When available, copies of the prospectus supplement and accompanying prospectus can be obtained by contacting: BofA Securities, Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte, North Carolina 28255- 0001, Attn: Prospectus Department, telephone: 1-800-294-1322 or email: [email protected]; Deutsche Bank Securities Inc., Attention: Prospectus Department, at 1 Columbus Circle, New York, New York 10019, by telephone at (800) 503-4611 or by email at [email protected]; Goldman Sachs & Co. LLC, Attention: Pr ...

Core Insights - Investors are prioritizing income and stability as they look towards 2026, with REITs providing steady cash flows and attractive dividends tied to real assets [1] - The economic backdrop is improving, with recent rate cuts, cooling inflation, and strong GDP growth expected to enhance demand across various property types [2] REIT Sector Overview - Industrial real estate is experiencing strong demand, particularly from e-commerce and logistics, leading to high occupancy rates and steady rent growth [4] - The office sector is showing signs of recovery, with high-quality buildings attracting tenants as companies adapt to hybrid work strategies [5] - Retail real estate has stabilized, supported by limited supply growth and rising consumer incomes, positioning retail REITs for stable income and gradual growth [6] Company Highlights - Prologis, Inc. is the largest logistics real estate owner, with approximately 1.3 billion square feet of space across 20 countries, benefiting from strong leasing momentum and high occupancy rates [7][8] - Simon Property Group operates a diversified portfolio of malls and premium outlets, reporting a 96.4% occupancy rate and a 4.8% dividend increase in Q3 2025 [10][12] - Cousins Properties focuses on Class A office buildings in high-growth Sun Belt markets, showing robust leasing activity and raising its FFO guidance for 2025 [16][17] Financial Performance - Prologis has seen a core FFO growth that exceeded expectations, with a five-year annualized dividend growth rate of 12.66% [8] - Simon Property's FFO per share increased by 5.6% year-over-year, with a strong operational performance reflected in its dividend hike [12][13] - Cousins Properties has raised its FFO per share guidance to approximately $2.82-$2.86 for 2025, indicating improved cash flow expectations [17][18] Analyst Sentiment - Analysts are optimistic about Prologis, with upward revisions in FFO estimates for 2025 and 2026 [9] - Simon Property Group has also seen positive revisions in FFO estimates, reflecting a bullish outlook [13] - Cousins Properties is experiencing upward revisions in its FFO estimates, indicating strong growth potential [18]

Core Insights - Holiday shoppers are willing to spend but are seeking value, leading to increased traffic and sales at Tanger's outlet centers [1][2] - Retailers are responding to consumer demand by offering promotions, resulting in full parking lots and steady activity during the holiday season [2] - Mastercard reported a 3.9% year-over-year increase in retail sales for November and December, while Visa noted a 4.2% increase in holiday retail spending [3] Retail Performance - Simon Property Group reported a 6.4% year-over-year increase in traffic at its malls and premium outlets during the Black Friday weekend, with many brands experiencing double-digit sales increases [4] - The overall retail environment is thriving, despite a decline in consumer confidence [4] Consumer Confidence - The Conference Board reported a 3.8-point drop in consumer confidence in December, marking the fifth consecutive decline, affecting various demographics [5] - Factors influencing consumer sentiment include prices, inflation, tariffs, and personal finance issues [6]

Industry Overview - The retail real estate market is demonstrating renewed resilience as landlords adapt and reposition assets for long-term stability, with limited new supply and prudent development activity helping to preserve rent levels and investor confidence [1] Company Performance - Simon Property Group (SPG) is well-positioned to capitalize on the growth in the retail real estate market, supported by its portfolio of premium retail assets in the U.S. and internationally, along with solid operating fundamentals and strategic initiatives [2] - SPG shares have increased by 17.3% over the past six months, contrasting with a 1.9% decline in the industry, and analysts have revised the Zacks Consensus Estimate for its 2025 FFO per share upward by six cents to $12.64 [3] Asset and Leasing Strategy - SPG benefits from a premium asset base with broad exposure to U.S. retail assets and international operations that support long-term growth, including a stake in Klépierre for access to high-quality retail assets in Europe [4] - In the first nine months of 2025, SPG signed 819 new leases and 1,383 renewal leases, covering approximately 8.3 million square feet, with an occupancy rate of 96.4% as of September 30, 2025, up from 96.2% a year prior [5][6] Financial Health - As of September 30, 2025, SPG had $9.5 billion in liquidity, with secured debt representing only 16% of total assets and a fixed-charge coverage ratio of 4.7, indicating strong financial flexibility [12] - The company has raised its quarterly dividend to $2.20 per share, reflecting a 2.3% increase, and has delivered 14 dividend hikes over the past five years, with total payouts rising nearly 11.7% during that period [13] Growth Initiatives - SPG is actively reshaping its portfolio through acquisitions and large-scale redevelopments, investing billions to enhance property value and increase foot traffic [9] - Recent acquisitions include Phillips Place, an open-air retail center in Charlotte, NC, and the remaining 12% interest in the Taubman Realty Group, which are expected to be value accretive [10]

Core Viewpoint - Simon Property (SPG) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Business Outlook - The upgrade in rating for Simon Property indicates a positive outlook for its earnings, suggesting that the company's underlying business is improving [5][10]. - Analysts have raised their earnings estimates for Simon Property, with the Zacks Consensus Estimate increasing by 1.2% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Only the top 20% of Zacks-covered stocks receive a "Strong Buy" or "Buy" rating, indicating superior earnings estimate revisions [9][10].

Group 1 - Simon Property Group (SPG) is a REIT that has been viewed positively in recent years due to its undervaluation [1] - SPG has outperformed the market since the last coverage [1] - The focus is on dividend investing in quality blue-chip stocks, BDCs, and REITs to supplement retirement income [1] Group 2 - The article expresses the author's personal opinions and does not constitute financial advice [2] - There are no current stock or derivative positions in any mentioned companies [2] - The author is not receiving compensation for the article beyond Seeking Alpha [2]

Core Insights - Electrify America and Simon have collaborated to expand electric vehicle (EV) charging access at retail locations, achieving over 549 million EV miles powered since the initiative's launch [1] - The partnership has successfully installed more than 500 Hyper-Fast chargers across 105 stations in 27 states and two Canadian provinces [1] - The Hyper-Fast chargers can deliver charging speeds of up to 350 kilowatts (kW), allowing compatible vehicles to charge in as little as 20 minutes [1] Company Overview - Electrify America is the largest open Hyper-Fast charging network in the U.S., investing over $2 billion in Zero Emission Vehicle (ZEV) infrastructure [1] - Simon is a real estate investment trust (REIT) that owns premier shopping, dining, and entertainment destinations, generating billions in annual sales [1] Collaboration Impact - The collaboration has integrated EV charging with shopping, dining, and entertainment, enhancing convenience for EV drivers [1] - The Electrify America mobile app facilitates seamless charging experiences by allowing users to locate chargers, view pricing, and monitor charging progress [1] - The partnership aims to support the transition to electric mobility by providing charging solutions in high-traffic retail areas [1]

Core Insights - Autolane has secured $7.4 million in funding co-led by Draper Associates and Hyperplane, with additional participation from LAUNCH and Feld Ventures [1] - The funding will enhance Autolane's deployment of its curbside operating system across retail, restaurant, and commercial property sectors [1] - Autolane is currently implementing its technology at four Simon® properties located in Texas and California [1] Funding Details - The total funding amount is $7.4 million [1] - Key investors include Draper Associates, Hyperplane, LAUNCH, and Feld Ventures [1] Technology Deployment - Autolane's curbside operating system is being deployed at four locations [1] - The technology is designed to support both autonomous vehicles and curbside operations [1]

Core Insights - Simon Property Group, Inc. (SPG) is a significant player in the real estate investment trust (REIT) sector, with a market capitalization of $60.8 billion, focusing on retail real estate properties [1][2] - SPG has a diverse portfolio of 230 properties and strategic investments, including a stake in Klepierre, which positions the company for global growth and diversified revenue streams [2] Financial Performance - SPG's stock has seen a 2.6% decline from its 52-week high of $190.14, but it gained 2.5% over the past three months, outperforming the Real Estate Select Sector SPDR Fund (XLRE) [3][4] - Year-to-date, SPG shares have risen by 7.5%, and over the past 52 weeks, they have marginally increased, outperforming XLRE's YTD gain of 1% and 8.7% decline [4] - In Q3, SPG reported FFO per share of $3.22, exceeding expectations, with revenue of $1.6 billion also surpassing forecasts [5] Market Sentiment - Analysts maintain a "Moderate Buy" consensus rating for SPG, with a mean price target of $193.50, indicating a potential upside of 4.5% from current levels [6]

Core Insights - Simon is enhancing the holiday shopping experience with new stores, family experiences, and the launch of a new loyalty program, Simon+ [1][4][10] Group 1: New Offerings - Simon centers are introducing hundreds of new stores and restaurants, including popular brands appealing to various generations, such as Edikted, Gymshark, and luxury brands like Dior and Louis Vuitton [2][8] - The new loyalty program, Simon+, rewards members with cash back, points, and perks for shopping both in-store and online [5][6] Group 2: Holiday Experiences - Simon centers are hosting festive events, including Santa visits, tree lighting ceremonies, and unique attractions like Netflix House and Eataly, creating memorable experiences for families [3][4] - Extended shopping hours and the ShopSimon platform provide convenience for holiday shoppers, offering access to over 1.6 million items from various brands [6][8] Group 3: Community Engagement - Simon's properties serve as community gathering places, generating billions in annual sales and providing a platform for charitable events during the holiday season [8][9]