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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 8, 2021

 

SIMON PROPERTY GROUP, INC.

 

(Exact name of registrant as specified in its charter)

 

Delaware 001-14469 04-6268599
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

 

 

225 WEST WASHINGTON STREET

INDIANAPOLIS, Indiana

46204
  (Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: 317. 636.1600

 

Not Applicable

 

 (Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbols   Name of each exchange on which registered
         
Common stock, $0.0001 par value   SPG   New York Stock Exchange
83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value   SPGJ   New York Stock Exchange

 

 

 

 

 

Item 2.02.Results of Operations and Financial Condition

 

On February 8, 2021, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter and twelve months ended December 31, 2020 and other matters. A copy of the press release is furnished with this report as Exhibit 99.1, and is incorporated by reference into this report.

 

Item 7.01.Regulation FD Disclosure

 

Exhibit 99.1 also includes supplemental financial and operating information for the quarter and twelve months ended December 31, 2020.

 

Item 9.01. Financial Statements and Exhibits

 

Financial Statements:

 

None

 

Exhibits:

 

Exhibit No.   Description
     
99.1   Earnings Release dated February 8, 2021 and supplemental information  
104   The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101)

 

The exhibit filed with this report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (“GAAP”) in the United States, including funds from operations (“FFO”), FFO per share, funds available for distribution, net operating income (“NOI”) and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

 

These non-GAAP financial measures should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.

 

Reconciliations of each of these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.

 

The information in this report and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.

 

Page 2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: February 8, 2021    
     
     
     
     
  SIMON PROPERTY GROUP, INC.
     
     
    By: /s/ BRIAN J. MCDADE
    Brian J. McDade,
    Executive Vice President, Chief Financial Officer and Treasurer

 

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4Q 2020 SUPPLEMENTAL
SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED FOURTH QUARTER

TABLE OF CONTENTS
 
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED DECEMBER 31, 2020
PAGE
Earnings Release (1)
212
Overview
13
14
Financial Data
15
16
17
18
18
19
20
Operational Data
21
22
23
24
Development Activity
25
26
Balance Sheet Information
27
27
27
28
29
30
3140
Other
4144
(1)
Includes reconciliation of consolidated net income to funds from operations.
 
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EARNINGS RELEASE
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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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EARNINGS RELEASE
Business Update
As of February 5, 2021, the Company has collected from its U.S. retail portfolio, 90% of its net billed rents for the second, third and fourth quarters, combined.
($ millions)
Q2 2020
through
Q4 2020
U.S. Managed Portfolio Gross Contractual Rents $ 4,762
Rent Write-Offs Related to Tenants in Bankruptcy (102)
Net Contractual Rents 4,660
Deferrals Agreed (341)
Abatements Granted (410)
Net Billed Rents 3,909
Collected $ 3,520
Collected as percent of Net Billed Rents 90%
Amounts are presented on a gross basis, not at the Company’s share. U.S. managed portfolio gross contractual rents do not include any prior period deferrals or sales-based rents. Amounts above relate to the contractual rents in the stated periods. Abatements reduced Lease Income in the period they were granted or agreed.
Acquisition of Taubman Centers, Inc.
In December, the Company completed its acquisition of an 80% ownership interest in The Taubman Realty Group (“TRG”). Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group, L.P., acquired all of Taubman Centers, Inc. (“TCO”) common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG.
Total consideration for the acquisition, including the redemption of TCO’s 6.5% Series J Cumulative Preferred Shares and its 6.25% Series K Cumulative Preferred Shares, was approximately $3.45 billion and was funded with existing liquidity, including proceeds from Simon’s issuance of 22,137,500 shares of its common stock which was completed in November 2020.
Capital Markets and Balance Sheet Liquidity
During the fourth quarter, the Company completed a public offering of 22,137,500 shares of its common stock. Net proceeds from the offering were approximately $1.56 billion.
Subsequent to the end of 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%.
As of December 31, 2020, Simon had more than $8.2 billion of liquidity consisting of  $1.5 billion of cash on hand, including its share of joint venture cash, and $6.7 billion of available capacity under its revolving credit facilities, net of  $623 million outstanding under its U.S. commercial paper program.
 
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EARNINGS RELEASE
Dividends
The Company paid its fourth quarter 2020 common stock dividend of  $1.30 per share, in cash, on January 22, 2021. Simon’s Board of Directors will declare a common stock cash dividend for the first quarter of 2021 on or before March 31, 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 March 31, 2021 to shareholders of record on March 17, 2021.
2021 Guidance
The Company currently estimates net income to be within a range of  $4.60 to $4.85 per diluted share and that FFO will be within a range of  $9.50 to $9.75 per diluted share for the year ending December 31, 2021. This guidance range assumes no further government mandated shutdowns of the Company’s domestic retail properties.
The following table provides the 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
End
High
End
Estimated net income attributable to common stockholders per diluted share $ 4.60 $ 4.85
Depreciation and amortization including Simon’s share of unconsolidated entities 4.90 4.90
Estimated FFO per diluted share $ 9.50 $ 9.75
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today at 5:00 p.m. Eastern Time, Monday, February 8, 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 February 15, 2021. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 9827795.
Supplemental Materials and Website
Supplemental information on our fourth quarter 2020 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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EARNINGS RELEASE
Non-GAAP Financial Measures
This press release includes FFO, FFO per share and portfolio Net Operating Income growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon’s supplemental information for the quarter. FFO and Net Operating Income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed “forward — looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward — looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward — looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2020
2019
2020
2019
REVENUE:
Lease income
$
1,032,795
$ 1,356,238
$
4,302,367
$ 5,243,771
Management fees and other revenues
25,336
29,174
96,882
112,942
Other income
73,298
103,203
208,254
398,476
Total revenue
1,131,429
1,488,615
4,607,503
5,755,189
EXPENSES:
Property operating
81,675
113,741
349,154
453,145
Depreciation and amortization
331,851
324,310
1,318,008
1,340,503
Real estate taxes
110,067
118,600
457,142
468,004
Repairs and maintenance
23,376
26,743
80,858
100,495
Advertising and promotion
37,646
41,216
98,613
150,344
Home and regional office costs
41,249
45,217
171,668
190,109
General and administrative
5,366
7,333
22,572
34,860
Other
38,152
34,579
137,679
109,898
Total operating expenses
669,382
711,739
2,635,694
2,847,358
OPERATING INCOME BEFORE OTHER ITEMS
462,047
776,876
1,971,809
2,907,831
Interest expense
(197,855)
(189,813)
(784,400)
(789,353)
Loss on extinguishment of debt
(116,256)
(116,256)
Income and other tax benefit (expense)
1,572
(6,744)
4,637
(30,054)
Income from unconsolidated entities
63,260
127,657
219,870
444,349
Unrealized gains (losses) in fair value of equity instruments
494
(3,365)
(19,632)
(8,212)
(Loss) gain on sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
(16,792)
2,061
(114,960)
14,883
CONSOLIDATED NET INCOME
312,726
590,416
1,277,324
2,423,188
Net income attributable to noncontrolling interests
40,409
79,388
164,760
321,604
Preferred dividends
834
834
3,337
3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
271,483
$ 510,194
$
1,109,227
$ 2,098,247
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$
0.86
$ 1.66
$
3.59
$ 6.81
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
December 31,
2020
December 31,
2019
ASSETS:
Investment properties, at cost
$
38,050,196
$ 37,804,495
Less – accumulated depreciation
14,891,937
13,905,776
23,158,259
23,898,719
Cash and cash equivalents
1,011,613
669,373
Tenant receivables and accrued revenue, net
1,236,734
832,151
Investment in unconsolidated entities, at equity
2,603,571
2,371,053
Investment in Klépierre, at equity
1,729,690
1,731,649
Investment in TRG, at equity
3,451,897
Right-of-use assets, net
512,914
514,660
Deferred costs and other assets
1,082,168
1,214,025
Total assets
$
34,786,846
$ 31,231,630
LIABILITIES:
Mortgages and unsecured indebtedness
$
26,723,361
$ 24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,311,925
1,390,682
Cash distributions and losses in unconsolidated entities, at equity
1,577,393
1,566,294
Dividend payable
486,922
Lease liabilities
515,492
516,809
Other liabilities
513,515
464,304
Total liabilities
31,128,608
28,101,319
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties
185,892
219,061
EQUITY:
Stockholders’ Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of
preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847
42,091
42,420
Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,849,037 and 320,435,256 issued and outstanding, respectively
34
32
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding
Capital in excess of par value
11,179,688
9,756,073
Accumulated deficit
(6,102,314)
(5,379,952)
Accumulated other comprehensive loss
(188,675)
(118,604)
Common stock held in treasury, at cost, 14,355,621 and 13,574,296 shares, respectively
(1,891,352)
(1,773,571)
Total stockholders’ equity
3,039,472
2,526,398
Noncontrolling interests
432,874
384,852
Total equity
3,472,346
2,911,250
Total liabilities and equity
$
34,786,846
$ 31,231,630
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2020
2019
2020
2019
REVENUE:
Lease income
$
624,516
$ 802,746
$
2,544,134
$ 3,088,594
Other income
85,284
88,060
300,634
322,398
Total revenue
709,800
890,806
2,844,768
3,410,992
OPERATING EXPENSES:
Property operating
136,616
152,320
519,979
587,062
Depreciation and amortization
179,719
169,693
692,424
681,764
Real estate taxes
64,864
65,314
262,351
266,013
Repairs and maintenance
19,061
23,491
68,722
85,430
Advertising and promotion
24,764
25,808
67,434
89,660
Other
55,888
53,374
163,710
196,178
Total operating expenses
480,912
490,000
1,774,620
1,906,107
OPERATING INCOME BEFORE OTHER ITEMS
228,888
400,806
1,070,148
1,504,885
Interest expense
(152,703)
(163,074)
(616,332)
(636,988)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
3,022
24,609
NET INCOME
$
76,185
$ 240,754
$
453,816
$ 892,506
Third-Party Investors’ Share of Net Income
$
32,731
$ 128,618
$
226,364
$ 460,696
Our Share of Net Income
43,454
112,136
227,452
431,810
Amortization of Excess Investment (A)
(19,953)
(21,143)
(82,097)
(83,556)
Our Share of Gain on Sale or Disposal of Assets and Interests in
Other Income in the Consolidated Financial Statements
(9,156)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in
Unconsolidated Entities, net
(1,133)
(1,133)
Income from Unconsolidated Entities (B)
$
23,501
$ 89,860
$
145,355
$ 337,965
Note:
The above financial presentation does not include any information related to our investments in Klépierre S.A.
(“Klépierre”) and The Taubman Realty Group (“TRG”). For additional information, see footnote B.
 
