{"url_path":"/sec/cik-0001022344/10-k/2026/item-8","section_key":"item-8","section_title":"Item 8 Financial Statements and Supplementary Data**","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":37902,"has_tables":true,"body_markdown":"**Item 8.  Financial Statements and Supplementary Data**\n\n**Report of Independent Registered Public Accounting Firm**\n\n​\n\nTo the Stockholders and the Board of Directors of Simon Property Group, Inc.\n\n​\n\n**Opinion on Internal Control Over Financial Reporting**\n\nWe have audited Simon Property Group, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Simon Property Group, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.\n\nAs indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include, for the period from the acquisition date of October 31, 2025 through December 31, 2025, the internal controls of The Taubman Realty Group, LLC, which is included in the 2025 consolidated financial statements of Simon Property Group, Inc. and constituted 26% of total assets as of December 31, 2025 and 2% of revenues for the year then ended. Our audit of internal control over financial reporting of Simon Property Group, Inc. also did not include an evaluation of the internal control over financial reporting of The Taubman Realty Group, LLC.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated February 25, 2026, expressed an unqualified opinion thereon.\n\n**Basis for Opinion**\n\nThe Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.\n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.\n\n**Definition and Limitations of Internal Control Over Financial Reporting**\n\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.\n\n80\n\n[Table of Contents](#Toc)\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n​\n\n​\n\n/s/ Ernst & Young LLP\n\n​\n\n​\n\nIndianapolis, Indiana\nFebruary 25, 2026\n\n​\n\n​\n\n81\n\n[Table of Contents](#Toc)\n\n​\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholders and the Board of Directors of Simon Property Group, Inc.\n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying consolidated balance sheets of Simon Property Group, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles**.**\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 25, 2026, expressed an unqualified opinion thereon.\n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n**Critical Audit Matters**\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\n​\n\n82\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\nEvaluation of Investment Properties for Impairment\n\n*Description of the Matter*\n\n​\n\nAt December 31, 2025, the Company’s consolidated net investment properties totaled $30.2 billion. As discussed in Note 3 to the consolidated financial statements, the Company reviews investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances that indicate the carrying value of an investment property may not be recoverable. The Company estimates undiscounted cash flows of an investment property using observable and unobservable inputs such as forecasted operating income before depreciation and amortization over an estimated hold period, estimated capitalization rates, leasing prospects and local market information.\n\n​\n\nAuditing management’s evaluation of certain investment properties for impairment was complex due to the estimation uncertainty in determining the undiscounted cash flows of an investment property. In particular, the impairment evaluation for certain investment properties was sensitive to significant assumptions such as capitalization rates, which can be affected by expectations about future market or economic conditions, demand, and competition.\n\n*How We Addressed the Matter in Our Audit*\n\n​\n\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process for evaluating investment properties for impairment, including controls over management’s review of the significant assumptions described above.  \n\n​\n\nTo test the Company’s evaluation of investment properties for impairment, we performed audit procedures that included, among others, assessing the methodologies applied, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by management in its analysis. We compared the significant assumptions used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating certain assumptions. In addition, we compared the forecasted operating income before depreciation and amortization to historical actual results and evaluated significant variances, including consideration of the current economic environment. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the undiscounted cash flows of the related investment property that would result from changes in the assumptions.\n\n83\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\nAcquisition of the Remaining Interest in The Taubman Realty Group\n\n*Description of the Matter*\n\n​\n\nOn October 31, 2025, the Company completed its acquisition of the remaining 12% ownership interest in The Taubman Realty Group (TRG) for consideration of approximately $0.9 billion, as described in Note 4 of the consolidated financial statements. The Company accounted for this acquisition as a business combination. As the valuation of assets acquired and liabilities assumed as of December 31, 2025 was not yet finalized, the purchase price was recorded based on preliminary estimates of the fair values of the assets acquired, liabilities assumed, and noncontrolling interests. TRG held interests in both consolidated and unconsolidated investment properties and, as described in Note 4, the preliminary estimation of the fair value required determining the values for both consolidated and unconsolidated investments. The Company derived the estimated fair value of investments in consolidated and unconsolidated entities by utilizing various observable and unobservable inputs, such as historical and forecasted operating income before depreciation and amortization, and estimated capitalization rates.\n\n​\n\nAuditing management’s preliminary determination of the estimated fair value of investments by property was complex due to the judgmental nature of assumptions made by management. In particular, this preliminary fair value determination was sensitive to the use of capitalization rates as a significant assumption.\n\n*How We Addressed the Matter in Our Audit*\n\n​\n\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process for the determination of the preliminary estimated fair value of investments by property, including controls over management’s review of the estimated capitalization rates described above.\n\n​\n\nTo test the Company’s determination of the preliminary fair value of investments by property, we performed audit procedures that included, among others, assessing the methodology applied, evaluating the estimated capitalization rates, and testing the completeness and accuracy of data used by management in its calculation. We compared the significant assumption used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating the estimated capitalization rates for certain properties. As part of our evaluation, we performed sensitivity analyses of estimated capitalization rates to evaluate the changes in the preliminary fair value that would result from changes in the assumption.\n\n​\n\n​\n\n​\n\n/s/ Ernst & Young LLP\n\n​\n\n​\n\nWe have served as the Company’s auditor since 2002.\n\n​\n\n​\n\n​\n\nIndianapolis, Indiana\nFebruary 25, 2026\n\n​\n\n​\n\n​\n\n84\n\n[Table of Contents](#Toc)\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Partners of Simon Property Group, L.P. and the Board of Directors of Simon Property Group, Inc.\n\n**Opinion on Internal Control Over Financial Reporting**\n\nWe have audited Simon Property Group, L.P.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Simon Property Group, L.P. (the Partnership)****maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.\n\nAs indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include, for the period from the acquisition date of October 31, 2025 through December 31, 2025, the internal controls of The Taubman Realty Group, LLC, which is included in the 2025 consolidated financial statements of Simon Property Group, L.P. and constituted 26% of total assets as of December 31, 2025 and 2% of revenues for the year then ended. Our audit of internal control over financial reporting of Simon Property Group, L.P. also did not include an evaluation of the internal control over financial reporting of The Taubman Realty Group, LLC.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated February 25, 2026, expressed an unqualified opinion thereon.\n\n**Basis for Opinion**\n\nThe Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.\n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.\n\n**Definition and Limitations of Internal Control Over Financial Reporting**\n\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.\n\n85\n\n[Table of Contents](#Toc)\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n​\n\n​\n\n/s/ Ernst & Young LLP\n\n​\n\n​\n\nIndianapolis, Indiana\n\nFebruary 25, 2026\n\n​\n\n​\n\n86\n\n[Table of Contents](#Toc)\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Partners of Simon Property Group, L.P. and the Board of Directors of Simon Property Group, Inc.\n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying consolidated balance sheets of Simon Property Group, L.P. (the Partnership) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2025 and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 25, 2026, expressed an unqualified opinion thereon.\n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n**Critical Audit Matters**\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEvaluation of Investment Properties for Impairment\n\n*Description of the Matter*\n\n​\n\nAt December 31, 2025, the Partnership’s consolidated net investment properties totaled $30.2 billion. As discussed in Note 3 to the consolidated financial statements, the Partnership reviews investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances that indicate the carrying value of an investment property may not be recoverable. The Partnership estimates undiscounted cash flows of an investment property using observable and unobservable inputs such as forecasted operating income before depreciation and amortization over an estimated hold period, estimated capitalization rates, leasing prospects and local market information.\n\nAuditing management’s evaluation of certain investment properties for impairment was complex due to the estimation uncertainty in determining the undiscounted cash flows of an investment property. In particular, the impairment evaluation for certain investment properties was sensitive to significant assumptions such as capitalization rates,  which can be affected by expectations about future market or economic conditions, demand, and competition.\n\n87\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n​\n\n*How We Addressed the Matter in Our Audit*\n\n​\n\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Partnership’s process for evaluating investment properties for impairment, including controls over management’s review of the significant assumptions described above.  \n\nTo test the Partnership’s evaluation of investment properties for impairment, we performed audit procedures that included, among others, assessing the methodologies applied, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used by management in its analysis. We compared the significant assumptions used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating certain assumptions. In addition, we compared the forecasted operating income before depreciation and amortization to historical actual results and evaluated significant variances, including consideration of the current economic environment. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the undiscounted cash flows of the related investment property that would result from changes in the assumptions.\n\n​\n\n​\n\nAcquisition of the Remaining Interest in The Taubman Realty Group\n\n*Description of the Matter*\n\n​\n\nOn October 31, 2025, the Partnership completed its acquisition of the remaining 12% ownership interest in The Taubman Realty Group (TRG) for consideration of approximately $0.9 billion, as described in Note 4 of the consolidated financial statements. The Partnership accounted for this acquisition as a business combination. As the valuation of assets acquired and liabilities assumed as of December 31, 2025 was not yet finalized, the purchase price was recorded based on preliminary estimates of the fair values of the assets acquired, liabilities assumed, and noncontrolling interests. TRG held interests in both consolidated and unconsolidated investment properties and, as described in Note 4, the preliminary estimation of the fair value required determining the values for both consolidated and unconsolidated investments. The Partnership derived the estimated fair value of investments in consolidated and unconsolidated entities by utilizing various observable and unobservable inputs, such as historical and forecasted operating income before depreciation and amortization, and estimated capitalization rates.\n\nAuditing management’s preliminary determination of the estimated fair value of investments by property was complex due to the judgmental nature of assumptions made by management. In particular, this preliminary fair value determination was sensitive to the use of capitalization rates as a significant assumption.\n\n​\n\n​\n\n​\n\n*How We Addressed the Matter in Our Audit*\n\n​\n\nWe obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Partnership’s process for the determination of the preliminary estimated fair value of investments by property, including controls over management’s review of the estimated capitalization rates described above.\n\nTo test the Partnership’s determination of the preliminary fair value of investments by property, we performed audit procedures that included, among others, assessing the methodology applied, evaluating the estimated capitalization rates, and testing the completeness and accuracy of data used by management in its calculation. We compared the significant assumption used by management to current industry and economic trends, relevant market information, and other applicable sources. We also involved a valuation specialist to assist in evaluating the estimated capitalization rates for certain properties. As part of our evaluation, we performed sensitivity analyses of estimated capitalization rates to evaluate the changes in the preliminary fair value that would result from changes in the assumption.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n/s/ Ernst & Young LLP\n\n​\n\n​\n\nWe have served as the Partnership’s auditor since 2002.\n\nIndianapolis, Indiana\n\nFebruary 25, 2026\n\n​\n\n​\n\n88\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n*Consolidated Balance Sheets*\n\n*(Dollars in thousands, except share amounts)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**December 31, **\n\n  ​ ​ ​\n\n**December 31, **\n\n​\n\n  ​ ​\n\n**2025**\n\n  ​ ​\n\n**2024**\n\n**ASSETS:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInvestment properties, at cost\n\n​\n\n**$**\n\n**50,946,067**\n\n​\n\n$\n\n40,242,392\n\nLess - accumulated depreciation\n\n​\n\n** **\n\n**20,701,510**\n\n​\n\n \n\n19,047,078\n\n​\n\n​\n\n** **\n\n**30,244,557**\n\n​\n\n \n\n21,195,314\n\nCash and cash equivalents\n\n​\n\n** **\n\n**823,147**\n\n​\n\n \n\n1,400,345\n\nTenant receivables and accrued revenue, net\n\n​\n\n** **\n\n**934,077**\n\n​\n\n \n\n796,513\n\nInvestment in other unconsolidated entities, at equity\n\n​\n\n​\n\n**4,362,339**\n\n​\n\n​\n\n2,670,739\n\nInvestment in Klépierre, at equity\n\n​\n\n** **\n\n**1,505,377**\n\n​\n\n \n\n1,384,267\n\nInvestment in TRG, at equity\n\n​\n\n** **\n\n**—**\n\n​\n\n \n\n3,069,297\n\nRight-of-use assets, net\n\n​\n\n​\n\n**755,934**\n\n​\n\n​\n\n519,607\n\nDeferred costs and other assets\n\n​\n\n** **\n\n**1,981,035**\n\n​\n\n \n\n1,369,609\n\n**Total assets**\n\n​\n\n**$**\n\n**40,606,466**\n\n​\n\n$\n\n32,405,691\n\n**LIABILITIES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMortgages and unsecured indebtedness\n\n​\n\n**$**\n\n**28,430,175**\n\n​\n\n$\n\n24,264,495\n\nAccounts payable, accrued expenses, intangibles, and deferred revenues\n\n​\n\n** **\n\n**1,954,402**\n\n​\n\n \n\n1,712,465\n\nCash distributions and losses in unconsolidated entities, at equity\n\n​\n\n** **\n\n**1,739,418**\n\n​\n\n \n\n1,680,431\n\nDividend payable\n\n​\n\n​\n\n**2,723**\n\n​\n\n​\n\n2,410\n\nLease liabilities\n\n​\n\n​\n\n**756,539**\n\n​\n\n​\n\n520,283\n\nOther liabilities\n\n​\n\n** **\n\n**1,017,816**\n\n​\n\n \n\n626,155\n\n**Total liabilities**\n\n​\n\n** **\n\n**33,901,073**\n\n​\n\n \n\n28,806,239\n\nCommitments and contingencies\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLimited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests\n\n​\n\n** **\n\n**233,306**\n\n​\n\n \n\n184,729\n\n**EQUITY:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nStockholders’ Equity\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCapital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nSeries J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847\n\n​\n\n** **\n\n**40,451**\n\n​\n\n \n\n40,778\n\nCommon stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and 342,945,839 issued and outstanding, respectively\n\n​\n\n** **\n\n**33**\n\n​\n\n \n\n33\n\nClass B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding\n\n​\n\n** **\n\n—\n\n​\n\n \n\n—\n\nCapital in excess of par value\n\n​\n\n** **\n\n**12,347,192**\n\n​\n\n \n\n11,583,051\n\nAccumulated deficit\n\n​\n\n** **\n\n**(4,608,136)**\n\n​\n\n \n\n(6,382,515)\n\nAccumulated other comprehensive loss\n\n​\n\n** **\n\n**(251,361)**\n\n​\n\n \n\n(193,026)\n\nCommon stock held in treasury, at cost, 17,844,817 and 16,675,701 shares, respectively\n\n​\n\n** **\n\n**(2,319,911)**\n\n​\n\n \n\n(2,106,396)\n\nTotal stockholders’ equity\n\n​\n\n \n\n**5,208,268**\n\n​\n\n \n\n2,941,925\n\nNoncontrolling interests\n\n​\n\n** **\n\n**1,263,819**\n\n​\n\n \n\n472,798\n\n**Total equity**\n\n​\n\n \n\n**6,472,087**\n\n​\n\n \n\n3,414,723\n\n**Total liabilities and equity**\n\n​\n\n**$**\n\n**40,606,466**\n\n​\n\n$\n\n32,405,691\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n89\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n*Consolidated Statements of Operations and Comprehensive Income*\n\n*(Dollars in thousands, except per share amounts)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year**\n\n​\n\n​\n\n**Ended December 31, **\n\n​\n\n** **\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**REVENUE:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLease income\n\n​\n\n**$**\n\n**5,839,160**\n\n​\n\n$\n\n5,389,760\n\n​\n\n$\n\n5,164,335\n\nManagement fees and other revenues\n\n​\n\n** **\n\n**144,426**\n\n​\n\n \n\n133,250\n\n​\n\n \n\n125,995\n\nOther income\n\n​\n\n** **\n\n**380,919**\n\n​\n\n \n\n440,788\n\n​\n\n \n\n368,506\n\n**Total revenue**\n\n​\n\n** **\n\n**6,364,505**\n\n​\n\n \n\n5,963,798\n\n​\n\n \n\n5,658,836\n\n**EXPENSES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty operating\n\n​\n\n** **\n\n**580,975**\n\n​\n\n \n\n529,753\n\n​\n\n \n\n489,346\n\nDepreciation and amortization\n\n​\n\n** **\n\n**1,426,423**\n\n​\n\n \n\n1,265,340\n\n​\n\n \n\n1,262,107\n\nReal estate taxes\n\n​\n\n** **\n\n**451,128**\n\n​\n\n \n\n408,641\n\n​\n\n \n\n441,783\n\nRepairs and maintenance\n\n​\n\n** **\n\n**119,915**\n\n​\n\n \n\n105,020\n\n​\n\n \n\n97,257\n\nAdvertising and promotion\n\n​\n\n** **\n\n**155,826**\n\n​\n\n \n\n144,551\n\n​\n\n \n\n127,346\n\nHome and regional office costs\n\n​\n\n** **\n\n**251,748**\n\n​\n\n \n\n223,277\n\n​\n\n \n\n207,618\n\nGeneral and administrative\n\n​\n\n** **\n\n**60,888**\n\n​\n\n \n\n44,743\n\n​\n\n \n\n38,513\n\nOther\n\n​\n\n** **\n\n**142,206**\n\n​\n\n \n\n149,677\n\n​\n\n \n\n187,844\n\n**Total operating expenses**\n\n​\n\n** **\n\n**3,189,109**\n\n​\n\n \n\n2,871,002\n\n​\n\n \n\n2,851,814\n\n**OPERATING INCOME BEFORE OTHER ITEMS**\n\n​\n\n** **\n\n**3,175,396**\n\n​\n\n \n\n3,092,796\n\n​\n\n \n\n2,807,022\n\nInterest expense\n\n​\n\n** **\n\n**(974,835)**\n\n​\n\n \n\n(905,797)\n\n​\n\n \n\n(854,648)\n\n(Loss) gain due to disposal, exchange, or revaluation of equity interests, net\n\n​\n\n​\n\n**(86,119)**\n\n​\n\n​\n\n451,172\n\n​\n\n​\n\n362,019\n\nIncome and other tax expense\n\n​\n\n** **\n\n**(35,788)**\n\n​\n\n \n\n(23,262)\n\n​\n\n \n\n(81,874)\n\nIncome from unconsolidated entities\n\n​\n\n** **\n\n**504,088**\n\n​\n\n \n\n207,322\n\n​\n\n \n\n375,663\n\nUnrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net\n\n​\n\n​\n\n**(106,082)**\n\n​\n\n​\n\n(17,392)\n\n​\n\n​\n\n11,892\n\nGain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n** **\n\n**2,887,460**\n\n​\n\n \n\n(75,818)\n\n​\n\n \n\n(3,056)\n\n**CONSOLIDATED NET INCOME**\n\n​\n\n​\n\n**5,364,120**\n\n​\n\n​\n\n2,729,021\n\n​\n\n​\n\n2,617,018\n\nNet income attributable to noncontrolling interests\n\n​\n\n** **\n\n**736,508**\n\n​\n\n \n\n358,125\n\n​\n\n \n\n333,892\n\nPreferred dividends\n\n​\n\n** **\n\n**3,337**\n\n​\n\n \n\n3,337\n\n​\n\n \n\n3,337\n\n**NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS**\n\n​\n\n**$**\n\n**4,624,275**\n\n​\n\n$\n\n2,367,559\n\n​\n\n$\n\n2,279,789\n\n**BASIC AND DILUTED EARNINGS PER COMMON SHARE:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net income attributable to common stockholders**\n\n​\n\n**$**\n\n**14.17**\n\n​\n\n$\n\n7.26\n\n​\n\n$\n\n6.98\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consolidated Net Income**\n\n​\n\n**$**\n\n**5,364,120**\n\n​\n\n$\n\n2,729,021\n\n​\n\n$\n\n2,617,018\n\nUnrealized (loss) gain on derivative hedge agreements\n\n​\n\n** **\n\n**(31,402)**\n\n​\n\n \n\n16,491\n\n​\n\n \n\n18,350\n\nNet loss (gain) reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n** **\n\n**9,652**\n\n​\n\n \n\n(5,623)\n\n​\n\n \n\n(4,084)\n\nCurrency translation adjustments\n\n​\n\n** **\n\n**(52,683)**\n\n​\n\n \n\n(34,282)\n\n​\n\n \n\n(26,513)\n\nChanges in available-for-sale securities and other\n\n​\n\n** **\n\n**3,086**\n\n​\n\n \n\n(923)\n\n​\n\n \n\n2,254\n\nComprehensive income\n\n​\n\n** **\n\n**5,292,773**\n\n​\n\n \n\n2,704,684\n\n​\n\n \n\n2,607,025\n\nComprehensive income attributable to noncontrolling interests\n\n​\n\n** **\n\n**723,495**\n\n​\n\n \n\n354,028\n\n​\n\n \n\n331,814\n\n**Comprehensive income attributable to common stockholders**\n\n​\n\n**$**\n\n**4,569,278**\n\n​\n\n$\n\n2,350,656\n\n​\n\n$\n\n2,275,211\n\n​\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n90\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n*Consolidated Statements of Cash Flows*\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**For the Year**\n\n​\n\n​\n\n**Ended December 31, **\n\n​\n\n** **\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n**CASH FLOWS FROM OPERATING ACTIVITIES:**\n\n​\n\n​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n**Consolidated Net Income**\n\n​\n\n**$**\n\n**5,364,120**\n\n​\n\n$\n\n2,729,021\n\n​\n\n$\n\n2,617,018\n\nAdjustments to reconcile consolidated net income to net cash provided by operating activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation and amortization\n\n​\n\n** **\n\n**1,554,346**\n\n​\n\n \n\n1,359,861\n\n​\n\n \n\n1,333,584\n\n(Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n** **\n\n**(2,887,460)**\n\n​\n\n \n\n75,818\n\n​\n\n \n\n3,056\n\nLoss (gain) due to disposal, exchange, or revaluation of equity