Q2 2026 Earnings

SPG Share of Cost of Projects Under Construction

$1.10B

Development Activity 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 mixed-use projects are underway at several properties in North America, Europe, and Asia. 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. 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.

Consolidated-Property Leasing Activity Square Feet

4.7M

Current Leasing Activities During the six months ended June 30, 2026, we signed 544 new leases and 934 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 46 Table of Contents 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.

Leasing Activity Square Feet

5.9M

Current Leasing Activities During the six months ended June 30, 2026, we signed 544 new leases and 934 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 46 Table of Contents 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.

New Leases Signed

544

Current Leasing Activities During the six months ended June 30, 2026, we signed 544 new leases and 934 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 46 Table of Contents 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.

Renewal Leases Signed

934

Current Leasing Activities During the six months ended June 30, 2026, we signed 544 new leases and 934 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 46 Table of Contents 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.

New Lease Average Annual Initial Base Minimum Rent per Square Foot

$78.58

Current Leasing Activities During the six months ended June 30, 2026, we signed 544 new leases and 934 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 46 Table of Contents 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.

New Lease Average Tenant Allowance per Square Foot

$53.67

Current Leasing Activities During the six months ended June 30, 2026, we signed 544 new leases and 934 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 46 Table of Contents 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.

Japan Premium Outlets Ending Occupancy

99.8%

Japan Data The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ %/Basis Points ​ ​ 2026 ​ 2025 ​ Change ​ Ending Occupancy ​ 99.8 % ​ 99.7 % +10 bps ​ Average Base Minimum Rent per Square Foot ¥ 5,607 ​ ¥ 5,559 ​ 0.86 %

The Mills Ending Occupancy

98.8%

The Mills: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 98.8% ​ 99.3% ​ -50 bps Average Base Minimum Rent per Square Foot ​ $ 42.28 ​ $ 37.65 ​ 12.3% (1) | | Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. 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.

U.S. Malls and Premium Outlets Ending Occupancy — Consolidated

96.0%

​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ %/Basis Points ​ ​ 2026 ​ 2025 ​ Change (1) U.S. Malls and Premium Outlets: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ 96.0% ​ ​ 96.0% ​ 0 bps

U.S. Malls and Premium Outlets Ending Occupancy — Total Portfolio

96.0%

​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ %/Basis Points ​ ​ 2026 ​ 2025 ​ Change (1) U.S. Malls and Premium Outlets: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ 96.0% ​ ​ 96.0% ​ 0 bps Unconsolidated ​ 96.0% ​ ​ 95.9% ​ 10 bps Total Portfolio ​ 96.0% ​ ​ 96.0% ​ 0 bps

U.S. Malls and Premium Outlets Ending Occupancy — Unconsolidated

96.0%

​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ %/Basis Points ​ ​ 2026 ​ 2025 ​ Change (1) U.S. Malls and Premium Outlets: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ 96.0% ​ ​ 96.0% ​ 0 bps Unconsolidated ​ 96.0% ​ ​ 95.9% ​ 10 bps

Consolidated Properties

166

As of June 30, 2026, we consolidated 144 wholly-owned properties and 22 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 88 properties (the joint venture properties), our investments in Klépierre, and our other platform investments. We manage the day-to-day operations of 51 of the 88 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Canada, the People’s Republic of China, Spain, Thailand, Indonesia, and the United Kingdom comprise 29 of the remaining 37 properties.

Equity-Method Properties

88

As of June 30, 2026, we consolidated 144 wholly-owned properties and 22 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 88 properties (the joint venture properties), our investments in Klépierre, and our other platform investments. We manage the day-to-day operations of 51 of the 88 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Canada, the People’s Republic of China, Spain, Thailand, Indonesia, and the United Kingdom comprise 29 of the remaining 37 properties.

Global Properties

254

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.

International Properties

42

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.

Joint-Venture Properties Managed Day-to-Day

51

As of June 30, 2026, we consolidated 144 wholly-owned properties and 22 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We apply the equity method of accounting to the other 88 properties (the joint venture properties), our investments in Klépierre, and our other platform investments. We manage the day-to-day operations of 51 of the 88 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, Canada, the People’s Republic of China, Spain, Thailand, Indonesia, and the United Kingdom comprise 29 of the remaining 37 properties.

U.S. Income-Producing Properties

212

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.

U.S. Lifestyle Center Properties

6

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.

U.S. Mall Properties

107

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.

U.S. Mills Properties

16

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.

U.S. Other Retail Properties

15

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.

U.S. Premium Outlet Properties

68

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.

Portfolio NOI Growth

8.3%

Beneficial interest of Portfolio NOI ​ $ 1,602,803 ​ $ 1,480,125 ​ $ 3,173,531 ​ $ 2,952,833 Beneficial interest of Portfolio NOI Change ​ ​ 8.3 % ​ ​ ​ ​ 7.5 %

Beneficial Interest of Combined NOI

$1.75B

Beneficial NOI of unconsolidated entities (2) ​ $ 309,636 ​ $ 259,374 ​ $ 605,430 ​ $ 507,289 Add: Beneficial interest of NOI from TRG (4) ​ ​ — ​ ​ 134,093 ​ ​ — ​ ​ 270,497 Add: Beneficial interest of NOI from other platform investments and investments ​ ​ 96,543 ​ ​ 107,960 ​ ​ 68,554 ​ ​ 119,889 Beneficial interest of Combined NOI ​ $ 1,753,692 ​ $ 1,647,787 ​ $ 3,347,471 ​ $ 3,170,014

Beneficial Interest of Portfolio NOI

$1.60B

Beneficial interest of Combined NOI ​ $ 1,753,692 ​ $ 1,647,787 ​ $ 3,347,471 ​ $ 3,170,014 Less: Beneficial interest of Corporate and Other NOI Sources (5) ​ 57,525 ​ 63,017 ​ 108,564 ​ 98,311 Less: Beneficial interest of NOI from other platform investments (6) ​ ​ 31,842 ​ ​ 41,688 ​ ​ (52,293) ​ ​ 227 Less: Beneficial interest of NOI from Klépierre (7) ​ ​ 61,522 ​ ​ 62,957 ​ ​ 117,669 ​ ​ 118,643 Beneficial interest of Portfolio NOI ​ $ 1,602,803 ​ $ 1,480,125 ​ $ 3,173,531 ​ $ 2,952,833

Beneficial NOI of Consolidated Entities

$1.35B

NOI of consolidated entities ​ $ 1,365,938 ​ $ 1,155,126 ​ $ 2,708,964 ​ $ 2,288,489 Less: Noncontrolling interest partners share of NOI ​ ​ (18,425) ​ ​ (8,766) ​ ​ (35,477) ​ ​ (16,150) Beneficial NOI of consolidated entities (2) ​ $ 1,347,513 ​ $ 1,146,360 ​ $ 2,673,487 ​ $ 2,272,339

Beneficial NOI of Unconsolidated Entities

$309.6M

NOI of unconsolidated entities ​ $ 657,181 ​ $ 544,277 ​ $ 1,279,327 ​ $ 1,062,953 Less: Joint Venture partners share of NOI ​ ​ (347,545) ​ ​ (284,903) ​ ​ (673,897) ​ ​ (555,664) Beneficial NOI of unconsolidated entities (2) ​ $ 309,636 ​ $ 259,374 ​ $ 605,430 ​ $ 507,289

NOI of Consolidated Entities

$1.37B

For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ (in thousands) Reconciliation of NOI of consolidated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Net Income ​ $ 574,130 ​ $ 643,681 ​ $ 1,142,665 ​ $ 1,121,541 Income and other tax expense (benefit) ​ 10,809 ​ 35,107 ​ (9,125) ​ 27,470 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net ​ ​ 11,950 ​ ​ (104,499) ​ ​ 18,329 ​ ​ (80,507) Interest expense ​ 281,164 ​ 232,724 ​ 556,826 ​ 459,720 Income from unconsolidated entities ​ (119,127) ​ (122,875) ​ (97,879) ​ (153,234) Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ 56,425 ​ 50,455 ​ 31,037 ​ 87,220 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 8,747 ​ 9,604 ​ (55,593) ​ 9,604 Operating Income Before Other Items ​ 824,098 ​ 744,197 ​ 1,586,260 ​ 1,471,814 Depreciation and amortization ​ 459,876 ​ 339,058 ​ 918,773 ​ 667,109 Home and regional office costs ​ ​ 69,842 ​ ​ 57,564 ​ ​ 137,498 ​ ​ 122,630 General and administrative ​ ​ 12,004 ​ ​ 14,298 ​ ​ 66,303 ​ ​ 26,927 Other expenses (1) ​ ​ 118 ​ ​ 9 ​ ​ 130 ​ ​ 9 NOI of consolidated entities ​ $ 1,365,938 ​ $ 1,155,126 ​ $ 2,708,964 ​ $ 2,288,489

NOI of Unconsolidated Entities

$657.2M

Reconciliation of NOI of unconsolidated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ $ 274,416 ​ $ 209,607 ​ $ 506,347 ​ $ 398,903 Interest expense ​ 205,540 ​ 174,995 ​ 410,577 ​ 345,363 Operating Income Before Other Items ​ 479,956 ​ 384,602 ​ 916,924 ​ 744,266 Depreciation and amortization ​ 177,211 ​ 159,675 ​ 362,376 ​ 318,687 Other expenses (3) ​ ​ 14 ​ ​ -- ​ ​ 27 ​ ​ — NOI of unconsolidated entities ​ $ 657,181 ​ $ 544,277 ​ $ 1,279,327 ​ $ 1,062,953

Funds From Operations of the Operating Partnership

$1.18B

For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ (in thousands) Consolidated Net Income ​ $ 574,130 ​ $ 643,681 ​ $ 1,142,665 ​ $ 1,121,541 Adjustments to Arrive at FFO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization from consolidated properties ​ 455,655 ​ 335,157 ​ 910,434 ​ 659,479 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments ​ 160,762 ​ 207,587 ​ 322,370 ​ 416,551 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 8,747 ​ 9,604 ​ (55,593) ​ 9,604 Net (gain) loss attributable to noncontrolling interest holders in properties ​ (6,400) ​ (26) ​ (12,021) ​ 1,266 Noncontrolling interests portion of depreciation and amortization ​ (6,917) ​ (6,346) ​ (13,202) ​ (12,339) Preferred distributions and dividends ​ (1,032) ​ (1,126) ​ (2,064) ​ (2,252) FFO of the Operating Partnership ​ $ 1,184,945 ​ $ 1,188,531 ​ $ 2,292,589 ​ $ 2,193,850

Real Estate FFO

$1.25B

FFO of the Operating Partnership (1) ​ $ 1,184,945 ​ $ 1,188,531 ​ $ 2,292,589 ​ $ 2,193,850 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ 9,818 ​ ​ (78,374) ​ ​ 15,136 ​ ​ (60,381) Other platform investments, net of tax ​ ​ (2,624) ​ ​ (6,594) ​ ​ 117,758 ​ ​ 47,591 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 56,425 ​ ​ 50,455 ​ ​ 31,037 ​ ​ 87,220 Real Estate FFO (1) ​ $ 1,248,564 ​ $ 1,154,018 ​ $ 2,456,520 ​ $ 2,268,280

Diluted FFO per Share

$3.12

Diluted net income per share to diluted FFO per share reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share ​ $ 1.49 ​ $ 1.70 ​ $ 2.97 ​ $ 2.97 Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization ​ 1.61 ​ 1.42 ​ 3.21 ​ 2.82 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 0.02 ​ 0.03 ​ (0.15) ​ 0.03 Diluted FFO per share (1) ​ $ 3.12 ​ $ 3.15 ​ $ 6.03 ​ $ 5.82

Real Estate FFO per Share

$3.29

Diluted FFO per share (1) ​ $ 3.12 ​ $ 3.15 ​ $ 6.03 ​ $ 5.82 Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ 0.03 ​ ​ (0.21) ​ ​ 0.04 ​ ​ (0.16) Other platform investments, net of tax ​ ​ (0.01) ​ ​ (0.02) ​ ​ 0.31 ​ ​ 0.12 Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ 0.15 ​ ​ 0.13 ​ ​ 0.08 ​ ​ 0.23 Real Estate FFO per share (1) ​ $ 3.29 ​ $ 3.05 ​ $ 6.46 ​ $ 6.01

Japan Premium Outlets Average Base Minimum Rent per Square Foot

5.6K

Japan Data The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ June 30, ​ ​ ​ %/Basis Points ​ ​ 2026 ​ 2025 ​ Change ​ Ending Occupancy ​ 99.8 % ​ 99.7 % +10 bps ​ Average Base Minimum Rent per Square Foot ¥ 5,607 ​ ¥ 5,559 ​ 0.86 %

The Mills Average Base Minimum Rent per Square Foot

$42.28

The Mills: ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 98.8% ​ 99.3% ​ -50 bps Average Base Minimum Rent per Square Foot ​ $ 42.28 ​ $ 37.65 ​ 12.3% (1) | | Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. 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.

U.S. Malls and Premium Outlets Average Base Minimum Rent per Square Foot — Consolidated

$60.14

Average Base Minimum Rent per Square Foot ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ $ 60.14 ​ $ 56.86 ​ 5.8%

U.S. Malls and Premium Outlets Average Base Minimum Rent per Square Foot — Total Portfolio

$62.42

Average Base Minimum Rent per Square Foot ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ $ 60.14 ​ $ 56.86 ​ 5.8% Unconsolidated ​ $ 68.95 ​ $ 64.19 ​ 7.4% Total Portfolio ​ $ 62.42 ​ $ 58.70 ​ 6.3%

U.S. Malls and Premium Outlets Average Base Minimum Rent per Square Foot — Unconsolidated

$68.95

Average Base Minimum Rent per Square Foot ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ $ 60.14 ​ $ 56.86 ​ 5.8% Unconsolidated ​ $ 68.95 ​ $ 64.19 ​ 7.4%