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
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