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EARNINGS RELEASE
Simon Property Group, Inc
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
December 31,
2020
December 31,
2019
Assets:
Investment properties, at cost
$
20,079,476
$ 19,525,665
Less – accumulated depreciation
8,003,863
7,407,627
12,075,613
12,118,038
Cash and cash equivalents
1,169,422
1,015,864
Tenant receivables and accrued revenue, net
749,231
510,157
Right-of-use assets, net
185,598
185,302
Deferred costs and other assets
380,087
384,663
Total assets
$
14,559,951
$ 14,214,024
Liabilities and Partners’ Deficit:
Mortgages
$
15,569,485
$ 15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue
969,242
977,112
Lease liabilities
188,863
186,594
Other liabilities
426,321
338,412
Total liabilities
17,153,911
16,893,899
Preferred units
67,450
67,450
Partners’ deficit
(2,661,410)
(2,747,325)
Total liabilities and partners’ deficit
$
14,559,951
$ 14,214,024
Our Share of:
Partners’ deficit
$
(1,130,713)
$ (1,196,926)
Add: Excess Investment (A)
1,399,757
1,525,903
Our net Investment in unconsolidated entities, at equity
$
269,044
$ 328,977
Note:
The above financial presentation does not include any information related to our investments in Klépierre
and TRG. For additional information, see footnote B.
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2020
2019
2020
2019
Consolidated Net Income (D)
$
312,726
$ 590,416
$
1,277,324
$ 2,423,188
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
329,422
321,404
1,308,419
1,329,843
Our share of depreciation and amortization from unconsolidated entities, including Klépierre
133,645
139,579
536,133
551,596
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
16,792
(2,061)
114,960
(14,883)
Unrealized (gains) losses in fair value of equity instruments
(494)
3,365
19,632
8,212
Net (gain) loss attributable to noncontrolling interest holders in properties
(173)
(1,172)
4,378
(991)
Noncontrolling interests portion of depreciation and amortization and loss (gain) on disposal of properties
(3,966)
(4,834)
(18,631)
(19,442)
Preferred distributions and dividends
(1,313)
(1,313)
(5,252)
(5,252)
FFO of the Operating Partnership
$
786,639
$ 1,045,384
$
3,236,963
$ 4,272,271
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
0.86
$ 1.66
$
3.59
$ 6.81
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, net of noncontrolling interests portion of depreciation and amortization
1.27
1.30
5.14
5.25
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
0.05
(0.01)
0.32
(0.04)
Unrealized (gains) losses in fair value of equity instruments
(0.01)
0.01
0.06
0.02
Diluted FFO per share
$
2.17
$ 2.96
$
9.11
$ 12.04
Details for per share calculations:
FFO of the Operating Partnership
$
786,639
$ 1,045,384
$
3,236,963
$ 4,272,271
Diluted FFO allocable to unitholders
(100,472)
(138,219)
(424,063)
(563,342)
Diluted FFO allocable to common stockholders
$
686,167
$ 907,165
$
2,812,900
$ 3,708,929
Basic and Diluted weighted average shares outstanding
316,595
306,869
308,738
307,950
Weighted average limited partnership units outstanding
46,455
46,751
46,544
46,774
Basic and Diluted weighted average shares and units outstanding
363,050
353,620
355,282
354,724
Basic and Diluted FFO per Share
$
2.17
$ 2.96
$
9.11
$ 12.04
Percent Change
-26.7%
-24.3%
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Footnotes to Unaudited Financial Information
Notes:
(A)
Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.
(B)
The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre and TRG. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre and TRG. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K.
(C)
This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO and FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper — 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(D)
Includes our share of:
 – 
(Losses) gains on land sales of  ($0.1) million and $3.2 million for the three months ended December 31, 2020 and 2019, respectively, and $8.0 million and $17.3 million for the twelve months ended December 31, 2020 and 2019, respectively.
 – 
Straight-line adjustments (decreased) increased income by ($19.6) million and $24.9 million for the three months ended December 31, 2020 and 2019, respectively, and ($23.9) million and $90.9 million for the twelve months ended December 31, 2020 and 2019, respectively.
 – 
Amortization of fair market value of leases from acquisitions increased income by $1.7 million and $1.4 million for the three months ended December 31, 2020 and 2019, respectively, and $5.2 million and $5.4 million for the twelve months ended December 31, 2020 and 2019, respectively.
 
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OVERVIEW
THE COMPANY
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At December 31, 2020, we owned or had an interest in 234 properties comprising 191 million square feet in North America, Asia and Europe. We also owned an 80% interest in The Taubman Realty Group, or TRG, which owns 24 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at December 31, 2020, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 15 European countries.
This package was prepared to provide operational and balance sheet information as of December 31, 2020 for the Company and the Operating Partnership. Portfolio and operational information related to TRG is not included in this package.
Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
 
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OVERVIEW
STOCK INFORMATION
The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:
Common Stock SPG
8.375% Series J Cumulative
Redeemable Preferred

SPGPrJ
CREDIT RATINGS
Standard & Poor’s
Corporate A (Negative Outlook)
Senior Unsecured A (Negative Outlook)
Commercial Paper A1 (Negative Outlook)
Preferred Stock BBB+ (Negative Outlook)
Moody’s
Senior Unsecured A3 (Stable Outlook)
Commercial Paper P2 (Stable Outlook)
Preferred Stock Baa1 (Stable Outlook)
SENIOR UNSECURED DEBT COVENANTS (1)
Required
Actual
Compliance
Total Debt to Total Assets (1)
≤65%
50%
Yes
Total Secured Debt to Total Assets (1)
≤50%
22%
Yes
Fixed Charge Coverage Ratio
>1.5X
4.2X
Yes
Total Unencumbered Assets to Unsecured Debt
≥125%
222%
Yes
(1)
Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.
 
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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
THREE MONTHS ENDED
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
2020
2019
2020
2019
Financial Highlights
Total Revenue – Consolidated Properties $  1,131,429 $  1,488,615 $  4,607,503 $  5,755,189
Consolidated Net Income $ 312,726 $ 590,416 $ 1,277,324 $ 2,423,188
Net Income Attributable to Common Stockholders $ 271,483 $ 510,194 $ 1,109,227 $ 2,098,247
Basic and Diluted Earnings per Common Share (EPS) $ 0.86 $ 1.66 $ 3.59 $ 6.81
Funds from Operations (FFO) of the Operating Partnership $ 786,639 $ 1,045,384 $ 3,236,963 $ 4,272,271
Basic and Diluted FFO per Share (FFOPS) $ 2.17 $ 2.96 $ 9.11 $ 12.04
Declared Dividends/Distributions per Share/Unit $ 1.30 $ 2.10 $ 6.00 $ 8.30
AS OF
DECEMBER 31,
2020
AS OF
DECEMBER 31,
2019
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period 47,322 46,740
Common Shares Outstanding at end of period 328,502 306,869
Total Common Shares and Limited Partnership Units Outstanding at end of period 375,824 353,609
Weighted Average Limited Partnership Units Outstanding 46,544 46,744
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS
308,738 307,950
Debt Information
Share of Unsecured Consolidated Debt $ 19,784,862 $ 17,255,505
Share of Consolidated Non-Recourse Mortgage Debt 6,757,261 6,732,681
Share of Joint Venture Non-Recourse Mortgage Debt 7,159,202 7,214,181
Share of Total Debt $ 33,701,325 $ 31,202,367
Less Share of Cash and Cash Equivalents 1,508,665 1,114,490
Share of Net Debt $ 32,192,660 $ 30,087,877
Market Capitalization
Common Stock Price at end of period $ 85.28 $ 148.96
Common Equity Capitalization, including Limited Partnership Units $ 32,050,239 $ 52,673,608
Preferred Equity Capitalization, including Limited Partnership Preferred Units 81,762 83,236
Total Equity Market Capitalization $ 32,132,001 $ 52,756,844
Total Market Capitalization – Including Share of Total Debt $ 65,833,326 $ 83,959,211
 
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NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Twelve Months Ended December 31, 2020
[MISSING IMAGE: tm2038373d2-pc_netoperpn.jpg]
(1)
Based on our share of total NOI and does not reflect any property, entity or corporate-level debt.
(2)
Includes Klépierre, international Premium Outlets and international Designer Outlets.
(3)
Includes Lifestyle Centers.
 
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Net Operating Income Overview (1)
(In thousands)
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2020
2019
% Growth
2020
2019
% Growth
Domestic Property NOI $  1,084,861 $  1,463,102 -25.9 % $  4,631,922 $  5,608,106 -17.4 %
International Properties (2) 135,512 140,347 423,245 487,961
Portfolio NOI $ 1,220,373 $ 1,603,449 -23.9 % $ 5,055,167 $ 6,096,067 -17.1 %
Our share of NOI from Investments (3) 48,768 72,276 194,174 269,598
Our share of NOI from Retailer Investments (4) 30,188 17,633 21,507 40,149
Corporate and Other NOI Sources (5) 28,747 115,883 228,874 548,117
Combined NOI $ 1,328,076 $ 1,809,241 $ 5,499,722 $ 6,953,931
Less: Joint Venture Partners’ Share of NOI 216,379 308,369 940,892 1,163,972
Our Share of Total NOI $ 1,111,697 $ 1,500,872 $ 4,558,830 $ 5,789,959
(1)
All amounts are presented at gross values unless otherwise indicated as our share. See reconciliation on following page.
(2)
Includes International Premium Outlets (except for Canadian International Premium Outlets included in Domestic Property NOI) and International Designer Outlets at constant currency. Substantially all of the NOI decline in 2020 related to the impact of COVID-19.
(3)
Includes our share of NOI of Klépierre (at constant currency). Substantially all of the NOI decline in 2020 related to the impact on our share of NOI from our investment in Klépierre resulting from property closures.
(4)
Includes our share of NOI of our retailer investments. Substantially all of the NOI decline in 2020 related to the impact of COVID-19 on our retailer investments operations from store closures.
(5)
Includes income components excluded from Portfolio NOI and Domestic Property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), unrealized and realized gains/losses on non-real estate related equity instruments, Simon management company revenues, and other assets. The twelve months ended December 31, 2019 includes $83,582 related to the Opry Mills settlement and a gain on the sale of Phipps Residential.
 
