Simon 2021 Annual Report

The following table sets forth these key operating statistics for the combined U.S. Malls and Premium Outlets: • properties that are consolidated in our consolidated financial statements, • properties we account for under the equity method of accounting as joint ventures, and • the foregoing two categories of properties on a total portfolio basis. %/Basis Point %/Basis Point 2021 Change (1) 2020 Change (1) 2019 U.S. Malls and Premium Outlets: Ending Occupancy Consolidated . . . . . . . . . . . . . . . . . . . 93.5 % 200 bps 91.5 % -380 bps 95.3 % Unconsolidated . . . . . . . . . . . . . . . . . 93.1 % 220 bps 90.9 % -360 bps 94.5 % Total Portfolio . . . . . . . . . . . . . . . . . . 93.4 % 210 bps 91.3 % -380 bps 95.1 % Average Base Minimum Rent per Square Foot Consolidated . . . . . . . . . . . . . . . . . . . $ 52.59 (2.6)% $ 53.98 1.7 % $ 53.06 Unconsolidated . . . . . . . . . . . . . . . . . $ 57.55 (5.6)% $ 60.97 3.8 % $ 58.71 Total Portfolio . . . . . . . . . . . . . . . . . . $ 53.91 (3.4)% $ 55.80 2.2 % $ 54.59 The Mills: Ending Occupancy . . . . . . . . . . . . . 97.6 % 230 bps 95.3 % -170bps 97.0 % Average Base Minimum Rent per Square Foot . . . . . . . . . . . . . . $ 33.80 0.1 % $ 33.77 2.1 % $ 33.09 (1) Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or GLA, which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base minimum rent per square foot is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in ending occupancy. Total Reported Sales per Square Foot. Given all of our U.S. retail properties were closed for a portion of the prior year due to the COVID-19 pandemic, we are not presenting reported retail tenant sales per square foot as we do not believe the trends for the period are indicative of future operating trends. Current Leasing Activities During the twelve months ended December 31, 2021, we signed 992 new leases and 1,460 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 8.3 million square feet, of which 6.5 million square feet related to consolidated properties. During 2020, we signed 460 new leases and 1,175 renewal leases with a fixed minimum rent, comprising approximately 6.1 million square feet, of which 4.8 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $55.90 per square foot in 2021 and $53.97 per square foot in 2020 with an average tenant allowance on new leases of $53.75 per square foot and $51.01 per square foot, respectively.

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