Latest news with #DavidSimon
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5 days ago
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/C O R R E C T I O N -- Ironclad Inc./
In the news release, Ironclad Taps Former Google, Snowflake, Docusign, Skadden Executives for Key Leadership Roles, issued 04-Aug-2025 by Ironclad Inc. over PR Newswire, we are advised by the company that the release subheadline should read "As the company surpasses 2 billion contracts processed, Ironclad appoints new CTO, Chief Strategy Officer and SVP, CAE Sales" rather than "As the company surpasses 2 billion contracts processed, Ironclad appoints new CTO, Chief Strategy Officer and SVP of Go-to-Market", and David Simon's title in 1st paragraph, 1st sentence should read "Senior Vice President, CAE Sales" rather than "Senior Vice President of Go-To-Market" as originally issued inadvertently. The complete, corrected release follows: Ironclad Taps Former Google, Snowflake, Docusign, Skadden Executives for Key Leadership Roles As the company surpasses 2 billion contracts processed, Ironclad appoints new CTO, Chief Strategy Officer and SVP, CAE Sales SAN FRANCISCO, Aug. 4, 2025 /PRNewswire/ -- Ironclad, the leading AI-powered contract lifecycle management (CLM) platform, today announced it has appointed Sunita Verma as Chief Technology Officer, Elise Bergeron as Chief Strategy Officer, and David Simon as Senior Vice President, CAE Sales. The executives join Ironclad's leadership team three months after Dan Springer, former Responsys and Docusign CEO, joined the company. Sunita Verma brings over 25 years of technical experience to Ironclad, including senior leadership roles at Google, Yahoo, and Symantec. Most recently, she served as CTO at overseeing research and technology for the platform. Before that, Sunita spent over 17 years at Google where she served as General Manager and Vice President of Google's Core Labs team and led the engineering, product, strategy and operations teams with a strong focus on enterprise and ecosystem transformation through the use of generative AI. "Pushing the boundaries of innovation for enterprises – and using the power of technology to solve problems – has been the driving force of my career," said Sunita. "Contracts are such a universal problem and opportunity. Every company uses them, but there is an incredible amount of value that gets left on the table. The business impact that Ironclad unlocks is an enterprise dream - and I look forward to building upon existing momentum and innovation for our customers." Elise Bergeron comes to Ironclad from Snowflake where she worked as SVP Product Marketing and Communities, following their acquisition of the company she co-founded, Stride Software. She previously served as VP of Marketing for SalesforceIQ/Einstein at Salesforce, and has held leadership roles at Facebook and Vistaprint. "Ironclad has already transformed CLM for thousands of customers, and we're just scratching the surface of what's possible," said Bergeron. "With over 70% of customers already using our AI solutions, and the advances we're seeing in AI as a whole, the opportunity ahead to drive exponential value for our customers is massive. I'm incredibly excited for what's to come." David Simon joins from Docusign, where he spent six years as Group VP of Sales focusing on Contract Lifecycle Management solutions. Throughout his career at companies like Oracle, SuccessFactors, CallidusCloud, and 6sense, Simon has focused on helping organizations scaling value selling and driving superior outcomes for customers. "Ironclad has already had a banner year - we've now processed over 2 billion contracts for more than 2,000 customers like OpenAI, Cisco, and Shell, and are seeing fantastic adoption of our AI tools like Jurist, which has grown weekly active users by 190% quarter-over-quarter," said Dan Springer, CEO of Ironclad. "Sunita, Elise, and David joining our team will accelerate the next phase of business growth at Ironclad. We are doubling down on our people, and our culture, at Ironclad - our greatly talented employees are going to be our most valuable asset as we push forward." Ironclad welcomes legal veteran Eric Friedman as newest board member The company today also formally announced that Eric Friedman, former chair and executive partner at Skadden, has joined its board. Friedman retired from Skadden in December, 2024 after leading