interests, net\n\n​\n\n​\n\n**86,119**\n\n​\n\n​\n\n(451,172)\n\n​\n\n​\n\n(362,019)\n\nUnrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net\n\n​\n\n​\n\n**106,082**\n\n​\n\n​\n\n17,392\n\n​\n\n​\n\n(11,892)\n\nStraight-line lease (income) loss\n\n​\n\n** **\n\n**(27,790)**\n\n​\n\n \n\n802\n\n​\n\n \n\n9,866\n\nEquity in income of unconsolidated entities\n\n​\n\n** **\n\n**(504,088)**\n\n​\n\n \n\n(207,322)\n\n​\n\n \n\n(375,663)\n\nDistributions of income from unconsolidated entities\n\n​\n\n** **\n\n**445,901**\n\n​\n\n \n\n362,734\n\n​\n\n \n\n458,709\n\n**Changes in assets and liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTenant receivables and accrued revenue, net\n\n​\n\n** **\n\n**(59,769)**\n\n​\n\n \n\n36,161\n\n​\n\n \n\n(11,802)\n\nDeferred costs and other assets\n\n​\n\n** **\n\n**14,565**\n\n​\n\n \n\n(235,884)\n\n​\n\n \n\n24,423\n\nAccounts payable, accrued expenses, intangibles, deferred revenues and other\n\n​\n\n** **\n\n**44,525**\n\n​\n\n \n\n127,244\n\n​\n\n \n\n245,513\n\n**Net cash provided by operating activities**\n\n​\n\n** **\n\n**4,136,551**\n\n​\n\n \n\n3,814,655\n\n​\n\n \n\n3,930,793\n\n**CASH FLOWS FROM INVESTING ACTIVITIES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAcquisitions\n\n​\n\n** **\n\n**(1,114,368)**\n\n​\n\n \n\n(56,105)\n\n​\n\n \n\n(65,829)\n\nFunding of loans to related parties\n\n​\n\n** **\n\n**—**\n\n​\n\n \n\n(111,000)\n\n​\n\n \n\n(15,250)\n\nRepayments of loans to related parties\n\n​\n\n** **\n\n**16,956**\n\n​\n\n \n\n82,289\n\n​\n\n \n\n16,188\n\nCapital expenditures, net\n\n​\n\n** **\n\n**(934,346)**\n\n​\n\n \n\n(755,584)\n\n​\n\n \n\n(793,283)\n\nCash impact from the consolidation of properties\n\n​\n\n** **\n\n**104,829**\n\n​\n\n \n\n46,228\n\n​\n\n \n\n—\n\nNet proceeds from sale of assets\n\n​\n\n** **\n\n**—**\n\n​\n\n \n\n55,203\n\n​\n\n \n\n—\n\nInvestments in unconsolidated entities\n\n​\n\n** **\n\n**(62,418)**\n\n​\n\n \n\n(112,655)\n\n​\n\n \n\n(83,961)\n\nPurchase of short-term investments\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n(600,000)\n\n​\n\n​\n\n(1,000,000)\n\nProceeds from redemption of short-term investments\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n1,600,000\n\n​\n\n​\n\n—\n\nPurchase of equity instruments\n\n​\n\n** **\n\n**(48,704)**\n\n​\n\n \n\n(241,186)\n\n​\n\n \n\n(31,742)\n\nProceeds from sale of equity instruments\n\n​\n\n** **\n\n**96,194**\n\n​\n\n \n\n1,183,528\n\n​\n\n \n\n304,129\n\nInsurance proceeds for property restoration\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n4,587\n\n​\n\n​\n\n7,427\n\nDistributions of capital from unconsolidated entities and other\n\n​\n\n** **\n\n**341,153**\n\n​\n\n \n\n313,016\n\n​\n\n \n\n299,140\n\n**Net cash (used in) provided by investing activities**\n\n​\n\n** **\n\n**(1,600,704)**\n\n​\n\n \n\n1,408,321\n\n​\n\n \n\n(1,363,181)\n\n**CASH FLOWS FROM FINANCING ACTIVITIES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProceeds from sales of common stock and other, net of transaction costs\n\n​\n\n** **\n\n**(328)**\n\n​\n\n \n\n(328)\n\n​\n\n \n\n(328)\n\nPurchase of shares related to stock grant recipients' tax withholdings\n\n​\n\n​\n\n**(13,912)**\n\n​\n\n​\n\n(10,558)\n\n​\n\n​\n\n(5,795)\n\nRedemption of limited partner units\n\n​\n\n** **\n\n**(7,281)**\n\n​\n\n \n\n(42,293)\n\n​\n\n \n\n(13,524)\n\nPurchase of treasury stock\n\n​\n\n​\n\n**(226,826)**\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(140,593)\n\nPreferred unit redemptions\n\n​\n\n​\n\n**(5,000)**\n\n​\n\n​\n\n(7,500)\n\n​\n\n​\n\n(2,500)\n\nDistributions to noncontrolling interest holders in properties\n\n​\n\n** **\n\n**(23,404)**\n\n​\n\n \n\n(21,049)\n\n​\n\n \n\n(41,956)\n\nContributions from noncontrolling interest holders in properties\n\n​\n\n** **\n\n**6,705**\n\n​\n\n \n\n9,807\n\n​\n\n \n\n9,813\n\nPreferred distributions of the Operating Partnership\n\n​\n\n** **\n\n**(1,166)**\n\n​\n\n \n\n(1,560)\n\n​\n\n \n\n(1,900)\n\nPreferred dividends and distributions to stockholders\n\n​\n\n** **\n\n**(2,792,872)**\n\n​\n\n \n\n(2,645,213)\n\n​\n\n \n\n(2,439,233)\n\nDistributions to limited partners\n\n​\n\n** **\n\n**(439,384)**\n\n​\n\n \n\n(399,186)\n\n​\n\n \n\n(355,548)\n\nProceeds from issuance of debt, net of transaction costs\n\n​\n\n** **\n\n**3,668,892**\n\n​\n\n \n\n1,095,546\n\n​\n\n \n\n3,629,840\n\nRepayments of debt\n\n​\n\n** **\n\n**(3,278,469)**\n\n​\n\n \n\n(2,969,288)\n\n​\n\n \n\n(2,658,525)\n\n**Net cash used in financing activities**\n\n​\n\n** **\n\n**(3,113,045)**\n\n​\n\n \n\n(4,991,622)\n\n​\n\n \n\n(2,020,249)\n\n**(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS**\n\n​\n\n** **\n\n**(577,198)**\n\n​\n\n \n\n231,354\n\n​\n\n \n\n547,363\n\n**CASH AND CASH EQUIVALENTS, beginning of period**\n\n​\n\n** **\n\n**1,400,345**\n\n​\n\n \n\n1,168,991\n\n​\n\n \n\n621,628\n\n**CASH AND CASH EQUIVALENTS, end of period**\n\n​\n\n**$**\n\n**823,147**\n\n​\n\n$\n\n1,400,345\n\n​\n\n$\n\n1,168,991\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n​\n\n91\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n*Consolidated Statements of Equity*\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**Accumulated Other**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Comprehensive**\n\n​\n\n**Capital in**\n\n​\n\n​\n\n​\n\n​\n\n**Common Stock**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n​\n\n​\n\n**Preferred**\n\n​\n\n**Common**\n\n​\n\n**Income**\n\n​\n\n**Excess of Par**\n\n​\n\n**Accumulated**\n\n​\n\n**Held in**\n\n​\n\n**Noncontrolling**\n\n​\n\n**Total**\n\n** **\n\n​\n\n​\n\n**Stock**\n\n​\n\n**Stock**\n\n​\n\n**(Loss)**\n\n​\n\n**Value**\n\n​\n\n**Deficit**\n\n​\n\n**Treasury**\n\n​\n\n**Interests**\n\n​\n\n**Equity**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Balance at December 31, 2022**\n\n​\n\n**$**\n\n**41,435**\n\n​\n\n**$**\n\n**34**\n\n​\n\n**$**\n\n**(164,873)**\n\n​\n\n**$**\n\n**11,232,881**\n\n​\n\n**$**\n\n**(5,926,974)**\n\n​\n\n**$**\n\n**(2,043,979)**\n\n​\n\n**$**\n\n**473,128**\n\n​\n\n**$**\n\n**3,611,652**\n\n​\n\nIssuance of limited partner units (1,725,000 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n197,426\n\n​\n\n​\n\n197,426\n\n​\n\nSeries J preferred stock premium amortization\n\n​\n\n​\n\n(329)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(329)\n\n​\n\nStock incentive program (291,122 common shares, net)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(34,189)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n34,189\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nRedemption of limited partner units (114,241 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(12,483)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(1,041)\n\n​\n\n​\n\n(13,524)\n\n​\n\nAmortization of stock incentive\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n32,468\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n32,468\n\n​\n\nTreasury stock purchase (1,273,733 shares)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(140,593)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(140,593)\n\n​\n\nLong-term incentive performance units\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n14,739\n\n​\n\n​\n\n14,739\n\n​\n\nIssuance of unit equivalents and other (50,658 common shares repurchased)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(1)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n146\n\n​\n\n​\n\n(12,495)\n\n​\n\n​\n\n(5,795)\n\n​\n\n​\n\n2,026\n\n​\n\n​\n\n(16,119)\n\n​\n\nUnrealized gain on hedging activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n15,784\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,566\n\n​\n\n​\n\n18,350\n\n​\n\nCurrency translation adjustments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(22,116)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(4,397)\n\n​\n\n​\n\n(26,513)\n\n​\n\nChanges in available-for-sale securities and other\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,969\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n285\n\n​\n\n​\n\n2,254\n\n​\n\nNet gain reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(3,551)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(533)\n\n​\n\n​\n\n(4,084)\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(7,914)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(2,079)\n\n​\n\n \n\n(9,993)\n\n​\n\nAdjustment to limited partners' interest from change in ownership in the Operating Partnership\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n187,413\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(187,413)\n\n​\n\n​\n\n—\n\n​\n\nDistributions to common stockholders and limited partners, excluding Operating Partnership preferred interests\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(2,439,233)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(355,548)\n\n​\n\n​\n\n(2,794,781)\n\n​\n\nDistribution to other noncontrolling interest partners\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(6,361)\n\n​\n\n​\n\n(6,361)\n\n​\n\nNet income, excluding $1,900 attributable to preferred interests in the Operating Partnership and a $1,946 loss attributable to noncontrolling redeemable interests in properties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,283,126\n\n​\n\n​\n\n​\n\n​\n\n​\n\n333,938\n\n​\n\n​\n\n2,617,064\n\n​\n\n**Balance at December 31, 2023**\n\n​\n\n**$**\n\n**41,106**\n\n​\n\n**$**\n\n**33**\n\n​\n\n**$**\n\n**(172,787)**\n\n​\n\n**$**\n\n**11,406,236**\n\n​\n\n**$**\n\n**(6,095,576)**\n\n​\n\n**$**\n\n**(2,156,178)**\n\n​\n\n**$**\n\n**468,815**\n\n​\n\n**$**\n\n**3,491,649**\n\n​\n\nExchange of limited partner units (55,000 common shares, Note 8)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n490\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(490)\n\n​\n\n​\n\n—\n\n​\n\nIssuance of limited partner units (1,572,500 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n266,665\n\n​\n\n​\n\n266,665\n\n​\n\nSeries J preferred stock premium amortization\n\n​\n\n​\n\n(328)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(328)\n\n​\n\nStock incentive program (372,495 common shares, net)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(60,340)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n60,340\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nRedemption of limited partner units (288,350 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(39,662)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(2,631)\n\n​\n\n​\n\n(42,293)\n\n​\n\nAmortization of stock incentive\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n31,678\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n31,678\n\n​\n\nLong-term incentive performance units\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n30,030\n\n​\n\n​\n\n30,030\n\n​\n\nIssuance of unit equivalents and other (69,879 common shares repurchased)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(2)\n\n​\n\n​\n\n(12,622)\n\n​\n\n​\n\n(10,558)\n\n​\n\n​\n\n3,720\n\n​\n\n​\n\n(19,462)\n\n​\n\nUnrealized gain on hedging activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n14,039\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,452\n\n​\n\n​\n\n16,491\n\n​\n\nCurrency translation adjustments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(28,613)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(5,669)\n\n​\n\n​\n\n(34,282)\n\n​\n\nChanges in available-for-sale securities and other\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(799)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(124)\n\n​\n\n​\n\n(923)\n\n​\n\nNet gain reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(4,866)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(757)\n\n​\n\n​\n\n(5,623)\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(20,239)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(4,098)\n\n​\n\n​\n\n(24,337)\n\n​\n\nAdjustment to limited partners' interest from change in ownership in the Operating Partnership\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n244,651\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(244,651)\n\n​\n\n​\n\n—\n\n​\n\nDistributions to common stockholders and limited partners, excluding Operating Partnership preferred interests\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(2,645,213)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(399,186)\n\n​\n\n​\n\n(3,044,399)\n\n​\n\nDistribution to other noncontrolling interest partners\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(5,125)\n\n​\n\n​\n\n(5,125)\n\n​\n\nNet income, excluding $1,560 attributable to preferred interests in the Operating Partnership and a $3,184 loss attributable to noncontrolling redeemable interests in properties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,370,896\n\n​\n\n​\n\n​\n\n​\n\n​\n\n359,749\n\n​\n\n​\n\n2,730,645\n\n​\n\n**Balance at December 31, 2024**\n\n​\n\n**$**\n\n**40,778**\n\n​\n\n**$**\n\n**33**\n\n​\n\n**$**\n\n**(193,026)**\n\n​\n\n**$**\n\n**11,583,051**\n\n​\n\n**$**\n\n**(6,382,515)**\n\n​\n\n**$**\n\n**(2,106,396)**\n\n​\n\n**$**\n\n**472,798**\n\n​\n\n**$**\n\n**3,414,723**\n\n​\n\n92\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Accumulated Other**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Comprehensive**\n\n​\n\n**Capital in**\n\n​\n\n​\n\n​\n\n​\n\n**Common Stock**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n​\n\n​\n\n**Preferred**\n\n​\n\n**Common**\n\n​\n\n**Income**\n\n​\n\n**Excess of Par**\n\n​\n\n**Accumulated**\n\n​\n\n**Held in**\n\n​\n\n**Noncontrolling**\n\n​\n\n**Total**\n\n** **\n\n​\n\n​\n\n**Stock**\n\n​\n\n**Stock**\n\n​\n\n**(Loss)**\n\n​\n\n**Value**\n\n​\n\n**Deficit**\n\n​\n\n**Treasury**\n\n​\n\n**Interests**\n\n​\n\n**Equity**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nExchange of limited partner units (116,558 common shares, Note 8)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,036\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(1,036)\n\n​\n\n​\n\n—\n\n​\n\nIssuance of limited partner units (4,980,693 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n863,403\n\n​\n\n​\n\n863,403\n\n​\n\nSeries J preferred stock premium amortization\n\n​\n\n​\n\n(327)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(327)\n\n​\n\nStock incentive program (157,360 common shares, net)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(27,223)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n27,223\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nRedemption of limited partner units (41,510 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(6,921)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(360)\n\n​\n\n​\n\n(7,281)\n\n​\n\nAmortization of stock incentive\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n37,080\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n37,080\n\n​\n\nTreasury stock purchase (1,246,190 shares)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(226,826)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(226,826)\n\n​\n\nLong-term incentive performance units\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n53,474\n\n​\n\n​\n\n53,474\n\n​\n\nIssuance of unit equivalents and other (81,996 common shares repurchased)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n131\n\n​\n\n​\n\n(60,361)\n\n​\n\n​\n\n(13,912)\n\n​\n\n​\n\n356,185\n\n​\n\n​\n\n282,043\n\n​\n\nUnrealized loss on hedging activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(27,586)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(3,816)\n\n​\n\n​\n\n(31,402)\n\n​\n\nCurrency translation adjustments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(41,635)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(11,048)\n\n​\n\n​\n\n(52,683)\n\n​\n\nChanges in available-for-sale securities and other\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,645\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n441\n\n​\n\n​\n\n3,086\n\n​\n\nNet loss reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n8,241\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,411\n\n​\n\n​\n\n9,652\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(58,335)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(13,012)\n\n​\n\n​\n\n(71,347)\n\n​\n\nAdjustment to limited partners' interest from change in ownership in the Operating Partnership\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n760,038\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(760,038)\n\n​\n\n​\n\n—\n\n​\n\nDistributions to common stockholders and limited partners, excluding Operating Partnership preferred interests\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(2,792,872)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(439,384)\n\n​\n\n​\n\n(3,232,256)\n\n​\n\nDistribution to other noncontrolling interest partners\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(4,740)\n\n​\n\n​\n\n(4,740)\n\n​\n\nNet income, excluding $1,166 attributable to preferred interests in the Operating Partnership and a $1,187 loss attributable to noncontrolling redeemable interests in properties\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n4,627,612\n\n​\n\n​\n\n​\n\n​\n\n​\n\n736,529\n\n​\n\n​\n\n5,364,141\n\n​\n\n**Balance at December 31, 2025**\n\n​\n\n**$**\n\n**40,451**\n\n​\n\n**$**\n\n**33**\n\n​\n\n**$**\n\n**(251,361)**\n\n​\n\n**$**\n\n**12,347,192**\n\n​\n\n**$**\n\n**(4,608,136)**\n\n​\n\n**$**\n\n**(2,319,911)**\n\n​\n\n**$**\n\n**1,263,819**\n\n​\n\n**$**\n\n**6,472,087**\n\n​\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n​\n\n93\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, L.P.**\n\n*Consolidated Balance Sheets*\n\n*(Dollars in thousands, except unit amounts)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**December 31, **\n\n  ​ ​ ​\n\n**December 31, **\n\n​\n\n  ​\n\n**2025**\n\n  ​\n\n**2024**\n\n**ASSETS:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInvestment properties, at cost\n\n​\n\n**$**\n\n**50,946,067**\n\n​\n\n$\n\n40,242,392\n\nLess — accumulated depreciation\n\n​\n\n** **\n\n**20,701,510**\n\n​\n\n \n\n19,047,078\n\n​\n\n​\n\n** **\n\n**30,244,557**\n\n​\n\n \n\n21,195,314\n\nCash and cash equivalents\n\n​\n\n** **\n\n**823,147**\n\n​\n\n \n\n1,400,345\n\nTenant receivables and accrued revenue, net\n\n​\n\n** **\n\n**934,077**\n\n​\n\n \n\n796,513\n\nInvestment in other unconsolidated entities, at equity\n\n​\n\n** **\n\n**4,362,339**\n\n​\n\n \n\n2,670,739\n\nInvestment in Klépierre, at equity\n\n​\n\n** **\n\n**1,505,377**\n\n​\n\n \n\n1,384,267\n\nInvestment in TRG, at equity\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n3,069,297\n\nRight-of-use assets, net\n\n​\n\n​\n\n**755,934**\n\n​\n\n​\n\n519,607\n\nDeferred costs and other assets\n\n​\n\n** **\n\n**1,981,035**\n\n​\n\n \n\n1,369,609\n\n**Total assets**\n\n​\n\n**$**\n\n**40,606,466**\n\n​\n\n$\n\n32,405,691\n\n**LIABILITIES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMortgages and unsecured indebtedness\n\n​\n\n**$**\n\n**28,430,175**\n\n​\n\n$\n\n24,264,495\n\nAccounts payable, accrued expenses, intangibles, and deferred revenues\n\n​\n\n** **\n\n**1,954,402**\n\n​\n\n \n\n1,712,465\n\nCash distributions and losses in unconsolidated entities, at equity\n\n​\n\n** **\n\n**1,739,418**\n\n​\n\n \n\n1,680,431\n\nDistribution payable\n\n​\n\n​\n\n**2,723**\n\n​\n\n​\n\n2,410\n\nLease liabilities\n\n​\n\n​\n\n**756,539**\n\n​\n\n​\n\n520,283\n\nOther liabilities\n\n​\n\n** **\n\n**1,017,816**\n\n​\n\n \n\n626,155\n\n**Total liabilities**\n\n​\n\n** **\n\n**33,901,073**\n\n​\n\n \n\n28,806,239\n\nCommitments and contingencies\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPreferred units, various series, at liquidation value, and noncontrolling redeemable interests\n\n​\n\n** **\n\n**233,306**\n\n​\n\n \n\n184,729\n\n**EQUITY:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPartners’ Equity\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPreferred units, 796,948 units outstanding. Liquidation value of $39,847\n\n​\n\n** **\n\n**40,451**\n\n​\n\n \n\n40,778\n\nGeneral Partner, 325,223,870 and 326,278,138 units outstanding, respectively\n\n​\n\n** **\n\n**5,167,817**\n\n​\n\n \n\n2,901,147\n\nLimited Partners, 55,689,714 and 50,759,627 units outstanding, respectively\n\n​\n\n** **\n\n**884,913**\n\n​\n\n \n\n451,339\n\nTotal partners’ equity\n\n​\n\n** **\n\n**6,093,181**\n\n​\n\n \n\n3,393,264\n\nNonredeemable noncontrolling interests in properties, net\n\n​\n\n** **\n\n**378,906**\n\n​\n\n \n\n21,459\n\n**Total equity**\n\n​\n\n** **\n\n**6,472,087**\n\n​\n\n \n\n3,414,723\n\n**Total liabilities and equity**\n\n​\n\n**$**\n\n**40,606,466**\n\n​\n\n$\n\n32,405,691\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n94\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, L.P.**\n\n*Consolidated Statements of Operations and Comprehensive Income*\n\n*(Dollars in thousands, except per unit amounts)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n**For the Year**\n\n​\n\n** **\n\n**Ended December 31, **\n\n​\n\n** **\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**2023**\n\n**REVENUE:**\n\n \n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\nLease income\n\n​\n\n**$**\n\n**5,839,160**\n\n​\n\n$\n\n5,389,760\n\n​\n\n$\n\n5,164,335\n\nManagement fees and other revenues\n\n​\n\n** **\n\n**144,426**\n\n​\n\n \n\n133,250\n\n​\n\n \n\n125,995\n\nOther income\n\n​\n\n** **\n\n**380,919**\n\n​\n\n \n\n440,788\n\n​\n\n \n\n368,506\n\n**Total revenue**\n\n​\n\n** **\n\n**6,364,505**\n\n​\n\n \n\n5,963,798\n\n​\n\n \n\n5,658,836\n\n**EXPENSES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty operating\n\n​\n\n** **\n\n**580,975**\n\n​\n\n \n\n529,753\n\n​\n\n \n\n489,346\n\nDepreciation and amortization\n\n​\n\n** **\n\n**1,426,423**\n\n​\n\n \n\n1,265,340\n\n​\n\n \n\n1,262,107\n\nReal estate taxes\n\n​\n\n** **\n\n**451,128**\n\n​\n\n \n\n408,641\n\n​\n\n \n\n441,783\n\nRepairs and maintenance\n\n​\n\n** **\n\n**119,915**\n\n​\n\n \n\n105,020\n\n​\n\n \n\n97,257\n\nAdvertising and promotion\n\n​\n\n** **\n\n**155,826**\n\n​\n\n \n\n144,551\n\n​\n\n \n\n127,346\n\nHome and regional office costs\n\n​\n\n** **\n\n**251,748**\n\n​\n\n \n\n223,277\n\n​\n\n \n\n207,618\n\nGeneral and administrative\n\n​\n\n** **\n\n**60,888**\n\n​\n\n \n\n44,743\n\n​\n\n \n\n38,513\n\nOther\n\n​\n\n** **\n\n**142,206**\n\n​\n\n \n\n149,677\n\n​\n\n \n\n187,844\n\n**Total operating expenses**\n\n​\n\n** **\n\n**3,189,109**\n\n​\n\n \n\n2,871,002\n\n​\n\n \n\n2,851,814\n\n**OPERATING INCOME BEFORE OTHER ITEMS**\n\n​\n\n** **\n\n**3,175,396**\n\n​\n\n \n\n3,092,796\n\n​\n\n \n\n2,807,022\n\nInterest expense\n\n​\n\n** **\n\n**(974,835)**\n\n​\n\n \n\n(905,797)\n\n​\n\n \n\n(854,648)\n\n(Loss) gain due to disposal, exchange, or revaluation of equity interests, net\n\n​\n\n​\n\n**(86,119)**\n\n​\n\n​\n\n451,172\n\n​\n\n​\n\n362,019\n\nIncome and other tax expense\n\n​\n\n** **\n\n**(35,788)**\n\n​\n\n \n\n(23,262)\n\n​\n\n \n\n(81,874)\n\nIncome from unconsolidated entities\n\n​\n\n** **\n\n**504,088**\n\n​\n\n \n\n207,322\n\n​\n\n \n\n375,663\n\nUnrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net\n\n​\n\n​\n\n**(106,082)**\n\n​\n\n​\n\n(17,392)\n\n​\n\n​\n\n11,892\n\nGain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n** **\n\n**2,887,460**\n\n​\n\n \n\n(75,818)\n\n​\n\n \n\n(3,056)\n\n**CONSOLIDATED NET INCOME**\n\n​\n\n** **\n\n**5,364,120**\n\n​\n\n \n\n2,729,021\n\n​\n\n \n\n2,617,018\n\nNet income (loss) attributable to noncontrolling interests\n\n​\n\n** **\n\n**4,815**\n\n​\n\n \n\n(1,641)\n\n​\n\n \n\n(1,336)\n\nPreferred unit requirements\n\n​\n\n** **\n\n**4,503**\n\n​\n\n \n\n4,897\n\n​\n\n \n\n5,237\n\n**NET INCOME ATTRIBUTABLE TO UNITHOLDERS**\n\n​\n\n**$**\n\n**5,354,802**\n\n​\n\n$\n\n2,725,765\n\n​\n\n$\n\n2,613,117\n\n**NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGeneral Partner\n\n​\n\n**$**\n\n**4,624,275**\n\n​\n\n$\n\n2,367,559\n\n​\n\n$\n\n2,279,789\n\nLimited Partners\n\n​\n\n** **\n\n**730,527**\n\n​\n\n \n\n358,206\n\n​\n\n \n\n333,328\n\n**Net income attributable to unitholders**\n\n​\n\n**$**\n\n**5,354,802**\n\n​\n\n$\n\n2,725,765\n\n​\n\n$\n\n2,613,117\n\n**BASIC AND DILUTED EARNINGS PER UNIT:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Net income attributable to unitholders**\n\n​\n\n**$**\n\n**14.17**\n\n​\n\n$\n\n7.26\n\n​\n\n$\n\n6.98\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consolidated Net Income**\n\n​\n\n$\n\n**5,364,120**\n\n​\n\n$\n\n2,729,021\n\n​\n\n$\n\n2,617,018\n\nUnrealized (loss) gain on derivative hedge agreements\n\n​\n\n** **\n\n**(31,402)**\n\n​\n\n \n\n16,491\n\n​\n\n \n\n18,350\n\nNet loss (gain) reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n** **\n\n**9,652**\n\n​\n\n \n\n(5,623)\n\n​\n\n \n\n(4,084)\n\nCurrency translation adjustments\n\n​\n\n** **\n\n**(52,683)**\n\n​\n\n \n\n(34,282)\n\n​\n\n \n\n(26,513)\n\nChanges in available-for-sale securities and other\n\n​\n\n** **\n\n**3,086**\n\n​\n\n \n\n(923)\n\n​\n\n \n\n2,254\n\nComprehensive income\n\n​\n\n** **\n\n**5,292,773**\n\n​\n\n \n\n2,704,684\n\n​\n\n \n\n2,607,025\n\nComprehensive income loss attributable to noncontrolling interests\n\n​\n\n** **\n\n**6,002**\n\n​\n\n \n\n1,543\n\n​\n\n \n\n610\n\n**Comprehensive income attributable to unitholders**\n\n​\n\n**$**\n\n**5,286,771**\n\n​\n\n$\n\n2,703,141\n\n​\n\n$\n\n2,606,415\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n95\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, L.P.