Item 1C. Cybersecurity

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Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We execute a risk-based approach to identify and assess the cybersecurity threats that could affect our business and information systems. Our cybersecurity risk management program includes a cybersecurity incident response plan and dedicated cybersecurity incident response team (“CSIRT”). We do not have actual or contractual access to the systems or information maintained by our tenants, who maintain their own cybersecurity risk management programs to protect their operations from various risks from cybersecurity threats.

We use the National Institute of Standards and Technology Cybersecurity Framework and CIS Critical Security Controls as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not imply that we meet any particular technical standards, specifications, or requirements.

Our cybersecurity risk management program is integrated with our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, public relations and financial risk areas.

Our cybersecurity risk management program includes the following key elements:

	●	risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise information technology (IT) environment;

	●	a team comprised of IT security, infrastructure, and compliance personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents, supported by legal, human resources, corporate security and other internal resources;

	●	the use of external cybersecurity service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes, which enable us to leverage specialized knowledge and insights, with the goal of ensuring our cybersecurity strategies and processes remain at the forefront of industry best practices;

	●	cybersecurity awareness training of employees with access to our IT systems;

	●	a cybersecurity incident response plan and Security Operations Center (“SOC”) to respond to cybersecurity incidents; and

	●	a third-party risk management process for service providers.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See further discussion in Item 1A. Risk Factors.

Cybersecurity Governance

Our Board of Directors considers cybersecurity risk as critical to the enterprise and delegates the cybersecurity risk oversight function to the Audit Committee. The Audit Committee oversees and is regularly updated on management’s design, implementation and enforcement of our cybersecurity risk management program. The Audit Committee is composed of board members with varied expertise including, risk management, technology, and finance, equipping them to oversee cybersecurity risks.

Our Chief Financial Officer periodically provides reports to the Audit Committee, and, together with our Chief Technology Officer and Director of Cybersecurity, leads the Company’s overall cybersecurity function. The Audit Committee receives regular reports on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents. Audit Committee members also receive periodic presentations on cybersecurity, IT and data protection topics.

Our Chief Financial Officer oversees our CSIRT, whose members have years of experience working in cybersecurity and certifications including CISSP (Certified Information Systems Security Professional), CCSP (Certified Cloud Security Professional), CGRC (Certification in Governance of Enterprise IT), GIAC (Global Information Assurance Certification) and GCED (GIAC Certified Enterprise Defender). Our CSIRT supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which include briefings from internal security personnel; threat

intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers; and alerts and reports produced by security tools deployed in the IT environment.

The CSIRT is responsible for assessing and managing our material risks from cybersecurity threats. They have primary responsibility for leading our overall cybersecurity risk management program and supervise both our internal cybersecurity personnel and our external cybersecurity service providers.

Item 2. Properties

United States Properties

Our 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, or 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. Additional stores are usually located along the perimeter of the parking area. Our 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. Our 70 Premium Outlets range in size from approximately 150,000 to 920,000 square feet of GLA. The Premium Outlets are generally located within a close proximity to major metropolitan areas and/or tourist destinations.

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.

We also have 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 our 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.

We wholly own 142 of our properties, effectively control 14 properties in which we have a joint venture interest, and hold the remaining 56 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 203 properties in the United States. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate partnership agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions) which may result in either the sale of our interest or the use of available cash or borrowings, or the use of Operating Partnership units, to acquire the joint venture interest from our partner.

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties

The following property table summarizes certain data for our malls, Premium Outlets, The Mills, lifestyle centers and other retail properties located in the United States, including Puerto Rico, as of December 31, 2025.


				Ownership Interest			Year Built
				(Expiration if	Legal		or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Larger Retailers and Uses
	Malls
1.	Apple Blossom Mall	VA	Winchester	Fee	49.1	% (4)	Acquired 1999	87.5	%	470,086	Belk, JCPenney, AMC Cinemas
2.	Auburn Mall	MA	Auburn	Fee	56.4	% (4)	Acquired 1999	94.9	%	498,385	Macy's, Reliant Medical (14)
3.	Aventura Mall (1)	FL	Miami Beach (Miami)	Fee	33.3	% (4)	Built 1983	97.5	%	2,372,034	Bloomingdale's, Macy's (8), JCPenney, Nordstrom, Equinox Fitness Clubs, AMC Theatres, Eataly
4.	Barton Creek Square	TX	Austin	Fee	100.0	%	Built 1981	98.9	%	1,447,740	Nordstrom, Macy's, Dillard's (8), JCPenney, AMC Theatres
5.	Battlefield Mall	MO	Springfield	Fee and Ground Lease (2056)	100.0	%	Built 1970	97.8	%	1,180,247	Macy's, Dillard's, JCPenney, Dick's House of Sport (6)
6.	Bay Park Square	WI	Green Bay	Fee	100.0	%	Built 1980	93.1	%	690,122	Kohl's, Marcus Cinema 16, Dave & Buster's, Steinhafel Furniture, Hy-Vee
7.	Beverly Center	CA	Los Angeles	Fee and Ground Lease (2057)	100.0	%	Acquired 2020	93.8	%	842,212	Bloomingdale's, Macy's, Lucky Strike
8.	Brea Mall	CA	Brea (Los Angeles)	Fee	100.0	%	Acquired 1998	99.0	%	1,360,764	Nordstrom, Macy's (8), JCPenney, Life Time (6), Dick's Sporting Goods (6)
9.	Briarwood Mall	MI	Ann Arbor	Fee	100.0	%	Acquired 2007	93.1	%	924,116	Macy's, JCPenney, Von Maur, Harvest Market (6), Dick's Sporting Goods (6), Hilton Garden Inn (14), Towne Place Suites by Marriott (14)
10.	Brickell City Centre	FL	Miami	Fee	100.0	%	Built 2016	98.6	%	471,577	Saks Fifth Avenue, Cinemex, EAST Miami Hotel (14)
11.	Broadway Square	TX	Tyler	Fee	100.0	%	Acquired 1994	99.1	%	613,437	Dillard's, JCPenney, Dick's Sporting Goods, HomeGoods
12.	Burlington Mall	MA	Burlington (Boston)	Fee and Ground Lease (2026) (7)	100.0	%	Acquired 1998	97.2	%	1,258,214	Macy's, Nordstrom, Crate & Barrel, Primark, Arhaus Furniture
13.	Cape Cod Mall	MA	Hyannis	Fee and Ground Leases (2029-2073) (7)	56.4	% (4)	Acquired 1999	92.5	%	705,966	Macy's (8), Best Buy, Marshalls, Barnes & Noble, Target, Dick's Sporting Goods, Planet Fitness, That's Entertainment (6)
14.	Castleton Square	IN	Indianapolis	Fee	100.0	%	Built 1972	99.0	%	1,361,038	Macy's, Von Maur, JCPenney, Dick's Sporting Goods, AMC Theatres, Hobby Lobby
15.	Cherry Creek Shopping Center	CO	Denver	Fee and Ground Lease (2083)	50.0	%	Acquired 2020	98.3	%	1,068,124	Macy's (8), Neiman Marcus, Nordstrom
16.	Cielo Vista Mall	TX	El Paso	Fee and Ground Lease (2030) (7)	100.0	%	Built 1974	99.6	%	1,245,387	Macy's, Dillard's (8), JCPenney, Cinemark Theatres, Primark
17.	City Creek Center	UT	Salt Lake City	Fee and Ground Lease (2042)	100.0	%	Acquired 2020	90.4	%	686,004	Macy's, Nordstrom
18.	Coconut Point	FL	Estero	Fee	50.0	% (4)	Built 2006	91.7	%	1,114,340	Dillard's, Barnes & Noble, Best Buy, DSW, Office Max, PetSmart, Ross, T.J. Maxx, Super Target, Michael's, Total Wine & More, Home Centric, PGA TOUR Superstore, Nordstrom Rack, Hyatt Place Coconut Point (14), TownePlace Suites by Marriott (14)
19.	College Mall	IN	Bloomington	Fee and Ground Lease (2050) (7)	100.0	%	Built 1965	94.9	%	577,529	Target, Dick's Sporting Goods, Fresh Thyme, Dave & Buster's
20.	Columbia Center	WA	Kennewick	Fee	100.0	%	Acquired 1987	99.0	%	733,924	Macy's (8), JCPenney, Barnes & Noble, DSW, Home Goods, Dick's Sporting Goods
21.	Copley Place	MA	Boston	Fee	94.4	% (10)	Acquired 2002	92.7	%	1,252,052	Neiman Marcus (12), Saks Fifth Avenue Men's, Boston Marriott Copley Place (14), The Westin Copley Place (14)
22.	Coral Square	FL	Coral Springs (Miami)	Fee	97.2	%	Built 1984	94.1	%	947,951	Macy's (8), JCPenney, Kohl's
23.	Cordova Mall	FL	Pensacola	Fee	100.0	%	Acquired 1998	98.4	%	932,520	Dillard's, Belk, Best Buy, Cost Plus World Market, Ross, Dick's Sporting Goods
24.	Dadeland Mall	FL	Miami	Fee	50.0	% (4)	Acquired 1997	98.7	%	1,510,747	Saks Fifth Avenue, Macy's (8), JCPenney, Dick's House of Sport, AC Hotel by Marriott
25.	Del Amo Fashion Center	CA	Torrance (Los Angeles)	Fee	50.0	% (4)	Acquired 2007	94.5	%	2,503,055	Nordstrom, Macy's (8), JCPenney, Marshalls, Barnes & Noble, AMC Theatres, Dick's Sporting Goods, Dave & Buster's, Mitsuwa Marketplace
26.	Domain, The	TX	Austin	Fee	100.0	%	Built 2006	98.8	%	1,228,827	Neiman Marcus, Macy's, Dillard's, Dick's Sporting Goods, iPic Theaters, Arhaus Furniture, Punch Bowl Social, Westin Austin at The Domain, Lone Star Court (14), (15)
27.	Empire Mall	SD	Sioux Falls	Fee and Ground Lease (2033) (7)	100.0	%	Acquired 1998	97.9	%	1,163,658	Macy's, JCPenney, Hy-Vee, Dick's Sporting Goods, Crunch Fitness, Dillard's, Dick's House of Sport (6)
28.	Falls, The	FL	Miami	Fee	50.0	% (4)	Acquired 2007	97.8	%	709,919	Macy's, Regal Bistro, The Fresh Market, LifeTime Athletic

