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
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