Simon Property Group (SPG) Economic Moat Analysis50

Evidence

Malls and Premium Outlets: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ 96.0% ​ ​ 96.0% ​ 0 bps Unconsolidated ​ 96.0% ​ ​ 95.9% ​ 10 bps Total Portfolio ​ 96.0% ​ ​ 96.0% ​ 0 bps Average Base Minimum Rent per Square Foot ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ $ 60.14 ​ $ 56.86 ​ 5.8% Unconsolidated ​ $ 68.95 ​ $ 64.19 ​ 7.4% Total Portfolio ​ $ 62.42 ​ $ 58.70 ​ 6.3% The Mills: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 98.8% ​ 99.3% ​ -50 bps Average Base Minimum Rent per Square Foot ​ $ 42.28 ​ $ 37.65 ​ 12.3%

2026 second-quarter 10-Q, operating information: U.S. Malls and Premium Outlets and The Mills · Filed 10/08/2026

Malls and Premium Outlets at 96.4% at year-end (compared to 96.5% at prior year-end) notwithstanding 20 basis point reduction resulting from the addition of the Taubman Realty Group assets ● Increased base minimum rent per square foot to $60.97, an increase of 4.7% year-over-year ● Managed the Company’s Administrative department, including the Human Capital function ● Assisted in integration and cost reduction efforts of portfolio investments and acquisitions

2026 proxy, 2025 operating achievements: occupancy and base minimum rent · Filed 01/04/2026

Minimum 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: ​ ​ ​ ​ 2026 ​ ​ ​ $ 4,117,405 2027 ​ 3,511,090 2028 ​ 2,837,923 2029 ​ 2,239,100 2030 ​ 1,727,389 Thereafter ​ 5,301,894 ​ ​ $ 19,734,801 ​ ​ 10.

2025 10-K, lease disclosures: minimum non-cancelable tenant consideration · Filed 25/02/2026

​ • Domestic property Net Operating Income (“NOI”) increased 8.5% and portfolio NOI increased 8.3% compared to the prior year period.

2026 second-quarter earnings release, domestic property and portfolio NOI · Filed 10/08/2026

Our properties compete with other forms of retailing such as pure online retail websites as well as other types of retail properties such as single user freestanding discounters (Costco, Walmart and Target).

2025 10-K, competition: online retail and named freestanding discounters · Filed 25/02/2026

Certain of our properties have had vacant space available for prospective tenants, and those properties may continue to experience, and other properties may commence experiencing, such oversupply in the future.

2025 10-K, risk factors: existing vacant space and potential oversupply · Filed 25/02/2026

Also, when leases for our existing properties expire, the premises may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms.

2025 10-K, risk factors: reletting, allowances and concessions · Filed 25/02/2026

The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping.

2025 10-K, risk factors: migration of spending to web-based shopping · Filed 25/02/2026

increased lease income of $261.1 million, or $0.69 per diluted share/unit, of which $189.1 million, or $0.50 per diluted share/unit, relates to our acquisition activity,

2026 first-quarter 10-Q, results discussion: acquisition contribution to lease income · Filed 11/05/2026

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.

2025 10-K, lease disclosures: CAM expense reimbursements · Filed 25/02/2026

Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.

