Simon 2021 Annual Report

Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)

We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposers, with gains and losses on the derivative contracts hedging these exposers. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Yen and Euro. We use currency forward contracts, cross currency swap contracts, and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro- denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in U.S. dollars for their fair value at or close to their settlement date. We had the following Euro:USD forward contracts designated as net investment hedges at December 31, 2021 and 2020 (in millions): Asset (Liability) Value as of December 31, December 31, Notional Value Maturity Date 2021 2020 € 100.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 24, 2021 — (3.9) € 100.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 24, 2021 — (3.8) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 24, 2021 — (2.3) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 24, 2021 — (2.2) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14, 2021 — (2.2) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14, 2021 — (2.2) € 41.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14, 2021 — (1.9) € 20.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14, 2021 — (1.7) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14, 2021 — (2.1) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14, 2021 — (6.4) € 30.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14, 2021 — (2.6) € 60.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 20, 2021 — (4.2) € 60.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 20, 2021 — (4.1) € 30.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 20, 2021 — (2.2) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15, 2021 — (0.1) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15, 2021 — (0.1) € 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15, 2021 — (0.1) € 61.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 17, 2021 — (1.3) € 61.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 17, 2021 — (1.2) € 60.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 15, 2022 2.8 — € 62.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 15, 2022 2.8 — € 44.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 15, 2022 (0.3) — € 44.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 15, 2022 (0.4) — € 89.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 16, 2022 (0.8) — Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.

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