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2019 Annual Report Financial Highlights 2019 ANNUAL REPORT FINANCIAL HIGHLIGHTS Year ended December 31. Dollars in millions, except per share figures. 2019 2018 Consolidated Revenue $ 5,755 $ 5,645 Net Income Per Diluted Share 6.81 7.87 Funds from Operations (FFO) 4,272 4,325 FFO Per Diluted Share 12.04 12.13 Dividends Per Share 8.30 7.90 Common Stock Price at December 31 148.96 1 67.99 Total Equity Capitalization 52,757 59,855 Total Market Capitalization (1) 83,959 90,156 (1) Includes our share of consolidated and joint venture debt. Consolidated Our Share of FFO Per Comparable FFO Dividends RevenueConsolidated TotalOur Share NOI of DilutedFFO Per Share PerComparable Diluted Share FFO PerDividends Share $Revenue in billions $Total in billions NOI Diluted Share Per Diluted Share Per Share $ in billions $ in billions $ 8.30 $ 12.37 $ 12.13 $ 11.85 $ 7.90 $ 12.04 $ 11.45 $ 11.21 $ 8.30 $ 12.37 $ 12.13 $ 5.79 $ 5.72 $ 7.15 $ 11.85 $ 5.76 $ 7.90 $ 5.65 $ 12.04 $ 10.74 $ 5.53 $ 11.45 $ 11.21 $ 5.54 $ 10.49 $ 5.44 $ 5.16 $ 5.79 $ 5.72 $ 9.84 $ 9.86 $ 5.27 $ 7.15 $ 5.76 $ 6.50 $ 5.65 $ 10.74 $ 5.53 $ 4.96 $ 5.53 $ 10.49 $ 5.44 $ 5.16 $ 6.05 $ 9.84 $ 9.86 $ 5.27 $ 6.50 $ 4.96 $ 6.05 1918171615 1918171615 1918171615 1918171615 1918171615 1918171615 1918171615 1918171615 1918171615 1918171615 This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2019 results and SEC filings on our website at investors.simon.com. This report also references non-GAAP financial measures including funds from operations, or FFO, Comparable FFO per diluted share and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2019 results, SEC filings and Non-GAAP Reconciliations section under Financials at investors.simon.com. TOTAL RETURN PERFORMANCE 200 $ 173.86 150 $ 141.61 100 $ 100.56 50 Simon Property Group, Inc. FTSE NAREIT Equity REIT Index 2014 2015 2016 2017 2018 2019 S&P 500 Index 2019 ANNUAL COMPOUND YEAR-END RETURN ANNUAL RETURN 2014 2015 2016 2017 2018 2019 3-YEAR 5-YEAR Simon Property Group, Inc. $ 100.00 $ 110.23 $ 104.15 $ 105.16 $ 107.83 $ 100.56 −6.7% −1.2% 0.1% FTSE NAREIT Equity REIT Index 100.00 103.20 111.99 11 7.84 112.39 141.61 26.0% 8.1% 7.2% S&P 500 Index 100.00 101.38 113.51 138.29 132.23 173.86 31.5% 15.3% 11.7% The line graph above compares the percentage change in the cumulative total shareholder return on our common stock as compared to the cumulative total return of the S&P 500 Index and the FTSE NAREIT Equity REIT Index for the period December 31, 2014 through December 31, 2019. The graph assumes an investment of $100 on December 31, 2014, a reinvestment of dividends and actual increase in the market value of the common stock relative to an initial investment of $100. The comparisons in this table are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance. FROM THE CHAIRMAN, CEO & PRESIDENT DEAR FELLOW SHAREHOLDERS, As I was drafting my letter to you, tragically a novel • We have paid more than $32 billion in dividends over our history as a public coronavirus (Covid-19) was traveling rapidly from China company. throughout the world, resulting in the World Health • Our dividend is well covered, and our Organization (WHO) declaring a pandemic, the President payout ratio is less than 70%. of the United States declaring a national emergency, and Europe moving to a virtual lockdown. With this BALANCE SHEET happening, and events changing hour by hour, my initial • Prudent balance sheet management is a fundamental strength of our Company letter certainly felt out of context. Predictions of how and is central to our ability to execute this pandemic will affect the world vary widely and I am our long-term strategy. • We have reduced the weighted average certainly not in a position to know precisely how it will interest rate of our debt from 4.39% at affect your company, Simon Property Group (“SPG,” the beginning of 2015 to 3.33% at the end of 2019, and increased the duration “Simon,” or the “Company”), however, I do know we will from 6.1 years to 6.7 years over this same endure and gain strength. I assure you that your Simon period of time. • Our balance sheet is the strongest in management team will be focused, prudent, level-headed our industry and we have the highest and compassionate. Safety is our number one priority and investment grade credit ratings of A/A2 we will listen to the feedback from the experts and our in the REIT sector. • We continued to demonstrate balance government as we learn more. sheet leadership in 2019 with the issuance of