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): November 9, 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
8⅜%<br> Series J Cumulative Redeemable Preferred Stock, $0.0001 par value	SPGJ	New York Stock Exchange
Item 2.02.	Results of Operations and Financial Condition
---	---

On November 9, 2020, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter and nine months ended September 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 nine months ended September 30, 2020.

Item 9.01.	Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit No.	Description
99.1	Earnings Release dated November 9, 2020 and supplemental information
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101)

The exhibit filed with this report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (“GAAP”) in the United States, including funds from operations (“FFO”), FFO per share, 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: November 9, 2020

SIMON PROPERTY GROUP, INC.

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

Page 3

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**** TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATIONFOR THE QUARTER ENDED SEPTEMBER 30, 2020		PAGE
Earnings Release^(1)^		2-12
Overview		13
The Company		13
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants		14
Financial Data
Selected Financial and Equity Information		15
Net Operating Income (NOI) Composition		16
Net Operating Income Overview		17
Reconciliations of Non-GAAP Financial Measures		18
Consolidated Net Income to NOI		18
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)		19
Other Income, Other Expense and Capitalized Interest		20
Operational Data
U.S. Malls and Premium Outlets Operating Information		21
The Mills and International Operating Information		22
U.S. Malls and Premium Outlets Lease Expirations		23
U.S. Malls and Premium Outlets Top Tenants		24
Development Activity
Capital Expenditures		25
Development Activity Summary		26
Balance Sheet Information
Common and Preferred Stock Information		27
Changes in Common Share and Limited Partnership Unit Ownership		27
Preferred Stock/Units Outstanding		27
Credit Profile		28
Summary of Indebtedness		29
Total Debt Amortization and Maturities by Year (Our Share)		30
Property and Debt Information		31-40
Other
Non-GAAP Pro-Rata Financial Information		41-44

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

3Q 2020 SUPPLEMENTAL	1

EARNINGS RELEASE

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

SIMON PROPERTY GROUP REPORTS THIRD QUARTER 2020 RESULTS

INDIANAPOLIS, November 9, 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 September 30, 2020.

"I am pleased with the solid profitability and substantial improvement in cash flow from operations we generated in the third quarter," said David Simon, Chairman, Chief Executive Officer and President. "As we continue to navigate through the pandemic and the resulting economic conditions, the well-being of our employees, shoppers and communities we serve remains at the forefront. Despite COVID-19, we are encouraged by the increases we are seeing in shopper traffic, retailer sales and tenant rent collections across our portfolio. We continue to improve our company through innovative investment opportunities which, when combined with our A-rated balance sheet, sets us apart and allows us to re-define the future."

Results for the Quarter

•
- Net income attributable to common stockholders was $145.9 million, or $0.48 per diluted share, as compared to $544.3 million, or $1.77 per diluted share in 2019. The current year period includes a non-cash impairment charge of $91.3 million, or $0.26 per diluted share, related to the Company's interests in four unconsolidated joint ventures.
•
- Funds From Operations ("FFO") was $723.2 million, or $2.05 per diluted share, as compared to $1.081 billion, or $3.05 per diluted share, in the prior year period. FFO in the current year period was negatively impacted by $1.10 due to reduced revenues from the Company's domestic and international operations caused by the impact of the COVID-19 pandemic, partially offset by approximately $0.23 per diluted share from cost reduction initiatives. In comparison to the prior year, the current year period includes $0.10 per diluted share of lower straight-line lease income, $0.06 per diluted share of litigation expenses and $0.01 per diluted share of lower lease settlement income.
•
- Portfolio net operating income ("NOI") for the three months ended September 30, 2020 declined 22.4% and comparable property NOI declined 24.4%. The year-over-year decline is primarily due to reduced revenues from agreed upon tenant rent abatements, higher provisions for uncollectible rents, lower sales-based rents and a reduction in ancillary property income, including Simon Brand Ventures sponsorship income, partially offset by cost reduction initiatives. The Company did not amortize any rent abatements; instead, abatements were expensed in the period granted.

3Q 2020 SUPPLEMENTAL	2

EARNINGS RELEASE

Results for the Nine Months

•
- Net income attributable to common stockholders was $837.7 million, or $2.74 per diluted share, as compared to $1.588 billion, or $5.15 per diluted share in 2019. Results for the nine months ended 2020 include impairment charges of $98.2 million, or $0.28 per diluted share. Results for the nine 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.
•
- FFO was $2.450 billion, or $6.95 per diluted share, as compared to $3.227 billion, or $9.09 per diluted share, in the prior year period. FFO for the nine months ended 2020 was negatively impacted by $2.23 per diluted share primarily due to reduced revenues from the Company's domestic and international operations caused by the impact of the COVID-19 pandemic, partially offset by approximately $0.59 per diluted share from cost reduction initiatives. The nine months ended 2019 also included the $0.24 per diluted share noted above.
•
- Portfolio NOI for the nine months ended September 30, 2020 declined 14.6% and comparable property NOI declined 14.4%.

U.S. Malls and Premium Outlets Operating Statistics

•
- Occupancy was 91.4% at September 30, 2020.
•
- Base minimum rent per square foot was $56.13 at September 30, 2020, an increase of 2.9% year-over-year.

3Q 2020 SUPPLEMENTAL	3

EARNINGS RELEASE

Business Update

All of the Company's U.S. retail properties are currently open, welcoming shoppers to this year's extended holiday shopping season.

During the quarter, seven retail properties in California were temporarily closed on July 15 due to a restrictive governmental order. Six of the properties reopened August 31 and the seventh reopened on October 7, after the easing of governmental restrictions in Los Angeles.

As of November 6, 2020, the Company has collected from its U.S. retail portfolio, 72% of its net billed rents for the second quarter. Further, the Company has realized higher net billed rent collections for the third quarter, with a collection rate of 85% as of November 6, 2020.

( millions)	Q2 2020			Q3 2020
U.S. Portfolio Gross Contractual Rents	$	1,625		$	1,591
Rent Write-Offs Related to Tenants in Bankruptcy		(64	)		(15	)

Net Contractual Rents		1,561			1,576
Deferrals Agreed		(303	)		(35	)
Abatements Granted		(204	)		(65	)

Net Billed Rents		1,054			1,476
Collected	$	763		$	1,250
Collected as percent of Net Billed Rents		72	%		85	%
Collected as percent of Net Billed Rents, including Deferrals Agreed		78	%		85	%

All values are in US Dollars.

Amounts are presented on a gross basis, not at the Company's share. U.S. portfolio gross contractual rents do not include any prior period deferrals or sales-based rents. Amounts above relate to the contractual rents in the stated periods. Abatements reduced Lease Income in the period they were granted.

Development Activity

During the quarter, we completed the redevelopment of former department store spaces at Broadway Square and Cape Cod Mall. Also during the quarter, the 110,000 square-foot phase V expansion of Rinku Premium Outlets (Izumisano, (Osaka) Japan) opened adding enhanced amenities, elevated food offerings and more than 40 new, exciting brands. After this expansion, Rinku Premium Outlets is western Japan's largest outlet center. 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 net cash funding for these projects, that are currently scheduled to be completed by the end of 2021, is approximately $140 million.

3Q 2020 SUPPLEMENTAL	4

EARNINGS RELEASE

Capital Markets and Balance Sheet Liquidity

As of September 30, 2020, Simon had more than $9.7 billion of liquidity consisting of $1.5 billion of cash on hand, including its share of joint venture cash, and $8.2 billion of available capacity under its revolving credit facilities and term loan, net of $623 million outstanding under its U.S. commercial paper program.

During 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 the Company previously issued 3.50% notes due September 2025.

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 third quarter 2020 common stock dividend of $1.30 per share, in cash, on October 23, 2020. Simon's Board of Directors will declare a common stock cash dividend for the fourth quarter on or before December 31, 2020.

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 December 31, 2020 to shareholders of record on December 17, 2020.

Conference Call

Simon will hold a conference call to discuss the quarterly financial results today at 5:00 p.m. Eastern Time, Monday, November 9, 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 November 16, 2020. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 7809309.

Supplemental Materials and Website

Supplemental information on our third 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.

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.

3Q 2020 SUPPLEMENTAL	5

EARNINGS RELEASE

Forward-Looking Statements

Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our 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.

