2025 Simon National Conference
“ Our portfolio is strategically positioned for continued growth and strengthened by our ongoing investments. ”
• We have paid approximately $45 billion in dividends over our history as a public company. At our current dividend rate, by the third quarter of 2025, we will have cumulatively paid approximately $145.00 per share in dividends since our IPO. CLOSING In summary, 2024 was an excellent year. We delivered industry-leading results through hard work, innovation, great people and great assets. Our portfolio is strategically positioned for continued growth and strengthened by our ongoing investments. We remain committed to maintaining our leadership by creating unique and memorable experiences for both shoppers and retailers. As we look ahead, our confidence in our business remains unwavering, even amid recent economic uncertainty. We have faced periods of instability and various economic cycles in our past and have always managed successfully,
as our hands are steady. Throughout our history, those periods are when we have done some of our best work. I want to thank our Board of Directors for their contributions in 2024. I would also like to extend my gratitude to Herb Simon, who recently retired, and Al Hubbard, who will be retiring from our Board of Directors in May, for their distinguished service to our Board of 31 and 16 years, respectively. Finally, I also thank you, our shareholders, for your continued confidence and support. Your comments and thoughts are always welcome and appreciated.
• Our liquidity was more than $10 billion at year-end.
• Our financial flexibility and access to capital are keys to implementing our long-term growth strategy.
RETURNING CAPITAL TO SHAREHOLDERS
• Common stock dividends paid in 2024 were $8.10 per share, an increase of 8.7% from 2023, and we expect to distribute at least $8.40 per share in 2025.
David Simon CHAIRMAN, CHIEF EXECUTIVE OFFICER & PRESIDENT March 21, 2025
2024 Annual Report IX
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