3Q 2025 SUPPLEMENTAL SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER TABLE OF CONTENTS | GS | AS | SU | FO | IO | EA | RN | IN | RE | LE | E | AN | D | PP | LE | ME | NT | AL | IN | RM | AT | N | FO | QU | SE | 30 | 20 | 25 | GE | R | TH | E | AR | TE | R | EN | DE | D | PT | EM | BE | R | PA | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Financial Performance - Net income attributable to common shareholders for Q3 2025 was $11,589,000, or $0.06 per diluted share, compared to a net loss of $19,154,000, or $0.10 per diluted share in Q3 2024 [1] - For the nine months ended September 30, 2025, net income was $842,250,000, or $4.19 per diluted share, significantly up from $7,072,000, or $0.04 per diluted share in the same period of 2024, primarily due to a gain of $803,248,000 related to the NYU master lease [3] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q3 2025 was $117,372,000, or $0.58 per diluted share, compared to $99,256,000, or $0.50 per diluted share in Q3 2024 [2] - For the nine months ended September 30, 2025, FFO was $373,482,000, or $1.86 per diluted share, compared to $352,914,000, or $1.79 per diluted share in the same period of 2024 [4] Acquisitions and Dispositions - On September 4, 2025, the company purchased the 623 Fifth Avenue office condominium for $218,000,000, intending to redevelop it into a boutique office building by 2027 [10] - A joint venture sold 512 West 22nd Street for $205,000,000 on August 14, 2025, resulting in net proceeds of $37,900,000 and a financial statement net gain of $11,002,000 [12] Leasing Activity - Total square feet leased in Q3 2025 was 594,000, with an initial rent of $102.60 per square foot, reflecting a 15.7% increase compared to the prior year [34] - For the nine months ended September 30, 2025, total square feet leased was 2,782,000, with an initial rent of $99.26 per square foot, showing an 11.9% increase compared to the same period in 2024 [36] Occupancy Rates - As of September 30, 2025, occupancy rates were 87.5% overall, with office occupancy at 88.4% and retail occupancy at 79.2% [38] Same Store Net Operating Income (NOI) - Same store NOI at share increased by 7.5% for Q3 2025 compared to Q3 2024, and by 5.4% for the nine months ended September 30, 2025 compared to the same period in 2024 [41]

Core Insights - Simon Property Group reported strong financial and operational performance for the quarter ended September 30, 2025, with increased occupancy, accelerated retailer sales, and higher cash flow [2][8] - The company completed the acquisition of the remaining 12% interest in Taubman Realty Group, enhancing its portfolio [2][8] - The company raised its guidance for Real Estate Funds From Operations (FFO) per diluted share for the year ending December 31, 2025, to a range of $12.60 to $12.70 [4][8] Financial Performance - For the quarter, net income attributable to common stockholders was $606.2 million, or $1.86 per diluted share, compared to $475.2 million, or $1.46 per diluted share in 2024, reflecting a significant year-over-year increase [8] - Funds From Operations (FFO) for the quarter was $1.228 billion, or $3.25 per diluted share, up from $1.067 billion, or $2.84 per diluted share in the prior year [8] - Real Estate FFO was $1.215 billion, or $3.22 per diluted share, an increase of 5.6% compared to the previous year [8] Operational Metrics - Domestic property Net Operating Income (NOI) increased by 5.1%, while portfolio NOI rose by 5.2% compared to the prior year period [8] - Occupancy rate as of September 30, 2025, was 96.4%, a slight increase from 96.2% a year earlier [8] - Base minimum rent per square foot increased by 2.5% to $59.14 compared to $57.71 in the previous year [8] Capital Markets and Liquidity - The company completed a two-tranche senior notes offering totaling $1.5 billion with a weighted-average term of 7.8 years and a coupon rate of 4.775% [3] - In the first nine months of 2025, Simon completed 33 secured loan transactions totaling approximately $5.4 billion, with a weighted average interest rate of 5.38% [3] - As of September 30, 2025, Simon had approximately $9.5 billion in liquidity, including $2.1 billion in cash and $7.4 billion available under revolving credit facilities [3] Dividend Declaration - The Board of Directors declared a quarterly common stock dividend of $2.20 for the fourth quarter of 2025, representing a 4.8% increase year-over-year [4] - The dividend will be payable on December 31, 2025, to shareholders of record on December 10, 2025 [4]