3Q 2020 SUPPLEMENTAL	6

EARNINGS RELEASE

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

		For the Three MonthEnded September 30,				For the Nine MonthsEnded September 30,
		2020		2019		2020		2019
REVENUE:
Lease income		$	993,831	$	1,308,908	$	3,269,572	$	3,887,532
Management fees and other revenues			21,345		27,976		71,545		83,768
Other income			45,498		79,670		134,957		295,274
		****				****
Total revenue			1,060,674		1,416,554		3,476,074		4,266,574
		****				****
EXPENSES:
Property operating			91,236		121,735		267,479		339,404
Depreciation and amortization			333,755		334,944		986,157		1,016,193
Real estate taxes			112,311		118,031		347,075		349,404
Repairs and maintenance			18,971		23,979		57,482		73,752
Advertising and promotion			14,751		36,583		60,967		109,128
Home and regional office costs			39,960		45,865		130,420		144,892
General and administrative			3,016		8,032		17,206		27,528
Other			42,650		22,083		99,527		75,318
		****				****
Total operating expenses			656,650		711,252		1,966,313		2,135,619
		****				****
OPERATING INCOME BEFORE OTHER ITEMS			404,024		705,302		1,509,761		2,130,955
Interest expense			(201,858)		(202,382)		(586,545)		(599,541)
Income and other tax (expense) benefit			(2,779)		(6,197)		3,065		(23,309)
Income from unconsolidated entities			61,823		119,706		156,610		316,691
Unrealized (losses) gains in fair value of equity instruments			(1,279)		2,154		(20,125)		(4,846)
(Loss) gain on sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net			(91,285)		10,141		(98,168)		12,822
		****				****
CONSOLIDATED NET INCOME			168,646		628,724		964,598		1,832,772
Net income attributable to noncontrolling interests			21,886		83,636		124,351		242,216
Preferred dividends			834		834		2,503		2,503
		****				****
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	145,926	$	544,254	$	837,744	$	1,588,053
		****				****
		****				****
		****				****
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders		$	0.48	$	1.77	$	2.74	$	5.15
		****				****
		****				****
		****				****
3Q 2020 SUPPLEMENTAL	7
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Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)

	September 30,2020		December 31,2019
ASSETS:
Investment properties, at cost	$	38,074,281	$	37,804,495
Less — accumulated depreciation		14,692,374		13,905,776
	****
		23,381,907		23,898,719
Cash and cash equivalents		1,082,313		669,373
Tenant receivables and accrued revenue, net		1,452,295		832,151
Investment in unconsolidated entities, at equity		2,449,335		2,371,053
Investment in Klépierre, at equity		1,641,680		1,731,649
Right-of-use assets, net		515,004		514,660
Deferred costs and other assets		1,139,041		1,214,025
	****
Total assets	$	31,661,575	$	31,231,630
	****
	****
	****
LIABILITIES:
Mortgages and unsecured indebtedness	$	25,139,682	$	24,163,230
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,299,062		1,390,682
Cash distributions and losses in unconsolidated entities, at equity		1,565,642		1,566,294
Dividend payable		458,144		—
Lease liabilities		517,454		516,809
Other liabilities		478,182		464,304
	****
Total liabilities		29,458,166		28,101,319
	****
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		187,193		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		42,173		42,420
Common stock, 0.0001 par value, 511,990,000 shares authorized, 320,613,247 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		9,761,978		9,756,073
Accumulated deficit		(5,953,166)		(5,379,952)
Accumulated other comprehensive loss		(180,468)		(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		1,752,851		2,526,398
Noncontrolling interests		263,365		384,852
	****
Total equity		2,016,216		2,911,250
	****
Total liabilities and equity	$	31,661,575	$	31,231,630
	****
	****
	****

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	8

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

	For the Three MonthsEnded September 30,				For the Nine MonthsEnded September 30,
	2020		2019		2020		2019
REVENUE:
Lease income	$	601,522	$	766,740	$	1,919,618	$	2,285,848
Other income		94,630		79,025		215,349		234,337
	****				****
Total revenue		696,152		845,765		2,134,967		2,520,185
OPERATING EXPENSES:
Property operating		129,024		149,759		383,363		434,742
Depreciation and amortization		175,716		171,407		512,705		512,070
Real estate taxes		68,464		64,172		197,487		200,698
Repairs and maintenance		16,457		20,729		49,661		61,938
Advertising and promotion		9,901		19,831		42,669		63,852
Other		41,857		45,747		107,822		142,806
	****				****
Total operating expenses		441,419		471,645		1,293,707		1,416,106
	****				****
OPERATING INCOME BEFORE OTHER ITEMS		254,733		374,120		841,260		1,104,079
Interest expense		(154,579)		(159,971)		(463,629)		(473,914)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		—		21,587
	****				****
NET INCOME	$	100,154	$	214,149	$	377,631	$	651,752
	****				****
	****				****
	****				****
Third-Party Investors' Share of Net Income	$	46,785	$	108,792	$	193,633	$	332,078
	****				****
	****				****
	****				****
Our Share of Net Income		53,369		105,357		183,998		319,674
Amortization of Excess Investment (A)		(20,543)		(20,846)		(62,144)		(62,413)
Our Share of Gain on Sale or Disposal of Assets and Interests in
Other Income in the Consolidated Financial Statements		—		—		—		(9,156)
	****				****
Income from Unconsolidated Entities (B)	$	32,826	$	84,511	$	121,854	$	248,105
	****				****
	****				****
	****				****

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.

3Q 2020 SUPPLEMENTAL	9

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

	September 30,2020		December 31,2019
Assets:
Investment properties, at cost	$	19,841,675	$	19,525,665
Less — accumulated depreciation		7,802,948		7,407,627
	****
		12,038,727		12,118,038
Cash and cash equivalents		973,669		1,015,864
Tenant receivables and accrued revenue, net		808,702		510,157
Right-of-use assets, net		181,713		185,302
Deferred costs and other assets		391,025		384,663
	****
Total assets	$	14,393,836	$	14,214,024
	****
	****
	****
Liabilities and Partners' Deficit:		****
Mortgages	$	15,505,554	$	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue		909,616		977,112
Lease liabilities		184,473		186,594
Other liabilities		407,147		338,412
	****
Total liabilities		17,006,790		16,893,899
Preferred units		67,450		67,450
Partners' deficit		(2,680,404)		(2,747,325)
	****
Total liabilities and partners' deficit	$	14,393,836	$	14,214,024
	****
	****
	****
Our Share of:		****
Partners' deficit	$	(1,154,758)	$	(1,196,926)
Add: Excess Investment (A)		1,414,067		1,525,903
	****
Our net Investment in unconsolidated entities, at equity	$	259,309	$	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.

3Q 2020 SUPPLEMENTAL	10

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

		Reconciliation of Consolidated Net Income to FFO
			For the Three Months Ended September 30,				For the Nine Months Ended September 30,
			2020		2019		2020		2019
		Consolidated Net Income (D)	$	168,646	$	628,724	$	964,598	$	1,832,772
		Adjustments to Arrive at FFO:
		Depreciation and amortization from consolidated properties		331,252		332,456		978,998		1,008,439
		Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS		136,471		138,116		402,488		412,018
		Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		91,285		(10,141)		98,168		(12,822)
		Unrealized losses (gains) in fair value of equity instruments		1,279		(2,154)		20,125		4,846
		Net loss (gain) attributable to noncontrolling interest holders in properties		753		(337)		4,551		181
		Noncontrolling interests portion of depreciation and amortization		(5,154)		(4,790)		(14,665)		(14,608)
		Preferred distributions and dividends		(1,313)		(1,313)		(3,939)		(3,939)
			****				****
		FFO of the Operating Partnership	$	723,219	$	1,080,561	$	2,450,324	$	3,226,887
			****				****
			****				****
			****				****
		Diluted net income per share to diluted FFO per share reconciliation:
		Diluted net income per share	$	0.48	$	1.77	$	2.74	$	5.15
		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		1.30		1.32		3.87		3.97
		Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		0.26		(0.03)		0.28		(0.04)
		Unrealized losses (gains) in fair value of equity instruments		0.01		(0.01)		0.06		0.01
			****				****
		Diluted FFO per share	$	2.05	$	3.05	$	6.95	$	9.09
			****				****
			****				****
			****				****
<br>		Details for per share calculations:
		FFO of the Operating Partnership	$	723,219	$	1,080,561	$	2,450,324	$	3,226,887
		Diluted FFO allocable to unitholders		(95,426)		(142,727)		(323,591)		(425,123)
			****				****
		Diluted FFO allocable to common stockholders	$	627,793	$	937,834	$	2,126,733	$	2,801,764
			****				****
			****				****
			****				****
		Basic and Diluted weighted average shares outstanding		305,913		307,275		306,099		308,314
		Weighted average limited partnership units outstanding		46,507		46,763		46,574		46,782
			****				****
		Basic and Diluted weighted average shares and units outstanding		352,420		354,038		352,673		355,096
			****				****
			****				****
			****				****
		Basic and Diluted FFO per Share	$	2.05	$	3.05	$	6.95	$	9.09
<br>		Percent Change		–32.8%				–23.5%
3Q 2020 SUPPLEMENTAL	11
---	---

**** 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 $1.8 million and $2.5 million for the three months ended September 30, 2020 and 2019, respectively, and $8.1 million and $14.1 million for the nine months ended September 30, 2020 and 2019, respectively.
- - Straight-line adjustments (decreased) increased income by ($13.7) million and $22.2 million for the three months ended September 30, 2020 and 2019, respectively, and ($4.3) million and $66.0 million for the nine months ended September 30, 2020 and 2019, respectively.
- - Amortization of fair market value of leases from acquisitions increased income by $1.1 million and $1.3 million for the three months ended September 30, 2020 and 2019, respectively, and $3.5 million and $4.0 million for the nine months ended September 30, 2020 and 2019, respectively.

