8-K - SPG - Equibles

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): August 10, 2020

SIMON

PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-14469	04-6268599
(State<br> or other jurisdiction	(Commission	(IRS<br> Employer
of<br> incorporation)	File<br> Number)	Identification<br> No.)
225 WEST WASHINGTON STREET<br><br> <br>INDIANAPOLIS, Indiana	46204
---	---
(Address<br> of principal executive offices)	(Zip<br> 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<br>the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under<br>the Exchange Act (17 CFR 240.14a-12)
---	---
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under<br>the Exchange Act (17 CFR 240.14d-2(b))
---	---
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under<br>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. ¨

Securitiesregistered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Common<br> stock, $0.0001 par value	SPG	New York Stock Exchange
8^3/8^%<br> Series J Cumulative Redeemable Preferred Stock, $0.0001 par value	SPGJ	New York Stock Exchange

Page 1

Item 2.02.	Results of Operations and Financial Condition

On August 10, 2020, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter and six months ended June 30, 2020 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 and six months ended June 30, 2020.

Item 9.01.	Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit<br> No.	Description
99.1	Earnings Release dated<br> August 10, 2020 and supplemental information
104	The cover page from this<br> 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, funds available for distribution, net operating income (“NOI”), portfolio NOI, and comparable property 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: August 10, 2020

SIMON

PROPERTY GROUP, INC.

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

Page 3

QuickLinks -- Click here to rapidly navigate through this document

**** TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATIONFOR THE QUARTER ENDED JUNE 30, 2020		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		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 and Capitalized Interest		19
Operational Data
U.S. Malls and Premium Outlets Operating Information		20
The Mills and International Operating Information		21
U.S. Malls and Premium Outlets Lease Expirations		22
U.S. Malls and Premium Outlets Top Tenants		23
Development Activity
Capital Expenditures		24
Development Activity Summary		25
Balance Sheet Information
Common and Preferred Stock Information		26
Changes in Common Share and Limited Partnership Unit Ownership		26
Preferred Stock/Units Outstanding		26
Credit Profile		27
Summary of Indebtedness		28
Total Debt Amortization and Maturities by Year (Our Share)		29
Property and Debt Information		30-39
Other
Non-GAAP Pro-Rata Financial Information		40-43

(1)
- Includes reconciliation of consolidated net income to funds from operations.

2Q 2020 SUPPLEMENTAL	1

EARNINGS RELEASE

Contacts:
Tom Ward	317-685-7330 Investors
Ali Slocum	317-264-3079 Media

SIMON PROPERTY GROUP REPORTS SECOND QUARTER 2020 RESULTS

INDIANAPOLIS, August 10, 2020 = 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 June 30, 2020.

"We continue to navigate through the challenging times presented by the pandemic with a commitment to the safety of our employees, shoppers, retailers and the communities we serve," said David Simon, Chairman, Chief Executive Officer and President. "Despite losing nearly 10,500 shopping days in our U.S. portfolio in the second quarter, we produced solid profitability and positive cash flow from operations. We have generally been encouraged by the shopper response, particularly in certain locations, after re-opening. These trends reinforce that our portfolio is an attractive destination for consumers. We remain committed to supporting our thousands of local and regional small businesses and restaurant entrepreneurs by granting rent abatements for the period they were closed. Our Company is well-positioned through a combination of deep brand relationships, the best portfolio with a strong mix of geographic locations and product types and a strong balance sheet, to continue our leadership position in the retail real estate industry."

Results for the Quarter

•
- Net income attributable to common stockholders was $254.2 million, or $0.83 per diluted share, as compared to $495.3 million, or $1.60 per diluted share in 2019.
•
- Funds From Operations ("FFO") was $746.5 million, or $2.12 per diluted share, as compared to $1.064 billion, or $2.99 per diluted share, in the prior year period. The Company's domestic and international operations were negatively impacted by approximately $1.13 per diluted share primarily due to reduced lease income and ancillary property revenues as a result of the COVID-19 pandemic, partially offset by approximately $0.36 per diluted share from cost reduction initiatives.
•
- Comparable property Net Operating Income ("NOI") for the three months ended June 30, 2020 declined 18.5% and portfolio NOI declined 21.0%.

Results for the Six Months

•
- Net income attributable to common stockholders was $691.8 million, or $2.26 per diluted share, as compared to $1.044 billion, or $3.38 per diluted share in 2019. Results for the six months ended 2019 included a combined $83.6 million, or $0.24 per diluted share, of proceeds from an insurance settlement and a gain on the sale of our interest in a multi-family residential property.

2Q 2020 SUPPLEMENTAL	2

EARNINGS RELEASE

•
- FFO was $1.727 billion, or $4.90 per diluted share, as compared to $2.146 billion, or $6.04 per diluted share, in the prior year period. FFO for the six months ended June 30, 2020 declined $0.79 per diluted share due to $0.02 per diluted share in the first quarter and $0.77 per diluted share negative impact in the second quarter to the Company's domestic and international operations as a result of the COVID-19 pandemic. The six months ended 2019 also included the $0.24 per diluted share noted above.
•
- Comparable property NOI for the six months ended June 30, 2020 declined 9.3% and portfolio NOI declined 10.7%.

U.S. Malls and Premium Outlets Operating Statistics

•
- Occupancy was 92.9% at June 30, 2020.
•
- Base minimum rent per square foot was $56.02 at June 30, 2020, an increase of 2.8% year-over-year.
•
- Leasing spread per square foot for the trailing 12 months ended June 30, 2020 was flat.

COVID-19 Business Update

On March 18, 2020, after extensive discussions with federal, state and local officials and in recognition of the need to address the spread of COVID-19, the Company closed all of its retail properties in the United States. Our properties reopened, when permitted to do so under applicable governmental orders, beginning May 1. All of the Company's retail properties were reopened as of July 10. Seven retail properties in California were subsequently closed on July 15, and remain closed, due to a new restrictive governmental order. The Company's retail properties were closed, in aggregate, for approximately 10,500 shopping days during the second quarter.

As of August 7, 91% of the tenants across the Company's U.S. retail properties were open and operating. More than half of the remaining unopened tenants are closed because of restrictive governmental orders limiting or prohibiting their operations.

The Company has collected from its U.S. retail portfolio, including some level of rent deferrals, approximately 51% of its contractual rent billed for April and May combined, approximately 69% for June and approximately 73% for July with only de minimis deferrals. These percentages have not been adjusted for any rent abatements granted.

Development Activity

On June 19, 2020, Siam Premium Outlets Bangkok (Bangkok, Thailand) opened with 264,000 square feet of high-quality, name brand stores. Siam Premium Outlets Bangkok is the first Premium Outlet® Center in Thailand. Simon owns a 50% interest in this center.

During the quarter, the 178,000 square-foot phase IV expansion of Gotemba Premium Outlets (Gotemba City, (Tokyo) Japan) opened adding enhanced amenities, elevated food offerings and more than 80 new, exciting brands, including many opening their first outlet store in Japan. Simon owns 40% of this center.

Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Simon's share of the remaining required cash funding for these projects, that are currently scheduled to be completed in 2020 or 2021, is approximately $140 million.

2Q 2020 SUPPLEMENTAL	3

EARNINGS RELEASE

Capital Markets and Balance Sheet Liquidity

As of June 30, 2020, Simon had approximately $8.5 billion of liquidity consisting of $3.6 billion of cash on hand, including its share of joint venture cash, and $4.9 billion of available capacity under its revolving credit facilities and term loan, net of $702 million outstanding under its U.S. commercial paper program.

Subsequent to the end of the quarter, the Company completed a three tranche senior notes offering totaling $2.0 billion. Two tranches totaling $1.5 billion were new issues of senior notes with a weighted average term of 20 years and a weighted average coupon rate of 3.23%. The third tranche of $500 million was issued as additional notes under an indenture pursuant to which Simon Property Group, L.P. previously issued 3.50% notes due September 2025.

In July, the Company used a combination of proceeds from the offering and cash on hand to repay $2.5 billion outstanding under its Credit Facilities.

Dividends

The Company paid its second quarter 2020 common stock dividend of $1.30 per share, in cash, on July 24, 2020. Simon's Board of Directors will declare a common stock dividend for the third quarter on or before September 30, 2020. The Company expects to pay at least $6.00 per share in common stock dividends for 2020, in cash, subject to the Board of Directors' approval.

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 September 30, 2020 to shareholders of record on September 16, 2020.

Conference Call

Simon will hold a conference call to discuss the quarterly financial results today at 5:00 p.m. Eastern Time, Monday, August 10, 2020. 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 August 17, 2020. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 2558073.

Supplemental Materials and Website

Supplemental information on our second quarter 2020 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.

2Q 2020 SUPPLEMENTAL	4

EARNINGS RELEASE

Non-GAAP Financial Measures

This press release includes FFO, FFO per share, comparable property Net Operating Income growth 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 comparable property 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.

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 tenants' businesses, 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; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; changes in economic and market conditions that may adversely affect the general retail environment; the intensely competitive market environment in the retail industry; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; decreases in market rental rates; the impact of our substantial indebtedness on our future operations; 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 and foreign exchange rates for foreign currencies; general risks related to real estate investments, including the illiquidity of real estate investments; security breaches that could compromise our information technology or infrastructure; risks relating to our joint venture properties; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; changes in insurance costs; the availability of comprehensive insurance coverage; natural disasters; the potential for terrorist activities; environmental liabilities; the loss of key management personnel; and the transition of LIBOR to an alternative reference rate. 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.

2Q 2020 SUPPLEMENTAL	5

EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)

		For the Three MonthsEnded June 30,				For the Six MonthsEnded June 30,
		2020		2019		2020		2019
REVENUE:
Lease income		$	1,013,510	$	1,298,567	$	2,275,742	$	2,578,623
Management fees and other revenues			21,035		28,248		50,201		55,792
Other income			27,496		70,371		89,458		215,604
		****				****
Total revenue			1,062,041		1,397,186		2,415,401		2,850,019
		****				****
EXPENSES:
Property operating			70,620		106,119		176,243		217,669
Depreciation and amortization			324,140		352,606		652,402		681,249
Real estate taxes			117,221		115,914		234,764		231,372
Repairs and maintenance			14,080		21,850		38,511		49,772
Advertising and promotion			12,689		35,420		46,216		72,545
Home and regional office costs			36,090		46,467		90,460		99,027
General and administrative			7,296		10,359		14,190		19,496
Other			29,037		27,820		56,878		53,236
		****				****
Total operating expenses			611,173		716,555		1,309,664		1,424,366
		****				****
OPERATING INCOME BEFORE OTHER ITEMS			450,868		680,631		1,105,737		1,425,653
Interest expense			(197,061)		(198,425)		(384,688)		(397,160)
Income and other tax benefit (expense)			62		(7,010)		5,845		(17,112)
Income from unconsolidated entities			44,322		106,542		94,787		196,986
Unrealized gains (losses) in fair value of equity instruments			202		(12,317)		(18,846)		(7,000)
(Loss) gain on sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net			(7,845)		2,681		(6,883)		2,681
		****				****
CONSOLIDATED NET INCOME			290,548		572,102		795,952		1,204,048
Net income attributable to noncontrolling interests			35,501		75,944		102,465		158,580
Preferred dividends			834		834		1,669		1,669
		****				****
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	254,213	$	495,324	$	691,818	$	1,043,799
		****				****
		****				****
		****				****
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders		$	0.83	$	1.60	$	2.26	$	3.38
		****				****
		****				****
		****				****
2Q 2020 SUPPLEMENTAL	6
---	---

**** EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)

	June 30,2020		December 31,2019
ASSETS:
Investment properties, at cost	$	37,972,093	$	37,804,495
Less — accumulated depreciation		14,389,809		13,905,776
	****
		23,582,284		23,898,719
Cash and cash equivalents		3,306,100		669,373
Tenant receivables and accrued revenue, net		1,457,695		832,151
Investment in unconsolidated entities, at equity		2,385,946		2,371,053
Investment in Klépierre, at equity		1,644,020		1,731,649
Right-of-use assets, net		517,061		514,660
Deferred costs and other assets		1,133,064		1,214,025
	****
Total assets	$	34,026,170	$	31,231,630
	****
	****
	****
LIABILITIES:
Mortgages and unsecured indebtedness	$	27,268,883	$	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,216,831		1,390,682
Cash distributions and losses in unconsolidated entities, at equity		1,576,679		1,566,294
Dividend payable		458,150		—
Lease liabilities		519,416		516,809
Other liabilities		463,380		464,304
	****
Total liabilities		31,503,339		28,101,319
	****
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		187,392		219,061
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<br>preferred stock):
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and<br>outstanding with a liquidation value of 39,847		42,256		42,420
Common stock, 0.0001 par value, 511,990,000 shares authorized, 320,555,104 and 320,435,256 issued and outstanding, respectively		32		32
Class B common stock, 0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		—		—
Capital in excess of par value		9,763,059		9,756,073
Accumulated deficit		(5,703,183)		(5,379,952)
Accumulated other comprehensive loss		(155,126)		(118,604)
Common stock held in treasury, at cost, 14,667,884 and 13,574,296 shares, respectively		(1,917,698)		(1,773,571)
	****
Total stockholders' equity		2,029,340		2,526,398
Noncontrolling interests		306,099		384,852
	****
Total equity		2,335,439		2,911,250
	****
Total liabilities and equity	$	34,026,170	$	31,231,630
	****
	****
	****

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	7

**** EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands)

	For the Three MonthsEnded June 30,				For the Six MonthsEnded June 30,
	2020		2019		2020		2019
REVENUE:
Lease income	$	574,246	$	760,131	$	1,318,096	$	1,519,110
Other income		46,205		79,389		120,718		155,311
	****				****
Total revenue		620,451		839,520		1,438,814		1,674,421
OPERATING EXPENSES:
Property operating		107,309		140,262		254,339		284,983
Depreciation and amortization		165,511		170,407		336,989		340,664
Real estate taxes		60,634		67,809		129,023		136,526
Repairs and maintenance		13,589		18,832		33,204		41,209
Advertising and promotion		10,016		19,695		32,768		44,021
Other		15,734		47,743		65,964		97,058
	****				****
Total operating expenses		372,793		464,748		852,287		944,461
	****				****
OPERATING INCOME BEFORE OTHER ITEMS		247,658		374,772		586,527		729,960
Interest expense		(152,409)		(157,927)		(309,050)		(313,944)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		—		—		21,587
	****				****
NET INCOME	$	95,249	$	216,845	$	277,477	$	437,603
	****				****
	****				****
	****				****
Third-Party Investors' Share of Net Income	$	53,989	$	110,620	$	146,848	$	223,287
	****				****
	****				****
	****				****
Our Share of Net Income		41,260		106,225		130,629		214,316
Amortization of Excess Investment (A)		(20,761)		(20,774)		(41,601)		(41,567)
Our Share of Gain on Sale or Disposal of Assets and Interests in
Other Income in the Consolidated Financial Statements		—		—		—		(9,155)
	****				****
Income from Unconsolidated Entities (B)	$	20,499	$	85,451	$	89,028	$	163,594
	****				****
	****				****
	****				****

Note:
- The above financial presentation does not include any information related to our investments in Klépierre S.A. ("Klépierre") and HBS Global Properties ("HBS"). For additional information, see footnote B.

2Q 2020 SUPPLEMENTAL	8

**** EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands)

	June 30,2020		December 31,2019
Assets:
Investment properties, at cost	$	19,670,435	$	19,525,665
Less — accumulated depreciation		7,641,911		7,407,627
	****
		12,028,524		12,118,038
Cash and cash equivalents		733,224		1,015,864
Tenant receivables and accrued revenue, net		756,871		510,157
Right-of-use assets, net		180,952		185,302
Deferred costs and other assets		368,254		384,663
	****
Total assets	$	14,067,825	$	14,214,024
	****
	****
	****
Liabilities and Partners' Deficit:		****
Mortgages	$	15,436,464	$	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue		808,425		977,112
Lease liabilities		183,406		186,594
Other liabilities		395,429		338,412
	****
Total liabilities		16,823,724		16,893,899
Preferred units		67,450		67,450
Partners' deficit		(2,823,349)		(2,747,325)
	****
Total liabilities and partners' deficit	$	14,067,825	$	14,214,024
	****
	****
	****
Our Share of:		****
Partners' deficit	$	(1,233,667)	$	(1,196,926)
Add: Excess Investment (A)		1,488,444		1,525,903
	****
Our net Investment in unconsolidated entities, at equity	$	254,777	$	328,977
	****
	****
	****

Note:
- The above financial presentation does not include any information related to our investments in Klépierre and HBS Global Properties. For additional information, see footnote B.

2Q 2020 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 MonthsEnded June 30,				For the Six Months EndedJune 30,
			2020		2019		2020		2019
		Consolidated Net Income (D)	$	290,548	$	572,102	$	795,952	$	1,204,048
		Adjustments to Arrive at FFO:
		Depreciation and amortization from consolidated properties		321,707		350,045		647,745		675,983
		Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS		129,309		139,271		266,017		273,902
		Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		7,845		(2,681)		6,883		(2,681)
		Unrealized (gains) losses in fair value of equity instruments		(202)		12,317		18,846		7,000
		Net loss (gain) attributable to noncontrolling interest holders in properties		3,628		(400)		3,799		518
		Noncontrolling interests portion of depreciation and amortization		(5,048)		(4,935)		(9,511)		(9,818)
		Preferred distributions and dividends		(1,313)		(1,313)		(2,626)		(2,626)
			****				****
		FFO of the Operating Partnership	$	746,474	$	1,064,406	$	1,727,105	$	2,146,326
			****				****
			****				****
			****				****
		Diluted net income per share to diluted FFO per share reconciliation:
		Diluted net income per share	$	0.83	$	1.60	$	2.26	$	3.38
		Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities,<br>including Klépierre and HBS, net of noncontrolling interests portion of depreciation and amortization		1.27		1.37		2.57		2.65
		Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		0.02		(0.01)		0.02		(0.01)
		Unrealized (gains) losses in fair value of equity instruments		—		0.03		0.05		0.02
			****				****
		Diluted FFO per share	$	2.12	$	2.99	$	4.90	$	6.04
			****				****
			****				****
			****				****
<br>		Details for per share calculations:
		FFO of the Operating Partnership	$	746,474	$	1,064,406	$	1,727,105	$	2,146,326
		Diluted FFO allocable to unitholders		(98,537)		(140,077)		(228,166)		(282,396)
			****				****
		Diluted FFO allocable to common stockholders	$	647,937	$	924,329	$	1,498,939	$	1,863,930
			****				****
			****				****
			****				****
		Basic and Diluted weighted average shares outstanding		305,882		308,709		306,193		308,843
		Weighted average limited partnership units outstanding		46,528		46,783		46,608		46,791
			****				****
		Basic and Diluted weighted average shares and units outstanding		352,410		355,492		352,801		355,634
			****				****
			****				****
			****				****
		Basic and Diluted FFO per Share	$	2.12	$	2.99	$	4.90	$	6.04
<br>		Percent Change		–29.1%				–18.9%
2Q 2020 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 and HBS Global Properties. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre and HBS Global Properties. 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 and 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 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:
- - Gains on land sales of $1.1 million and $7.2 million for the three months ended June 30, 2020 and 2019, respectively, and $6.3 million and $11.6 million for the six months ended June 30, 2020 and 2019, respectively.
- - Straight-line adjustments (decreased) increased income by ($2.6) million and $27.2 million for the three months ended June 30, 2020 and 2019, respectively, and $9.4 million and $43.8 million for the six months ended June 30, 2020 and 2019, respectively.
- - Amortization of fair market value of leases from acquisitions increased income by $1.1 million and $1.4 million for the three months ended June 30, 2020 and 2019, respectively, and $2.4 million and $2.7 million for the six months ended June 30, 2020 and 2019, respectively.

2Q 2020 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 June 30, 2020, we owned or had an interest in 235 properties comprising 191 million square feet in North America, Asia and Europe. Additionally, at June 30, 2020, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 15 European countries.

This package was prepared to provide operational and balance sheet information as of June 30, 2020 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 tenants' businesses, 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; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; changes in economic and market conditions that may adversely affect the general retail environment; the intensely competitive market environment in the retail industry; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; decreases in market rental rates; the impact of our substantial indebtedness on our future operations; 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 and foreign exchange rates for foreign currencies; general risks related to real estate investments, including the illiquidity of real estate investments; security breaches that could compromise our information technology or infrastructure; risks relating to our joint venture properties; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; changes in insurance costs; the availability of comprehensive insurance coverage; natural disasters; the potential for terrorist activities; environmental liabilities; the loss of key management personnel; and the transition of LIBOR to an alternative reference rate. 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).

2Q 2020 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	(Negative Outlook)
	Senior Unsecured	A	(Negative Outlook)
	Commercial Paper	A1	(Negative Outlook)
	Preferred Stock	BBB+	(Negative Outlook)
	Moody's
	Senior Unsecured	A2	(Negative Outlook)
	Commercial Paper	P1	(Negative Outlook)
	Preferred Stock	A3	(Negative Outlook)

SENIOR UNSECURED DEBT COVENANTS ^(1)^

	Required	Actual	Compliance

Total Debt to Total Assets ^(1)^	65%	44%	Yes
Total Secured Debt to Total Assets ^(1)^	50%	19%	Yes
Fixed Charge Coverage Ratio	>1.5X	4.8X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	244%	Yes

All values are in British Pounds.

(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.

2Q 2020 SUPPLEMENTAL	13

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

			THREE MONTHS ENDEDJUNE 30,						** SIX MONTHS ENDEDJUNE 30,**
****				****						****
****			** 2020**	****		** 2019**			** 2020**	****		** 2019**
** Financial Highlights**
Total Revenue – Consolidated Properties		$	1,062,041		$	1,397,186		$	2,415,401		$	2,850,019
Consolidated Net Income		$	290,548		$	572,102		$	795,952		$	1,204,048
Net Income Attributable to Common Stockholders		$	254,213		$	495,324		$	691,818		$	1,043,799
Basic and Diluted Earnings per Common Share (EPS)		$	0.83		$	1.60		$	2.26		$	3.38
Funds from Operations (FFO) of the Operating Partnership		$	746,474		$	1,064,406		$	1,727,105		$	2,146,326
Basic and Diluted FFO per Share (FFOPS)		$	2.12		$	2.99		$	4.90		$	6.04
Declared Dividends/Distributions per Share/Unit		$	1.30		$	2.05		$	3.40		$	4.10
Stockholders' Equity Information			** AS OFJUNE 30,2020**	****		** AS OFDECEMBER 31,2019**
---	---	---	---	---	---	---	---
Limited Partners' Units Outstanding at end of period			46,528			46,740
Common Shares Outstanding at end of period			305,895			306,869

Total Common Shares and Limited Partnership Units Outstanding at end of period			352,423			353,609



Weighted Average Limited Partnership Units Outstanding			46,608			46,744
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS			306,193			307,950
Debt Information
Share of Consolidated Debt		$	27,093,805		$	23,988,186
Share of Joint Venture Debt			7,226,116			7,214,181

Share of Total Debt		$	34,319,921		$	31,202,367
Share of Cash and Cash Equivalents			3,632,196			1,114,490

Share of Net Debt		$	30,687,725		$	30,087,877



Market Capitalization
Common Stock Price at end of period		$	68.38		$	148.96
Common Equity Capitalization, including Limited Partnership Units		$	24,098,699		$	52,673,608
Preferred Equity Capitalization, including Limited Partnership Preferred Units			73,673			83,236

Total Equity Market Capitalization		$	24,172,372		$	52,756,844



Total Market Capitalization – Including Share of Total Debt		$	58,492,293		$	83,959,211
2Q 2020 SUPPLEMENTAL	14
---	---

**** NET OPERATING INCOME (NOI) COMPOSITION ^(1)^ For the Six Months Ended June 30, 2020

(1)
- Based on our share of total NOI and does not reflect any property, entity or corporate-level debt.
(2)
- Includes Klépierre, international Premium Outlets and international Designer Outlets.
(3)
- Includes Lifestyle Centers.

