SIMON PROPERTY GROUP INC.

Previous wording

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of March 31, 2026, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 69 Premium Outlets, 16 Mills, six lifestyle centers, and 13 other retail properties in 38 states and Puerto Rico. Internationally, as of March 31, 2026, we had ownership in 42 properties primarily located in Asia, Europe, and Canada. As of March 31, 2026, we also owned a 20.7% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.

Current wording

We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2026, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 107 malls, 68 Premium Outlets, 16 Mills, six lifestyle centers, and 15 other retail properties in 38 states and Puerto Rico. Internationally, as of June 30, 2026, we had ownership in 42 properties primarily located in Asia, Europe, and Canada. As of June 30, 2026, we also owned a 20.7% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.

Previous wording

Diluted earnings per share and diluted earnings per unit increased $0.21 during the first three months of 2026 to $1.48 from $1.27 for the same period last year. The increase 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 were $2.97 during the first six months of 2026 and the same period last year. The changes to the components of these diluted earnings per share and diluted earnings per unit primarily consisted of:

Previous wording

Portfolio NOI increased 6.7% for the three month period in 2026 over the prior year period primarily as a result of improved operations in our domestic and international portfolios and our acquisition activity. Average base minimum rent for U.S. Malls and Premium Outlets increased 5.2% to $61.99 psf as of March 31, 2026, from $58.92 psf as of March 31, 2025. Ending occupancy for our U.S. Malls and Premium Outlets increased 0.1% to 96.0% as of March 31, 2026, from 95.9% as of March 31, 2025.

Current wording

Portfolio NOI increased 7.5% for the six month period in 2026 over the prior year period primarily as a result of improved operations in our domestic and international portfolios and our acquisition activity. Average base minimum rent for U.S. Malls and Premium Outlets increased 6.3% to $62.42 psf as of June 30, 2026, from $58.70 psf as of June 30, 2025. Ending occupancy for our U.S. Malls and Premium Outlets was 96.0% as of each of June 30, 2026, and 2025.

Previous wording

Our effective overall borrowing rate at March 31, 2026 on our consolidated indebtedness increased 30 basis points to 3.90% as compared to 3.60% at March 31, 2025. This is primarily due to increases in the effective overall borrowing rate on the fixed rate debt of 58 basis points and the amount of variable rate debt, partially offset by a decrease in the effective overall borrowing rate on the variable rate debt of 55 basis points. The weighted average years to maturity of our consolidated indebtedness was 7.1 years and 7.0 years at March 31, 2026 and December 31, 2025, respectively.

Current wording

Our effective overall borrowing rate at June 30, 2026 on our consolidated indebtedness increased 30 basis points to 3.93% as compared to 3.63% at June 30, 2025. This is primarily due to an increase in the effective overall borrowing rate on the fixed rate debt of 25 basis points. The weighted average years to maturity of our consolidated indebtedness was 6.9 years and 7.0 years at June 30, 2026 and December 31, 2025, respectively.

Previous wording

Our financing activity for the three months ended March 31, 2026 included:

Current wording

Our financing activity for the six months ended June 30, 2026 included:

Previous wording

Subsequent to March 31, 2026, we settled additional conversions of €373.5 million of the exchangeable bonds in cash for €468.7 million, further reducing the exchangeable bonds’ outstanding balance to €187.6 million, through the use of existing liquidity and the issuance of commercial paper.

Current wording

Subsequent to June 30, 2026, we settled additional conversions of €86.3 million of the exchangeable bonds in cash for €115.7 million, further reducing the exchangeable bonds’ outstanding balance to €101.2 million. Additionally, we unencumbered one property from its $375.0 million mortgage using existing liquidity.

Previous wording

During the three months ended March 31, 2026, we signed 241 new leases and 480 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 3.0 million square feet, of which 2.4 million square feet related to consolidated properties. During the comparable period in 2025, we signed 259 new leases and 550 renewal leases with a fixed minimum rent, comprising approximately 3.1 million square feet, of which 2.4 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $82.00 per square foot in 2026 and $71.05 per square foot in 2025 with an average tenant allowance on new leases of $43.73 per square foot and $64.33 per square foot, respectively.

Current wording

U.S. Malls and Premium Outlets portfolio, comprising approximately 5.9 million square feet, of which 4.7 million square feet related to consolidated properties. During the comparable period in 2025, we signed 526 new leases and 997 renewal leases with a fixed minimum rent, comprising approximately 5.7 million square feet, of which 4.3 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $78.58 per square foot in 2026 and $67.36 per square foot in 2025 with an average tenant allowance on new leases of $53.67 per square foot and $60.79 per square foot, respectively.

