10q10k10q10k.net

What changed in Simon Property Group's 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of Simon Property Group's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+473 added−471 removedSource: 10-K (2025-02-21) vs 10-K (2024-02-22)

Top changes in Simon Property Group's 2024 10-K

473 paragraphs added · 471 removed · 419 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

34 edited+0 added−2 removed58 unchanged
Biggest changeWe believe that there are numerous factors that make our properties highly desirable to retailers, including: ● the quality, location and diversity of our properties; ● our management and operational expertise; ● our extensive experience and relationships with retailers, lenders and suppliers; ● our marketing initiatives and consumer focused strategic corporate alliances; and ● the sustainability of physical retail. 8 Table of Contents Certain Activities During the past three years, we have: ● issued 61,251 shares of Simon common stock upon the exchange of units in the Operating Partnership; ● issued 579,197 restricted shares of Simon common stock and 72,442 long-term incentive performance units, or LTIP units, net of forfeitures, under the Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan; ● purchased 3,103,755 shares of Simon common stock in the open market for $321.0 million pursuant to our Repurchase Program; ● issued 1,725,000 units in the Operating Partnership as part of the consideration for the acquisition of an additional 4% interest in TRG, bringing our noncontrolling ownership interest in TRG to 84%; ● redeemed 144,686 units in the Operating Partnership at an average price of $121.61 per unit in cash; ● amended the Credit Facility to transition the borrowing rates from LIBOR to successor benchmark indexes in November 2021; ● amended, restated, extended, and increased our existing $4.0 billion unsecured revolving credit facility on March 14, 2023 with a new $5.0 billion unsecured revolving credit facility. ● amended, restated, and extended the Supplemental Facility in October 2021; ● borrowed a maximum amount of $3.2 billion under the Credit Facilities; the outstanding amount of borrowings under the Credit Facility was $305.0 million as of December 31, 2023.
Biggest changeWe believe that there are numerous factors that make our properties highly desirable to retailers, including: ● the quality, location and variety of tenants of our properties; ● our management and operational expertise; ● our extensive experience and relationships with tenants, lenders and suppliers; ● our marketing initiatives and consumer focused strategic corporate alliances; and ● the efficiency and immediacy of physical retail. 8 Table of Contents Certain Activities During the past three years, we have: ● issued 57,680 shares of Simon common stock upon the exchange of units in the Operating Partnership; ● issued 871,680 restricted shares of Simon common stock and 689,202 long-term incentive performance units, or LTIP units, net of forfeitures, under the Simon Property Group, L.P. 2019 Stock Incentive Plan, or the 2019 Plan; ● purchased 3,103,755 shares of Simon common stock in the open market at an average price of $103.42 per share for $321.0 million pursuant to our repurchase program; ● issued 3,297,500 units in the Operating Partnership as part of the consideration for the acquisition of additional interests in TRG, bringing our noncontrolling ownership interest in TRG to 88%; ● redeemed 417,331 units in the Operating Partnership for $57.7 million at an average price of $138.18 per unit in cash; ● amended, restated, extended, and increased our existing $4.0 billion unsecured revolving credit facility on March 14, 2023 with a new $5.0 billion unsecured revolving credit facility. ● amended, restated, and extended our existing $3.5 billion unsecured revolving credit facility on September 19, 2024; ● borrowed a maximum amount of $325.1 million under the Credit Facilities; the outstanding amount of borrowings under the Credit Facility was $323.7 million as of December 31, 2024.
Simon has adopted governance principles governing the function, conduct, selection, orientation and duties of its subsidiaries and Simon’s Board of Directors and the Company, as well as written charters for each of the standing 7 Table of Contents Committees of Simon’s Board of Directors.
Simon has adopted governance principles governing the function, conduct, selection, orientation and duties of its 7 Table of Contents subsidiaries and Simon’s Board of Directors and the Company, as well as written charters for each of the standing Committees of Simon’s Board of Directors.
The Supplemental 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 Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
The Supplemental Facility includes a facility fee determined by the Company’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
Additionally we have and may in the future make investments in entities engaged in non-real estate activities, primarily through a taxable REIT subsidiary, similar to the investments we currently hold in certain retail operations. 5 Table of Contents Financing Policies Because Simon’s REIT qualification requires us to distribute at least 90% of its REIT taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt.
Additionally we have and may in the future make investments in entities engaged in non-real estate activities, primarily through a taxable REIT subsidiary, similar to the investments we currently hold in certain retail operations. 5 Table of Contents Financing Policies Because Simon’s REIT qualification requires Simon to distribute at least 90% of its REIT taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt.
Under the program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending May 16, 2024 in open market or privately negotiated transactions, at prices that the Company deems appropriate and subject to market conditions, applicable law, and other factors deemed relevant in the Company’s sole discretion.
Under the program, the Company could purchase up to $2.0 billion of its common stock during the two-year period ending May 16, 2024 in open market or privately negotiated transactions, at prices that the Company deemed appropriate and subject to market conditions, applicable law, and other factors deemed relevant in the Company’s sole discretion.
For a description of our operational strategies and developments in our business during 2023, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K. Other Policies The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities.
For a description of our operational strategies and developments in our business during 2024, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K. Other Policies The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities.
There were no borrowings under the Supplemental Facility as of December 31, 2023; ● there were no outstanding borrowings of Commercial Paper notes as of December 31, 2023; and ● provided annual reports containing financial statements audited by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders.
There were no borrowings under the Supplemental Facility as of December 31, 2024; ● there were no outstanding borrowings of Commercial Paper notes as of December 31, 2024; and ● provided annual reports containing financial statements audited by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders.
According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® , and The Mills ® .
According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. 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 December 31, 2023, we are not aware of any environmental conditions or material costs of complying with environmental or other regulations that would have a material adverse effect on our overall business, financial condition, or results of operations.
As of December 31, 2024, we are not aware of any environmental conditions or material costs of complying with environmental or other regulations that would have a material adverse effect on our overall business, financial condition, or results of operations.
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 all of our real estate properties and other assets.
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.
The initial maturity date of the Supplemental Facility is January 31, 2026 and can be extended for an additional year to January 31, 2027 at our sole option, subject to our continued compliance with the terms thereof. 6 Table of Contents Borrowings under the Supplemental 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.
The initial maturity date of the Supplemental Facility is January 31, 2029 and can be extended for an additional year to January 31, 2030 at our sole option, subject to our continued compliance with the terms thereof. 6 Table of Contents Borrowings under the Supplemental Facility bear interest, at the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment, if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, and if denominated in Canadian Dollars, Daily Simple CORRA plus a benchmark adjustment or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by the Company’s corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S.
On February 8 ,2024, Simon’s Board of Directors authorized a new common stock repurchase program which replaces the existing Repurchase Program immediately, where the Company may purchase up to $2.0 billion of its common stock over the next 24 months. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.
On February 8, 2024, Simon’s Board of Directors authorized a new common stock repurchase program which replaced the prior repurchase program immediately, where the Company may purchase up to $2.0 billion of its common stock over the next 24 months. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.
For example, the Operating Partnership’s lines of credit and the indentures for the Operating Partnership’s debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related agreements, and secured debt to 50% of total assets.
The Credit Facilities and the indentures for the Operating Partnership’s debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related agreements, and secured debt to 50% of total assets.
Human Capital At December 31, 2023, we and our affiliates employed approximately 3,000 persons at various properties and offices throughout the United States, of which approximately 500 were part-time. Approximately 1,000 of these employees were located at our corporate headquarters in Indianapolis, Indiana. We believe our employees are the driving force behind our success.
Human Capital At December 31, 2024, we and our affiliates employed approximately 3,000 persons at various properties and offices throughout the United States, of which approximately 400 were part-time. Approximately 1,000 of these employees were located at our corporate headquarters in Indianapolis, Indiana. We believe our employees are the driving force behind our success.
McDade 44 Executive Vice President and Chief Financial Officer Adam J. Reuille 49 Senior Vice President and Chief Accounting Officer Donald G. Frey ​ 48 ​ Treasurer and Executive Vice President Kevin M. Kelly ​ 43 ​ Assistant General Counsel and Assistant Secretary ​ The executive officers of Simon serve at the pleasure of Simon’s Board of Directors. Mr.
McDade 45 Executive Vice President and Chief Financial Officer Adam J. Reuille 50 Senior Vice President and Chief Accounting Officer Donald G. Frey ​ 49 ​ Treasurer and Executive Vice President Kevin M. Kelly ​ 44 ​ Assistant General Counsel and Assistant Secretary ​ The executive officers of Simon serve at the pleasure of Simon’s Board of Directors. Mr.
Fivel serves as Simon’s General Counsel and Secretary. Prior to rejoining Simon in 2011 as Assistant General Counsel and Assistant Secretary, Mr. Fivel served as Executive Vice President, General Counsel and Secretary of Brightpoint, Inc. Mr. Fivel was previously employed by MSA from 1988 until 1993 and then by Simon from 1993 to 1996. Mr.
Prior to rejoining Simon in 2011 as Assistant General Counsel and Assistant Secretary, Mr. Fivel served as Executive Vice President, General Counsel and Secretary of Brightpoint, Inc. Mr. Fivel was previously employed by MSA from 1988 until 1993 and then by Simon from 1993 to 1996. Mr. Fivel was promoted to General Counsel and Secretary in 2017. Mr.
Frey serves as Simon’s Treasurer and Executive Vice President. Mr. Frey joined Simon in 2010 and most recently served as Simon’s Assistant Treasurer and Senior Vice President prior to his current position which he was promoted to in 2022. Before joining Simon, Mr. Frey was an attorney with Alston & Bird LLP and Dechert LLP. Mr.
Frey joined Simon in 2010 and most recently served as Simon’s Assistant Treasurer and Senior Vice President prior to his current position which he was promoted to in 2022. Before joining Simon, Mr. Frey was an attorney with Alston & Bird LLP and Dechert LLP. Mr. Kelly serves as Simon’s Assistant General Counsel and Assistant Secretary. Mr.
He was promoted to Executive Vice President and Chief Financial Officer in 2018. Mr. Reuille serves as Simon’s Senior Vice President and Chief Accounting Officer and prior to that as Simon’s Vice President and Corporate Controller. Mr. Reuille joined Simon in 2009 and was promoted to Senior Vice President and Chief Accounting Officer in 2018. 10 Table of Contents Mr.
Reuille serves as Simon’s Senior Vice President and Chief Accounting Officer and prior to that as Simon’s Vice President and Corporate Controller. Mr. Reuille joined Simon in 2009 and was promoted to Senior Vice President and Chief Accounting Officer in 2018. 10 Table of Contents Mr. Frey serves as Simon’s Treasurer and Executive Vice President. Mr.
We also own an 84% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2023, we had ownership interests in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe and Canada.
We also own an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2024, we had ownership interests in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe and Canada.
However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that Simon cannot make an investment that would cause its real estate assets to be less than 75% of its total assets.
However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that Simon cannot make an investment that would cause its real estate assets and certain other qualifying assets (such as cash) to be less than 75% of its total assets.
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%.
Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the NYFRB Rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by the Company’s corporate credit rating of between 0.000% and 0.400%.
On May 9, 2022, Simon’s Board of Directors authorized a common stock repurchase plan commencing on May 16, 2022, or the Repurchase Program.
On May 9, 2022, Simon’s Board of Directors authorized a common stock repurchase plan commencing on May 16, 2022.
Information about our Executive Officers The following table sets forth certain information with respect to Simon’s executive officers as of February 22, 2024. ​ ​ ​ ​ ​ Name Age Position David Simon 62 Chairman of the Board, Chief Executive Officer and President John Rulli 67 Chief Administrative Officer Steven E. Fivel 63 General Counsel and Secretary Brian J.
Information about our Executive Officers The following table sets forth certain information with respect to Simon’s executive officers as of February 21, 2025. ​ ​ ​ ​ ​ Name Age Position David Simon 63 Chairman of the Board, Chief Executive Officer and President John Rulli 68 Chief Administrative Officer Steven E. Fivel 64 General Counsel and Secretary Brian J.
As of December 31, 2023, we also owned a 22.4% 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 14 countries in Europe. We also own investments in retail operations (J.C.
As of December 31, 2024, we also owned a 22.4% 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 14 countries in Europe.
We are focused on providing a work environment that is free from any form of discrimination or harassment for any protected class and also embraces principles of inclusiveness. We have implemented a sustainable diversity and inclusion strategy, including an internal policy, targeted solutions for employees and an annual process of assessment, action and evaluation led by our human resources department.
We are focused on providing a work environment that is free from any form of discrimination or harassment for any protected class and also embraces a code of conduct. We have an internal policy of targeted solutions for employees and an annual process of assessment, action and evaluation led by our human resources department.
Fivel was promoted to General Counsel and Secretary in 2017. Mr. McDade serves as Simon’s Executive Vice President and Chief Financial Officer. Mr. McDade joined Simon in 2007 as the Director of Capital Markets and was promoted to Senior Vice President of Capital Markets in 2013 and Treasurer in 2014.
McDade serves as Simon’s Executive Vice President and Chief Financial Officer. Mr. McDade joined Simon in 2007 as the Director of Capital Markets and was promoted to Senior Vice President of Capital Markets in 2013 and Treasurer in 2014. He was promoted to Executive Vice President and Chief Financial Officer in 2018. Mr.
As of December 31, 2023, we owned or held an interest in 195 income-producing properties in the United States, which consisted of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico.
As of December 31, 2024, we owned or held an interest in 194 income-producing properties in the United States, which consisted of 92 malls, 70 Premium Outlets, 14 Mills, six lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico.
He is the nephew of Herbert Simon. Mr. Rulli serves as Simon’s Chief Administrative Officer. Mr. Rulli joined Melvin Simon & Associates, Inc., or MSA, in 1988 and held various positions with MSA and Simon thereafter. Mr. Rulli became Chief Administrative Officer in 2007 and was promoted to Senior Executive Vice President in 2011. Mr.
Mr. Rulli serves as Simon’s Chief Administrative Officer. Mr. Rulli joined Melvin Simon & Associates, Inc., or MSA, in 1988 and held various positions with MSA and Simon thereafter. Mr. Rulli became Chief Administrative Officer in 2007 and was promoted to Senior Executive Vice President in 2011. Mr. Fivel serves as Simon’s General Counsel and Secretary.
Kelly serves as Simon’s Assistant General Counsel and Assistant Secretary. Mr. Kelly joined Simon in 2015 as Senior Finance Counsel and was promoted to Senior Associate, General Counsel in 2020 prior to his current position which he was promoted to in 2022. Prior to joining Simon, Mr.
Kelly joined Simon in 2015 as Senior Finance Counsel and was promoted to Senior Associate, General Counsel in 2020 prior to his current position which he was promoted to in 2022. Prior to joining Simon, Mr. Kelly was an attorney with Sidley Austin, LLP and Fried, Frank, Harris, Shriver & Jacobson. ​
The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term.
The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term subject to obtaining additional lender commitments and satisfying certain customary conditions precedent.
We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined.
We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined. The Operating Partnership has a $5.0 billion unsecured revolving credit facility, or the Credit Facility, and a $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, or together, the Credit Facilities.
This results in competition for both the tenants to occupy the properties that we develop and manage as well as for the acquisition of prime sites (including land for development and operating properties).
The existence of competitive alternatives could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the tenants to occupy the properties that we develop and manage as well as for the acquisition of prime sites (including land for development and operating properties).
Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly do so. The Operating Partnership has a $5.0 billion unsecured revolving credit facility, or the Credit Facility, and a $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, or together, the Credit Facilities.
Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly do so.
Penney and SPARC Group); an intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); an e-commerce venture (Rue Gilt Groupe, or RGG), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.
We also have interests in investments in retail operations (such as Catalyst Brands LLC); 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.
Removed
The existence of competitive alternatives, accelerated by the impact of COVID-19, could have a material adverse effect on our ability to lease space and on the level of rents we can obtain.
Removed
Kelly was an attorney with Sidley Austin, LLP and Fried, Frank, Harris, Shriver & Jacobson. ​

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

46 edited+10 added−10 removed175 unchanged
Biggest changeThe failure to maintain Simon’s or the Subsidiary REITs’ qualifications as REITs or changes in applicable tax laws or regulations could result in adverse tax consequences. ● If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, we will cease to qualify as a REIT and suffer other adverse consequences. 11 Table of Contents ● Complying with REIT requirements might cause us to forgo otherwise attractive acquisition opportunities or liquidate otherwise attractive investments. ● Our ownership of TRSs is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our TRSs are not conducted on arm’s-length terms. ● Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends, which may negatively affect the value of our shares. ● The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes. ● REIT distribution requirements could adversely affect our liquidity and our ability to execute our business plan. ● Partnership tax audit rules could have a material adverse effect on us. ● Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us and our investors. ● Provisions in Simon’s charter and by - laws and in the Operating Partnership’s partnership agreement could prevent a change of control. ● We have a substantial debt burden that could affect our future operations. ● The agreements that govern our indebtedness contain various covenants that impose restrictions on us that might affect our ability to operate freely. ● Disruption in the capital and credit markets may increase the cost of capital and may adversely affect our ability to access external financings for our growth and ongoing debt service requirements. ● Adverse changes in our credit ratings could affect our borrowing capacity and borrowing terms. ● An increase in interest rates would increase our interest costs on variable rate debt and could adversely impact our ability to refinance existing debt on attractive terms, or at all; our hedging interest rate protection arrangements may not effectively limit our interest rate risk. ● We have limited control with respect to some properties that are partially owned or managed by third parties, which may adversely affect our ability to sell or refinance them. ● The Operating Partnership guarantees debt or otherwise provides support for a number of joint venture properties. ● An increased focus on metrics and reporting related to environmental, social and governance (“ESG”) factors, may impose additional costs and expose us to new risks. ● Our success depends, in part, on our ability to attract, motivate, retain and develop talented employees, and our failure to do so, including the loss of any one of our key personnel, could adversely impact our business. ● We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our computer systems, hardware, technology infrastructure, online sites and related systems. ● Our international activities may subject us to risks that are different from or greater than those associated with our domestic operations.
Biggest changeThe failure to maintain Simon’s or the Subsidiary REITs’ qualifications as REITs or changes in applicable tax laws or regulations could result in adverse tax consequences. ● If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, Simon will cease to qualify as a REIT and suffer other adverse consequences. 11 Table of Contents ● Complying with REIT requirements might cause us to forgo otherwise attractive acquisition opportunities or liquidate otherwise attractive investments. ● Our ownership of TRSs is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our TRSs are not conducted on arm’s-length terms. ● Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends, which may negatively affect the value of our shares. ● The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes. ● REIT distribution requirements could adversely affect our liquidity and our ability to execute our business plan. ● Partnership tax audit rules could have a material adverse effect on us. ● Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us and our investors. ● Provisions in Simon’s charter and by - laws and in the Operating Partnership’s partnership agreement could prevent a change of control. ● We have a substantial debt burden that could affect our future operations. ● The agreements that govern our indebtedness contain various covenants that impose restrictions on us that might affect our ability to operate freely. ● Disruption in the capital and credit markets may increase the cost of capital and may adversely affect our ability to access external financings for our growth and ongoing debt service requirements. ● Adverse changes in our credit ratings could affect our borrowing capacity and borrowing terms. ● An increase in interest rates would increase our interest costs on variable rate debt and could adversely impact our ability to refinance existing debt on attractive terms, or at all; our hedging interest rate protection arrangements may not effectively limit our interest rate risk. ● We have limited control with respect to some properties that are partially owned or managed by third parties, which may adversely affect our ability to sell or refinance them. ● The Operating Partnership guarantees debt or otherwise provides support for a number of joint venture properties. ● Our success depends, in part, on our ability to attract, motivate, retain and develop talented employees, and our failure to do so, including the loss of any one of our key personnel, could adversely impact our business. ● Artificial generative intelligence technologies present risks related to the control of our proprietary business information, keeping such information confidential, and emerging regulatory risk, any or all of which may adversely affect our business and results of operations. ● We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our computer systems, hardware, technology infrastructure, online sites and related systems. ● Our international activities may subject us to risks that are different from or greater than those associated with our domestic operations.
If such events occur, and if available relief provisions do not apply: ● Simon or any such subsidiary will not be allowed a deduction for distributions to stockholders in computing taxable income; ● Simon or any such subsidiary will be subject to corporate-level income tax on taxable income at the corporate rate; ● Simon may be subject to the one-percent excise tax on stock repurchases imposed by the 2022 Inflation Reduction Act; ● Simon or any such Subsidiary REIT could be subject to a federal alternative minimum tax for taxable years prior to 2018 or for taxable years commencing after December 31, 2022; and ● unless entitled to relief under relevant statutory provisions, Simon or any such subsidiary will also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost.
If such events occur, and if available relief provisions do not apply: ● Simon or any such subsidiary will not be allowed a deduction for distributions to stockholders in computing taxable income; ● Simon or any such subsidiary will be subject to corporate-level income tax on taxable income at the corporate rate; ● Simon may be subject to the one-percent excise tax on stock repurchases imposed by the 2022 Inflation Reduction Act; ● Simon or any such subsidiary could be subject to a federal alternative minimum tax for taxable years prior to 2018 or for taxable years commencing after December 31, 2022; and ● unless entitled to relief under relevant statutory provisions, Simon or any such subsidiary will also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost.
Examples may include, retailers and restaurants not reporting curbside pick-up sales or online sales fulfilled with store inventory, and tenants reducing store sales by including online returns processed in the store Epidemics, pandemics or other public health crisis, and governmental reactions thereto, could have a significant negative impact on our and our tenants’ business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our shareholders.
Examples may include, retailers and restaurants not reporting curbside pick-up sales or online sales fulfilled with store inventory, and tenants reducing reported store sales by including online returns processed in the store Epidemics, pandemics or other public health crisis, and governmental reactions thereto, could have a significant negative impact on our and our tenants’ business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our shareholders.
However, qualification and taxation as REITs depend upon the ability of Simon and the Subsidiary REITs to satisfy several requirements (some of which are outside our control), including tests related to our annual operating results, asset diversification, distribution levels and diversity of stock ownership. The various REIT qualification tests required by the Internal Revenue Code are highly technical and complex.
However, qualification and taxation as REITs depend upon the ability of Simon and the Subsidiary REITs to satisfy several requirements (some of which are outside our control), including tests related to our annual operating results, asset diversification, distribution levels and stock ownership. The various REIT qualification tests required by the Internal Revenue Code are highly technical and complex.
If the IRS were successful in treating the Operating Partnership or any such other subsidiary as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT.
If the IRS were successful in treating the Operating Partnership or any such other subsidiary as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, Simon would likely cease to qualify as a REIT.
Should these laws or regulations change, the amount of taxes we pay may increase accordingly. If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, we will cease to qualify as a REIT and suffer other adverse consequences. We believe that the Operating Partnership is treated as a partnership for federal income tax purposes.
Should these laws or regulations change, the amount of taxes we pay may increase accordingly. If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, Simon will cease to qualify as a REIT and suffer other adverse consequences. We believe that the Operating Partnership is treated as a partnership for federal income tax purposes.
Any such corporate tax liability could be substantial and would reduce the amount of cash available for, among other things, our operations and distributions to stockholders. In addition, if Simon fails to qualify as a REIT, it will not be required to make distributions to our stockholders.
Any such corporate tax liability could be substantial and would reduce the amount of cash available for, among other things, our operations and distributions to stockholders. In addition, if Simon fails to qualify as a REIT, it will not be required to make distributions to its stockholders.
Concern around safety risk may impact the willingness of consumers, tenants and tenants’ employees to shop and/or work at our properties, which could result in decreased consumer foot traffic and decreased sales at our properties, directly and indirectly impacting our revenue and overall asset value.
Concern around safety risk may impact the willingness of consumers, tenants and tenants’ employees to shop and/or work at our properties, which could result in decreased consumer foot traffic and decreased reported sales at our properties, directly and indirectly impacting our revenue and overall asset value.
Our primary source of revenue is derived from retail tenants which means that we could be materially and adversely affected by conditions that materially and adversely affect the retail environment generally, including, without limitation: ● domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation and limited growth in consumer income as well as from actual or perceived changes in economic conditions, which can result from global events such as international trade disputes, a foreign debt crisis, foreign currency volatility, natural disasters, war, such as the war in Ukraine and the conflict in Israel, Gaza and surrounding areas, epidemics and pandemics, the fear of spread of contagious diseases, civil unrest and terrorism; 12 Table of Contents ● levels of consumer spending, changes in consumer confidence, income levels, and fluctuations in seasonal spending in the United States and internationally; ● supply chain disruptions and labor shortages; ● consumers avoiding in-person shopping generally, or at certain properties, due to a heightened level of concern for safety in public places, whether due to consumer perception of increased risk of criminal activity and civil unrest, including acts of terrorism, riots, random acts of violence, mass shootings, organized retail crime or inappropriate or unacceptable behavior of other patrons, or due to heightened sensitivity to risks associated with transmission of disease, as occurred during the COVID-19 pandemic; ● consumer perceptions of the safety, convenience and attractiveness of our properties; ● the impact on our retail tenants and demand for retail space at our properties from the increasing use of the Internet by retailers and consumers; ● the creditworthiness of our retail tenants and the availability of new creditworthy tenants and the related impact on our occupancy levels and lease income; ● local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, decreases in rental rates and declines in real estate values; ● the willingness of retailers to lease space in our properties at attractive rents, or at all; ● changes in regional and local economies, which may be affected by increased rates of unemployment, increased foreclosures, higher taxes, decreased tourism, industry slowdowns, adverse weather conditions, and other factors; ● increased operating costs and capital expenditures, whether from acquisitions, developments, redevelopments, replacing tenants or otherwise; ● reductions in international travel and tourism, resulting in fewer international retail consumers; ● changes in government policies and applicable laws and regulations, including tax, environmental, safety and zoning and political inefficiencies; and ● epidemics, pandemics or other public health crises, like the COVID-19 pandemic, and the governmental reaction thereto.
