2024 SIMON® Annual Report

Simon Property Group (NYSE: SPG) 2024 Annual Report (Form 10-K)

CONTENTS

FROM THE CHAIRMAN, CEO & PRESIDENT

X INVESTMENT HIGHLIGHTS XI FINANCIAL HIGHLIGHTS XII BOARD OF DIRECTORS & MANAGEMENT 1 10-K 60 MANAGEMENT’S DISCUSSION & ANALYSIS 80 FINANCIAL STATEMENTS

FROM THE CHAIRMAN, CEO & PRESIDENT

DEAR FELLOW SHAREHOLDERS, Let me begin by thanking all Simon Property Group (“SPG,” “Simon” or the “Company”) associates for delivering yet another record-breaking year. We achieved record highs in total revenue, Domestic Property Net Operating Income (“NOI”), Funds From Operations (“FFO”) per share, dividends per share, leasing volumes and retailer sales. We recently hosted our National Conference in our hometown of Indianapolis, where our field management associates gathered with our corporate team for three days of innovating idea exchanges, corporate strategy updates, social interaction and an awards ceremony to celebrate and recognize the best at Simon. Following the Conference, the entire Simon team is energized and confident in delivering another strong year in 2025.

David Simon CHAIRMAN, CHIEF EXECUTIVE OFFICER & PRESIDENT

$6.0 Billion Consolidated Revenue $4.9 Billion FFO $6.4 Billion Beneficial Interest Of Combined NOI $3.0 Billion Cash Dividends Paid

The central theme of our Conference, “Now. New. Next.,” perfectly captures our mindset. As I look back on our recent accomplishments and industry-leading performance, I can’t think of a better mantra to describe what we are all about. We are laser-focused on today, but always looking forward to improving leasing and development activities, property management operations, capital structure, our omnichannel and marketing initiatives, ensuring we stay innovative, efficient and agile. My role as Chairman and CEO is to find the right balance between our product (the asset) and profitability, the 2P’s. We work in unison to deliver a better product for our consumers and retailers. Our asset focus encompasses many areas, including the appropriate tenant mix, ambiance, services and amenities, and our connection with the consumer. We are transforming our properties through our extensive redevelopment and expansion initiatives

and introducing innovations to make the shopping experience easier, convenient and more vibrant. We have never been more excited about our ability to improve our product and deliver more of what today’s discerning shopper wants. Our job is to continuously upgrade the merchandise mix and create unique gathering places for the communities in which we operate. We continue to differentiate our Company through investments in our physical assets, adding hospitality, wellness, food & entertainment, e-commerce, retail brands and growth stage companies that operate at the intersection of retail and technology driving forward cutting-edge customer experiences. We have built strong relationships with market leaders and entrepreneurs who understand the value of physical space and the needs of today’s consumers. Integrating mixed-use components, such as hotels and residential units, reflects our commitment to enhancing our properties in prime locations.

Simon Property Group

Copley Place, Boston, MA

Now let’s turn to profitability. We evaluate all investment opportunities through a rigorous profitability lens with a focus on long-term value creation. This approach (indoctrinated in our culture) has driven sustained growth in cash flow, FFO and dividends. Over the past four years, our FFO per share and dividends paid to shareholders have grown at a compound annual rate of 9% and 8%, respectively. With that backdrop, let’s turn to our 2024 highlights.

• Our share of Domestic

and outperformed the MSCI US REIT Index (“RMS”) and the S&P 500 Index. SPG has outperformed the RMS in each of the last four years and has outperformed the S&P 500 in three of the last four years. • Ownership of SPG common stock has provided a total return to shareholders of 4,000% since our 1993 IPO. NEW DEVELOPMENT • We opened a fully leased, 338,000 square foot Premium Outlet Center in Tulsa, Oklahoma. The center features over 75 shops and eateries, including 30 first-to-market retailers and restaurants. It also offers an interactive children’s play area, green spaces for gatherings, and a variety of amenities including a fire pit, fountain areas and sculptures crafted by local and regional artists. I am happy to report that sales at Tulsa Premium Outlets ® are exceeding retailers’ expectations.

