EX-99.1 2 a2193826zex-99_1.htm EXHIBIT 99.1
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Exhibit 99.1

SIMON PROPERTY GROUP
Overview

The Company

        Simon Property Group, Inc., ("Simon," "we," "us," "our," or the "Company") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is a majority-owned subsidiary partnership of the Company. Together, the Company and the Operating Partnership, or Simon Group, are engaged primarily in the ownership, development and management of retail real estate properties. Simon Group operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. At June 30, 2009, we owned or had an interest in 385 properties comprising 262 million square feet of gross leasable area in North America, Europe and Asia.

        This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of June 30, 2009, 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 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: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. 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 our periodic reports, but otherwise 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.

        We hope you find this Supplemental Package beneficial. Any questions, comments or suggestions should be directed to: Shelly J. Doran, Vice President of Investor Relations-Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207. Telephone: (317) 685-7330; e-mail: sdoran@simon.com

5


 SIMON PROPERTY GROUP
Overview

Reporting Calendar

        Results for the next three quarters will be announced according to the following approximate schedule:

Third Quarter 2009

   November 2, 2009

Fourth Quarter 2009

   February 5, 2010

First Quarter 2010

   April 30, 2010

Stock Information

        The Company's common stock and two issues of preferred stock are traded on the New York Stock Exchange under the following symbols:

Common Stock

   SPG

6% Series I Convertible Perpetual Preferred

   SPGPrI

8.375% Series J Cumulative Redeemable Preferred

   SPGPrJ

Credit Ratings

Standard & Poor's

        
 

Corporate

   A-   (Stable Outlook)
 

Senior Unsecured

   A-   (Stable Outlook)
 

Preferred Stock

   BBB   (Stable Outlook)

Moody's

        
 

Senior Unsecured

   A3   (Stable Outlook)
 

Preferred Stock

   Baa1   (Stable Outlook)

Fitch

        
 

Senior Unsecured

   A-   (Stable Outlook)
 

Preferred Stock

   BBB+   (Stable Outlook)

6


 Simon Property Group Ownership Structure(1)
June 30, 2009

GRAPHIC

(1)
Schedule excludes Company preferred stock (see "Preferred Stock/Units Outstanding") and Operating Partnership units not convertible into common stock.

(2)
Consists of Melvin Simon, Herbert Simon, David Simon, and/or trusts established for the benefit of members of the Simon family and Melvin Simon & Associates, Inc.

(3)
Holders of Class B common stock are entitled to elect 4 of the members of the Board of Directors and also have voting rights with common stock.

(4)
Other executives includes directors and executive officers of the Company, other than Simon family members.

7


 SIMON PROPERTY GROUP
Changes in Company Common Share and Operating Partnership Unit Ownership
For the Period from December 31, 2008 through June 30, 2009

 
   Operating
Partnership
Units(1) 		  Company
Common
Shares(2) 		 

Number Outstanding at December 31, 2008

     56,368,410     231,319,644  

Activity During the First Quarter of 2009:

              

Issuance of Common Stock for Stock Option Exercises

     —     3,500  

Conversion of Operating Partnership Units into Common Stock

     (881,072 )   881,072  

Restricted Stock Awards (Stock Incentive Program)(6)

     —     244,092  

Common Shares and Operating Partnership Units Issued as Dividends/Distributions

     1,345,151     5,519,765  

Public Offering of Common Stock

     —     17,250,000  

Number Outstanding at March 31, 2009

    
56,832,489		    
255,218,073		  

Activity During the Second Quarter of 2009:

              

Issuance of Common Stock for Stock Option Exercises

     —     62,500  

Conversion of Operating Partnership Units into Common Stock

     (255,876 )   255,876  

Restricted Stock Awards (Stock Incentive Program)(6)

     —     9,865  

Common Shares and Operating Partnership Units Issued as Dividends/Distributions

     514,720     2,525,204  

Public Offering of Common Stock

     —     23,000,000  

Number Outstanding at June 30, 2009

    
57,091,333		    
281,071,518		  

Details for Diluted Common Shares Outstanding(5):

              

Company Common Shares Outstanding at June 30, 2009

          
281,071,518		  

Number of Common Shares Issuable Assuming Conversion of:

              
 

Series I 6% Convertible Perpetual Preferred Stock(3)

          
6,368,613		  
 

Series C 7% Cumulative Convertible Preferred Units(3)

           73,346  
 

Series I 6% Convertible Perpetual Preferred Units(3)

           1,270,628  

Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)

          
290,362		  

Diluted Common Shares Outstanding at June 30, 2009(5)

          
289,074,467		  
(1)
Excludes units owned by the Company (shown here as Company Common Shares) and Operating Partnership units not convertible into common shares.

(2)
Excludes Operating Partnership preferred units relating to Company preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 61).

(3)
Conversion terms provided on page 61 of this document.

(4)
Based upon the weighted average stock price for the quarter ended June 30, 2009.

(5)
For FFO purposes.

(6)
Net of forfeitures.

8


 SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of June 30, 2009
Unaudited
(In thousands, except as noted)

 
   As of or for the
Three Months Ended
June 30, 		  As of or for the
Six Months Ended
June 30, 		 
 
   2009   2008   2009   2008  

Financial Highlights of the Company

                          

Total Revenue—Consolidated Properties

   $ 903,612   $ 922,947   $ 1,822,104   $ 1,818,245  

Net (Loss) Income Attributable to Common Stockholders

   $ (20,760 ) $ 76,572   $ 86,008   $ 164,505  

Basic Earnings per Common Share (EPS)

   $ (0.08 ) $ 0.34   $ 0.34   $ 0.73  

Diluted Earnings per Common Share (EPS)

   $ (0.08 ) $ 0.34   $ 0.34   $ 0.73  

Diluted EPS (before impairment charge)(1)

   $ 0.35   $ 0.34   $ 0.79   $ 0.73  

FFO of the Operating Partnership

   $ 313,149   $ 427,855   $ 789,981   $ 847,907  

Diluted FFO of the Operating Partnership

   $ 320,026   $ 439,581   $ 803,736   $ 872,022  

Basic FFO per Share (FFOPS)

   $ 0.97   $ 1.52   $ 2.57   $ 3.01  

Diluted FFO per Share (FFOPS)

   $ 0.96   $ 1.49   $ 2.53   $ 2.95  

Diluted FFOPS (before impairment charge)(1)

   $ 1.38   $ 1.49   $ 2.97   $ 2.95  

Distributions per Share(2)

   $ 0.60   $ 0.90   $ 1.50   $ 1.80  
(1)
In the second quarter of 2009, the Company recorded a non-cash impairment charge of $140.5 million representing the other than temporary decline in value of its investment in Liberty International, PLC. Reconciliations of Diluted EPS to Diluted EPS (before impairment charge) and Diluted FFOPS to Diluted FFOPS (before impairment charge) are as follows:
 
   As of or for the
Three Months Ended
June 30, 		  As of or for the
Six Months Ended
June 30, 		 
 
   2009   2008   2009   2008  

Diluted EPS to Diluted EPS (before impairment charge)

                          

Diluted Earnings per Common Share (EPS)

   $ (0.08 ) $ 0.34   $ 0.34   $ 0.73  

Impairment charge

     0.43     —     0.45     —  
                   

Diluted EPS (before impairment charge)

   $ 0.35   $ 0.34   $ 0.79   $ 0.73  
                   

Diluted FFOPS to Diluted FFOPS (before impairment charge)

                          

Diluted FFO per Common Share (FFOPS)

   $ 0.96   $ 1.49   $ 2.53   $ 2.95  

Impairment charge

     0.42     —     0.44     —  
                   

Diluted FFOPS (before impairment charge)

   $ 1.38   $ 1.49   $ 2.97   $ 2.95  
                   
(2)
In the first quarter of 2009, the Company paid a common stock dividend of $0.90 per share, comprised of 10% cash and 90% shares of the Company's common stock. In the second quarter of 2009, the Company paid a common stock dividend of $0.60 per share, comprised of 20% cash and 80% shares of the Company's common stock.

9


 SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of June 30, 2009
Unaudited
(In thousands, except as noted)

 
   June 30, 2009   December 31, 2008  

Stockholders' Equity Information

              

Limited Partner Units Outstanding at End of Period

     57,091     56,368  

Common Shares Outstanding at End of Period

     281,072     231,320  
           

Total Common Shares and Units Outstanding at End of Period

     338,163     287,688  
           

Weighted Average Limited Partnership Units Outstanding

     56,947     57,175  

Weighted Average Common Shares Outstanding:

              
 

Basic—for purposes of EPS and FFOPS

     251,152     225,333  
 

Diluted—for purposes of EPS

     252,954     225,884  
 

Diluted—for purposes of FFOPS

     260,505     238,263  

Simon Group's Debt Information

              

Share of Consolidated Debt

   $ 17,658,702   $ 17,766,316  

Share of Joint Venture Debt

     6,513,659     6,632,419  
           

Share of Total Debt

   $ 24,172,361   $ 24,398,735  
           

Simon Group's Market Capitalization

              

Common Stock Price at End of Period

   $ 51.43   $ 53.13  

Common Equity Capitalization, including common operating partnership units

   $ 17,391,715   $ 15,284,866  

Preferred Equity Capitalization, including preferred operating partnership units

     541,664     589,532  
           

Total Equity Market Capitalization

   $ 17,933,379   $ 15,874,398  
           

Total Capitalization—Including Simon Group's Share of Total Debt

   $ 42,105,740   $ 40,273,133  
           

 

 
   As of or for the
Six Months Ended
June 30, 		 
 
   2009   2008  

Miscellaneous Balance Sheet Data

              

Interest Capitalized during the Period:

              
 

Consolidated Properties

   $ 7,720   $ 15,094  
 

Joint Venture Properties

   $ 766   $ 2,401  
 

Simon Group's Share of Joint Venture Properties

   $ 438   $ 1,119  

10

        On the next three pages, we present balance sheet and income statement data on a pro-rata basis reflecting our proportionate economic ownership of each asset in the Simon Group portfolio.

        Basis of Presentation: The consolidated amounts shown are prepared on a consistent basis with our consolidated financial statements. The Company's Share of Joint Ventures column was derived on a property-by-property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for minority interests.

11


 SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations

 
   For the Three Months Ended June 30, 2009    
  
 
   For the
Three Months Ended
June 30, 2008
Our Total Share 		 
 
   Consolidated   Minority
Interest 		  Our
Consolidated
Share 		  Our
Share of
Joint Ventures 		  Our
Total
Share 		 

REVENUE:

                                      
 

Minimum rent

   $ 567,633   $ (8,676 ) $ 558,957   $ 194,588   $ 753,545   $ 747,056  
 

Overage rent

     13,493     (1 )   13,492     12,152     25,644     28,423  
 

Tenant reimbursements

     257,532     (5,469 )   252,063     92,652     344,715     348,616  
 

Management fees and other revenues

     30,055     —     30,055     —     30,055     34,879  
 

Other income

     34,899     (222 )   34,677     21,349     56,026     67,512  
                           
   

Total revenue

     903,612     (14,368 )   889,244     320,741     1,209,985     1,226,486  
                           

EXPENSES:

                                      
 

Property operating

     106,836     (3,000 )   103,836     63,913     167,749     173,097  
 

Depreciation and amortization

     251,685     (2,411 )   249,274     101,870     351,144     342,375  
 

Real estate taxes

     83,076     (1,416 )   81,660     24,092     105,752     108,999  
 

Repairs and maintenance

     20,186     (473 )   19,713     10,278     29,991     37,975  
 

Advertising and promotion

     19,823     (308 )   19,515     5,655     25,170     27,174  
 

Provision for credit losses

     7,066     (68 )   6,998     1,870     8,868     7,946  
 

Home and regional office costs

     26,670     —     26,670     —     26,670     34,844  
 

General and administrative

     5,310     —     5,310     —     5,310     5,095  
 

Impairment charge

     140,478     —     140,478     —     140,478     —  
 

Other

     17,784     (705 )   17,079     22,913     39,992     39,173  
                           
   

Total operating expenses

     678,914     (8,381 )   670,533     230,591     901,124     776,678  
                           

OPERATING INCOME

     224,698     (5,987 )   218,711     90,150     308,861     449,808  

Interest expense

     (244,443 )   3,664     (240,779 )   (84,656 )   (325,435 )   (317,190 )

Loss on extinguishment of debt

     —     —     —     —     —     (20,330 )

Income tax benefit (expense) of taxable REIT subsidiaries

     143     —     143     —     143     (627 )

