Simon 2021 Annual Report

FINANCIAL HIGHLIGHTS

2021

YEAR ENDED DECEMBER 31.

2020

OPERATING DATA (in millions) Consolidated Revenue Funds from Operations (FFO)

$ $

5,117

$ $

4,608 3,237

4,487

PER SHARE DATA Net Income Per Diluted Share

$ $ $

6.84 11.94 5.85

$ $ $ $

3.59

FFO Per Diluted Share

9.11

Dividends Declared Per Share

6.00

$ 159.77

Common Stock Price at December 31

85.28

STOCK AND LIMITED PARTNERSHIP UNITS OUTSTANDING Shares of Common Stock (in thousands)

328,620

328,502

47,248

Limited Partnership Units (in thousands)

47,322

375,868

Total Common Stock and Limited Partnership Units

375,824

$ 60,133 $ 92,277

Total Equity Capitalization (in millions) Total Market Capitalization (1) (in millions)

$

32,132

$ 65,833

OTHER DATA (2) Total Number of Properties in the U.S. U.S. Square Footage (in thousands) Total Number of International Properties International Square Footage (in thousands)

199

203

175,301

179,919

33

31

11,190

10,845

(1) Includes our share of consolidated and joint venture debt. (2) We also owned an 80% interest in The Taubman Realty Group (TRG), which owns 24 regional, super-regional and outlet malls in the U.S. and Asia.

Consolidated Revenue $ in billions

Our Share of Total NOI $ in billions

FFO Per Diluted Share

Dividends Declared Per Share

$ 5.12

$ 5.99

$ 11.94

$ 5.85

$ 5.53

$ 5.65

$ 5.76

$ 4.61

$ 5.53

$ 5.72

$ 5.79

$ 4.56

$ 11.21

$ 12.13

$ 12.04

$ 9.11

$ 7.15

$ 7.90

$ 8.30

$ 6.00

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This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2021 results and SEC filings on our website at investors.simon.com. This report also references non-GAAP financial measures including funds from operations, or FFO, and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2021 results, SEC filings and Non-GAAP Reconciliations section under Financials at investors.simon.com.

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2021 ANNUAL REPORT