**\n\n*Consolidated Statements of Cash Flows*\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**For the Year**\n\n​\n\n​\n\n**Ended December 31, **\n\n​\n\n** **\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n​\n\n**2023**\n\n**CASH FLOWS FROM OPERATING ACTIVITIES:**\n\n \n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consolidated Net Income**\n\n​\n\n**$**\n\n**5,364,120**\n\n​\n\n$\n\n2,729,021\n\n​\n\n$\n\n2,617,018\n\nAdjustments to reconcile consolidated net income to net cash provided by operating activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation and amortization\n\n​\n\n** **\n\n**1,554,346**\n\n​\n\n \n\n1,359,861\n\n​\n\n \n\n1,333,584\n\n(Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n​\n\n**(2,887,460)**\n\n​\n\n \n\n75,818\n\n​\n\n \n\n3,056\n\nLoss (gain) due to disposal, exchange, or revaluation of equity interests, net\n\n​\n\n​\n\n**86,119**\n\n​\n\n​\n\n(451,172)\n\n​\n\n​\n\n(362,019)\n\nUnrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net\n\n​\n\n​\n\n**106,082**\n\n​\n\n​\n\n17,392\n\n​\n\n​\n\n(11,892)\n\nStraight-line lease (income) loss\n\n​\n\n** **\n\n**(27,790)**\n\n​\n\n \n\n802\n\n​\n\n \n\n9,866\n\nEquity in income of unconsolidated entities\n\n​\n\n** **\n\n**(504,088)**\n\n​\n\n \n\n(207,322)\n\n​\n\n \n\n(375,663)\n\nDistributions of income from unconsolidated entities\n\n​\n\n** **\n\n**445,901**\n\n​\n\n \n\n362,734\n\n​\n\n \n\n458,709\n\n**Changes in assets and liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTenant receivables and accrued revenue, net\n\n​\n\n** **\n\n**(59,769)**\n\n​\n\n \n\n36,161\n\n​\n\n \n\n(11,802)\n\nDeferred costs and other assets\n\n​\n\n** **\n\n**14,565**\n\n​\n\n \n\n(235,884)\n\n​\n\n \n\n24,423\n\nAccounts payable, accrued expenses, intangibles, deferred revenues and other\n\n​\n\n** **\n\n**44,525**\n\n​\n\n \n\n127,244\n\n​\n\n \n\n245,513\n\n**Net cash provided by operating activities**\n\n​\n\n** **\n\n**4,136,551**\n\n​\n\n \n\n3,814,655\n\n​\n\n \n\n3,930,793\n\n**CASH FLOWS FROM INVESTING ACTIVITIES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAcquisitions\n\n​\n\n** **\n\n**(1,114,368)**\n\n​\n\n \n\n(56,105)\n\n​\n\n \n\n(65,829)\n\nFunding of loans to related parties\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n(111,000)\n\n​\n\n​\n\n(15,250)\n\nRepayments of loans to related parties\n\n​\n\n** **\n\n**16,956**\n\n​\n\n \n\n82,289\n\n​\n\n \n\n16,188\n\nCapital expenditures, net\n\n​\n\n** **\n\n**(934,346)**\n\n​\n\n \n\n(755,584)\n\n​\n\n \n\n(793,283)\n\nCash impact from the consolidation of properties\n\n​\n\n** **\n\n**104,829**\n\n​\n\n \n\n46,228\n\n​\n\n \n\n—\n\nNet proceeds from sale of assets\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n55,203\n\n​\n\n​\n\n—\n\nInvestments in unconsolidated entities\n\n​\n\n** **\n\n**(62,418)**\n\n​\n\n \n\n(112,655)\n\n​\n\n \n\n(83,961)\n\nPurchase of short-term investments\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n(600,000)\n\n​\n\n​\n\n(1,000,000)\n\nProceeds from redemption of short-term investments\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n1,600,000\n\n​\n\n​\n\n—\n\nPurchase of equity instruments\n\n​\n\n** **\n\n**(48,704)**\n\n​\n\n \n\n(241,186)\n\n​\n\n \n\n(31,742)\n\nProceeds from sale of equity instruments\n\n​\n\n** **\n\n**96,194**\n\n​\n\n \n\n1,183,528\n\n​\n\n \n\n304,129\n\nInsurance proceeds for property restoration\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n4,587\n\n​\n\n​\n\n7,427\n\nDistributions of capital from unconsolidated entities and other\n\n​\n\n** **\n\n**341,153**\n\n​\n\n \n\n313,016\n\n​\n\n \n\n299,140\n\n**Net cash (used in) provided by investing activities**\n\n​\n\n** **\n\n**(1,600,704)**\n\n​\n\n \n\n1,408,321\n\n​\n\n \n\n(1,363,181)\n\n**CASH FLOWS FROM FINANCING ACTIVITIES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIssuance of units and other\n\n​\n\n** **\n\n**(328)**\n\n​\n\n \n\n(328)\n\n​\n\n \n\n(328)\n\nPurchase of units related to stock grant recipients' tax withholdings\n\n​\n\n** **\n\n**(13,912)**\n\n​\n\n \n\n(10,558)\n\n​\n\n \n\n(5,795)\n\nRedemption of limited partner units\n\n​\n\n​\n\n**(7,281)**\n\n​\n\n​\n\n(42,293)\n\n​\n\n​\n\n(13,524)\n\nPurchase of general partner units\n\n​\n\n​\n\n**(226,826)**\n\n​\n\n​\n\n—\n\n​\n\n​\n\n(140,593)\n\nPreferred unit redemptions\n\n​\n\n​\n\n**(5,000)**\n\n​\n\n​\n\n(7,500)\n\n​\n\n​\n\n(2,500)\n\nDistributions to noncontrolling interest holders in properties\n\n​\n\n** **\n\n**(23,404)**\n\n​\n\n \n\n(21,049)\n\n​\n\n \n\n(41,956)\n\nContributions from noncontrolling interest holders in properties\n\n​\n\n** **\n\n**6,705**\n\n​\n\n \n\n9,807\n\n​\n\n \n\n9,813\n\nPartnership distributions\n\n​\n\n** **\n\n**(3,233,422)**\n\n​\n\n \n\n(3,045,959)\n\n​\n\n \n\n(2,796,681)\n\nMortgage and unsecured indebtedness proceeds, net of transaction costs\n\n​\n\n** **\n\n**3,668,892**\n\n​\n\n \n\n1,095,546\n\n​\n\n \n\n3,629,840\n\nMortgage and unsecured indebtedness principal payments\n\n​\n\n** **\n\n**(3,278,469)**\n\n​\n\n \n\n(2,969,288)\n\n​\n\n \n\n(2,658,525)\n\n**Net cash used in financing activities**\n\n​\n\n** **\n\n**(3,113,045)**\n\n​\n\n \n\n(4,991,622)\n\n​\n\n \n\n(2,020,249)\n\n**(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS**\n\n​\n\n** **\n\n**(577,198)**\n\n​\n\n \n\n231,354\n\n​\n\n \n\n547,363\n\n**CASH AND CASH EQUIVALENTS, beginning of period**\n\n​\n\n** **\n\n**1,400,345**\n\n​\n\n \n\n1,168,991\n\n​\n\n \n\n621,628\n\n**CASH AND CASH EQUIVALENTS, end of period**\n\n​\n\n**$**\n\n**823,147**\n\n​\n\n$\n\n1,400,345\n\n​\n\n$\n\n1,168,991\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n​\n\n96\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, L.P.**\n\n*Consolidated Statements of Equity*\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**Preferred**\n\n​\n\n**Simon (Managing**\n\n​\n\n**Limited**\n\n​\n\n**Noncontrolling**\n\n​\n\n**Total**\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**Units**\n\n**  ​ ​ ​**\n\n**General Partner)**\n\n**  ​ ​ ​**\n\n**Partners**\n\n**  ​ ​ ​**\n\n**Interests**\n\n**  ​ ​ ​**\n\n**Equity**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Balance at December 31, 2022**\n\n​\n\n**$**\n\n**41,435**\n\n​\n\n**$**\n\n**3,097,089**\n\n​\n\n**$**\n\n**448,076**\n\n​\n\n**$**\n\n**25,052**\n\n​\n\n**$**\n\n**3,611,652**\n\n​\n\nIssuance of limited partner units (1,725,000 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n197,426\n\n​\n\n​\n\n​\n\n​\n\n​\n\n197,426\n\n​\n\nSeries J preferred stock premium and amortization\n\n​\n\n​\n\n(329)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(329)\n\n​\n\nStock incentive program (291,122 common units, net)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nAmortization of stock incentive\n\n​\n\n​\n\n​\n\n​\n\n​\n\n32,468\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n32,468\n\n​\n\nRedemption of limited partner units (114,241 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(12,483)\n\n​\n\n​\n\n(1,041)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(13,524)\n\n​\n\nTreasury stock purchase (1,273,733 shares)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(140,593)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(140,593)\n\n​\n\nLong-term incentive performance units\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n14,739\n\n​\n\n​\n\n​\n\n​\n\n​\n\n14,739\n\n​\n\nIssuance of unit equivalents and other (50,658 common units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(18,145)\n\n​\n\n​\n\n6\n\n​\n\n​\n\n2,020\n\n​\n\n​\n\n(16,119)\n\n​\n\nUnrealized gain on hedging activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n15,784\n\n​\n\n​\n\n2,566\n\n​\n\n​\n\n​\n\n​\n\n​\n\n18,350\n\n​\n\nCurrency translation adjustments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(22,116)\n\n​\n\n​\n\n(4,397)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(26,513)\n\n​\n\nChanges in available-for-sale securities and other\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,969\n\n​\n\n​\n\n285\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,254\n\n​\n\nNet gain reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(3,551)\n\n​\n\n​\n\n(533)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(4,084)\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(7,914)\n\n​\n\n​\n\n(2,079)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(9,993)\n\n​\n\nAdjustment to limited partners' interest from change in ownership in the Operating Partnership\n\n​\n\n​\n\n​\n\n​\n\n​\n\n187,413\n\n​\n\n​\n\n(187,413)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nDistributions, excluding distributions on preferred interests classified as temporary equity\n\n​\n\n​\n\n(3,337)\n\n​\n\n​\n\n(2,435,896)\n\n​\n\n​\n\n(355,548)\n\n​\n\n​\n\n(6,361)\n\n​\n\n​\n\n(2,801,142)\n\n​\n\nNet income, excluding preferred distributions on temporary equity preferred units of $1,900 and a $1,946 loss attributable to noncontrolling redeemable interests in properties\n\n​\n\n​\n\n3,337\n\n​\n\n​\n\n2,279,789\n\n​\n\n​\n\n333,328\n\n​\n\n​\n\n610\n\n​\n\n​\n\n2,617,064\n\n​\n\n**Balance at December 31, 2023**\n\n​\n\n**$**\n\n**41,106**\n\n​\n\n**$**\n\n**2,981,728**\n\n​\n\n**$**\n\n**447,494**\n\n​\n\n**$**\n\n**21,321**\n\n​\n\n**$**\n\n**3,491,649**\n\n​\n\nIssuance of limited partner units (1,572,500 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n266,665\n\n​\n\n​\n\n​\n\n​\n\n​\n\n266,665\n\n​\n\nSeries J preferred stock premium and amortization\n\n​\n\n​\n\n(328)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(328)\n\n​\n\nLimited partner units exchanged to common units (55,000 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n490\n\n​\n\n​\n\n(490)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nStock incentive program (372,495 common units, net)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nAmortization of stock incentive\n\n​\n\n​\n\n​\n\n​\n\n​\n\n31,678\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n31,678\n\n​\n\nRedemption of limited partner units (288,350 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(39,662)\n\n​\n\n​\n\n(2,631)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(42,293)\n\n​\n\nLong-term incentive performance units\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n30,030\n\n​\n\n​\n\n​\n\n​\n\n​\n\n30,030\n\n​\n\nIssuance of unit equivalents and other (616,760 LTIP units and 69,879 common units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(23,182)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n3,720\n\n​\n\n​\n\n(19,462)\n\n​\n\nUnrealized gain on hedging activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n14,039\n\n​\n\n​\n\n2,452\n\n​\n\n​\n\n​\n\n​\n\n​\n\n16,491\n\n​\n\nCurrency translation adjustments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(28,613)\n\n​\n\n​\n\n(5,669)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(34,282)\n\n​\n\nChanges in available-for-sale securities and other\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(799)\n\n​\n\n​\n\n(124)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(923)\n\n​\n\nNet gain reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(4,866)\n\n​\n\n​\n\n(757)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(5,623)\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(20,239)\n\n​\n\n​\n\n(4,098)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(24,337)\n\n​\n\nAdjustment to limited partners' interest from change in ownership in the Operating Partnership\n\n​\n\n​\n\n​\n\n​\n\n​\n\n244,651\n\n​\n\n​\n\n(244,651)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nDistributions, excluding distributions on preferred interests classified as temporary equity\n\n​\n\n​\n\n(3,337)\n\n​\n\n​\n\n(2,641,876)\n\n​\n\n​\n\n(399,186)\n\n​\n\n​\n\n(5,125)\n\n​\n\n​\n\n(3,049,524)\n\n​\n\nNet income, excluding preferred distributions on temporary equity preferred units of $1,560 and a $3,184 loss attributable to noncontrolling redeemable interests in properties\n\n​\n\n​\n\n3,337\n\n​\n\n​\n\n2,367,559\n\n​\n\n​\n\n358,206\n\n​\n\n​\n\n1,543\n\n​\n\n​\n\n2,730,645\n\n​\n\n**Balance at December 31, 2024**\n\n​\n\n**$**\n\n**40,778**\n\n​\n\n**$**\n\n**2,901,147**\n\n​\n\n**$**\n\n**451,339**\n\n​\n\n**$**\n\n**21,459**\n\n​\n\n**$**\n\n**3,414,723**\n\n​\n\n97\n\n[Table of Contents](#Toc)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Preferred**\n\n​\n\n**Simon (Managing**\n\n​\n\n**Limited**\n\n​\n\n**Noncontrolling**\n\n​\n\n**Total**\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**Units**\n\n**  ​ ​ ​**\n\n**General Partner)**\n\n**  ​ ​ ​**\n\n**Partners**\n\n**  ​ ​ ​**\n\n**Interests**\n\n**  ​ ​ ​**\n\n**Equity**\n\n** **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIssuance of limited partner units (4,980,693 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n863,403\n\n​\n\n​\n\n​\n\n​\n\n​\n\n863,403\n\n​\n\nSeries J preferred stock premium and amortization\n\n​\n\n​\n\n(327)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(327)\n\n​\n\nLimited partner units exchanged to common units (116,558 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,036\n\n​\n\n​\n\n(1,036)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nStock incentive program (157,360 common units, net)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nAmortization of stock incentive\n\n​\n\n​\n\n​\n\n​\n\n​\n\n37,080\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n37,080\n\n​\n\nRedemption of limited partner units (41,510 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(6,921)\n\n​\n\n​\n\n(360)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(7,281)\n\n​\n\nTreasury unit purchase (1,246,190 units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(226,826)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(226,826)\n\n​\n\nLong-term incentive performance units\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n53,474\n\n​\n\n​\n\n​\n\n​\n\n​\n\n53,474\n\n​\n\nIssuance of unit equivalents and other (107,462 LTIP units and 81,996 common units)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(74,142)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n356,185\n\n​\n\n​\n\n282,043\n\n​\n\nUnrealized loss on hedging activities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(27,586)\n\n​\n\n​\n\n(3,816)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(31,402)\n\n​\n\nCurrency translation adjustments\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(41,635)\n\n​\n\n​\n\n(11,048)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(52,683)\n\n​\n\nChanges in available-for-sale securities and other\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,645\n\n​\n\n​\n\n441\n\n​\n\n​\n\n​\n\n​\n\n​\n\n3,086\n\n​\n\nNet loss reclassified from accumulated other comprehensive loss into earnings\n\n​\n\n​\n\n​\n\n​\n\n​\n\n8,241\n\n​\n\n​\n\n1,411\n\n​\n\n​\n\n​\n\n​\n\n​\n\n9,652\n\n​\n\nOther comprehensive income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(58,335)\n\n​\n\n​\n\n(13,012)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(71,347)\n\n​\n\nAdjustment to limited partners' interest from change in ownership in the Operating Partnership\n\n​\n\n​\n\n​\n\n​\n\n​\n\n760,038\n\n​\n\n​\n\n(760,038)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\nDistributions, excluding distributions on preferred interests classified as temporary equity\n\n​\n\n​\n\n(3,337)\n\n​\n\n​\n\n(2,789,535)\n\n​\n\n​\n\n(439,384)\n\n​\n\n​\n\n(4,740)\n\n​\n\n​\n\n(3,236,996)\n\n​\n\nNet income, excluding preferred distributions on temporary equity preferred units of $1,166 and a $1,187 loss attributable to noncontrolling redeemable interest in properties\n\n​\n\n​\n\n3,337\n\n​\n\n​\n\n4,624,275\n\n​\n\n​\n\n730,527\n\n​\n\n​\n\n6,002\n\n​\n\n​\n\n5,364,141\n\n​\n\n**Balance at December 31, 2025**\n\n​\n\n**$**\n\n**40,451**\n\n​\n\n**$**\n\n**5,167,817**\n\n​\n\n**$**\n\n**884,913**\n\n​\n\n**$**\n\n**378,906**\n\n​\n\n**$**\n\n**6,472,087**\n\n​\n\n*The accompanying notes are an integral part of these statements.*\n\n​\n\n​\n\n98\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**1. Organization**\n\nSimon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to \"Simon\" mean Simon Property Group, Inc. and references to the \"Operating Partnership\" mean Simon Property Group, L.P.  References to \"we,\" \"us\" and \"our\" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.\n\nWe own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®.  As of December 31, 2025, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties in 38 states and Puerto Rico. Internationally, as of December 31, 2025, we had ownership interests in 42 properties primarily located in Asia, Europe, and Canada. As of December 31, 2025, we also owned a 22.2% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.\n\nAs of December 31, 2024, and until October 31, 2025, we owned an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG. As further discussed in Note 4, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or the TRG Acquisition.\n\nWe generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from:\n\n●Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and,\n\n●Variable lease consideration primarily based on tenants’ reported sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items.\n\nRevenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.\n\nWe also grow by generating supplemental revenues from the following activities:\n\n●establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,\n\n●offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,\n\n●selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and  \n\n●generating interest income on cash deposits and investments in loans, including those made to related entities.  \n\n99\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**2. Basis of Presentation and Consolidation**\n\nThe accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated.\n\nWe consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us.\n\nWe also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. Except as discussed in Note 6, there have been no changes during 2025 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the periods presented, we did not provide financial or other support to any identified VIE that we were not contractually obligated to provide, except as discussed in Note 6.\n\nInvestments in partnerships and joint ventures represent our noncontrolling ownership interests. We account for these unconsolidated entities using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in partnerships and joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the partnerships and joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain partnerships and joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization.\n\nAs of December 31, 2025, we consolidated 144 wholly-owned properties and 22 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 88 properties (the joint venture properties), our investments in Klépierre, and our other platform investments. We manage the day-to-day operations of 51 of the 88 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Canada, the People’s Republic of China, Spain, Thailand, Indonesia, and the United Kingdom comprise 29 of the remaining 37 properties.\n\nPreferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests, or preferred units, and are included in net income attributable to noncontrolling interests.  We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners’ respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests.\n\nOur weighted average ownership interest in the Operating Partnership was 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**For the Year Ended**\n\n** **\n\n​\n\n​\n\n**December 31, **\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n​\n\nWeighted average ownership interest\n\n** **\n\n**86.4**\n\n**%  **\n\n86.9\n\n%  \n\n87.2\n\n%  \n\n​\n\n100\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nAs of December 31, 2025 and 2024, our ownership interest in the Operating Partnership was 85.4% and 86.5%, respectively. We adjust the noncontrolling limited partners’ interest at the end of each period to reflect their interest in the net assets of the Operating Partnership.\n\nPreferred unit requirements in the Operating Partnership’s accompanying consolidated statements of operations and comprehensive income represent distributions on outstanding preferred units and are recorded when declared.    \n\n​\n\n**3. Summary of Significant Accounting Policies**\n\n​\n\n​\n\nInvestment Properties\n\nInvestment properties consist of the following as of December 31:\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\nLand\n\n​\n\n**$**\n\n**4,518,132**\n\n​\n\n$\n\n3,628,479\n\n​\n\nBuildings and improvements\n\n​\n\n** **\n\n**45,784,417**\n\n​\n\n \n\n36,083,518\n\n​\n\nTotal land, buildings and improvements\n\n​\n\n** **\n\n**50,302,549**\n\n​\n\n \n\n39,711,997\n\n​\n\nFurniture, fixtures and equipment\n\n​\n\n** **\n\n**643,518**\n\n​\n\n \n\n530,395\n\n​\n\nInvestment properties at cost\n\n​\n\n** **\n\n**50,946,067**\n\n​\n\n \n\n40,242,392\n\n​\n\nLess — accumulated depreciation\n\n​\n\n** **\n\n**20,701,510**\n\n​\n\n \n\n19,047,078\n\n​\n\nInvestment properties at cost, net\n\n​\n\n**$**\n\n**30,244,557**\n\n​\n\n$\n\n21,195,314\n\n​\n\nConstruction in progress included above\n\n​\n\n**$**\n\n**813,455**\n\n​\n\n$\n\n803,710\n\n​\n\n​\n\nWe record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is 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​\n\n**For the Year Ended**\n\n** **\n\n​\n\n​\n\n**December 31, **\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n​\n\nCapitalized interest\n\n​\n\n**$**\n\n**30,961**\n\n​\n\n$\n\n36,059\n\n​\n\n$\n\n39,906\n\n​\n\n​\n\nWe record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven to ten years.\n\nWe review investment properties for impairment on a property-by-property basis to identify and evaluate events or changes in circumstances which indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property’s operational performance, such as declining cash flows, occupancy or total reported sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization during the anticipated holding period plus its residual value, and, if applicable, on a probability weighted basis, is less than the carrying value of\n\n101\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nthe property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over our estimate of fair value.