Income from unconsolidated entities

     5,494     —     5,494     (5,494 )   —     —  
                           

CONSOLIDATED NET (LOSS) INCOME

     (14,108 )   (2,323 )   (16,431 )   —     (16,431 )   111,661  

Net income attributable to noncontrolling interests

     123     (2,323 )   (2,200 )   —     (2,200 )   23,744  

Preferred dividends

     6,529     —     6,529     —     6,529     11,345  
                           

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

   $ (20,760 ) $ —   $ (20,760 ) $ —   $ (20,760 ) $ 76,572  
                           

RECONCILIATION OF CONSOLIDATED NET (LOSS) INCOME TO FFO

                                      

Consolidated Net (Loss) Income

               $ (14,108 ) $ —   $ (14,108 ) $ 114,353  

Adjustments to Consolidated Net (Loss) Income to Arrive at FFO:

                                      
 

Depreciation and amortization from consolidated properties and discontinued operations

                 248,042     —     248,042     232,449  
 

Simon's share of depreciation and amortization from unconsolidated entities

                 —     94,496     94,496     101,487  
 

Income from unconsolidated entities

                 (5,494 )   5,494     —     —  
 

Net income attributable to noncontrolling interest holders in properties

                 (2,325 )   —     (2,325 )   (2,692 )
 

Noncontrolling interests portion of depreciation and amortization

                 (2,274 )   —     (2,274 )   (2,169 )
 

Preferred distributions and dividends

                 (10,682 )   —     (10,682 )   (15,573 )
                               
 

FFO of the Operating Partnership

               $ 213,159   $ 99,990   $ 313,149   $ 427,855  
                               
   

Percentage of FFO of the Operating Partnership

                 68.07 %   31.93 %   100.00 %   100.00 %

12


 SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations

 
   For the Six Months Ended June 30, 2009    
  
 
   For the
Six Months Ended
June 30, 2008
Our Total Share 		 
 
   Consolidated   Minority
Interest 		  Our
Consolidated
Share 		  Our
Share of
Joint Ventures 		  Our
Total
Share 		 

REVENUE:

                                      
 

Minimum rent

   $ 1,139,047   $ (17,702 ) $ 1,121,345   $ 378,574   $ 1,499,919   $ 1,475,446  
 

Overage rent

     25,993     (44 )   25,949     20,292     46,241     52,582  
 

Tenant reimbursements

     516,294     (10,903 )   505,391     184,449     689,840     688,388  
 

Management fees and other revenues

     60,706     —     60,706     —     60,706     67,899  
 

Other income

     80,064     (763 )   79,301     44,707     124,008     132,435  
                           
   

Total revenue

     1,822,104     (29,412 )   1,792,692     628,022     2,420,714     2,416,750  
                           

EXPENSES:

                                      
 

Property operating

     212,983     (6,046 )   206,937     122,237     329,174     342,990  
 

Depreciation and amortization

     508,022     (4,497 )   503,525     199,634     703,159     657,281  
 

Real estate taxes

     171,319     (2,892 )   168,427     49,620     218,047     216,258  
 

Repairs and maintenance

     42,774     (1,049 )   41,725     20,769     62,494     78,699  
 

Advertising and promotion

     38,329     (558 )   37,771     11,147     48,918     51,609  
 

Provision for credit losses

     20,081     (167 )   19,914     5,752     25,666     16,156  
 

Home and regional office costs

     52,833     —     52,833     —     52,833     74,444  
 

General and administrative

     9,358     —     9,358     —     9,358     10,397  
 

Impairment charge

     140,478     —     140,478     —     140,478     —  
 

Other

     37,013     (1,581 )   35,432     39,651     75,083     71,751  
                           
   

Total operating expenses

     1,233,190     (16,790 )   1,216,400     448,810     1,665,210     1,519,585  
                           

OPERATING INCOME

     588,914     (12,622 )   576,292     179,212     755,504     897,165  

Interest expense

     (470,479 )   7,259     (463,220 )   (168,173 )   (631,393 )   (637,649 )

Loss on extinguishment of debt

     —     —     —     —     —     (20,330 )

Income tax benefit (expense) of taxable REIT subsidiaries

     2,666     —     2,666     —     2,666     (604 )

Income from unconsolidated entities

     11,039     —     11,039     (11,039 )   —     —  
                           

CONSOLIDATED NET INCOME

     132,140     (5,363 )   126,777     —     126,777     238,582  

Net income attributable to noncontrolling interests

     33,074     (5,363 )   27,711     —     27,711     51,381  

Preferred dividends

     13,058     —     13,058     —     13,058     22,696  
                           

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

   $ 86,008   $ —     86,008   $ —   $ 86,008   $ 164,505  
                           

RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO

                                      

Consolidated Net Income

               $ 132,140   $ —   $ 132,140   $ 243,375  

Adjustments to Consolidated Net Income to Arrive at FFO:

                                      
 

Depreciation and amortization from consolidated properties and discontinued operations

                 500,955     —     500,955     457,505  
 

Simon's share of depreciation and amortization from unconsolidated entities

                 —     187,874     187,874     188,115  
 

Income from unconsolidated entities

                 (11,039 )   11,039     —     —  
 

Net income attributable to noncontrolling interest holders in properties

                 (5,364 )   —     (5,364 )   (4,793 )
 

Noncontrolling interests portion of depreciation and amortization

                 (4,236 )   —     (4,236 )   (4,467 )
 

Preferred distributions and dividends

                 (21,388 )   —     (21,388 )   (31,828 )
                               
 

FFO of the Operating Partnership

               $ 591,068   $ 198,913   $ 789,981   $ 847,907  
                               
   

Percentage of FFO of the Operating Partnership

                 74.82 %   25.18 %   100.00 %   100.00 %

13


 SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet

 
   As of June 30, 2009    
  
 
   Consolidated   Minority
Interest 		  Our
Consolidated
Share 		  Our
Share of
Joint Ventures 		  Our
Total
Share 		  As of
December 31, 2008
Our Total Share 		 

ASSETS:

                                      
 

Investment properties, at cost

   $ 25,327,605   $ (200,787 ) $ 25,126,818   $ 9,265,773   $ 34,392,591   $ 34,322,044  
   

Less—accumulated depreciation

     6,604,384     (83,091 )   6,521,293     1,446,521     7,967,814     7,428,279  
                           

    18,723,221     (117,696 )   18,605,525     7,819,252     26,424,777     26,893,765  
 

Cash and cash equivalents

     2,628,431     (6,323 )   2,622,108     289,841     2,911,949     1,074,573  
 

Tenant receivables and accrued revenue, net

     343,365     (3,905 )   339,460     142,580     482,040     574,871  
 

Investment in unconsolidated entities, at equity

     1,552,303     —     1,552,303     (1,552,303 )   —     —  
 

Deferred costs and other assets

     1,176,998     (3,108 )   1,173,890     224,036     1,397,926     1,268,031  
 

Notes receivable from related parties

     586,000     —     586,000     —     586,000     520,700  
                           
     

Total assets

   $ 25,010,318   $ (131,032 ) $ 24,879,286   $ 6,923,406   $ 31,802,692   $ 30,331,940  
                           

LIABILITIES:

                                      
 

Mortgages and other indebtedness

   $ 17,936,403   $ (277,701 ) $ 17,658,702   $ 6,513,659   $ 24,172,361   $ 24,398,735  
 

Accounts payable, accrued expenses, intangibles, and deferred revenues

     984,851     (7,871 )   976,980     379,038     1,356,018     1,529,790  
 

Cash distributions and losses in partnerships and joint ventures, at equity

     413,272     —     413,272     (413,272 )   —     —  
 

Other liabilities and accrued dividends

     178,817     (987 )   177,830     443,981     621,811     496,223  
                           
     

Total liabilities

     19,513,343     (286,559 )   19,226,784     6,923,406     26,150,190     26,424,748  
                           

Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties

     191,324     1,722     193,046     —     193,046     274,902  

Series I 6% convertible perpetual preferred stock, 19,000,000 shares authorized, 7,593,604 and 7,590,264 issued and outstanding, respectively, at liquidation value

     379,680     —     379,680     —     379,680     379,513  

EQUITY:

                                      

Stockholders' equity

                                      
 

Capital Stock (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):

                                      
   

Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding, with a liquidation value of $39,847

     45,868     —     45,868     —     45,868     46,032  
   

Common stock, $.0001 par value, 400,004,000 shares authorized, 285,182,886 and 235,691,040 issued and outstanding, respectively

     29     —     29     —     29     24  
   

Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding

     —     —     —     —     —     —  
 

Capital in excess of par value

     7,206,229     —     7,206,229     —     7,206,229     5,410,147  
 

Accumulated deficit

     (2,793,217 )   —     (2,793,217 )   —     (2,793,217 )   (2,491,929 )
 

Accumulated other comprehensive loss

     (52,116 )   —     (52,116 )   —     (52,116 )   (165,066 )
 

Common stock held in treasury at cost, 4,119,368 and 4,379,396 shares, respectively

     (176,885 )   —     (176,885 )   —     (176,885 )   (186,210 )
                           
     

Total stockholders' equity

     4,229,908     —     4,229,908     —     4,229,908     2,612,998  
 

Noncontrolling interests

     696,063     153,805     849,868     —     849,868     639,779  
                           
     

Total equity

     4,925,971     153,805     5,079,776     —     5,079,776     3,252,777  
                           
     

Total liabilities and equity

   $ 25,010,318   $ (131,032 ) $ 24,879,286   $ 6,923,406   $ 31,802,692   $ 30,331,940  
                           

14


SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of June 30, 2009
(in thousands, except as noted)

        Industry practice is to evaluate real estate properties on an unleveraged basis. Net Operating Income ("NOI") is a standard industry performance measure which is defined as operating income plus depreciation and amortization, both calculated in accordance with accounting principles generally accepted in the United States ("GAAP"). We consider NOI to be a key measure of our operating performance that is not specifically defined by GAAP. We believe that NOI is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. We also use NOI internally to measure the operating performance of our portfolio.

        However, you should understand that NOI:

    •
    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,

    •
    is not an alternative to cash flows as a measure of liquidity, and

    •
    is not indicative of cash flows from operating, investing and financing activities.

        The Reconciliation of Net Income to NOI provides net income, which we believe is the most directly comparable GAAP financial measure, and reconciles the amounts to "Total NOI of the Simon Group Portfolio." This schedule also provides the increase in NOI of regional malls and Premium Outlet Centers that are comparable properties for the quarter and six months ended June 30, 2009.

 
   For the Three
Months Ended
June 30, 		  For the Six
Months Ended
June 30, 		 
 
   2009   2008   2009   2008  

Reconciliation of NOI of consolidated Properties:

                          

Consolidated Net (Loss) Income

   $ (14,108 ) $ 114,353   $ 132,140   $ 243,375  

Income tax (benefit) expense of taxable REIT subsidiaries

     (143 )   627     (2,666 )   604  

Interest expense

     244,443     232,335     470,479     462,252  

(Income) Loss from unconsolidated entities

     (5,494 )   11,393     (11,039 )   4,252  

Loss on extinguishment of debt

     —     20,330     —     20,330  
                   

Operating Income

     224,698     379,038     588,914     730,813  

Impairment charge

     140,478     —     140,478     —  

Depreciation and amortization

     251,685     236,617     508,022     464,660  
                   

NOI of consolidated Properties

   $ 616,861   $ 615,655   $ 1,237,414   $ 1,195,473  
                   

Reconciliation of NOI of unconsolidated entities:

                          

Net Income

   $ 61,217   $ 14,638   $ 111,688   $ 51,437  

Discontinued operations—Results of operations and gain on disposal or sale, net

     —     —     —     (47 )

Interest expense

     221,269     234,837     440,420     483,710  

(Income) Loss from unconsolidated entities

     (1,555 )   4,150     (787 )   4,129  
                   

Operating Income

     280,931     253,625     551,321     539,229  

Depreciation and amortization

     198,025     207,770     385,488     379,469  
                   

NOI of unconsolidated entities

   $ 478,956   $ 461,395   $ 936,809   $ 918,698  
                   

Total consolidated and unconsolidated NOI from continuing operations

   $ 1,095,817   $ 1,077,050   $ 2,174,223   $ 2,114,171  
                   

Adjustments to NOI:

                          

NOI of discontinued consolidated and unconsolidated Properties

     —     —     —     47  
                   

Total NOI of the Simon Group Portfolio

   $ 1,095,817   $ 1,077,050   $ 2,174,223   $ 2,114,218  
                   

Increase in NOI from prior period

     1.7 %   9.5 %   2.8 %   15.0 %

Less: Joint venture partner's share of NOI

     295,334     284,867     575,082     559,772  
                   

Simon Group's Share of NOI

   $ 800,483   $ 792,183   $ 1,599,141   $ 1,554,446  
                   

Increase in Simon Group's Share of NOI from prior period

     1.0 %   10.1 %   2.9 %   10.9 %

NOI of Regional Malls that are Comparable Properties(1)

   $ 617,454   $ 617,107   $ 1,231,316   $ 1,219,015  
                   

Increase in NOI of Regional Malls that are Comparable Properties(1)

     0.1 %         1.0 %      
                       

NOI of Premium Outlet Centers that are Comparable Properties(1)

   $ 98,521   $ 92,842   $ 217,158   $ 202,842  
                   

Increase in NOI of Premium Outlet Centers that are Comparable Properties(1)

     6.1 %         7.1 %      
                       
(1)
Properties that were owned in both of the periods under comparison are referred to as comparable properties.

