Simon Property Group Prices $1.5 Billion Senior Notes Offering

INDIANAPOLIS, Aug. 12, 2025 /PRNewswire/ — Simon, the real estate behemoth known for its sprawling portfolio of premier shopping, dining, entertainment, and mixed-use destinations, is making a strategic financial play. The Simon Property Group, L.P. (the “Operating Partnership”), a majority-owned operating partnership subsidiary of Simon, announced today that it has reached an agreement to sell a hefty chunk of senior notes.

$700.0 million in aggregate principal amount of 4.375% Notes due 2030, and
$800.0 million in aggregate principal amount of 5.125% Notes due 2035.

The combined offering boasts a weighted average term of 7.8 years and a weighted average coupon rate of 4.775%. Sources on Wall Street suggest this move is designed to optimize Simon’s debt profile amid shifting interest rate dynamics. The transaction, subject to the usual closing bells and whistles, is anticipated to finalize on August 19, 2025.

Here’s the kicker: The Operating Partnership plans to channel the net proceeds into extinguishing all or part of its $1.1 billion outstanding principal amount of 3.500% notes maturing in September 2025. Any leftover cash? That’s earmarked for general corporate purposes, including potentially chipping away at other unsecured debt. Essentially, Simon is refinancing to potentially lower its overall borrowing costs and free up capital.

The heavy hitters of the financial world – BBVA Securities Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC, and Wells Fargo Securities, LLC – are acting as joint book-running managers for the public offering. It’s all being conducted under the Operating Partnership’s shelf registration statement filed with the Securities and Exchange Commission, meaning the regulatory groundwork has already been laid. Interested parties can dig into the details via the prospectus supplement and accompanying prospectus.

This isn’t an offer to sell, nor a solicitation to buy, securities in any jurisdiction where such actions would be unlawful before registration or qualification. The SEC website at www.sec.gov offers free access to these documents.

Forward-Looking Statements

As always, the lawyers want you to know that some statements in this release are “forward-looking” under the Private Securities Litigation Reform Act of 1995. While Simon Property Group, Inc. (the “Company”) is bullish on its prospects, actual results could differ materially due to a host of familiar suspects: the cutthroat retail landscape (e-commerce, anyone?), lease renewal challenges, tenant bankruptcies, losing key tenants, increasing vacancies, macroeconomic headwinds (inflation, tariffs, recessions, geopolitical instability – you name it), potential violence or terrorism at properties, cybersecurity risks, interest rate swings, international market risks, the burden of substantial debt, credit rating fluctuations, maintaining REIT status, tax law changes, acquisition/development risks, and the general, ever-present uncertainties of real estate investments.

The Company keeps investors updated on these risks in its SEC filings. While they might tweak that discussion in future reports, there’s no obligation to constantly update these forward-looking statements, unless the law says otherwise.

About Simon

Simon is a real estate investment trust focused on owning premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Its properties across North America, Europe and Asia serve as community hubs for millions daily and generate billions in sales annually.

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