SPG

EX-99.1

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EXHIBIT 99.1

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED SECOND QUARTER

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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–38

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

39–42

​

​

Guidance Reconciliation

​ ​

43

​

​

(1)

Includes reconciliation of consolidated net income to FFO and Real Estate FFO.

​

​

2Q 2026 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

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 of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2026.

“We delivered excellent financial and operational results this quarter,” said Eli Simon, Chief Executive Officer, President and Chief Operating Officer. “Real Estate FFO per share grew 7.9% year-over-year, supported by consistent broad-based leasing demand, accelerated traffic increases, strong retailer sales growth, and the contribution from acquisitions completed over the past year. Today, we are once again increasing our guidance for full-year 2026 Real Estate FFO per share.”

Results for the Quarter

•

Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, as compared to $556.1 million, or $1.70 per diluted share in 2025. Net income for the second quarter of 2025 included a non-cash after-tax gain of  $0.21 per diluted share from investment activity.

​

•

Real Estate Funds From Operations (“Real Estate FFO”) was $1.249 billion, or $3.29 per diluted share as compared to $1.154 billion, or $3.05 per diluted share in the prior year, an increase of 7.9%.

​

•

Funds From Operations (“FFO”) was $1.185 billion, or $3.12 per diluted share as compared to $1.189 billion, or $3.15 per diluted share in the prior year, inclusive of the $0.21 per diluted share non-cash after-tax gain in the prior year period.

​

•

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

​

Results for the Six Months

•

Net income attributable to common stockholders was $962.7 million, or $2.97 per diluted share, as compared to $969.8 million, or $2.97 per diluted share in 2025.

​

•

Real Estate FFO was $2.457 billion, or $6.46 per diluted share as compared to $2.268 billion, or $6.01 per diluted share in the prior year, an increase of 7.5%.

​

•

FFO was $2.293 billion, or $6.03 per diluted share as compared to $2.194 billion, or $5.82 per diluted share in the prior year.

​

​

2Q 2026 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

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 30, 2026, compared to $58.70 at June 30, 2025, an increase of 6.3%.

​

•

Reported retailer sales per square foot was $838 for the trailing 12 months ended June 30, 2026, compared to $73

EX-99.1

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FIRST QUARTER​

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED MARCH 31, 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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–38

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

39–41

​

​

Guidance Reconciliation

​ ​

42

​

​

(1)

Includes reconciliation of consolidated net income to FFO and Real Estate FFO.

​

​

1Q 2026 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports First Quarter 2026 Results,

Increases Full Year 2026 Real Estate FFO Per Share Guidance

and Raises Quarterly Dividend

INDIANAPOLIS, May 11, 2026 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2026.

“We are very pleased with our first-quarter results,” said Eli Simon, Chief Executive Officer, President and Chief Operating Officer. “Our portfolio delivered strong operating performance, supported by continued leasing momentum, retailer sales and traffic increases, disciplined capital allocation, and growth in cash flow. Today, we increased our full-year 2026 Real Estate FFO per share guidance and raised our quarterly dividend.”

Results for the Quarter

•

Net income attributable to common stockholders was $479.6 million, or $1.48 per diluted share, as compared to $413.7 million, or $1.27 per diluted share in 2025.

​

•

Real Estate Funds From Operations (“Real Estate FFO”) was $1.208 billion, or $3.17 per diluted share as compared to $1.113 billion, or $2.95 per diluted share in the prior year, an increase of 7.5%.

​

•

Funds From Operations (“FFO”) was $1.108 billion, or $2.91 per diluted share as compared to $1.005 billion, or $2.67 per diluted share in the prior year, an increase of 9.0%.

​

•

Domestic property Net Operating Income (“NOI”) increased 6.7% and portfolio NOI increased 6.7% compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at March 31, 2026 was 96.0%, compared to 95.9% at March 31, 2025.

​

•

Base minimum rent per square foot was $61.99 at March 31, 2026, compared to $58.92 at March 31, 2025, an increase of 5.2%.

​

•

Reported retailer sales per square foot was $819 for the trailing 12 months ended March 31, 2026, compared to $733 at March 31, 2025, an increase of 11.8%.

​

​

1Q 2026 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

Dividends

Today, Simon’s Board of Directors declared a quarterly common stock dividend of  $2.25 for the second quarter of 2026. This is an increase of  $0.15, or 7.1% year-over-year. The dividend will be payable on June 30, 2026 to shareholders of record on June 9, 2026.

Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of  $1.046875 per share, payable on June 30, 2026 to shareholders of record on June 16, 2026.

Common Stock Repurchase Program

During the quarter ended March 31, 2026, the Company repurchased 965,296 shares of its common stock for approximately $175 million, or $181.59 per share.

Capital Markets and Balance Sheet Liquidity

During the quarter, the Company completed 1

EX-99.1

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EXHIBIT 99.1

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FOURTH QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED DECEMBER 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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–38

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

39–42

​

​

(1)

Includes reconciliation of consolidated net income to FFO and Real Estate FFO.

​

​

4Q 2025 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Fourth Quarter

and Full Year 2025 Results

INDIANAPOLIS, February 2, 2026 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2025.

“I am very pleased with our fourth-quarter results, which caps another impressive year of performance for our Company,” said David Simon, Chairman, Chief Executive Officer and President. “In 2025, we generated record Real Estate Funds From Operations of  $4.8 billion and returned a remarkable $3.5 billion to our shareholders. We executed over 17 million square feet of leases, opened a new Premium Outlet in Indonesia, completed 23 significant redevelopment projects, and acquired $2 billion of high-quality retail properties. We remain focused on disciplined, value-creating investment activity and operational excellence that will drive sustainable growth in cash flow, FFO, and dividends per share.”

Results for the Quarter

•

Net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, as compared to $667.2 million, or $2.04 per diluted share in 2024.

​

–

Net income for the fourth quarter of 2025 includes a non-cash gain of  $2.89 billion primarily related to our acquisition of the remaining interest in Taubman Realty Group, resulting from the remeasurement of our previously held equity interest to fair value.

​

•

Real Estate Funds From Operations (“Real Estate FFO”) was $1.328 billion, or $3.49 per diluted share as compared to $1.261 billion, or $3.35 per diluted share in the prior year, an increase of 4.2%.

​

•

Funds From Operations (“FFO”) was $1.242 billion, or $3.27 per diluted share as compared to $1.389 billion, or $3.68 per diluted share in the prior year.

​

–

FFO in the fourth quarter of 2025 includes: contribution of  $55.5 million, or $0.15 per diluted share from the Company’s Other Platform Investments; a one-time after-tax loss of  $120.7 million, or $0.31 per diluted share primarily related to Catalyst Brands restructuring costs and valuation adjustment for certain cost method investments; and a non-cash loss of  $21.1 million, or $0.06 per diluted share due to an unrealized mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.

​

•

Domestic property Net Operating Income (“NOI”) increased 4.8% and portfolio NOI increased 5.1% compared to the prior year period.

​

​

4Q 2025 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

Results for the Year

•

Net income attributable to common stockholders was $4.624 billion, or $14.17 per diluted share, as compared to $2.368 billion, or $7.26 per diluted share in 2024.