2Q 2020 SUPPLEMENTAL	15

**** NET OPERATING INCOME OVERVIEW ^(1)^ (In thousands)

		FOR THE THREE MONTHSENDED JUNE 30,					FOR THE SIX MONTHSENDED JUNE 30,

		2020		2019	% Change		2020		2019	% Change
Comparable Property NOI ^(2)^	$	1,103,146	$	1,353,240	–18.5%	$	2,421,901	$	2,671,376	–9.3%
NOI from New Development, Redevelopment, Expansion and Acquisitions ^(3)^		34,728		40,620			72,653		80,381
International Properties ^(4)^		55,614		116,719			166,078		228,323
Portfolio NOI	$	1,193,488	$	1,510,579	–21.0%	$	2,660,632	$	2,980,080	–10.7%
Our share of NOI from Investments ^(5)^		50,041		61,119			98,193		116,430
Our share of NOI from Retailer Investments ^(6)^		(15,549)		8,802			(39,223)		6,632
Corporate and Other NOI Sources ^(7)^		73,115		125,863			160,713		318,703
Combined NOI	$	1,301,095	$	1,706,363		$	2,880,315	$	3,421,845
Less: Joint Venture Partners' Share of NOI		224,462		289,719			496,089		566,206

Our Share of Total NOI	$	1,076,633	$	1,416,644		$	2,384,226	$	2,855,639

(1)
- All amounts are presented at gross values unless otherwise indicated as our share. See reconciliation on following page.
(2)
- Includes Malls, Premium Outlets, The Mills and Lifestyle Centers as comparable for the period. Substantially all of the NOI decline in the first six months of 2020 related to the impact of COVID-19.
(3)
- Includes total property NOI for properties undergoing redevelopment as well as incremental NOI for expansion properties not yet included in comparable properties.
(4)
- Includes International Premium Outlets (except for Canadian International Premium Outlets included in Comparable NOI) and International Designer Outlets at constant currency. Substantially all of the NOI decline in the first six months of 2020 related to the impact of COVID-19.
(5)
- Includes our share of NOI of Klépierre (at constant currency) and HBS. Substantially all of the NOI decline in the first six months of 2020 related to the impact on our share of NOI from our investment in Klépierre resulting from property closures.
(6)
- Includes our share of NOI of our retailer investments. Substantially all of the NOI decline in the first six months of 2020 related to the impact of COVID-19 on our retailer investments operations from store closures.
(7)
- Includes income components excluded from Portfolio NOI and Comparable Property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), unrealized and realized gains/losses on non-real estate related equity instruments, Simon management company revenues, and other assets. The six months ended June 30, 2019 includes $83,582 related to the Opry Mills settlement and a gain on the sale of Phipps Residential.

2Q 2020 SUPPLEMENTAL	16

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

RECONCILIATION OF NET INCOME TO NOI
			** THREE MONTHS ENDEDJUNE 30,**					** SIX MONTHS ENDEDJUNE 30,**
		****		****			****		****
			2020	****		2019		2020	****		2019
Reconciliation of NOI of consolidated entities:			****					****
Consolidated Net Income		$	290,548		$	572,102	$	795,952		$	1,204,048
Income and other tax (benefit) expense			(62)			7,010		(5,845)			17,112
Interest expense			197,061			198,425		384,688			397,160
Income from unconsolidated entities			(44,322)			(106,542)		(94,787)			(196,986)
Unrealized (gains) losses in fair value of equity instruments			(202)			12,317		18,846			7,000
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			7,845			(2,681)		6,883			(2,681)
		****					****
Operating Income Before Other Items			450,868			680,631		1,105,737			1,425,653
Depreciation and amortization			324,140			352,606		652,402			681,249
Home and regional office costs			36,090			46,467		90,460			99,027
General and administrative			7,296			10,359		14,190			19,496
		****					****
NOI of consolidated entities		$	818,394		$	1,090,063	$	1,862,789		$	2,225,425
		****					****
		****					****
		****					****
Reconciliation of NOI of unconsolidated entities:			****					****
Net Income		$	95,249		$	216,845	$	277,477		$	437,603
Interest expense			152,409			157,927		309,050			313,944
Gain on sale or disposal of assets and interests in unconsolidated entities, net			–			–		–			(21,587)
		****					****
Operating Income Before Other Items			247,658			374,772		586,527			729,960
Depreciation and amortization			165,511			170,407		336,989			340,664
		****					****
NOI of unconsolidated entities		$	413,169		$	545,179	$	923,516		$	1,070,624
		****					****
		****					****
		****					****
Add: Our share of NOI from Klépierre, HBS and other corporate investments			69,532			71,121		94,010			125,796
		****					****
Combined NOI		$	1,301,095		$	1,706,363	$	2,880,315		$	3,421,845
		****					****
		****					****
		****					****
2Q 2020 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)

<br>	THREEMONTHS ENDEDJUNE 30, 2020			** SIXMONTHS ENDEDJUNE 30, 2020**
FFO of the Operating Partnership		$	746,474		$	1,727,105
Non-cash impacts to FFO^(1)^		13,128			13,133

FFO of the Operating Partnership excluding non-cash impacts		759,602			1,740,238
Tenant allowances		4,180			(40,040)
Operational capital expenditures		(11,056)			(29,444)

Funds available for distribution		$	752,726		$	1,670,754

(1)
- Non-cash impacts to FFO of the Operating Partnership include:


<br>	THREEMONTHS ENDEDJUNE 30, 2020			** SIXMONTHS ENDEDJUNE 30, 2020**
Deductions:
Straight-line lease loss (income)		2,623			(9,394)
Fair market value of lease amortization		(1,157)			(2,442)
Additions:
Stock based compensation expense		5,166			11,894
Fair value of debt amortization		98			181
Mortgage, financing fee and terminated swap amortization expense		6,398			12,894

		$	13,128		$	13,133

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, funds available for distribution, net operating income (NOI), portfolio NOI, and comparable property 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.

2Q 2020 SUPPLEMENTAL	18

**** OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST (In thousands)

			THREE MONTHSENDED JUNE 30,						SIX MONTHSENDED JUNE 30,
****				****			****			****
****			** 2020**	****		** 2019**			** 2020**	****		** 2019**
** Consolidated Properties**
Other Income
Interest, dividend and distribution income ^(1)^		$	5,203		$	8,389		$	9,777		$	15,174
Lease settlement income			2,716			2,292			5,358			4,790
Gains on land sales			1,165			5,828			6,374			8,377
Other ^(2)(3)^			18,412			53,862			67,949			187,263

Totals		$	27,496		$	70,371		$	89,458		$	215,604



Other Expense
Ground leases		$	9,174		$	11,036		$	20,040		$	21,280
Professional fees and other			19,863			16,784			36,838			31,956

Totals		$	29,037		$	27,820		$	56,878		$	53,236




Capitalized Interest			** THREE MONTHSENDED JUNE 30,**						** SIX MONTHSENDED JUNE 30,**
---	---	---	---	---	---	---	---	---	---	---	---	---	---
****				****			****			****
****			** 2020**	****		** 2019**			** 2020**	****		** 2019**
Interest Capitalized during the Period:
Our Share of Consolidated Properties		$	3,340		$	8,193		$	12,899		$	14,621
Our Share of Joint Venture Properties		$	220		$	275		$	571		$	524

(1)
- Includes distributions from other international investments.
(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)
- The six months ended June 30, 2019 includes $83,582 related to the Opry Mills settlement and a gain on the sale of Phipps residential.

2Q 2020 SUPPLEMENTAL	19

**** U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION

		AS OF JUNE 30,
****			****
****		** 2020**	****		** 2019**
Total Number of Properties		168			176
Total Square Footage of Properties (in millions)		142.4			150.4
Ending Occupancy ^(1)^:
Consolidated Assets		93.0%			94.6%
Unconsolidated Assets		92.7%			93.9%
Total Portfolio		92.9%			94.4%
Base Minimum Rent PSF ^(2)^:
Consolidated Assets	$	54.10		$	52.91
Unconsolidated Assets	$	61.48		$	58.74
Total Portfolio	$	56.02		$	54.52

Open / Close Spread

<br>					RENT PSF(BASE MINIMUM RENT & CAM)				****		****	****	****
****	****		****			****			****			****
** **	****	** SQUARE FOOTAGEOF OPENINGS**	****		AVERAGEOPENING RATEPSF (3)	****		AVERAGECLOSING RATEPSF (3)	****		LEASINGSPREAD (3)	****	SPREAD TOCLOSE %
6/30/20		6,593,808	****	$	62.95	****	$	63.21	****	($	0.26)	****	–0.4%
3/31/20		7,948,232		$	64.06		$	61.26		$	2.80		4.6%
12/31/19		8,216,167		$	62.39		$	54.56		$	7.83		14.4%
6/30/19		7,227,529		$	67.76		$	51.23		$	16.53		32.3%
3/31/19		7,499,068		$	66.00		$	51.83		$	14.17		27.3%

(1)
- 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.
(2)
- 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.
(3)
- The Open / Close Spread is a measure that compares opening and closing rates on all spaces. The Opening Rate is the initial cash Rent PSF for spaces leased during the trailing 12-month period, and includes new leases, renewals, amendments and relocations (including expansions and downsizings) if lease term is greater than one year. The Closing Rate is the final cash Rent PSF as of the month the tenant terminates or closes. Rent PSF includes Base Minimum Rent and Common Area Maintenance (CAM) rents.

2Q 2020 SUPPLEMENTAL	20

**** THE MILLS AND INTERNATIONAL OPERATING INFORMATION

		AS OF JUNE 30,
	****
		2020		2019
The Mills
Total Number of Properties		14		14
Total Square Footage of Properties (in millions)		21.5		21.4
Ending Occupancy ^(1)^		95.3%		97.1%
Base Minimum Rent PSF ^(2)^	$	34.11	$	32.87
Leasing Spread PSF ^(3)^	$	9.11	$	11.95
Leasing Spread (Percentage Change) ^(3)^		23.4%		30.0%

International Properties
Premium Outlets
Total Number of Properties		21		20
Total Square Footage of Properties (in millions)		8.2		7.6
Designer Outlets
Total Number of Properties		10		9
Total Square Footage of Properties (in millions)		2.6		2.2
Statistics for Premium Outlets in Japan ^(4)^
Ending Occupancy		99.3%		99.9%
Base Minimum Rent PSF		5,339		¥ 5,214

All values are in Japanese Yen.

(1)
- See footnote 1 on U.S. Malls and Premium Outlets Operating Information for definition, except Ending Occupancy is calculated on all company owned space.
(2)
- See footnote 2 on U.S. Malls and Premium Outlets Operating Information for definition.
(3)
- See footnote 3 on U.S. Malls and Premium Outlets Operating Information for definition.
(4)
- Information supplied by the managing venture partner; includes 9 properties.

