# SIMON PROPERTY GROUP INC. (SPG)

Informational only - not investment advice.

CIK: 0001063761
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1063761
Filing source: https://www.sec.gov/Archives/edgar/data/1063761/000110465926019419/spg-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001104659-26-019419 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001063761.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,364,505,000 USD | 2025 | verified |
| Net income | 5,364,120,000 USD | 2025 | verified |
| Assets | 40,606,466,000 USD | 2025 | verified |
| Free cash flow | 3,202,205,000 USD | 2025 | computed |
| Net margin | 84.28% | 2025 | computed |
| Operating margin | 49.89% | 2025 | computed |
| Revenue YoY | +6.72% | 2025 | computed |
| ROE | 102.99% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Real estate investment trusts](/compare/reits/) · SIC 6798 Real Estate Investment Trusts

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including SPG

- Real estate investment trusts: [peer review](/compare/reits/) · [market-risk page](/compare/reits/risk/)

### Peer percentile fingerprint

| Ratio | SPG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 84.3% | 16.8% | 98 | 149 |
| Operating margin | 49.9% | 23.2% | 80 | 66 |
| Revenue growth | 6.7% | 3.7% | 66 | 149 |
| FCF margin | 50.3% | 21.8% | 88 | 70 |
| ROE | 103.0% | 5.7% | 100 | 151 |
| ROA | 13.2% | 1.5% | 99 | 155 |
| Liabilities / equity | 6.51 | 1.48 | 88 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6364505000 | USD | 2025 | 2026-02-25 |
| Net income | 5364120000 | USD | 2025 | 2026-02-25 |
| Assets | 40606466000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001063761.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 5,435,229,000 | 5,527,336,000 | 5,645,288,000 | 5,755,189,000 | 4,607,503,000 | 5,116,789,000 | 5,291,447,000 | 5,658,836,000 | 5,963,798,000 | 6,364,505,000 |
| Net income |  |  |  |  |  | 2,134,706,000 | 2,244,903,000 | 2,822,343,000 | 2,423,188,000 | 1,277,324,000 | 2,568,707,000 | 2,452,385,000 | 2,617,018,000 | 2,729,021,000 | 5,364,120,000 |
| Operating income |  |  |  |  |  | 2,720,828,000 | 2,802,340,000 | 2,926,299,000 | 2,912,787,000 | 1,971,809,000 | 2,413,190,000 | 2,583,553,000 | 2,807,022,000 | 3,092,796,000 | 3,175,396,000 |
| Diluted EPS | 1.05 | 2.10 | 3.48 | 4.72 | 4.24 |  |  |  |  |  | 6.84 | 6.52 | 6.98 | 7.26 | 14.17 |
| Operating cash flow |  |  |  |  |  | 3,372,694,000 | 3,593,788,000 | 3,750,796,000 | 3,807,831,000 | 2,326,698,000 | 3,637,402,000 | 3,766,604,000 | 3,930,793,000 | 3,814,655,000 | 4,136,551,000 |
| Capital expenditures |  |  |  |  |  | 798,465,000 | 732,100,000 | 781,909,000 | 876,011,000 | 484,119,000 | 527,935,000 | 650,024,000 | 793,283,000 | 755,584,000 | 934,346,000 |
| Share buybacks |  |  |  |  |  | 255,267,000 | 407,002,000 | 354,108,000 | 359,773,000 | 152,589,000 |  | 180,387,000 | 140,593,000 |  | 226,826,000 |
| Assets |  |  |  |  |  | 31,103,578,000 | 32,257,638,000 | 30,686,223,000 | 31,231,630,000 | 34,786,846,000 | 33,777,379,000 | 33,011,274,000 | 34,283,495,000 | 32,405,691,000 | 40,606,466,000 |
| Liabilities |  |  |  |  |  | 26,005,904,000 | 27,828,394,000 | 26,659,104,000 | 28,101,319,000 | 31,128,608,000 | 29,376,654,000 | 29,187,383,000 | 30,595,897,000 | 28,806,239,000 | 33,901,073,000 |
| Stockholders' equity |  |  |  |  |  | 4,310,448,000 | 3,686,168,000 | 3,296,681,000 | 2,526,398,000 | 3,039,472,000 | 3,361,452,000 | 3,138,524,000 | 3,022,834,000 | 2,941,925,000 | 5,208,268,000 |
| Cash and cash equivalents |  |  |  |  |  | 560,059,000 | 1,482,309,000 | 514,335,000 | 669,373,000 | 1,011,613,000 | 533,936,000 | 621,628,000 | 1,168,991,000 | 1,400,345,000 | 823,147,000 |
| Free cash flow |  |  |  |  |  | 2,574,229,000 | 2,861,688,000 | 2,968,887,000 | 2,931,820,000 | 1,842,579,000 | 3,109,467,000 | 3,116,580,000 | 3,137,510,000 | 3,059,071,000 | 3,202,205,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | 39.28% | 40.61% | 49.99% | 42.10% | 27.72% | 50.20% | 46.35% | 46.25% | 45.76% | 84.28% |
| Operating margin |  |  |  |  |  | 50.06% | 50.70% | 51.84% | 50.61% | 42.80% | 47.16% | 48.83% | 49.60% | 51.86% | 49.89% |
| Return on equity |  |  |  |  |  | 49.52% | 60.90% | 85.61% | 95.91% | 42.02% | 76.42% | 78.14% | 86.57% | 92.76% | 102.99% |
| Return on assets |  |  |  |  |  | 6.86% | 6.96% | 9.20% | 7.76% | 3.67% | 7.60% | 7.43% | 7.63% | 8.42% | 13.21% |
| Liabilities / equity |  |  |  |  |  | 6.03 | 7.55 | 8.09 | 11.12 | 10.24 | 8.74 | 9.30 | 10.12 | 9.79 | 6.51 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001063761.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.65 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.38 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.49 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,410,948,000 | 680,762,000 | 1.82 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,527,438,000 | 859,496,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,442,590,000 | 841,155,000 | 2.25 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,458,266,000 | 569,435,000 | 1.51 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,480,710,000 | 546,671,000 | 1.46 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,582,232,000 | 771,759,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,473,012,000 | 477,860,000 | 1.27 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,498,459,000 | 643,681,000 | 1.70 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,601,572,000 | 702,696,000 | 1.86 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,791,462,000 | 3,539,883,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,757,093,000 | 568,535,000 | 1.48 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,790,598,000 | 574,130,000 | 1.49 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SPG's latest 10-K: [/company/SPG/business/](/company/SPG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SPG's latest 10-K: [/company/SPG/risk-factors/](/company/SPG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1063761/000110465926093360/spg-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-10
Report date: 2026-06-30

