Simon 2021 Annual Report

FROM THE CHAIRMAN, CEO & PRESIDENT Dear Fellow Shareholders, In 2019, Simon Property Group (“SPG”, “Simon” or the “Company”) posted industry-leading, record results including revenues ($5.75 billion), cash flow ($4.04 billion), and Funds From Operations (“FFO”) ($4.39 billion). We also paid $8.30 per share in cash dividends to our shareholders in 2019. By year-end 2020, due to the pandemic and various governmental forced closures, we lost approximately 13,500 shopping days which resulted in our revenues declining by $1.15 billion, cash flow declining by $1.46 billion, and FFO declining by $1.15 billion. Certainly, a scenario we never anticipated. Over the years, we have built our Company to withstand economic shocks. We proved just that with our bounceback in 2021. What a difference a year makes. No one did it better than we did.

David Simon Chairman, Chief Executive Officer & President

Once we were allowed to re-open, our business showed tremendous resiliency and improvement. We were aided by our well-located, high-quality real estate portfolio that has been tested over the years, our smart platform investments fueling the Simon flywheel and the support of our strong management team, a positive consumer and retailer results. We have seen a significant movement by our consumer to go back to brick-and- mortar shopping, and we are expecting a migration from city centers back to high- quality suburbs for a better quality of life. These trends will fuel our future growth. I am pleased to report that during 2021, we recorded significant occupancy gains and record retailer sales, and demand for our space is robust and increasing daily. Our revenues increased more than $500 million (to $5.12 billion), cash flow increased $1.3 billion (to $3.88 billion), FFO increased $1.2 billion (to $4.49 billion) and we increased our quarterly dividend by 27% from 2020 levels. Your Company’s strength in the face of unprecedented challenges produced these terrific results, reinforcing my belief that we are well- positioned going forward.

Our Domestic Property Net Operating Income (“NOI”) in 2021 was approximately 8% below our record 2019 levels after posting a 17% decline in 2020. I expect that as we open more and more tenants (replacing the ones lost through COVID-19), we will be above our 2019 NOI before you know it. At Simon, we have a resoundingly positive view of our Company and our ability to grow, a clear vision of the present and future retail landscape, our well-located real estate and its many uses, and our management savvy. We have had consistent growth over multiple decades, with ever-changing economic cycles. This is a testament to being well-positioned, our ability to manage during extreme challenges, redevelop and re-imagine our properties, and our ability to find accretive investments in complementary businesses. Our core strengths of capital allocation, balance sheet management, and operating expertise will fuel growth. We will continually set the bar high as property owners and stewards of capital. This is not new for us; we always look to improve

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SIMON PROPERTY GROUP, INC.