2023 SIMON® Annual Report

Simon Property Group's (NYSE: SPG) 2023 complete annual report with form 10K

2023 ANNUAL REPORT

CONTENTS

II V X XII 1 59 78

From the Chairman, CEO & President Financial Highlights Investment Highlights Board of Directors & Management 10-K Management’s Discussion & Analysis Financial Statements

King of Prussia, King of Prussia, PA

LIVE WORK PLAY STAY SHOP

DEAR FELLOW SHAREHOLDERS, FROM THE CHAIRMAN, CEO & PRESIDENT

By and large, I don’t reflect on the past, including Simon Property Group’s (“SPG”, “Simon” or the “Company”) accomplishments; however, milestones, including anniversaries, are a time to reflect. They also can provide perspective and help guide future actions. In other words, learn from mistakes made and double down on what has been successful. Here at SPG, we have done that and learned where we are proficient and where we need to improve. With that in mind, December 2023 marked three decades since Simon became a publicly traded company. It is with a sense of accomplishment that I address you on this significant milestone in our Company’s history. This 30-year journey has been an adventure (some may call it a rollercoaster) of growth, resilience, perseverance, and innovation in becoming the world’s preeminent owner and operator of best-in-class retail real estate properties, with scale.

DAVID SIMON Chairman, Chief Executive Officer & President

Billion Consolidated Revenue $5.7 Billion FFO $4.7 Billion Beneficial Interest of Combined NOI $6.2 Billion Cash Dividends Paid $2.8

From those early days of being public to SPG’s 30th anniversary, our successes are testaments to the collective efforts, vision, and unwavering support of many. Our ability to navigate the ups and downs of the last 30 years and hone in on what our core competencies are, while learning from missteps, has led to the Company we have today. We are strong, prosperous and poised for future growth. We embraced our past, but our instincts were to grow in scale and quality, find new markets and product types, create a fortress balance sheet, and innovate (think outside the box). Always focused on both the micro (how to make the property better) and the macro (positioning the Company for decades to come). We met challenges with determination, capitalized on opportunities when we identified them and maintained our relentless pursuit of operating excellence. Some fun facts backing this up:

• From our base of 115 properties in 1993, we have acquired more than 300 properties, developed more than 50 and disposed of approximately 250, resulting in our current domestic portfolio of 215 high-quality properties. The average occupancy of our portfolio increased from 85.6% to 95.8%; retailer sales productivity increased from $240 per square foot to $743 per square foot; and average base minimum rent increased from $16.91 to $56.82. • We expanded globally and today have 35 international outlets, including world-renowned outlets in Asia. • Our portfolio is differentiated by product type, geography, and enclosed and open-air centers, primarily located in large and growing catchment areas. • We are the largest landlord to the world’s most important retailers as we are focused on a well-curated merchandise mix that generates high sales productivity.

SIMON PROPERTY GROUP, INC

Desert Hills Premium Outlets, Cabazon, CA

• Our diversified tenant mix is always changing and adapting, best illustrated by the fact that, compared to 30 years ago, only one retailer at that time is still a current top 10 tenant. Evolving retailers is the only constant and is not feared, but part of our everyday business as it allows us to meet the ever-changing demands of the consumer. Growth can lead to over-expansion that risks the financial soundness of a company and, let’s face it, we have seen this with other real estate companies in our sector time and again. This has not happened at SPG as our top management team and strong balance sheet (always a priority) enabled us to grow, but also manage through exogenous events, such as the Great Financial Crisis and Covid, as well as seismic changes in our industry including the growth of digital commerce. Consistent outperformance in cash flow growth, value creation and returns to shareholders, have been, and we expect will continue to be, hallmarks of Simon. We are committed to our

leasing activities, efficient property management, rigorous capital allocation criteria, and a disciplined capital structure. This commitment enables us to produce impressive financial results and maintain flexibility so we can be opportunistic. It is with great appreciation and admiration for the entire organization that I would like to highlight some of our achievements over the last three decades (1993 – 2023): • Consolidated revenue increased from $424 million to nearly $5.7 billion (9% CAGR). • Funds from Operations (“FFO”), an important industry measure, increased 30-times, from approximately $150 million to nearly $4.7 billion (12% CAGR). • Our beneficial interest of combined Net Operating Income (“NOI”) has increased from approximately $300 million to more than $6.2 billion (11% CAGR). • Total market capitalization has increased from approximately $3 billion to $90 billion . • Our balance sheet became investment grade rated in 1995 and has received an A rating since 2006.

