2025 SIMON® Annual Report

Read more about Simon's 2025 annual financial performance, operational results, and future strategies.

2025 ANNUAL REPORT

CONTENTS

From the Chairman, CEO & President

Investment Highlights

XI Financial Highlights

XII Board of Directors & Management

10-K

59 Management’s

Discussion & Analysis

80 Financial Statements

Brickell City Centre Miami, FL

2025 Annual Report I

FROM THE CHAIRMAN, CEO & PRESIDENT

Dear Fellow Shareholders, My late father, David Simon, served with great distinction as Chairman of the Board, Chief Executive Officer, and President of Simon Property Group for decades prior to his passing on March 22, 2026. He took great pride and it was deeply important to him to share with shareholders his thoughts about the Company and his overall business sentiments each year. He finished his draft of this year’s shareholder letter on Friday, March 20, 2026. My Dad dedicated his career to building the Company and his central goal was to enhance long-term shareholder value. The results speak for themselves. I am honored and incredibly humbled to be appointed by the Board of Directors as the Company’s Chief Executive Officer and President. I thought it was important to fulfill his wish by delivering to you his final letter, and trust that his words will resonate with the same conviction and vision that defined his extraordinary leadership. I look forward to engaging with our shareholders and continuing the open, thoughtful dialogue that has long been a hallmark of our Company and a priority for my father. Sincerely,

CHIEF EXECUTIVE OFFICER, PRESIDENT AND CHIEF OPERATING OFFICER SIMON PROPERTY GROUP March 30, 2026

DEAR FELLOW SHAREHOLDERS, Let me begin by thanking the Simon ® team whose discipline, creativity and relentless execution once again set us apart as the clear leader in our industry.

• Acquire assets

Before reflecting on the year’s achievements, I want to emphasize a principle at the heart of every decision

been the story of Simon for decades — iconic, high- quality properties that endure, remain essential to retailers and communities, consistently outperform through cycles and have withstood many existential threats. Our efficient and leading platform allows us to keep elevating the quality and performance of our properties with a focus on improving the consumer experience. Here’s what we do — consistently — to make our assets and our portfolio matter and grow our enterprise value:

selectively that raise portfolio quality, where we can improve them with our operating capabilities.

David Simon CHAIRMAN, CHIEF EXECUTIVE OFFICER & PRESIDENT

we make at Simon: real assets matter. We have

• Curate the tenant mix to elevate brand relevance and sales productivity, making our centers the preferred locations for the world’s most admired brands. • Deepen loyalty and digital connections , including through

consistently made this point to the market, and I believe we are beginning to see the benefits. Our assets, in many cases, have withstood the test of time and have shown unbelievable resilience in the face of significant competition, the Internet (which got the benefit of government help with no sales tax) and the proliferation of new product types including lifestyle centers, power centers, etc.

$6.4 Billion Consolidated Revenue $4.8 Billion Real Estate FFO $6.8 Billion Beneficial Interest of Combined NOI $3.2 Billion Cash Dividends Paid

ShopSimon ® and Simon+ ® , extending the value of our physical platform.

• Maintain financial discipline , using our

• Reinvest and redevelop our real estate into higher-

A-rated balance sheet and significant free cash flow after delivering industry- leading dividends to fund reinvestment and providing

Our assets are built to last and are continually improved, supporting

productivity uses — including experiential destinations — and integrate mixed-use components including residential and hospitality where they enhance asset vitality and income over time.

sustainable cash flow growth. Our cash flow is reinvested back into the portfolio, reinforcing a virtuous cycle of continuous improvement and value creation. This has

excellent long-term shareholder returns.

