Simon Property : Q1 2021

1Q 2021 SUPPLEMENTAL

SIMON PROPERTY GROUP

EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED FIRST QUARTER

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED MARCH 31, 2021	PAGE
Earnings Release(1)	2−11
Overview
The Company	12
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants	13
Financial Data
Selected Financial and Equity Information	14
Net Operating Income (NOI) Composition	15
Net Operating Income Overview	16
Reconciliations of Non-GAAP Financial Measures	17
Consolidated Net Income to NOI	17
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)	18
Other Income, Other Expense and Capitalized Interest	19
Operational Data
U.S. Malls and Premium Outlets Operating Information	20
The Mills and International Operating Information	21
U.S. Malls and Premium Outlets Lease Expirations	22
U.S. Malls and Premium Outlets Top Tenants	23
Development Activity
Capital Expenditures	24
Development Activity Summary	25
Balance Sheet Information
Common and Preferred Stock Information	26
Changes in Common Share and Limited Partnership Unit Ownership	26
Preferred Stock/Units Outstanding	26
Credit Profile	27
Supplemental Corporate Credit Ratios	28
Summary of Indebtedness	29
Total Debt Amortization and Maturities by Year (Our Share)	30
Unsecured Debt Information	31
Property and Debt Information	32-41
Other
Non-GAAPPro-Rata Financial Information	42-44

(1) Includes reconciliation of consolidated net income to funds from operations.

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EARNINGS RELEASE

Contacts:
Tom Ward	317-685-7330 Investors
Ali Slocum	317-264-3079 Media
	SIMON PROPERTY GROUP REPORTS
	FIRST QUARTER 2021 RESULTS AND RAISES FULL YEAR 2021 GUIDANCE

INDIANAPOLIS, May 10, 2021 - Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2021.

"We are very pleased with our first quarter results," said David Simon, Chairman, Chief Executive Officer and President. "Our business has substantially improved after addressing the impacts from the COVID-19 pandemic including significantly restrictive governmental orders as evidenced by our improved profitability and cash flow growth, increasing shopper traffic, increasing retailer sales, and leasing momentum across our portfolio. We are also seeing similar results in the Taubman Realty Group portfolio and are encouraged by our collective progress in increasing its profitability. Today we are increasing our full- year 2021 guidance."

Results for the Quarter

• Net income attributable to common stockholders was $445.9 million, or $1.36 per diluted share for the three months ended March 31, 2021.
• Funds From Operations ("FFO") was $934.0 million, or $2.48 per diluted share for the three months ended March 31, 2021.
• Domestic and international properties net operating income ("NOI"), combined, declined 8.4% compared to the prior year period as a direct result of the impact of the COVID-19 pandemic. Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company's investment in Taubman Realty Group ("TRG"), increased 4.0% compared to the prior year period.

U.S. Malls and Premium Outlets Operating Statistics

• Occupancy was 90.8% at March 31, 2021.
• Base minimum rent per square foot was $56.07 at March 31, 2021, an increase of 0.6% year-over-year.

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EARNINGS RELEASE

Development Activity

West Midlands Designer Outlet opened on April 12, 2021, upon the lifting of COVID-19 restrictions which delayed the center's initial planned opening. The center includes 197,000 square feet of high-quality, name brand stores providing shoppers in the United Kingdom with one of the finest open-air retail and leisure experiences. Simon owns a 23% interest in this center.

Construction continues on redevelopments including Northshore Mall (Boston, MA), West Town Mall (Knoxville, TN), Burlington Mall (Boston, MA) and Tacoma Mall (Tacoma, WA). These redevelopments, scheduled to be completed in 2021, will significantly benefit the communities in which they operate.

Progress continues on transformative mixed-use redevelopments of Northgate (Seattle, WA) and Phipps Plaza (Atlanta, GA). The transformation of Northgate will feature the National Hockey League's Seattle Kraken corporate offices and practice and training facility. This first phase of the Northgate transformation is scheduled to be completed in the fall of 2021. The dynamic redevelopment at Phipps Plaza is headlined by a Nobu Hotel and Restaurant, Citizens food hall, Life Time athletic club and Life Time Work. These additions are scheduled to open in 2022.

Capital Markets and Balance Sheet Liquidity

The Company has been active in both the unsecured and secured credit markets.

During the quarter, the Company completed a two tranche senior notes offering totaling $1.5 billion. Combined, the two new issues of senior notes had a weighted average term of 8.4 years and a weighted average coupon rate of 1.96%.

The Company, through one of its subsidiaries, also completed a Euro senior notes offering totaling €750 million with a 1.125% coupon rate and term of 12 years.

Net proceeds from the offerings were used to fund the optional redemption of the Company's $550 million aggregate principal amount of 2.50% notes due July 2021 and fully repay the $2.0 billion unsecured delayed-draw term loan facility.

The Company closed six non-recourse mortgage loans totaling approximately $1.3 billion (U.S. dollar equivalent), of which Simon's share is $589 million. The weighted average interest rate on these loans is 3.36%.

As of March 31, 2021, Simon had more than $8.4 billion of liquidity consisting of $1.5 billion of cash on hand, including its share of joint venture cash, and $6.9 billion of available capacity under its revolving credit facilities, net of $500 million outstanding under its U.S. commercial paper program.

Dividends

The Company paid its first quarter 2021 common stock dividend of $1.30 per share, in cash, on April 23, 2021. Simon's Board of Directors will declare a common stock cash dividend for the second quarter of 2021 on or before June 30, 2021.

Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 30, 2021 to shareholders of record on June 16, 2021.

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EARNINGS RELEASE

2021 Guidance

The Company currently estimates net income to be within a range of $4.47 to $4.57 per diluted share and FFO will be within a range of $9.70 to $9.80 per diluted share for the year ending December 31, 2021. The FFO per diluted share range is an increase from the $9.50 to $9.75 per diluted share range provided on February 8, 2021, or an increase of $0.13 per diluted share at the mid-point.

The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated FFO per diluted share:

For the year ending December 31, 2021

	Low	High
	End	End
Estimated net income attributable to common stockholders per diluted share	$ 4.47	$ 4.57
Depreciation and amortization including Simon's share of unconsolidated entities	5.47		5.47
Unrealized losses in fair value of equity instruments	0.01		0.01
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and
interests in unconsolidated entities and impairment, net	(0.25)	(0.25)
Estimated FFO per diluted share	$ 9.70		$ 9.80

Conference Call

Simon will hold a conference call to discuss the quarterly financial results today at 5:00 p.m. Eastern Daylight Time, Monday, May 10, 2021. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until May 17, 2021. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 5363499.

Supplemental Materials and Website

Supplemental information on our first quarter 2021 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

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