3Q 2020 SUPPLEMENTAL	12

**** 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 September 30, 2020, we owned or had an interest in 235 properties comprising 191 million square feet in North America, Asia and Europe. Additionally, at September 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 September 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).

3Q 2020 SUPPLEMENTAL	13

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	A3	(Stable Outlook)
	Commercial Paper	P2	(Stable Outlook)
	Preferred Stock	Baa1	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS ^(1)^

	Required	Actual	Compliance

Total Debt to Total Assets ^(1)^	65%	47%	Yes
Total Secured Debt to Total Assets ^(1)^	50%	20%	Yes
Fixed Charge Coverage Ratio	>1.5X	4.5X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	234%	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.

3Q 2020 SUPPLEMENTAL	14

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

			THREE MONTHS ENDEDSEPTEMBER 30,						** NINE MONTHS ENDEDSEPTEMBER 30,**
****				****						****
****			** 2020**	****		** 2019**			** 2020**	****		** 2019**
** Financial Highlights**
Total Revenue – Consolidated Properties		$	1,060,674		$	1,416,554		$	3,476,074		$	4,266,574
Consolidated Net Income		$	168,646		$	628,724		$	964,598		$	1,832,772
Net Income Attributable to Common Stockholders		$	145,926		$	544,254		$	837,744		$	1,588,053
Basic and Diluted Earnings per Common Share (EPS)		$	0.48		$	1.77		$	2.74		$	5.15
Funds from Operations (FFO) of the Operating Partnership		$	723,219		$	1,080,561		$	2,450,324		$	3,226,887
Basic and Diluted FFO per Share (FFOPS)		$	2.05		$	3.05		$	6.95		$	9.09
Declared Dividends/Distributions per Share/Unit		$	1.30		$	2.10		$	4.70		$	6.20
Stockholders' Equity Information			** AS OFSEPTEMBER 30,2020**	****		** AS OFDECEMBER 31,2019**
---	---	---	---	---	---	---	---
Limited Partners' Units Outstanding at end of period			46,465			46,740
Common Shares Outstanding at end of period			305,953			306,869

Total Common Shares and Limited Partnership Units Outstanding at end of period			352,418			353,609



Weighted Average Limited Partnership Units Outstanding			46,574			46,744
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS			306,099			307,950
Debt Information
Share of Consolidated Debt		$	24,959,629		$	23,988,186
Share of Joint Venture Debt			7,072,216			7,214,181

Share of Total Debt		$	32,031,845		$	31,202,367
Share of Cash and Cash Equivalents			1,518,090			1,114,490

Share of Net Debt		$	30,513,755		$	30,087,877



Market Capitalization
Common Stock Price at end of period		$	64.68		$	148.96
Common Equity Capitalization, including Limited Partnership Units		$	22,794,407		$	52,673,608
Preferred Equity Capitalization, including Limited Partnership Preferred Units			79,331			83,236

Total Equity Market Capitalization		$	22,873,738		$	52,756,844



Total Market Capitalization – Including Share of Total Debt		$	54,905,583		$	83,959,211
3Q 2020 SUPPLEMENTAL	15
---	---

**** NET OPERATING INCOME (NOI) COMPOSITION ^(1)^ For the Nine Months Ended September 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.

3Q 2020 SUPPLEMENTAL	16

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

		FOR THE THREE MONTHSENDED SEPTEMBER 30,					FOR THE NINE MONTHSENDED SEPTEMBER 30,

		2020		2019	% Growth		2020		2019	% Growth
Comparable Property NOI ^(2)^	$	1,023,774	$	1,353,821	–24.4%	$	3,445,675	$	4,025,197	–14.4%
NOI from New Development, Redevelopment, Expansion and Acquisitions ^(3)^		28,733		39,425			101,386		119,807
International Properties ^(4)^		121,655		119,292			287,734		347,615
Portfolio NOI	$	1,174,162	$	1,512,538	–22.4%	$	3,834,795	$	4,492,619	–14.6%
Our share of NOI from Investments ^(5)^		47,215		70,508			145,407		193,591
Our share of NOI from Retailer Investments ^(6)^		30,543		15,883			(8,681)		22,515
Corporate and Other NOI Sources ^(7)^		39,414		123,917			200,126		435,965
Combined NOI	$	1,291,334	$	1,722,846		$	4,171,647	$	5,144,690
Less: Joint Venture Partners' Share of NOI		228,423		289,398			724,513		855,602

Our Share of Total NOI	$	1,062,911	$	1,433,448		$	3,447,134	$	4,289,088

(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 nine 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 nine 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 nine 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 nine 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 nine months ended September 30, 2019 includes $83,582 related to the Opry Mills settlement and a gain on the sale of Phipps Residential.

3Q 2020 SUPPLEMENTAL	17

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

RECONCILIATION OF NET INCOME TO NOI
			** THREE MONTHS ENDEDSEPTEMBER 30,**					** NINE MONTHS ENDEDSEPTEMBER 30,**
		****		****			****		****
			2020	****		2019		2020	****		2019
Reconciliation of NOI of consolidated entities:			****					****
Consolidated Net Income		$	168,646		$	628,724	$	964,598		$	1,832,772
Income and other tax expense (benefit)			2,779			6,197		(3,065)			23,309
Interest expense			201,858			202,382		586,545			599,541
Income from unconsolidated entities			(61,823)			(119,706)		(156,610)			(316,691)
Unrealized losses (gains) in fair value of equity instruments			1,279			(2,154)		20,125			4,846
Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			91,285			(10,141)		98,168			(12,822)
		****					****
Operating Income Before Other Items			404,024			705,302		1,509,761			2,130,955
Depreciation and amortization			333,755			334,944		986,157			1,016,193
Home and regional office costs			39,960			45,865		130,420			144,892
General and administrative			3,016			8,032		17,206			27,528
		****					****
NOI of consolidated entities		$	780,755		$	1,094,143	$	2,643,544		$	3,319,568
		****					****
		****					****
		****					****
Reconciliation of NOI of unconsolidated entities:			****					****
Net Income		$	100,154		$	214,149	$	377,631		$	651,752
Interest expense			154,579			159,971		463,629			473,914
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net			–			–		–			(21,587)
		****					****
Operating Income Before Other Items			254,733			374,120		841,260			1,104,079
Depreciation and amortization			175,716			171,407		512,705			512,070
		****					****
NOI of unconsolidated entities		$	430,449		$	545,527	$	1,353,965		$	1,616,149
		****					****
		****					****
		****					****
Add: Our share of NOI from Klépierre, HBS and other corporate investments			80,130			83,176		174,138			208,973
		****					****
Combined NOI		$	1,291,334		$	1,722,846	$	4,171,647		$	5,144,690
		****					****
		****					****
		****					****
3Q 2020 SUPPLEMENTAL	18
---	---

**** 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 ENDEDSEPTEMBER 30, 2020			** NINEMONTHS ENDEDSEPTEMBER 30, 2020**
FFO of the Operating Partnership		$	723,219		$	2,450,324
Non-cash impacts to FFO ^(1)^		16,532			29,666

FFO of the Operating Partnership excluding non-cash impacts		739,751			2,479,990
Tenant allowances		(17,594)			(57,634)
Operational capital expenditures		(13,720)			(43,164)

Funds available for distribution		$	708,437		$	2,379,192

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


<br>	THREEMONTHS ENDEDSEPTEMBER 30, 2020			** NINEMONTHS ENDEDSEPTEMBER 30, 2020**
Deductions:
Fair market value of lease amortization		(1,037)			(3,478)
Fair value of debt amortization		(797)			(616)
Additions:
Straight-line lease loss		13,679			4,285
Stock based compensation expense		(1,838)			10,056
Mortgage, financing fee and terminated swap amortization expense		6,525			19,419

		$	16,532		$	29,666

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.

3Q 2020 SUPPLEMENTAL	19

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

			THREE MONTHSENDEDSEPTEMBER 30,						NINE MONTHSENDEDSEPTEMBER 30,
****				****			****			****
****			** 2020**	****		** 2019**			** 2020**	****		** 2019**
** Consolidated Properties**
Other Income
Interest, dividend and distribution income ^(1)^		$	3,135		$	10,351		$	12,912		$	25,525
Lease settlement income			8,205			10,720			13,563			15,510
Gains on land sales			1,885			1,779			8,259			10,156
Other ^(2)(3)^			32,273			56,820			100,223			244,083

Totals		$	45,498		$	79,670		$	134,957		$	295,274



Other Expense
Ground leases		$	10,093		$	11,039		$	30,133		$	32,320
Professional fees and other ^(4)^			32,557			11,044			69,394			42,998

Totals		$	42,650		$	22,083		$	99,527		$	75,318




Capitalized Interest			** THREE MONTHSENDEDSEPTEMBER 30,**						** NINE MONTHSENDEDSEPTEMBER 30,**
---	---	---	---	---	---	---	---	---	---	---	---	---	---
****				****			****			****
****			** 2020**	****		** 2019**			** 2020**	****		** 2019**
Interest Capitalized during the Period:
Our Share of Consolidated Properties		$	3,271		$	9,337		$	16,170		$	23,958
Our Share of Joint Venture Properties		$	206		$	370		$	777		$	894

(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 nine months ended September 30, 2019 includes $83,582 related to the Opry Mills settlement and a gain on the sale of Phipps residential.
(4)
- Includes litigation expenses.