the firm for 15 years. Friedman will work closely with Ironclad executives to help develop new AI products for the legal industry. Friedman also serves on the boards for the University of Pennsylvania's law school, Litera, and the Mount Sinai Health System. "AI is transforming the legal industry, enabling lawyers to produce high-quality work in less time and to focus their efforts on the tasks they do best - the ones that require judgment and critical analysis," said Friedman. "I'm excited to be working with Ironclad at this transformative time to help drive further innovation for legal teams across the globe." "Eric's experience and reputation as Skadden's chair and executive partner, and as a premiere M&A lawyer for over 35 years, are tremendous assets for Ironclad. We are exceptionally fortunate to have him on our board," continued Springer. About IroncladIronclad is the leading AI-powered contract lifecycle management platform, processing billions of contracts every year. Contracts power every business, yet managing them can be slow and costly. Global innovators like L'Oréal, OpenAI, and Cisco trust Ironclad to collaborate and negotiate on contracts, accelerate deals while reducing risk, and turn agreements into strategic business assets. Ironclad is the only platform powerful enough to manage contracts across any department, from sales agreements to a procurement contract or NDA. The company is backed by leading investors, including Accel, Sequoia, Y Combinator, BOND, and Franklin Templeton. For more information, visit or follow us on LinkedIn and X. Media ContactPaul View original content to download multimedia: SOURCE Ironclad Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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5 days ago
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Simon Property Group Elevates Eli Simon to Chief Operating Officer
The Simon Property Group has promoted Eli Simon, executive vice president, chief investment officer and director, to chief operating officer. Eli will work directly with David Simon, chairman, chief executive officer and president, who is also Eli's father, on all aspects of the business, including property performance, new development projects, the company's strategic investments, and brand strategy. More from WWD Simon Property Group Transcends Macro Uncertainties With 'Robust' Q2 Report Simon Acquires Brickell City Centre Retail in Miami Mall Giant David Simon Says Leasing Demand 'Is Still Strong' The promotion, revealed Thursday, puts the 37-year-old Eli Simon squarely in line as the potential successor to his 63-year-old father, who has been undergoing treatment for cancer for several months. Asked if Eli's promotion represents succession, Simon Property Group provided WWD with a statement that read: 'The board made this appointment. The board is always focused on succession planning and evaluating the talent available and roles to be filled.' The position of chief operating officer has been vacant since Richard S. Sokolov moved up to his current role as vice chairman in 2019. Eli Simon joined the company in 2019, leading the company's investment strategy for both real estate and non-real estate investments, including new business sourcing, strategic corporate investments, and the execution of various real estate transactions. Before joining the company, he was the principal and head of North American Lodging at Och-Ziff Capital Management and Och-Ziff Real Estate, where he oversaw all lodging related investments, including asset and portfolio acquisitions, operating company investments, and lending opportunities. Simon also said that Jonathan Murphy and Eric Sadi have been named copresidents, North American Real Estate. They will oversee Simon's North American real estate portfolio and all three of the company's platforms — Malls, Mills and Premium Outlets. They will also be responsible for asset management and leasing strategies. Murphy and Sadi, respectively, joined the Indianapolis-based company in 2010 and 2006, and have served in various capacities throughout their tenures. Since 2020 they have been copresidents of Simon's Mall Platform, overseeing the revenue stream, occupancy, and merchandise mix for the company's malls. 'One of the hallmarks of Simon's success is the strength and depth of our management team,' David Simon said in a statement. 