Simon Property Group

Our strategy, which has been consistent since our 1993 IPO, delivered again in 2025: record performance across nearly every metric — Revenue, Domestic Property Net Operating Income (“NOI”), Real Estate Funds From Operations (“Real Estate FFO”), and Dividends, with retailer demand and shopper traffic reinforcing the durability of our assets and the resilience of high-quality physical retail. Longevity, increased through reinvestment, powers our cash flow growth. Few assets

City Centre ® and expanded internationally with The Mall Luxury Outlets (“The Mall”) in Italy. We paired these investments with disciplined redevelopment and continued leasing outperformance as retailer demand remained strong and consistent. We also advanced our omnichannel loyalty program that connects brands and shoppers across channels. Real assets matter! With that backdrop, let’s turn to our 2025 highlights. FINANCIAL RESULTS AND OPERATING METRICS We posted record and sector-leading financial results in 2025, including: • Consolidated revenue increased 6.7% to $6.36 billion (record) . • Net income was $4.62 billion, or $14.17 per diluted share (record) .

• FFO was $4.66 billion, or $12.34 per diluted share. • Our share of Domestic Property NOI grew 4.4%, or $242 million year-over-year, to $5.75 billion (record) . • Our share of Portfolio NOI, including international properties on a constant currency basis, grew 4.7%, or $273 million, to $6.12 billion (record) . • We generated $1.6 billion of cash flow, after our dividend payments of $3.2 billion (record) . • Occupancy for our U.S. Simon Malls ® and Simon Premium Outlets ® ended the year at 96.4% and The Mills ® occupancy ended the year at 99.2%. • Reported retailer sales for our U.S. Malls and Premium Outlets were $799 per square foot and were $693 for The Mills (records) . • The total return on SPG common stock, including dividends, was 13.0% and outperformed the MSCI

Southdale Center , Edina, MN

“The story of Simon for decades — iconic, high-quality properties that endure, remain essential to consistently outperform through cycles and have withstood many existential threats.” retailers and communities,

anywhere in real estate maintain their relevance

for seven decades, yet ours can — and do — through accretive reinvestment, as we have shown repeatedly, most recently at Southdale Center™ in Edina, Minnesota (the country’s first enclosed mall). Last year, we strengthened our portfolio with approximately $2 billion of strategic acquisitions — including the remaining interests in Taubman Realty Group (“TRG”) and Brickell

• Real Estate FFO

increased 4.7% to $4.81 billion, or $12.73 per diluted share (record) .

2025 Annual Report III

Las Vegas North Premium Outlets , Las Vegas, NV

St. Johns Town Center , Jacksonville, FL

US REIT Index (“RMS”). SPG has outperformed the RMS in each of the last five years and has outperformed the S&P 500 in three of the last five years.

• The Mall in Italy

• We completed 23 redevelopment and expansion projects

Briarwood Mall ® in Ann Arbor, Michigan, and Brea Mall ® in Brea, California.

brought two exceptional centers — one in Leccio near Florence and another in Sanremo on the Italian Riviera — each offering unique retail environments with compelling growth opportunities.

across our U.S. platforms during the year. • We opened 49 anchor and specialty tenants in 2025 and expect to open more than 60 over the next two years. • Redeveloping former department store space dramatically increases traffic and productivity at our centers, adding dynamic offerings such as Dick’s House of Sport, Level99, Life Time, Primark, and Netflix House. • We continue to enhance our market‑leading real estate by adding mixed‑use components. Over the last decade, we have added more than 3,000 hotel rooms and residential units to our portfolio, transforming our properties into true live-work-play-stay-shop destinations. We expect to open approximately 1,600 additional units between 2026 and 2028 at high-quality centers including Roosevelt Field ® on Long Island, Northshore Mall ® outside of Boston,

• We expect to begin

construction in 2026 on exciting new projects at Copley Place ® in Boston, The Fashion Mall at Keystone ® in Indianapolis, Town Center at Boca Raton ® in Florida, Toronto

• Ownership of SPG common stock has

provided a total return to shareholders of 4,500% since our 1993 IPO. ACQUISITIONS • Last year’s $2 billion in acquisitions of high-quality retail properties further enhanced the quality and profitability of our portfolio. • We acquired the remaining 12% interest in TRG bringing full ownership and control of 22 iconic assets and unlocking new opportunities for growth and value creation. • We acquired our partner’s interest in Brickell City Centre ® , a premier mixed-use destination in Miami’s rapidly growing central business district. We now wholly-own and manage this asset with the opportunity to drive NOI growth through

• Phillips Place™ in

Charlotte, North Carolina, expands our presence in a familiar market and provides meaningful upside potential through re- merchandising and future densification.

