8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2022

SIMON PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-14469	04-6268599
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

225 WEST WASHINGTON STREET INDIANAPOLIS, Indiana	46204
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 317. 636.1600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Common stock, $0.0001 par value	SPG	New York Stock Exchange
8⅜% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value	SPGJ	New York Stock Exchange

Item 2.02. Results of Operations and Financial Condition

On May 9, 2022, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended March 31, 2022 and other matters. A copy of the press release is furnished with this report as Exhibit 99.1 and is incorporated by reference into this report.

Item 7.01. Regulation FD Disclosure

Exhibit 99.1 also includes supplemental financial and operating information for the quarter ended March 31, 2022.

Item 8.01. Other Events

On May 9, 2022, the Company issued a press release that included an announcement that the Company’s Board of Directors had authorized a new common stock repurchase program. Under the new program, which will become effective on May 16, 2022, the Company may purchase up to $2 billion of its common stock over the next 24 months, as market conditions warrant. The shares may be repurchased in the open market, in block trades, or in privately negotiated transactions.

A copy of the press release that includes the announcement of the new repurchase program is attached hereto as Exhibit 99.1, and is incorporated by reference and constitutes a part of this report.

Item 9.01. Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit No.	Description
99.1	Earnings Release dated May 9, 2022 and supplemental information
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101)

The exhibit filed with this report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (“GAAP”) in the United States, including funds from operations (“FFO”), FFO per share, comparable FFO, comparable FFO per share, funds available for distribution, net operating income (“NOI”), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

These non-GAAP financial measures should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.

Reconciliations of each of these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.

The information in this report and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.

Page 2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 9, 2022

SIMON PROPERTY GROUP, INC.

By:	/s/ BRIAN J. MCDADE
	Brian J. McDade,
	Executive Vice President, Chief Financial Officer and Treasurer

Page 3

EX-99.1

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED MARCH 31, 2022	PAGE
Earnings Release(1)	2–11
Overview	​
The Company	12
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants	13
Financial Data	​
Selected Financial and Equity Information	14
Net Operating Income (NOI) Composition	15
Net Operating Income Overview (at Share)	16
Reconciliations of Non-GAAP Financial Measures	17
Consolidated Net Income to NOI	17
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)	18
Other Income, Other Expense, Capitalized Interest, and Income from Unconsolidated Entities	19
Operational Data	​
Operating Information	20
U.S. Malls and Premium Outlets Lease Expirations	21
U.S. Malls and Premium Outlets Top Tenants	22
Development Activity	​
Capital Expenditures	23
Development Activity Summary	24
Balance Sheet Information	​
Common and Preferred Stock Information	25
Changes in Common Share and Limited Partnership Unit Ownership	25
Preferred Stock/Units Outstanding	25
Credit Profile	26
Summary of Indebtedness	27
Total Debt Amortization and Maturities by Year (Our Share)	28
Unsecured Debt Information	29
Property and Debt Information	30–39
Other	​
Non-GAAP Pro-Rata Financial Information	40–41

(1)

Includes reconciliation of consolidated net income to funds from operations.

 1Q 2022 SUPPLEMENTAL 1 

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

Ali Slocum

317-264-3079 Media

Simon Property Group Reports First Quarter 2022 Results and
Increases Full Year 2022 Guidance and Raises Quarterly Dividend

INDIANAPOLIS, May 9, 2022 − Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2022.

“We are very pleased with our first quarter results,” said David Simon, Chairman, Chief Executive Officer and President. “Leasing momentum, retailer sales and cash flow all accelerated. Given our accomplishments this quarter and our current view for the remainder of 2022, today we raised our quarterly dividend and are increasing our full-year 2022 guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $426.6 million, or $1.30 per diluted share, as compared to $445.9 million, or $1.36 per diluted share in 2021. Results for the first quarter of 2022 include a non-cash unrealized loss of  $31.0 million, or $0.08 per diluted share, from a mark-to-market in fair value of equity instruments. The prior year period includes gains of  $93.1 million, or $0.25 per diluted share, primarily related to disposition activity.

•

Funds From Operations (“FFO”) was $1.046 billion, or $2.78 per diluted share, prior to the aforementioned unrealized loss in fair value of equity instruments of  $0.08 per diluted share, as compared to $934.0 million, or $2.48 per diluted share, in the prior year, a 12.1% increase.

•

Domestic property Net Operating Income (“NOI”) increased 7.5% and portfolio NOI increased 8.8%, compared to the prior year period.

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy was 93.3% at March 31, 2022, compared to 90.8% at March 31, 2021.

•

Base minimum rent per square foot was $54.14 at March 31, 2022.

Development Activity

Construction continues on two new international development projects including:

•

Fukaya-Hanazono Premium Outlets® (Tokyo, Japan); projected to open in October 2022. Simon owns a 40% interest in this project.

 1Q 2022 SUPPLEMENTAL 2 

EARNINGS RELEASE

•

Paris-Giverny Designer Outlet (Normandy, France); projected to open in the first quarter of 2023. Simon owns a 74% interest in this project.

Progress continues on the transformative mixed-use redevelopment of Phipps Plaza (Atlanta, GA), which will open in October 2022. The opening of Nobu Hotel and Nobu Restaurant, Life Time Athletic and Work, Citizens Food Hall, and a 13-story Class A office tower will further elevate this premier destination.

Construction also continues on other redevelopment projects, including The Falls (Miami, FL), Roosevelt Field (Garden City, NY), Stanford Shopping Center (Palo Alto, CA) and Towne East Square (Wichita, KS).

Capital Markets and Balance Sheet Liquidity

The Company was active in both the secured and unsecured credit markets in the first quarter.

During the quarter, the Company completed a two tranche senior notes offering totaling $1.2 billion. Net proceeds from the offering were used to repay indebtedness outstanding under the Company’s $3.5 billion senior unsecured revolving credit facility and for general corporate purposes.

The Company also completed seven non-recourse mortgage loans totaling approximately $1.1 billion (U.S. dollar equivalent), of which Simon’s share was $639 million. The weighted average interest rate on these loans was 2.92%.

As of March 31, 2022, Simon had approximately $8.2 billion of liquidity consisting of  $1.1 billion of cash on hand, including its share of joint venture cash, and $7.1 billion of available capacity under its revolving credit facilities, net of  $240 million outstanding under its U.S. commercial paper program.

Dividends

Simon’s Board of Directors declared a quarterly common stock dividend of  $1.70 on May 9, 2022, for the second quarter of 2022. This is a 21.4% increase year-over-year. The dividend will be payable on June 30, 2022 to shareholders of record on June 9, 2022.

Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of  $1.046875 per share, payable on June 30, 2022 to shareholders of record on June 16, 2022.

Share Repurchase Authorization

Simon’s Board of Directors has authorized a new common stock repurchase program. Under the program, which will become effective on May 16, 2022, the Company may purchase up to $2 billion of its common stock over the next 24 months as market conditions warrant. The shares may be repurchased in the open market, in block trades or in privately negotiated transactions.

2022 Guidance

The Company currently estimates net income to be within a range of  $5.93 to $6.08 per diluted share and Comparable FFO will be within a range of $11.60 to $11.75 per diluted share for the year ending December 31, 2022. The Comparable FFO per diluted share range is an increase from the $11.50 to $11.70 per diluted share range provided on February 7, 2022, or an increase of  $0.08 per diluted share at the mid-point.

 1Q 2022 SUPPLEMENTAL 3 

EARNINGS RELEASE

The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated FFO per diluted share and Comparable FFO per diluted share:

For the year ending December 31, 2022

​	Low End			High End
Estimated net income attributable to common stockholders per diluted share	​	$	5.93	​	$	6.08
Depreciation and amortization including Simon’s share of unconsolidated entities	​	​	5.60	​	​	5.60
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net	​	​	(0.01)	​	​	(0.01)
Estimated FFO per diluted share	​	$	11.52	​	$	11.67
First Quarter 2022 unrealized losses in fair value of publicly traded equity instruments of non-retail real estate	​	​	0.08	​	​	0.08
Estimated Comparable FFO per diluted share	​	$	11.60	​	$	11.75

Conference Call

Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, May 9, 2022. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until May 16, 2022. To access the audio replay, dial 1-844-512-2921 (international 1-412-317-6671) passcode 13727965.

Supplemental Materials and Website

Supplemental information on our first quarter 2022 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures

This press release includes FFO, FFO per share, Comparable FFO, Comparable FFO per share and portfolio Net Operating Income growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon’s supplemental information for the quarter. FFO and Net Operating Income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

 1Q 2022 SUPPLEMENTAL 4 

EARNINGS RELEASE

Forward-Looking Statements

Certain statements made in this press release may be deemed “forward–looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward–looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; the conflict in Ukraine; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

 1Q 2022 SUPPLEMENTAL 5 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

​	For the Three Months Ended March 31,
​	2022			2021
REVENUE:	​	​	​	​	​	​
Lease income	​	$	1,207,867	​	$	1,145,058
Management fees and other revenues	​		27,587	​	​	25,296
Other income	​		60,468	​	​	69,597
Total revenue	​		1,295,922	​	​	1,239,951
EXPENSES:	​	​	​	​	​	​
Property operating	​		103,664	​	​	86,619
Depreciation and amortization	​		310,163	​	​	315,738
Real estate taxes	​		111,691	​	​	116,012
Repairs and maintenance	​		22,304	​	​	21,355
Advertising and promotion	​		25,263	​	​	29,486
Home and regional office costs	​		52,197	​	​	35,999
General and administrative	​		7,833	​	​	6,576
Other	​		42,416	​	​	23,554
Total operating expenses	​		675,531	​	​	635,339
OPERATING INCOME BEFORE OTHER ITEMS	​		620,391	​	​	604,612
Interest expense	​		(185,159)	​	​	(202,016)
Loss on extinguishment of debt	​		—	​	​	(2,959)
Income and other tax benefit	​		1,435	​	​	5,898
Income from unconsolidated entities	​		81,184	​	​	15,069
Unrealized losses in fair value of equity instruments	​		(31,032)	​	​	(3,201)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		1,491	​	​	93,057
CONSOLIDATED NET INCOME	​		488,310	​	​	510,460
Net income attributable to noncontrolling interests	​		60,846	​	​	63,766
Preferred dividends	​		834	​	​	834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	​	$	426,630	​	$	445,860
BASIC AND DILUTED EARNINGS PER COMMON SHARE:	​	​	​	​	​	​
Net income attributable to common stockholders	​	$	1.30	​	$	1.36

 1Q 2022 SUPPLEMENTAL 6 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)

​	March 31, 2022			December 31, 2021
ASSETS:	​	​	​	​	​	​
Investment properties, at cost	​	$	37,903,758	​	$	37,932,366
Less – accumulated depreciation	​		15,804,885	​	​	15,621,127
​	​		22,098,873	​	​	22,311,239
Cash and cash equivalents	​		514,929	​	​	533,936
Tenant receivables and accrued revenue, net	​		819,829	​	​	919,654
Investment in TRG, at equity	​		3,276,296	​	​	3,305,102
Investment in Klépierre, at equity	​		1,636,946	​	​	1,661,943
Investment in other unconsolidated entities, at equity	​		3,126,897	​	​	3,075,375
Right-of-use assets, net	​		501,910	​	​	504,119
Investments held in trust – special purpose acquisition company	​		345,000	​	​	345,000
Deferred costs and other assets	​		1,130,747	​	​	1,121,011
Total assets	​	$	33,451,427	​	$	33,777,379
LIABILITIES:	​	​	​	​	​	​
Mortgages and unsecured indebtedness	​	$	25,169,837	​	$	25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues	​		1,208,643	​	​	1,433,216
Cash distributions and losses in unconsolidated entities, at equity	​		1,749,692	​	​	1,573,105
Dividend payable	​		1,850	​	​	1,468
Lease liabilities	​		504,684	​	​	506,931
Other liabilities	​		525,849	​	​	540,912
Total liabilities	​		29,160,555	​	​	29,376,654
Commitments and contingencies	​	​	​	​	​	​
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests	​		558,305	​	​	547,740
EQUITY:	​	​	​	​	​	​
Stockholders’ Equity	​	​	​	​	​	​
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):	​	​	​	​	​	​
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of  $39,847	​		41,681	​	​	41,763
Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,905,419 and 342,907,608 issued and outstanding, respectively	​		34	​	​	34
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding	​		—	​	​	—
Capital in excess of par value	​		11,213,621	​	​	11,212,990
Accumulated deficit	​		(5,948,261)	​	​	(5,823,708)
Accumulated other comprehensive loss	​		(170,094)	​	​	(185,186)
Common stock held in treasury, at cost, 14,266,824 and 14,295,983 shares, respectively	​		(1,881,334)	​	​	(1,884,441)
Total stockholders’ equity	​		3,255,647	​	​	3,361,452
Noncontrolling interests	​		476,920	​	​	491,533
Total equity	​		3,732,567	​	​	3,852,985
Total liabilities and equity	​	$	33,451,427	​	$	33,777,379

 1Q 2022 SUPPLEMENTAL 7 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)

​	For the Three Months Ended March 31,
​	2022			2021
REVENUE:	​	​	​	​	​	​
Lease income	​	$	717,768	​	$	652,754
Other income	​		112,585	​	​	72,599
Total revenue	​		830,353	​	​	725,353
OPERATING EXPENSES:	​	​	​	​	​	​
Property operating	​		149,515	​	​	133,037
Depreciation and amortization	​		170,562	​	​	171,154
Real estate taxes	​		65,324	​	​	68,897
Repairs and maintenance	​		21,481	​	​	19,046
Advertising and promotion	​		19,318	​	​	19,444
Other	​		48,843	​	​	31,988
Total operating expenses	​		475,043	​	​	443,566
OPERATING INCOME BEFORE OTHER ITEMS	​		355,310	​	​	281,787
Interest expense	​		(144,448)	​	​	(146,196)
NET INCOME	​	$	210,862	​	$	135,591
Third-Party Investors’ Share of Net Income	​	$	104,657	​	$	68,141
Our Share of Net Income	​		106,205	​	​	67,450
Amortization of Excess Investment (A)	​		(15,139)	​	​	(19,327)
Income from Unconsolidated Entities (B)	​	$	91,066	​	$	48,123

Note:

The above financial presentation does not include any information related to our investments in Klépierre S.A.
(“Klépierre”), The Taubman Realty Group (“TRG”) and other platform investments. For additional information, see footnote B.