• We have paid over $42 billion in dividends to shareholders. • Ownership of SPG common stock provided a total return to shareholders of 3,100% . During the last 30 years, many pundits have tried to kill off retail real estate (especially enclosed malls) and yet, even with the drumbeat of these constant naysayers, this has only made us more focused, determined to prove them wrong. The combination of our historical successes and our vision of where we want to take SPG in the future reinforces our optimism. We have shopping centers in our portfolio that have been in business for more than 60 years. These centers are still growing today, with many generating $100 million or more in annual NOI, as they are in great locations, have a large and loyal customer base, and have a diverse set of tenants. No other real estate type has the longevity, including the NOI generation and embedded future growth, that these centers have. Yes, they change, evolve, adapt, but they grow! Our portfolio cannot be replaced and is undervalued.

2023 ANNUAL REPORT

III

The Forum Shops at Caesars Palace, Las Vegas, NV

When you consistently grow over multiple decades, no matter the economic cycles or competition you face, you develop an understanding of your strengths and who you are. This understanding, coupled with our conviction, will fuel future growth. We continually set the bar higher as property owners and stewards of capital. This is not new, and after 30 years, it’s fun to look back, at least momentarily; but more importantly, we are positioned to make our future even more prosperous.

• Our share of Portfolio NOI, including international properties on a constant currency basis, grew 4.9%, or $258 million, to $5.57 billion (record) . • We generated approximately $1.8 billion of cash flow, after our dividend payments of $2.8 billion. • Occupancy for our U.S. Malls and Premium Outlets ® increased 90 basis points and ended the year at 95.8%, The Mills ® occupancy ended the year at 97.8% and Taubman Realty Group (“TRG”) ended at 95.7%. • Reported retailer sales for our U.S. Malls and Premium Outlets were $743 per square foot. The Mills and TRG recorded sales levels of $677 per square foot and $1,132 per square foot, respectively. • The total return on our stock, including dividends, was more than 29% and outperformed the S&P 500. DEVELOPMENT INCLUDING THE ADDITION OF MIXED-USE COMPONENTS • We completed thirteen redevelopment projects across all our platforms in the U.S. during the year. • We opened 36 anchor/specialty tenants in 2023 and expect to open at least 50 over the next two years.

• We continue to add mixed-use components to our market-leading real estate with more than 750 hotel and residential units to open in 2024 and 2025 at high-quality centers such as St. Johns Town Center in Jacksonville, Florida, and Northgate Station in Seattle, Washington; with entitlements for approximately 2,200 units/keys to be added over the next several years. • We continue to build new projects. We will open a new Premium Outlet Center in Tulsa, Oklahoma, in the fall of this year. • Supply and demand are in our favor (less supply and more demand); given our financial strength, we continue to look at specific high-quality new development. We can build while others need to rely on construction financing and that is a tall order in today’s financial climate. INTERNATIONAL • Our international portfolio includes 23 Premium Outlets and 12 Designer Outlets in 13 countries, a 22.4% interest in Klépierre (which owns more than 130 properties in 14 European countries), and four mall properties in Asia.

With that backdrop, let’s turn to our 2023 highlights.

FINANCIAL RESULTS AND OPERATING METRICS We posted record and sector-leading financial results in 2023, including: • Consolidated revenue increased approximately 7% to $5.66 billion. • Net income was $2.28 billion, or $6.98 per diluted share. • FFO was $4.69 billion, or $12.51 per diluted share (record) . • Our share of Domestic Property NOI grew 4.8%, or $240 million year-over-year, to $5.26 billion (record) .

SIMON PROPERTY GROUP, INC

FINANCIAL HIGHLIGHTS

YEAR ENDED DECEMBER 31

2023

2022

OPERATING DATA (IN MILLIONS) Consolidated Revenue

$ 5,659 $ 4,686

$ 5,291 $ 4,481

Funds from Operations (FFO)

PER SHARE DATA Net Income Per Diluted Share

$ 6.98 $ 12.51 $ 7.45 $ 142.64

$ 6.52 $ 11.95 $ 6.90 $ 117.48

FFO Per Diluted Share Dividends Per Share

Common Stock Price at December 31

STOCK AND LIMITED PARTNERSHIP UNITS OUTSTANDING Shares of Common Stock (in thousands)

