Simon 2021 Annual Report

Cash Flows Our net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $3.9 billion during 2021. In addition, we had net repayments of debt from our debt financing and repayment activities of $0.8 billion in 2021. These activities are further discussed below under “Financing and Debt.” During 2021, we also: • funded the acquisition of the licensing venture of Eddie Bauer, acquired additional interests in the licensing and operations of Forever 21 and acquired additional interest in ABG, the aggregate cash portion of which was $257.1 million, • paid stockholder dividends and unitholder distributions totaling approximately $2.7 billion and preferred unit distributions totaling $5.3 million, • funded consolidated capital expenditures of $527.9 million (including development and other costs of $96.3 million, redevelopment and expansion costs of $299.8 million, and tenant costs and other operational capital expenditures of $131.8 million), In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures, and dividends to stockholders and/or distributions to partners necessary to maintain Simon’s REIT qualification on a long-term basis. At this time, we do not expect the impact of COVID-19 to impact our ability to fund these needs for the foreseeable future; however its ultimate impact is difficult to predict. In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital: • excess cash generated from operating performance and working capital reserves, • borrowings on the Credit Facilities and Commercial Paper program, • funded investments in unconsolidated entities of $56.9 million, • funded investments in equity instruments of $33.6 million, and • received proceeds from the sale of equity instruments of $65.5 million.

• additional secured or unsecured debt financing, or • additional equity raised in the public or private markets.

We expect to generate positive cash flow from operations in 2022, and we consider these projected cash flows in our sources and uses of cash. These cash flows are principally derived from rents paid by our tenants. A significant deterioration in projected cash flows from operations, including one due to the impact of the COVID-19 pandemic and restrictions intended to restrict its spread, could cause us to increase our reliance on available funds from the Credit Facilities and Commercial Paper program, further curtail planned capital expenditures, or seek other additional sources of financing.

Financing and Debt Unsecured Debt

At December 31, 2021, our unsecured debt consisted of $18.4 billion of senior unsecured notes of the Operating Partnership, $125.0 million outstanding under the Credit Facility, $1.05 billion outstanding under the Supplemental Facility and $500.0 million outstanding under the Commercial Paper program. The Credit Facility also included an additional single, delayed-draw $2.0 billion term loan facility, or Term Facility, or together with the Credit Facility and the Supplemental Facility, the Facilities, which the Operating Partnership drew on December 15, 2020, which was recorded in 2021. In November 2021, we amended our Credit Facility to transition the borrowing rates from LIBOR to successor benchmark indexes. The Credit Facility can be increased in the form of additional commitments in an aggregate not to exceed $1.0 billion, for a total aggregate size of $5.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 95% of

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