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
THREE MONTHS ENDED
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
2020
2019
2020
2019
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
312,726
$ 590,416
$
1,277,324
$ 2,423,188
Income and other tax (benefit) expense
(1,572)
6,744
(4,637)
30,054
Interest expense
197,855
189,813
784,400
789,353
Loss on extinguishment of debt
116,256
116,256
Income from unconsolidated entities
(63,260)
(127,657)
(219,870)
(444,349)
Unrealized (gains) losses in fair value of equity instruments
(494)
3,365
19,632
8,212
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment,
net
16,792
(2,061)
114,960
(14,883)
Operating Income Before Other Items
462,047
776,876
1,971,809
2,907,831
Depreciation and amortization
331,851
324,310
1,318,008
1,340,503
Home and regional office costs
41,249
45,217
171,668
190,109
General and administrative
5,366
7,333
22,572
34,860
NOI of consolidated entities
$
840,513
$ 1,153,736
$
3,484,057
$ 4,473,303
Reconciliation of NOI of unconsolidated entities:
Net Income
$
76,185
$ 240,754
$
453,816
$ 892,506
Interest expense
152,703
163,074
616,332
636,988
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
(3,022)
(24,609)
Operating Income Before Other Items
228,888
400,806
1,070,148
1,504,885
Depreciation and amortization
179,719
169,693
692,424
681,764
NOI of unconsolidated entities
$
408,607
$ 570,499
$
1,762,572
$ 2,186,649
Add: Our share of NOI from Klépierre and other corporate investments
78,956
85,006
253,093
293,979
Combined NOI
$
 1,328,076
$  1,809,241
$
 5,499,722
$  6,953,931
 
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)
THREE MONTHS
ENDED
DECEMBER 31, 2020
TWELVE MONTHS
ENDED
DECEMBER 31, 2020
FFO of the Operating Partnership
$ 786,639 $ 3,236,963
Non-cash impacts to FFO (1) 24,604 54,270
FFO of the Operating Partnership excluding non-cash impacts
811,243 3,291,233
Tenant allowances (24,837) (82,471)
Operational capital expenditures (23,810) (66,974)
Funds available for distribution $  762,596 $  3,141,788
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE MONTHS
ENDED
DECEMBER 31, 2020
TWELVE MONTHS
ENDED
DECEMBER 31, 2020
Deductions:
Fair market value of lease amortization
(1,717) (5,195)
Fair value of debt amortization
(496) (1,112)
Additions:
Straight-line lease loss
19,632 23,917
Stock based compensation expense
215 10,271
Mortgage, financing fee and terminated swap amortization expense
6,970 26,389
$  24,604 $  54,270
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, funds available for distribution, net operating income (NOI) and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.
 
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OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)
THREE MONTHS
ENDED
DECEMBER 31,
TWELVE MONTHS
ENDED
DECEMBER 31,
Consolidated Properties
2020
2019
2020
2019
Other Income
Interest, dividend and distribution income (1) $ 4,028 $ 11,457 $ 16,940 $ 36,982
Lease settlement income 15,888 1,982 29,451 17,493
Gains on land sales 303 3,597 8,562 13,753
Other (2)(3) 53,079 86,167 153,301 330,248
Totals $  73,298 $  103,203 $  208,254 $  398,476
Other Expense
Ground leases $ 10,154 $ 11,179 $ 40,287 $ 43,499
Professional fees and other 27,998 23,400 97,392 66,399
Totals $ 38,152 $ 34,579 $ 137,679 $ 109,898
THREE MONTHS
ENDED
DECEMBER 31,
TWELVE MONTHS
ENDED
DECEMBER 31,
2020
2019
2020
2019
Capitalized Interest
Interest Capitalized during the Period:
Our Share of Consolidated Properties
$    6,735 $   9,366 $   22,905 $   33,324
Our Share of Joint Venture Properties
$ 820 $ 293 $ 1,597 $ 1,187
(1)
Includes distributions from other international investments.
(2)
Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues, gains on sale of non-retail investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.
(3)
The twelve months ended December 31, 2019 includes $83,582 related to the Opry Mills settlement and a gain on the sale of Phipps residential.
 
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U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION
AS OF DECEMBER 31,
2020
2019
Total Number of Properties
168
175
Total Square Footage of Properties (in millions)
142.3
150.3
Ending Occupancy (1):
Consolidated Assets
91.5%
95.3%
Unconsolidated Assets
90.9%
94.5%
Total Portfolio
91.3%
95.1%
Base Minimum Rent PSF (2):
Consolidated Assets
$ 53.98
$ 53.06
Unconsolidated Assets
$ 60.97
$ 58.71
Total Portfolio
$ 55.80
$ 54.59
Open / Close Spread
RENT PSF
(BASE MINIMUM RENT & CAM)
SQUARE
FOOTAGE
OF OPENINGS
AVERAGE
OPENING RATE
PSF (3)
AVERAGE
CLOSING RATE
PSF (3)
LEASING
SPREAD (3)
SPREAD TO
CLOSE %
12/31/20
5,023,608 $ 60.08 $ 64.49 ($ 4.41) -6.8 %
12/31/19
8,216,167 $ 62.39 $ 54.56 $ 7.83 14.4 %
(1)
Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
(2)
Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
(3)
The Open / Close Spread is a measure that compares opening and closing rates on all spaces. The Opening Rate is the initial cash Rent PSF for spaces leased during the trailing 12-month period, and includes new leases, renewals, amendments and relocations (including expansions and downsizings) if lease term is greater than one year. The Closing Rate is the final cash Rent PSF as of the month the tenant terminates or closes. Rent PSF includes Base Minimum Rent and Common Area Maintenance (CAM) rents.
 
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THE MILLS AND INTERNATIONAL OPERATING INFORMATION
AS OF DECEMBER 31,
2020
2019
The Mills
Total Number of Properties
14
14
Total Square Footage of Properties (in millions)
21.3
21.5
Ending Occupancy (1)
95.3%
97.0%
Base Minimum Rent PSF (2)
$ 33.77
$ 33.09
Leasing Spread PSF (3)
$  4.61
$  5.48
Leasing Spread (Percentage Change) (3)
11.6%
13.2%
International Properties
Premium Outlets
Total Number of Properties
21
20
Total Square Footage of Properties (in millions)
8.3
7.7
Designer Outlets
Total Number of Properties
10
9
Total Square Footage of Properties (in millions)
2.6
2.4
Statistics for Premium Outlets in Japan (4)
Ending Occupancy
99.5%
99.5%
Base Minimum Rent PSF
¥5,447
¥5,269
(1)
See footnote 1 on U.S. Malls and Premium Outlets Operating Information for definition, except Ending Occupancy is calculated on all company owned space.
(2)
See footnote 2 on U.S. Malls and Premium Outlets Operating Information for definition.
(3)
See footnote 3 on U.S. Malls and Premium Outlets Operating Information for definition.
(4)
Information supplied by the managing venture partner; includes 9 properties.
 
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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)
Year
Number of
Leases
Expiring
Square Feet
Avg. Base
Minimum
Rent PSF
at 12/31/20
Percentage of
Gross Annual
Rental
Revenues (2)
Inline Stores and Freestanding
Month to Month Leases 995 3,463,698 $  56.04 3.7 %
2021 2,392 8,635,941 $ 50.52 8.0 %
2022 2,561 9,658,952 $ 50.16 9.2 %
2023 2,325 9,254,119 $ 59.14 8.9 %
2024 1,785 7,076,454 $ 59.86 7.8 %
2025 1,561 6,100,909 $ 63.53 7.4 %
2026 1,246 5,046,888 $ 61.22 5.8 %
2027 924 3,621,868 $ 65.80 4.5 %
2028 810 3,543,203 $ 61.61 4.1 %
2029 697 3,025,932 $ 66.61 3.5 %
2030 437 2,085,678 $ 64.17 2.3 %
2031 and Thereafter 323 2,169,536 $ 42.04 1.8 %
Specialty Leasing Agreements w/ terms in excess of 12 months 1,865 4,898,558 $ 16.47 1.6 %
Anchors
Month to Month Leases 1 138,409 $ 1.18 0.0 %
2021 2 158,266 $ 3.73 0.0 %
2022 10 1,408,024 $ 4.22 0.1 %
2023 17 2,381,099 $ 6.00 0.3 %
2024 18 1,565,287 $ 8.59 0.3 %
2025 17 1,676,634 $ 6.72 0.2 %
2026 14 1,660,628 $ 4.50 0.1 %
2027 6 920,224 $ 4.16 0.1 %
2028 8 707,745 $ 8.27 0.1 %
2029 4 511,660 $ 2.44 0.0 %
2030 8 824,573 $ 8.52 0.1 %
2031 and Thereafter 19 1,749,992 $ 12.09 0.4 %
(1)
Does not consider the impact of renewal options that may be contained in leases.
(2)
Annual rental revenues represent 2020 consolidated and joint venture combined base rental revenue.
 
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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS
Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
Tenant
Number
of
Stores
Square
Feet
(000’s)
Percent of
Total Sq. Ft. in
U.S. Properties
Percent of Total
Base Minimum Rent
for U.S. Properties
The Gap, Inc. 349 3,338 1.9 % 3.3 %
L Brands, Inc. 291 1,789 1.0 % 2.3 %
PVH Corporation 228 1,444 0.8 % 1.8 %
Tapestry, Inc. 248 1,019 0.6 % 1.7 %
Signet Jewelers, Ltd. 338 490 0.3 % 1.5 %
Capri Holdings Limited 144 562 0.3 % 1.4 %
American Eagle Outfitters, Inc 199 1,279 0.7 % 1.3 %
Foot Locker, Inc. 205 955 0.5 % 1.3 %
Luxottica Group SPA 370 658 0.4 % 1.3 %
VF Corporation 191 802 0.4 % 1.2 %
Top Anchors (sorted by percentage of total square footage in U.S. properties) (1)
Tenant
Number
of
Stores
Square
Feet
(000’s)
Percent of
Total Sq. Ft. in
U.S. Properties
Percent of Total
Base Minimum Rent
for U.S. Properties
Macy’s Inc. 103 19,935 11.1 %
0.3%
J.C. Penney Co., Inc. 57 9,372 5.2 %
0.3%
Dillard’s, Inc. 35 6,450 3.6 %
*
Nordstrom, Inc. 24 4,103 2.3 %
0.1%
Dick’s Sporting Goods, Inc. 35 2,354 1.3 %
0.6%
The Neiman Marcus Group, Inc. 12 1,458 0.8 %
0.1%
Hudson’s Bay Company 10 1,215 0.7 %
0.1%
Belk, Inc. 7 1,194 0.7 %
*
Sears 6 1,142 0.6 %
*
Target Corporation 6 831 0.5 %
0.1%
Von Maur, Inc. 6 768 0.4 %
*
(1)
Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
*
Less than one-tenth of one percent.
 