325,920

326,954

48,914

Limited Partnership Units (in thousands)

47,303

374,834

Total Common Stock and Limited Partnership Units

374,257

$ 53,537 $ 89,973

Total Equity Capitalization (in millions) Total Market Capitalization (1) (in millions)

$ 44,041 $ 75,566

OTHER DATA (2) Total Number of Properties in the U.S. U.S. Square Footage (in thousands) Total Number of International Properties International Square Footage (in thousands)

195

196

171,770

172,623

11,715

11,487

(1) Including our share of consolidated and joint venture debt. (2) We also owned an 84% interest in The Taubman Realty Group (TRG) which owns 24 regional, super-regional, and outlet malls in the U.S. and Asia.

Consolidated Revenue $ in billion

Beneficial Interest of Combined NOI $ in billion

FFO Per Diluted Share

Dividends Declared Per Share

23 22 20 21 19

19 20 21 22 23

This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2023 results and SEC filings on our website at investors.simon.com . This report also references non-GAAP financial measures including funds from operations, or FFO, and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2023 results and SEC filings under Financials / Quarterly Reports at investors.simon.com .

Scan the QR code for Simon’s 2022 Sustainability Report.

For more information, visit simon.com .

2023 ANNUAL REPORT

Sawgrass Mills, Sunrise, FL

• We continued the expansion of luxury and highly desirable fashion brands across our portfolio as we executed multiple deals with many of the world’s best brands. During 2023, we executed deals with Bottega Veneta, Breitling, Celine, Christian Louboutin, David Yurman, Etro, Givenchy, Gucci, Saint Laurent, and Tag Heuer, to name a few. • With brick-and-mortar stores as the cornerstone to any retailer’s successful strategy, we continued to open locations for many formerly online-only growth brands such as Alo Yoga, FRAME, Gorjana, Glossier, On, Rowan, Vuori, Warby Parker and many others. • Restaurant activity is robust with leading world-class restaurateurs and best-in-class local operators. We executed 59 new restaurant deals and opened 41 restaurants in 2023, with approximately 100 more in the pipeline. • We added interactive entertainment operators to our properties, including Malibu Jack’s, Meow Wolf and Suffolk Punch, with future openings to include GameTime, Pinstripes, Puttshack and Round1. Demand is dramatically increasing in this category.

MARKETING • Our marketing efforts aim to drive awareness, traffic and sales for brands and retailers at our properties through robust digital content, best-in-class programming, high-impact creative, and strategic amplification of our storytelling. • Messaging and amplification strategies are carefully curated to reach and engage our target audiences (e.g., Moms, Gen Z, Tourists, Luxury, Multi-cultural) and localized for each property to drive footfall. • We held our second annual National Outlet Shopping Day TM (“NOSD”) at 97 properties, including certain international locations, with over 400 retailer brands participating, providing more than 5,300 unique offers and/or experiences. In its second year, NOSD generated over 3 million shopper visits and more than 40 million media impressions. More to come on this first-to-market innovative event. • We hosted over 4,500 events, including seasonal shopping experiences, concert series, fashion events, back-to-school, and holiday activations.

“Consistent outperformance in

cash flow growth, value creation and returnsto shareholders, have been, and we expect will continue to be, hallmarks of Simon.”

• We opened Paris-Giverny Designer Outlet, a 228,000 square foot center located in Vernon, France, our second outlet in France. • We have a significant expansion under construction in South Korea at the highly productive Busan Premium Outlets, expected to open in the fall of this year. • We have one new international development project under construction: Jakarta Premium Outlets in Indonesia, expected to open in 2025. Indonesia will be the fourteenth country in which we have developed a Premium Outlet. We can build from Tulsa to Jakarta. Few can. LEASING • We executed more than 4,500 leases totaling over 18 million square feet across the portfolio.