Previous wording

Lease income increased $261.1 million, driven by an increase of $189.1 million due to our acquisition activity, our development activity, and increases in fixed and variable lease consideration.

Current wording

Lease income increased $280.3 million, driven by an increase of $197.5 million due to our acquisition activity, our development activity, and increases in fixed and variable lease consideration.

Previous wording

Property operating expenses increased $33.9 million, of which $24.6 million relates to our acquisition activity and inflationary cost increases.

Current wording

Property operating expenses increased $31.6 million, due to inflationary cost increases and $27.2 million related to our acquisition activity.

Previous wording

Real estate taxes increased $28.5 million, of which $21.2 million relates to our acquisition activity, and a large successful property tax appeal in 2025.

Current wording

Real estate taxes increased $26.6 million, of which $20.0 million relates to our acquisition activity, and due to a large successful property tax appeal impacting 2025.

Previous wording

Repairs and maintenance increased $10.1 million, of which $5.5 million relates to our acquisition activity, inflationary cost increases, and an increase in snow removal costs in 2026.

Current wording

Repairs and maintenance increased $16.5 million, of which $9.9 million relates to our acquisition activity, inflationary cost increases, and an increase in snow removal costs in 2026.

Previous wording

General and administrative increased $41.7 million, which includes $40.0 million of accelerated stock compensation expense.

Current wording

General and administrative increased $39.4 million, which includes $40.0 million of accelerated stock compensation expense.

Previous wording

Loss due to disposal, exchange, or revaluation of equity interests, net, decreased $17.6 million. In 2026, we recorded transition costs of $6.3 million separately related to Catalyst and the TRG Acquisition. In 2025, our share of transition costs recorded within Catalyst was $24.0 million.

Current wording

(Loss) gain due to disposal, exchange, or revaluation of equity interests, net, decreased $98.8 million. In 2026, we recorded transition and restructuring costs of $18.3 million related to Catalyst and to the TRG Acquisition. In 2025, we recorded a net pre-tax gain within Catalyst of $80.5 million, primarily because of the deconsolidation of Forever 21.

Previous wording

(Loss) Income from unconsolidated entities decreased $51.6 million, primarily due to lower results of operations from our other platform investments, partially offset by a strong performance of our domestic and international joint venture properties.

Current wording

Income from unconsolidated entities decreased $55.4 million, primarily due to lower results of operations from our other platform investments, partially offset by a strong performance of our domestic and international joint venture properties.

Previous wording

We recorded a non-cash unrealized gain in 2026 of $25.4 million due to the change in fair value of a derivative instrument and net, non-cash unrealized losses in 2025 of $36.8 million 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 $31.0 million in 2026 and $87.2 million in 2025 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

We recorded a $64.3 million gain related to the exchange of 4,074,711 shares of Klépierre to settle the conversion of €110.3 million of the Operating Partnership’s exchangeable bonds.

Current wording

During 2026, we recorded a $64.3 million gain related to the exchange of 4,074,711 shares of Klépierre to settle the conversion of €110.3 million of the Operating Partnership’s exchangeable bonds, partially offset by a non-cash other-than-temporary impairment charge representing our remaining equity method investment in a real estate venture of $8.7 million. During 2025, we recognized a $9.6 million loss on the disposition of certain Klépierre assets.

Previous wording

Simon’s net income attributable to noncontrolling interests increased $24.8 million due to an increase in the net income of the Operating Partnership.

Current wording

Simon’s net income attributable to noncontrolling interests increased $28.2 million due to an increase 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 4.6% of our total consolidated debt at March 31, 2026. 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 $942.3 million in the aggregate during the three months ended March 31, 2026. 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 4.5% of our total consolidated debt at June 30, 2026. 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 $2.3 billion in the aggregate during the six months ended June 30, 2026. 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 $280.2 million during the first three months of 2026 to $543.0 million as of March 31, 2026 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 $195.9 million during the first six months of 2026 to $1.0 billion as of June 30, 2026 as a result of the operating and financing activity, as further discussed in “Cash Flows” below.

Previous wording

On March 31, 2026, we had an aggregate available borrowing capacity of approximately $7.5 billion under the Credit Facilities, net of letters of credit of $3.1 million. For the three months ended March 31, 2026, the maximum aggregate outstanding balance under the Credit Facilities was $460.0 million and the weighted average outstanding balance was $460.0 million. The weighted average interest rate was 3.97% for the three months ended March 31, 2026.

Current wording

On June 30, 2026, we had an aggregate available borrowing capacity of approximately $7.7 billion under the Credit Facilities, net of letters of credit of $3.1 million. For the six months ended June 30, 2026, the maximum aggregate outstanding balance under the Credit Facilities was $460.0 million and the weighted average outstanding balance was $429.5 million. The weighted average interest rate was 4.06% for the six months ended June 30, 2026.

