2023 SIMON® Annual Report

Mortgage and Unsecured Debt As of December 31, 2023 (Dollars in thousands)

(8) Mortgage is outstanding as of 12/31/2023. (9) Amount shown in USD Equivalent. Ringgit equivalent is 20.3 million. (10) Amount shown in USD equivalent. Euro equivalent is 500.0 million. (11) Amount shown in USD equivalent. Baht equivalent is 2.2 billion. (12) Variable rate loans based on six-month (6M) TIBOR plus interest rate spreads ranging from 15 bps to 35 bps. As of December 31, 2023, 6M TIBOR was 0.16%. (13) Amount shown in USD equivalent. Euro equivalent is 750.0 million. (14) Requires semi-annual payments of interest only. (15) Credit Facilities. As of December 31, 2023, the Credit Facilities bear interest at a SOFR index subject to a 10 bps adjustment plus 72.5 bps credit spread. The credit facilities provide for different pricing based upon our investment grade rating. Through an interest rate swap agreement, the SOFR index is currently fixed at 4.394%. As of December 31, 2023, $8.1 billion was available after outstanding borrowings and letters of credit under our Credit Facilities. (16) Variable rate loan based on 3M EURIBOR plus an interest rate spread of 380bps. Through an interest rate cap agreement, (19) Loans secured by these three properties are cross-collateralized and cross-defaulted. (20) Loans secured by these two properties are cross-collateralized and cross-defaulted. (21) Amount shown in USD equivalent. GBP equivalent is 168.5 million. (22) Variable rate loan based on 3M EURIBOR plus interest rate spread of 225 bps. Through an interest rate cap agreement 3M EURIBOR is capped at 3.29%. (23) Variable rate loan based on 3M EURIBOR plus interest rate spread of 130 bps. Through an interest rate swap agreement 3M EURIBOR is fixed at 3.25%. (24) Variable rate loan based on 3M EURIBOR, which is subject to a floor of 0.00%, plus an interest rate spread of 185 bps. Through an interest rate cap agreement, 3M EURIBOR is currently fixed at 1.00% on a portion of the balance. (25) Variable rate loan based on 3M EURIBOR plus an interest rate spread of 250bps. Through an interest rate swap agreement, 3M Euribor is currently fixed at 1.75% on a portion of the balance. (26) Amount shown in USD Equivalent. Yen equivalent is 50.9 billion. (27) Associated with this loan is an interest rate swap agreement that effectively fixes the interest rate on this loan at the all-in rate presented. (28) Variable rate loan based on Overnight SONIA plus an interest rate spread of 250bps. Through an interest rate swap agreement, Overnight SONIA is fixed at 4.99%. (29) Consists of two properties with interest rates ranging from 5.65% to 7.32% and maturities in 2024. (30) Amount shown in USD equivalent. Euro equivalent is 1.4 billion. (31) Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including The Mills Limited Partnership. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $139.2 million of payment guarantees provided by the Operating Partnership. (32) Amount shown in USD equivalent. Peso equivalent is 421.2 million. (33) Variable rate loan based on 30 day Average SOFR plus an interest rate spread of 295 bps. Through an interest rate cap agreement, 30 day Average SOFR is currently fixed at 5.34%. (34) Variable rate loan based on 30 day Average SOFR plus an interest rate spread of 275 bps. 30 day Average SOFR, as of December 31, 2023 was 5.34%. 3M Euribor is currently fixed at 1.00% on a portion of the balance. (17) Amount shown in USD equivalent. Won Equivalent is 382.8 billion. (18) City of Sunrise Bond Liability (Sawgrass Mills).