Simon 2021 Annual Report

or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Summary of Financing Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of December 31, 2021 and 2020, consisted of the following (dollars in thousands): Effective Effective Adjusted Balance Weighted Adjusted Weighted as of Average Balance as of Average Debt Subject to December 31, 2021 Interest Rate(1) December 31, 2020 Interest Rate(1) Fixed Rate . . . . . . . . . . . . . . . . . . . . $ 23,364,566 2.99% $ 23,477,498 3.50% Variable Rate . . . . . . . . . . . . . . . . . 1,956,456 1.22% 3,245,863 1.31% $ 25,321,022 2.86% $ 26,723,361 2.98% Contractual Obligations and Off-balance Sheet Arrangements In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of December 31, 2021, and subsequent years thereafter (dollars in thousands) assuming the obligations remain outstanding through initial maturities: Total Long Term Debt (1) (2) . . . . . . . . . $ 1,898,889 $ 4,059,530 $ 6,589,689 $ 12,861,700 $ 25,409,808 Interest Payments (3) . . . . . . . . . . 718,712 1,308,849 977,571 3,771,163 6,776,295 Consolidated Capital Expenditure Commitments (3) . . 236,318 — — — 236,318 Lease Commitments (4) . . . . . . . . 32,838 66,093 66,262 855,079 1,020,272 (1) Represents principal maturities only and, therefore, excludes net discounts and debt issuance costs. (2) Variable rate interest payments are estimated based on the LIBOR or other applicable rate at December 31, 2021. (3) Represents contractual commitments for capital projects and services at December 31, 2021. Our share of estimated 2022 development, redevelopment and expansion activity is further discussed below under “Development Activity”. (4) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options, unless reasonably certain of exercise. (5) The amount due in 2022 includes $500.0 million in Global Commercial Paper. Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 6 of the notes to the consolidated financial statements. Our joint ventures typically fund their cash needs through secured non-recourse debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. As of December 31, 2021, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $209.9 million. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not required contractually or otherwise. 2022 2023-2024 2025-2026 After 2026 (1) Effective weighted average interest rate excludes the impact of net discounts and debt issuance costs.

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