15


SIMON PROPERTY GROUP
NOI Composition(1)
For the Six Months Ended June 30, 2009

 
   Percent of Simon Group's
Share of NOI 		 
U.S. Portfolio NOI by State        
Florida     13.6 %
Texas     11.1 %
California     9.9 %
Massachusetts     7.1 %
New York     7.0 %
Georgia     5.2 %
Indiana     4.8 %
Nevada     4.8 %
New Jersey     4.6 %
Pennsylvania     4.5 %
       
Top 10 Contributors by State     72.6 %
       

NOI by Asset Type
 
 
 
 
Regional Malls     68.0 %
Premium Outlet Centers     19.2 %
The Mills     4.4 %
Community/Lifestyle Centers     4.0 %
International(2)     4.2 %
Other     0.2 %
       
Total     100.0 %
       
(1)
Based on Simon Group's share of total NOI and does not reflect any property, entity or corporate-level debt.

(2)
International includes seven Premium Outlet Centers in Japan and one Premium Outlet Center in both Mexico and South Korea, plus the shopping centers in France, Italy, Poland, and China.

16


 SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of June 30, 2009
(In thousands)

 
   For the Three
Months Ended
June 30, 		  For the Six
Months Ended
June 30, 		 
 
   2009   2008   2009   2008  

Consolidated Properties

                          

Other Income

                          

Interest Income

  
$
6,501		  
$
9,729		  
$
13,118		  
$
22,268		  

Lease Settlement Income

     1,066     2,840     14,501     10,716  

Gains on Land Sales

     2,038     6,625     2,267     8,123  

Other

     25,294     25,036     50,178     47,820  
                   

Totals

   $ 34,899   $ 44,230   $ 80,064   $ 88,927  
                   

Other Expense

                          

Ground Rent

  
$
7,833		  
$
7,611		  
$
15,652		  
$
14,860		  

Professional Fees

     5,048     4,156     7,906     7,350  

Other

     4,903     3,860     13,455     11,738  
                   

Totals

   $ 17,784   $ 15,627   $ 37,013   $ 33,948  
                   

17


 SIMON PROPERTY GROUP
U.S. Portfolio GLA
As of June 30, 2009

Type of Property
  GLA-Sq. Ft.   Total Owned
GLA 		  % of Owned
GLA 		 

Regional Malls

                    
 

Mall Stores

     58,329,982     58,045,672     38.1 %
 

Freestanding

     4,310,646     1,686,939     1.1 %
 

Anchors

     96,445,482     26,152,002     17.1 %
               

Regional Mall Total

     159,086,110     85,884,613     56.3 %

Premium Outlet Centers

     16,754,752     16,584,542     10.9 %

Community/Lifestyle Centers

     20,731,096     14,205,093     9.3 %
 

The Mills®

     22,711,331     20,196,285     13.3 %
 

Mills Regional Malls

     17,402,593     8,572,009     5.6 %
 

Mills Community Centers

     1,013,709     962,155     0.6 %
               

Mills Portfolio Total

     41,127,633     29,730,449     19.5 %

Office Portion of Retail

     2,142,336     2,142,336     1.4 %

Other(1)

     5,936,701     3,959,582     2.6 %
               

Total U.S. Properties

     245,778,628     152,506,615     100.0 %
               
(1)
Consists of: 1) ten other shopping centers and non-Premium outlet centers, and 2) five regional malls. These properties contribute 0.2% of Simon Group's share of total NOI.

18


 SIMON PROPERTY GROUP
U.S. Regional Mall Operational Information(1)
As of June 30, 2009

 
   As of or for the
Six Months
Ended
June 30, 		 
 
   2009   2008  

Total Number of Regional Malls

     163     166  

Total Regional Mall GLA (in millions of square feet; includes office portion of retail)

    
161.1		    
163.3		  

Occupancy(2)

              
 

Consolidated Assets

     90.9 %   92.0 %
 

Unconsolidated Assets

     90.9 %   91.4 %
 

Total Portfolio

    90.9 %   91.8 %

Comparable sales per square foot(3)

              
 

Consolidated Assets

   $ 424   $ 468  
 

Unconsolidated Assets

   $ 481   $ 552  
 

Total Portfolio

  $ 442   $ 494  

Average rent per square foot(2)

              
 

Consolidated Assets

   $ 38.74   $ 37.70  
 

Unconsolidated Assets

   $ 43.41   $ 41.04  
 

Total Portfolio

  $ 40.29   $ 38.81  

 

Average Base Rent Per Square Foot(2)
  Mall &
Freestanding Stores 		  %
Change 		 

6/30/09

  $ 40.29     3.8 %

6/30/08

    38.81        

12/31/08

     39.49     6.5 %

12/31/07

     37.09     4.8 %

12/31/06

     35.38     2.6 %

12/31/05

     34.49     3.0 %

12/31/04

     33.50     3.8 %

Leasing Activity During the Period(2):

 
   Average Base Rent(4)    
    
  
 
   Lease
Signings 		  Store Closings/
Lease Expirations 		  Amount of Change (Referred to as "Leasing Spread")  

2009 (YTD)

  $ 43.24   $ 36.97   $ 6.27     17.0 %

2008

     45.74     37.72     8.02     21.3 %

2007

     44.76     39.12     5.64     14.4 %

2006

     43.21     36.73     6.48     17.6 %

2005

     43.18     35.78     7.40     20.7 %

2004

     39.33     33.59     5.74     17.1 %
(1)
Does not include information for the regional malls in the Mills portfolio.

(2)
For mall stores.

(3)
Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than 10,000 square feet.

(4)
Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.

19


 SIMON PROPERTY GROUP
U.S. Regional Mall Lease Expirations(1)(2)
As of June 30, 2009

Year
  Number of
Leases Expiring 		  Square
Feet 		  Avg. Base Rent
per Square Foot
at 6/30/09 		 

Mall Stores & Freestanding

                    

Month to Month Leases

    
685		    
1,946,102		  
$
35.38		  

2009 (7/1 - 12/31)

     488     924,462   $ 43.57  

2010

     2,394     6,646,759   $ 37.92  

2011

     2,341     6,067,083   $ 35.62  

2012

     1,690     5,403,932   $ 37.14  

2013

     1,454     4,251,953   $ 42.20  

2014

     1,354     4,045,878   $ 42.54  

2015

     1,165     3,983,656   $ 43.47  

2016

     1,330     3,779,193   $ 43.84  

2017

     1,322     4,441,975   $ 44.17  

2018

     1,200     4,607,349   $ 46.74  

2019

     749     2,918,484   $ 46.09  

2020 and Thereafter

     338     2,150,299   $ 34.02  

Specialty Leasing Agreements w/ terms in excess of 12 months

     1,167     2,832,288   $ 15.04  

Anchor Tenants

                    

Month to Month Leases

    
1		    
103,100		  
$
3.50		  

2009 (7/1 - 12/31)

     5     619,545   $ 3.74  

2010

     33     3,776,733   $ 2.79  

2011

     20     2,212,929   $ 4.20  

2012

     26     3,130,174   $ 4.14  

2013

     26     3,410,045   $ 4.72  

2014

     33     3,118,900   $ 5.11  

2015

     10     1,095,689   $ 5.02  

2016

     10     1,090,349   $ 6.37  

2017

     6     816,723   $ 2.79  

2018

     7     687,836   $ 7.16  

2019

     11     1,479,939   $ 5.29  

2020 and Thereafter

     29     2,817,180   $ 5.92  
(1)
Does not include information for the regional malls in the Mills portfolio.

(2)
Does not consider the impact of renewal options that may be contained in leases.

20


 SIMON PROPERTY GROUP
U.S. Regional Mall Top Tenants(1)
As of June 30, 2009

Top Mall Store Retail Tenants (sorted by percentage of total Simon Group base minimum rent)

Tenant
  Number
of
Stores 		  Square
Feet
(000's) 		  Percent of
Total
Simon Group
Sq. Ft. 		  Percent of
Total Simon
Group Base
Min. Rent 		 

The Gap, Inc. 

     283     3,199     1.3 %   2.2 %

Limited Brands, Inc. 

     322     1,816     0.7 %   2.1 %

Abercrombie & Fitch Co. 

     233     1,676     0.7 %   1.7 %

Foot Locker, Inc. 

     398     1,552     0.6 %   1.4 %

Zale Corporation

     325     320     0.1 %   1.0 %

Luxottica Group S.P.A

     357     721     0.3 %   1.0 %

American Eagle Outfitters, Inc. 

     165     934     0.4 %   0.9 %

Express LLC

     114     1,027     0.4 %   0.9 %

Sterling Jewelers, Inc. 

     205     314     0.1 %   0.9 %

Genesco, Inc. 

     366     506     0.2 %   0.8 %

Top Anchors (sorted by percentage of total Simon Group square footage)(2)

Tenant
  Number
of
Stores 		  Square
Feet
(000's) 		  Percent of
Total
Simon Group
Sq. Ft. 		  Percent of
Total Simon
Group Base
Min. Rent 		 

Macy's, Inc. 

     150     26,864     11.0 %   0.4 %

Sears Roebuck & Co. 

     121     18,411     7.5 %   0.2 %

J.C. Penney Co., Inc. 

     112     16,068     6.6 %   0.7 %

Dillard's Dept. Stores

     80     12,065     4.9 %   0.1 %

Nordstrom, Inc. 

     26     4,439     1.8 %   0.1 %

Belk, Inc. 

     22     2,792     1.1 %   0.3 %

The Bon-Ton Stores, Inc. 

     22     2,180     0.9 %   0.2 %

Target Corporation

     14     1,802     0.7 %   0.0 %

The Neiman Marcus Group, Inc. 

     10     1,265     0.5 %   0.1 %

Dick's Sporting Goods, Inc. 

     17     1,104     0.5 %   0.3 %

Saks Incorporated

     9     1,053     0.4 %   0.2 %
(1)
Does not include information for the regional malls in the Mills portfolio.

(2)
Includes space leased and owned by the anchor.

21


 SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings(1)
2009-2010

Property Name
 
Location
 
New Tenant
 
Former Tenant

Openings through June 30, 2009

Northshore Mall

   Peabody (Boston), MA   Nordstrom   Macy's

Plaza Carolina

   Carolina (San Juan), PR   Tiendas Capri (relocated)   N/A

University Park Mall

   South Bend, IN   Barnes & Noble   Marshall Field's

Valley Mall

   Harrisonburg, VA   Books-A-Million   N/A

Openings Projected for the Remainder of 2009

Midland Park Mall

   Midland, TX   Ulta   Party City

Plaza Carolina

   Carolina (San Juan), PR   Best Buy   Tiendas Capri

Prien Lake Mall

   Lake Charles, LA   Kohl's   Macy's

Springfield Mall

   Springfield, PA   Target   Macy's

Town Center at Cobb

   Kennesaw (Atlanta), GA   JCPenney expansion   N/A

Openings Projected in 2010

Coddingtown Mall

   Santa Rosa, CA   Whole Foods   Ralph's Grocery

South Shore Plaza

   Braintree (Boston), MA   Nordstrom   Macy's

      Target   N/A
(1)
Does not include information for the regional malls in the Mills portfolio.

22


 SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

 
   Property Name   State   City (CBSA)   Legal
Ownership 		  Total Gross
Leasable Area 		 

1.

  

McCain Mall

   AR  

N. Little Rock

     100.0 %   775,281  

2.

  

Brea Mall

   CA  

Brea (Los Angeles)

     100.0 %   1,319,588  

3.

  

Coddingtown Mall

   CA  

Santa Rosa

     50.0 %   791,943  

4.

  

Fashion Valley

   CA  

San Diego

     50.0 %   1,722,923  

5.

