2018 FIRST QUARTER FACT SHEET

“We delivered strong results to start the year. Portfolio net operating income increased COMMON STOCK 4.8% over the prior year, driven by growth in operating income from our comparable REPURCHASE PROGRAM properties and the accretive impact of our new developments, redevelopments, expansions and investments. Given our accomplishments this quarter and our current n During the quarter ended March 31, 2018, view for the remainder of 2018, today we are increasing our full-year 2018 guidance.” the Company repurchased 1,473,588 shares of its common stock. David Simon Chairman & CEO, April 27, 2018 FINANCING ACTIVITY n The Company was active in both the unsecured and secured credit markets in FINANCIAL AND residential, hotel and office as well as new the first quarter. OPERATING HIGHLIGHTS retail brands. Construction is slated to com- n During the quarter, the Company amended n Funds from Operations (1) (FFO) was $1.026 mence on a number of these projects in 2018. and extended its $3.5 billion unsecured billion, or $2.87 per diluted share, in the first n During the first quarter, construction started multi-currency revolving credit facility. This quarter of 2018 as compared to $985.0 on a transformational redevelopment at facility can be increased to $4.5 billion during million, or $2.74 per diluted share, in the prior (Edina, MN), replacing a its term. The facility will mature on June 30, year period. This is an increase of 4.7% on former department store with a Life Time 2022 but at our sole option can be extended a per share basis. Athletic, Life Time Sport and Work, specialty for an additional year to June 30, 2023. The n shops and restaurants. Growth in portfolio net operating income pricing on the facility was reduced to LIBOR (2) n On May 2, 2018, Premium Outlet Collection (NOI) was 4.8% for the three months plus 77.5 basis points. ended March 31, 2018. Edmonton IA (Edmonton, Alberta, Canada) n With regard to secured debt activity, we n (3) opened with 428,000 square feet of high- Comparable property NOI growth was 2.3% closed or committed on six mortgage loans quality, name brand stores. Simon owns a for the three months ended March 31, 2018. totaling approximately $513 million, (U.S. (4) 50% interest in this center. n Reported retailer sales per square foot dollar equivalent), of which Simon’s share n Construction continues on three new for the trailing 12-months ended March 31, is $220 million. The weighted average development projects including: 2018 was $641, an increase of 4.2%. interest rate and weighted average term n Occupancy (4) was 94.6% at March 31, 2018. n Denver Premium Outlets (Thornton, Col- on these loans is 3.39% and 4.6 years, n Base minimum rent per square foot (4) was orado); scheduled to open in September respectively. 2018. Simon owns 100% of this project. $53.54 at March 31, 2018, an increase of n As of March 31, 2018, Simon had more than 3.2% compared to the prior year period. n Queretaro Premium Outlets (Queretaro, $7.0 billion of liquidity consisting of cash on n Leasing spread per square foot (4) for the Mexico); scheduled to open in December hand, including its share of joint venture cash, trailing 12-months ended March 31, 2018 2018. Simon owns a 50% interest in this and available capacity under its revolving was $8.45, an increase of 12.6%. project. credit facilities. n Declared quarterly common stock dividend n Malaga Designer Outlet (Malaga, Spain); n We continue to have the strongest credit of $1.95 per share, a year-over-year increase scheduled to open in spring 2019. Simon profile metrics in the REIT industry: owns a 46% interest in this project. of 11.4%. Record date May 17, 2018, payable n Net debt to NOI of 5.5x n During the first quarter, construction start- on May 31, 2018. n Interest coverage ratio of 5.0x ed on a 197,000 square foot upscale outlet n Long-term issuer rating of A/A2 DEVELOPMENT center located in Cannock, United Kingdom, n The Company recently announced trans- projected to open in spring 2020. Simon (1) Please refer to back cover and our quarterly Form formational redevelopment plans for former owns 20% of this project. 8-K Supplemental for information on non-GAAP financial measures Sears stores at five key locations. The prop- n Construction also continues on significant (2) Includes comparable property NOI, NOI from erties involved are: (Brea, CA), redevelopment and expansion projects at new development, redevelopment, expansion and Burlington Mall (Burlington, MA), Midland Park other properties including Town Center at acquisitions, NOI from international properties and Mall (Midland, TX), (Toms Boca Raton and . our share of NOI from investments River, NJ) and (Pittsburgh, PA). n At quarter-end, redevelopment and expan- (3) Includes Malls, Premium Outlets, The Mills and Lifestyle Centers opened and operating as The projects will feature significant enhance- sion projects, including the addition of new comparable for the period ments to the properties such as entertain- anchors, were underway at 28 properties (4) Combined information for U.S. Malls and ment, fitness, restaurants and dining pavilions, in the U.S., Canada and Asia. Premium Outlets From left to right:

