SIMON PROPERTY GROUP INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
SPG$228.42+0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001558370-25-010639
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001104659-25-107395
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 124 previous paragraphs and 126 current paragraphs.
73 unchanged; 43 reworded; 8 added; 4 removed; 4 previous and 2 current paragraphs rearranged.
Tables are not compared: 81 previous and 84 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Real estate taxes increased $21.4 million as a result of successful property tax appeals in 2024, the majority of which related to prior years, as well as our acquisition activity noted above.
Current report
Income and other tax expense increased $12.5 million primarily due to improved operations by Catalyst.
Current report
Nine months ended September 30, 2025 vs. Nine months ended September 30, 2024
Current report
Real estate taxes increased $28.3 million as a result of successful property tax appeals in 2024, the majority of which related to prior years, as well as our acquisition activity noted above.
Current report
On August 19, 2025, the Operating Partnership completed the issuance of $700 million of senior unsecured notes with a fixed interest rate of 4.375% and a maturity date of October 1, 2030, and $800 million of senior unsecured notes with a fixed interest rate of 5.125% and a maturity date of October 1, 2035. A portion of the proceeds were used to redeem, at par, its $1.1 billion 3.50% senior unsecured notes at maturity on September 1, 2025. Another portion of the proceeds were used to repay the €500 million outstanding under the Supplemental Facility on October 8, 2025.
Current report
On April 25, 2025, the Operating Partnership drew $155 million under the Credit Facility.
Current report
Subsequent Event
Current report
On October 31, 2025, we closed on the acquisition of the remaining 12% interest in TRG that we did not own in exchange for approximately 5.06 million units in the Operating Partnership. TRG will be consolidated and the acquisition will be accounted for as a business combination requiring a remeasurement of our previously held equity interest to fair value, resulting in the recognition of a non-cash gain which will be recorded in the fourth quarter of 2025.
Removed paragraphs (4)
Previous report
recorded due to certain merger-related activities within Catalyst, and primarily because of the deconsolidation of Forever 21 and improved operations from other platform investments.
Previous report
For the purposes of the following comparison between the three and six months ended June 30, 2025 and 2024, the above transactions are referred to as the property transactions. In the following discussions of our results of operations, “comparable” refers to properties we owned or held interests in and operated in both of the periods under comparison.
Previous report
Six months ended June 30, 2025 vs. Six months ended June 30, 2024
Previous report
On April 25, 2025, the Operating Partnership drew $155.0 million under the Credit Facility.
Reworded paragraphs (43)
Previous wording
Diluted earnings per share and diluted earnings per unit decreased $0.79 during the first six months of 2025 to $2.97 from $3.76 for the same period last year. The decrease in diluted earnings per share and diluted earnings per unit was primarily attributable to:
Current wording
Diluted earnings per share and diluted earnings per unit decreased $0.39 during the first nine months of 2025 to $4.83 from $5.22 for the same period last year. The decrease in diluted earnings per share and diluted earnings per unit was primarily attributable to:
Previous wording
Portfolio NOI increased 4.2% for the six month period in 2025 over the prior year period primarily as a result of improved operations in our domestic and international portfolios compared to the prior year. Average base minimum rent for U.S. Malls and Premium Outlets increased 1.3% to $58.70 psf as of June 30, 2025, from $57.94 psf as of June 30, 2024. Ending occupancy for our U.S. Malls and Premium Outlets increased 0.4% to 96.0% as of June 30, 2025, from 95.6% as of June 30, 2024.
Current wording
Portfolio NOI increased 4.5% for the nine month period in 2025 over the prior year period primarily as a result of improved operations in our domestic and international portfolios compared to the prior year. Average base minimum rent for U.S. Malls and Premium Outlets increased 2.5% to $59.14 psf as of September 30, 2025, from $57.71 psf as of September 30, 2024. Ending occupancy for our U.S. Malls and Premium Outlets increased 0.2% to 96.4% as of September 30, 2025, from 96.2% as of September 30, 2024.
Previous wording
Our effective overall borrowing rate at June 30, 2025 on our consolidated indebtedness increased 12 basis points to 3.63% as compared to 3.51% at June 30, 2024. This is primarily due to an increase in the effective overall borrowing rate on the fixed rate debt of 15 basis points, due to increasing benchmark rates, partially offset by an increase in the amount of variable rate debt. The weighted average years to maturity of our consolidated indebtedness was 7.5 years and 8.1 years at June 30, 2025 and December 31, 2024, respectively.
Current wording
Our effective overall borrowing rate at September 30, 2025 on our consolidated indebtedness increased 12 basis points to 3.73% as compared to 3.61% at September 30, 2024. This is primarily due to an increase in the effective overall borrowing rate on the fixed rate debt of 15 basis points, due to increasing benchmark rates, partially offset by an increase in the amount of variable rate debt. The weighted average years to maturity of our consolidated indebtedness was 7.6 years and 8.1 years at September 30, 2025 and December 31, 2024, respectively.
Previous wording
Our financing activity for the six months ended June 30, 2025 included:
Current wording
Our financing activity for the nine months ended September 30, 2025 included:
Previous wording
During the six months ended June 30, 2025, we signed 526 new leases and 997 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 5.7 million square feet, of which 4.3 million square feet related to consolidated properties. During the comparable period in 2024, we signed 572 new leases and 1,251 renewal leases with a fixed minimum rent, comprising approximately 6.6 million square feet, of which 5.1 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $67.36 per square foot in 2025 and $62.06 per square foot in 2024 with an average tenant allowance on new leases of $60.79 per square foot and $59.73 per square foot, respectively.
Current wording
During the nine months ended September 30, 2025, we signed 819 new leases and 1,383 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 8.3 million square feet, of which 6.4 million square feet related to consolidated properties. During the comparable period in 2024, we signed 877 new leases and 1,750 renewal leases with a fixed minimum rent, comprising approximately 9.3 million square feet, of which 7.2 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $65.09 per square foot in 2025 and $65.45 per square foot in 2024 with an average tenant allowance on new leases of $60.13 per square foot and $55.73 per square foot, respectively.
Previous wording
Lease income increased $63.7 million, due to an increase in fixed lease income of $59.8 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, an increase in variable lease income of $3.9 million and the acquisition and development activity noted above.
Current wording
Lease income increased $113.1 million, due to an increase in fixed lease income of $80.5 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, an increase in variable lease income of $32.6 million and the acquisition and development activity noted above.
Previous wording
Total other income decreased $28.3 million, primarily due to a $17.1 million decrease in interest income, an $11.0 million decrease in mixed use and franchise operations income and a $1.4 million decrease in other income sources, partially offset by 2025 land sale activity of $1.2 million.
Current wording
Total other income increased $4.3 million, primarily due to $18.7 million in 2025 land sale activity and a $3.2 million increase in distribution and other income sources, partially offset by a $15.3 million decrease in interest income and a $2.3 million decrease in franchise operations income.
Previous wording
Depreciation and amortization increased $29.0 million primarily due to our acquisition and development activity.
Current wording
Depreciation and amortization increased $18.3 million primarily due to our acquisition and development activity.
Previous wording
Home and regional office costs increased $7.1 million due to increased personnel and compensation costs.
Current wording
Home and regional office costs increased $10.9 million and General and administrative increased $6.9 million, due to increased personnel and compensation costs.
Previous wording
Gain due to disposal, exchange or revaluation of equity interests, net, increased $104.5 million due to a net pre-tax gain related to certain merger-related activities within Catalyst, and primarily because of the deconsolidation of Forever 21.
Current wording
A loss of $8.9 million was recorded in the third quarter of 2025, included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net, due to a pre-tax loss related to certain merger-related activities within Catalyst.
Previous wording
Income from unconsolidated entities increased $80.7 million primarily due to improved results of operations from our other platform investments and strong performance of our domestic and international joint venture properties.
Current wording
Income from unconsolidated entities increased $85.4 million primarily due to improved results of operations from our other platform investments and strong performance of our domestic and international joint venture properties.
Previous wording
We recorded net non-cash unrealized losses of $50.5 million in 2025 and net non-cash unrealized gains of $2.4 million in 2024 as a result of mark-to-market activity on publicly traded equity instruments and the change in fair value of a derivative instrument.
Current wording
We recorded net non-cash unrealized gains of $2.2 million in 2025 and net non-cash unrealized losses of $49.3 million in 2024 as a result of mark-to-market activity on publicly traded equity instruments and the change in fair value of a derivative instrument.
Previous wording
During 2025, we recognized a $9.6 million loss on the disposition of certain Klépierre assets. During 2024, we recognized a $3.3 million loss on the disposition of certain Klépierre assets.
Current wording
During 2025, we recognized an $8.3 million gain related to the disposition of certain Klépierre assets and a $2.1 million gain on excess insurance proceeds. During 2024, we recognized a $1.2 million loss on the disposition of certain Klépierre assets.
Previous wording
Simon’s net income attributable to noncontrolling interests increased $11.6 million due to a decrease in the net income of the Operating Partnership.
Current wording
Simon’s net income attributable to noncontrolling interests increased $25.0 million due to a decrease in the net income of the Operating Partnership.
Previous wording
Lease income increased $128.5 million, due to an increase in fixed lease income of $115.5 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, an increase in variable lease income of $13.0 million and the acquisition and development activity noted above.
Current wording
Lease income increased $241.6 million, due to an increase in fixed lease income of $196.0 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, an increase in variable lease income of $45.6 million and the acquisition and development activity noted above.
Previous wording
Total other income decreased $66.9 million, primarily due to a $31.4 million decrease in interest income, a $21.6 million decrease in mixed use and franchise operations income, a $7.5 million decrease due to the 2024 land sale activity, a $4.5 million decrease in lease settlement income and a $3.1 million decrease in other income sources, partially offset by 2025 land sale activity of $1.2 million.
Current wording
Total other income decreased $62.6 million, primarily due to a $46.7 million decrease in interest income, a $21.1 million decrease in mixed use and franchise operations income, a $15.4 million decrease due to the 2024 land sale activity and a $4.8 million decrease in lease settlement income, partially offset by an increase of $20.0 million related to the 2025 land sale activity and a $5.4 million increase in other income sources.
Previous wording
Depreciation and amortization increased $49.7 million primarily due to our acquisition and development activity.
Current wording
Depreciation and amortization increased $68.0 million primarily due to our acquisition and development activity.
Previous wording
Home and regional office costs increased $11.4 million due to increased personnel and compensation costs.
Current wording
Home and regional office costs increased $22.4 million and General and administrative increased $13.9 million, due to increased personnel and compensation costs.
Previous wording
Other expenses decreased $5.9 million primarily due to a decrease in mixed use and franchise operations expenses.
Current wording
Other expenses decreased $13.5 million primarily due to a decrease in mixed use and franchise operations expenses.
Previous wording
Gain due to disposal, exchange or revaluation of equity interests, net, decreased $334.3 million due to a gain from selling our remaining interest in ABG during 2024 of $414.8 million and certain post-merger activities within Catalyst in 2025 of $80.5 million, primarily because of the deconsolidation of Forever 21.
Current wording
A net pre-tax gain of $71.7 million was recorded in the first nine months of 2025, included in (Loss) gain due to disposal, exchange, or revaluation of equity interests, net, related to certain merger related activities within Catalyst, primarily the deconsolidation of Forever 21, and a pre-tax gain of $414.8 million was recorded in the first nine months of 2024 from selling our remaining interest in ABG.
Previous wording
Income and other tax expense decreased $25.1 million primarily due to the tax impact from the gain on sale of our remaining interest in ABG during 2024 of $103.7 million, partially offset by the 2025 non-cash tax expense related to the net gain from Catalyst noted above and increased tax expense related to improved year-over-year operations from other platform investments.
Current wording
Income and other tax expense decreased $12.6 million primarily due to the tax impact from the gain on sale of our remaining interest in ABG during 2024 of $103.7 million, partially offset by the 2025 non-cash tax expense related to the net gain from Catalyst noted above and increased tax expense related to improved year-over-year operations from other platform investments.
Previous wording
Income from unconsolidated entities increased $145.4 million primarily due to improved results of operations from our other platform investments and strong performance of our domestic and international joint venture properties.
Current wording
Income from unconsolidated entities increased $230.8 million primarily due to improved results of operations from our other platform investments and strong performance of our domestic and international joint venture properties.
Previous wording
We recorded net non-cash unrealized losses of $153.2 million in 2025 and net non-cash unrealized losses of $7.9 million in 2024 as a result of mark-to-market activity on publicly traded equity instruments and the change in fair value of a derivative instrument.
Current wording
We recorded net non-cash unrealized losses of $85.0 million in 2025 and $54.1 million in 2024 as a result of mark-to-market activity on publicly traded equity instruments and the change in fair value of a derivative instrument.
Previous wording
During 2025, we recognized a $9.6 million loss on the disposition of certain Klépierre assets. During 2024, we recognized a gain from the disposition of a property held in our TRG portfolio, our share of which was $10.6 million, partially offset by the disposition of certain Klépierre assets for a loss of $3.3 million.
Current wording
During 2025, we recognized a $2.1 million gain related to excess insurance proceeds, partially offset by a $1.3 million loss on the disposition of certain Klépierre assets. During 2024, we recognized a gain from the disposition of a property held in our TRG portfolio, our share of which was $10.6 million, partially offset by the disposition of certain Klépierre assets for a loss of $6.0 million.
Previous wording
Simon’s net income attributable to noncontrolling interests decreased $33.7 million due to a decrease in the net income of the Operating Partnership.
Current wording
Simon’s net income attributable to noncontrolling interests decreased $8.7 million due to a decrease in the net income of the Operating Partnership.
Previous wording
Because we own long-lived income-producing assets, our financing strategy relies primarily on long-term fixed rate debt. Floating rate debt comprised 3.8% of our total consolidated debt at June 30, 2025. We also enter into interest rate protection agreements from time to time to manage our interest rate risk. We derive most of our liquidity from positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $2.2 billion in the aggregate during the six months ended June 30, 2025. The Credit Facilities and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time. Borrowing capacity under these sources may be increased as discussed further below.
Current wording
Because we own long-lived income-producing assets, our financing strategy relies primarily on long-term fixed rate debt. Floating rate debt comprised 4.1% of our total consolidated debt at September 30, 2025. We also enter into interest rate protection agreements from time to time to manage our interest rate risk. We derive most of our liquidity from positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $3.3 billion in the aggregate during the nine months ended September 30, 2025. The Credit Facilities and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time. Borrowing capacity under these sources may be increased as discussed further below.
Previous wording
Our balance of cash and cash equivalents decreased $168.9 million during the first six months of 2025 to $1.2 billion as of June 30, 2025 as a result of the operating and financing activity, as further discussed in “Cash Flows” below.
Current wording
Our balance of cash and cash equivalents increased $152.2 million during the first nine months of 2025 to $1.6 billion as of September 30, 2025 as a result of the operating and financing activity, as further discussed in “Cash Flows” below.
Previous wording
On June 30, 2025, we had an aggregate available borrowing capacity of approximately $7.4 billion under the Credit Facilities, net of letters of credit of $8.6 million. For the six months ended June 30, 2025, the maximum aggregate outstanding balance under the Credit Facilities was $1.0 billion and the weighted average outstanding balance was $631.8 million. The weighted average interest rate was 4.35% for the six months ended June 30, 2025.
Current wording
On September 30, 2025, we had an aggregate available borrowing capacity of approximately $7.4 billion under the Credit Facilities, net of letters of credit of $8.6 million. For the nine months ended September 30, 2025, the maximum aggregate outstanding balance under the Credit Facilities was $1.0 billion and the weighted average outstanding balance was $756.3 million. The weighted average interest rate was 4.16% for the nine months ended September 30, 2025.
Previous wording
Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the six months ended June 30, 2025 totaled $2.2 billion. In addition, we had net proceeds from our debt financing and repayment activities of $480.3 million in the first six months of 2025. These activities are further discussed below under “Financing and Debt.” During the first six months of 2025, we also:
Current wording
Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the nine months ended September 30, 2025 totaled $3.3 billion. In addition, we had net proceeds from our debt financing and repayment activities of $880.3 million in the first nine months of 2025. These activities are further discussed below under “Financing and Debt.” During the first nine months of 2025, we also:
Previous wording
At June 30, 2025, our unsecured debt consisted of $18.8 billion of senior unsecured notes of the Operating Partnership, a €350.0 million ($411.0 million U.S. dollar equivalent) unsecured term loan, $460.0 million outstanding under the Credit Facility and €500.0 million ($587.1 million U.S. dollar equivalent) outstanding under the Supplemental Facility.
Current wording
At September 30, 2025, our unsecured debt consisted of $19.2 billion of senior unsecured notes of the Operating Partnership, a €350.0 million ($410.8 million U.S. dollar equivalent) unsecured term loan, $460.0 million outstanding under the Credit Facility and €500.0 million ($586.8 million U.S. dollar equivalent) outstanding under the Supplemental Facility.
Previous wording
The Credit Facility has an initial borrowing capacity of $5.0 billion which may be increased in the form of additional commitments in the aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 97% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2027. The Credit
Current wording
The Credit Facility has an initial borrowing capacity of $5.0 billion which may be increased in the form of additional commitments in the aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 97% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2027. The Credit Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent.
Previous wording
Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
Current wording
Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 70.0 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
Previous wording
Borrowings under the Supplemental Facility bear interest, at the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment, if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, and if denominated in Canadian Dollars, Daily Simple CORRA plus a benchmark adjustment or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by the Company’s corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the NYFRB Rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by the Company’s corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by the Company’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
Current wording
Borrowings under the Supplemental Facility bear interest, at the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment, if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, and if denominated in Canadian Dollars, Daily Simple CORRA plus a benchmark adjustment or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by the Company’s corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the NYFRB Rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by the Company’s corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by the Company’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 70.0 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
Previous wording
At June 30, 2025, we had an aggregate available borrowing capacity of $7.4 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities, during the six months ended June 30, 2025 was $1.0 billion and the weighted average outstanding balance was $631.8 million. Letters of credit of $8.6 million were outstanding under the Credit Facilities as of June 30, 2025.
Current wording
At September 30, 2025, we had an aggregate available borrowing capacity of $7.4 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities, during the nine months ended September 30, 2025 was $1.0 billion and the weighted average outstanding balance was $756.3 million. Letters of credit of $8.6 million were outstanding under the Credit Facilities as of September 30, 2025.
Previous wording
On May 12, 2025, the Operating Partnership drew €500.0 million under the Supplemental Facility. The proceeds were used to fund the redemption at par of the Operating Partnerships €500.0 million notes maturing on May 13, 2025.
Current wording
On May 12, 2025, the Operating Partnership drew €500 million under the Supplemental Facility. The proceeds were used to fund the redemption at par of the Operating Partnerships €500 million notes maturing on May 13, 2025.
Previous wording
On January 29, 2025, the Operating Partnership drew €376.0 million under the Credit Facility and used the proceeds to facilitate the acquisition of two Italian assets. On March 13, 2025, we repaid €18.0 million that had been outstanding under the Credit Facility at December 31, 2024. On March 20, 2025, the Operating Partnership entered into a €350.0 million unsecured term loan with a maturity date of March 20, 2027, and swapped the interest rate to an all-in fixed rate of 2.5965% which matures on March 20, 2026. The proceeds of the term loan, along with cash on hand, were used to repay the then remaining €376.0 million outstanding under the Credit Facility.
Current wording
On January 29, 2025, the Operating Partnership drew €376 million under the Credit Facility and used the proceeds to facilitate the acquisition of two Italian assets. On March 13, 2025, we repaid €18 million that had been outstanding under the Credit Facility at December 31, 2024. On March 20, 2025, the Operating Partnership entered into a €350 million unsecured term loan with a maturity date of March 20, 2027, and swapped the interest rate to an all-in fixed rate of 2.5965% which matures on March 20, 2026. The proceeds of the term loan, along with cash on hand, were used to repay the then remaining €376 million outstanding under the Credit Facility.
Previous wording
In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of June 30, 2025, for the remainder of 2025 and subsequent years thereafter (dollars in
Current wording
In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of September 30, 2025, for the remainder of 2025 and subsequent years thereafter (dollars in thousands), assuming the obligations remain outstanding through initial maturities, including applicable exercise of available extension options:
Previous wording
Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 6 of the condensed notes to our consolidated financial statements. Our joint ventures typically fund their cash needs through secured debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. In addition to the guarantee disclosed in Note 6, as of June 30, 2025, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $122.0 million. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise.
Current wording
Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 6 of the condensed notes to our consolidated financial statements. Our joint ventures typically fund their cash needs through secured debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. In addition to the guarantee disclosed in Note 6, as of September 30, 2025, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $122.9 million. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise.
Previous wording
Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Our share of the costs of all new development, redevelopment and expansion projects currently under construction is approximately $1.0 billion. Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction in the remainder of 2025 and 2026 is approximately $420 million. We expect to fund these capital projects with cash flows from operations. We seek a stabilized return on invested capital in the range of 8-10% for all of our new development, expansion and redevelopment projects.
Current wording
Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Our share of the costs of all new development, redevelopment and expansion projects currently under construction is approximately $1.3 billion. Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction in the remainder of 2025 and 2026 is approximately $478 million. We expect to fund these capital projects with cash flows from operations. We seek a stabilized return on invested capital in the range of 8-10% for all of our new development, expansion and redevelopment projects.
Previous wording
International Development Activity. We typically reinvest net cash flow from our international joint ventures to fund future international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded most of our foreign investments with local currency-denominated borrowings that act as a natural hedge against fluctuations in exchange rates. Our consolidated net income exposure to changes in the volatility of the Euro, Yen, Peso, Won, and other foreign currencies is not material. We expect our share of estimated committed capital for international development projects to be completed with projected delivery in 2025 or 2026 is $15 million, primarily funded through reinvested joint venture cash flow and construction loans.
Current wording
International Development Activity. We typically reinvest net cash flow from our international joint ventures to fund future international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded most of our foreign investments with local currency-denominated borrowings that act as a natural hedge against fluctuations in exchange rates. Our consolidated net income exposure to changes in the volatility of the Euro, Yen, Peso, Won, and other foreign currencies is not material. We expect our share of estimated committed capital for international development projects to be completed with projected delivery in 2025 or 2026 is $13 million, primarily funded through reinvested joint venture cash flow and construction loans.
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Simon paid a common stock dividend of $2.15 per share for the third quarter of 2025 and $6.35 per share for the nine months ended September 30, 2025. Simon paid common stock dividends of $6.00 per share for the nine months ended September 30, 2024. The Operating Partnership paid distributions per unit for the same amounts. On November 3, 2025, Simon’s Board of Directors declared a quarterly cash dividend for the fourth quarter of 2025 of $2.20 per share, payable on December 31, 2025 to
Current report — wording carried from elsewhere
main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP:
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Income and other tax expense increased $30.1 million primarily due to the 2025 non-cash tax expense related to the net gain from Catalyst noted above.
Previous report — wording carried elsewhere
Other expenses decreased $16.0 million primarily due to a decrease in mixed use and franchise operations expenses.
Previous report — wording carried elsewhere
Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent.
Previous report — wording carried elsewhere
thousands), assuming the obligations remain outstanding through initial maturities, including applicable exercise of available extension options: