2025 SIMON® Annual Report

 Fashion Valley , San Diego, CA

• Our centers created

Premium Outlets ® , offering private suites and high- touch hospitality. In its first six months, Privée generated incremental sales and strengthened relationships with luxury brands and top customers. The Privée platform will expand in 2026, with tailored, market-specific experiences, services and amenities at select flagship centers. • We optimized our media strategy by shifting investment toward higher-performing social channels, delivering billions of impressions, hundreds of millions of video views, double-digit gains in engagement efficiency and improved cost per store visit, while expanding first- party audiences across social, email and text messaging and earning millions of impressions through public relations to drive a five-point increase in brand awareness.

and visitor bureaus, and hospitality groups to drive visitation, repeat trips and cross-property exposure, reinforcing Simon’s centers as key tourism destinations.

customer experience and premium brand visibility. • Achieved strong results in programmatic advertising on our Digital Screen Network with 33% year- over-year revenue growth. • Accelerated deployment of our ancillary tenant signage program across Malls and Mills properties, adding high-value placements in parking garages, new pylons, and premium wall locations.

memorable, high-impact promotional moments that enhanced the shopping experience across our portfolio, including a nationwide Black Friday surprise-and-delight event that distributed $1 million in gift cards, and exclusive holiday activations that deepened engagement with Simon+ ® members.

SIMON MEDIA & EXPERIENCES • Simon Media &

Experiences provides brands and retailers with unique opportunities to reach shoppers both in our centers and online.

• We drove increased

visitation with scalable proprietary events, led by National Outlet Shopping Day ® , which expanded to four days across 90 centers with 500 retailers and more than 6,200 offers, and generated strong year-over-year shopper traffic gains. Additional experiential programs such as Music @themall™ : Scouting for Stars, a Gen-Z-focused national tour spanning 20+ malls, and thousands of local events further enhanced shopper engagement.

• We continued to lead the industry through

• Our differentiated

go-to-market approach consistently exceeds industry benchmarks and drives meaningful results for our customers and Company. • Expanded and modernized our Digital Screen Network with 1,000+ new screens, significantly

partnerships with world- class brands, including Coca-Cola, Mercedes- Benz, Levi’s, Samsung, Tesla, and Tommy Hilfiger. INNOVATION • Technology is not replacing the shopping experience —

it is enhancing it, and we are leading our industry in that evolution.

increasing impression capacity and enhanced the world’s largest

• Further positioned ShopSimon ®

shopping-center-based digital media platform with over 3,700 screens. • We upgraded our outdoor digital directories at top centers to enhance both

( ShopSimon.com ™) as “the mall that never closes” by integrating its loyalty program into

• Launched Privée , an

• We added new and improved tourism

invitation-only luxury clienteling experience at Woodbury Common

partnerships with tour operators, convention

2025 Annual Report VII

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