Slide 1: 2Q 2026 Supplemental: Earnings Release & Supplemental Information
2Q 2026 SUPPLEMENTAL SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED SECOND QUARTER
Slide 2: Table of Contents
TABLE OF CONTENTS EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED JUNE 30, 2026 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 Operat
Slide 3: Earnings Release: Second Quarter 2026 Results
EARNINGS RELEASE Contacts: Tom Ward 317-685-7330 Investors Nicole Kennon 704-804-1960 Media SIMON® REPORTS SECOND QUARTER 2026 RESULTS AND INCREASES GUIDANCE FOR FULL YEAR 2026 REAL ESTATE FFO PER SHARE INDIANAPOLIS, August 10, 2026 – Simon®, a real estate investment trust engaged in the ownership o
Slide 4: Earnings Release: Operating Statistics and Dividends
EARNINGS RELEASE • Domestic property NOI increased 7.6% and portfolio NOI increased 7.5% compared to the prior year period. U.S. Malls and Premium Outlets Operating Statistics • Occupancy at June 30, 2026 was 96.0%, unchanged from June 30, 2025. • Base minimum rent per square foot was $62.42 at June
Slide 5: 2026 Guidance
EARNINGS RELEASE 2026 Guidance The Company’s estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2026 are included in the table below and are reconciled in the Company’s supplemental information. The Co
Slide 6: Forward-Looking Statements
EARNINGS RELEASE Forward-Looking Statements Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are ba
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 For the Six Months Ended June 30, Ended June 30, 2026 2025 2026 2025 REVENUE: Lease income $1,659,709 $1,379,454 $3,288,240 $2,746,882 Man
Slide 8: Unaudited Consolidated Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) 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 Ca
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 For the Six Months Ended June 30, Ended June 30, 2026 2025 2026 2025 REVENUE: Lease income $ 937,653 $ 757,888 $1,859,445 $1,507,695 Other income 103,708
Slide 10: Unaudited Joint Venture Combined Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands) June 30, December 31, 2026 2025 Assets: Investment properties, at cost $21,519,924 $22,077,749 Less – accumulated depreciation 10,083,799 9,020,481 11,436,125 13,057,268 Cash and cash e
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 For the Six Months Ended June 30, Ended June 30, 2026 202
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 (Stable Outlook) Senior
Slide 15: Selected Financial and Equity Information
SELECTED FINANCIAL AND EQUITY INFORMATION (In thousands, except as noted) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2026 2025 2026 2025 Financial Highlights Total Consolidated Revenue $1,790,598 $1,498,459 $3,547,691 $2,971,472 Consolidated Net Income $ 574,130 $ 643,681 $1,142,665 $1,12
Slide 16: Net Operating Income (NOI) Composition
NET OPERATING INCOME (NOI) COMPOSITION (1) For the Six Months Ended June 30, 2026 NOI BREAKDOWN U.S. PORTFOLIO NOI BY STATE FL 20.7% ALL OTHERS INTERNATIONAL (2) (28 STATES) 9.5% 23.6% THE MILLS 13.6% CA IN 13.7% 2.4% U.S. MALLS & PREMIUM OUTLETS GA 76.9% 3.4% MA 4.0% PA 4.6% TX NV 10.1% 5.4% NJ NY
Slide 17: Net Operating Income Overview (at Share)
NET OPERATING INCOME OVERVIEW (AT SHARE) (In thousands) FOR THE THREE MONTHS FOR THE SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, 2026 2025 % GROWTH 2026 2025 % GROWTH (1) Domestic Property NOI $1,506,800 $1,388,856 8.5% $2,986,124 $2,775,087 7.6% International Properties (2) 96,003 91,269 187,407 177,7
Slide 18: Reconciliations of Non-GAAP Financial Measures: Net Income to NOI
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2026 2025 2026 2025 Reconciliation of NOI of consolidated entities: Consolidated Net Income $ 574,130 $ 643,681 $1,142,665 $1,121,5
Slide 19: Reconciliations of Non-GAAP Financial Measures: 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 SIX MONTHS ENDED JUNE 30, JUNE 30, 2026 2025 2026 2025 FFO of the Operating Partnership $ 1,184,945 $ 1
Slide 20: Lease Income, Other Income, Other Expense and Capitalized Interest
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST (In thousands) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, Consolidated Properties 2026 2025 2026 2025 Lease Income Fixed lease income (1) $ 1,349,129 $ 1,132,802 $ 2,664,863 $ 2,256,91
Slide 21: Operating Information
OPERATING INFORMATION AS OF JUNE 30, AS OF JUNE 30, 2026 2025 2026 2025 U.S. Malls and Premium Outlets International Properties Total Number of Properties 175 162 Premium Outlets Total Square Footage of Properties (in millions) 149.0 136.1 Total Number of Properties 24 24 Ending Occupancy (1): Total
Slide 22: U.S. Malls and Premium Outlets Lease Expirations
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1) AVG. BASE PERCENTAGE OF NUMBER OF MINIMUM GROSS ANNUAL LEASES RENT PSF RENTAL YEAR EXPIRING SQUARE FEET AT EXPIRATION (2) REVENUES (3) Inline Stores and Freestanding Month to Month Leases 1,339 5,129,704 $ 56.85 4.2% 2026 (7/1/26 – 12/31/26) 712 2
Slide 23: U.S. Malls and Premium Outlets Top Tenants
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS 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 312 3,262 1
Slide 24: Capital Expenditures