2Q 2020 SUPPLEMENTAL	21

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

YEAR	** NUMBER OFLEASESEXPIRING**	** SQUARE FEET**		** AVG. BASEMINIMUMRENTPSF AT 6/30/20**	** PERCENTAGE OFGROSS ANNUALRENTALREVENUES ^(2)^**
Inline Stores and Freestanding
Month to Month Leases	1,152	4,305,888	$	52.14	3.9%
2020 (7/1/20 - 12/31/20)	624	1,659,312	$	62.99	1.8%
2021	2,553	9,481,122	$	51.40	8.4%
2022	2,326	8,892,119	$	49.92	7.8%
2023	2,220	9,194,908	$	57.22	9.2%
2024	1,846	7,282,635	$	59.98	7.5%
2025	1,547	6,109,265	$	63.00	6.8%
2026	1,266	4,796,457	$	62.95	5.3%
2027	951	3,623,992	$	66.63	4.2%
2028	827	3,582,593	$	61.14	3.8%
2029	720	3,092,148	$	64.88	3.3%
2030	292	1,494,672	$	59.57	1.4%
2031 and Thereafter	354	2,346,914	$	42.06	1.8%
Specialty Leasing Agreements w/ terms in excess of 12 months	1,563	4,034,155	$	18.09	1.3%
Anchors
2020 (7/1/20 - 12/31/20)	1	138,409	$	1.18	0.0%
2021	6	735,592	$	4.72	0.1%
2022	11	1,470,861	$	6.06	0.2%
2023	16	2,318,262	$	6.00	0.3%
2024	18	1,565,287	$	8.59	0.2%
2025	17	1,676,634	$	6.63	0.2%
2026	10	1,083,302	$	4.86	0.1%
2027	6	920,224	$	4.16	0.1%
2028	8	707,745	$	8.27	0.1%
2029	4	511,660	$	2.44	0.0%
2030	8	824,573	$	6.91	0.1%
2031 and Thereafter	19	1,751,746	$	12.84	0.4%

(1)
- Does not consider the impact of renewal options that may be contained in leases.
(2)
- Annual rental revenues represent 2019 consolidated and joint venture combined base rental revenue.

2Q 2020 SUPPLEMENTAL	22

**** 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	** NUMBEROFSTORES**	** SQUAREFEET(000's)**	** PERCENT OFTOTAL SQ. FT. INU.S. PROPERTIES**	** PERCENT OF TOTALBASE MINIMUM RENTFOR U.S. PROPERTIES**
The Gap, Inc.	403	3,752	2.1%	3.5%
L Brands, Inc.	287	1,786	1.0%	2.2%
PVH Corporation	234	1,464	0.8%	1.7%
Tapestry, Inc.	248	1,013	0.6%	1.5%
Ascena Retail Group Inc	350	1,898	1.1%	1.5%
Signet Jewelers, Ltd.	337	491	0.3%	1.4%
Capri Holdings Limited	139	536	0.3%	1.2%
American Eagle Outfitters, Inc	199	1,278	0.7%	1.2%
Foot Locker, Inc.	206	956	0.5%	1.2%
Luxottica Group SPA	375	663	0.4%	1.2%

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

TENANT	** NUMBEROFSTORES**	** SQUAREFEET(000's)**	** PERCENT OFTOTAL SQ. FT. INU.S. PROPERTIES**	** PERCENT OF TOTALBASE MINIMUM RENTFOR U.S. PROPERTIES**
Macy's Inc.	103	19,935	11.0%	0.3%
J.C. Penney Co., Inc.	57	9,372	5.2%	0.3%
Dillard's, Inc.	36	6,532	3.6%	*
Nordstrom, Inc.	27	4,556	2.5%	0.1%
Dick's Sporting Goods, Inc.	34	2,309	1.3%	0.5%
Hudson's Bay Company	17	2,174	1.2%	0.1%
Sears	8	1,608	0.9%	*
The Neiman Marcus Group, Inc.	12	1,458	0.8%	0.1%
Belk, Inc.	7	1,194	0.7%	*
Target Corporation	6	831	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.

2Q 2020 SUPPLEMENTAL	23

**** CAPITAL EXPENDITURES (In thousands)

					UNCONSOLIDATEDPROPERTIES
****			****			****
****		** CONSOLIDATEDPROPERTIES**	****		** TOTAL**	****		** OURSHARE**
New development projects	$	21,779		$	88,873		$	41,025
Redevelopment projects with incremental square footage and/or anchor replacement		183,069			163,516			74,320
Redevelopment projects with no incremental square footage ^(1)^		41,583			15,386			7,938

Subtotal new development and redevelopment projects		246,431	****		267,775	****		123,283
Tenant allowances		29,000			22,019			11,040
Operational capital expenditures at properties:
CAM expenditures		16,741			20,348			8,530
Non-CAM expenditures		1,503			6,688			2,670

Totals	$	293,675	****	$	316,830	****	$	145,523



Conversion from accrual to cash basis		43,792			12,862			5,907

Capital Expenditures for the Six Months Ended 6/30/20 ^(2)^	$	337,467	****	$	329,692	****	$	151,430



Capital Expenditures for the Six Months Ended 6/30/19 ^(2)^	$	403,346		$	368,924		$	155,132

(1)
- Includes restoration projects as a result of property damage from natural disasters.
(2)
- 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.

2Q 2020 SUPPLEMENTAL	24

**** DEVELOPMENT ACTIVITY SUMMARY As of June 30, 2020 (in millions, except percent)

** PLATFORM PROJECT TYPE**		OUR SHAREOF NETINVESTMENT	** EXPECTEDSTABILIZEDRATE OFRETURN**		** ACTUALINVESTMENTTHRUQ2 2020**		** FORECASTEDINVESTMENTQ3 - Q4**		** FORECASTEDINVESTMENTFY 2020**		** FORECASTEDINVESTMENTFY 2021**		** FORECASTEDTOTALINVESTMENT2020 - 2021**
Malls
Redevelopments	$	411,096	8%	$	148,802	$	101,693	$	250,495	$	34,448	$	284,943
Premium Outlets
New Developments—U.S.	$	15,531	—	$	15,531	$	—	$	15,531	$	—	$	15,531
New Developments—International	$	86,208	8%	$	45,385	$	10,864	$	56,249	$	5,484	$	61,733
Redevelopments—U.S.	$	35,006	9%	$	11,629	$	11,460	$	23,089	$	—	$	23,089
Redevelopments—International	$	99,226	10%	$	27,929	$	20,972	$	48,901	$	—	$	48,901
The Mills
Redevelopments	$	55,482	11%	$	13,433	$	13,793	$	27,226	$	6,256	$	33,482
Total Investment^(1)^	$	702,549	8%	$	262,709	$	158,782	$	421,491	$	46,188	$	467,679
Less funding from: Construction Loans, International JV Cash on hand, etc.	$	(258,265)		$	(95,455)	$	(50,826)	$	(146,281)	$	(12,401)	$	(158,682)
Total Net Cash Investment	$	444,284	8%	$	167,254	$	107,956	$	275,210	$	33,787	$	308,997

Notes:

(1)
- Our share of Net Investment includes $330M of previous investment that was in CIP as of December 31, 2019.

2Q 2020 SUPPLEMENTAL	25

**** COMMON AND PREFERRED STOCK INFORMATION

CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIPFor the Period December 31, 2019 through June 30, 2020

	COMMONSHARES ^(1)^	LIMITEDPARTNERSHIPUNITS ^(2)^
Number Outstanding at December 31, 2019	306,868,960	46,740,117
First Quarter Activity
Exchange of Limited Partnership Units for Common Stock	132,946	(132,946)
Redemption of Limited Partnership Units for Cash	–	(116,072)
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned ^(3)^	(1,081)	38,148
Repurchase of Simon Property Group Common Stock in open market	(1,245,654)	–

Number Outstanding at March 31, 2020	305,755,171	46,529,247
Second Quarter Activity
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other	(15,561)	–
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned ^(3)^	155,610	(1,264)

Number Outstanding at June 30, 2020	305,895,220	46,527,983



Number of Limited Partnership Units and Common Shares at June 30, 2020	352,423,203

PREFERRED STOCK/UNITS OUTSTANDING AS OF JUNE 30, 2020($ in 000's, except per share amounts)

ISSUER	DESCRIPTION	NUMBER OFSHARES/UNITS		PER SHARELIQUIDATIONPREFERENCE		AGGREGATELIQUIDATIONPREFERENCE	TICKERSYMBOL
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 awards and earned LTIP units issued pursuant to the Operating Partnership's 1998 Stock Incentive Plan and 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 June 30, 2020 was $60.40 per share.
(5)
- Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

2Q 2020 SUPPLEMENTAL	26

**** CREDIT PROFILE (As of December 31, unless otherwise indicated)

(1)
- Includes a charge for loss on extinguishment of debt of $0.38 per share in 2016, $0.36 per share in 2017, and $0.33 per share in 2019.

2Q 2020 SUPPLEMENTAL	27

**** SUMMARY OF INDEBTEDNESS As of June 30, 2020 (In thousands)

		TOTALINDEBTEDNESS		** OURSHARE OFINDEBTEDNESS**	** WEIGHTEDAVERAGEEND OF PERIODINTEREST RATE**	** WEIGHTEDAVERAGEYEARS TOMATURITY**
Consolidated Indebtedness
Mortgage Debt
Fixed Rate	$	6,142,530	$	6,003,106	3.86%	4.3
Variable Rate Debt		758,231		721,688	1.63%	1.6

Total Mortgage Debt		6,900,761		6,724,794	3.62%	4.0
Unsecured Debt
Fixed Rate		15,874,708		15,874,708	3.07%	8.8
Revolving Credit Facility – Currency		3,125,000		3,125,000	0.81%	5.0
Supplemental Credit Facility – Currency		750,000		750,000	0.89%	3.0

Total Revolving Credit Facilities		3,875,000		3,875,000	0.83%	4.6
Global Commercial Paper –		702,251		702,251	0.24%	0.1

Total Unsecured Debt		20,451,959		20,451,959	2.55%	7.7
Premium		4,251		4,250
Discount		(51,634)		(51,634)
Debt Issuance Costs		(103,709)		(102,819)
Other Debt Obligations		67,255		67,255


Consolidated Mortgages and Unsecured Indebtedness (1)	$	27,268,883	$	27,093,805	2.81%	6.8



Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	13,503,477	$	6,426,648	3.99%	4.4
Floating Rate Debt (Hedged) (1)		408,993		169,552	2.10%	6.8
Variable Rate Debt		1,178,146		499,043	1.78%	2.5
TMLP Debt (2)		380,486		146,850	–	–

Total Mortgage Debt		15,471,102		7,242,093	3.78%	4.3
Debt Issuance Costs		(34,638)		(15,977)


Joint Venture Mortgages and Other Indebtedness (1)	$	15,436,464	$	7,226,116	3.78%	4.3





Our Share of Total Indebtedness			$	34,319,921	3.03%	6.3

All values are in US Dollars.

<br>	TOTALINDEBTEDNESS		** OURSHARE OFINDEBTEDNESS**	** WEIGHTEDAVERAGEEND OF PERIODINTEREST RATE**	** WEIGHTEDAVERAGEYEARS TOMATURITY**
**** Summary of Our Share of Fixed and Variable Rate Debt
Consolidated
Fixed	83.1%	$	22,520,748	3.49%	7.4
Variable	16.9%		4,573,057	0.95%	4.2

	100.0%		27,093,805	2.81%	6.8
Joint Venture
Fixed	90.8%	$	6,560,761	3.99%	4.4
Variable	9.2%		665,355	1.76%	3.6

	100.0%		7,226,116	3.78%	4.3

Total Debt		$	34,319,921




Total Fixed Debt	84.7%	$	29,081,509	3.37%	6.7





Total Variable Debt	15.3%	$	5,238,412	1.05%	4.1

(1)
- Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(2)
- See footnote 20 on the Property and Debt information.

