2022 SIMON® Annual Report

The following schedule reconciles consolidated net income to our beneficial share of NOI.

For the Year Ended December 31, 2022 2021 (in thousands)

Reconciliation of NOI of consolidated entities: Consolidated Net Income ................................................... Incomeandothertaxexpense ................................................ Gain on disposal, exchange, or revaluation of equity interests, net. . . . . . . . . . . . . . . . . . . . . Interestexpense........................................................... Incomefromunconsolidatedentities............................................ Lossonextinguishmentofdebt................................................ Unrealized losses in fair value of publicly traded equity instruments, net . . . . . . . . . . . . . . . . Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating Income Before Other Items ......................................... Depreciationandamortization................................................. Homeandregionalofficecosts................................................ Generalandadministrative................................................... Otherexpenses(1)......................................................... NOI of consolidated entities ................................................. Less: Noncontrolling interest partners share of NOI ............................. Beneficial NOI of consolidated entities ........................................

$ 2,452,385

$ 2,568,707

83,512

157,199 (178,672) 795,712 (782,837)

(121,177) 761,253 (647,977)

51,841

61,204

8,095

(5,647)

(206,855)

2,583,553 1,227,371 184,592

2,413,190 1,262,715

184,660 30,339 19,811

34,971 13,413

$ 4,043,900

$ 3,910,715

(27,685)

(20,720)

$ 4,016,215

$ 3,889,995

Reconciliation of NOI of unconsolidated entities: Net Income ............................................................... $ Interestexpense........................................................... Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities,net.............................................................. Operating Income Before Other Items ......................................... Depreciationandamortization................................................. Otherexpenses(1).........................................................

807,435 599,245

$ 668,061

605,591

(50,336)

(34,814)

1,356,344 666,762

1,238,838

686,790 26,013

1,309

NOI of unconsolidated entities ............................................... Less: Joint Venture partners share of NOI .....................................

$ 2,024,415

$ 1,951,641

(1,059,095)

(1,021,839)

Beneficial NOI of unconsolidated entities ...................................... $ Add: BeneficialinterestofNOIfromTRG........................................ Add: Beneficial interest of NOI from Other Platform Investments and Investments . . . . . . . .

965,320 474,214 604,750

$ 929,802

430,965 743,213

Beneficial interest of Combined NOI .......................................... Less: Beneficial interest of Corporate and Other NOI Sources (2) . . . . . . . . . . . . . . . . . . . . . Less: Beneficial interest of NOI from Other Platform Investments (3). . . . . . . . . . . . . . . . . . . Less: BeneficialinterestofNOIfromInvestments(4)............................... Beneficial interest of Portfolio NOI ...........................................

$ 6,060,499

$ 5,993,975

138,315 355,019 230,984

230,046 533,299 182,422

$ 5,336,181

$ 5,048,208

Beneficial interest of Portfolio NOI Change .................................... 5.7 % (1) Represents the write-off of pre-development costs, our beneficial interest of which was $11.4 million and $18.3 million with respect to consolidated entities and $0.4 million and $13.0 million with respect to our share of unconsolidated entities, for the year ended December 31, 2022 and 2021, respectively. (2) Includes income components excluded from portfolio NOI and domestic property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), Simon

management company revenues, foreign exchange impact, and other assets. (3) Other Platform Investments include J.C. Penney, SPARC, ABG, and RGG.

(4) Includes our share of NOI of Klépierre (at constant currency) and other corporate investments.