CAPITAL EXPENDITURES (In thousands) UNCONSOLIDATED PROPERTIES CONSOLIDATED OUR PROPERTIES TOTAL SHARE New development projects $ 4,299 $ 427 $ 214 Redevelopment projects with incremental square footage and/or anchor replacement 135,146 104,989 51,826 Redevelopment projects with no incremental square
Slide 25: Development Activity Summary
DEVELOPMENT ACTIVITY SUMMARY As of June 30, 2026 (in thousands, except percent) EXPECTED TOTAL OUR SHARE STABILIZED ACTUAL 2026 FORECASTED FORECASTED FORECASTED FORECASTED PLATFORM OF NET RATE OF INVESTMENT INVESTMENT INVESTMENT INVESTMENT INVESTMENT PROJECT TYPE INVESTMENT RETURN THRU Q2 2026 Q3 -
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, 2025 through June 30, 2026 LIMITED COMMON PARTNERSHIP SHARES (1) UNITS (2) Number Outstanding at December 31, 2025 325,223,870 55,689,714 First Quarter Activity Redemptio
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 40.0 34.0 34.1 6.0 7.0 35.0 6.2 6.1 5.8 5.9 30.2 29.7 19.3 19.6 4.8 6.0 5.4 30.0 28.4 5.0 4.7 4.7 4.3 4.5 18.8 18.6 17.8 5.0 25.0 4.0 4.0 20.0 3.0 3.0
Slide 28: Summary of Indebtedness
SUMMARY OF INDEBTEDNESS As of June 30, 2026 (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 RATE
Slide 29: Total Debt Amortization and Maturities by Year (Our Share)
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of June 30, 2026 (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 YEAR
Slide 30: Unsecured Debt Information
UNSECURED DEBT INFORMATION As of June 30, 2026 DEBT INFORMATION INDEBTEDNESS MATURITY INTEREST TOTAL DATE RATE TYPE ($ IN 000’S) Unsecured Indebtedness: Global Commercial Paper – USD 7/17/2026 (4) 3.96% Fixed 846,350 Simon Global Development, BV (Exchangeable Euro Sr. Bonds) (2) 11/14/2026 3.50% Fix
Slide 31: Property and Debt Information: Malls
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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 (3) 1. Apple Blossom Mall VA Winchester 49.1% 470,088 (3) 2. Auburn Mall MA Auburn
Slide 32: Property and Debt Information: Malls (continued)
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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 (3) 40. International Market Place HI Waikiki, Honolulu 100.0% 338,257 41. International
Slide 33: Property and Debt Information: Malls (continued)
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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 (3) 80. Shops at Riverside, The NJ Hackensack (New York) 100.0% 726,895 (3) 81. Smith Ha
Slide 34: Property and Debt Information: Premium Outlets
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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 (3) 1. Albertville Premium Outlets MN Albertville (Minneapolis) 100.0% 3
Slide 35: Property and Debt Information: Premium Outlets (continued)
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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 (3) 39. Orlando International Premium Outlets FL Orlando 100.0% 775,225 (3) 40. Orlando
Slide 36: Property and Debt Information: The Mills
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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% 1,221,773 07/01/36 6.66% Fixed 135,
Slide 37: Property and Debt Information: International Properties
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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 (2) 1. Parndorf Designer Outlet Phases 3 & 4 Vienna 90.
Slide 38: Property and Debt Information: International Properties (continued)
PROPERTY AND DEBT INFORMATION As of June 30, 2026 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 (3) 24. Toki Premium Outlets Toki (Nagoya) 40.0% 367,700 (2) 25. Tosu Premium Outlets Fu
Slide 39: Property and Debt Information: Footnotes
PROPERTY AND DEBT INFORMATION As of June 30, 2026 FOOTNOTES: (1) Variable rate debt interest rates are based on the following base rates as of June 30, 2026: Overnight SOFR 3.68%; 1 month CME Term SOFR 3.652%; 30 Day Average SOFR 3.6318%; 1M EURIBOR at 2.201%; 3M EURIBOR at 2.324%; 6M EURIBOR at 2.5
Slide 40: 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 41: Non-GAAP Pro-Rata Financial Information: Three Months
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE THREE MONTHS ENDED FOR THE THREE MONTHS ENDED JUNE 30, 2026 JUNE 30, 2025 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS (1) JOINT VENTURES INTERESTS (1) JOINT VENTURES REVENUE: Lease income $(27,471) $432,478 $(16,093
Slide 42: Non-GAAP Pro-Rata Financial Information: Six Months
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE SIX MONTHS ENDED FOR THE SIX MONTHS ENDED JUNE 30, 2026 JUNE 30, 2025 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS (1) JOINT VENTURES INTERESTS (1) JOINT VENTURES REVENUE: Lease income $(54,224) $ 858,528 $(31,363) $
Slide 43: Non-GAAP Pro-Rata Financial Information: Balance Sheet
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) AS OF JUNE 30, 2026 AS OF JUNE 30, 2025 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS JOINT VENTURES INTERESTS JOINT VENTURES ASSETS: Investment properties, at cost $(1,373,410) $12,921,761 $(683,674) $ 9,845,933 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, 2026 Estimat