Property NOI grew 4.7%, or $246 million year-over-year, to $5.52 billion (record) . • Our share of Portfolio NOI, including international properties on a constant currency basis, grew 4.6%, or $255 million, to $5.84 billion (record) . • We generated $1.9 billion of cash flow, after our dividend payments of $3.0 billion (record) . • Occupancy for our U.S. Malls and Premium Outlets ® increased 70 basis points and ended the year at 96.5%. The Mills ® occupancy ended the year at 98.8% (record) and Taubman Realty Group (“TRG”) ended at 94.9%. • Reported retailer sales for our U.S. Malls and Premium Outlets were $739 per square foot. The Mills and TRG recorded sales levels of $677 per square foot and $1,140 per square foot, respectively. • The total return on our stock, including dividends, was 26.9%

FINANCIAL RESULTS AND OPERATING METRICS

We posted record and sector-leading financial results in 2024, including: • Consolidated revenue increased 5.4% to $5.96 billion (record) . • Net income was $2.37 billion, or $7.26 per diluted share. • FFO was $4.88 billion, or $12.99 per diluted share (record) . • Real Estate FFO was $4.60 billion, or $12.24 per diluted share (record) .

2024 Annual Report III

• We continue to carefully assess new development opportunities, such as our recently announced potential ground-up project in Nashville, Tennessee. REDEVELOPMENT AND EXPANSIONS INCLUDING THE ADDITION OF MIXED-USE COMPONENTS • We completed fifteen redevelopment and expansion projects across all our platforms in the U.S. during the year. • We opened 31 anchor/specialty tenants in 2024 and expect to open at least 60 over the next two years. • By repurposing and redeveloping former department store spaces, we added dynamic new offerings such as Dick’s House of Sport, Kowalski’s Market, Primark and Scheels. • We continue to add mixed-use components to our market-leading real estate. More than 320 hotel and residential units opened in 2024 and another approximately 1,200 units are to open in 2025 and 2026 at high-quality centers such as Northgate Station in Seattle, Washington, and Briarwood Mall ® in Ann Arbor, Michigan; with entitlements for more than 1,000 units/keys to be added over the next few years at Brea Mall ® in Brea, California and Roosevelt Field ® on Long Island. • With tenant demand outpacing supply, our portfolio is well- positioned for growth and further redevelopment and expansion. We have the financial strength to invest in these opportunities. INTERNATIONAL • Our international business has been a very important component of our profitability. • We are excited about our recently completed acquisition of The Mall Luxury Outlets (“The Mall”) in Italy.

The Mall includes two stunning retail centers, one in Leccio, near Florence, and the other in Sanremo, on the Italian Riviera. These centers are unique retail environments with exciting growth opportunities. • Our international portfolio includes 24 Premium Outlets and 12 Designer Outlets in 14 countries, The Mall Outlets in Italy, a 22.4% interest in Klépierre (which owns more than 130 properties in 14 European countries), where I have been the Chairman of the Supervisory Board for 13 years. Klépierre has continued to outperform its peers in Europe. We also own four mall properties in Asia. • We opened a significant expansion in South Korea at the highly productive Busan Premium Outlets. • We recently opened Jakarta Premium Outlets, ® our first Premium Outlet Center in Indonesia, which is the fourteenth country to be home to our Premium Outlets brand. LEASING • We executed approximately 5,500 leases totaling over 21 million square feet (record) . • We continued the expansion of luxury and highly desirable fashion houses across our portfolio as we executed multiple deals with many of the world’s leading brands. During 2024, we opened locations with Alexander McQueen, Balenciaga, BOSS Hugo Boss, Burberry, Chanel, David Yurman, Dior, Dolce & Gabbana, Etro, Gucci, Hermès, Loewe, Prada, Tory Burch, Van Cleef & Arpels, and Versace, among others. • Brick-and-mortar stores are essential to any retailer’s success. Exciting new growth brands continue to select our properties for expansion, including Alo Yoga, BYLT, Edikted, fever, Gorjana, Gymshark, Mango, Marine Layer, Mejuri, On Running, Princess Polly, Reformation, Rothy’s, Rowan, SKIMS, Tecovas, Vuori, and Yeti.