 1Q 2022 SUPPLEMENTAL 8 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)

​	March 31, 2022			December 31, 2021
Assets:	​	​	​	​	​	​
Investment properties, at cost	​	$	19,533,151	​	$	19,724,242
Less – accumulated depreciation	​		8,255,410	​	​	8,330,891
​	​		11,277,741	​	​	11,393,351
Cash and cash equivalents	​		1,392,710	​	​	1,481,287
Tenant receivables and accrued revenue, net	​		517,657	​	​	591,369
Right-of-use assets, net	​		161,471	​	​	154,561
Deferred costs and other assets	​		369,541	​	​	394,691
Total assets	​	$	13,719,120	​	$	14,015,259
Liabilities and Partners’ Deficit:	​	​	​	​	​	​
Mortgages	​	$	15,075,434	​	$	15,223,710
Accounts payable, accrued expenses, intangibles, and deferred revenue	​		823,553	​	​	995,392
Lease liabilities	​		149,194	​	​	158,372
Other liabilities	​		414,084	​	​	383,018
Total liabilities	​		16,462,265	​	​	16,760,492
Preferred units	​		67,450	​	​	67,450
Partners’ deficit	​		(2,810,595)	​	​	(2,812,683)
Total liabilities and partners’ deficit	​	$	13,719,120	​	$	14,015,259
Our Share of:	​	​	​	​	​	​
Partners’ deficit	​	$	(1,260,901)	​	$	(1,207,396)
Add: Excess Investment (A)	​		1,267,144	​	​	1,283,645
Our net Investment in unconsolidated entities, at equity	​	$	6,243	​	$	76,249

Note:

The above financial presentation does not include any information related to our investments in Klépierre,
TRG and other platform investments. For additional information, see footnote B.

 1Q 2022 SUPPLEMENTAL 9 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)

Reconciliation of Consolidated Net Income to FFO

​	For the Three Months Ended March 31,
​	2022			2021
Consolidated Net Income (D)	​	$	488,310	​	$	510,460
Adjustments to Arrive at FFO:	​	​	​	​	​	​
Depreciation and amortization from consolidated properties	​		307,913	​	​	313,575
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments	​		225,086	​	​	204,237
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		(1,491)	​	​	(93,057)
Unrealized (gains) losses excluded from FFO (E)	​		—	​	​	3,201
Net loss attributable to noncontrolling interest holders in properties	​		996	​	​	938
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties	​		(4,389)	​	​	(4,090)
Preferred distributions and dividends	​		(1,313)	​	​	(1,313)
FFO of the Operating Partnership	​	$	1,015,112	​	$	933,951
Diluted net income per share to diluted FFO per share reconciliation:	​	​	​	​	​	​
Diluted net income per share	​	$	1.30	​	$	1.36
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization	​		1.41	​	​	1.36
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		(0.01)	​	​	(0.25)
Unrealized (gains) losses excluded from FFO (E)	​		—	​	​	0.01
Diluted FFO per share	​	$	2.70	​	$	2.48
Unrealized (gains) losses included in FFO (E)	​		0.08	​	​	—
Comparable FFO per share (1)	​	$	2.78	​	$	2.48

Details for per share calculations:	​	​	​	​
FFO of the Operating Partnership	$	1,015,112	$	933,951
Diluted FFO allocable to unitholders		(127,645)	​	(117,595)
Diluted FFO allocable to common stockholders	$	887,467	$	816,356
Basic and Diluted weighted average shares outstanding		328,606	​	328,514
Weighted average limited partnership units outstanding		47,264	​	47,322
Basic and Diluted weighted average shares and units outstanding		375,870	​	375,836
Basic and Diluted FFO per Share	$	2.70	$	2.48
Percent Change		8.9%	​	​
Comparable FFO per share	$	2.78	$	2.48
​	​	12.1%	​	​

(1)

Comparable FFO was $1.046 billion, prior to the $31.0 million mark-to-market unrealized loss in fair value adjustments of publicly traded equity instruments of non-retail real estate.

 1Q 2022 SUPPLEMENTAL 10 

EARNINGS RELEASE

Simon Property Group, Inc.

Footnotes to Unaudited Financial Information

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.

(B)

The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, TRG and other platform investments. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, TRG and other platform investments. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Comparable FFO and Comparable FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

 – 

(Loss) gain on land sales of  ($0.1) million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively.

 – 

Straight-line adjustments decreased income by ($10.3) million and ($9.1) million for the three months ended March 31, 2022 and 2021, respectively.

 – 

Amortization of fair market value of leases decreased income by ($0.1) million and ($0.2) million for the three months ended March 31, 2022 and 2021, respectively.

(E)

Unrealized (gains) losses excluded from FFO relate to mark-to-market fair value adjustments of publicly traded equity instruments of retail real estate

Unrealized (gains) losses included in FFO relate to mark-to-market fair value adjustments of publicly traded equity instruments of non-retail real estate

 1Q 2022 SUPPLEMENTAL 11 

OVERVIEW

THE COMPANY

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At March 31, 2022, we owned or had an interest in 232 properties comprising 186 million square feet in North America, Asia and Europe. We also owned an 80% interest in The Taubman Realty Group, or TRG, which owns 24 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at March 31, 2022, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries.

This package was prepared to provide operational and balance sheet information as of March 31, 2022 for the Company and the Operating Partnership.

Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; the conflict in Ukraine; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).

 1Q 2022 SUPPLEMENTAL 12 

OVERVIEW

STOCK INFORMATION

The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:

​	Common Stock	SPG	​
​	8.375% Series J Cumulative Redeemable Preferred	SPGPrJ	​
CREDIT RATINGS
​	Standard & Poor’s	​	​
​	Corporate	A-	(Stable Outlook)
​	Senior Unsecured	A-	(Stable Outlook)
​	Commercial Paper	A2	(Stable Outlook)
​	Preferred Stock	BBB	(Stable Outlook)
​	Moody’s	​	​
​	Senior Unsecured	A3	(Stable Outlook)
​	Commercial Paper	P2	(Stable Outlook)
​	Preferred Stock	Baa1	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS (1)

​	Required	Actual	Compliance
Total Debt to Total Assets (1)	≤65%	42%	Yes
Total Secured Debt to Total Assets (1)	≤50%	18%	Yes
Fixed Charge Coverage Ratio	>1.5X	5.1X	Yes
Total Unencumbered Assets to Unsecured Debt	≥125%	236%	Yes

(1)

Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.

 1Q 2022 SUPPLEMENTAL 13 

SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)

​	THREE MONTHS ENDED MARCH 31,
​	2022			2021
Financial Highlights	​			​
Total Revenue – Consolidated Properties	​	$	1,295,922	​	$	1,239,951
Consolidated Net Income (1)	​	$	488,310	​	$	510,460
Net Income Attributable to Common Stockholders (1)	​	$	426,630	​	$	445,860
Basic and Diluted Earnings per Common Share (EPS) (1)	​	$	1.30	​	$	1.36
Funds from Operations (FFO) of the Operating Partnership (1)	​	$	1,015,112	​	$	933,951
Basic and Diluted FFO per Share (FFOPS) (1)	​	$	2.70	​	$	2.48
Comparable FFO of the Operating Partnership	​	$	1,046,144	​	$	933,951
Basic and Diluted Comparable FFO per Share	​	$	2.78	​	$	2.48
Declared Dividends/Distributions per Share/Unit	​	$	1.65	​	$	1.30

​	AS OF MARCH 31, 2022			AS OF DECEMBER 31, 2021
Stockholders’ Equity Information	​			​
Limited Partners’ Units Outstanding at end of period	​	​	47,316	​	​	47,248
Common Shares Outstanding at end of period	​	​	328,647	​	​	328,620
Total Common Shares and Limited Partnership Units Outstanding at end of period	​	​	375,963	​	​	375,868
Weighted Average Limited Partnership Units Outstanding	​	​	47,264	​	​	47,280
Weighted Average Common Shares Outstanding:	​	​	​	​	​	​
Basic and Diluted – for purposes of EPS and FFOPS	​	​	328,606	​	​	328,587
Equity Market Capitalization	​			​
Common Stock Price at end of period	​	$	131.56	​	$	159.77
Common Equity Capitalization, including Limited Partnership Units	​	$	49,461,731	​	$	60,052,360
Preferred Equity Capitalization, including Limited Partnership Preferred Units	​	​	79,722	​	​	80,535
Total Equity Market Capitalization	​	$	49,541,453	​	$	60,132,895

(1)

Includes a non-cash unrealized loss of  $31.0 million, or $0.08 per diluted share, from a mark-to-market in fair value of equity instruments.

 1Q 2022 SUPPLEMENTAL 14 

NET OPERATING INCOME (NOI) COMPOSITION(1)
For the Three Months Ended March 31, 2022

(1)

Based on our beneficial interest of NOI.

(2)

Includes TRG U.S. assets.

(3)

Includes Klépierre, international Premium Outlets, international Designer Outlets and international TRG assets.

(4)

Includes Lifestyle Centers.

 1Q 2022 SUPPLEMENTAL 15 

NET OPERATING INCOME OVERVIEW (AT SHARE)
(In thousands)

​	FOR THE THREE MONTHS ENDED MARCH 31,						% GROWTH
​	2022			2021
Domestic Property NOI (1)	​	$	1,237,581	​	$	1,150,976	​	7.5	%
International Properties (2)	​	​	74,379	​	​	54,849	​	​	​
Portfolio NOI	​	$	1,311,960	​	$	1,205,825	​	8.8	%
NOI from Other Platform Investments	​	​	25,885	​	​	3,533	​	​	​
NOI from Investments (3)	​	​	47,365	​	​	39,013	​	​	​
Corporate and Other NOI Sources (4)	​	​	63,460	​	​	73,223	​	​	​
Beneficial interest of Combined NOI	​	$	1,448,670	​	$	1,321,594	​	9.6	%

(1)

All properties in North America (including TRG’s 20 in the U.S., 4 in Canada and 2 in Mexico).

(2)

International properties outside of North America at constant currency (including TRG’s 4 international properties).

(3)

NOI of Klépierre at constant currency and HBS.

(4)

Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, Simon management company revenues, and other assets.

 1Q 2022 SUPPLEMENTAL 16 

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF NET INCOME TO NOI

​	THREE MONTHS ENDED MARCH 31,
​	2022			2021
Reconciliation of NOI of consolidated entities:	​	​	​	​	​	​
Consolidated Net Income	​	$	488,310	​	$	510,460
Income and other tax benefit	​		(1,435)	​	​	(5,898)
Interest expense	​		185,159	​	​	202,016
Loss on extinguishment of debt	​		—	​	​	2,959
Income from unconsolidated entities	​		(81,184)	​	​	(15,069)
Unrealized losses in fair value of equity instruments	​		31,032	​	​	3,201
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		(1,491)	​	​	(93,057)
Operating Income Before Other Items	​		620,391	​	​	604,612
Depreciation and amortization	​		310,163	​	​	315,738
Home and regional office costs	​		52,197	​	​	35,999
General and administrative	​		7,833	​	​	6,576
Other expenses (1)	​		12,395	​	​	—
NOI of consolidated entities	​	$	1,002,979	​	$	962,925
Less: Noncontrolling interest partners share of NOI	​		(5,944)	​	​	(4,614)
Beneficial NOI of consolidated entities	​	$	997,035	​	$	958,311
Reconciliation of NOI of unconsolidated entities:	​	​	​	​	​	​
Net Income	​	$	210,862	​	$	135,591
Interest expense	​		144,448	​	​	146,196
Operating Income Before Other Items	​		355,310	​	​	281,787
Depreciation and amortization	​		170,562	​	​	171,154
NOI of unconsolidated entities	​	$	525,872	​	$	452,941
Less: Joint Venture partners share of NOI	​		(273,526)	​	​	(238,807)
Beneficial NOI of unconsolidated entities	​	$	252,346	​	$	214,134
Add: Beneficial interest of NOI from TRG	​		107,292	​	​	98,060
Add: Beneficial interest of NOI from Other Platform Investments and Investments	​		91,997	​	​	51,089
Beneficial interest of Combined NOI	​	$	1,448,670	​	$	1,321,594

(1)

Represents the write-off of pre-development costs.