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this report.

Overview

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P.  References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2026, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 107 malls, 68 Premium Outlets, 16 Mills, six lifestyle centers, and 15 other retail properties in 38 states and Puerto Rico. Internationally, as of June 30, 2026, we had ownership in 42 properties primarily located in Asia, Europe, and Canada. As of June 30, 2026, we also owned a 20.7% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.

Until October 31, 2025, we owned an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG. As further discussed in Note 4 of the condensed notes to the consolidated financial statements, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or the TRG Acquisition.

We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from:

[[GREPCENT_TABLE]]
[["","\u25cf","fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","variable lease consideration primarily based on tenants\u2019 reported sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items."]]
[[/GREPCENT_TABLE]]

Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.

We invest in real estate properties to maximize total financial return which includes both operating cash flows and capital appreciation. We seek growth in earnings, funds from operations, or FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this growth through the following:

[[GREPCENT_TABLE]]
[["","\u25cf","attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","expanding and re-tenanting existing highly productive locations at competitive rental rates,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, including creating mixed-use destinations, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","selling selective non-core assets."]]
[[/GREPCENT_TABLE]]

We also grow by generating supplemental revenues from the following activities:

[[GREPCENT_TABLE]]
[["","\u25cf","establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,"]]
[[/GREPCENT_TABLE]]

43

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","selling or leasing land adjacent to our properties, commonly referred to as \u201coutlots\u201d or \u201coutparcels,\u201d and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","generating interest income on cash deposits and investments in loans, including those made to related entities."]]
[[/GREPCENT_TABLE]]

We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail outlet properties.

We routinely review and evaluate acquisition opportunities based on their ability to enhance our portfolio. Our international strategy includes partnering with established real estate companies and financing international investments with local currency to minimize foreign exchange risk.

To support our growth, we employ a three-fold capital strategy:

[[GREPCENT_TABLE]]
[["","\u25cf","generate the capital necessary to fund growth,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","maintain sufficient flexibility to access capital in many forms, both public and private, including but not limited to, having in place the Operating Partnership\u2019s $5.0 billion unsecured revolving credit facility, or the Credit Facility, its $3.5 billion supplemental unsecured revolving credit facility, or the Supplemental Facility, and together, the Credit Facilities, and its global unsecured commercial paper note program, or the Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","manage our overall financial structure in a fashion that preserves our investment grade credit ratings."]]
[[/GREPCENT_TABLE]]

We consider FFO, Real Estate FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Reconciliations of these measures to the most comparable GAAP measure are included below in this discussion.