Premium Outlets ® in Canada, Desert Hills

Premium Outlets ® in Palm Springs, and several luxury transformations at former TRG properties including The Mall at Green Hills ® in Nashville, International Plaza in Tampa, and Cherry Creek Shopping Center ® in Denver.

• Collectively, these

acquisitions enhance the overall quality of our portfolio and position us to apply our leasing, development and property

• Sagefield™, a new

management expertise to drive long-term value across these assets. DEVELOPMENT INCLUDING THE ADDITION OF MIXED- USE COMPONENTS • A core growth driver

development in metro Nashville, is expected to break ground later this year, creating a distinctive destination with first-to- market boutiques, iconic brands, farm-to-table dining, entertainment venues, health and wellness concepts, and vibrant outdoor spaces.

continues to be unlocking value from our existing real estate through high- return redevelopment, densification, mixed-use, and remerchandising opportunities.

operational efficiencies and enhanced leasing.

Simon Property Group IV

CURATING CREATIVE RETAIL

“We curate the tenant mix to elevate brand relevance and sales productivity, making our centers the preferred locations for the world’s most admired brands.” —David Simon, Chairman, CEO & President

2025 Annual Report V

• Our pipeline of

properties in 13 European countries). Klépierre continues to distinguish itself by outperforming its European peers. We also now own four malls in Asia through the TRG acquisition. LEASING • We executed more than 4,600 leases totaling over 17 million square feet. • A brick-and-mortar presence is critical to any retailer’s success. Exciting brands continue to grow their physical footprint at our properties,

Louis Vuitton, Moncler, Prada, Tiffany, Vacheron, Van Cleef & Arpels, and Watches of Switzerland, among others.

• We launched Simon+ ® , our omnichannel loyalty program, unifying digital and physical shopping experiences. With millions of members, including 50% new to our database, and 600+ retailers offering 7,000+ deals, Simon+ ® is becoming an engine for engagement, data growth and new revenue opportunities. By combining the breadth of our physical footprint with our differentiated e-commerce capabilities, including ShopSimon.com™ and our retailer affiliate program,

new development and redevelopment opportunities continues to grow and now exceeds $4 billion, with approximately 40% focused on mixed-use projects. These projects increase the sense of place for the community. INTERNATIONAL • Our international business

• We broadened our

dining offerings, executing 58 new restaurant leases and opening 43 restaurants in 2025, including Eataly, Shake Shack, Tommy Bahama Marlin Bar, and Zaytinya from José Andrés. Our pipeline remains robust with more than 110 restaurant deals underway, including many with nationally and internationally renowned restaurateurs, underscoring the strong appeal of our properties.

contributes 10% of our Portfolio NOI, is

consistently growing and is extremely profitable.

• We opened Jakarta

Premium Outlets ® , our first Premium Outlet Center in Indonesia, which is the fourteenth international country to be home to our Premium Outlets brand.

including Alo Yoga, Birkenstock, Edikted, Google, Gorjana, Grown Brilliance, Gymshark,

we have established a unique position within

loyalty, enabling a robust and compelling program that cannot be replicated within our industry. • We marketed our centers by showcasing our experiences through high-impact photography, video and always-on social media storytelling. Our Meet Me @themall™ brand campaign continued to evolve and earned four industry awards in 2025.

• We continued to add

Mavi, Mejuri, On Running, Pop Mart, Princess Polly, Reformation, Rowan, SKIMS, SUKOSHI, Tecovas, Vuori, and many others. • We enhanced our retailer offerings by adding luxury and highly sought‑after fashion brands across our portfolio. We opened locations with Burberry, Celine, Chanel, Christian Louboutin, David Yurman, Dolce & Gabbana, Golden Goose, Gucci, Loewe,

immersive entertainment operators, including F1 Arcade, Pirates Voyage, and Round1, to diversify the experience offered at our properties.