  

Laguna Hills Mall

   CA  

Laguna Hills (Los Angeles)

     100.0 %   865,129  

6.

  

Santa Rosa Plaza

   CA  

Santa Rosa

     100.0 %   698,083  

7.

  

Shops at Mission Viejo, The

   CA  

Mission Viejo (Los Angeles)

     100.0 %   1,150,167  

8.

  

Stanford Shopping Center

   CA  

Palo Alto (San Francisco)

     100.0 %   1,377,408 (7)

9.

  

Westminster Mall

   CA  

Westminster (Los Angeles)

     100.0 %   1,195,326  

10.

  

Mesa Mall(2)

   CO  

Grand Junction

     50.0 %   882,172  

11.

  

Town Center at Aurora

   CO  

Aurora (Denver)

     100.0 %   1,079,590  

12.

  

Crystal Mall

   CT  

Waterford

     74.6 %   776,129  

13.

  

Aventura Mall(2)

   FL  

Miami Beach (Miami)

     33.3 %   2,099,624  

14.

  

Avenues, The

   FL  

Jacksonville

     25.0 %(3)   1,117,778  

15.

  

Boynton Beach Mall

   FL  

Boynton Beach (Miami)

     100.0 %   1,100,040  

16.

  

Coconut Point

   FL  

Estero

     50.0 %   1,196,169  

17.

  

Coral Square

   FL  

Coral Springs (Miami)

     97.2 %   941,329  

18.

  

Cordova Mall

   FL  

Pensacola

     100.0 %   851,888  

19.

  

Crystal River Mall

   FL  

Crystal River

     100.0 %   420,109  

20.

  

Dadeland Mall

   FL  

Miami

     50.0 %   1,487,401  

21.

  

DeSoto Square

   FL  

Bradenton

     100.0 %   688,380  

22.

  

Edison Mall

   FL  

Fort Myers

     100.0 %   1,050,972  

23.

  

Florida Mall, The

   FL  

Orlando

     50.0 %   1,705,727  

24.

  

Gulf View Square

   FL  

Port Richey (Tampa)

     100.0 %   753,612  

25.

  

Indian River Mall

   FL  

Vero Beach

     50.0 %   746,809  

26.

  

Lake Square Mall

   FL  

Leesburg (Orlando)

     50.0 %   555,688  

27.

  

Melbourne Square

   FL  

Melbourne

     100.0 %   668,289  

28.

  

Miami International Mall

   FL  

Miami

     47.8 %   1,071,409  

29.

  

Orange Park Mall

   FL  

Orange Park (Jacksonville)

     100.0 %   955,024  

30.

  

Paddock Mall

   FL  

Ocala

     100.0 %   554,160  

31.

  

Port Charlotte Town Center

   FL  

Port Charlotte

     80.0 %(4)   765,887  

32.

  

Seminole Towne Center

   FL  

Sanford (Orlando)

     45.0 %(3)   1,125,996  

33.

  

Shops at Sunset Place, The

   FL  

S. Miami

     37.5 %(3)   514,429  

34.

  

St. Johns Town Center

   FL  

Jacksonville

     100.0 %   1,222,579  

35.

  

Town Center at Boca Raton

   FL  

Boca Raton (Miami)

     100.0 %   1,753,744  

36.

  

Treasure Coast Square

   FL  

Jensen Beach

     100.0 %   878,259  

37.

  

Tyrone Square

   FL  

St. Petersburg (Tampa)

     100.0 %   1,094,771  

38.

  

Gwinnett Place

   GA  

Duluth (Atlanta)

     75.0 %   1,279,462 (7)

39.

  

Lenox Square

   GA  

Atlanta

     100.0 %   1,544,909  

40.

  

Mall of Georgia

   GA  

Buford (Atlanta)

     100.0 %   1,795,473  

41.

  

Northlake Mall

   GA  

Atlanta

     100.0 %   961,104  

42.

  

Phipps Plaza

   GA  

Atlanta

     100.0 %   818,311  

43.

  

Town Center at Cobb

   GA  

Kennesaw (Atlanta)

     75.0 %   1,251,913  

44.

  

Lindale Mall(2)

   IA  

Cedar Rapids

     50.0 %   688,779  

45.

  

NorthPark Mall

   IA  

Davenport

     50.0 %   1,062,221  

46.

  

Southern Hills Mall(2)

   IA  

Sioux City

     50.0 %   796,825  

47.

  

SouthRidge Mall(2)

   IA  

Des Moines

     50.0 %   889,428  

48.

  

Lincolnwood Town Center

   IL  

Lincolnwood (Chicago)

     100.0 %   421,202  

49.

  

Northfield Square Mall

   IL  

Bourbonnais

     31.6 %(4)   530,011  

50.

  

Northwoods Mall

   IL  

Peoria

     100.0 %   693,963  

51.

  

Orland Square

   IL  

Orland Park (Chicago)

     100.0 %   1,209,788  

23


 SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

 
   Property Name   State   City (CBSA)   Legal
Ownership 		  Total Gross
Leasable Area 		 

52.

  

River Oaks Center

   IL  

Calumet City (Chicago)

     100.0 %   1,356,316 (7)

53.

  

SouthPark Mall

   IL  

Moline

     50.0 %   1,016,105  

54.

  

White Oaks Mall

   IL  

Springfield

     80.7 %   912,256  

55.

  

Castleton Square

   IN  

Indianapolis

     100.0 %   1,381,562  

56.

  

Circle Centre

   IN  

Indianapolis

     14.7 %(3)   735,878  

57.

  

College Mall

   IN  

Bloomington

     100.0 %   636,545  

58.

  

Eastland Mall

   IN  

Evansville

     50.0 %   867,301  

59.

  

Fashion Mall at Keystone, The

   IN  

Indianapolis

     100.0 %   683,490  

60.

  

Greenwood Park Mall

   IN  

Greenwood (Indianapolis)

     100.0 %   1,280,109  

61.

  

Markland Mall

   IN  

Kokomo

     100.0 %   416,092  

62.

  

Muncie Mall

   IN  

Muncie

     100.0 %   635,725  

63.

  

Tippecanoe Mall

   IN  

Lafayette

     100.0 %   861,798  

64.

  

University Park Mall

   IN  

Mishawaka

     100.0 %   922,632  

65.

  

Washington Square

   IN  

Indianapolis

     100.0 %   963,226  

66.

  

Towne East Square

   KS  

Wichita

     100.0 %   1,128,724  

67.

  

Towne West Square

   KS  

Wichita

     100.0 %   942,069  

68.

  

West Ridge Mall

   KS  

Topeka

     100.0 %   992,265  

69.

  

Prien Lake Mall

   LA  

Lake Charles

     100.0 %   720,255  

70.

  

Arsenal Mall

   MA  

Watertown (Boston)

     100.0 %   504,334 (7)

71.

  

Atrium Mall

   MA  

Chestnut Hill (Boston)

     49.1 %   205,102  

72.

  

Auburn Mall

   MA  

Auburn

     49.1 %   588,330  

73.

  

Burlington Mall

   MA  

Burlington (Boston)

     100.0 %   1,318,978  

74.

  

Cape Cod Mall

   MA  

Hyannis

     49.1 %   722,639  

75.

  

Copley Place

   MA  

Boston

     98.1 %   1,243,397 (7)

76.

  

Emerald Square

   MA  

North Attleboro (Providence, RI)

     49.1 %   1,022,540  

77.

  

Greendale Mall

   MA  

Worcester (Boston)

     49.1 %   430,823 (7)

78.

  

Liberty Tree Mall

   MA  

Danvers (Boston)

     49.1 %   857,989  

79.

  

Mall at Chestnut Hill, The

   MA  

Chestnut Hill (Boston)

     47.2 %   474,963  

80.

  

Northshore Mall

   MA  

Peabody (Boston)

     49.1 %   1,543,234 (7)

81.

  

Solomon Pond Mall

   MA  

Marlborough (Boston)

     49.1 %   886,376  

82.

  

South Shore Plaza

   MA  

Braintree (Boston)

     100.0 %   1,165,828  

83.

  

Square One Mall

   MA  

Saugus (Boston)

     49.1 %   929,470  

84.

  

Bowie Town Center

   MD  

Bowie (Washington, D.C.)

     100.0 %   684,386  

85.

  

St. Charles Towne Center

   MD  

Waldorf (Washington, D.C.)

     100.0 %   980,004  

86.

  

Bangor Mall

   ME  

Bangor

     67.4 %(6)   652,791  

87.

  

Maplewood Mall

   MN  

St. Paul (Minneapolis)

     100.0 %   929,715  

88.

  

Miller Hill Mall

   MN  

Duluth

     100.0 %   805,608  

89.

  

Battlefield Mall

   MO  

Springfield

     100.0 %   1,198,718  

90.

  

Independence Center

   MO  

Independence (Kansas City)

     100.0 %   1,033,110  

91.

  

SouthPark

   NC  

Charlotte

     100.0 %   1,625,390  

92.

  

Crossroads Mall

   NE  

Omaha

     100.0 %   677,470  

93.

  

Mall at Rockingham Park, The

   NH  

Salem (Boston)

     24.6 %   1,020,039  

94.

  

Mall of New Hampshire, The

   NH  

Manchester

     49.1 %   811,348  

95.

  

Pheasant Lane Mall

   NH  

Nashua

           (5)   869,727  

96.

  

Brunswick Square

   NJ  

East Brunswick (New York)

     100.0 %   764,905  

97.

  

Livingston Mall

   NJ  

Livingston (New York)

     100.0 %   984,599  

98.

  

Menlo Park Mall

   NJ  

Edison (New York)

     100.0 %   1,323,338 (7)

99.

  

Ocean County Mall

   NJ  

Toms River (New York)

     100.0 %   889,856  

24


 SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

 
   Property Name   State   City (CBSA)   Legal
Ownership 		  Total Gross
Leasable Area 		 

100.

  

Quaker Bridge Mall

   NJ  

Lawrenceville

     38.0 %(6)   1,098,674  

101.

  

Rockaway Townsquare

   NJ  

Rockaway (New York)

     100.0 %   1,243,792  

102.

  

Cottonwood Mall

   NM  

Albuquerque

     100.0 %   1,040,720  

103.

  

Forum Shops at Caesars, The

   NV  

Las Vegas

     100.0 %   635,491  

104.

  

Chautauqua Mall

   NY  

Lakewood

     100.0 %   424,969  

105.

  

Jefferson Valley Mall

   NY  

Yorktown Heights (New York)

     100.0 %   580,120  

106.

  

Roosevelt Field

   NY  

Garden City (New York)

     100.0 %   2,209,095 (7)

107.

  

Smith Haven Mall

   NY  

Lake Grove (New York)

     25.0 %   1,287,124  

108.

  

Walt Whitman Mall

   NY  

Huntington Station (New York)

     100.0 %   1,027,265  

109.

  

Westchester, The

   NY  

White Plains (New York)

     40.0 %   827,393 (7)

110.

  

Great Lakes Mall

   OH  

Mentor (Cleveland)

     100.0 %   1,232,511  

111.

  

Lima Mall

   OH  

Lima

     100.0 %   744,185  

112.

  

Richmond Town Square

   OH  

Richmond Heights (Cleveland)

     100.0 %   1,016,479  

113.

  

Southern Park Mall

   OH  

Youngstown

     100.0 %   1,190,173  

114.

  

Summit Mall

   OH  

Akron

     100.0 %   769,878  

115.

  

Upper Valley Mall

   OH  

Springfield

     100.0 %   739,429  

116.

  

Penn Square Mall

   OK  

Oklahoma City

     94.5 %   1,051,030  

117.

  

Woodland Hills Mall

   OK  

Tulsa

     94.5 %   1,092,055  

118.

  

Century III Mall

   PA  

West Mifflin (Pittsburgh)

     100.0 %   1,286,050 (7)

119.

  

Granite Run Mall

   PA  

Media (Philadelphia)

     50.0 %   1,020,470 (7)

120.

  

King of Prussia Mall

   PA  

King of Prussia (Philadelphia)

     12.4 %(6)   2,615,008 (7)

121.

  

Lehigh Valley Mall

   PA  

Whitehall

     37.6 %(6)   1,168,839 (7)

122.

  

Montgomery Mall

   PA  

North Wales (Philadelphia)

     60.0 %(6)   1,148,324  

123.

  

Oxford Valley Mall

   PA  

Langhorne (Philadelphia)

     65.0 %(6)   1,318,682 (7)

124.

  

Ross Park Mall

   PA  

Pittsburgh

     100.0 %   1,210,516  

125.

  

South Hills Village

   PA  

Pittsburgh

     100.0 %   1,136,697 (7)

126.

  

Springfield Mall(2)

   PA  

Springfield (Philadelphia)

     38.0 %(6)   588,957  

127.

  

Plaza Carolina

   PR  

Carolina (San Juan)

     100.0 %   1,077,784 (7)

128.

  

Anderson Mall

   SC  

Anderson

     100.0 %   671,266  

129.

  

Haywood Mall

   SC  

Greenville

     100.0 %   1,231,145  

130.

  

Empire Mall(2)

   SD  

Sioux Falls

     50.0 %   1,074,085  

131.

  

Rushmore Mall(2)

   SD  

Rapid City

     50.0 %   835,096  

132.

  

Knoxville Center

   TN  

Knoxville

     100.0 %   978,005 (7)

133.

  

Oak Court Mall

   TN  

Memphis

     100.0 %   849,802 (7)

134.

  

West Town Mall

   TN  

Knoxville

     50.0 %   1,336,751  

135.

  

Wolfchase Galleria

   TN  

Memphis

     94.5 %   1,266,715  

136.

  

Barton Creek Square

   TX  

Austin

     100.0 %   1,428,888  

137.

  

Broadway Square

   TX  

Tyler

     100.0 %   628,068  

138.

  

Cielo Vista Mall

   TX  

El Paso

     100.0 %   1,242,939  

139.

  

Domain, The

   TX  

Austin

     100.0 %   642,898 (7)

140.

  

Firewheel Town Center

   TX  

Garland (Dallas)

     100.0 %   1,004,225 (7)

141.

  

Galleria, The

   TX  

Houston

     31.5 %   2,349,943  

142.

  

Highland Mall(2)

   TX  

Austin

     50.0 %   1,077,898  

143.

  

Ingram Park Mall

   TX  

San Antonio

     100.0 %   1,125,713  

144.

  

Irving Mall

   TX  

Irving (Dallas)

     100.0 %   1,042,526  

145.

  

La Plaza Mall

   TX  

McAllen

     100.0 %   1,199,788  

146.

  

Lakeline Mall

   TX  

Cedar Park (Austin)

     100.0 %   1,098,094  

147.

  

Longview Mall

   TX  

Longview

     100.0 %   638,605  

148.

  

Midland Park Mall

   TX  

Midland

     100.0 %   617,645  

25


 SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

 
   Property Name   State   City (CBSA)   Legal
Ownership 		  Total Gross
Leasable Area 		 

149.

  

North East Mall

   TX  

Hurst (Dallas)

     100.0 %   1,661,100  

150.

  

Rolling Oaks Mall

   TX  

San Antonio

     100.0 %   884,123 (7)

151.

  

Sunland Park Mall

   TX  

El Paso

     100.0 %   917,642  

152.

  

Valle Vista Mall

   TX  

Harlingen

     100.0 %   651,270  

153.

  

Apple Blossom Mall

   VA  

Winchester

     49.1 %   439,953  

154.

  

Charlottesville Fashion Square

   VA  

Charlottesville

     100.0 %   570,139  

155.

  

Chesapeake Square

   VA  

Chesapeake (Virginia Beach)

     75.0 %(4)   792,890  

156.

  

Fashion Centre at Pentagon City, The

   VA  

Arlington (Washington, DC)

     42.5 %   988,842 (7)

157.

  

Valley Mall

   VA  

Harrisonburg

     50.0 %   504,634  

158.

  

Virginia Center Commons

   VA  

Glen Allen

     100.0 %   785,100  

159.

  

Columbia Center

   WA  

Kennewick

     100.0 %   768,454  

160.

  

Northgate Mall

   WA  

Seattle

     100.0 %   1,058,542  

161.

  

Tacoma Mall

   WA  

Tacoma (Seattle)

     100.0 %   1,248,060  

162.

  

Bay Park Square

   WI  

Green Bay

     100.0 %   699,891  

163.

  

Forest Mall

   WI  

Fond Du Lac

     100.0 %   500,174  
                         

 

Total Regional Mall GLA

                   161,087,175  
                         

FOOTNOTES:

(1)
Does not include the regional malls in the Mills portfolio.

(2)
This property is managed by a third party.

(3)
The Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or the Operating Partnership.

(4)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(5)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(6)
The Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(7)
Includes office space as follows:
Arsenal Mall—107,188 sq. ft.
Century III Mall—39,119 sq. ft.
Copley Place—867,601 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.
Firewheel Town Center—74,999 sq. ft.
Granite Run—4,000 sq. ft.
Greendale Mall—119,860 sq. ft.
Gwinnett Place—32,603 sq. ft.
King of Prussia Mall—13,646 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.
Menlo Park Mall—52,424 sq. ft.
Northshore Mall—12,367 sq. ft.
Knoxville Center—1,455 sq. ft.
Oak Court Mall—127,411 sq. ft.
Oxford Valley Mall—110,324 sq. ft.
Plaza Carolina—28,436 sq. ft.
River Oaks Center—116,912 sq. ft.
Rolling Oaks Mall—6,383 sq. ft.
Roosevelt Field—1,610 sq. ft.
South Hills Village—4,361 sq. ft.
Stanford Shopping Center—5,748 sq. ft.
The Domain—92,955 sq. ft.
The Westchester—820 sq. ft.

26


 SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of June 30, 2009

 
   As of or for the
Six Months Ended
June 30, 		 
 
   2009   2008  

Total Number of U.S. Premium Outlet Centers

     40     39  

Total U.S. Premium Outlet Centers GLA (in millions of square feet)

     16.8     15.8  

Occupancy(1)

     97.0 %   98.3 %

Comparable sales per square foot(1)

   $ 493   $ 510  

Average base rent per square foot(1)

   $ 32.74   $ 26.66  

Average Base Rent Per Square Foot(1)

 
Total
Center
 
%
Change
 

6/30/09

   $ 32.74     22.8 %

6/30/08

     26.66        

12/31/08

     27.65     7.7 %

12/31/07

     25.67     5.9 %

12/31/06

     24.23     4.6 %

12/31/05

     23.16     6.0 %

12/31/04

     21.85     7.3 %

Leasing Activity During the Period(1):

 
   Average Base Rent(2)    
    
  
 
   Lease Signings   Store Closings/
Lease Expirations 		  Amount of Change
(Referred to as
"Leasing Spread") 		 

2009 (YTD)

  $ 37.22   $ 27.65   $ 9.57     34.6 %

2008

     38.07     25.59     12.48     48.8 %

2007

     31.43     23.64     7.79     33.0 %

2006

     29.95     22.87     7.08     31.0 %

2005

     26.48     21.91     4.57     20.9 %

2004

     22.78     20.02     2.76     13.8 %
(1)
For all owned gross leasable area.

(2)
Represents the average base rent for tenants who signed leases as compared to the average base rent in effect for tenants whose leases terminated or expired in the same space.

27


 SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)
As of June 30, 2009

Year
  Number of
Leases Expiring 		  Square
Feet 		  Avg. Base Rent
per Square Foot
at 6/30/09 		 

Month to Month Leases

     58     169,413   $ 27.97  

2009 (7/1–12/31)

     141     529,913   $ 30.61  

2010

     489     2,094,499   $ 27.03  

2011

     475     2,034,793   $ 26.60  

2012

     456     1,916,017   $ 28.43  

2013

     455     2,155,425   $ 29.13  

2014

     354     1,425,887   $ 29.44  

2015

     252     924,353   $ 33.20  

2016

     236     769,883   $ 37.89  

2017

     278     903,071   $ 38.01  

2018

     395     1,445,004   $ 47.13  

2019

     281     1,122,441   $ 44.11  

2020 and Thereafter

     108     380,230   $ 45.06  

Specialty Leasing Agreements w/ terms in excess of 12 months

     62     200,688   $ 9.79  
(1)
Does not consider the impact of renewal options that may be contained in leases.

28


 SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of June 30, 2009

(Sorted by percentage of total Simon Group base minimum rent)

Tenant
  Number
of Stores 		  Square
Feet
(000's) 		  Percent of Total
Simon Group
Sq. Ft. 		  Percent of Total
Simon Group
Base Min. Rent 		 

Phillips—Van Heusen Corporation

     169     828     0.3 %   0.7 %

The Gap, Inc. 

     90     876     0.4 %   0.7 %

Adidas Promotional Retail Operations, Inc. 

     68     563     0.2 %   0.5 %

Nike Retail Services, Inc. 

     89     697     0.3 %   0.4 %

Jones Retail Corporation

     153     474     0.2 %   0.4 %

The William Carter Company, Inc. 

     72     346     0.1 %   0.3 %

Tommy Hilfiger Retail Operations, Inc. 

     46     325     0.1 %   0.3 %

Coach, Inc. 

     37     179     0.1 %   0.3 %

Brown Group Retail, Inc. 

     71     306     0.1 %   0.3 %

LCI Holdings, Inc. 

     62     391     0.2 %   0.2 %

29


 SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Property Listing

 
  
Property Name
  State  
City (CBSA)
  Legal
Ownership 		  Total Gross
Leasable Area 		 
1.   Camarillo Premium Outlets     CA   Camarillo     100.0 %   623,136  
2.   Carlsbad Premium Outlets     CA   Carlsbad (San Diego)     100.0 %   287,937  
3.   Desert Hills Premium Outlets     CA   Cabazon (Riverside)     100.0 %   501,650  
4.   Folsom Premium Outlets     CA   Folsom (Sacramento)     100.0 %   298,282  
5.   Gilroy Premium Outlets     CA   Gilroy (San Jose)     100.0 %   577,810  
6.   Las Americas Premium Outlets     CA   San Diego     100.0 %   561,159  
7.   Napa Premium Outlets     CA   Napa     100.0 %   179,348  
8.   Petaluma Village Premium Outlets     CA   Petaluma     100.0 %   195,982  
9.   Vacaville Premium Outlets     CA   Vacaville     100.0 %   437,722  
10.   Clinton Crossing Premium Outlets     CT   Clinton     100.0 %   276,163  
11.   Orlando Premium Outlets     FL   Orlando     100.0 %   549,398  
12.   St. Augustine Premium Outlets     FL   St. Augustine (Jacksonsville)     100.0 %   328,543  
13.   North Georgia Premium Outlets     GA   Dawsonville (Atlanta)     100.0 %   540,066  
14.   Waikele Premium Outlets     HI   Waipahu (Honolulu)     100.0 %   209,510  
15.   Chicago Premium Outlets     IL   Aurora (Chicago)     100.0 %   437,315  
16.   Edinburgh Premium Outlets     IN   Edinburgh     100.0 %   377,775  
17.   Lighthouse Place Premium Outlets     IN   Michigan City     100.0 %   454,305  
18.   Wrentham Village Premium Outlets     MA   Wrentham (Boston)     100.0 %   635,970  
19.   Kittery Premium Outlets     ME   Kittery     100.0 %   264,425  
20.   Albertville Premium Outlets     MN   Albertville (Minneapolis)     100.0 %   429,534  
21.   Osage Beach Premium Outlets     MO   Osage Beach     100.0 %   392,115  
22.   Carolina Premium Outlets     NC   Smithfield     100.0 %   438,954  
23.   Jackson Premium Outlets     NJ   Jackson (New York)     100.0 %   285,779  
24.   Jersey Shore Premium Outlets     NJ   Tinton Falls (New York)     100.0 %   434,226  
25.   Liberty Village Premium Outlets     NJ   Flemington (New York)     100.0 %   164,338  
26.   Las Vegas Outlet Center     NV   Las Vegas     100.0 %   468,284  
27.   Las Vegas Premium Outlets     NV   Las Vegas     100.0 %   538,654  
28.   Waterloo Premium Outlets     NY   Waterloo     100.0 %   417,580  
29.   Woodbury Common Premium Outlets     NY   Central Valley     100.0 %   844,539  
30.   Aurora Farms Premium Outlets     OH   Aurora     100.0 %   300,216  
31.   Columbia Gorge Premium Outlets     OR   Troutdale (Portland)     100.0 %   163,816  
32.   Philadelphia Premium Outlets     PA   Limerick (Philadelphia)     100.0 %   549,070  
33.   The Crossings Premium Outlets     PA   Tannersville     100.0 %   411,446  
34.   Allen Premium Outlets     TX   Allen (Dallas)     100.0 %   441,502  
35.   Houston Premium Outlets     TX   Cypress (Houston)     100.0 %   425,501  
36.   Rio Grande Valley Premium Outlets     TX   Mercedes     100.0 %   584,790  
37.   Round Rock Premium Outlets     TX   Round Rock (Austin)     100.0 %   488,835  
38.   Leesburg Corner Premium Outlets     VA   Leesburg (Washington D.C.)     100.0 %   517,700  
39.   Seattle Premium Outlets     WA   Tulalip (Seattle)     100.0 %   443,792  
40.   Johnson Creek Premium Outlets     WI   Johnson Creek     100.0 %   277,585  
                           
    Total U.S. Premium Outlet Centers GLA               16,754,752  
                           

30


 SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Operational Information(1)
As of June 30, 2009

 
   As of or for the
Six Months Ended
June 30, 		 
 
   2009   2008  

Total Number of Community/Lifestyle Centers

     70     69  

Total Community/Lifestyle Center GLA (in millions of square feet)

     20.7     19.9  

Occupancy(2)

     88.5 %   93.2 %

Average rent per square foot(2)

   $ 13.37   $ 12.68  

Average Base Rent Per Square Foot(2)

 
Total
Center
 
%
Change
 

6/30/09

   $ 13.37     5.4 %

6/30/08

     12.68        

12/31/08

     13.25     6.6 %

12/31/07

     12.43     5.2 %

12/31/06

     11.82     3.6 %

12/31/05

     11.41     4.6 %

12/31/04

     10.91     3.0 %

Leasing Activity During the Period(2):

 
   Average Base Rent(3)    
    
  
 
   Lease
Signings 		  Store Closings/
Lease Expirations 		  Amount of Change
(Referred to as
"Leasing Spread") 		 

2009 (YTD)

   $ 15.86   $ 14.30   $ 1.56     10.9 %

2008

     14.77     13.10     1.67     12.7 %

2007

     18.43     14.56     3.87     26.6 %

2006

     12.47     10.49     1.98     18.9 %

2005

     15.89     11.44     4.45     38.9 %

2004

     12.01     11.16     0.85     7.6 %
(1)
Does not include information for the community centers in the Mills portfolio.

(2)
For all owned gross leasable area.

(3)
Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.

31


 SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)(2)
As of June 30, 2009

Year
  Number of
Leases Expiring 		  Square
Feet 		  Avg. Base Rent
per Square Foot
at 6/30/09 		 

Month to Month Leases

     35     136,010   $ 11.95  

2009 (7/1–12/31)

     44     169,877   $ 16.47  

2010

     287     1,449,233   $ 14.81  

2011

     264     1,513,679   $ 12.84  

2012

     189     1,256,579   $ 12.68  

2013

     222     1,453,719   $ 13.90  

2014

     132     1,503,735   $ 11.06  

2015

     82     1,033,023   $ 13.83  

2016

     67     835,166   $ 12.96  

2017

     66     1,053,522   $ 12.55  

2018

     99     1,042,478   $ 14.97  

2019

     60     672,830   $ 17.15  

2020 and Thereafter

     59     961,307   $ 13.53  

Specialty Leasing Agreements w/ terms in excess of 12 months

     12     147,000   $ 1.86  
(1)
Does not include information for the community centers in the Mills portfolio.

(2)
Does not consider the impact of renewal options that may be contained in leases.

32


 SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants(1)
As of June 30, 2009

(Sorted by percentage of total Simon Group square footage)(2)

Tenant
  Number of
Stores 		  Square
Feet
(000's) 		  Percent of Total
Simon Group
Sq. Ft. 		  Percent of Total
Simon Group
Base Min. Rent 		 

Target Corporation

     13     1,752     0.7 %   0.0 %

Wal-Mart Stores, Inc. 

     8     969     0.4 %   0.0 %

Kohl's Department Stores, Inc. 

     10     913     0.4 %   0.1 %

Best Buy Company, Inc. 

     20     866     0.4 %   0.2 %

TJX Companies, Inc. 

     19     613     0.3 %   0.2 %

Retail Ventures, Inc. 

     12     478     0.2 %   0.1 %

Toys R Us, Inc. 

     11     442     0.2 %   0.1 %

Bed Bath & Beyond, Inc. 

     14     423     0.2 %   0.1 %

Dick's Sporting Goods, Inc. 

     8     389     0.2 %   0.1 %

Burlington Coat Factory

     6     374     0.2 %   0.1 %
(1)
Does not include information for the community centers in the Mills portfolio.

(2)
Includes space leased and owned by the anchor.

33


 SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Property Listing(1)

 
  
Property Name
  State  
City (CBSA)
  Legal
Ownership 		  Total Gross
Leasable Area 		 
1.   Plaza at Buckland Hills, The     CT   Manchester     35.0 %(3)   334,698  

2.
 
Gaitway Plaza
 
 
FL
 
Ocala
 
 
23.3
%(3)
 
208,755
 
3.   Highland Lakes Center     FL   Orlando     100.0 %   492,321  
4.   Indian River Commons     FL   Vero Beach     50.0 %   255,942  
5.   Pier Park     FL   Panama City Beach     100.0 %   815,820  
6.   Royal Eagle Plaza     FL   Coral Springs (Miami)     35.0 %(3)   199,059  
7.   Terrace at The Florida Mall     FL   Orlando     100.0 %   346,693  
8.   Waterford Lakes Town Center     FL   Orlando     100.0 %   949,678  
9.   West Town Corners     FL   Altamonte Springs (Orlando)     23.3 %(3)   385,643  
10.   Westland Park Plaza     FL   Orange Park (Jacksonville)     23.3 %(3)   163,254  

11.
 
Mall of Georgia Crossing
 
 
GA
 
Buford (Atlanta)
 
 
100.0
%
 
440,612
 

12.
 
Bloomingdale Court
 
 
IL
 
Bloomingdale (Chicago)
 
 
100.0
%
 
630,359
 
13.   Countryside Plaza     IL   Countryside (Chicago)     100.0 %   403,756  
14.   Crystal Court     IL   Crystal Lake (Chicago)     35.0 %(3)   278,970  
15.   Forest Plaza     IL   Rockford     100.0 %   428,039  
16.   Lake Plaza     IL   Waukegan (Chicago)     100.0 %   215,568  
17.   Lake View Plaza     IL   Orland Park (Chicago)     100.0 %   367,843  
18.   Lincoln Crossing     IL   O'Fallon (St. Louis)     100.0 %   243,326  
19.   Matteson Plaza     IL   Matteson (Chicago)     100.0 %   270,892  
20.   North Ridge Plaza     IL   Joliet (Chicago)     100.0 %   305,070  
21.   White Oaks Plaza     IL   Springfield     100.0 %   391,474  
22.   Willow Knolls Court     IL   Peoria     35.0 %(3)   382,377  

23.
 
Brightwood Plaza
 
 
IN
 
Indianapolis
 
 
100.0
%
 
38,493
 
24.   Clay Terrace     IN   Carmel (Indianapolis)     50.0 %   503,343  
25.   Eastland Convenience Center     IN   Evansville     50.0 %   175,639  
26.   Greenwood Plus     IN   Greenwood (Indianapolis)     100.0 %   155,319  
27.   Hamilton Town Center     IN   Noblesville (Indianapolis)     50.0 %   658,977  
28.   Keystone Shoppes     IN   Indianapolis     100.0 %   29,140  
29.   Markland Plaza     IN   Kokomo     100.0 %   90,527  
30.   Muncie Plaza     IN   Muncie     100.0 %   172,621  
31.   New Castle Plaza     IN   New Castle     100.0 %   91,648  
32.   Northwood Plaza     IN   Fort Wayne     100.0 %   208,076  
33.   Teal Plaza     IN   Lafayette     100.0 %   101,087  
34.   Tippecanoe Plaza     IN   Lafayette     100.0 %   90,522  
35.   University Center     IN   Mishawaka     100.0 %   150,524  
36.   Village Park Plaza     IN   Carmel (Indianapolis)     35.0 %(3)   549,576  
37.   Washington Plaza     IN   Indianapolis     100.0 %   50,107  

38.
 
West Ridge Plaza
 
 
KS
 
Topeka
 
 
100.0
%
 
254,519
 

39.
 
Park Plaza
 
 
KY
 
Hopkinsville
 
 
100.0
%
 
118,979
 

40.
 
St. Charles Towne Plaza
 
 
MD
 
Waldorf (Washington, D.C.)
 
 
100.0
%
 
394,873
 

41.
 
Regency Plaza
 
 
MO
 
St. Charles (St. Louis)
 
 
100.0
%
 
287,473
 

42.
 
Ridgewood Court
 
 
MS
 
Jackson
 
 
35.0
%(3)
 
369,501
 

43.
 
Dare Centre
 
 
NC
 
Kill Devil Hills
 
 
100.0
%
 
168,898
 
44.   MacGregor Village     NC   Cary     100.0 %   145,370  
45.   North Ridge Shopping Center     NC   Raleigh     100.0 %   166,617  

46.
 
Rockaway Convenience Center
 
 
NJ
 
Rockaway (New York)
 
 
100.0
%
 
149,570
 
47.   Rockaway Town Plaza     NJ   Rockaway (New York)     100.0 %   459,266  

34

 
  
Property Name
  State  
City (CBSA)
  Legal
Ownership 		  Total Gross
Leasable Area 		 
48.   Cobblestone Court     NY   Victor     35.0 %(3)   265,445  

49.
 
Great Lakes Plaza
 
 
OH
 
Mentor (Cleveland)
 
 
100.0
%
 
164,104
 
50.   Lima Center     OH   Lima     100.0 %   236,878  

51.
 
Eastland Plaza
 
 
OK
 
Tulsa
 
 
100.0
%
 
190,261
 

52.
 
DeKalb Plaza
 
 
PA
 
King of Prussia (Philadelphia)
 
 
50.3
%(4)
 
101,742
 
53.   Henderson Square     PA   King of Prussia (Philadelphia)     76.0 %(4)   107,383  
54.   Lincoln Plaza     PA   King of Prussia (Philadelphia)     65.0 %(4)   267,267  
55.   Whitehall Mall     PA   Whitehall     38.0 %(4)   588,566  

56.
 
Charles Towne Square
 
 
SC
 
Charleston
 
 
100.0
%
 
71,794
 

57.
 
Empire East(2)
 
 
SD
 
Sioux Falls
 
 
50.0
%
 
297,278
 

58.
 
Knoxville Commons
 
 
TN
 
Knoxville
 
 
100.0
%
 
180,508
 

59.
 
Arboretum at Great Hills
 
 
TX
 
Austin
 
 
100.0
%
 
206,827
 
60.   Gateway Shopping Center     TX   Austin     100.0 %   512,631  
61.   Ingram Plaza     TX   San Antonio     100.0 %   111,518  
62.   Lakeline Plaza     TX   Cedar Park (Austin)     100.0 %   387,430  
63.   Palms Crossing     TX   McAllen     100.0 %   337,249  
64.   Richardson Square     TX   Richardson (Dallas)     100.0 %   517,265  
65.   Shops at Arbor Walk, The     TX   Austin     100.0 %   442,585  
66.   Shops at North East Mall, The     TX   Hurst (Dallas)     100.0 %   364,782  
67.   Wolf Ranch Town Center     TX   Georgetown (Austin)     100.0 %   626,458  

68.
 
Chesapeake Center
 
 
VA
 
Chesapeake (Virginia Beach)
 
 
100.0
%
 
305,935
 
69.   Fairfax Court     VA   Fairfax (Washington, D.C.)     41.3 %(3)   254,271  
70.   Martinsville Plaza     VA   Martinsville     100.0 %   102,105  
                           
    Total Community/Lifestyle Center GLA                     20,731,096  
                           

FOOTNOTES:

(1)
Does not include the community centers in Mills portfolio.

(2)
This property is managed by a third party.

(3)
Outside partner receives substantially all of the economic benefit due to a partner preference.

(4)
The Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

35


 SIMON PROPERTY GROUP
U.S. Mills Portfolio Operational Information
As of June 30, 2009

 
   As of or for the
Six Months Ended
June 30, 		 
 
   2009   2008  

The Mills®

              

Total Number of The Mills®

     16     17  

Total GLA (in millions of square feet)

     22.7     24.2  

Occupancy(1)

     90.9 %   94.4 %

Comparable sales per square foot(2)

   $ 369   $ 380  

Average base rent per square foot(1)

   $ 19.77   $ 19.43  

Mills Regional Malls(3)

              

Total Number of Regional Malls

     16     16  

Total GLA (in millions of square feet)

     17.5     17.6  

Occupancy(4)

     88.4 %   87.1 %

Comparable sales per square foot(2)

   $ 397   $ 449  

Average rent per square foot(4)

   $ 36.77   $ 37.23  

Mills Community Centers

              

Total Number of Community Centers

     4     4  

Total GLA (in millions of square feet)

     1.0     1.0  

Occupancy(1)

     94.3 %   96.1 %

Average rent per square foot(1)

   $ 11.50   $ 11.23  
(1)
For all owned gross leasable area.