2026 second-quarter 10-Q, lease income accounting: fixed consideration and CAM · Filed 10/08/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ​ ​ Ended December 31, ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ 2023 CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Net Income ​ $ 5,364,120 ​ $ 2,729,021 ​ $ 2,617,018 Adjustments to reconcile consolidated net income to net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 1,554,346 ​ 1,359,861 ​ 1,333,584 (Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ (2,887,460) ​ 75,818 ​ 3,056 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net ​ ​ 86,119 ​ ​ (451,172) ​ ​ (362,019) Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 106,082 ​ ​ 17,392 ​ ​ (11,892) Straight-line lease (income) loss ​ (27,790) ​ 802 ​ 9,866 Equity in income of unconsolidated entities ​ (504,088) ​ (207,322) ​ (375,663) Distributions of income from unconsolidated entities ​ 445,901 ​ 362,734 ​ 458,709 Changes in assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant receivables and accrued revenue, net ​ (59,769) ​ 36,161 ​ (11,802) Deferred costs and other assets ​ 14,565 ​ (235,884) ​ 24,423 Accounts payable, accrued expenses, intangibles, deferred revenues and other ​ 44,525 ​ 127,244 ​ 245,513 Net cash provided by operating activities ​ 4,136,551 ​ 3,814,655 ​ 3,930,793 CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ (1,114,368) ​ (56,105) ​ (65,829) Funding of loans to related parties ​ ​ — ​ ​ (111,000) ​ ​ (15,250) Repayments of loans to related parties ​ 16,956 ​ 82,289 ​ 16,188 Capital expenditures, net ​ (934,346) ​ (755,584) ​ (793,283) Cash impact from the consolidation of properties ​ 104,829 ​ 46,228 ​ — Net proceeds from sale of assets ​ ​ — ​ ​ 55,203 ​ ​ — Investments in unconsolidated entities ​ (62,418) ​ (112,655) ​ (83,961) Purchase of short-term investments ​ ​ — ​ ​ (600,000) ​ ​ (1,000,000) Proceeds from redemption of short-term investments ​ ​ — ​ ​ 1,600,000 ​ ​ — Purchase of equity instruments ​ (48,704) ​ (241,186) ​ (31,742) Proceeds from sale of equity instruments ​ 96,194 ​ 1,183,528 ​ 304,129 Insurance proceeds for property restoration ​ ​ — ​ ​ 4,587 ​ ​ 7,427 Distributions of capital from unconsolidated entities and other ​ 341,153 ​ 313,016 ​ 299,140

2025 10-K, consolidated cash flows: operating activities and investments · Filed 25/02/2026

Net cash (used in) provided by investing activities ​ (1,600,704) ​ 1,408,321 ​ (1,363,181) CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from sales of common stock and other, net of transaction costs ​ (328) ​ (328) ​ (328) Purchase of shares related to stock grant recipients' tax withholdings ​ ​ (13,912) ​ ​ (10,558) ​ ​ (5,795) Redemption of limited partner units ​ (7,281) ​ (42,293) ​ (13,524) Purchase of treasury stock ​ ​ (226,826) ​ ​ — ​ ​ (140,593) Preferred unit redemptions ​ ​ (5,000) ​ ​ (7,500) ​ ​ (2,500) Distributions to noncontrolling interest holders in properties ​ (23,404) ​ (21,049) ​ (41,956) Contributions from noncontrolling interest holders in properties ​ 6,705 ​ 9,807 ​ 9,813 Preferred distributions of the Operating Partnership ​ (1,166) ​ (1,560) ​ (1,900) Preferred dividends and distributions to stockholders ​ (2,792,872) ​ (2,645,213) ​ (2,439,233) Distributions to limited partners ​ (439,384) ​ (399,186) ​ (355,548) Proceeds from issuance of debt, net of transaction costs ​ 3,668,892 ​ 1,095,546 ​ 3,629,840 Repayments of debt ​ (3,278,469) ​ (2,969,288) ​ (2,658,525) Net cash used in financing activities ​ (3,113,045) ​ (4,991,622) ​ (2,020,249) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ​ (577,198) ​ 231,354 ​ 547,363 CASH AND CASH EQUIVALENTS, beginning of period ​ 1,400,345 ​ 1,168,991 ​ 621,628 CASH AND CASH EQUIVALENTS, end of period ​ $ 823,147 ​ $ 1,400,345 ​ $ 1,168,991

