Simon 2021 Annual Report

The Galleria, Houston, TX

FINANCIAL RESULTS AND OPERATINGMETRICS We delivered impressive results. ■ Consolidated revenues increased more than 11% to $5.12 billion. ■ Net income was $2.25 billion, or $6.84 per diluted share. ■ FFO increased more than 38% to $4.49 billion (record) or $11.94 per diluted share. ■ Our share of Domestic Property NOI grew 12%, or approximately $475 million year-over-year, to $4.42 billion. ■ Our share of Portfolio NOI, including NOI from Taubman Realty Group (“TRG”) and international properties on a constant currency basis, grew 22%, or more than $925 million, to $5.08 billion. ■ Generated nearly $1.5 billion in excess cash flow, after dividends. ■ Occupancy for our U.S. Malls and Premium Outlets ® increased 210 basis points and ended the year at 93.4% and The Mills ® occupancy ended the year at 97.6%. ■ Reported retailer sales across our portfolio were $713 per square foot (record), an increase of more than 42% year-over-year.

our results. The cover of this year’s annual report (clear blue sky) represents our positive view of your Company. There are exciting possibilities ahead for your Company. These include new development and redevelopment in our U.S. and international portfolios; investments in hospitality, wellness, food and entertainment, e-commerce, retail brands and growth stage companies operating at the intersection of retail and technology that drive innovative consumer experiences. We have created a flywheel of unique relationships with brands and businesses. The ability to continue to evolve our Company with interesting and innovative investment opportunities is unmatched and unparalleled in our sector. Our long-term investments in our real estate and other platforms will go unabated and my expectation is from that, growth in cash flow and dividends, and ultimately, share price appreciation will occur. One simple thought before I turn to 2021 highlights. Who needs the metaverse when you have the real thing! Now our highlights.

$ 5.1 billion Consolidated Revenue $ 4.5 billion FFO $ 6.0 billion Our Share of Total NOI $ 2.7 billion Cash Dividends Paid

III

2021 ANNUAL REPORT