Certain Activities
During the past three years, we have: • issued 171,558 shares of Simon common stock upon the exchange of units in the Operating Partnership; • issued 820,977 restricted shares of Simon common stock and 724,222 long-term incentive performance units, or LTIP units, net of forfeitures, under the Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan; • purchased 2,519,923 shares of Simon common stock in the open market at an average price of $145.81 per share for $367.4 million pursuant to a repurchase program; • issued a combined total of 8,278,193 units in the Operating Partnership as part of the consideration for the acquisition of additional interests in TRG, which increased our ownership interest in TRG from 80% to 100%, as discussed in Notes 4 and 6; • redeemed 444,101 units in the Operating Partnership for $63.1 million at an average price of $142.08 per unit in cash; • borrowed a maximum amount of $1.0 billion under the Credit Facilities; the outstanding amount of borrowings under the Credit Facility was $460.0 million as of December 31, 2025. There were no borrowings under the Supplemental Facility as of December 31, 2025; • there were $355.0 million outstanding borrowings under the Commercial Paper program as of December 31, 2025; and • provided annual reports containing financial statements audited by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders. Human Capital At December 31, 2025, we and our affiliates employed approximately 3,600 persons at various properties and offices throughout the United States, of which approximately 500 were part-time. Approximately 1,000 of these employees were located at our corporate headquarters in Indianapolis, Indiana. We believe our employees are the driving force behind our success. To ensure we continue to attract, develop and retain the best talent across the organization, we invest in our employees and provide equal opportunities. We offer a variety of ongoing talent programs that foster continual development, high performance and overall organizational effectiveness, including a series of leadership development programs. We conduct an annual talent-assessment process for selected business functions within our corporate and field organizations that includes plans for individual employee career development and long-term leadership succession, and also conduct an annual performance appraisal process for all regular employees. We are focused on providing a work environment that is free from any form of discrimination or harassment for any protected class and also embraces a code of conduct. We have an internal policy of targeted solutions for employees and an annual process of assessment, action and evaluation led by our human resources department. Our compensation program is designed to, among other things, attract, retain and motivate talented and experienced individuals using a mix of competitive salaries, bonuses, equity based awards and other benefits. Government Regulations Affecting Our Properties We are subject to federal, state and local environmental regulations that apply generally to the ownership of real property and the operations conducted on real property. As of December 31, 2025, we are not aware of any environmental conditions or material costs of complying with environmental or other regulations that would have a material adverse effect on our overall business, financial condition, or results of operations. However, it is possible that we are not aware of, or may become subject to, potential environmental liabilities or material costs of complying with governmental regulations that could be material. See further discussion in Item 1A. Risk Factors. Corporate Headquarters Our corporate headquarters are located at 225 West Washington Street, Indianapolis, Indiana 46204, and our telephone number is (317) 636-1600.
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