Simon 2018 Annual Report Highlights

FINANCIAL HIGHLIGHTS

2018

2017

Year ended December 31. Dollars in millions, except per share figures.

Consolidated Revenue

$ 5,539

$ 5,658

Net Income Per Share (Diluted) Funds from Operations (FFO)

6.24

7.87

4,021

4,325 12.13

FFO Per Share (Diluted) Dividends Per Share

11.21

7.15

7.90

Common Stock Price at December 31

171.74 61,573 93,050

167.99 59,855 90,156

Total Equity Capitalization Total Market Capitalization (1)

(1) Includes our share of consolidated and joint venture debt.

CONSOLIDATED REVENUE $ IN BILLIONS

OUR SHARE OF TOTAL NOI $ IN BILLIONS

FFO PER DILUTED SHARE

DIVIDENDS PER DILUTED SHARE

$12.13

$7.90

$5.66

$5.71

$5.54

$5.44

$5.53

$5.27

$11.21

$4.87

$7.15

$10.49

$5.16

$9.86

$4.96

$4.84

$6.50

$8.90

$6.05

$5.15

14 16 17 18 15

14 16 17 18 15

14 16 17 18 15

14 16 17 18 15

This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2018 results and SEC filings on our website at investors.simon.com . This report also references non-GAAP financial measures including funds from operations, or FFO, FFO per share, our share of total net operating income, or NOI, portfolio NOI growth and comparable property NOI growth. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2018 results, SEC filings and Non-GAAP Reconciliations section under Financials at investors.simon.com .

TOTAL RETURN PERFORMANCE

200

$141.46 $146.27 $150.33

150

100

 Simon Property Group, Inc.    FTSE NAREIT Equity REIT Index    S&P 500 Index

50

12/31/13

12/31/14 12/31/15 12/31/16 12/31/17

12/31/18

COMPOUND ANNUAL RETURN 3-YEAR 5-YEAR

YEAR-END

2018 ANNUAL RETURN

2013

2014

2015

2016

2017

2018

Simon Property Group, Inc. FTSE NAREIT Equity REIT Index

$ 100.00 $ 100.00 $ 100.00

$ 131.19 $ 130.14 $ 113.69

$ 144.61 $ 134.30 $ 115.26

$ 136.63 $ 145.74 $ 129.05

$ 137.96 $ 153.36 $ 157.22

$ 141.46 $ 146.27 $ 150.33

2.5% −0.7% 7.2% −4.6% 2.9% 7.9% −4.4% 9.3% 8.5%

S&P 500 Index

The line graph above compares the percentage change in the cumulative total shareholder return on our common stock as compared to the cumulative total return of the S&P 500 Index and the FTSE NAREIT Equity REIT Index for the period December 31, 2013 through December 31, 2018. The graph assumes an investment of $100 on December 31, 2013, a reinvestment of dividends and actual increase in the market value of the common stock relative to an initial investment of $100. The comparisons in this table are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance.

IV

SIMON PROPERTY GROUP, INC.