Our primary source of revenue is derived from retail tenants which means that we could be materially and adversely affected by conditions that materially and adversely affect the retail environment generally, including, without limitation: ● domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation and limited growth in consumer income as well as from actual or perceived changes in economic conditions, which can result from global events such as international trade disputes, a foreign debt crisis, foreign currency volatility, natural disasters, war, such as the war in Ukraine and the conflict in Israel, 12 Table of Contents Gaza and surrounding areas, epidemics and pandemics, the fear of spread of contagious diseases, civil unrest and terrorism; ● levels of consumer spending, changes in consumer confidence, income levels, and fluctuations in seasonal spending in the United States and internationally; ● supply chain disruptions and labor shortages; ● consumers avoiding in-person shopping generally, or at certain properties, due to a heightened level of concern for safety in public places, whether due to consumer perception of increased risk of criminal activity and civil unrest, including acts of terrorism, riots, random acts of violence, mass shootings, organized retail crime or inappropriate or unacceptable behavior of other patrons, or due to heightened sensitivity to risks associated with transmission of disease; ● consumer perceptions of the safety, convenience and attractiveness of our properties; ● the impact on our retail tenants and demand for retail space at our properties from the increasing use of the Internet by retailers and consumers; ● the creditworthiness of our retail tenants and the availability of new creditworthy tenants and the related impact on our occupancy levels and lease income; ● local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, decreases in rental rates and declines in real estate values; ● the willingness of retailers to lease space in our properties at attractive rents, or at all; ● changes in regional and local economies, which may be affected by increased rates of unemployment, increased foreclosures, higher taxes, decreased tourism, industry slowdowns, adverse weather conditions, and other factors; ● increased operating costs and capital expenditures, whether from acquisitions, developments, redevelopments, replacing tenants or otherwise; ● reductions in international travel and tourism, resulting in fewer international retail consumers; ● changes in government policies and applicable laws and regulations, including tax, environmental, safety and zoning and political inefficiencies; and ● epidemics, pandemics or other public health crises and the governmental reaction thereto.
Additionally, a portion of our lease income is derived from overage rents based on sales over a stated base amount that directly depend on the sales volume of our retail tenants. Accordingly, declines in our tenants’ sales performance could reduce the income produced by our properties.
Additionally, a portion of our lease income is derived from overage rents based on reported sales over a stated base amount that directly depend on the reported sales volume of our retail tenants. Accordingly, declines in our tenants’ reported sales performance could reduce the income produced by our properties.
If the sales of stores operating in our properties were to decline significantly due to the closing of anchor stores or other national retailers, adverse economic conditions or other reasons, tenants may be unable to pay their minimum rents or expense recovery charges.
If the reported sales of stores operating in our properties were to decline significantly due to the closing of anchor stores or other national retailers, adverse economic conditions or other reasons, tenants may be unable to pay their minimum rents or expense recovery charges.
The risk of a cyber incident has generally increased as the number, intensity and sophistication of attempted attacks have increased globally, including by computer hackers, foreign governments, information service interruptions and cyber terrorists, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware.
The risk of a cyber incident has generally increased as the number, intensity and sophistication of attempted attacks have increased globally, including by computer hackers, foreign governments, information service interruptions and cyber terrorists, opportunistic hackers and hacktivists, as well as through various attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware.
In order for Simon and the Subsidiary REITs to qualify to be taxed as REITs, and assuming that certain other requirements are also satisfied, each generally must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, to their respective equity holders each year.
In order for Simon and the Subsidiary REITs to qualify to be taxed as REITs, and assuming that certain other requirements are also satisfied, each such entity generally must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, to their respective equity holders each year.
As a result of the increased bargaining power of creditworthy retail tenants, there is downward pressure on our rental rates and occupancy levels, and this increased bargaining power may also result in us having to increase our spend on tenant improvements and potentially make other lease modifications in order to attract or retain tenants, any of which, in the aggregate, could materially and adversely affect us.
As a result of the increased bargaining power of creditworthy retail tenants, there may be downward pressure on our rental rates and occupancy levels, and this increased bargaining power may also result in us having to increase our spend on tenant improvements and potentially make other lease modifications in order to attract or retain tenants, any of which, in the aggregate, could materially and adversely affect us.
Bribery Act, which could result in criminal or civil sanctions and/or fines, negatively impact our reputation, or require us to incur significant expenses to investigate; ● differing lending practices; ● differences in cultures and consumer retail behavior; ● changes in applicable laws and regulations in the United States that affect international operations; ● changes in applicable laws and regulations in these foreign jurisdictions; ● difficulties in managing international operations; ● obstacles to the repatriation of earnings and cash; and ● labor discord, political or civil unrest, acts of terrorism, epidemics and pandemics, including COVID-19, the fear of spread of contagious diseases, supply chain disruptions or the threat of international boycotts.
Bribery Act, which could result in criminal or civil sanctions and/or fines, negatively impact our reputation, or require us to incur significant expenses to investigate; ● differing lending practices; ● differences in cultures and consumer retail behavior; ● changes in applicable laws and regulations in the United States that affect international operations; ● changes in applicable laws and regulations in these foreign jurisdictions; ● difficulties in managing international operations; ● obstacles to the repatriation of earnings and cash; and ● labor discord, political or civil unrest, acts of terrorism, epidemics and pandemics, the fear of spread of contagious diseases, supply chain disruptions or the threat of international boycotts.
Additionally, a high interest rate environment, as we are currently experiencing, and which the Company believes will continue in 2024, could prevent us from accessing capital at attractive interest rates, which could adversely impact our ability to refinance existing debt at maturity as well as our ability to fund development and/or opportunistic acquisition activities.
Additionally, a high interest rate environment, as we are currently experiencing, and which the Company believes will continue in 2025, could prevent us from accessing capital at attractive interest rates, which could adversely impact our ability to refinance existing debt at maturity as well as our ability to fund development and/or opportunistic acquisition activities.
Bankruptcy filings by retailers can occur regularly in the course of our operations. Although we have not seen an increase in tenant bankruptcies in the last few years, in previous years a number of companies in the retail industry, including certain of our tenants, declared bankruptcy.
Bankruptcy filings by retailers can occur regularly in the course of our operations. Although we have not seen a significant increase in tenant bankruptcies in the last few years, in previous years a number of companies in the retail industry, including certain of our tenants, declared bankruptcy.
As of December 31, 2023, we held interests in consolidated and joint venture properties that operate in Austria, Canada, France, Italy, Germany, Japan, Malaysia, Mexico, the Netherlands, South Korea, Spain, Thailand, and the United Kingdom.
As of December 31, 2024, we held interests in consolidated and joint venture properties that operate in Austria, Canada, France, Italy, Germany, Japan, Malaysia, Mexico, the Netherlands, South Korea, Spain, Thailand, and the United Kingdom.
Also, the failure of the Operating Partnership or any subsidiary partnerships or limited liability company to qualify as a disregarded entity or partnership for applicable income tax purposes could cause it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including us.
Also, the failure of the Operating Partnership or any subsidiary partnership or limited liability company to qualify as a disregarded entity or partnership for applicable income tax purposes could cause it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including Simon.
As a partnership, the Operating Partnership is not subject to federal income tax on its income. Instead, each of its partners, including us, is allocated, and may be required to pay tax with respect to, such partner’s share of its income.
As a partnership, the Operating Partnership is not subject to federal income tax on its income. Instead, each of its partners, including Simon, is allocated, and may be required to pay tax with respect to, such partner’s share of its income.
As pressure on these department stores and other national retailers increases, their ability to maintain their stores, meet their obligations both to us and to their external lenders and suppliers, withstand takeover attempts or avoid bankruptcy and/or liquidation may be impaired and result in closures of their stores or their seeking of a lease modification with us.
As pressure on these department stores and other national retailers increases, their ability to maintain their stores, meet their obligations both to us and to their external lenders and suppliers, withstand takeover attempts or avoid bankruptcy and/or liquidation may be impaired and result in closures of their stores or their 13 Table of Contents seeking of a lease modification with us.
Any lease modification could be unfavorable to us as the lessor and could decrease 13 Table of Contents current or future effective rents or expense recovery charges. Certain other tenants are entitled to modify the economic or other terms of, or terminate, their existing leases with us in the event of such closures.
Any lease modification could be unfavorable to us as the lessor and could decrease current or future effective rents or expense recovery charges. Certain other tenants are entitled to modify the economic or other terms of, or terminate, their existing leases with us in the event of such closures.
Additionally, the occurrence of natural disasters at our corporate headquarters or one of our satellite offices could affect our ability to carry on business functions that are critical to our financial and operational viability. We face risks associated with climate change.
Additionally, the occurrence of natural disasters at our corporate headquarters or one of our satellite offices could affect our ability to carry on business functions that are critical to our financial and operational viability. 16 Table of Contents We face risks associated with climate change.
We rely on computer systems, hardware, software, technology infrastructure and online sites for the operation of our business and our ability to perform day-to-day operations (collectively, “IT Systems”) and, in some cases, our IT 24 Table of Contents Systems may be critical to the operations of certain of our tenants.
We rely on computer systems, hardware, software, technology infrastructure and online sites for the operation of our business and our ability to perform day-to-day operations (collectively, “IT Systems”) and, in some cases, our IT Systems may be critical to the operations of certain of our tenants.
There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information. Our international activities may subject us to risks that are different from or greater than those associated with our domestic operations.
There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information. 25 Table of Contents Our international activities may subject us to risks that are different from or greater than those associated with our domestic operations.
Our success depends, in part, on our ability to attract, motivate, retain and develop talented employees, and our failure to do so, including the loss of any one of our key personnel, could adversely impact our business.
General Risk Factors Our success depends, in part, on our ability to attract, motivate, retain and develop talented employees, and our failure to do so, including the loss of any one of our key personnel, could adversely impact our business.
Additionally, the impact of epidemics, pandemics or other public health crises, and governmental reactions thereto, on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our shareholders could depend on additional factors, including: ● the financial condition and viability of our tenants, and their ability or willingness to pay rent in full; ● state, local, federal and industry-initiated tenant relief efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent; ● the increased popularity and further utilization of e-commerce; ● our ability to renew leases or re-lease available space in our properties on favorable terms or at all, including as a result of a deterioration in the economic and market conditions in the markets in which we own properties or due to restrictions intended to prevent the spread of disease, including any government mandated closures of businesses that frustrate our leasing activities; ● a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, which may affect our or our tenants' ability to access capital necessary to fund our or their respective business operations or repay, refinance or renew maturing liabilities on a timely basis, on attractive terms, or at all and may adversely affect the valuation of financial assets and liabilities, any of which could affect our and our tenants' ability to meet liquidity and capital expenditure requirements; ● a refusal or failure of one or more lenders under our existing or future credit facilities to fund their respective financing commitment to us may affect our ability to access capital necessary to fund our business operations and to meet our liquidity and capital expenditure requirements; ● a reduction in the cash flows generated by our properties and the values of our properties that could result in impairments or limit our ability to dispose of them at attractive prices or obtain debt financing secured by our properties; ● the complete or partial closure of one or more of our tenants' manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants' supply chains from local and international suppliers and/or delays in the delivery of our tenants' inventory, any of which could reduce or eliminate our tenants' sales, cause the temporary closure of our tenants' businesses, and/or result in their bankruptcy or insolvency; ● a negative impact on consumer discretionary spending caused by high unemployment levels, reduced economic activity or a severe or prolonged recession; ● our and our tenants' ability to manage our respective businesses to the extent our and their management or personnel (including on-site employees) are impacted in significant numbers or are otherwise not willing, available or allowed to conduct work, including any impact on our tenants' ability to deliver timely information to us that is necessary for us to make effective decisions; and ● our and our tenants' ability to ensure business continuity in the event our or our tenants' continuity of operations plan is (i) not effective or improperly implemented or deployed or (ii) compromised due to increased cyber and remote access activity during such epidemic, pandemic or other public health crisis.
In addition, some of our properties are located at or within a close proximity to tourist destinations, and these properties and our tenants’ businesses may be heavily and adversely impacted by reductions in travel and tourism resulting from travel bans or restrictions and general concern regarding the risk of travel. 15 Table of Contents Additionally, the impact of epidemics, pandemics or other public health crises, and governmental reactions thereto, on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our shareholders could depend on additional factors, including: ● the financial condition and viability of our tenants, and their ability or willingness to pay rent in full; ● state, local, federal and industry-initiated tenant relief efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent; ● the increased popularity and further utilization of e-commerce; ● our ability to renew leases or re-lease available space in our properties on favorable terms or at all, including as a result of a deterioration in the economic and market conditions in the markets in which we own properties or due to restrictions intended to prevent the spread of disease, including any government mandated closures of businesses that frustrate our leasing activities; ● a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, which may affect our or our tenants' ability to access capital necessary to fund our or their respective business operations or repay, refinance or renew maturing liabilities on a timely basis, on attractive terms, or at all and may adversely affect the valuation of financial assets and liabilities, any of which could affect our and our tenants' ability to meet liquidity and capital expenditure requirements; ● a refusal or failure of one or more lenders under our existing or future credit facilities to fund their respective financing commitment to us may affect our ability to access capital necessary to fund our business operations and to meet our liquidity and capital expenditure requirements; ● a reduction in the cash flows generated by our properties and the values of our properties that could result in impairments or limit our ability to dispose of them at attractive prices or obtain debt financing secured by our properties; ● the complete or partial closure of one or more of our tenants' manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants' supply chains from local and international suppliers and/or delays in the delivery of our tenants' inventory, any of which could reduce or eliminate our tenants' sales, cause the temporary closure of our tenants' businesses, and/or result in their bankruptcy or insolvency; ● a negative impact on consumer discretionary spending caused by high unemployment levels, reduced economic activity or a severe or prolonged recession; ● our and our tenants' ability to manage our respective businesses to the extent our and their management or personnel (including on-site employees) are impacted in significant numbers or are otherwise not willing, available or allowed to conduct work, including any impact on our tenants' ability to deliver timely information to us that is necessary for us to make effective decisions; and ● our and our tenants' ability to ensure business continuity in the event our or our tenants' continuity of operations plan is (i) not effective or improperly implemented or deployed or (ii) compromised due to increased cyber and remote access activity during such epidemic, pandemic or other public health crisis.
Risk Related to Tenant Operations at Our Properties Conditions that adversely affect the general retail environment could materially and adversely affect us.
Risks Related to Tenant Operations at Our Properties Conditions that adversely affect the general retail environment could materially and adversely affect us.
Our international activities represented approximately 6.4% of consolidated net income and 9.4% of our net operating income, or NOI, for the year ended December 31, 2023. To the extent that we expand our international activities, the above risks could increase in significance, which in turn could have a material adverse effect on us.
Our international activities represented approximately 5.4% of consolidated net income and 9.0% of our net operating income, or NOI, for the year ended December 31, 2024. To the extent that we expand our international activities, the above risks could increase in significance, which in turn could have a material adverse effect on us.
We serve as general partner or property manager for 51 of these 81 joint venture properties; however, certain major decisions, such as approving the operating budget and selling, refinancing, and redeveloping the properties, require the consent of the other owners.
We serve as general partner or property manager for 48 of these 79 joint venture properties; however, certain major decisions, such as approving the operating budget and selling, refinancing, and redeveloping the properties, require the consent of the other owners.
If insurance is unavailable to us or is unavailable on acceptable terms, or our 16 Table of Contents insurance is not adequate to cover losses from these events, we could be materially and adversely affected.
If insurance is unavailable to us or is unavailable on acceptable terms, or our insurance is not adequate to cover losses from these events, we could be materially and adversely affected.
Risks Related to Indebtedness and the Financial Markets We have a substantial debt burden that could affect our future operations. As of December 31, 2023, our consolidated mortgages and unsecured indebtedness, excluding related premium, discount and debt issuance costs, totaled $26.2 billion.
Risks Related to Indebtedness and the Financial Markets We have a substantial debt burden that could affect our future operations. As of December 31, 2024, our consolidated mortgages and unsecured indebtedness, excluding related premium, discount and debt issuance costs, totaled $24.5 billion.
Even without strict governmental restrictions, such as those put in place during the COVID-19 pandemic, the willingness of consumers to visit our properties may be reduced and our tenants’ businesses adversely affected, based upon many factors, including local transmission rates of disease, the development, availability, distribution, effectiveness and acceptance of existing and new vaccines, the effectiveness and availability of cures or treatments, and overall sensitivity to risks associated with the transmission of diseases.
Even without strict governmental restrictions, the willingness of consumers to visit our properties may be reduced and our tenants’ businesses adversely affected, based upon many factors, including local transmission rates of disease, the development, availability, distribution, effectiveness and acceptance of existing and new vaccines, the effectiveness and availability of cures or treatments, and overall sensitivity to risks associated with the transmission of diseases.
As of December 31, 2023, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $139.2 million. A default by a joint venture under its debt obligations would expose us to liability under a guaranty.
As of December 31, 2024, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $109.8 million. A default by a joint venture under its debt obligations would expose us to liability under a guaranty.
Among other causes, (1) in recent years there had been an increased number of bankruptcies of anchor stores and other national retailers, as well as store closures, and (2) there has been lower demand from retail tenants for space, due to certain retailers increasing their use of e-commerce websites to distribute their merchandise.
Among other causes, (1) an increased number of bankruptcies of anchor stores and other national retailers, as well as store closures may occur, and (2) there may be lower demand from retail tenants for space, due to certain retailers increasing their use of e-commerce websites to distribute their merchandise.
As of December 31, 2023, we had approximately $328.0 million of outstanding consolidated indebtedness that bears interest at variable rates, and we may incur more variable rate indebtedness in the future.
As of December 31, 2024, we had approximately $229.4 million of outstanding consolidated indebtedness that bears interest at variable rates, and we may incur more variable rate indebtedness in the future.
As of December 31, 2023, we owned interests in 100 income-producing properties with other parties. Of those, 19 properties are included in our consolidated financial statements.
As of December 31, 2024, we owned interests in 99 income-producing properties with other parties. Of those, 20 properties are included in our consolidated financial statements.
Epidemics, pandemics or other health crises could have, a material negative impact on economic and market conditions around the world and an adverse impact on economic activity in retail real estate, as occurred during the height of the COVID-19 pandemic.
Epidemics, pandemics or other health crises could have, a material negative impact on economic and market conditions around the world and an adverse impact on economic activity in retail real estate.
We also have an equity stake in Klépierre, a publicly traded European real estate company which operates in 14 countries in Europe, and in TRG, which has an interest in regional, super-regional, and outlet malls in the United States and Asia.
We also have an equity stake in Klépierre, a publicly traded European real estate company which operates in 14 countries in Europe, and in TRG, which has an interest in certain retail properties in Asia.
We apply the equity method of accounting to the other 81 properties (the joint venture properties) and our investments in Klépierre (a publicly traded, Paris-based real estate company), The Taubman Realty Group, LLC, or TRG, and Jamestown, as well as our investments in certain entities involved in retail operations, such as J.C.
We apply the equity method of accounting to the other 79 properties (the joint venture properties) and our investments in Klépierre (a publicly traded, Paris-based real estate company), The Taubman Realty Group, LLC, or TRG, as well as our investments in certain entities involved in retail operations, such as Catalyst Brands LLC; an e-commerce venture Rue Gilt Groupe, or RGG, and Jamestown (a global real estate investment and management company), collectively, our other platform investments.
The other owners have participating rights that we consider substantive for purposes of determining control over the joint venture properties’ assets. The remaining joint venture properties, Klépierre, TRG, Jamestown, and our joint ventures with ABG, J.C. Penney, RGG, and SPARC Group are managed by third parties.
The other owners have participating rights that we consider substantive for purposes of determining control over the joint venture properties’ assets. The remaining joint venture properties, Klépierre, TRG, and our other platform investments are managed by joint ventures in which we share control.
While we occasionally enter into hedging agreements to manage our exposure to changes in foreign exchange rates, these agreements may not eliminate foreign currency risk entirely. 25 Table of Contents We may pursue additional investment, ownership, development and redevelopment/expansion opportunities outside the United States.
While we occasionally enter into hedging agreements to manage our exposure to changes in foreign exchange rates, these agreements may not eliminate foreign currency risk entirely. We may pursue additional investment, ownership, development and redevelopment/expansion opportunities outside the United States. Such international activities carry risks that are different from those we face with our domestic properties and operations.
We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our computer systems, hardware, technology infrastructure, online sites and related systems.
Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business. We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our computer systems, hardware, technology infrastructure, online sites and related systems.
Over time, declines in our tenants’ sales performance can also negatively impact our ability to sign new and renewal leases at desired rents. Some of our properties depend on anchor stores or other large nationally recognized tenants to attract shoppers and we could be materially and adversely affected by the loss of one or more of these anchors or tenants.
Some of our properties depend on anchor stores or other large nationally recognized tenants to attract shoppers and we could be materially and adversely affected by the loss of one or more of these anchors or tenants. Our properties are typically anchored by department stores and other large nationally recognized tenants.
Our properties are typically anchored by department stores and other large nationally recognized tenants. Certain of our anchors and other tenants have ceased their operations, downsized their brick-and-mortar presence or failed to comply with their contractual obligations to us and others.
Certain of our anchors and other tenants have ceased their operations, downsized their brick-and-mortar presence or failed to comply with their contractual obligations to us and others. Sustained adverse pressure on the results of department stores and other national retailers may have a similarly sustained adverse impact upon our own results.
The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping, and the COVID-19 pandemic and restrictions intended to prevent its spread significantly increased the utilization of e-commerce and may, particularly in certain market segments, accelerate the long-term penetration of pure online retail.
The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping.
Removed
Sustained adverse pressure on the results of department stores and other national retailers may have a similarly sustained adverse impact upon our own results.
Added
Over time, declines in our tenants’ reported sales performance can also negatively impact our ability to sign new and renewal leases at desired rents.
Removed
In addition, some of our properties are located at or within a close 15 Table of Contents proximity to tourist destinations, and these properties and our tenants’ businesses may be heavily and adversely impacted by reductions in travel and tourism resulting from travel bans or restrictions and general concern regarding the risk of travel, as was the case during the COVID-19 pandemic.
Added
Artificial generative intelligence technologies present risks related to the control of our proprietary business information, keeping such information confidential, and emerging regulatory risk, any or all of which may adversely affect our business and results of operations. There are risks associated with artificial intelligence (“AI"), any or all of which could adversely affect our business.
Removed
Penney and SPARC Group; intellectual property and licensing venture, such as Authentic Brands Group, LLC, or ABG; and an e-commerce venture Rue Gilt Groupe, or RGG, (collectively, our other platform investments).
Added
Issues in the development and use of AI, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. We have adopted certain generative AI tools into our systems for specific use cases reviewed by legal and information security.
Removed
General Risk Factors An increased focus on metrics and reporting related to environmental, social and governance (“ESG”) factors, may impose additional costs and expose us to new risks. Investors and other stakeholders have become more focused on understanding how companies address a variety of ESG factors.
Added
Where a generative AI or machine learning model ingests our proprietary information and makes connections using such data, those technologies may reveal other sensitive, proprietary, or confidential information generated by the model.
Removed
As they evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow ESG comparisons among companies. Although we participate in a number of these ratings systems, we do not participate in all such systems.
Added
Additionally, our vendors may incorporate generative AI tools into their services and deliverables without disclosing this use to us, and the providers of these generative AI tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors’ ability to maintain an adequate level of service and experience or confidentiality.
Removed
The criteria used in these ratings systems may conflict and change frequently, and we cannot predict how these third parties will score us, nor can we have any assurance that they score us accurately or other companies accurately or that other companies have provided them with accurate data.
Added
Sensitive, proprietary, or confidential information of the Company, our tenants and employees, could be used in a generative AI or machine learning application and we may be unable to control, safeguard, or prevent the use or misuse of such information Moreover, generative AI or machine learning models may create incomplete, inaccurate, or otherwise flawed outputs, some of which may be difficult to detect.
Removed
We supplement our participation in ratings systems with published disclosures of our ESG activities, but some investors may desire other disclosures that we do not provide. In addition, the SEC is currently evaluating potential rule making that could mandate additional ESG disclosure and impose other requirements on us.
Added
Because of these issues, these models could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, and legal liability.
Removed
In addition, some of the domestic and foreign jurisdictions in which we operate could mandate additional ESG disclosure and impose additional requirements on us. For example, in October 2023, California passed two bills that require certain companies that do business in California to disclose their GHG emissions and climate-related financial risks starting in 2026.
Added
Further, bad actors around the world use increasingly sophisticated methods, including the use of AI, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property.
Removed
Failure to participate in certain of the third party ratings systems, failure to score well in those ratings systems, failure to provide certain ESG disclosures, or unfavorable comparisons in these areas to other companies could result in reputational harm when employees, investors, partners and tenants are making employment, investment and business choices, and could cause certain investors to be unwilling to invest in our stock which could adversely impact our stock price.
Added
In addition, uncertainty in the legal regulatory regime relating to AI, including as a result of inconsistent interpretation or application, may require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be determined at this time.
Removed
Such international activities carry risks that are different from those we face with our domestic properties and operations.
