Simon 2021 Annual Report

adjustments. Future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the distributions that may be required to maintain Simon's status as a REIT. Distributions during 2021 aggregated $7.15 per unit. Distributions during 2020 aggregated $4.70 per unit. On February 7, 2022, Simon’s Board of Directors declared a quarterly cash distribution for the first quarter of 2022 of $1.65 per unit, payable on March 31, 2022 to unitholders of record on March 10, 2022. The distribution rate on the Operating Partnership’s units is equal to the dividend rate on Simon’s common stock. Unregistered Sales of Equity Securities There were no unregistered sales of equity securities made by the Operating Partnership during the quarter ended December 31, 2021. Issuer Purchases of Equity Securities During the quarter ended December 31, 2021, the Operating Partnership redeemed 15,219 units from five limited partners for $2.2 million in cash.

Item 6. Reserved

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