'As we work to further advance our growth, I am pleased with these leadership appointments. Our culture of innovation will continue to be a strategic asset for us.' Larry Glasscock, lead independent director, said in his statement, 'These executive appointments position Simon to continue to deliver long-standing industry-leading results by delivering an exceptional product and environment for our consumers and retailers.' This week, Simon, a real estate investment trust, posted a solid second-quarter financial report, with David Simon characterizing business as remaining 'robust' and the demand for retail space as 'unabated.' 'There's a lot of geopolitical stuff going on, obviously, and a lot of domestic political stuff going on. Tariffs swing back and forth. There's interest rate uncertainty. You name it. However, you have unbelievable stores that are able to manage that, and retail demand is really unabated,' said CEO Simon during Monday's conference call with investors and industry analysts. 'The physical shopping environment continues to be the place to be…So we're quite bullish about what we've done, what we are doing, and where we are going, despite all the headlines that are out there.' Among Simon's most major properties are the Roosevelt Field mall in Garden City, N.Y.; King of Prussia mall in Pennsylvania; Sawgrass Mills in Sunrise, Fla., and Woodbury Common Premium Outlets in Central Valley, N.Y. Second-quarter net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, compared to $493.5 million, or $1.51 per diluted share, in 2024. Industry analysts expected $1.55 a share. Real estate funds from operations (FFO) were $1.15 billion, or $3.05 per diluted share, as compared to $1.1 billion, or $2.93 per diluted share, in the prior year, an increase of 4.1 percent. Occupancy as of June 30 was 96 percent, a 0.4 percent gain compared to 95.6 percent on June 30, of WWD In Commercial Real Estate, Experience Matters Striving for Retail of a Different Ilk in Boston's Seaport Box Equities Forms Joint Venture With Artemis
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6 days ago
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Simon Property Group Transcends Macro Uncertainties With ‘Robust' Q2 Report
The world is full of uncertainties, yet business remains 'robust' and the demand for retail space stays 'unabated' at the Simon Property Group. That assessment came from David Simon, chairman, president and chief executive officer of the Indianapolis-based Simon Property Group, which on Monday reported second-quarter gains across the board and exceeded expectations. More from WWD Simon Acquires Brickell City Centre Retail in Miami Mall Giant David Simon Says Leasing Demand 'Is Still Strong' Simon Launches New Data Capabilities Net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, compared to $493.5 million, or $1.51 per diluted share, in 2024. Industry analysts expected $1.55 a share. Real estate funds from operations were $1.15 billion, or $3.05 per diluted share, as compared to $1.1 billion, or $2.93 per diluted share, in the prior year, an increase of 4.1 percent. Occupancy as of June 30 was 96 percent, a 0.4 percent gain compared to 95.6 percent on June 30, 2024. 'There's a lot of geopolitical stuff going on, obviously, and a lot of domestic political stuff going on. Tariffs swing back and forth. There's interest rate uncertainty. You name it. However, you have unbelievable stores that are able to manage that, and retail demand is really unabated,' Simon said during Monday's conference call with investors and industry analysts. 'The physical shopping environment continues to be the place to be.…So we're quite bullish about what we've done, what we are doing, and where we are going, despite all the headlines that are out there.' In other good news for investors, Simon's board of directors declared a quarterly common stock dividend of $2.15 for the third quarter of 2025, representing an increase of $0.10, or 4.9 percent year-over-year. The dividend will be payable Sept. 30 to shareholders of record on Sept. 9, 2025. The company is slightly upping its outlook for real estate FFO, to $12.45 to $12.65 a diluted share for 2025 from the previous forecast of $12.40 to $12.65 a diluted share. During the call, Simon said he 'kind of chuckles' when he reads about companies restructuring, saying they're going to lease their properties better, manage their balance sheets better, bring in new management. 