Added
Laws or regulations may prevent or limit our ability to use AI in our business, lead to regulatory fines or penalties, or require us to change our business practices. If we cannot use AI, or if our use is restricted, our business may be less efficient, or we may be at a 24 Table of Contents competitive disadvantage.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

216 edited+8 added−11 removed24 unchanged
Biggest changeSubstantially all of the mortgage and property related debt is nonrecourse to us. ​ ​ 48 Table of Contents Mortgage and Unsecured Debt As of December 31, 2023 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date Consolidated Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arizona Mills 3.80 % ​ ​ $ 95,919 ​ ​ $ 5,566 ​ ​ 09/01/26 ​ Birch Run Premium Outlets 4.21 % ​ ​ ​ 123,000 ​ ​ ​ 5,177 (2) ​ 02/06/26 ​ Calhoun Outlet Marketplace 4.17 % ​ ​ ​ 16,722 (19) ​ ​ 1,138 ​ ​ 06/01/26 ​ Domain, The 3.09 % ​ ​ ​ 210,000 ​ ​ ​ 6,497 (2) ​ 07/01/31 ​ Ellenton Premium Outlets 4.30 % ​ ​ ​ 178,000 ​ ​ ​ 7,651 (2) ​ 12/01/25 ​ Empire Mall 4.31 % ​ ​ ​ 173,340 ​ ​ ​ 11,252 ​ ​ 12/01/25 ​ Florida Keys Outlet Marketplace 4.17 % ​ ​ ​ 17,000 ​ ​ ​ 709 (2) ​ 12/01/25 ​ Gaffney Outlet Marketplace 4.17 % ​ ​ ​ 27,012 (19) ​ ​ 1,839 ​ ​ 06/01/26 ​ Gloucester Premium Outlets 6.12 % ​ ​ ​ 75,000 ​ ​ ​ 4,593 (2) ​ 03/01/33 ​ Grove City Premium Outlets 4.31 % ​ ​ ​ 140,000 ​ ​ ​ 6,032 (2) ​ 12/01/25 ​ Gulfport Premium Outlets 4.35 % ​ ​ ​ 50,000 ​ ​ ​ 2,174 (2) ​ 12/01/25 ​ Gurnee Mills 3.99 % ​ ​ ​ 257,710 ​ ​ ​ 10,283 (2) ​ 10/01/26 ​ Hagerstown Premium Outlets 4.26 % ​ ​ ​ 69,532 ​ ​ ​ 4,560 ​ ​ 02/06/26 ​ La Reggia Designer Outlets Phases 1 & 2 ​ 4.68 % (25) ​ ​ 176,595 (30) ​ ​ 10,033 ​ ​ 03/31/27 ​ Lee Premium Outlets 4.17 % ​ ​ ​ 46,307 (19) ​ ​ 3,152 ​ ​ 06/01/26 ​ Noventa Di Piave Designer Outlet Phases 1, 2, 3, 4 2.00 % ​ ​ ​ 306,384 (30) ​ ​ 6,118 (2) ​ 07/25/25 ​ Ochtrup Designer Outlet 2.10 % ​ ​ ​ 55,186 (30) ​ ​ 1,159 (2) ​ 06/30/26 ​ Opry Mills 4.09 % ​ ​ ​ 375,000 ​ ​ ​ 15,345 (2) ​ 07/01/26 ​ Outlets at Orange, The 4.22 % ​ ​ ​ 215,000 ​ ​ ​ 9,067 (2) ​ 04/01/24 ​ Paris-Giverny Designer Outlet 5.38 % (16) ​ ​ 110,373 (30) ​ ​ 5,940 (2) ​ 06/11/25 ​ Parndorf Designer Outlet 2.00 % ​ ​ ​ 199,594 (30) ​ ​ 3,992 (2) ​ 07/04/29 ​ Penn Square Mall 3.84 % ​ ​ ​ 310,000 ​ ​ ​ 11,910 (2) ​ 01/01/26 ​ Pismo Beach Premium Outlets ​ 3.33 % ​ ​ ​ 31,242 (20) ​ ​ 1,949 ​ ​ 09/06/26 ​ Pleasant Prairie Premium Outlets ​ 4.00 % ​ ​ ​ 145,000 ​ ​ ​ 5,793 (2) ​ 09/01/27 ​ Potomac Mills 3.46 % ​ ​ ​ 416,000 ​ ​ ​ 14,383 (2) ​ 11/01/26 ​ Provence Designer Outlet 4.92 % ​ ​ ​ 104,898 (30) ​ ​ 6,225 ​ ​ 07/27/27 (3) Queenstown Premium Outlets 3.33 % ​ ​ ​ 54,885 (20) ​ ​ 3,425 ​ ​ 09/06/26 ​ Roermond Designer Outlet 3.90 % ​ ​ ​ 309,042 (30) ​ ​ 12,046 (2) ​ 06/06/29 ​ Roosendaal Designer Outlets 3.35 % (24) ​ ​ 63,908 (30) ​ ​ 2,140 ​ ​ 02/23/24 ​ Shops at Chestnut Hill, The 6.66 % ​ ​ ​ 94,621 ​ ​ ​ 7,843 ​ ​ 08/31/33 ​ Syosset Park ​ 4.76 % ​ ​ ​ 15,152 ​ ​ ​ 1,116 ​ ​ 02/01/31 ​ Southridge Mall 3.85 % ​ ​ ​ 112,087 ​ ​ ​ 4,320 (2) ​ 06/06/23 (8) Summit Mall 3.31 % ​ ​ ​ 85,000 ​ ​ ​ 2,817 (2) ​ 10/01/26 ​ Syosset Park ​ 7.47 % (1) ​ ​ 84,047 ​ ​ ​ 6,278 (2) ​ 05/12/26 (3) University Park Village ​ 3.85 % ​ ​ ​ 51,254 ​ ​ ​ 3,114 ​ ​ 05/01/28 ​ White Oaks Mall ​ 7.76 % (4) ​ ​ 38,857 ​ ​ ​ 4,017 ​ ​ 06/01/24 ​ Williamsburg Premium Outlets ​ 4.23 % ​ ​ ​ 185,000 ​ ​ ​ 7,824 (2) ​ 02/06/26 ​ Wolfchase Galleria ​ 4.15 % ​ ​ ​ 155,152 ​ ​ ​ 6,433 (2) ​ 11/01/26 ​ Total Consolidated Secured Indebtedness ​ ​ ​ ​ ​ $ 5,173,819 ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facility - USD 5.22 % (15) ​ $ 305,000 ​ ​ $ 15,918 (2) ​ 06/30/28 (3) 49 Table of Contents Mortgage and Unsecured Debt As of December 31, 2023 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date Unsecured Notes - 22C 6.75 % ​ ​ $ 600,000 ​ ​ $ 40,500 (14) ​ 02/01/40 ​ Unsecured Notes - 25C ​ 4.75 % ​ ​ ​ 550,000 ​ ​ ​ 26,125 (14) ​ 03/15/42 ​ Unsecured Notes - 27B 3.75 % ​ ​ ​ 600,000 ​ ​ 22,500 (14) ​ 02/01/24 ​ Unsecured Notes - 28A 3.38 % ​ ​ ​ 900,000 ​ ​ 30,375 (14) ​ 10/01/24 ​ Unsecured Notes - 28B 4.25 % ​ ​ ​ 400,000 ​ ​ 17,000 (14) ​ 10/01/44 ​ Unsecured Notes - 29B 3.50 % ​ ​ ​ 1,100,000 ​ ​ ​ 38,500 (14) ​ 09/01/25 ​ Unsecured Notes - 30B 3.30 % ​ ​ ​ 800,000 ​ ​ ​ 26,400 (14) ​ 01/15/26 ​ Unsecured Notes - 31B 3.25 % ​ ​ ​ 750,000 ​ ​ 24,375 (14) ​ 11/30/26 ​ Unsecured Notes - 31C 4.25 % ​ ​ ​ 550,000 ​ ​ 23,375 (14) ​ 11/30/46 ​ Unsecured Notes - 32B ​ 3.38 % ​ ​ ​ 750,000 ​ ​ ​ 25,313 (14) ​ 06/15/27 ​ Unsecured Notes - 33B ​ 3.38 % ​ ​ ​ 750,000 ​ ​ ​ 25,313 (14) ​ 12/01/27 ​ Unsecured Notes - 34A ​ 2.00 % ​ ​ ​ 1,000,000 ​ ​ ​ 20,000 (14) ​ 09/13/24 ​ Unsecured Notes - 34B 2.45 % ​ ​ ​ 1,250,000 ​ ​ 30,625 (14) ​ 09/13/29 ​ Unsecured Notes - 34C 3.25 % ​ ​ ​ 1,250,000 ​ ​ 40,625 (14) ​ 09/13/49 ​ Unsecured Notes - 35A 2.65 % ​ ​ ​ 750,000 ​ ​ 19,875 (14) ​ 07/15/30 ​ Unsecured Notes - 35B 3.80 % ​ ​ ​ 750,000 ​ ​ 28,500 (14) ​ 07/15/50 ​ Unsecured Notes - 36A 1.75 % ​ ​ ​ 800,000 ​ ​ 14,000 (14) ​ 02/01/28 ​ Unsecured Notes - 36B 2.20 % ​ ​ ​ 700,000 ​ ​ 15,400 (14) ​ 02/01/31 ​ Unsecured Notes - 37A 1.38 % ​ ​ ​ 550,000 ​ ​ 7,563 (14) ​ 01/15/27 ​ Unsecured Notes - 37B 2.25 % ​ ​ ​ 700,000 ​ ​ 15,750 (14) ​ 01/15/32 ​ Unsecured Notes - 38B ​ 2.65 % ​ ​ ​ 700,000 ​ ​ ​ 18,550 (14) ​ 02/01/32 ​ Unsecured Notes - 39A ​ 5.50 % ​ ​ ​ 650,000 ​ ​ ​ 35,750 (14) ​ 03/08/33 ​ Unsecured Notes - 39B ​ 5.85 % ​ ​ ​ 650,000 ​ ​ ​ 38,025 (14) ​ 03/08/53 ​ Unsecured Notes - 40A ​ 6.25 % ​ ​ ​ 500,000 ​ ​ ​ 31,250 (14) ​ 01/15/34 ​ Unsecured Notes - 40B ​ 6.65 % ​ ​ ​ 500,000 ​ ​ ​ 33,250 (14) ​ 01/15/54 ​ Unsecured Notes - Euro 3 ​ 1.25 % ​ ​ ​ 551,860 (10) ​ ​ 6,898 (6) ​ 05/13/25 ​ Unsecured Notes - Euro 4 1.13 % ​ ​ ​ 827,791 (13) ​ 9,313 (6) ​ 03/19/33 ​ Unsecured Bonds - Exchangable Euro 5 ​ 3.50 % (47) ​ ​ 827,791 (13) ​ ​ 28,973 (14) ​ 11/14/26 ​ Total Consolidated Unsecured Indebtedness ​ ​ ​ ​ ​ $ 21,012,442 ​ ​ ​ ​ ​ ​ ​ ​ Total Consolidated Indebtedness at Face Amounts ​ ​ ​ ​ ​ $ 26,186,261 ​ ​ ​ ​ ​ ​ ​ ​ Premium on Indebtedness ​ ​ ​ ​ ​ 13,635 ​ ​ ​ ​ ​ ​ ​ ​ Discount on Indebtedness ​ ​ ​ ​ ​ (86,626) ​ ​ ​ ​ ​ ​ ​ ​ Debt Issuance Costs ​ ​ ​ ​ ​ (140,442) ​ ​ ​ ​ ​ ​ ​ ​ Other Debt Obligations ​ ​ ​ ​ ​ 60,595 (18) ​ ​ ​ ​ ​ ​ ​ Total Consolidated Indebtedness ​ ​ ​ ​ ​ $ 26,033,423 ​ ​ ​ ​ ​ ​ ​ ​ Our Share of Consolidated Indebtedness ​ ​ ​ ​ ​ $ 25,807,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Joint Venture Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arundel Mills 7.70 % ​ ​ $ 360,000 ​ ​ $ 27,724 (2) ​ 11/01/33 ​ Ashford Designer Outlet 4.90 % (35) ​ 131,770 (21) ​ 6,451 (2) ​ 05/23/27 ​ Aventura Mall 4.12 % ​ ​ 1,750,000 ​ ​ 72,122 (2) ​ 07/01/28 ​ Avenues, The 3.60 % ​ ​ 110,000 ​ ​ 3,960 (2) ​ 02/06/26 ​ 50 Table of Contents Mortgage and Unsecured Debt As of December 31, 2023 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date Briarwood Mall 3.29 % ​ ​ 165,000 ​ ​ 5,432 (2) ​ 09/01/26 ​ Busan Premium Outlets 4.40 % ​ ​ 84,822 (17) ​ 3,729 (2) ​ 11/23/25 ​ Cape Cod Mall 7.65 % (1) ​ $ 52,000 ​ ​ $ 3,980 (2) ​ 07/30/26 (3) Charlotte Premium Outlets 4.27 % ​ ​ 99,309 ​ ​ 5,950 ​ ​ 07/01/28 ​ Clarksburg Premium Outlets 3.95 % ​ ​ 157,399 ​ ​ 9,164 ​ ​ 01/01/28 ​ Coconut Point 3.95 % ​ ​ 171,638 ​ ​ 10,797 ​ ​ 10/01/26 ​ Colorado Mills - 1 4.28 % ​ ​ 121,038 ​ ​ 7,933 ​ ​ 11/01/24 ​ Colorado Mills - 2 2.80 % ​ ​ 30,000 ​ ​ 840 (2) ​ 07/01/31 ​ Concord Mills ​ 6.55 % ​ ​ ​ 232,391 ​ ​ ​ 17,736 ​ ​ 11/01/32 ​ Coral Square Residential 7.40 % (1) ​ 22,192 ​ ​ 1,643 (2) ​ 05/04/27 (3) Dadeland Mall 3.11 % ​ ​ 369,656 ​ ​ 19,872 ​ ​ 01/05/27 ​ Dadeland Mall Hotel 7.70 % (1) ​ 27,345 ​ ​ 2,570 ​ ​ 09/01/24 (3) Del Amo Fashion Center 3.66 % ​ ​ 585,000 ​ ​ 21,396 (2) ​ 06/01/27 ​ Domain Westin ​ 4.12 % ​ ​ ​ 58,786 ​ ​ ​ 5,708 ​ ​ 09/01/25 ​ Dover Mall ​ 5.57 % ​ ​ ​ 77,929 ​ ​ ​ 4,341 (2) ​ 08/06/26 ​ Falls, The ​ 3.45 % ​ ​ ​ 150,000 ​ ​ ​ 5,175 (2) ​ 09/01/26 ​ Fashion Centre Pentagon ​ 6.94 % (38) ​ ​ 455,000 ​ ​ ​ 31,573 (2) ​ 05/09/26 (3) Fashion Valley ​ 5.73 % ​ ​ ​ 450,000 ​ ​ ​ 25,785 (2) ​ 06/01/33 ​ Florida Mall, The ​ 6.30 % (36) ​ ​ 600,000 ​ ​ ​ 37,800 (2) ​ 02/09/27 (3) Fukaya-Hanazono Premium Outlets ​ 0.76 % ​ ​ ​ 75,867 (26) ​ ​ 575 (2) ​ 09/30/32 ​ Galleria, The ​ 3.55 % ​ ​ ​ 1,200,000 ​ ​ ​ 42,598 (2) ​ 03/01/25 ​ Gotemba Premium Outlets ​ 0.31 % ​ ​ ​ 92,176 (26) ​ ​ 285 (2) ​ 04/08/27 ​ Grapevine Mills ​ 3.83 % ​ ​ ​ 268,000 ​ ​ ​ 10,272 (2) ​ 10/01/24 ​ Hamilton Town Center ​ 7.70 % (1) ​ ​ 79,077 ​ ​ ​ 7,201 ​ ​ 02/24/27 (3) Johor Premium Outlet ​ 5.95 % (7) ​ ​ 4,430 (9) ​ ​ 264 (2) ​ 01/31/24 ​ Katy Mills ​ 5.77 % ​ ​ ​ 127,906 ​ ​ ​ 9,042 ​ ​ 08/01/32 ​ Lehigh Valley Mall ​ 4.06 % ​ ​ ​ 177,171 ​ ​ ​ 11,512 ​ ​ 11/01/27 ​ Liberty Tree Mall ​ 6.18 % (27) ​ ​ 28,311 ​ ​ ​ 2,070 ​ ​ 05/03/28 ​ Malaga Designer Outlet ​ 5.54 % (22) ​ ​ 70,086 (30) ​ ​ 3,883 (2) ​ 05/05/28 (3) Mall at Rockingham Park, The ​ 4.04 % ​ ​ ​ 262,000 ​ ​ ​ 10,585 (2) ​ 06/01/26 ​ Mall of New Hampshire, The ​ 4.11 % ​ ​ ​ 150,000 ​ ​ ​ 6,162 (2) ​ 07/01/25 ​ Meadowood Mall 5.74 % ​ ​ 103,768 ​ ​ 8,211 ​ ​ 12/01/26 ​ Miami International Mall 4.42 % ​ ​ 160,000 ​ ​ 7,072 (2) ​ 02/06/24 ​ Norfolk Premium Outlets ​ 4.50 % ​ ​ ​ 75,000 ​ ​ ​ 4,138 ​ ​ 04/01/32 ​ Northshore Mall 8.02 % ​ ​ 190,083 ​ ​ 19,390 ​ ​ 07/05/25 ​ Paju Premium Outlets 3.06 % ​ ​ ​ 47,125 (17) ​ ​ 1,443 (2) ​ 03/13/25 ​ Premium Outlet Collection Edmonton IA 6.76 % (37) ​ 102,990 (5) ​ 6,957 (2) ​ 11/30/25 ​ Premium Outlets Montréal 3.08 % ​ ​ 90,554 (5) ​ 2,789 (2) ​ 06/01/24 ​ Quaker Bridge Mall 4.20 % ​ ​ 180,000 ​ ​ 7,560 (2) ​ 05/01/26 ​ Queretaro Premium Outlets - Fixed 12.21 % ​ ​ 23,644 (32) ​ 4,106 ​ ​ 12/20/33 ​ Queretaro Premium Outlets - Variable 15.25 % ​ ​ 1,169 (32) ​ 178 (2) ​ 06/20/28 ​ Rinku Premium Outlets 0.30 % ​ ​ 41,834 (26) ​ 126 (2) ​ 07/31/27 ​ Roermond 4 Designer Outlet 4.55 % (23) ​ 185,425 (30) ​ 8,437 (2) ​ 08/18/25 ​ Roosevelt Field Hotel 8.09 % (34) ​ 48,800 ​ ​ 3,950 (2) ​ 06/29/27 (3) 51 Table of Contents Mortgage and Unsecured Debt As of December 31, 2023 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date Round Rock Residential 7.45 % (1) ​ 29,918 ​ ​ 2,230 ​ ​ 08/26/26 (3) Sano Premium Outlets 0.28 % ​ ​ 32,261 (26) ​ 91 (2) ​ 02/28/25 ​ Sawgrass Mills Hotel 8.29 % (33) ​ 27,700 ​ ​ 2,297 (2) ​ 06/07/24 ​ Shisui Premium Outlets Phase 2 0.37 % ​ ​ 35,452 (26) ​ 129 (2) ​ 05/31/29 ​ Shisui Premium Outlets Phase 3 0.37 % (12) ​ $ 18,435 (26) ​ $ 67 (2) ​ 11/30/28 ​ Shops at Clearfork, The 2.81 % (27) ​ 145,000 ​ ​ 4,072 (2) ​ 03/11/30 ​ Shops at Crystals, The ​ 3.74 % ​ ​ ​ 550,000 ​ ​ ​ 20,592 (2) ​ 07/01/26 ​ Shops at Mission Viejo, The 3.61 % ​ ​ 289,240 ​ ​ 10,442 (2) ​ 02/01/25 (3) Siam Premium Outlets Bangkok ​ 4.69 % ​ ​ ​ 64,490 (11) ​ ​ 3,025 (2) ​ 06/05/31 ​ Siheung Premium Outlets 2.51 % ​ ​ 115,878 (17) ​ 2,909 (2) ​ 03/15/24 ​ Silver Sands Premium Outlets 3.96 % ​ ​ 140,000 ​ ​ 5,543 (2) ​ 03/01/32 ​ Smith Haven Mall 8.45 % (1) ​ 171,750 ​ ​ 14,521 (2) ​ 03/31/24 ​ Solomon Pond Mall 4.01 % ​ ​ 91,178 ​ ​ 3,656 ​ ​ 11/01/22 (8) Southdale Hotel 7.70 % (1) ​ 16,197 ​ ​ 1,815 ​ ​ 06/01/25 ​ Southdale Residential 4.46 % ​ ​ 35,265 ​ ​ 2,550 ​ ​ 10/15/35 ​ Springfield Mall 4.45 % ​ ​ 55,203 ​ ​ 3,918 ​ ​ 10/06/25 ​ Square One Mall 5.47 % ​ ​ 79,050 ​ ​ 4,326 (2) ​ 01/06/27 ​ St.