​

•

Real Estate FFO was $4.812 billion, or $1

EX-99.1

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EXHIBIT 99.1

tm2528944-2_nonfiling - none - 37.4956889s

TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED THIRD QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED SEPTEMBER 30, 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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

Guidance Reconciliation

​ ​

44

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

3Q 2025 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Third Quarter 2025 Results

•

Increases Full Year 2025 Real Estate FFO per share guidance

​

•

Raises quarterly dividend by 4.8% year-over-year to $2.20 per share

​

•

Completes acquisition of remaining 12% interest in The Taubman Realty Group

​

INDIANAPOLIS, November 3, 2025 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2025.

“We delivered a strong quarter highlighted by excellent financial and operational performance,” said David Simon, Chairman, Chief Executive Officer and President. “Healthy demand was seen across all our platforms and is reflected in our results. Occupancy gains continued, retailer sales accelerated, and cash flow increased. We are also pleased to have acquired the remaining interest in Taubman Realty Group.”

Results for the Quarter

•

Net income attributable to common stockholders was $606.2 million, or $1.86 per diluted share, as compared to $475.2 million, or $1.46 per diluted share in 2024.

​

•

Funds From Operations (“FFO”) was $1.228 billion, or $3.25 per diluted share as compared to $1.067 billion, or $2.84 per diluted share in the prior year.

​

•

Real Estate Funds From Operations (“Real Estate FFO”) was $1.215 billion, or $3.22 per diluted share as compared to $1.144 billion, or $3.05 per diluted share in the prior year, an increase of 5.6%.

​

•

Domestic property Net Operating Income (“NOI”) increased 5.1% and portfolio NOI increased 5.2% compared to the prior year period.

​

Results for the Nine Months

•

Net income attributable to common stockholders was $1.576 billion, or $4.83 per diluted share, as compared to $1.700 billion, or $5.22 per diluted share in 2024.

​

•

FFO was $3.421 billion, or $9.07 per diluted share as compared to $3.488 billion, or $9.30 per diluted share in the prior year.

​

​

3Q 2025 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

•

Real Estate FFO was $3.484 billion, or $9.24 per diluted share as compared to $3.335 billion, or $8.90 per diluted share in the prior year, an increase of 3.8%.

​

•

Domestic property NOI increased 4.2% and portfolio NOI increased 4.5% compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at September 30, 2025 was 96.4%, a 0.2% increase compared to 96.2% at September 30, 2024.

​

•

Base minimum rent per square foot was $59.14 at September 30, 2025, compared to $57.71 at September 30, 2024, an increase of 2.5%.

​

•

Reported retailer sales per square foot was $742 for the trailing 12 months ended September 30, 2025.

​

Acquisition Activity

On October 31, 2025, Simon closed on the acquisition of the remaining 12%

EX-99.1

2 tm2521096d2_ex99-1.htm

EXHIBIT 99.1

tm2521096-2_nonfiling - none - 37.2968579s

TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED SECOND QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED JUNE 30, 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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

Guidance Reconciliation

​ ​

44

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

2Q 2025 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Second Quarter 2025 Results,

Increases Full Year 2025 Real Estate FFO Per Share Guidance

and Raises Quarterly Dividend

INDIANAPOLIS, August 4, 2025 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2025.

“We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution,” said David Simon, Chairman, Chief Executive Officer and President. “Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, as compared to $493.5 million, or $1.51 per diluted share in 2024.

​

•

Real Estate Funds From Operations (“FFO”) was $1.154 billion, or $3.05 per diluted share as compared to $1.100 billion, or $2.93 per diluted share in the prior year, an increase of 4.1%.

​

•

FFO was $1.189 billion, or $3.15 per diluted share as compared to $1.088 billion, or $2.90 per diluted share in the prior year.

​

•

Domestic property Net Operating Income (“NOI”) increased 4.2% and portfolio NOI increased 4.7% compared to the prior year period.

​

Results for the Six Months

•

Net income attributable to common stockholders was $969.8 million, or $2.97 per diluted share, as compared to $1.225 billion, or $3.76 per diluted share in 2024.

​

•

Real Estate FFO was $2.268 billion, or $6.01 per diluted share as compared to $2.191 billion, or $5.84 per diluted share in the prior year.

​

•

FFO was $2.194 billion, or $5.82 per diluted share as compared to $2.421 billion, or $6.46 per diluted share in the prior year.

​

•

Domestic property NOI increased 3.8% and portfolio NOI increased 4.2% compared to the prior year period.

​

​

2Q 2025 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at June 30, 2025 was 96.0%, a 0.4% increase compared to 95.6% at June 30, 2024.

​

•

Base minimum rent per square foot was $58.70 at June 30, 2025, compared to $57.94 at June 30, 2024, an increase of 1.3%.

​

•

Reported retailer sales per square foot was $736 for the trailing 12 months ended June 30, 2025.

​

Acquisition Activity

On June 27, 2025, the Company acquired its partner’s interest in the retail and parking facilities at Brickell City Centre, located in Miami, Florida. Simon now wholly-owns and manages the asset.

Capital Markets and Balance Sheet Liquidity

During the first six months, the Company completed 21 secured loan transac

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FIRST QUARTER

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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–42

​

​

Guidance Reconciliation

​ ​

43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

1Q 2025 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

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 premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2025.

“Our first quarter results underscore the strength of our business,” said David Simon, Chairman, Chief Executive Officer and President. “We delivered strong financial and operational performance and enhanced our portfolio with the acquisition of The Mall Luxury Outlets in Italy and the successful opening of Jakarta Premium Outlets in Indonesia. As macroeconomic conditions continue to shift, we are well-positioned with a fortress balance sheet and a proven track record of navigating successfully through a wide range of economic cycles.”

Results for the Quarter

•

Net income attributable to common stockholders was $413.7 million, or $1.27 per diluted share, as compared to $731.7 million, or $2.25 per diluted share in 2024.

​

–

Net income for the first quarter of 2025 includes losses of  $54.8 million, or $0.15 per diluted share, primarily due to an unrealized mark-to-market loss in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.

​

–

Net income for the first quarter of 2024 included after-tax net gains of  $303.9 million, or $0.81 per diluted share, primarily resulting from the sale of the Company’s remaining ownership interest in Authentic Brands Group.

​

•

Real Estate Funds From Operations (“FFO”) was $1.113 billion, or $2.95 per diluted share as compared to $1.090 billion, or $2.91 per diluted share in the prior year.

​

•

FFO was $1.005 billion, or $2.67 per diluted share as compared to $1.334 billion, or $3.56 per diluted share in the prior year, inclusive of the current year and prior year period items mentioned above.

​

•

Domestic property Net Operating Income (“NOI”) increased 3.4% and portfolio NOI increased 3.6% compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at March 31, 2025 was 95.9%, a 0.4% increase compared to 95.5% at March 31, 2024.

​

​

1Q 2025 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

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 30, 2025, the Company completed the acquisition of two luxury outlets in Italy: The Mall Firenze in Leccio, near Florence and The Mall Sanremo, on the Italian Riviera.

