On December 31, 2025, we had an aggregate available borrowing capacity of approximately $7.7 billion under the Credit Facilities, net of letters of credit of $3.1 million. For the year ended December 31, 2025, the maximum aggregate outstanding balance under the Credit Facilities was $1.0 billion and the weighted average outstanding balance was $693.4 million. The weighted average interest rate was 4.30% for the year ended December 31, 2025. Simon has historically had access to public equity markets and the Operating Partnership has historically had access to private and public, short and long-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level. Our business model and Simon’s status as a REIT require us to regularly access the debt markets to raise funds for acquisition, development and redevelopment activity, and to refinance maturing debt. Simon may also, from time to time, access the equity capital markets to accomplish our business objectives. We believe we have sufficient cash on hand and availability under the Credit Facilities and the Commercial Paper program to address our debt maturities and capital needs through 2026. Cash Flows Our net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $4.5 billion during 2025. In addition, we had net proceeds from our debt financing and repayment activities of $390.4 million in 2025. These activities are further discussed below under “Financing and Debt.” During 2025, we also: • funded acquisition activity for aggregate cash consideration of $1.1 billion, • recognized an increase in cash due to the acquisition and consolidation of property of $104.8 million, • paid stockholder dividends and unitholder distributions totaling approximately $3.2 billion and preferred unit distributions totaling $4.5 million, • funded consolidated capital expenditures of $934.3 million (including development and other costs of $22.2 million, redevelopment and expansion costs of $417.3 million, and tenant costs and other operational capital expenditures of $494.8 million),
• funded the redemption of $7.3 million Operating Partnership units, • funded the repurchase of $226.8 million of Simon’s common stock, • funded investments in unconsolidated entities of $62.4 million, and • received proceeds from the sale of equity instruments of $96.2 million.
In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures, and dividends to stockholders and/or distributions to partners necessary to maintain Simon’s REIT qualification on a long-term basis. In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital: • excess cash generated from operating performance and working capital reserves, • borrowings on the Credit Facilities and Commercial Paper program,
• additional secured or unsecured debt financing, or • additional equity raised in the public or private markets.
We expect to generate positive cash flow from operations in 2026, and we consider these projected cash flows in our sources and uses of cash. These cash flows are principally derived from rents paid by our tenants. A significant deterioration in projected cash flows from operations, could cause us to increase our reliance on available funds from the Credit Facilities and Commercial Paper program, further curtail planned capital expenditures, or seek other additional sources of financing.
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