Results Overview

Diluted earnings per share and diluted earnings per unit were $2.97 during the first six months of 2026 and the same period last year. The changes to the components of these diluted earnings per share and diluted earnings per unit primarily consisted of:

[[GREPCENT_TABLE]]
[["","\u25cf","improved operating performance and solid core business fundamentals in 2026 and the impact of our acquisition activity, as discussed below,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased lease income of $541.4 million, or $1.42 per diluted share/unit, of which $386.7 million, or $1.02 per diluted share/unit, relates to our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash gain of $64.3 million, or $0.17 per diluted share/unit, due to the exchange of 4,074,711 shares of Kl\u00e9pierre to settle the conversion of \u20ac110.3 million of the Operating Partnership\u2019s exchangeable bonds in 2026,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","an unrealized, favorable change in fair value of publicly traded equity instruments and derivative instrument, net, of $56.2 million, or $0.15 per diluted share/unit, which primarily relates to movements in the fair value of the exchange option within our Kl\u00e9pierre exchangeable bonds,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","decreased income and other tax expense of $36.6 million, or $0.10 per diluted share/unit, primarily due to a $20.1 million, or $0.05 per diluted share/unit, non-cash tax impact as a result of a gain within Catalyst due to the deconsolidation of Forever 21 in 2025, and a $4.6 million, or $0.01 per diluted share/unit, tax impact as a result of the net losses recorded due to certain transition and restructuring activities related to Catalyst and the TRG Acquisition in 2026,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased other income of $25.6 million, or $0.07 per diluted share/unit, which primarily relates to our acquisition activity, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a loss in 2025 of $9.6 million, or $0.03 per diluted share/unit, on the disposition of certain Kl\u00e9pierre assets, partially offset by,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased depreciation and amortization in 2026 of $251.7 million, or $0.66 per diluted share/unit, of which $242.2 million, or $0.64 per diluted share/unit, relates to our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","decreased income from unconsolidated entities of $55.4 million, or $0.15 per diluted share/unit, the majority of which is due to unfavorable year-over-year operations from other platform investments, partially offset by improved operations and core fundamentals in our other unconsolidated entities,"]]
[[/GREPCENT_TABLE]]

44

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","increased interest expense of $97.1 million, or $0.26 per diluted share/unit, of which $77.8 million, or $0.20 per diluted share/unit, relates to our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased general and administrative expenses of $39.4 million, or $0.10 per diluted share/unit, which relates to accelerated stock compensation expense recognized in the first quarter of 2026,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased property operating expenses of $65.6 million, or $0.17 per diluted share/unit, of which $48.9 million, or $0.13 per diluted share/unit, relates to our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased real estate taxes of $55.1 million, or $0.14 per diluted share/unit, of which $41.2 million, or $0.11 per diluted share/unit, relates to our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased other expenses of $16.3 million, or $0.04 per diluted share/unit, of which $9.4 million, or $0.02 per diluted share/unit, relates to our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased repairs and maintenance expenses of $16.5 million, or $0.04 per diluted share/unit, of which $9.9 million, or $0.03 per diluted share/unit, relates to our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1063761/000110465926019419/spg-20251231x10k.htm
Complete FY 2025 MD&A: /company/SPG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto that are included in this Annual Report on Form 10-K.

Overview

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. In this discussion, unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P.  References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2025, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties in 38 states and Puerto Rico. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at several properties in North America, Europe and Asia. Internationally, as of December 31, 2025, we had ownership in 42 properties primarily located in Asia, Europe, and Canada. As of December 31, 2025, we also owned a 22.2% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.

As of December 31, 2024, and until October 31, 2025, we owned an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG. As further discussed in Note 4 to the financial statements, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or the TRG Acquisition.

We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from:

[[GREPCENT_TABLE]]
[["","\u25cf","fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","variable lease consideration primarily based on tenants\u2019 reported sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items."]]
[[/GREPCENT_TABLE]]

Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.

We invest in real estate properties to maximize total financial return which includes both operating cash flows and capital appreciation. We seek growth in earnings, funds from operations, or FFO, real estate FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this growth through the following:

[[GREPCENT_TABLE]]
[["","\u25cf","attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","expanding and re-tenanting existing highly productive locations at competitive rental rates,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","selling selective non-core assets."]]
[[/GREPCENT_TABLE]]

59

Table of Contents

We also grow by generating supplemental revenues from the following activities:

[[GREPCENT_TABLE]]
[["","\u25cf","establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","selling or leasing land adjacent to our properties, commonly referred to as \u201coutlots\u201d or \u201coutparcels,\u201d and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","generating interest income on cash deposits and investments in loans, including those made to related entities."]]
[[/GREPCENT_TABLE]]

We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail properties.

We routinely review and evaluate acquisition opportunities based on their ability to enhance our portfolio. Our international strategy includes partnering with established real estate companies and financing international investments with local currency to minimize foreign exchange risk.

To support our growth, we employ a three-fold capital strategy:

[[GREPCENT_TABLE]]
[["","\u25cf","generate the capital necessary to fund growth,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","maintain sufficient flexibility to access capital in many forms, both public and private, including but not limited to, having in place, the Operating Partnership\u2019s $5.0 billion unsecured revolving credit facility, or the Credit Facility, its $3.5 billion supplemental unsecured revolving credit facility, or its Supplemental Facility, and together, the Credit Facilities and its global unsecured commercial paper note program, or the Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","manage our overall financial structure in a fashion that preserves our investment grade credit ratings."]]
[[/GREPCENT_TABLE]]

We consider FFO, Real Estate FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Reconciliations of these measures to the most comparable GAAP measures are included below in this discussion.

Results Overview

Diluted earnings per share and diluted earnings per unit increased $6.91 during 2025 to $14.17 as compared to $7.26 in 2024. The increase in diluted earnings per share and diluted earnings per unit was primarily attributable to:

[[GREPCENT_TABLE]]
[["","\u25cf","improved operating performance and solid core business fundamentals in 2025, as discussed below,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash gain of $2.9 billion, or $7.56 per diluted share/unit, related to the remeasurement of our previously held 88% noncontrolling equity interest in TRG to fair value as a result of the TRG Acquisition and a non-cash gain of $21.6 million, or $0.06 per diluted share/unit, during the fourth quarter of 2025 related to the disposition of our interest in one unconsolidated property,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased lease income in 2025 of $449.4 million, or $1.19 per diluted share/unit,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased income from unconsolidated entities of $296.8 million, or $0.79 per diluted share/unit, the majority of which is due to improved year-over-year operations from other platform investments and improved operations and core fundamentals in our other unconsolidated entities, partially offset by"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a pre-tax gain during the first quarter of 2024 on the sale of all our remaining interests in Authentic Brands Group, or ABG, of $414.8 million, or $1.10 per diluted share/unit, and a non-cash pre-tax gain of $100.5 million, or $0.27 per diluted share/unit, during the fourth quarter of 2024 related to the acquisition by J.C. Penney of the retail operations of SPARC Group, partially offset by an other-than-temporary impairment charge of $57.0 million, or $0.15 per diluted share/unit, in the fourth quarter of 2024, representing our pre-development costs associated with an unconsolidated joint venture development project,"]]
[[/GREPCENT_TABLE]]

60

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","a net pre-tax loss in 2025 on the disposal, exchange, or revaluation of equity interests of $86.1 million, or $0.23 per diluted share/unit, primarily due to certain restructuring activities within Catalyst and the reduction in carrying value of certain equity instruments,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased depreciation and amortization of $161.1 million, or $0.43 per diluted share/unit, primarily due to acquisition and development activity, the majority of which relates to the TRG Acquisition,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","an unrealized unfavorable change in fair value of publicly traded equity instruments and derivative instrument, net of $88.7 million, or $0.23 per diluted share/unit, which primarily relates to movements in the fair value of the exchange option within our Kl\u00e9pierre exchangeable bonds,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased interest expense of $69.0 million, or $0.18 per diluted share/unit, primarily due to new USD and EUR bond issuances and the increase in secured debt as a result of the TRG Acquisition, partially offset by USD and EUR bond payoffs,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","decreased other income of $59.9 million, or $0.16 per diluted share/unit, primarily due to decreased interest income of $56.6 million, or $0.15 per diluted share/unit,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased property operating expenses in 2025 of $51.2 million, or $0.14 per diluted share/unit primarily due to the consolidation of properties in 2025 through our acquisition activity,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","increased real estate taxes in 2025 of $42.5 million, or $0.11 per diluted share/unit, primarily due to the consolidation of properties in 2025 through acquisition activity and successful property tax appeals in 2024,"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SPG/mda/fy2025/
All MD&A years: /company/SPG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SPG/mda/fy2024/): filed 2025-02-21; accession 0001558370-25-001271 (https://www.sec.gov/Archives/edgar/data/1063761/000155837025001271/spg-20241231x10k.htm)
- [FY 2023 MD&A](/company/SPG/mda/fy2023/): filed 2024-02-22; accession 0001558370-24-001532 (https://www.sec.gov/Archives/edgar/data/1063761/000155837024001532/spg-20231231x10k.htm)
- [FY 2022 MD&A](/company/SPG/mda/fy2022/): filed 2023-02-23; accession 0001558370-23-001840 (https://www.sec.gov/Archives/edgar/data/1063761/000155837023001840/spg-20221231x10k.htm)
- [FY 2021 MD&A](/company/SPG/mda/fy2021/): filed 2022-02-24; accession 0001558370-22-001845 (https://www.sec.gov/Archives/edgar/data/1063761/000155837022001845/spg-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SPG.md · JSON record: /company/SPG.json · verified financials: /company/SPG/financials.json / /company/SPG/financials.csv · machine TOC for the whole site: /llms.txt