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CAPITAL EXPENDITURES
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects $ 27,056 $ 108,874 $ 51,056
Redevelopment projects with incremental square footage and/or anchor replacement 253,922 318,963 144,758
Redevelopment projects with no incremental square footage (1) 48,389 19,704 10,348
Subtotal new development and redevelopment projects
329,367 447,541 206,162
Tenant allowances 58,241 49,820 23,755
Operational capital expenditures at properties:
CAM expenditures
29,761 43,057 18,526
Non-CAM expenditures
2,753 16,055 7,217
Totals $ 420,122 $ 556,473 $ 255,660
Conversion from accrual to cash basis 63,997 (82,490) (37,898)
Capital Expenditures for the Twelve Months Ended 12/31/20 (2) $ 484,119 $ 473,983 $ 217,762
Capital Expenditures for the Twelve Months Ended 12/31/19 (2)
$  876,011 $  789,323 $  348,540
(1)
Includes restoration projects as a result of property damage from natural disasters.
(2)
Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
 
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DEVELOPMENT ACTIVITY SUMMARY (1)
As of December 31, 2020
(in thousands, except percent)
   
PLATFORM PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
Actual
Investment
thru Q4 2020
Forecasted
Investment
2021 – 2022
Forecasted
Total Investment
2020 – 2022
Malls
Redevelopments
$ 485,130 7 % $ 205,258 $ 135,102 $ 340,360
Premium Outlets
New Developments – U.S.
$ 16,765 $ 16,765 $ $ 16,765
New Developments – International
$ 97,860 8 % $ 33,922 $ 12,254 $ 46,176
Redevelopments – U.S.
$ 35,006 9 % $ 18,374 $ 4,686 $ 23,060
Redevelopments – International
$ 141,547 9 % $ 64,637 $ 23,780 $ 88,417
The Mills
Redevelopments
$ 52,865 11 % $ 23,043 $ 16,393 $ 39,436
Total Investment (1) $ 829,173 8 % $ 361,999 $  192,215 $ 554,214
Less funding from: Construction Loans, International JV Cash on hand,
etc.
$ (312,237) $ (135,945) $ (103,666) $ (239,611)
Total Net Cash Investment $  516,936 $  226,054 $  88,549 $  314,603
Notes:
(1)
Our share of Net Investment includes $373M of previous investment that was in CIP as of December 31, 2019.
 
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COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2019 through December 31, 2020
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2019 306,868,960 46,740,117
Activity During the First Nine Months of 2020:
Exchange of Limited Partnership Units for Common Stock 194,914 (194,914)
Redemption of Limited Partnership Units for Cash (116,658)
Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other (15,561)
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) 150,704 36,252
Repurchase of Simon Property Group Common Stock in open market (1,245,654)
Number Outstanding at September 30, 2020 305,953,363 46,464,797
Fourth Quarter Activity
Exchange of Limited Partnership Units for Common Stock 98,290 (98,290)
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) 312,263
Issuance of Common Stock 22,137,500
Issuance of Limited Partnership Units in Connection with the Taubman Acquisition 955,705
Number Outstanding at December 31, 2020 328,501,416 47,322,212
Number of Limited Partnership Units and Common Shares at December 31, 2020 375,823,628
PREFERRED STOCK/UNITS OUTSTANDING AS OF DECEMBER 31, 2020
($ in 000’s, except per share amounts)
ISSUER
DESCRIPTION
NUMBER OF
SHARES/UNITS
PER SHARE
LIQUIDATION
PREFERENCE
AGGREGATE
LIQUIDATION
PREFERENCE
TICKER
SYMBOL
Preferred Stock:
Simon Property Group, Inc.
Series J 8.375% Cumulative Redeemable (4)
796,948 $ 50.00 $ 39,847
SPGPrJ
Preferred Units:
Simon Property Group, L.P. 7.50% Cumulative Redeemable (5) 255,373 $ 100.00 $ 25,537
N/A
(1)
Excludes Limited Partnership preferred units relating to preferred stock outstanding.
(2)
Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
(3)
Represents restricted stock awards and earned LTIP units issued pursuant to the Operating Partnership’s 1998 Stock Incentive Plan and 2019 Stock Incentive Plan, net of forfeitures.
(4)
Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2020 was $70.55 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
 
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CREDIT PROFILE
(As of December 31, unless otherwise indicated)
   
[MISSING IMAGE: tm2038373d2-bc_creditprofpn.jpg]
(1)
Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.
(2)
Includes the $2.0 billion term loan drawn for the purpose of funding Taubman acquisition, which closed on December 29, 2020; no other data is adjusted to reflect acquisition.
(3)
Includes a charge for loss on extinguishment of debt of  $0.38 per share in 2016, $0.36 per share in 2017, and $0.33 per share in 2019.
 
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SUMMARY OF INDEBTEDNESS
As of December 31, 2020
(In thousands)
TOTAL
INDEBTEDNESS
OUR
SHARE OF
INDEBTEDNESS
WEIGHTED
AVERAGE
END OF PERIOD
INTEREST RATE
WEIGHTED
AVERAGE
YEARS TO
MATURITY
Consolidated Indebtedness
Mortgage Debt
Fixed Rate
$ 5,815,607 $ 5,672,742 3.84 % 4.1
Variable Rate Debt
1,144,136 1,104,743 2.19 % 2.3
Total Mortgage Debt
6,959,743 6,777,485 3.57 % 3.8
Unsecured Debt
Fixed Rate
17,083,082 17,083,082 3.13 % 9.3
Revolving Credit
Facility – USD Currency
125,000 125,000 0.84 % 4.5
Term Facility – USD Currency
2,000,000 2,000,000 0.85 % 2.5
Total Revolving Credit Facilities
2,125,000 2,125,000 0.85 % 2.6
Global Commercial Paper – USD
623,020 623,020 0.29 % 0.1
Total Unsecured Debt
19,831,102 19,831,102 2.78 % 8.6
Premium
35,077 35,077
Discount
(54,199) (54,199)
Debt Issuance Costs
(113,132) (112,112)
Other Debt Obligations
64,770 64,770
   
Consolidated Mortgages and
Unsecured Indebtedness (1)
$ 26,723,361 $ 26,542,123 2.98 % 7.3
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$ 13,559,099 $ 6,322,465 3.87 % 3.9
Floating Rate Debt (Hedged) (1)
434,579 181,960 2.14 % 6.2
Variable Rate Debt
1,227,447 522,008 1.78 % 2.1
TMLP Debt (2)
378,845 146,677
Total Mortgage Debt
15,599,970 7,173,110 3.67 % 3.9
Debt Issuance Costs
(30,485) (13,908)
Joint Venture Mortgages and
Other Indebtedness (1)
$ 15,569,485 $ 7,159,202 3.67 % 3.9
Our Share of Total Indebtedness
$ 33,701,325 3.14 % 6.6
TOTAL
INDEBTEDNESS
OUR
SHARE OF
INDEBTEDNESS
WEIGHTED
AVERAGE
END OF PERIOD
INTEREST RATE
WEIGHTED
AVERAGE
YEARS TO
MATURITY
Summary of Our Share of Fixed
and Variable Rate Debt
Consolidated
Fixed
87.9 % $ 23,335,407 3.50 % 8.1
Variable
12.1 % 3,206,716 1.31 % 2.6
100.0 % 26,542,123 2.98 % 7.3
Joint Venture
Fixed
90.2 % $ 6,458,006 3.87 % 3.9
Variable
9.8 % 701,196 1.88 % 3.2
100.0 % 7,159,202 3.67 % 3.9
Total Debt
$ 33,701,325
Total Fixed Debt
88.4 % $ 29,789,935 3.35 % 7.1
Total Variable Debt
11.6 % $ 3,911,390 1.41 % 2.7
(1)
Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(2)
See footnote 20 on the Property and Debt information.
 
