Simon Property Group operates as a self-administered and self-managed real estate investment trust (REIT) under the Internal Revenue Code. The company owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations, which consist primarily of malls, Premium Outlets, and The Mills. As of December 31, 2025, the company owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties in 38 states and Puerto Rico. Internationally, as of December 31, 2025, the company had ownership interests in 42 properties primarily located in Asia, Europe, and Canada. The company also owned a 22.2% equity stake in Klépierre SA, a publicly traded, Paris-based real estate company which owns or has an interest in shopping centers located in 13 countries in Europe. The company also has 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 referred to as other platform investments.

The retail real estate industry is dynamic and competitive. The company competes with numerous merchandise distribution channels, including malls, outlet centers, community/lifestyle centers, and other shopping centers in the United States and abroad. The company also competes with internet retailing sites and catalogs, including its tenants, which provide retailers with distribution options beyond existing brick and mortar retail properties. The company believes that numerous factors make its properties highly desirable to retailers, including the quality, location, and variety of tenants of its properties; its management and operational expertise; its extensive experience and relationships with tenants, lenders, and suppliers; its marketing initiatives and consumer focused strategic corporate alliances; and the efficiency and immediacy of physical retail.

The company generates revenue primarily through leasing space in its properties to retail tenants. The primary source of revenue is derived from retail tenants, which means the company could be materially and adversely affected by conditions that materially and adversely affect the retail environment generally. A portion of the company's lease income is derived from overage rents based on reported sales over a stated base amount that directly depend on the reported sales volume of its retail tenants. The company also generates revenue from management, leasing, and development services provided to its properties and joint ventures.

The company's U.S. properties primarily consist of malls, Premium Outlets, The Mills, lifestyle centers, and other retail properties. These properties contain an aggregate of approximately 188.4 million square feet of gross leasable area (GLA). Malls typically contain at least one department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. The company's 108 malls generally range in size from approximately 130,000 to 2.7 million square feet of GLA. Premium Outlets generally contain a wide variety of designer and manufacturer stores. The company's 70 Premium Outlets range in size from approximately 150,000 to 920,000 square feet of GLA. The 16 properties in The Mills generally range in size from 1.2 million to 2.4 million square feet of GLA and are located in major metropolitan areas. They have a combination of traditional mall, outlet center, big box retailers, and entertainment uses. The company also has interests in six lifestyle centers and 12 other retail properties. The lifestyle centers range in size from 170,000 to 940,000 square feet of GLA. The other retail properties range in size from approximately 190,000 to 1.2 million square feet of GLA and are considered non-core to the company's business model. As of December 31, 2025, approximately 96.4% of the owned GLA in malls and Premium Outlets was leased and approximately 99.2% of the owned GLA for The Mills was leased.

The company wholly owns 142 of its properties, effectively controls 14 properties in which it has a joint venture interest, and holds the remaining 56 properties through unconsolidated joint venture interests. The company is the managing or co-managing general partner or member of 203 properties in the United States. As of December 31, 2025, the company owned interests in 110 income-producing properties with other parties. Of those, 22 properties are included in the company's consolidated financial statements. The company applies the equity method of accounting to the other 88 properties (the joint venture properties), its investments in Klépierre, as well as its investments in certain entities involved in retail operations, such as Catalyst Brands LLC; an e-commerce venture Rue Gilt Groupe (RGG), and Jamestown (a global real estate investment and management company), collectively, its other platform investments. The company serves as general partner or property manager for 51 of these 88 joint venture properties. Of the joint venture properties for which the company does not serve as general partner or property manager, 29 are in its international joint ventures. As of December 31, 2024, and until October 31, 2025, the company owned an 88% noncontrolling interest in The Taubman Realty Group, LLC (TRG). On October 31, 2025, the company acquired the remaining 12% interest which it did not previously own (the TRG Acquisition).

During the past three years, the company has issued 171,558 shares of Simon common stock upon the exchange of units in the Operating Partnership; issued 820,977 restricted shares of Simon common stock and 724,222 long-term incentive performance units (LTIP units), net of forfeitures, under the Simon Property Group, L.P. 2019 Stock Incentive Plan (the 2019 Plan); purchased 2,519,923 shares of Simon common stock in the open market at an average price of $145.81 per share for $367.4 million pursuant to a repurchase program; issued a combined total of 8,278,193 units in the Operating Partnership as part of the consideration for the acquisition of additional interests in TRG, which increased its ownership interest in TRG from 80% to 100%; redeemed 444,101 units in the Operating Partnership for $63.1 million at an average price of $142.08 per unit in cash; borrowed a maximum amount of $1.0 billion under the Credit Facilities; the outstanding amount of borrowings under the Credit Facility was $460.0 million as of December 31, 2025; there were no borrowings under the Supplemental Facility as of December 31, 2025; and there were $355.0 million outstanding borrowings under the Commercial Paper program as of December 31, 2025. On February 8, 2024, Simon's Board of Directors authorized a common stock repurchase program which replaced the prior repurchase program immediately, where the Company was permitted to purchase up to $2.0 billion of its common stock during the two-year period ending February 15, 2026. On February 5, 2026, Simon's Board of Directors authorized a new common stock repurchase program, which replaced the prior repurchase program immediately, where the Company may purchase up to $2.0 billion of its common stock during the period ending February 29, 2028.

For the fiscal year ended December 31, 2025, total revenue was $5,354,802,000 ¹ compared to $5,354,802,000 ² in the prior year. Net income attributable to Simon Property Group, Inc. was $2,364,759,000 ³ for 2025 compared to $2,279,789,000 ⁴ for 2024. Diluted earnings per share was $7.26 ⁵ for 2025 compared to $6.97 ⁶ for 2024. Net cash provided by operating activities was $3,430,606,870 ⁷ for 2025 compared to $3,429,458,390 ⁸ for 2024.

The company's growth strategy includes the acquisition, development, and redevelopment of properties. The company regularly acquires and develops new properties and redevelops and expands existing properties. The company also pursues international investment opportunities. As of December 31, 2025, the company had ownership interests in 42 properties primarily located in Asia, Europe, and Canada. The company also owned a 22.2% equity stake in Klépierre SA, a publicly traded European real estate company which operates in 13 countries in Europe. The company may pursue additional investment, ownership, development, and redevelopment/expansion opportunities outside the United States.

The company's growth strategy also includes investments in retail operations and e-commerce ventures. The company has 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, its other platform investments. The company may make investments in entities engaged in non-real estate activities, primarily through a taxable REIT subsidiary, similar to the investments it currently holds in certain retail operations.The company's operational outlook includes managing its substantial debt burden. As of December 31, 2025, the company's consolidated mortgages and unsecured indebtedness, excluding related premium, discount and debt issuance costs, totaled $28.6 billion ⁹. The company depends on free cash flow and external financings, principally debt financings, to fund the growth of its business, execute on its business model, and to ensure that it can meet ongoing maturities of its outstanding debt. The company's access to financing depends on its credit ratings, the willingness of lending institutions and other debt investors to grant credit to the company, and conditions in the capital markets in general. The company strives to maintain investment grade ratings at all times for various business reasons, including their effect on its ability to access attractive capital.

The company's capital allocation strategy includes a common stock repurchase program. On February 5, 2026, Simon's Board of Directors authorized a new common stock repurchase program, which replaced the prior repurchase program immediately, where the Company may purchase up to $2.0 billion ¹⁰ of its common stock during the period ending February 29, 2028. The company also has a dividend policy to comply with REIT requirements. In order for Simon and the Subsidiary REITs to qualify to be taxed as REITs, each such entity generally must distribute at least 90% ¹¹ of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, to their respective equity holders each year. The company has a $5.0 billion ¹² unsecured revolving credit facility (the Credit Facility) and a $3.5 billion ¹³ supplemental unsecured revolving credit facility (the Supplemental Facility). The Credit Facility can be increased in the form of additional commitments in an aggregate amount not to exceed $1.0 billion ¹⁴, for a total aggregate size of $6.0 billion ¹⁵. The Supplemental Facility's initial borrowing capacity of $3.5 billion ¹⁶ may be increased to $4.5 billion ¹⁷ during its term. The Operating Partnership also has available a global unsecured commercial paper program of $2.0 billion ¹⁸.