2025 10-K, Simon consolidated cash flows: distributions, repurchases, debt and cash · Filed 25/02/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Net Income ​ $ 1,142,665 ​ $ 1,121,541 Adjustments to reconcile consolidated net income to net cash provided by operating activities ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 1,030,448 ​ 723,285 (Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ (55,593) ​ 9,604 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net ​ ​ 18,329 ​ ​ (80,507) Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 31,037 ​ ​ 87,220 Straight-line lease income ​ (21,188) ​ (4,083) Equity in income of unconsolidated entities ​ (97,879) ​ (153,234) Distributions of income from unconsolidated entities ​ 227,974 ​ 212,486 Changes in assets and liabilities ​ ​ ​ ​ ​ ​ Tenant receivables and accrued revenue, net ​ 69,871 ​ 45,044 Deferred costs and other assets ​ (63,393) ​ 69,765 Accounts payable, accrued expenses, intangibles, deferred revenues and other ​ (253,330) ​ 11,429 Net cash provided by operating activities ​ 2,028,941 ​ 2,042,550 CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ ​ ​ Acquisitions ​ — ​ (935,740) Funding of loans to related parties ​ ​ (6,965) ​ ​ — Repayments of loans to related parties ​ ​ 4,328 ​ 9,100 Capital expenditures, net ​ (445,285) ​ (474,225) Cash impact from the consolidation of properties ​ — ​ 64,167 Investments in unconsolidated entities ​ (24,041) ​ (20,594) Purchase of equity instruments ​ (8,159) ​ (16,505) Proceeds from sale of equity instruments ​ 1,143 ​ 85,215 Distributions of capital from unconsolidated entities and other ​ 245,192 ​ 200,159 Net cash used in investing activities ​ (233,787) ​ (1,088,423) CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ Issuance of units and other ​ (164) ​ (164) Purchase of units related to stock grant recipients' tax withholdings ​ (11,199) ​ (9,840) Redemption of limited partner units ​ ​ (51,885) ​ ​ (6,384) Purchase of general partner units ​ ​ (336,011) ​ ​ — Distributions to noncontrolling interest holders in properties ​ (10,826) ​ (3,079) Contributions from noncontrolling interest holders in properties ​ 751 ​ 2,804 Partnership distributions ​ (1,694,275) ​ (1,586,719)

2026 second-quarter 10-Q, Operating Partnership cash flows for the six months ended June 30 · Filed 10/08/2026

Proceeds from issuance of debt, net of transaction costs ​ 5,365,465 ​ 1,569,036 Repayments of debt ​ (4,861,066) ​ (1,088,689) Net cash used in financing activities ​ (1,599,210) ​ (1,123,035) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ​ 195,944 ​ (168,908) CASH AND CASH EQUIVALENTS, beginning of period ​ 823,147 ​ 1,400,345 CASH AND CASH EQUIVALENTS, end of period ​ $ 1,019,091 ​ $ 1,231,437

2026 second-quarter 10-Q, Operating Partnership financing cash flows and ending cash · Filed 10/08/2026

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.

2025 10-K, investment carrying-value reductions · Filed 25/02/2026

On October 31, 2025, we closed on the acquisition of the remaining 12% interest in TRG which we did not previously own in exchange for approximately 5.06 million units in the Operating Partnership.

2026 second-quarter 10-Q, acquisition of remaining TRG interest using partnership units · Filed 10/08/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ (in thousands) Consolidated Net Income ​ $ 574,130 ​ $ 643,681 ​ $ 1,142,665 ​ $ 1,121,541 Adjustments to Arrive at FFO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization from consolidated properties ​ 455,655 ​ 335,157 ​ 910,434 ​ 659,479 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments ​ 160,762 ​ 207,587 ​ 322,370 ​ 416,551 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 8,747 ​ 9,604 ​ (55,593) ​ 9,604 Net (gain) loss attributable to noncontrolling interest holders in properties ​ (6,400) ​ (26) ​ (12,021) ​ 1,266 Noncontrolling interests portion of depreciation and amortization ​ (6,917) ​ (6,346) ​ (13,202) ​ (12,339) Preferred distributions and dividends ​ (1,032) ​ (1,126) ​ (2,064) ​ (2,252) FFO of the Operating Partnership ​ $ 1,184,945 ​ $ 1,188,531 ​ $ 2,292,589 ​ $ 2,193,850 FFO allocable to limited partners ​ ​ 174,687 ​ ​ 159,806 ​ ​ 336,951 ​ ​ 295,091 Dilutive FFO allocable to common stockholders ​ $ 1,010,258 ​ $ 1,028,725 ​ $ 1,955,638 ​ $ 1,898,759 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FFO of the Operating Partnership (1) ​ $ 1,184,945 ​ $ 1,188,531 ​ $ 2,292,589 ​ $ 2,193,850 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ 9,818 ​ ​ (78,374) ​ ​ 15,136 ​ ​ (60,381) Other platform investments, net of tax ​ ​ (2,624) ​ ​ (6,594) ​ ​ 117,758 ​ ​ 47,591 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 56,425 ​ ​ 50,455 ​ ​ 31,037 ​ ​ 87,220 Real Estate FFO (1) ​ $ 1,248,564 ​ $ 1,154,018 ​ $ 2,456,520 ​ $ 2,268,280 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share to diluted FFO per share reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share ​ $ 1.49 ​ $ 1.70 ​ $ 2.97 ​ $ 2.97 Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization ​ 1.61 ​ 1.42 ​ 3.21 ​ 2.82