3Q 2020 SUPPLEMENTAL	20

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

		AS OF SEPTEMBER 30,
****			****
****		** 2020**	****		** 2019**
Total Number of Properties		168			175
Total Square Footage of Properties (in millions)		142.3			150.2
Ending Occupancy ^(1)^:
Consolidated Assets		91.5%			95.1%
Unconsolidated Assets		91.1%			93.8%
Total Portfolio		91.4%			94.7%
Base Minimum Rent PSF ^(2)^:
Consolidated Assets	$	54.33		$	52.97
Unconsolidated Assets	$	61.22		$	58.73
Total Portfolio	$	56.13		$	54.55

Open / Close Spread

<br>					RENT PSF(BASE MINIMUM RENT & CAM)				****		****	****	****
****	****		****			****			****			****
** **	****	** SQUARE FOOTAGEOF OPENINGS**	****		AVERAGEOPENING RATEPSF (3)	****		AVERAGECLOSING RATEPSF (3)	****		LEASINGSPREAD (3)	****	SPREAD TOCLOSE %
9/30/20	****	6,117,027	****	$	61.28	****	$	63.81	****	($	2.53)	****	–4.0%
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%
9/30/19		7,541,208		$	66.58		$	54.48		$	12.10		22.2%

(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.

3Q 2020 SUPPLEMENTAL	21

**** THE MILLS AND INTERNATIONAL OPERATING INFORMATION

		AS OF SEPTEMBER 30,
	****
		2020		2019
The Mills
Total Number of Properties		14		14
Total Square Footage of Properties (in millions)		21.5		21.5
Ending Occupancy ^(1)^		94.5%		97.2%
Base Minimum Rent PSF ^(2)^	$	33.83	$	32.88
Leasing Spread PSF ^(3)^	$	8.87	$	13.27
Leasing Spread (Percentage Change) ^(3)^		22.8%		31.4%

International Properties
Premium Outlets
Total Number of Properties		21		20
Total Square Footage of Properties (in millions)		8.3		7.7
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%		99.7%
Base Minimum Rent PSF		5,390		¥ 5,241

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.

3Q 2020 SUPPLEMENTAL	22

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

YEAR	** NUMBER OFLEASESEXPIRING**	** SQUARE FEET**		** AVG. BASEMINIMUMRENTPSF AT 9/30/20**	** PERCENTAGE OFGROSS ANNUALRENTALREVENUES ^(2)^**
Inline Stores and Freestanding
Month to Month Leases	1,039	3,696,592	$	56.45	3.6%
2020 (10/1/20 - 12/31/20)	289	749,965	$	61.70	0.8%
2021	2,448	8,906,803	$	51.47	7.9%
2022	2,506	9,464,677	$	50.29	8.3%
2023	2,246	9,098,525	$	57.39	9.0%
2024	1,775	7,025,051	$	60.28	7.3%
2025	1,542	6,088,501	$	62.75	6.7%
2026	1,251	5,013,097	$	61.36	5.4%
2027	936	3,694,468	$	65.72	4.3%
2028	806	3,484,706	$	61.68	3.7%
2029	710	3,040,422	$	65.85	3.3%
2030	373	1,811,524	$	62.80	1.8%
2031 and Thereafter	356	2,441,087	$	40.69	1.8%
Specialty Leasing Agreements w/ terms in excess of 12 months	1,665	4,276,790	$	16.96	1.3%
Anchors
Month to Month Leases	1	138,409	$	1.18	0.0%
2020 (10/1/20 - 12/31/20)	—	—		—	—
2021	5	669,592	$	3.43	0.0%
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	11	1,149,302	$	5.44	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	20	1,843,946	$	12.66	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.

3Q 2020 SUPPLEMENTAL	23

**** 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.	354	3,377	1.9%	3.3%
L Brands, Inc.	290	1,778	1.0%	2.2%
PVH Corporation	231	1,456	0.8%	1.7%
Tapestry, Inc.	248	1,012	0.6%	1.6%
Signet Jewelers, Ltd.	336	489	0.3%	1.4%
Capri Holdings Limited	143	562	0.3%	1.3%
American Eagle Outfitters, Inc	199	1,279	0.7%	1.3%
Foot Locker, Inc.	205	955	0.5%	1.3%
Ascena Retail Group Inc	255	1,443	0.8%	1.3%
Luxottica Group SPA	371	659	0.4%	1.3%

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	11.1%	0.3%
J.C. Penney Co., Inc.	57	9,372	5.2%	0.3%
Dillard's, Inc.	35	6,450	3.6%	*
Nordstrom, Inc.	24	4,103	2.3%	0.1%
Dick's Sporting Goods, Inc.	35	2,354	1.3%	0.6%
Hudson's Bay Company	17	2,174	1.2%	0.1%
The Neiman Marcus Group, Inc.	12	1,458	0.8%	0.1%
Belk, Inc.	7	1,194	0.7%	*
Sears	6	1,142	0.6%	*
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.

3Q 2020 SUPPLEMENTAL	24

**** CAPITAL EXPENDITURES (In thousands)

					UNCONSOLIDATEDPROPERTIES
****			****			****
****		** CONSOLIDATEDPROPERTIES**	****		** TOTAL**	****		** OURSHARE**
New development projects	$	24,405		$	95,542		$	44,334
Redevelopment projects with incremental square footage and/or anchor replacement		217,351			255,500			115,455
Redevelopment projects with no incremental square footage ^(1)^		42,350			19,148			9,998

Subtotal new development and redevelopment projects		284,106	****		370,190	****		169,787
Tenant allowances		43,987			27,601			13,647
Operational capital expenditures at properties:
CAM expenditures		22,257			38,118			16,014
Non-CAM expenditures		1,693			7,793			3,200

Totals	$	352,043	****	$	443,702	****	$	202,648



Conversion from accrual to cash basis		43,961			(35,185)			(16,070)

Capital Expenditures for the Nine Months Ended 9/30/20 ^(2)^	$	396,004	****	$	408,517	****	$	186,578



Capital Expenditures for the Nine Months Ended 9/30/19 ^(2)^	$	622,687		$	543,547		$	236,810

(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.

3Q 2020 SUPPLEMENTAL	25

**** DEVELOPMENT ACTIVITY SUMMARY ^(1)^ As of September 30, 2020 (in thousands, except percent)

** PLATFORM PROJECT TYPE**		OUR SHAREOF NETINVESTMENT	** EXPECTEDSTABILIZEDRATE OFRETURN**		** ACTUALINVESTMENTTHRUQ3 2020**		** FORECASTEDINVESTMENTQ4 2020**		** FORECASTEDINVESTMENTFY 2020**		** FORECASTEDINVESTMENTFY 2021**		** FORECASTEDTOTALINVESTMENT2020 - 2021**
Malls
Redevelopments	$	462,701	7%	$	167,994	$	65,443	$	233,437	$	65,901	$	299,338
Premium Outlets
New Developments—U.S.	$	16,468	—	$	16,468	$	—	$	16,468	$	—	$	16,468
New Developments—International	$	91,252	8%	$	48,333	$	6,942	$	55,275	$	6,442	$	61,717
Redevelopments—U.S.	$	35,006	9%	$	15,237	$	7,824	$	23,061	$	—	$	23,061
Redevelopments—International	$	101,300	10%	$	48,597	$	1,730	$	50,327	$	—	$	50,327
The Mills
Redevelopments	$	52,865	11%	$	18,054	$	10,704	$	28,758	$	10,679	$	39,437
Total Investment^(1)^	$	759,592	8%	$	314,683	$	92,643	$	407,326	$	83,022	$	490,348
Less funding from: Construction Loans, International JV Cash on hand, etc.	$	(265,382)		$	(127,523)	$	(18,419)	$	(145,942)	$	(14,372)	$	(160,314)
Total Net Cash Investment	$	494,210		$	187,160	$	74,224	$	261,384	$	68,650	$	330,034

Notes:

(1)
- Our share of Net Investment includes $349M of previous investment that was in CIP as of December 31, 2019.