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties


				Ownership Interest			Year Built
				(Expiration if	Legal		or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Larger Retailers and Uses
29.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)	Fee	42.5	% (4)	Built 1989	99.6	%	927,462	Nordstrom, Macy's, The Ritz-Carlton (14)
30.	Fashion Mall at Keystone, The	IN	Indianapolis	Fee and Ground Lease (2067) (7)	100.0	%	Acquired 1997	99.4	%	702,940	Nordstrom, Crate & Barrel, Keystone Art Cinema, Sheraton (14)
31.	Fashion Valley	CA	San Diego	Fee	50.0	% (4)	Acquired 2001	99.2	%	1,684,713	Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres, The Container Store
32.	Firewheel Town Center	TX	Garland (Dallas)	Fee	100.0	%	Built 2005	95.4	%	989,552	Dillard's, Macy's, Barnes & Noble, DSW, AMC Theatres, Dick's Sporting Goods, Kids Empire/Hapik, (15)
33.	Florida Mall, The	FL	Orlando	Fee	50.0	% (4)	Built 1986	98.8	%	1,725,304	Macy's, Dillard's, JCPenney, H&M, Zara, American Girl, Dick's Sporting Goods, Crayola Experience, Primark, The Florida Hotel and Conference Center (14)
34.	Forum Shops at Caesars Palace, The	NV	Las Vegas	Ground Lease (2050)	100.0	%	Built 1992	95.5	%	672,798	Caesars Palace Las Vegas Hotel and Casino (14), Louis Vuitton, Gucci, Nike Town
35.	Galleria, The	TX	Houston	Fee	50.4	% (4)	Acquired 2002	97.1	%	1,975,486	Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy's, The Westin Galleria (14), The Westin Oaks (14), Life Time Tennis
36.	Gardens Mall, The (1)	FL	Palm Beach Gardens	Fee	50.0	% (4)	Acquired 2020	94.3	%	1,403,614	Bloomingdale's, Macy's, Nordstrom, Saks Fifth Avenue
37.	Gardens on El Paseo, The	CA	Palm Desert	Fee	100.0	%	Acquired 2020	93.8	%	235,131	Saks Fifth Avenue
38.	Greenwood Park Mall	IN	Greenwood (Indianapolis)	Fee	100.0	%	Acquired 1979	98.0	%	1,285,095	Macy's, Von Maur, JCPenney, Dick's Sporting Goods, Barnes & Noble, Regal Cinema, Dave & Buster's
39.	Haywood Mall	SC	Greenville	Fee and Ground Lease (2067) (7)	100.0	%	Acquired 1998	97.9	%	1,249,623	Macy's, Dillard's, JCPenney, Belk
40.	International Market Place	HI	Waikiki, Honolulu	Fee and Ground Lease (2081)	100.0	%	Acquired 2020	95.6	%	339,414	Target, Anthropologie, Balenciaga, Burberry, Tesla
41.	International Plaza	FL	Tampa	Fee and Ground Lease (2080)	50.1	% (4)	Acquired 2020	99.1	%	1,370,893	Dillard's, Neiman Marcus, Nordstrom, Dick's House of Sport (6)
42.	King of Prussia	PA	King of Prussia (Philadelphia)	Fee	100.0	%	Acquired 2003	95.2	%	2,686,345	Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Arhaus Furniture, Dick's Sporting Goods, Primark, Eataly, Netflix House
43.	La Plaza	TX	McAllen	Fee and Ground Lease (2040) (7)	100.0	%	Built 1976	99.2	%	1,323,450	Macy's (8), Dillard's, JCPenney, Primark, Wingate by Wyndham (14)
44.	Lakeline Mall	TX	Cedar Park (Austin)	Fee	100.0	%	Built 1995	96.9	%	1,097,945	Dillard's (8), Macy's, JCPenney, AMC Theatres
45.	Lehigh Valley Mall	PA	Whitehall	Fee	50.0	% (4)	Acquired 2003	95.6	%	1,192,742	Macy's, JCPenney, Boscov's, Barnes & Noble, Michael's, Dave & Buster's, Golf Galaxy
46.	Lenox Square	GA	Atlanta	Fee	100.0	%	Acquired 1998	99.6	%	1,546,028	Neiman Marcus, Bloomingdale's, Macy's, JW Marriott (14), Hyatt Centric (13)
47.	Mall at Green Hills, The	TN	Nashville	Fee and Ground Lease (2105)	100.0	%	Acquired 2020	93.1	%	1,057,531	Dillard's, Macy's, Nordstrom
48.	Mall at Millenia, The (1)	FL	Orlando	Fee	50.0	% (4)	Acquired 2020	93.1	%	1,130,483	Bloomingdale's, Macy's, Neiman Marcus
49.	Mall at Rockingham Park, The	NH	Salem (Boston)	Fee	28.2	% (4)	Acquired 1999	99.5	%	1,068,042	JCPenney, Macy's, Dick's House of Sport, Cinemark Theatre, Casino Salem
50.	Mall at Short Hills, The	NJ	Short Hills	Fee	100.0	%	Acquired 2020	94.1	%	1,413,319	Bloomingdale's, Macy's, Neiman Marcus, Nordstrom, Industrious, Eataly
51.	Mall at University Town Center, The	FL	Sarasota	Fee	50.0	% (4)	Acquired 2020	91.9	%	858,640	Dillard's, Macy's, Saks Fifth Avenue, Dick's House of Sport (6)
52.	Mall of Georgia	GA	Buford (Atlanta)	Fee	100.0	%	Built 1999	98.2	%	1,853,230	Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Havertys Furniture, Regal Cinema, Von Maur
53.	Mall of New Hampshire, The	NH	Manchester	Fee and Ground Lease (2027-2029) (7)	56.4	% (4)	Acquired 1999	97.2	%	801,791	Macy's, JCPenney, Best Buy, Dick's Sporting Goods, Dave & Buster's
54.	Mall of San Juan, The	PR	San Juan	Fee	100.0	% (10)	Acquired 2020	94.5	%	674,733	H&M, Zara, Pottery Barn, Urban Outfitters, Anthropologie
55.	McCain Mall	AR	N. Little Rock	Fee	100.0	%	Built 1973	84.3	%	789,502	Dillard's, JCPenney, Regal Cinema
56.	Meadowood Mall	NV	Reno	Fee	50.0	% (4)	Acquired 2007	97.2	%	931,167	Macy's (8), JCPenney, Dick's Sporting Goods, Crunch Fitness, Round 1
57.	Menlo Park Mall	NJ	Edison (New York)	Fee	100.0	%	Acquired 1997	97.9	%	1,294,588	Nordstrom, Macy's, Barnes & Noble, AMC Dine-In Theatre, Round 1 (6)
58.	Miami International Mall	FL	Miami	Fee	95.0	%	Built 1982	98.0	%	1,080,449	Macy's (8), JCPenney, Elev8 Fun Indoor Adventure Park (6)
59.	Midland Park Mall	TX	Midland	Fee	100.0	%	Built 1980	99.9	%	645,652	Dillard's (8), JCPenney, Ross, Dick's Sporting Goods
60.	Miller Hill Mall	MN	Duluth	Fee	100.0	%	Built 1973	99.4	%	820,001	JCPenney, Barnes & Noble, DSW, Dick's Sporting Goods, Essentia Health West, Essentia Health East
61.	North East Mall	TX	Hurst (Dallas)	Fee	100.0	%	Built 1971	96.6	%	1,543,932	Dillard's, Macy's, JCPenney, Dick's Sporting Goods, Cinemark Theatres, Primark (6)

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties


				Ownership Interest			Year Built
				(Expiration if	Legal		or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Larger Retailers and Uses
62.	Northshore Mall	MA	Peabody (Boston)	Fee	56.4	% (4)	Acquired 1999	94.0	%	1,591,152	JCPenney, Macy's (8), Barnes & Noble, Shaw's Grocery, The Container Store, Tesla Sales and Service, Life Time Athletic, L.L. Bean, Arhaus Furniture, Dick's House of Sport (6)
63.	Ocean County Mall	NJ	Toms River (New York)	Fee	100.0	%	Acquired 1998	96.8	%	889,856	Macy's, Boscov's, JCPenney, LA Fitness, HomeSense, Ulta
64.	Orland Square	IL	Orland Park (Chicago)	Fee	100.0	%	Acquired 1997	99.8	%	1,229,301	Macy's, JCPenney, Dave & Buster's, Von Maur
65.	Penn Square Mall	OK	Oklahoma City	Ground Lease (2060)	94.5	%	Acquired 2002	95.0	%	1,082,982	Macy's, Dillard's (8), JCPenney, AMC Theatres, The Container Store
66.	Pheasant Lane Mall	NH	Nashua	-	—	% (11)	Acquired 2002	97.0	%	977,460	JCPenney, Target, Macy's, Dick's Sporting Goods, The Nash Casino
67.	Phillips Place	NC	Charlotte	Fee	100.0	%	Acquired 2025	95.1	%	132,805	RH, The Palm Restaurant, Ralph Lauren, Taylor Richards & Conger
68.	Phipps Plaza	GA	Atlanta	Fee	100.0	%	Acquired 1998	93.1	%	1,127,024	Saks Fifth Avenue, Nordstrom, AMC Theatres, Arhaus Furniture, Legoland Discovery Center, AC Hotel by Marriott, Life Time Athletic, Life Time Work, Nobu Hotel and Restaurant, (15)
69.	Plaza Carolina	PR	Carolina (San Juan)	Fee	100.0	%	Acquired 2004	83.9	%	1,154,214	JCPenney, Tiendas Capri, Econo, T.J. Maxx, Caribbean Cinemas, Burlington
70.	Prien Lake Mall	LA	Lake Charles	Fee and Ground Lease (2040) (7)	100.0	%	Built 1972	92.5	%	717,956	Dillard's, JCPenney, Cinemark Theatres, Kohl's, Dick's Sporting Goods, T.J. Maxx/HomeGoods
71.	Quaker Bridge Mall	NJ	Lawrenceville	Fee	50.0	% (4)	Acquired 2003	99.4	%	1,079,938	Macy's, JCPenney
72.	Rockaway Townsquare	NJ	Rockaway (New York)	Fee	100.0	%	Acquired 1998	97.1	%	1,241,645	Macy's, JCPenney, Raymour & Flanigan, Dick's House of Sport (6)
73.	Roosevelt Field	NY	Garden City (New York)	Fee and Ground Lease (2090) (7)	100.0	%	Acquired 1998	96.6	%	2,349,159	Bloomingdale's, Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, AMC Entertainment, Neiman Marcus, Primark, Residence Inn by Marriott, AC Hotel by Marriott (6)
74.	Ross Park Mall	PA	Pittsburgh	Fee	100.0	%	Built 1986	99.3	%	1,185,112	JCPenney, Nordstrom, L.L. Bean, Macy's (8), Crate & Barrel, Dick's House of Sport
75.	Santa Rosa Plaza	CA	Santa Rosa	Fee	100.0	%	Acquired 1998	97.9	%	697,764	Macy's, Dave & Buster's (6)
76.	Shops at Chestnut Hill, The	MA	Chestnut Hill (Boston)	Fee	94.4	%	Acquired 2002	95.6	%	470,264	Bloomingdale's (8)
77.	Shops at Clearfork, The	TX	Fort Worth	Fee	45.0	% (4)	Built 2017	88.6	%	552,573	Neiman Marcus, Arhaus Furniture, AMC Theatres, (15)
78.	Shops at Crystals, The	NV	Las Vegas	Fee	50.0	% (4)	Acquired 2016	97.5	%	282,964	Aria Resort and Casino (14), Prada, Louis Vuitton, Hermes
79.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)	Fee	51.0	% (4)	Built 1979	94.0	%	1,265,373	Nordstrom, Macy's (8), Dick's Sporting Goods, Round 1, Arhaus Furniture (6)
80.	Shops at Riverside, The	NJ	Hackensack (New York)	Fee	100.0	%	Acquired 2007	89.6	%	726,720	Bloomingdale's, Barnes & Noble, Arhaus Furniture, AMC Theatres, Life Time Studio
81.	Smith Haven Mall	NY	Lake Grove (New York)	Fee	100.0	%	Acquired 1995	99.5	%	1,257,593	Macy's (8), Dick's Sporting Goods, Barnes & Noble, L.L. Bean, Primark, Stony Brook Medical
82.	South Hills Village	PA	Pittsburgh	Fee	100.0	%	Acquired 1997	95.1	%	1,126,733	Macy's (8), Barnes & Noble, AMC Cinemas, Dick's Sporting Goods, Target, DSW, Ulta, Von Maur, Ashley HomeStore
83.	South Shore Plaza	MA	Braintree (Boston)	Fee	100.0	%	Acquired 1998	92.9	%	1,582,160	Macy's, Target, Primark, Dick's House of Sport (6)
84.	Southdale Center	MN	Edina (Minneapolis)	Fee	100.0	%	Acquired 2007	94.8	%	1,156,103	Macy's, AMC Theatres, Dave & Buster's, RH, Life Time Athletic, Life Time Work/Sport, Kowalski's Market, PuttShack, Homewood Suites by Hilton, (15)
85.	SouthPark	NC	Charlotte	Fee and Ground Lease (2040) (9)	100.0	%	Acquired 2002	99.1	%	1,699,314	Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Arhaus Furniture, The Container Store, (15)
86.	Springfield Mall (1)	PA	Springfield (Philadelphia)	Fee	50.0	% (4)	Acquired 2005	87.1	%	610,092	Macy's, Target
87.	St. Charles Towne Center	MD	Waldorf (Washington, DC)	Fee	100.0	%	Built 1990	92.0	%	979,100	Macy's (8), JCPenney, Kohl's, Dick Sporting Goods, AMC Theatres
88.	St. Johns Town Center	FL	Jacksonville	Fee	50.0	% (4)	Built 2005	99.6	%	1,416,958	Nordstrom, Dillard's, Arhaus Furniture, Dick's Sporting Goods, Barnes & Noble, RH, Homewood Suites by Hilton (14), AC Hotel by Marriott
											Target, Ashley Furniture Home Store, Ross, DSW, Burlington (6), PetsMart, Marshalls
89.	Stanford Shopping Center	CA	Palo Alto (San Jose)	Ground Lease (2064)	94.4	% (10)	Acquired 2003	98.8	%	1,322,323	Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Crate and Barrel, The Container Store, Wilkes Bashford, RH
90.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)	Fee	49.9	% (4)	Acquired 2007	97.2	%	1,295,577	Macy's (8), JCPenney
91.	Summit Mall	OH	Akron	Fee	100.0	%	Built 1965	96.2	%	774,217	Dillard's (8), Macy's, Arhaus Furniture