SIMON PROPERTY GROUP, INC

National Outlet Shopping Day

• We added more than 50 placemaking experiences, such as murals, sculptures, museum pop-ups, art shows, photo opportunities and educational exhibits to successfully enhance the overall shopping environment and further solidify our properties as the preferred gathering place for our communities. • We generated over 3.5 billion advertising impressions and 11 million clicks to Simon websites across all paid media campaigns, as well as nearly 550 million views of Simon content across video-first campaigns such as back-to-school and holiday. • We developed social media

• We garnered more than 4,000 media hits reaching a total audience of 4.2 billion, including stories around new stores, events, unique amenities, back-to-school shopping, holiday shopping and more. • We partnered closely with innovative brands like TYR Sports, Radio Flyer and Melissa and Doug, strategically crafting marketing initiatives that had a pivotal role in the successful launch of their first-ever retail store locations. SIMON BRAND VENTURES • Simon Brand Ventures provides brands and retailers with unique opportunities to engage shoppers through a variety of media and activation opportunities tailored to their specific needs, supported by an unrivaled team of local, regional and national sales representatives committed to delivering turnkey, results-driven solutions to our clients. • Our unmatched go-to-market strategy leads the industry, consistently outperforming industry benchmarks and delivering significant impact for our customers and Company, including revenue growth of 7% in 2023, which exceeded the previous record level of 2019.

INNOVATION • We complement investments in our physical product with investments in emerging technologies that focus on merging the best of physical and digital concepts to create today’s interactive retail marketplace and enhance the consumer shopping experience. • An example of this is the first-of-its-kind Simon Search TM tool, which allows shoppers to search real-time in-store inventory from participating stores in our centers across all of Simon’s digital touchpoints (web, mobile app and in-center digital directories). This tool helps ensure shoppers will be able to find the exact products they are looking for when they visit our centers. Over 70 retailers with more than 4,000 store locations and 1.7 million product variants participated in 2023 and the list continues to grow. Simon shoppers conduct more than 2 million product searches per month, driving additional exposure, store visits and sales for participating retailers. • We grew the cardholder base for the Simon American Express Credit Card powered by Cardless and enhanced the value proposition for cardholders, increasing cash back for all spend in Simon properties from 3% to 5%.

campaigns resulting in over 900 million impressions and

150 million video views, including a successful user-generated content (“UGC”) Holiday TikTok campaign. Over 950 content creators delivered nearly 1,000 TikTok videos, resulting in 82 million impressions over six weeks across 31 properties. • We expanded the VIP Shopper Club and Mall Insider programs to over 20 million members, through various programs including collaborations with retailers and other brands in an effort to acquire new members.

2023 ANNUAL REPORT VII

SouthPark, Charlotte, NC

• We continued to grow our omni-channel support services for retailers and brands in our properties through reverse logistics capabilities and micro-fulfillment centers with Fillogic and omni-channel services offered by Dropit. • We adopted multi-destination wayfinding within our sites and

• At year-end, we had an ownership interest in Authentic Brands Group (“ABG”), a world-class intellectual property, brand development, marketing and entertainment company. The ABG licensing platform includes more than 50 brands. • Our retail investments include SPARC Group (“SPARC”) and JCPenney. SPARC includes seven brands—Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, Nautica and Reebok. Total sales for these retailers were approximately $11.5 billion in 2023. SPARC entered a partnership with SHEIN, a global integrated online marketplace for fashion, beauty, and lifestyle products. Under the terms of the agreement, SHEIN acquired an approximate one-third interest in SPARC Group, reducing our ownership interest from 50% to 33%. • Shop Premium Outlets (“SPO”), the preeminent online outlet marketplace, significantly outpaced expectations, with gross merchandise value increasing more than 75% in 2023. We expect continued growth in SPO as we add more world-class brands to the SPO marketplace.

COMMUNITY IMPACT • Our centers are more than places to shop, dine and be entertained. We strive to make our shopping destinations sources of pride for those that live and work in the communities we serve through our involvement, engagement, and support of their community priorities. • During the year, we connected with hundreds of nonprofit organizations, supported disaster relief efforts, collected over 15,000 donations, from new/gently used clothing to toys for the holiday season, and aided in raising nearly $2.5 million in funds for events such as Fashion Funds the Cure for the National Pediatric Cancer Foundation, Shop with a Cop, military support for Wreaths Across America, and Susan G. Komen national Shop with Purpose Campaign and breast cancer awareness walks. • We maintained affiliation with Give Back Box ® which provides a convenient way for consumers to donate gently used clothing, shoes, and accessories to help those in need. Donations in 2023 were triple those in 2022 with over 4,200 boxes shipped.

apps to help shoppers plan the most efficient routes for their shopping trips.

• We continue to invest in technologies that help reduce our operating costs, as well as our carbon footprint, and that will enhance our best-in-class operating margin. OTHER PLATFORM INVESTMENTS • We have a long track record of making smart and profitable non-real estate investments. We are very pleased with our investments to date that have been made in leading companies and brands involved in retail operations, intellectual property assets and licensing, and e-commerce marketplaces. These investments are synergistic to our Company but are not material.

