Part II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Simon Market Information Simon’s common stock trades on the New York Stock Exchange under the symbol “SPG”. Holders The number of holders of record of common stock outstanding was 957 as of January 31, 2026. The Class B common stock is subject to a voting trust in which David Simon and Eli Simon are trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders. Dividends Simon must pay a minimum amount of dividends to maintain its status as a REIT. Simon’s future dividends and future distributions of the Operating Partnership will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT. Common stock cash dividends paid during 2025 aggregated $8.55 per share. Common stock cash dividends during 2024 aggregated $8.10 per share. On February 2, 2026, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2026 of $2.20 per share, payable on March 31, 2026 to shareholders of record on March 10, 2026. We offer a dividend reinvestment plan that allows Simon’s stockholders to acquire additional shares by automatically reinvesting cash dividends. Shares are acquired pursuant to the plan at a price equal to the prevailing market price of such shares, without payment of any brokerage commission or service charge. Unregistered Sales of Equity Securities There were no unregistered sales of equity securities made by Simon during the quarter ended December 31, 2025. Issuances Under Equity Compensation Plans For information regarding the securities authorized for issuance under our equity compensation plans, see Item 12 of this Annual Report on Form 10-K. Issuer Purchases of Equity Securities The following table sets forth information regarding Simon’s purchases of shares of common stock during the three months ended December 31, 2025. Total number Approximate of shares value of shares purchased as that may yet Total number Average part of publicly be purchased of shares price paid announced under Period purchased per share plans plans (1) October 1, 2025 - October 31, 2025. . . . . . . . . . . . . — $ — — $ 2,000,000,000 November 1, 2025 - November 30, 2025. . . . . . . . . — $ — — $ 2,000,000,000 December 1, 2025 - December 31, 2025. . . . . . . . . 1,246,190 $ 182.02 1,246,190 $ 1,773,173,608 1,246,190 $ 182.02 1,246,190 (1) On February 8, 2024, Simon’s Board of Directors authorized a common stock repurchase program under which Simon was permitted to purchase up to $2.0 billion of its common stock during the two-year period commencing February 8, 2024 and ending on February 15, 2026 in the open market or in privately negotiated transactions as market conditions warrant. On February 5, 2026, Simon’s Board of Directors authorized a new common stock repurchase program, which immediately replaced the existing repurchase plan. Under the new plan, Simon may purchase up to $2.0 billion
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