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties


				Ownership Interest			Year Built
				(Expiration if	Legal		or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA		Selected Larger Retailers and Uses
92.	Tacoma Mall	WA	Tacoma (Seattle)	Fee	100.0	%	Acquired 1987	94.3	%	1,263,980		Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, Nordstrom Rack, Total Wine and More, Ulta, Kohl's
93.	Tippecanoe Mall	IN	Lafayette	Fee	100.0	%	Built 1973	93.9	%	864,871		Macy's, JCPenney, Kohl's, Dick's Sporting Goods, Malibu Jack's
94.	Town Center at Boca Raton	FL	Boca Raton (Miami)	Fee	100.0	%	Acquired 1998	100.0	%	1,776,374		Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Crate & Barrel, The Container Store, Joseph's Classic Market, Arhaus Furniture
95.	Towne East Square	KS	Wichita	Fee	100.0	%	Built 1975	100.0	%	1,157,209		Dillard's, Von Maur, JCPenney, Round 1, Scheels
96.	Treasure Coast Square	FL	Jensen Beach	Fee	100.0	%	Built 1987	94.3	%	873,908		Macy's, Dillard's, JCPenney, Regal Cinema, Elev8 Fun Indoor Adventure Park
97.	Twelve Oaks Mall	MI	Novi	Fee	100.0	%	Acquired 2020	89.1	%	1,520,979		JC Penney, Macy's, Nordstrom, Dick's House of Sport (6)
98.	Tyrone Square	FL	St. Petersburg (Tampa)	Fee	100.0	%	Built 1972	84.3	%	955,987		Macy's, Dillard's, JCPenney, DSW, Cobb 10 Luxury Theatres, Dick's Sporting Goods, Aldi, PetSmart
99.	University Park Mall	IN	Mishawaka	Fee	100.0	%	Built 1979	97.5	%	910,370		Macy's, JCPenney, Barnes & Noble
100.	Walt Whitman Shops	NY	Huntington Station (New York)	Fee and Ground Lease (2052) (7)	100.0	%	Acquired 1998	97.0	%	1,084,890		Saks Fifth Avenue, Bloomingdale’s, Macy’s
101.	Waterside Shops (1)	FL	Naples	Fee	50.0	% (4)	Acquired 2020	100.0	%	304,314		Saks Fifth Avenue, Hermes, Gucci, Louis Vuitton, RH (6)
102.	West Town Mall	TN	Knoxville	Fee and Ground Lease (2042)	50.0	% (4)	Acquired 1991	99.4	%	1,275,963		Belk (8), Dillard’s, JCPenney, Regal Cinebarre Theatre, Dick's House of Sport, Tesla Sales and Service
103.	Westchester, The	NY	White Plains (New York)	Fee	40.0	% (4)	Acquired 1997	97.0	%	802,897		Neiman Marcus, Nordstrom, Crate and Barrel, Arhaus Furniture
104.	Westfarms	CT	West Hartford	Fee	78.9	% (4)	Acquired 2020	99.2	%	1,263,850		JC Penney, Macy's (8), Nordstrom, Jordan's Furniture
105.	White Oaks Mall	IL	Springfield	Fee	88.6	%	Built 1977	76.3	%	922,129		Dick's Sporting Goods, LA Fitness, Michael's, Malibu Jack's, State of Illinois Department of Central Management Services
106.	Wolfchase Galleria	TN	Memphis	Fee	94.5	%	Acquired 2002	97.5	%	1,147,164		Macy's, Dillard's, JCPenney, Malco Theatres, Primark, Courtyard by Marriott (13)
107.	Woodfield Mall	IL	Schaumburg (Chicago)	Fee	50.0	% (4)	Acquired 2012	97.9	%	2,154,656		Nordstrom, Macy's, JCPenney, Enterrium, Peppa Pig World of Play, Primark
108.	Woodland Hills Mall	OK	Tulsa	Fee	94.5	%	Acquired 2002	98.4	%	1,238,604		Macy's, Dillard's, JCPenney, Scheel's, Holiday Inn Express (14), Courtyard by Marriott (14)
	Total Mall GLA									119,734,147	(17)

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties

––
				Ownership Interest			Year Built
				(Expiration if	Legal		Or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Tenants
	Premium Outlets
1.	Albertville Premium Outlets	MN	Albertville (Minneapolis)	Fee	100.0	%	Acquired 2004	93.8	%	301,148	Coach, Gap Outlet, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Under Armour
2.	Allen Premium Outlets	TX	Allen (Dallas)	Fee	100.0	%	Acquired 2004	100.0	%	548,490	Adidas, Armani Outlet, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Staybridge Suites (13), The North Face, Tommy Hilfiger, Tory Burch, Under Armour
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	Fee	100.0	%	Acquired 2004	91.8	%	262,070	Calvin Klein, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour
4.	Birch Run Premium Outlets	MI	Birch Run (Detroit)	Fee	100.0	%	Acquired 2010	93.7	%	593,925	Adidas, Calvin Klein, Coach, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn/Williams-Sonoma Outlet, Tommy Hilfiger, The North Face, Under Armour
5.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)	Fee	100.0	%	Acquired 2004	99.5	%	691,160	Adidas, Calvin Klein, Coach, Columbia Sportswear, Giorgio Armani, H&M, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Toys R Us, Under Armour
6.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	Fee	100.0	%	Acquired 2004	100.0	%	288,899	Adidas, Calvin Klein, Coach, Gap Factory, Kate Spade New York, Michael Kors, Nike Unite, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Skechers, Under Armour
7.	Carolina Premium Outlets	NC	Smithfield (Raleigh)	Fee	100.0	%	Acquired 2004	97.4	%	439,078	Adidas, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
8.	Charlotte Premium Outlets	NC	Charlotte	Fee	50.0	% (4)	Built 2014	99.8	%	398,386	Adidas, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
9.	Chicago Premium Outlets	IL	Aurora (Chicago)	Fee	100.0	%	Built 2004	98.0	%	685,056	Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn Outlet, Under Armour
10.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)	Fee	100.0	%	Built 2009	98.2	%	398,932	Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour
11.	Clarksburg Premium Outlets	MD	Clarksburg (Washington, DC)	Fee	66.0	% (4)	Built 2016	96.0	%	381,671	Armani Outlet, A/X Armani Exchange, Adidas, Calvin Klein, Coach, Columbia Sportswear, Kate Spade New York, Lafayette 148 New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Tommy Hilfiger, Tory Burch, Under Armour, Vince
12.	Clinton Premium Outlets	CT	Clinton	Fee	100.0	%	Acquired 2004	100.0	%	276,229	Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
13.	Denver Premium Outlets	CO	Thornton (Denver)	Fee	100.0	%	Built 2018	98.3	%	328,107	Adidas, A/X Armani Exchange, Calvin Klein, Coach, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines, Staybridge Suites (14)
14.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	Fee	100.0	%	Acquired 2004	100.0	%	656,950	Alexander McQueen, Armani Outlet, Balenciaga, Bottega Veneta, Brunello Cucinelli, Burberry, Coach, Fendi, Ferragamo, Gucci, Jimmy Choo, Loro Piana, Marc Jacobs, Moncler, Nike, Polo Ralph Lauren, Prada, Saint Laurent, Stuart Weitzman, Tory Burch, Valentino, Zegna
15.	Ellenton Premium Outlets	FL	Ellenton (Tampa)	Fee	100.0	%	Acquired 2010	97.1	%	477,175	Adidas, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
16.	Finger Lakes Premium Outlets	NY	Waterloo	Fee	100.0	%	Acquired 2004	65.5	%	413,558	American Eagle Outfitters, Banana Republic, Brooks Brothers, Calvin Klein, Chico’s, Coach, Columbia Sportswear, H&M, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties

––
				Ownership Interest			Year Built
				(Expiration if	Legal		Or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Tenants
17.	Folsom Premium Outlets	CA	Folsom (Sacramento)	Fee	100.0	%	Acquired 2004	98.4	%	295,993	Adidas, Banana Republic, Calvin Klein, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Tommy Hilfiger, Under Armour
18.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	Fee	100.0	%	Acquired 2004	92.4	%	502,867	Adidas, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger
19.	Gloucester Premium Outlets	NJ	Blackwood (Philadelphia)	Fee	66.7	%	Built 2015	96.6	%	377,907	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Columbia Sportswear, Gap Outlet, Guess, Levi's, J. Crew, Loft Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour, Vera Bradley
20.	Grand Prairie Premium Outlets	TX	Grand Prairie (Dallas)	Fee	100.0	%	Built 2012	100.0	%	419,523	Banana Republic, Bloomingdale's The Outlet Store, Coach, Columbia Sportswear, Dickies, Fan Outfitters, JD Sports, Kate Spade New York, J.Crew, Michael Kors, Nike, Psycho Bunny, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Vera Bradley
21.	Grove City Premium Outlets	PA	Grove City (Pittsburgh)	Fee	100.0	%	Acquired 2010	91.4	%	525,904	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour
22.	Gulfport Premium Outlets	MS	Gulfport	Ground Lease (2059)	100.0	%	Acquired 2010	91.9	%	297,498	Banana Republic, Chico's, Coach, Gap Outlet, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
23.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/Washington, DC)	Fee	100.0	%	Acquired 2010	69.5	%	485,670	American Eagle Outfitters, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Loft Outlet, The North Face, Under Armour
24.	Houston Premium Outlets	TX	Cypress (Houston)	Fee	100.0	%	Built 2008	100.0	%	556,074	Ann Taylor, Armani Outlet, A/X Armani Exchange, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Holiday Inn Express (14), JD Sports, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Victoria's Secret
25.	Indiana Premium Outlets	IN	Edinburgh (Indianapolis)	Fee	100.0	%	Acquired 2004	97.5	%	378,389	Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
26.	Jackson Premium Outlets	NJ	Jackson (New York)	Fee	100.0	%	Acquired 2004	96.7	%	285,575	Adidas, American Eagle Outfitters, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Loft Outlet, Kate Spade New York, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
27.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	Fee	100.0	%	Built 2008	100.0	%	434,765	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Vineyard Vines
28.	Johnson Creek Premium Outlets	WI	Johnson Creek	Fee	100.0	%	Acquired 2004	90.7	%	275,063	Adidas, Banana Republic, Calvin Klein, Gap Outlet, Loft Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
29.	Kittery Premium Outlets	ME	Kittery	Fee and Ground Lease (2049) (7)	100.0	%	Acquired 2004	96.1	%	261,974	Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Nike, Polo Ralph Lauren, Tommy Hilfiger, Tumi, Vineyard Vines (6)
30.	Las Americas Premium Outlets	CA	San Diego	Fee	100.0	%	Acquired 2007	97.5	%	689,452	Adidas, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour
31.	Las Vegas North Premium Outlets	NV	Las Vegas	Fee	100.0	%	Built 2003	100.0	%	675,750	All Saints, Armani Outlet, A/X Armani Exchange, Banana Republic, Burberry, Canali, CH Carolina Herrera, Cheesecake Factory, Coach, David Yurman, Dolce & Gabbana, Etro, Jimmy Choo, John Varvatos, Lululemon, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Roberto Cavalli, Salvatore Ferragamo, Shake Shack, Tory Burch