On March 6, 2025, Jakarta Premium O

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FOURTH QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED DECEMBER 31, 2024

​ ​

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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

4Q 2024 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Fourth Quarter and Full Year 2024 Results

INDIANAPOLIS, February 4, 2025 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2024.

“I am extremely pleased with our fourth quarter results, concluding another successful and productive year for our Company,” said David Simon, Chairman, Chief Executive Officer and President. “In 2024, we generated record Funds From Operations of nearly $4.9 billion and returned more than $3 billion to shareholders. We executed over 21 million square feet of leases, opened a fully-leased, new Premium Outlet in the U.S., delivered 16 significant redevelopment projects, including an expansion of a leading Premium Outlet in South Korea, and strengthened our industry-leading balance sheet.”

Results for the Year

•

Net income attributable to common stockholders was $2.368 billion, or $7.26 per diluted share, as compared to $2.280 billion, or $6.98 per diluted share in 2023.

​

–

Net income for 2024 includes after-tax gains of  $386.4 million, or $1.03 per diluted share, combined, from the sale of the Company’s remaining ownership interest in Authentic Brands Group (“ABG”) and the recent combination of JCPenney and SPARC Group, renamed Catalyst Brands.

​

–

Net income for 2023 included non-cash after-tax gains of  $282.9 million or $0.75 per diluted share from investment activity.

​

•

Funds From Operations (“FFO”) was $4.877 billion, or $12.99 per diluted share as compared to $4.686 billion, or $12.51 per diluted share in the prior year, inclusive of the items referenced immediately above.

​

•

Real Estate Funds From Operations (“Real Estate FFO”) was $4.597 billion, or $12.24 per diluted share as compared to $4.409 billion, or $11.78 per diluted share in the prior year, an increase of 3.9% year-over-year.

​

•

Domestic property Net Operating Income (“NOI”) increased 4.7% and portfolio NOI increased 4.6% compared to the prior year period.

​

Results for the Quarter

•

Net income attributable to common stockholders was $667.2 million, or $2.04 per diluted share, as compared to $747.5 million, or $2.29 per diluted share in 2023.

​

​

4Q 2024 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

–

Net income for the fourth quarter of 2024 includes a non-cash, after-tax gain of  $75.3 million, or $0.20 per diluted share from the combination of JCPenney and SPARC Group.

​

–

Net income for the fourth quarter of 2023 included after-tax net gains of  $117.4 million, or $0.31 per diluted share, primarily due to the sale of part of the Company’s interest in ABG.

​

•

FFO was $1.389 billion, or $3.68 per diluted share as compared to $1.382 billion, or $3.69 per diluted share

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED THIRD QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED SEPTEMBER 30, 2024

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2−12

​

​

Overview

​ ​

13

​

​

The Company

​ ​

13

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​ ​

14

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​ ​

15

​

​

Net Operating Income (NOI) Composition

​ ​

16

​

​

Net Operating Income Overview (at Share)

​ ​

17

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

18

​

​

Consolidated Net Income to NOI

​ ​

18

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

19

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

20

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

21

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

22

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

23

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

24

​

​

Development Activity Summary

​ ​

25

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

26

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

26

​

​

Preferred Stock/Units Outstanding

​ ​

26

​

​

Credit Profile

​ ​

27

​

​

Summary of Indebtedness

​ ​

28

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

29

​

​

Unsecured Debt Information

​ ​

30

​

​

Property and Debt Information

​ ​

31–40

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

41–44

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

3Q 2024 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Third Quarter 2024 Results, Affirms Full Year 2024

Guidance and Raises Quarterly Dividend

INDIANAPOLIS, November 1, 2024 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2024.

“We are pleased with our quarterly results highlighted by strong financial and operational performance, the very successful openings of Tulsa Premium Outlets and the expansion of Busan Premium Outlets,” said David Simon, Chairman, Chief Executive Officer and President. “Today we are pleased to raise our dividend for the fourth consecutive quarter, to $2.10 per share, a year-over-year increase of 10.5%.”

Results for the Quarter

•

Net income attributable to common stockholders was $475.2 million, or $1.46 per diluted share, as compared to $594.1 million, or $1.82 per diluted share in 2023.

​

–

Net income for the third quarter of 2024 includes a non-cash net loss of  $49.3 million, or $0.13 per diluted share, due to a mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.

​

–

Net income for the third quarter of 2023 included non-cash after-tax gains of  $118.1 million, or $0.32 per diluted share primarily due to the partial sale of the Company’s ownership interest in its SPARC Group joint venture (“SPARC”).

​

•

Real Estate Funds From Operations (“Real Estate FFO”) was $1.144 billion, or $3.05 per diluted share as compared to $1.091 billion, or $2.91 per diluted share in the prior year, an increase of 4.8% year-over-year.

​

•

Funds From Operations (“FFO”) was $1.067 billion, or $2.84 per diluted share as compared to $1.201 billion, or $3.20 per diluted share in the prior year, inclusive of the $0.13 per diluted share loss in the current period and the $0.32 per diluted share gains in the prior year period mentioned above.

​

•

Domestic property Net Operating Income (“NOI”) increased 5.4% and portfolio NOI increased 5.0% compared to the prior year period.

​

Results for the Nine Months

•

Net income attributable to common stockholders was $1.700 billion, or $5.22 per diluted share, as compared to $1.532 billion, or $4.68 per diluted share in 2023.

​

​

3Q 2024 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

–

Net income for the nine months of 2024 includes an after-tax gain of  $311.1 million, or $0.83 per diluted share from the sale of the Company’s remaining ownership interest in Authentic Brands Group in the first quarter and a non-cash net loss of  $54.1 million, or $0.14 per diluted share due to a mark-to-market in fair value adjustments of the Klépierre exchangeable bonds.

​

–

Net income for the nine months of 2023 included non-cash after-tax gains of  $145.5

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED SECOND QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED JUNE 30, 2024

​ ​

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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

2Q 2024 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Second Quarter 2024 Results, Increases Full Year 2024

Guidance and Raises Quarterly Dividend

INDIANAPOLIS, August 5, 2024 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2024.

“We are pleased with our financial and operational performance in the second quarter,” said David Simon, Chairman, Chief Executive Officer and President. “We continue to invest in our retail real estate platforms with transformative redevelopments, including the addition of mixed-use components, and selective new developments including the grand opening of Tulsa Premium Outlets on August 15, 2024 at 100% leased. Today, we once again raised our quarterly dividend and are increasing the mid-point of our full-year 2024 guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $493.5 million, or $1.51 per diluted share, as compared to $486.3 million, or $1.49 per diluted share in 2023.

​

–

Net income for the three months of 2023 included after-tax net gains of  $32.9 million, or $0.09 per diluted share from investment activity.

​

•

Funds From Operations (“FFO”) was $1.088 billion, or $2.90 per diluted share as compared to $1.077 billion, or $2.88 per diluted share in the prior year, inclusive of the $0.09 per diluted share in net gains from investment activity.

​

•

Real Estate FFO was $2.93 per diluted share as compared to $2.81 per diluted share in the prior year, an increase of 4.3% year-over-year.

​

•

Domestic property Net Operating Income (“NOI”) increased 5.2% and portfolio NOI increased 4.8% compared to the prior year period.