\n\nWe also review our investments, including investments in unconsolidated entities, to identify and evaluate whether events or changes in circumstances indicate that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine the fair value of the investment is less than its carrying value and such impairment is other-than-temporary. Our evaluation of changes in economic or operating conditions and whether an impairment is other-than-temporary may include developing estimates of fair value, forecasted cash flows or operating income before depreciation and amortization.\n\nWe estimate undiscounted cash flows and fair value, if applicable, using observable and unobservable data such as operating income before depreciation and amortization, hold periods, estimated capitalization rates, or relevant market multiples, leasing prospects and local market information, expected probabilities of outcomes, if applicable, and whether an impairment is other-than-temporary. Changes in economic and operating conditions including, changes in the financial condition of our tenants and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.\n\n​\n\nDuring the fourth quarter of 2024, we recorded an other-than-temporary impairment charge of $57.0 million, representing our pre-development costs associated with an unconsolidated joint venture development project, which is included in (Loss) gain due to disposal, exchange or revaluation of equity interests, net in the accompanying consolidated statement of operations and comprehensive income.  Additionally, during the fourth quarter of 2024, we recorded an other-than-temporary impairment charge of $19.3 million to reduce our investment balance in one retail unconsolidated joint venture to its estimated fair value, which is included in loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income.    \n\n​\n\n​\n\nPurchase Accounting\n\nWe allocate the purchase price of asset acquisitions, business combinations and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate:\n\n●the fair value of land and related improvements and buildings on an as-if-vacant basis,\n\n●the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into lease income,\n\n●the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and\n\n●the value of lease income and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant.\n\nThe fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles.\n\n​\n\n​\n\n102\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n​\n\nCash and Cash Equivalents\n\nWe consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers’ acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of Federal Deposit Insurance Corporation and Securities Investor Protection Corporation insurance limits. See Notes 4 and 8 for disclosures about non-cash investing and financing transactions.\n\n​\n\n​\n\n​\n\nEquity Instruments and Debt Securities\n\nEquity instruments and debt securities consist primarily of equity instruments, our deferred compensation plan investments, the debt securities of our captive insurance subsidiary, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2025 and 2024, we had equity instruments with readily determinable fair values of $33.7 million and $89.9 million, respectively. Changes in the fair value of these equity instruments are recorded in unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net in our consolidated statements of operations and comprehensive income. At December 31, 2025 and 2024, we had equity instruments without readily determinable fair values of $329.1 million and $408.9 million, respectively, for which we have elected the measurement alternative. We regularly evaluate these investments for any impairment in their estimated fair value, as well as any observable price changes for an identical or similar equity instrument of the same issuer. We recorded a reduction in the carrying value of these investments of $67.6 million, $7.0 million, and  nil for the years ended December 31, 2025, 2024, and 2023, respectively. Changes in the fair value of these equity instruments are recorded in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net in our consolidated statements of operations and comprehensive income.\n\nOur deferred compensation plan equity instruments are valued based upon quoted market prices.  The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation.  Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.\n\nAt December 31, 2025 and 2024, we held debt securities of $161.6 million and $133.4 million, respectively, in our captive insurance subsidiary. The types of securities included in the investment portfolio of our captive insurance subsidiary are typically U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than one year to ten years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiary is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment is recorded and a new cost basis is established.\n\nOur captive insurance subsidiary is required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited.\n\n​\n\n​\n\n​\n\nFair Value Measurements\n\nLevel 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and\n\n103\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nappropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.  We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.\n\nWe have equity instruments with readily determinable fair values that are valued using Level 1 inputs. We have foreign currency forward contracts, interest rate cap and swap agreements, that are valued using Level 2 inputs. We also have a bifurcated embedded derivative option that was a component of the €750.0 million exchangeable bonds issued in November 2023. This instrument is classified as primarily having Level 3 inputs and is further discussed in Note 3, within the Derivative Financial Instruments subsection and Note 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**Description**\n\n​\n\n**December 31, 2025**\n\n​\n\n**Quoted Prices in Active Markets (Level 1)**\n\n​\n\n**Significant Other Observable Inputs (Level 2)**\n\n​\n\n**Significant Other Unobservable Inputs (Level 3)**\n\nAssets:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeferred costs and other assets\n\n​\n\n$\n\n36,348\n\n​\n\n$\n\n33,687\n\n​\n\n$\n\n2,661\n\n​\n\n$\n\n-\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLiabilities:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther Liabilities\n\n​\n\n$\n\n218,372\n\n​\n\n$\n\n-\n\n​\n\n$\n\n13,259\n\n​\n\n$\n\n205,113\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Description**\n\n​\n\n**December 31, 2024**\n\n​\n\n**Quoted Prices in Active Markets (Level 1)**\n\n​\n\n**Significant Other Observable Inputs (Level 2)**\n\n​\n\n**Significant Other Unobservable Inputs (Level 3)**\n\nAssets:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDeferred costs and other assets\n\n​\n\n$\n\n110,897\n\n​\n\n$\n\n89,871\n\n​\n\n$\n\n21,026\n\n​\n\n$\n\n-\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLiabilities:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOther Liabilities\n\n​\n\n$\n\n62,109\n\n​\n\n$\n\n-\n\n​\n\n$\n\n2,136\n\n​\n\n$\n\n59,973\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNote 7 includes a discussion of the fair value of debt measured using Level 2 inputs.  Notes 3, 4, and 6 include discussions of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs.  Level 3 inputs to our purchase accounting and impairment analyses include our estimations of fair value, based primarily on net operating results of the property and capitalization rates.  \n\n​\n\n​\n\n​\n\nGains or losses on Issuances of Stock by Equity Method Investees\n\nWhen one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs.\n\n​\n\n​\n\nUse of Estimates\n\nWe prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.\n\n​\n\n​\n\n104\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n​\n\nDeferred Costs and Other Assets\n\nDeferred costs and other assets include the following as of December 31:\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\nDeferred lease costs, net\n\n​\n\n**$**\n\n**128,943**\n\n​\n\n$\n\n82,323\n\n​\n\nIn-place lease intangibles, net\n\n​\n\n** **\n\n**48,730**\n\n​\n\n \n\n867\n\n​\n\nAcquired above market lease intangibles, net\n\n​\n\n** **\n\n**503**\n\n​\n\n \n\n1,879\n\n​\n\nMarketable securities of our captive insurance companies\n\n​\n\n** **\n\n**161,604**\n\n​\n\n \n\n133,381\n\n​\n\nGoodwill\n\n​\n\n** **\n\n**20,098**\n\n​\n\n \n\n20,098\n\n​\n\nOther marketable and non-marketable securities\n\n​\n\n** **\n\n**362,782**\n\n​\n\n \n\n498,974\n\n​\n\nProvisional fair value - TRG Acquisition, net (Note 4)\n\n​\n\n** **\n\n**700,641**\n\n​\n\n \n\n—\n\n​\n\nPrepaids, notes receivable and other assets, net\n\n​\n\n** **\n\n**557,734**\n\n​\n\n \n\n632,087\n\n​\n\n​\n\n​\n\n**$**\n\n**1,981,035**\n\n​\n\n$\n\n1,369,609\n\n​\n\n​\n\n​\n\n​\n\nDeferred Lease Costs\n\nOur deferred leasing costs consist primarily of initial direct costs and, prior to the adoption of ASC 842, capitalized salaries and related benefits, in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n** **\n\nDeferred lease costs\n\n​\n\n**$**\n\n**252,764**\n\n​\n\n$\n\n249,477\n\n​\n\nAccumulated amortization\n\n​\n\n** **\n\n**(123,821)**\n\n​\n\n \n\n(167,154)\n\n​\n\nDeferred lease costs, net\n\n​\n\n**$**\n\n**128,943**\n\n​\n\n$\n\n82,323\n\n​\n\n​\n\nAmortization of deferred leasing costs is a component of depreciation and amortization expense. The accompanying consolidated statements of operations and comprehensive income include amortization of deferred leasing costs as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, **\n\n \n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2023**\n\n \n\nAmortization of deferred leasing costs\n\n​\n\n**$**\n\n**26,176**\n\n​\n\n$\n\n29,154\n\n​\n\n$\n\n34,119\n\n​\n\n​\n\nIntangibles (excluding Provisional fair value – TRG Acquisition)\n\nThe average remaining life of in-place lease intangibles is approximately 2.3 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into lease income over the remaining lease life as a component of reported lease income. The weighted average remaining life of these intangibles is approximately 2.4 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $5.3 million and $7.5 million as of December 31, 2025 and 2024, respectively. The amount of amortization of above and below market leases, net, which increased lease income for the years ended December 31, 2025, 2024, and 2023, was $0.8 million, $0.1 million and $0.9 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings.  \n\n105\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nDetails of intangible assets as of December 31 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\nIn-place lease intangibles\n\n​\n\n**$**\n\n**93,541**\n\n​\n\n$\n\n38,133\n\n​\n\nAccumulated amortization\n\n​\n\n​\n\n**(44,811)**\n\n​\n\n​\n\n(37,266)\n\n​\n\nIn-place lease intangibles, net\n\n​\n\n**$**\n\n**48,730**\n\n​\n\n$\n\n867\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\nAcquired above market lease intangibles\n\n​\n\n**$**\n\n**119,974**\n\n​\n\n$\n\n119,803\n\n​\n\nAccumulated amortization\n\n​\n\n​\n\n**(119,471)**\n\n​\n\n​\n\n(117,924)\n\n​\n\nAcquired above market lease intangibles, net\n\n​\n\n**$**\n\n**503**\n\n​\n\n$\n\n1,879\n\n​\n\n​\n\nEstimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2025 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Below**\n\n​\n\n**Above**\n\n​\n\n**Impact to**\n\n​\n\n​\n\n​\n\n**Market**\n\n​\n\n**Market**\n\n​\n\n**Lease**\n\n​\n\n​\n\n**  ​ ​**\n\n**Leases**\n\n**  ​ ​**\n\n**Leases**\n\n**  ​ ​**\n\n**Income, Net**\n\n​\n\n2026\n\n​\n\n$\n\n1,598\n\n​\n\n$\n\n(475)\n\n​\n\n$\n\n1,123\n\n \n\n2027\n\n \n\n​\n\n1,263\n\n \n\n​\n\n(28)\n\n \n\n​\n\n1,235\n\n​\n\n2028\n\n \n\n​\n\n1,221\n\n \n\n​\n\n—\n\n \n\n​\n\n1,221\n\n​\n\n2029\n\n \n\n​\n\n1,123\n\n \n\n​\n\n—\n\n \n\n​\n\n1,123\n\n​\n\n2030\n\n \n\n​\n\n115\n\n \n\n​\n\n—\n\n \n\n​\n\n115\n\n​\n\nThereafter\n\n \n\n​\n\n13\n\n \n\n​\n\n—\n\n \n\n​\n\n13\n\n​\n\n​\n\n​\n\n$\n\n5,333\n\n​\n\n$\n\n(503)\n\n​\n\n$\n\n4,830\n\n​\n\n​\n\n​\n\n​\n\nDerivative Financial Instruments\n\nWe record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate instruments that meets these hedging criteria as a hedge at the inception of the derivative contract.  We have no credit-risk-related hedging or derivative activities.\n\n106\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nAs of December 31, 2025, we had the following outstanding interest rate derivatives related to managing our interest rate risk:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Number of**\n\n​\n\n**Notional**\n\n**Interest Rate Derivative**\n\n**  ​ ​ ​**\n\n**Instruments**\n\n**  ​ ​ ​**\n\n**Amount**\n\nInterest Rate Swaps\n\n \n\n7\n\n​\n\n$\n\n2.2 billion\n\nInterest Rate Caps\n\n​\n\n1\n\n​\n\n$\n\n85.0 million\n\nInterest Rate Swaps\n\n \n\n3\n\n​\n\n€\n\n541.7 million\n\nInterest Rate Caps\n\n​\n\n3\n\n​\n\n€\n\n178.8 million\n\n​\n\nAs of December 31, 2024, we had the following outstanding interest rate derivatives related to managing our interest rate risk:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Number of**\n\n​\n\n**Notional**\n\n​\n\n**Interest Rate Derivative**\n\n**  ​ ​ ​**\n\n**Instruments**\n\n**  ​ ​ ​**\n\n**Amount**\n\n** **\n\nInterest Rate Swaps\n\n \n\n3\n\n​\n\n$\n\n430.0 million\n\n​\n\nInterest Rate Swaps\n\n​\n\n2\n\n​\n\n€\n\n193.0 million\n\n​\n\nInterest Rate Caps\n\n \n\n2\n\n​\n\n€\n\n80.0 million\n\n​\n\n​\n\nThe carrying value of our interest rate swap and cap agreements, at fair value, are included in deferred costs and other assets and other liabilities. As of December 31, 2025, we had interest rate swap and cap agreements with combined asset balances of $1.5 million and combined liability balances of $12.8 million. As of December 31, 2024, we had interest rate swap and cap agreements with combined asset balances of $8.3 million and combined liability balances of $2.2 million.\n\nOur exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt.\n\nWe may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement.\n\nThe unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income was $35.3 million and $40.8 million as of December 31, 2025 and 2024, respectively.  Within the next year, we expect to reclassify to earnings approximately $6.8 million of gains related to terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss).\n\nWe are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.\n\nWe are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro.  We use currency forward contracts, cross currency swap contracts, and nonderivative instruments such as foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments.  Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date.\n\n107\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nWe had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2025 and 2024 (in millions):\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Asset (Liability) Value as of**\n\n​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n**  ​ ​ ​**\n\n**December 31, **\n\n**Notional Value**\n\n​\n\n**Maturity Date**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n€\n\n50.0\n\n​\n\nMarch 17, 2025\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n3.2\n\n€\n\n27.0\n\n​\n\nMarch 17, 2025\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n1.9\n\n€\n\n54.0\n\n​\n\nMarch 17, 2025\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n3.9\n\n€\n\n50.0\n\n​\n\nApril 17, 2025\n\n​\n\n​\n\n**—**\n\n​\n\n​\n\n3.8\n\n€\n\n125.0\n\n​\n\nJanuary 15, 2026\n\n​\n\n​\n\n**0.3**\n\n​\n\n​\n\n—\n\n€\n\n125.0\n\n​\n\nJanuary 15, 2026\n\n​\n\n​\n\n**0.3**\n\n​\n\n​\n\n—\n\n€\n\n50.5\n\n​\n\nFebruary 18, 2026\n\n​\n\n​\n\n**(0.4)**\n\n​\n\n​\n\n—\n\n€\n\n50.0\n\n​\n\nMarch 16, 2026\n\n​\n\n​\n\n**0.1**\n\n​\n\n​\n\n—\n\n€\n\n50.0\n\n​\n\nMay 15, 2026\n\n​\n\n​\n\n**0.1**\n\n​\n\n​\n\n—\n\n€\n\n50.0\n\n​\n\nJuly 15, 2026\n\n​\n\n​\n\n**0.1**\n\n​\n\n​\n\n—\n\n€\n\n100.0\n\n​\n\nJanuary 15, 2027\n\n​\n\n​\n\n**0.3**\n\n​\n\n​\n\n—\n\n​\n\nAsset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.\n\nWe have designated certain derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss).  For the years ended December 31, 2025, 2024, and 2023 we recorded gains (losses) of ($240.2 million), $119.2 million, and ($45.2 million), respectively, in the cumulative translation adjustment section of the other comprehensive income (loss).  Changes in the value of these instruments are offset by changes in the underlying hedged Euro investments.  \n\nThe total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $25.0 million and $57.9 million as of December 31, 2025 and 2024, respectively. The total accumulated other comprehensive income (loss) related to the Operating Partnership’s derivative activities, including our share of the other comprehensive income (loss) from unconsolidated entities, was $29.3 million and $66.9 million as of December 31, 2025 and 2024, respectively.\n\nThe exchange option of our Klépierre exchangeable bonds is valued as a derivative liability using an option pricing model that incorporates the observed period ending price of the exchangeable bonds and secondary market prices of comparable unsecured senior notes without an exchange feature. The key assumptions utilized are the period ending share-price of Klépierre, share-price implied volatility, the EUR risk-free rate, Klépierre expected dividend yield, time to maturity, and the comparable spread to the EUR risk-free rate of unsecured senior notes without an exchange feature.\n\nThe fair value of the option is recorded in other liabilities in the consolidated balance sheets and changes to the value of the option are recognized in the consolidated statements of operations and comprehensive income in unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net. \n\n108\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nThe key inputs into the option model for the exchange option within the exchangeable bonds as of December 31, 2025 and December 31, 2024 were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**December 31, 2025**\n\n​\n\n**December 31, 2024**\n\nKlépierre stock price\n\n​\n\n€\n\n33.74\n\n​\n\n€\n\n27.80\n\nImplied volatility\n\n​\n\n​\n\n17.78%\n\n​\n\n​\n\n19.20%\n\nEUR risk-free rate\n\n​\n\n​\n\n2.04%\n\n​\n\n​\n\n2.10%\n\nKlépierre expected dividend yield\n\n​\n\n​\n\n5.06%\n\n​\n\n​\n\n6.10%\n\nExpected term\n\n​\n\n​\n\n0.87 years\n\n​\n\n​\n\n1.87 years\n\nCredit Spread\n\n​\n\n​\n\n0.45%\n\n​\n\n​\n\n0.50%\n\n​\n\nThe option is measured at fair value on a recurring basis.  As of December 31, 2025 and December 31, 2024 the values of the option were $205.1 million and $60.0 million, respectively. \n\n​\n\n​\n\nNoncontrolling Interests\n\n**Simon**\n\nDetails of the carrying amount of our noncontrolling interests are as follows as of December 31:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** **\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\nLimited partners’ interests in the Operating Partnership\n\n​\n\n**$**\n\n**884,913**\n\n​\n\n$\n\n451,339\n\nNonredeemable noncontrolling interests in properties, net\n\n​\n\n** **\n\n**378,906**\n\n​\n\n \n\n21,459\n\nTotal noncontrolling interests reflected in equity\n\n​\n\n**$**\n\n**1,263,819**\n\n​\n\n$\n\n472,798\n\n​\n\nNet income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties, limited partners’ interests in the Operating Partnership, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.\n\n**The Operating Partnership**\n\nOur evaluation of the appropriateness of classifying the Operating Partnership’s common units of partnership interest, or units, held by Simon and the Operating Partnership's limited partners within permanent equity considered several significant factors. First, as a limited partnership, all decisions relating to the Operating Partnership’s operations and distributions are made by Simon, acting as the Operating Partnership’s sole general partner. The decisions of the general partner are made by Simon's Board of Directors or management. The Operating Partnership has no other governance structure. Secondly, the sole asset of Simon is its interest in the Operating Partnership. As a result, a share of common stock of Simon, or common stock, if owned by the Operating Partnership, is best characterized as being similar to a treasury share and thus not an asset of the Operating Partnership.\n\nLimited partners of the Operating Partnership have the right under the Operating Partnership’s partnership agreement to exchange their units for shares of common stock or cash, as selected by Simon as the sole general partner. Accordingly, we classify units held by limited partners in permanent equity because Simon may elect to issue shares of common stock to limited partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon.\n\n109\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nNet income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.\n\nAccumulated Other Comprehensive Income (Loss)\n\n**Simon**\n\nThe total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($278.3) million, ($250.2) million and ($221.6) million as of December 31, 2025, 2024 and 2023, respectively.\n\nThe reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended**\n\n​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Affected line item where**\n\n​\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n​\n\n**net income is presented**\n\nCurrency translation adjustments\n\n​\n\n$\n\n**(15,847)**\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\nGain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n​\n\n​\n\n**2,317**\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n​\n\nNet income attributable to noncontrolling interests\n\n​\n\n​\n\n$\n\n**(13,530)**\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAccumulated derivative gains, net\n\n​\n\n$\n\n**6,195**\n\n \n\n$\n\n5,623\n\n \n\n$\n\n4,084\n\n \n\nInterest expense\n\n​\n\n​\n\n \n\n**(906)**\n\n \n\n \n\n(757)\n\n \n\n \n\n(533)\n\n \n\nNet income attributable to noncontrolling interests\n\n​\n\n​\n\n$\n\n**5,289**\n\n​\n\n$\n\n4,866\n\n​\n\n$\n\n3,551\n\n​\n\n​\n\n​\n\n**The Operating Partnership**\n\nThe total accumulated other comprehensive income (loss) related to the Operating Partnership’s currency translation adjustment was ($326.0) million, ($289.1) million and ($254.9) million as of December 31, 2025, 2024 and 2023, respectively.\n\nThe reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**For the Year Ended**\n\n​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Affected line item where**\n\n​\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n​\n\n**net income is presented**\n\nCurrency translation adjustments\n\n​\n\n$\n\n**(15,847)**\n\n \n\n$\n\n—\n\n \n\n$\n\n—\n\n​\n\nGain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAccumulated derivative gains, net\n\n​\n\n$\n\n**6,195**\n\n \n\n$\n\n5,623\n\n \n\n$\n\n4,084\n\n​\n\nInterest expense\n\n​\n\n110\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n​\n\n​\n\nRevenue Recognition\n\nWe, as a lessor, primarily under long-term leases, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. Substantially all of our retail tenants are also required to pay overage rents based on reported sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s reported sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter.\n\nWe structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance.  Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. For substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred.  Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income.  \n\nIn April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration.  We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement.  \n\nIn connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination.  Additionally, our assessment of collectability, primarily under long-term leases, incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant.\n\nWhen a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms.  Refer to Note 9 for further disclosure of lease income.  \n\n​\n\n​\n\n111\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n​\n\nManagement Fees and Other Revenues\n\nManagement fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the performance criteria.\n\nRevenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management’s estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2025 and 2024 approximated $138.1 million and $114.8 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiary is included within the “Equity Instruments and Debt Securities” section above.\n\n​\n\n​\n\n​\n\nIncome Taxes\n\nSimon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of REIT taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain Simon’s REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Thus, we made no provision for U.S. federal income taxes for these entities in the accompanying consolidated financial statements. If Simon or any of the REIT subsidiaries fail to qualify as a REIT, and if available relief provisions do not apply, Simon or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If Simon or any of the REIT subsidiaries loses its REIT status it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless the failure to qualify was due to reasonable cause and certain other conditions were satisfied.\n\nWe have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as “rents from real property,” in each case, through such subsidiaries. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income.\n\nAs a partnership, the allocated share of the Operating Partnership’s income or loss for each year is included in the income tax returns of the partners; accordingly, no accounting for income taxes is required in the accompanying consolidated financial statements other than as discussed above for our TRSs.\n\nAs of December 31, 2025 and 2024, we had net deferred tax liabilities of $365.8 million and $217.8 million, respectively, which primarily relate to the temporary differences between the carrying value of balance sheet assets and liabilities and their tax bases. These differences were primarily created through the consolidation of various European assets in 2016 and 2025. Additionally, we have deferred tax assets related to our TRSs, consisting of operating losses and other carryforwards for U.S. federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries, though these amounts are not material to the financial statements. The deferred tax asset is\n\n112\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nincluded in deferred costs and other assets and the deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets.  \n\nWe are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income.  \n\nSubstantially all of our pretax income from continuing operations is derived from our U.S. operations, other than income generated by our taxable REIT subsidiaries, and no provision has been made on this income as further discussed above as SPG has elected to be taxed as a REIT. Income tax expense (benefit) disaggregated by federal, state, and foreign jurisdictions in each period was as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, **\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**2023**\n\nFederal\n\n​\n\n**$**\n\n(1,670)\n\n​\n\n$\n\n(14,251)\n\n​\n\n$\n\n53,321\n\nState\n\n​\n\n​\n\n2,921\n\n​\n\n​\n\n1,912\n\n​\n\n​\n\n2,026\n\nForeign\n\n​\n\n​\n\n19,028\n\n​\n\n​\n\n21,647\n\n​\n\n​\n\n13,459\n\n**Total income-based tax expense**\n\n​\n\n**$**\n\n20,279\n\n​\n\n$\n\n9,308\n\n​\n\n$\n\n68,806\n\n​\n\nOur income-based cash paid for taxes (net of refunds received) disaggregated by federal, state, and foreign jurisdictions in each period was as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, **\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**2023**\n\nFederal\n\n​\n\n**$**\n\n(174)\n\n​\n\n$\n\n74,350\n\n​\n\n$\n\n1,700\n\nState\n\n​\n\n​\n\n(5,230)\n\n​\n\n​\n\n14,830\n\n​\n\n​\n\n6,618\n\nForeign\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNetherlands\n\n​\n\n​\n\n9,149\n\n​\n\n​\n\n10,557\n\n​\n\n​\n\n5,528\n\nItaly\n\n​\n\n​\n\n17,392\n\n​\n\n​\n\n12,532\n\n​\n\n​\n\n12,105\n\nAustria\n\n​\n\n​\n\n4,256\n\n​\n\n​\n\n4,184\n\n​\n\n​\n\n3,626\n\nOther Foreign\n\n​\n\n​\n\n3,737\n\n​\n\n​\n\n2,692\n\n​\n\n​\n\n1,610\n\n**Total cash paid for taxes**\n\n​\n\n**$**\n\n29,130\n\n​\n\n$\n\n119,145\n\n​\n\n$\n\n31,187\n\n​\n\nCorporate Expenses\n\nHome and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices.  General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees.  \n\n​\n\n​\n\nNew Accounting Pronouncements\n\nIn November 2023, the FASB issued ASU 2023-07, “Segment Reporting,” which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard became effective for us for fiscal years beginning after December 15, 2023 and is effective for interim periods within fiscal years beginning after December 15, 2024. Refer to Note 11.\n\n113\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nIn December 2023, the FASB issued ASU 2023-09, “Income Taxes,” which provides improvements to annual income tax disclosures by enhancing the transparency and decision usefulness of the material provided. The standard is effective for us for fiscal years beginning after December 15, 2024 on a prospective basis. Refer to the Income Taxes disclosure in Note 3.\n\nIn November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures,” to improve the disclosures about a public business entity’s expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard will be effective for us for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the impact that the adoption of this new standard will have on our consolidated financial statements and footnotes. \n\nIn December 2025, the FASB issued ASU 2025-11, “Interim Reporting,” which is intended to improve the navigability of the required interim reporting disclosures and clarifies when that guidance is applicable. The amendments in the ASU will be effective for us for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are currently evaluating the impact that the adoption of these amendments will have on our footnotes.\n\n​\n\n​\n\n​\n\n**4. Real Estate Acquisitions and Dispositions**\n\nWe acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. We capitalize asset acquisition costs and expense costs related to business combinations, as well as disposition related costs as they are incurred. We incurred a minimal amount of transaction expenses during 2025, 2024, and 2023. Refer to Note 6 for disclosure of unconsolidated joint venture acquisitions and dispositions.\n\nOur acquisition and disposition activity for the periods presented are as follows:\n\n2025 Acquisitions\n\nOn November 17, 2025, we completed the acquisition of a 100% interest in a retail property, Phillips Place, located in Charlotte, North Carolina. The cash consideration including working capital was $143.8 million.  Upon acquisition, we recorded $133.3 million of investment property.  The property is unencumbered. We accounted for this transaction as an asset acquisition.\n\nOn October 31, 2025, we closed on the acquisition of the remaining 12% interest in TRG which we did not previously own in exchange for approximately 5.06 million units in the Operating Partnership.  As a result of this acquisition, we obtained control of and consolidated TRG as of the acquisition date.  TRG has an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia, 11 of which are now consolidated and 11 of which are accounted for under the equity method upon the acquisition.  The 11 consolidated properties are now reported within our Real estate segment in Note 11.  This acquisition aligns with our strategy of owning high-quality assets, unlocking operational synergies and driving further innovation.  \n\nThe acquisition was accounted for as a business combination requiring a remeasurement of our previously held 88% noncontrolling equity interest to fair value, which resulted in the recognition of a non-cash gain of $2.858 billion in the fourth quarter of 2025, which is included in gain (loss) on acquisition of controlling interest, sale, or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statement of operations and comprehensive income and the assets acquired and liabilities assumed were recognized at their acquisition date fair value.  The fair value of our previously held 88% noncontrolling equity interest was measured based primarily on the value implied by our most recent previous purchase of noncontrolling equity interests in TRG discussed in Note 6.  \n\nWe have not yet finalized the valuation of the assets acquired and liabilities assumed as of December 31, 2025.  \n\n114\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nThe primary assumptions that are not yet finalized relate to the determination and review of the fair value of rents related to each space in each property where we are the lessor, as well as leases in which we are the lessee.  These assumptions are required in order to finalize estimates underlying the valuation of lease-related intangible assets and liabilities, as well as investment property and the related nonredeemable noncontrolling interest in a consolidated property.  Our estimates and assumptions are provisional pending determination and review of the assumptions discussed above and are subject to change during the measurement period, not to exceed one year from the date of the transaction.\n\nThe following table summarizes our preliminary acquisition date fair value of the assets acquired and liabilities assumed, which is based on significant inputs not observable in the market and thus represent Level 3 inputs (primarily capitalization rates used to value each of the 22 consolidated and unconsolidated properties and the implied noncontrolling interest value of a consolidated property).  The non-cash components of these investing and financing activities are excluded from our consolidated statement of cash flows.  \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**October 31, **\n\n​\n\n​\n\n**2025**\n\n**Assets:**\n\n​\n\n​\n\n​\n\nInvestment properties\n\n​\n\n**$**\n\n**7,823,038**\n\nCash and cash equivalents\n\n​\n\n** **\n\n**39,949**\n\nTenant receivables and accrued revenue, net\n\n​\n\n** **\n\n**25,414**\n\nInvestment in other unconsolidated entities, at equity\n\n​\n\n​\n\n**1,769,613**\n\nRight-of-use assets, net\n\n​\n\n​\n\n**229,174**\n\nDeferred costs and other assets\n\n​\n\n** **\n\n**726,683**\n\n**Total assets acquired**\n\n​\n\n**$**\n\n**10,613,871**\n\n**Liabilities:**\n\n​\n\n​\n\n​\n\nMortgages and unsecured indebtedness\n\n​\n\n**$**\n\n**3,143,977**\n\nAccounts payable, accrued expenses, intangibles, and deferred revenues\n\n​\n\n** **\n\n**102,686**\n\nLease liabilities\n\n​\n\n​\n\n**229,174**\n\nOther liabilities\n\n​\n\n** **\n\n**96,692**\n\n**Total liabilities assumed**\n\n​\n\n** **\n\n**3,572,529**\n\n​\n\n​\n\n​\n\n​\n\nNonredeemable noncontrolling interest in a property, net\n\n​\n\n** **\n\n**354,729**\n\n​\n\n​\n\n​\n\n​\n\n**Fair value of previously held equity interest**\n\n​\n\n** **\n\n**5,767,814**\n\n​\n\n​\n\n​\n\n​\n\n**Total acquisition consideration**\n\n​\n\n**$**\n\n**918,799**\n\n​\n\nFrom the date of acquisition, we recognized $136.9 million of total consolidated revenue and a consolidated net loss of $26.5 million, which includes an estimate of depreciation on the preliminary allocation of fair value to tangible and intangible assets acquired.  We recorded amortization of acquisition related intangibles related to the TRG Acquisition of $22.7 million for the year ended December 31, 2025.  Transaction costs in connection with this acquisition were not significant.  Refer to Note 6 for further discussion and summarized financial information of the revenue and earnings of TRG prior to the date of acquisition.  \n\nOn June 27, 2025, we acquired the remaining 75% interest in the retail component and 100% of the parking component of Brickell City Centre, resulting in the consolidation of the retail component which had previously been accounted for under the equity method. The cash consideration for this transaction, including working capital, was $497.7 million. Cash acquired was $24.0 million. Upon consolidation, we recorded $544.6 million of investment property and lease\n\n115\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nintangible assets. The property is unencumbered.  We accounted for this transaction as an asset acquisition and the non-cash components of these investing activities are excluded from our consolidated statement of cash flows.  \n\nOn April 1, 2025, we acquired the remaining 50% interest in Briarwood Mall from a joint venture partner, resulting in the consolidation of this property. The cash consideration for this transaction, including working capital, was $9.2 million. Cash acquired was $14.7 million. Upon consolidation, we recorded $168.6 million of investment property. The property is subject to a $165 million 3.29% fixed rate mortgage loan.  We accounted for this transaction as an asset acquisition and these non-cash investing and financing activities are excluded from our consolidated statement of cash flows.  \n\nOn January 30, 2025, we completed the acquisition of a 100% interest in two luxury outlet destinations in Italy, The Mall Luxury Outlets Firenze, in Leccio, nearby Florence, and The Mall Luxury Outlets Sanremo, in Sanremo on the Italian Riviera. The cash consideration including working capital and capitalized transaction costs was $392.4 million. Cash acquired was $25.3 million. Upon acquisition, we recorded $413.5 million of investment property. The properties are unencumbered. We accounted for this transaction as an asset acquisition.\n\n2024 Acquisitions\n\nIn the fourth quarter of 2024, we acquired the remaining interest in Smith Haven Mall from a joint venture partner, resulting in the consolidation of this property.  The cash consideration for this transaction was $56.1 million, which includes cash acquired of $35.8 million.  Upon consolidation, we recorded $170.1 million of investment property.  The property was subject to a $160.8 million 8.10% variable rate mortgage loan.  This mortgage loan was paid off prior to December 31, 2024.  We accounted for this transaction as an asset acquisition and these non-cash investing and financing activities are excluded from our statement of cash flows.\n\nOn February 6, 2024, we acquired an additional interest in Miami International Mall from a joint venture partner, resulting in the consolidation of this property. The cash consideration for this transaction was de minimis. Upon consolidation, we recorded $102.5 million of investment property. The property is subject to a $158.0 million 6.92% fixed rate mortgage loan. We accounted for this transaction as an asset acquisition and these non-cash investing and financing activities are excluded from our statement of cash flows.\n\n2024 Dispositions\n\nDuring 2024, we disposed of our interests in two consolidated retail properties.  The combined proceeds from these transactions were $55.2 million, resulting in a net loss of $67.2 million.\n\n**5. Per Share and Per Unit Data**\n\nWe determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit.\n\n**Simon**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, **\n\n​\n\n** **\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**2023**\n\n**Net Income attributable to Common Stockholders — Basic and Diluted**\n\n**  ​ ​**\n\n**$**\n\n**4,624,275**\n\n  ​ ​ ​\n\n$\n\n2,367,559\n\n  ​ ​ ​\n\n$\n\n2,279,789\n\n**Weighted Average Shares Outstanding — Basic and Diluted**\n\n​\n\n** **\n\n**326,366,632**\n\n​\n\n \n\n326,097,137\n\n​\n\n \n\n326,807,326\n\n​\n\n116\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nFor the year ended December 31, 2025, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2025, 2024, and 2023. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.\n\n**The Operating Partnership**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**2023**\n\n**Net Income attributable to Unitholders — Basic and Diluted**\n\n** **\n\n**$**\n\n**5,354,802**\n\n  ​ ​ ​\n\n$\n\n2,725,765\n\n  ​ ​ ​\n\n$\n\n2,613,117\n\n**Weighted Average Units Outstanding — Basic and Diluted**\n\n​\n\n** **\n\n**377,924,881**\n\n​\n\n \n\n375,434,534\n\n​\n\n \n\n374,589,788\n\n​\n\nFor the year ended December 31, 2025, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2025, 2024, and 2023. We accrue distributions when they are declared.\n\nThe taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, **\n\n \n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n \n\nTotal dividends/distributions paid per common share/unit\n\n**  ​ ​ ​**\n\n**$**\n\n**8.55**\n\n  ​ ​ ​\n\n$\n\n8.10\n\n  ​ ​ ​\n\n$\n\n7.45\n\n​\n\nPercent taxable as ordinary income\n\n​\n\n** **\n\n**100.00**\n\n**%  **\n\n \n\n99.40\n\n%  \n\n \n\n99.70\n\n%\n\nPercent taxable as long-term capital gains\n\n​\n\n** **\n\n**0.00**\n\n**%  **\n\n \n\n0.60\n\n%  \n\n \n\n0.30\n\n%\n\n​\n\n​\n\n** **\n\n**100.00**\n\n**%  **\n\n \n\n100.00\n\n%  \n\n \n\n100.00\n\n%\n\n​\n\n​\n\n**6. Investments in Unconsolidated Entities and International Investments**\n\nReal Estate Joint Ventures and Investments\n\nJoint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties.  As discussed in Note 2, we held joint venture interests in 88 properties as of December 31, 2025 and 79 properties as of December 31, 2024.\n\nCertain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.\n\nWe may provide financing to joint venture properties primarily in the form of interest bearing loans. As of December 31, 2025 and 2024, we had construction loans and other advances to these related parties totaling $48.3 million and $59.6 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.\n\nDuring the fourth quarter of 2025, we recorded a non-cash gain of $21.6 million related to the disposition of one unconsolidated property in satisfaction of its $84.3 million non-recourse mortgage loan, which is included in (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and\n\n117\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nimpairment, net in the accompanying consolidated statement of operations and comprehensive income. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows.\n\nThe Taubman Realty Group\n\nDuring the fourth quarter of 2024, we acquired an additional 4% ownership in TRG for approximately $266.7 million by issuing 1,572,500 units in the Operating Partnership, then bringing our noncontrolling ownership interest in TRG to 88%. In the third quarter of 2023, we acquired an additional 4% ownership in TRG for approximately $199.6 million by issuing 1,725,000 units in the Operating Partnership. Substantially all of our investment was determined to relate to investment property. Our investment included 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us.  Neither transaction included or resulted in any change to the rights and obligations or decision making authority of the members of the TRG partnership.  Subsequent to the TRG Acquisition discussed in Note 4, 11 of the former TRG properties are accounted for as equity method investments and are presented in the summary financial information later in this Note.\n\nThe tables below represent summary financial information of TRG up to the date of the TRG Acquisition discussed in Note 4.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n​\n\n**2024**\n\nTotal assets\n\n​\n\n$\n\n3,210,634\n\nTotal liabilities\n\n​\n\n​\n\n4,171,378\n\nNoncontrolling interests\n\n​\n\n​\n\n167,251\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the 10 Months Ended**\n\n**For the Year Ended**\n\n​\n\n​\n\n**October 31,**\n\n**December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n**2023**\n\nTotal revenues\n\n​\n\n$\n\n598,530\n\n​\n\n$\n\n716,668\n\n​\n\n$\n\n695,222\n\nOperating income before other items\n\n​\n\n​\n\n250,304\n\n​\n\n​\n\n289,827\n\n​\n\n​\n\n281,349\n\nConsolidated net income\n\n​\n\n​\n\n166,949\n\n​\n\n​\n\n243,169\n\n​\n\n​\n\n42,910\n\nOur share of net income\n\n​\n\n​\n\n145,917\n\n​\n\n​\n\n203,518\n\n​\n\n​\n\n32,728\n\nAmortization of excess investment\n\n​\n\n​\n\n(164,422)\n\n​\n\n​\n\n(264,942)\n\n​\n\n​\n\n(113,333)\n\n​\n\nOther Platform Investments\n\nDuring the fourth quarter of 2024, J.C. Penney completed an all-equity transaction where it acquired the retail operations of SPARC Group, resulting in the recognition of a non-cash pre-tax gain, our share of which was $100.5 million, which is included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. The combined business was renamed Catalyst post transaction. This non-cash investment activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $25.1 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. As of December 31, 2025 and 2024, we own a 31.3% noncontrolling interest in Catalyst. Additionally, we continue to hold a 33.3% noncontrolling interest in SPARC Holdings, the former owner of SPARC Group, which now primarily holds a 25% interest in Catalyst. During 2025, Catalyst recognized a net pre-tax loss on restructuring activities, our share of which was $9.4 million, which is included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income.\n\nDuring the first quarter of 2024, we and a partner funded a loan to SPARC Group, our share of which was $100.0 million, which constituted a reconsideration event and the resulting determination that SPARC Group was a VIE. As we did not have power to direct the activities that most significantly impacted the economic performance of SPARC Group, we were not the primary beneficiary and continued to account for our investment under the equity method. In the second\n\n118\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nquarter of 2024, we were reimbursed $50.0 million by a venture partner, reducing our loan receivable to $50.0 million and equalizing all partners’ loans to the venture. We had previously provided a guarantee to SPARC Group’s lenders of $50.0 million, however as a result of the Catalyst transaction discussed above, this guarantee has been cancelled. Further, we have determined SPARC Group is no longer a VIE.\n\nDuring the third quarter of 2023, SPARC Group issued equity to a third party resulting in the dilution of our ownership to approximately 33.3% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $145.8 million, which is included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $36.9 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.\n\nDuring the second quarter of 2024, we participated in the formation of a joint venture, Phoenix Retail, LLC, to acquire the Express Retail Company and operate Express and Bonobos direct-to-consumer businesses in the United States, from the previous owner on June 21, 2024, in a bankruptcy proceeding. There was no cash consideration transferred for our 39.4% noncontrolling interest and non-cash consideration was de minimis.