• Our ability to manage

development projects on different continents is just one of the many things that makes Simon unique. • Our international portfolio includes 24 Premium Outlets and 12 Designer Outlets in 14 countries, The Mall in Italy (2 assets), and approximately 21% interest in Klépierre (which owns more than 130

MARKETING • Our marketing efforts

drove sales, traffic, and shopper engagement through elevated physical and digital customer experiences, supported by compelling storytelling amplified at scale.

Simon+ ® , our new omnichannel loyalty

program, meets the needs of today’s modern shopper while unlocking powerful engagement opportunities for retailers.

Simon Property Group VI

Fashion Valley , San Diego, CA

• Our centers created

Premium Outlets ® , offering private suites and high- touch hospitality. In its first six months, Privée generated incremental sales and strengthened relationships with luxury brands and top customers. The Privée platform will expand in 2026, with tailored, market-specific experiences, services and amenities at select flagship centers. • We optimized our media strategy by shifting investment toward higher-performing social channels, delivering billions of impressions, hundreds of millions of video views, double-digit gains in engagement efficiency and improved cost per store visit, while expanding first- party audiences across social, email and text messaging and earning millions of impressions through public relations to drive a five-point increase in brand awareness.

and visitor bureaus, and hospitality groups to drive visitation, repeat trips and cross-property exposure, reinforcing Simon’s centers as key tourism destinations.

customer experience and premium brand visibility. • Achieved strong results in programmatic advertising on our Digital Screen Network with 33% year- over-year revenue growth. • Accelerated deployment of our ancillary tenant signage program across Malls and Mills properties, adding high-value placements in parking garages, new pylons, and premium wall locations.

memorable, high-impact promotional moments that enhanced the shopping experience across our portfolio, including a nationwide Black Friday surprise-and-delight event that distributed $1 million in gift cards, and exclusive holiday activations that deepened engagement with Simon+ ® members.

SIMON MEDIA & EXPERIENCES • Simon Media &

Experiences provides brands and retailers with unique opportunities to reach shoppers both in our centers and online.

• We drove increased

visitation with scalable proprietary events, led by National Outlet Shopping Day ® , which expanded to four days across 90 centers with 500 retailers and more than 6,200 offers, and generated strong year-over-year shopper traffic gains. Additional experiential programs such as Music @themall™ : Scouting for Stars, a Gen-Z-focused national tour spanning 20+ malls, and thousands of local events further enhanced shopper engagement.

• We continued to lead the industry through

• Our differentiated

go-to-market approach consistently exceeds industry benchmarks and drives meaningful results for our customers and Company. • Expanded and modernized our Digital Screen Network with 1,000+ new screens, significantly

partnerships with world- class brands, including Coca-Cola, Mercedes- Benz, Levi’s, Samsung, Tesla, and Tommy Hilfiger. INNOVATION • Technology is not replacing the shopping experience —

it is enhancing it, and we are leading our industry in that evolution.

increasing impression capacity and enhanced the world’s largest

• Further positioned ShopSimon ®

shopping-center-based digital media platform with over 3,700 screens. • We upgraded our outdoor digital directories at top centers to enhance both

( ShopSimon.com ™) as “the mall that never closes” by integrating its loyalty program into

• Launched Privée , an

• We added new and improved tourism

invitation-only luxury clienteling experience at Woodbury Common

partnerships with tour operators, convention

2025 Annual Report VII

Phillips Place , Charlotte, NC

“Technology is not replacing the shopping experience — it is enhancing it, and we are leading our industry in that evolution.”

COMMUNITY IMPACT • Continued reinforcing Simon centers as vibrant, experience‑driven destinations where consumers come to shop, dine, be entertained, and connect with friends, family and their communities — offering meaningful in-real- life experiences in an increasingly digital world. • Hosted thousands of local community events and activations throughout the year, supporting charitable partners and helping raise millions of dollars for causes that matter in the communities we serve. • Expanded placemaking efforts across the portfolio with new murals, sculptures, art installations, photo moments and educational exhibits — enhancing the environment and creating welcoming spaces for communities to gather. • Simon Youth Foundation