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties

––
				Ownership Interest			Year Built
				(Expiration if	Legal		Or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Tenants
32.	Las Vegas South Premium Outlets	NV	Las Vegas	Fee	100.0	%	Acquired 2004	99.4	%	535,621	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Round 1
33.	Lee Premium Outlets	MA	Lee	Fee	100.0	%	Acquired 2010	84.8	%	223,611	Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour
34.	Leesburg Premium Outlets	VA	Leesburg (Washington, DC)	Fee	100.0	%	Acquired 2004	97.5	%	478,434	Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Brooks Brothers, Burberry, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn Outlet, Salvatore Ferragamo, Tory Burch, Under Armour, Vineyard Vines, Williams-Sonoma
35.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)	Fee	100.0	%	Acquired 2004	87.4	%	444,045	Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Guess, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour
36.	Merrimack Premium Outlets	NH	Merrimack	Fee	100.0	%	Built 2012	99.0	%	409,081	Ann Taylor, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Under Armour, Vera Bradley, Vineyard Vines
37.	Napa Premium Outlets	CA	Napa	Fee	100.0	%	Acquired 2004	99.5	%	178,917	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger
38.	Norfolk Premium Outlets	VA	Norfolk	Fee	65.0	% (4)	Built 2017	99.2	%	329,789	A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma, The North Face, Tommy Hilfiger, Tory Burch, Under Armour
39.	North Bend Premium Outlets	WA	North Bend (Seattle)	Fee	100.0	%	Acquired 2004	86.5	%	189,132	Banana Republic, Coach, Gap Outlet, Levi's, Kate Spade New York, Michael Kors, Nike, Skechers, Under Armour
40.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	Fee	100.0	%	Acquired 2004	95.8	%	536,629	Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn, The North Face, Tommy Hilfiger, Tory Burch, West Elm, Williams-Sonoma
41.	Orlando International Premium Outlets	FL	Orlando	Fee	100.0	%	Acquired 2010	97.1	%	775,231	Adidas, Armani Outlet, Calvin Klein, Carhartt, Coach, Columbia Sportswear, H&M, J.Crew, Karl Lagerfeld, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, St. John, The North Face, Tommy Hilfiger, Tory Burch, Under Armour
42.	Orlando Vineland Premium Outlets	FL	Orlando	Fee	100.0	%	Acquired 2004	99.6	%	658,238	Adidas, All Saints, Armani Outlet, Bally, Bottega Veneta, Brunello Cucinelli, Burberry, Calvin Klein, Carolina Herrera, Coach, Ermenegildo Zegna, Gucci, Jimmy Choo, Kate Spade New York, Lacoste, Lululemon, Michael Kors, Nike, Prada, Polo Ralph Lauren, Salvatore Ferragamo, TAG Heuer, The North Face, Tod's, Tommy Hilfiger, Tory Burch, Under Armour, Versace
43.	Petaluma Village Premium Outlets	CA	Petaluma (San Francisco)	Fee	100.0	%	Acquired 2004	95.5	%	199,261	Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Tommy Hilfiger
44.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	Fee	100.0	%	Built 2007	97.8	%	544,765	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, H&M, J.Crew, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Rally House, The North Face, Tommy Hilfiger, Tory Burch, Under Armour
45.	Phoenix Premium Outlets	AZ	Chandler (Phoenix)	Ground Lease (2077)	100.0	%	Built 2013	99.8	%	356,521	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Factory Store, Guess, Kate Spade New York, Michael Kors, Nike, Tommy Bahama, Tommy Hilfiger, Tumi, Under Armour

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties

––
				Ownership Interest			Year Built
				(Expiration if	Legal		Or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Tenants
46.	Pismo Beach Premium Outlets	CA	Pismo Beach	Fee	100.0	%	Acquired 2010	97.0	%	147,903	Calvin Klein, Coach, Guess, Kate Spade New York, Levi's, Nike, Polo Ralph Lauren, Skechers, The North Face, Tommy Hilfiger
47.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie (Chicago, IL/Milwaukee)	Fee	100.0	%	Acquired 2010	95.3	%	396,208	Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Kate Spade New York, J.Crew, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour
48.	Pocono Premium Outlets	PA	Tannersville	Fee and Ground Lease (2029) (7)	100.0	%	Acquired 2004	99.9	%	411,752	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Johnny Rockets, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour, Vera Bradley
49.	Puerto Rico Premium Outlets	PR	Barceloneta	Fee	100.0	%	Acquired 2010	98.8	%	350,688	Adidas, Calvin Klein, Coach, Gap Outlet, Invicta, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger
50.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)	Fee	100.0	%	Acquired 2010	90.8	%	289,596	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, Tommy Bahama, Under Armour
51.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	Fee	100.0	%	Built 2006	99.1	%	593,720	Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Banana Republic, Burlington, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, H&M, Kate Spade New York, Levi's, Michael Kors, Nike, Pandora, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Victoria's Secret
52.	Round Rock Premium Outlets	TX	Round Rock (Austin)	Fee	100.0	%	Built 2006	100.0	%	495,706	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Duluth Trading Company, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Embassy Suites (14), (15)
53.	San Francisco Premium Outlets	CA	Livermore (San Francisco)	Fee and Ground Lease (2031) (9)	100.0	%	Built 2012	98.7	%	697,029	All Saints, Arc'teryx, A/X Armani Exchange, Bloomingdale's The Outlet Store, Bottega Veneta, Brunello Cucinelli, Burberry, CH Carolina Herrera, Coach, Ermenegildo Zegna, Etro, Furla, Gucci, H&M, Jimmy Choo, John Varvatos, Kate Spade New York, Lacoste, Longchamp, MaxMara, Michael Kors, Nike, Polo Ralph Lauren, Prada, Roger Vivier, Sandro & Maje, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tod's, Tory Burch, Under Armour, Versace, Zadig et Voltaire
54.	San Marcos Premium Outlets	TX	San Marcos (Austin/San Antonio)	Fee	100.0	%	Acquired 2010	99.0	%	730,057	Armani Outlet, Banana Republic, Burberry, CH Carolina Herrera, Dolce & Gabbana, Gucci, J. Crew, Jimmy Choo, Kate Spade New York, Lacoste, Lululemon, Marc Jacobs, Michael Kors, Pandora, Polo Ralph Lauren, Pottery Barn, Saint Laurent Paris, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tommy Bahama, Tory Burch, Versace, Vineyard Vines
55.	Seattle Premium Outlets	WA	Tulalip (Seattle)	Ground Lease (2079)	100.0	%	Built 2005	98.3	%	554,811	Adidas, Ann Taylor, Arc'teryx, Armani Outlet, Banana Republic, Burberry, Calvin Klein, Coach, Columbia Sportswear, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Stuart Weitzman, The North Face, Tommy Bahama, Tommy Hilfiger, Tory Burch, Under Armour
56.	Silver Sands Premium Outlets	FL	Destin	Fee	50.0	% (4)	Acquired 2012	90.9	%	446,012	Adidas, Banana Republic, Brooks Brothers, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma, The North Face, Tommy Hilfiger, Tory Burch, Under Armour, Vera Bradley
57.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonville)	Fee	100.0	%	Acquired 2004	99.8	%	327,754	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Lucky Brand, Nike, Polo Ralph Lauren, Puma, St. John, Tommy Hilfiger, Under Armour
58.	St. Louis Premium Outlets	MO	St. Louis (Chesterfield)	Fee	60.0	% (4)	Built 2013	97.4	%	351,416	Adidas, Ann Taylor, Brooks Brothers, Coach, Gap Outlet, H&M, J. Crew, Kate Spade New York, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger, Ugg, Under Armour, Vera Bradley

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties

––
				Ownership Interest			Year Built
				(Expiration if	Legal		Or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Tenants
59.	Tampa Premium Outlets	FL	Lutz (Tampa)	Fee	100.0	%	Built 2015	100.0	%	468,094	Adidas, A/X Armani Outlet, Banana Republic, BJ's Restaurant and Brewhouse, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J. Crew, Kate Spade New York, Lucky Brand, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger, Tumi, Under Armour
60.	Tanger Outlets - Columbus (1)	OH	Sunbury (Columbus)	Fee	50.0	% (4)	Built 2016	99.7	%	352,797	Banana Republic, Brooks Brothers, Coach, Kate Spade New York, Nike, Polo Ralph Lauren, Under Armour
61.	Tanger Outlets - Galveston/Houston (1)	TX	Texas City	Fee	50.0	% (4)	Built 2012	91.8	%	352,705	Banana Republic, Brooks Brothers, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Tommy Hilfiger
62.	Tucson Premium Outlets	AZ	Marana (Tucson)	Fee	100.0	%	Built 2015	91.9	%	366,102	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Levi’s, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour
63.	Tulsa Premium Outlets	OK	Jenks (Tulsa)	Fee	100.0	%	Built 2024	100.0	%	338,472	Abercrombie & Fitch, Adidas, American Eagle Outfitters, Banana Republic, Camp Pickle (6), Cavender's Boot City, Columbia Sportswear, Five Below, Five Below, JD Sports, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Puma, Skechers, Tory Burch, Ulta, Under Armour
64.	Twin Cities Premium Outlets	MN	Eagan	Fee	35.0	% (4)	Built 2014	97.2	%	403,744	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J. Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Talbots, Under Armour
65.	Vacaville Premium Outlets	CA	Vacaville	Fee	100.0	%	Acquired 2004	96.2	%	442,502	Adidas, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Skechers, The North Face, Tommy Hilfiger, Under Armour, West Elm Outlet
66.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	Fee	100.0	%	Acquired 2004	98.8	%	219,379	Adidas, Armani Outlet, Calvin Klein, Coach, Furla, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Swarovski, Tommy Hilfiger, Tory Burch
67.	Williamsburg Premium Outlets	VA	Williamsburg	Fee	100.0	%	Acquired 2010	95.0	%	507,525	Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, New Balance, Nike, Pandora, Polo Ralph Lauren, Puma, The North Face, Timberland, Tommy Bahama, Tommy Hilfiger, Under Armour, Vera Bradley, Vineyard Vines
68.	Woodburn Premium Outlets	OR	Woodburn (Portland)	Fee	100.0	%	Acquired 2013	100.0	%	389,223	Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Levi's, Michael Kors, Nike, The North Face, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Under Armour
69.	Woodbury Common Premium Outlets	NY	Central Valley (New York)	Fee	100.0	%	Acquired 2004	98.3	%	921,983	Arc'teryx, Armani Outlet, Balenciaga, Balmain, Bottega Veneta, Breitling, Brioni, Brunello Cucinelli, Burberry, Canali, Celine, Chloe, Coach, Dior, Dolce & Gabbana, Dunhill, Fendi, Givenchy, Golden Goose, Gucci, Jimmy Choo, Lacoste, Loewe, Longchamp, Loro Piana, Marc Jacobs, Michael Kors, Moncler, Mulberry, Nike, Polo Ralph Lauren, Prada, Saint Laurent, Salvatore Ferragamo, Santoni, Shake Shack, Stone Island, Stuart Weitzman, Theory, Tod's, Tom Ford, Tory Burch, Valentino, Versace, Zegna
70.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	Fee	100.0	%	Acquired 2004	98.1	%	672,948	Adidas, All Saints, Armani Outlet, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Burberry, Calvin Klein, Coach, Ferragamo, Jimmy Choo, Karl Lagerfeld, Kate Spade New York, Lacoste, Lululemon, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Potterty Barn Outlet, Puma, Theory, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines
	Total U.S. Premium Outlets GLA									30,690,639