 1Q 2022 SUPPLEMENTAL 17 

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)

​	THREE MONTHS ENDED MARCH 31, 2022
FFO of the Operating Partnership	​	$	1,015,112
Non-cash impacts to FFO (1)	​	​	67,174
FFO of the Operating Partnership excluding non-cash impacts	​	​	1,082,286
Tenant allowances	​	​	(40,961)
Operational capital expenditures	​	​	(19,113)
Funds available for distribution	​	$	1,022,212

(1)

Non-cash impacts to FFO of the Operating Partnership include:

​	THREE MONTHS ENDED MARCH 31, 2022
Deductions:	​	​	​
Fair value of debt amortization	​	​	(126)
Additions:	​	​	​
Straight-line lease loss	​	​	10,281
Fair market value of lease amortization	​	​	126
Stock based compensation expense	​	​	7,779
Unrealized losses in fair value of equity instruments	​	​	31,032
Write-off of pre-development costs and other	​	​	10,513
Mortgage, financing fee and terminated swap amortization expense	​	​	7,569
​	​	$	67,174

This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, comparable FFO, comparable FFO per share, funds available for distribution, net operating income (NOI), domestic portfolio NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.

 1Q 2022 SUPPLEMENTAL 18 

OTHER INCOME, OTHER EXPENSE, CAPITALIZED INTEREST, AND
INCOME FROM UNCONSOLIDATED ENTITIES
(In thousands)

​	THREE MONTHS ENDED MARCH 31,
Consolidated Properties	2022			2021
Other Income	​			​
Interest, dividend and distribution income (1)	​	$	2,516	​	$	3,491
Lease settlement income	​	​	18,488	​	​	37,598
Gains on land sales	​	​	14	​	​	698
Other (2)	​	​	39,450	​	​	27,810
Totals	​	$	60,468	​	$	69,597
Other Expense	​			​
Ground leases	​	$	11,532	​	$	11,158
Professional fees and other (3)	​	​	30,884	​	​	12,396
Totals	​	$	42,416	​	$	23,554

Capitalized Interest	​	​	​	​
Our Share of Consolidated Properties	$	7,136	$	5,663
Our Share of Joint Venture Properties	$	87	$	409

Income from Unconsolidated Entities	​	​	​	​
Our share of Joint Ventures (4)	$	91,066	$	48,123
Our share of Klépierre net income (loss), net of amortization of our excess investment	​	8,711	​	(7,830)
Our share of net (loss) income from Other Platform Investments	​	(111)	​	(424)
Our share of TRG net (loss) income including amortization of our excess investment	​	(18,482)	​	(24,800)
Totals	$	81,184	$	15,069

(1)

Includes distributions from other international investments and preferred unit distributions from TRG.

(2)

Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues, gains on sale of non-retail investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.

(3)

Q1 2022 includes $12.4 million of write-off of costs related to an international outlet development project in Germany we no longer intend to pursue.

(4)

Includes U.S. joint venture operations and international outlet joint ventures.

 1Q 2022 SUPPLEMENTAL 19 

OPERATING INFORMATION(1)

​	AS OF MARCH 31,
​	2022			2021
U.S. Malls and Premium Outlets	​	​	​	​	​	​
Total Number of Properties	​		164	​	​	167
Total Square Footage of Properties (in millions)	​		138.4	​	​	141.1
Ending Occupancy(2):	​	​	​	​	​	​
Consolidated Assets	​	​	93.3%	​	​	90.9%
Unconsolidated Assets	​	​	93.3%	​	​	90.5%
Total Portfolio	​		93.3%	​	​	90.8%
Base Minimum Rent PSF(3):	​	​	​	​	​	​
Consolidated Assets	​	$	52.82	​	$	54.25
Unconsolidated Assets	​	$	57.77	​	$	61.26
Total Portfolio	​	$	54.14	​	$	56.07
The Mills	​	​	​	​	​	​
Total Number of Properties	​		14	​	​	14
Total Square Footage of Properties (in millions)	​		21.3	​	​	21.3
Ending Occupancy(4)	​		97.0%	​	​	95.8%
Base Minimum Rent PSF(3)	​	$	34.18	​	$	33.60

​	AS OF MARCH 31,
​	2022		2021
International Properties(5)	​	​	​	​
Premium Outlets	​	​	​	​
Total Number of Properties	​	22	​	21
Total Square Footage of Properties (in millions)	​	8.4	​	8.3
Designer Outlets	​	​	​	​
Total Number of Properties	​	11	​	10
Total Square Footage of Properties (in millions)	​	2.8	​	2.6
Statistics for Premium Outlets in Japan	​	​	​	​
Ending Occupancy	​	99.5%	​	99.5%
Base Minimum Rent PSF	​	¥5,524	​	¥5,479

(1)

Does not include TRG portfolio.

(2)

Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.

(3)

Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.

(4)

See footnote 2 for definition, except Ending Occupancy is calculated on all company owned space.

(5)

Includes all international properties.

 1Q 2022 SUPPLEMENTAL 20 

U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)(2)

Year	Number of Leases Expiring		Square Feet		Avg. Base Minimum Rent PSF at 3/31/22			Percentage of Gross Annual Rental Revenues(3)
Inline Stores and Freestanding	​		​		​			​
Month to Month Leases	​	1,445	​	5,420,507	​	$	55.21	​	5.4	%
2022 (4/1/22 – 12/31/22)	​	1,334	​	4,563,917	​	$	49.48	​	4.2	%
2023	​	2,869	​	11,370,824	​	$	56.65	​	10.8	%
2024	​	2,621	​	10,435,631	​	$	54.46	​	10.7	%
2025	​	1,604	​	6,421,331	​	$	62.71	​	7.6	%
2026	​	1,532	​	5,825,620	​	$	56.98	​	6.2	%
2027	​	1,004	​	4,151,137	​	$	60.69	​	4.8	%
2028	​	762	​	3,525,597	​	$	63.38	​	4.2	%
2029	​	752	​	3,213,051	​	$	66.59	​	3.9	%
2030	​	461	​	2,176,171	​	$	69.16	​	2.7	%
2031	​	315	​	1,680,030	​	$	56.54	​	1.7	%
2032	​	110	​	550,608	​	$	51.95	​	0.5	%
2033 and Thereafter	​	517	​	2,137,166	​	$	48.49	​	2.1	%
Specialty Leasing Agreements w/ terms in excess of 12 months	​	2,638	​	6,999,099	​	$	18.22	​	2.5	%
Anchors	​		​		​			​
Month to Month Leases	​	1	​	138,409	​	$	1.18	​	0.0	%
2022 (4/1/22 – 12/31/22)	​	1	​	82,659	​	$	1.65	​	0.0	%
2023	​	13	​	1,628,069	​	$	4.58	​	0.1	%
2024	​	16	​	1,465,287	​	$	8.10	​	0.2	%
2025	​	17	​	1,676,634	​	$	6.70	​	0.2	%
2026	​	16	​	1,702,455	​	$	5.01	​	0.2	%
2027	​	13	​	1,937,670	​	$	4.17	​	0.2	%
2028	​	9	​	1,104,704	​	$	6.32	​	0.1	%
2029	​	5	​	556,306	​	$	4.51	​	0.0	%
2030	​	7	​	754,336	​	$	8.56	​	0.1	%
2031	​	5	​	427,004	​	$	12.18	​	0.0	%
2032	​	3	​	217,391	​	$	14.59	​	0.1	%
2033 and Thereafter	​	19	​	2,106,095	​	$	13.39	​	0.6	%

(1)

Does not include TRG portfolio lease expirations.

(2)

Does not consider the impact of renewal options that may be contained in leases.

(3)

Annual rental revenues represent 2021 consolidated and joint venture combined base rental revenue.

 1Q 2022 SUPPLEMENTAL 21 

U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS

Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)

Tenant	Number of Stores		Square Feet (000’s)		Percent of Total Sq. Ft. in U.S. Properties			Percent of Total Base Minimum Rent for U.S. Properties
The Gap, Inc.	​	283	​	3,053	​	1.7	%	​	3.0	%
Tapestry, Inc.	​	232	​	960	​	0.5	%	​	1.7	%
Victoria’s Secret & Co.	​	138	​	1,180	​	0.7	%	​	1.6	%
Signet Jewelers, Ltd.	​	350	​	490	​	0.3	%	​	1.5	%
PVH Corporation	​	156	​	1,140	​	0.7	%	​	1.5	%
Capri Holdings Limited	​	143	​	558	​	0.3	%	​	1.4	%
American Eagle Outfitters, Inc	​	220	​	1,380	​	0.8	%	​	1.4	%
Luxottica Group SPA	​	357	​	641	​	0.4	%	​	1.3	%
Foot Locker Retail, Inc.	​	174	​	827	​	0.5	%	​	1.1	%
VF Corporation	​	190	​	802	​	0.5	%	​	1.1	%

Top Anchors (sorted by percentage of total square footage in U.S. properties) (1)

Tenant	Number of Stores		Square Feet (000’s)		Percent of Total Sq. Ft. in U.S. Properties			Percent of Total Base Minimum Rent for U.S. Properties
Macy’s Inc.	​	99	​	19,295	​	11.0	%	​	0.3	%
J.C. Penney Co., Inc.	​	54	​	8,894	​	5.1	%	​	0.3	%
Dillard’s, Inc.	​	34	​	6,235	​	3.6	%	​	*	​
Nordstrom, Inc.	​	24	​	4,103	​	2.3	%	​	0.1	%
Dick’s Sporting Goods, Inc.	​	33	​	2,254	​	1.3	%	​	0.5	%
The Neiman Marcus Group, Inc.	​	12	​	1,458	​	0.8	%	​	0.1	%
Belk, Inc.	​	7	​	1,194	​	0.7	%	​	*	​
Target Corporation	​	7	​	968	​	0.6	%	​	0.1	%
Hudson’s Bay Company	​	8	​	943	​	0.5	%	​	0.1	%
Von Maur, Inc.	​	6	​	768	​	0.4	%	​	*	​

(1)

Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.

*

Less than one-tenth of one percent.

 1Q 2022 SUPPLEMENTAL 22 

CAPITAL EXPENDITURES(1)
(In thousands)

​	​	​	​	UNCONSOLIDATED PROPERTIES
​	CONSOLIDATED PROPERTIES			TOTAL			OUR SHARE
New development projects	​	$	24,740	​	$	43,480	​	$	17,431
Redevelopment projects with incremental square footage and/or anchor replacement	​	​	58,256	​	​	36,467	​	​	16,814
Redevelopment projects with no incremental square footage (2)	​	​	1,867	​	​	5,042	​	​	2,521
Subtotal new development and redevelopment projects	​	​	84,863	​	​	84,989	​	​	36,766
Tenant allowances	​	​	32,544	​	​	17,169	​	​	8,417
Operational capital expenditures (CAM and non-CAM)	​	​	8,573	​	​	23,917	​	​	10,540
Totals	​	$	125,980	​	$	126,075	​	$	55,723
Conversion from accrual to cash basis	​	​	28,669	​	​	(10,554)	​	​	(4,664)
Capital Expenditures for the Three Months Ended 3/31/22 (3)	​	$	154,649	​	$	115,521	​	$	51,059
Capital Expenditures for the Three Months Ended 3/31/21 (3)	​	$	114,808	​	$	126,271	​	$	48,462

(1)

Does not include TRG portfolio capital expenditures.

(2)

Includes restoration projects as a result of property damage from natural disasters.

