2025 SIMON® Annual Report

The following schedule reconciles consolidated net income to our beneficial share of NOI.

For the Year Ended December 31, 2025 2024 (in thousands)

Reconciliation of NOI of consolidated entities: Consolidated Net Income ..................................................... Incomeandothertaxexpense .................................................. Loss (gain) due to disposal, exchange, or revaluation of equity interests, net. . . . . . . . . . . . . . . Interestexpense............................................................. Incomefromunconsolidatedentities.............................................. Unrealized losses in fair value of publicly traded equity instruments and derivative instrument,net............................................................. (Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net . . . . . . . . . . . . . . . . . . . . Operating Income Before Other Items ........................................... Depreciationandamortization................................................... Homeandregionalofficecosts.................................................. Generalandadministrative..................................................... Otherexpenses(1)........................................................... NOI of consolidated entities ................................................... Less: Noncontrolling interest partners share of NOI ............................... Beneficial NOI of consolidated entities .......................................... Reconciliation of NOI of unconsolidated entities: Net Income ................................................................. Interestexpense............................................................. (Gain) loss on sale or disposal of, or recovery on, assets and interests in unconsolidated entities,net................................................................ Operating Income Before Other Items ........................................... Depreciationandamortization................................................... Otherexpenses(2)........................................................... NOI of unconsolidated entities ................................................. Less: Joint Venture partners share of NOI ....................................... Beneficial NOI of unconsolidated entities ........................................ Add: Beneficial interest of NOI from TRG (3) ..................................... Add: Beneficial interest of NOI from other platform investments and investments . . . . . . Beneficial interest of Combined NOI ............................................ Less: Beneficial interest of Corporate and Other NOI Sources (4) .................... Less: Beneficial interest of NOI from other platform investments (5) ................. Less: Beneficial interest of NOI from Investments (6) .............................. Beneficial interest of Portfolio NOI ............................................. Beneficial interest of Portfolio NOI Change ......................................

$ 5,364,120

$ 2,729,021

35,788 86,119

23,262

(451,172) 905,797 (207,322)

974,835 (504,088)

106,082

17,392

(2,887,460) 3,175,396 1,426,423

75,818

3,092,796 1,265,340

251,748 60,888

223,277 44,743

260

818

$ 4,914,715

$ 4,626,974

(43,016)

(32,605)

$ 4,871,699

$ 4,594,369

$ 917,853

$ 707,246

719,938

711,402

(23,865)

36,536

1,613,926

1,455,184

653,488

636,218 73,152

—

$ 2,267,414

$ 2,164,554

(1,181,628)

(1,134,573)

$ 1,085,786

$ 1,029,981

459,090 414,129

533,009 208,043

$ 6,830,704

$ 6,365,402

299,387 150,336 263,793

313,566 (42,094) 250,049

$ 6,117,188

$ 5,843,881

4.7 %

(1) Represents the write-off of pre-development costs in consolidated entities. (2) Represents the gross amount of write-offs at unconsolidated entities of pre-development costs, our share of which was $57.0 million, including costs that SPG has capitalized outside of the venture, for the year ended December 31, 2024. (3) Beneficial interest of NOI from TRG prior to the TRG Acquisition.