Previous wording

Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the three months ended March 31, 2026 totaled $942.3 million. In addition, we had net proceeds from our debt financing and repayment activities of $15.8 million in the first three months of 2026. These activities are further discussed below under “Financing and Debt.” During the first three months of 2026, we also:

Current wording

Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the six months ended June 30, 2026 totaled $2.3 billion. In addition, we had net proceeds from our debt financing and repayment activities of $504.4 million in the first six months of 2026. These activities are further discussed below under “Financing and Debt.” During the first six months of 2026, we also:

Previous wording

At March 31, 2026, our unsecured debt, excluding discounts and debt issuance costs, consisted of $18.9 billion of senior unsecured notes of the Operating Partnership, a €350.0 million ($402.7 million U.S. dollar equivalent) unsecured term loan, $460.0 million outstanding under the Credit Facility, and $537.2 million Commercial Paper program.

Current wording

At June 30, 2026, our unsecured debt, excluding discounts and debt issuance costs, consisted of $19.0 billion of senior unsecured notes of the Operating Partnership, a €350.0 million ($399.3 million U.S. dollar equivalent) unsecured term loan, a $460.0 million unsecured term loan, and $846.4 million outstanding under the Commercial Paper program.

Previous wording

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, Euros, Yen, Pounds Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Credit Facility is June 30, 2030. The Credit Facility can be extended for an additional year to June 30, 2031, at our sole option, subject to satisfying certain customary conditions precedent.

Current wording

On March 5, 2026, we amended, restated, and extended the Credit Facility and amended the Supplemental Facility. 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, Euros, Yen, Pounds Sterling, Canadian dollars and Australian dollars. The initial maturity date of the Credit Facility is June 30, 2030. The Credit Facility can be extended for an additional year to June 30, 2031, at our sole option, subject to satisfying certain customary conditions precedent.

Previous wording

At March 31, 2026, we had an aggregate available borrowing capacity of $7.5 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the three months ended March 31, 2026 was $460.0 million and the weighted average outstanding balance was $460.0 million. Letters of credit of $3.1 million were outstanding under the Credit Facilities as of March 31, 2026.

Current wording

At June 30, 2026, we had an aggregate available borrowing capacity of $7.7 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities during the six months ended June 30, 2026 was $460.0 million and the weighted average outstanding balance was $429.5 million. Letters of credit of $3.1 million were outstanding under the Credit Facilities as of June 30, 2026.

Previous wording

The Operating Partnership also has available the Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above)pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and, if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On March 31, 2026, we had $537.2 million outstanding under the Commercial Paper program, fully comprised of U.S. dollar denominated notes with a weighted average interest rate of 3.94%. These borrowings have a weighted average maturity date of May 6, 2026 and reduced amounts otherwise available under the Credit Facilities.

Current wording

The Operating Partnership also has available a Commercial Paper program of $2.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above)pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and, if necessary or

Previous wording

During the first quarter of 2026, we settled the conversion of €173.5 million ($201.4 million U.S. dollar equivalent) of the Operating Partnership’s exchangeable bonds, which are exchangeable at the option of the bondholder into shares of Klépierre, reducing the outstanding balance to €561.1 million ($645.5 million U.S. dollar equivalent) as of March 31, 2026. Amounts settled through the exchange of Klépierre shares are discussed in Note 6 of the condensed notes to the consolidated financial statements. The remaining conversions were settled in cash for €78.9 million ($90.9 million U.S. dollar equivalent). Subsequent to March 31, 2026, we settled additional conversions of €373.5 million of the exchangeable bonds in cash for €468.7 million, further reducing the exchangeable bonds’ outstanding balance to €187.6 million, through the use of existing liquidity and the issuance of commercial paper.

Current wording

During the first half of 2026, we settled the conversion of €547.1 million ($641.6 million U.S. dollar equivalent) of the Operating Partnership’s exchangeable bonds, which are exchangeable at the option of the bondholder into shares of Klépierre, reducing the outstanding balance to €187.5 million ($213.9 million U.S. dollar equivalent) as of June 30, 2026. Amounts settled through the exchange of Klépierre shares are discussed in Note 6. The remaining conversions were settled in cash for €548.7 million ($643.3 million U.S. dollar equivalent). Subsequent to June 30, 2026, we settled additional conversions of €86.3 million of the exchangeable bonds in cash for €115.7 million, further reducing the exchangeable bonds’ outstanding balance to €101.2 million.

Previous wording

On January 13, 2026, the Operating Partnership completed the issuance of $800 million of senior unsecured notes with a fixed interest rate of 4.30% and a maturity date of January 15, 2031. The proceeds were used to redeem, at par, its $800 million 3.30% senior unsecured notes at maturity on January 15, 2026.