(2)
Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than 10,000 square feet.

(3)
Does not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which the Company held a 50% interest prior to the Mills acquisition.

(4)
For mall stores.

36


 SIMON PROPERTY GROUP
U.S. Mills Portfolio Property Listing

 
  
Property Name
  State  
City (CBSA)
  SPG Share of
Legal Ownership 		  Total Gross
Leasable Area 		 
    The Mills®                        
1.   Arizona Mills     AZ   Tempe (Phoenix)     25.0 %   1,244,354  
2.   Arundel Mills     MD   Hanover (Baltimore)     29.6 %   1,292,111  
3.   Colorado Mills     CO   Lakewood (Denver)     18.8 %(1)   1,098,091  
4.   Concord Mills     NC   Concord (Charlotte)     29.6 %(1)   1,333,651  
5.   Discover Mills     GA   Lawrenceville (Atlanta)     25.0 %(1)   1,182,952  
6.   Franklin Mills     PA   Philadelphia     50.0 %   1,743,468  
7.   Grapevine Mills     TX   Grapevine (Dallas)     29.6 %   1,776,519  
8.   Great Mall     CA   Milpitas (San Jose)     24.5 %(1)   1,350,443  
9.   Gurnee Mills     IL   Gurnee (Chicago)     50.0 %   1,813,465  
10.   Katy Mills     TX   Katy (Houston)     31.3 %(1)   1,554,881  
11.   Ontario Mills     CA   Ontario (Riverside)     25.0 %   1,477,283  
12.   Opry Mills     TN   Nashville     24.5 %(1)   1,159,269  
13.   Potomac Mills     VA   Prince William (Washington, D.C.)     50.0 %   1,549,926  
14.   Sawgrass Mills     FL   Sunrise (Miami)     50.0 %   2,237,356  
15.   St. Louis Mills     MO   Hazelwood (St. Louis)     25.0 %(1)   1,176,395  
16.   The Block at Orange     CA   Orange (Los Angeles)     25.0 %   721,167  
                           
    Subtotal The Mills®                     22,711,331  

 
 
Regional Malls(3)
 
 
 
 
 
 
 
 
 
 
 
 
17.   Briarwood Mall     MI   Ann Arbor     25.0 %   970,415  
18.   Del Amo Fashion Center     CA   Torrance (Los Angeles)     25.0 %(1)   2,371,527 (2)
19.   Dover Mall     DE   Dover     34.1 %   885,933  
20.   Esplanade, The     LA   Kenner (New Orleans)     50.0 %   899,074 (2)
21.   Falls, The     FL   Miami     25.0 %   808,827  
22.   Galleria at White Plains, The     NY   White Plains (New York)     50.0 %   864,040  
23.   Hilltop Mall     CA   Richmond (San Francisco)     25.0 %   1,070,689  
24.   Lakeforest Mall     MD   Gaithersburg (Washington, D.C.)     25.0 %   1,045,369  
25.   Mall at Tuttle Crossing, The     OH   Dublin (Columbus)     25.0 %   1,114,641  
26.   Marley Station     MD   Glen Burnie (Baltimore)     25.0 %   1,068,918  
27.   Meadowood Mall     NV   Reno     25.0 %   876,713 (2)
28.   Northpark Mall     MS   Ridgeland     50.0 %   953,722  
29.   Shops at Riverside, The     NJ   Hackensack (New York)     50.0 %   760,887  
30.   Southdale Center     MN   Edina (Minneapolis)     50.0 %   1,338,320 (2)
31.   Southridge Mall     WI   Greendale (Milwaukee)     50.0 %   1,213,298  
32.   Stoneridge Shopping Center     CA   Pleasanton (San Francisco)     25.0 %   1,301,491  
                           
    Subtotal Regional Malls                     17,543,864  

 
 
Community Centers
 
 
 
 
 
 
 
 
 
 
 
 
33.   Denver West Village     CO   Lakewood (Denver)     18.8 %   310,146  
34.   Arundel Mills Marketplace     MD   Hanover (Baltimore)     29.6 %   101,613  
35.   Concord Mills Marketplace     NC   Concord (Charlotte)     50.0 %   230,683  
36.   Liberty Plaza     PA   Philadelphia     50.0 %   371,267  
                           
    Subtotal Community Centers                     1,013,709  
                           
    Total Mills Properties                     41,268,904  
                           
(1)
The Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or the Operating Partnership.

(2)
Includes office space as follows:

Del Amo Fashion Center—114,494 sq. ft.

Meadowood Mall—6,013 sq. ft.

Southdale Center—20,295 sq. ft.

The Esplanade—469 sq. ft.

(3)
Does not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which we already held a 50% interest prior to the Mills acquisition.

37


 SIMON PROPERTY GROUP
International Operational Information(1)
As of June 30, 2009

 
   As of or for the
Six Months Ended
June 30, 		 
 
   2009   2008  

European Shopping Centers

              

Total Number of Shopping Centers

     51     51  

Total GLA (in millions of square feet)

     13.4     13.3  

Occupancy

     96.0 %   98.4 %

Comparable sales per square foot

   € 409   € 427  

Average rent per square foot

   € 31.80   € 29.81  

International Premium Outlets—Japan

              

Total Number of Premium Outlets

     7     6  

Total GLA (in millions of square feet)

     2.0     1.8  

Occupancy

     99.8 %   99.9 %

Comparable sales per square foot

   ¥ 91,528   ¥ 93,847  

Average base rent per square foot

   ¥ 4,723   ¥ 4,644  
(1)
Does not include Premium Outlets Punta Norte in Mexico, Yeoju Premium Outlets in South Korea and Changshu In City Plaza in Changshu, China.

38


 SIMON PROPERTY GROUP
International Property Listing

 
  
Property Name
 
City (Metropolitan area)
  SPG Effective
Ownership(4) 		  Total Gross
Leasable Area(1) 		 
    FRANCE                  
1.   Bay 2   Torcy (Paris)     50.0 %   576,800  
2.   Bay 1   Torcy (Paris)     50.0 %   348,900  
3.   Bel'Est   Bagnolet (Paris)     17.5 %   173,100  
4.   Villabé A6   Villabé (Paris)     7.5 %   284,300  
5.   Wasquehal   Wasquehal (Lille)     50.0 %   254,700  
                     
        Subtotal France               1,637,800  

 
 
ITALY
 
 
 
 
 
 
 
 
 
    Ancona:                  
6.   Ancona   Ancona     49.0 %(3)   165,200  
7.   Senigallia   Senigallia (Ancona)     49.0 %   82,800  

 
 
Ascoli Piceno:
 
 
 
 
 
 
 
 
 
8.   Grottammare   Grottammare (Ascoli Piceno)     49.0 %   94,800  
9.   Porto Sant'Elpidio   Porto Sant'Elpidio (Ascoli Piceno)     49.0 %   162,300  

 
 
Bari:
 
 
 
 
 
 
 
 
 
10.   Casamassima   Casamassima (Bari)     49.0 %   547,800  
11.   Modugno   Modugno (Bari)     49.0 %   143,500  

 
 
Bergamo:
 
 
 
 
 
 
 
 
 
12.   Bergamo   Bergamo     49.0 %(3)   119,900  

 
 
Brescia:
 
 
 
 
 
 
 
 
 
13.   Concesio   Concesio (Brescia)     49.0 %(3)   117,500  
14.   Mazzano   Mazzano (Brescia)     49.0 %(2)   230,700  

 
 
Brindisi:
 
 
 
 
 
 
 
 
 
15.   Mesagne   Mesagne (Brindisi)     49.0 %   228,600  

 
 
Cagliari:
 
 
 
 
 
 
 
 
 
16.   Marconi   Marconi (Cagliari)     49.0 %(3)   193,400  
17.   Santa Gilla   Santa Gilla (Cagliari)     49.0 %(2)   190,700  

 
 
Catania:
 
 
 
 
 
 
 
 
 
18.   La Rena   La Rena (Catania)     49.0 %   146,200  
19.   Misterbianco   Misterbianco (Catania)     49.0 %(3)   99,300  

 
 
Lecco:
 
 
 
 
 
 
 
 
 
20.   Merate   Merate (Lecco)     49.0 %(3)   162,000  

 
 
Milan (Milano):
 
 
 
 
 
 
 
 
 
21.   Cesano Boscone   Cescano Boscone (Milano)     49.0 %(3)   283,900  
22.   Cinisello   Cinisello (Milano)     49.0 %   375,600  
23.   Nerviano   Nerviano (Milano)     49.0 %(3)   111,600  
24.   Rescaldina   Rescaldina (Milano)     49.0 %   377,100  
25.   Vimodrone   Vimodrone (Milano)     49.0 %   190,600  

 
 
Monza:
 
 
 
 
 
 
 
 
 
26.   Monza   Monza     49.0 %(3)   211,700  

39

 
  
Property Name
 
City (Metropolitan area)
  SPG Effective
Ownership(4) 		  Total Gross
Leasable Area(1) 		 

 
 
Naples (Napoli):
 
 
 
 
 
 
 
 
 
27.   Giugliano   Giugliano (Napoli)     49.0 %(5)   754,500  
28.   Mugnano di Napoli   Mugnano (Napoli)     49.0 %(3)   192,900  
29.   Pompei   Pompei (Napoli)     49.0 %   91,400  
30.   Vulcano Buono   Nola (Napoli)     22.1 %   876,000  

 
 
Olbia:
 
 
 
 
 
 
 
 
 
31.   Olbia   Olbia     49.0 %(3)   207,600  

 
 
Padova:
 
 
 
 
 
 
 
 
 
32.   Padova   Padova     49.0 %   105,800  

 
 
Palermo:
 
 
 
 
 
 
 
 
 
33.   Palermo   Palermo     49.0 %   82,900  

 
 
Pesaro:
 
 
 
 
 
 
 
 
 
34.   Fano   Fano (Pesaro)     49.0 %   112,300  

 
 
Pescara:
 
 
 
 
 
 
 
 
 
35.   Cepagatti   Cepagatti (Pescara)     49.0 %   269,800  
36.   Pescara   Pescara     49.0 %   161,500  

 
 
Piacenza:
 
 
 
 
 
 
 
 
 
37.   San Rocco al Porto   San Rocco al Porto (Piacenza)     49.0 %   179,200  

 
 
Rome (Roma):
 
 
 
 
 
 
 
 
 
38.   Casalbertone   Roma     49.0 %(3)   147,600  
39.   Collatina   Collatina (Roma)     49.0 %   63,600  
40.   Porta Di Roma   Roma     19.6 %   1,255,400  

 
 
Sassari:
 
 
 
 
 
 
 
 
 
41.   Predda Niedda   Predda Niedda (Sassari)     49.0 %(2)   233,700  

 
 
Taranto:
 
 
 
 
 
 
 
 
 
42.   Taranto   Taranto     49.0 %   201,700  

 
 
Turin (Torino):
 
 
 
 
 
 
 
 
 
43.   Cuneo   Cuneo (Torino)     49.0 %   282,200  
44.   Rivoli   Rivoli (Torino)     49.0 %(3)   94,100  
45.   Torino   Torino     49.0 %   171,800  
46.   Venaria   Venaria (Torino)     49.0 %   165,600  

 
 
Venice (Venezia):
 
 
 
 
 
 
 
 
 
47.   Mestre   Mestre (Venezia)     49.0 %   246,700  

 
 
Verona:
 
 
 
 
 
 
 
 
 
48.   Bussolengo   Bussolengo (Verona)     49.0 %(3)   164,600  

 
 
Vicenza:
 
 
 
 
 
 
 
 
 
49.   Vicenza   Vicenza     49.0 %   98,500  
                     
        Subtotal Italy               10,394,600  

40

 
  
Property Name
 
City (Metropolitan area)
  SPG Effective
Ownership(4) 		  Total Gross
Leasable Area(1) 		 

 
 
POLAND
 
 
 
 
 
 
 
 
 
50.   Arkadia Shopping Center   Warsaw     50.0 %   1,103,000  
51.   Wilenska Station Shopping Center   Warsaw     50.0 %   308,600  
                     
        Subtotal Poland               1,411,600  

 
 
JAPAN
 
 
 
 
 
 
 
 
 
52.   Gotemba Premium Outlets   Gotemba City (Tokyo)     40.0 %   479,000  
53.   Kobe-Sanda Premium Outlets   Kobe (Osaka)     40.0 %   193,500  
54.   Rinku Premium Outlets   Izumisano (Osaka)     40.0 %   320,600  
55.   Sano Premium Outlets   Sano (Tokyo)     40.0 %   389,900  
56.   Sendai-Izumi Premium Outlets   Izumi Park Town (Sendai)     40.0 %   164,200  
57.   Toki Premium Outlets   Toki (Nagoya)     40.0 %   230,300  
58.   Tosu Premium Outlets   Fukuoka (Kyushu)     40.0 %   239,900  
                     
        Subtotal Japan               2,017,400  

 
 
MEXICO
 
 
 
 
 
 
 
 
 
59.   Premium Outlets Punta Norte   Mexico City     50.0 %   244,200  
                     
        Subtotal Mexico               244,200  

 
 
SOUTH KOREA
 
 
 
 
 
 
 
 
 
60.   Yeoju Premium Outlets   Seoul     50.0 %   249,900  
                     
        Subtotal South Korea               249,900  

 
 
CHINA
 
 
 
 
 
 
 
 
 
61.   Changshu In City Plaza   Changshu     32.5 %   481,300  
                     
        Subtotal China               481,300  
                     

 
 
TOTAL INTERNATIONAL ASSETS
 
 
 
 
 
 
 
16,436,800
 
                     

FOOTNOTES:

(1)
All gross leasable area listed in square feet.

