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
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