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TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of December 31, 2020
(In thousands)
YEAR
OUR
SHARE OF
UNSECURED
CONSOLIDATED
DEBT
WEIGHTED
AVERAGE
RATE OF
MATURING
UNSECURED
CONSOLIDATED
DEBT
OUR
SHARE OF
SECURED
CONSOLIDATED
DEBT
WEIGHTED
AVERAGE
RATE OF
MATURING
SECURED
CONSOLIDATED
DEBT
OUR
SHARE OF
UNCONSOLIDATED
JOINT
VENTURE
DEBT
WEIGHTED
AVERAGE
RATE OF
MATURING
UNCONSOLIDATED
JOINT
VENTURE
DEBT
OUR
SHARE OF
TOTAL
DEBT
TOTAL
WEIGHTED
AVERAGE
RATE OF
MATURING
DEBT
2021 $ 1,173,020 1.32 % $ 1,116,761 3.13 % $ 1,118,689 4.42 % $ 3,408,470 2.93 %
2022 2,069,849 2.00 % 741,750 3.46 % 973,642 3.75 % 3,785,241 2.72 %
2023 3,100,000 1.52 % 720,606 3.85 % 605,019 3.09 % 4,425,625 2.13 %
2024 2,500,000 2.92 % 395,584 3.74 % 1,211,298 3.44 % 4,106,882 3.14 %
2025 1,838,233 2.57 % 1,232,520 3.45 % 884,980 3.27 % 3,955,733 3.00 %
2026 1,550,000 3.28 % 2,166,635 3.87 % 881,412 3.64 % 4,598,047 3.62 %
2027 1,500,000 3.38 % 145,000 4.00 % 460,353 3.19 % 2,105,353 3.38 %
2028 54,425 3.85 % 738,933 4.11 % 793,358 4.09 %
2029 1,250,000 2.45 % 204,204 2.00 % 1,454,204 2.39 %
2030 750,000 2.65 % 225,250 3.12 % 975,250 2.76 %
2031 40,504 3.95 % 40,504 3.95 %
Thereafter 4,100,000 4.30 % 33,030 6.68 % 4,133,030 4.31 %
Face Amounts of Indebtedness $ 19,831,102 2.78 % $ 6,777,485 3.57 % $ 7,173,110 3.67 % $ 33,781,697 3.13 %
Premiums (Discounts) on Indebtedness, Net
(22,470) 3,348 (19,122)
Debt Issuance Costs (88,540) (23,572) (13,908) (126,020)
Other Debt Obligations 64,770 64,770
Our Share of Total Indebtedness $ 19,784,862 $ 6,757,261 $ 7,159,202 $ 33,701,325
 
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Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State
City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
Malls
1.
Apple Blossom Mall VA Winchester
49.1%
473,874
(2)
2.
Auburn Mall MA Auburn
56.4%
499,481
(2)
3.
Aventura Mall (3) FL Miami Beach (Miami)
33.3%
2,126,428
07/01/28
4.12%
Fixed
1,750,000
583,333
4.
Barton Creek Square TX Austin
100.0%
1,452,291
(2)
5.
Battlefield Mall MO Springfield
100.0%
1,203,129
09/01/22
3.95%
Fixed
112,707
112,707
6.
Bay Park Square WI Green Bay
100.0%
682,401
(2)
7.
Brea Mall CA Brea (Los Angeles)
100.0%
1,281,891
(2)
8.
Briarwood Mall MI Ann Arbor
50.0%
977,986
09/01/26
3.29%
Fixed
165,000
82,500
9.
Brickell City Centre FL Miami
25.0%
476,247
(2)
10.
Broadway Square TX Tyler
100.0%
604,726
(2)
11.
Burlington Mall MA Burlington (Boston)
100.0%
1,183,394
(2)
12.
Cape Cod Mall MA Hyannis
56.4%
709,052
03/06/21
5.75%
Fixed
84,739
47,768
13.
Castleton Square IN Indianapolis
100.0%
1,384,538
(2)
14.
Cielo Vista Mall TX El Paso
100.0%
1,244,342
(2)
15.
Coconut Point FL Estero
50.0%
1,205,043
10/01/26
3.95%
Fixed
182,775
91,387
16.
College Mall IN Bloomington
100.0%
609,768
(2)
17.
Columbia Center WA Kennewick
100.0%
815,026
(2)
18.
Copley Place MA Boston
94.4%
(7)
1,263,379
(2)
19.
Coral Square FL Coral Springs (Miami)
97.2%
943,878
(2)
20.
Cordova Mall FL Pensacola
100.0%
926,430
(2)
21.
Dadeland Mall FL Miami
50.0%
1,499,420
12/05/21
4.50%
Fixed
392,014
196,007
22.
Del Amo Fashion Center CA Torrance (Los Angeles)
50.0%
2,519,111
06/01/27
3.66%
Fixed
585,000
292,500
23.
Domain, The TX Austin
100.0%
1,236,690
08/01/21
5.44%
Fixed
176,533
176,533
24.
Empire Mall SD Sioux Falls
100.0%
1,124,686
12/01/25
4.31%
Fixed
183,782
183,782
25.
Falls, The FL Miami
50.0%
708,956
09/01/26
3.45%
Fixed
150,000
75,000
26.
Fashion Centre at Pentagon City, The
VA
Arlington (Washington, DC)
42.5%
1,037,237
07/01/21
5.11%
Fixed
40,000
17,000
07/01/21
4.87%
Fixed
410,000
174,250
27.
Fashion Mall at Keystone, The IN Indianapolis
100.0%
716,466
(2)
28.
Fashion Valley CA San Diego
50.0%
1,731,260
02/01/21
(30)
4.30%
Fixed
411,565
205,783
29.
Firewheel Town Center TX Garland (Dallas)
100.0%
996,273
(2)
30.
Florida Mall, The FL Orlando
50.0%
1,725,099
03/05/21
5.25%
Fixed
305,474
152,737
31.
Forum Shops at Caesars Palace, The NV Las Vegas
100.0%
660,240
(2)
32.
Galleria, The TX Houston
50.4%
2,017,029
03/01/25
3.55%
Fixed
1,200,000
604,440
33.
Greenwood Park Mall IN Greenwood (Indianapolis)
100.0%
1,288,889
(2)
34.
Haywood Mall SC Greenville
100.0%
1,237,560
(2)
35.
Ingram Park Mall TX San Antonio
100.0%
1,125,358
06/01/21
5.38%
Fixed
122,251
122,251
36.
King of Prussia PA
King of Prussia (Philadelphia)
100.0%
2,669,368
(2)
 
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Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State
City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
37.
La Plaza Mall TX McAllen
100.0%
1,312,890
(2)
38.
Lakeline Mall TX Cedar Park (Austin)
100.0%
1,099,057
(2)
39.
Lehigh Valley Mall PA Whitehall
50.0%
1,193,515
11/01/27
4.06%
Fixed
189,147
94,573
40.
Lenox Square GA Atlanta
100.0%
1,556,507
(2)
41.
Livingston Mall NJ Livingston (New York)
100.0%
968,748
(2)
42.
Mall at Rockingham Park, The NH Salem (Boston)
28.2%
1,064,794
06/01/26
4.04%
Fixed
262,000
73,845
43.
Mall of Georgia GA Buford (Atlanta)
100.0%
1,840,162
(2)
44.
Mall of New Hampshire, The NH Manchester
56.4%
803,935
07/01/25
4.11%
Fixed
150,000
84,555
45.
McCain Mall AR N. Little Rock
100.0%
793,612
(2)
46.
Meadowood Mall NV Reno
50.0%
928,920
11/06/21
5.82%
Fixed
107,751
53,875
47.
Menlo Park Mall NJ Edison (New York)
100.0%
1,331,615
(2)
48.
Miami International Mall FL Miami
47.8%
1,082,921
02/06/24
4.42%
Fixed
160,000
76,442
49.
Midland Park Mall TX Midland
100.0%
643,847
09/06/22
4.35%
Fixed
71,822
71,822
50.
Miller Hill Mall MN Duluth
100.0%
829,775
(2)
51.
Montgomery Mall PA
North Wales (Philadelphia)
79.4%
1,102,298
05/01/24
4.57%
Fixed
100,000
79,351
52.
North East Mall TX Hurst (Dallas)
100.0%
1,667,775
(2)
53.
Northgate WA Seattle
100.0%
416,014
(2)
54.
Northshore Mall MA Peabody (Boston)
56.4%
1,504,635
07/05/23
3.30%
Fixed
230,163
129,744
55.
Ocean County Mall NJ Toms River (New York)
100.0%
876,479
(2)
56.
Orland Square IL Orland Park (Chicago)
100.0%
1,229,917
(2)
57.
Oxford Valley Mall PA Langhorne (Philadelphia)
85.5%
1,340,622
12/07/20
(21)
4.77%
Fixed
32,779
28,039
58.
Penn Square Mall OK Oklahoma City
94.5%
1,083,717
01/01/26
3.84%
Fixed
310,000
292,938
59.
Pheasant Lane Mall NH Nashua
    (10)
979,534
(2)
60.
Phipps Plaza GA Atlanta
100.0%
760,105
(2)
61.
Plaza Carolina PR Carolina (San Juan)
100.0%
1,157,667
07/27/21
1.24%
Variable
225,000
225,000
62.
Prien Lake Mall LA Lake Charles
100.0%
842,763
(2)
63.
Quaker Bridge Mall NJ Lawrenceville
50.0%
1,081,115
05/01/26
4.50%
Fixed
180,000
90,000
64.
Rockaway Townsquare NJ Rockaway (New York)
100.0%
1,246,023
(2)
65.
Roosevelt Field NY Garden City (New York)
100.0%
2,346,122
(2)
66.
Ross Park Mall PA Pittsburgh
100.0%
1,234,352
(2)
67.
Santa Rosa Plaza CA Santa Rosa
100.0%
693,475
(2)
68.
Shops at Chestnut Hill, The MA Chestnut Hill (Boston)
94.4%
470,073
11/01/23
4.69%
Fixed
120,000
113,328
69.
Shops at Clearfork, The TX Fort Worth
45.0%
549,182
03/11/30
(8)
2.81%
Variable
145,000
65,250
70.
Shops at Crystals, The NV Las Vegas
50.0%
270,588
07/01/26
3.74%
Fixed
550,000
275,000
71.
Shops at Mission Viejo, The CA
Mission Viejo (Los Angeles)
51.0%
1,235,577
02/01/23
3.61%
Fixed
295,000
150,450
72.
Shops at Nanuet, The NY Nanuet
100.0%
757,952
(2)
73.
Shops at Riverside, The NJ Hackensack (New York)
100.0%
707,520
02/01/23
3.37%
Fixed
130,000
130,000
74.
Smith Haven Mall NY Lake Grove (New York)
25.0%
(4)
1,296,751
01/30/21
(8)
2.64%
Variable
171,750
42,938
 