2Q 2020 SUPPLEMENTAL	28

**** TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of June 30, 2020 (In thousands)

YEAR	****		** OUR SHARE OFUNSECUREDCONSOLIDATEDDEBT**	****	** WEIGHTEDAVERAGERATE OFMATURINGUNSECUREDCONSOLIDATEDDEBT**	****		** OUR SHARE OFSECUREDCONSOLIDATEDDEBT**	****	** WEIGHTEDAVERAGERATE OFMATURINGSECUREDCONSOLIDATEDDEBT**	****		** OURSHARE OFUNCONSOLIDATEDJOINT VENTUREDEBT**	****	** WEIGHTEDAVERAGERATE OFMATURINGUNCONSOLIDATEDJOINT VENTUREDEBT**	****		** OUR SHARE OFTOTALDEBT**	** TOTALWEIGHTEDAVERAGERATE OFMATURINGDEBT**
2020		$	1,623,338		1.49%		$	549,257		4.44%		$	67,370		3.36%		$	2,239,965	2.27%
2021			550,000		2.50%			925,045		2.76%			1,177,839		4.42%			2,652,884	3.41%
2022			1,992,173		2.02%			722,097		3.51%			969,413		3.72%			3,683,683	2.77%
2023			1,850,000		2.00%			764,346		3.81%			621,610		3.14%			3,235,956	2.65%
2024			2,500,000		2.92%			352,027		3.86%			1,199,498		4.04%			4,051,525	3.31%
2025			4,286,448		1.24%			853,301		3.52%			857,188		3.36%			5,996,937	1.87%
2026			1,550,000		3.28%			2,171,842		3.87%			881,049		3.64%			4,602,891	3.63%
2027			1,500,000		3.38%			145,000		4.00%			436,240		3.37%			2,081,240	3.42%
2028			–		–			54,919		3.85%			738,933		4.11%			793,852	4.09%
2029			1,250,000		2.45%			186,960		2.00%			–		–			1,436,960	2.39%
2030			–		–			–		–			225,250		3.12%			225,250	3.12%
Thereafter			3,350,000		4.41%			–		–			67,703		5.16%			3,417,703	4.42%

Face Amounts of Indebtedness		$	20,451,959		2.55%		$	6,724,794		3.62%		$	7,242,093		3.78%		$	34,418,846	3.03%
Premiums (Discounts) on Indebtedness, Net			(51,634)					4,250					–					(47,384)
Debt Issuance Costs			(84,783)					(18,036)					(15,977)					(118,796)
Other Debt Obligations			67,255					–					–					67,255

Our Share of Total Indebtedness		$	20,382,797	****		****	$	6,711,008	****		****	$	7,226,116	****		****	$	34,319,921



2Q 2020 SUPPLEMENTAL	29
---	---

**** PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL	** OUR SHARE**
		Malls
1.		Apple Blossom Mall		VA		Winchester		49.1%		473,991		^(2)^
2.		Auburn Mall		MA		Auburn		56.4%		585,192		09/01/20				6.02%		Fixed		35,843	20,205
3.		Aventura Mall ^(3)^		FL		Miami Beach (Miami)		33.3%		2,126,860		07/01/28				4.12%		Fixed		1,750,000	583,333
4.		Barton Creek Square		TX		Austin		100.0%		1,452,288		^(2)^
5.		Battlefield Mall		MO		Springfield		100.0%		1,203,130		09/01/22				3.95%		Fixed		113,988	113,988
6.		Bay Park Square		WI		Green Bay		100.0%		682,382		^(2)^
7.		Brea Mall		CA		Brea (Los Angeles)		100.0%		1,282,098		^(2)^
8.		Briarwood Mall		MI		Ann Arbor		50.0%		977,982		09/01/26				3.29%		Fixed		165,000	82,500
9.		Brickell City Centre		FL		Miami		25.0%		476,247		^(2)^
10.		Broadway Square		TX		Tyler		100.0%		604,870		^(2)^
11.		Burlington Mall		MA		Burlington (Boston)		100.0%		1,171,182		^(2)^
12.		Cape Cod Mall		MA		Hyannis		56.4%		707,681		03/06/21				5.75%		Fixed		85,747	48,336
13.		Castleton Square		IN		Indianapolis		100.0%		1,384,538		^(2)^
14.		Cielo Vista Mall		TX		El Paso		100.0%		1,244,342		^(2)^
15.		Coconut Point		FL		Estero		50.0%		1,204,899		10/01/26				3.95%		Fixed		184,493	92,247
16.		College Mall		IN		Bloomington		100.0%		609,768		^(2)^
17.		Columbia Center		WA		Kennewick		100.0%		807,609		^(2)^
18.		Copley Place		MA		Boston		94.4%	^(7)^	1,263,449		^(2)^
19.		Coral Square		FL		Coral Springs (Miami)		97.2%		943,940		^(2)^
20.		Cordova Mall		FL		Pensacola		100.0%		926,535		^(2)^
21.		Dadeland Mall		FL		Miami		50.0%		1,499,524		12/05/21				4.50%		Fixed		398,002	199,001
22.		Del Amo Fashion Center		CA		Torrance (Los Angeles)		50.0%		2,519,085		06/01/27				3.66%		Fixed		585,000	292,500
23.		Domain, The		TX		Austin		100.0%		1,236,299		08/01/21				5.44%		Fixed		178,663	178,663
24.		Empire Mall		SD		Sioux Falls		100.0%		1,124,716		12/01/25				4.31%		Fixed		185,634	185,634
25.		Falls, The		FL		Miami		50.0%		708,932		09/01/26				3.45%		Fixed		150,000	75,000
26.		Fashion Centre at Pentagon City, The		VA		Arlington (Washington, DC)		42.5%		1,037,279		07/01/21				5.11%		Fixed		40,000	17,000
												07/01/21				4.87%		Fixed		410,000	174,250
27.		Fashion Mall at Keystone, The		IN		Indianapolis		100.0%		716,608		^(2)^
28.		Fashion Valley		CA		San Diego		50.0%		1,724,422		01/04/21				4.30%		Fixed		416,755	208,378
29.		Firewheel Town Center		TX		Garland (Dallas)		100.0%		996,283		^(2)^
30.		Florida Mall, The		FL		Orlando		50.0%		1,725,481		03/05/21				5.25%		Fixed		310,890	155,445
31.		Forum Shops at Caesars Palace, The		NV		Las Vegas		100.0%		665,636		^(2)^
32.		Galleria, The		TX		Houston		50.4%		2,018,065		03/01/25				3.55%		Fixed		1,200,000	604,440
33.		Greenwood Park Mall		IN		Greenwood (Indianapolis)		100.0%		1,288,873		^(2)^
34.		Haywood Mall		SC		Greenville		100.0%		1,237,563		^(2)^
35.		Ingram Park Mall		TX		San Antonio		100.0%		1,125,086		06/01/21				5.38%		Fixed		123,758	123,758
36.		King of Prussia		PA		King of Prussia (Philadelphia)		100.0%		2,669,353		^(2)^

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	30

PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL	** OUR SHARE**
37.		La Plaza Mall		TX		McAllen		100.0%		1,313,045		^(2)^
38.		Lakeline Mall		TX		Cedar Park (Austin)		100.0%		1,099,057		^(2)^
39.		Lehigh Valley Mall		PA		Whitehall		50.0%		1,190,282		11/01/27				4.06%		Fixed		190,992	95,496
40.		Lenox Square		GA		Atlanta		100.0%		1,557,074		^(2)^
41.		Livingston Mall		NJ		Livingston (New York)		100.0%		968,642		^(2)^
42.		Mall at Rockingham Park, The		NH		Salem (Boston)		28.2%		1,064,795		06/01/26				4.04%		Fixed		262,000	73,845
43.		Mall of Georgia		GA		Buford (Atlanta)		100.0%		1,839,764		^(2)^
44.		Mall of New Hampshire, The		NH		Manchester		56.4%		804,739		07/01/25				4.11%		Fixed		150,000	84,555
45.		McCain Mall		AR		N. Little Rock		100.0%		793,612		^(2)^
46.		Meadowood Mall		NV		Reno		50.0%		928,920		11/06/21				5.82%		Fixed		108,952	54,476
47.		Menlo Park Mall		NJ		Edison (New York)		100.0%		1,331,788		^(2)^
48.		Miami International Mall		FL		Miami		47.8%		1,083,289		02/06/24				4.42%		Fixed		160,000	76,442
49.		Midland Park Mall		TX		Midland		100.0%		643,724		09/06/22				4.35%		Fixed		72,761	72,761
50.		Miller Hill Mall		MN		Duluth		100.0%		831,435		^(2)^
51.		Montgomery Mall		PA		North Wales (Philadelphia)		79.4%		1,102,144		05/01/24				4.57%		Fixed		100,000	79,351
52.		North East Mall		TX		Hurst (Dallas)		100.0%		1,667,775		^(2)^
53.		Northgate		WA		Seattle		100.0%		419,103		^(2)^
54.		Northshore Mall		MA		Peabody (Boston)		56.4%		1,503,800		07/05/23				3.30%		Fixed		234,404	132,134
55.		Ocean County Mall		NJ		Toms River (New York)		100.0%		876,804		^(2)^
56.		Orland Square		IL		Orland Park (Chicago)		100.0%		1,229,812		^(2)^
57.		Oxford Valley Mall		PA		Langhorne (Philadelphia)		85.5%	^(29)^	1,339,453		12/07/20				4.77%		Fixed		58,750	50,255
58.		Penn Square Mall		OK		Oklahoma City		94.5%		1,083,753		01/01/26				3.84%		Fixed		310,000	292,938
59.		Pheasant Lane Mall		NH		Nashua		^(10)^		979,535		^(2)^
60.		Phipps Plaza		GA		Atlanta		100.0%		788,410		^(2)^
61.		Plaza Carolina		PR		Carolina (San Juan)		100.0%		1,157,997		07/27/21				1.26%		Variable		225,000	225,000
62.		Prien Lake Mall		LA		Lake Charles		100.0%		842,677		^(2)^
63.		Quaker Bridge Mall		NJ		Lawrenceville		50.0%		1,081,265		05/01/26				4.50%		Fixed		180,000	90,000
64.		Rockaway Townsquare		NJ		Rockaway (New York)		100.0%		1,246,417		^(2)^
65.		Roosevelt Field		NY		Garden City (New York)		100.0%		2,346,259		^(2)^
66.		Ross Park Mall		PA		Pittsburgh		100.0%		1,203,016		^(2)^
67.		Santa Rosa Plaza		CA		Santa Rosa		100.0%		691,940		^(2)^
68.		Shops at Chestnut Hill, The		MA		Chestnut Hill (Boston)		94.4%		470,073		11/01/23				4.69%		Fixed		120,000	113,328
69.		Shops at Clearfork, The		TX		Fort Worth		45.0%		550,029		03/11/30		^(8)^		2.81%		Variable		145,000	65,250
70.		Shops at Crystals, The		NV		Las Vegas		50.0%		269,819		07/01/26				3.74%		Fixed		550,000	275,000
71.		Shops at Mission Viejo, The		CA		Mission Viejo (Los Angeles)		51.0%		1,235,340		02/01/23				3.61%		Fixed		295,000	150,450
72.		Shops at Nanuet, The		NY		Nanuet		100.0%		757,866		^(2)^
73.		Shops at Riverside, The		NJ		Hackensack (New York)		100.0%		696,772		02/01/23				3.37%		Fixed		130,000	130,000
74.		Smith Haven Mall		NY		Lake Grove (New York)		25.0%	^(4)^	1,296,738		12/31/20		^(8)^		2.16%		Variable		180,000	45,000