The Mall Sanremo, Sanremo, Italy

La Plaza, McAllen, TX

Simon Property Group IV

CURATING CREATIVE RETAIL

“Our job is to continuously upgrade the merchandise mix and create unique gathering places for the communities in which we operate.” —David Simon, Chairman, CEO & President

2024 Annual Report

• We continued to add diverse and sophisticated restaurants across our portfolio, executing 47 new restaurant deals and opening 38 restaurants in 2024, with an additional 100 in the pipeline. • We added interactive entertainment operators, including CAMP, Gametime Lanes & Entertainment, Immersive Gamebox, Puttshack, and Round1, to enhance the experience offered at our properties.

• We launched a national advertising campaign, “Meet Me @themall,™” targeting both Gen Z and Moms and effectively tapped into the mall’s iconic place in American culture, while also addressing the need for togetherness and social connection. The campaign generated noticeable and consistent lifts in shopper traffic and sales, strong return on ad spend, favorable cost per incremental visit, and increased brand awareness among Gen Z and Millennials. • Creating engaging customer experiences is also a key focus of our marketing strategy. Shoppers joined us for over 3,500 targeted, traffic-driving events, including back-to-school and holiday activations, concerts, movie nights, fashion shows and more. These events extend shopping dwell times and drive traffic. A highlight was our third annual National Outlet Shopping Day™ (we created), which drove

3.3 million shopper visits. More than 470 retailer brands participated, offering 6,000 unique offers and experiences. • We increased our focus on reaching our shoppers through digital media, which resulted in an increase of our email database to 23 million and growth of our total social following to 8 million. We launched on TikTok with a national @themall™ and fifty local center handles, which generated millions of engagements and 250,000 followers. • Our paid media investments, including local campaigns around major regional events including Super Bowl, Formula 1 and South- by-Southwest as well as a national connected television campaign, generated over 1 billion video views, 3.5 billion impressions, 12 million clicks to Simon websites and 6 million engagements.

MARKETING • Our marketing efforts drive

awareness, traffic and sales for our centers and brands through high-impact storytelling, amplified across paid, owned and earned media. A refreshed creative approach leveraging custom property photography and video, coupled with extensive use of short form social video, effectively showcased the fun and in-real-life experience at our centers.

Through our “Meet Me @themall” campaign, we captured both Gen Z and Mom’s love for the mall with a simple invitation to meet up and enjoy everything that is special about the in-real-life shopping experience. Pictured here are the social media influencers from the ad’s hero spot.

VI Simon Property Group

ShopSimon.com ™

Del Amo Fashion Center, Torrance, CA

“We are laser- focused on

SIMON MEDIA & EXPERIENCES • Simon Media & Experiences continues to provide brands and retailers with unique opportunities to reach shoppers both in our centers and online. • Our unmatched go-to-market strategy consistently outperforms industry benchmarks and delivers significant impact for our customers and Company. • Revenue from Simon Media &

INNOVATION • We expanded and rebranded our outlet marketplace to ShopSimon™ ( ShopSimon.com™ ) and broadened the value proposition to include sale and discounted merchandise from leading brands. The rebrand successfully enhances the shopping experience for our consumers while delivering new sales opportunities for our retailers and is another example of how we are developing our retail ecosystem. • Our innovative and industry-leading Simon Search ® initiative grew into a true omnichannel tool by integrating ShopSimon with more than 100 retailer affiliate programs, in addition to the nearly 200 enabled shopping centers with more than 80 in-store inventory feeds covering 4,100 store locations. Now with a total of 3 million in-store and online products, Simon Search provides a way of shopping with Simon both online and offline. Shopper searches increased 5-times year-over-year, with significantly improved results

• Our national and local public relations efforts garnered thousands of media hits for our development and leasing milestones, innovation initiatives, seasonal activations, and community events. • We reached tourists through familiarization tours, domestic and international trade shows, and tourism events such as concierge appreciations, shop & stay programs, convention promotions and travel influencer collaborations, which resulted in more than 300 B2B tourism industry partnerships and distribution of over 200,000 digital and printed coupon books. today, but always looking forward, ensuring we stay innovative, efficient and agile.”

Experiences increased 8% in 2024, exceeding the previous record level set last year.

• Our in-center digital and static media networks continue to drive growth, delivering strong results for brands like Dior, Coca-Cola, Mercedes-Benz, Chanel, Disney and many more. Additionally, we expanded our digital out-of-home inventory with over 1,000 new screens, bringing our total network to more than 2,400 screens. • We continue to lead our industry in electric vehicle charging deployments through innovative strategic alliances with Mercedes-Benz, Tesla, BP, Electrify America and Rivian.

due, in part, to search function enhancements using Artificial Intelligence (“AI”).