VIII SIMON PROPERTY GROUP, INC

“We have paid more than $42 billion in dividends over our 30-year history as a public company.”

• We have paid more than $42 billion in dividends over our 30-year history as a public company. At our current dividend rate, by the second quarter of 2024, we will have cumulatively paid approximately $135.00 per share in dividends since our IPO. Quite an impressive number considering that our IPO price was $22.25 per share! • Our dividend payout ratio is approximately 60% and is well covered. • Earlier this year, your Board of Directors authorized a new $2 billion stock repurchase program. BALANCE SHEET • Thoughtful balance sheet management is a fundamental strength of our Company, and we continue to have the strongest balance sheet in our industry. This is critical with all the current noise on the commercial real estate front. Our ability to access capital is unmatched. • We were highly active in the debt capital markets, completing more than $12 billion of financing activities: − We completed three senior notes offerings totaling approximately $3.1 billion. − We recast and upsized our primary revolving credit facility to $5.0 billion. − We completed $4.0 billion of secured loan refinancings and extensions.

• Our balance sheet provides a distinct advantage and should not be overlooked. We have strong investment grade credit ratings of A-/A3, financial flexibility and access to multiple sources of capital that, when coupled with our excess cash flow, enable us to pursue growth opportunities. CLOSING In summary, we have learned a lot over the past 30 years that will guide us as we continue to drive SPG forward. Our business has always changed, and it will continue to do so, but our people, our vision, our financial discipline, and our culture will continue to be our guiding light. We will continue to be innovative, creating memorable, unique experiences for shoppers, retailers and communities alike. Our sound financial position will enable us to invest in future growth opportunities. I look forward to another rewarding year in 2024. With the hard work of my colleagues at Simon we anticipate delivering the kind of results you, our shareholders, have come to expect from us. I want to thank our Board of Directors for their input and guidance. I also thank you, our shareholders, for your support and confidence. Your comments and thoughts are always welcome and appreciated.

• Our properties deliver more than $5 billion in revenue to state and local governments through property tax payments and sales tax generated from tenants’ sales. This is greatly appreciated by the communities where we operate. • We are most proud of Simon Youth Foundation (“SYF”), which, in 2023, celebrated 25 years of helping thousands of students reach graduation day each year. Through 32 Simon Youth Academies in 12 states, and in partnership with local public school districts, SYF has maintained an average lifetime graduation rate of 91% with more than 28,000 students graduated and has awarded more than $21 million in scholarships. SYF alumni are graduates from State and Community Colleges, Historically Black Colleges and Universities (HBCUs), and Ivy League schools. We humbly ask for our shareholders to learn more about SYF and support the cause ( www.syf.org ).

RETURNING CAPITAL TO SHAREHOLDERS

• Capital returned to shareholders in 2023 totaled $2.9 billion, comprised of $2.8 billion in dividends and $140 million in share buybacks. • Common stock dividends paid in 2023 were $7.45 per share, an increase of 8.0% from 2022, and we expect to distribute at least $7.80 per share in 2024.

• Our liquidity was nearly $11 billion at year-end.