4Q 2020 SUPPLEMENTAL
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32

TABLE OF CONTENTS
 
Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State
City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
75.
Solomon Pond Mall MA Marlborough (Boston)
56.4%
886,397
11/01/22
4.01%
Fixed
93,308
52,598
76.
South Hills Village PA Pittsburgh
100.0%
1,128,979
(2)
77.
South Shore Plaza MA Braintree (Boston)
100.0%
1,590,606
(2)
78.
Southdale Center MN Edina (Minneapolis)
100.0%
1,246,313
04/01/23
3.84%
Fixed
138,131
138,131
79.
SouthPark NC Charlotte
100.0%
1,684,900
(2)
80.
Springfield Mall (3) PA Springfield (Philadelphia)
50.0%
610,066
10/06/25
4.45%
Fixed
59,485
29,742
81.
St. Charles Towne Center MD Waldorf  (Washington, DC)
100.0%
980,342
(2)
82.
St. Johns Town Center FL Jacksonville
50.0%
1,453,557
09/11/24
3.82%
Fixed
350,000
175,000
83.
Stanford Shopping Center CA Palo Alto (San Jose)
94.4%
(7)
1,288,019
(2)
84.
Stoneridge Shopping Center CA Pleasanton (San Francisco)
49.9%
1,299,690
09/05/26
3.50%
Fixed
330,000
164,670
85.
Summit Mall OH Akron
100.0%
776,843
10/01/26
3.31%
Fixed
85,000
85,000
86.
Tacoma Mall WA Tacoma (Seattle)
100.0%
1,240,441
(2)
87.
Tippecanoe Mall IN Lafayette
100.0%
864,844
(2)
88.
Town Center at Boca Raton FL Boca Raton (Miami)
100.0%
1,778,863
(2)
89.
Towne East Square KS Wichita
100.0%
1,144,884
(2)
90.
Treasure Coast Square FL Jensen Beach
100.0%
876,234
(2)
91.
Tyrone Square FL St. Petersburg (Tampa)
100.0%
960,570
(2)
92.
University Park Mall IN Mishawaka
100.0%
918,320
(2)
93.
Walt Whitman Shops NY
Huntington Station (New York)
100.0%
1,084,579
(2)
94.
West Town Mall TN Knoxville
50.0%
1,281,753
07/01/22
4.37%
Fixed
206,957
103,478
95.
Westchester, The NY White Plains (New York)
40.0%
806,086
02/01/30
3.25%
Fixed
400,000
160,000
96.
White Oaks Mall IL Springfield
80.7%
942,836
06/01/24
(8)
2.89%
Variable
46,915
37,850
97.
Wolfchase Galleria TN Memphis
94.5%
1,151,336
11/01/26
4.15%
Fixed
155,152
146,612
98.
Woodfield Mall IL Schaumburg (Chicago)
50.0%
2,155,042
03/05/24
4.50%
Fixed
397,944
198,972
99.
Woodland Hills Mall OK Tulsa
94.5%
1,096,430
(2)
Total Mall Square Footage
111,905,430
Lifestyle Centers
1.
ABQ Uptown NM Albuquerque
100.0%
229,511
(2)
2.
Hamilton Town Center IN Noblesville (Indianapolis)
50.0%
675,179
04/01/22
4.81%
Fixed
76,227
38,113
3.
Pier Park FL Panama City Beach
65.6%
947,994
(2)
4.
University Park Village TX Fort Worth
100.0%
169,992
05/01/28
3.85%
Fixed
54,425
54,425
Total Lifestyle Centers Square Footage
2,022,676
 
4Q 2020 SUPPLEMENTAL
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33

TABLE OF CONTENTS
 
Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State
City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
Premium Outlets
1.
Albertville Premium Outlets MN Albertville (Minneapolis)
100.0%
337,689
(2)
2.
Allen Premium Outlets TX Allen (Dallas)
100.0%
544,216
(2)
3.
Aurora Farms Premium Outlets OH Aurora (Cleveland)
100.0%
271,533
(2)
4.
Birch Run Premium Outlets MI Birch Run (Detroit)
100.0%
593,911
02/06/26
4.21%
Fixed
123,000
123,000
5.
Camarillo Premium Outlets CA Camarillo (Los Angeles)
100.0%
686,115
(2)
6.
Carlsbad Premium Outlets CA Carlsbad (San Diego)
100.0%
289,210
(2)
7.
Carolina Premium Outlets NC Smithfield (Raleigh)
100.0%
438,752
12/01/22
3.36%
Fixed
41,757
41,757
8.
Charlotte Premium Outlets NC Charlotte
50.0%
398,331
07/01/28
4.27%
Fixed
100,000
50,000
9.
Chicago Premium Outlets IL Aurora (Chicago)
100.0%
687,357
(2)
10.
Cincinnati Premium Outlets OH Monroe (Cincinnati)
100.0%
398,958
(2)
11.
Clarksburg Premium Outlets MD Clarksburg (Washington, DC)
66.0%
390,147
01/01/28
3.95%
Fixed
160,000
105,600
12.
Clinton Crossing Premium Outlets CT Clinton
100.0%
276,117
(2)
13.
Denver Premium Outlets CO Thornton (Denver)
100.0%
328,100
(2)
14.
Desert Hills Premium Outlets CA Cabazon (Palm Springs)
100.0%
655,225
(2)
15.
Ellenton Premium Outlets FL Ellenton (Tampa)
100.0%
477,119
12/01/25
4.30%
Fixed
178,000
178,000
16.
Folsom Premium Outlets CA Folsom (Sacramento)
100.0%
297,933
(2)
17.
Gilroy Premium Outlets CA Gilroy (San Jose)
100.0%
578,505
(2)
18.
Gloucester Premium Outlets NJ Blackwood (Philadelphia)
50.0%
378,506
03/01/23
1.64%
Variable
86,000
43,000
19.
Grand Prairie Premium Outlets TX Grand Prairie (Dallas)
100.0%
423,640
04/01/23
3.66%
Fixed
109,122
109,122
20.
Grove City Premium Outlets PA Grove City (Pittsburgh)
100.0%
530,727
12/01/25
4.31%
Fixed
140,000
140,000
21.
Gulfport Premium Outlets MS Gulfport
100.0%
300,055
12/01/25
4.35%
Fixed
50,000
50,000
22.
Hagerstown Premium Outlets MD
Hagerstown (Baltimore/ Washington, DC)
100.0%
485,591
02/06/26
4.26%
Fixed
73,314
73,314
23.
Houston Premium Outlets TX Cypress (Houston)
100.0%
542,472
(2)
24.
Indiana Premium Outlets IN Edinburgh (Indianapolis)
100.0%
378,029
(2)
25.
Jackson Premium Outlets NJ Jackson (New York)
100.0%
285,560
(2)
26.
Jersey Shore Premium Outlets NJ Tinton Falls (New York)
100.0%
434,491
(2)
27.
Johnson Creek Premium Outlets WI Johnson Creek
100.0%
277,672
(2)
28.
Kittery Premium Outlets ME Kittery
100.0%
259,334
(2)
29.
Las Americas Premium Outlets CA San Diego
100.0%
553,993
(2)
30.
Las Vegas North Premium Outlets NV Las Vegas
100.0%
676,270
(2)
31.
Las Vegas South Premium Outlets NV Las Vegas
100.0%
535,721
(2)
32.
Lee Premium Outlets MA Lee
100.0%
224,756
06/01/26
(15)
4.17%
Fixed
49,504
49,504
33.
Leesburg Premium Outlets VA Leesburg (Washington, DC)
100.0%
478,218
(2)
34.
Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL)
100.0%
454,778
(2)
35.
Merrimack Premium Outlets NH Merrimack
100.0%
408,892
07/01/23
3.78%
Fixed
116,398
116,398
36.
Napa Premium Outlets CA Napa
100.0%
179,427
(2)
37.
Norfolk Premium Outlets VA Norfolk
65.0%
332,281
(2)
38.
North Bend Premium Outlets WA North Bend (Seattle)
100.0%
223,621
(2)
39.
North Georgia Premium Outlets GA Dawsonville (Atlanta)
100.0%
540,802
(2)
 
4Q 2020 SUPPLEMENTAL
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34

TABLE OF CONTENTS
 
Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State
City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
40.
Orlando International Premium Outlets FL Orlando
100.0%
773,380
(2)
41.
Orlando Vineland Premium Outlets FL Orlando
100.0%
656,753
(2)
42.
Petaluma Village Premium Outlets CA Petaluma (San Francisco)
100.0%
201,948
(2)
43.
Philadelphia Premium Outlets PA Limerick (Philadelphia)
100.0%
549,155
(2)
44.
Phoenix Premium Outlets AZ Chandler (Phoenix)
100.0%
356,509
(2)
45.
Pismo Beach Premium Outlets CA Pismo Beach
100.0%
147,403
09/06/26
(17)
3.33%
Fixed
34,329
34,329
46.
Pleasant Prairie Premium Outlets WI
Pleasant Prairie (Chicago, IL/Milwaukee)
100.0%
402,412
09/01/27
4.00%
Fixed
145,000
145,000
47.
Puerto Rico Premium Outlets PR Barceloneta
100.0%
349,884
07/26/21
1.24%
Variable
160,000
160,000
48.
Queenstown Premium Outlets MD Queenstown (Baltimore)
100.0%
289,682
09/06/26
(17)
3.33%
Fixed
60,308
60,308
49.
Rio Grande Valley Premium Outlets TX Mercedes (McAllen)
100.0%
603,929
(2)
50.
Round Rock Premium Outlets TX Round Rock (Austin)
100.0%
498,387
(2)
51.
San Francisco Premium Outlets CA Livermore (San Francisco)
100.0%
696,873
(2)
52.
San Marcos Premium Outlets TX San Marcos (Austin/ San Antonio)
100.0%
735,171
(2)
53.
Seattle Premium Outlets WA Tulalip (Seattle)
100.0%
554,532
(2)
54.
Silver Sands Premium Outlets FL Destin
50.0%
450,954
06/01/22
3.93%
Fixed
100,000
50,000
55.
St. Augustine Premium Outlets FL St. Augustine (Jacksonville)
100.0%
327,720
(2)
56.
St. Louis Premium Outlets MO St. Louis (Chesterfield)
60.0%
351,425
10/06/24
4.06%
Fixed
93,138
55,883
57.
Tampa Premium Outlets FL Lutz (Tampa)
100.0%
459,694
(2)
58.
Tanger Outlets — Columbus (3) OH Sunbury (Columbus)
50.0%
355,254
11/28/22
1.99%
Variable
71,000
35,500
59.
Tanger Outlets — Galveston/Houston (3)
TX Texas City
50.0%
352,705
07/01/22
(8)
1.79%
Variable
80,000
40,000
60.
The Crossings Premium Outlets PA Tannersville
100.0%
411,766
12/01/22
3.41%
Fixed
103,304
103,304
61.
Tucson Premium Outlets AZ Marana (Tucson)
100.0%
363,456
(2)
62.
Twin Cities Premium Outlets MN Eagan
35.0%
408,925
11/06/24
4.32%
Fixed
115,000
40,250
63.
Vacaville Premium Outlets CA Vacaville
100.0%
447,273
(2)
64.
Waikele Premium Outlets HI Waipahu (Honolulu)
100.0%
219,485
(2)
65.
Waterloo Premium Outlets NY Waterloo
100.0%
421,436
(2)
66.
Williamsburg Premium Outlets VA Williamsburg
100.0%
522,562
02/06/26
4.23%
Fixed
185,000
185,000
67.
Woodburn Premium Outlets OR Woodburn (Portland)
100.0%
389,513
(2)
68.
Woodbury Common Premium Outlets NY Central Valley (New York)
100.0%
909,425
(2)
69.
Wrentham Village Premium Outlets MA Wrentham (Boston)
100.0%
672,869
(2)
Total U.S. Premium Outlet Square Footage
30,434,534
 