2026 second-quarter 10-Q, consolidated net income reconciliation to FFO and Real Estate FFO · Filed 10/08/2026

Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 0.02 ​ 0.03 ​ (0.15) ​ 0.03 Diluted FFO per share (1) ​ $ 3.12 ​ $ 3.15 ​ $ 6.03 ​ $ 5.82 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ 0.03 ​ ​ (0.21) ​ ​ 0.04 ​ ​ (0.16) Other platform investments, net of tax ​ ​ (0.01) ​ ​ (0.02) ​ ​ 0.31 ​ ​ 0.12 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 0.15 ​ ​ 0.13 ​ ​ 0.08 ​ ​ 0.23 Real Estate FFO per share (1) ​ $ 3.29 ​ $ 3.05 ​ $ 6.46 ​ $ 6.01 Basic and Diluted weighted average shares outstanding ​ 324,018 ​ 326,487 ​ 324,458 ​ 326,401 Weighted average limited partnership units outstanding ​ 56,029 ​ 50,714 ​ 55,903 ​ 50,727 Basic and Diluted weighted average shares and units outstanding ​ 380,047 ​ 377,201 ​ 380,361 ​ 377,128

2026 second-quarter 10-Q, per-share FFO reconciliation and weighted average shares and units · Filed 10/08/2026

(1) FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense recorded in the first quarter of 2026, of which $8.3 million, or $0.02 per share, is included in Real Estate FFO and Real Estate FFO per share, and $31.7 million, or $0.08 per share, is included in Other platform investments, net of tax.

2026 second-quarter 10-Q, accelerated stock compensation included in FFO measures · Filed 10/08/2026

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.

2026 second-quarter 10-Q, LTIP performance conditions and TSR modifier · Filed 10/08/2026

Any units determined to be earned LTIP units under the 2023 LTI Program will vest on January 1, 2027.

2026 second-quarter 10-Q, conditional January 2027 vesting of earned LTIP units · Filed 10/08/2026

Robust Stock Ownership Guidelines. Stock ownership guidelines for our CEO and other NEOs are 6x and 3x base salary, respectively, and they must retain shares until they retire, die, become disabled or are no longer employed with us.

2026 proxy, executive stock ownership and retention requirements · Filed 01/04/2026

● All Directors are in compliance with our stock ownership guidelines.

2026 proxy, actual director compliance with stock ownership guidelines · Filed 01/04/2026

2025 Say-on-Pay Results: We Listened At the 2025 Annual Meeting on May 14, 2025, our advisory vote on executive compensation received less than a majority of votes cast (127,540,074 for; 140,882,310 against; 849,152 abstentions).

2026 proxy, actual 2025 say-on-pay voting result · Filed 01/04/2026

Understanding Shareholders’ Concern: Relative Magnitude What we heard most clearly is that some shareholders viewed the relative size of the transaction awards associated with the monetization of our investment in Authentic Brands Group (“ABG”) as too large, even though such awards were granted under and in accordance with the terms of our Amended & Restated Other Platform Investment Incentive Program ("A&R OPI Program").

