Simon Property Group (SPG) official guidance

Looking ahead, we expect projects representing more than $600 million of additional net cost to start construction in the second half of this year.

We are going to add probably $400 million-$500 million of incremental restaurant sales from some of the biggest names out there on a regional, on a national basis.

Given our results for the first half of the year and our current view for the remainder of the year, we are increasing our full year 2026 real estate FFO guidance to a range of $13.20 to $13.30 per share.

But we'll basically take the $18 million and turn it into $44 million.

| ​ | Estimated net income attributable to common stockholders per diluted share | ​ | ​ | ​ | $ | 6.47 | ​ | ​ | ​ | ​ | ​ | $ | 6.57 | ​ | ​

| ​ | Estimated FFO per diluted share | ​ | ​ | ​ | $ | 12.77 | ​ | ​ | ​ | ​ | ​ | $ | 12.87 | ​ | ​

The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.20 to $13.30, an increase of  $0.08 per diluted share at the midpoint.

In Nashville at Green Hills and Tampa at International Plaza and at Cherry Creek in Denver, we're going to invest over $250 million into those centers, starting later this year to really make them, you know, again, great assets, performing great, tenant sales strong and leasing strong, to make them even better, to freshen them up, to make them, you know, look the same that the retail fitting as for the performance of the retailers.

We have an additional $1 billion of projects that will have the ability to start construction this year, including new developments, anchor redevelopments, and international redevelopments and expansions.

The original $0.25-$0.30 headwind that we expected between higher interest expense and lower interest income is still there. It probably is gravitating closer to the $0.25 versus the $0.30 today where rates are. There's definitely still a headwind ahead of us for the balance of the year.

We don't update guidance. We guide to at least 3%.

The guidance range assumes domestic property NOI growth of at least 3% and a higher net interest expense of $0.25-$0.30 per share versus 2025, reflecting current market interest rate conditions.

You know, we disclosed the new rents on our leases, which are approximately $65 per sq ft. We would expect that to continue into 2026.

Brian McDadeCFO at Simon Property Group (00:46:32): Linda, we, we do expect that there is some upward opportunity in our occupancy for the year across the platforms.

I think you should expect about a $30 million contribution in 2026 from projects that are gonna be complete.

Now turning to guidance, we are increasing our full year 2025 real estate FFO guidance range to $12.60-$12.70 per share.

This transaction will be accretive in 2026 as we assume management responsibilities and integrate the assets with the full benefit realized in 2027, given all of the operational aspects of running on our platform, adding at least 50 basis points to the going-in overall yield.

This transaction will be accretive in 2026 as we assume management responsibilities and integrate the assets with the full benefit realized in 2027, given all of the operational aspects of running on our platform, adding at least 50 basis points to the going-in overall yield.

| ​ | Estimated net income attributable to common stockholders per diluted share\* | ​ | ​ | ​ | $ | 6.74 | ​ | ​ | ​ | ​ | ​ | $ | 6.84 | ​ | ​ |

| ​ | Estimated FFO per diluted share | ​ | ​ | ​ | $ | 12.43 | ​ | ​ | ​ | ​ | ​ | $ | 12.53 | ​ | ​ |