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	31

PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL	** OUR SHARE**
75.		Solomon Pond Mall		MA		Marlborough (Boston)		56.4%		886,479		11/01/22				4.01%		Fixed		94,137	53,065
76.		South Hills Village		PA		Pittsburgh		100.0%		1,128,207		^(2)^
77.		South Shore Plaza		MA		Braintree (Boston)		100.0%		1,590,388		^(2)^
78.		Southdale Center		MN		Edina (Minneapolis)		100.0%		1,246,590		04/01/23				3.84%		Fixed		139,770	139,770
79.		SouthPark		NC		Charlotte		100.0%		1,684,218		^(2)^
80.		Springfield Mall^(3)^		PA		Springfield (Philadelphia)		50.0%		610,152		10/06/25				4.45%		Fixed		60,051	30,026
81.		St. Charles Towne Center		MD		Waldorf (Washington, DC)		100.0%		980,342		^(2)^
82.		St. Johns Town Center		FL		Jacksonville		50.0%		1,453,349		09/11/24				3.82%		Fixed		350,000	175,000
83.		Stanford Shopping Center		CA		Palo Alto (San Jose)		94.4%	^(7)^	1,287,945		^(2)^
84.		Stoneridge Shopping Center		CA		Pleasanton (San Francisco)		49.9%		1,299,688		09/05/26				3.50%		Fixed		330,000	164,670
85.		Summit Mall		OH		Akron		100.0%		776,918		10/01/26				3.31%		Fixed		85,000	85,000
86.		Tacoma Mall		WA		Tacoma (Seattle)		100.0%		1,240,308		^(2)^
87.		Tippecanoe Mall		IN		Lafayette		100.0%		864,139		^(2)^
88.		Town Center at Boca Raton		FL		Boca Raton (Miami)		100.0%		1,779,022		^(2)^
89.		Towne East Square		KS		Wichita		100.0%		1,145,109		^(2)^
90.		Treasure Coast Square		FL		Jensen Beach		100.0%		876,234		^(2)^
91.		Tyrone Square		FL		St. Petersburg (Tampa)		100.0%		960,570		^(2)^
92.		University Park Mall		IN		Mishawaka		100.0%		918,333		^(2)^
93.		Walt Whitman Shops		NY		Huntington Station (New York)		100.0%		1,084,580		^(2)^
94.		West Town Mall		TN		Knoxville		50.0%		1,280,626		07/01/22				4.37%		Fixed		208,625	104,313
95.		Westchester, The		NY		White Plains (New York)		40.0%		809,260		02/01/30				3.25%		Fixed		400,000	160,000
96.		White Oaks Mall		IL		Springfield		80.7%		925,232		06/01/23		^(8)^		2.91%		Variable		47,048	37,957
97.		Wolfchase Galleria		TN		Memphis		94.5%		1,151,360		11/01/26				4.15%		Fixed		155,152	146,612
98.		Woodfield Mall		IL		Schaumburg (Chicago)		50.0%		2,154,582		03/05/24				4.50%		Fixed		402,831	201,416
99.		Woodland Hills Mall		OK		Tulsa		94.5%		1,098,121		^(2)^

		Total Mall Square Footage								111,940,903



		Lifestyle Centers
1.		ABQ Uptown		NM		Albuquerque		100.0%		229,516		^(2)^
2.		Hamilton Town Center		IN		Noblesville (Indianapolis)		50.0%		675,157		04/01/22				4.81%		Fixed		77,000	38,500
3.		Pier Park		FL		Panama City Beach		65.6%		948,209		^(2)^
4.		University Park Village		TX		Fort Worth		100.0%		169,940		05/01/28				3.85%		Fixed		54,919	54,919

		Total Lifestyle Centers Square Footage								2,022,822

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	32

PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL	** OUR SHARE**
		Premium Outlets
1.		Albertville Premium Outlets		MN		Albertville (Minneapolis)		100.0%		359,148		^(2)^
2.		Allen Premium Outlets		TX		Allen (Dallas)		100.0%		544,217		^(2)^
3.		Aurora Farms Premium Outlets		OH		Aurora (Cleveland)		100.0%		271,533		^(2)^
4.		Birch Run Premium Outlets		MI		Birch Run (Detroit)		100.0%		593,884		02/06/26				4.21%		Fixed		123,000	123,000
5.		Camarillo Premium Outlets		CA		Camarillo (Los Angeles)		100.0%		686,380		^(2)^
6.		Carlsbad Premium Outlets		CA		Carlsbad (San Diego)		100.0%		289,185		^(2)^
7.		Carolina Premium Outlets		NC		Smithfield (Raleigh)		100.0%		438,751		12/01/22				3.36%		Fixed		42,375	42,375
8.		Charlotte Premium Outlets		NC		Charlotte		50.0%		398,280		07/01/28				4.27%		Fixed		100,000	50,000
9.		Chicago Premium Outlets		IL		Aurora (Chicago)		100.0%		687,362		^(2)^
10.		Cincinnati Premium Outlets		OH		Monroe (Cincinnati)		100.0%		398,935		^(2)^
11.		Clarksburg Premium Outlets		MD		Clarksburg (Washington, DC)		66.0%		390,147		01/01/28				3.95%		Fixed		160,000	105,600
12.		Clinton Crossing Premium Outlets		CT		Clinton		100.0%		276,117		^(2)^
13.		Denver Premium Outlets		CO		Thornton (Denver)		100.0%		328,125		^(2)^
14.		Desert Hills Premium Outlets		CA		Cabazon (Palm Springs)		100.0%		655,226		^(2)^
15.		Ellenton Premium Outlets		FL		Ellenton (Tampa)		100.0%		477,130		12/01/25				4.30%		Fixed		178,000	178,000
16.		Folsom Premium Outlets		CA		Folsom (Sacramento)		100.0%		297,605		^(2)^
17.		Gilroy Premium Outlets		CA		Gilroy (San Jose)		100.0%		578,505		^(2)^
18.		Gloucester Premium Outlets		NJ		Blackwood (Philadelphia)		50.0%		369,687		03/01/23				1.66%		Variable		86,000	43,000
19.		Grand Prairie Premium Outlets		TX		Grand Prairie (Dallas)		100.0%		423,552		04/01/23				3.66%		Fixed		110,376	110,376
20.		Grove City Premium Outlets		PA		Grove City (Pittsburgh)		100.0%		530,757		12/01/25				4.31%		Fixed		140,000	140,000
21.		Gulfport Premium Outlets		MS		Gulfport		100.0%		300,032		12/01/25				4.35%		Fixed		50,000	50,000
22.		Hagerstown Premium Outlets		MD		Hagerstown (Baltimore/ Washington, DC)		100.0%		485,101		02/06/26				4.26%		Fixed		74,213	74,213
23.		Houston Premium Outlets		TX		Cypress (Houston)		100.0%		542,409		^(2)^
24.		Indiana Premium Outlets		IN		Edinburgh (Indianapolis)		100.0%		378,029		^(2)^
25.		Jackson Premium Outlets		NJ		Jackson (New York)		100.0%		285,599		^(2)^
26.		Jersey Shore Premium Outlets		NJ		Tinton Falls (New York)		100.0%		434,467		^(2)^
27.		Johnson Creek Premium Outlets		WI		Johnson Creek		100.0%		277,672		^(2)^
28.		Kittery Premium Outlets		ME		Kittery		100.0%		259,334		^(2)^
29.		Las Americas Premium Outlets		CA		San Diego		100.0%		553,933		^(2)^
30.		Las Vegas North Premium Outlets		NV		Las Vegas		100.0%		676,322		^(2)^
31.		Las Vegas South Premium Outlets		NV		Las Vegas		100.0%		535,720		^(2)^
32.		Lee Premium Outlets		MA		Lee		100.0%		224,796		06/01/26		^(15)^		4.17%		Fixed		50,201	50,201
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%		454,780		^(2)^
35.		Merrimack Premium Outlets		NH		Merrimack		100.0%		408,896		07/01/23				3.78%		Fixed		117,772	117,772
36.		Napa Premium Outlets		CA		Napa		100.0%		179,379		^(2)^
37.		Norfolk Premium Outlets		VA		Norfolk		65.0%		332,086		^(2)^
38.		North Bend Premium Outlets		WA		North Bend (Seattle)		100.0%		223,630		^(2)^
39.		North Georgia Premium Outlets		GA		Dawsonville (Atlanta)		100.0%		540,724		^(2)^

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	33

PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL	** OUR SHARE**
40.		Orlando International Premium Outlets		FL		Orlando		100.0%		773,380		^(2)^
41.		Orlando Vineland Premium Outlets		FL		Orlando		100.0%		656,789		^(2)^
42.		Petaluma Village Premium Outlets		CA		Petaluma (San Francisco)		100.0%		201,688		^(2)^
43.		Philadelphia Premium Outlets		PA		Limerick (Philadelphia)		100.0%		549,155		^(2)^
44.		Phoenix Premium Outlets		AZ		Chandler (Phoenix)		100.0%		356,507		^(2)^
45.		Pismo Beach Premium Outlets		CA		Pismo Beach		100.0%		147,403		09/06/26		^(17)^		3.33%		Fixed		34,329	34,329
46.		Pleasant Prairie Premium Outlets		WI		Pleasant Prairie (Chicago, IL/ Milwaukee)		100.0%		402,626		09/01/27				4.00%		Fixed		145,000	145,000
47.		Puerto Rico Premium Outlets		PR		Barceloneta		100.0%		350,091		07/26/21				1.26%		Variable		160,000	160,000
48.		Queenstown Premium Outlets		MD		Queenstown (Baltimore)		100.0%		289,682		09/06/26		^(17)^		3.33%		Fixed		60,308	60,308
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%		498,362		^(2)^
51.		San Francisco Premium Outlets		CA		Livermore (San Francisco)		100.0%		696,908		^(2)^
52.		San Marcos Premium Outlets		TX		San Marcos (Austin/ San Antonio)		100.0%		731,566		^(2)^
53.		Seattle Premium Outlets		WA		Tulalip (Seattle)		100.0%		554,516		^(2)^
54.		Silver Sands Premium Outlets		FL		Destin		50.0%		450,954		06/01/22				3.93%		Fixed		100,000	50,000
55.		St. Augustine Premium Outlets		FL		St. Augustine (Jacksonville)		100.0%		327,782		^(2)^
56.		St. Louis Premium Outlets		MO		St. Louis (Chesterfield)		60.0%		351,496		10/06/24				4.06%		Fixed		93,947	56,368
57.		Tampa Premium Outlets		FL		Lutz (Tampa)		100.0%		459,485		^(2)^
58.		Tanger Outlets—Columbus^(3)^		OH		Sunbury (Columbus)		50.0%		355,254		11/28/21		^(8)^		1.81%		Variable		85,000	42,500
59.		Tanger Outlets—Galveston/Houston^(3)^		TX		Texas City		50.0%		352,705		07/01/22		^(8)^		1.81%		Variable		80,000	40,000
60.		The Crossings Premium Outlets		PA		Tannersville		100.0%		411,767		12/01/22				3.41%		Fixed		104,564	104,564
61.		Tucson Premium Outlets		AZ		Marana (Tucson)		100.0%		363,434		^(2)^
62.		Twin Cities Premium Outlets		MN		Eagan		35.0%		408,925		11/06/24				4.32%		Fixed		115,000	40,250
63.		Vacaville Premium Outlets		CA		Vacaville		100.0%		447,322		^(2)^
64.		Waikele Premium Outlets		HI		Waipahu (Honolulu)		100.0%		219,480		^(2)^
65.		Waterloo Premium Outlets		NY		Waterloo		100.0%		421,436		^(2)^
66.		Williamsburg Premium Outlets		VA		Williamsburg		100.0%		522,562		02/06/26				4.23%		Fixed		185,000	185,000
67.		Woodburn Premium Outlets		OR		Woodburn (Portland)		100.0%		389,545		^(2)^
68.		Woodbury Common Premium Outlets		NY		Central Valley (New York)		100.0%		909,183		^(2)^
69.		Wrentham Village Premium Outlets		MA		Wrentham (Boston)		100.0%		672,865		^(2)^