2026 proxy, shareholder concerns about transaction award magnitude · Filed 01/04/2026

DIRECTOR INDEPENDENCE AND COMPLIANCE ​ ​ ​ DIRECTOR COMPOSITION, TRAINING AND EVALUATION PROCESS ​ ● 100% of Directors elected by vote of common shares are independent and 85% of our Board is independent.

2026 proxy, director independence · Filed 01/04/2026

● All standing Board committees are composed entirely of independent directors and each is chaired by an independent director.

2026 proxy, standing committee independence · Filed 01/04/2026

Any transaction between us and the Simon family, including property acquisitions, service and property management agreements and retail space leases, must be approved by the Company’s Audit Committee.

2025 10-K, Audit Committee approval of Simon family transactions · Filed 25/02/2026

Class B common stock voted all 8,000 outstanding Class B shares for the election of the following two (2) persons as directors: FOR AGAINST ABSTAIN BROKER NON-VOTE Eli Simon 8,000 0 0 0 Richard S.

May 15, 2026 8-K, actual Class B director election · Filed 15/05/2026

an advisory basis, the compensation of the Company’s named executive officers by the following votes: BROKER FOR AGAINST ABSTAIN NON-VOTE 191,490,165 83,587,104 942,372 18,859,613 Proposal 3 - Ratification of Independent Registered Public Accounting Firm The Company’s shareholders ratified the

May 15, 2026 8-K, actual approval of executive compensation · Filed 15/05/2026

​ ​ ​ ​ Required ​ ​ Actual ​ ​ Compliance ​ ​ Total Debt to Total Assets (1) ​ ​ ≤65% ​ ​ 37% ​ ​ Yes ​ ​ Total Secured Debt to Total Assets (1) ​ ​ ≤50% ​ ​ 16% ​ ​ Yes ​ ​ Fixed Charge Coverage Ratio ​ ​ >1.5X ​ ​ 4.7X ​ ​ Yes ​ ​ Total Unencumbered Assets to Unsecured Debt ​ ​ ≥125% ​ ​ 305% ​ ​ Yes ​

2026 second-quarter supplemental, senior unsecured debt covenant compliance · Filed 10/08/2026

As of June 30, 2026, Simon had approximately $9.3 billion of liquidity consisting of $1.7 billion of cash on hand, including its share of joint venture cash, and $7.6 billion of available capacity, net of outstanding commercial paper, under its $8.5 billion of total revolving credit facilities.

2026 second-quarter earnings release, liquidity including joint venture cash · Filed 10/08/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ 2026 ​ 2025 ASSETS: ​ ​ ​ ​ ​ ​ Investment properties, at cost ​ $ 51,094,995 ​ $ 50,946,067 Less — accumulated depreciation ​ 21,382,543 ​ 20,701,510 ​ ​ 29,712,452 ​ 30,244,557 Cash and cash equivalents ​ 1,019,091 ​ 823,147 Tenant receivables and accrued revenue, net ​ 884,241 ​ 934,077 Investment in other unconsolidated entities, at equity ​ ​ 4,012,480 ​ ​ 4,362,339 Investment in Klépierre, at equity ​ 1,377,318 ​ 1,505,377 Right-of-use assets, net ​ ​ 731,200 ​ ​ 755,934 Deferred costs and other assets ​ 1,972,484 ​ 1,981,035 Total assets ​ $ 39,709,266 ​ $ 40,606,466 LIABILITIES: ​ ​ ​ ​ ​ ​ Mortgages and unsecured indebtedness ​ $ 28,699,607 ​ $ 28,430,175 Accounts payable, accrued expenses, intangibles, and deferred revenues ​ 1,806,922 ​ 1,954,402 Cash distributions and losses in unconsolidated entities, at equity ​ 1,808,807 ​ 1,739,418 Distribution payable ​ ​ 1,318 ​ ​ 2,723 Lease liabilities ​ ​ 727,902 ​ ​ 756,539 Other liabilities ​ 818,183 ​ 1,017,816 Total liabilities ​ 33,862,739 ​ 33,901,073 Commitments and contingencies ​ ​ ​ ​ ​ ​ Preferred units, various series, at liquidation value, and noncontrolling redeemable interests ​ 271,827 ​ 233,306 EQUITY: ​ ​ ​ ​ ​ ​ Partners’ Equity ​ ​ ​ ​ ​ ​ Preferred units, 796,948 units outstanding.