DAVID SIMON Chairman, Chief Executive Officer & President March 20, 2024

2023 ANNUAL REPORT

INVESTMENT HIGHLIGHTS

INTERNATIONAL NEW DEVELOPMENTS

Paris-Giverny Designer Outlet, Vernon, France

Jakarta Premium Outlets, Jakarta, Indonesia

REDEVELOPMENT

Towne East Square, Wichita, KS

Northgate Station, Seattle, WA

The Falls, Miami, FL

SIMON PROPERTY GROUP, INC

LIVE

WORK

Coral Square, Coral Springs, FL

Phipps Plaza, Atlanta, GA

PLAY

STAY

Grapevine Mills, Grapevine, TX

Sawgrass Mills, Sunrise, FL

SHOP

The Westchester, White Plains, NY

2023 ANNUAL REPORT

BOARD OF DIRECTORS, EXECUTIVE OFFICERS AND MEMBERS OF SENIOR MANAGEMENT

BOARD OF DIRECTORS Glyn F. Aeppel President and Chief Executive Officer of Glencove Capital Larry C. Glasscock Former Chairman and CEO of Anthem, Inc. Allan Hubbard Co-Founder, Chairman and Partner of E&A Companies Nina P. Jones Retired Vice President and Portfolio Manager of T. Rowe Price Reuben S. Leibowitz Managing Member of JEN Partners Randall J. Lewis Managing Partner, Cleveland Avenue LLC Gary M. Rodkin Retired Chief Executive Officer of ConAgra Foods, Inc. Peggy Fang Roe Executive Vice President and Chief Customer Officer of Marriott International Stefan M. Selig Founder of BridgePark Advisors LLC David Simon Chairman of the Board, Chief Executive Officer and President of Simon Property Group, Inc. Herbert Simon Chairman Emeritus of the Board of Simon Property Group, Inc. Daniel C. Smith, Ph.D. Clare W. Barker Professor of Marketing, Indiana University, Kelley School of Business Richard S. Sokolov Director and Vice Chairman of Simon Property Group, Inc. Marta R. Stewart Retired Executive Vice President and Chief Financial Officer of Norfolk Southern Corporation AUDIT COMMITTEE Marta R. Stewart, Chair Larry C. Glasscock, Nina P. Jones, Reuben S. Leibowitz, Randall J. Lewis, Stefan M. Selig COMPENSATION AND HUMAN CAPITAL COMMITTEE Reuben S. Leibowitz, Chair Allan Hubbard, Stefan M. Selig, Daniel C. Smith, Ph.D.

EXECUTIVE OFFICERS David Simon Chairman of the Board, Chief Executive Officer and President Steven E. Fivel General Counsel and Secretary John Rulli Chief Administrative Officer Brian J. McDade Executive Vice President and Chief Financial Officer Adam J. Reuille

CORPORATE Richard S. Sokolov Director and Vice Chairman Stanley Shashoua Chief Investment Officer Mark J. Silvestri President—Simon Development Donald Frey Executive Vice President and Treasurer Marla K. Parr Executive Vice President—Specialty Leasing Michael Romstad Executive Vice President— Property Management Lee Sterling Chief Marketing Officer Steven K. Broadwater Senior Vice President—Financial Reporting and Operations Joseph W. Chiappetta Senior Vice President—Business Solutions and Chief Technology Officer Matthew Jackson Senior Vice President and Assistant Treasurer Kevin M. Kelly Assistant General Counsel and Assistant Secretary Susan Massela Senior Vice President—Human Resources Patrick M. Peterman Senior Vice President—Mixed-Use John Phipps Senior Vice President—Development Michael H. Rodriques Senior Vice President—Construction Sundesh N. Shah Senior Vice President— Specialty Development Kathleen Shields Senior Vice President—Development Eli M. Simon Senior Vice President— Corporate Investments Russell A. Tuttle Senior Vice President and Chief Security Officer Thomas Ward Senior Vice President—Investor Relations Brian J. Warnock Senior Vice President—Acquisitions and Financial Analysis

Senior Vice President and Chief Accounting Officer

MALLS Jonathan Murphy Co-President—Mall Platform Eric Sadi Co-President—Mall Platform Vicki Hanor

Senior Executive Vice President and Managing Director—Luxury Leasing Pervis H. Bearden, Jr. Executive Vice President—Leasing Mark W. Dreflak Executive Vice President—Leasing Richey Neeson Executive Vice President—Leasing Ruben Perez Executive Vice President—Leasing

THE MILLS AND PREMIUM OUTLETS Gary Duncan President—The Mills and Premium Outlets Peter Baxter Executive Vice President—Luxury Leasing Jay E. Buckey Executive Vice President—Leasing Natalie Turpan Executive Vice President—Leasing Rhonda D. Bandy Senior Vice President—Leasing W. Bradford Cole Senior Vice President—Leasing David Gorelick Senior Vice President—Leasing Christine Schnauffer Senior Vice President—Leasing

GOVERNANCE AND NOMINATING COMMITTEE Glyn F. Aeppel, Chair Larry C. Glasscock, Allan Hubbard, Gary M. Rodkin, Peggy Fang Roe

SIMON PROPERTY GROUP, INC

XII

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No:. 001-14469 (Simon Property Group, Inc.) Commission File No: 001-36110 (Simon Property Group, L.P.)

SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter)

Delaware (Simon Property Group, Inc.) Delaware (Simon Property Group, L.P.) (State or other jurisdiction of incorporation or organization)

04-6268599 (Simon Property Group, Inc.) 34-1755769 (Simon Property Group, L.P.)

