Slide 1: 1Q 2025 Supplemental: Earnings Release & Supplemental Information
1Q 2025 SUPPLEMENTAL SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED FIRST QUARTER
Slide 2: Table of Contents
TABLE OF CONTENTS EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED MARCH 31, 2025 PAGE Earnings Release(1) 2–11 Overview 12 The Company 12 Stock Information, Credit Ratings and Senior Unsecured Debt Covenants 13 Financial Data Selected Financial and Equity Information 14 Net Opera
Slide 3: Earnings Release: First Quarter 2025 Results
EARNINGS RELEASE Contacts: Tom Ward 317-685-7330 Investors Nicole Kennon 704-804-1960 Media SIMON® REPORTS FIRST QUARTER 2025 RESULTS AND REAFFIRMS FULL YEAR 2025 REAL ESTATE FFO PER SHARE GUIDANCE INDIANAPOLIS, May 12, 2025 − Simon®, a real estate investment trust engaged in the ownership of premie
Slide 4: Earnings Release: Acquisition, Development and Capital Markets
EARNINGS RELEASE • Base minimum rent per square foot was $58.92 at March 31, 2025, compared to $57.53 at March 31, 2024, an increase of 2.4%. • Reported retailer sales per square foot was $733 for the trailing 12 months ended March 31, 2025. Acquisition Activity and Development Activity On January 3
Slide 5: Earnings Release: Guidance and Non-GAAP Measures
EARNINGS RELEASE Supplemental Materials and Website Supplemental information on our first quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K. We routinely post important information online on our investor
Slide 6: Earnings Release: Forward-Looking Statements and About Simon
EARNINGS RELEASE the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real esta
Slide 7: Unaudited Consolidated Statements of Operations
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts) For the Three Months Ended March 31, 2025 2024 REVENUE: Lease income $1,367,428 $1,302,671 Management fees and other revenues 33,792 29,455 Other income 71,792
Slide 8: Unaudited Consolidated Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) March 31, December 31, 2025 2024 ASSETS: Investment properties, at cost $40,837,785 $40,242,392 Less – accumulated depreciation 19,296,503 19,047,078 21,541,282 21,195,314 C
Slide 9: Unaudited Joint Venture Combined Statements of Operations
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands) For the Three Months Ended March 31 2025 2024 REVENUE: Lease income $ 749,807 $ 752,030 Other income 94,066 90,992 Total revenue 843,873 843,022 OPERATING EXPENSES: Property o
Slide 10: Unaudited Joint Venture Combined Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands) March 31, December 31, 2025 2024 Assets: Investment properties, at cost $19,014,468 $18,875,241 Less – accumulated depreciation 9,100,476 8,944,188 9,913,992 9,931,053 Cash and cash equ
Slide 11: Reconciliation of Non-GAAP Financial Measures
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Reconciliation of Non-GAAP Financial Measures (C) (Amounts in thousands, except per share amounts) Reconciliation of Consolidated Net Income to FFO and Real Estate FFO For the Three Months Ended March 31, 2025 2024 Consolidated Net Income (D) $ 4
Slide 12: Footnotes to Unaudited Financial Information
EARNINGS RELEASE Simon Property Group, Inc. Footnotes to Unaudited Financial Information Notes: (A) Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally a
Slide 13: Overview: The Company
OVERVIEW THE COMPANY Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other asset
Slide 14: Stock Information, Credit Ratings and Debt Covenants
OVERVIEW STOCK INFORMATION The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols: Common Stock SPG 8.375% Series J Cumulative Redeemable Preferred SPGPrJ CREDIT RATINGS Standard & Poor’s Corporate A- (Positive Outlook) Seni
Slide 15: Selected Financial and Equity Information
SELECTED FINANCIAL AND EQUITY INFORMATION (In thousands, except as noted) THREE MONTHS ENDED MARCH 31, 2025 2024 Financial Highlights Total Revenue – Consolidated Properties $1,473,012 $1,442,590 Consolidated Net Income $ 477,860 $ 841,155 Net Income Attributable to Common Stockholders $ 413,699 $ 7
