Simon Property : Q4 2020

4Q 2020 SUPPLEMENTAL

SIMON PROPERTY GROUP

EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED DECEMBER 31, 2020	PAGE
Earnings Release (1)	2−12
Overview
The Company	13
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants	14
Financial Data
Selected Financial and Equity Information	15
Net Operating Income (NOI) Composition	16
Net Operating Income Overview	17
Reconciliations of Non-GAAP Financial Measures	18
Consolidated Net Income to NOI	18
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)	19
Other Income, Other Expense and Capitalized Interest	20
Operational Data
U.S. Malls and Premium Outlets Operating Information	21
The Mills and International Operating Information	22
U.S. Malls and Premium Outlets Lease Expirations	23
U.S. Malls and Premium Outlets Top Tenants	24
Development Activity
Capital Expenditures	25
Development Activity Summary	26
Balance Sheet Information
Common and Preferred Stock Information	27
Changes in Common Share and Limited Partnership Unit Ownership	27
Preferred Stock/Units Outstanding	27
Credit Profile	28
Summary of Indebtedness	29
Total Debt Amortization and Maturities by Year (Our Share)	30
Property and Debt Information	31−40
Other
Non-GAAPPro-Rata Financial Information	41−44

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

4Q 2020 SUPPLEMENTAL	1

EARNINGS RELEASE

Contacts:
Tom Ward	317-685-7330 Investors
Ali Slocum	317-264-3079 Media

SIMON PROPERTY GROUP REPORTS

FOURTH QUARTER AND FULL YEAR 2020 RESULTS

INDIANAPOLIS, February 8, 2021 - Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2020.

"2020 was a difficult year for all those affected by COVID-19, including our Company," said David Simon, Chairman, Chief Executive Officer and President. "We feel confident we have turned the corner, and we expect growth in earnings and cash flow in 2021."

"Even with the unprecedented operating environment over the past year, we:

• generated over $2.3 billion in operating cash flow;
• acquired an 80% interest in The Taubman Realty Group;
• made strategic investments in widely recognized retail brands at attractive valuations and have already made significant progress in repositioning these brands and increasing their operating cash flow;
• raised over $13 billion in the debt and equity markets;
• opened two new international shopping destinations, expanded two others and completed three domestic redevelopments;
• granted approximately $400 million in tenant rent abatements to support small and local businesses, regional entrepreneurs and restauranteurs;
• paid nearly $700 million in real estate taxes (an increase from 2019) despite losing approximately 13,500 shopping days in our domestic portfolio during the year as a result of the restrictive governmental orders placed on our retail real estate and
• returned more than $2 billion to shareholders in cash dividends paid."

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EARNINGS RELEASE

Results for the Year

• Net income attributable to common stockholders was $1.109 billion, or $3.59 per diluted share for the twelve months ended December 31, 2020. Results for 2020 include non-cash impairment charges, partially offset by a gain on sale, of $115.0 million, or $0.32 per diluted share.
• Funds From Operations ("FFO") was $3.237 billion, or $9.11 per diluted share for the year ended 2020. FFO for the year ended 2020 was negatively impacted by $2.67 per diluted share primarily due to reduced revenues from the Company's domestic and international operations caused by the impact of the COVID-19 pandemic, partially offset by cost reduction initiatives.
• Portfolio net operating income ("NOI") for the full year 2020 declined 17.1%. The year-over-year decline is primarily due to reduced revenues from tenant rent abatements, higher uncollectible rents, lower sales-based rents and a reduction in ancillary property income, including Simon Brand Ventures sponsorship income, partially offset by cost reduction initiatives. The Company did not amortize any rent abatements; instead, abatements were expensed in the period granted.

Results for the Quarter

• Net income attributable to common stockholders was $271.5 million, or $0.86 per diluted share for the three months ended December 31, 2020. The current year period includes a non-cash impairment charge, partially offset by a gain on sale, of $16.8 million, or $0.05 per diluted share.
• FFO was $786.6 million, or $2.17 per diluted share. FFO in the current year period was negatively impacted by $0.95 primarily due to reduced revenues from the Company's domestic and international operations caused by the impact of the COVID-19 pandemic, partially offset by cost reduction initiatives.
• Portfolio NOI for the three months ended December 31, 2020 declined 23.9%.

U.S. Malls and Premium Outlets Operating Statistics

• Occupancy was 91.3% at December 31, 2020.
• Base minimum rent per square foot was $55.80 at December 31, 2020, an increase of 2.2% year-over-year.

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