4Q 2020 SUPPLEMENTAL
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35

TABLE OF CONTENTS
 
Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State
City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
The Mills
1.
Arizona Mills AZ Tempe (Phoenix)
100.0%
1,224,704
07/01/21
5.76%
Fixed
145,874
145,874
2.
Arundel Mills MD Hanover (Baltimore)
59.3%
1,929,910
02/06/24
4.29%
Fixed
383,500
227,224
3.
Colorado Mills CO Lakewood (Denver)
37.5%
1,416,322
11/01/24
4.28%
Fixed
128,913
48,342
07/01/21
5.04%
Fixed
25,083
9,406
4.
Concord Mills NC Concord (Charlotte)
59.3%
1,369,966
11/01/22
3.84%
Fixed
235,000
139,261
5.
Grapevine Mills TX Grapevine (Dallas)
59.3%
1,781,214
10/01/24
3.83%
Fixed
268,000
158,817
6.
Great Mall CA Milpitas (San Jose)
100.0%
1,368,462
(2)
7.
Gurnee Mills IL Gurnee (Chicago)
100.0%
1,734,951
10/01/26
3.99%
Fixed
253,708
253,708
8.
Katy Mills TX Katy (Houston)
62.5%
(4)
1,787,611
12/06/22
3.49%
Fixed
140,000
35,000
9.
Mills at Jersey Gardens, The NJ Elizabeth
100.0%
1,304,609
11/09/25
(8)
3.38%
Variable
355,000
355,000
10.
Ontario Mills CA Ontario (Riverside)
50.0%
1,422,344
03/05/22
4.25%
Fixed
289,141
144,570
11.
Opry Mills TN Nashville
100.0%
1,169,158
07/01/26
4.09%
Fixed
375,000
375,000
12.
Outlets at Orange, The CA Orange (Los Angeles)
100.0%
866,975
04/01/24
4.22%
Fixed
215,000
215,000
13.
Potomac Mills VA
Woodbridge (Washington, DC)
100.0%
1,553,574
11/01/26
3.46%
Fixed
416,000
416,000
14.
Sawgrass Mills FL Sunrise (Miami)
100.0%
2,327,229
(2)
Total The Mills Square Footage
21,257,029
Other Properties
Calhoun Outlet Marketplace, Circle Centre Mall, Crystal Mall, Dover Mall, Emerald Square,
Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Liberty Tree Mall,
Orlando Outlet Marketplace, Osage Beach Outlet Marketplace, Philadelphia
Mills, Southridge Mall, Square One Mall, Sugarloaf Mills, The Avenues, The Mall at
Tuttle Crossing, and Town Center at Cobb
               ​
(4)(15)(20)
1,404,119
714,428
Total Other Properties Square Footage
14,299,247
TOTAL U.S. SQUARE FOOTAGE (11)(22)
179,918,916
 
4Q 2020 SUPPLEMENTAL
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36

TABLE OF CONTENTS
 
Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State    City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
International Properties
AUSTRIA
1.
Parndorf Designer Outlet Phases 3 & 4
Vienna
90.0%
118,000
07/04/29
(19)
2.00%
Fixed
226,896
204,206
Subtotal Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
422,600
11/10/21
(14)
1.76%
Variable
106,105
53,053
3.
Premium Outlets Montréal Montréal (Quebec)
50.0%
367,400
06/01/24
(14)
3.08%
Fixed
94,177
47,088
4.
Toronto Premium Outlets Toronto (Ontario)
50.0%
504,600
05/24/22
(14)
1.66%
Variable
90,824
45,409
06/01/22
(14)
3.11%
Fixed
133,420
66,710
5.
Vancouver Designer Outlet Vancouver (British Columbia)
45.0%
326,000
02/18/21
(14)
2.01%
Variable
125,849
56,632
Subtotal Canada Square Footage
1,620,600
FRANCE
6.
Provence Designer Outlet Miramas
90.0%
269,000
07/27/22
(8)(19)
1.60%
Variable
100,445
90,401
Subtotal France Square Footage
269,000
GERMANY
7.
Ochtrup Designer Outlet Ochtrup
70.5%
191,500
06/30/21
(19)
2.49%
Fixed
46,262
32,615
Subtotal Germany Square Footage
191,500
ITALY
8.
La Reggia Designer Outlet Marcianise (Naples)
90.0%
288,000
02/15/22
(19)
2.25%
Variable
159,432
143,489
9.
Noventa Di Piave Designer Outlet Venice
90.0%
353,000
07/25/25
(19)
1.95%
Fixed
343,042
308,738
Subtotal Italy Square Footage
641,000
JAPAN
10.
Ami Premium Outlets Ami (Tokyo)
40.0%
315,000
09/25/23
(23)
1.64%
Fixed
35,097
14,039
11.
Gotemba Premium Outlets Gotemba City (Tokyo)
40.0%
659,500
04/08/27
(23)
0.16%
Variable
126,010
50,404
12.
Kobe-Sanda Premium Outlets Kobe (Osaka)
40.0%
441,000
01/31/23
(23)
0.34%
Variable
8,725
3,490
13.
Rinku Premium Outlets Izumisano (Osaka)
40.0%
512,500
07/31/22
(23)
0.34%
Variable
9,693
3,877
07/31/27
(23)
0.30%
Fixed
57,189
22,876
14.
Sano Premium Outlets Sano (Tokyo)
40.0%
390,800
02/28/25
(23)
0.28%
Fixed
44,103
17,641
15.
Sendai-Izumi Premium Outlets Izumi Park Town (Sendai)
40.0%
164,200
(2)
16.
Shisui Premium Outlets Shisui (Chiba)
40.0%
434,600
05/31/23
(23)
0.32%
Variable
27,141
10,856
11/30/23
(23)
0.32%
Variable
25,202
10,081
04/08/25
(23)
0.35%
Fixed
48,465
19,386
17.
Toki Premium Outlets Toki (Nagoya)
40.0%
367,700
11/30/24
(23)
0.29%
Variable
3,392
1,357
11/30/24
(23)
0.21%
Fixed
25,687
10,275
18.
Tosu Premium Outlets Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(23)
0.17%
Variable
71,242
28,497
Subtotal Japan Square Footage
3,613,700
 
4Q 2020 SUPPLEMENTAL
[MISSING IMAGE: lg_simon-w2.jpg]
37

TABLE OF CONTENTS
 
Property and Debt Information
As of December 31, 2020
Debt Information
Property Name
State    City (CBSA)
Legal
Ownership
Total
Square Feet
Maturity
Date
Interest
Rate (1)
Type
Indebtedness ($ in 000’s)
Total
Our Share
KOREA
19.
Busan Premium Outlets Busan 50.0 % 360,200 06/20/23
(24)
3.04 % Fixed 100,274 50,137
20.
Paju Premium Outlets Paju (Seoul) 50.0 % 558,900 07/13/23
(24)
3.36 % Fixed 69,915 34,957
21.
Siheung Premium Outlets Siheung (Seoul) 50.0 % 444,400 03/15/23
(24)
3.28 % Fixed 137,990 68,995
22.
Yeoju Premium Outlets Yeoju (Seoul) 50.0 % 551,600 03/06/23
(24)
3.41 % Fixed 67,152 33,576
Subtotal South Korea Square Footage
1,915,100
MALAYSIA
23.
Genting Highlands Premium Outlets Pahang (Kuala Lumpur) 50.0 % 277,500 02/14/24
(25)
3.96 % Variable 25,311 12,656
24.
Johor Premium Outlets Johor (Singapore) 50.0 % 309,400
    (2)
Subtotal Malaysia Square Footage
586,900
MEXICO
25.
Premium Outlets Punta Norte Mexico City 50.0 % 333,000
    (2)
26.
Premium Outlets Querétaro Querétaro 50.0 % 274,800 12/20/33
(28)
9.98 % Fixed 22,469 11,235
      12/20/21
(28)
8.49 % Variable 5,581 2,791
Subtotal Mexico Square Footage
607,800
NETHERLANDS
27.
Roermond Designer Outlet
Phases 2, 3 & 4
Roermond
    (26)
298,000 12/18/21
(19)
1.78 % Fixed 282,085 253,877
08/17/25
(19)
1.30 % Variable 206,046 97,383
28.
Roosendaal Designer Outlet Roosendaal 94.0 % 247,500 02/25/24
(8)(19)
1.75 % Variable 72,342 68,002
Subtotal Netherlands Square Footage
545,500
SPAIN
29.
Malaga Designer Outlet Malaga 46.1 % 191,000 02/09/23
(19)
2.75 % Variable 61,744 28,470
Subtotal Spain Square Footage
191,000
THAILAND
30.
Siam Premium Outlets Bangkok Bangkok 50.0 % 264,000 06/05/31
(29)
3.95 % Fixed 81,008 40,504
Subtotal Thailand Square Footage
264,000
UNITED KINGDOM
31.
Ashford Designer Outlet Kent 45.0 % 281,000 02/22/22
(5)
3.08 % Fixed 136,504 61,427
Subtotal United Kingdom Square Footage
281,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(27) 10,845,100
TOTAL SQUARE FOOTAGE
190,764,016
Other Secured Indebtedness:
(13)
278,583 138,848
TOTAL SECURED INDEBTEDNESS
$ 13,950,595(6)
Our Share of Consolidated Mortgage Debt
$
6,777,485
Our Share of Joint Venture Mortgage Debt
$ 7,173,110
 