'You've never read about a Simon Property Group restructuring. Yes, we had to do certain drastic things to deal with COVID and to deal with the great financial crisis [of 2008-2009], but there's been no restructuring in this company — only things that have benefited shareholders. 'This company doesn't need to sell a bunch of assets, doesn't need to bring in a new management team, it doesn't need to downsize its platform. It doesn't need to do it because it's outperformed over a 30-plus-year period that no one else has done.' On June 27, the company acquired its partners' interest in the retail and parking facilities at Brickell City Centre in Miami. Simon now wholly owns and manages the asset. 'A couple of more things will get announced this year, and they'll be accretive,' Simon said, without specifying. 'They will add to our platform and we'll be able to manage them better so we'll be able to grow our cash flow.' Asked by one analyst how 'mom and pop' stores are performing amid all the macro uncertainties and the tariff situation, Simon said, 'Last quarter, I did express my concern about that segment given how tariffs might affect them and their cost of goods. But they're beating their plans so far this year. So it's all systems go there. I'm sure there's trepidation, but I think they're managing as best they can. The full story, obviously, given the volatility has not been written.' Another analyst suggested the possibility of an impending wave of major mall transactions. But Simon said, 'I'm not sure about whether there's going to be the huge mall transactions. I think you'll have other players come in buying maybe not necessarily 'A' properties, but a lot of 'Bs' because the reality is you can create a nice arbitrage and manage them or lease them and improve them. They are a lot stickier than people believe…despite the media and the naysayers — and that's not to say there hasn't been a significant amount of obsolescence — most of them are here today, still fighting a pretty good battle.' Simon summed up the second-quarter performance, stating: 'We delivered robust financial and operational results yet again for the second quarter. Occupancy gains, increased shopper traffic and higher retail sales volumes contributed to strong cash flow growth. We continue to enhance our real estate platforms through development, redevelopment and acquisitions, including the purchase of our partners' interest in Brickell City Centre, a premier mixed-use property in Miami and its rapidly growing central business district.' In other second-quarter statistics, Simon reported that base minimum rent per square foot was $58.70 as of June 30, compared to $57.94 as of June 30, 2024, an increase of 1.3 percent. Also, reported retailer sales per square foot were $736 for the trailing 12 months ended June 30. Reported retailer sales per square foot were $741 for the trailing 12 months ended June 30, 2024. While Simon reported traffic being up 1.5 percent, the slight drop in sales per square foot was attributed to assets that are on the northern and southern borders of the nation. 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7 days ago
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Simon Property Q2 FFO Beats Estimates on Higher Revenues & Occupancy
Simon Property Group, Inc.'s SPG second-quarter 2025 real estate funds from operations (FFO) per share of $3.05 surpassed the Zacks Consensus Estimate of $3.04. This compares favorably with the real estate FFO of $2.93 a year ago. Results reflect an increase in revenues, backed by a rise in the base minimum rent per square foot and occupancy levels. SPG raised its guidance for 2025 real estate FFO per share at the midpoint. Simon Property generated revenues of $1.50 billion in the quarter, which missed the Zacks Consensus Estimate of $1.51 billion. However, the reported figure increased 2.8% year over year. According to David Simon, the chairman, CEO and president of Simon Property Group, "We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution.' He further added, 'Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance.' SPG's Second Quarter in Detail SPG reported revenues from lease income of $1.38 billion, 4.8% higher than the prior-year period's figure. Our estimate was pegged at $1.36 billion. As of June 30, 2025, the occupancy for the U.S. Malls and Premium Outlets portfolio came in