Financial Data and Key Metrics Changes - The company reported FFO per share of $0.69 for Q3 2025, which is $0.02 above the midpoint of guidance and represents a year-over-year increase of 6.2% [22] - Year-to-date FFO per share stands at $2.02, reflecting a 5.2% increase [3] - Same property cash NOI increased by 4.6% year-over-year for both the quarter and the first nine months [3][22] - The company is increasing the midpoint of 2025 guidance for FFO per share by $0.03 to $2.70, equating to a 5.1% growth over 2024 [6][27] Business Line Data and Key Metrics Changes - The leasing portfolio ended the quarter at 95.7% leased, the highest level in 20 years [4] - Tenant retention remained strong at 82% for both the quarter and the first nine months [4][13] - The company signed 78,000 square feet of vacancy leasing in the quarter and 432,000 square feet during the first nine months, representing 36% of the unleased space at the beginning of the year [4][12] Market Data and Key Metrics Changes - The company committed $72 million to two external growth investments, enhancing relationships with existing defense IT tenants [5] - The relocation of Space Command's headquarters to Redstone Arsenal is expected to drive demand for approximately 450,000 square feet of leasing [8] - The government shutdown has created uncertainty around the timing of lease activities, but the company expects to maintain rent collection due to the essential nature of its tenants [9][10] Company Strategy and Development Direction - The company is focused on expanding its relationships with top defense tenants and driving FFO per share growth [20][31] - The acquisition of Stone Gate One is part of a strategy to deepen concentration in key submarkets, with the property fully leased to a top defense contractor [18][19] - The company has a development pipeline of 1.3 million square feet of opportunities, all at defense IT locations, with a 50% likelihood of winning within two years [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for defense-related real estate, particularly in light of the Golden Dome missile defense initiative [46][55] - The company anticipates that the approval of the FY 2026 defense appropriation will support additional demand for its portfolio [10] - Management noted that the current government shutdown does not materially impact business operations, although it may delay lease renewals [9][10] Other Important Information - The company successfully closed on three financings, increasing liquidity by $400 million and achieving a sector-leading credit spread on its bond offering [24][31] - The company has reduced lease expiration exposure through year-end 2026 by 25%, or one million square feet since last quarter [4] Q&A Session Summary Question: Update on leasing activity post-budget approval - Management indicated that demand is expected to build within six months of budget approval, contrasting with the typical 9 to 12 months lag [34][35] Question: Acquisition of Stone Gate One and future opportunities - Management clarified that the acquisition fits well within their existing geographical footprint and expressed interest in expanding market share in that area [36][37] Question: Yield on Stone Gate One acquisition - Management explained that the high yield was due to the seller's timeline pressure and the strength of their bid, along with tenant influence [40][41] Question: Impact of lease expirations on financials - Management stated that holdover agreements would maintain rent at the expiring cash rent level during the renewal process [41][42] Question: Development opportunities related to the Golden Dome initiative - Management noted that new developments would be necessary to accommodate additional leasing demand arising from the initiative [46][47] Question: Process behind Space Command's relocation - Management detailed the protracted process leading to the decision to relocate Space Command to Redstone Arsenal, emphasizing their role in supporting the mission [50][52] Question: Fixed-income investor support versus equity market performance - Management discussed the fixed-income community's appreciation for the company's resilient cash flow and development pipeline, contrasting it with equity investor perceptions [57][58]

Financial Performance & Portfolio Highlights - Net income attributable to common stockholders was $762040 thousand for the three months ended September 30, 2025[17, 22] - Adjusted EBITDA attributable to common stockholders was $825582 thousand for the three months ended September 30, 2025[17, 24] - The company owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties[12] - The portfolio features approximately 127 million square feet and approximately 60300 hotel rooms[12] - The portfolio has a 400 year weighted average lease term as of September 30, 2025[16] Capital Structure & Credit Metrics - Total debt was $17097906 thousand as of September 30, 2025[17, 35] - The company has a LQA Net Leverage Ratio of 50x as of September 30, 2025[17, 36] - The company's total liquidity was $3104483 thousand, including $2352094 thousand from the Revolving Credit Facility Capacity[35] Future Outlook - The company estimates AFFO for the year ending December 31, 2025, will be between $2510 million and $2520 million, or between $236 and $237 per diluted common share[32]

Financial Performance - Net income available to common stockholders for the third quarter of 2025 was $86 million, or $005 per share, compared to $112 million, or $007 per share, for the third quarter of 2024[13] - Funds From Operations (FFO) for the third quarter of 2025 was $1165 million, or $069 per share, compared to $1023 million, or $067 per share, for the third quarter of 2024[13] - Net income available to common stockholders for the nine months ended September 30, 2025, was $440 million, or $026 per share, compared to $323 million, or $021 per share, for the nine months ended September 30, 2024[13] - Funds From Operations (FFO) for the nine months ended September 30, 2025, was $3589 million, or $213 per share, compared to $3052 million, or $200 per share, for the nine months ended September 30, 2024[13] Portfolio and Leasing Activity - Same property net operating income (NOI) on a cash-basis increased 03% for the third quarter of 2025[13] - Second generation net rent per square foot on a cash-basis increased 42% for the third quarter of 2025[13] - The company executed 551000 square feet of office leases during the third quarter of 2025[13] - Same property net operating income (NOI) on a cash-basis increased 12% for the nine months ended September 30, 2025[13] - Second generation net rent per square foot on a cash-basis increased 49% for the nine months ended September 30, 2025[13] - The company executed 1425000 square feet of office leases during the nine months ended September 30, 2025[13] Investment and Capital Activities - The company repaid in full $2500 million of 391% privately placed senior notes on July 7, 2025[16] - The company acquired The Link, a 292000 square foot lifestyle office property in Uptown Dallas, for $2180 million on July 28, 2025[16]

Core Viewpoint - Realty Income Corporation has experienced underperformance compared to the broader market and its sector, despite a slight increase in share price following mixed Q2 results Company Overview - Realty Income Corporation, based in San Diego, California, has a market capitalization of $52.9 billion and focuses on acquiring single-tenant retail locations leased to regional and national chains under long-term net lease agreements [1] Stock Performance - Over the past year, Realty Income's shares have declined by 4.3%, while the S&P 500 Index has increased by 17.4% [2] - Year-to-date in 2025, Realty Income's stock is up 8.4%, compared to the S&P 500's 16% gains [2] - Compared to the Real Estate Select Sector SPDR Fund (XLRE), which has declined about 7% over the past year, Realty Income's performance has been relatively better [3] Financial Results - In Q2, Realty Income reported an AFFO per share of $1.05, which was a slight decrease from the previous year and missed estimates [4] - Revenue for the same quarter rose by 5.3% year-over-year to $1.4 billion, exceeding analyst expectations [4] Future Expectations - Analysts project that Realty Income's FFO per share will grow by 1.9% to $4.27 for the current fiscal year ending in December [5] - The consensus among 25 analysts covering Realty Income stock is a "Hold," with ratings including four "Strong Buy," one "Moderate Buy," and 20 "Holds" [5] Analyst Ratings - On October 28, Ronald Kamdem from Morgan Stanley maintained a "Hold" rating on Realty Income with a price target of $62, indicating a potential upside of 7.1% from current levels [6]

Financial Data and Key Metrics Changes - The company reported a third quarter NOI of $32.8 million, reflecting a 1.2% increase year-over-year, primarily driven by higher base rent [8] - Same-store NOI was $31.9 million for the quarter, a 60 basis point increase year-over-year [8] - Third quarter FFO per share for CRE and corporate was $0.30, up $0.02 or 7.1% from the same quarter last year [8][9] - Total company FFO for the quarter was $0.29 per share, which included an operating loss of $298,000 from land operations [9] - G&A expenses were $6.1 million for the quarter, approximately $1.4 million lower than the same period last year [9] Business Line Data and Key Metrics Changes - The CRE portfolio experienced same-store NOI growth of 0.6% for the quarter [5] - The company executed 49 leases in its improved property portfolio, representing approximately 164,000 square feet of GLA and $3.3 million of ABR [7] - Lease occupancy was 95.6%, which is 160 basis points higher compared to the third quarter of last year [7] - Economic occupancy at quarter end was 94.3%, 130 basis points higher than the same period last year [7] Market Data and Key Metrics Changes - The company noted increased momentum in the Hawaii investment market, with three large portfolios being marketed for sale [7] - The company is actively pursuing acquisition opportunities aligned with its long-term growth strategy [7] Company Strategy and Development Direction - The company is focused on executing its strategy to drive long-term value for shareholders, with a positive full-year outlook and raised FFO guidance [5][12] - Internal growth initiatives include the development of new buildings at Kumuana Industrial Park and Maui Business Park, expected to generate significant annual NOI upon stabilization [6][10] - The company is also exploring external growth through acquisitions, with a focus on larger assets and portfolios [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook, citing strong portfolio performance and better-than-expected expense management [12] - The company anticipates that the $6.4 million of ABR from SNO leases will start impacting earnings within 9 to 12 months [15] - Management acknowledged challenges from tenant move-outs earlier in the year but noted that all have been backfilled [35] Other Important Information - The company plans to declare a fourth quarter 2025 dividend in December, with payment in January [10] - The sale of three floors at Kaka'ako Commerce Center is expected to generate $24.1 million in proceeds, which will be recycled into acquisition properties via a 1031 exchange [10] Q&A Session Summary Question: When will the $6.4 million of ABR from the SNO leases start to impact earnings? - Management indicated that normal SNO typically becomes economic over 9 to 12 months, with specific projects expected to contribute in Q1 of next year [15] Question: Has the asset for the $24 million purchase option been identified? - Management stated that the asset has not yet been determined, but they are actively underwriting opportunities in the market [16] Question: What is the expected G&A for the fourth quarter? - Management expects an uptick in G&A in the fourth quarter due to timing differences and transaction-related costs [17] Question: Is the sale of the two floors at Kaka'ako common in other properties? - Management noted that this structure is unique to Kaka'ako and not common in their other properties [22] Question: What is the expected impact of land operations on future earnings? - Management indicated that absent land sales, there could be a modest loss in the Land Operations division [27] Question: What are the expected cap rates for the portfolios being marketed? - Management refrained from discussing specific cap rates but indicated a general expectation of 5% to 6% cap type deals in the market [51][52] Question: What is the status of the Lono Center office property? - Management confirmed that they are actively looking to dispose of the Lono Center as it is considered a non-strategic asset [53]

Financial Performance - Net income available to A&B common shareholders for Q3 2025 was $143 million, or $020 per diluted share[1] - Commercial Real Estate (CRE) operating profit for Q3 2025 was $227 million[1] - Funds From Operations (FFO) for Q3 2025 was $214 million, or $029 per diluted share[6] - FFO related to CRE and Corporate for Q3 2025 was $217 million, or $030 per diluted share[6] Commercial Real Estate Operations - CRE Same-Store Net Operating Income (NOI) increased by 06%[6] - Leased occupancy as of September 30, 2025, was 956%[6] - Comparable blended leasing spreads for the improved portfolio were 44%[6] - The company executed 49 improved-property leases totaling approximately 163800 sq ft of GLA, representing $33 million of annualized base rent[12] - The company recognized selling profit of $26 million in connection with a tenant exercising its option to purchase three subdivided units at Kaka'ako Commerce Center[13] Future Outlook - The company is raising FFO guidance for the full year 2025[3]

Core Insights - Alexander & Baldwin, Inc. reported a net income of $14.3 million, or $0.20 per diluted share, for Q3 2025, alongside a Commercial Real Estate operating profit of $22.7 million [1][4][10] Financial Performance - The net income available to A&B common shareholders decreased from $18.998 million in Q3 2024 to $14.337 million in Q3 2025 [4][29] - FFO (Funds From Operations) for Q3 2025 was $21.4 million, down from $28.2 million in Q3 2024, with FFO per diluted share at $0.29 compared to $0.39 in the prior year [4][29] - Same-Store NOI (Net Operating Income) growth was 0.6% in Q3 2025, a decline from 4.1% in Q3 2024 [4][8] Commercial Real Estate Segment - CRE operating revenue increased to $50.213 million in Q3 2025 from $49.381 million in Q3 2024, while operating profit slightly decreased from $22.829 million to $22.719 million [4][14] - Total leased occupancy was reported at 95.6%, a slight decrease from 95.8% in the previous quarter but an increase from 94.0% year-over-year [5][9] Leasing and Development Activities - The company executed 49 improved-property leases totaling approximately 163,800 sq. ft. of GLA, representing $3.3 million of annualized base rent [9][10] - A key lease renewal was executed in Kailua Town, achieving an 11% lease renewal spread [2][8] - Construction is underway for two industrial projects, including a 91,000 sq. ft. distribution center pre-leased to Lowe's, expected to be completed in Q4 2026 [6][8] Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $284.3 million, consisting of $17.3 million in cash and $267.0 million available on its revolving line of credit [10][12] - The net debt to trailing twelve months consolidated adjusted EBITDA ratio was 3.5 times, with TTM consolidated adjusted EBITDA of $129.4 million [10][12] Dividend Information - The company paid a dividend of $0.2250 per share on October 7, 2025, with plans to declare a fourth quarter 2025 dividend in December 2025 [10][12]