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Property and Debt Information
As of December 31, 2020
Debt Information
Maturity
Date
Interest
Rate (1)
Type
Indebtedness
($ in 000’s)
Total
Unsecured Indebtedness:
Global Commercial Paper – USD 02/19/21
(12)
0.29 % Fixed 623,020
Simon Property Group, LP (Sr. Notes) 07/15/21 2.50 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 01/30/22 2.35 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 06/15/22 2.63 % Fixed 600,000
Simon Property Group, LP (Euro Sr. Notes) 11/18/22
(16)
1.38 % Fixed 919,850
Simon Property Group, LP (Sr. Notes) 02/01/23 2.75 % Fixed 500,000
Simon Property Group, LP (Sr. Notes) 06/01/23 2.75 % Fixed 600,000
Term Loan Credit Facility – USD Currency 06/30/23
(8)(31)
0.85 %
Variable
2,000,000
Simon Property Group, LP (Sr. Notes) 02/01/24 3.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 09/13/24 2.00 % Fixed 1,000,000
Simon Property Group, LP (Sr. Notes) 10/01/24 3.38 % Fixed 900,000
Simon Property Group, LP (Euro Sr. Notes) 05/13/25
(9)
1.25 % Fixed 613,232
Revolving Credit Facility – USD Currency 06/30/25
(8)
0.84 %
Variable
125,000
Simon Property Group, LP (Sr. Notes) 09/01/25 3.50 % Fixed 1,100,000
Simon Property Group, LP (Sr. Notes) 01/15/26 3.30 % Fixed 800,000
Simon Property Group, LP (Sr. Notes) 11/30/26 3.25 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 06/15/27 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 12/01/27 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 09/13/29 2.45 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 07/15/30 2.65 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 02/01/40 6.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 03/15/42 4.75 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 10/01/44 4.25 % Fixed 400,000
Simon Property Group, LP (Sr. Notes) 11/30/46 4.25 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 09/13/49 3.25 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 07/15/50 3.80 % Fixed 750,000
Total Unsecured Indebtedness $ 19,831,102(18)
 
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Property and Debt Information
As of December 31, 2020
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of December 31, 2020: 1M LIBOR at 0.144%; 1M EUR LIBOR at (0.55)%; 3M EURIBOR at (0.55)%; 6M EURIBOR at (0.53)%; 3M GBP LIBOR at 0.03%; 1M YEN TIBOR at 0.08%; 6M YEN TIBOR at 0.14%; 1M YEN LIBOR at (0.07)%; 1M CDOR at 0.46%; and Cost of Funds Rate at 2.21%.
(2)
Unencumbered asset.
(3)
This property is managed by a third party.
(4)
The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
(5)
Amount shown in USD equivalent; GBP equivalent is 100.0 million.
(6)
Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including TMLP. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $219.2 million of payment guarantees provided by the Operating Partnership.
(7)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(8)
Includes applicable extensions available at our option.
(9)
Amount shown in USD equivalent; Euro equivalent is 500.0 million.
(10)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(11)
Does not include any other spaces in joint ventures which are not listed above.
(12)
Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at December 31, 2020.
(13)
Consists of 10 loans with interest rates ranging from 1.66% to 5.27% and maturities between 2022 and 2035.
(14)
Amount shown in USD equivalent; CAD equivalent is 701.3 million.
(15)
Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.
(16)
Amount shown in USD equivalent; Euro equivalent is 750.0 million.
(17)
These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(18)
Also represents our share of Total Unsecured Indebtedness.
(19)
Amount shown in USD equivalent; Euro equivalent is 1.2 billion.
(20)
Consists of 15 encumbered properties with interest rates ranging from 2.89% to 9.35% and maturities between 2021 and 2026, of which two properties are held within TMLP.
(21)
Mortgage is outstanding as of December 31, 2020, the single purpose entity borrower and the lender are currently working together to extend the maturity date of this non-recourse mortgage loan.
(22)
Includes office space of 2,114,183 square feet including the following centers with more than 75,000 square feet of office space:
Circle Centre – 104,944 sq. ft.
Copley Place – 893,439 sq. ft.
Domain, The – 156,240 sq. ft.
Fashion Center at Pentagon City – 169,089 sq. ft.
Oxford Valley Mall – 139,701 sq. ft.
The Shops at Clearfork – 146,571 sq. ft.
Southdale Center – 102,400 sq. ft.
(23)
Amounts shown in USD equivalent; Yen equivalent is 49.7 billion.
(24)
Amounts shown in USD equivalent; Won equivalent is 408.0 billion.
(25)
Amounts shown in USD equivalent; Ringgit equivalent is 102.0 million.
(26)
The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.
(27)
Does not include Klépierre.
(28)
Amounts shown in USD equivalent; Pesos equivalent is 557.9 million.
(29)
Amounts shown in USD equivalent; Baht equivalent is 2.4 billion.
(30)
Subsequent to December 31, 2020, this mortgage was refinanced with a $415 million mortgage, with a maturity date of February 1, 2024, and an interest rate of 3.75%.
(31)
On February 2, 2021, the Operating Partnership repaid $750 million of the Term Loan Credit Facility.
 
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NON-GAAP PRO-RATA FINANCIAL INFORMATION
The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.
Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.
 
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NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
December 31, 2020
For the Three Months Ended
December 31, 2019
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$  (9,268) $ 294,254 $  (12,380) $ 375,982
Management fees and other revenues
Other income
(448) 37,988 (644) 39,168
Total revenue
(9,716) 332,242 (13,024) 415,150
EXPENSES:
Property operating
(1,780) 59,681 (1,995) 68,229
Depreciation and amortization
(4,446) 103,058 (4,227) 102,291
Real estate taxes
(526) 29,935 (520) 30,687
Repairs and maintenance
(406) 8,827 (403) 10,919
Advertising and promotion
(939) 11,801 (1,348) 12,588
Home and regional office costs
General and administrative
Other
(774) 24,479 (1,814) 23,653
Total operating expenses
(8,871) 237,781 (10,307) 248,367
OPERATING INCOME BEFORE OTHER ITEMS
(845) 94,461 (2,717) 166,783
Interest expense 1,917 (70,955) 1,835 (77,214)
Loss on extinguishment of debt
Income and other tax benefit (expense)
Income from unconsolidated entities 5 (23,506) (2) (290) (89,569) (2)
Unrealized (losses) gains in fair value of equity instruments
Loss on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(1,250)
Consolidated income from continuing operations
(173) (1,172)
CONSOLIDATED NET INCOME
(173) (1,172)
Net income attributable to noncontrolling interests (173) (3) (1,172) (3)
Preferred dividends
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ $ $ $
(1)
Represents our venture partners’ share of operations from consolidated properties.
(2)
Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre, RGG, SPARC, ABG, JCP and Forever 21.
(3)
Represents limited partners’ interest in the Operating Partnership.
 
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NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Twelve Months Ended
December 31, 2020
For the Twelve Months Ended
December 31, 2019
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$  (33,895) $ 1,196,230 $  (45,957) $ 1,451,509
Management fees and other revenues
Other income
(1,385) 134,870 (1,815) 154,056
Total revenue
(35,280) 1,331,100 (47,772) 1,605,565
EXPENSES:
Property operating
(6,553) 230,902 (8,049) 263,165
Depreciation and amortization
(16,893) 405,579 (16,751) 408,818
Real estate taxes
(1,944) 122,239 (2,294) 125,583
Repairs and maintenance
(1,507) 31,962 (1,528) 39,722
Advertising and promotion
(2,840) 31,845 (4,908) 43,381
Home and regional office costs
General and administrative
Other
(2,691) 72,727 (6,962) 87,006
Total operating expenses
(32,428) 895,254 (40,492) 967,675
OPERATING INCOME BEFORE OTHER ITEMS
(2,852) 435,846 (7,280) 637,890
Interest expense 7,509 (289,520) 6,882 (300,518)
Loss on extinguishment of debt
Income and other tax benefit (expense)
Income from unconsolidated entities 971 (146,326) (2) (593) (337,372) (2)
Unrealized (losses) gains in fair value of equity instruments
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(1,250)
Consolidated income from continuing operations
4,378 (991)
CONSOLIDATED NET INCOME
4,378 (991)
Net income attributable to noncontrolling interests 4,378 (3) (991) (3)
Preferred dividends
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ $ $ $
(1)
Represents our venture partners’ share of operations from consolidated properties.
(2)
Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre, RGG, SPARC, ABG, JCP and Forever 21.
(3)
Represents limited partners’ interest in the Operating Partnership.
 
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NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of December 31, 2020
As of December 31, 2019
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$  (447,142) $ 10,682,529 $  (460,208) $ 10,832,419
Less – accumulated depreciation
(116,415) 3,656,118 (101,505) 3,503,417
(330,727) 7,026,411 (358,703) 7,329,002
Cash and cash equivalents
(20,930) 517,982 (22,446) 467,563
Tenant receivables and accrued revenue, net
(7,193) 352,530 (9,537) 239,623
Investment in unconsolidated entities, at equity
(24,433) (2,579,138) (21,591) (2,349,462)
Investment in Klépierre, at equity
Investment in TRG, at equity
Right-of-use assets, net
(887) 81,066 (894) 80,520
Deferred costs and other assets
(27,994) 893,535 (28,733) 573,694
Total assets
$ (412,164) $ 6,292,386 $ (441,904) $ 6,340,940
LIABILITIES:
Mortgages and unsecured
indebtedness
$ (181,238) $ 7,159,202 $ (175,044) $ 7,214,181
Accounts payable, accrued expenses, intangibles, and deferred revenues
(20,224) 464,372 (19,132) 464,401
Cash distributions and losses in unconsolidated entities, at equity
(1,577,393) (1,566,294)
Dividend payable
Lease liabilities
(887) 82,699 (894) 81,166
Other liabilities
(48,373) 163,506 (46,800) 147,486
Total liabilities
(250,722) 6,292,386 (241,870) 6,340,940
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership (160,355) (193,524)
EQUITY:
Stockholders’ equity
Capital stock
Series J 838% cumulative redeemable preferred stock
Common stock, $.0001 par value
Class B common stock, $.0001 par value
Capital in excess of par value
Accumulated deficit
Accumulated other comprehensive loss
Common stock held in treasury at cost
Total stockholders’ equity
Noncontrolling interests
(1,087) (6,510)
Total equity
(1,087) (6,510)
Total liabilities and equity
$ (412,164) $ 6,292,386 $ (441,904) $ 6,340,940
 
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