Simon+ ® , creating a unified rewards experience across in-center and online shopping. The marketplace also expanded with new brands, including Michael Kors, MCM, DKNY and MaxMara, broadening assortment and value for consumers and unlocking incremental digital sales opportunities for retailers. • Evolved Simon Search ® into an omnichannel platform, adding more than 70 e-commerce affiliate retailers such as Arc’teryx, Gap, Nike and Ulta, representing over 750,000 products. Artificial Intelligence (“AI”) driven image and data analysis improved product details and search relevance, driving a 500% increase in product search impressions and a 55% increase in keyword searches. • Expanded support for emerging and digitally native brands through strategic collaborations, creating a simplified pathway for e‑commerce retailers to efficiently launch and scale

brick‑and‑mortar locations across our portfolio. • Advanced next-generation mobility technology by piloting autonomous- enabled curbside infrastructure with Autolane at select centers. These orchestrated, technology‑driven curbside zones enhance

convenience today while preparing our

centers for the evolving transportation landscape. • Redesigned our in‑center digital directories with a more intuitive interface, richer localized content, deeper analytics,

operational intelligence and improved mapping, creating a smoother and more modern navigation experience.

• Strategically

implemented AI to elevate the in-center experience, strengthen our consumer-facing digital ecosystem, and drive internal efficiency, innovation and performance.

(“SYF”) celebrated a remarkable milestone

Simon Property Group VIII

Brea Mall , Brea, CA

in resilient assets and cash flow growth. Gen Z, nearly 70 million strong, are flocking back to the mall. And as this generation ages into even greater spending power, their engagement with our centers positions us for continued long-term growth. Online shopping is ubiquitous: our centers are not! On a personal note, I am pleased to share that I am among the top 10 longest- tenured CEOs in the S&P 500, having served for over 32 years. I want to thank our Board of Directors for their significant contributions in 2025. And finally, thank you, our shareholders, for your continued confidence and support. Your perspectives and feedback are always welcome and appreciated.

in 2025 — more than 30,000 students have earned their high school diplomas through Simon Youth Academies since its inception in 1998. SYF believes in an education system that evolves, adapts and meets students where they are, helping them move forward. SYF has now awarded approximately $22.6 million in scholarships to nearly 6,600 students, helping young people stay on track and move forward with confidence. Please read about the good work SYF does at www.syf.org .

• We were highly active in the debt capital markets, completing approximately $9 billion of financing activities. • We ended the year at 5.0-times net debt to EBITDA. • Our liquidity was approximately $9.1 billion at year-end. • Our balance sheet provides a distinct advantage and should not be overlooked. RETURNING CAPITAL TO SHAREHOLDERS • Capital returned to shareholders in 2025 totaled $3.5 billion, comprised of $3.23 billion in dividends and $227 million in share buybacks. • Common stock dividends paid in 2025 were $8.55 per share, an increase of 5.6% from 2024, and we expect to distribute at least $8.80 per share in 2026. • We have paid approximately $48 billion in dividends over our history as a public company. Including our first quarter 2026 declared dividend of $2.20 per share,

we will have cumulatively paid $150 per share in dividends since our IPO. • Earlier this year, your Board

of Directors authorized a new $2 billion stock repurchase program.

CLOSING In summary, 2025 was an excellent year — not simply because of the records we achieved, but because we strengthened what matters most: our assets. Our assets are built to last and are continually improved which supports durable cash flow growth. That principle guided everything we did in 2025 — reinvesting and redeveloping, curating the tenant mix, acquiring selectively, deepening loyalty and digital, and maintaining financial discipline — and it will continue to guide us as it has since our 1993 IPO. Looking ahead, our conviction is unwavering. Supply and demand dynamics remain positive, demand for high- quality physical locations is robust and our A-rated balance sheet gives us the flexibility to invest, resulting

BALANCE SHEET • Prudent balance sheet

management is a trademark of our

Company and central to our ability to execute our long-term strategy.

• We have the highest

investment grade ratings among U.S. retail real estate companies, and we are one of only three U.S. REITs with an “A” stable outlook credit rating or better from Standard & Poor’s.