3Q 2020 SUPPLEMENTAL	26

**** COMMON AND PREFERRED STOCK INFORMATION

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

	COMMONSHARES ^(1)^	LIMITEDPARTNERSHIPUNITS ^(2)^
Number Outstanding at December 31, 2019	306,868,960	46,740,117
Activity During the First Six Months of 2020:
Exchange of Limited Partnership Units for Common Stock	132,946	(132,946)
Redemption of Limited Partnership Units for Cash	–	(116,072)
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)^	154,529	36,884
Repurchase of Simon Property Group Common Stock in open market	(1,245,654)	–

Number Outstanding at June 30, 2020	305,895,220	46,527,983
Third Quarter Activity
Exchange of Limited Partnership Units for Common Stock	61,968	(61,968)
Redemption of Limited Partnership Units for Cash	–	(586)
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned ^(3)^	(3,825)	(632)

Number Outstanding at September 30, 2020	305,953,363	46,464,797



Number of Limited Partnership Units and Common Shares at September 30, 2020	352,418,160

PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 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 September 30, 2020 was $67.50 per share.
(5)
- Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

3Q 2020 SUPPLEMENTAL	27

**** 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.

3Q 2020 SUPPLEMENTAL	28

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

		TOTALINDEBTEDNESS		** OURSHARE OFINDEBTEDNESS**	** WEIGHTEDAVERAGEEND OF PERIODINTEREST RATE**	** WEIGHTEDAVERAGEYEARS TOMATURITY**
Consolidated Indebtedness
Mortgage Debt
Fixed Rate	$	6,166,553	$	6,023,743	3.85%	4.0
Variable Rate Debt		775,107		736,994	1.63%	1.4

Total Mortgage Debt		6,941,660		6,760,737	3.61%	3.8
Unsecured Debt
Fixed Rate		17,015,581		17,015,581	3.12%	9.9
Revolving Credit Facility – Currency		625,000		625,000	0.81%	4.7

Total Revolving Credit Facilities		625,000		625,000	0.81%	4.7
Global Commercial Paper –		622,650		622,650	0.19%	0.1

Total Unsecured Debt		18,263,231		18,263,231	2.94%	9.4
Premium		36,936		36,936
Discount		(55,725)		(55,725)
Debt Issuance Costs		(113,675)		(112,805)
Other Debt Obligations		67,255		67,255


Consolidated Mortgages and Unsecured Indebtedness (1)	$	25,139,682	$	24,959,629	3.12%	7.9



Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	13,527,754	$	6,251,268	3.85%	4.2
Floating Rate Debt (Hedged) (1)		421,560		175,608	2.12%	6.5
Variable Rate Debt		1,207,813		512,955	1.81%	2.3
TMLP Debt (2)		380,486		146,851	–	–

Total Mortgage Debt		15,537,613		7,086,682	3.65%	4.1
Debt Issuance Costs		(32,062)		(14,466)


Joint Venture Mortgages and Other Indebtedness (1)	$	15,505,551	$	7,072,216	3.65%	4.1





Our Share of Total Indebtedness			$	32,031,845	3.25%	7.1

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	94.6%	$	23,619,264	3.52%	8.2
Variable	5.4%		1,340,365	1.25%	3.0

	100.0%		24,959,629	3.12%	7.9
Joint Venture
Fixed	90.3%	$	6,386,590	3.85%	4.2
Variable	9.7%		685,626	1.79%	3.4

	100.0%		7,072,216	3.65%	4.1

Total Debt		$	32,031,845




Total Fixed Debt	93.7%	$	30,005,854	3.36%	7.3





Total Variable Debt	6.3%	$	2,025,991	1.43%	3.1

(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.

3Q 2020 SUPPLEMENTAL	29

**** TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of September 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		$	622,650		0.19%		$	401,210		3.95%		$	47,164		2.65%		$	1,071,024	1.70%
2021			550,000		2.50%			1,080,330		3.15%			1,061,592		4.34%			2,691,922	3.48%
2022			2,029,349		2.01%			732,614		3.48%			950,648		3.68%			3,712,611	2.72%
2023			1,100,000		2.75%			724,285		3.85%			588,549		3.10%			2,412,834	3.16%
2024			2,500,000		2.92%			392,750		3.76%			1,204,263		3.45%			4,097,013	3.15%
2025			2,311,232		2.20%			864,742		3.50%			861,338		3.35%			4,037,312	2.72%
2026			1,550,000		3.28%			2,169,917		3.87%			881,196		3.64%			4,601,113	3.62%
2027			1,500,000		3.38%			145,000		4.00%			459,147		3.20%			2,104,147	3.38%
2028			–		–			54,673		3.85%			738,933		4.11%			793,606	4.09%
2029			1,250,000		2.45%			195,216		2.00%			–		–			1,445,216	2.39%
2030			750,000		2.65%			–		–			225,250		3.12%			975,250	2.76%
Thereafter			4,100,000		4.30%			–		–			68,602		5.14%			4,168,602	4.31%

Face Amounts of Indebtedness		$	18,263,231		2.94%		$	6,760,737		3.61%		$	7,086,682		3.65%		$	32,110,650	3.25%
Premiums (Discounts) on Indebtedness, Net			(22,419)					3,630					–					(18,789)
Debt Issuance Costs			(92,806)					(19,999)					(14,466)					(127,271)
Other Debt Obligations			67,255					–					–					67,255

Our Share of Total Indebtedness	****	$	18,215,261	****		****	$	6,744,368	****		****	$	7,072,216	****		****	$	32,031,845



3Q 2020 SUPPLEMENTAL	30
---	---

**** PROPERTY AND DEBT INFORMATION As of September 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%		474,014		^(2)^
2.		Auburn Mall		MA		Auburn		56.4%		499,573		^(2)^
3.		Aventura Mall ^(3)^		FL		Miami Beach (Miami)		33.3%		2,126,717		07/01/28				4.12%		Fixed		1,750,000	583,333
4.		Barton Creek Square		TX		Austin		100.0%		1,452,291		^(2)^
5.		Battlefield Mall		MO		Springfield		100.0%		1,203,129		09/01/22				3.95%		Fixed		113,357	113,357
6.		Bay Park Square		WI		Green Bay		100.0%		682,401		^(2)^
7.		Brea Mall		CA		Brea (Los Angeles)		100.0%		1,281,891		^(2)^
8.		Briarwood Mall		MI		Ann Arbor		50.0%		977,987		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%		1,174,697		^(2)^
12.		Cape Cod Mall		MA		Hyannis		56.4%		709,046		03/06/21				5.75%		Fixed		85,253	48,058
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%		1,204,565		10/01/26				3.95%		Fixed		183,648	91,824
16.		College Mall		IN		Bloomington		100.0%		609,768		^(2)^
17.		Columbia Center		WA		Kennewick		100.0%		814,875		^(2)^
18.		Copley Place		MA		Boston		94.4%	^(7)^	1,263,346		^(2)^
19.		Coral Square		FL		Coral Springs (Miami)		97.2%		943,940		^(2)^
20.		Cordova Mall		FL		Pensacola		100.0%		926,460		^(2)^
21.		Dadeland Mall		FL		Miami		50.0%		1,499,420		12/05/21				4.50%		Fixed		395,616	197,808
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%		1,236,330		08/01/21				5.44%		Fixed		177,619	177,619
24.		Empire Mall		SD		Sioux Falls		100.0%		1,124,687		12/01/25				4.31%		Fixed		184,598	184,598
25.		Falls, The		FL		Miami		50.0%		708,956		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%		716,466		^(2)^
28.		Fashion Valley		CA		San Diego		50.0%		1,724,422		01/04/21				4.30%		Fixed		414,174	207,087
29.		Firewheel Town Center		TX		Garland (Dallas)		100.0%		996,305		^(2)^
30.		Florida Mall, The		FL		Orlando		50.0%		1,725,249		03/05/21				5.25%		Fixed		309,812	154,906
31.		Forum Shops at Caesars Palace, The		NV		Las Vegas		100.0%		660,311		^(2)^
32.		Galleria, The		TX		Houston		50.4%		2,017,197		03/01/25				3.55%		Fixed		1,200,000	604,440
33.		Greenwood Park Mall		IN		Greenwood (Indianapolis)		100.0%		1,288,889		^(2)^
34.		Haywood Mall		SC		Greenville		100.0%		1,237,560		^(2)^
35.		Ingram Park Mall		TX		San Antonio		100.0%		1,125,508		06/01/21				5.38%		Fixed		123,019	123,019
36.		King of Prussia		PA		King of Prussia (Philadelphia)		100.0%		2,669,371		^(2)^