​

Results for the Six Months

•

Net income attributable to common stockholders was $1.225 billion, or $3.76 per diluted share, as compared to $938.2 million, or $2.87 per diluted share in 2023.

​

–

Net income for the six months of 2024 includes after-tax net gains of  $306.3 million, or $0.82 per diluted share, primarily resulting from the sale of the Company’s remaining ownership interest in Authentic Brands Group in the first quarter; prior year included non-cash after-tax gains of  $53.6 million or $0.14 per diluted share from investment activity.

​

​

2Q 2024 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

•

FFO was $2.421 billion, or $6.46 per diluted share as compared to $2.103 billion, or $5.62 per diluted share in the prior year, inclusive of the gains referenced above.

​

•

Real Estate FFO was $5.84 per diluted share as compared to $5.64 per diluted share in the prior year, an increase of 3.5% year-over-year.

​

•

Domestic property NOI increased 4.5% and portfolio NOI increased 4.4% compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating

EX-99.1

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FIRST QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED MARCH 31, 2024

​ ​

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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–42

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

1Q 2024 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports First Quarter 2024 Results, Increases Full Year 2024

Guidance and Raises Quarterly Dividend

INDIANAPOLIS, May 6, 2024 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2024.

“We delivered strong results to start the year,” said David Simon, Chairman, Chief Executive Officer and President. “Leasing momentum and cash flow growth continued. We successfully sold our remaining investment in Authentic Brands Group, generating total gross proceeds of  $1.45 billion, including the sale of a portion of our interest in the fourth quarter of 2023. Today, we raised our quarterly dividend and are increasing the mid-point of our full-year 2024 guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $731.7 million, or $2.25 per diluted share, as compared to $451.8 million, or $1.38 per diluted share in 2023.

​

–

Net income for the first quarter of 2024 includes after-tax net gains of  $303.9 million, or $0.81 per diluted share, primarily resulting from the sale of the Company’s remaining ownership interest in Authentic Brands Group.

​

•

Funds From Operations (“FFO”) was $1.334 billion, or $3.56 per diluted share as compared to $1.026 billion, or $2.74 per diluted share in the prior year, including the gains referenced above.

​

•

Domestic property Net Operating Income (“NOI”) increased 3.7% and portfolio NOI increased 3.9% compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at March 31, 2024 was 95.5%, a 1.1% increase compared to 94.4% at March 31, 2023.

​

•

Base minimum rent per square foot was $57.53 at March 31, 2024, compared to $55.84 at March 31, 2023, an increase of 3.0%.

​

•

Reported retailer sales per square foot was $745 for the trailing 12 months ended March 31, 2024.

​

​

1Q 2024 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

Balance Sheet Liquidity

As of March 31, 2024, Simon had approximately $11.2 billion of liquidity consisting of  $3.1 billion of cash on hand, including its share of joint venture cash, and $8.1 billion of available capacity under its revolving credit facilities.

Dividends

Today, Simon’s Board of Directors declared a quarterly common stock dividend of  $2.00 for the second quarter of 2024. This is an increase of  $0.15, or 8.1% year-over-year. The dividend will be payable on June 28, 2024 to shareholders of record on June 7, 2024.

Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of  $1.046875 per share, payable on June 28, 2024 to shareholders of record on June 14, 2024.

2024 Guidance

The Company currently estim

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FOURTH QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED DECEMBER 31, 2023

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2−11

​

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Overview

​

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12

​

​

The Company

​

​

12

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​

​

13

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​

​

14

​

​

Net Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

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​

Operational Data

​ ​ ​ ​

​

Operating Information

​

​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​

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21

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​

U.S. Malls and Premium Outlets Top Tenants

​

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22

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​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​

​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​

​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​

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25

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​

Preferred Stock/Units Outstanding

​

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25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

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Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

4Q 2023 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Fourth Quarter and Full Year 2023 Results

and Raises Quarterly Dividend

INDIANAPOLIS, February 5, 2024 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2023.

“This was an excellent quarter and year for Simon Property Group, which was capped off by our 30th anniversary as a public company in December. Over that 30-year period, we are proud to have delivered a total return to shareholders of 3,100%,” said David Simon, Chairman, Chief Executive Officer and President. “In 2023, we generated record annual Funds From Operations of nearly $4.7 billion, executed over 18 million square feet of leases, delivered 13 significant redevelopment projects, and completed several major financing transactions that reinforced our industry-leading balance sheet. We achieved 2023 total shareholder return of 29.3% and returned $2.9 billion to shareholders in dividends and share repurchases.”

Results for the Quarter

•

Net income attributable to common stockholders was $747.5 million, or $2.29 per diluted share, as compared to $673.8 million, or $2.06 per diluted share in 2022.

​

–

Net income for the fourth quarter of 2023 includes after-tax net gains of  $117.4 million, or $0.31 per diluted share, primarily due to the partial sale of the Company’s ownership interest in Authentic Brands Group (“ABG”); prior year period included non-cash after-tax gains from investment activity of  $90.5 million, or $0.25 per diluted share.

​

•

Funds From Operations (“FFO”) was $1.382 billion, or $3.69 per diluted share as compared to $1.274 billion, or $3.40 per diluted share in the prior year, inclusive of the gains referenced above.

​

•

Domestic property Net Operating Income (“NOI”) increased 7.3% and portfolio NOI increased 7.2% compared to the prior year period.

​

Results for the Year

•

Net income attributable to common stockholders was $2.280 billion, or $6.98 per diluted share, as compared to $2.136 billion, or $6.52 per diluted share in 2022.

​

–

Net income for 2023 includes after-tax gains of  $282.9 million or $0.75 per diluted share from investment activity; prior year included non-cash after-tax gains of  $27.1 million or $0.08 per diluted share from investment activity.

​

​

4Q 2023 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

•

FFO was $4.686 billion, or $12.51 per diluted share as compared to $4.481 billion, or $11.95 per diluted share in the prior year, inclusive of the gains referenced above.

​

•

Domestic property NOI increased 4.8% and portfolio NOI increased 4.9% compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 95.8% at Decemb

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED THIRD QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED SEPTEMBER 30, 2023

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2−11

​

​

Overview

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12

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The Company

​

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12

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​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​

​

13

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​

​

14

​

​

Net Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​

​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​

​

21

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​

U.S. Malls and Premium Outlets Top Tenants

​

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22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​

​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​

​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​

​

25

​

​

Preferred Stock/Units Outstanding

​

​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

3Q 2023 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Third Quarter 2023 Results

and Increases Full Year 2023 Guidance

INDIANAPOLIS, October 30, 2023 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2023.

“We produced an excellent quarter highlighted by strong financial and operational performance,” said David Simon, Chairman, Chief Executive Officer and President. “We continue to demonstrate our ability to grow our business.”

Results for the Quarter

•

Net income attributable to common stockholders was $594.1 million, or $1.82 per diluted share, as compared to $539.0 million, or $1.65 per diluted share in 2022.