\n\nDuring the first quarter of 2024, we sold all of our remaining interest in Authentic Brands Group, or ABG, for cash proceeds of $1.2 billion, resulting in a pre-tax gain of $414.8 million, which is included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. In connection with this transaction, we recorded tax expense of $103.7 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.\n\nDuring the fourth quarter of 2023, we sold a portion of our interest in ABG for cash proceeds of $300.2 million, resulting in a pre-tax gain of $157.1 million. In connection with this transaction, we recorded tax expense of $39.3 million which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. Concurrently, ABG completed a capital transaction resulting in the dilution of our ownership to approximately 9.6% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $10.3 million.  These gains are included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $2.6 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.  \n\nDuring the third quarter of 2023, ABG completed a capital transaction resulting in the dilution of our ownership to approximately 11.7% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $12.4 million, which is included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $3.1 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.\n\nDuring the second quarter of 2023, ABG completed a capital transaction resulting in a dilution of our ownership from approximately 12.3% to approximately 11.8% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $36.4 million, which is included in (Loss) gain due to  disposal, exchange, or revaluation of equity interests in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $9.1 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.\n\nAs of December 31, 2025 and 2024, we own a 45% noncontrolling interest in Rue Gilt Groupe and a 50% noncontrolling legal ownership interest in Jamestown.\n\n119\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nThe tables below represent combined summary financial information, after intercompany eliminations, of our other platform investments.  \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n**December 31, **\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\nTotal assets\n\n​\n\n$\n\n8,030,819\n\n​\n\n$\n\n7,362,494\n\nTotal liabilities\n\n​\n\n​\n\n6,336,013\n\n​\n\n​\n\n7,093,528\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended**\n\n​\n\n​\n\n**December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\nTotal revenues\n\n​\n\n$\n\n12,461,291\n\n​\n\n$\n\n12,627,806\n\n​\n\n$\n\n13,865,845\n\nOperating income before other items\n\n​\n\n​\n\n262,844\n\n​\n\n​\n\n10,438\n\n​\n\n​\n\n683,723\n\nConsolidated net income (loss)\n\n​\n\n​\n\n90,383\n\n​\n\n​\n\n(201,170)\n\n​\n\n​\n\n239,491\n\nShare of net income (loss), net of tax\n\n​\n\n​\n\n60,296\n\n​\n\n​\n\n(21,920)\n\n​\n\n​\n\n40,002\n\nAmortization of excess investment\n\n​\n\n​\n\n(2,768)\n\n​\n\n​\n\n(2,768)\n\n​\n\n​\n\n(6,740)\n\n​\n\n​\n\nInternational Investments\n\nWe conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting.\n\nEuropean Investments  \n\nAt December 31, 2025, we owned 63,355,252 shares, or approximately 22.2%, of Klépierre, which had a quoted market price of $39.61 per share. During the year ended December 31, 2025, we exchanged 568,896 shares of Klépierre to settle the conversion of €15.4 million of the Operating Partnership’s exchangeable bonds, which are exchangeable into shares of Klépierre at the option of the bondholder. In connection with these transactions, we recorded a gain of $9.2 million, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statement of operations and comprehensive income.  Subsequent to 2025, in the first quarter of 2026 we have settled the exchange of an additional 975,271 shares of Klépierre upon the conversion of €26.4 million of the Klépierre exchangeable bonds.  The tables below represent summary financial information with respect to our investment in Klépierre. This information is based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n**December 31, **\n\n​\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\nTotal assets\n\n​\n\n​\n\n**$**\n\n17,379,529\n\n​\n\n$\n\n15,114,097\n\nTotal liabilities\n\n​\n\n​\n\n​\n\n11,595,140\n\n​\n\n​\n\n9,843,187\n\nNoncontrolling interests\n\n​\n\n​\n\n​\n\n1,275,727\n\n​\n\n​\n\n1,138,385\n\n​\n\n120\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended**\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n**2023**\n\nTotal revenues\n\n​\n\n​\n\n**$**\n\n1,540,407\n\n​\n\n$\n\n1,421,595\n\n​\n\n$\n\n1,359,246\n\nOperating income before other items\n\n​\n\n​\n\n​\n\n756,757\n\n​\n\n​\n\n659,553\n\n​\n\n​\n\n618,260\n\nConsolidated net income\n\n​\n\n​\n\n​\n\n478,896\n\n​\n\n​\n\n441,371\n\n​\n\n​\n\n347,311\n\nOur share of net income\n\n​\n\n​\n\n​\n\n93,123\n\n​\n\n​\n\n83,806\n\n​\n\n​\n\n64,805\n\nAmortization of excess investment\n\n​\n\n​\n\n​\n\n(11,057)\n\n​\n\n​\n\n(15,029)\n\n​\n\n​\n\n(17,658)\n\n​\n\nDuring the years ended December 31, 2025, 2024, and 2023, Klépierre completed the disposal of its interests in certain shopping centers and our share of the net loss was $4.0 million, $4.1 million, and $11.2 million, respectively. These transactions are included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.\n\nWe have an interest in a European investee that had interests in 12 Designer Outlet properties as of December 31, 2025, 2024, and 2023. Eight of these Designer Outlets are consolidated by us as of December 31, 2025. As of December 31, 2025, our legal percentage ownership interests in these properties ranged from 23% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties.\n\nIn addition, we have a 50% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties.\n\nAsian Joint Ventures  \n\nWe conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $245.0 million and $221.5 million as of December 31, 2025 and 2024, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $216.8 million and $209.1 million as of December 31, 2025 and 2024, respectively, including all related components of accumulated other comprehensive income (loss).\n\nWe also have an interest in two full-price mall operating joint venture properties located in the People’s Republic of China and two full-price mall operating joint venture properties located in South Korea. Our ownership in these properties ranges from 17% to 49%.\n\n​\n\nSummary Financial Information\n\nThe following tables present a summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding our investments in Klépierre as well as TRG prior to the TRG Acquisition, as well as our other platform investments.\n\n121\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**COMBINED BALANCE SHEETS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**December 31, **\n\n**  ​ ​ ​**\n\n**December 31, **\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n**Assets:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInvestment properties, at cost\n\n​\n\n**$**\n\n**22,077,749**\n\n​\n\n$\n\n18,875,241\n\nLess - accumulated depreciation\n\n​\n\n** **\n\n**9,020,481**\n\n​\n\n \n\n8,944,188\n\n​\n\n​\n\n** **\n\n**13,057,268**\n\n​\n\n \n\n9,931,053\n\nCash and cash equivalents\n\n​\n\n** **\n\n**1,264,619**\n\n​\n\n \n\n1,270,594\n\nTenant receivables and accrued revenue, net\n\n​\n\n** **\n\n**605,756**\n\n​\n\n \n\n533,676\n\nRight-of-use assets, net\n\n​\n\n​\n\n**108,349**\n\n​\n\n​\n\n113,014\n\nDeferred costs and other assets\n\n​\n\n** **\n\n**572,826**\n\n​\n\n \n\n531,059\n\n**Total assets**\n\n​\n\n**$**\n\n**15,608,818**\n\n​\n\n$\n\n12,379,396\n\n**Liabilities and Partners’ Deficit:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMortgages\n\n​\n\n**$**\n\n**16,374,773**\n\n​\n\n$\n\n13,666,090\n\nAccounts payable, accrued expenses, intangibles, and deferred revenue\n\n​\n\n** **\n\n**1,117,855**\n\n​\n\n \n\n1,037,015\n\nLease liabilities\n\n​\n\n​\n\n**99,837**\n\n​\n\n​\n\n104,120\n\nOther liabilities\n\n​\n\n** **\n\n**334,246**\n\n​\n\n \n\n363,488\n\n**Total liabilities**\n\n​\n\n** **\n\n**17,926,711**\n\n​\n\n \n\n15,170,713\n\nPreferred units\n\n​\n\n** **\n\n**67,450**\n\n​\n\n \n\n67,450\n\nPartners’ deficit\n\n​\n\n** **\n\n**(2,385,343)**\n\n​\n\n \n\n(2,858,767)\n\n**Total liabilities and partners’ deficit**\n\n​\n\n**$**\n\n**15,608,818**\n\n​\n\n$\n\n12,379,396\n\n**Our Share of:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPartners’ deficit\n\n​\n\n**$**\n\n**(1,247,554)**\n\n​\n\n$\n\n(1,180,960)\n\nAdd: Excess Investment\n\n​\n\n** **\n\n**2,773,173**\n\n​\n\n \n\n1,077,204\n\nOur net Investment in unconsolidated entities, at equity\n\n​\n\n**$**\n\n**1,525,619**\n\n​\n\n$\n\n(103,756)\n\n​\n\n“Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of assets acquired, typically no greater than 40 years, the terms of the applicable leases, the estimated useful lives of the finite lived intangibles, and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.\n\n​\n\n122\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nAs of December 31, 2025, scheduled principal repayments on these joint venture properties’ mortgage indebtedness, assuming the obligations remain outstanding through the initial maturities, are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2026\n\n  ​ ​ ​\n\n$\n\n3,573,638\n\n​\n\n2027\n\n​\n\n \n\n2,459,508\n\n​\n\n2028\n\n​\n\n \n\n3,175,273\n\n​\n\n2029\n\n​\n\n \n\n749,397\n\n​\n\n2030\n\n​\n\n \n\n2,113,931\n\n​\n\nThereafter\n\n​\n\n \n\n4,344,553\n\n​\n\nTotal principal maturities\n\n​\n\n \n\n16,416,300\n\n​\n\nDebt issuance costs\n\n​\n\n​\n\n(41,527)\n\n​\n\nTotal mortgages\n\n​\n\n$\n\n16,374,773\n\n​\n\n​\n\nThis debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.30% to 11.03% and a weighted average interest rate of 4.85% at December 31, 2025.\n\n​\n\n123\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**COMBINED STATEMENTS OF OPERATIONS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n \n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n  ​ ​ ​\n\n**2023**\n\n**REVENUE:**\n\n​\n\n​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\n  ​ ​ ​\n\n​\n\n  ​ ​ ​\n\nLease income\n\n​\n\n**$**\n\n**3,189,131**\n\n​\n\n$\n\n3,060,755\n\n​\n\n$\n\n2,984,455\n\nOther income\n\n​\n\n** **\n\n**440,052**\n\n​\n\n \n\n385,004\n\n​\n\n \n\n464,058\n\n**Total revenue**\n\n​\n\n** **\n\n**3,629,183**\n\n​\n\n \n\n3,445,759\n\n​\n\n \n\n3,448,513\n\n**OPERATING EXPENSES:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty operating\n\n​\n\n** **\n\n**687,216**\n\n​\n\n \n\n660,004\n\n​\n\n \n\n638,638\n\nDepreciation and amortization\n\n​\n\n** **\n\n**653,488**\n\n​\n\n \n\n636,218\n\n​\n\n \n\n656,089\n\nReal estate taxes\n\n​\n\n** **\n\n**231,945**\n\n​\n\n \n\n231,843\n\n​\n\n \n\n237,809\n\nRepairs and maintenance\n\n​\n\n** **\n\n**88,091**\n\n​\n\n \n\n74,172\n\n​\n\n \n\n77,093\n\nAdvertising and promotion\n\n​\n\n** **\n\n**96,718**\n\n​\n\n \n\n88,693\n\n​\n\n \n\n83,279\n\nOther\n\n​\n\n** **\n\n**257,799**\n\n​\n\n \n\n299,645\n\n​\n\n \n\n236,955\n\n**Total operating expenses**\n\n​\n\n** **\n\n**2,015,257**\n\n​\n\n \n\n1,990,575\n\n​\n\n \n\n1,929,863\n\n**Operating Income Before Other Items**\n\n​\n\n** **\n\n**1,613,926**\n\n​\n\n \n\n1,455,184\n\n​\n\n \n\n1,518,650\n\nInterest expense\n\n​\n\n** **\n\n**(719,938)**\n\n​\n\n \n\n(711,402)\n\n​\n\n \n\n(685,193)\n\nGain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n​\n\n**23,865**\n\n​\n\n​\n\n(36,536)\n\n​\n\n​\n\n20,529\n\n**Net Income**\n\n​\n\n**$**\n\n**917,853**\n\n​\n\n$\n\n707,246\n\n​\n\n$\n\n853,986\n\n**Third-Party Investors’ Share of Net Income**\n\n​\n\n**$**\n\n**479,160**\n\n​\n\n$\n\n360,792\n\n​\n\n$\n\n436,408\n\n**Our Share of Net Income**\n\n​\n\n**$**\n\n**438,693**\n\n​\n\n$\n\n346,454\n\n​\n\n$\n\n417,578\n\n**Amortization of Excess Investment**\n\n​\n\n** **\n\n**(79,338)**\n\n​\n\n \n\n(58,163)\n\n​\n\n \n\n(59,707)\n\n**Our Share of Loss due to disposal, exchange, or revaluation of equity interests, net in the Consolidated Financial Statements**\n\n​\n\n** **\n\n**—**\n\n​\n\n \n\n36,470\n\n​\n\n \n\n—\n\n**Our Share of (Gain) loss on Acquisition of Controlling Interest, Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities and Impairment, net**\n\n​\n\n​\n\n**(722)**\n\n​\n\n​\n\n18,236\n\n​\n\n​\n\n(454)\n\n**Income from Unconsolidated Entities**\n\n​\n\n**$**\n\n**358,633**\n\n​\n\n$\n\n342,997\n\n​\n\n$\n\n357,417\n\n​\n\nOur share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Klépierre, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income.  Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within (loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income.\n\n124\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**7. Indebtedness**\n\nOur mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31:\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\nFixed-Rate Debt:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMortgage notes, including $1,065 and $1,518 of net premiums and $9,924 and $8,749 of debt issuance costs, respectively. Weighted average interest and maturity of 4.40% and 2.3 years at December 31, 2025.\n\n​\n\n**$**\n\n**7,904,730**\n\n​\n\n$\n\n4,788,845\n\n​\n\nUnsecured notes and Credit Facilities (see below), including $73,175 and $74,733 of net discounts and $105,863 and $120,559 of debt issuance costs, respectively.\n\n​\n\n** **\n\n**19,834,822**\n\n​\n\n \n\n19,187,150\n\n​\n\nCommercial Paper (see below)\n\n​\n\n​\n\n**355,000**\n\n​\n\n​\n\n—\n\n​\n\n**Total Fixed-Rate Debt**\n\n​\n\n** **\n\n**28,094,552**\n\n​\n\n \n\n23,975,995\n\n​\n\nVariable-Rate Debt:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMortgage notes, including $2,066 and $1,954 of debt issuance costs, respectively. Weighted average interest and maturity of 4.58% and 1.97 years at December 31, 2025.\n\n​\n\n** **\n\n**311,024**\n\n​\n\n \n\n210,739\n\n​\n\nCredit Facilities\n\n​\n\n** **\n\n**—**\n\n​\n\n \n\n18,696\n\n​\n\n**Total Variable-Rate Debt**\n\n​\n\n** **\n\n**311,024**\n\n​\n\n \n\n229,435\n\n​\n\n**Other Debt Obligations and Other**\n\n​\n\n** **\n\n**24,599**\n\n​\n\n \n\n59,065\n\n​\n\n**Total Mortgages and Unsecured Indebtedness**\n\n​\n\n**$**\n\n**28,430,175**\n\n​\n\n$\n\n24,264,495\n\n​\n\n​\n\nGeneral.  Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2025, we were in compliance with all covenants of our unsecured debt.\n\nAt December 31, 2025, our consolidated subsidiaries were the borrowers under 41 non-recourse mortgage notes secured by mortgages on 44 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2025, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.\n\nUnsecured Debt\n\nAt December 31, 2025, our unsecured debt, excluding discounts and debt issuance costs, consisted of $19.1 billion of senior unsecured notes of the Operating Partnership, a €350.0 million ($410.9 million U.S. dollar equivalent) unsecured term loan, $460.0 million outstanding under the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or Credit Facility and $355 million outstanding under the Operating Partnership’s global unsecured commercial paper program, or Commercial Paper program.  The Operating Partnership also has a $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities.\n\n125\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nThe Credit Facility has an initial borrowing capacity of $5.0 billion which may be increased in the form of additional commitments in the aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent.  Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 97% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2027. The Credit Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent.\n\nBorrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility.  Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 70.0 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.\n\nThe Supplemental Facility has a borrowing capacity of $3.5, which may be increased to $4.5 billion during its term subject to obtaining additional lender commitments and satisfying certain customary conditions precedent and provides for borrowings denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 100% of the maximum revolving credit amount, as defined. The initial maturity date of the Supplemental Facility is January 31, 2029 and can be extended for an additional year to January 31, 2030 at our sole option, subject to the continued compliance with the terms thereof.\n\nBorrowings under the Supplemental Facility bear interest, at the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment, if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, and if denominated in Canadian Dollars, Daily Simple CORRA plus a benchmark adjustment or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by the Company’s corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the NYFRB Rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by the Company’s corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by the Company’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 70.0 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.\n\nOn December 31, 2025 we had an aggregate available borrowing capacity of $7.7 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2025 was $1.0 billion and the weighted average outstanding balance was $693.4 million. Letters of credit of $3.1 million were outstanding under the Facilities as of December 31, 2025.\n\nThe Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership.  Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) *pari passu* with the Operating Partnership's other unsecured senior indebtedness.  The Commercial Paper program is supported\n\n126\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nby the Credit Facilities, and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On December 31, 2025, we had $355 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 4.04%. These borrowings have a weighted average maturity date of January 22, 2026 and reduced amounts otherwise available under the Credit Facilities.\n\nOn January 13, 2026, the Operating Partnership completed the issuance of $800 million of senior unsecured notes with a fixed interest rate of 4.30% and a maturity date of January 15, 2031.  The proceeds were used to fund the redemption at par of the Operating Partnership’s $800 million note maturing on  January 15, 2026.\n\nDuring the fourth quarter of 2025, we exchanged 568,896 shares of Klépierre to settle the conversion of €15.4 million ($18.1 million U.S. dollar equivalent) of the Operating Partnership’s exchangeable bonds.  See further discussion in Note 6. The balance of the exchangeable bonds is €734.6 million ($862.4 million U.S. dollar equivalent) as of December 31, 2025.\n\nOn August 19, 2025, the Operating Partnership completed the issuance of $700 million of senior unsecured notes with a fixed interest rate of 4.375% and a maturity date of October 1, 2030, and $800 million of senior unsecured notes with a fixed interest rate of 5.125% and a maturity date of October 1, 2035. A portion of the proceeds were used to redeem, at par, its $1.1 billion 3.50% senior unsecured notes at maturity on September 1, 2025. Another portion of the proceeds were used to repay the €500 million outstanding under the Supplemental Facility on October 8, 2025.\n\nOn May 12, 2025, the Operating Partnership drew €500 million under the Supplemental Facility. The proceeds were used to fund the redemption at par of the Operating Partnerships €500 million notes maturing on May 13, 2025.\n\nOn April 25, 2025, the Operating Partnership drew $155 million under the Credit Facility.\n\nOn January 29, 2025, the Operating Partnership drew €376 million under the Credit Facility and used the proceeds to facilitate the acquisition of two Italian assets.  On March 13, 2025, we repaid €18 million that had been outstanding under the Credit Facility at December 31, 2024.  On March 20, 2025, the Operating Partnership entered into a €350 million unsecured term loan with a maturity date of March 20, 2027, and swapped the interest rate to an all-in fixed rate of 2.5965% which matures on March 20, 2026.  The proceeds of the term loan, along with cash on hand, were used to repay the then remaining €376 million outstanding under the Credit Facility.\n\nOn October 1, 2024, the Operating Partnership completed the redemption, at par, of its $900 million 3.375% senior unsecured notes at maturity.\n\nOn September 26, 2024, the Operating Partnership completed the issuance of $1.0 billion senior unsecured notes with a fixed interest rate of 4.75% and a maturity date of September 26, 2034.\n\nOn September 13, 2024, the Operating Partnership completed the redemption, at par, of its $1.0 billion 2.00% senior unsecured notes at maturity.\n\nOn February 1, 2024, the Operating Partnership completed the redemption, at par, of its $600 million 3.75% senior unsecured notes at maturity.\n\nMortgage Debt\n\nTotal mortgage indebtedness was $8.2 billion and $5.0 billion at December 31, 2025 and 2024, respectively.  On October 31, 2025, as part of the TRG Acquisition, discussed in Note 4, the Operating Partnership’s consolidated debt increased $3.1 billion.\n\n127\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nDebt Maturity and Other\n\nOur scheduled principal repayments on indebtedness as of December 31, 2025, assuming the obligations remain outstanding through the initial maturities, are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2026\n\n​\n\n$\n\n5,905,606\n\n​\n\n2027\n\n​\n\n \n\n3,936,773\n\n​\n\n2028\n\n​\n\n \n\n2,296,651\n\n​\n\n2029\n\n​\n\n \n\n2,940,031\n\n​\n\n2030\n\n​\n\n \n\n1,657,864\n\n​\n\nThereafter\n\n​\n\n \n\n11,858,614\n\n​\n\nTotal principal maturities\n\n​\n\n \n\n28,595,539\n\n​\n\nNet unamortized debt premium\n\n​\n\n \n\n1,065\n\n​\n\nNet unamortized debt discount\n\n​\n\n​\n\n(73,175)\n\n​\n\nDebt issuance costs, net\n\n​\n\n \n\n(117,853)\n\n​\n\nOther Debt Obligations and Other\n\n​\n\n​\n\n24,599\n\n​\n\nTotal mortgages and unsecured indebtedness\n\n​\n\n$\n\n28,430,175\n\n​\n\n​\n\nOur cash paid for interest in each period, net of any amounts capitalized, was as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, **\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n** **\n\nCash paid for interest\n\n​\n\n**$**\n\n**945,736**\n\n​\n\n$\n\n911,349\n\n​\n\n$\n\n856,110\n\n​\n\n​\n\nDebt Issuance Costs\n\nOur debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 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**2025**\n\n​\n\n**2024**\n\nDebt issuance costs\n\n​\n\n**$**\n\n**266,286**\n\n​\n\n$\n\n252,560\n\nAccumulated amortization\n\n​\n\n​\n\n**(148,433)**\n\n​\n\n​\n\n(121,298)\n\nDebt issuance costs, net\n\n​\n\n**$**\n\n**117,853**\n\n​\n\n$\n\n131,262\n\n​\n\nWe report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization 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​\n\n​\n\n  ​ ​ ​\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n  ​ ​ ​\n\n**2023**\n\nAmortization of debt issuance costs\n\n​\n\n**$**\n\n**32,291**\n\n​\n\n$\n\n32,477\n\n​\n\n$\n\n28,660\n\nAmortization of debt discounts/(premiums)\n\n​\n\n​\n\n**8,958**\n\n​\n\n​\n\n5,829\n\n​\n\n​\n\n433\n\n​\n\nFair Value of Debt\n\nThe carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate\n\n128\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nunsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness including commercial paper was $28.1 billion and $24.0  billion as of December 31, 2025 and 2024, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n** **\n\nFair value of consolidated fixed rate mortgages and unsecured indebtedness (in millions)\n\n**  ​ ​ ​**\n\n**$**\n\n**27,300**\n\n  ​ ​ ​\n\n$\n\n22,510\n\n​\n\nWeighted average discount rates assumed in calculation of fair value for fixed rate mortgages\n\n​\n\n** **\n\n**5.63**\n\n%  \n\n \n\n6.27\n\n%\n\nWeighted average discount rates assumed in calculation of fair value for unsecured indebtedness\n\n​\n\n​\n\n**6.05**\n\n%  \n\n​\n\n6.50\n\n%\n\n​\n\n​\n\n**8. Equity**\n\nSimon’s Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of Simon’s outstanding voting stock.