# Simon Property Group (SPG) - Recent Events ## Filings that contain financial statements Simon furnishes unaudited consolidated statements of operations and balance sheets in the Exhibit 99.1 earnings release and supplemental package attached to each quarterly Form 8-K. These releases do not contain a cash flow statement. - Form 8-K filed November 5, 2026, accession 0001104659-26-123325: quarter and nine months ended September 30, 2026 (statements of operations; balance sheet at September 30, 2026 against December 31, 2025). - Form 8-K filed August 10, 2026, accession 0001104659-26-093361: quarter and six months ended June 30, 2026 (statements of operations; balance sheet). - Form 8-K filed May 11, 2026, accession 0001104659-26-058646: quarter ended March 31, 2026 (statements of operations; balance sheet). - Form 8-K filed February 2, 2026, accession 0001104659-26-009209: quarter and year ended December 31, 2025 (statements of operations; balance sheet). ## Earnings and guidance - **November 5, 2026 - third quarter 2026 results** (0001104659-26-123325). Net income attributable to common stockholders was $499.0 million, or $1.54 per diluted share, versus $606.2 million, or $1.86, a year earlier. The quarter includes non-cash after-tax losses of $99.6 million ($0.27 per diluted share) from mark-to-market adjustments on the Klépierre exchangeable bonds and the revaluation of an equity security that became publicly traded during the quarter. Real Estate FFO was $1.277 billion, or $3.37 per diluted share, up 4.7% from $3.22. Domestic property NOI rose 6.6% and portfolio NOI rose 6.7%. U.S. Malls and Premium Outlets occupancy was 96.5%, and base minimum rent per square foot was $62.75, up 6.1%. - **Guidance raised.** Full-year 2026 Real Estate FFO guidance was increased to $13.30 to $13.40 per diluted share, up $0.10 from $13.20 to $13.30. Net income guidance per diluted share is now $6.32 to $6.42, against $6.47 to $6.57 before. - **Dividend raised.** A fourth-quarter 2026 common dividend of $2.30 per share was declared, up $0.10 (4.5%) year over year, payable December 31, 2026 to holders of record December 10, 2026. - **August 10, 2026 - second quarter 2026 results** (0001104659-26-093361). Real Estate FFO was $1.249 billion, or $3.29 per diluted share, up 7.9% from $3.05. Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, versus $556.1 million, or $1.70, which included a $0.21 per share non-cash gain in the prior-year quarter. Full-year Real Estate FFO guidance was increased. The third-quarter dividend was declared at $2.25, up $0.10 (4.7%). - **May 11, 2026 - first quarter 2026 results** (0001104659-26-058646). Net income attributable to common stockholders was $479.6 million, or $1.48 per diluted share, versus $413.7 million, or $1.27. Full-year 2026 Real Estate FFO guidance was raised to $13.10 to $13.25 per diluted share from $13.00 to $13.25 (a $0.05 increase at the midpoint). The second-quarter dividend was declared at $2.25, up $0.15 (7.1%). - **February 2, 2026 - fourth quarter and full-year 2025 results** (0001104659-26-009209). Full-year 2025 Real Estate FFO was a record $4.812 billion, or $12.73 per diluted share, up 4.0%. Net income attributable to common stockholders for the year was $4.624 billion, or $14.17 per diluted share; the fourth quarter included a non-cash gain of $2.89 billion, primarily from remeasuring the previously held equity interest in Taubman Realty Group on its acquisition. Initial 2026 Real Estate FFO guidance was $13.00 to $13.25 per diluted share. The first-quarter 2026 dividend was declared at $2.20, up $0.10 (4.8%). ## Acquisitions - **Taubman Realty Group (closed).** The third quarter 2025 release (8-K filed November 3, 2025, accession 0001104659-25-105545) states that on October 31, 2025 Simon closed on the acquisition of the remaining 12% interest in The Taubman Realty Group Limited Partnership, exchanging 5.06 million Simon Property Group, L.P. units. The February 2, 2026 release describes the fourth-quarter gain on acquiring the remaining interest, and the August 2026 release credits acquisitions completed over the past year for part of the Real Estate FFO growth. The 2026 filings reviewed disclose no new acquisition agreements. ## Capital actions - **Share repurchases.** On February 5, 2026 the board authorized a new $2.0 billion common stock repurchase program running through February 29, 2028 (8-K, 0001104659-26-010999). It replaces a previous $2.0 billion program that was due to expire February 15, 2026, of which about $1.7 billion remained available. Reported repurchases: first quarter 2026, 965,296 shares for about $175 million ($181.59 per share); second quarter, 793,077 shares and 237,618 limited partnership units for $211.4 million ($205.10 average); third quarter, 1,137,182 shares for $236.5 million ($207.98 average). - **Credit facility.** On March 5, 2026 Simon Property Group, L.P. amended and extended its $5.0 billion multi-currency unsecured revolving credit facility (8-K, 0001104659-26-024152). The facility may be increased to $6.0 billion, and its initial maturity is June 30, 2030, extendable by two six-month periods at the company's option. A concurrent press release says U.S. dollar borrowings now price 15 basis points lower, at SOFR plus 65 basis points. The same filing amends the existing $3.5 billion revolving facility to conform its margin. - **Senior notes.** In January 2026 Simon completed an $800 million, 5-year, 4.300% senior notes offering, with proceeds used to repay $800 million of 3.300% notes at maturity on January 15, 2026 (0001104659-26-009209 and 0001104659-26-058646). In the second quarter it issued EUR 500 million of 3.65% five-year senior notes (0001104659-26-093361). In the third quarter it completed a two-tranche $800 million senior notes offering with a weighted-average term of 7.7 years and a weighted-average coupon of 5.45% (0001104659-26-123325). - **Secured loans.** First quarter: 10 transactions, about $2.3 billion at a weighted-average 5.25%. Second quarter: 8 transactions, about $1.4 billion at 5.36%. Third quarter: seven transactions, about $970 million at 6.33%. - **Liquidity.** At September 30, 2026 Simon reported about $9.0 billion of liquidity: $1.3 billion of cash including its share of joint venture cash, and $7.7 billion of available capacity under $8.5 billion of revolving credit facilities (0001104659-26-123325). ## Management and board - **March 23-24, 2026 - death of David Simon and CEO succession** (8-K, 0001104659-26-033931). The company announced that Chairman, Chief Executive Officer and President David Simon died on March 22, 2026. Effective March 23, 2026 the board appointed Eli Simon, age 38 and previously Chief Operating Officer, as Chief Executive Officer and President; he remains Chief Operating Officer and a director. Larry Glasscock became Non-Executive Chairman. The filing says David Simon was one of three Class B directors, and the voting trust trustee had not yet filled the vacancy. - **May 15, 2026 amendment to that filing** (8-K/A, 0001104659-26-062019). On May 13, 2026 the independent directors approved 2026 unit awards (LTIP units and restricted stock units) for Eli Simon with a grant date fair value of $2,500,000; no other compensation changes were made in connection with the appointment. - **February 5, 2026 - board expansion** (8-K, 0001104659-26-010904). Martin J. Cicco was appointed as an independent director, increasing the board from 13 to 14. An 8-K/A filed May 15, 2026 (0001104659-26-062015) reports his appointment to the Compensation and Human Capital Committee on May 13, 2026. - **August 2025.** Eli Simon was promoted from Chief Investment Officer to Chief Operating Officer effective August 6, 2025 (8-K, 0001104659-25-074993). - **May 13, 2026 annual meeting** (8-K, 0001104659-26-062012). Shareholders voted on directors; vote tallies are in the filing.