​

–

Net income for the third quarter of 2023 includes non-cash after-tax gains of  $118.1 million, or $0.32 per diluted share, primarily due to the partial sale of the Company’s ownership interest in its SPARC Group joint venture (“SPARC”). The Company now owns 33% of SPARC (reduced from 50%).

​

•

Funds From Operations (“FFO”) was $1.201 billion, or $3.20 per diluted share, inclusive of the gains referenced above, as compared to $1.099 billion, or $2.93 per diluted share in the prior year.

​

•

Domestic property Net Operating Income (“NOI”) increased 4.2% and portfolio NOI increased 4.3%, in each case, compared to the prior year period.

​

Results for the Nine Months

•

Net income attributable to common stockholders was $1.532 billion, or $4.68 per diluted share, as compared to $1.462 billion, or $4.46 per diluted share in 2022.

​

–

Net income for the nine months ended 2023 includes non-cash after-tax gains of  $145.5 million or $0.39 per diluted share due to the gain in SPARC referenced above and a dilution of our ownership interest in Authentic Brands Group (“ABG”).

​

•

FFO was $3.304 billion, or $8.82 per diluted share as compared to $3.207 billion, or $8.54 per diluted share in the prior year.

​

•

Domestic property NOI increased 3.8% and portfolio NOI increased 4.0%, in each case, compared to the prior year period.

​

​

3Q 2023 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 95.2% at September 30, 2023, compared to 94.5% at September 30, 2022, an increase of 70 basis points.

​

•

Base minimum rent per square foot was $56.41 at September 30, 2023, compared to $54.80 at September 30, 2022, an increase of 2.9%.

​

•

Reported retailer sales per square foot was $744 for the trailing 12 months ended September 30, 2023, a decrease of 0.7% compared to the prior year period.

​

Development Activity

During the quarter, construction started on Jakarta Premium Outlets®, the first Premium Outlet® Center in Indonesia. The 300,000 square foot upscale outlet is pr

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED SECOND QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED JUNE 30, 2023

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2–11

​

​

Overview

​ ​ ​ ​

​

The Company

​ ​

12

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​ ​

13

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​ ​

14

​

​

Net Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

2Q 2023 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Second Quarter 2023 Results and Increases

Full Year 2023 Guidance and Raises Quarterly Dividend

INDIANAPOLIS, August 2, 2023 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2023.

“We are very pleased with our financial and operational performance in the second quarter and again raised our quarterly dividend and full-year 2023 guidance,” said David Simon, Chairman, Chief Executive Officer and President.

Results for the Quarter

•

Net income attributable to common stockholders was $486.3 million, or $1.49 per diluted share, as compared to $496.7 million, or $1.51 per diluted share in 2022.

​

•

Funds From Operations (“FFO”) was $1.077 billion, or $2.88 per diluted share as compared to $1.093 billion, or $2.91 per diluted share in the prior year.

​

•

Domestic property Net Operating Income (“NOI”) increased 3.3% and portfolio NOI increased 3.7%, in each case, compared to the prior year period.

​

Results for the Six Months

•

Net income attributable to common stockholders was $938.2 million, or $2.87 per diluted share, as compared to $923.4 million, or $2.81 per diluted share in 2022.

​

•

FFO was $2.103 billion, or $5.62 per diluted share as compared to $2.108 billion, or $5.61 per diluted share in the prior year.

​

•

Domestic property NOI increased 3.6% and portfolio NOI increased 3.8%, in each case, compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 94.7% at June 30, 2023, compared to 93.9% at June 30, 2022, an increase of 80 basis points.

​

•

Base minimum rent per square foot was $56.27 at June 30, 2023, compared to $54.58 at June 30, 2022, an increase of 3.1%.

​

•

Reported retailer sales per square foot was $747 for the trailing 12 months ended June 30, 2023.

​

​

2Q 2023 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

Development Activity

Construction continues on redevelopment and expansion projects at properties in North America, Europe and Asia. In April, we opened a new shopping destination in Paris-Giverny, France.

Capital Markets and Balance Sheet Liquidity

The Company was active in the credit markets through the first six months of the year.

During the first six months, the Company completed 9 non-recourse mortgage loans totaling approximately $820 million (U.S. dollar equivalent), of which Simon’s share was $404 million. The weighted average interest rate on these loans was 6.01%.

As of June 30, 2023, Simon had approximately $8.8 billion of liquidity consisting of  $1.4 billion of cash on hand, including its share of joint venture cash, and $7.4 billion of available capacity under its revolving credit facilities.

Dividends

Today, Sim

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TABLE OF CONTENTS

SIMON PROPERTY GROUP

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FIRST QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED MARCH 31, 2023

​ ​

PAGE

​

​

Earnings Release (1)

​ ​

2 – 11

​

​

Overview

​ ​ ​ ​

​

The Company

​

​

12

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​

​

13

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​

​

14

​

​

Net Operating Income (NOI) Composition

​

​

15

​

​

Net Operating Income Overview (at Share)

​

​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​

​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated    Entities, and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​

​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​

​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​

​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​

​

23

​

​

Development Activity Summary

​

​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​

​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​

​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​

​

28

​

​

Unsecured Debt Information

​

​

29

​

​

Property and Debt Information

​ ​

30−39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40−42

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

1Q 2023 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports First Quarter 2023 Results and Increases

Full Year 2023 Guidance and Raises Quarterly Dividend

INDIANAPOLIS, May 2, 2023 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2023.

“We are off to a good start in 2023,” said David Simon, Chairman, Chief Executive Officer and President. “We continue to strengthen our Company through disciplined investments and proactive capital markets activities, further enhancing our already strong financial flexibility. Given our current view for the remainder of 2023, today we raised our quarterly dividend and are increasing the mid-point of our full-year 2023 guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $451.8 million, or $1.38 per diluted share, as compared to $426.6 million, or $1.30 per diluted share in 2022.

​

•

Funds From Operations (“FFO”) was $1.026 billion, or $2.74 per diluted share as compared to $1.015 billion, or $2.70 per diluted share in the prior year.

​

•

Domestic property Net Operating Income (“NOI”) increased 4.0% and portfolio NOI increased 3.9%, in each case, compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 94.4% at March 31, 2023, compared to 93.3% at March 31, 2022, an increase of 1.1%.

​

•

Base minimum rent per square foot was $55.84 at March 31, 2023, compared to $54.14 at March 31, 2022, an increase of 3.1%.

​

•

Reported retailer sales per square foot was $759, an increase of 3.3% for the trailing 12 months ended March 31, 2023.

​

Development Activity

On April 27, 2023, we opened Paris-Giverny Designer Outlet, in Normandy, France. The center includes 228,000 square feet of prestigious luxury and premium brands, providing shoppers in the western region of Paris with one of the finest open-air retail and leisure experiences. Simon owns a 74% interest in this center.

​

1Q 2023 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

During the quarter, construction restarted on a 338,000 square foot upscale outlet located in Jenks (Tulsa), Oklahoma, projected to open in the fall of 2024. Simon owns 100% of this project.

Construction continues on redevelopment and expansion projects at properties in North America, Europe and Asia.

Capital Markets and Balance Sheet Liquidity

During the quarter, the Company completed a two tranche senior notes offering totaling $1.3 billion. Combined, the two new issues of senior notes had a weighted-average term of 20 years and a weighted-average coupon rate of 5.675%.