		Total U.S. Premium Outlet Square Footage								30,442,450

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	34

PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL	** OUR SHARE**
		The Mills
1.		Arizona Mills		AZ		Tempe (Phoenix)		100.0%		1,238,016		07/01/20		^(31)^		5.76%		Fixed		147,706	147,706
2.		Arundel Mills		MD		Hanover (Baltimore)		59.3%		1,930,841		02/06/24				4.29%		Fixed		383,500	227,224
3.		Colorado Mills		CO		Lakewood (Denver)		37.5%		1,416,247		11/01/24				4.28%		Fixed		130,121	48,795
												07/01/21				5.04%		Fixed		25,383	9,519
4.		Concord Mills		NC		Concord (Charlotte)		59.3%		1,370,179		11/01/22				3.84%		Fixed		235,000	139,261
5.		Grapevine Mills		TX		Grapevine (Dallas)		59.3%		1,781,205		10/01/24				3.83%		Fixed		268,000	158,817
6.		Great Mall		CA		Milpitas (San Jose)		100.0%		1,368,433		^(2)^
7.		Gurnee Mills		IL		Gurnee (Chicago)		100.0%		1,936,012		10/01/26				3.99%		Fixed		256,828	256,828
8.		Katy Mills		TX		Katy (Houston)		62.5%	^(4)^	1,787,908		12/06/22				3.49%		Fixed		140,000	35,000
9.		Mills at Jersey Gardens, The		NJ		Elizabeth		100.0%		1,303,759		11/01/20				3.83%		Fixed		350,000	350,000
10.		Ontario Mills		CA		Ontario (Riverside)		50.0%		1,421,963		03/05/22				4.25%		Fixed		294,303	147,152
11.		Opry Mills		TN		Nashville		100.0%		1,176,332		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%		1,553,449		11/01/26				3.46%		Fixed		416,000	416,000
14.		Sawgrass Mills		FL		Sunrise (Miami)		100.0%		2,327,048		^(2)^

		Total The Mills Square Footage							****	21,478,367



		** Other Properties**
		Calhoun Outlet Marketplace, Circle Centre, Crystal Mall, Dover Mall, Emerald Square, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Liberty Tree Mall, Lincoln Plaza, Orlando Outlet Marketplace, Osage Beach<br>Marketplace, Philadelphia Mills, Southridge Mall, Square One Mall, Sugarloaf Mills, The Avenues, The Mall at Tuttle Crossing, and Town Center at Cobb												^(4)(15)(20)^						1,411,388	841,916

		Total Other Properties Square Footage								14,587,967



		TOTAL U.S. SQUARE FOOTAGE^(11)(22)^								180,472,509

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	35

PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL	** OUR SHARE**
		International Properties
		AUSTRIA
1.		Parndorf Designer Outlet Phases 3 & 4		Vienna				90.0%		118,000		07/04/29		^(19)^		2.00%		Fixed		207,736	186,962

		Subtotal Austria Square Footage								118,000
		CANADA
2.		Premium Outlet Collection Edmonton IA		Edmonton (Alberta)				50.0%		422,600		11/10/21		^(8)(14)^		1.82%		Variable		97,571	48,786
3.		Premium Outlets Montréal		Montréal (Quebec)				50.0%		367,400		06/01/24		^(14)^		3.08%		Fixed		87,961	43,979
4.		Toronto Premium Outlets		Toronto (Ontario)				50.0%		504,900		06/01/22		^(14)^		3.11%		Fixed		124,612	62,305
5.		Vancouver Designer Outlet		Vancouver (British Columbia)				45.0%		326,000		06/19/21		^(8)(14)^		2.07%		Variable		115,733	52,080

		Subtotal Canada Square Footage								1,620,900
		FRANCE
6.		Provence Designer Outlet		Miramas				90.0%		269,000		07/27/22		^(8)(19)^		1.60%		Variable		91,963	82,767

		Subtotal France Square Footage								269,000
		GERMANY
7.		Ochtrup Designer Outlet		Ochtrup				70.5%		191,500		06/30/21		^(19)^		2.49%		Fixed		42,356	29,861

		Subtotal Germany Square Footage								191,500
		ITALY
8.		La Reggia Designer Outlet		Marcianise (Naples)				90.0%		288,000		02/15/22		^(19)^		2.25%		Variable		142,538	128,284
9.		Noventa Di Piave Designer Outlet		Venice				90.0%		353,000		07/25/25		^(19)^		1.95%		Fixed		314,074	282,667

		Subtotal Italy Square Footage								641,000
		JAPAN
10.		Ami Premium Outlets		Ami (Tokyo)				40.0%		315,000		09/25/23		^(23)^		1.70%		Fixed		37,569	15,028
11.		Gotemba Premium Outlets		Gotemba City (Tokyo)				40.0%		659,500		04/08/27		^(23)^		0.29%		Variable		120,609	48,244
12.		Kobe-Sanda Premium Outlets		Kobe (Osaka)				40.0%		441,000		01/31/23		^(23)^		0.33%		Variable		8,351	3,340
13.		Rinku Premium Outlets		Izumisano (Osaka)				40.0%		402,500		07/31/22		^(23)^		0.33%		Variable		9,278	3,711
14.		Sano Premium Outlets		Sano (Tokyo)				40.0%		390,800		02/28/25		^(23)^		0.28%		Fixed		42,213	16,885
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		^(23)^		0.31%		Variable		25,978	10,391
												11/30/23		^(23)^		0.31%		Variable		24,122	9,649
												05/29/22		^(23)^		0.34%		Fixed		46,388	18,555
17.		Toki Premium Outlets		Toki (Nagoya)				40.0%		367,700		11/30/24		^(23)^		0.28%		Variable		3,247	1,299
												11/30/24		^(23)^		0.21%		Fixed		24,587	9,835
18.		Tosu Premium Outlets		Fukuoka (Kyushu)				40.0%		328,400		10/31/26		^(23)^		0.18%		Variable		68,191	27,276

		Subtotal Japan Square Footage								3,503,700

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	36

PROPERTY AND DEBT INFORMATION As of June 30, 2020

<br>												DEBT INFORMATION
****	****		****		****		****		****		****		****		****		****		****
** **	****	** **	****	****	****	** **	****	** LEGAL**	****	** TOTAL**	****	** MATURITY**	****	****	****	** INTEREST**	****	****	****	INDEBTEDNESS ( in 000's)
** **	****	** PROPERTY NAME**	****	** STATE**	****	** CITY (CBSA)**	****	** OWNERSHIP**	****	** SQUARE FEET**	****	** DATE**	****		****	** RATE (1)**	****	** TYPE**	****	TOTAL		** OUR SHARE**
		KOREA
19.		Busan Premium Outlets		Busan				50.0%		360,200		03/13/22		^(24)^		3.24%		Fixed		90,819		45,410
20.		Paju Premium Outlets		Paju (Seoul)				50.0%		558,900		07/13/23		^(24)^		3.36%		Fixed		63,322		31,661
21.		Siheung Premium Outlets		Siheung (Seoul)				50.0%		444,400		03/15/23		^(24)^		3.28%		Fixed		124,979		62,490
22.		Yeoju Premium Outlets		Yeoju (Seoul)				50.0%		551,600		03/06/23		^(24)^		3.41%		Fixed		60,820		30,410

		Subtotal South Korea Square Footage								1,915,100
		MALAYSIA
23.		Genting Highlands Premium Outlets		Pahang (Kuala Lumpur)				50.0%		277,500		02/14/24		^(25)^		5.27%		Variable		24,347		12,173
24.		Johor Premium Outlets		Johor (Singapore)				50.0%		309,400		^(2)^

		Subtotal Malaysia Square Footage								586,900
		MEXICO
25.		Premium Outlets Punta Norte		Mexico City				50.0%		333,000		^(2)^
26.		Premium Outlets Querétaro		Querétaro				50.0%		274,800		12/20/33		^(28)^		9.98%		Fixed		19,365		9,683
												12/20/21		^(28)^		8.49%		Variable		4,810		2,405

		Subtotal Mexico Square Footage								607,800
		NETHERLANDS
27.		Roermond Designer Outlet Phases 2, 3 & 4		Roermond					^(26)^	298,000		12/18/21		^(19)^		1.78%		Fixed		258,264		232,438
												08/17/25		^(19)^		1.30%		Variable		188,647		89,160
28.		Roosendaal Designer Outlet		Roosendaal				94.0%		247,500		02/25/24		^(8)(19)^		1.75%		Variable		66,679		62,678

		Subtotal Netherlands Square Footage								545,500
		SPAIN
29.		Malaga Designer Outlet		Malaga				46.1%		191,000		02/09/23		^(19)^		2.75%		Variable		56,199		25,913

		Subtotal Spain Square Footage								191,000
		THAILAND
30.		Siam Premium Outlets Bangkok		Bangkok				50.0%		264,000		06/05/31		^(30)^		3.95%		Fixed		72,816		36,408

		Subtotal Thailand Square Footage								264,000
		UNITED KINGDOM
31.		Ashford Designer Outlet		Kent				45.0%		281,000		02/22/22		^(5)^		3.08%		Fixed		123,272		55,470

		Subtotal United Kingdom Square Footage								281,000

		TOTAL INTERNATIONAL SQUARE FOOTAGE^(11)(27)^							****	10,735,400



		TOTAL SQUARE FOOTAGE								191,207,909



		Other Secured Indebtedness:												^(13)^						327,967		165,404

		TOTAL SECURED INDEBTEDNESS																			$	13,966,887	^(6)^



		Our Share of Consolidated Mortgage Debt																			$	6,724,794
		Our Share of Joint Venture Mortgage Debt																			$	7,242,093

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	37

PROPERTY AND DEBT INFORMATION As of June 30, 2020

	DEBT INFORMATION
		****		****		****
	****	****	****	****	** INDEBTEDNESS**
UNSECURED INDEBTEDNESS:	** MATURITYDATE**	****	** INTERESTRATE (1)**	****	** TYPE**	****		( in 000's)<br>TOTAL
Global Commercial Paper -	07/20/20	^(12)^	0.24%		Fixed			702,251
Simon Property Group, LP (Sr. Notes)	09/01/20	^(32)^	2.50%		Fixed			500,000
Simon Property Group, LP (Euro Sr. Notes)	10/02/20	^(21)^^(33)^	2.38%		Fixed			421,087
Simon Property Group, LP (Sr. Notes)	07/15/21		2.50%		Fixed			550,000
Simon Property Group, LP (Sr. Notes)	01/30/22		2.35%		Fixed			550,000
Simon Property Group, LP (Sr. Notes)	06/15/22		2.63%		Fixed			600,000
Simon Property Group, LP (Euro Sr. Notes)	11/18/22	^(16)^	1.38%		Fixed			842,173
Simon Property Group, LP (Sr. Notes)	02/01/23		2.75%		Fixed			500,000
Simon Property Group, LP (Sr. Notes)	06/01/23		2.75%		Fixed			600,000
Supplemental Credit Facility - Currency	06/30/23	^(8)^^(34)^	0.89%		Variable			750,000
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	^(9)^	1.25%		Fixed			561,448
Revolving Credit Facility - Currency	06/30/25	^(8)^^(34)^	0.81%		Variable			3,125,000
Simon Property Group, LP (Sr. Notes)	09/01/25		3.50%		Fixed			600,000
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)	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)	09/13/29		2.45%		Fixed			1,250,000
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