2026 second-quarter 10-Q, consolidated balance sheet: cash and indebtedness · Filed 10/08/2026

​ ​ ​ ​ TOTAL INDEBTEDNESS ​ ​ OUR SHARE OF INDEBTEDNESS ​ ​ WEIGHTED AVERAGE END OF PERIOD INTEREST RATE ​ ​ WEIGHTED AVERAGE YEARS TO MATURITY ​ ​ Summary of Our Share of Fixed and Variable Rate Debt ​ ​ ​ ​ ​ ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ ​ 95.5 % ​ ​ ​ ​ $ 26,944,329 ​ ​ ​ ​ ​ ​ 3.88 % ​ ​ ​ ​ ​ 6.9 ​ ​ ​ ​ Variable ​ ​ ​ ​ 4.5 % ​ ​ ​ ​ ​ 1,259,993 ​ ​ ​ ​ ​ ​ 4.86 % ​ ​ ​ ​ ​ 7.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 % ​ ​ ​ ​ ​ 28,204,322 ​ ​ ​ ​ ​ ​ 3.92 % ​ ​ ​ ​ ​ 6.9 ​ ​ ​ ​ Joint Venture ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ ​ 92.1 % ​ ​ ​ ​ $ 6,930,697 ​ ​ ​ ​ ​ ​ 4.92 % ​ ​ ​ ​ ​ 4.1 ​ ​ ​ ​ Variable ​ ​ ​ ​ 7.9 % ​ ​ ​ ​ ​ 596,014 ​ ​ ​ ​ ​ ​ 5.40 % ​ ​ ​ ​ ​ 3.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 % ​ ​ ​ ​ ​ 7,526,711 ​ ​ ​ ​ ​ ​ 4.97 % ​ ​ ​ ​ ​ 4.1 ​ ​ ​ ​ Total Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 35,731,033 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Debt ​ ​ ​ ​ 94.8 % ​ ​ ​ ​ $ 33,875,026 ​ ​ ​ ​ ​ ​ 4.09 % ​ ​ ​ ​ ​ 6.3 ​ ​ ​ ​ Total Variable Debt ​ ​ ​ ​ 5.2 % ​ ​ ​ ​ $ 1,856,007 ​ ​ ​ ​ ​ ​ 5.04 % ​ ​ ​ ​ ​ 6.0 ​ ​ ​

2026 second-quarter supplemental, consolidated and joint venture share of fixed and variable debt · Filed 10/08/2026