Biggest changeSubstantially all of the mortgage and property related debt is nonrecourse to us. ​ ​ 49 Table of Contents Mortgage and Unsecured Debt As of December 31, 2024 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date ​ Consolidated Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arizona Mills 3.80 % ​ ​ $ 94,000 ​ ​ $ 5,579 ​ ​ 09/01/26 ​ Birch Run Premium Outlets 4.21 % ​ ​ ​ 123,000 ​ ​ ​ 5,177 (2) ​ 02/06/26 ​ Calhoun Outlet Marketplace 4.17 % ​ ​ ​ 16,282 (19) ​ ​ 1,141 ​ ​ 06/01/26 ​ Domain, The 3.09 % ​ ​ ​ 210,000 ​ ​ ​ 6,497 (2) ​ 07/01/31 ​ Ellenton Premium Outlets 4.30 % ​ ​ ​ 178,000 ​ ​ ​ 7,651 (2) ​ 12/01/25 ​ Empire Mall 4.31 % ​ ​ ​ 169,566 ​ ​ ​ 11,089 ​ ​ 12/01/25 ​ Florida Keys Outlet Marketplace 4.17 % ​ ​ ​ 17,000 ​ ​ ​ 709 (2) ​ 12/01/25 ​ Gaffney Outlet Marketplace 4.17 % ​ ​ ​ 26,302 (19) ​ ​ 1,843 ​ ​ 06/01/26 ​ Gloucester Premium Outlets 6.12 % ​ ​ ​ 75,000 ​ ​ ​ 4,593 (2) ​ 03/01/33 ​ Grove City Premium Outlets 4.31 % ​ ​ ​ 140,000 ​ ​ ​ 6,032 (2) ​ 12/01/25 ​ Gulfport Premium Outlets 4.35 % ​ ​ ​ 50,000 ​ ​ ​ 2,174 (2) ​ 12/01/25 ​ Gurnee Mills 3.99 % ​ ​ ​ 257,710 ​ ​ ​ 10,283 (2) ​ 10/01/26 ​ Hagerstown Premium Outlets 4.26 % ​ ​ ​ 68,365 ​ ​ ​ 4,590 ​ ​ 02/06/26 ​ La Reggia Designer Outlets Phases 1 & 2 ​ 4.44 % (25) ​ ​ 166,195 (30) ​ ​ 10,707 ​ ​ 03/31/27 ​ Lee Premium Outlets 4.17 % ​ ​ ​ 45,089 (19) ​ ​ 3,160 ​ ​ 06/01/26 ​ Miami International Mall 6.92 % ​ ​ ​ 158,000 ​ ​ ​ 13,934 ​ ​ 02/06/26 (3) Noventa Di Piave Designer Outlet Phases 1, 2, 3, 4 2.00 % ​ ​ ​ 288,341 (30) ​ ​ 5,758 (2) ​ 07/25/25 ​ Ochtrup Designer Outlet 2.10 % ​ ​ ​ 51,936 (30) ​ ​ 1,091 (2) ​ 06/30/26 ​ Opry Mills 4.09 % ​ ​ ​ 375,000 ​ ​ ​ 15,345 (2) ​ 07/01/26 ​ Paris-Giverny Designer Outlet 5.02 % (16) ​ ​ 95,407 (30) ​ ​ 4,790 (2) ​ 07/01/26 ​ Parndorf Designer Outlet 2.00 % ​ ​ ​ 187,840 (30) ​ ​ 3,757 (2) ​ 07/04/29 ​ Penn Square Mall 3.84 % ​ ​ ​ 310,000 ​ ​ ​ 11,910 (2) ​ 01/01/26 ​ Pismo Beach Premium Outlets ​ 3.33 % ​ ​ ​ 30,335 (20) ​ ​ 1,953 ​ ​ 09/06/26 ​ Pleasant Prairie Premium Outlets ​ 4.00 % ​ ​ ​ 145,000 ​ ​ ​ 5,793 (2) ​ 09/01/27 ​ Potomac Mills 3.46 % ​ ​ ​ 416,000 ​ ​ ​ 14,383 (2) ​ 11/01/26 ​ Provence Designer Outlet 4.92 % ​ ​ ​ 97,724 (30) ​ ​ 5,809 ​ ​ 07/27/27 (3) Queenstown Premium Outlets 3.33 % ​ ​ ​ 53,290 (20) ​ ​ 3,431 ​ ​ 09/06/26 ​ Roermond Designer Outlet 3.90 % ​ ​ ​ 290,842 (30) ​ ​ 11,337 (2) ​ 06/06/29 ​ Roosendaal Designer Outlets 5.40 % (24) ​ ​ 67,516 (30) ​ ​ 3,646 (2) ​ 02/28/29 (3) Shops at Chestnut Hill, The 6.66 % ​ ​ ​ 93,075 ​ ​ ​ 7,865 ​ ​ 08/31/33 ​ South Park Mall Hotel ​ 4.76 % ​ ​ ​ 14,753 ​ ​ ​ 1,116 ​ ​ 02/01/31 ​ Southridge Mall 3.85 % ​ ​ ​ 103,889 ​ ​ ​ 4,004 (2) ​ 06/06/23 (8) Summit Mall 3.31 % ​ ​ ​ 85,000 ​ ​ ​ 2,817 (2) ​ 10/01/26 ​ Syosset Park ​ 6.45 % (1) ​ ​ 84,047 ​ ​ ​ 5,418 (2) ​ 05/12/26 (3) University Park Village ​ 3.85 % ​ ​ ​ 50,113 ​ ​ ​ 3,115 ​ ​ 05/01/28 ​ White Oaks Mall ​ 6.98 % ​ ​ ​ 34,000 ​ ​ ​ 2,374 (2) ​ 06/15/27 ​ Williamsburg Premium Outlets ​ 4.23 % ​ ​ ​ 185,000 ​ ​ ​ 7,824 (2) ​ 02/06/26 ​ Wolfchase Galleria ​ 4.15 % ​ ​ ​ 155,152 ​ ​ ​ 6,433 (2) ​ 11/01/26 ​ Total Consolidated Secured Indebtedness ​ ​ ​ ​ ​ $ 5,008,769 ​ ​ ​ ​ ​ ​ ​ ​ 50 Table of Contents Mortgage and Unsecured Debt As of December 31, 2024 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date ​ Unsecured Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Simon Property Group, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facility - USD 5.22 % (15) ​ $ 305,000 ​ ​ $ 15,918 (2) ​ 06/30/28 (3) Revolving Credit Facility - EUR 3.61 % (4) ​ ​ 18,696 (41) ​ ​ 675 (2) ​ 06/30/28 (3) Unsecured Notes - 22C ​ 6.75 % ​ ​ ​ 600,000 ​ ​ ​ 40,500 (14) ​ 02/01/40 ​ Unsecured Notes - 25C 4.75 % ​ ​ ​ 550,000 ​ ​ ​ 26,125 (14) ​ 03/15/42 ​ Unsecured Notes - 28B 4.25 % ​ ​ ​ 400,000 ​ ​ 17,000 (14) ​ 10/01/44 ​ Unsecured Notes - 29B 3.50 % ​ ​ ​ 1,100,000 ​ ​ 38,500 (14) ​ 09/01/25 ​ Unsecured Notes - 30B 3.30 % ​ ​ ​ 800,000 ​ ​ ​ 26,400 (14) ​ 01/15/26 ​ Unsecured Notes - 31B 3.25 % ​ ​ ​ 750,000 ​ ​ ​ 24,375 (14) ​ 11/30/26 ​ Unsecured Notes - 31C 4.25 % ​ ​ ​ 550,000 ​ ​ 23,375 (14) ​ 11/30/46 ​ Unsecured Notes - 32B 3.38 % ​ ​ ​ 750,000 ​ ​ 25,313 (14) ​ 06/15/27 ​ Unsecured Notes - 33B ​ 3.38 % ​ ​ ​ 750,000 ​ ​ ​ 25,313 (14) ​ 12/01/27 ​ Unsecured Notes - 34B ​ 2.45 % ​ ​ ​ 1,250,000 ​ ​ ​ 30,625 (14) ​ 09/13/29 ​ Unsecured Notes - 34C ​ 3.25 % ​ ​ ​ 1,250,000 ​ ​ ​ 40,625 (14) ​ 09/13/49 ​ Unsecured Notes - 35A 2.65 % ​ ​ ​ 750,000 ​ ​ 19,875 (14) ​ 07/15/30 ​ Unsecured Notes - 35B 3.80 % ​ ​ ​ 750,000 ​ ​ 28,500 (14) ​ 07/15/50 ​ Unsecured Notes - 36A 1.75 % ​ ​ ​ 800,000 ​ ​ 14,000 (14) ​ 02/01/28 ​ Unsecured Notes - 36B 2.20 % ​ ​ ​ 700,000 ​ ​ 15,400 (14) ​ 02/01/31 ​ Unsecured Notes - 37A 1.38 % ​ ​ ​ 550,000 ​ ​ 7,563 (14) ​ 01/15/27 ​ Unsecured Notes - 37B 2.25 % ​ ​ ​ 700,000 ​ ​ 15,750 (14) ​ 01/15/32 ​ Unsecured Notes - 38B 2.65 % ​ ​ ​ 700,000 ​ ​ 18,550 (14) ​ 02/01/32 ​ Unsecured Notes - 39A 5.50 % ​ ​ ​ 650,000 ​ ​ 35,750 (14) ​ 03/08/33 ​ Unsecured Notes - 39B ​ 5.85 % ​ ​ ​ 650,000 ​ ​ ​ 38,025 (14) ​ 03/08/53 ​ Unsecured Notes - 40A ​ 6.25 % ​ ​ ​ 500,000 ​ ​ ​ 31,250 (14) ​ 01/15/34 ​ Unsecured Notes - 40B ​ 6.65 % ​ ​ ​ 500,000 ​ ​ ​ 33,250 (14) ​ 01/15/54 ​ Unsecured Notes - 41A ​ 4.75 % ​ ​ ​ 1,000,000 ​ ​ ​ 47,500 (14) ​ 09/26/34 ​ Unsecured Notes - Euro 3 ​ 1.25 % ​ ​ ​ 519,360 (10) ​ ​ 6,492 (6) ​ 05/13/25 ​ Unsecured Notes - Euro 4 ​ 1.13 % ​ ​ ​ 779,041 (13) ​ ​ 8,764 (6) ​ 03/19/33 ​ Unsecured Bonds - Exchangable Euro 5 3.50 % (47) ​ ​ 779,041 (13) ​ 27,266 (14) ​ 11/14/26 ​ Total Consolidated Unsecured Indebtedness ​ ​ ​ ​ ​ $ 19,401,138 ​ ​ ​ ​ ​ ​ ​ ​ Total Consolidated Indebtedness at Face Amounts ​ ​ ​ ​ ​ $ 24,409,907 ​ ​ ​ ​ ​ ​ ​ ​ Premium on Indebtedness ​ ​ ​ ​ ​ 6,232 ​ ​ ​ ​ ​ ​ ​ ​ Discount on Indebtedness ​ ​ ​ ​ ​ (79,447) ​ ​ ​ ​ ​ ​ ​ ​ Debt Issuance Costs ​ ​ ​ ​ ​ (131,262) ​ ​ ​ ​ ​ ​ ​ ​ Other Debt Obligations ​ ​ ​ ​ ​ 59,065 (18) ​ ​ ​ ​ ​ ​ ​ Total Consolidated Indebtedness ​ ​ ​ ​ ​ $ 24,264,495 ​ ​ ​ ​ ​ ​ ​ ​ Our Share of Consolidated Indebtedness ​ ​ ​ ​ ​ $ 24,041,981 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Joint Venture Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Arundel Mills 7.70 % ​ ​ ​ 360,000 ​ ​ ​ 27,724 (2) ​ 11/01/33 ​ Ashford Designer Outlet 4.80 % (35) ​ 129,747 (21) ​ 6,225 (2) ​ 05/23/27 ​ Aventura Mall 4.12 % ​ ​ 1,750,000 ​ ​ 72,122 (2) ​ 07/01/28 ​ 51 Table of Contents Mortgage and Unsecured Debt As of December 31, 2024 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date ​ Avenues, The 3.60 % ​ ​ $ 100,000 ​ ​ $ 3,600 (2) ​ 02/06/26 ​ Briarwood Mall 3.29 % ​ ​ 165,000 ​ ​ 5,432 (2) ​ 09/01/26 ​ Busan Premium Outlets 4.57 % ​ ​ 112,063 (17) ​ 5,121 (2) ​ 11/23/25 ​ Cape Cod Mall 6.63 % (1) ​ ​ 52,000 ​ ​ ​ 3,449 (2) ​ 07/30/26 (3) Charlotte Premium Outlets 4.27 % ​ ​ 97,599 ​ ​ 5,952 ​ ​ 07/01/28 ​ Clarksburg Premium Outlets 3.95 % ​ ​ 154,452 ​ ​ 9,166 ​ ​ 01/01/28 ​ Coconut Point 3.95 % ​ ​ ​ 167,640 ​ ​ ​ 10,822 ​ ​ 10/01/26 ​ Colorado Mills - 1 4.28 % ​ ​ 118,192 ​ ​ 7,907 ​ ​ 11/01/24 (8) Colorado Mills - 2 2.80 % ​ ​ 30,000 ​ ​ 840 (2) ​ 07/01/31 ​ Concord Mills ​ 6.55 % ​ ​ ​ 229,872 ​ ​ ​ 17,787 ​ ​ 11/01/32 ​ Coral Square Residential 6.38 % (1) ​ 36,015 ​ ​ 2,299 (2) ​ 04/04/28 (3) Dadeland Mall 3.11 % ​ ​ 361,280 ​ ​ 19,876 ​ ​ 01/05/27 ​ Dadeland Mall Hotel 6.93 % (1) ​ 26,881 ​ ​ 2,327 ​ ​ 09/01/25 (3) Del Amo Fashion Center 3.66 % ​ ​ 585,000 ​ ​ 21,396 (2) ​ 06/01/27 ​ Domain Westin ​ 4.12 % ​ ​ ​ 57,148 ​ ​ ​ 2,355 ​ ​ 09/01/25 ​ Dover Mall ​ 5.57 % ​ ​ ​ 76,815 ​ ​ ​ 4,279 (2) ​ 08/06/26 ​ Falls, The ​ 3.45 % ​ ​ ​ 150,000 ​ ​ ​ 5,175 (2) ​ 09/01/26 ​ Fashion Centre Pentagon ​ 6.05 % (38) ​ ​ 455,000 ​ ​ ​ 27,544 (2) ​ 05/09/26 (3) Fashion Valley ​ 5.73 % ​ ​ ​ 450,000 ​ ​ ​ 25,785 (2) ​ 06/01/33 ​ Florida Mall, The ​ 5.30 % (36) ​ ​ 600,000 ​ ​ ​ 31,800 (2) ​ 02/09/27 (3) Fukaya-Hanazono Premium Outlets ​ 0.76 % ​ ​ ​ 68,240 (26) ​ ​ 517 (2) ​ 09/30/32 ​ Galleria, The ​ 3.55 % ​ ​ ​ 1,200,000 ​ ​ ​ 42,598 (2) ​ 03/01/25 ​ Gotemba Premium Outlets ​ 0.31 % ​ ​ ​ 82,908 (26) ​ ​ 256 (2) ​ 04/08/27 ​ Grapevine Mills ​ 6.26 % ​ ​ ​ 250,000 ​ ​ ​ 15,660 (2) ​ 07/01/34 ​ Hamilton Town Center ​ 6.68 % (1) ​ ​ 77,969 ​ ​ ​ 6,318 ​ ​ 02/24/27 (3) Jakarta Premium Outlet ​ 9.25 % ​ ​ ​ 19,865 (42) ​ ​ 1,838 (2) ​ 12/29/33 (3) Johor Premium Outlet ​ 5.19 % (7) ​ ​ 4,528 (9) ​ ​ 235 (2) ​ 09/30/31 ​ Katy Mills ​ 5.77 % ​ ​ ​ 126,240 ​ ​ ​ 9,067 ​ ​ 08/01/32 ​ Lakeline Residential ​ 7.33 % (1) ​ ​ 3,420 ​ ​ ​ 251 (2) ​ 01/16/29 (3) Lehigh Valley Mall ​ 4.06 % ​ ​ ​ 172,860 ​ ​ ​ 11,538 ​ ​ 11/01/27 ​ Liberty Tree Mall ​ 6.18 % (27) ​ ​ 27,990 ​ ​ ​ 2,075 ​ ​ 05/03/28 ​ Malaga Designer Outlet ​ 5.54 % (22) ​ ​ 65,959 (30) ​ ​ 3,654 (2) ​ 05/05/28 (3) Mall at Rockingham Park, The ​ 4.04 % ​ ​ ​ 262,000 ​ ​ ​ 10,585 (2) ​ 06/01/26 ​ Mall of New Hampshire, The ​ 4.11 % ​ ​ ​ 150,000 ​ ​ ​ 6,162 (2) ​ 07/01/25 ​ Meadowood Mall 5.70 % ​ ​ 101,517 ​ ​ 8,163 ​ ​ 12/01/26 ​ Norfolk Premium Outlets ​ 4.50 % ​ ​ ​ 74,237 ​ ​ ​ 4,539 ​ ​ 04/01/32 ​ Northshore Mall 8.02 % ​ ​ 182,290 ​ ​ 22,413 ​ ​ 07/05/25 ​ Paju Premium Outlets 3.69 % ​ ​ ​ 41,354 (17) ​ ​ 15,086 ​ ​ 07/12/26 ​ Premium Outlet Collection Edmonton IA 6.40 % (37) ​ 94,961 (5) ​ 6,120 (2) ​ 11/30/25 ​ Premium Outlets Montréal 4.74 % ​ ​ ​ 83,494 (5) ​ ​ 3,956 (2) ​ 09/01/31 ​ Quaker Bridge Mall 4.50 % ​ ​ 180,000 ​ ​ 8,100 (2) ​ 05/01/26 ​ Queretaro Premium Outlets - Fixed 12.14 % ​ ​ 18,424 (32) ​ 3,255 ​ ​ 12/20/33 ​ Queretaro Premium Outlets - Variable 13.40 % ​ ​ 411 (32) ​ 55 (2) ​ 06/20/28 ​ Rinku Premium Outlets 0.30 % ​ ​ 37,628 (26) ​ 114 (2) ​ 07/31/27 ​ 52 Table of Contents Mortgage and Unsecured Debt As of December 31, 2024 (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Face ​ Annual Debt ​ Maturity Property Name Rate Amount Service (1) Date ​ Roermond 4 Designer Outlet 4.55 % (23) ​ $ 174,505 (30) ​ $ 7,940 (2) ​ 08/18/25 ​ Roosevelt Field Hotel 7.28 % (34) ​ 48,800 ​ ​ 3,552 (2) ​ 06/29/27 (3) Round Rock Residential 5.94 % ​ ​ ​ 31,713 ​ ​ ​ 1,884 (2) ​ 07/01/29 (3) Sano Premium Outlets 0.28 % ​ ​ 29,018 (26) ​ 82 (2) ​ 02/28/25 ​ Sawgrass Mills Hotel 7.53 % (33) ​ 27,140 ​ ​ 2,403 ​ ​ 10/07/27 (3) Shisui Premium Outlets Phase 2 0.37 % ​ ​ ​ 31,888 (26) ​ ​ 116 (2) ​ 05/31/29 ​ Shisui Premium Outlets Phase 3 1.03 % ​ ​ 16,581 (26) ​ 171 (2) ​ 11/30/28 ​ Shops at Clearfork, The 2.81 % (27) ​ ​ 145,000 ​ ​ ​ 4,072 (2) ​ 03/11/30 ​ Shops at Crystals, The ​ 3.74 % ​ ​ 550,000 ​ ​ 20,592 (2) ​ 07/01/26 ​ Shops at Mission Viejo, The 6.73 % ​ ​ 180,000 ​ ​ 12,105 (2) ​ 01/01/35 ​ Siam Premium Outlets Bangkok ​ 4.69 % ​ ​ ​ 59,455 (11) ​ ​ 2,788 (2) ​ 06/05/31 ​ Siheung Premium Outlets 4.38 % ​ ​ 94,912 (17) ​ 4,157 (2) ​ 03/15/26 ​ Silver Sands Premium Outlets 3.96 % ​ ​ 140,000 ​ ​ 5,543 (2) ​ 03/01/32 ​ Solomon Pond Mall 4.01 % ​ ​ 84,347 ​ ​ 3,382 (2) ​ 11/01/22 (8) Southdale Hotel 6.68 % (1) ​ 15,627 ​ ​ 1,614 ​ ​ 06/01/25 ​ Southdale Residential 4.46 % ​ ​ 34,292 ​ ​ 2,550 ​ ​ 10/15/35 ​ Springfield Mall 4.45 % ​ ​ 53,741 ​ ​ 3,853 ​ ​ 10/06/25 ​ Square One Mall 5.47 % ​ ​ 77,148 ​ ​ 4,222 (2) ​ 01/06/27 ​ St.
Oliver, Tommy Hilfiger ​ ​ ​ Subtotal Netherlands ​ ​ ​ ​ ​ ​ ​ ​ ​ 545,500 ​ ​ ​ ​ ​ UNITED KINGDOM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6. ​ Ashford Designer Outlet Kent ​ Fee ​ 45.0 % 2000 ​ 281,000 ​ Adidas, Calvin Klein, Clarks, Fossil, French Connection, Guess, Kate Spade New York, Nike, Polo Ralph Lauren, Superdry, Tommy Hilfiger ​ 7. ​ West Midlands Designer Outlet ​ Cannock (West Midlands) ​ Fee ​ 23.2 % 2021 ​ 197,000 ​ Adidas, Calvin Klein, Clarks, Coach, Guess, Kate Spade, Nike, Puma, Superdry, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal England ​ ​ ​ ​ ​ ​ ​ ​ ​ 478,000 ​ ​ ​ ​ ​ CANADA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8. ​ Vancouver Designer Outlets Vancouver ​ Ground Lease (2072) ​ 45.0 % 2015 ​ 326,000 ​ Adidas, Armani, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ 326,000 ​ ​ ​ ​ ​ GERMANY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9. ​ Ochtrup Designer Outlets ​ Ochtrup ​ Fee ​ 70.5 % 2016 ​ 191,500 ​ Adidas, Calvin Klein, Guess, Lindt, Nike, Puma, Samsonite, Schiesser, Seidensticker, Tom Tailor, Vero Moda ​ ​ ​ Subtotal Germany ​ ​ ​ ​ ​ ​ ​ ​ ​ 191,500 ​ ​ ​ ​ ​ FRANCE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10. ​ Paris-Giverny Designer Outlet ​ Vernon (Normandy) ​ Fee ​ 73.8 % 2023 ​ 228,000 ​ Adidas, Calvin Klein, Coach, Dolce & Gabana, Guess, Moncler, Nike, Puma, Superdry, Tommy Hilfiger, Under Armour, Woolrich ​ 11. ​ Provence Designer Outlet ​ Miramas ​ Fee ​ 90.0 % 2017 ​ 269,000 ​ Armani, Calvin Klein, Guess, Michael Kors, Nike, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger ​ ​ ​ Subtotal France ​ ​ ​ ​ ​ ​ ​ ​ ​ 497,000 ​ ​ ​ ​ ​ SPAIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12. ​ Málaga Designer Outlet ​ Málaga ​ Fee ​ 46.1 % 2020 ​ 191,000 ​ Adidas, Armani, Calvin Klein, Furla, Guess, Polo Ralph Lauren, Prada, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal Spain ​ ​ ​ ​ ​ ​ ​ ​ ​ 191,000 ​ ​ ​ ​ ​ Total International Designer Outlets ​ ​ ​ ​ ​ ​ ​ 3,044,000 ​ ​ ​ ​ ​ 46 Table of Contents Simon Property Group, Inc.
Oliver, Tommy Hilfiger ​ ​ ​ Subtotal Netherlands ​ ​ ​ ​ ​ ​ ​ ​ ​ 545,500 ​ ​ ​ ​ ​ UNITED KINGDOM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6. ​ Ashford Designer Outlet Kent ​ Fee ​ 45.0 % 2000 ​ 281,000 ​ Adidas, Calvin Klein, Clarks, Fossil, French Connection, Guess, Kate Spade New York, Nike, Polo Ralph Lauren, Superdry, Tommy Hilfiger ​ 7. ​ West Midlands Designer Outlet ​ Cannock (West Midlands) ​ Fee ​ 23.2 % 2021 ​ 197,000 ​ Adidas, Calvin Klein, Clarks, Coach, Guess, Kate Spade, Nike, Puma, Superdry, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal England ​ ​ ​ ​ ​ ​ ​ ​ ​ 478,000 ​ ​ ​ ​ ​ CANADA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8. ​ Vancouver Designer Outlets Vancouver ​ Ground Lease (2072) ​ 45.0 % 2015 ​ 326,000 ​ Adidas, Armani, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ 326,000 ​ ​ ​ ​ ​ GERMANY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9. ​ Ochtrup Designer Outlets ​ Ochtrup ​ Fee ​ 70.5 % 2016 ​ 191,500 ​ Adidas, Calvin Klein, Guess, Lindt, Nike, Puma, Samsonite, Schiesser, Seidensticker, Tom Tailor, Vero Moda ​ ​ ​ Subtotal Germany ​ ​ ​ ​ ​ ​ ​ ​ ​ 191,500 ​ ​ ​ ​ ​ FRANCE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10. ​ Paris-Giverny Designer Outlet ​ Vernon (Normandy) ​ Fee ​ 73.8 % 2023 ​ 228,000 ​ Adidas, Calvin Klein, Coach, Dolce & Gabana, Guess, Moncler, Nike, Puma, Superdry, Tommy Hilfiger, Under Armour, Woolrich ​ 11. ​ Provence Designer Outlet ​ Miramas ​ Fee ​ 90.0 % 2017 ​ 269,000 ​ Armani, Calvin Klein, Guess, Michael Kors, Nike, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger ​ ​ ​ Subtotal France ​ ​ ​ ​ ​ ​ ​ ​ ​ 497,000 ​ ​ ​ ​ ​ SPAIN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 12. ​ Málaga Designer Outlet ​ Málaga ​ Fee ​ 46.1 % 2020 ​ 191,000 ​ Adidas, Armani, Calvin Klein, Furla, Guess, Polo Ralph Lauren, Prada, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal Spain ​ ​ ​ ​ ​ ​ ​ ​ ​ 191,000 ​ ​ ​ ​ ​ Total International Designer Outlets ​ ​ ​ ​ ​ ​ ​ 3,044,000 ​ ​ ​ ​ ​ 47 Table of Contents Simon Property Group, Inc.
Property Table International Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City Ownership SPG Effective ​ Total Gross ​ ​ ​ COUNTRY/Property Name ​ (Metropolitan area) ​ Interest ​ Ownership ​ Year Built ​ Leasable Area (1) ​ Selected Tenants ​ ​ INTERNATIONAL PREMIUM OUTLETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ JAPAN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1. ​ Ami Premium Outlets ​ Ami (Tokyo) ​ Fee ​ 40.0 % 2009 ​ 315,000 ​ Adidas, Beams, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Puma, TaylorMade, Tommy Hilfiger ​ 2. ​ Fukaya-Hanazono Premium Outlets ​ Fukaya City (Saitama) ​ Ground Lease (2042) ​ 40.0 % 2022 ​ 296,300 ​ Adidas, Armani, Bally, Coach, Dsquared2, Furla, Marc Jacobs, Michael Kors, New Balance, Nike, Polo Ralph Lauren, Puma, Theory, Tommy Hilfiger, Tory Burch, Vans ​ 3. ​ Gotemba Premium Outlets ​ Gotemba City (Tokyo) ​ Fee ​ 40.0 % 2000 ​ 659,500 ​ Adidas, Armani, Balenciaga, Bally, Beams, Bottega Veneta, Burberry, Coach, Dolce & Gabbana, Dunhill, Gap Outlet, Gucci, Loro Piana, Michael Kors, Moncler, Nike, Polo Ralph Lauren, Prada/Miu Miu, Puma, Tod's, Tory Burch, United Arrows ​ 4. ​ Kobe-Sanda Premium Outlets ​ Hyougo-ken (Osaka) ​ Ground Lease (2026) ​ 40.0 % 2007 ​ 441,000 ​ Adidas, Armani, Bally, Beams, Coach, Dolce & Gabbana, Gap Outlet, Gucci, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Prada/Miu Miu, Tod's, Tommy Hilfiger, United Arrows, Valentino ​ 5. ​ Rinku Premium Outlets ​ Izumisano (Osaka) ​ Ground Lease (2031) ​ 40.0 % 2000 ​ 512,500 ​ Adidas, Armani, Bally, Beams, Brooks Brothers, Burberry, Coach, Dunhill, Furla, Gap Outlet, Kate Spade New York, Lanvin Collection, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, TaylorMade, Tommy Hilfiger, United Arrows, Zara ​ 6. ​ Sano Premium Outlets ​ Sano (Tokyo) ​ Fee ​ 40.0 % 2003 ​ 390,800 ​ Adidas, Beams, Coach, Dunhill, Etro, Furla, Gap Outlet, Gucci, Kate Spade New York, Michael Kors, Nike, TaylorMade ​ 7. ​ Sendai-Izumi Premium Outlets ​ Izumi Park Town (Sendai) ​ Ground Lease (2027) ​ 40.0 % 2008 ​ 164,200 ​ Adidas, Beams, Coach, Gap, Polo Ralph Lauren, Tommy Hilfiger, United Arrows ​ 8. ​ Shisui Premium Outlets ​ Shisui (Chiba) ​ Ground Lease (2033) ​ 40.0 % 2013 ​ 434,600 ​ Adidas, Beams, Citizen, Coach, Furla, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Samsonite, Tommy Hilfiger, United Arrows ​ 9. ​ Toki Premium Outlets ​ Toki (Nagoya) ​ Ground Lease (2033) ​ 40.0 % 2005 ​ 367,700 ​ Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger, United Arrows ​ 10. ​ Tosu Premium Outlets ​ Fukuoka (Kyushu) ​ Fee ​ 40.0 % 2004 ​ 328,400 ​ Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Tommy Hilfiger, United Arrows ​ ​ ​ Subtotal Japan ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,910,000 ​ ​ ​ ​ ​ 44 Table of Contents Simon Property Group, Inc.