David Simon CHAIRMAN, CHIEF EXECUTIVE OFFICER & PRESIDENT

March 20, 2026

2025 Annual Report IX

INVESTMENT HIGHLIGHTS

REDEVELOPMENTS/EXPANSIONS

Cherry Creek Shopping Center , Denver, CO

Town Center at Boca Raton , Boca Raton, FL

The Shops at Mission Viejo , Mission Viejo, CA

Simon Property Group

FINANCIAL HIGHLIGHTS

2025

2024

YEAR ENDED DECEMBER 31

Operating Data (in millions) Consolidated Revenue

$ $ $

5,964 4,597 4,877

$ $ $

6,365 4,812 4,663

Real Estate Funds from Operations (Real Estate FFO)

Funds from Operations (FFO)

Per Share Data Net Income Per Diluted Share Real Estate FFO Per Diluted Share

$ $ $ $ $

7.26

$ $ $ $ $

14.17 12.73 12.34

12.24

FFO Per Diluted Share

12.99

Dividends Per Share

8.10

8.55

Common Stock Price at December 31

172.21

185.11

Stock and Limited Partnership Units Outstanding Shares of Common Stock (in thousands)

326,278

325,224 55,690 380,914

Limited Partnership Units (in thousands)

50,760

Total Common Stock and Limited Partnership Units

377,038

Total Equity Capitalization (in millions)

$ 64,992 $ 99,129

$ 70,564 $ 105,999

Total Market Capitalization (1) (in millions)

Other Data Total Number of Properties in the U.S.

194

212

U.S. Square Footage (in thousands)

170,675

188,430

Total Number of International Properties International Square Footage (in thousands)

11,898

17,278

(1) Includes our share of consolidated and joint venture debt.

Consolidated Revenue $ in billions

Dividends Per Share

Beneficial Interest of Combined NOI $ in billions

Real Estate FFO Per Diluted Share

This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2025 results and SEC filings on our website at investors.simon. com. This report also references non-GAAP financial measures including funds from operations, or FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2025 results and SEC filings under Financials / Quarterly Reports at investors.simon.com .

Scan the QR code for Simon’s 2024 Sustainability Report.

For more information, visit simon.com .

2025 Annual Report XI

BOARD OF DIRECTORS, EXECUTIVE OFFICERS AND MEMBERS OF SENIOR MANAGEMENT AS OF MARCH 31, 2026

BOARD OF DIRECTORS Glyn F. Aeppel President and Chief Executive Officer of

EXECUTIVE OFFICERS Eli M. Simon Director, Chief Executive Officer, President and Chief Operating Officer Steven E. Fivel General Counsel and Secretary John Rulli Chief Administrative Officer Brian J. McDade Executive Vice President and Chief Financial Officer NORTH AMERICAN REAL ESTATE Jonathan Murphy Co-President—North American Real Estate Eric Sadi Co-President—North American Real Estate MALLS Vicki Hanor Senior Executive Vice President and Managing D irector—Luxur y Leasing Pervis H. Bearden, Jr. Executive Vice President—Leasing Mark W. Dreflak Executive Vice President—Leasing Richey Neeson Executive Vice President—Leasing Ruben Perez Executive Vice President—Leasing Natalie Turpan Executive Vice President—Leasing THE MILLS AND PREMIUM OUTLETS Gary Duncan President—The Mills and Premium Outlets Peter Baxter Executive Vice President—Luxury Leasing Jay E. Buckey Executive Vice President—Leasing Rhonda D. Bandy Senior Vice President—Leasing W. Bradford Cole Senior Vice President—Leasing

CORPORATE Richard S. Sokolov Director and Vice Chairman Stanley Shashoua President—International Real Estate Mark J. Silvestri President—Simon Development Kevin M. Kelly Assistant General Counsel and Assistant Secretary Michele Walton Executive Vice President—Administration and Legal Services Donald Frey Executive Vice President and Treasurer Chip Harding Executive Vice President—Simon Media & Experiences Michael Romstad Executive Vice President—Property Management Lee Sterling Reporting and Operations Joseph W. Chiappetta Senior Vice President—Business Solutions and Chief Technology Officer Matthew Jackson Senior Vice President and Assistant Treasurer Patrick M. Peterman Senior Vice President—Mixed-Use Adam J. Reuille Senior Vice President and Chief Accounting Officer Michael H. Rodriques Senior Vice President—Construction Sundesh N. Shah Senior Vice President—Specialty Development Kathleen Shields Senior Vice President—Development Thomas Ward Senior Vice President—Investor Relations Brian J. Warnock Senior Vice President—Acquisitions and Financial Analysis Chief Marketing Officer Steven K. Broadwater Senior Vice President—Financial

