Simon 2021 Annual Report

SIMON MEDIA & EXPERIENCES The Simon Media Network boasts over 7,700 digital and static media assets that provide access to billions of consumer impressions every week. State of the art digital and static media displays, coverage in major designated market areas, and turnkey execution that deliver meaningful exposure and consumer engagement for brands and retailers.

CLOSING At Simon, we are always evolving and striving to improve. Our business has always changed, and it will continue to do so, but our people, our vision, our strong financial position and our culture will allow us to seize upon the opportunities that change creates. We will continue to be innovative, creating memorable, unique experiences for shoppers and retailers alike. The fundamental view of our business has never wavered and our vision for its future is as strong as ever. We have our momentum back after two tough years due to the pandemic. I want to thank our Board of Directors for their tireless commitment and counsel, and my colleagues across Simon Property Group for their dedication and work they continue to do for our tenants, shoppers and communities every day. Finally, thank you, our shareholders, for your continued confidence and support. Your comments and thoughts are always welcome and appreciated.

■ In 2021, we published our Diversity & Inclusion (D&I) statement and policy, reinforcing our commitment to valuing diversity as essential and a key to our success. ■ For the 2020-2021 academic year, Simon Youth Foundation (“SYF”) graduated 2,026 students—the largest class in the Foundation’s 20-plus-year history! Their tireless efforts brought SYF’s lifetime number of graduates to over 24,000 from its 44 academies in 16 states. SYF has also awarded scholarships totaling $20 million, supporting nearly 6,000 students with academic promise, proven civic engagement, and demonstrated financial need. Please support SYF. RETURNING CAPITAL TO SHAREHOLDERS ■ Cash dividends paid in 2021 totaled approximately $2.7 billion. ■ We have paid more than $36 billion in dividends over our history as a public company. That impresses even me! BALANCE SHEET ■ Thoughtful balance sheet management is a fundamental strength of our Company, and we continue to have the strongest balance sheet in our industry.

■ We were very active in the debt capital markets, completing more than $13 billion of financing activities: –Amended and extended our $3.5 billion revolving credit facility. –Completed two U.S. dollar senior notes offerings totaling $2.75 billion with a weighted average term of 8.3 years and yield of 1.96%. –Issued €750 million of notes at 1.125% for a 12-year term. –Completed 25 secured loan refinancings for more than $3 billion. –Extended TRG’s $1.6 billion revolving credit facility and refinanced $800 million in TRG mortgage debt across three loans. –In January 2022, we completed a two-tranche U.S. dollar senior notes offering totaling $1.2 billion with a weighted average yield of 1.71%. Proceeds were used to fund the retirement of approximately $1.3 billion of mortgages at 3.75% weighted average interest rate. ■ We reduced our total debt outstanding by over $1.5 billion during 2021. ■ Our liquidity was approximately $8 billion, following the January 2022 senior notes issuance. ■ Our balance sheet continues to differentiate us within our industry, given our strong investment grade credit ratings of A-/A3 and access to capital.

DAVID SIMON Chairman, CEO & President March 18, 2022

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SIMON PROPERTY GROUP, INC.