(3)

Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

 1Q 2022 SUPPLEMENTAL 23 

Development Activity Summary(1)

As of March 31, 2022
(in thousands except percent)

PLATFORM    PROJECT TYPE	OUR SHARE OF NET INVESTMENT			EXPECTED STABILIZED RATE OF RETURN			ACTUAL 2022 INVESTMENT THRU Q1 2022			FORECASTED INVESTMENT Q2 - Q4			FORECASTED INVESTMENT FY 2022			FORECASTED INVESTMENT FY 2023			FORECASTED TOTAL INVESTMENT 2022 - 2023
Malls	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Redevelopments	​	$	538,563	​	6	%	​	$	66,874	​	$	222,397	​	$	289,271	​	$	76,972	​	$	366,243
Premium Outlets	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
New Developments – International	​	$	183,380	​	8	%	​	$	27,579	​	$	89,954	​	$	117,533	​	$	38,486	​	$	156,019
Redevelopments – U.S.	​	$	35,138	​	8	%	​	$	2,538	​	$	20,007	​	$	22,545	​	$	5,630	​	$	28,175
The Mills	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Redevelopments	​	$	10,581	​	15	%	​	$	98	​	$	9,724	​	$	9,822	​	$	3,820	​	$	13,642
Total Investment (1)	​	$	767,662	​	7	%	​	$	97,089	​	$	342,082	​	$	439,171	​	$	124,908	​	$	564,079
Less funding from: Construction Loans, International JV Cash on hand, etc.	​	$	(280,923)	​	​	​	​	$	(44,999)	​	$	(127,316)	​	$	(172,315)	​	$	(44,116)	​	$	(216,431)
Total Net Cash Investment	​	$	486,739	​	​	​	​	$	52,090	​	$	214,766	​	$	266,856	​	$	80,792	​	$	347,648

Notes:

(1)

Does not include TRG

 1Q 2022 SUPPLEMENTAL 24 

COMMON AND PREFERRED STOCK INFORMATION

CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2021 through March 31, 2022

​	COMMON SHARES (1)		LIMITED PARTNERSHIP UNITS (2)
Number Outstanding at December 31, 2021	​	328,619,625	​	47,247,936
First Quarter Activity	​	​	​	​
Redemption of Limited Partnership Units for Cash	​	—	​	(1,000)
Exchange of Limited Partnership Units for Common Stock	​	2,680	​	(2,680)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)	​	47,804	​	72,442
Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other	​	(23,514)	​	—
Number Outstanding at March 31, 2022	​	328,646,595	​	47,316,698
Number of Limited Partnership Units and Common Shares at March 31, 2022	​	375,963,293	​	​

PREFERRED STOCK/UNITS OUTSTANDING AS OF MARCH 31, 2022
($ in 000’s, except per share amounts)

ISSUER	DESCRIPTION	NUMBER OF SHARES/UNITS		PER SHARE LIQUIDATION PREFERENCE			AGGREGATE LIQUIDATION PREFERENCE			TICKER SYMBOL
Preferred Stock:	​	​	​	​	​	​	​	​	​	​
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable (4)	​	796,948	​	$	50.00	​	$	39,847	SPGPrJ
Preferred Units:	​	​	​	​	​	​	​	​	​	​
Simon Property Group, L.P.	7.50% Cumulative Redeemable (5)	​	255,373	​	$	100.00	​	$	25,537	N/A

(1)

Excludes Limited Partnership preferred units relating to preferred stock outstanding.

(2)

Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.

(3)

Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures.

(4)

Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2022 was $67.99 per share.

(5)

Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

 1Q 2022 SUPPLEMENTAL 25 

CREDIT PROFILE(1)

(1)

As of year end, unless otherwise indicated.

(2)

Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.

(3)

Includes TRG secured, corporate and other debt.

 1Q 2022 SUPPLEMENTAL 26 

SUMMARY OF INDEBTEDNESS(1)

As of March 31, 2022
(In thousands)

​	TOTAL INDEBTEDNESS			OUR SHARE OF INDEBTEDNESS			WEIGHTED AVERAGE END OF PERIOD INTEREST RATE			WEIGHTED AVERAGE YEARS TO MATURITY
Consolidated Indebtedness	​	​	​	​	​	​	​	​	​	​	​
Mortgage Debt	​	​	​	​	​	​	​	​	​	​	​
Fixed Rate	​	$	4,532,835	​	$	4,403,368	​	3.62	%	​	4.1
Variable Rate Debt	​	​	846,422	​	​	801,411	​	1.95	%	​	2.3
Total Mortgage Debt	​	​	5,379,257	​	​	5,204,779	​	3.37	%	​	3.8
Unsecured Debt	​	​	​	​	​	​	​	​	​	​	​
Fixed Rate	​	​	19,022,968	​	​	19,022,968	​	2.92	%	​	9.4
Variable Rate	​	​	500,000	​	​	500,000	​	0.52	%	​	1.8
Revolving Credit Facility – USD Currency	​	​	125,000	​	​	125,000	​	1.07	%	​	3.2
Total Revolving Credit Facilities	​	​	125,000	​	​	125,000	​	1.07	%	​	3.2
Global Commercial Paper – USD	​	​	239,715	​	​	239,715	​	0.30	%	​	0.0
Total Unsecured Debt	​	​	19,887,683	​	​	19,887,683	​	2.81	%	​	9.1
Premium	​	​	26,282	​	​	26,282	​	​	​	​	​
Discount	​	​	(56,317)	​	​	(56,317)	​	​	​	​	​
Debt Issuance Costs	​	​	(130,513)	​	​	(129,069)	​	​	​	​	​
Other Debt Obligations	​	​	63,445	​	​	63,445	​	​	​	​	​
Consolidated Mortgages and Unsecured Indebtedness (2)	​	$	25,169,837	​	$	24,996,803	​	2.93	%	​	8.0
Joint Venture Indebtedness	​	​	​	​	​	​	​	​	​	​	​
Mortgage Debt	​	​	​	​	​	​	​	​	​	​	​
Fixed Rate	​	$	11,702,262	​	$	5,480,989	​	3.71	%	​	3.8
Floating Rate Debt (Hedged) (2)	​	​	1,415,229	​	​	661,128	​	2.82	%	​	4.7
Variable Rate Debt	​	​	1,642,033	​	​	724,094	​	2.78	%	​	2.6
TMLP Debt (3)	​	​	359,663	​	​	142,668	​	—	​	​	—
Total Mortgage Debt	​	​	15,119,187	​	​	7,008,879	​	3.53	%	​	3.6
Debt Issuance Costs	​	​	(43,755)	​	​	(20,567)	​	​	​	​	​
Joint Venture Mortgages and Other Indebtedness (2)	​	$	15,075,432	​	$	6,988,312	​	3.53	%	​	3.6
Our Share of Total Indebtedness	​	​	​	​	$	31,985,115	​	3.07	%	​	7.0

​	TOTAL INDEBTEDNESS			OUR SHARE OF INDEBTEDNESS			WEIGHTED AVERAGE END OF PERIOD INTEREST RATE			WEIGHTED AVERAGE YEARS TO MATURITY
Summary of Our Share of Fixed and Variable Rate Debt	​	​	​	​	​	​	​	​	​	​	​
Consolidated	​	​	​	​	​	​	​	​	​	​	​
Fixed	​	94.4	%	​	$	23,599,329	​	3.31	%	​	8.4
Variable	​	5.6	%	​	​	1,397,474	​	1.37	%	​	2.2
​	​	100.0	%	​	​	24,996,803	​	2.93	%	​	8.0
Joint Venture	​	​	​	​	​	​	​	​	​	​	​
Fixed	​	80.3	%	​	$	5,612,041	​	3.71	%	​	3.8
Variable	​	19.7	%	​	​	1,376,271	​	2.80	%	​	2.7
​	​	100.0	%	​	​	6,988,312	​	3.53	%	​	3.6
Total Debt	​	​	​	​	$	31,985,115	​	​	​	​	​
Total Fixed Debt	​	91.3	%	​	$	29,211,370	​	3.15	%	​	7.5
Total Variable Debt	​	8.7	%	​	$	2,773,745	​	2.08	%	​	2.5

(1)

Does not include TRG secured and corporate debt.

(2)

Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.

(3)

See footnote 10 on the Property and Debt information.

 1Q 2022 SUPPLEMENTAL 27 

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)(1)

As of March 31, 2022
(In thousands)

Year	OUR SHARE OF UNSECURED CONSOLIDATED DEBT			WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT			OUR SHARE OF SECURED CONSOLIDATED DEBT			WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT			OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT			WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT			OUR SHARE OF TOTAL DEBT			TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT
2022	​	$	1,073,328	​	1.14	%	​	$	347,349	​	2.03	%	​	$	620,471	​	3.64	%	​	$	2,041,148	​	2.03	%
2023	​	​	600,000	​	2.75	%	​	​	626,124	​	2.56	%	​	​	548,700	​	3.15	%	​	​	1,774,824	​	2.81	%
2024	​	​	3,000,000	​	2.52	%	​	​	322,294	​	3.64	%	​	​	1,342,636	​	3.40	%	​	​	4,664,930	​	2.91	%
2025	​	​	1,780,742	​	2.63	%	​	​	844,262	​	3.51	%	​	​	951,520	​	3.35	%	​	​	3,576,524	​	3.03	%
2026	​	​	1,550,000	​	3.28	%	​	​	2,328,557	​	3.82	%	​	​	1,433,018	​	3.78	%	​	​	5,311,575	​	3.65	%
2027	​	​	2,050,000	​	2.84	%	​	​	308,390	​	3.21	%	​	​	975,303	​	3.12	%	​	​	3,333,693	​	2.96	%
2028	​	​	800,000	​	1.75	%	​	​	48,471	​	3.85	%	​	​	726,341	​	4.50	%	​	​	1,574,812	​	2.91	%
2029	​	​	1,250,000	​	2.45	%	​	​	169,332	​	2.00	%	​	​	—	​	—	​	​	​	1,419,332	​	2.39	%
2030	​	​	750,000	​	2.65	%	​	​	—	​	—	​	​	​	229,237	​	3.12	%	​	​	979,237	​	2.76	%
2031	​	​	700,000	​	2.20	%	​	​	210,000	​	3.09	%	​	​	50,966	​	3.68	%	​	​	960,966	​	2.47	%
2032	​	​	1,400,000	​	2.45	%	​	​	—	​	—	​	​	​	116,827	​	4.50	%	​	​	1,516,827	​	2.59	%
Thereafter	​	​	4,933,613	​	3.76	%	​	​	—	​	—	​	​	​	13,860	​	6.80	%	​	​	4,947,473	​	3.78	%
Face Amounts of Indebtedness	​	$	19,887,683	​	2.81	%	​	$	5,204,779	​	3.37	%	​	$	7,008,879	​	3.53	%	​	$	32,101,341	​	3.07	%
Premiums (Discounts) on Indebtedness, Net	​	​	(32,813)	​	​	​	​	​	2,778	​	​	​	​	​	—	​	​	​	​	​	(30,035)	​	​	​
Debt Issuance Costs	​	​	(102,420)	​	​	​	​	​	(26,649)	​	​	​	​	​	(20,567)	​	​	​	​	​	(149,636)	​	​	​
Other Debt Obligations	​	​	—	​	​	​	​	​	63,445	​	​	​	​	​	—	​	​	​	​	​	63,445	​	​	​
Our Share of Total Indebtedness	​	$	19,752,450	​	​	​	​	$	5,244,353	​	​	​	​	$	6,988,312	​	​	​	​	$	31,985,115	​	​	​

(1)

Does not include TRG.

 1Q 2022 SUPPLEMENTAL 28 

Unsecured Debt Information
As of March 31, 2022

​	DEBT INFORMATION
​	MATURITY DATE			INTEREST RATE(1)			TYPE	INDEBTEDNESS TOTAL ($ IN 000’S)
Unsecured Indebtedness:	​	​	​	​	​	​	​	​	​	​
Global Commercial Paper – USD	​	04/06/22	(2)	​	0.30	%	Fixed	​	​	239,715
Simon Property Group, LP (Euro Sr. Notes)	​	11/18/22		​	1.38	%	Fixed	​	​	833,613(3)
Simon Property Group, LP (Sr. Notes)	​	06/01/23	​	​	2.75	%	Fixed	​	​	600,000
Simon Property Group, LP (Sr. Notes)	​	01/11/24	​	​	0.52	%	Variable	​	​	500,000
Simon Property Group, LP (Sr. Notes)	​	02/01/24	​	​	3.75	%	Fixed	​	​	600,000
Simon Property Group, LP (Sr. Notes)	​	09/13/24	​	​	2.00	%	Fixed	​	​	1,000,000
Simon Property Group, LP (Sr. Notes)	​	10/01/24	​	​	3.38	%	Fixed	​	​	900,000
Simon Property Group, LP (Euro Sr. Notes)	​	05/13/25		​	1.25	%	Fixed	​	​	555,742(4)
Revolving Credit Facility – USD Currency	​	06/30/25	(5)	​	1.07	%	Variable	​	​	125,000
Simon Property Group, LP (Sr. Notes)	​	09/01/25	​	​	3.50	%	Fixed	​	​	1,100,000
Simon Property Group, LP (Sr. Notes)	​	01/15/26	​	​	3.30	%	Fixed	​	​	800,000
Simon Property Group, LP (Sr. Notes)	​	11/30/26	​	​	3.25	%	Fixed	​	​	750,000
Simon Property Group, LP (Sr. Notes)	​	01/15/27	​	​	1.38	%	Fixed	​	​	550,000
Simon Property Group, LP (Sr. Notes)	​	06/15/27	​	​	3.38	%	Fixed	​	​	750,000
Simon Property Group, LP (Sr. Notes)	​	12/01/27	​	​	3.38	%	Fixed	​	​	750,000
Simon Property Group, LP (Sr. Notes)	​	02/01/28	​	​	1.75	%	Fixed	​	​	800,000
Simon Property Group, LP (Sr. Notes)	​	09/13/29	​	​	2.45	%	Fixed	​	​	1,250,000
Simon Property Group, LP (Sr. Notes)	​	07/15/30	​	​	2.65	%	Fixed	​	​	750,000
Simon Property Group, LP (Sr. Notes)	​	02/01/31	​	​	2.20	%	Fixed	​	​	700,000
Simon Property Group, LP (Sr. Notes)	​	01/15/32	​	​	2.25	%	Fixed	​	​	700,000
Simon Property Group, LP (Sr. Notes)	​	02/01/32	​	​	2.65	%	Fixed	​	​	700,000
Simon Property Group, LP (Euro Sr. Notes)	​	03/19/33		​	1.13	%	Fixed	​	​	833,613(3)
Simon Property Group, LP (Sr. Notes)	​	02/01/40	​	​	6.75	%	Fixed	​	​	600,000
Simon Property Group, LP (Sr. Notes)	​	03/15/42	​	​	4.75	%	Fixed	​	​	550,000
Simon Property Group, LP (Sr. Notes)	​	10/01/44	​	​	4.25	%	Fixed	​	​	400,000
Simon Property Group, LP (Sr. Notes)	​	11/30/46	​	​	4.25	%	Fixed	​	​	550,000
Simon Property Group, LP (Sr. Notes)	​	09/13/49	​	​	3.25	%	Fixed	​	​	1,250,000
Simon Property Group, LP (Sr. Notes)	​	07/15/50	​	​	3.80	%	Fixed	​	​	750,000
Total Unsecured Indebtedness at Face Value	​	​	​	​	​	​	​	​	$	19,887,683(6)