at 96%, up 40 basis points from 95.6% as of June 30, 2024. We projected the metric to be 95.7%. The base minimum rent per square foot for the U.S. Malls and Premium Outlets portfolio was $58.70 as of June 30, 2025, rising from $57.94 as of June 30, 2024. This reflected an increase of 1.3%. Domestic property net operating income (NOI) increased 4.2% year over year, and portfolio NOI rose 4.7%. SPG's Portfolio Activity In June 2025, Simon Property acquired its partner's stake in the retail and parking facilities at Brickell City Centre in Miami, FL. The company now wholly owns the asset. Balance Sheet Position of SPG Simon Property exited the second quarter of 2025 with $9.2 billion of liquidity. This comprised $1.8 billion of cash on hand, including its share of joint venture cash and $7.4 billion of available capacity under the company's revolving credit facilities. SPG's Outlook for 2025 Simon Property has narrowed its outlook for 2025 real estate FFO per share. The company now expects the same to be between $12.45 and $12.65 from the earlier guided range of $12.40-12.65, raising the midpoint to $12.55. The Zacks Consensus Estimate of $12.45 lies at the lower end of the range. SPG's Dividend Update Concurrent with its second-quarter earnings release, Simon Property announced a quarterly common stock dividend of $2.15 for the third quarter of 2025. This marks an increase of 4.9% year over year. The dividend will be paid out on Sept. 30 to shareholders of record as of Sept. 9, 2025. SPG's Zacks Rank Currently, SPG carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Simon Property Group, Inc. Price and EPS Surprise Simon Property Group, Inc. price-eps-surprise | Simon Property Group, Inc. Quote Performance of Other Retail REITs Regency Centers Corporation REG reported second-quarter 2025 NAREIT FFO per share of $1.16, outpacing the Zacks Consensus Estimate of $1.12. The figure increased 9.4% from the prior-year quarter. REG's results reflected healthy leasing activity. During the quarter, same-property and base rents improved year over year. Kimco Realty Corp. KIM reported second-quarter 2025 FFO per share of 44 cents, beating the Zacks Consensus Estimate of 43 cents. The metric rose 7.3% from the year-ago quarter. Results reflected higher same-property NOI due to a rise in minimum rents. However, lower occupancy owing to tenant bankruptcies and higher interest expenses acted as dampeners. Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Simon Property Group, Inc. (SPG) : Free Stock Analysis Report Kimco Realty Corporation (KIM) : Free Stock Analysis Report Regency Centers Corporation (REG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
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04-08-2025
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Simon® Reports Second Quarter 2025 Results, Increases Full Year 2025 Real Estate FFO Per Share Guidance and Raises Quarterly Dividend
INDIANAPOLIS, Aug. 4, 2025 /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2025. "We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution," said David Simon, Chairman, Chief Executive Officer and President. "Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance." Results for the Quarter Net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, as compared to $493.5 million, or $1.51 per diluted share in 2024. Real Estate Funds From Operations ("FFO") was $1.154 billion, or $3.05 per diluted share as compared to $1.100 billion, or $2.93 per diluted share in the prior year, an increase of 4.1%. FFO was $1.189 billion, or $3.15 per diluted share as compared to $1.088 billion, or $2.90 per diluted share in the prior year. Domestic property Net Operating Income ("NOI") increased 4.2% and portfolio NOI increased 4.7% compared to the prior year period. Results for the Six Months Net income attributable to common stockholders was $969.8 million, or $2.97 per diluted share, as compared to $1.225 billion, or $3.76 per diluted share in 2024. Real Estate FFO was $2.268 billion, or $6.01 per diluted share as compared to $2.191 billion, or $5.84 per diluted share in the prior year. FFO was $2.194 billion, or $5.82 per diluted share as compared to $2.421 billion, or $6.46 per diluted share in the prior year. Domestic property NOI increased 3.8% and portfolio NOI increased 4.2% compared to the prior year period. U.S. Malls and Premium Outlets Operating Statistics