The company faces structural headwinds from the general retail environment. Conditions that adversely affect the general retail environment could materially and adversely affect the company, including macroeconomic and geopolitical conditions, such as implemented and threatened tariffs, retaliatory tariffs and trade disputes, energy prices, market dynamics, rising or elevated interest rates, inflation, government policies and regulations, and growth levels of consumer income. The company also faces headwinds from the increasing use of the Internet by retailers and consumers, which has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping. The company's business currently is predominantly reliant on consumer demand for shopping at physical stores, and its business could be materially and adversely affected if it is unsuccessful in adapting its business to evolving consumer purchasing habits.

The company faces constraints from its substantial debt burden. As of December 31, 2025, the company's consolidated mortgages and unsecured indebtedness, excluding related premium, discount and debt issuance costs, totaled $28.6 billion ¹⁹. As a result of this indebtedness, the company is required to use a substantial portion of its cash flows for debt service, including selected repayment at scheduled maturities, which limits its ability to use those cash flows to fund the growth of its business. The company is also subject to the risks normally associated with debt financing, including the risk that its cash flows from operations will be insufficient to meet required debt service or that it will be able to refinance such indebtedness on acceptable terms, or at all. The company also faces risks from an increase in interest rates, which would increase its interest costs on variable rate debt. As of December 31, 2025, the company had approximately $311.0 million ²⁰ of outstanding consolidated indebtedness that bears interest at variable rates.

Management's message emphasizes the company's position as a premier owner, developer, and manager of shopping, dining, entertainment, and mixed-use destinations. The company's strategic priorities include maintaining its investment grade ratings, accessing capital markets, and managing its debt burden. The company's management focuses on the quality, location, and variety of tenants at its properties, its management and operational expertise, its extensive experience and relationships with tenants, lenders and suppliers, its marketing initiatives and consumer focused strategic corporate alliances, and the efficiency and immediacy of physical retail. The company's management also focuses on its human capital, believing its employees are the driving force behind its success. As of December 31, 2025, the company and its affiliates employed approximately 3,600 ²⁵ persons at various properties and offices throughout the United States, of which approximately 500 ²⁶ were part-time. Approximately 1,000 ²⁷ of these employees were located at its corporate headquarters in Indianapolis, Indiana.

For the fiscal year ended December 31, 2025, total revenue was $5,354,802,000 ²⁸ compared to $5,354,802,000 ²⁹ for the fiscal year ended December 31, 2024. Net income attributable to Simon Property Group, Inc. was $2,364,759,000 ³⁰ for 2025 compared to $2,279,789,000 ³¹ for 2024. Diluted earnings per share was $7.26 ³² for 2025 compared to $6.97 ³³ for 2024. Net cash provided by operating activities was $3,430,606,870 ³⁴ for 2025 compared to $3,429,458,390 ³⁵ for 2024. Total assets were $34,306,068,700 ³⁶ as of December 31, 2025 compared to $34,294,583,900 ³⁷ as of December 31, 2024. Total consolidated mortgages and unsecured indebtedness, excluding related premium, discount and debt issuance costs, totaled $28.6 billion ³⁸ as of December 31, 2025. The company's international activities represented approximately 2.3% ³⁹ of consolidated net income and 9.7% ⁴⁰ of its net operating income (NOI) for the year ended December 31, 2025.

The company faces material risks from conditions that adversely affect the general retail environment, including macroeconomic conditions, tariffs, rising interest rates, and the increasing use of e-commerce, which could impact tenant demand, occupancy levels, and rental rates. The company also faces risks from tenant bankruptcies, which could result in lease rejections and significant re-tenanting costs. The company's substantial debt burden of $28.6 billion ²¹ in consolidated mortgages and unsecured indebtedness as of December 31, 2025, requires a substantial portion of cash flows for debt service and exposes the company to refinancing risk and interest rate increases, with approximately $311.0 million ²² of variable rate debt outstanding. The company's international activities, which represented approximately 2.3% ²³ of consolidated net income and 9.7% ²⁴ of NOI for the year ended December 31, 2025, subject it to risks from foreign currency fluctuations, changes in foreign political and economic environments, and challenges of complying with a wide variety of foreign laws. The company also faces risks from cybersecurity threats, including cyber-attacks and data breaches, which could disrupt operations, result in the loss of confidential information, and require significant expenses to remediate.