(1)

Variable rate debt interest rates are based on the following base rates as of March 31, 2022:  1M LIBOR at 0.452%; 1M EUR LIBOR at -0.532%; Overnight SOFR 0.29%;CME Term SOFR 0.3024%; 3M EURIBOR at -0.458%; 6M EURIBOR at -0.367%; 3M GBP LIBOR at 1.0354%; 1M YEN TIBOR at 0.085%; 6M YEN TIBOR at .14%; 1M YEN LIBOR at -0.06%; 1M CDOR at .96%; and Cost of Funds Rate at 3.52%.

(2)

Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at March 31, 2022.

(3)

Amount shown in USD equivalent; EUR equivalent is 750.0 million.

(4)

Amount shown in USD equivalent; EUR equivalent is 500.0 million.

(5)

Includes applicable extensions available at our option.

(6)

Also represents our share of Total Unsecured Indebtedness.

 1Q 2022 SUPPLEMENTAL 29 

PROPERTY AND DEBT INFORMATION
As of March 31, 2022

​

DEBT INFORMATION

​

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL OWNERSHIP

TOTAL SQUARE FEET

MATURITY DATE

​

INTEREST RATE(1)

TYPE

INDEBTEDNESS ($ in 000’s)

​

TOTAL

OUR SHARE

​

Malls

​

​

​

​

​

​

1.

Apple Blossom Mall

VA

Winchester

49.1%

​

473,912

(2)

​

​

​

​

​

2.

Auburn Mall

MA

Auburn

56.4%

​

499,457

(2)

​

​

​

​

​

3.

Aventura Mall (3)

FL

Miami Beach (Miami)

33.3%

​

2,126,289

07/01/28

​

4.12%

Fixed

1,750,000

583,333

4.

Barton Creek Square

TX

Austin

100.0%

​

1,452,087

(2)

​

​

​

​

​

5.

Battlefield Mall

MO

Springfield

100.0%

​

1,207,279

(2)

​

​

​

​

​

6.

Bay Park Square

WI

Green Bay

100.0%

​

691,395

(2)

​

​

​

​

​

7.

Brea Mall

CA

Brea (Los Angeles)

100.0%

​

1,281,795

(2)

​

​

​

​

​

8.

Briarwood Mall

MI

Ann Arbor

50.0%

​

978,051

09/01/26

​

3.29%

Fixed

165,000

82,500

9.

Brickell City Centre (3)

FL

Miami

25.0%

​

475,606

(2)

​

​

​

​

​

10.

Broadway Square

TX

Tyler

100.0%

​

608,739

(2)

​

​

​

​

​

11.

Burlington Mall

MA

Burlington (Boston)

100.0%

​

1,209,347

(2)

​

​

​

​

​

12.

Cape Cod Mall

MA

Hyannis

56.4%

​

712,338

07/30/26

(5)

2.70%

Variable

52,000

29,313

13.

Castleton Square

IN

Indianapolis

100.0%

​

1,384,245

(2)

​

​

​

​

​

14.

Cielo Vista Mall

TX

El Paso

100.0%

​

1,244,909

(2)

​

​

​

​

​

15.

Coconut Point

FL

Estero

50.0%

​

1,197,355

10/01/26

​

3.95%

Fixed

178,274

89,137

16.

College Mall

IN

Bloomington

100.0%

​

610,168

(2)

​

​

​

​

​

17.

Columbia Center

WA

Kennewick

100.0%

​

733,875

(2)

​

​

​

​

​

18.

Copley Place

MA

Boston

94.4%

(4)

1,263,797

(2)

​

​

​

​

​

19.

Coral Square

FL

Coral Springs (Miami)

97.2%

​

944,159

(2)

​

​

​

​

​

20.

Cordova Mall

FL

Pensacola

100.0%

​

925,518

(2)

​

​

​

​

​

21.

Dadeland Mall

FL

Miami

50.0%

​

1,514,446

01/05/27

​

3.11%

Fixed

384,352

192,176

22.

Del Amo Fashion Center

CA

Torrance (Los Angeles)

50.0%

​

2,519,600

06/01/27

​

3.66%

Fixed

585,000

292,500

23.

Domain, The

TX

Austin

100.0%

​

1,234,673

07/01/31

​

3.09%

Fixed

210,000

210,000

24.

Empire Mall

SD

Sioux Falls

100.0%

​

1,027,297

12/01/25

​

4.31%

Fixed

179,570

179,570

25.

Falls, The

FL

Miami

50.0%

​

711,653

09/01/26

​

3.45%

Fixed

150,000

75,000

26.

Fashion Centre at Pentagon City, The

VA

Arlington (Washington, DC)

42.5%

​

1,037,175

05/09/26

(5)

3.39%

Variable

455,000

193,376

27.

Fashion Mall at Keystone, The

IN

Indianapolis

100.0%

​

716,887

(2)

​

​

​

​

​

28.

Fashion Valley

CA

San Diego

50.0%

​

1,728,123

02/01/26

(5)

3.75%

Variable

415,000

207,500

29.

Firewheel Town Center

TX

Garland (Dallas)

100.0%

​

996,231

(2)

​

​

​

​

​

30.

Florida Mall, The

FL

Orlando

50.0%

​

1,724,965

02/09/27

(5)

2.60%

Variable

600,000

300,000

31.

Forum Shops at Caesars Palace, The

NV

Las Vegas

100.0%

​

662,317

(2)

​

​

​

​

​

32.

Galleria, The

TX

Houston

50.4%

​

2,012,331

03/01/25

​

3.55%

Fixed

1,200,000

604,440

33.

Greenwood Park Mall

IN

Greenwood (Indianapolis)

100.0%

​

1,286,654

(2)

​

​

​

​

​

34.

Haywood Mall

SC

Greenville

100.0%

​

1,237,364

(2)

​

​

​

​

​

35.

King of Prussia

PA

King of Prussia (Philadelphia)

100.0%

​

2,671,260

(2)

​

​

​

​

​

36.

La Plaza Mall

TX

McAllen

100.0%

​

1,315,150

(2)

​

​

​

​

​

37.

Lakeline Mall

TX

Cedar Park (Austin)

100.0%

​

1,098,856

(2)

​

​

​

​

​

38.

Lehigh Valley Mall

PA

Whitehall

50.0%

​

1,196,386

11/01/27

​

4.06%

Fixed

184,309

92,155

39.

Lenox Square

GA

Atlanta

100.0%

​

1,553,686

(2)

​

​

​

​

​

 1Q 2022 SUPPLEMENTAL 30 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​

DEBT INFORMATION

​

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL OWNERSHIP

TOTAL SQUARE FEET

MATURITY DATE

​

INTEREST RATE(1)

TYPE

INDEBTEDNESS ($ in 000’s)

​

TOTAL

OUR SHARE

40.

Livingston Mall

NJ

Livingston (New York)

100.0%

​

968,878

(2)

​

​

​

​

​

41.

Mall at Rockingham Park, The

NH

Salem (Boston)

28.2%

​

1,064,794

06/01/26

​

4.04%

Fixed

262,000

73,845

42.

Mall of Georgia

GA

Buford (Atlanta)

100.0%

​

1,840,282

(2)

​

​

​

​

​

43.

Mall of New Hampshire, The

NH

Manchester

56.4%

​

803,883

07/01/25

​

4.11%

Fixed

150,000

84,555

44.

McCain Mall

AR

N. Little Rock

100.0%

​

796,306

(2)

​

​

​

​

​

45.

Meadowood Mall

NV

Reno

50.0%

​

928,919

12/01/26

​

5.70%

Fixed

107,471

53,736

46.

Menlo Park Mall

NJ

Edison (New York)

100.0%

​

1,280,025

(2)

​

​

​

​

​

47.

Miami International Mall

FL

Miami

47.8%

​

1,081,674

02/06/24

​

4.42%

Fixed

160,000

76,442

48.

Midland Park Mall

TX

Midland

100.0%

​

643,845

(2)

​

​

​

​

​

49.

Miller Hill Mall

MN

Duluth

100.0%

​

829,535

(2)

​

​

​

​

​

50.

North East Mall

TX

Hurst (Dallas)

100.0%

​

1,646,409

(2)

​

​

​

​

​

51.

Northshore Mall

MA

Peabody (Boston)

56.4%

​

1,505,751

07/05/23

​

3.30%

Fixed

221,132

124,653

52.

Ocean County Mall

NJ

Toms River (New York)

100.0%

​

886,584

(2)

​

​

​

​

​

53.

Orland Square

IL

Orland Park (Chicago)

100.0%

​

1,231,103

(2)

​

​

​

​

​

54.

Oxford Valley Mall

PA

Langhorne (Philadelphia)

85.5%

​

1,339,857

12/07/22

​

6.00%

Fixed

27,820

23,795

55.

Penn Square Mall

OK

Oklahoma City

94.5%

​

1,083,693

01/01/26

​

3.84%

Fixed

310,000

292,938

56.

Pheasant Lane Mall

NH

Nashua

(6)

​

979,595

(2)

​

​

​

​

​

57.

Phipps Plaza

GA

Atlanta

100.0%

​

785,315

(2)

​

​

​

​

​

58.

Plaza Carolina

PR

Carolina (San Juan)

100.0%

​

1,157,459

07/27/23

​

1.55%

Variable

225,000

225,000

59.

Prien Lake Mall

LA

Lake Charles

100.0%

​

719,189

(2)

​

​

​

​

​

60.

Quaker Bridge Mall

NJ

Lawrenceville

50.0%

​

1,081,296

05/01/26

​

4.50%

Fixed

180,000

90,000

61.

Rockaway Townsquare

NJ

Rockaway (New York)

100.0%

​

1,245,980

(2)

​

​

​

​

​

62.

Roosevelt Field

NY

Garden City (New York)

100.0%

​

2,344,646

(2)

​

​

​

​

​

63.

Ross Park Mall

PA

Pittsburgh

100.0%

​

1,234,645

(2)

​

​

​

​

​

64.

Santa Rosa Plaza

CA

Santa Rosa

100.0%

​

693,075

(2)

​

​

​

​

​

65.

Shops at Chestnut Hill, The

MA

Chestnut Hill (Boston)

94.4%

​

470,062

11/01/23

​

4.69%

Fixed

120,000

113,328

66.

Shops at Clearfork, The

TX

Fort Worth

45.0%

​

550,738

03/11/30

(25)

2.81%

Variable

145,000

65,250

67.

Shops at Crystals, The

NV

Las Vegas

50.0%

​

272,248

07/01/26

​

3.74%

Fixed

550,000

275,000

68.

Shops at Mission Viejo, The

CA

Mission Viejo (Los Angeles)

51.0%

​

1,235,413

02/01/23

​

3.61%

Fixed

295,000

150,450

69.

Shops at Nanuet, The

NY

Nanuet

100.0%

​

757,953

(2)

​

​

​

​

​

70.

Shops at Riverside, The

NJ

Hackensack (New York)

100.0%

​

723,506

(2)

​

​

​

​

​

71.

Smith Haven Mall

NY

Lake Grove (New York)

25.0%

(7)

1,204,774

03/31/24

(5)

3.45%

Variable

171,750

42,938

72.

South Hills Village

PA

Pittsburgh

100.0%

​

1,129,450

(2)

​

​

​

​

​

73.

South Shore Plaza

MA

Braintree (Boston)

100.0%

​

1,590,682

(2)

​

​

​

​

​

74.

Southdale Center

MN

Edina (Minneapolis)

100.0%

​

1,246,152

(2)

​

​

​

​

​

75.

SouthPark

NC

Charlotte

100.0%

​

1,688,471

(2)

​

​

​

​

​

76.

