Dadeland Mall, Miami, FL
■ Total market value of our portfolio has increased from $3.5 billion to well over $80 billion . ■ From our IPO through year- end 2022, ownership of Simon Property Group (SPG) common stock provided a total return to shareholders of approximately 2,400% , or a compound annual return of approximately 12% . I am proud of how our Company has delivered financial and operational outperformance over our history and through many cycles. Whether measured through cash flow growth or value creation, outperformance has been a hallmark of SPG. We have our employees to thank for that. Over the years, we have carefully grown our Company to be the global leader it is today. We are laser-focused on our leasing activities, property management operations and capital
structure, so that we can be as efficient and nimble as possible and be in position to prudently invest in our assets. We continue to differentiate ourselves by being an excellent partner, seeking to grow our business while striving to do what is best for our stakeholders and the communities in which we operate. Strong brand relationships have always been, and will always be, a critical component of our success. There is a survival-of-the- fittest philosophy required in retail real estate. The business is a constantly changing landscape and we are certain that our well-located real estate will continue to prosper. Before we turn to our 2022 highlights, let me provide our check list on how we profitably grow: ■ We increase the NOI from our existing assets through curating the merchandise mix and driving our industry-leading operating margins;
■ We enhance our existing assets through redevelopment and expansion projects, including the addition of mixed-use elements, which provide accretive returns while enhancing the overall property; ■ We invest in new developments that meet our stringent investment criteria; ■ We expand our global footprint through international investments where we can export Simon know-how; ■ We make other accretive, strategic investments that improve our franchise; and ■ We manage our balance sheet and the excess cash flow that comes from our operations.
With that backdrop, let’s turn to our 2022 highlights.
III
2022 ANNUAL REPORT
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