\n\nHolders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of Simon’s Class B common stock have the right to elect up to four members of Simon’s Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to a voting trust in which David Simon and Eli Simon are trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders.\n\nCommon Stock and Unit Issuances and Repurchases\n\nIn 2025, Simon issued 116,558 shares of common stock to two limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership.  During the year ended December 31, 2025, the Operating Partnership redeemed 41,510 units from six limited partners for $7.3 million.  In 2024, Simon issued 55,000 shares of common stock to a limited partner of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership.  During the year ended December 31, 2024, the Operating Partnership redeemed 288,350 units from eight limited partners for $42.3 million.  These transactions increased Simon’s ownership interest in the Operating Partnership.\n\nDuring the fourth quarter of 2025, the Operating Partnership issued 4,980,693 units in connection with the TRG Acquisition, as discussed in Note 4 and in the fourth quarter of 2024, the Operating Partnership issued 1,572,500 units in connection with the acquisition of an additional 4% ownership interest in TRG, as discussed in Note 6.\n\nOn February 8, 2024, Simon’s Board of Directors authorized a common stock repurchase program under which Simon was permitted to purchase up to $2.0 billion of its common stock during the two-year period ending February 15, 2026 in the open market or in privately negotiated transactions.  During the year ended December 31, 2025, Simon purchased 1,246,190 shares at an average price of $182.02 per share under this plan.  During the year ended December 31, 2024, no shares were repurchased under this plan.  \n\n129\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nOn February 5, 2026, Simon’s Board of Directors authorized a new common stock repurchase program, which immediately replaced the existing repurchase plan.  Under the plan, Simon may purchase up to $2.0 billion of its common stock during the period ending on February 29, 2028 in the open market or in privately negotiated transactions as market conditions warrant.  As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.\n\n**Temporary Equity**\n\n**Simon**\n\nSimon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies one series of preferred units in the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below.\n\nLimited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties.  The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity.\n\nThe remaining noncontrolling interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control, are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded and presented within accumulated deficit in the consolidated statements of equity in the line issuance of unit equivalents and other. There were no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2025 and 2024.  The following table summarizes the preferred units in the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31.\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​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 105,373 and 155,373 issued and outstanding, respectively\n\n​\n\n**$**\n\n**10,537**\n\n​\n\n$\n\n15,537\n\nOther noncontrolling redeemable interests\n\n​\n\n** **\n\n**222,769**\n\n​\n\n \n\n169,192\n\nLimited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties\n\n​\n\n**$**\n\n**233,306**\n\n​\n\n$\n\n184,729\n\n​\n\n7.50% Cumulative Redeemable Preferred Units.  This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. During 2025, the Operating Partnership redeemed 50,000 preferred units for $5.0 million.  During 2024, the Operating Partnership redeemed 75,000 preferred units for $7.5 million.  As of December 31, 2025 and 2024, these preferred units have a carrying value of $10.5 million and $15.5 million, respectively, and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets.\n\n130\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**The Operating Partnership**\n\nThe Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility.  As a result, the Operating Partnership classifies one series of preferred units and noncontrolling redeemable interests in properties in temporary equity.  Each of these securities is discussed further below.\n\nNoncontrolling Redeemable Interests in Properties   Redeemable instruments, which typically represent the remaining noncontrolling interests in a property or portfolio of properties, and which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity.  The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date.  Changes in the redemption value of the underlying noncontrolling interest are recorded within equity and are presented in the consolidated statements of equity in the line issuance of unit equivalents and other.  There are no noncontrolling interests redeemable at amounts in excess of fair value as of December 31, 2025 and 2024.  The following table summarizes the preferred units and the amount of the noncontrolling redeemable interests in properties as of December 31.    \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​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 105,373 and 155,373 issued and outstanding, respectively\n\n​\n\n**$**\n\n**10,537**\n\n​\n\n$\n\n15,537\n\nOther noncontrolling redeemable interests\n\n​\n\n** **\n\n**222,769**\n\n​\n\n \n\n169,192\n\nTotal preferred units, at liquidation value, and noncontrolling redeemable interests in properties\n\n​\n\n**$**\n\n**233,306**\n\n​\n\n$\n\n184,729\n\n​\n\n**7.50%****Cumulative Redeemable Preferred Units**   The 7.50% preferred units accrue cumulative quarterly distributions at a rate of $7.50 annually.  We may redeem the preferred units upon the death of the survivor of the original holders, or the transfer of any preferred units to any person or entity other than the persons or entities entitled to the benefits of the original holder.  The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of common stock of Simon at our election.  In the event of the death of a holder of the 7.5% preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the Operating Partnership’s option in either cash or fully registered shares of common stock of Simon.  During 2025, the Operating Partnership redeemed 50,000 preferred units for $5.0 million.  During 2024, the Operating Partnership redeemed 75,000 preferred units for $7.5 million.  As of December 31, 2025 and 2024, these preferred units have a carrying value of $10.5 million and $15.5 million, respectively, and are included in limited partners’ preferred interest in the Operating Partnership in the consolidated balance sheets.\n\n**Permanent Equity**\n\n**Simon**\n\nPreferred Stock.  Dividends on all series of preferred stock are calculated based upon the preferred stock’s preferred return multiplied by the preferred stock’s corresponding liquidation value. The Operating Partnership pays preferred distributions to Simon equal to the dividends Simon pays on the preferred stock issued.\n\nSeries J 83/8% Cumulative Redeemable Preferred Stock.  Dividends accrue quarterly at an annual rate of 83/8% per share. Simon can redeem this series, in whole or in part, on and after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred stock at December 31, 2025 and 2024 was $0.6 million and $0.9 million, respectively.\n\n131\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**The Operating Partnership**\n\nSeries J 83/8% Cumulative Redeemable Preferred Units.     Distributions accrue quarterly at an annual rate of 83/8% per unit on the Series J 83/8% preferred units, or Series J preferred units.  Simon owns all of the Series J preferred units which have the same economic rights and preferences of an outstanding series of Simon preferred stock.  The Operating Partnership can redeem this series, in whole or in part, when Simon can redeem the related preferred stock, on and after October 15, 2027 at a redemption price of $50.00 per unit, plus accumulated and unpaid distributions. The Series J preferred units were issued at a premium of $7.5 million.  The unamortized premium included in the carrying value of the preferred units at December 31, 2025 and 2024 was $0.6 million and $0.9 million, respectively.  There are 1,000,000 Series J preferred units authorized and 796,948 Series J preferred units issued and outstanding.\n\n**Other Equity Activity**\n\nThe Simon Property Group, L.P. 2019 Stock Incentive Plan.  This plan, or the 2019 Plan, provides for the grant of equity-based awards with respect to the equity of Simon in the form of incentive and nonqualified stock options to purchase shares, stock appreciation rights, restricted stock grants and performance-based awards.  Options may be granted which are qualified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified.  An aggregate of 8,000,000 shares of common stock have been reserved under the 2019 plan.\n\nThe 2019 Plan is administered by the Compensation and Human Capital Committee.  The Compensation and Human Capital Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them.  In addition, the Compensation and Human Capital Committee interprets the 2019 Plan and makes all other determinations deemed advisable for its administration.  Options granted to employees become exercisable over the period determined by the Compensation and Human Capital Committee.  The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant.  Employee options generally vest over a three-year period and expire ten years from the date of grant.\n\nDirectors who are not also our employees or employees of our affiliates are eligible to receive awards under the 2019 plan. Each independent director receives an annual cash retainer of $110,000, and an annual restricted stock award with a grant date value of $175,000. Committee chairs receive annual retainers for the Company’s Audit, Compensation and Human Capital, and Governance and Nominating Committee of $35,000, $35,000 and $25,000, respectively.  Directors receive fixed annual retainers for service on the Audit, Compensation and Human Capital, and Governance and Nominating Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000.  These retainers are paid 50% in cash and 50% in restricted stock.\n\nRestricted stock awards vest in full after one year.  Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the Director Deferred Compensation Plan until the shares of restricted stock are delivered to the former director.\n\n**Stock-Based Compensation**\n\nOur long-term incentive compensation awards under our stock-based compensation plans primarily take the form of LTIP units, restricted stock units, and restricted stock.  The substantial majority of these awards are market condition or performance-based, and are based on various market, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income.  LTIP units are a form of limited partnership interest issued by the Operating Partnership, which are subject to the participant maintaining employment with us through certain dates and other conditions as described in the applicable award agreements. Awarded LTIP units not earned in accordance with the conditions set forth in the applicable award agreements\n\n132\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nare forfeited. Earned and fully vested LTIP units are equivalent to units of the Operating Partnership. Participants are entitled to receive distributions on the awarded LTIP units, as defined, equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two class method of computing earnings per share. These are granted under The Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan.\n\nThe grant date fair values of any LTIP units that are market-based awards are estimated using a Monte Carlo model, and the resulting fixed expense is recorded regardless of whether the market condition criteria are achieved if the participant performs the required service period. The grant date fair values of the market-based awards are being amortized into expense over the performance period, which is the grant date through the date at which the awards, if earned, become vested.  The expense of the performance-based award is recorded over the performance period, which is the grant date through the date at which the awards, if earned, become vested, based on our assessment as to whether it is probable that the performance criteria will be achieved during the applicable performance periods.  The grant date fair values of any restricted stock unit awards are recognized as expense over the vesting period.\n\n2020 LTI Program.  In 2020, the Compensation and Human Capital Committee established and granted awards under the 2020 LTI Program, which consisted of a one-time grant of 312,263 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $84.37 per share.  One-third of these awards vested on each of January 1, 2022 and 2023, and the remaining awards vested on January 1, 2024.  The grant date fair value of the awards of $26.3 million was recognized as expense over the three-year vesting period.\n\n2021 LTI Program.  In 2021, the Compensation and Human Capital Committee established and granted awards under the 2021 LTI Program.  Awards under the 2021 LTI Program took the form of LTIP units and restricted stock units.  Awards of LTIP units under this program were considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals) and market conditions (based on Absolute TSR performance), as defined in the applicable award agreements, were achieved during the applicable three-year measurement period.  Any units determined to be earned LTIP units under the 2021 LTI Program vested on January 1, 2025.  The 2021 LTI Program provides that the amount earned related to the performance-based portion of the awards was dependent on the Compensation and Human Capital Committee’s determination of Simon’s FFO performance and the achievement of certain Objective Criteria Goals and had a maximum potential fair value at grant date of $18.4 million.  As part of the 2021 LTI Program, the Compensation and Human Capital Committee also established a grant of 37,976 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $112.92 per share.  These time-based awards vested on March 1, 2024.  The $4.3 million grant date fair value of these awards was recognized as expense over the three-year vesting period.  \n\n2022 LTI Program.  In the first quarter of 2022, the Compensation and Human Capital Committee established and granted awards under a 2022 Long-Term Incentive Program, or 2022 LTI Program.  Awards under the 2022 LTI Program, took the form of LTIP units and restricted stock units.  Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable three-year measurement period.  Any units determined to be earned LTIP units under the 2022 LTI Program vested on January 1, 2026.  The 2022 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination of Simon’s FFO performance and the achievement of certain Objective Criteria Goals and had a maximum potential fair value at grant date of $20.6 million.  As part of the 2022 LTI Program, on March 11, 2022 and March 18, 2022, the Compensation and Human Capital Committee also established grants of 52,673 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $130.05 and $130.84 per share.  These time-based awards vested on March 11, 2025 and March 18, 2025.  The $6.9 million grant date fair value of these awards was recognized as expense over the three-year vesting period.  \n\n2023 LTI Program.  In the first quarter of 2023, the Compensation and Human Capital Committee established and granted awards under a 2023 Long-Term Incentive Program, or 2023 LTI Program.  Awards under the 2023 LTI Program, took the form of LTIP units and restricted stock units.  Awards of LTIP units under this program will be considered earned\n\n133\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nif the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable three-year measurement period.  Any units determined to be earned LTIP units under the 2023 LTI Program will vest on January 1, 2027.  The 2023 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination of Simon’s FFO performance and the achievement of certain Objective Criteria Goals and has a maximum potential fair value at grant date of $42.5 million.  As part of the 2023 LTI Program, on March 1, 2023, the Compensation and Human Capital Committee also established a grant of 64,852 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $121.25 per share.  These time-based awards will vest on March 1, 2026.  The $7.9 million grant date fair value of these awards is being recognized as expense over the three-year vesting period.  \n\n2024 LTI Program.  In the first quarter of 2024, the Compensation and Human Capital Committee established and granted awards under a 2024 Long-Term Incentive Program, or 2024 LTI Program.  Awards under the 2024 LTI Program, took the form of LTIP units and restricted stock units.  Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable three-year measurement period.  Any units determined to be earned LTIP units under the 2024 LTI Program will vest on January 1, 2028.  The 2024 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination of Simon’s FFO performance and the achievement of certain Objective Criteria Goals and has a maximum potential fair value at grant date of $44.1 million.  As part of the 2024 LTI Program, on March 6, 2024, the Compensation and Human Capital Committee also established a grant of 53,679 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $152.32 per share.  These time-based awards will vest on March 6, 2027.  The $8.2 million grant date fair value of these awards is being recognized as expense over the three-year vesting period. \n\n2024 OPI LTIP Awards.  On August 29, 2024, Simon’s Board of Directors, upon the recommendation and approval of the Compensation and Human Capital Committee, granted awards under the Amended and Restated Other Platform Investment Incentive Program in the form of 406,976 Series 2024-2 LTIP units of the Operating Partnership to certain named executive officers.  The awards are subject to future service conditions and had a grant date fair value of $165.50 per unit or share.  The $67.4 million grant date fair value of the LTIP units is being recognized as expense over a five-year vesting period.  In accordance with the Operating Partnership's partnership agreement, the Operating Partnership issued an equal number of units to Simon that are subject to the same vesting conditions.\n\n2025 LTI Program.  In the first quarter of 2025, the Compensation and Human Capital Committee established and granted awards under a 2025 Long-Term Incentive Program, or 2025 LTI Program.  Awards under the 2025 LTI Program, took the form of LTIP units and restricted stock units.  Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable three-year measurement period.  Any units determined to be earned LTIP units under the 2025 LTI Program will vest on January 1, 2029.  The 2025 LTI Program provides that the amount earned related to the performance-based portion of the awards is dependent on the Compensation and Human Capital Committee’s determination of Simon’s FFO performance and the achievement of certain Objective Criteria Goals and has a maximum potential fair value at grant date of $48.0 million.  As part of the 2025 LTI Program, on March 3, 2025, the Compensation and Human Capital Committee also established a grant of 39,949 time-based restricted stock units under the 2019 Plan at a grant date fair market value of $187.78 per share.  These time-based awards will vest on March 3, 2028.  The $7.5 million grant date fair value of these awards is being recognized as expense over the three-year vesting period. \n\n​\n\n134\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nThe Compensation and Human Capital Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were determined by the Compensation and Human Capital Committee to have been earned, and the aggregate grant date fair value, are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**LTIP Awards**\n\n**  ​ ​ ​**\n\n**LTIP Units Earned**\n\n**  ​ ​ ​**\n\n**Grant Date Fair Value of TSR Award**\n\n**  ​ ​ ​**\n\n**Grant Date Target Value of Performance-Based Awards**\n\n2021 LTIP Awards\n\n​\n\n209,784\n\n \n\n$5.7 million\n\n \n\n$12.2 million\n\n2022 LTIP Awards\n\n​\n\n107,462\n\n \n\n—\n\n \n\n$13.7 million\n\n2023 LTIP Awards\n\n​\n\nTo be determined in 2026\n\n \n\n—\n\n \n\n$23.6 million\n\n2024 LTIP Awards\n\n​\n\nTo be determined in 2027\n\n \n\n—\n\n \n\n$24.5 million\n\n2024 OPI LTIP Awards\n\n​\n\n406,976\n\n \n\n—\n\n \n\n$67.4 million\n\n2025 LTIP Awards\n\n​\n\nTo be determined in 2028\n\n \n\n—\n\n \n\n$30.0 million\n\n​\n\nWe recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $58.0 million, $33.6 million, and $26.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.\n\nRestricted Stock and Restricted Stock Units.  The 2019 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return-based performance measures established by the Compensation and Human Capital Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three-year or a four-year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2025 a total of 5,858,453 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan, and 1,590,889 shares of restricted stock and RSUs have been awarded under the 2019 plan.\n\n2024 OPI Restricted Stock Awards.  On August 29, 2024, Simon’s Board of Directors, upon the recommendation and approval of the Compensation and Human Capital Committee, granted awards under the Amended and Restated Other Platform Investment Incentive Program in the form of 178,931 shares of restricted stock to certain senior employees of the Company.  The awards are subject to future service conditions and had a grant date fair value of $165.50 per unit or share.  The $29.6 million grant date fair value of the restricted stock will be recognized as expense over a four-year vesting period.  In accordance with the Operating Partnership's partnership agreement, the Operating Partnership issued an equal number of units to Simon that are subject to the same vesting conditions as the restricted stock.\n\nInformation regarding restricted stock awards is summarized in the following table for each of the years presented:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended**\n\n** **\n\n​\n\n​\n\n**December 31, **\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**  ​ ​ ​**\n\n**2023**\n\n** **\n\nShares of restricted stock awarded during the year, net of forfeitures\n\n** **\n\n​\n\n**117,411**\n\n \n\n​\n\n318,816\n\n \n\n​\n\n227,232\n\n​\n\nWeighted average fair value of shares granted during the year\n\n​\n\n**$**\n\n**165.81**\n\n​\n\n$\n\n161.61\n\n​\n\n$\n\n111.37\n\n​\n\nCompensation expense, net of capitalization\n\n​\n\n**$**\n\n**26,483**\n\n​\n\n$\n\n21,277\n\n​\n\n$\n\n16,356\n\n​\n\n​\n\nWe also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees.\n\nExchange Rights\n\n**Simon**\n\nLimited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one-for-one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be\n\n135\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\npaid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. At December 31, 2025, Simon had reserved 60,578,802 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock.\n\n**The Operating Partnership**\n\nLimited partners have the right under the partnership agreement to exchange all or any portion of their units for shares of Simon common stock on a one-for-one basis or cash, as determined by Simon in its sole discretion. If Simon selects cash, Simon cannot cause the Operating Partnership to redeem the exchanged units for cash without contributing cash to the Operating Partnership as partners’ equity sufficient to effect the redemption.  If sufficient cash is not contributed, Simon will be deemed to have elected to exchange the units for shares of Simon common stock.  The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of Simon’s common stock at that time. The number of shares of Simon’s common stock issued pursuant to the exercise of the exchange right will be the same as the number of units exchanged.\n\n​\n\n**9. Lease Income**\n\nFixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.  Variable lease income includes consideration based on reported sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items including negative variable lease income as discussed in Note 3.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended**\n\n​\n\n​\n\n​\n\n**December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n**2023**\n\nFixed lease income\n\n​\n\n​\n\n**$**\n\n**4,727,341**\n\n​\n\n$\n\n4,365,734\n\n​\n\n$\n\n4,145,288\n\nVariable lease income\n\n​\n\n​\n\n​\n\n**1,111,819**\n\n​\n\n​\n\n1,024,026\n\n​\n\n​\n\n1,019,047\n\nTotal lease income\n\n​\n\n​\n\n**$**\n\n**5,839,160**\n\n​\n\n$\n\n5,389,760\n\n​\n\n$\n\n5,164,335\n\n​\n\nTenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $565.5 million and $539.6 million at December 31, 2025 and 2024, respectively.\n\nMinimum fixed lease consideration under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding variable lease consideration, as of December 31, 2025, is as follows:\n\n​\n\n​\n\n​\n\n​\n\n2026\n\n  ​ ​ ​\n\n$\n\n4,117,405\n\n2027\n\n​\n\n \n\n3,511,090\n\n2028\n\n​\n\n \n\n2,837,923\n\n2029\n\n​\n\n \n\n2,239,100\n\n2030\n\n​\n\n \n\n1,727,389\n\nThereafter\n\n​\n\n \n\n5,301,894\n\n​\n\n​\n\n$\n\n19,734,801\n\n​\n\n​\n\n**10. Commitments and Contingencies**\n\nLitigation\n\nWe are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse\n\n136\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\neffect on our financial condition, liquidity or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.\n\nLease Commitments\n\nAs of December 31, 2025, we are subject to ground leases that cover all or a portion of 29 of our consolidated properties with termination dates extending through 2105, including periods for which exercising an extension option is reasonably assured. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental payment plus a percentage rent component based upon the revenues or total reported sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2026 to 2034. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate, and utility expenses. Some of our ground and office leases include escalation clauses.  All of our lease arrangements are classified as operating leases.  We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, 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**For the Year Ended**\n\n​\n\n​\n\n**December 31, **\n\n​\n\n**  ​ ​ ​**\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n​\n\n**2023**\n\n**Operating Lease Cost**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFixed lease cost\n\n​\n\n**$**\n\n**37,071**\n\n​\n\n$\n\n35,518\n\n​\n\n$\n\n34,112\n\nVariable lease cost\n\n​\n\n​\n\n**17,089**\n\n​\n\n​\n\n16,232\n\n​\n\n​\n\n16,930\n\n**Total operating lease cost**\n\n​\n\n**$**\n\n**54,160**\n\n​\n\n$\n\n51,750\n\n​\n\n$\n\n51,042\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended**\n\n​\n\n​\n\n**December 31, **\n\n​\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**2023**\n\n**Other Information**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash paid for amounts included in the measurement of lease liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOperating cash flows from operating leases\n\n​\n\n**$**\n\n**54,111**\n\n​\n\n$\n\n51,690\n\n​\n\n$\n\n50,967\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nWeighted-average remaining lease term - operating leases\n\n​\n\n​\n\n**30.6****years**\n\n​\n\n​\n\n32.0 years\n\n​\n\n​\n\n32.3 years\n\nWeighted-average discount rate - operating leases\n\n​\n\n​\n\n**5.32%**\n\n​\n\n​\n\n5.32%\n\n​\n\n​\n\n4.93%\n\n​\n\nFuture minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2026\n\n  ​ ​ ​\n\n$\n\n51,853\n\n2027\n\n​\n\n \n\n52,049\n\n2028\n\n​\n\n \n\n52,273\n\n2029\n\n​\n\n \n\n52,319\n\n2030\n\n​\n\n \n\n52,439\n\nThereafter\n\n​\n\n \n\n1,534,279\n\n​\n\n​\n\n$\n\n1,795,212\n\nImpact of discounting\n\n​\n\n​\n\n(1,038,673)\n\nOperating lease liabilities\n\n​\n\n$\n\n756,539\n\n​\n\n​\n\n137\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nInsurance\n\nWe maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, cyber liability, property all risk and business interruption insurance on our wholly-owned properties and non-wholly owned properties which we are contractually required to insure in the United States. Some portions of coverage, including property insurance and certain windstorm risks, not provided by third-party carriers may be insured through our wholly-owned captive insurance company, or other financial arrangements controlled by us. If required, a third-party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s insurance policy with us.\n\nWe currently maintain insurance coverage against acts of terrorism on our wholly-owned properties and non-wholly owned properties which we are contractually required to insure in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales.\n\n​\n\n​\n\nGuarantees of Indebtedness\n\nJoint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2025 and 2024, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $118.8 million and $109.8 million, respectively. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which have estimated fair values in excess of the guaranteed amount.\n\nConcentration of Credit Risk\n\nOur U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. No customer or tenant accounts for 5% or more of our consolidated revenues.\n\n​\n\n**11. Segments********and Geographic Locations**\n\nOur primary business is the ownership, development and management of premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, and The Mills.  We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance, and makes decisions.  Our CODM is our President and Chief Executive Officer who is actively involved in all aspects of the portfolio operations.  We have aggregated our consolidated real estate operations, including malls, Premium Outlets, The Mills, and our consolidated international real estate operations into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same, tenants.  Revenue earned from these segment operations represents substantially all of lease income reported on the consolidated statements of operations and comprehensive income, all of which is generated from external customers, with the exception of eliminations made to remove our share of lease income earned from tenants in which we have an ownership interest.  The primary financial measure the CODM uses to measure the operating performance of the consolidated real estate operations is net operating income (“NOI”), which is reconciled to consolidated net income below.  The Company believes that NOI is helpful to investors as a measure of operating performance because it is a direct measure of the actual operating results of the Company’s properties and because it is a widely recognized measure of the performance of REITs providing a relevant basis for comparison among REITs.  Non-segment revenue includes Management Fees and Other revenues, described earlier in Note 3, and the majority of Other income, which primarily includes interest income and miscellaneous activities such as land sales, dividends received from certain investments and other activities as disclosed through these notes to the extent material, as well as eliminations. None of our unconsolidated investments meet the materiality threshold required for separate reporting as a reportable segment, though we have included disclosures related to the activities of these investments in Note 6.  Approximately 96% of total consolidated\n\n138\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nassets, with the exception of our investment in Klépierre and other unconsolidated entities and certain other assets, are attributable to our real estate segment. \n\nAs of December 31, 2025 and 2024, approximately 6.7% and 6.8%, respectively, of our consolidated long-lived assets were located outside the United States and as of December 31, 2025, 2024, and 2023, approximately 5.3%, 4.4%, and 4.2%, respectively, of our consolidated total revenues were derived from assets located outside the United States.  Substantially all of our capital expenditures reported in the consolidated statements of cash flows relate to our segment operations.  \n\n​\n\nThe following table reconciles our reportable segment to net income:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**All other &**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Real estate**\n\n​\n\n**eliminations,**\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**segment**\n\n**  ​ ​ ​**\n\n**net**\n\n**  ​ ​ ​**\n\n**Consolidated**\n\n**For the period ended December 31, 2025:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Income:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLease Income\n\n​\n\n$\n\n5,854,900\n\n​\n\n$\n\n(15,740)\n\n​\n\n$\n\n5,839,160\n\nManagement fees and other revenues\n\n​\n\n \n\n—\n\n​\n\n​\n\n144,426\n\n​\n\n​\n\n144,426\n\nOther Income\n\n​\n\n​\n\n161,725\n\n​\n\n​\n\n219,194\n\n​\n\n​\n\n380,919\n\nTotal\n\n​\n\n \n\n6,016,625\n\n​\n\n​\n\n347,880\n\n​\n\n​\n\n6,364,505\n\n**Expenses:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty Operating\n\n​\n\n​\n\n765,610\n\n​\n\n​\n\n(184,635)\n\n​\n\n​\n\n580,975\n\nReal estate taxes\n\n​\n\n​\n\n456,455\n\n​\n\n​\n\n(5,327)\n\n​\n\n​\n\n451,128\n\nRepairs and maintenance\n\n​\n\n​\n\n117,685\n\n​\n\n​\n\n2,230\n\n​\n\n​\n\n119,915\n\nAdvertising and promotion\n\n​\n\n​\n\n159,702\n\n​\n\n​\n\n(3,876)\n\n​\n\n​\n\n155,826\n\nOther\n\n​\n\n​\n\n79,715\n\n​\n\n​\n\n62,231\n\n​\n\n​\n\n141,946\n\nTotal\n\n​\n\n​\n\n1,579,167\n\n​\n\n​\n\n(129,377)\n\n​\n\n​\n\n1,449,790\n\n**NOI of consolidated entities**\n\n​\n\n**$**\n\n**4,437,458**\n\n​\n\n**$**\n\n**477,257**\n\n​\n\n**$**\n\n**4,914,715**\n\n**Other Income:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIncome from unconsolidated entities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n504,088\n\nGain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n2,887,460\n\n**Other Expenses:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation and amortization\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,426,423\n\nHome and regional office costs\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n251,748\n\nGeneral and administrative\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n60,888\n\nInterest expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n974,835\n\nIncome and other tax expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n35,788\n\nLoss due to disposal, exchange, or revaluation of equity interests, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n86,119\n\nUnrealized losses in fair value of publicly traded equity instruments and derivative instrument, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n106,082\n\nOther expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n260\n\n**Consolidated Net Income**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**$**\n\n**5,364,120**\n\n​\n\n​\n\n139\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, 2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**All other &**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Real estate**\n\n​\n\n**eliminations,**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**segment**\n\n​\n\n**net**\n\n​\n\n**Consolidated**\n\n**For the period ended December 31, 2024:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Income:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLease Income\n\n​\n\n$\n\n5,402,306\n\n​\n\n$\n\n(12,546)\n\n​\n\n$\n\n5,389,760\n\nManagement fees and other revenues\n\n​\n\n \n\n—\n\n​\n\n​\n\n133,250\n\n​\n\n​\n\n133,250\n\nOther Income\n\n​\n\n​\n\n140,009\n\n​\n\n​\n\n300,779\n\n​\n\n​\n\n440,788\n\nTotal\n\n​\n\n \n\n5,542,315\n\n​\n\n​\n\n421,483\n\n​\n\n​\n\n5,963,798\n\n**Expenses:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty Operating\n\n​\n\n​\n\n658,425\n\n​\n\n$\n\n(128,672)\n\n​\n\n$\n\n529,753\n\nReal estate taxes\n\n​\n\n​\n\n409,124\n\n​\n\n​\n\n(483)\n\n​\n\n​\n\n408,641\n\nRepairs and maintenance\n\n​\n\n​\n\n103,030\n\n​\n\n​\n\n1,990\n\n​\n\n​\n\n105,020\n\nAdvertising and promotion\n\n​\n\n​\n\n147,891\n\n​\n\n​\n\n(3,340)\n\n​\n\n​\n\n144,551\n\nOther\n\n​\n\n​\n\n60,391\n\n​\n\n​\n\n88,468\n\n​\n\n​\n\n148,859\n\nTotal\n\n​\n\n​\n\n1,378,861\n\n​\n\n​\n\n(42,037)\n\n​\n\n​\n\n1,336,824\n\n**NOI of consolidated entities**\n\n​\n\n**$**\n\n**4,163,454**\n\n​\n\n**$**\n\n**463,520**\n\n​\n\n**$**\n\n**4,626,974**\n\n**Other Income:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGain due to disposal, exchange, or revaluation of equity interests, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n451,172\n\nIncome from unconsolidated entities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n207,322\n\n**Other Expenses:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation and amortization\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,265,340\n\nHome and regional office costs\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n223,277\n\nGeneral and administrative\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n44,743\n\nInterest expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n905,797\n\nIncome and other tax expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n23,262\n\nUnrealized losses in fair value of publicly traded equity instruments and derivative instrument, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n17,392\n\nLoss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n75,818\n\nOther expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n818\n\n**Consolidated Net Income**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**$**\n\n**2,729,021**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n140\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**For the Year Ended December 31, 2023**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**All other &**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Real estate**\n\n​\n\n**eliminations,**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**segment**\n\n​\n\n**net**\n\n​\n\n**Consolidated**\n\n​\n\n**For the period ended December 31, 2023:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Income:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLease Income\n\n​\n\n$\n\n5,199,120\n\n​\n\n$\n\n(34,785)\n\n​\n\n$\n\n5,164,335\n\n​\n\nManagement fees and other revenues\n\n​\n\n \n\n—\n\n​\n\n \n\n125,995\n\n​\n\n \n\n125,995\n\n​\n\nOther Income\n\n​\n\n​\n\n124,075\n\n​\n\n​\n\n244,431\n\n​\n\n​\n\n368,506\n\n​\n\nTotal\n\n​\n\n \n\n5,323,195\n\n​\n\n \n\n335,641\n\n​\n\n \n\n5,658,836\n\n​\n\n**Expenses:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty Operating\n\n​\n\n​\n\n616,190\n\n​\n\n​\n\n(126,844)\n\n​\n\n​\n\n489,346\n\n​\n\nReal estate taxes\n\n​\n\n​\n\n439,885\n\n​\n\n​\n\n1,898\n\n​\n\n​\n\n441,783\n\n​\n\nRepairs and maintenance\n\n​\n\n​\n\n95,331\n\n​\n\n​\n\n1,926\n\n​\n\n​\n\n97,257\n\n​\n\nAdvertising and promotion\n\n​\n\n​\n\n130,660\n\n​\n\n \n\n(3,314)\n\n​\n\n​\n\n127,346\n\n​\n\nOther\n\n​\n\n​\n\n63,536\n\n​\n\n​\n\n123,988\n\n​\n\n​\n\n187,524\n\n​\n\nTotal\n\n​\n\n​\n\n1,345,602\n\n​\n\n​\n\n(2,346)\n\n​\n\n​\n\n1,343,256\n\n​\n\n**NOI of consolidated entities**\n\n​\n\n**$**\n\n**3,977,593**\n\n​\n\n**$**\n\n**337,987**\n\n​\n\n**$**\n\n**4,315,580**\n\n​\n\n**Other Income:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGain due to disposal, exchange, or revaluation of equity interests, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n362,019\n\n​\n\nIncome from unconsolidated entities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n375,663\n\n​\n\nUnrealized gains in fair value of publicly traded equity instruments and derivative instrument, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n11,892\n\n​\n\n**Other Expenses:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation and amortization\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,262,107\n\n​\n\nHome and regional office costs\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n207,618\n\n​\n\nGeneral and administrative\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n38,513\n\n​\n\nInterest expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n854,648\n\n​\n\nIncome and other tax expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n81,874\n\n​\n\nLoss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n3,056\n\n​\n\nOther expense\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n320\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Consolidated net income**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**$**\n\n**2,617,018**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**12. Related Party Transactions**\n\n**Transactions with Affiliates**\n\nOur management company provides office space and legal, human resource administration, property specific financing and other support services to Melvin Simon & Associates, Inc., or MSA, a related party, for which we received a fee of $0.8 million, $0.6 million, and $0.6 million in 2025, 2024 and 2023, respectively.  In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and members of his family have ownership interests, for which we received a fee of $4.7 million, $3.9 million, and $3.9 million in 2025, 2024, and 2023, respectively.  \n\n**Transactions with Unconsolidated Joint Ventures**\n\nAs described in Note 2, our management company provides management, insurance, and other services to certain unconsolidated joint ventures.  Amounts received for such services were $138.9 million, $128.6 million, and $121.2 million\n\n141\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\nin 2025, 2024, and 2023, respectively.  During 2025, 2024, and 2023, we recorded development, royalty, and other fee income, net of elimination, related to our unconsolidated international joint ventures of $14.9 million, $13.9 million, and $13.3 million, respectively.  The fees related to our international investments are included in other income in the accompanying consolidated statements of operations and comprehensive income.  Neither MSA, David Simon, nor members of the Simon family have an ownership interest in any of our unconsolidated joint ventures, except through their ownership interests in the Company or the Operating Partnership.\n\nWe have investments in retailers including Catalyst (formerly J.C. Penney and SPARC Group), and these retailers are lessees at certain of our operating properties.  Lease income from the date of our investments in our consolidated statements of operations and comprehensive income related to these retailers was $84.5 million, $105.9 million, and $101.8 million for the years ended December 31, 2025, 2024, and 2023, respectively, net of elimination.\n\n​\n\n​\n\n​\n\n​\n\n142\n\n[Table of Contents](#Toc)\n\n**Simon Property Group, Inc.**\n\n**Simon Property Group, L.P.**\n\n**Notes to Consolidated Financial Statements**\n\n**(Dollars in thousands, except share, per share, unit and per unit amounts********and where indicated as in millions or billions)**\n\n**13. Quarterly Financial Data (Unaudited)**\n\nQuarterly 2025 and 2024 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**First**\n\n**  ​ ​ ​**\n\n**Second**\n\n**  ​ ​ ​**\n\n**Third**\n\n**  ​ ​ ​**\n\n**Fourth**\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**Quarter**\n\n**  ​ ​ ​**\n\n**Quarter**\n\n**  ​ ​ ​**\n\n**Quarter**\n\n**  ​ ​ ​**\n\n**Quarter**\n\n** **\n\n**2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal revenue\n\n​\n\n**$**\n\n**1,473,012**\n\n​\n\n**$**\n\n**1,498,459**\n\n​\n\n**$**\n\n**1,601,572**\n\n​\n\n**$**\n\n**1,791,462**\n\n​\n\nOperating income before other items\n\n​\n\n** **\n\n**727,616**\n\n​\n\n** **\n\n**744,197**\n\n​\n\n** **\n\n**812,914**\n\n​\n\n** **\n\n**890,669**\n\n​\n\nConsolidated net income\n\n​\n\n** **\n\n**477,860**\n\n​\n\n** **\n\n**643,681**\n\n​\n\n** **\n\n**702,696**\n\n​\n\n** **\n\n**3,539,882**\n\n​\n\n**Simon Property Group, Inc.**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income attributable to common stockholders\n\n​\n\n**$**\n\n**413,699**\n\n​\n\n**$**\n\n**556,133**\n\n​\n\n**$**\n\n**606,174**\n\n​\n\n**$**\n\n**3,048,269**\n\n​\n\nNet income per share — Basic and Diluted\n\n​\n\n**$**\n\n**1.27**\n\n​\n\n**$**\n\n**1.70**\n\n​\n\n**$**\n\n**1.86**\n\n​\n\n**$**\n\n**9.35**\n\n​\n\nWeighted average shares outstanding — Basic and Diluted\n\n​\n\n** **\n\n**326,313,432**\n\n​\n\n** **\n\n**326,487,253**\n\n​\n\n** **\n\n**326,485,607**\n\n​\n\n** **\n\n**326,180,391**\n\n​\n\n**Simon Property Group, L.P.**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income attributable to unitholders\n\n​\n\n**$**\n\n**478,026**\n\n​\n\n**$**\n\n**642,529**\n\n​\n\n**$**\n\n**700,339**\n\n​\n\n**$**\n\n**3,533,907**\n\n​\n\nNet income per unit — Basic and Diluted\n\n​\n\n**$**\n\n**1.27**\n\n​\n\n**$**\n\n**1.70**\n\n​\n\n**$**\n\n**1.86**\n\n​\n\n**$**\n\n**9.35**\n\n​\n\nWeighted average units outstanding — Basic and Diluted\n\n​\n\n​\n\n**377,052,997**\n\n​\n\n​\n\n**377,201,275**\n\n​\n\n​\n\n**377,199,372**\n\n​\n\n​\n\n**380,219,062**\n\n​\n\n**2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal revenue\n\n​\n\n$\n\n1,442,590\n\n​\n\n$\n\n1,458,266\n\n​\n\n$\n\n1,480,710\n\n​\n\n$\n\n1,582,232\n\n​\n\nOperating income before other items\n\n​\n\n \n\n735,180\n\n​\n\n \n\n754,101\n\n​\n\n \n\n767,769\n\n​\n\n \n\n835,746\n\n​\n\nConsolidated net income\n\n​\n\n \n\n841,155\n\n​\n\n \n\n569,435\n\n​\n\n \n\n546,671\n\n​\n\n \n\n771,760\n\n​\n\n**Simon Property Group, Inc.**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income attributable to common stockholders\n\n​\n\n$\n\n731,702\n\n​\n\n$\n\n493,465\n\n​\n\n$\n\n475,161\n\n​\n\n$\n\n667,231\n\n​\n\nNet income per share — Basic and Diluted\n\n​\n\n$\n\n2.25\n\n​\n\n$\n\n1.51\n\n​\n\n$\n\n1.46\n\n​\n\n$\n\n2.04\n\n​\n\nWeighted average shares outstanding — Basic and Diluted\n\n​\n\n \n\n325,911,525\n\n​\n\n \n\n326,038,544\n\n​\n\n \n\n326,157,686\n\n​\n\n \n\n326,278,138\n\n​\n\n**Simon Property Group, L.P.**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet income attributable to unitholders\n\n​\n\n$\n\n841,359\n\n​\n\n$\n\n567,384\n\n​\n\n$\n\n546,479\n\n​\n\n$\n\n770,543\n\n​\n\nNet income per unit — Basic and Diluted\n\n​\n\n$\n\n2.25\n\n​\n\n$\n\n1.51\n\n​\n\n$\n\n1.46\n\n​\n\n$\n\n2.04\n\n​\n\nWeighted average units outstanding — Basic and Diluted\n\n​\n\n​\n\n374,754,605\n\n​\n\n​\n\n374,882,354\n\n​\n\n​\n\n375,097,198\n\n​\n\n​\n\n376,990,586\n\n​\n\n​\n\n​\n\n​\n\n​\n\n143\n\n[Table of Contents](#Toc)"}