(I.R.S. Employer Identification No.)

225 West Washington Street Indianapolis, Indiana 46204 (Address of principal executive offices) (ZIP Code) (317) 636-1600 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange on which registered

Title of each class

Trading Symbols

Simon Property Group, Inc. Simon Property Group, Inc.

Common stock, $0.0001 par value 8 3 / 8 % Series J Cumulative Redeemable Preferred Stock, $0.0001 par value

SPG

New York Stock Exchange New York Stock Exchange

SPGJ

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Simon Property Group, Inc. Yes ☒ No  Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Simon Property Group, Inc. Yes  No ☒ Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Simon Property Group, Inc. Yes ☒ No  Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Simon Property Group, Inc. Yes ☒ No  Simon Property Group, L.P. Yes  No  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Simon Property Group, Inc.: Large accelerated filer ☒ Accelerated filer  Non-accelerated filer  Simon Property Group, L.P. Yes  No  Accelerated filer  Smaller reporting company ☐ 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. Simon Property Group, Inc.  Simon Property Group, L.P.  Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Simon Property Group, Inc. ☒ Simon Property Group, L.P. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the corrections of an error to previously issued financial statements. Simon Property Group, Inc.  Simon Property Group, L.P.  Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Simon Property Group, Inc.  Simon Property Group, L.P.  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b of the Act). Simon Property Group, Inc. Yes ☐ No  Simon Property Group, L.P. Yes ☐ No  The aggregate market value of shares of common stock held by non-affiliates of Simon Property Group, Inc. was approximately $37,467 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2023. Smaller reporting company ☐ Emerging growth company ☐ Simon Property Group, L.P.: Large accelerated filer  Non-accelerated filer ☒ As of January 31, 2024, Simon Property Group, Inc. had 325,891,010 and 8,000 shares of common stock and Class B common stock outstanding, respectively. Simon Property Group, L.P. had no publicly-traded voting equity as of June 30, 2023. Simon Property Group, L.P. has no common stock outstanding.

Documents Incorporated By Reference Portions of Simon Property Group, Inc.’s Proxy Statement in connection with its 2024 Annual Meeting of Stockholders are incorporated by reference in Part III.

EXPLANATORY NOTE This report combines the annual reports on Form 10-K for the annual period ended December 31, 2023 of Simon Property Group, Inc., a Delaware corporation, and Simon Property Group, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of December 31, 2023, Simon owned an approximate 87.0% ownership interest in the Operating Partnership, with the remaining 13.0% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management. We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements. We believe that combining the annual reports on Form 10-K of Simon and the Operating Partnership into this single report provides the following benefits: • enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; • eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and • creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership. The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties. The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same.

To help investors understand the differences between Simon and the Operating Partnership, this report provides: • separate consolidated financial statements for Simon and the Operating Partnership; • a single set of notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable; • a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and • separate Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities sections related to each entity. This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business. In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

Simon Property Group, Inc. Simon Property Group, L.P. Annual Report on Form 10-K

December 31, 2023 TABLE OF CONTENTS

Item No.

Page No.

Part I

1. Business ..................................................................... 1A. Risk Factors .................................................................. 1B. Unresolved Staff Comments ..................................................... 1C. Cybersecurity ................................................................. 2. Properties .................................................................... 3. Legal Proceedings ............................................................. 4. MineSafetyDisclosures......................................................... 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer PurchasesofEquitySecurities.................................................. 6. Reserved..................................................................... 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ... 7A. Quantitative and Qualitative Disclosure About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Financial Statements and Supplementary Data ...................................... 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure .. 9A. Controls and Procedures ........................................................ 9B. Other Information .............................................................. Part II 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. . . . . . . . . . . . . . . . . . . . . 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. Executive Compensation ........................................................ 12. Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters........................................................... 13. Certain Relationships and Related Transactions and Director Independence .............. 14. PrincipalAccountantFeesandServices............................................ Part III

11 26 26 27 56 56 57 58 59 77 78

135 135 137 137 137 137 137 137 137

Part IV

15. Exhibits and Financial Statement Schedules ........................................ 16. Form 10-K Summary ...........................................................

139 139

Signatures ............................................................................

