Simon 2019 Annual Report

• Increased Simon’s digital media network to drive strong growth with revenue up 98% compared to prior year. • Set a record of more than $1 billion in giftcard sales in 2019. Our giftcard program includes an industry-leading product assortment, best-in-class designs, lowest purchase fees, superior business solutions and outstanding personalized service. INNOVATION • We complement investments in our physical product with investments in technical innovations focused on improving the shopping experience and driving shopper traffic. • Grew the industry’s largest Happy Returns program to more than 50 centers, generating thousands of incremental touchpoints with online shoppers. • Expanded our program with Dropit to four Las Vegas centers (Las Vegas Premium Outlets North, Las Vegas Premium Outlets South, The Forum Shops at Caesars Palace and The Shops at Crystals), providing customers with the convenience of bag-free shopping and delivery of their purchases to their hotel or home. • Deployed Simon Quickeats program at Woodbury Common Premium Outlets, offering consumers the convenience of ordering food from their own devices and skipping the line, with the option to pick up at the counter or have their food delivered to them in the center. • Significantly expanded our proprietary parking programs. We launched our Parking Made Easy program in 34 centers. Our MyPark program expanded to 13 centers and we are implementing a new Express Parking solution that gives shoppers a convenient upfront parking option for quick pickups in the center. • Designed and constructed a new common area amenity experience, “Dwell”, at Barton Creek Square, providing shoppers with a new way to relax and recharge. Woodland Hills Mall and Town Center at Boca Raton and are under construction at The Fashion Centre at Pentagon City. We expanded our partnership with Disney Junior to two in-line play area concepts at The Mall at Rockingham Park and Cordova Mall. • Expanded green space activations at LaPlaza Mall, Northshore Mall and Hamilton Town Center that are programmed with concerts, events, and games to engage shoppers and elevate their experience. New green space experiences are being developed at Burlington Mall, Phipps Plaza and Northgate as part of those redevelopments. • Opened new, dynamic play area experiences at Mall of Georgia,

• Please read our white paper on the advantages of physical retail compared to e-commerce when it comes to sustainability. We are without a doubt greener than e-commerce and don't believe other self-serving reports. You can read the white paper at sustainability.simon.com. COMMUNITY IMPACT • The development, construction and operation of shopping centers supports local and national economies through job creation, small and local business development, and other investments that contribute to economic development. • Brick-and-mortar shopping enhances the quality of life and well-being of communities in numerous ways, including the support of vital local interests such as education, public safety, and infrastructure. • Engaging with our communities means creating positive social and economic impacts where we operate. We are committed to being a responsible corporate citizen. • Over 300,000 retail jobs across Simon centers, representing over $5.9 billion in annual wages. • $5 billion in combined property tax payments from Simon and sales tax generated from its tenants’ sales, delivering significant revenue for state and local governments. • 100% of Simon centers participate in local community activities and, on average, each Simon property is actively engaged with four community organizations. • Approximately 435 fundraising events held at Simon centers raised millions for charities; more than 1,200 non- fundraising events held at Simon centers (e.g. blood drives, etc.) • Simon’s $8 billion investment in redeveloping its centers over the last eight years continues to provide a significant jobs boost to the local economies of the communities it serves. • Graduated more than 19,800 students from Simon Youth Foundation’s (“SYF”) 37 academies across 15 states in the U.S., while also awarding more than $18 million in scholarships over the last 20 years. We have invested more than $34 million to support SYF’s mission of helping students reach their graduation day. Please read about the good work SYF does at syf.org.

CONSUMER-FACING ENTERTAINMENT AND LIFESTYLE INVESTMENTS • Our growing portfolio includes equity investments in a diverse set of consumer brands that are complementary and connected with our SPG mission, including the premier healthy lifestyle brand Life Time; dining and entertainment trend-setter Pinstripes; e-gaming innovator Allied Esports; the iconic Sports Illustrated brand; and Major Food Group’s popular casual Italian dining destination, PARM®. We also have an equity interest in Soho House, a global membership subscription business with Houses in London, mainland Europe, Asia and the U.S. • After the successful launch of our ShopPremiumOutlets.com, we entered a new venture with Rue Gilt Groupe (“RGG”) to combine our Shop Premium Outlets marketplace with RGG’s highly successful Rue La La and Gilt business, creating a new multi-platform dedicated to digital value shopping. We are very excited to expand our omni-channel capabilities in partnership with RGG. Our strong capabilities in physical outlets, combined with RGG’s exceptional e-commerce success, will give shoppers enhanced access to the world’s best brands and the most compelling deals both online and in-store. consistently been recognized for its ongoing commitment to sustainability management, performance and disclosure by international organizations such as CDP and Global Real Estate Sustainability Benchmark. Again, in 2019, we achieved top scores. • Achieved a 38% reduction in electricity consumption across the portfolio, which represents 373,777 MWh (2003 to 2018). • Reduced greenhouse gas emissions by 45%, eliminating 260,532 metric tons of carbon dioxide equivalents–including scope 1, scope 2, and for scope 3, inclusion of employee commuting and business travel (2003 to 2018). • Installed over 740 electric vehicle (EV) charging stations at 115 centers across the U.S. (Base: 2011) • We have 151 centers in which we have introduced lighting control technologies and continue to maximize the value these control systems create. • In 2019, we launched Simon’s Go Green Week activities in celebration of Earth Week. This event allowed an opportunity for 91 retailers to promote sustainability efforts and engage in person with more than 5,500 customers. SUSTAINABILITY • For almost a decade, Simon has

2019 ANNUAL REPORT

DAVID SIMON Chairman, CEO & President March 16, 2020

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