2025 SIMON® Annual Report

Mortgage and Unsecured Debt As of December 31, 2025 (Dollars in thousands)

(1) Variable rate loans based on one-month (1M) SOFR plus interest rate spreads ranging from 110 bps to 310 bps. As of December 31, 2025, 1M SOFR was 3.6875%.Requires monthly payment of interest only. (2) Requires monthly payment of interest only. (3) Includes applicable extension available at the Applicable Borrower's option. (4) Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of commercial paper at December 31, 2025. (5) Amount shown in USD equivalent. CAD Equivalent is 421.5 million. (6) Requires annual payment of interest only. (7) Variable rate loans based on Cost of Fund plus an interest rate spread of 150 bps. As of December 31, 2025, Cost of Fund was 3.63%. (8) Mortgage is outstanding as of 12/31/2025. (9) Amount shown in USD Equivalent. Ringgit equivalent is 9.1 million. (10) Amount shown in USD equivalent. Euro equivalent is 734.6 million. (11) Amount shown in USD equivalent. Baht equivalent is 1.8 billion. (12) Variable rate loan based on 1M SOFR plus an interest rate spread of 165 bps. Through an interest rate swap agreement, 1M SOFR is currently fixed at 3.41%. (13) Amount shown in USD equivalent. Euro equivalent is 750.0 million. (14) Requires semi-annual payments of interest only. (15) Credit Facility. As of December 31, 2025, the Credit Facility bears interest at a SOFR index subject to a 8 bps adjustment plus 70.0 bps credit spread. The credit facility provides for different pricing based upon our investment grade rating. Through an interest rate swap agreement, the SOFR index is currently fixed at 3.325%. As of December 31, 2025, $7.7 billion was available after outstanding borrowings and letters of credit under our Credit Facilities. (16) Variable rate loan based on 1M SOFR plus an interest rate spread of 160 bps. Through an interest rate cap agreement, 1M SOFR is currently fixed at 5.50%. (17) Amount shown in USD equivalent. Won Equivalent is 1.5 trillion. (18) City of Sunrise Bond Liability (Sawgrass Mills) and purchase accounting adjustments. (19) Loans secured by these three properties are cross-collateralized and cross-defaulted. (20) Loans secured by these two properties are cross-collateralized and cross-defaulted. (21) Amount shown in USD equivalent. GBP equivalent is 168.5 million. (22) Variable rate loan based on 3M EURIBOR plus interest rate spread of 225 bps. Through an interest rate cap agreement 3M EURIBOR is capped at 3.50%. (23) Variable rate loan based on 3M EURIBOR plus interest rate spread of 170 bps. Through an interest rate swap agreement 3M EURIBOR is fixed at 2.318%. (24) Variable rate loan based on 3M EURIBOR plus an interest rate spread of 240 bps. Through an interest rate swap agreement, 3M EURIBOR is currently fixed at 3.00%. (25) Variable rate loan based on 3M EURIBOR plus an interest rate spread of 250bps. Through an interest rate swap agreement, 3M Euribor is currently fixed at 1.7495% on a portion of the balance. As of December 31, 2025, 3M EURIBOR was 2.026%. (26) Amount shown in USD Equivalent. Yen equivalent is 43.8 billion. (27) Associated with this loan is an interest rate swap agreement that effectively fixes the interest rate on this loan at the all-in rate presented.