SIMON PROPERTY GROUP INC /DE/

Previous wording

Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. According to the amended and restated Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.

Current wording

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. According to the amended and restated Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.

Previous wording

Diluted earnings per share and diluted earnings per unit decreased $0.98 during the first three months of 2025 to $1.27 from $2.25 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 $0.79 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:

Previous wording

Portfolio NOI increased 3.6% for the three 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 2.4% to $58.92 psf as of March 31, 2025, from $57.53 psf as of March 31, 2024. Ending occupancy for our U.S. Malls and Premium Outlets increased 0.4% to 95.9% as of March 31, 2025, from 95.5% as of March 31, 2024.

Current 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.

Previous wording

Our effective overall borrowing rate at March 31, 2025 on our consolidated indebtedness increased 9 basis points to 3.60% as compared to 3.51% at March 31, 2024. This is primarily due to an increase in the effective overall borrowing rate on the fixed rate debt of 10 basis points, due to increasing benchmark rates. The weighted average years to maturity of our consolidated indebtedness was 7.7 years and 8.1 years at March 31, 2025 and December 31, 2024, respectively.

Current 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.

Previous wording

Our financing activity for the three months ended March 31, 2025 included:

Current wording

Our financing activity for the six months ended June 30, 2025 included:

Previous wording

Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or GLA, which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base minimum rent per square foot is

Current wording

Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or GLA, which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base minimum rent per square foot is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in ending occupancy.

Previous wording

During the three months ended March 31, 2025, we signed 259 new leases and 550 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 3.1 million square feet, of which 2.4 million square feet related to consolidated properties. During the comparable period in 2024, we signed 259 new leases and 611 renewal leases with a fixed minimum rent, comprising approximately 3.6 million square feet, of which 2.8 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $71.05 per square foot in 2025 and $65.79 per square foot in 2024 with an average tenant allowance on new leases of $64.33 per square foot and $63.25 per square foot, respectively.

Current 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.

Previous wording

For the purposes of the following comparison between the three months ended March 31, 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.

Current wording

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 wording

Lease income increased $64.8 million, due to an increase in fixed lease income of $55.7 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, and an increase in variable lease income of $9.1 million.

Current 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.

Previous wording

Total other income decreased $38.7 million, primarily due to a $14.3 million decrease in interest income, a $10.0 million decrease in mixed use and franchise operations income, a $7.5 million decrease in land sale activity and a $6.9 million decrease in other income sources.

Current 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.

Previous wording

Home and regional office costs increased $4.3 million due to increased personnel and compensation costs.

Current wording

Home and regional office costs increased $7.1 million due to increased personnel and compensation costs.

Previous wording

Other expenses decreased $10.1 million primarily due to a decrease in mixed use and franchise operations expenses.

Current wording

Other expenses decreased $5.9 million primarily due to a decrease in mixed use and franchise operations expenses.

Previous wording

Income (loss) from unconsolidated entities increased $64.7 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 $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.

Previous wording

(Loss) gain on disposal, exchange or revaluation of equity interests, net, decreased $438.8 million due to certain post-merger activities within Catalyst in 2025 of $24.0 million and a gain from selling our remaining interest in ABG during 2024 of $414.8 million.

Current 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.

Previous wording

Income and other tax benefit (expense) decreased $55.2 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 a smaller tax benefit related to improved year-over-year operations from other platform investments.

Current 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.

Previous wording

We recorded net non-cash unrealized losses of $36.8 million in 2025 and net non-cash unrealized losses of $7.2 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 $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.

Previous wording

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.

Current 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.

Previous wording

Simon’s net income attributable to noncontrolling interests decreased $45.3 million due to a decrease in the net income of the Operating Partnership.

Current 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.

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 0.7% of our total consolidated debt at March 31, 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 $973.1 million in the aggregate during the three months ended March 31, 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 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.

Previous wording

Our balance of cash and cash equivalents decreased $20.3 million during the first three months of 2025 to $1.4 billion as of March 31, 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 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.