Occupancy at June 30, 2025 was 96.0%, a 0.4% increase compared to 95.6% at June 30, 2024. Base minimum rent per square foot was $58.70 at June 30, 2025, compared to $57.94 at June 30, 2024, an increase of 1.3%. Reported retailer sales per square foot was $736 for the trailing 12 months ended June 30, 2025. Acquisition ActivityOn June 27, 2025, the Company acquired its partner's interest in the retail and parking facilities at Brickell City Centre, located in Miami, Florida. Simon now wholly-owns and manages the asset. Capital Markets and Balance Sheet LiquidityDuring the first six months, the Company completed 21 secured loan transactions totaling approximately $3.8 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.84%. As of June 30, 2025, Simon had approximately $9.2 billion of liquidity consisting of $1.8 billion of cash on hand, including its share of joint venture cash, and $7.4 billion of available capacity under its revolving credit facilities. DividendsToday, Simon's Board of Directors declared a quarterly common stock dividend of $2.15 for the third quarter of 2025. This is an increase of $0.10, or 4.9% year-over-year. The dividend will be payable on September 30, 2025 to shareholders of record on September 9, 2025. Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2025 to shareholders of record on September 16, 2025. 2025 GuidanceThe Company's estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2025 are included in the table below and are reconciled in the Company's supplemental information. The Company is increasing its outlook for Real Estate FFO to $12.45 to $12.65 per diluted share. Low HighEnd End Estimated net income attributable to common stockholders per diluted share $6.63 $6.83 Estimated Real Estate FFO per diluted share $12.45 $12.65 Conference CallSimon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, August 4, 2025. A live webcast of the conference call will be accessible in listen-only mode at An audio replay of the conference call will be available until August 11, 2025. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13754744. Supplemental Materials and WebsiteSupplemental information on our second quarter 2025 performance is available at This information has also been furnished to the SEC in a current report on Form 8-K. We routinely post important information online on our investor relations website, We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document. Non-GAAP Financial MeasuresThis press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon's supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs. Forward-Looking StatementsCertain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; reducing emissions of greenhouse gases; environmental liabilities; natural disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise. About SimonSimon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. Simon Property Group, Consolidated Statements of Operations(Dollars in thousands, except per share amounts) For the Three MonthsFor the Six MonthsEnded June 30,Ended June 30,2025 20242025 2024 REVENUE:Lease income $ 1,379,454 $ 1,315,740$ 2,746,882 $ 2,618,412 Management fees and other revenues 37,931 33,18671,723 62,642 Other income 81,074 109,340152,867 219,802 Total revenue 1,498,459 1,458,2662,971,472 2,900,856 EXPENSES:Property operating 139,816 131,292276,637 257,406 Depreciation and amortization 339,058 310,016667,109 617,384 Real estate taxes 105,315 96,640212,768 205,849 Repairs and maintenance 26,238 24,52456,380 50,253 Advertising and promotion 36,310 38,82870,566 66,909 Home and regional office costs 57,564 50,481122,630 111,204 General and administrative 14,298 10,83926,927 19,970 Other 35,663 41,54566,641 82,600 Total operating expenses 754,262 704,1651,499,658 1,411,575 OPERATING INCOME BEFORE OTHER ITEMS 744,197 754,1011,471,814 1,489,281 Interest expense (232,724) (221,338)(459,720) (451,960) Gain due to disposal, exchange, or revaluation of equity interests, net 104,499 -80,507 414,769 Income and other tax expense (35,107) (4,961)(27,470) (52,564) Income from unconsolidated entities 122,875 42,214153,234 7,872 Unrealized (losses) gains in fair value of publicly traded equity instruments andderivative instrument, net (50,455) 2,405(87,220) (4,787) (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (9,604) (2,986)(9,604) 7,980 CONSOLIDATED NET INCOME 643,681 569,4351,121,541 1,410,591 Net