​ ​ ​ ​ TOTAL INDEBTEDNESS ​ ​ OUR SHARE OF INDEBTEDNESS ​ ​ WEIGHTED AVERAGE END OF PERIOD INTEREST RATE ​ ​ WEIGHTED AVERAGE YEARS TO MATURITY ​ ​ Consolidated Indebtedness ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate ​ ​ ​ $ 6,568,662 ​ ​ ​ ​ ​ $ 6,144,529 ​ ​ ​ ​ ​ ​ 4.40 % ​ ​ ​ ​ ​ 2.4 ​ ​ ​ ​ Floating Rate Debt (Swapped to Fixed) ​ ​ ​ ​ 1,260,096 ​ ​ ​ ​ ​ ​ 1,229,267 ​ ​ ​ ​ ​ ​ 5.33 % ​ ​ ​ ​ ​ 3.1 ​ ​ ​ ​ Floating Rate Debt (Capped)(1) ​ ​ ​ ​ 192,325 ​ ​ ​ ​ ​ ​ 173,093 ​ ​ ​ ​ ​ ​ 4.55 % ​ ​ ​ ​ ​ 2.3 ​ ​ ​ ​ Variable Rate Debt ​ ​ ​ ​ 112,483 ​ ​ ​ ​ ​ ​ 88,320 ​ ​ ​ ​ ​ ​ 4.96 % ​ ​ ​ ​ ​ 0.3 ​ ​ ​ ​ Total Mortgage Debt ​ ​ ​ ​ 8,133,566 ​ ​ ​ ​ ​ ​ 7,635,209 ​ ​ ​ ​ ​ ​ 4.56 % ​ ​ ​ ​ ​ 2.5 ​ ​ ​ ​ Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate Notes ​ ​ ​ ​ 18,439,871 ​ ​ ​ ​ ​ ​ 18,439,871 ​ ​ ​ ​ ​ ​ 3.59 % ​ ​ ​ ​ ​ 9.0 ​ ​ ​ ​ Fixed Rate Note (Swapped to Variable) ​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ ​ 600,000 ​ ​ ​ ​ ​ ​ 6.39 % ​ ​ ​ ​ ​ 13.6 ​ ​ ​ ​ Euro Term Loan (Variable) ​ ​ ​ ​ 399,273 ​ ​ ​ ​ ​ ​ 399,273 ​ ​ ​ ​ ​ ​ 2.69 % ​ ​ ​ ​ ​ 0.7 ​ ​ ​ ​ USD Term Loan (Swapped to Fixed) ​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ ​ 460,000 ​ ​ ​ ​ ​ ​ 4.02 % ​ ​ ​ ​ ​ 5.0 ​ ​ ​ ​ Global Commercial Paper – USD ​ ​ ​ ​ 846,350 ​ ​ ​ ​ ​ ​ 846,350 ​ ​ ​ ​ ​ ​ 3.96 % ​ ​ ​ ​ ​ 0.0 ​ ​ ​ ​ Total Unsecured Debt ​ ​ ​ ​ 20,745,494 ​ ​ ​ ​ ​ ​ 20,745,494 ​ ​ ​ ​ ​ ​ 3.68 % ​ ​ ​ ​ ​ 8.5 ​ ​ ​ ​ Premium ​ ​ ​ ​ 1,047 ​ ​ ​ ​ ​ ​ 1,047 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount ​ ​ ​ ​ (67,936) ​ ​ ​ ​ ​ ​ (67,936) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt Issuance Costs ​ ​ ​ ​ (136,240) ​ ​ ​ ​ ​ ​ (133,168) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt Obligations and Other ​ ​ ​ ​ 23,676 ​ ​ ​ ​ ​ ​ 23,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Mortgages and Unsecured Indebtedness (1) ​ ​ ​ $ 28,699,607 ​ ​ ​ ​ ​ $

2026 second-quarter supplemental, consolidated mortgage and unsecured debt composition and maturities · Filed 10/08/2026

​ ​ ​ ​ ​ 2026 ​ $ 5,905,606 ​ 2027 ​ 3,936,773 ​ 2028 ​ 2,296,651 ​ 2029 ​ 2,940,031 ​ 2030 ​ 1,657,864 ​ Thereafter ​ 11,858,614 ​ Total principal maturities ​ 28,595,539 ​ Net unamortized debt premium ​ 1,065 ​ Net unamortized debt discount ​ ​ (73,175) ​ Debt issuance costs, net ​ (117,853) ​ Other Debt Obligations and Other ​ ​ 24,599 ​ Total mortgages and unsecured indebtedness ​ $ 28,430,175 ​