THE SHOPS AT CLEARFORK Ft. Worth, TX

GLOBAL LEADER IN THE RETAIL CORPORATE LEADERSHIP REAL ESTATE INDUSTRY n Named Fortune’s Most Admired Real HIGH-QUALITY PORTFOLIO n S&P 100 company with total market Estate Company in 2017 (eighth time) OF RETAIL PROPERTIES IN capitalization of $86 billion and an equity n Global recognition of management: MAJOR MARKETS: (1) market capitalization of $55 billion n Best-performing global CEOs by — Miami n Owns or has an interest in 233 retail real Harvard Business Review, 2013, 2014, Burlington Mall — Boston estate properties including Malls, Premium 2016 and 2017 — Boston Outlets® and The Mills® comprising n World’s Best 30 CEOs by Barron’s, 2013 — Miami 190 million square feet in North America, n #1 CEO in real estate industry by Europe and Asia (1) Desert Hills Premium Outlets — Institutional Investor, 2009-2017 Cabazon (Palm Springs), CA n Tenants in U.S. portfolio generate annual n Recognized three times by Institutional Fashion Centre at Pentagon City — retail sales of more than $60 billion Investor as the Best Investor Relations Washington, D.C. n (1) 21.1% ownership interest in Klépierre, a program among REITs Fashion Valley — San Diego public real estate company with shopping centers in 16 European countries — Orlando SUSTAINABILITY The Forum Shops at Caesars — Las Vegas COMPANY STRENGTHS n Achieved CDP’s Highest “Leadership” — Houston Recognition for Top Sustainability n Positive operating fundamentals; comparable Gotemba Premium Outlets — Performance, 2016-2017 Gotemba (Tokyo), Japan FFO per share compound annual growth n Named on the Climate Disclosure Leadership of approximately 11% from 2012 to 2017 King of Prussia— Philadelphia Index seven times and named on the Climate n Organic growth drivers: tenant demand Las Vegas Premium Outlets (2) — Performance Leadership Index two times Las Vegas for stores in quality locations and ability n Named on the Climate ‘A’ List for two to re-lease space at higher market rents and — Atlanta consecutive years, 2014-2015 upon expiration Orlando Premium Outlets (2) — Orlando n Received Green Star rating, the highest n Potential to deploy capital for accretive Roosevelt Field — designation awarded by GRESB, 2014-2017 returns, both domestic and international: — Ft. Lauderdale redevelopments in existing portfolio and n 33% reduction in energy consumption The Shops at Crystals—Las Vegas new ground-up Premium Outlets and since 2003 mixed-use projects n Installed more than 440 electric vehicle —New York n Dividend growth: 5-year dividend per charging stations at over 100 properties SouthPark — Charlotte share compound annual growth of 12% across the U.S. — Palo Alto n Low cost of capital: highest investment- n For additional information, please see Town Center at Boca Raton — Boca Raton Simon’s Sustainability Report 2017, available grade credit ratings in industry (Moody’s Shops — New York A2, Standard & Poor’s A) at www.simon.com/sustainability — New York n Industry-leading management team: (1) As of March 31, 2018 Woodbury Common Premium Outlets — experienced at operating through all New York economic cycles — Chicago SELECTED FINANCIAL DATA As of or for the three As of or for months ended March 31, the year ended

(In thousands, except per share data and as otherwise noted) 2018 2017 12/31/17

OPERATING DATA: Consolidated net income $ 715,524 $ 551,075 $ 2,244,903 Net income attributable to common stockholders $ 620,654 $ 477,736 $ 1,944,625 PER COMMON SHARE DATA: FFO (1) (diluted) $ 2.87 $ 2.74 $ 11.21 Net income (diluted) $ 2.00 $ 1.53 $ 6.24 Distributions per share $ 1.95 $ 1.75 $ 7.15 Closing price $ 154.35 $ 172.03 $ 171.74 BALANCE SHEET DATA: Cash and cash equivalents $ 367,207 $ 513,400 $ 1,482,309 Total assets $ 31,017,860 $ 30,946,093 $ 32,257,638 Mortgages and unsecured indebtedness $ 23,647,623 $ 23,149,053 $ 24,632,463 OTHER DATA: Shares of common stock 309,698 312,202 311,167 Limited partnership units 46,830 47,407 46,879 Total equity capitalization (in millions) $ 55,113 $ 61,942 $ 61,573 Total market capitalization (2) (in millions) $ 85,644 $ 91,715 $ 93,050

(1) Please refer to the back cover for a reconciliation of diluted net income per share to diluted FFO per share. (2) Includes our share of consolidated and joint venture debt.

STATISTICS

As of As of As of 3/31/18 3/31/17 12/31/17

U.S. OPERATIONAL STATISTICS (1) Ending Occupancy 94.6% 95.6% 95.6% Base Minimum Rent per square foot $ 53.54 $ 51.87 $ 53.11 Leasing Spread per square foot (for trailing twelve months) $ 8.45 $ 8.31 $ 7.42 Leasing Spread (percentage change) 12.6% 13.0% 11.4% Total Sales per square foot (for trailing twelve months) $ 641 $ 615 $ 628 Occupancy Cost (percentage of sales) 13.0% 13.0% 13.2% NUMBER OF PROPERTIES Malls 107 108 107 Premium Outlets 68 67 68 The Mills 14 14 14 Lifestyle Centers 4 4 4 International 27 23 27 Other Properties 13 13 14 Total Number of Properties 233 229 234 TOTAL SQUARE FOOTAGE (in thousands) 190,308 189,496 191,117

(1) Combined information for U.S. Malls and Premium Outlets. For statistical definitions, see our quarterly Form 8-K Supplemental Information available on our website at investors.simon.com. From left to right:

THE FORUM SHOPS AT CAESARS PALACE Las Vegas, NV

COPLEY PLACE Boston, MA

STANDFORD SHOPPING CENTER Palo Alto, CA

NON-GAAP FINANCIAL MEASURES We consider FFO a key measure of operating performance that is not defined by generally accepted accounting principles in the U.S. We determine FFO per share based upon the definition set forth by NAREIT. We use FFO internally to evaluate the operating performance of our portfolio and believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with other real estate investment trusts (REITs).

RECONCILIATION OF DILUTED NET INCOME PER SHARE TO DILUTED FFO PER SHARE Three months ended Three Months ended For the year ended March 31, March 31, December 31, 2018 2017 2017 Diluted net income per share $ 2.00 $ 1.53 $ 6.24 Adjustments to arrive at FFO: Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS Global Properties, net of noncontrolling interests portion of depreciation and amortization 1.24 1.21 4.98 Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities and impairment, net (0.38) – (0.01 ) Unrealized change in fair value of equity instruments 0.01 – – Diluted FFO per share $ 2.87 $ 2.74 $ 11.21

For reconciliations of other non-GAAP financial measures, see our quarterly Form 8-K Supplemental Information available at investors.simon.com.

STOCKHOLDER INQUIRIES TOTAL STOCKHOLDER RETURN

Tom Ward, Senior Vice President SPG VS. Investor Relations YEAR SPG S&P 500 S&P 500 800-461-3439 2008 -35.9% -37.0% 1.1% [email protected] 2009 58.0% 26.5% 31.5% COMPANY SECURITIES 2010 28.4% 15.1% 13.3% 2011 33.6% 2.1% 31.5% Our common stock and preferred stock are traded on the New York 2012 26.0% 16.0% 10.0% Stock Exchange under the following symbols: 2013 -0.9% 32.4% -33.3% Common Stock SPG 2014 31.2% 13.7% 17.5% 8.375% Series J Cumulative 2015 10.2% 1.4% 8.8% Redeemable Preferred SPGPrJ 2016 -5.5% 12.0% -17.5% 2017 1.0% 21.8% -20.8% INVESTOR SERVICES PROGRAM Compound Annual Return 11.6% 8.5% 3.1% We offer an Investor Services Program for investors wishing to Cumulative Total Return 199% 126% 73% purchase or sell our common stock. To enroll in this program, please contact our transfer agent, Computershare at 800-454-9768 or www.computershare.com/investor.

WEBSITE Information such as financial results, corporate announcements, dividend news and corporate governance is available at investors.simon.com.