The Company also closed on a new $5.0 billion multi-currency unsecured revolving credit facility, replacing the Company’s prior $4.0 billion senior

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TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED DECEMBER 31, 2022

​ ​

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 Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated    Entities, and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations and comparable FFO.

​

​

4Q 2022 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​​​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Fourth Quarter and

Full Year 2022 Results

INDIANAPOLIS, February 6, 2023 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2022.

“I am extremely pleased with our fourth quarter results, concluding another successful and productive year for our Company,” said David Simon, Chairman, Chief Executive Officer and President. “In 2022, we generated Funds From Operations of  $4.5 billion and returned $2.8 billion to shareholders in cash dividends and share repurchases. We executed over 14 million square feet of leases, completed 14 redevelopment and densification projects and opened a new Premium Outlet in Japan. We continue to strengthen our portfolio through our innovative and disciplined investment activities that will allow us to continue to deliver long-term cash flow growth.”

Results for the Quarter

•

Net income attributable to common stockholders was $673.8 million, or $2.06 per diluted share, as compared to $503.2 million, or $1.53 per diluted share in 2021.

​

–

Net income for the fourth quarter of 2022 includes non-cash after-tax gains from investment activity of  $90.5 million, or $0.25 per diluted share.

​

–

Net income in the prior year period included both a non-cash after tax gain of  $10.9 million, or $0.03 per diluted share primarily related to investment activity and a loss on extinguishment of debt of  $20.3 million, or $0.05 per diluted share.

​

•

Comparable Funds From Operations (“Comparable FFO”) was $1.183 billion, or $3.15 per diluted share as compared to $1.170 billion, or $3.11 per diluted share in the prior year period. Please see the accompanying reconciliation of consolidated net income to FFO of the Operating Partnership and Comparable FFO.

​

•

Domestic property Net Operating Income (“NOI”) increased 5.8% and portfolio NOI increased 6.3%, in each case, compared to the prior year period.

​

Results for the Year

•

Net income attributable to common stockholders was $2.136 billion, or $6.52 per diluted share, as compared to $2.246 billion, or $6.84 per diluted share in 2021.

​

​

4Q 2022 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

–

Net income for 2022 includes non-cash after-tax gains from investment activity of  $27.1 million, or $0.08 per diluted share.

​

–

Net income in the prior year period included both gains of  $0.55 per diluted share primarily related to retail real estate disposition activity and other activity which resulted in a net gain of  $0.50 per diluted share.

​

•

Comparable FFO was $4.454 billion, or $11.87 per diluted share as compared to $4.303 billion, or $11.44 per diluted share in the prior year period.

​

•

Domestic property NOI increased 4.8% and portfolio NOI increased 5.7%, in each case, compared

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TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED SEPTEMBER 30, 2022

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2–11

​

​

Overview

​ ​ ​ ​

​

The Company

​ ​

12

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​ ​

13

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​ ​

14

​

​

Net Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Lease Income, Other Income, Other Expense, Income from Unconsolidated    Entities, and Capitalized Interest

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–43

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations and comparable FFO.

​

​

3Q 2022 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Nicole Kennon

704-804-1960 Media

​

Simon® Reports Third Quarter 2022 Results and

Increases Full Year 2022 Guidance and Raises Quarterly Dividend

INDIANAPOLIS, November 1, 2022 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2022.

“This was an excellent quarter for our Company with strong financial and operational performance,” said David Simon, Chairman, Chief Executive Officer and President. “Based upon our results to date and our expectations for the remainder of 2022, we are once again increasing full-year 2022 guidance and raising our quarterly dividend.”

Results for the Quarter

•

Net income attributable to common stockholders was $539.0 million, or $1.65 per diluted share, as compared to $679.9 million, or $2.07 per diluted share in 2021.

​

•

Net income for the third quarter of 2022 includes a non-cash unrealized loss of  $14.6 million, or $0.04 per diluted share, from a mark-to-market in fair value of equity instruments.

​

•

Net income in the prior year period included both a gain of  $0.29 per diluted share primarily related to retail real estate disposition activity and other activity which resulted in a net gain of  $0.21 per diluted share.

​

•

Comparable FFO was $1.113 billion, or $2.97 per diluted share as compared to $1.098 billion, or $2.92 per diluted share in the prior year period. Please see the accompanying reconciliation of consolidated net income to FFO and Comparable FFO.

​

•

Domestic property Net Operating Income (“NOI”) increased 2.3% and portfolio NOI increased 3.2%, in each case, compared to the prior year period.

​

Results for the Nine Months

•

Net income attributable to common stockholders was $1.462 billion, or $4.46 per diluted share, as compared to $1.743 billion, or $5.30 per diluted share in 2021.

​

​

3Q 2022 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

•

Net income for the first nine months of 2022 includes a non-cash unrealized loss of  $63.4 million, or $0.17 per diluted share, from a mark-to-market in fair value of equity instruments.

​

•

Net income in the prior year period included both gains of  $0.54 per diluted share primarily related to retail real estate disposition activity and other activity which resulted in a net gain of  $0.53 per diluted share.

​

•

Comparable FFO was $3.270 billion, or $8.71 per diluted share as compared to $3.133 billion, or $8.32 per diluted share in the prior year period, growth of 4.7%.

​

•

Domestic property NOI increased 4.4% and portfolio NOI increased 5.5%, in each case, compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 94.5% at September 30, 2022, compared to 92.8% at September 30, 2021, an increase of 1.7%.

​

•

Base minimum rent per square foot was $54.80 at September 30, 2022

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TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED JUNE 30, 2022

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2–12

​

​

Overview

​ ​ ​ ​

​

The Company

​ ​

13

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​ ​

14

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​ ​

15

​

​

Net Operating Income (NOI) Composition

​ ​

16

​

​

Net Operating Income Overview (at Share)

​ ​

17

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

18

​

​

Consolidated Net Income to NOI

​ ​

18

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

19

​

​

Other Income, Other Expense, Capitalized Interest, and Income from Unconsolidated Entities

​ ​

20

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

21

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

22

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

23

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

24

​

​

Development Activity Summary

​ ​

25

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

26

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

26

​

​

Preferred Stock/Units Outstanding

​ ​

26

​

​

Credit Profile

​ ​

27

​

​

Summary of Indebtedness

​ ​

28

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

29

​

​

Unsecured Debt Information

​ ​

30

​

​

Property and Debt Information

​ ​

31–40

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

41–44

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations and comparable FFO.

​

​

2Q 2022 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Ali Slocum

317-264-3079 Media

​

Simon® Reports Second Quarter 2022 Results and

Increases Full Year 2022 Guidance and Raises Quarterly Dividend

INDIANAPOLIS, August 1, 2022 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2022.

“We are very pleased with our financial and operational performance in the second quarter and once again raised our quarterly dividend and full-year 2022 guidance,” said David Simon, Chairman, Chief Executive Officer and President.