2025 10-K, consolidated debt principal maturity schedule · Filed 25/02/2026

​ ​ ​ ​ THREE MONTHS ENDED JUNE 30, ​ ​ ​ SIX MONTHS ENDED JUNE 30, ​ ​ ​ ​ ​ 2026 ​ ​ 2025 ​ ​ ​ 2026 ​ ​ 2025 ​ ​ FFO of the Operating Partnership ​ ​ ​ $ 1,184,945 ​ ​ ​ ​ ​ $ 1,188,531 ​ ​ ​ ​ ​ ​ $ 2,292,589 ​ ​ ​ ​ ​ $ 2,193,850 ​ ​ ​ ​ Non-cash impacts to FFO (1) ​ ​ ​ ​ 78,633 ​ ​ ​ ​ ​ ​ (11,363) ​ ​ ​ ​ ​ ​ ​ 124,478 ​ ​ ​ ​ ​ ​ 47,198 ​ ​ ​ ​ FFO of the Operating Partnership excluding non-cash impacts ​ ​ ​ ​ 1,263,578 ​ ​ ​ ​ ​ ​ 1,177,168 ​ ​ ​ ​ ​ ​ ​ 2,417,067 ​ ​ ​ ​ ​ ​ 2,241,048 ​ ​ ​ ​ Tenant allowances ​ ​ ​ ​ (96,486) ​ ​ ​ ​ ​ ​ (104,510) ​ ​ ​ ​ ​ ​ ​ (150,692) ​ ​ ​ ​ ​ ​ (157,801) ​ ​ ​ ​ Operational capital expenditures ​ ​ ​ ​ (67,974) ​ ​ ​ ​ ​ ​ (61,154) ​ ​ ​ ​ ​ ​ ​ (107,944) ​ ​ ​ ​ ​ ​ (107,214) ​ ​ ​ ​ Funds available for distribution ​ ​ ​ $ 1,099,118 ​ ​ ​ ​ ​ $ 1,011,504 ​ ​ ​ ​ ​ ​ $ 2,158,431 ​ ​ ​ ​ ​ $ 1,976,033 ​ ​ ​

2026 second-quarter supplemental, issuer FFO-to-funds-available-for-distribution reconciliation · Filed 10/08/2026

The Company also completed a senior notes offering totaling $800 million with a term of 5 years and 4.30% coupon.

2026 first-quarter earnings release, completed senior notes offering terms · Filed 11/05/2026

The proceeds were used to repay the $800 million outstanding principal amount of its 3.30% notes at maturity on January 15, 2026.

2026 first-quarter earnings release, refinancing of maturing lower-coupon notes · Filed 11/05/2026

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®.

2025 10-K, business: principal property operating scope · Filed 25/02/2026

We also have interests in investments in retail operations (such as Catalyst Brands LLC); 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.

2025 10-K, business: other platform investments · Filed 25/02/2026

decreased income from unconsolidated entities of $55.4 million, or $0.15 per diluted share/unit, the majority of which is due to unfavorable year-over-year operations from other platform investments, partially offset by improved operations and core fundamentals in our other unconsolidated entities,

2026 second-quarter 10-Q, unfavorable other platform investment operating results · Filed 10/08/2026

Eli Simon $1,000,000 ● Led strategic acquisitions totaling $2.0 billion, including the remaining 12% of Taubman Realty Group, our partner’s 75% interest in Brickell City Centre, and 100% of The Mall Luxury Outlets and Phillips Place ● Directed investments of $535 million in accretive development projects ● Oversaw the opening of a new Premium Outlet in Indonesia ● Oversaw the completion of 23 significant redevelopment projects, including retail and experiential additions at Southdale Center, Stanford Shopping Center, King of Prussia, and The Forum Shops at Caesars, and mixed-use additions at Northgate Station and Lakeline Mall ● Increased reported retailer sales per square foot to $799, representing an 8.1% increase year-over-year ● Drove portfolio NOI (including domestic and international properties) growth of 4.7% at constant currency ​ ​ ​ Steven E.

2026 proxy, management-attributed acquisitions, investment and completed redevelopment achievements · Filed 01/04/2026

● The Compensation Committee exercises this allocation authority conservatively; the resulting total payout to the NEOs of $6.70 million represented 49.63% of the ACI Program pool available for awards, reflecting the Committee's practice of awarding less than the full available pool to ensure compensation outcomes remain appropriate and aligned with shareholder interests.

2026 proxy, actual annual incentive payout relative to funded pool · Filed 01/04/2026

Publication history

Sources

• filing-1 · Filed 25/02/2026
• filing-2 · Filed 10/08/2026
• filing-3 · Filed 01/04/2026
• filing-6 · Filed 11/05/2026
• filing-5 · Filed 21/02/2025
• filing-7 · Filed 22/02/2024
• filing-8 · Filed 10/08/2026
• filing-9 · Filed 11/05/2026
• filing-10 · Filed 24/03/2026
• filing-11 · Filed 15/05/2026
• filing-12 · Filed 24/03/2026
• filing-13 · Filed 05/02/2026