Property Table International Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City Ownership SPG Effective ​ Total Gross ​ ​ ​ COUNTRY/Property Name ​ (Metropolitan area) ​ Interest ​ Ownership ​ Year Built ​ Leasable Area (1) ​ Selected Tenants ​ ​ INTERNATIONAL PREMIUM OUTLETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ JAPAN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1. ​ Ami Premium Outlets ​ Ami (Tokyo) ​ Fee ​ 40.0 % 2009 ​ 315,000 ​ Adidas, Beams, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Puma, TaylorMade, Tommy Hilfiger ​ 2. ​ Fukaya-Hanazono Premium Outlets ​ Fukaya City (Saitama) ​ Ground Lease (2042) ​ 40.0 % 2022 ​ 296,300 ​ Adidas, Armani, Bally, Coach, Dsquared2, Furla, Marc Jacobs, Michael Kors, New Balance, Nike, Polo Ralph Lauren, Puma, Theory, Tommy Hilfiger, Tory Burch, Vans ​ 3. ​ Gotemba Premium Outlets ​ Gotemba City (Tokyo) ​ Fee ​ 40.0 % 2000 ​ 659,500 ​ Adidas, Armani, Balenciaga, Bally, Beams, Bottega Veneta, Burberry, Coach, Dolce & Gabbana, Dunhill, Gap Outlet, Gucci, Loro Piana, Michael Kors, Moncler, Nike, Polo Ralph Lauren, Prada/Miu Miu, Puma, Tod's, Tory Burch, United Arrows ​ 4. ​ Kobe-Sanda Premium Outlets ​ Hyougo-ken (Osaka) ​ Ground Lease (2026) ​ 40.0 % 2007 ​ 441,000 ​ Adidas, Armani, Bally, Beams, Coach, Dolce & Gabbana, Gap Outlet, Gucci, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Prada/Miu Miu, Tod's, Tommy Hilfiger, United Arrows, Valentino ​ 5. ​ Rinku Premium Outlets ​ Izumisano (Osaka) ​ Ground Lease (2031) ​ 40.0 % 2000 ​ 512,500 ​ Adidas, Armani, Bally, Beams, Brooks Brothers, Burberry, Coach, Dunhill, Furla, Gap Outlet, Kate Spade New York, Lanvin Collection, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, TaylorMade, Tommy Hilfiger, United Arrows, Zara ​ 6. ​ Sano Premium Outlets ​ Sano (Tokyo) ​ Fee ​ 40.0 % 2003 ​ 390,800 ​ Adidas, Beams, Coach, Dunhill, Etro, Furla, Gap Outlet, Gucci, Kate Spade New York, Michael Kors, Nike, TaylorMade ​ 7. ​ Sendai-Izumi Premium Outlets ​ Izumi Park Town (Sendai) ​ Ground Lease (2027) ​ 40.0 % 2008 ​ 164,200 ​ Adidas, Beams, Coach, Gap, Polo Ralph Lauren, Tommy Hilfiger, United Arrows ​ 8. ​ Shisui Premium Outlets ​ Shisui (Chiba) ​ Ground Lease (2033) ​ 40.0 % 2013 ​ 434,600 ​ Adidas, Beams, Citizen, Coach, Furla, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Samsonite, Tommy Hilfiger, United Arrows ​ 9. ​ Toki Premium Outlets ​ Toki (Nagoya) ​ Ground Lease (2033) ​ 40.0 % 2005 ​ 367,700 ​ Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Timberland, Tommy Hilfiger, United Arrows ​ 10. ​ Tosu Premium Outlets ​ Fukuoka (Kyushu) ​ Fee ​ 40.0 % 2004 ​ 328,400 ​ Adidas, Beams, Coach, Furla, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Olive des Olive, Polo Ralph Lauren, Puma, Tommy Hilfiger, United Arrows ​ ​ ​ Subtotal Japan ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,910,000 ​ ​ ​ ​ ​ 45 Table of Contents Simon Property Group, Inc.
Property Table International Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City Ownership SPG Effective ​ Total Gross ​ ​ ​ COUNTRY/Property Name ​ (Metropolitan area) ​ Interest ​ Ownership ​ Year Built ​ Leasable Area (1) ​ Selected Tenants ​ ​ MEXICO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11. ​ Punta Norte Premium Outlets ​ Mexico City ​ Fee ​ 50.0 % 2004 ​ 333,000 ​ Adidas, Calvin Klein, CH Carolina Herrera, Coach, Dolce & Gabbana, Nautica, Nike, Salvatore Ferragamo, Zegna ​ 12. ​ Premium Outlets Querétaro ​ Querétaro ​ Fee ​ 50.0 % 2019 ​ 274,800 ​ Adidas, Adrianna Papell, Calvin Klein, Guess, Levi's, Nike, Tommy Hilfiger, True Religion, Under Armour ​ ​ ​ Subtotal Mexico ​ ​ ​ ​ ​ ​ ​ ​ ​ 607,800 ​ ​ ​ ​ ​ SOUTH KOREA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13. ​ Yeoju Premium Outlets ​ Yeoju (Seoul) ​ Fee ​ 50.0 % 2007 ​ 551,600 ​ Adidas, Armani, Burberry, Chloe, Coach, Fendi, Gucci, Michael Kors, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's, Under Armour, Valentino, Vivienne Westwood ​ 14. ​ Paju Premium Outlets ​ Paju (Seoul) ​ Ground Lease (2040) ​ 50.0 % 2011 ​ 558,900 ​ Adidas, Armani, Bean Pole, Calvin Klein, Coach, Jill Stuart, Lanvin Collection, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tory Burch, Under Armour, Vivienne Westwood ​ 15. ​ Busan Premium Outlets (2) ​ Busan ​ Fee ​ 50.0 % 2013 ​ 360,200 ​ Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger ​ 16. ​ Siehung Premium Outlets ​ Siehung ​ Fee ​ 50.0 % 2017 ​ 444,400 ​ Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, The North Face, Under Armour ​ 17. ​ Jeju Premium Outlets ​ Jeju Province ​ Ground Lease (2041) ​ 50.0 % 2021 ​ 92,000 ​ Arcteryx, Coach, Golden Goose, Hugo Boss, J.
Property Table International Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City Ownership SPG Effective ​ Total Gross ​ ​ ​ COUNTRY/Property Name ​ (Metropolitan area) ​ Interest ​ Ownership ​ Year Built ​ Leasable Area (1) ​ Selected Tenants ​ ​ MEXICO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11. ​ Punta Norte Premium Outlets ​ Mexico City ​ Fee ​ 50.0 % 2004 ​ 333,000 ​ Adidas, Calvin Klein, CH Carolina Herrera, Coach, Dolce & Gabbana, Nautica, Nike, Salvatore Ferragamo, Zegna ​ 12. ​ Premium Outlets Querétaro ​ Querétaro ​ Fee ​ 50.0 % 2019 ​ 274,800 ​ Adidas, Adrianna Papell, Calvin Klein, Guess, Levi's, Nike, Tommy Hilfiger, True Religion, Under Armour ​ ​ ​ Subtotal Mexico ​ ​ ​ ​ ​ ​ ​ ​ ​ 607,800 ​ ​ ​ ​ ​ SOUTH KOREA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13. ​ Yeoju Premium Outlets ​ Yeoju (Seoul) ​ Fee ​ 50.0 % 2007 ​ 551,600 ​ Adidas, Armani, Burberry, Chloe, Coach, Fendi, Gucci, Michael Kors, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's, Under Armour, Valentino, Vivienne Westwood ​ 14. ​ Paju Premium Outlets ​ Paju (Seoul) ​ Ground Lease (2040) ​ 50.0 % 2011 ​ 558,900 ​ Adidas, Armani, Bean Pole, Calvin Klein, Coach, Jill Stuart, Lanvin Collection, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tory Burch, Under Armour, Vivienne Westwood ​ 15. ​ Busan Premium Outlets (2) ​ Busan ​ Fee ​ 50.0 % 2013 ​ 544,200 ​ Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger ​ 16. ​ Siehung Premium Outlets ​ Siehung ​ Fee ​ 50.0 % 2017 ​ 444,400 ​ Adidas, Armani, Bean Pole, Calvin Klein, Coach, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, The North Face, Under Armour ​ 17. ​ Jeju Premium Outlets ​ Jeju Province ​ Ground Lease (2041) ​ 50.0 % 2021 ​ 92,000 ​ Arcteryx, Coach, Golden Goose, Hugo Boss, J.
Crew, Jimmy Choo, Kate Spade New York, Lacoste, Lululemon, Neiman Marcus Last Call, Marc Jacobs, Michael Kors, Pandora, Polo Ralph Lauren, Pottery Barn, Prada, Saint Laurent Paris, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tommy Bahama, Tory Burch, Versace, Vineyard Vines 55.
Crew, Jimmy Choo, Kate Spade New York, Lacoste, Lululemon, Neiman Marcus Last Call, Marc Jacobs, Michael Kors, Pandora, Polo Ralph Lauren, Pottery Barn, Saint Laurent Paris, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tommy Bahama, Tory Burch, Versace, Vineyard Vines 55.
Our cybersecurity risk management program includes the following key elements: ● risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise information technology (IT) environment; 26 Table of Contents ● a team comprised of IT security, infrastructure, and compliance personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents, supported by legal, human resources, corporate security and other internal resources; ● the use of external cybersecurity service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes, which enable us to leverage specialized knowledge and insights, with the goal of ensuring our cybersecurity strategies and processes remain at the forefront of industry best practices; ● cybersecurity awareness training of employees with access to our IT systems; ● a cybersecurity incident response plan and Security Operations Center (“SOC”) to respond to cybersecurity incidents; and ● a third-party risk management process for service providers.
Our cybersecurity risk management program includes the following key elements: ● risk assessments designed to help identify material cybersecurity risks to our critical systems, information, services, and our broader enterprise information technology (IT) environment; ● a team comprised of IT security, infrastructure, and compliance personnel principally responsible for directing (1) our cybersecurity risk assessment processes, (2) our security processes, and (3) our response to cybersecurity incidents, supported by legal, human resources, corporate security and other internal resources; ● the use of external cybersecurity service providers , where appropriate, to assess, test or otherwise assist with aspects of our security processes, which enable us to leverage specialized knowledge and insights, with the goal of ensuring our cybersecurity strategies and processes remain at the forefront of industry best practices; ● cybersecurity awareness training of employees with access to our IT systems; ● a cybersecurity incident response plan and Security Operations Center (“SOC”) to respond to cybersecurity incidents; and ● a third-party risk management process for service providers.
Properties The following property table summarizes certain data for our malls, Premium Outlets, The Mills, lifestyle centers and other retail properties located in the United States, including Puerto Rico, as of December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses ​ Malls ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.
Properties The following property table summarizes certain data for our malls, Premium Outlets, The Mills, lifestyle centers and other retail properties located in the United States, including Puerto Rico, as of December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses ​ Malls ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1.
Pocono Premium Outlets PA Tannersville Fee and Ground Lease (2029) (7) 100.0 % Acquired 2004 100.0 % 411,901 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Johnny Rockets, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour, Vera Bradley 49.
Pocono Premium Outlets PA Tannersville Fee and Ground Lease (2029) (7) 100.0 % Acquired 2004 100.0 % 411,849 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Johnny Rockets, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour, Vera Bradley 49.
Phoenix Premium Outlets AZ Chandler (Phoenix) Ground Lease (2077) 100.0 % Built 2013 99.8 % 356,511 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Factory Store, Guess, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, Tumi, Under Armour 46.
Phoenix Premium Outlets AZ Chandler (Phoenix) Ground Lease (2077) 100.0 % Built 2013 99.8 % 356,521 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Factory Store, Guess, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, Tumi, Under Armour 46.
Klépierre is a publicly traded, Paris-based real estate company, which owns, or has an interest in shopping centers located in 14 countries. As of December 31, 2023, we had a controlling interest in a European investee with interests in 12 Designer Outlet properties. 11 of the outlet properties are located in Europe and one outlet property is located in Canada.
Klépierre is a publicly traded, Paris-based real estate company, which owns, or has an interest in shopping centers located in 14 countries. As of December 31, 2024, we had a controlling interest in a European investee with interests in 12 Designer Outlet properties. 11 of the outlet properties are located in Europe and one outlet property is located in Canada.
Additionally, the Board has delegated to the Audit Committee the oversight and the annual disclosure of our sustainability programs in the form of an annual sustainability report. In 2023, we were once again awarded a Green Star rating (2014-2023) - the highest designation awarded for leadership in sustainability performance by the Global Real Estate Sustainability Benchmark.
Additionally, the Board has delegated to the Audit Committee the oversight and the annual disclosure of our sustainability programs in the form of an annual sustainability report. In 2024, we were once again awarded a Green Star rating (2014-2024) - the highest designation awarded for leadership in sustainability performance by the Global Real Estate Sustainability Benchmark.
Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration. (2) Annual rental revenues represent domestic 2023 consolidated and joint venture combined base rental revenue. International Properties Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements.
Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration. (2) Annual rental revenues represent domestic 2024 consolidated and joint venture combined base rental revenue. International Properties Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements.
Silver Sands Premium Outlets FL Destin Fee 50.0 % (4) Acquired 2012 91.1 % 448,412 Adidas, Banana Republic, Brooks Brothers, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Tory Burch, Under Armour, Vera Bradley 57. St. Augustine Premium Outlets FL St.
Silver Sands Premium Outlets FL Destin Fee 50.0 % (4) Acquired 2012 91.0 % 448,410 Adidas, Banana Republic, Brooks Brothers, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Tory Burch, Under Armour, Vera Bradley 57. St. Augustine Premium Outlets FL St.
The Audit Committee is composed of board members with diverse expertise including, risk management, technology, and finance, equipping them to oversee cybersecurity risks. Our Chief Financial Officer periodically provides reports to the Audit Committee, and, together with our Chief Technology Officer and Director of Cybersecurity, leads the Company’s overall cybersecurity function.
The Audit Committee is composed of board members with varied expertise including, risk management, technology, and finance, equipping them to oversee cybersecurity risks. Our Chief Financial Officer periodically provides reports to the Audit Committee, and, together with our Chief Technology Officer and Director of Cybersecurity, leads the Company’s overall cybersecurity function.
Tanger Outlets - Galveston/Houston (1) TX Texas City Fee 50.0 % (4) Built 2012 94.5 % 352,706 Banana Republic, Brooks Brothers, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Tommy Hilfiger 62.
Tanger Outlets - Galveston/Houston (1) TX Texas City Fee 50.0 % (4) Built 2012 94.9 % 352,706 Banana Republic, Brooks Brothers, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Tommy Hilfiger 62.
Through an interest rate swap agreement, Overnight SONIA is fixed at 2.14% for a portion of the balance. (36) Variable rate loan based on 1M SOFR plus an interest rate spread of 230 bps. Through an interest rate cap agreement, 1M SOFR is currently fixed at 4.00%.
Through an interest rate swap agreement, Overnight SONIA is fixed at 2.14% for a portion of the balance. (36) Variable rate loan based on 1M SOFR plus an interest rate spread of 230 bps. Through an interest rate cap agreement, 1M SOFR is currently fixed at 3.00%.
Jersey Shore Premium Outlets NJ Tinton Falls (New York) Fee 100.0 % Built 2008 99.0 % 434,644 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Vineyard Vines 28.
Jersey Shore Premium Outlets NJ Tinton Falls (New York) Fee 100.0 % Built 2008 99.8 % 434,742 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Vineyard Vines 28.
Tampa Premium Outlets FL Lutz (Tampa) Fee 100.0 % Built 2015 100.0 % 460,387 Adidas, A/X Armani Outlet, Banana Republic, BJ's Restaurant and Brewhouse, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.
Tampa Premium Outlets FL Lutz (Tampa) Fee 100.0 % Built 2015 100.0 % 460,391 Adidas, A/X Armani Outlet, Banana Republic, BJ's Restaurant and Brewhouse, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.
Denver Premium Outlets CO Thornton (Denver) Fee 100.0 % Built 2018 100.0 % 328,101 Adidas, A/X Armani Exchange, Calvin Klein, Coach, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines, Staybridge Suites (15) 14.
Denver Premium Outlets CO Thornton (Denver) Fee 100.0 % Built 2018 98.3 % 328,101 Adidas, A/X Armani Exchange, Calvin Klein, Coach, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines, Staybridge Suites (14) 14.
Desert Hills Premium Outlets CA Cabazon (Palm Springs) Fee 100.0 % Acquired 2004 99.8 % 656,108 Alexander McQueen, Armani Outlet, Balenciaga, Bottega Veneta, Brunello Cucinelli, Burberry, Coach, Fendi, Ferragamo, Gucci, Jimmy Choo, Loro Piana, Marc Jacobs, Moncler, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Prada, Saint Laurent, Saks Fifth Avenue Off 5th, Stuart Weitzman, Tory Burch, Valentino, Zegna 15.
Desert Hills Premium Outlets CA Cabazon (Palm Springs) Fee 100.0 % Acquired 2004 99.6 % 656,161 Alexander McQueen, Armani Outlet, Balenciaga, Bottega Veneta, Brunello Cucinelli, Burberry, Coach, Fendi, Ferragamo, Gucci, Jimmy Choo, Loro Piana, Marc Jacobs, Moncler, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Prada, Saint Laurent, Saks Fifth Avenue Off 5th, Stuart Weitzman, Tory Burch, Valentino, Zegna 15.
San Francisco Premium Outlets CA Livermore (San Francisco) Fee and Ground Lease (2026) (9) 100.0 % Built 2012 99.3 % 697,173 All Saints, Arc'teryx, A/X Armani Exchange, Bloomingdale's The Outlet Store, Bottega Veneta, Brunello Cucinelli, Burberry, CH Carolina Herrera, Coach, Ermenegildo Zegna, Etro, Furla, Gucci, H&M, Jimmy Choo, John Varvatos, Kate Spade New York, Lacoste, Longchamp, MaxMara, Michael Kors, Nike, Polo Ralph Lauren, Prada, Roger Vivier, Saks Fifth Avenue Off 5th, Sandro & Maje, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tod's, Tory Burch, Under Armour, Versace, Zadig et Voltaire 54.
San Francisco Premium Outlets CA Livermore (San Francisco) Fee and Ground Lease (2026) (9) 100.0 % Built 2012 100.0 % 696,917 All Saints, Arc'teryx, A/X Armani Exchange, Bloomingdale's The Outlet Store, Bottega Veneta, Brunello Cucinelli, Burberry, CH Carolina Herrera, Coach, Ermenegildo Zegna, Etro, Furla, Gucci, H&M, Jimmy Choo, John Varvatos, Kate Spade New York, Lacoste, Longchamp, MaxMara, Michael Kors, Nike, Polo Ralph Lauren, Prada, Roger Vivier, Saks Fifth Avenue Off 5th, Sandro & Maje, Salvatore Ferragamo, Stuart Weitzman, The North Face, Tod's, Tory Burch, Under Armour, Versace, Zadig et Voltaire 54.
Woodbury Common Premium Outlets NY Central Valley (New York) Fee 100.0 % Acquired 2004 99.2 % 915,673 Arc'teryx, Armani Outlet, Balenciaga, Balmain, Bottega Veneta, Breitling, Brioni, Brunello Cucinelli, Burberry, Canali, Celine, Chloe, Coach, Dior, Dolce & Gabbana, Dunhill, Fendi, Givenchy, Golden Goose, Gucci, Jimmy Choo, Lacoste, Loewe, Longchamp, Loro Piana, Marc Jacobs, Michael Kors, Moncler, Mulberry, Nike, Polo Ralph Lauren, Prada, Saint Laurent, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Santoni, Shake Shack, Stone Island, Stuart Weitzman, Theory, Tod's, Tom Ford, Tory Burch, Valentino, Versace, Zegna 69.
Woodbury Common Premium Outlets NY Central Valley (New York) Fee 100.0 % Acquired 2004 99.9 % 915,925 Arc'teryx, Armani Outlet, Balenciaga, Balmain, Bottega Veneta, Breitling, Brioni, Brunello Cucinelli, Burberry, Canali, Celine, Chloe, Coach, Dior, Dolce & Gabbana, Dunhill, Fendi, Givenchy, Golden Goose, Gucci, Jimmy Choo, Lacoste, Loewe, Longchamp, Loro Piana, Marc Jacobs, Michael Kors, Moncler, Mulberry, Nike, Polo Ralph Lauren, Prada, Saint Laurent, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Santoni, Shake Shack, Stone Island, Stuart Weitzman, Theory, Tod's, Tom Ford, Tory Burch, Valentino, Versace, Zegna 70.
Orlando International Premium Outlets FL Orlando Fee 100.0 % Acquired 2010 100.0 % 774,234 Adidas, Armani Outlet, Calvin Klein, Carhartt, Coach, Columbia Sportswear, H&M, J.Crew, Karl Lagerfeld, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, St. John, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 42.
Orlando International Premium Outlets FL Orlando Fee 100.0 % Acquired 2010 99.6 % 774,225 Adidas, Armani Outlet, Calvin Klein, Carhartt, Coach, Columbia Sportswear, H&M, J.Crew, Karl Lagerfeld, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, St. John, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 42.
Houston Premium Outlets TX Cypress (Houston) Fee 100.0 % Built 2008 100.0 % 548,311 Ann Taylor, Armani Outlet, A/X Armani Exchange, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Holiday Inn Express (15), Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch, Victoria's Secret 25.
Houston Premium Outlets TX Cypress (Houston) Fee 100.0 % Built 2008 100.0 % 548,402 Ann Taylor, Armani Outlet, A/X Armani Exchange, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Holiday Inn Express (14), Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch, Victoria's Secret 25.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses 27.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses 29.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses 55.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Larger Retailers and Uses 59.
Round Rock Premium Outlets TX Round Rock (Austin) Fee 100.0 % Built 2006 99.4 % 498,431 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Duluth Trading Company, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Embassy Suites (15), (16) 53.
Round Rock Premium Outlets TX Round Rock (Austin) Fee 100.0 % Built 2006 99.4 % 498,519 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Duluth Trading Company, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, Embassy Suites (14), (15) 53.
Camarillo Premium Outlets ​ CA ​ Camarillo (Los Angeles) ​ Fee ​ 100.0 % Acquired 2004 ​ 99.7 % 691,550 ​ Adidas, Calvin Klein, Coach, Columbia Sportswear, Giorgio Armani, H&M, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 6.
Camarillo Premium Outlets CA Camarillo (Los Angeles) Fee 100.0 % Acquired 2004 99.3 % 691,626 Adidas, Calvin Klein, Coach, Columbia Sportswear, Giorgio Armani, H&M, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 6.
Gloucester Premium Outlets NJ Blackwood (Philadelphia) Fee 66.7 % Built 2015 95.9 % 378,518 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Columbia Sportswear, Gap Outlet, Guess, Levi's, J. Crew, Loft Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour, Vera Bradley 20.
Gloucester Premium Outlets NJ Blackwood (Philadelphia) Fee 66.7 % Built 2015 95.0 % 378,514 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Columbia Sportswear, Gap Outlet, Guess, Levi's, J. Crew, Loft Outlet, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour, Vera Bradley 20.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name ​ State ​ City (CBSA) ​ Lease) (3) ​ Ownership ​ Acquired ​ Occupancy (5) ​ Total GLA ​ Selected Tenants 17.
Properties –– ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants 16.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name ​ State ​ City (CBSA) ​ Lease) (3) ​ Ownership ​ Acquired ​ Occupancy (5) ​ Total GLA ​ Selected Tenants 32.
Properties –– ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants 31.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name ​ State ​ City (CBSA) ​ Lease) (3) ​ Ownership ​ Acquired ​ Occupancy (5) ​ Total GLA ​ Selected Tenants 45.
Properties –– ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants 43.
Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name ​ State ​ City (CBSA) ​ Lease) (3) ​ Ownership ​ Acquired ​ Occupancy (5) ​ Total GLA ​ Selected Tenants 58.
Properties –– ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Interest ​ ​ ​ Year Built ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Expiration if ​ Legal ​ Or ​ ​ ​ ​ ​ ​ ​ Property Name State City (CBSA) Lease) (3) Ownership Acquired Occupancy (5) Total GLA Selected Tenants 56.
Allen Premium Outlets ​ TX ​ Allen (Dallas) ​ Fee ​ 100.0 % Acquired 2004 ​ 100.0 % 548,455 ​ Adidas, Armani Outlet, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Staybridge Suites (14), The North Face, Tommy Hilfiger, Tory Burch, Under Armour 3.
Allen Premium Outlets TX Allen (Dallas) Fee 100.0 % Acquired 2004 100.0 % 548,458 Adidas, Armani Outlet, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Staybridge Suites (13), The North Face, Tommy Hilfiger, Tory Burch, Under Armour 3.
Liberty Tree Mall MA Danvers (Boston) Fee 49.1 % (4) Acquired 1999 87.1 % 861,456 Marshalls, Target, Kohl's, Best Buy, Staples, AMC Theatres, Nordstrom Rack, Off Broadway Shoes, Sky Zone, Total Wine & More, Aldi 4.
Liberty Tree Mall MA Danvers (Boston) Fee 49.1 % (4) Acquired 1999 87.9 % 861,398 Marshalls, Target, Kohl's, Best Buy, Staples, AMC Theatres, Nordstrom Rack, Off Broadway Shoes, Sky Zone, Total Wine & More, Aldi 4.
Las Vegas South Premium Outlets NV Las Vegas Fee 100.0 % Acquired 2004 99.6 % 535,669 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 33.
Las Vegas South Premium Outlets NV Las Vegas Fee 100.0 % Acquired 2004 99.1 % 535,716 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 33.
Chicago Premium Outlets ​ IL ​ Aurora (Chicago) ​ Fee ​ 100.0 % Built 2004 ​ 99.1 % 687,048 ​ Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn Outlet, Saks Fifth Avenue Off 5th, Under Armour 10.
Chicago Premium Outlets IL Aurora (Chicago) Fee 100.0 % Built 2004 99.4 % 687,004 Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn Outlet, Saks Fifth Avenue Off 5th, Under Armour 10.