Slide 16: Net Operating Income (NOI) Composition
NET OPERATING INCOME (NOI) COMPOSITION (1) For the Three Months Ended March 31, 2025 NOI BREAKDOWN U.S. PORTFOLIO NOI BY STATE(2) FL 19.3% ALL OTHERS TRG (27 STATES) 8.5% 23.5% INTERNATIONAL (3) 9.1% THE MILLS 11.3% IN CA 2.5% 13.9% U.S. MALLS & PREMIUM OUTLETS GA 71.1% 3.6% MA 4.5% PA 4.8% TX 10.2%
Slide 17: Net Operating Income Overview (at Share)
NET OPERATING INCOME OVERVIEW (AT SHARE) (In thousands) FOR THE THREE MONTHS ENDED MARCH 31, 2025 2024 % GROWTH (1) Domestic Property NOI $1,372,843 $1,328,282 3.4% International Properties (2) 82,503 76,650 Portfolio NOI $1,455,346 $1,404,932 3.6% NOI from Other Platform Investments (3) (41,461) (9
Slide 18: Reconciliation of Net Income to NOI
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI THREE MONTHS ENDED MARCH 31, 2025 2024 Reconciliation of NOI of consolidated entities: Consolidated Net Income $ 477,860 $ 841,155 Income and other tax (benefit) expense (7,637) 47,603
Slide 19: Reconciliation of FFO to Funds Available for Distribution
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE) THREE MONTHS ENDED MARCH 31, 2025 FFO of the Operating Partnership $1,005,319 Non-cash impacts to FFO (1) 58,561 FFO of th
Slide 20: Lease Income, Other Income, Other Expense, Unconsolidated Entities Income
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST (In thousands) THREE MONTHS ENDED MARCH 31, Consolidated Properties 2025 2024 Lease Income Fixed lease income (1) $ 1,124,114 $ 1,068,405 Variable lease income (2) 243,314 234,266 Total Lease Inc
Slide 21: Operating Information
OPERATING INFORMATION AS OF MARCH 31, AS OF MARCH 31, 2025 2024 2025 2024 U.S. Malls and Premium Outlets The Mills Total Number of Properties 162 162 Total Number of Properties 14 14 Total Square Footage of Properties (in millions) 136.1 136.6 Total Square Footage of Properties (in millions) 21.3 21
Slide 22: U.S. Malls and Premium Outlets Lease Expirations
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)(2) AVG. BASE PERCENTAGE OF NUMBER OF MINIMUM GROSS ANNUAL LEASES RENT PSF RENTAL YEAR EXPIRING SQUARE FEET AT EXPIRATION (3) REVENUES (4) Inline Stores and Freestanding Month to Month Leases 1,314 4,847,479 $63.95 5.3% 2025 (4/1/25 – 12/31/25) 1,2
Slide 23: U.S. Malls and Premium Outlets Top Tenants
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS (1) Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties) NUMBER SQUARE PERCENT OF PERCENT OF TOTAL OF FEET TOTAL SQ. FT. IN BASE MINIMUM RENT TENANT STORES (000’S) U.S. PROPERTIES FOR U.S. PROPERTIES The Gap 281 3,0
Slide 24: Capital Expenditures
CAPITAL EXPENDITURES (1) (In thousands) UNCONSOLIDATED PROPERTIES CONSOLIDATED OUR PROPERTIES TOTAL SHARE New development projects $ 1,284 $ 9,576 $ 4,788 Redevelopment projects with incremental square footage and/or anchor replacement 69,286 41,096 20,626 Redevelopment projects with no incremental
Slide 25: Development Activity Summary
DEVELOPMENT ACTIVITY SUMMARY (1) As of March 31, 2025 (in thousands, except percent) EXPECTED OUR SHARE STABILIZED ACTUAL 2025 FORECASTED FORECASTED FORECASTED FORECASTED PLATFORM OF NET RATE OF INVESTMENT INVESTMENT INVESTMENT INVESTMENT TOTAL INVESTMENT PROJECT TYPE INVESTMENT RETURN THRU Q1 2025
Slide 26: Common and Preferred Stock Information
COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP For the Period December 31, 2024 through March 31, 2025 LIMITED COMMON PARTNERSHIP SHARES (1) UNITS (2) Number Outstanding at December 31, 2024 326,278,138 50,759,627 Activity During the First Nine
Slide 27: Credit Profile
CREDIT PROFILE (1) NET DEBT ($ BILLIONS) FIXED CHARGE COVERAGE (X) UNSECURED INTEREST COVERAGE (X) (2) Non-Recourse Mortgage Debt Unsecured Net Debt 35.0 30.9 30.2 7.0 29.7 6.0 30.0 28.4 29.0 6.2 19.4 18.8 5.0 5.8 5.8 5.9 18.6 18.3 4.8 6.0 5.4 17.8 5.0 4.6 25.0 4.3 4.5 5.0 4.0 20.0 4.0 3.0 15.0 3.0
Slide 28: Summary of Indebtedness
SUMMARY OF INDEBTEDNESS (1) As of March 31, 2025 (In thousands) WEIGHTED WEIGHTED WEIGHTED WEIGHTED OUR AVERAGE AVERAGE OUR AVERAGE AVERAGE TOTAL SHARE OF END OF PERIOD YEARS TO TOTAL SHARE OF END OF PERIOD YEARS TO INDEBTEDNESS INDEBTEDNESS INTEREST RATE MATURITY INDEBTEDNESS INDEBTEDNESS INTEREST