Previous wording

On March 31, 2025, we had an aggregate available borrowing capacity of approximately $8.2 billion under the Credit Facilities, net of letters of credit of $8.6 million. For the three months ended March 31, 2025, the maximum aggregate outstanding balance under the Credit Facilities was $715.5 million and the weighted average outstanding balance was $546.3 million. The weighted average interest rate was 4.48% for the three months ended March 31, 2025.

Current 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.

Previous wording

Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the three months ended March 31, 2025 totaled $973.1 million. In addition, we had net proceeds from our debt financing and repayment activities of $330.9 million in the first three months of 2025. These activities are further discussed below under “Financing and Debt.” During the first three months of 2025, 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, 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:

Previous wording

At March 31, 2025, our unsecured debt consisted of $19.2 billion of senior unsecured notes of the Operating Partnership, a €350.0 million ($378.7 million U.S. dollar equivalent) unsecured term loan, and $305.0 million outstanding under the Credit Facility.

Current 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.

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 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.

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

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

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 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.

Previous wording

At March 31, 2025, we had an aggregate available borrowing capacity of $8.2 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities, during the three months ended March 31, 2025 was $715.5 million and the weighted average outstanding balance was $546.3 million. Letters of credit of $8.6 million were outstanding under the Credit Facilities as of March 31, 2025.

Current 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.

Previous wording

Total mortgage indebtedness was $5.0 billion at March 31, 2025 and December 31, 2024, respectively.

Current wording

Total mortgage indebtedness was $5.3 billion and $5.0 billion at June 30, 2025 and December 31, 2024, respectively.

Previous wording

At March 31, 2025, our consolidated subsidiaries were the borrowers under 35 non-recourse mortgage notes secured by mortgages on 38 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At March 31, 2025, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.

Current wording

At June 30, 2025, our consolidated subsidiaries were the borrowers under 36 non-recourse mortgage notes secured by mortgages on 39 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At June 30, 2025, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.

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 March 31, 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:

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 June 30, 2025, for the remainder of 2025 and subsequent years thereafter (dollars in

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

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 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.

Previous wording

Acquisitions. On January 30, 2025, we completed the acquisition of 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. The cash consideration including working capital and capitalized transaction costs was $392.4 million. Cash acquired was $25.3 million. The properties are unencumbered.

Current wording

On January 30, 2025, we completed the acquisition of 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. The cash consideration including working capital and capitalized transaction costs was $392.4 million. Cash acquired was $25.3 million. The properties are unencumbered.

Previous wording

We routinely incur costs related to construction for significant redevelopment and expansion projects at our properties. Redevelopment and expansion projects, including the addition of anchors, big box tenants, restaurants, as well as office space and residential uses are underway at properties in North America, Europe and Asia.

Current wording

We routinely incur costs related to construction for significant redevelopment and expansion projects at our properties. Redevelopment and expansion projects, including the addition of anchors, big box tenants, restaurants, as well as office space and residential uses are underway at properties in North America.

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 $944 million. 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 $429 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 $1.0 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.

Previous wording

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 $14 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 $15 million, primarily funded through reinvested joint venture cash flow and construction loans.

Previous wording

Simon paid a common stock dividend of $2.10 per share for the first quarter of 2025. Simon paid a common stock dividend of $1.95 per share for the first quarter of 2024. The Operating Partnership paid distributions per unit for the same amounts. On May 12, 2025, Simon’s Board of Directors declared a quarterly cash dividend for the second quarter of 2025 of $2.10 per share, payable on June 30, 2025 to shareholders of record on June 9, 2025. 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 $2.10 per share for the second quarter of 2025 and $4.20 per share for the six months ended June 30, 2025. Simon paid common stock dividends of $3.95 per share for the six months ended June 30, 2024. The Operating Partnership paid distributions per unit for the same amounts. On August 4, 2025, Simon’s Board of Directors declared a quarterly cash dividend for the third quarter of 2025 of $2.15 per share, payable on September 30, 2025 to shareholders of record on September 9, 2025. 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

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 the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company'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 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; reducing emissions of greenhouse gases; environmental liabilities; natural disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operati…

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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 the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company'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 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; reducing emissions of greenhouse gases; environmental liabilities; natural disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operati…

Excerpt shortened here; the source contains the full paragraph.