Lindeberg, Moncler ​ ​ ​ Subtotal South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,007,100 ​ ​ ​ ​ ​ MALAYSIA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18. ​ Johor Premium Outlets ​ Johor (Singapore) ​ Fee ​ 50.0 % 2011 ​ 309,400 ​ Adidas, Calvin Klein, Coach, DKNY, Furla, Gucci, Guess, Michael Kors, Nike, Polo Ralph Lauren, Prada, Puma, Salvatore Ferragamo, Timberland, Tommy Hilfiger, Tory Burch, Zegna ​ 19. ​ Genting Highlands Premium Outlets ​ Kuala Lumpur ​ Fee ​ 50.0 % 2017 ​ 277,500 ​ Adidas, Coach, Furla, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma ​ ​ ​ Subtotal Malaysia ​ ​ ​ ​ ​ ​ ​ ​ ​ 586,900 ​ ​ ​ ​ ​ THAILAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20. ​ Siam Premium Outlets Bangkok ​ Bangkok ​ Fee ​ 50.0 % 2020 ​ 264,000 ​ Adidas, Balenciage, Burberry, Calvin Klein, Coach, Furla, Kate Spade New York, Nike, Skechers, Under Armour ​ ​ ​ Subtotal Thailand ​ ​ ​ ​ ​ ​ ​ ​ ​ 264,000 ​ ​ ​ ​ ​ CANADA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21. ​ Toronto Premium Outlets ​ Toronto (Ontario) ​ Fee ​ 50.0 % 2013 ​ 504,900 ​ Adidas, Armani, Burberry, Calvin Klein, Coach, Eddie Bauer, Gap, Gucci, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue, Tommy Hilfiger, Tory Burch, Under Armour ​ 22. ​ Premium Outlets Montreal ​ Montreal (Quebec) ​ Fee ​ 50.0 % 2014 ​ 367,400 ​ Adidas, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour ​ 23. ​ Premium Outlet Collection Edmonton International Airport ​ Edmonton (Alberta) ​ Ground Lease (2072) ​ 50.0 % 2018 ​ 422,500 ​ Adidas, Calvin Klein, Coach, Gap Factory, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,294,800 ​ ​ ​ ​ ​ TOTAL INTERNATIONAL PREMIUM OUTLETS ​ ​ ​ ​ ​ ​ ​ 8,670,600 ​ ​ ​ ​ ​ 45 Table of Contents Simon Property Group, Inc.
Lindeberg, Moncler ​ ​ ​ Subtotal South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,191,100 ​ ​ ​ ​ ​ MALAYSIA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18. ​ Johor Premium Outlets ​ Johor (Singapore) ​ Fee ​ 50.0 % 2011 ​ 309,400 ​ Adidas, Calvin Klein, Coach, DKNY, Furla, Gucci, Guess, Michael Kors, Nike, Polo Ralph Lauren, Prada, Puma, Salvatore Ferragamo, Timberland, Tommy Hilfiger, Tory Burch, Zegna ​ 19. ​ Genting Highlands Premium Outlets ​ Kuala Lumpur ​ Fee ​ 50.0 % 2017 ​ 277,500 ​ Adidas, Coach, Furla, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma ​ ​ ​ Subtotal Malaysia ​ ​ ​ ​ ​ ​ ​ ​ ​ 586,900 ​ ​ ​ ​ ​ THAILAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20. ​ Siam Premium Outlets Bangkok ​ Bangkok ​ Fee ​ 50.0 % 2020 ​ 264,000 ​ Adidas, Balenciage, Burberry, Calvin Klein, Coach, Furla, Kate Spade New York, Nike, Skechers, Under Armour ​ ​ ​ Subtotal Thailand ​ ​ ​ ​ ​ ​ ​ ​ ​ 264,000 ​ ​ ​ ​ ​ CANADA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21. ​ Toronto Premium Outlets ​ Toronto (Ontario) ​ Fee ​ 50.0 % 2013 ​ 504,900 ​ Adidas, Armani, Burberry, Calvin Klein, Coach, Eddie Bauer, Gap, Gucci, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue, Tommy Hilfiger, Tory Burch, Under Armour ​ 22. ​ Premium Outlets Montreal ​ Montreal (Quebec) ​ Fee ​ 50.0 % 2014 ​ 367,400 ​ Adidas, Calvin Klein, Coach, Gap, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour ​ 23. ​ Premium Outlet Collection Edmonton International Airport ​ Edmonton (Alberta) ​ Ground Lease (2072) ​ 50.0 % 2018 ​ 421,900 ​ Adidas, Calvin Klein, Coach, Gap Factory, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour ​ ​ ​ Subtotal Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,294,200 ​ ​ ​ ​ ​ TOTAL INTERNATIONAL PREMIUM OUTLETS ​ ​ ​ ​ ​ ​ ​ 8,854,000 ​ ​ ​ ​ ​ 46 Table of Contents Simon Property Group, Inc.
Birch Run Premium Outlets ​ MI ​ Birch Run (Detroit) ​ Fee ​ 100.0 % Acquired 2010 ​ 98.0 % 593,316 ​ Adidas, Calvin Klein, Coach, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn/Williams-Sonoma Outlet, Tommy Hilfiger, The North Face, Under Armour 5.
Birch Run Premium Outlets MI Birch Run (Detroit) Fee 100.0 % Acquired 2010 96.5 % 593,452 Adidas, Calvin Klein, Coach, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn/Williams-Sonoma Outlet, Tommy Hilfiger, The North Face, Under Armour 5.
Jackson Premium Outlets NJ Jackson (New York) Fee 100.0 % Acquired 2004 92.1 % 285,595 Adidas, American Eagle Outfitters, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Loft Outlet, Kate Spade New York, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 27.
Jackson Premium Outlets NJ Jackson (New York) Fee 100.0 % Acquired 2004 95.1 % 285,603 Adidas, American Eagle Outfitters, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Loft Outlet, Kate Spade New York, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 27.
ABQ Uptown NM Albuquerque Fee 100.0 % Acquired 2011 96.2 % 228,751 Anthropologie, Apple, Pottery Barn 2. Hamilton Town Center IN Noblesville (Indianapolis) Fee 50.0 % (4) Built 2008 100 % 675,606 JCPenney, Dick's Sporting Goods, DSW, Emagine Noblesville, Total Wine & More, BJ's Wholesale, Big Blue Swim School, Ross Dress for Less, Nordstrom Rack (6) 3.
ABQ Uptown NM Albuquerque Fee 100.0 % Acquired 2011 96.6 % 228,827 Anthropologie, Apple, Pottery Barn 2. Hamilton Town Center IN Noblesville (Indianapolis) Fee 50.0 % (4) Built 2008 98.2 % 675,615 JCPenney, Dick's Sporting Goods, DSW, Emagine Noblesville, Total Wine & More, BJ's Wholesale, Big Blue Swim School, Ross Dress for Less, Nordstrom Rack 3.
Pismo Beach Premium Outlets CA Pismo Beach Fee 100.0 % Acquired 2010 100.0 % 147,603 Calvin Klein, Coach, Guess, Kate Spade New York, Levi's, Nike, Polo Ralph Lauren, Skechers, Tommy Hilfiger 47.
Pismo Beach Premium Outlets CA Pismo Beach Fee 100.0 % Acquired 2010 100.0 % 147,603 Calvin Klein, Coach, Guess, Kate Spade New York, Levi's, Nike, Polo Ralph Lauren, Skechers, The North Face, Tommy Hilfiger 47.
Clinton Premium Outlets CT Clinton Fee 100.0 % Acquired 2004 99.6 % 276,225 Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour 13.
Clinton Premium Outlets CT Clinton Fee 100.0 % Acquired 2004 100.0 % 276,287 Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour 13.
Norfolk Premium Outlets VA Norfolk Fee 65.0 % (4) Built 2017 94.0 % 332,284 A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 39.
Norfolk Premium Outlets VA Norfolk Fee 65.0 % (4) Built 2017 95.2 % 332,288 A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, H&M, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Puma, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 39.
The ten Japanese Premium Outlets operate in various cities throughout Japan and comprise over 3.9 million square feet of GLA and were 99.7% leased as of December 31, 2023.
The ten Japanese Premium Outlets operate in various cities throughout Japan and comprise over 3.9 million square feet of GLA and were 99.3% leased as of December 31, 2024.
Cincinnati Premium Outlets ​ OH ​ Monroe (Cincinnati) ​ Fee ​ 100.0 % Built 2009 ​ 98.3 % 398,986 ​ Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 11.
Cincinnati Premium Outlets OH Monroe (Cincinnati) Fee 100.0 % Built 2009 99.0 % 398,922 Adidas, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 11.
(15) Credit Facilities. As of December 31, 2023, the Credit Facilities bear interest at a SOFR index subject to a 10 bps adjustment plus 72.5 bps credit spread. The credit facilities provide for different pricing based upon our investment grade rating. Through an interest rate swap agreement, the SOFR index is currently fixed at 4.394%.
As of December 31, 2024, the Credit Facilities bear interest at a SOFR index subject to a 10 bps adjustment plus 72.5 bps credit spread. The credit facilities provide for different pricing based upon our investment grade rating. Through an interest rate swap agreement, the SOFR index is currently fixed at 4.335%.
The CSIRT is responsible for assessing and managing our material risks from cybersecurity threats. They have primary responsibility for leading our overall cybersecurity risk management program and supervise both our internal cybersecurity personnel and our external cybersecurity service providers. Item 2.
The CSIRT is responsible for assessing and managing our material risks from cybersecurity threats. They have primary responsibility for leading our overall cybersecurity risk management program and supervise both our internal cybersecurity personnel and our external cybersecurity service providers. 27 Table of Contents Item 2.
Properties United States Properties Our U.S. properties primarily consist of malls, Premium Outlets, The Mills, lifestyle centers and other retail properties. These properties contain an aggregate of approximately 171.8 million square feet of gross leasable area, or GLA.
Properties United States Properties Our U.S. properties primarily consist of malls, Premium Outlets, The Mills, lifestyle centers and other retail properties. These properties contain an aggregate of approximately 170.7 million square feet of gross leasable area, or GLA.
Lee Premium Outlets MA Lee Fee 100.0 % Acquired 2010 93.0 % 224,753 Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour 34.
Lee Premium Outlets MA Lee Fee 100.0 % Acquired 2010 87.9 % 224,721 Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, Polo Ralph Lauren, Skechers, Tommy Hilfiger, Under Armour 34.
(18) GLA includes office space. ​ ​ 41 Table of Contents United States Lease Expirations The following table summarizes lease expiration data for our U.S. malls and Premium Outlets, including Puerto Rico, as of December 31, 2023. The data presented does not consider the impact of renewal options that may be contained in leases and excludes data related to TRG.
(17) GLA includes office space. ​ ​ 42 Table of Contents United States Lease Expirations The following table summarizes lease expiration data for our U.S. malls and Premium Outlets, including Puerto Rico, as of December 31, 2024. The data presented does not consider the impact of renewal options that may be contained in leases and excludes data related to TRG.
Napa Premium Outlets CA Napa Fee 100.0 % Acquired 2004 92.8 % 178,899 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger 38.
Napa Premium Outlets CA Napa Fee 100.0 % Acquired 2004 100.0 % 178,908 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger 38.
Arundel Mills MD Hanover (Baltimore) Fee 59.3 % (4) Acquired 2007 100.0 % 1,950,996 Bass Pro Shops Outdoor World, Burlington, Dave & Buster's, Medieval Times, Saks Fifth Avenue Off 5th, Off Broadway Shoe Warehouse, T.J. Maxx, Cinemark Egyptian 24 Theatres, Live! Casino Hotel, Forever 21, Ulta, Sun & Ski, Primark 3.
Arundel Mills MD Hanover (Baltimore) Fee 59.3 % (4) Acquired 2007 100.0 % 1,955,405 Bass Pro Shops Outdoor World, Burlington, Dave & Buster's, Medieval Times, Saks Fifth Avenue Off 5th, Off Broadway Shoe Warehouse, T.J. Maxx, Cinemark Egyptian 24 Theatres, Live! Casino Hotel, Ulta, Sun & Ski, Primark 3.
Charlotte Premium Outlets ​ NC ​ Charlotte ​ Fee ​ 50.0 % (4) Built 2014 ​ 99.1 % 398,656 ​ Adidas, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour 9.
Charlotte Premium Outlets NC Charlotte Fee 50.0 % (4) Built 2014 98.9 % 398,384 Adidas, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour 9.
North Bend Premium Outlets WA North Bend (Seattle) Fee 100.0 % Acquired 2004 84.9 % 189,132 Banana Republic, Coach, Gap Outlet, Levi's, Kate Spade New York, Michael Kors, Nike, Skechers, Under Armour 40.
North Bend Premium Outlets WA North Bend (Seattle) Fee 100.0 % Acquired 2004 82.4 % 189,132 Banana Republic, Coach, Gap Outlet, Levi's, Kate Spade New York, Michael Kors, Nike, Skechers, Under Armour 40.
Vacaville Premium Outlets CA Vacaville Fee 100.0 % Acquired 2004 95.9 % 447,309 Adidas, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Skechers, The North Face, Tommy Hilfiger, Under Armour, West Elm Outlet 65.
Vacaville Premium Outlets CA Vacaville Fee 100.0 % Acquired 2004 95.9 % 445,002 Adidas, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Skechers, The North Face, Tommy Hilfiger, Under Armour, West Elm Outlet 66.
Property Table International Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City Ownership SPG Effective Year Built Total Gross ​ ​ ​ COUNTRY/Property Name ​ (Metropolitan area) ​ Interest ​ Ownership ​ or Acquired ​ Leasable Area (1) ​ Selected Tenants ​ ​ International Taubman ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ China ​ ​ ​ ​ ​ 1. ​ CityOn.Xian Xi'an ​ Ground Lease (2051) ​ 20.0 % Acquired 2020 ​ 995,000 ​ Wangfujing 2. ​ CityOn.Zhengzhou Zhengzhou ​ Ground Lease (2051) ​ 19.6 % Acquired 2020 ​ 919,000 ​ G-Super, Wangfujing ​ ​ Subtotal China ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,914,000 ​ ​ ​ ​ South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3. ​ Starfield Anseong Anseong ​ Fee ​ 39.2 % Acquired 2020 ​ 1,068,000 ​ Shinsegae, E-Mart Traders 4. ​ Starfield Hanam Hanam ​ Fee ​ 13.7 % Acquired 2020 ​ 1,709,000 ​ Shinsegae, E-Mart Traders ​ ​ Subtotal South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,777,000 ​ ​ ​ ​ Total International Taubman ​ ​ ​ ​ ​ ​ ​ 4,691,000 ​ ​ FOOTNOTES: (1) All gross leasable area listed in square feet.
Property Table International Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ City Ownership SPG Effective Year Built Total Gross ​ ​ ​ COUNTRY/Property Name ​ (Metropolitan area) ​ Interest ​ Ownership ​ or Acquired ​ Leasable Area (1) ​ Selected Tenants ​ ​ International Taubman ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ China ​ ​ ​ ​ ​ 1. ​ CityOn.Xian Xi'an ​ Ground Lease (2051) ​ 22.0 % Acquired 2020 ​ 995,000 ​ Wangfujing 2. ​ CityOn.Zhengzhou Zhengzhou ​ Ground Lease (2051) ​ 21.6 % Acquired 2020 ​ 919,000 ​ G-Super, Wangfujing ​ ​ Subtotal China ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,914,000 ​ ​ ​ ​ South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3. ​ Starfield Anseong Anseong ​ Fee ​ 43.1 % Acquired 2020 ​ 1,068,000 ​ Shinsegae, E-Mart Traders 4. ​ Starfield Hanam Hanam ​ Fee ​ 15.1 % Acquired 2020 ​ 1,709,000 ​ Shinsegae, E-Mart Traders ​ ​ Subtotal South Korea ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,777,000 ​ ​ ​ ​ Total International Taubman ​ ​ ​ ​ ​ ​ ​ 4,691,000 ​ ​ FOOTNOTES: (1) All gross leasable area listed in square feet.
Merrimack Premium Outlets NH Merrimack Fee 100.0 % Built 2012 99.7 % 408,849 Ann Taylor, Banana Republic, Barbour, Bloomingdale's The Outlet Store, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines 37.
Merrimack Premium Outlets NH Merrimack Fee 100.0 % Built 2012 100.0 % 408,843 Ann Taylor, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch, Under Armour, Vera Bradley, Vineyard Vines 37.
Queenstown Premium Outlets MD Queenstown (Baltimore) Fee 100.0 % Acquired 2010 89.4 % 289,748 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, Tommy Bahama, Under Armour 51.
Queenstown Premium Outlets MD Queenstown (Baltimore) Fee 100.0 % Acquired 2010 93.9 % 289,497 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, Tommy Bahama, Under Armour 51.
Del Amo Fashion Center CA Torrance (Los Angeles) Fee 50.0 % (4) Acquired 2007 94.3 % 2,506,375 Nordstrom, Macy's (8), JCPenney, Marshalls, Barnes & Noble, JoAnn Fabrics, AMC Theatres, Dick's Sporting Goods, Dave & Buster's, Mitsuwa Marketplace 23.
Del Amo Fashion Center CA Torrance (Los Angeles) Fee 50.0 % (4) Acquired 2007 96.2 % 2,506,531 Nordstrom, Macy's (8), JCPenney, Marshalls, Barnes & Noble, JoAnn Fabrics, AMC Theatres, Dick's Sporting Goods, Dave & Buster's, Mitsuwa Marketplace 23.
(2) Property is undergoing an expansion. ​ ​ ​ 47 Table of Contents Land We have direct or indirect ownership interests in approximately 70 acres of land held in the United States and Canada for future development. Sustainability Simon has integrated sustainability initiatives into our business operations: how we plan, develop, and operate our properties.
(2) Property completed an expansion in 2024. ​ ​ ​ 48 Table of Contents Land We have direct or indirect ownership interests in approximately 70 acres of land held in the United States and Canada for future development. Sustainability Simon has integrated sustainability initiatives into our business operations: how we plan, develop, and operate our properties.
Leesburg Premium Outlets VA Leesburg (Washington, DC) Fee 100.0 % Acquired 2004 99.1 % 478,218 Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Brooks Brothers, Burberry, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, RH Outlet (13), Salvatore Ferragamo, Tory Burch, Under Armour, Vineyard Vines, Williams-Sonoma 35.
Leesburg Premium Outlets VA Leesburg (Washington, DC) Fee 100.0 % Acquired 2004 99.4 % 478,415 Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Brooks Brothers, Burberry, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn Outlet, Salvatore Ferragamo, Tory Burch, Under Armour, Vineyard Vines, Williams-Sonoma 35.
North Georgia Premium Outlets GA Dawsonville (Atlanta) Fee 100.0 % Acquired 2004 96.9 % 540,672 Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn, The North Face, Tommy Hilfiger, Tory Burch, West Elm, Williams-Sonoma 41.
North Georgia Premium Outlets GA Dawsonville (Atlanta) Fee 100.0 % Acquired 2004 95.6 % 537,610 Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Pottery Barn, The North Face, Tommy Hilfiger, Tory Burch, West Elm, Williams-Sonoma 41.
Tucson Premium Outlets AZ Marana (Tucson) Fee 100.0 % Built 2015 86.0 % 367,200 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Johnny Rockets, Levi’s, Michael Kors, Nike, Polo Ralph Lauren, Saks 5th Avenue Off 5th, Skechers, Tommy Hilfiger, Under Armour 63.
Tucson Premium Outlets AZ Marana (Tucson) Fee 100.0 % Built 2015 94.0 % 367,201 Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Levi’s, Michael Kors, Nike, Polo Ralph Lauren, Saks 5th Avenue Off 5th, Skechers, Tommy Hilfiger, Under Armour 63.
Hagerstown Premium Outlets MD Hagerstown (Baltimore/Washington, DC) Fee 100.0 % Acquired 2010 67.9 % 485,646 Adidas, American Eagle Outfitters, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Loft Outlet, The North Face, Under Armour 24.
Hagerstown Premium Outlets MD Hagerstown (Baltimore/Washington, DC) Fee 100.0 % Acquired 2010 73.5 % 485,714 Adidas, American Eagle Outfitters, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kate Spade New York, Loft Outlet, The North Face, Under Armour 24.
Indiana Premium Outlets IN Edinburgh (Indianapolis) Fee 100.0 % Acquired 2004 99.2 % 378,015 Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 26.
Indiana Premium Outlets IN Edinburgh (Indianapolis) Fee 100.0 % Acquired 2004 97.5 % 378,523 Adidas, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 26.
Waikele Premium Outlets HI Waipahu (Honolulu) Fee 100.0 % Acquired 2004 96.4 % 219,375 Adidas, Armani Outlet, Calvin Klein, Coach, Furla, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Swarovski, Tommy Hilfiger, Tory Burch 66.
Waikele Premium Outlets HI Waipahu (Honolulu) Fee 100.0 % Acquired 2004 100.0 % 219,387 Adidas, Armani Outlet, Calvin Klein, Coach, Furla, Kate Spade New York, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Swarovski, Tommy Hilfiger, Tory Burch 67.
Crew, Kate Spade New York, Lucky Brand, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, Saks 5th Avenue Off 5th, Tommy Hilfiger, Tumi, Under Armour 60. Tanger Outlets - Columbus (1) OH Sunbury (Columbus) Fee 50.0 % (4) Built 2016 98.6 % 355,282 Banana Republic, Brooks Brothers, Coach, Kate Spade New York, Nike, Polo Ralph Lauren, Under Armour 61.
Crew, Kate Spade New York, Lucky Brand, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, Saks 5th Avenue Off 5th, Tommy Hilfiger, Tumi, Under Armour 60. Tanger Outlets - Columbus (1) OH Sunbury (Columbus) Fee 50.0 % (4) Built 2016 100.0 % 354,778 Banana Republic, Brooks Brothers, Coach, Kate Spade New York, Nike, Polo Ralph Lauren, Under Armour 61.
Katy Mills TX Katy (Houston) Fee 62.5 % (4) (2) Acquired 2007 99.8 % 1,681,020 Bass Pro Shops Outdoor World, Books-A-Million, Burlington, Marshalls, Saks Fifth Avenue Off 5th, Sun & Ski Sports, AMC Theatres, Tilt, Ross, H&M, RH Outlet, Rainforest Café, Slick City (6) 9.
Katy Mills TX Katy (Houston) Fee 62.5 % (4) (2) Acquired 2007 99.7 % 1,681,552 Bass Pro Shops Outdoor World, Books-A-Million, Burlington, Marshalls, Saks Fifth Avenue Off 5th, Sun & Ski Sports, AMC Theatres, Tilt, Ross, H&M, Primark (6), Rainforest Café, Slick City 9.
Gulfport Premium Outlets MS Gulfport Ground Lease (2059) 100.0 % Acquired 2010 94.4 % 300,213 Banana Republic, Chico's, Coach, Gap Outlet, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 23.
Gulfport Premium Outlets MS Gulfport Ground Lease (2059) 100.0 % Acquired 2010 93.7 % 300,202 Banana Republic, Chico's, Coach, Gap Outlet, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour 23.
Petaluma Village Premium Outlets CA Petaluma (San Francisco) Fee 100.0 % Acquired 2004 92.2 % 201,656 Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger 44.
Petaluma Village Premium Outlets CA Petaluma (San Francisco) Fee 100.0 % Acquired 2004 96.9 % 201,580 Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger 44.
(39) Variable rate loan based on CDOR plus an interest rate spread of 185 bps. Through an interest rate swap agreements, CDOR is currently fixed at rates ranging from 3.66% to 3.99% for a portion of the balance. (40) Variable rate loan based on 1M SOFR plus an interest rate spread of 300 bps.
(39) Variable rate loan based on one-month CAD-CORRA plus an interest rate spread of 215 bps. Through interest rate swap agreements, CDOR is currently fixed at rates ranging from 3.66% to 3.99% for a portion of the balance. (40) Variable rate loan based on 1M SOFR plus an interest rate spread of 300 bps.
Wrentham Village Premium Outlets MA Wrentham (Boston) Fee 100.0 % Acquired 2004 98.5 % 672,939 Adidas, All Saints, Armani Outlet, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Burberry, Calvin Klein, Coach, David Yurman, Gucci, Karl Lagerfeld, Kate Spade New York, Lacoste, Lululemon, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Puma, RH Outlet (13), Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines ​ Total U.S.
Wrentham Village Premium Outlets MA Wrentham (Boston) Fee 100.0 % Acquired 2004 98.1 % 672,966 Adidas, All Saints, Armani Outlet, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Burberry, Calvin Klein, Coach, Ferragamo, Gucci, Karl Lagerfeld, Kate Spade New York, Lacoste, Lululemon, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Potterty Barn Outlet, Puma, Saks Fifth Avenue Off 5th, Theory, Tommy Hilfiger, Tory Burch, Under Armour, Vineyard Vines ​ Total U.S.
Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL) Fee 100.0 % Acquired 2004 88.2 % 454,790 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Guess, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 36.
Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL) Fee 100.0 % Acquired 2004 85.9 % 451,328 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Guess, H&M, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 36.
Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/Milwaukee) Fee 100.0 % Acquired 2010 94.1 % 402,524 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Kate Spade New York, J.Crew, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 48.
Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/ Milwaukee) Fee 100.0 % Acquired 2010 96.4 % 400,124 Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Kate Spade New York, J.Crew, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Tory Burch, Under Armour 48.
Clarksburg Premium Outlets ​ MD ​ Clarksburg (Washington, DC) ​ Fee ​ 66.0 % (4) Built 2016 ​ 93.8 % 389,983 ​ Armani Outlet, A/X Armani Exchange, Adidas, Calvin Klein, Coach, Columbia Sportswear, Express, Kate Spade New York, Lafayette 148 New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tommy Hilfiger, Tory Burch, Under Armour, Vince 12.
Clarksburg Premium Outlets MD Clarksburg (Washington, DC) Fee 66.0 % (4) Built 2016 96.2 % 379,470 Armani Outlet, A/X Armani Exchange, Adidas, Calvin Klein, Coach, Columbia Sportswear, Kate Spade New York, Lafayette 148 New York, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tommy Hilfiger, Tory Burch, Under Armour, Vince 12.