Current wording

On January 13, 2026, the Operating Partnership completed the issuance of $800.0 million of senior unsecured notes with a fixed interest rate of 4.30% and a maturity date of January 15, 2031. The proceeds were used to redeem, at par, its $800.0 million 3.30% senior unsecured notes at maturity on January 15, 2026.

Previous wording

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 wording

On August 19, 2025, the Operating Partnership completed the issuance of $700.0 million of senior unsecured notes with a fixed interest rate of 4.375% and a maturity date of October 1, 2030, and $800.0 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 €500.0 million outstanding under the Supplemental Facility on October 8, 2025.

Previous 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.

Current 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.

Previous 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 €350.0 million unsecured term loan with a maturity date of March 20, 2027, and swapped the interest rate to an all-in fixed rate of 2.6% which matured 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.

Current 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, which has been subsequently extended to March 20, 2029, and swapped the interest rate to an all-in fixed rate of 2.6% which matured 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.

Previous wording

Total mortgage indebtedness was $8.1 billion and $8.2 billion at March 31, 2026 and December 31, 2025, respectively. On October 31, 2025, as part of the TRG Acquisition, discussed in Note 4 of the condensed notes to the consolidated financial statements, the Operating Partnership’s consolidated debt increased $3.1 billion.

Current wording

Total mortgage indebtedness was $8.1 billion and $8.2 billion at June 30, 2026 and December 31, 2025, respectively. On October 31, 2025, as part of the TRG Acquisition, discussed in Note 4 of the condensed notes to the consolidated financial statements, the Operating Partnership’s consolidated debt increased $3.1 billion. Subsequent to June 30, 2026, we unencumbered one property from its $375.0 million mortgage using existing liquidity.

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 the 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 of the condensed notes of the consolidated financial statements, as of March 31, 2026, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $118.5 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 the 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 of the condensed notes of the consolidated financial statements, as of June 30, 2026, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $124.0 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.

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 $1.1 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 2026 and 2027 is approximately $416 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 $1.1 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 2026 and 2027 is approximately $346.0 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.

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 2026 or 2027 is $2.0 million, which we expect will be primarily funded through reinvested joint venture cash flow and construction loans.

Previous wording

Simon paid a common stock dividend of $2.20 per share for the first quarter of 2026. Simon paid a common stock dividend of $2.10 per share for the first quarter of 2025. The Operating Partnership paid distributions per unit for the same amounts. On May 11, 2026, Simon’s Board of Directors declared a quarterly cash dividend for the second quarter of 2026 of $2.25 per share, payable on June 30, 2026 to shareholders of record on June 9, 2026. The distribution rate on units is equal to the dividend rate on common stock. In order to maintain its status as a REIT, Simon must pay a minimum amount of dividends. Simon’s future dividends and the Operating Partnership’s future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT.

Current wording

Simon paid a common stock dividend of $2.25 per share for the second quarter of 2026, and $4.45 for the six months ended June 30, 2026. We paid common stock dividends of $4.20 per share for the six months ended June 30, 2025. The Operating Partnership paid distributions per unit for the same amounts. On August 10, 2026, Simon’s Board of Directors declared a quarterly cash dividend for the third quarter of 2026 of $2.25 per share, payable on September 30, 2026 to shareholders of record on September 9, 2026. The distribution rate on units is equal to the dividend rate on common stock. In order to maintain its status as a REIT, Simon must pay a minimum amount of dividends. Simon’s future dividends and the Operating Partnership’s future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT.

Previous wording

On February 5, 2026, Simon’s Board of Directors authorized a new common stock repurchase program, which immediately replaced the existing repurchase plan. Under the plan, Simon may purchase up to $2.0 billion of its common stock during the period ending on February 29, 2028 in the open market or in privately negotiated transactions as market conditions warrant. During the period ended March 31, 2026, Simon purchased 692,001 shares at an average price of $181.05 per share under this plan. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.

Current wording

On February 5, 2026, Simon’s Board of Directors authorized a new common stock repurchase program, which immediately replaced the existing repurchase plan. Under the plan, Simon may purchase up to $2.0 billion of its common stock during the period ending on February 29, 2028 in the open market or in privately negotiated transactions as market conditions warrant. During the period ended June 30, 2026, Simon purchased 1,485,078 shares at an average price of $192.59 under this plan. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.

Previous wording

Certain statements made in this Quarterly Report on Form 10-Q may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon's actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, …

Excerpt shortened here; the source contains the full paragraph.

Current wording

Certain statements made in this Quarterly Report on Form 10-Q may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon's actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact