Simon 2021 Annual Report

PLATFORM INVESTMENTS ■ Five years ago, we began to build our non-real estate platform. Why? We have great insight into the consumer, extensive relationships with leading brands and strong investment skills. We are very pleased with our investments that have been made in leading companies and brands involved in retail operations, intellectual property rights, and licensing and e-commerce marketplaces. The market value of these investments is multiples of our cash investments. ■ Our retail operations investments include SPARC Group and JCPenney. SPARC includes seven brands— Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, Nautica and the most recent addition, Reebok. We entered a joint venture (our partners include Brookfield Asset Management, Inc. and Authentic Brands Group [“ABG”]) to acquire JCPenney out of bankruptcy in December 2020. In just one year, we stabilized the business, significantly improved financial results, de-levered the balance sheet, added private and exclusive national brands, and established a new leadership team focused on the future growth of this storied retailer. Our retail operations produced terrific results in 2021, outperforming on gross margin and EBITDA. ■ We have an approximate 10% ownership interest in ABG, a world-class intellectual property, brand development, marketing, and entertainment company. The ABG licensing platform includes more than 30 brands and generates approximately $10 billion in gross merchandise value through its network of over 700 partners globally. We recognized a significant gain in ABG due to their recapitalization that happened at the end of last year. The market value of ABG when we first invested was a little over $1 billion and investments in traditional operating retailers and licensing ventures, we continue to advance the digitization of our business through our investment in Rue Gilt Groupe (“RGG”). RGG is the leading premium and luxury off- price e-commerce portfolio company, consisting of three distinct yet today it stands over $13 billion. ■ In addition to our successful

complementary brands—Gilt, Rue La La and Shop Premium Outlets. With over 5,000 premium and luxury brands at prices that often are up to 70% off full-price retail, RGG is a trusted online fashion authority that provides a differentiated value proposition for a highly coveted shopping demographic. Our partner is Michael Rubin, who is a pioneer in e-commerce with a storied track record. TAUBMAN REALTY GROUP ■ We completed the first year of our 80% ownership interest in TRG and are very pleased with our partnership and the company’s results. ■ TRG posted great operating metrics and financial results, which outperformed our underwriting. Occupancy increased 210 basis points during the year and the portfolio is generating $1,000 in retailer sales per square foot. ■ The TRG portfolio includes some great real estate, and we look forward to enhancing the value of their assets together through redevelopment opportunities, including the addition of mixed-use components. SUSTAINABILITY ■ Simon has been at the front line of action and responsibility for a more sustainable world and is dedicated to continually innovating through its extensive portfolio of environmental and social sustainability programs. These programs not only contribute to improving our financial performance but also enhance our positive impact on the communities where our centers are located. By supporting the Science Based Targets initiative and resetting our carbon reduction targets, Simon is prepared to take the necessary steps to reduce its environmental impact now and into the future. ■ We revamped our environmental policies and procedures to elevate our standards and to reduce operating expenses in energy, water, and waste. By elevating our own standards, and by educating local teams on environmental best practices, we aim to minimize our impact on the environment, while providing a safe and comfortable environment for all our stakeholders, and our employees.

■ We have also aligned our climate- related risk disclosure with the recommendations made by the Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB). ■ Installed approximately 1,200 electric vehicle (EV) charging stations at 124 centers across the U.S. ■ Maintained the WELL Health Safety Rating TM at all our U.S. and Canadian centers. ■ Added 28 new Institute of Real Estate Management (IREM ® ) Certified Sustainable Properties certifications, for a total of 30 green building certifications across our portfolio. IREM CSP is a prestigious sustainability certification program that focuses on the role of exceptional real estate management in green building performance. ■ Recognized as a Best Place to Work for Disability Inclusion in the 2021 Disability Equality Index. COMMUNITY IMPACT ■ Our centers are more than places to shop, dine and be entertained. We strive to make our shopping destinations sources of pride for those that live and work in the communities we serve. Through our involvement, engagement, and support of their community priorities, we work to fulfill that edict throughout the year in several ways. ■ Our centers engaged in the planning and execution of more than 175 events that brought together shoppers and local causes important to the communities we serve. As a result, we raised over $3 million in financial support and collected over 220,000 donated items. ■ Our centers hosted lifestyle events such as job fairs, farmers markets, fitness classes and movie nights. We worked to fulfill community needs with blood drives and to raise awareness of the good work of our first responders. ■ With an extensive list of organizational partnerships, we put our people and our hard work to the task in 2021. Our major partnerships included work with Habitat for Humanity Women Build, American Heart Association, Kids Against Hunger, Make-A-Wish, The Fallen and Wounded Soldiers Fund, Feeding America, and American Red Cross, among others.

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2021 ANNUAL REPORT