2024 Annual Report VII

The Forum Shops at Caesars Palace, Las Vegas, NV

• We deployed a next-gen digital directory and wayfinding system across our portfolio that features rich content and functionality and an improved user experience in an engaging, interactive interface. • We continue to complement investments in our physical product with investments in emerging technologies, including AI, to enhance the shopper experience and employee productivity. COMMUNITY IMPACT • Simon centers are destinations for consumers to shop, dine, entertain, and have in-person connections and experiences with friends, family and community members in the ever-growing age of digitalization. • During the year, we hosted thousands of local community events, walks and/or drives, which aided charitable partners in raising over $5 million.

• We added new placemaking experiences, including murals, sculptures, art shows, photo opportunities and educational exhibits, to create welcoming destinations for communities to gather. • We paid approximately $800 million in (local) property taxes and our tenants generated an estimated $5 billion in sales tax, delivering significant revenue for state and local governments. • Simon Youth Foundation’s (“SYF”) impact across the country is broad and deep, supporting more than 29,000 graduates and families since its inception in 1998. SYF Academies maintain an average graduation rate of 90%—eclipsing the national average—ensuring that at-risk youth who come from low- and moderate-income families earn their high school diplomas. To encourage students to pursue their dreams and

remove financial barriers, SYF has awarded approximately $22 million in scholarships to academy graduates for post-secondary education and training. Please read about the good work SYF does at www.syf.org . BALANCE SHEET • Prudent balance sheet management is a fundamental strength of our Company. • We have the highest investment grade ratings among U.S. retail real estate companies, and we are one of only three U.S. REITs with an “A–” positive outlook credit rating or better from Standard & Poor’s. • We were highly active in the debt capital markets, completing more than $11 billion of financing activities while also delevering our balance sheet by $1.5 billion. • We ended the year at 5.2-times net debt to EBITDA.

VIII Simon Property Group

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

INVESTMENT HIGHLIGHTS

NEW DEVELOPMENT

Jakarta Premium Outlets, Jakarta, Indonesia

REDEVELOPMENT / EXPANSION

Brea Mall, Brea, CA

Busan Premium Outlets, Busan, Republic of Korea

X Simon Property Group

FINANCIAL HIGHLIGHTS

2024

2023

YEAR ENDED DECEMBER 31

Operating Data (in millions) Consolidated Revenue

$ $ $

5,659

$ $ $

5,964 4,597 4,877

Real Estate Funds from Operations (Real Estate FFO)

4,409

Funds from Operations (FFO)

4,686

Per Share Data Net Income Per Diluted Share Real Estate FFO Per Diluted Share

$ $ $ $ $

6.98

$ $ $ $ $

7.26

11.78

12.24 12.99

FFO Per Diluted Share

12.51

Dividends Per Share

7.45

8.10

Common Stock Price at December 31

142.64

172.21

Stock And Limited Partnership Units Outstanding Shares of Common Stock (in thousands)

325,920

326,278

Limited Partnership Units (in thousands)

48,914

50,760

Total Common Stock and Limited Partnership Units

374,834

377,038

Total Equity Capitalization (in millions)

$ 53,537 $ 89,973

$ 64,992 $ 99,129

Total Market Capitalization (1) (in millions)

Other Data (2) Total Number of Properties in the U.S.

195

194

U.S. Square Footage (in thousands)

171,770

170,675

Total Number of International Properties International Square Footage (in thousands)

11,715

11,898

(1) Includes our share of consolidated and joint venture debt. (2) We also owned an 88% interest in The Taubman Realty Group (TRG) which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia.

Consolidated Revenue $ in billions

Beneficial Interest of Combined NOI $ in billions

FFO Per Diluted Share

Dividends Declared Per Share

24 20 21 22 23

This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2024 results and SEC filings on our website at investors.simon.com. This report also references non-GAAP financial measures including funds from operations, or FFO, Real Estate FFO, and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2024 results and SEC filings under Financials / Quarterly Reports at investors.simon.com .

For more information, visit simon.com .

Scan the QR code for Simon’s 2023 Sustainability Report.

2024 Annual Report XI

BOARD OF DIRECTORS, EXECUTIVE OFFICERS AND MEMBERS OF SENIOR MANAGEMENT

BOARD OF DIRECTORS Glyn F. Aeppel President and Chief Executive Officer of Glencove Capital Larry C. Glasscock Former Chairman and CEO of Anthem, Inc. Allan Hubbard1 Co-Founder, Chairman and Partner of E&A Companies Nina P. Jones Retired Vice President and Portfolio Manager of T. Rowe Price Reuben S. Leibowitz Managing Member of JEN Partners Randall J. Lewis Managing Partner, Cleveland Avenue LLC Gary M. Rodkin Retired Chief Executive Officer of ConAgra Foods, Inc. Peggy Fang Roe Executive Vice President and Chief Customer Officer of Marriott International Stefan M. Selig Founder of BridgePark Advisors LLC David Simon Chairman of the Board, Chief Executive Officer and President of Simon Property Group, Inc. Eli M. Simon Director and Chief Investment Officer of Simon Property Group, Inc. Daniel C. Smith, Ph.D. Clare W. Barker Professor of Marketing, Indiana University, Kelley School of Business Richard S. Sokolov Director and Vice Chairman of Simon Property Group, Inc. Marta R. Stewart Retired Executive Vice President and Chief Financial Officer of Norfolk Southern Corporation

EXECUTIVE OFFICERS David Simon Chairman of the Board, Chief Executive Officer and President Steven E. Fivel General Counsel and Secretary John Rulli Chief Administrative Officer Brian J. McDade Executive Vice President and Chief Financial Officer Eli M. Simon Director and Chief Investment Officer Adam J. Reuille MALLS Jonathan Murphy Co-President—Mall Platform Eric Sadi Co-President—Mall Platform Vicki Hanor Senior Executive Vice President and Managing D irector—Luxur y Leasing Pervis H. Bearden, Jr. Executive Vice President—Leasing Mark W. Dreflak Executive Vice President—Leasing Richey Neeson Executive Vice President—Leasing Ruben Perez Executive Vice President—Leasing Natalie Turpan Executive Vice President—Leasing Senior Vice President and Chief Accounting Officer THE MILLS AND PREMIUM OUTLETS Gary Duncan President—The Mills and Premium Outlets Peter Baxter Executive Vice President—Luxury Leasing Jay E. Buckey Executive Vice President—Leasing Rhonda D. Bandy Senior Vice President—Leasing W. Bradford Cole Senior Vice President—Leasing

CORPORATE Richard S. Sokolov Director and Vice Chairman Stanley Shashoua Chief Executive Officer—Special Investments Mark J. Silvestri President—Simon Development Donald Frey Executive Vice President and Treasurer Chip Harding Executive Vice President—Simon Media & Experiences Marla K. Parr Executive Vice President—Specialty Leasing Michael Romstad Executive Vice President— Property Management Lee Sterling Reporting and Operations Joseph W. Chiappetta Senior Vice President—Business Solutions and Chief Technology Officer Matthew Jackson Senior Vice President and Assistant Treasurer Kevin M. Kelly Assistant General Counsel and Assistant Secretary Susan Massela Senior Vice President—Human Resources Patrick M. Peterman Senior Vice President—Mixed-Use John Phipps Senior Vice President—Development Michael H. Rodriques Senior Vice President—Construction Sundesh N. Shah Senior Vice President—Specialty Development Kathleen Shields Senior Vice President—Development Thomas Ward Senior Vice President—Investor Relations Brian J. Warnock Senior Vice President—Acquisitions and Financial Analysis Chief Marketing Officer Steven K. Broadwater Senior Vice President—Financial

AUDIT COMMITTEE Marta R. Stewart, Chair

Larry C. Glasscock, Nina P. Jones, Reuben S. Leibowitz, Randall J. Lewis, Stefan M. Selig

COMPENSATION AND HUMAN CAPITAL COMMITTEE Reuben S. Leibowitz, Chair Allan Hubbard1, Stefan M. Selig, Daniel C. Smith, Ph.D. GOVERNANCE AND NOMINATING COMMITTEE Glyn F. Aeppel, Chair Larry C. Glasscock, Allan Hubbard1, Gary M. Rodkin, Peggy Fang Roe

1 Will be retiring from the Board of Directors effective May 14, 2025.

Simon Property Group

XII

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No:. 001-14469 (Simon Property Group, Inc.) Commission File No: 001-36110 (Simon Property Group, L.P.)

SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter)

04-6268599 (Simon Property Group, Inc.) 34-1755769 (Simon Property Group, L.P.)

Delaware (Simon Property Group, Inc.) Delaware (Simon Property Group, L.P.) (State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

225 West Washington Street Indianapolis, Indiana 46204 (Address of principal executive offices) (ZIP Code) (317) 636-1600 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols

Name of each exchange on which registered

Simon Property Group, Inc. Simon Property Group, Inc.

Common stock, $0.0001 par value 8 3 / 8 % Series J Cumulative Redeemable Preferred Stock, $0.0001 par value

SPG

New York Stock Exchange New York Stock Exchange

SPGJ

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Simon Property Group, Inc. Yes  No  Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Simon Property Group, Inc. Yes  No 

Simon Property Group, L.P. Yes  No 

Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Simon Property Group, Inc. Yes  No ☐ Simon Property Group, L.P. Yes  No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Simon Property Group, Inc. Yes  No ☐ Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Simon Property Group, Inc.: Large accelerated filer  Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Simon Property Group, Inc. ☐ Simon Property Group, L.P. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Simon Property Group, Inc.  Simon Property Group, L.P. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the corrections of an error to previously issued financial statements. Simon Property Group, Inc. ☐ Simon Property Group, L.P. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Simon Property Group, Inc. ☐ Simon Property Group, L.P. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b of the Act). Simon Property Group, Inc. Yes ☐ No  Simon Property Group, L.P. Yes ☐ No  The aggregate market value of shares of common stock held by non-affiliates of Simon Property Group, Inc. was approximately $49,060 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2024. Smaller reporting company ☐ Emerging growth company ☐ Simon Property Group, L.P.: Large accelerated filer  Accelerated filer ☐ Non-accelerated filer ☒ As of January 31, 2025, Simon Property Group, Inc. had 326,270,138 and 8,000 shares of common stock and Class B common stock outstanding, respectively. Simon Property Group, L.P. had no publicly-traded voting equity as of June 30, 2024. Simon Property Group, L.P. has no common stock outstanding. Documents Incorporated By Reference Portions of Simon Property Group, Inc.’s Proxy Statement in connection with its 2025 Annual Meeting of Stockholders are incorporated by reference in Part III.

EXPLANATORY NOTE This report combines the annual reports on Form 10-K for the annual period ended December 31, 2024 of Simon Property Group, Inc., a Delaware corporation, and Simon Property Group, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of December 31, 2024, Simon owned an approximate 86.5% ownership interest in the Operating Partnership, with the remaining 13.5% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management. We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements. We believe that combining the annual reports on Form 10-K of Simon and the Operating Partnership into this single report provides the following benefits: • enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; • eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and • creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties. The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same.

To help investors understand the differences between Simon and the Operating Partnership, this report provides: • separate consolidated financial statements for Simon and the Operating Partnership; • a single set of notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable; • a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and • separate Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities sections related to each entity. This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business. In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

Simon Property Group, Inc. Simon Property Group, L.P. Annual Report on Form 10-K

December 31, 2024 TABLE OF CONTENTS

Item No.

Page No.

Part I

1. Business ...................................................................... 1A. Risk Factors ................................................................... 1B. Unresolved Staff Comments ...................................................... 1C. Cybersecurity .................................................................. 2. Properties ..................................................................... 3. Legal Proceedings .............................................................. 4. MineSafetyDisclosures.......................................................... 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities .................................................... 6. Reserved...................................................................... 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations .... 7A. Quantitative and Qualitative Disclosure About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Financial Statements and Supplementary Data ....................................... 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure ... 9A. Controls and Procedures ......................................................... 9B. Other Information ............................................................... Part II 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. . . . . . . . . . . . . . . . . . . . . . Part III 10. Directors, Executive Officers and Corporate Governance ............................... 11. Executive Compensation ......................................................... 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ............................................................. 13. Certain Relationships and Related Transactions and Director Independence ............... 14. PrincipalAccountantFeesandServices............................................. Part IV 15. Exhibits and Financial Statement Schedules ......................................... 16. Form 10-K Summary.............................................................

11 26 26 28 57 57 58 59 60 79 80

142 142 144 144 144 144 144 144 144

146 146

Signatures ............................................................................