Gurnee Mills IL Gurnee (Chicago) Fee 100.0 % Acquired 2007 92.2 % 1,863,441 Bass Pro Shops Outdoor World, Burlington, Kohl's, Marshalls Home Goods, Marcus Cinemas, Value City Furniture, Off Broadway Shoe Warehouse, Macy's, Floor & Decor, Dick's Sporting Goods, Rainforest Café, The Room Place, 2nd & Charles, Hobby Lobby, Round 1 (6) 8.
Gurnee Mills IL Gurnee (Chicago) Fee 100.0 % Acquired 2007 98.6 % 1,867,014 Bass Pro Shops Outdoor World, Burlington, Kohl's, Marshalls Home Goods, Marcus Cinemas, Value City Furniture, Off Broadway Shoe Warehouse, Macy's, Floor & Decor, Dick's Sporting Goods, Rainforest Café, The Room Place, 2nd & Charles, Hobby Lobby, Round 1, Primark (6) 8.
Williamsburg Premium Outlets VA Williamsburg Fee 100.0 % Acquired 2010 93.8 % 518,964 Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, New Balance, Nike, Pandora, Polo Ralph Lauren, Puma, The North Face, Timberland, Tommy Bahama, Tommy Hilfiger, Under Armour, Vera Bradley, Vineyard Vines 67.
Williamsburg Premium Outlets VA Williamsburg Fee 100.0 % Acquired 2010 94.4 % 513,303 Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Levi's, Loft Outlet, Michael Kors, New Balance, Nike, Pandora, Polo Ralph Lauren, Puma, The North Face, Timberland, Tommy Bahama, Tommy Hilfiger, Under Armour, Vera Bradley, Vineyard Vines 68.
We own an 84% noncontrolling interest in TRG, which has an interest in 20 regional, super-regional, and outlet malls in the U.S. Our effective ownership in these properties, through our investment in TRG, ranges from 40.7% to 84%. ​ ​ 28 Table of Contents Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S.
We own an 88% noncontrolling interest in TRG, which has an interest in 22 regional, super-regional, and outlet malls in the U.S. Our effective ownership in these properties, through our investment in TRG, ranges from 44% to 88%. ​ ​ 28 Table of Contents Simon Property Group, Inc. Simon Property Group, L.P. Property Table U.S.
Grove City Premium Outlets PA Grove City (Pittsburgh) Fee 100.0 % Acquired 2010 86.3 % 531,156 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Guess (13), J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 22.
Grove City Premium Outlets PA Grove City (Pittsburgh) Fee 100.0 % Acquired 2010 90.7 % 531,033 Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour 22.

… 155 more changes not shown on this page.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

11 edited+1 added−2 removed3 unchanged
Biggest changeIssuer Purchases of Equity Securities During the quarter ended December 31, 2023, the Operating Partnership redeemed 18,919 units from four limited partners for $2.6 million in cash.
Biggest changeThe issuance of the units was exempt from registration pursuant to Section 4(a)2 of the Securities Act of 1933, as amended. Issuer Purchases of Equity Securities During the quarter ended December 31, 2024, the Operating Partnership redeemed 8,000 units from three limited partners for $1.4 million in cash.
Unregistered Sales of Equity Securities There were no unregistered sales of equity securities made by Simon during the quarter ended December 31, 2023. Issuances Under Equity Compensation Plans For information regarding the securities authorized for issuance under our equity compensation plans, see Item 12 of this Annual Report on Form 10-K.
Unregistered Sales of Equity Securities There were no unregistered sales of equity securities made by Simon during the quarter ended December 31, 2024. Issuances Under Equity Compensation Plans For information regarding the securities authorized for issuance under our equity compensation plans, see Item 12 of this Annual Report on Form 10-K.
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 distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the distributions that may be required to maintain Simon's status as a REIT.
Future distributions will be determined by Simon’s Board of 58 Table of Contents Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the distributions that may be required to maintain Simon's status as a REIT.
Distributions The Operating Partnership makes distributions on its units in amounts sufficient to maintain Simon's qualification as a REIT. Simon is required each year to distribute to its stockholders at least 90% of its REIT taxable income after certain adjustments.
Distributions The Operating Partnership makes distributions on its units in amounts sufficient to permit Simon to pay dividends required to maintain Simon's qualification as a REIT. Simon is required each year to distribute to its stockholders at least 90% of its REIT taxable income after certain adjustments.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Simon Market Information Simon’s common stock trades on the New York Stock Exchange under the symbol “SPG”. Holders The number of holders of record of common stock outstanding was 1,080 as of January 31, 2024.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Simon Market Information Simon’s common stock trades on the New York Stock Exchange under the symbol “SPG”. Holders The number of holders of record of common stock outstanding was 1,023 as of January 31, 2025.
As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon. 57 Table of Contents The Operating Partnership Market Information There is no established trading market for units or preferred units. Holders The number of holders of record of units was 230 as of January 31, 2024.
As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon. The Operating Partnership Market Information There is no established trading market for units or preferred units. Holders The number of holders of record of units was 234 as of January 31, 2025.
Dividends We must pay a minimum amount of dividends to maintain Simon’s status as a REIT.
Dividends Simon must pay a minimum amount of dividends to maintain its status as a REIT.
Common stock cash dividends paid during 2023 aggregated $7.45 per share. Common stock cash dividends during 2022 aggregated $6.90 per share. On February 5, 2024, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2024 of $1.95 per share, payable on March 29, 2024 to shareholders of record on March 8, 2024.
Common stock cash dividends paid during 2024 aggregated $8.10 per share. Common stock cash dividends during 2023 aggregated $7.45 per share. On February 4, 2025, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2025 of $2.10 per share, payable on March 31, 2025 to shareholders of record on March 10, 2025.
Distributions during 2023 aggregated $7.45 per unit. Distributions during 2022 aggregated $6.90 per unit. On February 5, 2024, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2024 of $1.95 per share, payable on March 29, 2024 to shareholders of record on March 8, 2024.
Distributions during 2024 aggregated $8.10 per unit. Distributions during 2023 aggregated $7.45 per unit. On February 4, 2025, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2025 of $2.10 per share, payable on March 31, 2025 to shareholders of record on March 10, 2025.
On February 8, 2024, Simon’s Board of Directors authorized a new common stock repurchase program which replaces the existing Repurchase Program immediately, where the Company may purchase up to $2.0 billion of its common stock over the next 24 months.
On February 8, 2024, Simon’s Board of Directors authorized a new common stock repurchase program which replaced the prior repurchase program immediately, where the Company may purchase up to $2.0 billion of its common stock over the next 24 months. As of December 31, 2024, no shares had been purchased under the plan.
The distribution rate on the Operating Partnership’s units is equal to the dividend rate on Simon’s common stock. Unregistered Sales of Equity Securities There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended December 31, 2023.
The distribution rate on the Operating Partnership’s units is equal to the dividend rate on Simon’s common stock. Unregistered Sales of Equity Securities During the quarter ended December 31, 2024, we issued 1,572,500 units in the Operating Partnership to acquire an additional 4% ownership in TRG.
Removed
Issuer Purchases of Equity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total number ​ Approximate ​ ​ ​ ​ ​ ​ ​ of shares ​ value of shares ​ ​ ​ ​ ​ ​ purchased as ​ that may yet ​ Total number ​ Average ​ part of publicly ​ be purchased ​ ​ of shares ​ price paid ​ announced ​ under Period purchased per share plans plans (1) October 1, 2023 - October 31, 2023 316,368 ​ $ 108.32 ​ 316,368 ​ $ 1,679,728,717 November 1, 2023 - November 30, 2023 — ​ $ — ​ — ​ $ 1,679,728,717 December 1, 2023 - December 31, 2023 5,738 ​ $ 123.46 ​ 5,738 ​ $ 1,679,020,324 ​ 322,106 ​ $ 108.59 ​ 322,106 ​ ​ ​ (1) On May 9, 2022, Simon’s Board of Directors authorized a common stock repurchase plan commencing on May 16, 2022, or the Repurchase Program.
Added
Issuer Purchases of Equity Securities There were no purchases of equity securities made by Simon or any affiliated purchaser during the quarter ended December 31, 2024.
Removed
Under the program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending May 16, 2024 in open market or privately negotiated transactions, at prices that the Company deems appropriate and subject to market conditions, applicable law, and other factors deemed relevant in the Company’s sole discretion.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

111 edited+35 added−27 removed73 unchanged
Biggest changeUnrealized losses in fair value of publicly traded equity instruments, net, included in FFO relate to mark-to-market adjustments of non-retail real estate. 75 Table of Contents The following schedule reconciles consolidated net income to our beneficial share of NOI. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ​ ​ Ended December 31, ​ 2023 2022 ​ ​ (in thousands) Reconciliation of NOI of consolidated entities: ​ ​ ​ ​ Consolidated Net Income ​ $ 2,617,018 ​ $ 2,452,385 Income and other tax expense ​ 81,874 ​ 83,512 Gain on disposal, exchange, or revaluation of equity interests, net ​ ​ (362,019) ​ ​ (121,177) Interest expense ​ 854,648 ​ 761,253 Income from unconsolidated entities ​ (375,663) ​ (647,977) Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net ​ (11,892) ​ 61,204 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 3,056 ​ (5,647) Operating Income Before Other Items ​ 2,807,022 ​ 2,583,553 Depreciation and amortization ​ 1,262,107 ​ 1,227,371 Home and regional office costs ​ ​ 207,618 ​ ​ 184,592 General and administrative ​ ​ 38,513 ​ ​ 34,971 Other expenses (1) ​ ​ 320 ​ ​ 13,413 NOI of consolidated entities ​ $ 4,315,580 ​ $ 4,043,900 Less: Noncontrolling interest partners share of NOI ​ ​ (30,918) ​ ​ (27,685) Beneficial NOI of consolidated entities ​ $ 4,284,662 ​ $ 4,016,215 Reconciliation of NOI of unconsolidated entities: ​ ​ ​ ​ ​ ​ Net Income ​ $ 853,986 ​ $ 807,435 Interest expense ​ 685,193 ​ 599,245 Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net ​ (20,529) ​ (50,336) Operating Income Before Other Items ​ 1,518,650 ​ 1,356,344 Depreciation and amortization ​ 656,089 ​ 666,762 Other expenses (1) ​ ​ 143 ​ ​ 1,309 NOI of unconsolidated entities ​ $ 2,174,882 ​ $ 2,024,415 Less: Joint Venture partners share of NOI ​ ​ (1,132,334) ​ ​ (1,059,095) Beneficial NOI of unconsolidated entities ​ $ 1,042,548 ​ $ 965,320 Add: Beneficial interest of NOI from TRG ​ ​ 503,858 ​ ​ 474,214 Add: Beneficial interest of NOI from Other Platform Investments and Investments ​ ​ 399,341 ​ ​ 604,750 Beneficial interest of Combined NOI ​ $ 6,230,409 ​ $ 6,060,499 Less: Beneficial interest of Corporate and Other NOI Sources (2) ​ 287,231 ​ 154,309 Less: Beneficial interest of NOI from Other Platform Investments (3) ​ ​ 138,686 ​ ​ 355,019 Less: Beneficial interest of NOI from Investments (4) ​ ​ 233,562 ​ ​ 238,695 Beneficial interest of Portfolio NOI ​ $ 5,570,930 ​ $ 5,312,476 Beneficial interest of Portfolio NOI Change ​ ​ 4.9 % ​ ​ (1) Represents the write-off of pre-development costs, our beneficial interest of which was $0.3 million and $11.4 million with respect to consolidated entities and $0.1 million and $0.4 million with respect to our share of unconsolidated entities, for the year ended December 31, 2023 and 2022, respectively.
Biggest changeYou should understand that our computations of these non-GAAP measures might not be comparable to similar measures reported by other REITs and that these non-GAAP measures: ● do not represent cash flow from operations as defined by GAAP, ● should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and ● are not an alternative to cash flows as a measure of liquidity. 76 Table of Contents The following schedule reconciles total FFO and real estate FFO to consolidated net income and, for Simon, diluted net income per share to diluted FFO per share and real estate FFO per share. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 ​ ​ ​ (in thousands) Consolidated Net Income ​ ​ $ 2,729,021 ​ $ 2,617,018 ​ $ 2,452,385 Adjustments to Arrive at FFO: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization from consolidated properties ​ ​ 1,250,440 ​ 1,250,550 ​ 1,214,441 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments ​ ​ 848,188 ​ 841,862 ​ 845,784 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ 75,818 ​ 3,056 ​ (5,647) Net loss (income) attributable to noncontrolling interest holders in properties ​ ​ 1,641 ​ 1,336 ​ (2,738) Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and gain on disposal of properties ​ ​ (23,367) ​ (22,719) ​ (18,234) Preferred distributions and dividends ​ ​ (4,897) ​ (5,237) ​ (5,252) FFO of the Operating Partnership ​ ​ $ 4,876,844 ​ $ 4,685,866 ​ $ 4,480,739 FFO allocable to limited partners ​ ​ ​ 640,886 ​ ​ 597,727 ​ ​ 564,946 Dilutive FFO allocable to common stockholders ​ ​ $ 4,235,958 ​ $ 4,088,139 ​ $ 3,915,793 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FFO of the Operating Partnership ​ ​ ​ 4,876,844 ​ ​ 4,685,866 ​ ​ 4,480,739 Gain due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ ​ (386,417) ​ ​ (271,009) ​ ​ (88,314) Other platform investments, net of tax ​ ​ ​ 88,902 ​ ​ 6,166 ​ ​ (181,262) Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ ​ 17,392 ​ ​ (11,892) ​ ​ 61,204 Real Estate FFO ​ ​ $ 4,596,721 ​ $ 4,409,131 ​ $ 4,272,367 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share to diluted FFO per share reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share ​ ​ $ 7.26 ​ $ 6.98 ​ $ 6.52 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 ​ ​ 5.53 ​ 5.52 ​ 5.44 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ ​ 0.20 ​ 0.01 ​ (0.01) Diluted FFO per share ​ ​ $ 12.99 ​ $ 12.51 ​ $ 11.95 Gain due to disposal, exchange, or revaluation of equity interests, net of tax ​ ​ ​ (1.03) ​ ​ (0.72) ​ $ (0.24) Other platform investments, net of tax ​ ​ ​ 0.23 ​ ​ 0.02 ​ ​ (0.48) Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net ​ ​ ​ 0.05 ​ ​ (0.03) ​ ​ 0.16 Real Estate FFO per share ​ ​ $ 12.24 ​ $ 11.78 ​ $ 11.39 Basic and Diluted weighted average shares outstanding ​ ​ 326,097 ​ 326,808 ​ 327,817 Weighted average limited partnership units outstanding ​ ​ 49,338 ​ 47,782 ​ 47,295 Basic and Diluted weighted average shares and units outstanding ​ ​ 375,435 ​ 374,590 ​ 375,112 ​ 77 Table of Contents The following schedule reconciles consolidated net income to our beneficial share of NOI. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year ​ ​ Ended December 31, ​ 2024 2023 ​ ​ (in thousands) Reconciliation of NOI of consolidated entities: ​ ​ ​ ​ Consolidated Net Income ​ $ 2,729,021 ​ $ 2,617,018 Income and other tax expense ​ 23,262 ​ 81,874 Gain due to disposal, exchange, or revaluation of equity interests, net ​ ​ (451,172) ​ ​ (362,019) Interest expense ​ 905,797 ​ 854,648 Income from unconsolidated entities ​ (207,322) ​ (375,663) Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net ​ 17,392 ​ (11,892) Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ​ 75,818 ​ 3,056 Operating Income Before Other Items ​ 3,092,796 ​ 2,807,022 Depreciation and amortization ​ 1,265,340 ​ 1,262,107 Home and regional office costs ​ ​ 223,277 ​ ​ 207,618 General and administrative ​ ​ 44,743 ​ ​ 38,513 Other expenses (1) ​ ​ 818 ​ ​ 320 NOI of consolidated entities ​ $ 4,626,974 ​ $ 4,315,580 Less: Noncontrolling interest partners share of NOI ​ ​ (32,605) ​ ​ (30,918) Beneficial NOI of consolidated entities ​ $ 4,594,369 ​ $ 4,284,662 Reconciliation of NOI of unconsolidated entities: ​ ​ ​ ​ ​ ​ Net Income ​ $ 707,246 ​ $ 853,986 Interest expense ​ 711,402 ​ 685,193 Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net ​ 36,536 ​ (20,529) Operating Income Before Other Items ​ 1,455,184 ​ 1,518,650 Depreciation and amortization ​ 636,218 ​ 656,089 Other expenses (2) ​ ​ 73,152 ​ ​ 143 NOI of unconsolidated entities ​ $ 2,164,554 ​ $ 2,174,882 Less: Joint Venture partners share of NOI ​ ​ (1,134,573) ​ ​ (1,132,334) Beneficial NOI of unconsolidated entities ​ $ 1,029,981 ​ $ 1,042,548 Add: Beneficial interest of NOI from TRG ​ ​ 533,009 ​ ​ 503,858 Add: Beneficial interest of NOI from other platform investments and investments ​ ​ 208,043 ​ ​ 399,341 Beneficial interest of Combined NOI ​ $ 6,365,402 ​ $ 6,230,409 Less: Beneficial interest of Corporate and Other NOI Sources (3) ​ 319,090 ​ 319,830 Less: Beneficial interest of NOI from other platform investments (4) ​ ​ (33,977) ​ ​ 91,303 Less: Beneficial interest of NOI from Investments (5) ​ ​ 239,063 ​ ​ 232,919 Beneficial interest of Portfolio NOI ​ $ 5,841,226 ​ $ 5,586,357 Beneficial interest of Portfolio NOI Change ​ ​ 4.6 % ​ ​ (1) Represents the write-off of pre-development costs in consolidated entities.
We monitor our business and transactions that may potentially impact Simon’s REIT status. In the unlikely event that we fail to maintain Simon’s REIT status, and available relief provisions do not apply, we would be required to pay U.S. federal income taxes at regular corporate income tax rates during the period Simon did not qualify as a REIT.
We monitor our business and transactions that may potentially impact Simon’s REIT status. In the unlikely event that we fail to maintain Simon’s REIT status, and available relief provisions do not apply, Simon would be required to pay U.S. federal income taxes at regular corporate income tax rates during the period Simon did not qualify as a REIT.
Such factors include, but are not limited to: changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, 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 inability to renew leases and relet vacant space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; an increase in vacant space at our properties; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; natural disasters; the availability of comprehensive insurance coverage; the intensely competitive market environment in the retail industry, including e-commerce; security breaches that could compromise our information technology or infrastructure; reducing emissions of greenhouse gases; environmental liabilities; 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; 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; the loss of key management personnel; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; changes in market rates of interest; 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; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; and general risks related to real estate investments, including the illiquidity of real estate investments.
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, 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 operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.
The Supplemental 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 Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
The Supplemental Facility includes a facility fee determined by the Company’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail outlet properties.
We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail properties.
These circumstances include, but are not limited to, changes in a property’s operational performance such as declining cash flows, occupancy or total sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements.
These circumstances include, but are not limited to, changes in a property’s operational performance such as declining cash flows, occupancy or total reported sales per square foot, the Company’s intent and ability to hold the related asset, and, if applicable, the remaining time to maturity of underlying financing arrangements.
We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from: ● fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and ● variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items.
We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from: ● fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and ● variable lease consideration primarily based on tenants’ reported sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items.
Year Ended December 31, 2022 Lease income increased $259.2 million, due to an increase in fixed lease income of $286.7 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, partially offset by a decrease in variable lease income based on tenant sales of $27.5 million.
Year Ended December 31, 2022 Lease income increased $259.2 million, due to an increase in fixed lease income of $286.7 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, partially offset by a decrease in variable lease income based on tenant reported sales of $27.5 million.
Our assessment of collectability, primarily under long-term leases, incorporates available operational performance measures such as sales and the aging of billed amounts as well as other publicly available information with respect to our tenant’s financial condition, liquidity and capital resources.
Our assessment of collectability, primarily under long-term leases, incorporates available operational performance measures such as reported sales and the aging of billed amounts as well as other publicly available information with respect to our tenant’s financial condition, liquidity and capital resources.
To support our growth, we employ a three-fold capital strategy: ● provide the capital necessary to fund growth, ● maintain sufficient flexibility to access capital in many forms, both public and private, including but not limited to, having in place, the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or the Credit Facility, its $3.5 billion supplemental unsecured revolving credit facility, or its Supplemental Facility, together, the Credit Facilities and its global unsecured commercial paper note program, or the Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof, and ● manage our overall financial structure in a fashion that preserves our investment grade credit ratings.
To support our growth, we employ a three-fold capital strategy: ● generate the capital necessary to fund growth, ● maintain sufficient flexibility to access capital in many forms, both public and private, including but not limited to, having in place, the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or the Credit Facility, its $3.5 billion supplemental unsecured revolving credit facility, or its Supplemental Facility, together, the Credit Facilities and its global unsecured commercial paper note program, or the Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof, and ● manage our overall financial structure in a fashion that preserves our investment grade credit ratings.
We determine FFO to be our share of consolidated net income computed in accordance with GAAP: ● excluding real estate related depreciation and amortization, ● excluding gains and losses from extraordinary items, ● excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, ● plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and ● all determined on a consistent basis in accordance with GAAP.
We determine FFO to be our share of consolidated net income computed in accordance with GAAP: ● excluding real estate related depreciation and amortization, ● excluding gains and losses from extraordinary items, ● excluding gains and losses from the acquisition of controlling interest, sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, ● plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and ● all determined on a consistent basis in accordance with GAAP.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in Part 1, Item 1A of the Annual Report on Form 10-K.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in Part 1, Item 1A of this Annual Report on Form 10-K.
Under the program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending May 16, 2024 in open market or privately negotiated transactions, at prices that the Company deems appropriate and subject to market conditions, applicable law, and other factors deemed relevant in the Company’s sole discretion.
Under the program, the Company could purchase up to $2.0 billion of its common stock during the two-year period ending May 16, 2024 in open market or privately negotiated transactions, at prices that the Company deemed appropriate and subject to market conditions, applicable law, and other factors deemed relevant in the Company’s sole discretion.
Changes in economic and operating conditions, including changes in the financial condition of our tenants, and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. ● To maintain Simon’s status as a REIT, we must distribute at least 90% of REIT taxable income in any given year and meet certain asset and income tests.
Changes in economic and operating conditions, including changes in the financial condition of our tenants, and changes to our intent and ability to hold the related asset, that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. ● To maintain Simon’s status as a REIT, Simon must distribute at least 90% of its REIT taxable income in any given year and meet certain asset and income tests.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $10.3 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $10.3 million, which is included in gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $12.4 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $12.4 million, which is included in gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $36.4 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $36.4 million, which is included in gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $145.8 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $145.8 million, which is included in gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. This non-cash investing activity is excluded from our consolidated statement of cash flows.
If Simon lost its REIT status, it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless its failure was due 63 Table of Contents to reasonable cause and certain other conditions were met.
If Simon lost its REIT status, it could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless its failure was 64 Table of Contents due to reasonable cause and certain other conditions were met.
(2) Variable rate interest payments are estimated based on the SOFR or other applicable rate at December 31, 2023. (3) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options, unless reasonably certain of exercise.
(2) Variable rate interest payments are estimated based on the SOFR or other applicable rate at December 31, 2024. (3) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options, unless reasonably certain of exercise.
According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® , and The Mills ® .
According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® , and The Mills ® .
Borrowings under the Supplemental 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.
Borrowings under the Supplemental Facility bear interest, at the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment, if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, and if denominated in Canadian Dollars, Daily Simple CORRA plus a benchmark adjustment or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by the Company’s corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S.
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 all of our real estate properties and other assets.
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.
In addition, we sold a portion of our interest in ABG on November 29, 2023. These transactions reduced our ownership from 12.3% to 9.6%. ● During the third quarter of 2023, we disposed of our interest in one unconsolidated retail property through foreclosure in satisfaction of its $114.8 million non-recourse loan.
In addition, we sold a portion of our interest in ABG on November 29, 2023. These transactions reduced our ownership from 12.3% to 9.6% as of December 31, 2023. ● During the third quarter of 2023, we disposed of our interest in one unconsolidated retail property through foreclosure in satisfaction of its $114.8 million non-recourse loan.
On December 20, 2021, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $18.8 million. In connection with this transaction, we recorded tax expense of $8.0 million which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.
On 73 Table of Contents December 20, 2021, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $18.8 million. In connection with this transaction, we recorded tax expense of $8.0 million which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.
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 2024 or 2025 is $94 million, primarily funded through reinvested joint venture cash flow and construction loans.
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 $12 million, primarily funded through reinvested joint venture cash flow and construction loans.
We estimate undiscounted cash flows and fair value using observable and unobservable data such as operating income, hold periods, estimated capitalization and discount rates, or relevant market multiples, leasing prospects and local market information and whether certain impairments are other-than-temporary.
We estimate undiscounted cash flows and fair value, if applicable, using observable and unobservable data such as operating income, hold periods, estimated capitalization rates, or relevant market multiples, leasing prospects and local market information and whether certain impairments are other-than-temporary.
In the following discussions of our results of operations, “comparable” refers to properties we owned and operated in both years in the year to year comparisons. Year Ended December 31, 2023 vs.
In the following discussions of our results of operations, “comparable” refers to properties we owned and operated in both years in the year to year comparisons. Year Ended December 31, 2024 vs.
Most of our partners are institutional investors who have a history of direct investment in retail real estate. We and our partners in 70 Table of Contents our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions).
Most of our partners are institutional investors who have a history of direct investment in retail real estate. We and our partners in our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions).
We also own an 84% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at several properties in the North America, Europe and Asia.
We also own an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 22 regional, super-regional, and outlet malls in the U.S. and Asia. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at several properties in the North America, Europe and Asia.
Internationally, as of December 31, 2023, we had ownership in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada.
Internationally, as of December 31, 2024, we had ownership in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada.
We believe we have sufficient cash on hand and availability under the Credit Facilities and the Commercial Paper program to address our debt maturities and capital needs through 2024. Cash Flows Our net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $4.2 billion during 2023.
We believe we have sufficient cash on hand and availability under the Credit Facilities and the Commercial Paper program to address our debt maturities and capital needs through 2025. Cash Flows Our net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $4.1 billion during 2024.
We recognized no gain or loss in connection with this disposal. ● On September 7, 2023, we acquired an additional 4% ownership in TRG for approximately $199.6 million by issuing 1,725,000 units in the Operating Partnership, bringing our noncontrolling ownership interest in TRG to 84%. ● During the third quarter of 2023, SPARC Group issued equity to a third party resulting in the dilution of our ownership to 33.3% and a deemed disposal of a proportional interest of our investment.
We recognized no gain or loss in connection with this disposal. 65 Table of Contents ● During the third quarter of 2023, we acquired an additional 4% ownership in TRG for approximately $199.6 million by issuing 1,725,000 units in the Operating Partnership, bringing our noncontrolling ownership interest in TRG to 84%. ● During the third quarter of 2023, SPARC Group issued equity to a third party resulting in the dilution of our ownership to 33.3% and a deemed disposal of a proportional interest of our investment.
We seek to accomplish this growth through the following: ● attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses, ● expanding and re-tenanting existing highly productive locations at competitive rental rates, ● selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets, ● generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, and ● selling selective non-core assets. 59 Table of Contents We also grow by generating supplemental revenues from the following activities: ● establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, ● offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, ● selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and ● generating interest income on cash deposits and investments in loans, including those made to related entities .
We seek to accomplish this growth through the following: ● attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses, ● expanding and re-tenanting existing highly productive locations at competitive rental rates, ● selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets, ● generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, and ● selling selective non-core assets. 60 Table of Contents We also grow by generating supplemental revenues from the following activities: ● establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, ● offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, ● selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and ● generating interest income on cash deposits and investments in loans, including those made to related entities .
At December 31, 2023, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually 69 Table of Contents 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.
At December 31, 2024, 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.
The information used to prepare these statistics has been supplied by the managing venture partner. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, %/basis point December 31, %/basis point December 31, ​ ​ 2023 ​ Change ​ 2022 ​ Change ​ 2021 Ending Occupancy ​ ​ 99.7% ​ -10 bps ​ ​ 99.8% ​ 0 bps ​ ​ 99.8% Average Base Minimum Rent per Square Foot ​ ¥ 5,494 ​ -4.93% ​ ¥ 5,779 ​ 4.90% ​ ¥ 5,509 ​ 62 Table of Contents Critical Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to use judgment in the application of accounting policies, including making estimates and assumptions.
The information used to prepare these statistics has been supplied by the managing venture partner. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, %/basis point December 31, %/basis point December 31, ​ ​ 2024 ​ Change ​ 2023 ​ Change ​ 2022 Ending Occupancy ​ ​ 99.3% ​ -40 bps ​ ​ 99.7% ​ -10 bps ​ ​ 99.8% Average Base Minimum Rent per Square Foot ​ ¥ 5,511 ​ 0.31% ​ ¥ 5,494 ​ -4.93% ​ ¥ 5,779 ​ 63 Table of Contents Critical Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to use judgment in the application of accounting policies, including making estimates and assumptions.
Letters of credit of $58.6 million were outstanding under the Facilities as of December 31, 2023. Under the Commercial Paper program, the Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies.
Letters of credit of $8.6 million were outstanding under the Facilities as of December 31, 2024. Under the Commercial Paper program, the Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies.
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 $1,344 million.
Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Our share of the costs of all new development, redevelopment and expansion projects currently under construction is approximately $1.3 billion.
The 68 Table of Contents 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 December 31, 2023, we had no outstanding balance under the Commercial Paper program.
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 December 31, 2024, we had no outstanding balance under the Commercial Paper program.
In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital: ● excess cash generated from operating performance and working capital reserves, ● borrowings on the Credit Facilities and Commercial Paper program, ● additional secured or unsecured debt financing, or ● additional equity raised in the public or private markets. 67 Table of Contents We expect to generate positive cash flow from operations in 2024, and we consider these projected cash flows in our sources and uses of cash.
In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital: ● excess cash generated from operating performance and working capital reserves, ● borrowings on the Credit Facilities and Commercial Paper program, 68 Table of Contents ● additional secured or unsecured debt financing, or ● additional equity raised in the public or private markets.
Income and other tax expense decreased $1.6 million primarily related to the 2022 Eddie Bauer licensing transaction noted above of $39.7 million and an overall lower tax expense on our share of operating results from our other platform investments of approximately $27.2 million, partially offset by the tax impact of the SPARC and ABG transactions in 2023 noted above of $69.3 million. 65 Table of Contents Income from unconsolidated entities decreased $272.3 million primarily due to lower results of operations from our other platform investments.
Income and other tax expense decreased $1.6 million primarily related to the 2022 Eddie Bauer licensing transaction noted above of $39.7 million and an overall lower tax expense on our share of operating results from our other platform investments of approximately $27.2 million, partially offset by the tax impact of the SPARC and ABG transactions in 2023 noted above of $69.3 million.
The weighted average interest rate was 4.36% for the year ended December 31, 2023. Simon has historically had access to public equity markets and the Operating Partnership has historically had access to private and public, short and long-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level.
The weighted average interest rate was 5.29% for the year ended December 31, 2024. Simon has historically had access to public equity markets and the Operating Partnership has historically had access to private and public, short and long-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level.
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%.
Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the NYFRB Rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by the Company’s corporate credit rating of between 0.000% and 0.400%.
The 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. As of December 31, 2023, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $139.2 million.
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. As of December 31, 2024, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $109.8 million.
Current Leasing Activities During the twelve months ended December 31, 2023, we signed 1,185 new leases and 1,841 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.
Current Leasing Activities During the twelve months ended December 31, 2024, we signed 1,149 new leases and 2,549 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.
On May 9, 2022, Simon’s Board of Directors authorized a common stock repurchase plan commencing on May 16, 2022, or the Repurchase Program.
On May 9, 2022, Simon’s Board of Directors authorized a common stock repurchase plan commencing on May 16, 2022.
These cash flows are principally derived from rents paid by our tenants. A significant deterioration in projected cash flows from operations, could cause us to increase our reliance on available funds from the Credit Facilities and Commercial Paper program, further curtail planned capital expenditures, or seek other additional sources of financing.
A significant deterioration in projected cash flows from operations, could cause us to increase our reliance on available funds from the Credit Facilities and Commercial Paper program, further curtail planned capital expenditures, or seek other additional sources of financing.
On December 31, 2023, we had an aggregate available borrowing capacity of approximately $8.1 billion under the Facilities, net of letters of credit of $58.6 million. For the year ended December 31, 2023, the maximum aggregate outstanding balance under the Credit Facilities was $1.1 billion and the weighted average outstanding balance was $962.6 million.
On December 31, 2024, 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 year ended December 31, 2024, the maximum aggregate outstanding balance under the Credit Facilities was $325.1 million and the weighted average outstanding balance was $311.1 million.
As of December 31, 2023, we also owned a 22.4% 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 14 countries in Europe. We also own investments in retail operations (J.C.
As of December 31, 2024, we also owned a 22.4% 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 14 countries in Europe.
The average annual initial base minimum rent for new leases was $66.39 per square foot in 2023 and $55.41 per square foot in 2022 with an average tenant allowance on new leases of $64.31 per square foot and $53.01 per square foot, respectively. Japan Data The following are selected key operating statistics for our Premium Outlets in Japan.
The average annual initial base minimum rent for new leases was $66.61 per square foot in 2024 and $66.39 per square foot in 2023 with an average tenant allowance on new leases of $60.33 per square foot and $64.31 per square foot, respectively. Japan Data The following are selected key operating statistics for our Premium Outlets in Japan.
The following table summarizes total capital expenditures on consolidated properties on a cash basis (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 New Developments ​ $ 156 ​ $ 108 ​ $ 96 ​ Redevelopments and Expansions ​ 328 ​ 283 ​ 300 ​ Tenant Allowances ​ 209 ​ 207 ​ 127 ​ Operational Capital Expenditures ​ 100 ​ 52 ​ 5 ​ Total ​ $ 793 ​ $ 650 ​ $ 528 ​ ​ ​ International Development Activity We typically reinvest net cash flow from our international joint ventures to fund future international development activity.
The following table summarizes total capital expenditures on consolidated properties on a cash basis (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 New Developments ​ $ 75 ​ $ 156 ​ $ 108 ​ Redevelopments and Expansions ​ 321 ​ 328 ​ 283 ​ Tenant Allowances ​ 191 ​ 209 ​ 207 ​ Operational Capital Expenditures ​ 169 ​ 100 ​ 52 ​ Total ​ $ 756 ​ $ 793 ​ $ 650 ​ ​ ​ International Development Activity We typically reinvest net cash flow from our international joint ventures to fund future international development activity.
TRG: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 95.7% ​ 120 bps ​ 94.5% ​ 330 bps ​ 91.2% ​ Average Base Minimum Rent per Square Foot ​ $ 65.01 ​ 5.3% ​ $ 61.76 ​ 5.2% ​ $ 58.69 ​ The Mills: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 97.8% ​ -40 bps ​ 98.2% ​ 60 bps ​ 97.6% ​ Average Base Minimum Rent per Square Foot ​ $ 36.38 ​ 4.3% ​ $ 34.89 ​ 3.2% ​ $ 33.80 ​ (1) Percentages may not recalculate due to rounding.
TRG: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 94.9% ​ -80 bps ​ 95.7% ​ 120 bps ​ 94.5% Average Base Minimum Rent per Square Foot ​ $ 68.06 ​ 4.7% ​ $ 65.01 ​ 5.3% ​ $ 61.76 The Mills: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ 98.8% ​ 100 bps ​ 97.8% ​ -40 bps ​ 98.2% Average Base Minimum Rent per Square Foot ​ $ 37.95 ​ 4.3% ​ $ 36.38 ​ 4.3% ​ $ 34.89 (1) Percentages may not recalculate due to rounding.
Malls and Premium Outlets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ 95.7% ​ 80 bps ​ ​ 94.9% ​ 140 bps ​ ​ 93.5% ​ Unconsolidated ​ ​ 96.1% ​ 120 bps ​ ​ 94.9% ​ 180 bps ​ ​ 93.1% ​ Total Portfolio ​ ​ 95.8% ​ 90 bps ​ ​ 94.9% ​ 150 bps ​ ​ 93.4% ​ Average Base Minimum Rent per Square Foot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ $ 55.47 ​ 2.8% ​ $ 53.95 ​ 2.6% ​ $ 52.59 ​ Unconsolidated ​ $ 60.59 ​ 3.8% ​ $ 58.36 ​ 1.4% ​ $ 57.55 ​ Total Portfolio ​ $ 56.82 ​ 3.1% ​ $ 55.13 ​ 2.3% ​ $ 53.91 ​ U.S.
Malls and Premium Outlets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending Occupancy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ 96.5% ​ 80 bps ​ ​ 95.7% ​ 80 bps ​ ​ 94.9% Unconsolidated ​ ​ 96.6% ​ 50 bps ​ ​ 96.1% ​ 120 bps ​ ​ 94.9% Total Portfolio ​ ​ 96.5% ​ 70 bps ​ ​ 95.8% ​ 90 bps ​ ​ 94.9% Average Base Minimum Rent per Square Foot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ $ 56.60 ​ 2.0% ​ $ 55.47 ​ 2.8% ​ $ 53.95 Unconsolidated ​ $ 63.12 ​ 4.2% ​ $ 60.59 ​ 3.8% ​ $ 58.36 Total Portfolio ​ $ 58.26 ​ 2.5% ​ $ 56.82 ​ 3.1% ​ $ 55.13 U.S.
If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2023, we were in compliance with all covenants of our unsecured debt.
If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate.
Joint Venture Formation Activity and Other Investment Activity During the fourth quarter of 2023, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $157.1 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net, in the consolidated statement of operations.
During the fourth quarter of 2023, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $157.1 million, which is included in gain due to disposal, exchange, or revaluation of equity interests, net, in the consolidated statement of operations.
As of December 31, 2023, we owned or held an interest in 195 income-producing properties in the United States, which consisted of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico.
As of December 31, 2024, we owned or held an interest in 194 income-producing properties in the United States, which consisted of 92 malls, 70 Premium Outlets, 14 Mills, six lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico.
Dividends, Distributions and Stock Repurchase Program Simon paid a common stock dividend of $1.90 per share in the fourth quarter of 2023 and $7.45 per share for the year ended December 31, 2023. The Operating Partnership paid distributions per unit for the same amounts.
Dividends, Distributions and Stock Repurchase Program Simon paid a common stock dividend of $2.10 per share in the fourth quarter of 2024 and $8.10 per share for the year ended December 31, 2024. The Operating Partnership paid distributions per unit for the same amounts.
Malls and Premium Outlets increased 0.9% to 95.8% as of December 31, 2023, from 94.9% as of December 31, 2022, primarily due to strong leasing demand. Our effective overall borrowing rate at December 31, 2023 on our consolidated indebtedness increased 27 basis points to 3.49% as compared to 3.22% at December 31, 2022.
Malls and Premium Outlets increased 0.7% to 96.5% as of December 31, 2024, from 95.8% as of December 31, 2023, primarily due to strong leasing demand. Our effective overall borrowing rate at December 31, 2024 on our consolidated indebtedness increased 13 basis points to 3.62% as compared to 3.49% at December 31, 2023.
As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. 73 Table of Contents Forward-Looking Statements Certain statements made in this press release may be deemed "forward–looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.
As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon. Forward-Looking Statements Certain statements made in this annual report on Form 10-K may be deemed "forward–looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.
On December 31, 2023 we had an aggregate available borrowing capacity of $8.1 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2023 was $1.1 billion and the weighted average outstanding balance was $962.6 million.
On December 31, 2024 we had an aggregate available borrowing capacity of $8.2 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Facilities during the year ended December 31, 2024 was $325.1 69 Table of Contents million and the weighted average outstanding balance was $311.1 million.
In 2022, Simon paid dividends of $1.80 and $6.90 per share for the three and twelve month periods ended December 31, 2022, respectively. The Operating Partnership paid distributions per unit for the same amounts.
In 2023, Simon paid dividends of $1.90 and $7.45 per share for the three and twelve month periods ended December 31, 2023, 74 Table of Contents respectively. The Operating Partnership paid distributions per unit for the same amounts.
Summary of Financing Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of December 31, 2023 and 2022, consisted of the following (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ Effective ​ ​ Adjusted Balance ​ Weighted ​ Adjusted ​ Weighted ​ ​ as of ​ Average ​ Balance as of ​ Average Debt Subject to ​ December 31, 2023 Interest Rate(1) ​ December 31, 2022 Interest Rate(1) ​ Fixed Rate ​ $ 25,705,396 3.47% ​ $ 22,673,703 3.15% ​ Variable Rate ​ 328,027 5.91% ​ 2,286,583 3.93% ​ ​ ​ $ 26,033,423 3.49% ​ $ 24,960,286 3.22% ​ (1) Effective weighted average interest rate excludes the impact of net discounts and debt issuance costs.
Summary of Financing Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of December 31, 2024 and 2023, consisted of the following (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ Effective ​ ​ Adjusted Balance ​ Weighted ​ Adjusted ​ Weighted ​ ​ as of ​ Average ​ Balance as of ​ Average Debt Subject to ​ December 31, 2024 Interest Rate(1) ​ December 31, 2023 Interest Rate(1) ​ Fixed Rate ​ $ 24,035,060 3.61% ​ $ 25,705,396 3.47% ​ Variable Rate ​ 229,435 5.47% ​ 328,027 5.91% ​ ​ ​ $ 24,264,495 3.62% ​ $ 26,033,423 3.49% ​ (1) Effective weighted average interest rate excludes the impact of net discounts and debt issuance costs.
Financing and Debt Unsecured Debt At December 31, 2023, our unsecured debt consisted of $20.7 billion of senior unsecured notes of the Operating Partnership, $305.0 million outstanding under the Credit Facility.
Financing and Debt Unsecured Debt At December 31, 2024, our unsecured debt consisted of $19.1 billion of senior unsecured notes of the Operating Partnership and $323.7 million outstanding under the Credit Facility.
The proceeds from this transaction were $59.0 million, resulting in a loss of $15.6 million. We also recorded a non-cash gain of $19.9 million related to the disposition of one unconsolidated retail property in satisfaction of its $99.6 million non-recourse mortgage loan.
We also recorded a non-cash gain of $19.9 million related to the disposition of one unconsolidated retail property in satisfaction of its $99.6 million non-recourse mortgage loan.
The following table describes recently completed and new development and expansion projects as well as our share of the estimated total cost as of December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Our ​ Our Share of ​ Our Share of ​ Projected/Actual ​ ​ ​ ​ Leasable ​ Ownership ​ Projected Net Cost ​ Projected Net Cost ​ Opening Property Location Area (sqft) Percentage (in Local Currency) (in USD) (1) Date New Development Projects: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paris-Giverny Designer Outlet ​ Vernon, France ​ 228,000 ​ 74% ​ EUR 136.8 ​ $ 151.0 ​ Opened Apr. - 2023 Jakarta Premium Outlets ​ Jakarta, Indonesia ​ 300,000 ​ 50% ​ IDR 931,782 ​ $ 60.5 ​ Feb. - 2025 Expansion: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Busan Premium Outlet Phase 2 ​ Busan, South Korea ​ 194,000 ​ 50% ​ KRW 72,933 ​ $ 56.3 ​ Oct. - 2024 (1) USD equivalent based upon December 31, 2023 foreign currency exchange rates.
The following table describes recently completed and new development and expansion projects as well as our share of the estimated total cost as of December 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Our ​ Our Share of ​ Our Share of ​ Projected/Actual ​ ​ ​ ​ Leasable ​ Ownership ​ Projected Net Cost ​ Projected Net Cost ​ Opening Property Location Area (sqft) Percentage (in Local Currency) (in USD) (1) Date New Development Projects: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Jakarta Premium Outlets ​ Jakarta, Indonesia ​ 300,000 ​ 50% ​ IDR 931,782 ​ $ 57.5 ​ Mar. - 2025 Expansion: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Busan Premium Outlet Phase 2 ​ Busan, South Korea ​ 184,000 ​ 50% ​ KRW 72,933 ​ $ 49.4 ​ Opened Sep. - 2024 (1) USD equivalent based upon December 31, 2024 foreign currency exchange rates.
On February 5, 2024, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2024 of $1.95 per share, payable on March 29, 2024 to shareholders of record on March 8, 2024. The distribution rate on units is equal to the dividend rate on common stock.
On February 4, 2025, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2025 of $2.10 per share, payable on March 31, 2025 to shareholders of record on March 10, 2025. The distribution rate on units is equal to the dividend rate on common stock.
At December 31, 2023, 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.
As of December 31, 2024, we were in compliance with all covenants of our unsecured debt. 70 Table of Contents At December 31, 2024, 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.
We consider FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies.
We consider FFO, Real Estate FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP.
Portfolio NOI increased 4.9% in 2023 as compared to 2022. Average base minimum rent for U.S. Malls and Premium Outlets increased 3.1% to $56.82 psf as of December 31, 2023, from $55.13 psf as of December 31, 2022. Ending occupancy for our U.S.
Portfolio NOI increased 4.6% in 2024 as compared to 2023. Average base minimum rent for U.S. Malls and Premium Outlets increased 2.5% to $58.26 psf as of December 31, 2024, from $56.82 psf as of December 31, 2023. Ending occupancy for our U.S.
(2) Includes income components excluded from portfolio NOI and domestic property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), Simon management company revenues, foreign exchange impact, and other assets. 76 Table of Contents (3) Other Platform Investments include J.C. Penney, SPARC Group, ABG, RGG, and Jamestown.
(3) Includes income components excluded from portfolio NOI and domestic property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), Simon 78 Table of Contents management company revenues, foreign exchange impact, and other assets.
These are included in (loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income.
These are included in (loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income. ​ Joint Venture Formation Activity and Other Investment Activity During the fourth quarter of 2024, J.C.
Malls and Premium Outlets portfolio, comprising approximately 10.9 million square feet, of which 8.3 million square feet related to consolidated properties. During 2022, we signed 1,262 new leases and 1,517 renewal leases with a fixed minimum rent, comprising approximately 9.1 million square feet, of which 7.0 million square feet related to consolidated properties.
Malls and Premium Outlets portfolio, comprising approximately 13.5 million square feet, of which 10.4 million square feet related to consolidated properties. During the comparable period in 2023, we signed 1,185 new leases and 1,841 renewal leases with a fixed minimum rent, comprising approximately 10.9 million square feet, of which 8.3 million square feet related to consolidated properties.
On January 10, 2023, the Operating Partnership completed interest rate swap agreements with a combined notional value at €750.0 million to swap the interest rate of the Euro denominated borrowings outstanding under the Supplemental Facility to an all-in fixed rate of 3.81%. These interest rate swaps were terminated in connection with the repayment of these borrowings on November 14, 2023.
Borrowings under the Commercial Paper program reduce amounts otherwise available under the Credit Facilities. On January 10, 2023, the Operating Partnership completed interest rate swap agreements with a combined notional value at €750.0 million to swap the interest rate of the Euro denominated borrowings outstanding under the Supplemental Facility to an all-in fixed rate of 3.81%.
In connection with this 71 Table of Contents transaction, we recorded deferred taxes of $3.1 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income.
In connection with this transaction, we recorded tax expense of $103.7 million, which is included in income and other expense in the consolidated statement of operations.
These activities are further discussed below under “Financing and Debt.” During 2023, we also: ● paid stockholder dividends and unitholder distributions totaling approximately $2.8 billion and preferred unit distributions totaling $5.2 million, ● funded consolidated capital expenditures of $793.3 million (including development and other costs of $156.0 million, redevelopment and expansion costs of $328.8 million, and tenant costs and other operational capital expenditures of $308.5 million), ● funded investments in unconsolidated entities of $84.0 million, ● funded the purchase of $1.0 billion of short-term investments, ● funded the repurchase of $140.6 million of Simon’s common stock, and ● received proceeds from the sale of equity instruments of $304.1 million.
These activities are further discussed below under “Financing and Debt.” During 2024, we also: ● paid stockholder dividends and unitholder distributions totaling approximately $3.0 billion and preferred unit distributions totaling $4.9 million, ● funded consolidated capital expenditures of $755.6 million (including development and other costs of $75.3 million, redevelopment and expansion costs of $320.8 million, and tenant costs and other operational capital expenditures of $359.5 million), ● funded the redemption of $42.3 million Operating Partnership units, ● funded investments in unconsolidated entities of $112.7 million, ● received net proceeds from the redemption of short-term investments of $1.0 billion, ● received proceeds from the sale of equity instruments of $1.2 billion.
During 2022, we recorded a $19.9 million gain on the disposition of one unconsolidated property, a $2.1 million gain related to excess insurance proceeds and a $1.3 million gain on the disposition of certain assets by Klépierre, partially offset by a $17.7 million loss primarily related to the disposition of one consolidated property.
During 2022, we recorded a $19.9 million gain on the disposition of one unconsolidated property, a $2.1 million gain related to excess insurance proceeds and a $1.3 million gain on the disposition of certain assets by Klépierre, partially offset by a $17.7 million loss primarily related to the disposition of one consolidated property. 67 Table of Contents Simon’s net income attributable to noncontrolling interests increased $21.0 million due to an increase in the net income of the Operating Partnership.
Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction is approximately $498 million. We expect to fund these capital projects with cash flows from operations.
Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction is approximately $552 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.
We own a 74% interest in this center. ● On June 17, 2022, we acquired an additional interest in Gloucester Premium Outlets from a joint venture, resulting in the consolidation of this property. ● During the second quarter of 2022, we disposed of one retail property. ● During 2021, we disposed of three retail properties. ● During the first quarter of 2021, we consolidated one Designer Outlet property in Europe that had previously been accounted for under the equity method.
We own a 74% interest in this center. ● On June 17, 2022, we acquired an additional interest in Gloucester Premium Outlets from a joint venture partner, resulting in the consolidation of this property. ● During the second quarter of 2022, we disposed of one retail property.
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 required contractually or otherwise.
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 required contractually or otherwise. 71 Table of Contents Acquisitions and Dispositions Buy-sell, marketing rights, and other exit mechanisms are common in real estate partnership agreements.
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. Our balance of cash and cash equivalents increased $547.4 million during 2023 to $1.2 billion as of December 31, 2023 as further discussed below.
Borrowing capacity under these sources may be increased as discussed further below. Our balance of cash and cash equivalents increased $231.4 million during 2024 to $1.4 billion as of December 31, 2024 as further discussed below.

… 93 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

1 edited+0 added−0 removed4 unchanged
Biggest changeBased upon consolidated indebtedness and interest rates at December 31, 2023, a 50 basis point increase in the market rates of interest would decrease future earnings and cash flows by approximately $0.8 million, and would decrease the fair value of debt by approximately $823.4 million. ​ 77 Table of Contents
Biggest changeBased upon consolidated indebtedness and interest rates at December 31, 2024, a 50 basis point increase in the market rates of interest would decrease future earnings and cash flows by approximately $0.7 million, and would decrease the fair value of debt by approximately $756.6 million. ​ 79 Table of Contents

Other SPG 10-K year-over-year comparisons