation of Series 2025 LTIP Units of Simon Property Group L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000155837025007380/spg-20250331xex10d3.htm)\n\n​\n\n​\n\n​\n\n10.65*\n\n​\n\n[Form of Simon Property Group 2025 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000155837025007380/spg-20250331xex10d4.htm)\n\n​\n\n​\n\n​\n\n10.66\n\n​\n\n[Form of Simon Property Group Indemnity Agreement.](spg-20251231xex10d66.htm)\n\n​\n\n​\n\n​\n\n19.1\n\n​\n\n[Simon Property Group, Inc. – Insider Trading Policy (incorporated by reference to Exhibit 19.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 21, 2025).](https://www.sec.gov/Archives/edgar/data/1063761/000155837025001271/spg-20241231xex19d1.htm)\n\n​\n\n​\n\n​\n\n21.1\n\n​\n\n[List of Subsidiaries of Simon Property Group Inc. and Simon Property Group, L.P.](spg-20251231xex21d1.htm)\n\n​\n\n​\n\n​\n\n23.1\n\n​\n\n[Simon Property Group, Inc. — Consent of Ernst & Young LLP.](spg-20251231xex23d1.htm)\n\n​\n\n​\n\n​\n\n23.2\n\n​\n\n[Simon Property Group, L.P. — Consent of Ernst & Young LLP.](spg-20251231xex23d2.htm)\n\n​\n\n​\n\n​\n\n31.1\n\n​\n\n[Simon Property Group, Inc. — Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](spg-20251231xex31d1.htm)\n\n​\n\n​\n\n​\n\n31.2\n\n​\n\n[Simon Property Group, Inc. — Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](spg-20251231xex31d2.htm)\n\n​\n\n​\n\n​\n\n31.3\n\n​\n\n[Simon Property Group, L.P. — Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](spg-20251231xex31d3.htm)\n\n​\n\n​\n\n​\n\n31.4\n\n​\n\n[Simon Property Group, L.P. — Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](spg-20251231xex31d4.htm)\n\n​\n\n​\n\n​\n\n32.1\n\n​\n\n[Simon Property Group, Inc. — Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](spg-20251231xex32d1.htm)\n\n​\n\n​\n\n​\n\n32.2\n\n​\n\n[Simon Property Group, L.P. — Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](spg-20251231xex32d2.htm)\n\n​\n\n​\n\n​\n\n97\n\n​\n\n[Simon Property Group, Inc. – Policy For Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed on February 22, 2024).](https://www.sec.gov/Archives/edgar/data/1022344/000155837024001532/spg-20231231xex97.htm)\n\n​\n\n​\n\n​\n\n101.INS\n\n​\n\nXBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n\n​\n\n​\n\n​\n\n101.SCH\n\n​\n\nInline XBRL Taxonomy Extension Schema Document\n\n​\n\n​\n\n​\n\n101.CAL\n\n​\n\nInline XBRL Taxonomy Extension Calculation Linkbase Document\n\n​\n\n​\n\n​\n\n101.LAB\n\n​\n\nInline XBRL Taxonomy Extension Label Linkbase Document\n\n​\n\n​\n\n​\n\n101.PRE\n\n​\n\nInline XBRL Taxonomy Extension Presentation Linkbase Document\n\n​\n\n​\n\n​\n\n101.DEF\n\n​\n\nInline XBRL Taxonomy Extension Definition Linkbase Document\n\n​\n\n​\n\n​\n\n104\n\n​\n\nCover Page Interactive File (formatted as Inline XBRL and contained in Exhibit 101)\n\n154\n\n[Table of Contents](#Toc)\n\n(a)    Does not include supplemental indentures that authorize the issuance of debt securities series, none of which exceeds 10% of the total assets of Simon Property Group, L.P. on a consolidated basis. Simon Property Group, L.P. agrees to file copies of any such supplemental indentures upon the request of the Commission.\n\n*        Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.\n\n​\n\n​\n\n155\n\n[Table of Contents](#Toc)\n\n**SIGNATURES**\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.\n\n​\n\n​\n\n​\n\n​\n\n**SIMON PROPERTY GROUP, INC.**\n\n​\n\n​\n\n​\n\n​\n\nBy\n\n/s/ DAVID SIMON\n\n​\n\n​\n\nDavid Simon\n\n​\n\n​\n\nChairman of the Board of Directors, Chief\n\n​\n\n​\n\nExecutive Officer and President\n\n​\n\nDate: February 25, 2026\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**SIMON PROPERTY GROUP, L.P.**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ DAVID SIMON\n\n​\n\n​\n\nDavid Simon\n\n​\n\n​\n\nChairman of the Board of Directors, Chief Executive Officer and President of Simon Property Group, Inc., General Partner\n\n​\n\n​\n\nDate: February 25, 2026\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Simon Property Group, Inc., for itself and in its capacity as General Partner of Simon Property Group, L.P., and in the capacities and on the dates indicated.\n\n**Signature**\n\n​\n\n**Capacity**\n\n​\n\n**Date**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ DAVID SIMON\n\n​\n\nChairman of the Board of Directors, Chief Executive Officer (Principal Executive Officer) and President\n\n​\n\nFebruary 25, 2026\n\nDavid Simon\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ ELI SIMON\n\n​\n\nDirector, Executive Vice President and Chief Operating Officer\n\n​\n\nFebruary 25, 2026\n\nEli Simon\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ RICHARD S. SOKOLOV\n\n​\n\nDirector and Vice Chairman\n\n​\n\nFebruary 25, 2026\n\nRichard S. Sokolov\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ LARRY C. GLASSCOCK\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nLarry C. Glasscock\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ REUBEN S. LEIBOWITZ\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nReuben S. Leibowitz\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ RANDALL J. LEWIS\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nRandall J. Lewis\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ NINA P. JONES\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nNina P. Jones\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ DANIEL C. SMITH\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nDaniel C. Smith\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ GARY M. RODKIN\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nGary M. Rodkin\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n156\n\n[Table of Contents](#Toc)\n\n**Signature**\n\n​\n\n**Capacity**\n\n​\n\n**Date**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ GLYN F. AEPPEL\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nGlyn F. Aeppel\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ STEFAN M. SELIG\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nStefan M. Selig\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ MARTA R. STEWART\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nMarta R. Stewart\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ PEGGY F. ROE\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nPeggy F. Roe\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ MARTIN J. CICCO\n\n​\n\nDirector\n\n​\n\nFebruary 25, 2026\n\nMartin J. Cicco\n\n​\n\n​\n\n/s/ BRIAN J. MCDADE\n\n​\n\n​\n\nExecutive Vice President and Chief Financial Officer (Principal Financial Officer)\n\n​\n\n​\n\nFebruary 25, 2026\n\nBrian J. McDade\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ ADAM J. REUILLE\n\n​\n\nSenior Vice President and Chief Accounting Officer (Principal Accounting Officer)\n\n​\n\nFebruary 25, 2026\n\nAdam J. Reuille\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n157\n\n[Table of Contents](#Toc)\n\n**SCHEDULE III**\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n*Real Estate and Accumulated Depreciation*\n\n*December 31, 2025*\n\n*(Dollars in thousands)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cost Capitalized**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Subsequent to**\n\n​\n\n**Gross Amounts At Which**\n\n​\n\n​\n\n​\n\n​\n\n**Date of**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Initial Cost (3)**\n\n​\n\n**Acquisition (3)**\n\n​\n\n**Carried At Close of Period**\n\n​\n\n​\n\n​\n\n​\n\n**Construction**\n\n \n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n  ​\n\n​\n\n​\n\n**  ​**\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Accumulated**\n\n**  ​**\n\n**or**\n\n \n\n**Name**\n\n​\n\n**Location**\n\n​\n\n**Encumbrances (6)**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Total (1)**\n\n​\n\n**Depreciation (2)**\n\n​\n\n**Acquisition**\n\n \n\nMalls\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBarton Creek Square\n\n​\n\nAustin, TX\n\n​\n\n$\n\n—\n\n​\n\n$\n\n2,903\n\n​\n\n$\n\n20,929\n\n​\n\n$\n\n7,983\n\n​\n\n$\n\n106,062\n\n​\n\n$\n\n10,886\n\n​\n\n$\n\n126,991\n\n​\n\n$\n\n137,877\n\n​\n\n$\n\n80,752\n\n \n\n1981\n\n​\n\nBattlefield Mall\n\n​\n\nSpringfield, MO\n\n​\n\n \n\n—\n\n​\n\n \n\n3,919\n\n​\n\n \n\n27,231\n\n​\n\n \n\n3,000\n\n​\n\n \n\n80,325\n\n​\n\n \n\n6,919\n\n​\n\n \n\n107,556\n\n​\n\n \n\n114,475\n\n​\n\n \n\n83,807\n\n \n\n1970\n\n​\n\nBay Park Square\n\n​\n\nGreen Bay, WI\n\n​\n\n \n\n—\n\n​\n\n \n\n6,278\n\n​\n\n \n\n25,623\n\n​\n\n \n\n4,106\n\n​\n\n \n\n32,246\n\n​\n\n \n\n10,384\n\n​\n\n \n\n57,869\n\n​\n\n \n\n68,253\n\n​\n\n \n\n40,889\n\n \n\n1980\n\n​\n\nBrea Mall\n\n​\n\nBrea (Los Angeles), CA\n\n​\n\n \n\n—\n\n​\n\n \n\n38,639\n\n​\n\n \n\n209,202\n\n​\n\n \n\n3,847\n\n​\n\n \n\n268,608\n\n​\n\n \n\n42,486\n\n​\n\n \n\n477,810\n\n​\n\n \n\n520,296\n\n​\n\n \n\n198,351\n\n \n\n1998\n\n(4)\n\nBriarwood Mall\n\n​\n\nAnn Arbor, MI\n\n​\n\n​\n\n165,000\n\n​\n\n​\n\n12,000\n\n​\n\n​\n\n280,220\n\n​\n\n​\n\n—\n\n​\n\n​\n\n6,154\n\n​\n\n​\n\n12,000\n\n​\n\n​\n\n286,374\n\n​\n\n​\n\n298,374\n\n​\n\n​\n\n131,983\n\n​\n\n1998\n\n(4) (5)\n\nBrickell City Centre\n\n​\n\nMiami, FL\n\n​\n\n​\n\n—\n\n​\n\n​\n\n71,243\n\n​\n\n​\n\n622,914\n\n​\n\n​\n\n—\n\n​\n\n​\n\n11,430\n\n​\n\n​\n\n71,243\n\n​\n\n​\n\n634,344\n\n​\n\n​\n\n705,587\n\n​\n\n​\n\n155,460\n\n​\n\n2007\n\n(4) (5)\n\nBroadway Square\n\n​\n\nTyler, TX\n\n​\n\n \n\n—\n\n​\n\n \n\n11,306\n\n​\n\n \n\n32,431\n\n​\n\n \n\n—\n\n​\n\n \n\n55,607\n\n​\n\n \n\n11,306\n\n​\n\n \n\n88,038\n\n​\n\n \n\n99,344\n\n​\n\n \n\n52,988\n\n \n\n1994\n\n(4)\n\nBurlington Mall\n\n​\n\nBurlington (Boston), MA\n\n​\n\n \n\n—\n\n​\n\n \n\n46,600\n\n​\n\n \n\n303,618\n\n​\n\n \n\n27,458\n\n​\n\n \n\n281,654\n\n​\n\n \n\n74,058\n\n​\n\n \n\n585,272\n\n​\n\n \n\n659,330\n\n​\n\n \n\n333,311\n\n \n\n1998\n\n(4)\n\nCastleton Square\n\n​\n\nIndianapolis, IN\n\n​\n\n \n\n—\n\n​\n\n \n\n26,250\n\n​\n\n \n\n98,287\n\n​\n\n \n\n7,434\n\n​\n\n \n\n85,449\n\n​\n\n \n\n33,684\n\n​\n\n \n\n183,736\n\n​\n\n \n\n217,420\n\n​\n\n \n\n143,474\n\n \n\n1972\n\n​\n\nCielo Vista Mall\n\n​\n\nEl Paso, TX\n\n​\n\n \n\n—\n\n​\n\n \n\n1,005\n\n​\n\n \n\n15,262\n\n​\n\n \n\n608\n\n​\n\n \n\n66,737\n\n​\n\n \n\n1,613\n\n​\n\n \n\n81,999\n\n​\n\n \n\n83,612\n\n​\n\n \n\n59,106\n\n \n\n1974\n\n​\n\nCollege Mall\n\n​\n\nBloomington, IN\n\n​\n\n \n\n—\n\n​\n\n \n\n1,003\n\n​\n\n \n\n16,245\n\n​\n\n \n\n720\n\n​\n\n \n\n72,857\n\n​\n\n \n\n1,723\n\n​\n\n \n\n89,102\n\n​\n\n \n\n90,825\n\n​\n\n \n\n58,822\n\n \n\n1965\n\n​\n\nColumbia Center\n\n​\n\nKennewick, WA\n\n​\n\n \n\n—\n\n​\n\n \n\n17,441\n\n​\n\n \n\n66,580\n\n​\n\n \n\n—\n\n​\n\n \n\n51,329\n\n​\n\n \n\n17,441\n\n​\n\n \n\n117,909\n\n​\n\n \n\n135,350\n\n​\n\n \n\n81,369\n\n \n\n1987\n\n​\n\nCopley Place\n\n​\n\nBoston, MA\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n378,045\n\n​\n\n \n\n—\n\n​\n\n \n\n289,472\n\n​\n\n \n\n—\n\n​\n\n \n\n667,517\n\n​\n\n \n\n667,517\n\n​\n\n \n\n348,151\n\n \n\n2002\n\n(4)\n\nCoral Square\n\n​\n\nCoral Springs (Miami), FL\n\n​\n\n \n\n—\n\n​\n\n \n\n12,282\n\n​\n\n \n\n93,630\n\n​\n\n \n\n—\n\n​\n\n \n\n23,515\n\n​\n\n \n\n12,282\n\n​\n\n \n\n117,145\n\n​\n\n \n\n129,427\n\n​\n\n \n\n97,617\n\n \n\n1984\n\n​\n\nCordova Mall\n\n​\n\nPensacola, FL\n\n​\n\n \n\n—\n\n​\n\n \n\n18,626\n\n​\n\n \n\n73,091\n\n​\n\n \n\n7,321\n\n​\n\n \n\n78,784\n\n​\n\n \n\n25,947\n\n​\n\n \n\n151,875\n\n​\n\n \n\n177,822\n\n​\n\n \n\n103,031\n\n \n\n1998\n\n(4)\n\nDomain, The\n\n​\n\nAustin, TX\n\n​\n\n \n\n210,000\n\n​\n\n \n\n40,436\n\n​\n\n \n\n197,010\n\n​\n\n \n\n—\n\n​\n\n \n\n199,021\n\n​\n\n \n\n40,436\n\n​\n\n \n\n396,031\n\n​\n\n \n\n436,467\n\n​\n\n \n\n228,386\n\n \n\n2005\n\n​\n\nEmpire Mall\n\n​\n\nSioux Falls, SD\n\n​\n\n \n\n120,000\n\n​\n\n \n\n35,998\n\n​\n\n \n\n192,186\n\n​\n\n \n\n—\n\n​\n\n \n\n55,411\n\n​\n\n​\n\n35,998\n\n​\n\n \n\n247,597\n\n​\n\n \n\n283,595\n\n​\n\n \n\n105,207\n\n \n\n1998\n\n(5)\n\nFashion Mall at Keystone, The\n\n​\n\nIndianapolis, IN\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n120,579\n\n​\n\n \n\n29,145\n\n​\n\n \n\n127,707\n\n \n\n \n\n29,145\n\n​\n\n \n\n248,286\n\n​\n\n \n\n277,431\n\n​\n\n \n\n163,906\n\n \n\n1997\n\n(4)\n\nFirewheel Town Center\n\n​\n\nGarland (Dallas), TX\n\n​\n\n \n\n—\n\n​\n\n \n\n8,438\n\n​\n\n \n\n82,716\n\n​\n\n \n\n—\n\n​\n\n \n\n30,816\n\n​\n\n \n\n8,438\n\n​\n\n \n\n113,532\n\n​\n\n \n\n121,970\n\n​\n\n \n\n75,389\n\n \n\n2004\n\n​\n\nForum Shops at Caesars Palace, The\n\n​\n\nLas Vegas, NV\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n276,567\n\n​\n\n \n\n—\n\n​\n\n \n\n350,934\n\n​\n\n \n\n—\n\n​\n\n \n\n627,501\n\n​\n\n \n\n627,501\n\n​\n\n \n\n386,636\n\n \n\n1992\n\n​\n\nGreenwood Park Mall\n\n​\n\nGreenwood (Indianapolis), IN\n\n​\n\n \n\n—\n\n​\n\n \n\n2,423\n\n​\n\n \n\n23,445\n\n​\n\n \n\n5,253\n\n​\n\n \n\n131,992\n\n​\n\n \n\n7,676\n\n​\n\n \n\n155,437\n\n​\n\n \n\n163,113\n\n​\n\n \n\n106,914\n\n \n\n1979\n\n​\n\nHaywood Mall\n\n​\n\nGreenville, SC\n\n​\n\n \n\n—\n\n​\n\n \n\n11,585\n\n​\n\n \n\n133,893\n\n​\n\n \n\n6\n\n​\n\n \n\n50,334\n\n​\n\n \n\n11,591\n\n​\n\n \n\n184,227\n\n​\n\n \n\n195,818\n\n​\n\n \n\n136,739\n\n \n\n1998\n\n(4)\n\nKing of Prussia\n\n​\n\nKing of Prussia (Philadelphia), PA\n\n​\n\n \n\n—\n\n​\n\n \n\n175,063\n\n​\n\n \n\n1,128,236\n\n​\n\n \n\n—\n\n​\n\n \n\n482,583\n\n​\n\n \n\n175,063\n\n​\n\n \n\n1,610,819\n\n​\n\n \n\n1,785,882\n\n​\n\n \n\n720,630\n\n \n\n2003\n\n(5)\n\nLa Plaza Mall (13)\n\n​\n\nMcAllen, TX\n\n​\n\n \n\n—\n\n​\n\n \n\n87,912\n\n​\n\n \n\n9,828\n\n​\n\n \n\n6,569\n\n​\n\n \n\n202,366\n\n​\n\n \n\n94,481\n\n​\n\n \n\n212,194\n\n​\n\n \n\n306,675\n\n​\n\n \n\n82,907\n\n \n\n1976\n\n​\n\nLakeline Mall\n\n​\n\nCedar Park (Austin), TX\n\n​\n\n \n\n—\n\n​\n\n \n\n8,944\n\n​\n\n \n\n81,568\n\n​\n\n \n\n14\n\n​\n\n \n\n29,419\n\n​\n\n \n\n8,958\n\n​\n\n \n\n110,987\n\n​\n\n \n\n119,945\n\n​\n\n \n\n80,421\n\n \n\n1995\n\n​\n\nLenox Square\n\n​\n\nAtlanta, GA\n\n​\n\n \n\n—\n\n​\n\n \n\n37,216\n\n​\n\n \n\n492,411\n\n​\n\n \n\n—\n\n​\n\n \n\n171,089\n\n​\n\n \n\n37,216\n\n​\n\n \n\n663,500\n\n​\n\n \n\n700,716\n\n​\n\n \n\n471,597\n\n \n\n1998\n\n(4)\n\nMall of Georgia\n\n​\n\nBuford (Atlanta), GA\n\n​\n\n​\n\n—\n\n​\n\n​\n\n47,492\n\n​\n\n​\n\n326,633\n\n​\n\n​\n\n—\n\n​\n\n​\n\n23,980\n\n​\n\n​\n\n47,492\n\n​\n\n​\n\n350,613\n\n​\n\n​\n\n398,105\n\n​\n\n​\n\n251,649\n\n​\n\n1999\n\n(5)\n\nMcCain Mall\n\n​\n\nN. Little Rock, AR\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n9,515\n\n​\n\n​\n\n10,142\n\n​\n\n​\n\n31,248\n\n​\n\n​\n\n10,142\n\n​\n\n​\n\n40,763\n\n​\n\n​\n\n50,905\n\n​\n\n​\n\n23,843\n\n​\n\n1973\n\n​\n\nMenlo Park Mall\n\n​\n\nEdison (New York), NJ\n\n​\n\n \n\n—\n\n \n\n​\n\n65,684\n\n \n\n​\n\n223,252\n\n \n\n​\n\n—\n\n \n\n​\n\n117,725\n\n \n\n​\n\n65,684\n\n \n\n​\n\n340,977\n\n \n\n​\n\n406,661\n\n \n\n​\n\n234,244\n\n \n\n1997\n\n(4)\n\nMiami International\n\n​\n\nMiami, FL\n\n​\n\n​\n\n151,980\n\n​\n\n​\n\n3,996\n\n​\n\n​\n\n160,710\n\n​\n\n​\n\n—\n\n​\n\n​\n\n336\n\n​\n\n​\n\n3,996\n\n​\n\n​\n\n161,046\n\n​\n\n​\n\n165,042\n\n​\n\n​\n\n74,796\n\n​\n\n1982\n\n(3) (5)\n\nMidland Park Mall\n\n​\n\nMidland, TX\n\n​\n\n \n\n—\n\n​\n\n \n\n687\n\n​\n\n​\n\n9,213\n\n​\n\n \n\n1,196\n\n​\n\n \n\n47,531\n\n​\n\n \n\n1,883\n\n​\n\n \n\n56,744\n\n​\n\n \n\n58,627\n\n​\n\n \n\n28,745\n\n​\n\n1980\n\n​\n\nMiller Hill Mall\n\n​\n\nDuluth, MN\n\n​\n\n \n\n—\n\n \n\n \n\n2,965\n\n \n\n​\n\n18,092\n\n \n\n \n\n1,811\n\n \n\n \n\n51,133\n\n \n\n \n\n4,776\n\n \n\n \n\n69,225\n\n \n\n \n\n74,001\n\n \n\n \n\n49,413\n\n \n\n1973\n\n​\n\nNorth East Mall\n\n​\n\nHurst (Dallas), TX\n\n​\n\n \n\n—\n\n \n\n \n\n128\n\n \n\n​\n\n12,966\n\n \n\n \n\n19,010\n\n \n\n \n\n137,413\n\n \n\n \n\n19,138\n\n \n\n \n\n150,379\n\n \n\n \n\n169,517\n\n \n\n \n\n117,354\n\n \n\n1971\n\n​\n\nOcean County Mall\n\n​\n\nToms River (New York), NJ\n\n​\n\n \n\n—\n\n \n\n \n\n20,404\n\n \n\n​\n\n124,945\n\n \n\n \n\n3,277\n\n \n\n \n\n88,981\n\n \n\n \n\n23,681\n\n \n\n \n\n213,926\n\n \n\n \n\n237,607\n\n \n\n \n\n135,257\n\n \n\n1998\n\n(4)\n\nOrland Square\n\n​\n\nOrland Park (Chicago), IL\n\n​\n\n \n\n—\n\n \n\n \n\n35,439\n\n \n\n​\n\n129,906\n\n \n\n \n\n—\n\n \n\n \n\n87,148\n\n \n\n \n\n35,439\n\n \n\n \n\n217,054\n\n \n\n \n\n252,493\n\n \n\n \n\n148,468\n\n \n\n1997\n\n(4)\n\nPenn Square Mall\n\n​\n\nOklahoma City, OK\n\n​\n\n \n\n310,000\n\n \n\n \n\n2,043\n\n \n\n​\n\n155,958\n\n \n\n \n\n—\n\n \n\n \n\n71,221\n\n \n\n \n\n2,043\n\n \n\n \n\n227,179\n\n \n\n \n\n229,222\n\n \n\n \n\n171,099\n\n \n\n2002\n\n(4)\n\nPheasant Lane Mall\n\n​\n\nNashua, NH\n\n​\n\n​\n\n—\n\n \n\n​\n\n3,902\n\n \n\n​\n\n155,068\n\n \n\n​\n\n550\n\n \n\n​\n\n53,416\n\n \n\n​\n\n4,452\n\n \n\n​\n\n208,484\n\n \n\n​\n\n212,936\n\n \n\n​\n\n146,599\n\n \n\n2004\n\n(5)\n\nPhillips Place\n\n​\n\nCharlotte, NC\n\n​\n\n​\n\n—\n\n​\n\n​\n\n19,991\n\n​\n\n​\n\n113,280\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n19,991\n\n​\n\n​\n\n113,280\n\n​\n\n​\n\n133,271\n\n​\n\n​\n\n481\n\n​\n\n2025\n\n(4)\n\nPhipps Plaza\n\n​\n\nAtlanta, GA\n\n​\n\n​\n\n—\n\n \n\n​\n\n15,005\n\n \n\n​\n\n210,610\n\n \n\n​\n\n—\n\n \n\n​\n\n291,328\n\n \n\n​\n\n15,005\n\n \n\n​\n\n501,938\n\n \n\n​\n\n516,943\n\n \n\n​\n\n252,608\n\n \n\n1998\n\n(4)\n\nPlaza Carolina\n\n​\n\nCarolina (San Juan), PR\n\n​\n\n \n\n—\n\n \n\n \n\n15,493\n\n \n\n​\n\n279,560\n\n \n\n \n\n—\n\n \n\n \n\n85,680\n\n \n\n \n\n15,493\n\n \n\n \n\n365,240\n\n \n\n \n\n380,733\n\n \n\n \n\n222,337\n\n \n\n2004\n\n(4)\n\nPrien Lake Mall\n\n​\n\nLake Charles, LA\n\n​\n\n \n\n—\n\n \n\n \n\n1,842\n\n \n\n​\n\n2,813\n\n \n\n \n\n3,053\n\n \n\n \n\n69,204\n\n \n\n \n\n4,895\n\n \n\n \n\n72,017\n\n \n\n \n\n76,912\n\n \n\n \n\n37,246\n\n \n\n1972\n\n​\n\nRockaway Townsquare\n\n​\n\nRockaway (New York), NJ\n\n​\n\n \n\n—\n\n \n\n \n\n41,918\n\n \n\n \n\n212,257\n\n \n\n \n\n—\n\n \n\n \n\n76,889\n\n \n\n \n\n41,918\n\n \n\n \n\n289,146\n\n \n\n \n\n331,064\n\n \n\n \n\n202,437\n\n \n\n1998\n\n(4)\n\n158\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n*Real Estate and Accumulated Depreciation*\n\n*December 31, 2025*\n\n*(Dollars in thousands)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cost Capitalized**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Subsequent to**\n\n​\n\n**Gross Amounts At Which**\n\n​\n\n​\n\n​\n\n​\n\n**Date of**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Initial Cost (3)**\n\n​\n\n**Acquisition (3)**\n\n​\n\n**Carried At Close of Period**\n\n​\n\n​\n\n​\n\n​\n\n**Construction**\n\n \n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n  ​\n\n​\n\n​\n\n**  ​**\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Accumulated**\n\n**  ​**\n\n**or**\n\n \n\n**Name**\n\n​\n\n**Location**\n\n​\n\n**Encumbrances (6)**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Total (1)**\n\n​\n\n**Depreciation (2)**\n\n​\n\n**Acquisition**\n\n \n\nRoosevelt Field\n\n​\n\nGarden City (New York), NY\n\n​\n\n$\n\n—\n\n \n\n$\n\n161,133\n\n \n\n$\n\n702,008\n\n \n\n$\n\n1,246\n\n \n\n$\n\n426,839\n\n \n\n$\n\n162,379\n\n \n\n$\n\n1,128,847\n\n \n\n$\n\n1,291,226\n\n \n\n$\n\n706,810\n\n \n\n1998\n\n(4)\n\nRoss Park Mall\n\n​\n\nPittsburgh, PA\n\n​\n\n​\n\n—\n\n \n\n​\n\n25,829\n\n \n\n​\n\n93,230\n\n \n\n​\n\n5,815\n\n \n\n​\n\n177,424\n\n \n\n​\n\n31,644\n\n \n\n​\n\n270,654\n\n \n\n​\n\n302,298\n\n \n\n​\n\n164,967\n\n \n\n1986\n\n​\n\nSanta Rosa Plaza\n\n​\n\nSanta Rosa, CA\n\n​\n\n​\n\n—\n\n \n\n​\n\n10,388\n\n \n\n​\n\n87,864\n\n \n\n​\n\n—\n\n \n\n​\n\n33,095\n\n \n\n​\n\n10,388\n\n \n\n​\n\n120,959\n\n \n\n​\n\n131,347\n\n \n\n​\n\n84,514\n\n \n\n1998\n\n(4)\n\nShops at Chestnut Hill, The\n\n​\n\nChestnut Hill (Boston), MA\n\n​\n\n​\n\n91,404\n\n \n\n​\n\n449\n\n \n\n​\n\n25,102\n\n \n\n​\n\n38,864\n\n \n\n​\n\n109,515\n\n \n\n​\n\n39,313\n\n \n\n​\n\n134,617\n\n \n\n​\n\n173,930\n\n \n\n​\n\n64,542\n\n \n\n2002\n\n(5)\n\nShops at Riverside, The\n\n​\n\nHackensack (New York), NJ\n\n​\n\n \n\n—\n\n \n\n \n\n13,521\n\n \n\n​\n\n238,746\n\n \n\n \n\n—\n\n \n\n \n\n277,415\n\n \n\n \n\n13,521\n\n \n\n \n\n516,161\n\n \n\n \n\n529,682\n\n \n\n \n\n194,096\n\n \n\n2007\n\n(4) (5)\n\nSmith Haven Mall\n\n​\n\nLake Grove (New York)\n\n​\n\n​\n\n—\n\n​\n\n​\n\n25,822\n\n​\n\n​\n\n398,974\n\n​\n\n​\n\n—\n\n​\n\n​\n\n21,306\n\n​\n\n​\n\n25,822\n\n​\n\n​\n\n420,280\n\n​\n\n​\n\n446,102\n\n​\n\n​\n\n270,120\n\n​\n\n1995\n\n(4) (5)\n\nSouth Hills Village\n\n​\n\nPittsburgh, PA\n\n​\n\n \n\n—\n\n \n\n \n\n23,445\n\n \n\n​\n\n125,840\n\n \n\n \n\n1,472\n\n \n\n \n\n104,549\n\n \n\n \n\n24,917\n\n \n\n \n\n230,389\n\n \n\n \n\n255,306\n\n \n\n \n\n140,775\n\n \n\n1997\n\n(4)\n\nSouth Shore Plaza\n\n​\n\nBraintree (Boston), MA\n\n​\n\n \n\n—\n\n \n\n \n\n101,200\n\n \n\n​\n\n301,495\n\n \n\n \n\n1,972\n\n \n\n \n\n192,210\n\n \n\n \n\n103,172\n\n \n\n \n\n493,705\n\n \n\n \n\n596,877\n\n \n\n \n\n335,396\n\n \n\n1998\n\n(4)\n\nSouthdale Center\n\n​\n\nEdina (Minneapolis), MN\n\n​\n\n​\n\n—\n\n​\n\n \n\n41,430\n\n​\n\n​\n\n184,967\n\n​\n\n \n\n—\n\n​\n\n \n\n223,413\n\n​\n\n \n\n41,430\n\n​\n\n \n\n408,380\n\n​\n\n \n\n449,810\n\n​\n\n \n\n119,698\n\n​\n\n2007\n\n(4) (5)\n\nSouthPark\n\n​\n\nCharlotte, NC\n\n​\n\n \n\n—\n\n \n\n \n\n42,092\n\n \n\n​\n\n188,055\n\n \n\n \n\n100\n\n \n\n \n\n271,227\n\n \n\n \n\n42,192\n\n \n\n \n\n459,282\n\n \n\n \n\n501,474\n\n \n\n \n\n282,573\n\n \n\n2002\n\n(4)\n\nSt. Charles Towne Center\n\n​\n\nWaldorf (Washington, DC), MD\n\n​\n\n \n\n—\n\n \n\n \n\n7,710\n\n \n\n​\n\n52,934\n\n \n\n \n\n1,180\n\n \n\n \n\n25,717\n\n \n\n \n\n8,890\n\n \n\n \n\n78,651\n\n \n\n \n\n87,541\n\n \n\n \n\n67,594\n\n \n\n1990\n\n​\n\nStanford Shopping Center\n\n​\n\nPalo Alto (San Jose), CA\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n339,537\n\n​\n\n​\n\n—\n\n​\n\n​\n\n249,714\n\n​\n\n​\n\n—\n\n​\n\n​\n\n589,251\n\n​\n\n​\n\n589,251\n\n​\n\n​\n\n302,326\n\n​\n\n2003\n\n(4)\n\nSummit Mall\n\n​\n\nAkron, OH\n\n​\n\n​\n\n85,000\n\n​\n\n​\n\n15,374\n\n \n\n​\n\n51,137\n\n \n\n​\n\n—\n\n \n\n​\n\n62,501\n\n \n\n​\n\n15,374\n\n \n\n​\n\n113,638\n\n \n\n​\n\n129,012\n\n \n\n​\n\n81,999\n\n \n\n1965\n\n​\n\nTacoma Mall\n\n​\n\nTacoma (Seattle), WA\n\n​\n\n​\n\n—\n\n \n\n​\n\n37,113\n\n \n\n​\n\n125,826\n\n \n\n​\n\n—\n\n \n\n​\n\n209,632\n\n \n\n​\n\n37,113\n\n \n\n​\n\n335,458\n\n \n\n​\n\n372,571\n\n \n\n​\n\n190,535\n\n \n\n1987\n\n​\n\nTippecanoe Mall\n\n​\n\nLafayette, IN\n\n​\n\n \n\n—\n\n \n\n \n\n2,897\n\n \n\n \n\n8,439\n\n \n\n \n\n5,517\n\n \n\n \n\n52,430\n\n \n\n \n\n8,414\n\n \n\n \n\n60,869\n\n \n\n \n\n69,283\n\n \n\n \n\n49,369\n\n \n\n1973\n\n​\n\nTown Center at Boca Raton\n\n​\n\nBoca Raton (Miami), FL\n\n​\n\n \n\n—\n\n \n\n \n\n64,200\n\n \n\n \n\n307,317\n\n \n\n \n\n—\n\n \n\n \n\n289,699\n\n \n\n \n\n64,200\n\n \n\n \n\n597,016\n\n \n\n \n\n661,216\n\n \n\n \n\n388,162\n\n \n\n1998\n\n(4)\n\nTowne East Square\n\n​\n\nWichita, KS\n\n​\n\n \n\n—\n\n \n\n \n\n8,024\n\n \n\n \n\n18,479\n\n \n\n \n\n4,108\n\n \n\n \n\n64,566\n\n \n\n \n\n12,132\n\n \n\n \n\n83,045\n\n \n\n \n\n95,177\n\n \n\n \n\n54,632\n\n \n\n1975\n\n​\n\nTreasure Coast Square\n\n​\n\nJensen Beach, FL\n\n​\n\n \n\n—\n\n \n\n \n\n10,750\n\n \n\n \n\n72,990\n\n \n\n \n\n3,067\n\n \n\n \n\n30,351\n\n \n\n \n\n13,817\n\n \n\n \n\n103,341\n\n \n\n \n\n117,158\n\n \n\n \n\n78,529\n\n \n\n1987\n\n​\n\nTyrone Square\n\n​\n\nSt. Petersburg (Tampa), FL\n\n​\n\n \n\n—\n\n \n\n \n\n15,638\n\n \n\n \n\n120,962\n\n \n\n \n\n1,459\n\n \n\n \n\n51,413\n\n \n\n \n\n17,097\n\n \n\n \n\n172,375\n\n \n\n \n\n189,472\n\n \n\n \n\n137,583\n\n \n\n1972\n\n​\n\nUniversity Park Mall\n\n​\n\nMishawaka, IN\n\n​\n\n \n\n—\n\n \n\n \n\n10,762\n\n \n\n \n\n118,164\n\n \n\n \n\n7,000\n\n \n\n \n\n60,666\n\n \n\n \n\n17,762\n\n \n\n \n\n178,830\n\n \n\n \n\n196,592\n\n \n\n \n\n155,124\n\n \n\n1996\n\n(4)\n\nWalt Whitman Shops\n\n​\n\nHuntington Station (New York), NY\n\n​\n\n \n\n—\n\n \n\n \n\n51,700\n\n \n\n \n\n111,258\n\n \n\n \n\n3,789\n\n \n\n \n\n150,788\n\n \n\n \n\n55,489\n\n \n\n \n\n262,046\n\n \n\n \n\n317,535\n\n \n\n \n\n168,404\n\n \n\n1998\n\n(4)\n\nWhite Oaks Mall\n\n​\n\nSpringfield, IL\n\n​\n\n \n\n31,652\n\n \n\n \n\n2,789\n\n \n\n \n\n35,692\n\n \n\n \n\n2,468\n\n \n\n \n\n69,678\n\n \n\n \n\n5,257\n\n \n\n \n\n105,370\n\n \n\n \n\n110,627\n\n \n\n \n\n73,963\n\n \n\n1977\n\n​\n\nWolfchase Galleria\n\n​\n\nMemphis, TN\n\n​\n\n \n\n155,152\n\n \n\n \n\n16,407\n\n \n\n \n\n128,276\n\n \n\n \n\n—\n\n \n\n \n\n19,677\n\n \n\n \n\n16,407\n\n \n\n \n\n147,953\n\n \n\n \n\n164,360\n\n \n\n \n\n119,069\n\n \n\n2002\n\n(4)\n\nWoodland Hills Mall\n\n​\n\nTulsa, OK\n\n​\n\n \n\n—\n\n \n\n \n\n34,211\n\n \n\n \n\n187,123\n\n \n\n \n\n13,811\n\n \n\n \n\n54,860\n\n \n\n \n\n48,022\n\n \n\n \n\n241,983\n\n \n\n \n\n290,005\n\n \n\n \n\n183,051\n\n \n\n2004\n\n(5)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPremium Outlets\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAlbertville Premium Outlets\n\n​\n\nAlbertville (Minneapolis), MN\n\n​\n\n​\n\n—\n\n​\n\n​\n\n3,900\n\n​\n\n​\n\n97,059\n\n​\n\n​\n\n—\n\n​\n\n​\n\n13,046\n\n​\n\n​\n\n3,900\n\n​\n\n​\n\n110,105\n\n​\n\n​\n\n114,005\n\n​\n\n​\n\n77,955\n\n \n\n2004\n\n(4)\n\nAllen Premium Outlets\n\n​\n\nAllen (Dallas), TX\n\n​\n\n \n\n—\n\n \n\n \n\n20,932\n\n \n\n \n\n69,788\n\n \n\n \n\n—\n\n \n\n \n\n45,642\n\n \n\n \n\n20,932\n\n \n\n \n\n115,430\n\n \n\n \n\n136,362\n\n \n\n \n\n54,115\n\n \n\n2004\n\n(4)\n\nAurora Farms Premium Outlets\n\n​\n\nAurora (Cleveland), OH\n\n​\n\n \n\n—\n\n​\n\n \n\n2,370\n\n​\n\n \n\n24,326\n\n​\n\n \n\n541\n\n​\n\n \n\n12,386\n\n​\n\n \n\n2,911\n\n​\n\n \n\n36,712\n\n​\n\n \n\n39,623\n\n​\n\n \n\n28,041\n\n​\n\n2004\n\n(4)\n\nBirch Run Premium Outlets\n\n​\n\nBirch Run (Detroit), MI\n\n​\n\n \n\n123,000\n\n​\n\n \n\n11,477\n\n​\n\n \n\n77,856\n\n​\n\n \n\n—\n\n​\n\n \n\n9,806\n\n​\n\n \n\n11,477\n\n​\n\n \n\n87,662\n\n​\n\n \n\n99,139\n\n​\n\n \n\n50,385\n\n​\n\n2010\n\n(4)\n\nCamarillo Premium Outlets\n\n​\n\nCamarillo (Los Angeles), CA\n\n​\n\n \n\n—\n\n \n\n \n\n16,599\n\n \n\n \n\n224,721\n\n \n\n \n\n395\n\n \n\n \n\n81,686\n\n \n\n \n\n16,994\n\n \n\n \n\n306,407\n\n \n\n \n\n323,401\n\n \n\n \n\n191,560\n\n \n\n2004\n\n(4)\n\nCarlsbad Premium Outlets\n\n​\n\nCarlsbad (San Diego), CA\n\n​\n\n \n\n—\n\n \n\n \n\n12,890\n\n \n\n \n\n184,990\n\n \n\n \n\n96\n\n \n\n \n\n16,722\n\n \n\n \n\n12,986\n\n \n\n \n\n201,712\n\n \n\n \n\n214,698\n\n \n\n \n\n113,806\n\n \n\n2004\n\n(4)\n\nCarolina Premium Outlets\n\n​\n\nSmithfield (Raleigh), NC\n\n​\n\n \n\n—\n\n \n\n \n\n3,175\n\n \n\n \n\n59,863\n\n \n\n \n\n5,311\n\n \n\n \n\n10,068\n\n \n\n \n\n8,486\n\n \n\n \n\n69,931\n\n \n\n \n\n78,417\n\n \n\n \n\n46,237\n\n \n\n2004\n\n(4)\n\nChicago Premium Outlets\n\n​\n\nAurora (Chicago), IL\n\n​\n\n \n\n—\n\n \n\n \n\n659\n\n \n\n \n\n118,005\n\n \n\n \n\n13,050\n\n \n\n \n\n97,306\n\n \n\n \n\n13,709\n\n \n\n \n\n215,311\n\n \n\n \n\n229,020\n\n \n\n \n\n111,680\n\n \n\n2004\n\n(4)\n\nCincinnati Premium Outlets\n\n​\n\nMonroe (Cincinnati), OH\n\n​\n\n \n\n—\n\n \n\n \n\n14,117\n\n \n\n \n\n71,520\n\n \n\n \n\n—\n\n \n\n \n\n5,950\n\n \n\n \n\n14,117\n\n \n\n \n\n77,470\n\n \n\n \n\n91,587\n\n \n\n \n\n46,555\n\n \n\n2008\n\n​\n\nClinton Premium Outlets\n\n​\n\nClinton, CT\n\n​\n\n \n\n—\n\n \n\n \n\n2,060\n\n \n\n \n\n107,556\n\n \n\n \n\n1,532\n\n \n\n \n\n8,533\n\n \n\n \n\n3,592\n\n \n\n \n\n116,089\n\n \n\n \n\n119,681\n\n \n\n \n\n79,216\n\n \n\n2004\n\n(4)\n\nDenver Premium Outlets\n\n​\n\nThornton (Denver), CO\n\n​\n\n \n\n—\n\n \n\n \n\n10,182\n\n \n\n \n\n45,335\n\n \n\n \n\n10\n\n \n\n \n\n66,005\n\n \n\n \n\n10,192\n\n \n\n \n\n111,340\n\n \n\n \n\n121,532\n\n \n\n \n\n39,704\n\n \n\n2018\n\n​\n\nDesert Hills Premium Outlets\n\n​\n\nCabazon (Palm Springs), CA\n\n​\n\n​\n\n—\n\n \n\n​\n\n3,440\n\n \n\n​\n\n338,679\n\n \n\n​\n\n—\n\n \n\n​\n\n126,600\n\n \n\n​\n\n3,440\n\n \n\n​\n\n465,279\n\n \n\n​\n\n468,719\n\n \n\n​\n\n251,831\n\n \n\n2004\n\n(4)\n\nEllenton Premium Outlets\n\n​\n\nEllenton (Tampa), FL\n\n​\n\n​\n\n120,000\n\n​\n\n​\n\n15,807\n\n​\n\n​\n\n182,412\n\n​\n\n​\n\n—\n\n​\n\n​\n\n10,990\n\n​\n\n​\n\n15,807\n\n​\n\n​\n\n193,402\n\n​\n\n​\n\n209,209\n\n​\n\n​\n\n150,932\n\n​\n\n2010\n\n(4)\n\nFinger Lakes Premium Outlets\n\n​\n\nWaterloo, NY\n\n​\n\n \n\n—\n\n \n\n​\n\n3,230\n\n \n\n​\n\n75,277\n\n \n\n​\n\n—\n\n \n\n​\n\n16,754\n\n \n\n​\n\n3,230\n\n \n\n​\n\n92,031\n\n \n\n​\n\n95,261\n\n​\n\n​\n\n59,681\n\n​\n\n2004\n\n(4)\n\nFolsom Premium Outlets\n\n​\n\nFolsom (Sacramento), CA\n\n​\n\n \n\n—\n\n \n\n​\n\n9,060\n\n \n\n \n\n50,281\n\n \n\n \n\n—\n\n \n\n \n\n7,183\n\n \n\n \n\n9,060\n\n \n\n \n\n57,464\n\n \n\n \n\n66,524\n\n​\n\n \n\n40,107\n\n​\n\n2004\n\n(4)\n\nGilroy Premium Outlets\n\n​\n\nGilroy (San Jose), CA\n\n​\n\n \n\n—\n\n \n\n​\n\n8,539\n\n \n\n​\n\n190,835\n\n \n\n​\n\n—\n\n \n\n​\n\n2,800\n\n \n\n​\n\n8,539\n\n \n\n​\n\n193,635\n\n \n\n​\n\n202,174\n\n​\n\n​\n\n119,479\n\n​\n\n2004\n\n(4)\n\nGloucester Premium Outlets\n\n​\n\nBlackwood (Philadelphia). NJ\n\n​\n\n \n\n75,000\n\n \n\n \n\n13,851\n\n \n\n \n\n107,685\n\n \n\n \n\n—\n\n \n\n \n\n1,775\n\n \n\n \n\n13,851\n\n \n\n \n\n109,460\n\n \n\n \n\n123,311\n\n​\n\n \n\n41,693\n\n​\n\n2015\n\n(5)\n\nGrand Prairie Premium Outlets\n\n​\n\nGrand Prairie (Dallas), TX\n\n​\n\n \n\n—\n\n \n\n \n\n9,497\n\n \n\n \n\n194,245\n\n \n\n \n\n—\n\n \n\n \n\n2,218\n\n \n\n \n\n9,497\n\n \n\n \n\n196,463\n\n \n\n \n\n205,960\n\n​\n\n \n\n83,397\n\n​\n\n2012\n\n​\n\n159\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n*Real Estate and Accumulated Depreciation*\n\n*December 31, 2025*\n\n*(Dollars in thousands)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cost Capitalized**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Subsequent to**\n\n​\n\n**Gross Amounts At Which**\n\n​\n\n​\n\n​\n\n​\n\n**Date of**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Initial Cost (3)**\n\n​\n\n**Acquisition (3)**\n\n​\n\n**Carried At Close of Period**\n\n​\n\n​\n\n​\n\n​\n\n**Construction**\n\n \n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n  ​\n\n​\n\n​\n\n**  ​**\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Accumulated**\n\n**  ​**\n\n**or**\n\n \n\n**Name**\n\n​\n\n**Location**\n\n​\n\n**Encumbrances (6)**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Total (1)**\n\n​\n\n**Depreciation (2)**\n\n​\n\n**Acquisition**\n\n \n\nGrove City Premium Outlets\n\n​\n\nGrove City (Pittsburgh), PA\n\n​\n\n$\n\n140,000\n\n \n\n$\n\n6,421\n\n \n\n$\n\n121,880\n\n \n\n$\n\n—\n\n \n\n$\n\n11,916\n\n \n\n$\n\n6,421\n\n \n\n$\n\n133,796\n\n \n\n$\n\n140,217\n\n​\n\n$\n\n102,929\n\n​\n\n2010\n\n(4)\n\nGulfport Premium Outlets\n\n​\n\nGulfport, MS\n\n​\n\n \n\n50,000\n\n \n\n \n\n—\n\n \n\n \n\n27,949\n\n \n\n \n\n—\n\n \n\n \n\n8,962\n\n \n\n \n\n—\n\n \n\n \n\n36,911\n\n \n\n \n\n36,911\n\n​\n\n \n\n24,593\n\n​\n\n2010\n\n(4)\n\nHagerstown Premium Outlets\n\n​\n\nHagerstown (Baltimore/Washington, DC), MD\n\n​\n\n \n\n68,365\n\n​\n\n \n\n3,560\n\n​\n\n \n\n85,883\n\n​\n\n \n\n—\n\n​\n\n \n\n451\n\n​\n\n \n\n3,560\n\n​\n\n \n\n86,334\n\n​\n\n \n\n89,894\n\n​\n\n \n\n52,997\n\n​\n\n2010\n\n(4)\n\nHouston Premium Outlets\n\n​\n\nCypress (Houston), TX\n\n​\n\n \n\n—\n\n \n\n \n\n8,695\n\n \n\n \n\n69,350\n\n \n\n \n\n—\n\n \n\n \n\n50,754\n\n \n\n \n\n8,695\n\n \n\n \n\n120,104\n\n \n\n \n\n128,799\n\n​\n\n \n\n68,476\n\n​\n\n2007\n\n​\n\nIndiana Premium Outlets\n\n​\n\nEdinburgh (Indianapolis), IN\n\n​\n\n \n\n—\n\n \n\n \n\n2,857\n\n \n\n \n\n47,309\n\n \n\n \n\n—\n\n \n\n \n\n24,379\n\n \n\n \n\n2,857\n\n \n\n \n\n71,688\n\n \n\n \n\n74,545\n\n​\n\n \n\n45,104\n\n​\n\n2004\n\n(4)\n\nJackson Premium Outlets\n\n​\n\nJackson (New York), NJ\n\n​\n\n \n\n—\n\n \n\n \n\n6,413\n\n \n\n \n\n104,013\n\n \n\n \n\n3\n\n \n\n \n\n12,406\n\n \n\n \n\n6,416\n\n \n\n \n\n116,419\n\n \n\n \n\n122,835\n\n​\n\n \n\n66,892\n\n​\n\n2004\n\n(4)\n\nJersey Shore Premium Outlets\n\n​\n\nTinton Falls (New York), NJ\n\n​\n\n \n\n—\n\n \n\n \n\n15,390\n\n \n\n \n\n50,979\n\n \n\n \n\n—\n\n \n\n \n\n82,768\n\n \n\n \n\n15,390\n\n \n\n \n\n133,747\n\n \n\n \n\n149,137\n\n​\n\n \n\n85,500\n\n​\n\n2007\n\n​\n\nJohnson Creek Premium Outlets\n\n​\n\nJohnson Creek, WI\n\n​\n\n \n\n—\n\n \n\n \n\n2,800\n\n \n\n \n\n39,546\n\n \n\n \n\n—\n\n \n\n \n\n9,437\n\n \n\n \n\n2,800\n\n \n\n \n\n48,983\n\n \n\n \n\n51,783\n\n​\n\n \n\n29,547\n\n​\n\n2004\n\n(4)\n\nKittery Premium Outlets\n\n​\n\nKittery, ME\n\n​\n\n \n\n—\n\n \n\n \n\n11,832\n\n \n\n \n\n94,994\n\n \n\n \n\n—\n\n \n\n \n\n16,688\n\n \n\n \n\n11,832\n\n \n\n \n\n111,682\n\n \n\n \n\n123,514\n\n​\n\n \n\n63,389\n\n​\n\n2004\n\n(4)\n\nLas Americas Premium Outlets\n\n​\n\nSan Diego, CA\n\n​\n\n \n\n—\n\n \n\n \n\n52,969\n\n \n\n \n\n283,081\n\n \n\n \n\n—\n\n \n\n \n\n16,771\n\n \n\n \n\n52,969\n\n \n\n \n\n299,852\n\n \n\n \n\n352,821\n\n​\n\n \n\n143,297\n\n​\n\n2007\n\n(4)\n\nLas Vegas North Premium Outlets\n\n​\n\nLas Vegas, NV\n\n​\n\n \n\n—\n\n \n\n \n\n25,435\n\n \n\n \n\n134,973\n\n \n\n \n\n16,536\n\n \n\n \n\n160,190\n\n \n\n \n\n41,971\n\n \n\n \n\n295,163\n\n \n\n \n\n337,134\n\n​\n\n \n\n175,092\n\n​\n\n2004\n\n(4)\n\nLas Vegas South Premium Outlets\n\n​\n\nLas Vegas, NV\n\n​\n\n \n\n—\n\n \n\n \n\n13,085\n\n \n\n \n\n160,777\n\n \n\n \n\n—\n\n \n\n \n\n43,771\n\n \n\n \n\n13,085\n\n \n\n \n\n204,548\n\n \n\n \n\n217,633\n\n​\n\n \n\n112,635\n\n​\n\n2004\n\n(4)\n\nLee Premium Outlets\n\n​\n\nLee, MA\n\n​\n\n \n\n43,813\n\n \n\n \n\n9,167\n\n \n\n \n\n52,212\n\n \n\n \n\n—\n\n \n\n \n\n6,558\n\n \n\n \n\n9,167\n\n \n\n \n\n58,770\n\n \n\n \n\n67,937\n\n​\n\n \n\n42,036\n\n​\n\n2010\n\n(4)\n\nLeesburg Premium Outlets\n\n​\n\nLeesburg (Washington, DC), VA\n\n​\n\n \n\n—\n\n \n\n \n\n7,190\n\n \n\n \n\n162,023\n\n \n\n \n\n—\n\n \n\n \n\n25,723\n\n \n\n \n\n7,190\n\n \n\n \n\n187,746\n\n \n\n \n\n194,936\n\n​\n\n \n\n112,632\n\n​\n\n2004\n\n(4)\n\nLighthouse Place Premium Outlets\n\n​\n\nMichigan City (Chicago, IL), IN\n\n​\n\n \n\n—\n\n \n\n \n\n6,630\n\n \n\n \n\n94,138\n\n \n\n \n\n—\n\n \n\n \n\n15,485\n\n \n\n \n\n6,630\n\n \n\n \n\n109,623\n\n \n\n \n\n116,253\n\n​\n\n \n\n72,492\n\n​\n\n2004\n\n(4)\n\nMerrimack Premium Outlets\n\n​\n\nMerrimack, NH\n\n​\n\n \n\n—\n\n​\n\n \n\n14,975\n\n​\n\n \n\n118,428\n\n​\n\n \n\n—\n\n​\n\n \n\n13,534\n\n​\n\n \n\n14,975\n\n​\n\n \n\n131,962\n\n​\n\n \n\n146,937\n\n​\n\n \n\n62,858\n\n​\n\n2012\n\n​\n\nNapa Premium Outlets\n\n​\n\nNapa, CA\n\n​\n\n \n\n—\n\n \n\n \n\n11,400\n\n \n\n \n\n45,023\n\n \n\n \n\n—\n\n \n\n \n\n8,511\n\n \n\n \n\n11,400\n\n \n\n \n\n53,534\n\n \n\n \n\n64,934\n\n​\n\n \n\n35,377\n\n​\n\n2004\n\n(4)\n\nNorth Bend Premium Outlets\n\n​\n\nNorth Bend (Seattle), WA\n\n​\n\n \n\n—\n\n \n\n \n\n2,012\n\n \n\n \n\n36,036\n\n \n\n \n\n—\n\n \n\n \n\n1,662\n\n \n\n \n\n2,012\n\n \n\n \n\n37,698\n\n \n\n \n\n39,710\n\n​\n\n \n\n23,857\n\n​\n\n2004\n\n(4)\n\nNorth Georgia Premium Outlets\n\n​\n\nDawsonville (Atlanta), GA\n\n​\n\n \n\n—\n\n \n\n \n\n4,300\n\n \n\n \n\n137,020\n\n \n\n \n\n—\n\n \n\n \n\n7,150\n\n \n\n \n\n4,300\n\n \n\n \n\n144,170\n\n \n\n \n\n148,470\n\n​\n\n \n\n84,806\n\n​\n\n2004\n\n(4)\n\nOrlando International Premium Outlets\n\n​\n\nOrlando, FL\n\n​\n\n \n\n—\n\n \n\n \n\n31,998\n\n \n\n \n\n472,815\n\n \n\n \n\n—\n\n \n\n \n\n30,468\n\n \n\n \n\n31,998\n\n \n\n \n\n503,283\n\n \n\n \n\n535,281\n\n​\n\n \n\n258,627\n\n​\n\n2010\n\n(4)\n\nOrlando Vineland Premium Outlets\n\n​\n\nOrlando, FL\n\n​\n\n \n\n—\n\n \n\n \n\n14,040\n\n \n\n \n\n382,949\n\n \n\n \n\n36,023\n\n \n\n \n\n44,127\n\n \n\n \n\n50,063\n\n \n\n \n\n427,076\n\n \n\n \n\n477,139\n\n​\n\n \n\n238,870\n\n​\n\n2004\n\n(4)\n\nPetaluma Village Premium Outlets\n\n​\n\nPetaluma (San Francisco), CA\n\n​\n\n \n\n—\n\n \n\n \n\n13,322\n\n \n\n \n\n13,710\n\n \n\n \n\n—\n\n \n\n \n\n4,132\n\n \n\n \n\n13,322\n\n \n\n \n\n17,842\n\n \n\n \n\n31,164\n\n​\n\n \n\n12,594\n\n​\n\n2004\n\n(4)\n\nPhiladelphia Premium Outlets\n\n​\n\nLimerick (Philadelphia), PA\n\n​\n\n \n\n—\n\n \n\n​\n\n16,676\n\n \n\n​\n\n105,249\n\n \n\n​\n\n—\n\n \n\n​\n\n29,847\n\n \n\n​\n\n16,676\n\n \n\n​\n\n135,096\n\n \n\n​\n\n151,772\n\n​\n\n​\n\n89,964\n\n​\n\n2006\n\n​\n\nPhoenix Premium Outlets\n\n​\n\nChandler (Phoenix), AZ\n\n​\n\n \n\n—\n\n \n\n​\n\n—\n\n \n\n​\n\n63,082\n\n \n\n​\n\n—\n\n \n\n​\n\n1,939\n\n \n\n​\n\n—\n\n \n\n​\n\n65,021\n\n \n\n​\n\n65,021\n\n​\n\n​\n\n34,301\n\n​\n\n2013\n\n​\n\nPismo Beach Premium Outlets\n\n​\n\nPismo Beach, CA\n\n \n\n​\n\n29,393\n\n \n\n​\n\n4,317\n\n \n\n​\n\n19,044\n\n \n\n​\n\n—\n\n \n\n​\n\n4,913\n\n \n\n​\n\n4,317\n\n \n\n​\n\n23,957\n\n \n\n​\n\n28,274\n\n \n\n​\n\n18,129\n\n \n\n2010\n\n(4)\n\nPleasant Prairie Premium Outlets\n\n​\n\nPleasant Prairie (Chicago, IL/Milwaukee), WI\n\n \n\n​\n\n145,000\n\n \n\n \n\n16,823\n\n \n\n \n\n126,686\n\n \n\n \n\n—\n\n \n\n \n\n11,177\n\n \n\n \n\n16,823\n\n \n\n \n\n137,863\n\n \n\n \n\n154,686\n\n \n\n \n\n77,909\n\n \n\n2010\n\n(4)\n\nPocono Premium Outlets\n\n​\n\nTannersville, PA\n\n \n\n​\n\n—\n\n \n\n \n\n7,720\n\n \n\n \n\n172,931\n\n \n\n \n\n—\n\n \n\n \n\n34,144\n\n \n\n \n\n7,720\n\n \n\n \n\n207,075\n\n \n\n \n\n214,795\n\n \n\n \n\n114,290\n\n \n\n2004\n\n(4)\n\nPuerto Rico Premium Outlets\n\n​\n\nBarceloneta, PR\n\n \n\n​\n\n—\n\n \n\n \n\n20,586\n\n \n\n \n\n114,021\n\n \n\n \n\n—\n\n \n\n \n\n14,267\n\n \n\n \n\n20,586\n\n \n\n \n\n128,288\n\n \n\n \n\n148,874\n\n \n\n \n\n70,364\n\n \n\n2010\n\n(4)\n\nQueenstown Premium Outlets\n\n​\n\nQueenstown (Baltimore), MD\n\n \n\n​\n\n51,635\n\n \n\n​\n\n8,129\n\n​\n\n​\n\n61,950\n\n \n\n​\n\n—\n\n \n\n​\n\n7,014\n\n \n\n​\n\n8,129\n\n \n\n​\n\n68,964\n\n \n\n​\n\n77,093\n\n \n\n​\n\n39,525\n\n \n\n2010\n\n(4)\n\nRio Grande Valley Premium Outlets\n\n​\n\nMercedes (McAllen), TX\n\n \n\n​\n\n—\n\n \n\n \n\n12,229\n\n \n\n \n\n41,547\n\n \n\n \n\n—\n\n \n\n \n\n28,521\n\n \n\n \n\n12,229\n\n \n\n \n\n70,068\n\n \n\n \n\n82,297\n\n \n\n \n\n49,027\n\n \n\n2005\n\n​\n\nRound Rock Premium Outlets\n\n​\n\nRound Rock (Austin), TX\n\n \n\n​\n\n—\n\n \n\n​\n\n12,985\n\n \n\n​\n\n82,252\n\n \n\n​\n\n—\n\n \n\n​\n\n10,845\n\n \n\n​\n\n12,985\n\n \n\n​\n\n93,097\n\n \n\n​\n\n106,082\n\n \n\n​\n\n61,569\n\n \n\n2005\n\n​\n\nSan Francisco Premium Outlets\n\n​\n\nLivermore (San Francisco), CA\n\n​\n\n​\n\n—\n\n​\n\n \n\n21,925\n\n​\n\n \n\n308,694\n\n​\n\n \n\n46,177\n\n​\n\n \n\n77,946\n\n​\n\n \n\n68,102\n\n​\n\n \n\n386,640\n\n​\n\n \n\n454,742\n\n​\n\n \n\n158,025\n\n​\n\n2012\n\n​\n\nSan Marcos Premium Outlets\n\n​\n\nSan Marcos (Austin/San Antonio), TX\n\n​\n\n \n\n—\n\n​\n\n \n\n13,180\n\n​\n\n \n\n287,179\n\n​\n\n \n\n—\n\n​\n\n \n\n33,893\n\n​\n\n \n\n13,180\n\n​\n\n \n\n321,072\n\n​\n\n \n\n334,252\n\n​\n\n \n\n167,238\n\n​\n\n2010\n\n(4)\n\nSeattle Premium Outlets\n\n​\n\nTulalip (Seattle), WA\n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n103,722\n\n \n\n \n\n—\n\n \n\n \n\n59,522\n\n \n\n \n\n—\n\n \n\n \n\n163,244\n\n \n\n \n\n163,244\n\n \n\n \n\n96,412\n\n \n\n2004\n\n(4)\n\nSt. Augustine Premium Outlets\n\n​\n\nSt. Augustine (Jacksonville), FL\n\n \n\n​\n\n—\n\n \n\n​\n\n6,090\n\n \n\n​\n\n57,670\n\n \n\n​\n\n2\n\n \n\n​\n\n18,143\n\n \n\n​\n\n6,092\n\n \n\n​\n\n75,813\n\n \n\n​\n\n81,905\n\n \n\n​\n\n48,020\n\n \n\n2004\n\n(4)\n\nTampa Premium Outlets\n\n​\n\nLutz (Tampa), FL\n\n​\n\n​\n\n—\n\n​\n\n​\n\n14,298\n\n​\n\n​\n\n97,188\n\n​\n\n​\n\n121\n\n​\n\n​\n\n14,950\n\n​\n\n​\n\n14,419\n\n​\n\n​\n\n112,138\n\n​\n\n​\n\n126,557\n\n​\n\n​\n\n41,871\n\n​\n\n2015\n\n​\n\nTucson Premium Outlets\n\n​\n\nMarana (Tucson), AZ\n\n \n\n​\n\n—\n\n \n\n \n\n12,508\n\n \n\n \n\n69,677\n\n \n\n \n\n—\n\n \n\n \n\n6,815\n\n \n\n \n\n12,508\n\n \n\n \n\n76,492\n\n \n\n \n\n89,000\n\n \n\n \n\n29,596\n\n \n\n2015\n\n​\n\nTulsa Premium Outlets\n\n​\n\nJenks (Tulsa), OK\n\n​\n\n​\n\n—\n\n​\n\n​\n\n10,291\n\n​\n\n​\n\n102,600\n\n​\n\n​\n\n1\n\n​\n\n​\n\n53,747\n\n​\n\n​\n\n10,292\n\n​\n\n​\n\n156,347\n\n​\n\n​\n\n166,639\n\n​\n\n​\n\n9,841\n\n​\n\n2024\n\n​\n\nVacaville Premium Outlets\n\n​\n\nVacaville, CA\n\n \n\n​\n\n—\n\n \n\n​\n\n9,420\n\n \n\n​\n\n84,850\n\n \n\n​\n\n—\n\n \n\n​\n\n21,164\n\n \n\n​\n\n9,420\n\n \n\n​\n\n106,014\n\n \n\n​\n\n115,434\n\n \n\n​\n\n69,615\n\n \n\n2004\n\n(4)\n\nWaikele Premium Outlets\n\n​\n\nWaipahu (Honolulu), HI\n\n \n\n​\n\n—\n\n \n\n \n\n22,630\n\n \n\n \n\n77,316\n\n \n\n \n\n—\n\n \n\n \n\n21,879\n\n \n\n \n\n22,630\n\n \n\n \n\n99,195\n\n \n\n \n\n121,825\n\n \n\n \n\n62,328\n\n \n\n2004\n\n(4)\n\nWilliamsburg Premium Outlets\n\n​\n\nWilliamsburg, VA\n\n​\n\n​\n\n185,000\n\n​\n\n \n\n10,323\n\n​\n\n \n\n223,789\n\n​\n\n \n\n—\n\n​\n\n \n\n13,995\n\n​\n\n \n\n10,323\n\n​\n\n \n\n237,784\n\n​\n\n \n\n248,107\n\n​\n\n \n\n124,173\n\n​\n\n2010\n\n(4)\n\n160\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n*Real Estate and Accumulated Depreciation*\n\n*December 31, 2025*\n\n*(Dollars in thousands)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cost Capitalized**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Subsequent to**\n\n​\n\n**Gross Amounts At Which**\n\n​\n\n​\n\n​\n\n​\n\n**Date of**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Initial Cost (3)**\n\n​\n\n**Acquisition (3)**\n\n​\n\n**Carried At Close of Period**\n\n​\n\n​\n\n​\n\n​\n\n**Construction**\n\n \n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n  ​\n\n​\n\n​\n\n**  ​**\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Accumulated**\n\n**  ​**\n\n**or**\n\n \n\n**Name**\n\n​\n\n**Location**\n\n​\n\n**Encumbrances (6)**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Total (1)**\n\n​\n\n**Depreciation (2)**\n\n​\n\n**Acquisition**\n\n \n\nWoodburn Premium Outlets\n\n​\n\nWoodburn (Portland), OR\n\n \n\n$\n\n—\n\n \n\n$\n\n9,414\n\n \n\n$\n\n150,414\n\n \n\n$\n\n—\n\n \n\n$\n\n6,500\n\n \n\n$\n\n9,414\n\n \n\n$\n\n156,914\n\n \n\n$\n\n166,328\n\n \n\n$\n\n71,832\n\n \n\n2013\n\n(4)\n\nWoodbury Common Premium Outlets\n\n​\n\nCentral Valley (New York), NY\n\n​\n\n​\n\n—\n\n​\n\n​\n\n11,010\n\n​\n\n​\n\n862,559\n\n​\n\n​\n\n1,779\n\n​\n\n​\n\n290,755\n\n​\n\n​\n\n12,789\n\n​\n\n​\n\n1,153,314\n\n​\n\n​\n\n1,166,103\n\n​\n\n​\n\n605,566\n\n​\n\n2004\n\n(4)\n\nWrentham Village Premium Outlets\n\n​\n\nWrentham (Boston), MA\n\n​\n\n​\n\n—\n\n​\n\n​\n\n4,900\n\n​\n\n​\n\n282,031\n\n​\n\n​\n\n—\n\n​\n\n​\n\n60,909\n\n​\n\n​\n\n4,900\n\n​\n\n​\n\n342,940\n\n​\n\n​\n\n347,840\n\n​\n\n​\n\n193,545\n\n​\n\n2004\n\n(4)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe Mills\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nArizona Mills\n\n​\n\nTempe (Phoenix), AZ\n\n​\n\n​\n\n91,995\n\n​\n\n​\n\n41,285\n\n​\n\n​\n\n297,289\n\n​\n\n​\n\n—\n\n​\n\n​\n\n20,655\n\n​\n\n​\n\n41,285\n\n​\n\n​\n\n317,944\n\n​\n\n​\n\n359,229\n\n​\n\n​\n\n129,035\n\n​\n\n2007\n\n(4) (5)\n\nGreat Mall\n\n​\n\nMilpitas (San Jose), CA\n\n​\n\n​\n\n—\n\n​\n\n \n\n69,853\n\n​\n\n \n\n463,101\n\n​\n\n \n\n—\n\n​\n\n \n\n71,536\n\n​\n\n \n\n69,853\n\n​\n\n \n\n534,637\n\n​\n\n \n\n604,490\n\n​\n\n \n\n249,979\n\n​\n\n2007\n\n(4) (5)\n\nGurnee Mills\n\n​\n\nGurnee (Chicago), IL\n\n​\n\n​\n\n257,710\n\n​\n\n \n\n41,133\n\n​\n\n \n\n297,911\n\n​\n\n \n\n—\n\n​\n\n \n\n48,582\n\n​\n\n \n\n41,133\n\n​\n\n \n\n346,493\n\n​\n\n \n\n387,626\n\n​\n\n \n\n161,120\n\n​\n\n2007\n\n(4) (5)\n\nMills at Jersey Gardens, The\n\n​\n\nElizabeth, NJ\n\n​\n\n​\n\n—\n\n​\n\n \n\n120,417\n\n​\n\n \n\n865,605\n\n​\n\n \n\n—\n\n​\n\n \n\n37,382\n\n​\n\n \n\n120,417\n\n​\n\n \n\n902,987\n\n​\n\n \n\n1,023,404\n\n​\n\n \n\n352,944\n\n​\n\n2015\n\n(4)\n\nOpry Mills\n\n​\n\nNashville, TN\n\n​\n\n​\n\n375,000\n\n​\n\n \n\n51,000\n\n​\n\n \n\n327,503\n\n​\n\n \n\n—\n\n​\n\n \n\n32,309\n\n​\n\n \n\n51,000\n\n​\n\n \n\n359,812\n\n​\n\n \n\n410,812\n\n​\n\n \n\n151,198\n\n​\n\n2007\n\n(4) (5)\n\nOutlets at Orange, The\n\n​\n\nOrange (Los Angeles), CA\n\n​\n\n​\n\n—\n\n​\n\n \n\n64,973\n\n​\n\n \n\n211,322\n\n​\n\n \n\n—\n\n​\n\n \n\n15,202\n\n​\n\n \n\n64,973\n\n​\n\n \n\n226,524\n\n​\n\n \n\n291,497\n\n​\n\n \n\n57,160\n\n​\n\n2007\n\n(4) (5)\n\nPotomac Mills\n\n​\n\nWoodbridge (Washington, DC), VA\n\n​\n\n​\n\n416,000\n\n​\n\n​\n\n61,608\n\n​\n\n​\n\n425,370\n\n​\n\n​\n\n—\n\n​\n\n​\n\n50,743\n\n​\n\n​\n\n61,608\n\n​\n\n​\n\n476,113\n\n​\n\n​\n\n537,721\n\n​\n\n​\n\n224,189\n\n​\n\n2007\n\n(4) (5)\n\nSawgrass Mills\n\n​\n\nSunrise (Miami), FL\n\n​\n\n​\n\n—\n\n​\n\n​\n\n192,981\n\n​\n\n​\n\n1,641,153\n\n​\n\n​\n\n5,395\n\n​\n\n​\n\n262,596\n\n​\n\n​\n\n198,376\n\n​\n\n​\n\n1,903,749\n\n​\n\n​\n\n2,102,125\n\n​\n\n​\n\n847,485\n\n​\n\n2007\n\n(4) (5)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInternational\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLa Reggia Designer Outlet\n\n​\n\nMarcianise (Naples), Italy\n\n​\n\n​\n\n185,964\n\n​\n\n​\n\n37,220\n\n​\n\n​\n\n233,179\n\n​\n\n​\n\n—\n\n​\n\n​\n\n54,172\n\n​\n\n​\n\n37,220\n\n​\n\n​\n\n287,351\n\n​\n\n​\n\n324,571\n\n​\n\n​\n\n114,533\n\n​\n\n2013\n\n(4) (5) (7)\n\nNoventa Di Piave Designer Outlet\n\n​\n\nVenice, Italy\n\n​\n\n​\n\n325,899\n\n​\n\n​\n\n38,793\n\n​\n\n​\n\n309,283\n\n​\n\n​\n\n—\n\n​\n\n​\n\n104,123\n\n​\n\n​\n\n38,793\n\n​\n\n​\n\n413,406\n\n​\n\n​\n\n452,199\n\n​\n\n​\n\n139,734\n\n \n\n2013\n\n(4) (5) (7)\n\nOchtrup Designer Outlet\n\n​\n\nOchtrup, Germany\n\n​\n\n​\n\n58,701\n\n​\n\n​\n\n11,770\n\n​\n\n​\n\n97,941\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(103)\n\n​\n\n​\n\n11,770\n\n​\n\n​\n\n97,838\n\n​\n\n​\n\n109,608\n\n​\n\n​\n\n19,638\n\n​\n\n2016\n\n(4) (5) (7)\n\nParis-Giverny Designer Outlets\n\n​\n\nNormandy, France\n\n​\n\n​\n\n81,947\n\n​\n\n​\n\n16,312\n\n​\n\n​\n\n244,740\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n16,312\n\n​\n\n​\n\n244,740\n\n​\n\n​\n\n261,052\n\n​\n\n​\n\n37,683\n\n​\n\n2023\n\n​\n\nParndorf Designer Outlet\n\n​\n\nVienna, Austria\n\n​\n\n​\n\n212,307\n\n​\n\n​\n\n14,903\n\n​\n\n​\n\n223,156\n\n​\n\n​\n\n—\n\n​\n\n​\n\n17,414\n\n​\n\n​\n\n14,903\n\n​\n\n​\n\n240,570\n\n​\n\n​\n\n255,473\n\n​\n\n​\n\n95,278\n\n​\n\n2013\n\n(4) (5) (7)\n\nProvence Designer Outlet\n\n​\n\nProvence, France\n\n​\n\n​\n\n110,453\n\n​\n\n​\n\n41,321\n\n​\n\n​\n\n84,637\n\n​\n\n​\n\n6,169\n\n​\n\n​\n\n236\n\n​\n\n​\n\n47,490\n\n​\n\n​\n\n84,873\n\n​\n\n​\n\n132,363\n\n​\n\n​\n\n59,974\n\n​\n\n2017\n\n(4) (5) (7)\n\nRoermond Designer Outlet\n\n​\n\nRoermond, Netherlands\n\n​\n\n​\n\n328,726\n\n​\n\n​\n\n15,035\n\n​\n\n​\n\n400,094\n\n​\n\n​\n\n—\n\n​\n\n​\n\n57,897\n\n​\n\n​\n\n15,035\n\n​\n\n​\n\n457,991\n\n​\n\n​\n\n473,026\n\n​\n\n​\n\n191,732\n\n​\n\n2013\n\n(4) (5) (7)\n\nRoosendaal Designer Outlet\n\n​\n\nRoosendaal, Netherlands\n\n​\n\n​\n\n76,311\n\n​\n\n​\n\n22,191\n\n​\n\n​\n\n108,069\n\n​\n\n​\n\n—\n\n​\n\n​\n\n23,719\n\n​\n\n​\n\n22,191\n\n​\n\n​\n\n131,788\n\n​\n\n​\n\n153,979\n\n​\n\n​\n\n57,329\n\n​\n\n2017\n\n(4) (5) (7)\n\nThe Mall Luxury Outlets Firenze\n\n​\n\nFlorence, Italy\n\n​\n\n​\n\n—\n\n​\n\n​\n\n32,552\n\n​\n\n​\n\n297,037\n\n​\n\n​\n\n—\n\n​\n\n​\n\n1,675\n\n​\n\n​\n\n32,552\n\n​\n\n​\n\n298,712\n\n​\n\n​\n\n331,264\n\n​\n\n​\n\n17,383\n\n​\n\n2025\n\n(4) (5) (7)\n\nThe Mall Luxury Outlets Sanremo\n\n​\n\nSanremo, Italy\n\n​\n\n​\n\n—\n\n​\n\n​\n\n10,045\n\n​\n\n​\n\n73,414\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n​\n\n10,045\n\n​\n\n​\n\n73,414\n\n​\n\n​\n\n83,459\n\n​\n\n​\n\n3,678\n\n​\n\n2025\n\n(4) (5) (7)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n161\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n*Real Estate and Accumulated Depreciation*\n\n*December 31, 2025*\n\n*(Dollars in thousands)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Cost Capitalized**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Subsequent to**\n\n​\n\n**Gross Amounts At Which**\n\n​\n\n​\n\n​\n\n​\n\n**Date of**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Initial Cost (3)**\n\n​\n\n**Acquisition (3)**\n\n​\n\n**Carried At Close of Period**\n\n​\n\n​\n\n​\n\n​\n\n**Construction**\n\n \n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n​\n\n  ​\n\n​\n\n​\n\n**  ​**\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Buildings and**\n\n**  ​**\n\n​\n\n​\n\n  ​\n\n**Accumulated**\n\n**  ​**\n\n**or**\n\n \n\n**Name**\n\n​\n\n**Location**\n\n​\n\n**Encumbrances (6)**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Land**\n\n​\n\n**Improvements**\n\n​\n\n**Total (1)**\n\n​\n\n**Depreciation (2)**\n\n​\n\n**Acquisition**\n\n \n\nLifestyle Centers\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nABQ Uptown\n\n​\n\nAlbuquerque, NM\n\n​\n\n$\n\n—\n\n​\n\n$\n\n6,374\n\n​\n\n$\n\n75,333\n\n​\n\n$\n\n4,054\n\n​\n\n$\n\n14,609\n\n​\n\n$\n\n10,428\n\n​\n\n$\n\n89,942\n\n​\n\n$\n\n100,370\n\n​\n\n$\n\n45,369\n\n​\n\n2011\n\n(4)\n\nNorthgate Station\n\n​\n\nSeattle, WA\n\n​\n\n \n\n—\n\n \n\n \n\n19,904\n\n \n\n \n\n115,992\n\n \n\n \n\n15,964\n\n \n\n \n\n128,138\n\n \n\n \n\n35,868\n\n \n\n \n\n244,130\n\n \n\n \n\n279,998\n\n \n\n \n\n79,210\n\n \n\n1987\n\n​\n\nUniversity Park Village\n\n​\n\nFort Worth, TX\n\n​\n\n​\n\n48,927\n\n \n\n​\n\n18,031\n\n \n\n​\n\n100,523\n\n \n\n​\n\n—\n\n \n\n​\n\n16,437\n\n \n\n​\n\n18,031\n\n \n\n​\n\n116,960\n\n \n\n​\n\n134,991\n\n \n\n​\n\n43,992\n\n \n\n2015\n\n(4)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther Properties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCalhoun Outlet Marketplace\n\n​\n\nCalhoun, GA\n\n​\n\n​\n\n15,821\n\n​\n\n​\n\n1,745\n\n​\n\n​\n\n12,529\n\n​\n\n​\n\n—\n\n​\n\n​\n\n2,217\n\n​\n\n​\n\n1,745\n\n​\n\n​\n\n14,746\n\n​\n\n​\n\n16,491\n\n​\n\n​\n\n13,219\n\n​\n\n2010\n\n(4)\n\nFlorida Keys Outlet Marketplace\n\n​\n\nFlorida City, FL\n\n​\n\n​\n\n—\n\n \n\n​\n\n1,112\n\n \n\n​\n\n1,748\n\n \n\n​\n\n—\n\n \n\n​\n\n7,001\n\n \n\n​\n\n1,112\n\n \n\n​\n\n8,749\n\n \n\n​\n\n9,861\n\n \n\n​\n\n4,941\n\n​\n\n2010\n\n(4)\n\nGaffney Outlet Marketplace\n\n​\n\nGaffney (Greenville/Charlotte), SC\n\n​\n\n​\n\n25,558\n\n​\n\n​\n\n3,978\n\n​\n\n​\n\n32,371\n\n​\n\n​\n\n—\n\n​\n\n​\n\n6,500\n\n​\n\n​\n\n3,978\n\n​\n\n​\n\n38,871\n\n​\n\n​\n\n42,849\n\n​\n\n​\n\n28,318\n\n​\n\n2010\n\n(4)\n\nOrlando Outlet Marketplace\n\n​\n\nOrlando, FL\n\n​\n\n​\n\n—\n\n \n\n​\n\n3,367\n\n \n\n​\n\n1,557\n\n \n\n​\n\n—\n\n \n\n​\n\n4,747\n\n \n\n​\n\n3,367\n\n \n\n​\n\n6,304\n\n \n\n​\n\n9,671\n\n \n\n​\n\n4,347\n\n​\n\n2010\n\n(4)\n\nOxford Valley Mall\n\n​\n\nLanghorne (Philadelphia), PA\n\n​\n\n​\n\n—\n\n​\n\n​\n\n18,355\n\n​\n\n​\n\n100,287\n\n​\n\n​\n\n—\n\n​\n\n​\n\n24,231\n\n​\n\n​\n\n18,355\n\n​\n\n​\n\n124,518\n\n​\n\n​\n\n142,873\n\n​\n\n​\n\n95,335\n\n​\n\n2003\n\n(4)\n\nSouthridge Mall\n\n​\n\nGreendale (Milwaukee), WI\n\n​\n\n​\n\n103,889\n\n​\n\n​\n\n12,359\n\n​\n\n​\n\n130,111\n\n​\n\n​\n\n1,939\n\n​\n\n​\n\n12,244\n\n​\n\n​\n\n14,298\n\n​\n\n​\n\n142,355\n\n​\n\n​\n\n156,653\n\n​\n\n​\n\n79,984\n\n​\n\n2007\n\n(4) (5)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPreliminary values related to acquired properties\n\n​\n\n​\n\n​\n\n​\n\n3,060,737\n\n​\n\n​\n\n680,264\n\n​\n\n​\n\n7,142,774\n\n​\n\n​\n\n—\n\n​\n\n​\n\n8,715\n\n​\n\n​\n\n680,264\n\n​\n\n​\n\n7,151,489\n\n​\n\n​\n\n7,831,753\n\n​\n\n​\n\n47,618\n\n​\n\n2020\n\n(4) (8)\n\nOther pre-development costs\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n​\n\n66,138\n\n​\n\n​\n\n223,100\n\n​\n\n​\n\n959\n\n​\n\n​\n\n—\n\n​\n\n​\n\n67,097\n\n​\n\n​\n\n223,100\n\n​\n\n​\n\n290,197\n\n​\n\n​\n\n1,882\n\n​\n\n​\n\n​\n\nOther\n\n​\n\n​\n\n​\n\n​\n\n99,340\n\n​\n\n​\n\n44,611\n\n​\n\n​\n\n683,423\n\n​\n\n​\n\n265\n\n​\n\n​\n\n6\n\n​\n\n​\n\n44,876\n\n​\n\n​\n\n683,429\n\n​\n\n​\n\n728,305\n\n​\n\n​\n\n112,441\n\n​\n\n​\n\n​\n\nCurrency Translation Adjustment\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n​\n\n18,145\n\n​\n\n​\n\n98,047\n\n​\n\n​\n\n551\n\n​\n\n​\n\n63,906\n\n​\n\n​\n\n18,696\n\n​\n\n​\n\n161,953\n\n​\n\n​\n\n180,649\n\n​\n\n​\n\n(4,626)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n$\n\n8,226,679\n\n​\n\n$\n\n4,126,888\n\n​\n\n$\n\n34,939,511\n\n​\n\n$\n\n391,244\n\n​\n\n$\n\n10,844,906\n\n​\n\n$\n\n4,518,132\n\n​\n\n$\n\n45,784,417\n\n​\n\n$\n\n50,302,549\n\n​\n\n$\n\n20,234,466\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n162\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Schedule III as of December 31, 2025**\n\n**(Dollars in thousands)**\n\n(1)**Reconciliation of Real Estate Properties:**\n\nThe changes in real estate assets for the years ended December 31, 2025, 2024, and 2023 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n** **\n\nBalance, beginning of year\n\n​\n\n**$**\n\n**39,711,997**\n\n​\n\n$\n\n38,784,918\n\n​\n\n$\n\n37,879,778\n\n​\n\nAcquisitions and consolidations (7)\n\n​\n\n** **\n\n**9,465,165**\n\n​\n\n \n\n589,501\n\n​\n\n \n\n78,410\n\n​\n\nImprovements\n\n​\n\n** **\n\n**935,200**\n\n​\n\n \n\n744,574\n\n​\n\n \n\n823,705\n\n​\n\nDisposals and consolidations\n\n​\n\n** **\n\n**(119,324)**\n\n​\n\n \n\n(285,998)\n\n​\n\n \n\n(55,593)\n\n​\n\nCurrency Translation Adjustment\n\n​\n\n​\n\n**309,511**\n\n​\n\n​\n\n(120,998)\n\n​\n\n​\n\n58,618\n\n​\n\nBalance, close of year\n\n​\n\n**$**\n\n**50,302,549**\n\n​\n\n$\n\n39,711,997\n\n​\n\n$\n\n38,784,918\n\n​\n\nThe unaudited aggregate cost of real estate assets for U.S. federal income tax purposes as of December 31, 2025 was $29,284,589.\n\n(2)**Reconciliation of Accumulated Depreciation:**\n\nThe changes in accumulated depreciation for the years ended December 31, 2025, 2024, and 2023 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n** **\n\nBalance, beginning of year\n\n​\n\n**$**\n\n**18,663,586**\n\n​\n\n$\n\n17,351,320\n\n​\n\n$\n\n16,224,050\n\n​\n\nDepreciation expense (7)\n\n​\n\n** **\n\n**1,481,880**\n\n​\n\n \n\n1,118,198\n\n​\n\n \n\n1,193,391\n\n​\n\nDisposals and consolidations\n\n​\n\n** **\n\n**159,272**\n\n​\n\n \n\n164,761\n\n​\n\n \n\n(53,489)\n\n​\n\nCurrency Translation Adjustment\n\n​\n\n​\n\n**(70,272)**\n\n​\n\n​\n\n29,307\n\n​\n\n​\n\n(12,632)\n\n​\n\nBalance, close of year\n\n​\n\n**$**\n\n**20,234,466**\n\n​\n\n$\n\n18,663,586\n\n​\n\n$\n\n17,351,320\n\n​\n\nDepreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below.\n\n●Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.\n\n●Tenant Allowances and Improvements — shorter of lease term or useful life.\n\n(3)Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.\n\n(4)Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.\n\n(5)Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.\n\n(6)Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts and deferred financing costs.  \n\n(7)Represents the original cost and does not include subsequent currency translation adjustments.  \n\n(8)Represents preliminary values related to the TRG Acquisition, as discussed in Note 4.  \n\n​\n\n163"}