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	31

PROPERTY AND DEBT INFORMATION As of September 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%		1,313,010		^(2)^
38.		Lakeline Mall		TX		Cedar Park (Austin)		100.0%		1,099,057		^(2)^
39.		Lehigh Valley Mall		PA		Whitehall		50.0%		1,193,368		11/01/27				4.06%		Fixed		190,085	95,042
40.		Lenox Square		GA		Atlanta		100.0%		1,558,894		^(2)^
41.		Livingston Mall		NJ		Livingston (New York)		100.0%		968,748		^(2)^
42.		Mall at Rockingham Park, The		NH		Salem (Boston)		28.2%		1,064,794		06/01/26				4.04%		Fixed		262,000	73,845
43.		Mall of Georgia		GA		Buford (Atlanta)		100.0%		1,839,803		^(2)^
44.		Mall of New Hampshire, The		NH		Manchester		56.4%		804,759		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		108,365	54,182
47.		Menlo Park Mall		NJ		Edison (New York)		100.0%		1,331,636		^(2)^
48.		Miami International Mall		FL		Miami		47.8%		1,083,121		02/06/24				4.42%		Fixed		160,000	76,442
49.		Midland Park Mall		TX		Midland		100.0%		643,935		09/06/22				4.35%		Fixed		72,298	72,298
50.		Miller Hill Mall		MN		Duluth		100.0%		831,475		^(2)^
51.		Montgomery Mall		PA		North Wales (Philadelphia)		79.4%		1,102,148		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%		416,014		^(2)^
54.		Northshore Mall		MA		Peabody (Boston)		56.4%		1,503,789		07/05/23				3.30%		Fixed		232,712	131,180
55.		Ocean County Mall		NJ		Toms River (New York)		100.0%		876,804		^(2)^
56.		Orland Square		IL		Orland Park (Chicago)		100.0%		1,229,717		^(2)^
57.		Oxford Valley Mall		PA		Langhorne (Philadelphia)		85.5%	^(29)^	1,339,111		12/07/20				4.77%		Fixed		58,351	49,913
58.		Penn Square Mall		OK		Oklahoma City		94.5%		1,083,741		01/01/26				3.84%		Fixed		310,000	292,938
59.		Pheasant Lane Mall		NH		Nashua		^(10)^		979,534		^(2)^
60.		Phipps Plaza		GA		Atlanta		100.0%		759,260		^(2)^
61.		Plaza Carolina		PR		Carolina (San Juan)		100.0%		1,157,817		07/27/21				1.25%		Variable		225,000	225,000
62.		Prien Lake Mall		LA		Lake Charles		100.0%		842,678		^(2)^
63.		Quaker Bridge Mall		NJ		Lawrenceville		50.0%		1,081,115		05/01/26				4.50%		Fixed		180,000	90,000
64.		Rockaway Townsquare		NJ		Rockaway (New York)		100.0%		1,246,023		^(2)^
65.		Roosevelt Field		NY		Garden City (New York)		100.0%		2,346,165		^(2)^
66.		Ross Park Mall		PA		Pittsburgh		100.0%		1,202,385		^(2)^
67.		Santa Rosa Plaza		CA		Santa Rosa		100.0%		692,088		^(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%		549,182		03/11/30		^(8)^		2.81%		Variable		145,000	65,250
70.		Shops at Crystals, The		NV		Las Vegas		50.0%		269,818		07/01/26				3.74%		Fixed		550,000	275,000
71.		Shops at Mission Viejo, The		CA		Mission Viejo (Los Angeles)		51.0%		1,235,331		02/01/23				3.61%		Fixed		295,000	150,450
72.		Shops at Nanuet, The		NY		Nanuet		100.0%		757,891		^(2)^
73.		Shops at Riverside, The		NJ		Hackensack (New York)		100.0%		704,920		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)^		2.65%		Variable		180,000	45,000

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	32

PROPERTY AND DEBT INFORMATION As of September 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%		886,397		11/01/22				4.01%		Fixed		93,511	52,713
76.		South Hills Village		PA		Pittsburgh		100.0%		1,128,583		^(2)^
77.		South Shore Plaza		MA		Braintree (Boston)		100.0%		1,590,406		^(2)^
78.		Southdale Center		MN		Edina (Minneapolis)		100.0%		1,246,333		04/01/23				3.84%		Fixed		138,962	138,962
79.		SouthPark		NC		Charlotte		100.0%		1,684,740		^(2)^
80.		Springfield Mall^(3)^		PA		Springfield (Philadelphia)		50.0%		610,152		10/06/25				4.45%		Fixed		59,891	29,946
81.		St. Charles Towne Center		MD		Waldorf (Washington, DC)		100.0%		980,342		^(2)^
82.		St. Johns Town Center		FL		Jacksonville		50.0%		1,453,557		09/11/24				3.82%		Fixed		350,000	175,000
83.		Stanford Shopping Center		CA		Palo Alto (San Jose)		94.4%	^(7)^	1,287,956		^(2)^
84.		Stoneridge Shopping Center		CA		Pleasanton (San Francisco)		49.9%		1,299,690		09/05/26				3.50%		Fixed		330,000	164,670
85.		Summit Mall		OH		Akron		100.0%		776,843		10/01/26				3.31%		Fixed		85,000	85,000
86.		Tacoma Mall		WA		Tacoma (Seattle)		100.0%		1,240,441		^(2)^
87.		Tippecanoe Mall		IN		Lafayette		100.0%		864,844		^(2)^
88.		Town Center at Boca Raton		FL		Boca Raton (Miami)		100.0%		1,778,871		^(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%		918,320		^(2)^
93.		Walt Whitman Shops		NY		Huntington Station (New York)		100.0%		1,084,579		^(2)^
94.		West Town Mall		TN		Knoxville		50.0%		1,280,846		07/01/22				4.37%		Fixed		207,808	103,904
95.		Westchester, The		NY		White Plains (New York)		40.0%		807,526		02/01/30				3.25%		Fixed		400,000	160,000
96.		White Oaks Mall		IL		Springfield		80.7%		925,233		06/01/24		^(8)^		2.90%		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%		2,154,583		03/05/24				4.50%		Fixed		400,884	200,442
99.		Woodland Hills Mall		OK		Tulsa		94.5%		1,096,580		^(2)^

		Total Mall Square Footage								111,837,076



		Lifestyle Centers
1.		ABQ Uptown		NM		Albuquerque		100.0%		229,516		^(2)^
2.		Hamilton Town Center		IN		Noblesville (Indianapolis)		50.0%		675,178		04/01/22				4.81%		Fixed		76,621	38,310
3.		Pier Park		FL		Panama City Beach		65.6%		948,210		^(2)^
4.		University Park Village		TX		Fort Worth		100.0%		169,940		05/01/28				3.85%		Fixed		54,673	54,673

		Total Lifestyle Centers Square Footage								2,022,844

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	33

PROPERTY AND DEBT INFORMATION As of September 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%		343,490		^(2)^
2.		Allen Premium Outlets		TX		Allen (Dallas)		100.0%		544,216		^(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%		686,074		^(2)^
6.		Carlsbad Premium Outlets		CA		Carlsbad (San Diego)		100.0%		289,210		^(2)^
7.		Carolina Premium Outlets		NC		Smithfield (Raleigh)		100.0%		438,751		12/01/22				3.36%		Fixed		42,069	42,069
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%		398,958		^(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%		328,100		^(2)^
14.		Desert Hills Premium Outlets		CA		Cabazon (Palm Springs)		100.0%		655,226		^(2)^
15.		Ellenton Premium Outlets		FL		Ellenton (Tampa)		100.0%		477,141		12/01/25				4.30%		Fixed		178,000	178,000
16.		Folsom Premium Outlets		CA		Folsom (Sacramento)		100.0%		297,930		^(2)^
17.		Gilroy Premium Outlets		CA		Gilroy (San Jose)		100.0%		578,505		^(2)^
18.		Gloucester Premium Outlets		NJ		Blackwood (Philadelphia)		50.0%		369,678		03/01/23				1.65%		Variable		86,000	43,000
19.		Grand Prairie Premium Outlets		TX		Grand Prairie (Dallas)		100.0%		423,640		04/01/23				3.66%		Fixed		109,758	109,758
20.		Grove City Premium Outlets		PA		Grove City (Pittsburgh)		100.0%		530,701		12/01/25				4.31%		Fixed		140,000	140,000
21.		Gulfport Premium Outlets		MS		Gulfport		100.0%		300,055		12/01/25				4.35%		Fixed		50,000	50,000
22.		Hagerstown Premium Outlets		MD		Hagerstown (Baltimore/ Washington, DC)		100.0%		485,592		02/06/26				4.26%		Fixed		74,105	74,105
23.		Houston Premium Outlets		TX		Cypress (Houston)		100.0%		542,471		^(2)^
24.		Indiana Premium Outlets		IN		Edinburgh (Indianapolis)		100.0%		378,029		^(2)^
25.		Jackson Premium Outlets		NJ		Jackson (New York)		100.0%		285,563		^(2)^
26.		Jersey Shore Premium Outlets		NJ		Tinton Falls (New York)		100.0%		434,483		^(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%		553,993		^(2)^
30.		Las Vegas North Premium Outlets		NV		Las Vegas		100.0%		676,269		^(2)^
31.		Las Vegas South Premium Outlets		NV		Las Vegas		100.0%		535,721		^(2)^
32.		Lee Premium Outlets		MA		Lee		100.0%		224,756		06/01/26		^(15)^		4.17%		Fixed		49,946	49,946
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%		408,892		07/01/23				3.78%		Fixed		117,094	117,094
36.		Napa Premium Outlets		CA		Napa		100.0%		179,418		^(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%		540,802		^(2)^