Results for the Quarter

•

Net income attributable to common stockholders was $496.7 million, or $1.51 per diluted share, as compared to $617.3 million, or $1.88 per diluted share in 2021. Results for the second quarter of 2022 include a non-cash unrealized loss of  $17.8 million, or $0.05 per diluted share, from a mark-to-market in fair value of equity instruments. The prior year period included a non-cash gain of  $118.4 million, or $0.32 per diluted share, from the reversal of a deferred tax liability within an international investment.

​

•

Funds From Operations (“FFO”) was $1.093 billion, or $2.91 per diluted share as compared to $1.217 billion, or $3.24 per diluted share in the prior year. FFO in the second quarter of 2022 includes the aforementioned non-cash unrealized loss from mark-to-market in fair value of equity instruments of  $0.05 per diluted share and FFO in the second quarter of 2021 includes the aforementioned non-cash gain related to the deferred tax liability reversal of  $0.32 per diluted share.

​

•

Comparable FFO was $1.111 billion, or $2.96 per diluted share as compared to $1.098 billion, or $2.92 per diluted share in the prior year period, growth of 1.4%. Please see the accompanying reconciliation of consolidated net income to FFO and Comparable FFO.

​

•

Domestic property Net Operating Income (“NOI”) increased 3.6% and portfolio NOI increased 4.6%, compared to the prior year period.

​

Results for the Six Months

•

Net income attributable to common stockholders was $923.4 million, or $2.81 per diluted share, as compared to $1.063 billion, or $3.24 per diluted share in 2021. Results for the six months ended 2022 include a non-cash unrealized loss of  $48.9 million, or $0.13 per diluted share, from a mark-to-market in fair value of equity instruments. The prior year period results included the aforementioned non-cash gain of  $0.32 per diluted share related to the deferred tax liability reversal and gains, primarily related to disposition activity, of  $93.1 million, or $0.25 per diluted share.

​

​

2Q 2022 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

•

FFO was $2.108 billion, or $5.61 per diluted share as compared to $2.151 billion, or $5.72 per diluted share in the prior year. FFO for the six months ended 2022 includes the aforementioned non-cash unrealized loss from mark-to-mark

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TABLE OF CONTENTS

​

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED MARCH 31, 2022

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2–11

​

​

Overview

​ ​ ​ ​

​

The Company

​ ​

12

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​ ​

13

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​ ​

14

​

​

Net Operating Income (NOI) Composition

​ ​

15

​

​

Net Operating Income Overview (at Share)

​ ​

16

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

17

​

​

Consolidated Net Income to NOI

​ ​

17

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

18

​

​

Other Income, Other Expense, Capitalized Interest, and Income from Unconsolidated Entities

​ ​

19

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

20

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

21

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

22

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

23

​

​

Development Activity Summary

​ ​

24

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

25

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

25

​

​

Preferred Stock/Units Outstanding

​ ​

25

​

​

Credit Profile

​ ​

26

​

​

Summary of Indebtedness

​ ​

27

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

28

​

​

Unsecured Debt Information

​ ​

29

​

​

Property and Debt Information

​ ​

30–39

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

40–41

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

1Q 2022 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Ali Slocum

317-264-3079 Media

​

Simon Property Group Reports First Quarter 2022 Results and

Increases Full Year 2022 Guidance and Raises Quarterly Dividend

INDIANAPOLIS, May 9, 2022 − Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2022.

“We are very pleased with our first quarter results,” said David Simon, Chairman, Chief Executive Officer and President. “Leasing momentum, retailer sales and cash flow all accelerated. Given our accomplishments this quarter and our current view for the remainder of 2022, today we raised our quarterly dividend and are increasing our full-year 2022 guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $426.6 million, or $1.30 per diluted share, as compared to $445.9 million, or $1.36 per diluted share in 2021. Results for the first quarter of 2022 include a non-cash unrealized loss of  $31.0 million, or $0.08 per diluted share, from a mark-to-market in fair value of equity instruments. The prior year period includes gains of  $93.1 million, or $0.25 per diluted share, primarily related to disposition activity.

​

•

Funds From Operations (“FFO”) was $1.046 billion, or $2.78 per diluted share, prior to the aforementioned unrealized loss in fair value of equity instruments of  $0.08 per diluted share, as compared to $934.0 million, or $2.48 per diluted share, in the prior year, a 12.1% increase.

​

•

Domestic property Net Operating Income (“NOI”) increased 7.5% and portfolio NOI increased 8.8%, compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 93.3% at March 31, 2022, compared to 90.8% at March 31, 2021.

​

•

Base minimum rent per square foot was $54.14 at March 31, 2022.

​

Development Activity

Construction continues on two new international development projects including:

•

Fukaya-Hanazono Premium Outlets® (Tokyo, Japan); projected to open in October 2022. Simon owns a 40% interest in this project.

​

​

1Q 2022 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

•

Paris-Giverny Designer Outlet (Normandy, France); projected to open in the first quarter of 2023. Simon owns a 74% interest in this project.

​

Progress continues on the transformative mixed-use redevelopment of Phipps Plaza (Atlanta, GA), which will open in October 2022. The opening of Nobu Hotel and Nobu Restaurant, Life Time Athletic and Work, Citizens Food Hall, and a 13-story Class A office tower will further elevate this premier destination.

Construction also continues on other redevelopment projects, including The Falls (Miami, FL), Roosevelt Field (Garden City, NY), Stanford Shopping Center (Palo Alto, CA) and Towne East Square (Wichita, KS).

Capital Markets and Balance Sheet Liquidity

The Company was active in both the secured and unsecured credit markets in the first quart

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TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED FOURTH QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

​

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED DECEMBER 31, 2021

​ ​

PAGE

​

​

Earnings Release(1)

​ ​

2–12

​

​

Overview

​ ​ ​ ​

​

The Company

​ ​

13

​

​

Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

​ ​

14

​

​

Financial Data

​ ​ ​ ​

​

Selected Financial and Equity Information

​ ​

15

​

​

Net Operating Income (NOI) Composition

​ ​

16

​

​

Net Operating Income Overview (at Share)

​ ​

17

​

​

Reconciliations of Non-GAAP Financial Measures

​ ​

18

​

​

Consolidated Net Income to NOI

​ ​

18

​

​

FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

​ ​

19

​

​

Other Income, Other Expense and Capitalized Interest

​ ​

20

​

​

Operational Data

​ ​ ​ ​

​

Operating Information

​ ​

21

​

​

U.S. Malls and Premium Outlets Lease Expirations

​ ​

22

​

​

U.S. Malls and Premium Outlets Top Tenants

​ ​

23

​

​

Development Activity

​ ​ ​ ​

​

Capital Expenditures

​ ​

24

​

​

Development Activity Summary

​ ​

25

​

​

Balance Sheet Information

​ ​ ​ ​

​

Common and Preferred Stock Information

​ ​

26

​

​

Changes in Common Share and Limited Partnership Unit Ownership

​ ​

26

​

​

Preferred Stock/Units Outstanding

​ ​

26

​

​

Credit Profile

​ ​

27

​

​

Supplemental Corporate Credit Ratios

​ ​

28

​

​

Summary of Indebtedness

​ ​

29

​

​

Total Debt Amortization and Maturities by Year (Our Share)

​ ​

30

​

​

Unsecured Debt Information

​ ​

31

​

​

Property and Debt Information

​ ​

32–41

​

​

Other

​ ​ ​ ​

​

Non-GAAP Pro-Rata Financial Information

​ ​

42–45

​

​

(1)

Includes reconciliation of consolidated net income to funds from operations.