Springfield Mall (3)

PA

Springfield (Philadelphia)

50.0%

​

610,135

10/06/25

​

4.45%

Fixed

57,738

28,869

77.

St. Charles Towne Center

MD

Waldorf  (Washington, DC)

100.0%

​

980,450

(2)

​

​

​

​

​

78.

St. Johns Town Center

FL

Jacksonville

50.0%

​

1,454,187

09/11/24

​

3.82%

Fixed

350,000

175,000

79.

Stanford Shopping Center

CA

Palo Alto (San Jose)

94.4%

(4)

1,287,067

(2)

​

​

​

​

​

 1Q 2022 SUPPLEMENTAL 31 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​						DEBT INFORMATION
​	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL OWNERSHIP	TOTAL SQUARE FEET	MATURITY DATE	​	INTEREST RATE(1)	TYPE	INDEBTEDNESS ($ in 000’s)
​										TOTAL	OUR SHARE
80.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)	49.9%	1,299,562	09/05/26	​	3.50%	Fixed	330,000	164,670
81.	Summit Mall	OH	Akron	100.0%	774,483	10/01/26	​	3.31%	Fixed	85,000	85,000
82.	Tacoma Mall	WA	Tacoma (Seattle)	100.0%	1,240,236	(2)	​	​	​	​	​
83.	Tippecanoe Mall	IN	Lafayette	100.0%	864,994	(2)	​	​	​	​	​
84.	Town Center at Boca Raton	FL	Boca Raton (Miami)	100.0%	1,779,525	(2)	​	​	​	​	​
85.	Towne East Square	KS	Wichita	100.0%	1,157,209	(2)	​	​	​	​	​
86.	Treasure Coast Square	FL	Jensen Beach	100.0%	874,998	(2)	​	​	​	​	​
87.	Tyrone Square	FL	St. Petersburg (Tampa)	100.0%	960,554	(2)	​	​	​	​	​
88.	University Park Mall	IN	Mishawaka	100.0%	918,673	(2)	​	​	​	​	​
89.	Walt Whitman Shops	NY	Huntington Station (New York)	100.0%	1,084,648	(2)	​	​	​	​	​
90.	West Town Mall	TN	Knoxville	50.0%	1,282,278	07/01/22	​	4.37%	Fixed	202,558	101,279
91.	Westchester, The	NY	White Plains (New York)	40.0%	805,135	02/01/30	​	3.25%	Fixed	400,000	160,000
92.	White Oaks Mall	IL	Springfield	80.7%	942,837	06/01/24	(5)	3.33%	Variable	41,879	33,788
93.	Wolfchase Galleria	TN	Memphis	94.5%	1,151,481	11/01/26	​	4.15%	Fixed	155,152	146,612
94.	Woodfield Mall	IL	Schaumburg (Chicago)	50.0%	2,153,900	03/05/24	​	4.50%	Fixed	387,421	193,711
95.	Woodland Hills Mall	OK	Tulsa	94.5%	1,095,927	(2)	​	​	​	​	​
​	Total Mall Square Footage	​	​		108,025,841	​	​		​
​	Lifestyle Centers	​	​			​	​		​
1.	ABQ Uptown	NM	Albuquerque	100.0%	228,563	(2)	​	​	​	​	​
2.	Hamilton Town Center	IN	Noblesville (Indianapolis)	50.0%	675,141	02/24/27	(5)	2.65%	Variable	80,000	40,000
3.	Liberty Tree Mall	MA	Danvers	49.1%	860,222	05/06/23	​	3.41%	Fixed	28,262	13,887
4.	Northgate Station	WA	Seattle	100.0%	416,236	(2)	​	​	​	​	​
5.	Pier Park	FL	Panama City Beach	65.6%	948,207	(2)	​	​	​	​	​
6.	University Park Village	TX	Fort Worth	100.0%	170,016	05/01/28	​	3.85%	Fixed	53,148	53,148
​	Total Lifestyle Centers Square Footage	​	​		3,298,385	​	​		​

 1Q 2022 SUPPLEMENTAL 32 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​						DEBT INFORMATION
​	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL OWNERSHIP	TOTAL SQUARE FEET	MATURITY DATE	​	INTEREST RATE(1)	TYPE	INDEBTEDNESS ($ in 000’s)
​										TOTAL	OUR SHARE
​	Premium Outlets	​	​			​	​		​
1.	Albertville Premium Outlets	MN	Albertville (Minneapolis)	100.0%	334,587	(2)	​	​	​	​	​
2.	Allen Premium Outlets	TX	Allen (Dallas)	100.0%	548,443	(2)	​	​	​	​	​
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	100.0%	271,258	(2)	​	​	​	​	​
4.	Birch Run Premium Outlets	MI	Birch Run (Detroit)	100.0%	593,961	02/06/26	​	4.21%	Fixed	123,000	123,000
5.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)	100.0%	686,105	(2)	​	​	​	​	​
6.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	100.0%	289,046	(2)	​	​	​	​	​
7.	Carolina Premium Outlets	NC	Smithfield (Raleigh)	100.0%	438,728	(2)	​	​	​	​	​
8.	Charlotte Premium Outlets	NC	Charlotte	50.0%	398,353	07/01/28	​	4.27%	Fixed	100,000	50,000
9.	Chicago Premium Outlets	IL	Aurora (Chicago)	100.0%	687,119	(2)	​	​	​	​	​
10.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)	100.0%	398,960	(2)	​	​	​	​	​
11.	Clarksburg Premium Outlets	MD	Clarksburg (Washington, DC)	66.0%	390,146	01/01/28	​	3.95%	Fixed	160,000	105,600
12.	Clinton Premium Outlets	CT	Clinton	100.0%	276,225	(2)	​	​	​	​	​
13.	Denver Premium Outlets	CO	Thornton (Denver)	100.0%	328,100	(2)	​	​	​	​	​
14.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	100.0%	652,132	(2)	​	​	​	​	​
15.	Ellenton Premium Outlets	FL	Ellenton (Tampa)	100.0%	477,162	12/01/25	​	4.30%	Fixed	178,000	178,000
16.	Folsom Premium Outlets	CA	Folsom (Sacramento)	100.0%	298,038	(2)	​	​	​	​	​
17.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	100.0%	578,505	(2)	​	​	​	​	​
18.	Gloucester Premium Outlets	NJ	Blackwood (Philadelphia)	50.0%	378,470	03/01/23		1.95%	Variable	86,000	43,000
19.	Grand Prairie Premium Outlets	TX	Grand Prairie (Dallas)	100.0%	423,684	(2)	​	​	​	​	​
20.	Grove City Premium Outlets	PA	Grove City (Pittsburgh)	100.0%	531,112	12/01/25	​	4.31%	Fixed	140,000	140,000
21.	Gulfport Premium Outlets	MS	Gulfport	100.0%	300,179	12/01/25	​	4.35%	Fixed	50,000	50,000
22.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/	100.0%	485,603	02/06/26	​	4.26%	Fixed	71,528	71,528
​	​	​	Washington, DC)	​	​	​	​	​	​	​	​
23.	Houston Premium Outlets	TX	Cypress (Houston)	100.0%	548,219	(2)	​	​	​	​	​
24.	Indiana Premium Outlets	IN	Edinburgh (Indianapolis)	100.0%	378,024	(2)	​	​	​	​	​
25.	Jackson Premium Outlets	NJ	Jackson (New York)	100.0%	285,595	(2)	​	​	​	​	​
26.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	100.0%	434,459	(2)	​	​	​	​	​
27.	Johnson Creek Premium Outlets	WI	Johnson Creek	100.0%	277,672	(2)	​	​	​	​	​
28.	Kittery Premium Outlets	ME	Kittery	100.0%	259,480	(2)	​	​	​	​	​
29.	Las Americas Premium Outlets	CA	San Diego	100.0%	554,273	(2)	​	​	​	​	​
30.	Las Vegas North Premium Outlets	NV	Las Vegas	100.0%	676,270	(2)	​	​	​	​	​
31.	Las Vegas South Premium Outlets	NV	Las Vegas	100.0%	535,728	(2)	​	​	​	​	​
32.	Lee Premium Outlets	MA	Lee	100.0%	224,731	06/01/26	(8)	4.17%	Fixed	48,321	48,321
33.	Leesburg Premium Outlets	VA	Leesburg (Washington, DC)	100.0%	478,218	(2)	​	​	​	​	​
34.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)	100.0%	454,787	(2)	​	​	​	​	​
35.	Merrimack Premium Outlets	NH	Merrimack	100.0%	408,891	(2)	​	​	​	​	​
36.	Napa Premium Outlets	CA	Napa	100.0%	179,427	(2)	​	​	​	​	​
37.	Norfolk Premium Outlets	VA	Norfolk	65.0%	332,281	04/01/32	​	4.50%	Fixed	75,000	48,750

 1Q 2022 SUPPLEMENTAL 33 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​						DEBT INFORMATION
​	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL OWNERSHIP	TOTAL SQUARE FEET	MATURITY DATE	​	INTEREST RATE(1)	TYPE	INDEBTEDNESS ($ in 000’s)
​										TOTAL	OUR SHARE
38.	North Bend Premium Outlets	WA	North Bend (Seattle)	100.0%	189,132	(2)	​	​	​	​	​
39.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	100.0%	540,753	(2)	​	​	​	​	​
40.	Orlando International Premium Outlets	FL	Orlando	100.0%	773,540	(2)	​	​	​	​	​
41.	Orlando Vineland Premium Outlets	FL	Orlando	100.0%	656,784	(2)	​	​	​	​	​
42.	Petaluma Village Premium Outlets	CA	Petaluma (San Francisco)	100.0%	201,656	(2)	​	​	​	​	​
43.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	100.0%	549,155	(2)	​	​	​	​	​
44.	Phoenix Premium Outlets	AZ	Chandler (Phoenix)	100.0%	356,508	(2)	​	​	​	​	​
45.	Pismo Beach Premium Outlets	CA	Pismo Beach	100.0%	147,603	09/06/26	(9)	3.33%	Fixed	32,761	32,761
46.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie (Chicago, IL/	100.0%	402,411	09/01/27	​	4.00%	Fixed	145,000	145,000
​	​	​	Milwaukee)	​	​	​	​	​	​	​	​
47.	Puerto Rico Premium Outlets	PR	Barceloneta	100.0%	349,815	07/26/23	​	1.55%	Variable	160,000	160,000
48.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)	100.0%	289,708	09/06/26	(9)	3.33%	Fixed	57,552	57,552
49.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	100.0%	603,929	(2)	​	​	​	​	​
50.	Round Rock Premium Outlets	TX	Round Rock (Austin)	100.0%	498,409	(2)	​	​	​	​	​
51.	San Francisco Premium Outlets	CA	Livermore (San Francisco)	100.0%	696,899	(2)	​	​	​	​	​
52.	San Marcos Premium Outlets	TX	San Marcos (Austin/	100.0%	735,412	(2)	​	​	​	​	​
​	​	​	San Antonio)	​	​	​	​	​	​	​	​
53.	Seattle Premium Outlets	WA	Tulalip (Seattle)	100.0%	554,515	(2)	​	​	​	​	​
54.	Silver Sands Premium Outlets	FL	Destin	50.0%	451,065	03/01/32	​	3.96%	Fixed	140,000	70,000
55.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonville)	100.0%	327,713	(2)	​	​	​	​	​
56.	St. Louis Premium Outlets	MO	St. Louis (Chesterfield)	60.0%	351,424	10/06/24	​	4.06%	Fixed	91,015	54,609
57.	Tampa Premium Outlets	FL	Lutz (Tampa)	100.0%	459,687	(2)	​	​	​	​	​
58.	Tanger Outlets – Columbus (3)	OH	Sunbury (Columbus)	50.0%	355,243	11/28/22	(5)	2.30%	Variable	71,000	35,500
59.	Tanger Outlets – Galveston/Houston (3)	TX	Texas City	50.0%	352,705	07/01/23	(5)	2.30%	Variable	64,500	32,250
60.	The Crossings Premium Outlets	PA	Tannersville	100.0%	411,909	(2)	​	​	​	​	​
61.	Tucson Premium Outlets	AZ	Marana (Tucson)	100.0%	363,470	(2)	​	​	​	​	​
62.	Twin Cities Premium Outlets	MN	Eagan	35.0%	408,984	11/06/24	​	4.32%	Fixed	115,000	40,250
63.	Vacaville Premium Outlets	CA	Vacaville	100.0%	447,242	(2)	​	​	​	​	​
64.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	100.0%	219,475	(2)	​	​	​	​	​
65.	Waterloo Premium Outlets	NY	Waterloo	100.0%	421,862	(2)	​	​	​	​	​
66.	Williamsburg Premium Outlets	VA	Williamsburg	100.0%	518,979	02/06/26	​	4.23%	Fixed	185,000	185,000
67.	Woodburn Premium Outlets	OR	Woodburn (Portland)	100.0%	389,491	(2)	​	​	​	​	​
68.	Woodbury Common Premium Outlets	NY	Central Valley (New York)	100.0%	910,991	(2)	​	​	​	​	​
69.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	100.0%	672,866	(2)	​	​	​	​	​
​	Total U.S. Premium Outlet Square Footage		​		30,403,306	​	​		​

 1Q 2022 SUPPLEMENTAL 34 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​

DEBT INFORMATION

​

PROPERTY NAME

STATE

CITY (CBSA)

LEGAL OWNERSHIP

TOTAL SQUARE FEET

MATURITY DATE

​

INTEREST RATE(1)

TYPE

INDEBTEDNESS ($ in 000’s)

​

TOTAL

OUR SHARE

​

The Mills

​

​

​

​

​

​

1.