a three tranche senior notes offering totaling $3.5 billion at a weighted I want to thank you in advance • Comparable property NOI increased 1.4% for our North American Malls, average interest rate of 2.61% and a for your support and patience as we weighted average term of 15.9 years. navigate this national emergency. My Premium Outlets® and The Mills®. • Net debt to NOI was 5.2 times–the colleagues and I are hard at work and • Generated over $1.3 billion in excess lowest in our sector. are extremely confident that SPG will cash flow, after dividends. • bounce back stronger than ever. I also Interest coverage ratio was 5.3 times. want to thank our Board of Directors • Our liquidity was more than $7 billion at for their counsel and, without a doubt, OPERATING METRICS year-end. all my colleagues across SPG for their We again delivered strong operational tireless efforts. results: REDEVELOPMENT, • Occupancy for our U.S. Malls and INCLUDING RECAPTURE OF Premium Outlets® ended the year at DEPARTMENT STORES, AND HIGHLIGHTS FROM 2019 95.1% and The Mills® occupancy ended NEW DEVELOPMENT the year at 97.0%. • Our U.S. Malls and Premium Outlets® • We completed more than occupancy has been over 95% for the 25 redevelopment projects across FINANCIAL RESULTS last eight years. all of our platforms in the U.S. We continued our track record of posting • Reported retailer sales for U.S. Malls and internationally. record and sector-leading financial results and Premium Outlets® were $693 per • Our total investment in redevelopment in 2019, including: square foot (record), an increase of 5% projects completed in 2019 was more than $500 million with an average yield • year-over-year. Consolidated revenues increased 2% to of approximately 8%. $5.755 billion (record). • Retailer sales productivity has increased each quarter for the last three years. • Redevelopments and expansions • REPORT ANNUAL 2019 Net income was $2.098 billion, or $6.81 were completed at Burlington Mall in per diluted share. This productivity further reinforces the importance of high-quality brick-and- Burlington (Boston), Massachusetts; • Comparable Funds From Operations mortar locations to a retailer’s strategy. King of Prussia in King of Prussia (“FFO”) was $4.389 billion, or $12.37 per (Philadelphia), Pennsylvania; Orland diluted share, an increase of 4.4% year- Square in Orland Park (Chicago), Illinois; over-year (record). RETURNING CAPITAL TO Southdale Center in Edina (Minneapolis), • Achieved a compound annual FFO per SHAREHOLDERS Minnesota; and Woodbury Common share growth rate of 7% over the last Premium Outlets in Central Valley (New five years. • Capital returned to shareholders in 2019 York), New York, to name just a few. • Total portfolio net operating income totaled over $3.3 billion, comprised of • We opened 40 anchor/specialty tenants (“NOI”), including international more than $2.9 billion in dividends and in 2019 and expect to open more than comparable properties on a constant $360 million in share buybacks. 50 in 2020. currency basis, grew 1.7%, or • Common stock dividends paid in 2019 • The recapture and redevelopment i approximately $110 million year-over- were $8.30 per share, an increase of of former department store sites is a year, to $6.473 billion (record). 5.1% from 2018. significant opportunity. It is important • Total gross costs invested in these seven MARKETING to remember that we don’t just get the international development projects was department store box back, but the approximately $350 million with an • We have more than 8.4 million social surrounding acreage, as well. This is average cash yield on cost of 9%. media followers with over 1.5 billion an opportunity for us to take control of • In February, 2020, we opened Malaga impressions. unproductive land that, historically, we Designer Outlet in Malaga, Spain and will • Executed a digital display and video have not had access to, and redevelop open Siam Premium Outlets Bangkok in campaign to support local centers the site with a diverse mix of uses that Bangkok, Thailand later this spring. resulting in over 500 million impressions complements the destination. • We have a new international and 87 million video completions in 2019. • For example, at Southdale Center, which development project under construction In addition, digital campaigns achieved incidentally was the first enclosed mall in Cannock, England projected to open a 7% lift in incremental traffic among in the U.S., we recaptured a former J.C.
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