Slide 29: Total Debt Amortization and Maturities by Year (Our Share)
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) (1) As of March 31, 2025 (In thousands) UNSECURED CONSOLIDATED DEBT SECURED CONSOLIDATED DEBT UNCONSOLIDATED JOINT VENTURE DEBT TOTAL WEIGHTED WEIGHTED WEIGHTED WEIGHTED OUR SHARE AVERAGE OUR SHARE AVERAGE OUR SHARE AVERAGE OUR SHARE AVERAGE
Slide 30: Unsecured Debt Information
UNSECURED DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION INDEBTEDNESS MATURITY INTEREST TOTAL DATE RATE(7) TYPE ($ IN 000’S) Unsecured Indebtedness: Simon Property Group, LP (Euro Sr. Notes) 5/13/2025 1.25% Fixed 541,060(1) Simon Property Group, LP (Sr. Notes) 9/1/2025 3.50% Fixed 1,100,000
Slide 31: Property and Debt Information
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE Malls (2) 1. Apple Blossom Mall VA Winchester 49.1% 474,006 (2) 2. Auburn Mall MA Auburn
Slide 32: Property and Debt Information
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE 40. Mall at Rockingham Park, The NH Salem (Boston) 28.2% 1,063,619 06/01/26 4.04% Fixed
Slide 33: Property and Debt Information
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 80. Tippecanoe Mall IN Lafayette 100.0% 864,871 (2) 81. Town Center at Boca Raton FL
Slide 34: Property and Debt Information: Premium Outlets
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE Premium Outlets (2) 1. Albertville Premium Outlets MN Albertville (Minneapolis) 100.0% 3
Slide 35: Property and Debt Information
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 39. North Bend Premium Outlets WA North Bend (Seattle) 100.0% 189,132 (2) 40. North
Slide 36: Property and Debt Information: The Mills
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE The Mills 1. Arizona Mills AZ Tempe (Phoenix) 100.0% 1,221,547 09/01/26 3.80% Fixed 93,4
Slide 37: Property and Debt Information: International Properties
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE International Properties AUSTRIA (13) 1. Parndorf Designer Outlet Phases 3 & 4 Vienna 90
Slide 38: Property and Debt Information: International Properties
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE KOREA (16) 24. Busan Premium Outlets Busan 50.0% 544,200 03/13/28 4.44% Fixed 125,800 62
Slide 39: Property and Debt Information: Taubman Realty Group
PROPERTY AND DEBT INFORMATION As of March 31, 2025 DEBT INFORMATION TRG TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL TRG SHARE Taubman Realty Group (2) 1. Beverly Center CA Los Angeles 100.0% 823,350 2. Cherry Creek S
Slide 40: Property and Debt Information: Footnotes
PROPERTY AND DEBT INFORMATION As of March 31, 2025 FOOTNOTES: (1) Variable rate debt interest rates are based on the following base rates as of March 31, 2025: Overnight SOFR 4.41%; 1 month CME Term SOFR 4.31937%; 30 Day Average SOFR 4.33365%; 1M EURIBOR at 2.358%; 3M EURIBOR at 2.336%; 6M EURIBOR a
Slide 41: Non-GAAP Pro-Rata Financial Information
NON-GAAP PRO-RATA FINANCIAL INFORMATION The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we
Slide 42: Non-GAAP Pro-Rata Financial Information
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE THREE MONTHS ENDED FOR THE THREE MONTHS ENDED MARCH 31, 2025 MARCH 31, 2024 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF (1) (1) INTERESTS JOINT VENTURES INTERESTS JOINT VENTURES REVENUE: Lease income $(15,270) $350,709 $(15,4
Slide 43: Non-GAAP Pro-Rata Financial Information
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) AS OF MARCH 31, 2025 AS OF MARCH 31, 2024 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS JOINT VENTURES INTERESTS JOINT VENTURES ASSETS: Investment properties, at cost $(655,500) $ 9,984,789 $(554,527) $10,022,455 Less – accum
Slide 44: Guidance Reconciliation
GUIDANCE RECONCILIATION The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated Real Estate FFO per diluted share: LOW HIGH END END FOR THE YEAR ENDING DECEMBER 31, 2025 Estimat