Arizona Mills

AZ

Tempe (Phoenix)

100.0%

​

1,223,952

09/01/26

​

3.80%

Fixed

99,229

99,229

2.

Arundel Mills

MD

Hanover (Baltimore)

59.3%

​

1,929,935

02/06/24

​

4.29%

Fixed

383,500

227,224

3.

Colorado Mills

CO

Lakewood (Denver)

37.5%

​

1,416,986

11/01/24

​

4.28%

Fixed

125,737

47,151

​

​

​

​

​

​

​

07/01/31

​

2.80%

Fixed

30,000

11,250

4.

Concord Mills

NC

Concord (Charlotte)

59.3%

​

1,334,272

11/01/22

​

3.84%

Fixed

235,000

139,261

5.

Grapevine Mills

TX

Grapevine (Dallas)

59.3%

​

1,781,269

10/01/24

​

3.83%

Fixed

268,000

158,817

6.

Great Mall

CA

Milpitas (San Jose)

100.0%

​

1,368,857

(2)

​

​

​

​

​

7.

Gurnee Mills

IL

Gurnee (Chicago)

100.0%

​

1,802,880

10/01/26

​

3.99%

Fixed

257,710

257,710

8.

Katy Mills

TX

Katy (Houston)

62.5%

(7)

1,768,772

12/06/22

​

3.49%

Fixed

140,000

87,500

9.

Mills at Jersey Gardens, The

NJ

Elizabeth

100.0%

​

1,296,344

(2)

​

​

​

​

​

10.

Ontario Mills

CA

Ontario (Riverside)

50.0%

​

1,421,855

(2)

​

​

​

​

​

11.

Opry Mills

TN

Nashville

100.0%

​

1,167,986

07/01/26

​

4.09%

Fixed

375,000

375,000

12.

Outlets at Orange, The

CA

Orange (Los Angeles)

100.0%

​

866,975

04/01/24

​

4.22%

Fixed

215,000

215,000

13.

Potomac Mills

VA

Woodbridge (Washington, DC)

100.0%

​

1,555,876

11/01/26

​

3.46%

Fixed

416,000

416,000

14.

Sawgrass Mills

FL

Sunrise (Miami)

100.0%

​

2,327,571

(2)

​

​

​

​

​

​

Total The Mills Square Footage

​

​

​

21,263,530

​

​

​

​

​

​

​

Other Properties

​

​

​

​

​

​

​

Calhoun Outlet Marketplace, Crystal Mall, Dover Mall, Emerald Square, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Osage Beach Outlet Marketplace, Philadelphia Mills, Southridge Mall, Square One Mall, Solomon Pond Mall, Sugarloaf Mills, The Avenues, The Mall at Tuttle Crossing

​

​

​

(7)(8)(10)

​

​

1,196,140

553,735

​

Total Other Properties Square Footage

​

​

12,206,463

​

​

​

​

​

​

​

TOTAL U.S. SQUARE FOOTAGE (11)(12)

​

​

175,197,525

​

​

​

​

​

​

 1Q 2022 SUPPLEMENTAL 35 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​						DEBT INFORMATION
​	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL OWNERSHIP	TOTAL SQUARE FEET	MATURITY DATE	​	INTEREST RATE(1)	TYPE	INDEBTEDNESS ($ in 000’s)
​										TOTAL	OUR SHARE
​	International Properties	​	​			​	​		​
​	AUSTRIA	​	​	​	​	​	​	​	​	​	​
1.	Parndorf Designer Outlet Phases 3 & 4	Vienna		90.0%	118,000	07/04/29	(13)	2.00%	Fixed	203,568	183,211
​	Austria Square Footage	​	​	​	118,000	​	​	​	​	​	​
​	CANADA	​	​	​	​	​	​	​	​	​	​
2.	Premium Outlet Collection Edmonton IA	Edmonton (Alberta)		50.0%	422,600	11/30/23	(14)	2.26%	Variable	109,132	54,566
3.	Premium Outlets Montréal	Montréal (Quebec)		50.0%	367,400	06/01/24	(14)	3.08%	Fixed	95,954	47,977
4.	Toronto Premium Outlets	Toronto (Ontario)		50.0%	504,900	(2)	​	​	​	​	​
5.	Vancouver Designer Outlet	Vancouver (British Columbia)		45.0%	326,000	04/19/22	(5)(14)	2.51%	Variable	129,063	58,078
​	Canada Square Footage	​	​	​	1,620,900	​	​	​	​	​	​
​	FRANCE	​	​	​	​	​	​	​	​	​	​
6.	Provence Designer Outlet	Miramas		90.0%	269,000	07/27/22	(5)(13)	1.60%	Variable	91,031	81,927
​	France Square Footage	​	​	​	269,000	​	​	​	​	​	​
​	GERMANY	​	​	​	​	​	​	​	​	​	​
7.	Ochtrup Designer Outlet	Ochtrup		70.5%	191,500	06/30/26	(13)	2.10%	Fixed	55,574	39,180
​	Germany Square Footage	​	​	​	191,500	​	​	​	​	​	​
​	ITALY	​	​	​	​	​	​	​	​	​	​
8.	La Reggia Designer Outlet	Marcianise (Naples)		90.0%	344,000	03/27/27	(13)	2.50%	Variable	177,837	160,054
9.	Noventa Di Piave Designer Outlet	Venice		90.0%	353,000	07/25/25	(13)	1.90%	Fixed	308,540	277,686
​	Italy Square Footage	​	​	​	697,000	​	​	​	​	​	​
​	JAPAN	​	​	​	​	​	​	​	​	​	​
10.	Ami Premium Outlets	Ami (Tokyo)		40.0%	315,000	09/25/23	(15)	2.22%	Fixed	10,548	4,219
11.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0%	659,500	04/08/27	(15)	0.16%	Variable	106,706	42,682
12.	Kobe-Sanda Premium Outlets	Kobe (Osaka)		40.0%	441,000	01/31/23	(15)	0.34%	Variable	7,387	2,955
13.	Rinku Premium Outlets	Izumisano (Osaka)		40.0%	512,500	07/31/22	(15)	0.34%	Variable	8,209	3,283
​	​	​	​	​	​	07/31/27	(15)	0.30%	Fixed	48,428	19,371
14.	Sano Premium Outlets	Sano (Tokyo)		40.0%	390,800	02/28/25	(15)	0.28%	Fixed	37,347	14,939
15.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)		40.0%	164,200	(2)	​	​	​	​	​
16.	Shisui Premium Outlets	Shisui (Chiba)		40.0%	434,600	05/31/23	(15)	0.32%	Variable	22,983	9,193
​	​	​	​	​	​	11/30/23	(15)	0.32%	Variable	21,342	8,537
​	​	​	​	​	​	04/08/25	(15)	0.35%	Fixed	41,040	16,416
17.	Toki Premium Outlets	Toki (Nagoya)		40.0%	367,700	11/30/24	(15)	0.29%	Variable	2,873	1,149
​	​	​	​	​	​	11/30/24	(15)	0.21%	Fixed	21,752	8,701
18.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0%	328,400	10/31/26	(15)	0.20%	Variable	50,891	20,356
​	Japan Square Footage	​	​	​	3,613,700	​	​	​	​	​	​

 1Q 2022 SUPPLEMENTAL 36 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​						DEBT INFORMATION
​	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL OWNERSHIP	TOTAL SQUARE FEET	MATURITY DATE	​	INTEREST RATE(1)	TYPE	INDEBTEDNESS ($ in 000’s)
​										TOTAL	OUR SHARE
​	KOREA	​	​	​	​	​	​	​	​	​	​
19.	Busan Premium Outlets	Busan		50.0%	360,200	03/15/25	(16)	3.11%	Fixed	89,860	44,930
20.	Jeju Premium Outlets	Jeju Province		50.0%	92,000	(2)	​	​	​	​	​
21.	Paju Premium Outlets	Paju (Seoul)		50.0%	558,900	03/15/25	(16)	3.06%	Fixed	50,289	25,145
22.	Siheung Premium Outlets	Siheung (Seoul)		50.0%	444,400	03/15/24	(16)	2.51%	Fixed	123,662	61,831
23.	Yeoju Premium Outlets	Yeoju (Seoul)		50.0%	551,600	09/28/24	(16)	2.95%	Fixed	55,234	27,617
​	South Korea Square Footage	​	​	​	2,007,100	​	​	​	​	​	​
​	MALAYSIA	​	​	​	​	​	​	​	​	​	​
24.	Genting Highlands Premium Outlets	Pahang (Kuala Lumpur)		50.0%	277,500	02/14/24	(17)	3.99%	Variable	18,891	9,445
25.	Johor Premium Outlets	Johor (Singapore)		50.0%	309,400	(2)	​	​	​	​	​
​	Malaysia Square Footage	​	​	​	586,900	​	​	​	​	​	​
​	MEXICO	​	​	​	​	​	​	​	​	​	​
26.	Premium Outlets Punta Norte	Mexico City		50.0%	333,000	(2)	​	​	​	​	​
27.	Premium Outlets Querétaro	Querétaro		50.0%	274,800	12/20/33	(18)	10.78%	Fixed	21,651	10,826
​	​	​	​	​	​	06/20/23	(18)	9.87%	Variable	2,883	1,442
​	Mexico Square Footage	​	​	​	607,800	​	​	​	​	​	​
​	NETHERLANDS	​	​	​	​	​	​	​	​	​	​
28.	Roermond Designer Outlet Phases 2, 3 & 4	Roermond		(19)	298,000	05/31/22	(13)	1.78%	Fixed	255,641	230,077
​	​	​	​	​	​	08/18/25	(13)	1.95%	Variable	186,729	88,253
29.	Roosendaal Designer Outlet	Roosendaal		94.0%	247,500	02/25/24	(5)(13)	1.75%	Variable	63,353	59,552
​	Netherlands Square Footage	​	​	​	545,500	​	​	​	​	​	​
​	SPAIN	​	​	​	​	​	​	​	​	​	​
30.	Malaga Designer Outlet	Malaga		46.1%	191,000	02/09/23	(13)	2.75%	Variable	66,113	30,485
​	Spain Square Footage	​	​	​	191,000	​	​	​	​	​	​
​	THAILAND	​	​	​	​	​	​	​	​	​	​
31.	Siam Premium Outlets Bangkok	Bangkok		50.0%	264,000	06/05/31	(20)	3.95%	Fixed	73,203	36,601
​	Thailand Square Footage	​	​	​	264,000	​	​	​	​	​	​
​	UNITED KINGDOM	​	​	​	​	​	​	​	​	​	​
32.	Ashford Designer Outlet	Kent		45.0%	281,000	05/01/22	(21)	3.08%	Fixed	131,335	59,104
33.	West Midlands Designer Outlet	Staffordshire		23.2%	197,000	02/27/23	(21)	4.69%	Variable	80,091	18,613
​	United Kingdom Square Footage	​	​	​	478,000	​	​	​	​	​	​
​	TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)		​		11,190,400	​	​	​	​	​	​
​	TOTAL SQUARE FOOTAGE	​	​		186,387,925	​	​	​	​	​	​