Total Unsecured Indebtedness							$	20,451,959

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	38

PROPERTY AND DEBT INFORMATION As of June 30, 2020

FOOTNOTES: -
(1)
- Variable rate debt interest rates are based on the following base rates as of June 30, 2020: 1M LIBOR at 0.162%; 1M EUR LIBOR at (0.51)%; 3M EURIBOR at (0.42)%; 6M EURIBOR at (0.31)%; 3M GBP LIBOR at 0.14%; 1M YEN TIBOR at 0.04%; 6M YEN TIBOR at .13%; 1M YEN LIBOR at (0.08)%; 1M CDOR at 0.52%; and Cost of Funds Rate at 3.52%.
(2)
- Unencumbered asset.
(3)
- This property is managed by a third party.
(4)
- 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.
(5)
- Amount shown in USD equivalent; GBP equivalent is 100.0 million.
(6)
- Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including TMLP. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $193.3 million of payment guarantees provided by the Operating Partnership.
(7)
- The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(8)
- Includes applicable extensions available at our option.
(9)
- Amount shown in USD equivalent; Euro equivalent is 500.0 million.
(10)
- The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(11)
- Does not include any other spaces in joint ventures which are not listed above.
(12)
- Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at June 30, 2020.
(13)
- Consists of 10 loans with interest rates ranging from 1.72% to 5.27% and maturities between 2022 and 2035.
(14)
- Amount shown in USD equivalent; CAD equivalent is 581.0 million.
(15)
- Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.
(16)
- Amount shown in USD equivalent; Euro equivalent is 750.0 million.
(17)
- These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(18)
- Also represents our share of Total Unsecured Indebtedness.
(19)
- Amount shown in USD equivalent; Euro equivalent is 1.2 billion.
(20)
- Consists of 15 encumbered properties with interest rates ranging from 2.91% to 7.32% and maturities between 2021 and 2026, of which two properties are held within TMLP.
(21)
- Amount shown in USD equivalent; Euro equivalent is 375.0 million.
(22)
- Includes office space of 2,229,619 square feet including the following centers with more than 75,000 square feet of office space:

Auburn Mall - 85,619 sq. ft.	Fashion Center at Pentagon City - 169,089 sq. ft.
Circle Centre - 138,390 sq. ft.	Oxford Valley Mall - 138,682 sq. ft.
Copley Place - 893,439 sq. ft.	The Shops at Clearfork - 146,571 sq. ft.
Domain, The - 156,240 sq. ft.	Southdale Center - 102,400 sq. ft.

(23)
- Amounts shown in USD equivalent; Yen equivalent is 44.2 billion.
(24)
- Amounts shown in USD equivalent; Won equivalent is 408.0 billion.
(25)
- Amounts shown in USD equivalent; Ringgit equivalent is 104.3 million.
(26)
- The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.
(27)
- Does not include Klépierre.
(28)
- Amounts shown in USD equivalent; Pesos equivalent is 557.9 million.
(29)
- This mortgage is also secured by Lincoln Plaza.
(30)
- Amounts shown in USD equivalent; Baht equivalent is 2.2 billion.
(31)
- Mortgage was extended for one year after 6/30/2020. The new maturity date is July 1, 2021.
(32)
- Unsecured Note was paid off as of July 22, 2020.
(33)
- Unsecured Note was paid off as of August 6, 2020.
(34)
- $750 million was repaid completely paying off the Supplemental Credit Facility, and $1.75 billion was repaid under the Revolving Credit Facility as of July 10, 2020.

2Q 2020 SUPPLEMENTAL	39

**** NON-GAAP PRO-RATA FINANCIAL INFORMATION

The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled "Our Share of Joint Ventures" were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled "Noncontrolling Interests," which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

•
- The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
•
- Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.

Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.

2Q 2020 SUPPLEMENTAL	40

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

		FOR THE THREE MONTHS ENDEDJUNE 30, 2020					FOR THE THREE MONTHS ENDEDJUNE 30, 2019

		NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES			NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES
REVENUE:
Lease income	$	(5,649)	$	271,371		$	(11,303)	$	357,737
Management fees and other revenues		–		–			–		–
Other income		(168)		16,190			(407)		38,915

Total revenue		(5,817)		287,561			(11,710)		396,652

EXPENSES:
Property operating		(1,158)		48,820			(1,950)		62,985
Depreciation and amortization		(4,131)		98,369			(4,094)		101,774
Real estate taxes		(428)		28,340			(589)		32,216
Repairs and maintenance		(291)		6,258			(337)		8,772
Advertising and promotion		(397)		4,646			(1,035)		9,489
Home and regional office costs		–		–			–		–
General and administrative		–		–			–		–
Other		(280)		7,527			(1,472)		21,403

Total operating expenses		(6,685)		193,960			(9,477)		236,639

OPERATING INCOME BEFORE OTHER ITEMS		868		93,601			(2,233)		160,013
Interest expense		1,919		(72,261)			1,768		(74,496)
Income and other tax benefit (expense)		–		–			–		–
Income from unconsolidated entities		841		(21,340)	^(2)^		65		(85,517)	^(2)^
Unrealized (losses) gains in fair value of equity instruments		–		–			–		–
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		–		–			–		–

Consolidated income from continuing operations		3,628		–			(400)		–

CONSOLIDATED NET INCOME		3,628		–			(400)		–
Net income attributable to noncontrolling interests		3,628		–	^(3)^		(400)		–	^(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 represents our share of net results related to our investment in Klépierre, HBS, RGG, Aéropostale/ABG, and Forever 21.
(3)
- Represents limited partners' interest in the Operating Partnership.

2Q 2020 SUPPLEMENTAL	41

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

		FOR THE SIX MONTHS ENDEDJUNE 30, 2020					FOR THE SIX MONTHS ENDEDJUNE 30, 2019

		NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES			NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES
REVENUE:
Lease income	$	(15,928)		619,959		$	(21,987)		714,804
Management fees and other revenues		–		–			–		–
Other income		(546)		51,131			(784)		76,497

Total revenue		(16,474)		671,090			(22,771)		791,301

EXPENSES:
Property operating		(3,119)		114,252			(3,993)		127,529
Depreciation and amortization		(8,044)		200,128			(8,344)		203,991
Real estate taxes		(986)		60,231			(1,204)		64,689
Repairs and maintenance		(725)		15,457			(753)		19,415
Advertising and promotion		(1,373)		15,142			(2,271)		21,081
Home and regional office costs		–		–			–		–
General and administrative		–		–			–		–
Other		(1,461)		29,771			(3,592)		43,211

Total operating expenses		(15,708)		434,981			(20,157)		479,916

OPERATING INCOME BEFORE OTHER ITEMS		(766)		236,109			(2,614)		311,385
Interest expense		3,693		(146,209)			3,234		(147,893)
Income and other tax benefit (expense)		–		–			–		–
Income from unconsolidated entities		872		(89,900)	^(2)^		(102)		(163,492)	^(2)^
Unrealized (losses) gains in fair value of equity instruments		–		–			–		–
(Loss) gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		–		–			–		–

Consolidated income from continuing operations		3,799		–			518		–

CONSOLIDATED NET INCOME		3,799		–			518		–
Net income attributable to noncontrolling interests		3,799		–	^(3)^		518		–	^(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 represents our share of net results related to our investment in Klépierre, HBS, RGG, Aéropostale/ABG, and Forever 21.
(3)
- Represents limited partners' interest in the Operating Partnership.

2Q 2020 SUPPLEMENTAL	42

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

		AS OF JUNE 30, 2020				AS OF JUNE 30, 2019

		NONCONTROLLINGINTERESTS		OURSHARE OFJOINT VENTURES		NONCONTROLLINGINTERESTS		OURSHARE OFJOINT VENTURES
ASSETS:
Investment properties, at cost	$	(438,792)	$	10,838,444	$	(463,976)	$	10,754,204
Less - accumulated depreciation		(106,949)		3,611,618		(94,827)		3,367,836

		(331,843)		7,226,826		(369,149)		7,386,368
Cash and cash equivalents		(18,505)		344,601		(18,159)		412,176
Tenant receivables and accrued revenue, net		(4,734)		358,556		(8,280)		201,170
Investment in unconsolidated entities, at equity		(20,925)		(2,365,021)		(21,377)		(2,120,368)
Investment in Klépierre, at equity		—		—		—		—
Right-of-use assets, net		(890)		78,744		(897)		95,712
Deferred costs and other assets		(28,804)		649,775		(29,314)		281,570

Total assets	$	(405,701)	$	6,293,481	$	(447,176)	$	6,256,628



LIABILITIES:
Mortgages and unsecured indebtedness	$	(175,078)	$	7,226,116	$	(164,282)	$	7,163,348
Accounts payable, accrued expenses, intangibles, and deferred revenues		(18,749)		390,692		(18,737)		416,697
Cash distributions and losses in unconsolidated entities, at equity		—		(1,576,679)		—		(1,567,474)
Dividend payable		—		—		—		—
Lease liabilities		(890)		79,972		(897)		96,393
Other liabilities		(45,274)		173,380		(50,438)		147,664

Total liabilities		(239,991)		6,293,481		(234,354)		6,256,628

Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership		(161,855)		—		(205,788)		—
EQUITY:
Stockholders' equity
Capital stock
Series J 83/8% 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		(3,855)		—		(7,034)		—

Total equity		(3,855)		—		(7,034)		—

Total liabilities and equity	$	(405,701)	$	6,293,481	$	(447,176)	$	6,256,628

All values are in US Dollars.

2Q 2020 SUPPLEMENTAL	43

QuickLinks

TABLE OF CONTENTS

SIMON PROPERTY GROUP REPORTS SECOND QUARTER 2020 RESULTS

Results for the Quarter Results for the Six Months EARNINGS RELEASE U.S. Malls and Premium Outlets Operating Statistics COVID-19 Business Update Development Activity EARNINGS RELEASE Capital Markets and Balance Sheet Liquidity Dividends Conference Call Supplemental Materials and Website EARNINGS RELEASE Non-GAAP Financial Measures Forward-Looking Statements About Simon

Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)

EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)

EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands)

EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands)

EARNINGS RELEASE

Simon Property Group, Inc. Unaudited Reconciliation of Non-GAAP Financial Measures (C) (Amounts in thousands, except per share amounts)

EARNINGS RELEASE

Simon Property Group, Inc. Footnotes to Unaudited Financial Information

Notes

OVERVIEW THE COMPANY OVERVIEW STOCK INFORMATION SENIOR UNSECURED DEBT COVENANTS ^(1)^

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

NET OPERATING INCOME (NOI) COMPOSITION ^(1)^ For the Six Months Ended June 30, 2020

NET OPERATING INCOME OVERVIEW ^(1)^ (In thousands)

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

OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST (In thousands)

U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION Open / Close Spread

THE MILLS AND INTERNATIONAL OPERATING INFORMATION

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

U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties) Top Anchors (sorted by percentage of total square footage in U.S. properties) ^(1)^

CAPITAL EXPENDITURES (In thousands)

DEVELOPMENT ACTIVITY SUMMARY As of June 30, 2020 (in millions, except percent)

COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP For the Period December 31, 2019 through June 30, 2020 PREFERRED STOCK/UNITS OUTSTANDING AS OF JUNE 30, 2020 ($ in 000's, except per share amounts)

CREDIT PROFILE (As of December 31, unless otherwise indicated)

SUMMARY OF INDEBTEDNESS As of June 30, 2020 (In thousands)

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of June 30, 2020 (In thousands)

PROPERTY AND DEBT INFORMATION As of June 30, 2020 PROPERTY AND DEBT INFORMATION As of June 30, 2020 PROPERTY AND DEBT INFORMATION As of June 30, 2020

NON-GAAP PRO-RATA FINANCIAL INFORMATION

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

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