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	34

PROPERTY AND DEBT INFORMATION As of September 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%		201,711		^(2)^
43.		Philadelphia Premium Outlets		PA		Limerick (Philadelphia)		100.0%		549,155		^(2)^
44.		Phoenix Premium Outlets		AZ		Chandler (Phoenix)		100.0%		356,509		^(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				1.25%		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%		696,873		^(2)^
52.		San Marcos Premium Outlets		TX		San Marcos (Austin/ San Antonio)		100.0%		732,214		^(2)^
53.		Seattle Premium Outlets		WA		Tulalip (Seattle)		100.0%		554,532		^(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%		327,716		^(2)^
56.		St. Louis Premium Outlets		MO		St. Louis (Chesterfield)		60.0%		351,425		10/06/24				4.06%		Fixed		93,550	56,130
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)^		1.80%		Variable		85,000	42,500
59.		Tanger Outlets—Galveston/Houston^(3)^		TX		Texas City		50.0%		352,705		07/01/22		^(8)^		1.80%		Variable		80,000	40,000
60.		The Crossings Premium Outlets		PA		Tannersville		100.0%		411,767		12/01/22				3.41%		Fixed		103,941	103,941
61.		Tucson Premium Outlets		AZ		Marana (Tucson)		100.0%		363,434		^(2)^
62.		Twin Cities Premium Outlets		MN		Eagan		35.0%		408,926		11/06/24				4.32%		Fixed		115,000	40,250
63.		Vacaville Premium Outlets		CA		Vacaville		100.0%		447,273		^(2)^
64.		Waikele Premium Outlets		HI		Waipahu (Honolulu)		100.0%		219,485		^(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%		389,513		^(2)^
68.		Woodbury Common Premium Outlets		NY		Central Valley (New York)		100.0%		909,420		^(2)^
69.		Wrentham Village Premium Outlets		MA		Wrentham (Boston)		100.0%		672,869		^(2)^

		Total U.S. Premium Outlet Square Footage								30,428,187

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	35

PROPERTY AND DEBT INFORMATION As of September 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		07/01/21				5.76%		Fixed		146,808	146,808
2.		Arundel Mills		MD		Hanover (Baltimore)		59.3%		1,929,888		02/06/24				4.29%		Fixed		383,500	227,224
3.		Colorado Mills		CO		Lakewood (Denver)		37.5%		1,416,322		11/01/24				4.28%		Fixed		129,528	48,573
												07/01/21				5.04%		Fixed		25,256	9,471
4.		Concord Mills		NC		Concord (Charlotte)		59.3%		1,370,166		11/01/22				3.84%		Fixed		235,000	139,261
5.		Grapevine Mills		TX		Grapevine (Dallas)		59.3%		1,781,214		10/01/24				3.83%		Fixed		268,000	158,817
6.		Great Mall		CA		Milpitas (San Jose)		100.0%		1,368,463		^(2)^
7.		Gurnee Mills		IL		Gurnee (Chicago)		100.0%		1,936,389		10/01/26				3.99%		Fixed		255,508	255,508
8.		Katy Mills		TX		Katy (Houston)		62.5%	^(4)^	1,787,577		12/06/22				3.49%		Fixed		140,000	35,000
9.		Mills at Jersey Gardens, The		NJ		Elizabeth		100.0%		1,303,405		11/01/20				3.83%		Fixed		350,000	350,000
10.		Ontario Mills		CA		Ontario (Riverside)		50.0%		1,422,367		03/05/22				4.25%		Fixed		292,245	146,123
11.		Opry Mills		TN		Nashville		100.0%		1,176,865		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%		1,553,445		11/01/26				3.46%		Fixed		416,000	416,000
14.		Sawgrass Mills		FL		Sunrise (Miami)		100.0%		2,327,891		^(2)^

		Total The Mills Square Footage								21,478,983



		** Other Properties**
		Calhoun Outlet Marketplace, Circle Centre Mall, Crystal Mall, Dover Mall, Emerald Square, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Liberty Tree Mall, Lincoln Plaza, Orlando Outlet Marketplace, Osage<br>Beach Outlet 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)(21)^						1,410,425	661,427

		Total Other Properties Square Footage								14,566,407



		TOTAL U.S. SQUARE FOOTAGE^(11)(22)^								180,333,497

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	36

PROPERTY AND DEBT INFORMATION As of September 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		216,906	195,215

		Subtotal Austria Square Footage								118,000
		CANADA
2.		Premium Outlet Collection Edmonton IA		Edmonton (Alberta)				50.0%		422,600		11/10/21		^(8)(14)^		1.78%		Variable		100,078	50,039
3.		Premium Outlets Montréal		Montréal (Quebec)				50.0%		367,400		06/01/24		^(14)^		3.08%		Fixed		89,792	44,896
4.		Toronto Premium Outlets		Toronto (Ontario)				50.0%		504,600		06/01/22		^(14)^		3.11%		Fixed		127,206	63,602
5.		Vancouver Designer Outlet		Vancouver (British Columbia)				45.0%		326,000		06/19/21		^(8)(14)^		2.03%		Variable		119,369	53,716

		Subtotal Canada Square Footage								1,620,600
		FRANCE
6.		Provence Designer Outlet		Miramas				90.0%		269,000		07/27/22		^(8)(19)^		1.60%		Variable		96,023	86,421

		Subtotal France Square Footage								269,000
		GERMANY
7.		Ochtrup Designer Outlet		Ochtrup				70.5%		191,500		06/30/21		^(19)^		2.49%		Fixed		45,034	31,749

		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		152,411	137,170
9.		Noventa Di Piave Designer Outlet		Venice				90.0%		353,000		07/25/25		^(19)^		1.95%		Fixed		327,938	295,144

		Subtotal Italy Square Footage								641,000
		JAPAN
10.		Ami Premium Outlets		Ami (Tokyo)				40.0%		315,000		09/25/23		^(23)^		1.64%		Fixed		34,294	13,718
11.		Gotemba Premium Outlets		Gotemba City (Tokyo)				40.0%		659,500		04/08/27		^(23)^		0.18%		Variable		123,130	49,252
12.		Kobe-Sanda Premium Outlets		Kobe (Osaka)				40.0%		441,000		01/31/23		^(23)^		0.34%		Variable		8,525	3,410
13.		Rinku Premium Outlets		Izumisano (Osaka)				40.0%		512,500		07/31/22		^(23)^		0.34%		Variable		9,472	3,789
												07/31/27		^(22)^		0.30%		Fixed		55,882	22,353
14.		Sano Premium Outlets		Sano (Tokyo)				40.0%		390,800		02/28/25		^(23)^		0.28%		Fixed		43,095	17,238
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)^		0.32%		Variable		26,521	10,608
												11/30/23		^(23)^		0.32%		Variable		24,626	9,850
												05/29/22		^(23)^		0.34%		Fixed		47,357	18,943
17.		Toki Premium Outlets		Toki (Nagoya)				40.0%		367,700		11/30/24		^(23)^		0.28%		Variable		3,315	1,326
												11/30/24		^(23)^		0.21%		Fixed		25,100	10,040
18.		Tosu Premium Outlets		Fukuoka (Kyushu)				40.0%		328,400		10/31/26		^(23)^		0.21%		Variable		69,616	27,846

		Subtotal Japan Square Footage								3,613,700

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	37

PROPERTY AND DEBT INFORMATION As of September 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		06/20/23		^(24)^		3.04%		Fixed		93,356		46,678
20.		Paju Premium Outlets		Paju (Seoul)				50.0%		558,900		07/13/23		^(24)^		3.36%		Fixed		65,092		32,546
21.		Siheung Premium Outlets		Siheung (Seoul)				50.0%		444,400		03/15/23		^(24)^		3.28%		Fixed		128,471		64,236
22.		Yeoju Premium Outlets		Yeoju (Seoul)				50.0%		551,600		03/06/23		^(24)^		3.41%		Fixed		62,519		31,260

		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		25,070		12,535
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		20,071		10,036
												12/20/21		^(28)^		8.49%		Variable		4,986		2,493

		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		269,665		242,699
												08/17/25		^(19)^		1.30%		Variable		196,974		93,095
28.		Roosendaal Designer Outlet		Roosendaal				94.0%		247,500		02/25/24		^(8)(19)^		1.75%		Variable		69,623		65,446

		Subtotal Netherlands Square Footage								545,500
		SPAIN
29.		Malaga Designer Outlet		Malaga				46.1%		191,000		02/09/23		^(19)^		2.75%		Variable		58,844		27,133

		Subtotal Spain Square Footage								191,000
		THAILAND
30.		Siam Premium Outlets Bangkok		Bangkok				50.0%		264,000		06/05/31		^(30)^		3.95%		Fixed		73,926		36,963

		Subtotal Thailand Square Footage								264,000
		UNITED KINGDOM
31.		Ashford Designer Outlet		Kent				45.0%		281,000		02/22/22		^(5)^		3.08%		Fixed		128,720		57,923

		Subtotal United Kingdom Square Footage								281,000

		TOTAL INTERNATIONAL SQUARE FOOTAGE^(11)(27)^							****	10,845,100



		TOTAL SQUARE FOOTAGE								191,178,597



		Other Secured Indebtedness:												^(13)^						346,439		174,548

		TOTAL SECURED INDEBTEDNESS																			$	13,847,419	^(6)^



		Our Share of Consolidated Mortgage Debt																			$	6,760,737
		Our Share of Joint Venture Mortgage Debt																			$	7,086,682

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	38

PROPERTY AND DEBT INFORMATION As of September 30, 2020

	DEBT INFORMATION
		****		****		****
	****	****	****	****	** INDEBTEDNESS**
UNSECURED INDEBTEDNESS:	** MATURITYDATE**	****	** INTERESTRATE (1)**	****	** TYPE**	****		( in 000's)<br>TOTAL
Global Commercial Paper -	11/21/20	^(12)^	0.19%		Fixed			622,650
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			879,349
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	02/01/24	^(8)^^(34)^	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			586,232
Revolving Credit Facility - Currency	06/30/25	^(8)^	0.81%		Variable			625,000
Simon Property Group, LP (Sr. Notes)	09/01/25		3.50%		Fixed			1,100,000
Simon Property Group, LP (Sr. Notes)	01/15/26		3.30%		Fixed			800,000
Simon Property Group, LP (Sr. Notes)	11/30/26		3.25%		Fixed			750,000
Simon Property Group, LP (Sr. Notes)	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)	07/15/30		2.65%		Fixed			750,000
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
Simon Property Group, LP (Sr. Notes)	07/15/50		3.80%		Fixed			750,000

Total Unsecured Indebtedness							$	18,263,231

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	39

PROPERTY AND DEBT INFORMATION As of September 30, 2020

FOOTNOTES: -
(1)
- Variable rate debt interest rates are based on the following base rates as of September 30, 2020: 1M LIBOR at 0.148%; 1M EUR LIBOR at (0.57)%; 3M EURIBOR at (0.50)%; 6M EURIBOR at (0.48)%; 3M GBP LIBOR at 0.14%; 1M YEN TIBOR at 0.02%; 6M YEN TIBOR at .14%; 1M YEN LIBOR at (0.08)%; 1M CDOR at 0.48%; 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 $201.0 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 September 30, 2020.
(13)
- Consists of 10 loans with interest rates ranging from 1.68% to 5.27% and maturities between 2022 and 2035.
(14)
- Amount shown in USD equivalent; CAD equivalent is 583.3 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 2.90% to 9.35% and maturities between 2021 and 2026, of which two properties are held within TMLP.
(21)
- The Operating Partnership sold the Lincoln Plaza property effective October 1, 2020.
(22)
- Includes office space of 2,117,967 square feet including the following centers with more than 75,000 square feet of office space:

Circle Centre - 112,699 sq. ft.	Oxford Valley Mall - 138,340 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.
Fashion Center at Pentagon City - 169,089 sq. ft.

(23)
- Amounts shown in USD equivalent; Yen equivalent is 49.7 billion.
(24)
- Amounts shown in USD equivalent; Won equivalent is 408.0 billion.
(25)
- Amounts shown in USD equivalent; Ringgit equivalent is 104.2 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 was also secured by Lincoln Plaza until October 1, 2020 when the Company sold Lincoln Plaza.
(30)
- Amounts shown in USD equivalent; Baht equivalent is 2.3 billion.

3Q 2020 SUPPLEMENTAL	40

**** 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.

3Q 2020 SUPPLEMENTAL	41

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

		FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020					FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019

		NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES			NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES
REVENUE:
Lease income	$	(8,699)		282,017		$	(11,590)	$	360,723
Management fees and other revenues		–		–			–		–
Other income		(391)		45,751			(387)		38,391

Total revenue		(9,090)		327,768			(11,977)		399,114

EXPENSES:
Property operating		(1,654)		56,969			(2,061)		67,407
Depreciation and amortization		(4,403)		102,393			(4,180)		102,536
Real estate taxes		(432)		32,073			(570)		30,207
Repairs and maintenance		(376)		7,678			(372)		9,388
Advertising and promotion		(528)		4,902			(1,289)		9,712
Home and regional office costs		–		–			–		–
General and administrative		–		–			–		–
Other		(457)		18,477			(1,556)		20,142

Total operating expenses		(7,850)		222,492			(10,028)		239,392

OPERATING INCOME BEFORE OTHER ITEMS		(1,240)		105,276			(1,949)		159,722
Interest expense		1,899		(72,356)			1,813		(75,411)
Income and other tax benefit (expense)		–		–			–		–
Income from unconsolidated entities		94		(32,920)	^(2)^		(201)		(84,311)	^(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		753		–			(337)		–

CONSOLIDATED NET INCOME		753		–			(337)		–
Net income attributable to noncontrolling interests		753		–	^(3)^		(337)		–	^(3)^
Preferred dividends		–		–			–		–

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	–	$	–		$	–	$	–



RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO:

(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, SPARC, ABG, and Forever 21.
(3)
- Represents limited partners' interest in the Operating Partnership.

3Q 2020 SUPPLEMENTAL	42

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

		FOR THE NINE MONTHS ENDEDSEPTEMBER 30, 2020					FOR THE NINE MONTHS ENDEDSEPTEMBER 30, 2019

		NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES			NONCONTROLLINGINTERESTS^(1)^		OURSHARE OFJOINT VENTURES
REVENUE:
Lease income	$	(24,627)		901,976		$	(33,577)		1,075,527
Management fees and other revenues		–		–			–		–
Other income		(937)		96,882			(1,171)		114,888

Total revenue		(25,564)		998,858			(34,748)		1,190,415

EXPENSES:
Property operating		(4,773)		171,221			(6,054)		194,936
Depreciation and amortization		(12,447)		302,521			(12,524)		306,527
Real estate taxes		(1,418)		92,304			(1,774)		94,896
Repairs and maintenance		(1,101)		23,135			(1,125)		28,803
Advertising and promotion		(1,901)		20,044			(3,560)		30,793
Home and regional office costs		–		–			–		–
General and administrative		–		–			–		–
Other		(1,917)		48,248			(5,148)		63,353

Total operating expenses		(23,557)		657,473			(30,185)		719,308

OPERATING INCOME BEFORE OTHER ITEMS		(2,007)		341,385			(4,563)		471,107
Interest expense		5,592		(218,565)			5,047		(223,304)
Income and other tax benefit (expense)		–		–			–		–
Income from unconsolidated entities		966		(122,820)	^(2)^		(303)		(247,803)	^(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		4,551		–			181		–

CONSOLIDATED NET INCOME		4,551		–			181		–
Net income attributable to noncontrolling interests		4,551		–	^(3)^		181		–	^(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, SPARC, ABG, and Forever 21.
(3)
- Represents limited partners' interest in the Operating Partnership.

3Q 2020 SUPPLEMENTAL	43

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

		AS OF SEPTEMBER 30, 2020				AS OF SEPTEMBER 30, 2019

		NONCONTROLLINGINTERESTS		OURSHARE OFJOINT VENTURES		NONCONTROLLINGINTERESTS		OURSHARE OFJOINT VENTURES
ASSETS:
Investment properties, at cost	$	(448,246)	$	10,480,328	$	(448,644)	$	10,781,368
Less - accumulated depreciation		(112,661)		3,531,408		(96,961)		3,435,473

		(335,585)		6,948,920		(351,683)		7,345,895
Cash and cash equivalents		(18,175)		453,952		(33,521)		406,916
Tenant receivables and accrued revenue, net		(5,061)		374,797		(8,753)		224,037
Investment in unconsolidated entities, at equity		(23,194)		(2,426,141)		(20,815)		(2,100,743)
Investment in Klépierre, at equity		—		—		—		—
Right-of-use assets, net		(888)		79,136		(895)		81,238
Deferred costs and other assets		(28,785)		763,798		(28,407)		290,425

Total assets	$	(411,688)	$	6,194,462	$	(444,074)	$	6,247,768



LIABILITIES:
Mortgages and unsecured indebtedness	$	(180,053)	$	7,072,216	$	(170,558)	$	7,143,105
Accounts payable, accrued expenses, intangibles, and deferred revenues		(18,773)		428,465		(17,859)		442,493
Cash distributions and losses in unconsolidated entities, at equity		—		(1,565,642)		—		(1,568,150)
Dividend payable		—		—		—		—
Lease liabilities		(888)		80,516		(895)		81,564
Other liabilities		(46,752)		178,907		(46,508)		148,756

Total liabilities		(246,466)		6,194,462		(235,820)		6,247,768

Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership		(161,656)		—		(201,350)		—
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		(3,566)		—		(6,904)		—

Total equity		(3,566)		—		(6,904)		—

Total liabilities and equity	$	(411,688)	$	6,194,462	$	(444,074)	$	6,247,768

All values are in US Dollars.

3Q 2020 SUPPLEMENTAL	44

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TABLE OF CONTENTS

SIMON PROPERTY GROUP REPORTS THIRD QUARTER 2020 RESULTS

Results for the Quarter EARNINGS RELEASE Results for the Nine Months U.S. Malls and Premium Outlets Operating Statistics EARNINGS RELEASE Business Update Development Activity EARNINGS RELEASE Capital Markets and Balance Sheet Liquidity Dividends Conference Call Supplemental Materials and Website Non-GAAP Financial Measures EARNINGS RELEASE 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 Nine Months Ended September 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 ^(1)^ As of September 30, 2020 (in thousands, except percent)

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

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

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

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

PROPERTY AND DEBT INFORMATION As of September 30, 2020 PROPERTY AND DEBT INFORMATION As of September 30, 2020 PROPERTY AND DEBT INFORMATION As of September 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)