Simon Property Group (SPG): what its 10-K says it depends on

Customers

Department store anchor tenants

earns fromnamed as a risk

Sustained adverse pressure on the results of department stores and other national retailers may have a similarly sustained adverse impact upon our own results.Risk factors (Item 1A)

Partners and platforms

Credit Facility

depends on · $5.0 billionnamed as a risk

The failure of one or more participants to the Credit Facilities to meet their funding commitments to us could have a material adverse effect on us, including as a result of making it difficult to obtain the financing we may need for future growth and/or meeting our debt service requirements.Risk factors (Item 1A)

Also named by AM, AR, AROC, BSM, CGBD, CLS, CVLG, CWST and 5 more

Other companies

Klépierre SA

22.2% equity stake

As of December 31, 2025, we also owned a 22.2% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe.Business (Item 1)

The Taubman Realty Group, LLC (TRG)

remaining 12% interest

As further discussed in Note 4 to the financial statements, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or the TRG Acquisition.Business (Item 1)

Catalyst Brands LLC

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.Business (Item 1)

Rue Gilt Groupe (RGG)

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.Business (Item 1)

Jamestown

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.Business (Item 1)

Competitors

Walmart

competes withnamed as a risk

Our properties compete with other forms of retailing such as pure online retail websites as well as other types of retail properties such as single user freestanding discounters (Costco, Walmart and Target).Risk factors (Item 1A)

Also named by AIOT, BRK/B, CART, COST, DG, DGX, EEFT, FDX and 6 more

Target

competes withnamed as a risk

Our properties compete with other forms of retailing such as pure online retail websites as well as other types of retail properties such as single user freestanding discounters (Costco, Walmart and Target).Risk factors (Item 1A)

Also named by BBW, COST, SYM

Costco

competes withnamed as a risk

Our properties compete with other forms of retailing such as pure online retail websites as well as other types of retail properties such as single user freestanding discounters (Costco, Walmart and Target).Risk factors (Item 1A)

Places

International operations

operates in · approximately 2.3% of consolidated net income and 9.7% of our net operating incomenamed as a risk

Our international activities represented approximately 2.3% of consolidated net income and 9.7% of our net operating income, or NOI, for the year ended December 31, 2025.Risk factors (Item 1A)

Also named by APG, AXP, CARR, COP, COST, DD, ECL, EQIX and 14 more

Florida

concentrated innamed as a risk

A material amount of our share of NOI is derived in states such as Florida, California, Texas and New York which are located in areas which may be subject to a higher risk of natural disasters such as tornados, floods, blizzards, hurricanes, heatwaves, fires, drought, earthquakes or tsunamis.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

California

concentrated innamed as a risk

A material amount of our share of NOI is derived in states such as Florida, California, Texas and New York which are located in areas which may be subject to a higher risk of natural disasters such as tornados, floods, blizzards, hurricanes, heatwaves, fires, drought, earthquakes or tsunamis.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Texas

concentrated innamed as a risk

A material amount of our share of NOI is derived in states such as Florida, California, Texas and New York which are located in areas which may be subject to a higher risk of natural disasters such as tornados, floods, blizzards, hurricanes, heatwaves, fires, drought, earthquakes or tsunamis.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

New York

concentrated innamed as a risk

A material amount of our share of NOI is derived in states such as Florida, California, Texas and New York which are located in areas which may be subject to a higher risk of natural disasters such as tornados, floods, blizzards, hurricanes, heatwaves, fires, drought, earthquakes or tsunamis.Risk factors (Item 1A)

Also named by ABR, AXP, BJ, BPOP, BRO, BWA, CHE, CINF and 12 more

Hazards

Terrorism

insures or lends to · up to $1 billionnamed as a risk

We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion.Risk factors (Item 1A)

Also named by KNSL, ORI

Hurricanes and coastal windstorms

concentrated innamed as a risk

A similar policy either written through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations.Risk factors (Item 1A)

Asbestos and underground storage tanks

operates innamed as a risk

Many of our properties contain, or at one time contained, asbestos containing materials or underground storage tanks (primarily related to auto service center establishments or emergency electrical generation equipment), and as a result we may be subject to regulatory action in connection with U.S. federal, state and local laws and regulations relating to hazardous or toxic substances.Risk factors (Item 1A)

Commodities and inputs

SOFR

exposed to its price · approximately $754.7 millionnamed as a risk

Based upon consolidated indebtedness and interest rates at December 31, 2025, a 50 basis point increase in the market rates of interest would decrease future earnings and cash flows by approximately $0.2 million, and would decrease the fair value of debt by approximately $754.7 million.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

We cannot assure you that the Internal Revenue Service, or the IRS, will not challenge the status of the Operating Partnership, or any other subsidiary partnership or limited liability company in which we own an interest, as a disregarded entity or partnership for federal income tax purposes, or that a court would not sustain such a challenge.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

Inflation Reduction Act of 2022

subject to · one-percent excise taxnamed as a risk

Simon may be subject to the one-percent excise tax on stock repurchases imposed by the 2022 Inflation Reduction Act;Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

U.S. tariffs

subject tonamed as a risk

we may face construction delays or higher construction costs caused by potential increases in the cost of imported goods and materials due to threatened or implemented tariffs and international trade disputes, supply chain disruptions and/or shortages;Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk

the risk that we, our employees and/or agents could violate anti-bribery, anti-corruption and international trade laws in the U.S., such as the U.S. Foreign Corrupt Practices Act, and certain foreign countries, such as the U.K. 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;Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

REIT provisions of the Internal Revenue Code

subject tonamed as a risk

In the United States, Simon and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code.Risk factors (Item 1A)

Technology

E-commerce

competes withnamed as a risk

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.Risk factors (Item 1A)

Also named by COST, KIM, NNN