153

Part I

Item 1. Business Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the amended and restated Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® , and The Mills ® . As of December 31, 2024, we owned or held an interest in 194 income-producing properties in the United States, which consisted of 92 malls, 70 Premium Outlets, 14 Mills, six lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico. We also own an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2024, we had ownership interests in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe and Canada. As of December 31, 2024, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 14 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments. For a description of our operational strategies and developments in our business during 2024, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K. Other Policies The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities. One or more of these policies may be amended or rescinded from time to time without a stockholder vote. Investment Policies While we emphasize equity real estate investments, we may also provide secured financing to or invest in equity or debt securities of other entities engaged in real estate activities or securities of other issuers consistent with Simon’s qualification as a REIT. However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that Simon cannot make an investment that would cause its real estate assets and certain other qualifying assets (such as cash) to be less than 75% of its total assets. Simon must also derive at least 75% of its gross income directly or indirectly from investments relating to real property or mortgages on real property, including “rents from real property,” dividends from other REITs and, in certain circumstances, interest from certain types of temporary investments. In addition, Simon must also derive at least 95% of its gross income from such real property investments, and from dividends, interest and gains from the sale or dispositions of stock or securities or from other combinations of the foregoing. Subject to Simon’s REIT limitations, we may invest in the securities of other issuers in connection with acquisitions of indirect interests in real estate. Such an investment would normally be in the form of general or limited partnership or membership interests in special purpose partnerships and limited liability companies that own one or more properties. We may, in the future, acquire all or substantially all of the securities or assets of other REITs, management companies or similar entities where such investments would be consistent with our investment policies. Additionally we have and may in the future make investments in entities engaged in non-real estate activities, primarily through a taxable REIT subsidiary, similar to the investments we currently hold in certain retail operations.

Financing Policies Because Simon’s REIT qualification requires Simon to distribute at least 90% of its REIT taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt. We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined. The Operating Partnership has a $5.0 billion unsecured revolving credit facility, or the Credit Facility, and a $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, or together, the Credit Facilities. The Credit Facilities and the indentures for the Operating Partnership’s debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related agreements, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for the debt securities of the Operating Partnership. We strive to maintain investment grade ratings at all times for various business reasons, including their effect on our ability to access attractive capital, but we cannot assure you that we will be able to do so in the future. If Simon’s Board of Directors determines to seek additional capital, we may raise such capital by offering equity or incurring debt, creating joint ventures with existing ownership interests in properties, entering into joint venture arrangements for new development projects, retaining cash flows or a combination of these methods. If Simon’s Board of Directors determines to raise equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. Simon’s Board of Directors may issue a number of shares up to the amount of our authorized capital or may issue units in any manner and on such terms and for such consideration as it deems appropriate. We may also raise additional capital by issuing common units of partnership interest in the Operating Partnership, or units. Such securities also may include additional classes of Simon’s preferred stock or preferred units of partnership interest in the Operating Partnership, or preferred units, which may be convertible into common stock or units, as the case may be. Existing stockholders and unitholders have no preemptive right to purchase shares or units in any subsequent issuances of securities by us. Any issuance of equity could dilute a stockholder’s investment in Simon or a limited partner’s investment in the Operating Partnership. We expect most future borrowings will be made through the Operating Partnership or its subsidiaries. We might, however, incur borrowings through other entities that would be reloaned to the Operating Partnership. Borrowings may be in the form of bank borrowings, publicly and privately placed debt instruments, or purchase money obligations to the sellers of properties. Any such indebtedness may be secured or unsecured. Any such indebtedness may also have full or limited recourse to the borrower or be cross-collateralized with other debt, or may be fully or partially guaranteed by the Operating Partnership. We issue unsecured debt securities through the Operating Partnership, but we may issue other debt securities which may be convertible into common or preferred stock or be accompanied by warrants to purchase common or preferred stock. We also may sell or securitize our lease receivables. Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly do so. The Credit Facility can be increased in the form of additional commitments in an aggregate amount not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. The initial maturity date of the Credit Facility is June 30, 2027. The Credit Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. The initial maturity date of the Supplemental Facility is January 31, 2029 and can be extended for an additional year to January 31, 2030 at our sole option, subject to our continued compliance with the terms thereof.

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