146

Part I

Item 1. Business Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets ® , and The Mills ® . As of December 31, 2023, we owned or held an interest in 195 income-producing properties in the United States, which consisted of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. We also own an 84% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2023, we had ownership interests in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe and Canada. As of December 31, 2023, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 14 countries in Europe. We also own investments in retail operations (J.C. Penney and SPARC Group); an intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); an e-commerce venture (Rue Gilt Groupe, or RGG), and Jamestown (a global real estate investment and management company), collectively, our other platform investments. For a description of our operational strategies and developments in our business during 2023, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K. Other Policies The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities. One or more of these policies may be amended or rescinded from time to time without a stockholder vote. Investment Policies While we emphasize equity real estate investments, we may also provide secured financing to or invest in equity or debt securities of other entities engaged in real estate activities or securities of other issuers consistent with Simon’s qualification as a REIT. However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that Simon cannot make an investment that would cause its real estate assets to be less than 75% of its total assets. Simon must also derive at least 75% of its gross income directly or indirectly from investments relating to real property or mortgages on real property, including “rents from real property,” dividends from other REITs and, in certain circumstances, interest from certain types of temporary investments. In addition, Simon must also derive at least 95% of its gross income from such real property investments, and from dividends, interest and gains from the sale or dispositions of stock or securities or from other combinations of the foregoing. Subject to Simon’s REIT limitations, we may invest in the securities of other issuers in connection with acquisitions of indirect interests in real estate. Such an investment would normally be in the form of general or limited partnership or membership interests in special purpose partnerships and limited liability companies that own one or more properties. We may, in the future, acquire all or substantially all of the securities or assets of other REITs, management companies or similar entities where such investments would be consistent with our investment policies. Additionally we have and may in the future make investments in entities engaged in non-real estate activities, primarily through a taxable REIT subsidiary, similar to the investments we currently hold in certain retail operations.

Financing Policies Because Simon’s REIT qualification requires us to distribute at least 90% of its REIT taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt. We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined. For example, the Operating Partnership’s lines of credit and the indentures for the Operating Partnership’s debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related agreements, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for the debt securities of the Operating Partnership. We strive to maintain investment grade ratings at all times for various business reasons, including their effect on our ability to access attractive capital, but we cannot assure you that we will be able to do so in the future. If Simon’s Board of Directors determines to seek additional capital, we may raise such capital by offering equity or incurring debt, creating joint ventures with existing ownership interests in properties, entering into joint venture arrangements for new development projects, retaining cash flows or a combination of these methods. If Simon’s Board of Directors determines to raise equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. Simon’s Board of Directors may issue a number of shares up to the amount of our authorized capital or may issue units in any manner and on such terms and for such consideration as it deems appropriate. We may also raise additional capital by issuing common units of partnership interest in the Operating Partnership, or units. Such securities also may include additional classes of Simon’s preferred stock or preferred units of partnership interest in the Operating Partnership, or preferred units, which may be convertible into common stock or units, as the case may be. Existing stockholders and unitholders have no preemptive right to purchase shares or units in any subsequent issuances of securities by us. Any issuance of equity could dilute a stockholder’s investment in Simon or a limited partner’s investment in the Operating Partnership. We expect most future borrowings will be made through the Operating Partnership or its subsidiaries. We might, however, incur borrowings through other entities that would be reloaned to the Operating Partnership. Borrowings may be in the form of bank borrowings, publicly and privately placed debt instruments, or purchase money obligations to the sellers of properties. Any such indebtedness may be secured or unsecured. Any such indebtedness may also have full or limited recourse to the borrower or be cross-collateralized with other debt, or may be fully or partially guaranteed by the Operating Partnership. We issue unsecured debt securities through the Operating Partnership, but we may issue other debt securities which may be convertible into common or preferred stock or be accompanied by warrants to purchase common or preferred stock. We also may sell or securitize our lease receivables. Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly do so. The Operating Partnership has a $5.0 billion unsecured revolving credit facility, or the Credit Facility, and a $3.5 billion supplemental unsecured revolving credit facility, or Supplemental Facility, or together, the Credit Facilities. The Credit Facility can be increased in the form of additional commitments in an aggregate amount not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. The initial maturity date of the Credit Facility is June 30, 2027. The Credit Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent. Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR. The Supplemental Facility’s initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term. The initial maturity date of the Supplemental Facility is January 31, 2026 and can be extended for an additional year to January 31, 2027 at our sole option, subject to our continued compliance with the terms thereof.

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