Glencove Capital Martin J. Cicco

Former Head of Real Estate Advisory at Evercore and Global Head of Real Estate Investment Banking at Merrill Lynch Larry C. Glasscock Non-Executive Chairman of the Board and Former Chairman of Anthem, Inc. Nina P. Jones Retired Vice President and Portfolio Manager of T. Rowe Price Reuben S. Leibowitz Managing Member of JEN Partners Randall J. Lewis Managing Partner, Cleveland Avenue LLC Gary M. Rodkin Retired Chief Executive Officer of ConAgra Foods, Inc. Peggy Fang Roe Executive Vice President and Chief Customer Officer of Marriott International Stefan M. Selig Founder of BridgePark Advisors LLC Eli M. Simon Director, Chief Executive Officer, President and Chief Operating Officer of Simon Property Group, Inc. Daniel C. Smith, Ph.D. Clare W. Barker Professor of Marketing, Indiana University, Kelley School of Business Richard S. Sokolov Director and Vice Chairman of Simon Property Group, Inc. Marta R. Stewart Retired Executive Vice President and Chief Financial Officer of Norfolk Southern Corporation

AUDIT COMMITTEE Marta R. Stewart, Chair

Larry C. Glasscock, Nina P. Jones, Reuben S. Leibowitz, Randall J. Lewis, Stefan M. Selig

COMPENSATION AND HUMAN CAPITAL COMMITTEE Reuben S. Leibowitz, Chair Stefan M. Selig, Daniel C. Smith, Ph.D. GOVERNANCE AND NOMINATING COMMITTEE Glyn F. Aeppel, Chair Larry C. Glasscock, Gary M. Rodkin, Peggy Fang Roe

Simon Property Group XII

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No:. 001-14469 (Simon Property Group, Inc.) Commission File No: 001-36110 (Simon Property Group, L.P.)

SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter)

Indiana (Simon Property Group, Inc.) Indiana (Simon Property Group, L.P.) (State or other jurisdiction of incorporation or organization)

04-6268599 (Simon Property Group, Inc.) 34-1755769 (Simon Property Group, L.P.)

(I.R.S. Employer Identification No.)

225 West Washington Street Indianapolis, Indiana 46204 (Address of principal executive offices) (ZIP Code) (317) 636-1600 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols

Name of each exchange on which registered

Simon Property Group, Inc. Simon Property Group, Inc.

Common stock, $0.0001 par value 8 3 / 8 % Series J Cumulative Redeemable Preferred Stock, $0.0001 par value

SPG

New York Stock Exchange New York Stock Exchange

SPGJ

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Simon Property Group, Inc. Yes ☒ No  Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Simon Property Group, Inc. Yes  No ☒ Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Simon Property Group, Inc. Yes ☒ No  Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Simon Property Group, Inc. Yes ☒ No  Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Simon Property Group, Inc.: Large accelerated filer ☒ Accelerated filer  Non-accelerated filer  Simon Property Group, L.P. Yes  No  Accelerated filer  Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Simon Property Group, Inc.  Simon Property Group, L.P.  Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Simon Property Group, Inc. ☒ Simon Property Group, L.P. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the corrections of an error to previously issued financial statements. Simon Property Group, Inc.  Simon Property Group, L.P.  Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Simon Property Group, Inc.  Simon Property Group, L.P.  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b of the Act). Simon Property Group, Inc. Yes ☐ No  Simon Property Group, L.P. Yes ☐ No  The aggregate market value of shares of common stock held by non-affiliates of Simon Property Group, Inc. was approximately $52,048 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2025. Smaller reporting company ☐ Emerging growth company ☐ Simon Property Group, L.P.: Large accelerated filer  Non-accelerated filer ☒

As of January 31, 2026, Simon Property Group, Inc. had 324,945,274 and 8,000 shares of common stock and Class B common stock outstanding, respectively. Simon Property Group, L.P. had no publicly-traded voting equity as of June 30, 2025. Simon Property Group, L.P. has no common stock outstanding. Documents Incorporated By Reference Portions of Simon Property Group, Inc.’s Proxy Statement in connection with its 2026 Annual Meeting of Stockholders are incorporated by reference in Part III.

