Simon 2021 Annual Report

To the right: Life Time at Northshore Mall, Boston, MA

■ The total return on our stock, including dividends, was more than 95% and outperformed the S&P 500 in 2021.

■ Over the past five years, we have completed the redevelopment of more than 20 former department store sites into alternative uses and have a significant pipeline of additional opportunities. ■ We have many other attractive redevelopment opportunities in our pipeline and expect to commence construction shortly at Brea Mall in Brea (Los Angeles), California; King of Prussia in Philadelphia, Pennsylvania; and Stoneridge Shopping Center in Pleasanton (San Francisco), California. ■ At Phipps Plaza in Buckhead (Atlanta), Georgia, we will open a transformative redevelopment that redefines the future of modern, mixed-use luxury. This redevelopment, opening fall 2022, will feature a 150-room Nobu Hotel and Nobu Restaurant; One Phipps Plaza, a 13-story Class A LEED Gold certified office building; a Life Time Athletic and Life Time Work; and CITIZENS Culinary Market. In the center of these new additions will be a lavish greenspace for outdoor events, dining, and entertainment. The transformed Phipps Plaza represents placemaking at its finest. A perfect example of a former department store space redeveloped that will fuel growth for the overall asset. ■ At Northgate Station in Seattle, Washington, the former Northgate Mall site, one of the first enclosed

shopping centers built in 1950, we opened the first phase of the project’s redevelopment featuring the new NHL franchise Seattle Kraken’s corporate office and the Kraken Community Iceplex. The Iceplex includes the team’s practice facility, 32 Bar & Grill and a medical center. Northgate Station is a perfect example of a regional center being transformed into a vibrant mixed- use environment. ■ Since 2012, we have invested nearly $9 billion to enhance our retail offerings and add complementary mixed-use components to our best- in-class properties. INTERNATIONAL ■ Our international portfolio includes 22 Premium Outlets and 11 Designer Outlets in 13 countries; a 22.4% interest in Klépierre (which owns approximately 150 properties in 14 European countries); and TRG’s four properties in Asia (two in China and two in South Korea). ■ We continue to deploy capital into our international platform at attractive returns and invested approximately $240 million in three projects that returned an average yield on cost of approximately 9%. ■ We opened West Midlands Designer Outlet, a 197,000 square foot outlet center located in Staffordshire, England

REDEVELOPMENT INCLUDING THE ADDITION OF MIXED- USE COMPONENTS ■ We completed more than 20 redevelopment projects across all our platforms in the U.S. and internationally during the year. ■ Our total investment in redevelopment projects completed was more than $425 million, with an average cash- on-cash yield of approximately 8%. ■ We completed redevelopment projects of several former department store spaces including Burlington Mall in Burlington (Boston), Massachusetts; Ocean County Mall in Toms River (New York), New Jersey; Northshore Mall in Peabody (Boston), Massachusetts; Tacoma Mall in Tacoma (Seattle), Washington; and West Town Mall in Knoxville, Tennessee. ■ We opened 33 anchor/specialty tenants in 2021 and expect to open more than 40 in 2022. ■ We also continued to add mixed-use components to our market-leading centers with the openings of two AC Hotels by Marriott at Dadeland Mall in Miami, Florida, and Sawgrass Mills in Sunrise (Miami), Florida.

IV

SIMON PROPERTY GROUP, INC.