 1Q 2022 SUPPLEMENTAL 37 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

​						DEBT INFORMATION
​	PROPERTY NAME	STATE    CITY (CBSA)		TRG OWNERSHIP	TOTAL SQUARE FEET	MATURITY DATE	​	INTEREST RATE(1)	TYPE	INDEBTEDNESS ($ in 000’s)
​										TOTAL	TRG SHARE
​	Taubman Realty Group	​	​			​	​		​
1.	Beverly Center	CA	Los Angeles	100.0%	779,000	(2)	​	​	​	​	​
2.	Cherry Creek Shopping Center	CO	Denver	50.0%	1,037,000	06/01/28	​	3.85%	Fixed	550,000	275,000
3.	City Creek Center	UT	Salt Lake City	100.0%	623,000	08/01/23	​	4.37%	Fixed	71,405	71,405
4.	Country Club Plaza	MO	Kansas City	50.0%	965,000	04/01/26	​	3.85%	Fixed	303,018	151,509
5.	Dolphin Mall	FL	Miami	100.0%	1,436,000	(2)	​	​	​	​	​
6.	Fair Oaks Mall	VA	Fairfax	50.0%	1,559,000	05/10/23	​	5.32%	Fixed	246,279	123,140
7.	Gardens Mall, The	FL	Palm Beach Gardens	48.5%	1,383,000	07/15/25	​	4.16%	Fixed	193,893	94,038
8.	Gardens on El Paseo, The	CA	Palm Desert	100.0%	237,000	(2)	​	​	​	​	​
9.	Great Lakes Crossing Outlets	MI	Auburn Hills	100.0%	1,356,000	01/06/23	​	3.60%	Fixed	181,824	181,824
10.	International Market Place	HI	Waikiki, Honolulu	93.5%	340,000	08/09/24	(5)	2.61%	Variable	175,000	163,625
11.	International Plaza	FL	Tampa	50.1%	1,178,000	10/09/26	​	2.15%	Variable	477,000	238,977
12.	Mall at Green Hills, The	TN	Nashville	100.0%	1,034,000	01/01/27	​	2.77%	Variable	150,000	150,000
13.	Mall at Millenia, The	FL	Orlando	50.0%	1,114,000	10/15/24	​	3.94%	Fixed	450,000	225,000
14.	Mall at Short Hills, The	NJ	Short Hills	100.0%	1,408,000	10/01/27	​	3.48%	Fixed	1,000,000	1,000,000
15.	Mall at University Town Center, The	FL	Sarasota	50.0%	866,000	11/01/26	​	3.40%	Fixed	280,000	140,000
16.	Mall of San Juan, The	PR	San Juan	95.0%	626,000	(2)	​	​	​	​	​
17.	Sunvalley Shopping Center	CA	Concord	50.0%	1,324,000	09/01/22	​	4.44%	Fixed	155,918	77,959
18.	Twelve Oaks Mall	MI	Novi	100.0%	1,522,000	03/06/28	​	4.85%	Fixed	281,849	281,849
19.	Waterside Shops	FL	Naples	50.0%	336,000	04/15/26	​	3.86%	Fixed	162,527	81,264
20.	Westfarms	CT	West Hartford	78.9%	1,266,000	07/01/22	​	4.50%	Fixed	259,551	204,890
21.	CityOn.Xian	Xi’an, China		25.0%	995,000	03/14/29	(23)	6.00%	Fixed	159,999	40,000
22.	CityOn.Zhengzhou	Zhengzhou, China		24.5%	919,000	03/22/32	(23)	5.60%	Fixed	170,524	41,778
23.	Starfield Anseong	Anseong, South Korea		49.0%	1,068,000	02/27/25	(24)	2.17%	Fixed	250,044	122,521
24.	Starfield Hanam	Hanam, South Korea		17.2%	1,709,000	10/26/25	(24)	2.38%	Fixed	500,088	85,765
​	Total Taubman Realty Group Square Footage		​		25,080,000	​	​	​	​	​	​
​	TOTAL TRG SECURED INDEBTEDNESS					​	​		​		$3,750,544
​	TRG – Corporate & Other	​	​	​	​	​	​	​	​	​	​
​	TRG – $1.1B Revolving Credit Facility	​	​	100.0%	​	02/01/25	​	1.82%	Variable	865,000	865,000
​	TRG Term Loan	​	​	100.0%	​	03/31/23	​	4.92%	Fixed	247,720	247,720
​	TRG Term Loan	​	​	100.0%	​	02/01/25	​	2.02%	Fixed	272,495	272,495
​	TRG U.S. Headquarters	​	​	100.0%	​	03/01/24	​	3.49%	Fixed	12,000	12,000
​	Other	​	​	50.0%	​	11/01/22	​	3.84%	Fixed	19,404	9,702
​	TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS					​	​		​		$1,406,917
​	Less: TRG Total Cash	​	​	​	​	​	​	​	​	​	420,562
​	TOTAL TRG NET CORPORATE DEBT					​	​		​		$  986,355

 1Q 2022 SUPPLEMENTAL 38 

PROPERTY AND DEBT INFORMATION

As of March 31, 2022

FOOTNOTES:

(1)

Variable rate debt interest rates are based on the following base rates as of March 31, 2022:  1M LIBOR at 0.452%; 1M EUR LIBOR at -0.532%; Overnight SOFR 0.29%; CME Term SOFR 0.3024%; 3M EURIBOR at -0.458%; 6M EURIBOR at -0.367%; 3M GBP LIBOR at 1.0354%; 1M YEN TIBOR at 0.085%; 6M YEN TIBOR at .14%; 1M YEN LIBOR at -0.06%; 1M CDOR at .96%; and Cost of Funds Rate at 3.52%.

(2)

Unencumbered asset.

(3)

This property is managed by a third party.

(4)

The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(5)

Includes applicable extensions available at our option.

(6)

The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(7)

The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.

(8)

Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.

(9)

These two properties are secured by cross-collateralized and cross-defaulted mortgages.

(10)

Consists of 13 encumbered properties with interest rates ranging from 3.56% to 9.35% and maturities between 2022 and 2027, of which two properties are held within TMLP.

(11)

Does not include any other spaces in joint ventures which are not listed above.

(12)

GLA includes office space.

(13)

Amount shown in USD equivalent; EUR equivalent is 1.3 billion.

(14)

Amount shown in USD equivalent; CAD equivalent is 417.9 million.

(15)

Amounts shown in USD equivalent; JPY equivalent is 46.2 billion.

(16)

Amounts shown in USD equivalent; KRW equivalent is 387.0 billion.

(17)

Amounts shown in USD equivalent; MYR equivalent is 79.4 million.

(18)

Amounts shown in USD equivalent; MXN equivalent is 487.9 million.

(19)

The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.

(20)

Amounts shown in USD equivalent; THB equivalent is 2.4 billion.

(21)

Amount shown in USD equivalent; GBP equivalent is 161.0 million.

(22)

Does not include Klépierre.

(23)

Amounts shown in USD equivalent; CNY equivalent is 2.1 billion.

(24)

Amounts shown in USD equivalent; KRW equivalent is 909.9 billion.

(25)

Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.

 1Q 2022 SUPPLEMENTAL 39 

NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)

​

For the Three Months Ended March 31, 2022

For the Three Months Ended March 31, 2021

​

Noncontrolling Interests (1)

Our Share of Joint Ventures

Noncontrolling Interests (1)

Our Share of Joint Ventures

REVENUE:

​

​

​

​

Lease income

​

$

(11,364)

​

​

334,812

​

$

(8,138)

​

​

303,249

Management fees and other revenues

​

​

—

​

​

—

​

​

—

​

​

—

Other income

​

​

(367)

​

​

55,239

​

​

(310)

​

​

33,846

Total revenue

​

​

(11,731)

​

​

390,051

​

​

(8,448)

​

​

337,095

EXPENSES:

​

​

​

​

Property operating

​

​

(2,265)

​

​

66,751

​

​

(1,643)

​

​

58,728

Depreciation and amortization

​

​

(3,945)

​

​

94,983

​

​

(4,155)

​

​

98,441

Real estate taxes

​

​

(384)

​

​

29,111

​

​

(524)

​

​

31,565

Repairs and maintenance

​

​

(231)

​

​

10,062

​

​

(394)

​

​

8,782

Advertising and promotion

​

​

(1,187)

​

​

8,968

​

​

(614)

​

​

9,094

Home and regional office costs

​

​

—

​

​

—

​

​

—

​

​

—

General and administrative

​

​

—

​

​

—

​

​

—

​

​

—

Other

​

​

(3,620)

​

​

22,813

​

​

(659)

​

​

14,792

Total operating expenses

​

​

(11,632)

​

​

232,688

​

​

(7,989)

​

​

221,402

OPERATING INCOME BEFORE OTHER ITEMS

​

​

(99)

​

​

157,363

​

​

(459)

​

​

115,693

Interest expense

​

​

1,429

​

​

(66,632)

​

​

1,832

​

​

(67,433)

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

—

​

​

—

Gain on exchange of equity interests

​

​

—

​

​

—

​

​

—

​

​

—

Income and other tax benefit

​

​

—

​

​

—

​

​

—

​

​

—

Income from unconsolidated entities

​

​

(334)

​

​

(90,731)(2)

​

​

136

​

​

(48,260)(2)

Unrealized (losses) in fair value of equity instruments

​

​

—

​

​

—

​

​

—

​

​

—

Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

​

​

—

​

​

—

​

​

(571)

​

​

—

Consolidated income from continuing operations

​

​

996

​

​

—

​

​

938

​

​

—

CONSOLIDATED NET INCOME

​

​

996

​

​

—

​

​

938

​

​

—

Net income attributable to noncontrolling interests

​

​

996

​

​

—(3)

​

​

938

​

​

—(3)

Preferred dividends

​

​

—

​

​

—

​

​

—

​

​

—

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

​

$

—

​

$

—

​

$

—

​

$

—

(1)

Represents our venture partners’ share of operations from consolidated properties.

(2)

Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, TRG, RGG, SPARC, ABG and JCP.

(3)

Represents limited partners’ interest in the Operating Partnership.

 1Q 2022 SUPPLEMENTAL 40 

NON-GAAP PRO-RATA FINANCIAL INFORMATION

(In thousands)

​

As of March 31, 2022

As of March 31, 2021

​

Noncontrolling Interests

Our Share of Joint Ventures

Noncontrolling Interests

Our Share of Joint Ventures

ASSETS:

​

​

​

​

Investment properties, at cost

​

$

(496,075)

​

$

10,373,170

​

$

(452,921)

​

$

10,499,962

Less – accumulated depreciation

​

​

(107,509)

​

​

3,841,754

​

​

(110,975)

​

​

3,668,458

​

​

​

(388,566)

​

​

6,531,416

​

​

(341,946)

​

​

6,831,504

Cash and cash equivalents

​

​

(29,079)

​

​

652,787

​

​

(18,031)

​

​

646,056

Tenant receivables and accrued revenue, net

​

​

(6,131)

​

​

245,281

​

​

(7,368)

​

​

289,870

Investment in TRG, at equity

​

​

—

​

​

—

​

​

—

​

​

—

Investment in Klépierre, at equity

​

​

—

​

​

—

​

​

—

​

​

—

Investment in unconsolidated entities, at equity

​

​

(10,823)

​

​

(3,116,074)

​

​

(12,786)

​

​

(2,504,709)

Right-of-use assets, net

​

​

(877)

​

​

72,165

​

​

(885)

​

​

75,339

Investments held in trust – special purpose acquisition company

​

​

(345,000)

​

​

—

​

​

(345,000)

​

​

—

Deferred costs and other assets

​

​

(28,710)

​

​

1,529,788

​

​

(39,582)

​

​

892,403

Total assets

​

$

(809,186)

​

$

5,915,363

​

$

(765,598)

​

$

6,230,463

LIABILITIES:

​

​

​

​

Mortgages and unsecured indebtedness

​

$

(173,034)

​

$

6,988,312

​

$

(189,023)

​

$

7,093,937

Accounts payable, accrued expenses, intangibles, and deferred revenues

​

​

(30,857)

​

​

381,819

​

​

(30,213)

​

​

423,375

Cash distributions and losses in unconsolidated entities, at equity

​

​

—

​

​

(1,749,692)

​

​

—

​

​

(1,565,394)

Dividend payable

​

​

—

​

​

—

​

​

—

​

​

—

Lease liabilities

​

​

(877)

​

​

66,027

​

​

(885)

​

​

77,008

Other liabilities

​

​

(57,458)

​

​

228,897

​

​

(43,026)

​

​

201,537

Total liabilities

​

​

(262,226)

​

​

5,915,363

​

​

(263,147)

​

​

6,230,463

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

Limited partners’ preferred interest in the Operating Partnership

​

​

(532,768)

​

​

—

​

​

(486,161)

​

​

—

EQUITY:

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ equity

​

​

​

​

​

​

​

​

​

​

​

​

Capital stock

​

​

​

​

​

​

​

​

​

​

​

​

Series J 8 3∕8% cumulative redeemable preferred stock

​

​

—

​

​

—

​

​

—

​

​

—

Common stock, $.0001 par value

​

​

—

​

​

—

​

​

—

​

​

—

Class B common stock, $.0001 par value

​

​

—

​

​

—

​

​

—

​

​

—

Capital in excess of par value

​

​

—

​

​

—

​

​

—

​

​

—

Accumulated deficit

​

​

—

​

​

—

​

​

—

​

​

—

Accumulated other comprehensive loss

​

​

—

​

​

—

​

​

—

​

​

—

Common stock held in treasury at cost

​

​

—

​

​

—

​

​

—

​

​

—

Total stockholders’ equity

​

​

—

​

​

—

​

​

—

​

​

—

Noncontrolling interests

​

​

(14,192)

​

​

—

​

​

(16,290)

​

​

—

Total equity

​

​

(14,192)

​

​

—

​

​

(16,290)

​

​

—

Total liabilities and equity

​

$

(809,186)

​

$

5,915,363

​

$

(765,598)

​

$

6,230,463

 1Q 2022 SUPPLEMENTAL 41 

XML

Cover	May 09, 2022
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 09, 2022
Entity File Number	001-14469
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Entity Tax Identification Number	04-6268599
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 WEST WASHINGTON STREET
Entity Address, City or Town	INDIANAPOLIS
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636.1600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Series J Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	8⅜% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	SPGJ
Security Exchange Name	NYSE