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties


				Ownership Interest			Year Built
				(Expiration if	Legal		or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA	Selected Tenants
	The Mills
1.	Arizona Mills	AZ	Tempe (Phoenix)	Fee	100.0	%	Acquired 2007	98.5	%	1,221,069	Marshalls, Burlington, Ross, Harkins Cinemas & IMAX, Sea Life Center, Legoland, dd's Discounts, Going, Going, Gone by Dick's Sporting Goods, Rainforest Café, Reclectic
2.	Arundel Mills	MD	Hanover (Baltimore)	Fee	59.3	% (4)	Acquired 2007	99.8	%	1,955,312	Bass Pro Shops Outdoor World, Burlington, Dave & Buster's, Medieval Times, Off Broadway Shoe Warehouse, T.J. Maxx, Cinemark Egyptian 24 Theatres, Live! Casino Hotel, Ulta, Sun & Ski, Primark, Wayfair Outlet
3.	Colorado Mills	CO	Lakewood (Denver)	Fee	37.5	% (4)	Acquired 2007	99.0	%	1,399,610	Off Broadway Shoe Warehouse, Super Target, United Artists Theatre, Burlington, H&M, Dick's Sporting Goods, Arhaus Loft, Slick City Action Park, 2nd & Charles, Springhill Suites (14)
4.	Concord Mills	NC	Concord (Charlotte)	Fee	59.3	% (4)	Acquired 2007	99.8	%	1,368,190	Bass Pro Shops Outdoor World, Burlington, Dave & Buster's, Nike Factory Store, Off Broadway Shoes, AMC Theatres, Best Buy, Sea Life Center, H&M, Dick's Sporting Goods, Cavender's Boot City, Primark
5.	Dolphin Mall	FL	Miami	Fee	100.0	%	Acquired 2020	99.3	%	1,404,076	Bass Pro Shops, Cobb Theatres, Burlington (8), Dave & Busters, Vivo!, Primark
6.	Grapevine Mills	TX	Grapevine (Dallas)	Fee	59.3	% (4)	Acquired 2007	100.0	%	1,779,663	Burlington, Marshalls, AMC Theatres, Sun & Ski Sports, Legoland Discovery Center, Sea Life Center, Ross, H&M, Round 1 Entertainment, Fieldhouse USA, Rainforest Café, Meow Wolf, Macy's Backstage, Cavender's Boot City, Primark, Springhill Suites (14), Hyatt Place (14), Hawthorn (14)
7.	Great Mall	CA	Milpitas (San Jose)	Fee and Ground Lease (2049) (7)	100.0	%	Acquired 2007	100.0	%	1,365,059	Camille La Vie, Kohl's, Dave & Buster's, Burlington, Marshalls, Nike Factory Store, Century Theatres, Dick's Sporting Goods, Legoland Discovery Center, Altitude Trampoline Park (6)
8.	Great Lakes Crossing Outlets	MI	Auburn Hills	Fee	100.0	%	Acquired 2020	97.2	%	1,355,126	AMC Theatre, Bass Pro Shops, Burlington, Round 1, Nordstrom Rack, Dick's Sporting Goods, Primark
9.	Gurnee Mills	IL	Gurnee (Chicago)	Fee	100.0	%	Acquired 2007	99.1	%	1,931,339	Bass Pro Shops Outdoor World, Burlington, Kohl's, Marshalls Home Goods, Marcus Cinemas, Value City Furniture, Off Broadway Shoe Warehouse, Macy's, Floor & Decor, Dick's Sporting Goods, Rainforest Café, 2nd & Charles, Hobby Lobby, Round 1, Primark
10.	Katy Mills	TX	Katy (Houston)	Fee	62.5	% (4) (2)	Acquired 2007	98.6	%	1,679,417	Bass Pro Shops Outdoor World, Books-A-Million, Burlington, Marshalls, Sun & Ski Sports, AMC Theatres, Tilt, Ross, H&M, Primark, Rainforest Café, Slick City
11.	Mills at Jersey Gardens, The	NJ	Elizabeth	Fee	100.0	%	Acquired 2015	100.0	%	1,309,390	Burlington, Cohoes, AMC Theatres, Marshalls, Nike Factory Store, H&M, Tommy Hilfiger, Bloomingdale's Outlet, Pottery Barn Outlet, Primark, Round 1, Residence Inn (14), Courtyard by Marriott (14), Embassy Suites (14), Country Inn & Suites (14)
12.	Ontario Mills	CA	Ontario (Riverside)	Fee	50.0	% (4)	Acquired 2007	100.0	%	1,430,423	Burlington, Nike Factory Store, Marshalls, Nordstrom Rack, Dave & Buster's, Camille La Vie, AMC Theatres, Uniqlo, Skechers Superstore, Rainforest Café, Pottery Barn + West Elm Outlet
13.	Opry Mills	TN	Nashville	Fee	100.0	%	Acquired 2007	99.3	%	1,119,934	Regal Cinema & IMAX, Dave & Buster's, Sun & Ski, Bass Pro Shops Outdoor World, H&M, Madame Tussauds, TJ Maxx, Rainforest Café, Aquarium Restaurant
14.	Outlets at Orange, The	CA	Orange (Los Angeles)	Fee	100.0	%	Acquired 2007	98.0	%	864,082	Barnes & Noble, Dave & Buster’s, AMC Theatres, Nordstrom Rack, Bloomingdale's the Outlet Store, Guitar Center, Nike Factory Store
15.	Potomac Mills	VA	Woodbridge (Washington, DC)	Fee	100.0	%	Acquired 2007	99.4	%	1,564,823	Marshalls, T.J. Maxx, JCPenney, Burlington, Nordstrom Rack, Costco Warehouse, AMC Theatres, Bloomingdale's Outlet, Round 1, Primark, Akira
16.	Sawgrass Mills	FL	Sunrise (Miami)	Fee	100.0	%	Acquired 2007	98.9	%	2,365,454	BrandsMart USA, Burlington, Marshalls, Nordstrom Rack, Target, T.J. Maxx, Regal Cinema, Bloomingdale's Outlet, Dick's Sporting Goods, Primark, HomeSense, AC Hotel by Marriott
	Total Mills Properties GLA									24,112,967

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties


				Ownership Interest			Year Built
				(Expiration if	Legal		or
	Property Name	State	City (CBSA)	Lease) (3)	Ownership		Acquired	Occupancy (5)		Total GLA		Selected Tenants
	Lifestyle Centers
1.	ABQ Uptown	NM	Albuquerque	Fee	100.0	%	Acquired 2011	99.6	%	228,833		Anthropologie, Apple, Pottery Barn
2.	Hamilton Town Center	IN	Noblesville (Indianapolis)	Fee	50.0	% (4)	Built 2008	98.9	%	679,382		JCPenney, Dick's Sporting Goods, DSW, Emagine Noblesville, Total Wine & More, BJ's Wholesale, Big Blue Swim School, Ross Dress for Less, Nordstrom Rack
3.	Liberty Tree Mall	MA	Danvers (Boston)	Fee	49.1	% (4)	Acquired 1999	88.4	%	861,398		Marshalls, Target, Kohl's, Best Buy, Staples, AMC Theatres, Nordstrom Rack, Off Broadway Shoes, Sky Zone, Total Wine & More, Aldi
4.	Northgate Station	WA	Seattle	Fee	100.0	%	Redeveloped 2021	N/A	(16)	412,720	(16)	Kraken Community Iceplex, Barnes & Noble, Nordstrom Rack, Residence Inn by Marriott (6)
5.	Pier Park	FL	Panama City Beach	Fee	65.6	% (4)	Built 2008	93.7	%	944,846		Dillard's, JCPenney, Target, Grand Theatres, Ron Jon Surf Shop, Margaritaville, Marshalls, Dave & Buster's, Skywheel, Pirates Voyage
6.	University Park Village	TX	Fort Worth	Fee	100.0	%	Acquired 2015	100.0	%	171,857		Anthropologie, Apple, Pottery Barn
	Total Lifestyle Centers GLA									3,299,036


	Other Properties
1 - 12.	Other Properties									10,593,367
	Total Other GLA									10,593,367	(17)
	Total U.S. Properties GLA									188,430,156

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

U.S. Properties

FOOTNOTES:

(1)	This property is managed by a third party.

(2)	Our direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or us.

(3)	The date listed is the expiration date of the last renewal option available to the operating entity under the ground lease. In a majority of the ground leases, we have a right to purchase the lessor’s interest under an option, right of first refusal or other provision. Unless otherwise indicated, each ground lease listed in this column covers at least 50% of its respective property.

(4)	Joint venture properties accounted for under the equity method.

(5)	Malls - Executed leases for all company-owned GLA in mall stores, excluding majors and anchors. Premium Outlets and The Mills - Executed leases for all company-owned GLA (or total center GLA).

(6)	Indicates box, anchor, major or project currently under development/construction or has announced plans for development.

(7)	Indicates ground lease covers less than 50% of the acreage of this property.

(8)	Tenant has multiple locations at this center.

(9)	Indicates ground lease covers outparcel only.

(10)	We receive substantially all the economic benefit of the property due to a preference or advance.

(11)	We own a mortgage note that encumbers Pheasant Lane Mall that entitles us to 100% of the economics of this property.

(12)	Indicates anchor has announced its intent to close this location.

(13)	Indicates box, anchor, major or project currently under development/construction by a third party.

(14)	Owned by a third party.

(15)	Includes multi-family tenant on-site.

(16)	This property is undergoing significant renovation.

(17)	GLA includes office space.

United States Lease Expirations

The following table summarizes lease expiration data for our U.S. malls and Premium Outlets, including Puerto Rico, as of December 31, 2025. The data presented does not consider the impact of renewal options that may be contained in leases.

U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)


						Avg. Base			Percentage of Gross
		Number of				Minimum Rent			Annual Rental
Year		Leases Expiring		Square Feet		PSF at 12/31/2025			Revenues (2)
Inline Stores and Freestanding
Month to Month Leases		957		3,221,378		$	63.60		3.0	%
2026		3,156		10,840,848		$	55.63		8.7	%
2027		3,067		11,145,893		$	60.25		9.7	%
2028		2,585		10,514,539		$	65.82		10.2	%
2029		2,092		8,670,646		$	66.19		8.2	%
2030		1,488		6,585,520		$	75.60		7.1	%
2031		786		3,966,562		$	70.04		4.0	%
2032		654		2,465,174		$	91.46		3.3	%
2033		713		2,845,373		$	97.80		4.0	%
2034		772		2,982,331		$	99.34		4.3	%
2035		852		3,890,609		$	101.20		5.5	%
2036 and Thereafter		680		3,408,311		$	69.85		2.9	%
Specialty Leasing Agreements w/ terms in excess of 12 months		2,370		6,732,959		$	17.65		1.7	%
Anchors
Month to Month Leases		1		59,895		$	17.09		0.0	%
2026		6		375,321		$	20.85		0.0	%
2027		13		1,570,417		$	5.81		0.1	%
2028		18		2,325,205		$	5.17		0.2	%
2029		17		1,698,901		$	6.59		0.2	%
2030		18		2,087,074		$	6.70		0.2	%
2031		18		2,055,372		$	5.35		0.2	%
2032		4		282,245		$	25.21		0.1	%
2033		7		1,028,383		$	8.48		0.1	%
2034		8		709,597		$	21.82		0.1	%
2035		10		900,858		$	12.77		0.1	%
2036 and Thereafter		29		2,677,406		$	15.65		0.6	%

(1)	Does not consider the impact of renewal options that may be contained in leases. Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration.

(2)	Annual rental revenues represent domestic 2025 consolidated and joint venture combined base rental revenue.

International Properties

Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements. With the exception of our Premium Outlets in Canada, all of our international joint venture properties are managed by joint ventures in which we share control.

European Investments

At December 31, 2025, we owned 63,355,252 shares, or approximately 22.2%, of Klépierre, which had a quoted market price of $39.61 per share. Klépierre is a publicly traded, Paris-based real estate company which owns, or has an interest in shopping centers located in 13 countries.

As of December 31, 2025, we had a controlling interest in a European investee with interests in 12 Designer Outlet properties, 11 of which are located in Europe and one outlet property is located in Canada. Of the 11 properties in Europe, two are in Italy, two are in the Netherlands, two are in the United Kingdom, two are in France and one each is in Austria, Germany, and Spain. As of December 31, 2025, our legal percentage ownership interests in these entities ranged from 23% to 94%.

As of December 31, 2025, we had a 100% interest in two luxury outlet destinations in Italy. The Mall Luxury Outlets Firenze, in Leccio, nearby Florence, and The Mall Luxury Outlets Sanremo, in Sanremo on the Italian Riviera.

Other International Investments

We hold interests in Premium Outlets, including a 40% interest in ten operating joint venture properties in Japan, a 50% interest in five operating joint venture properties in South Korea, a 50% interest in two operating joint venture properties in Mexico, a 50% interest in two operating joint venture properties in Malaysia, a 50% interest in one operating joint venture in Thailand, a 50% interest in one operating joint venture in Indonesia, and a 50% interest in three joint venture properties in Canada. The ten Japanese Premium Outlets operate in various cities throughout Japan and comprise over 3.9 million square feet of GLA and were 99.9% leased as of December 31, 2025.

We also have an interest in operating joint ventures that own full-price malls located in the People’s Republic of China and in South Korea. Our ownership in these properties ranges from 17% to 49%.

The following property tables summarize certain data for our international properties as of December 31, 2025 and do not include our equity investment in Klépierre.

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

International Properties


			City		Ownership		SPG Effective				Total Gross
	COUNTRY/Property Name		(Metropolitan area)		Interest		Ownership		Year Built		Leasable Area (1)		Selected Tenants
	AUSTRIA
1.	Parndorf Designer Outlet		Vienna		Fee		90.0	%	2005		118,000		Adidas, Armani, Bally, Burberry, Calvin Klein, Coach, Dolce & Gabbana, Furla, Geox, Gucci, Guess, Michael Kors, Moncler, Nike, Polo Ralph Lauren, Porsche Design, Prada, Puma, Tommy Hilfiger, Zegna
	Subtotal Austria										118,000
	CANADA
2.	Toronto Premium Outlets		Toronto (Ontario)		Fee		50.0	%	2013		504,900		Adidas, Armani, Burberry, Calvin Klein, Coach, Eddie Bauer, Gap, Gucci, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue, Tommy Hilfiger, Tory Burch, Under Armour
3.	Premium Outlets Montreal		Montreal (Quebec)		Fee		50.0	%	2014		367,500		Adidas, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour
4.	Premium Outlet Collection Edmonton International Airport		Edmonton (Alberta)		Ground Lease (2072)		50.0	%	2018		421,900		Adidas, Calvin Klein, Coach, Gap Factory, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
5.	Vancouver Designer Outlets		Vancouver		Ground Lease (2072)		45.0	%	2015		326,000		Adidas, Armani, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
	Subtotal Canada										1,620,300
	CHINA
6.	CityOn.Xian		Xi'an		Ground Lease (2051)		25.0	%	Acquired 2020		995,000		Wangfujing
7.	CityOn.Zhengzhou		Zhengzhou		Ground Lease (2051)		24.5	%	Acquired 2020		919,000		G-Super, Wangfujing
	Subtotal China										1,914,000
	FRANCE
8.	Paris-Giverny Designer Outlet		Vernon (Normandy)		Fee		73.8	%	2023		228,000		Adidas, Calvin Klein, Coach, Dolce & Gabana, Guess, Moncler, Nike, Puma, Superdry, Tommy Hilfiger, Under Armour, Woolrich
9.	Provence Designer Outlet		Miramas		Fee		90.0	%	2017		269,000		Armani, Calvin Klein, Guess, Michael Kors, Nike, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger
	Subtotal France										497,000
	GERMANY
10.	Ochtrup Designer Outlets		Ochtrup		Fee		70.5	%	2016		191,500		Adidas, Calvin Klein, Guess, Lindt, Nike, Puma, Samsonite, Schiesser, Seidensticker, Tom Tailor, Vero Moda
	Subtotal Germany										191,500
	INDONESIA
11.	Jakarta Premium Outlets		Tangerang		Fee		50.0	%	2025		302,000		Adidas, Bally, Coach, Guess, Kate Spade, Nike
	Subtotal Indonesia										302,000
	ITALY
12.	La Reggia Designer Outlet		Marcianise (Naples)		Fee		90.0	%	2010		344,000		Adidas, Armani, Calvin Klein, Coach, Guess, Liu Jo, Michael Kors, Nike, Pinko, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger
13.	Noventa Di Piave Designer Outlet		Venice		Fee		90.0	%	2008		353,000		Adidas, Armani, Bally, Bottega Veneta, Burberry, Calvin Klein, Coach, Dolce & Gabanna, Fendi, Furla, Gucci, Loro Piana, Michael Kors, Nike, Pinko, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Sergio Rossi,Tommy Hilfiger, Valentino, Versace, Zegna
14.	The Mall Luxury Outlets Firenze		Florence		Fee		100.0	%	Acquired 2025		264,750		Alexander McQueen, Armani, Balenciaga, Burberry, Coach, Dolce & Gabana, Fendi, Ferragamo, Gucci, Jimmy Choo, Saint Laurent, Tom Ford, Valentino, Versace, Zegna
15.	The Mall Luxury Outlets Sanremo		Sanremo		Fee		100.0	%	Acquired 2025		122,300		Alexander McQueen, Armani, Balenciaga, Burberry, Dolce & Gabana, Ferragamo, Gucci, Jimmy Choo, Moncler, Saint Laurent, Valentino, Versace, Zegna
	Subtotal Italy										1,084,050

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

International Properties


			City		Ownership		SPG Effective				Total Gross
	COUNTRY/Property Name		(Metropolitan area)		Interest		Ownership		Year Built		Leasable Area (1)		Selected Tenants
	JAPAN
16.	Ami Premium Outlets		Ami (Tokyo)		Fee		40.0	%	2009		315,000		Adidas, Beams, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Puma, TaylorMade, Tommy Hilfiger
17.	Fukaya-Hanazono Premium Outlets		Fukaya City (Saitama)		Ground Lease (2042)		40.0	%	2022		296,300		Adidas, Armani, Bally, Coach, Dsquared2, Furla, Marc Jacobs, Michael Kors, New Balance, Nike, Polo Ralph Lauren, Puma, Theory, Tommy Hilfiger, Tory Burch, Vans
18.	Gotemba Premium Outlets		Gotemba City (Tokyo)		Fee		40.0	%	2000		659,500		Adidas, Armani, Balenciaga, Bally, Beams, Bottega Veneta, Burberry, Coach, Dolce & Gabbana, Dunhill, Gap Outlet, Gucci, Loro Piana, Michael Kors, Moncler, Nike, Polo Ralph Lauren, Prada/Miu Miu, Puma, Tod's, Tory Burch, United Arrows
19.	Kobe-Sanda Premium Outlets		Hyougo-ken (Osaka)		Ground Lease (2026)		40.0	%	2007		441,000		Adidas, Armani, Bally, Beams, Coach, Dolce & Gabbana, Gap Outlet, Gucci, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Prada/Miu Miu, Tod's, Tommy Hilfiger, United Arrows, Valentino
20.	Rinku Premium Outlets		Izumisano (Osaka)		Ground Lease (2031)		40.0	%	2000		512,500		Adidas, Armani, Bally, Beams, Brooks Brothers, Burberry, Coach, Dunhill, Furla, Gap Outlet, Kate Spade New York, Lanvin Collection, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, TaylorMade, Tommy Hilfiger, United Arrows, Zara
21.	Sano Premium Outlets		Sano (Tokyo)		Fee		40.0	%	2003		390,800		Adidas, Beams, Coach, Dunhill, Etro, Furla, Gap Outlet, Gucci, Kate Spade New York, Michael Kors, Nike, TaylorMade
22.	Sendai-Izumi Premium Outlets		Izumi Park Town (Sendai)		Ground Lease (2027)		40.0	%	2008		164,200		Adidas, Beams, Coach, Gap, Polo Ralph Lauren, Tommy Hilfiger, United Arrows
23.	Shisui Premium Outlets		Shisui (Chiba)		Ground Lease (2033)		40.0	%	2013		434,600		Adidas, Beams, Citizen, Coach, Furla, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Samsonite, Tommy Hilfiger, United Arrows
24.	Toki Premium Outlets		Toki (Nagoya)		Ground Lease (2033)		40.0	%	2005		367,700		Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger, United Arrows
25.	Tosu Premium Outlets		Fukuoka (Kyushu)		Fee		40.0	%	2004		328,400		Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Tommy Hilfiger, United Arrows
	Subtotal Japan										3,910,000
	MALAYSIA
26.	Johor Premium Outlets		Johor (Singapore)		Fee		50.0	%	2011		309,400		Adidas, Calvin Klein, Coach, DKNY, Furla, Gucci, Guess, Michael Kors, Nike, Polo Ralph Lauren, Prada, Puma, Salvatore Ferragamo, Timberland, Tommy Hilfiger, Tory Burch, Zegna
27.	Genting Highlands Premium Outlets		Kuala Lumpur		Fee		50.0	%	2017		277,500		Adidas, Coach, Furla, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma
	Subtotal Malaysia										586,900
	MEXICO
28.	Punta Norte Premium Outlets		Mexico City		Fee		50.0	%	2004		333,000		Adidas, Calvin Klein, CH Carolina Herrera, Coach, Dolce & Gabbana, Nautica, Nike, Salvatore Ferragamo, Zegna
29.	Premium Outlets Querétaro		Querétaro		Fee		50.0	%	2019		274,800		Adidas, Adrianna Papell, Calvin Klein, Guess, Levi's, Nike, Tommy Hilfiger, True Religion, Under Armour
	Subtotal Mexico										607,800
	NETHERLANDS
	Roermond Designer Outlet Phases 2 & 3		Roermond		Fee		90.0	%	2005		173,000		Armani, Bally, Burberry, Calvin Klein, Coach, Furla, Gucci, Michael Kors, Moncler, Polo Ralph Lauren, Prada, Swarovski, Tod's, Tommy Hilfiger, UGG, Zegna
	Roermond Designer Outlet Phase 4		Roermond		Fee		46.1	%	2017		125,000		Adidas, Karl Lagerfield, Liu Jo, Longchamp, Tag Heuer, Tom Tailor, Woolrich
30.	Subtotal Roermond										298,000
31.	Designer Outlet Roosendaal		Roosendaal		Fee		94.0	%	2017		247,500		Adidas, Calvin Klein, Esprit, Guess, Nike, Puma, S. Oliver, Tommy Hilfiger
	Subtotal Netherlands										545,500

Simon Property Group, Inc.

Simon Property Group, L.P.

Property Table

International Properties


		City	Ownership	SPG Effective			Total Gross
	COUNTRY/Property Name	(Metropolitan area)	Interest	Ownership		Year Built	Leasable Area (1)	Selected Tenants
	SOUTH KOREA
32.	Yeoju Premium Outlets	Yeoju (Seoul)	Fee	50.0	%	2007	551,600	Adidas, Armani, Burberry, Chloe, Coach, Fendi, Gucci, Michael Kors, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's, Under Armour, Valentino, Vivienne Westwood
33.	Paju Premium Outlets	Paju (Seoul)	Ground Lease (2040)	50.0	%	2011	558,900	Adidas, Armani, Bean Pole, Calvin Klein, Coach, Jill Stuart, Lanvin Collection, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tory Burch, Under Armour, Vivienne Westwood
34.	Busan Premium Outlets	Busan	Fee	50.0	%	2013	544,200	Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger
35.	Siehung Premium Outlets	Siehung	Fee	50.0	%	2017	444,400	Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, The North Face, Under Armour
36.	Jeju Premium Outlets	Jeju Province	Ground Lease (2041)	50.0	%	2021	92,000	Arcteryx, Coach, Golden Goose, Hugo Boss, J. Lindeberg, Moncler
37.	Starfield Anseong	Anseong	Fee	49.0	%	Acquired 2020	1,068,000	Shinsegae, E-Mart Traders
38.	Starfield Hanam	Hanam	Fee	17.2	%	Acquired 2020	1,709,000	Shinsegae, E-Mart Traders
	Subtotal South Korea						4,968,100
	SPAIN
39.	Málaga Designer Outlet	Málaga	Fee	46.1	%	2020	191,000	Adidas, Armani, Calvin Klein, Furla, Guess, Polo Ralph Lauren, Prada, Tommy Hilfiger, Under Armour
	Subtotal Spain						191,000
	THAILAND
40.	Siam Premium Outlets Bangkok	Bangkok	Fee	50.0	%	2020	264,000	Adidas, Balenciage, Burberry, Calvin Klein, Coach, Furla, Kate Spade New York, Nike, Skechers, Under Armour
	Subtotal Thailand						264,000
	UNITED KINGDOM
41.	Ashford Designer Outlet	Kent	Fee	45.0	%	2000	281,000	Adidas, Calvin Klein, Clarks, Fossil, French Connection, Guess, Kate Spade New York, Nike, Polo Ralph Lauren, Superdry, Tommy Hilfiger
42.	West Midlands Designer Outlet	Cannock (West Midlands)	Fee	23.2	%	2021	197,000	Adidas, Calvin Klein, Clarks, Coach, Guess, Kate Spade, Nike, Puma, Superdry, Tommy Hilfiger, Under Armour
	Subtotal United Kingdom						478,000
	TOTAL INTERNATIONAL						17,278,150

FOOTNOTES:

(1)	All gross leasable area listed in square feet.

Land

We have direct or indirect ownership interests in approximately 70 acres of land held in the United States and Canada for future development.

Sustainability

Simon has integrated sustainability initiatives into our business operations: how we plan, develop, and operate our properties.

Reducing our energy consumption is a central commitment to reducing our environmental impact. In 2020, we announced the adoption of 2035 greenhouse gas emissions targets approved by the Science Based Target Initiative (“SBTi”). Our target is to reduce scope 1 and scope 2 emissions by 68% (2019 baseline), and scope 3 emissions by 20.9% (2018 baseline). We believe that our climate related risk disclosures are aligned with the recommendations of the Task Force on Climate Related Financial Disclosures established by the Financial Stability Board.

Reducing water consumption and landfill waste are also components of reducing our carbon and environmental footprint. We have already achieved our initial target of reducing water usage by 20% (2013 baseline), and we set a new target to reduce water for comparable centers by 15% by 2030, base year 2022.

The Governance and Nominating Committee of our Board of Directors (“Board”) has been allocated the oversight of our sustainability policies. Additionally, the Board has delegated to the Audit Committee the oversight and the annual disclosure of our sustainability programs in the form of an annual sustainability report.

In 2025, we were once again awarded a Green Star rating (2014-2025) - the highest designation awarded for leadership in sustainability performance by the Global Real Estate Sustainability Benchmark.

To learn more about our sustainability initiatives and detailed reporting please access our latest Sustainability Report at investors.simon.com. Information in the Sustainability Report and our Company website is not incorporated herein by reference and should not be considered part of this Annual Report on Form 10-K.

Mortgages and Unsecured Debt

The following table sets forth certain information regarding the mortgages encumbering our properties, and the properties held by our domestic and international joint venture arrangements, and also our unsecured corporate debt. Substantially all of the mortgage and property related debt is nonrecourse to us.

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)


	Interest			Face			Annual Debt			Maturity
Property Name	Rate			Amount			Service (1)			Date
Consolidated Indebtedness:
Secured Indebtedness:
Arizona Mills	3.80	%		$	91,995		$	5,503		09/01/26
Birch Run Premium Outlets	4.21	%			123,000			5,177	(2)	02/06/26
Briarwood Mall	3.29	%			165,000			5,432	(2)	09/01/26
Calhoun Outlet Marketplace	4.17	%			15,821	(19)		1,120		06/01/26
Cherry Creek Shopping Center	3.85	%			550,000			21,175	(2)	06/01/28
City Creek Center	7.63	%			70,000			5,341	(2)	05/01/29
Dolphin Mall	5.35	%	(44)		1,000,000			53,500	(2)	12/09/29	(3)
Domain, The	3.09	%			210,000			6,497	(2)	07/01/31
Ellenton Premium Outlets	6.21	%			120,000			7,450	(2)	12/01/35
Empire Mall	6.72	%			120,000			8,059	(2)	10/01/30
Gaffney Outlet Marketplace	4.17	%			25,558	(19)		1,809		06/01/26
Gloucester Premium Outlets	6.12	%			75,000			4,593	(2)	03/01/33
Great Lakes Crossing Outlets	6.52	%			180,000			11,738	(2)	02/01/33
Grove City Premium Outlets	7.31	%			140,000			10,232	(2)	12/01/28	(3)
Gulfport Premium Outlets	7.35	%			50,000			3,674	(2)	12/01/28	(3)
Gurnee Mills	3.99	%			257,710			10,283	(2)	10/01/26
Hagerstown Premium Outlets	4.26	%			68,365			2,912	(2)	02/06/26
La Reggia Designer Outlets Phases 1 & 2	4.44	%	(25)		185,964	(30)		15,515		03/31/27
Lee Premium Outlets	4.17	%			43,813	(19)		3,102		06/01/26
Mall at Short Hills, The	3.48	%			1,000,000			34,800	(2)	10/01/27
Miami International Mall	7.92	%			151,980			12,037	(2)	02/06/26
Noventa Di Piave Designer Outlet Phases 1, 2, 3, 4	4.48	%			325,899	(30)		14,597	(2)	01/23/26
Ochtrup Designer Outlet	2.10	%			58,701	(30)		1,233	(2)	06/30/26
Opry Mills	4.09	%			375,000			15,345	(2)	07/01/26
Paris-Giverny Designer Outlet	4.66	%	(42)		81,947	(30)		3,815	(2)	06/11/26
Parndorf Designer Outlet	2.00	%			212,307	(30)		4,246	(2)	07/04/29
Penn Square Mall	3.84	%			310,000			11,910	(2)	01/01/26
Pismo Beach Premium Outlets	3.33	%			29,393	(20)		1,922		09/06/26
Pleasant Prairie Premium Outlets	4.00	%			145,000			5,793	(2)	09/01/27
Potomac Mills	3.46	%			416,000			14,383	(2)	11/01/26
Provence Designer Outlet	4.00	%	(33)		110,453	(30)		4,418	(2)	07/27/27	(3)
Queenstown Premium Outlets	3.33	%			51,635	(20)		3,376		09/06/26
Roermond Designer Outlet	3.90	%			328,726	(30)		12,814	(2)	06/06/29
Roosendaal Designer Outlets	5.40	%	(24)		76,311	(30)		4,122	(2)	02/28/29	(3)
Shops at Chestnut Hill, The	6.66	%			91,404			7,871		08/31/33
South Park Mall Hotel	4.76	%			14,340			1,117		02/01/31
Southridge Mall	3.85	%			103,889			4,004	(2)	06/06/23	(8)

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)


	Interest			Face			Annual Debt			Maturity
Property Name	Rate			Amount			Service (1)			Date
Summit Mall	3.31	%		$	85,000		$	2,817	(2)	10/01/26
Syosset Park	5.29	%	(16)		85,000			4,494	(2)	04/01/30	(3)
Twelve Oaks Mall	4.85	%			260,737			18,987		03/06/28
University Park Village	3.85	%			48,927			3,116		05/01/28
White Oaks Mall	6.98	%			31,652			2,210	(2)	06/15/27
Williamsburg Premium Outlets	4.23	%			185,000			7,824	(2)	02/06/26
Wolfchase Galleria	4.15	%			155,152			6,433	(2)	11/01/26
Total Consolidated Secured Indebtedness				$	8,226,679
Unsecured Indebtedness:
Simon Property Group, L.P.
Revolving Credit Facility - USD	4.12	%	(15)	$	460,000		$	18,973	(2)	06/30/28	(3)
Global Commercial Paper - USD	4.04	%	(4)		355,000			14,337	(2)	01/22/26	(4)
Unsecured Notes - 22C	6.75	%			600,000			40,500	(14)	02/01/40
Unsecured Notes - 25C	4.75	%			550,000			26,125	(14)	03/15/42
Unsecured Notes - 28B	4.25	%			400,000			17,000	(14)	10/01/44
Unsecured Notes - 30B	3.30	%			800,000			26,400	(14)	01/15/26
Unsecured Notes - 31B	3.25	%			750,000			24,375	(14)	11/30/26
Unsecured Notes - 31C	4.25	%			550,000			23,375	(14)	11/30/46
Unsecured Notes - 32B	3.38	%			750,000			25,313	(14)	06/15/27
Unsecured Notes - 33B	3.38	%			750,000			25,313	(14)	12/01/27
Unsecured Notes - 34B	2.45	%			1,250,000			30,625	(14)	09/13/29
Unsecured Notes - 34C	3.25	%			1,250,000			40,625	(14)	09/13/49
Unsecured Notes - 35A	2.65	%			750,000			19,875	(14)	07/15/30
Unsecured Notes - 35B	3.80	%			750,000			28,500	(14)	07/15/50
Unsecured Notes - 36A	1.75	%			800,000			14,000	(14)	02/01/28
Unsecured Notes - 36B	2.20	%			700,000			15,400	(14)	02/01/31
Unsecured Notes - 37A	1.38	%			550,000			7,563	(14)	01/15/27
Unsecured Notes - 37B	2.25	%			700,000			15,750	(14)	01/15/32
Unsecured Notes - 38B	2.65	%			700,000			18,550	(14)	02/01/32
Unsecured Notes - 39A	5.50	%			650,000			35,750	(14)	03/08/33
Unsecured Notes - 39B	5.85	%			650,000			38,025	(14)	03/08/53
Unsecured Notes - 40A	6.25	%			500,000			31,250	(14)	01/15/34
Unsecured Notes - 40B	6.65	%			500,000			33,250	(14)	01/15/54
Unsecured Notes - 41A	4.75	%			1,000,000			47,500	(14)	09/26/34
Unsecured Notes - 42 A	4.38	%			700,000			30,625	(14)	10/01/30
Unsecured Notes - 42 B	5.13	%			800,000			41,000	(14)	10/01/35
Unsecured Notes - Euro 4	1.13	%			880,516	(13)		9,906	(6)	03/19/33
Unsecured Bonds - Exchangable Euro 5	3.50	%	(41)		862,436	(10)		30,185	(14)	11/14/26
Euro Term Loan - 1	2.60	%	(27)		410,908	(40)		10,669	(2)	03/20/27

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)


	Interest			Face			Annual Debt			Maturity
Property Name	Rate			Amount			Service (1)			Date
Total Consolidated Unsecured Indebtedness				$	20,368,860
Total Consolidated Indebtedness at Face Amounts				$	28,595,539
Premium on Indebtedness					1,065
Discount on Indebtedness					(73,175)
Debt Issuance Costs					(117,853)
Other Debt Obligations					24,599	(18)
Total Consolidated Indebtedness				$	28,430,175
Our Share of Consolidated Indebtedness				$	27,920,880

Joint Venture Indebtedness:
Secured Indebtedness:
Arundel Mills	7.70	%		$	360,000		$	27,724	(2)	11/01/33
Ashford Designer Outlet	4.80	%	(35)		139,271	(21)		6,411	(2)	05/23/27
Aventura Mall -1	4.12	%			1,750,000			72,122	(2)	07/01/28
Aventura Mall -2	5.79	%	(1)		86,500			5,006	(2)	11/25/30	(3)
Avenues, The	3.60	%			100,000			3,600	(2)	02/06/26
Busan Premium Outlets	3.64	%			132,960	(17)		4,836	(2)	04/28/28
Cape Cod Mall	6.46	%			54,000			3,486	(2)	06/01/35
Charlotte Premium Outlets	4.27	%			95,814			5,953		07/01/28
CityOn Xian	3.60	%			76,747	(43)		25,131		03/14/29
CityOn Zhengzhou	3.85	%			104,827	(43)		4,059		03/22/32
Clarksburg Premium Outlets	3.95	%			151,387			9,169		01/01/28
Coconut Point	3.95	%			163,459			10,643		10/01/26
Colorado Mills - 1	4.28	%			99,243			15,699		11/01/26
Colorado Mills - 2	2.80	%			30,000			840	(2)	07/01/31
Concord Mills	6.55	%			227,137			17,796		11/01/32
Coral Square Residential	5.74	%	(1)		37,150			3,371		04/04/28	(3)
Dadeland Mall	3.11	%			352,638			19,879		01/05/27
Dadeland Mall Hotel	6.19	%	(1)		30,000			1,856	(2)	12/30/30
Del Amo Fashion Center	3.66	%			585,000			21,396	(2)	06/01/27
Domain Westin	5.69	%	(1)		60,006			3,413	(2)	08/28/32	(3)
Dover Mall	5.57	%			76,292			4,250	(2)	08/06/26
Falls, The	3.45	%			150,000			5,175	(2)	09/01/26
Fashion Centre Pentagon	6.74	%	(38)		455,000			30,672	(2)	05/09/26
Fashion Valley	5.73	%			450,000			25,785	(2)	06/01/33
Florida Mall, The	5.99	%	(36)		600,000			35,925	(2)	02/09/27	(3)
Fukaya-Hanazono Premium Outlets	0.70	%			68,304	(26)		479	(2)	10/01/32
Galleria, The	5.65	%			1,200,000			67,809	(2)	02/01/35
Gardens Mall, The	5.63	%			205,000			11,542	(2)	07/15/28

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)


	Interest			Face			Annual Debt			Maturity
Property Name	Rate			Amount			Service (1)			Date
Gotemba Premium Outlets	0.31	%		$	82,985	(26)	$	256	(2)	05/31/27
Grapevine Mills	6.26	%			250,000			15,660	(2)	07/01/34
Hamilton Town Center	5.84	%	(1)		92,663			6,526		02/24/30	(3)
International Plaza	5.04	%			575,000			28,980	(2)	11/01/30
Jakarta Premium Outlet	9.25	%			45,619			5,129		12/29/33	(3)
Johor Premium Outlet	5.13	%	(7)		2,249	(9)		115	(2)	09/30/31
Katy Mills	5.77	%			124,453			9,071		08/01/32
Lakeline Residential	6.69	%	(1)		28,617			1,914	(2)	01/16/29	(3)
Lehigh Valley Mall	4.06	%			168,348			11,545		11/01/27
Liberty Tree Mall	6.18	%	(27)		27,644			2,077		05/03/28
Malaga Designer Outlet	4.28	%	(22)		74,551	(30)		3,188	(2)	05/05/28	(3)
Mall at Rockingham Park, The	4.04	%			262,000			10,585	(2)	06/01/26
Mall at Millenia, The	5.41	%			450,000			24,345	(2)	10/15/29
Mall of New Hampshire, The	4.11	%			150,000			6,162	(2)	07/01/28	(3)
Mall at University Town Center, The	3.40	%			263,030			14,826		11/01/26
Meadowood Mall	5.70	%			99,140			8,028		12/01/26
Norfolk Premium Outlets	4.50	%			73,039			4,541		04/01/32
Northshore Mall	6.36	%			175,000			11,121	(2)	01/01/31
Paju Premium Outlets	3.75	%			38,087	(17)		25,667		03/13/27
Premium Outlet Collection Edmonton IA	3.85	%	(37)		99,561	(5)		3,827	(2)	11/30/27	(3)
Premium Outlets Montréal	4.69	%			87,539	(5)		4,487		09/01/31
Quaker Bridge Mall	4.50	%			180,000			8,100	(2)	05/01/26
Queretaro Premium Outlets	11.03	%			19,921	(32)		4,782		12/20/33
Rinku Premium Outlets	0.30	%			37,663	(26)		114	(2)	07/31/27
Roermond 4 Designer Outlet	4.02	%	(23)		234,804	(30)		9,433	(2)	08/18/30
Roosevelt Field Hotel	6.54	%	(34)		48,800			3,700		06/29/27	(3)
Round Rock Residential	5.94	%			31,713			1,884	(2)	07/01/29
Sano Premium Outlets	1.28	%			29,046	(26)		372	(2)	02/29/28
Shisui Premium Outlets Phase 2	0.68	%			5,107	(26)		35	(2)	05/31/29
Shisui Premium Outlets Phase 3	1.03	%			16,596	(26)		171	(2)	11/30/28
Shops at Clearfork, The - 1	2.92	%	(27)		145,000			4,238	(2)	03/11/30
Shops at Clearfork, The - 2	6.80	%	(1)		2,250			153	(2)	03/11/30
Shops at Crystals, The	3.74	%			550,000			20,592	(2)	07/01/26
Shops at Mission Viejo, The	6.73	%			180,000			12,105	(2)	01/01/35
Siam Premium Outlets Bangkok	4.69	%			58,500	(11)		2,744	(2)	06/05/31
Siheung Premium Outlets	4.38	%			96,952	(17)		4,246	(2)	03/15/26
Silver Sands Premium Outlets	3.96	%			140,000			5,543	(2)	03/01/32
Southdale Hotel	6.04	%	(1)		15,155			1,118		06/01/28
Southdale Residential	4.46	%			33,348			2,551		10/15/35

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)


	Interest			Face			Annual Debt			Maturity
Property Name	Rate			Amount			Service (1)			Date
Springfield Mall	4.45	%		$	52,465		$	2,334	(2)	10/06/25	(8)
Square One Mall	5.47	%			76,187			4,170	(2)	01/06/27
Starfield Anseong	3.75	%			237,748	(17)		8,916	(2)	02/28/28
Starfield Hanam	3.72	%			468,702	(17)		17,436	(2)	07/28/30
St. Johns Town Center	5.95	%			360,000			21,413	(2)	06/01/34
St. Johns Hotel	5.88	%			25,500			1,499	(2)	10/30/30
St. Louis Premium Outlets	4.06	%			81,887			5,387		10/06/27
Stoneridge Shopping Center	3.50	%			330,000			11,550	(2)	09/05/26
Sugarloaf Mills	8.02	%			63,882			6,617		05/01/29
Tanger Outlets Columbus	6.25	%			71,000			4,439	(2)	10/01/32
Tanger Outlets - Galveston/Houston	5.06	%	(12)		60,000			3,035	(2)	06/26/30
Tosu Premium Outlets	0.97	%			39,578	(26)		385	(2)	10/31/26
Twin Cities Premium Outlets	6.70	%			95,000			6,361	(2)	11/01/34
Vancouver Designer Outlet	5.97	%	(39)		120,366	(5)		6,141	(2)	12/01/27	(3)
Waterside Shops	3.86	%			154,337			5,957	(2)	04/15/26
Westfarms	7.80	%			242,000			18,864	(2)	09/06/28
West Midlands Designer Outlets	7.49	%	(28)		87,464	(21)		6,551	(2)	06/06/26
Westchester, The	3.25	%			400,000			13,000	(2)	02/01/30
Woodfield Mall	6.71	%			294,000			19,730	(2)	12/01/33
Yeoju Premium Outlets	3.85	%			38,089	(17)		1,468	(2)	09/28/27

Total Joint Venture Secured Indebtedness at Face Amount				$	16,133,320
TMLP Indebtedness at Face Amount					258,980	(29)
Total Joint Venture and TMLP Indebtedness at Face Amount					16,392,300
Debt Issuance Costs					(41,527)
Other Debt Obligations and Other					24,000
Total Joint Venture Indebtedness				$	16,374,773
Our Share of Joint Venture Indebtedness				$	7,513,924	(31)

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)

(1)	Variable rate loans based on one-month (1M) SOFR plus interest rate spreads ranging from 110 bps to 310 bps. As of December 31, 2025, 1M SOFR was 3.6875%.Requires monthly payment of interest only.

(2)	Requires monthly payment of interest only.

(3)	Includes applicable extension available at the Applicable Borrower's option.

(4)	Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of commercial paper at December 31, 2025.

(5)	Amount shown in USD equivalent. CAD Equivalent is 421.5 million.

(6)	Requires annual payment of interest only.

(7)	Variable rate loans based on Cost of Fund plus an interest rate spread of 150 bps. As of December 31, 2025, Cost of Fund was 3.63%.

(8)	Mortgage is outstanding as of 12/31/2025.

(9)	Amount shown in USD Equivalent. Ringgit equivalent is 9.1 million.

(10)	Amount shown in USD equivalent. Euro equivalent is 734.6 million.

(11)	Amount shown in USD equivalent. Baht equivalent is 1.8 billion.

(12)	Variable rate loan based on 1M SOFR plus an interest rate spread of 165 bps. Through an interest rate swap agreement, 1M SOFR is currently fixed at 3.41%.

(13)	Amount shown in USD equivalent. Euro equivalent is 750.0 million.

(14)	Requires semi-annual payments of interest only.

(15)

Credit Facility. As of December 31, 2025, the Credit Facility bears interest at a SOFR index subject to a 8 bps adjustment plus 70.0 bps credit spread. The credit facility provides for different pricing based upon our investment grade rating. Through an interest rate swap agreement, the SOFR index is currently fixed at 3.325%. As of December 31, 2025, $7.7 billion was available after outstanding borrowings and letters of credit under our Credit Facilities.

(16)	Variable rate loan based on 1M SOFR plus an interest rate spread of 160 bps. Through an interest rate cap agreement, 1M SOFR is currently fixed at 5.50%.

(17)	Amount shown in USD equivalent. Won Equivalent is 1.5 trillion.

(18)	City of Sunrise Bond Liability (Sawgrass Mills) and purchase accounting adjustments.

(19)	Loans secured by these three properties are cross-collateralized and cross-defaulted.

(20)	Loans secured by these two properties are cross-collateralized and cross-defaulted.

(21)	Amount shown in USD equivalent. GBP equivalent is 168.5 million.

(22)	Variable rate loan based on 3M EURIBOR plus interest rate spread of 225 bps. Through an interest rate cap agreement 3M EURIBOR is capped at 3.50%.

(23)	Variable rate loan based on 3M EURIBOR plus interest rate spread of 170 bps. Through an interest rate swap agreement 3M EURIBOR is fixed at 2.318%.

(24)	Variable rate loan based on 3M EURIBOR plus an interest rate spread of 240 bps. Through an interest rate swap agreement, 3M EURIBOR is currently fixed at 3.00%.

(25)	Variable rate loan based on 3M EURIBOR plus an interest rate spread of 250bps. Through an interest rate swap agreement, 3M Euribor is currently fixed at 1.7495% on a portion of the balance. As of December 31, 2025, 3M EURIBOR was 2.026%.

(26)	Amount shown in USD Equivalent. Yen equivalent is 43.8 billion.

(27)	Associated with this loan is an interest rate swap agreement that effectively fixes the interest rate on this loan at the all-in rate presented.

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)

(28)	Variable rate loan based on Overnight SONIA plus an interest rate spread of 250bps. Through an interest rate swap agreement, Overnight SONIA is fixed at 4.992%.

(29)	Consists of one property with an interest rate of 5.65% and maturity in 2025. The mortgage was outstanding as of December 31, 2025.

(30)	Amount shown in USD equivalent. Euro equivalent is 1.4 billion.

(31)	Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including The Mills Limited Partnership. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $118.8 million of payment guarantees provided by the Operating Partnership.

(32)	Amount shown in USD equivalent. Peso equivalent is 358.5 million.

(33)	Variable rate loan based on 3M EURIBOR plus an interest rate spread of 200bps. Through an interest rate cap agreement, 3M Euribor is currently fixed at 2.00%.

(34)	Variable rate loan based on 30 day Average SOFR plus an interest rate spread of 275 bps. As of December 31, 2025, 30 day Average SOFR was 3.7866%.

(35)	Variable rate loan based on Overnight SONIA plus an interest rate spread of 215bps. Through an interest rate swap agreement, Overnight SONIA is fixed at 2.14% for a portion of the balance. As of December 31, 2025, Overnight SONIA was 3.726%.

(36)	Variable rate loan based on 1M SOFR plus an interest rate spread of 230 bps. Through an interest rate cap agreement, 1M SOFR is currently fixed at 4.00%.

(37)	Variable rate loan based on one-month CAD-CORRA plus an interest rate spread of 159 bps. As of December 31, 2025, CAD-CORRA was 2.30%.

(38)	Variable rate loan based on 1M SOFR plus an interest rate spread of 305 bps. Through an interest rate cap agreement, 1M SOFR is currently fixed at 3.89%.

(39)	Variable rate loan based on one-month CAD-CORRA plus an interest rate spread of 215 bps. Through an interest rate swap agreement, CAD-CORRA is currently fixed at 3.67% on a portion of the balance. As of December 31, 2025, CAD-CORRA was 2.30%.

(40)	Amount shown in USD equivalent. Euro equivalent is 350.0 million.

(41)	Notes exchangeable into ordinary shares of Klépierre S.A. at a common price of €27.0693.

(42)	Variable rate loan based on 3M EURIBOR plus an interest rate spread of 270bps. Through an interest rate cap agreement, 3M Euribor is currently fixed at 1.75%.

(43)	Amounts shown in USD Equivalent. CNY Equivalent is 1.3 billion.

(44)	Variable rate loan based on 1M Term SOFR plus an interest rate spread of 163bps. Through interest rate swap agreements, 1M Term SOFR is currently fixed at 3.716%.

Mortgage and Unsecured Debt

As of December 31, 2025

(Dollars in thousands)

The changes in consolidated mortgages and unsecured indebtedness for the years ended December 31, 2025, 2024 and 2023 are as follows:


		2025			2024			2023
Balance, Beginning of Year		$	24,264,495		$	26,033,423		$	24,960,286
Additions during period:
New Loan Originations			3,665,036			1,089,989			3,610,389
Loans assumed in acquisitions and consolidation			3,344,979			318,750			—
Net (Discount)/Premium			(6,674)			(6,910)			(43,438)
Net Debt Issuance Costs			(18,882)			(23,298)			(60,891)
Deductions during period:
Loan Retirements			(3,282,812)			(2,960,208)			(2,559,276)
Amortization of Net Discounts/(Premiums)			8,961			5,827			432
Debt Issuance Cost Amortization			32,291			32,477			28,660
Scheduled Principal Amortization			(13,797)			(16,278)			(16,455)
Other			(34,466)			—			—
Foreign Currency Translation			471,044			(209,277)			113,716
Balance, Close of Year		$	28,430,175		$	24,264,495		$	26,033,423

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