income attributable to noncontrolling interests 86,714 75,136150,040 183,755 Preferred dividends 834 8341,669 1,669 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 556,133 $ 493,465$ 969,832 $ 1,225,167 BASIC AND DILUTED EARNINGS PER COMMON SHARE:Net income attributable to common stockholders $ 1.70 $ 1.51$ 2.97 $ 3.76 Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) June 30, December 31,2025 2024 ASSETS: Investment properties, at cost $ 42,353,405 $ 40,242,392 Less - accumulated depreciation 20,017,666 19,047,07822,335,739 21,195,314 Cash and cash equivalents 1,231,437 1,400,345 Tenant receivables and accrued revenue, net 777,538 796,513 Investment in TRG, at equity 2,952,066 3,069,297 Investment in Klépierre, at equity 1,534,383 1,384,267 Investment in other unconsolidated entities, at equity 2,613,543 2,670,739 Right-of-use assets, net 515,455 519,607 Deferred costs and other assets 1,335,441 1,369,609 Total assets $ 33,295,602 $ 32,405,691LIABILITIES: Mortgages and unsecured indebtedness $ 25,401,250 $ 24,264,495 Accounts payable, accrued expenses, intangibles, and deferred revenues 1,630,964 1,712,465 Cash distributions and losses in unconsolidated entities, at equity 1,746,426 1,680,431 Dividend payable 2,057 2,410 Lease liabilities 516,065 520,283 Other liabilities 907,770 626,155 Total liabilities 30,204,532 28,806,239Commitments and contingencies Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests 243,504 184,729EQUITY: Stockholders' Equity Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 40,614 40,778Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and 342,945,839 issued and outstanding, respectively 33 33Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding - -Capital in excess of par value 11,593,787 11,583,051 Accumulated deficit (6,837,606) (6,382,515) Accumulated other comprehensive loss (256,308) (193,026) Common stock held in treasury, at cost, 16,575,924 and 16,675,701 shares, respectively (2,089,012) (2,106,396) Total stockholders' equity 2,451,508 2,941,925 Noncontrolling interests 396,058 472,798 Total equity 2,847,566 3,414,723 Total liabilities and equity $ 33,295,602 $ 32,405,691 Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,2025 20242025 2024 REVENUE:Lease income $ 757,888 $ 741,887$ 1,507,695 $ 1,493,917 Other income 112,941 94,773207,008 185,764 Total revenue 870,829 836,6601,714,703 1,679,681 OPERATING EXPENSES:Property operating 165,960 162,138332,607 323,183 Depreciation and amortization 159,675 158,107318,687 317,921 Real estate taxes 58,606 61,104117,398 124,284 Repairs and maintenance 18,204 18,14238,967 37,634 Advertising and promotion 22,474 21,53244,623 43,195 Other 61,308 53,630118,155 108,510 Total operating expenses 486,227 474,653970,437 954,727 OPERATING INCOME BEFORE OTHER ITEMS 384,602 362,007744,266 724,954 Interest expense (174,995) (179,359)(345,363) (356,110) NET INCOME $ 209,607 $ 182,648$ 398,903 $ 368,844 Third-Party Investors' Share of Net Income $ 107,651 $ 92,849$ 204,248 $ 187,219 Our Share of Net Income 101,956 89,799194,655 181,625 Amortization of Excess Investment (A) (13,871) (14,463)(28,336) (29,160) Income from Unconsolidated Entities (B) $ 88,085 $ 75,336$ 166,319 $ 152,465 Note: The above financial presentation does not include any information related to our investments in Klépierre S.A. ("Klépierre"), The Taubman Realty Group ("TRG") and other platform investments. For additional information, see footnote B. Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands)June 30, December 31, 2025 2024Assets:Investment properties, at cost $ 18,556,864 $ 18,875,241Less - accumulated depreciation 8,961,791 8,944,188 9,595,073 9,931,053Cash and cash equivalents 1,149,366 1,270,594Tenant receivables and accrued revenue, net 494,651 533,676Right-of-use assets, net 121,280 113,014Deferred costs and other assets 559,208 531,059Total assets $ 11,919,578 $ 12,379,396Liabilities and Partners' Deficit:Mortgages $ 13,630,447 $ 13,666,090Accounts payable, accrued expenses, intangibles, and deferred revenue 970,489 1,037,015Lease liabilities 112,587 104,120Other liabilities 344,860 363,488Total liabilities 15,058,383 15,170,713Preferred units 67,450 67,450Partners' deficit (3,206,255) (2,858,767)Total liabilities and partners' deficit $ 11,919,578 $ 12,379,396Our Share of:Partners' deficit $ (1,240,860) $ (1,180,960)Add: Excess Investment (A) 1,008,071 1,077,204Our net Investment