2023 SIMON® Annual Report

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

35

34

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

23 22 20 21 19

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

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