EXPLANATORY NOTE This report combines the annual reports on Form 10-K for the annual period ended December 31, 2025 of Simon Property Group, Inc., an Indiana corporation, and Simon Property Group, L.P., an Indiana limited partnership. 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. Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of December 31, 2025, Simon owned an approximate 85.4% ownership interest in the Operating Partnership, with the remaining 14.6% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management. We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements. We believe that combining the annual reports on Form 10-K of Simon and the Operating Partnership into this single report provides the following benefits: • enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; • eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and • creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties. The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same.

To help investors understand the differences between Simon and the Operating Partnership, this report provides: • separate consolidated financial statements for Simon and the Operating Partnership; • a single set of notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable; • a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and • separate Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities sections related to each entity. This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business. In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

Simon Property Group, Inc. Simon Property Group, L.P. Annual Report on Form 10-K

December 31, 2025 TABLE OF CONTENTS

Item No.

Page No.

Part I

1. Business ......................................................................... 1A. Risk Factors ...................................................................... 1B. Unresolved Staff Comments ......................................................... 1C. Cybersecurity ..................................................................... 2. Properties ........................................................................ 3. Legal Proceedings ................................................................. 4. Mine Safety Disclosures ............................................................ 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities ..................................................... 6. Reserved ......................................................................... 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . 7A. Quantitative and Qualitative Disclosure About Market Risk ............................... 8. Financial Statements and Supplementary Data ......................................... 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure . . . 9A. Controls and Procedures ........................................................... 9B. Other Information .................................................................. Part II 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections ...................... Part III 10. Directors, Executive Officers and Corporate Governance ................................ 11. Executive Compensation ........................................................... 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters .............................................................. 13. Certain Relationships and Related Transactions and Director Independence ................ 14. Principal Accountant Fees and Services .............................................. Part IV 15. Exhibits and Financial Statement Schedules ........................................... 16. Form 10-K Summary ...............................................................

11 26 27 29 56 56 57 58 59 79 8 0

144 144 146 146 146 146 146 146 147

148 148

Signatures .......................................................................

156

Part I

Item 1. Business 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 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. Internationally, as of December 31, 2025, we had ownership interests 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); 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. For a description of our operational strategies and developments in our business during 2025, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K. Other Policies The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities. One or more of these policies may be amended or rescinded from time to time without a stockholder vote. Investment Policies While we emphasize equity real estate investments, we may also provide secured financing to or invest in equity or debt securities of other entities engaged in real estate activities or securities of other issuers consistent with Simon’s qualification as a REIT. However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that Simon cannot make an investment that would cause its real estate assets and certain other qualifying assets (such as cash) to be less than 75% of its total assets. Simon must also derive at least 75% of its gross income directly or indirectly from investments relating to real property or mortgages on real property, including “rents from real property,” dividends from other REITs and, in certain circumstances, interest from certain types of temporary investments. In addition, Simon must also derive at least 95% of its gross income from such real property investments, and from dividends, interest and gains from the sale or dispositions of stock or securities or from other combinations of the foregoing. Subject to Simon’s REIT limitations, we may invest in the securities of other issuers in connection with acquisitions of indirect interests in real estate. Such an investment would normally be in the form of general or limited partnership or membership interests in special purpose partnerships and limited liability companies that own one or more properties. We may, in the future, acquire all or substantially all of the securities or assets of other REITs, management companies or similar entities where such investments would be consistent with our investment policies. Additionally we have and may in the future make investments in entities engaged in non-real estate activities, primarily through a taxable REIT subsidiary, similar to the investments we currently hold in certain retail operations.

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