in unconsolidated entities, at equity $ (232,789) $ (103,756) Note: The above financial presentation does not include any information related to our investments in Klépierre, TRG and other platform investments. For additional information, see footnote B. Simon Property Group, Inc. Unaudited Reconciliation of Non-GAAP Financial Measures (C) (Amounts in thousands, except per share amounts)Reconciliation of Consolidated Net Income to FFO and Real Estate FFOFor the Three Months EndedFor the Six Months EndedJune 30,June 30,2025202420252024 Consolidated Net Income (D) $ 643,681$ 569,435$ 1,121,541$ 1,410,591 Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties 335,157306,318659,479609,990Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments 207,587216,257416,551421,235Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 9,6042,9869,604(7,980)Net (gain) loss attributable to noncontrolling interest holders in properties (26)(785)1,266685Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties (6,346)(5,087)(12,339)(10,598)Preferred distributions and dividends (1,126)(1,266)(2,252)(2,532) FFO of the Operating Partnership $ 1,188,531$ 1,087,858$ 2,193,850$ 2,421,391 FFO allocable to limited partners 159,806141,733295,091315,537 FFO allocable to common stockholders $ 1,028,725$ 946,125$ 1,898,759$ 2,105,854 FFO of the Operating Partnership $ 1,188,531$ 1,087,858$ 2,193,850$ 2,421,391Gain due to disposal, exchange, or revaluation of equity interests, net of tax (78,374)-(60,381)(311,077)Other platform investments, net of tax (6,594)15,00847,59175,784Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net 50,455(2,405)87,2204,787 Real Estate FFO $ 1,154,018$ 1,100,461$ 2,268,280$ 2,190,885 Diluted net income per share to diluted FFO per share reconciliation:Diluted net income per share $ 1.70$ 1.51$ 2.97$ 3.76Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization 1.421.382.822.72Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 0.030.010.03(0.02) Diluted FFO per share $ 3.15$ 2.90$ 5.82$ 6.46Gain due to disposal, exchange, or revaluation of equity interests, net of tax (0.21)-(0.16)(0.83)Other platform investments, net of tax (0.02)0.040.120.20Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net 0.13(0.01)0.230.01 Real Estate FFO per share $ 3.05$ 2.93$ 6.01$ 5.844.1 %2.9 % Details for per share calculations:FFO of the Operating Partnership $ 1,188,531$ 1,087,858$ 2,193,850$ 2,421,391 Diluted FFO allocable to unitholders (159,806)(141,733)(295,091)(315,537) Diluted FFO allocable to common stockholders $ 1,028,725$ 946,125$ 1,898,759$ 2,105,854 Basic and Diluted weighted average shares outstanding 326,487326,039326,401325,975 Weighted average limited partnership units outstanding 50,71448,84450,72748,843 Basic and Diluted weighted average shares and units outstanding 377,201374,883377,128374,818 Basic and Diluted FFO per Share $ 3.15$ 2.90$ 5.82$ 6.46 Percent Change 8.6 %-9.9 % Simon Property Group, Inc. Footnotes to Unaudited Financial InformationNotes: (A) Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.(B) The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, TRG and other platform investments. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, TRG and other platform investments. For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K.(C) This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs. We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper - 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. 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. However, you should understand that FFO does 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 is not an alternative to cash flows as a measure of liquidity.(D) Includes our share of: - Gain on land sales of $1.2 million and $0.0 million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $7.5 million for the six months ended June 30, 2025 and 2024, respectively.- Straight-line adjustments increased (decreased) income by $3.7 million and ($4.2) million for the three months ended June 30, 2025 and 2024, respectively, and $5.9 million and ($8.8) million for the six months ended June 30, 2025 and 2024, respectively.- Amortization of fair market value of leases increased income by $0.3 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and $0.6 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively. 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