The Forum Shops at Caesars Palace, Las Vegas, NV
• We deployed a next-gen digital directory and wayfinding system across our portfolio that features rich content and functionality and an improved user experience in an engaging, interactive interface. • We continue to complement investments in our physical product with investments in emerging technologies, including AI, to enhance the shopper experience and employee productivity. COMMUNITY IMPACT • Simon centers are destinations for consumers to shop, dine, entertain, and have in-person connections and experiences with friends, family and community members in the ever-growing age of digitalization. • During the year, we hosted thousands of local community events, walks and/or drives, which aided charitable partners in raising over $5 million.
• We added new placemaking experiences, including murals, sculptures, art shows, photo opportunities and educational exhibits, to create welcoming destinations for communities to gather. • We paid approximately $800 million in (local) property taxes and our tenants generated an estimated $5 billion in sales tax, delivering significant revenue for state and local governments. • Simon Youth Foundation’s (“SYF”) impact across the country is broad and deep, supporting more than 29,000 graduates and families since its inception in 1998. SYF Academies maintain an average graduation rate of 90%—eclipsing the national average—ensuring that at-risk youth who come from low- and moderate-income families earn their high school diplomas. To encourage students to pursue their dreams and
remove financial barriers, SYF has awarded approximately $22 million in scholarships to academy graduates for post-secondary education and training. Please read about the good work SYF does at www.syf.org . BALANCE SHEET • Prudent balance sheet management is a fundamental strength of our Company. • We have the highest investment grade ratings among U.S. retail real estate companies, and we are one of only three U.S. REITs with an “A–” positive outlook credit rating or better from Standard & Poor’s. • We were highly active in the debt capital markets, completing more than $11 billion of financing activities while also delevering our balance sheet by $1.5 billion. • We ended the year at 5.2-times net debt to EBITDA.
VIII Simon Property Group
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