​

​

4Q 2021 SUPPLEMENTAL

​ ​

​ ​

1

​

TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

​

Ali Slocum

317-264-3079 Media

​

Simon Property Group Reports

Fourth Quarter and Full Year 2021 Results

INDIANAPOLIS, February 7, 2022 − Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2021.

“I am extremely pleased with our fourth quarter results, concluding a very productive year,” said David Simon, Chairman, Chief Executive Officer and President. “In 2021, we generated record annual Funds From Operations of nearly $4.5 billion and returned approximately $2.7 billion to shareholders. We executed over 15 million square feet of leases, completed five significant domestic redevelopments, opened two new international shopping destinations, and substantially increased the profitability generated from our other platform investments during the year. Our Company is focused on unlocking value through unique and disciplined investment activities that will continue to deliver long-term growth in cash flow, FFO and dividends per share.”

Results for the Year

•

Net income attributable to common stockholders was $2.246 billion, or $6.84 per diluted share, as compared to $1.109 billion, or $3.59 per diluted share in 2020. Results for 2021 included net gains of  $189.3 million, or $0.50 per diluted share. Results for 2020 included a net charge of  $115.0 million, or $0.32 per diluted share.

​

•

Funds From Operations (“FFO”) was $4.487 billion, or $11.94 per diluted share, as compared to $3.237 billion, or $9.11 per diluted share, in the prior year, a 31.1% increase. FFO for 2021 includes the aforementioned net gains.

​

•

Domestic property net operating income (“NOI”) increased 12.0% compared to 2020. Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company’s investment in Taubman Realty Group, increased 22.3% compared to 2020.

​

Results for the Quarter

•

Net income attributable to common stockholders was $503.2 million, or $1.53 per diluted share, as compared to $271.5 million, or $0.86 per diluted share in 2020.

​

•

FFO was $1.160 billion, or $3.09 per diluted share, as compared to $786.6 million, or $2.17 per diluted share, in the prior year, a 42.4% increase.

​

​

4Q 2021 SUPPLEMENTAL

​ ​

​ ​

2

​

TABLE OF CONTENTS

EARNINGS RELEASE

•

Domestic property NOI increased 22.4% and Portfolio NOI increased 33.6% compared to the prior year period.

​

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 93.4% at December 31, 2021, compared to 91.3% at December 31, 2020.

​

•

Base minimum rent per square foot was $53.91 at December 31, 2021.

​

Development Activity

On October 15, 2021, Jeju Premium Outlets (Jeju Island, South Korea) opened with 92,000 square feet of high-quality, name brand stores. Jeju Premium Outlets is t

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EXHIBIT 99.1

tm2128849-2_nonfiling - none - 23.6313596s

TABLE OF CONTENTS

SIMON PROPERTY GROUP​

EARNINGS RELEASE &

SUPPLEMENTAL INFORMATION

UNAUDITED THIRD QUARTER

TABLE OF CONTENTS​

TABLE OF CONTENTS

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EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

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PAGE

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Earnings Release(1)

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2–12

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Overview

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13

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The Company

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13

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Stock Information, Credit Ratings and Senior Unsecured Debt Covenants

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14

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Financial Data

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Selected Financial and Equity Information

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15

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Net Operating Income (NOI) Composition

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16

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Net Operating Income Overview (at Share)

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17

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Reconciliations of Non-GAAP Financial Measures

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18

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Consolidated Net Income to NOI

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18

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FFO of the Operating Partnership to Funds Available for Distribution (Our Share)

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19

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Other Income, Other Expense and Capitalized Interest

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20

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Operational Data

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U.S. Malls and Premium Outlets Operating Information

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21

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The Mills and International Operating Information

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22

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U.S. Malls and Premium Outlets Lease Expirations

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23

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U.S. Malls and Premium Outlets Top Tenants

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24

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Development Activity

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Capital Expenditures

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25

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Development Activity Summary

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26

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Balance Sheet Information

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Common and Preferred Stock Information

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27

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Changes in Common Share and Limited Partnership Unit Ownership

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27

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Preferred Stock/Units Outstanding

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27

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Credit Profile

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28

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Supplemental Corporate Credit Ratios

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29

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Summary of Indebtedness

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30

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Total Debt Amortization and Maturities by Year (Our Share)

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31

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Unsecured Debt Information

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32

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Property and Debt Information

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33–42

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Other

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Non-GAAP Pro-Rata Financial Information

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43–46

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(1)

Includes reconciliation of consolidated net income to funds from operations.

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3Q 2021 SUPPLEMENTAL

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1

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TABLE OF CONTENTS​

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

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Ali Slocum

317-264-3079 Media

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SIMON PROPERTY GROUP REPORTS

THIRD QUARTER 2021 RESULTS; INCREASES FULL YEAR 2021 GUIDANCE AND RAISES QUARTERLY DIVIDEND

INDIANAPOLIS, November 1, 2021 − Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2021.

“We produced impressive third quarter results,” said David Simon, Chairman, Chief Executive Officer and President. “Demand for our space from a broad spectrum of tenants is growing. Occupancy gains continued, retailer sales accelerated, including our owned brands, and cash flow increased. Based upon results to date and expectations for the remainder of 2021, we are once again increasing full-year 2021 guidance and raising our quarterly dividend.”

Results for the Quarter

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Net income attributable to common stockholders was $679.9 million, or $2.07 per diluted share, as compared to $145.9 million, or $0.48 per diluted share in 2020. As previously announced, results for the third quarter of 2021 include $28.6 million, or $0.08 per diluted share, for a loss on extinguishment of debt related to the optional redemption of certain senior notes of Simon Property Group, L.P. and a non-cash after-tax gain of  $111.9 million, or $0.30 per diluted share, associated with the contribution of the Company’s interests in the Forever 21 and Brooks Brothers intellectual property licensing ventures in exchange for additional ownership interests in Authentic Brands Group.

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Funds From Operations (“FFO”) was $1.176 billion, or $3.13 per diluted share, as compared to $723.2 million, or $2.05 per diluted share, in the prior year period, a 52.7% increase. FFO for the third quarter of 2021 includes the loss on extinguishment of debt and the non-cash gain mentioned above.

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Domestic property net operating income (“NOI”) increased 24.5% compared to the prior year period. Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company’s investment in Taubman Realty Group, increased 34.3% compared to the prior year period.

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Results for the Nine Months

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Net income attributable to common stockholders was $1.743 billion, or $5.30 per diluted share, as compared to $837.7 million, or $2.74 per diluted share in 2020. Results for the nine months ended 2021 include the loss on extinguishment of debt, and the non-cash contribution gain associated with the licensing ventures recorded in the third quarter, as well as the $118.4 million, or $0.32 per diluted share, non-cash gain recorded in the second quarter 2021 from the reversal of a deferred tax liability associated with an international investment.

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3Q 2021 SUPPLEMENTAL

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2

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TABLE O