(2)
This property is held partially in fee and partially encumbered by a leasehold on the premise which entitles the lessor to the majority of the economics of the portion of the property subject to the leasehold.

(3)
These properties are encumbered by a leasehold on the entire premises which entitles the lessor the majority of the economics of the property.

(4)
Represents the sales area of the anchor and excludes any warehouse/storage areas.

(5)
Gallerie Commerciali Italia owns 100% of the shopping gallery at this center which consists of 177,600 sf of leaseable area. In addition, Galleria Commerciali Italia owns a 40% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.

41


 SIMON PROPERTY GROUP
Capital Expenditures
For the Six Months Ended June 30, 2009
(In thousands)

 
    
   Unconsolidated Entities  
 
   Consolidated
Properties 		  Total   Simon Group's
Share 		 

New development projects

   $ 85,910   $ 59,834   $ 26,845  

Redevelopment projects with incremental GLA and/or anchor replacement

     55,116     52,463     24,247  

Renovations with no incremental GLA

     15,503     —     —  

Tenant allowances:

                    
 

Retail

     14,627     13,580     5,218  
 

Office

     1,102     —     —  

Operational capital expenditures at properties:

                    
 

CAM expenditures(1)

     5,216     9,602     4,332  
 

Non-CAM expenditures

     3,685     11,288     5,185  
               

Totals

   $ 181,159   $ 146,767   $ 65,827  
               

Plus (Less): Conversion from accrual to cash basis

    
58,552		    
13,044		        
                 

Capital Expenditures for the Six Months Ended 6/30/09(2)

  
$
239,711		  
$
159,811		        
                 

Capital Expenditures for the Six Months Ended 6/30/08(2)

  
$
461,563		  
$
427,731		        
                 
(1)
Expenditures included in the pool of expenses allocated to tenants as common area maintenance or CAM.

(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 as this is not required by the SEC or GAAP; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

42

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview and Construction-in-Progress
As of June 30, 2009

 
    
    
    
    
    
    
    
   Construction-in-Progress  
 
    
    
    
    
    
    
    
    
   Unconsolidated Entities  
 
    
   The
Company's
Ownership
Percentage 		   
    
    
   The
Company's
Share of
Net Cost 		   
    
  
Property/ Location
  Project Description   Projected
Opening 		  Projected
Gross Cost(3)
(in millions) 		  Projected
Net Cost
(in millions) 		  Stabilized
Rate of
Return 		  Consolidated
Properties 		  Total   The Company's
Share 		 
New Development Projects                                                          
Cincinnati Premium Outlets   400,000 square foot upscale outlet center     100 % 8/09   $ 98   $ 92   $ 92     11 % $ 72.4     —     —  
Monroe, OH                                                          
  
 Significant Redevelopment and Expansion Projects with Incremental GLA		                                                      
Domain, The (Phase II)
Austin, TX		   600,000 square foot expansion of upscale main street center anchored by Dillard's, Dick's Sporting Goods and Village Road Show Theaters     100 % 10/09 (Dick's)
2/10 (All other)		   $ 164   $ 141   $ 141     7 % $ 101.1     —     —  
  
 Florida Mall, The		     
Redevelopment of former Lord & Taylor building and addition		     50 % 11/09   $ 17   $ 17   $ 9     14 %   —   $ 10.6   $ 5.3  
Orlando, FL   of Forever 21, H&M and Zara in open-air component                                                      
  
 South Shore Plaza
Braintree (Boston), MA		    
Addition of Nordstrom, Target and 146,000 square feet of small shops		     100 % 3/10 (Nord/Shops)
10/10 (Target)		   $ 129   $ 129   $ 129     11 % $ 74.4     —     —  
 
 Anchor/Big Box Activity		                                                          
Plaza Carolina   Relocation of Tiendas Capri and addition of Best Buy     100 % 4/09 (Tiendas)   $ 13   $ 13   $ 13     9 % $ 7.1 (6)   —     —  
Carolina (San Juan), PR             11/09 (Best Buy)                                            
  
 Other Projects		                                                          
Domain, The (Phase II)(4)   Addition of residential component (411 units)     50 % 11/09                                            
Austin, TX                                                          
 
 Domain, The(4)		     
Addition of The Westin (340 rooms)		     50 % 3/10                                            
Austin, TX                                                          
    Subtotal Other Projects             $ 120   $ 118   $ 59     10 %   —   $ 49.4   $ 24.7  
Miscellaneous                                         $ 33.9   $ 17.9   $ 8.9  
                                                     
Total Construction in
Progress(5)		                                         $ 288.9   $ 77.9   $ 38.9  
                                                     
(1)
Does not include the Mills portfolio in which we acquired an interest on March 29, 2007.

(2)
Cost and return are based upon current budget assumptions. Actual results may vary.

(3)
Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.

(4)
Construction loan in place which will fund remaining project costs.

(5)
Does not include our international properties.

(6)
Does not include $5.5 million in costs transferred to fixed asset account.

43

SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of June 30, 2009

Shopping center/
Location (Metropolitan area)
  Project Description   Anchors/Major Tenants   The Company's
Ownership
Percentage
of Project 		  Opening   Projected
Net Cost*
(in millions) 		 

New Development Projects:

                          

Europe:

                          

Argine—Napoli, Italy(1)

  300,000 square foot center anchored by a hypermarket with approximately 75 shops   Auchan     24.0 % March 2010   € 64  

Catania—Sicily, Italy(1)

   642,000 square foot center anchored by a hypermarket with approximately 120 shops   Auchan     24.0 % June 2010   € 157  

Asia:

                          

Ami Premium Outlets—Ami (Tokyo), Japan(1)

   227,000 square foot upscale outlet center         40.0 % July 2009     JPY 15,400  

Hangzhou, China(1)

   310,000 square foot center anchored by a hypermarket with approximately 85 shops   Wal-Mart, Forever 21, Sephora, Vero Moda, C&A     32.5 % October 2009     CNY 513  

Suzhou, China(1)

   750,000 square foot center anchored by a hypermarket and theater with approximately 200 shops   Wal-Mart, Best Buy, Golden Harvest Cinemas, Forever 21, C&A, Sephora, Starbucks, Vero Moda, Sport 100, H&M     32.5 % September 2009     CNY 1,029  

Zhengzhou, China(1)

   464,000 square foot center anchored by a hypermarket and theater with approximately 90 shops   Wal-Mart, China Film Cinemas, Forever 21, Sephora, Vero Moda, Sport 100     32.5 % September 2009     CNY 593  

Expansions:

                          

Kobe-Sanda Premium Outlets—Kobe, Japan(1)

   176,000 square foot phase II expansion         40.0 % December 2009     JPY 7,605  
*
Cost is based upon current budget assumptions. Actual results may vary.

(1)
Construction loan in place which will fund remaining project costs.

44


 SIMON PROPERTY GROUP
Total Debt Amortization and Maturities by Year (Our Share)
As of June 30, 2009
(In thousands)

Year
  Our
Share of
Secured
Consolidated
Debt 		  Our
Share of
Unsecured
Consolidated
Debt 		  Our
Share of
Unconsolidated
Joint Venture
Debt 		  Our
Share of
Total Debt 		 

2009

     172,785     200,000     302,976     675,761  

2010

     1,187,225     1,100,000     730,705     3,017,930  

2011

     529,736     1,883,525     708,887     3,122,148  

2012

     1,392,733     1,450,000     1,133,165     3,975,898  

2013

     913,216     1,125,000     525,853     2,564,069  

2014

     773,759     1,300,000     897,393     2,971,152  

2015

     6,562     1,200,000     670,608     1,877,170  

2016

     305,165     1,300,000     596,465     2,201,630  

2017

     574,738     500,000     849,868     1,924,606  

2018

     3,520     1,000,000     3,994     1,007,514  

Thereafter

     101,095     650,000     84,276     835,371  
                   

Face Amounts of Indebtedness

   $ 5,960,534   $ 11,708,525   $ 6,504,190   $ 24,173,249  

Premiums (Discounts) on Indebtedness, Net

     12,083     (22,440 )   9,469     (888 )

Fair Value of Interest Rate Swaps Agreements

     —     —     —     0  
                   

Our Share of Total Indebtedness

   $ 5,972,617   $ 11,686,085   $ 6,513,659   $ 24,172,361  

Debt Covenant Compliance Ratios

Senior Unsecured Notes Covenant(1)
  Required   Actual   Compliance

Total Debt to Total Assets

     £65%     46 % Yes

Total Secured Debt to Total Assets

     £50%     24 % Yes

Fixed Charge Coverage Ratio

     >1.5X     2.6x   Yes

Total Unencumbered Assets to Unsecured Debt

     ³125%     247 % Yes
(1)
Covenants for indentures dated June 7, 2005 and later. Covenants and other provisions of prior supplemental indentures apply to all unsecured debt for as long as any securities issued under prior supplemental indentures remain outstanding or until the covenants in the prior supplemental indentures have been amended. For a complete listing of all debt covenants related to our senior unsecured notes, as well as definitions of the above terms, please refer to Simon Property Group, L.P. filings with the Securities and Exchange Commission.

45


 SIMON PROPERTY GROUP
Summary of Indebtedness
As of June 30, 2009
(In thousands)

 
   Total
Indebtedness 		  Our Share
of
Indebtedness 		  Weighted
Average
End of Period
Interest Rate 		  Weighted
Average Years
to Maturity 		 

Consolidated Indebtedness

                          
 

Mortgage Debt

                          
   

Fixed Rate

   $ 4,902,845   $ 4,629,240     6.05 %   4.1  
   

Floating Rate Debt

     1,335,000     1,331,294     1.33 %   2.6  
                       
 

Total Mortgage Debt

     6,237,845     5,960,534     5.00 %   3.8  
 

Unsecured Debt

                          
   

Fixed Rate

     11,275,000     11,275,000     6.05 %   4.8  
   

Revolving Credit Facility—US Tranche

     0     0     0.68 %   1.5  
   

Revolving Credit Facility—Yen Currency

     231,649     231,649     0.61 %   1.5  
   

Revolving Credit Facility—Euro Currency

     201,876     201,876     1.13 %   1.5  
                       
       

Total Revolving Credit Facility

     433,525     433,525     0.85 %   1.5  
 

Total Unsecured Debt

     11,708,525     11,708,525     5.86 %   4.7  
 

Premium

    
30,950		    
30,560		              
 

Discount

     (40,917 )   (40,917 )            
                       

Consolidated Mortgages and Other Indebtedness(2)

   $ 17,936,403   $ 17,658,702     5.57 %   4.4  
                       

Joint Venture Indebtedness

                          
 

Mortgage Debt

                          
   

Fixed Rate

   $ 13,178,172   $ 5,121,944     5.51 %   4.9  
   

Floating Rate Debt (Swapped to Fixed)

     450,000     225,000     3.54 %   1.1  
   

Floating Rate Debt (Hedged)(1)

     1,031,565     369,800     1.77 %   1.6  
   

Floating Rate Debt

     1,706,978     737,446     2.01 %   4.5  
                       
 

Total Mortgage Debt

     16,366,715     6,454,190     4.83 %   4.5  
 

Unsecured Fixed Rate Debt

    
100,000		    
50,000		    
7.38
%		  
26.7		  
 

Premium

    
22,210		    
10,706		              
 

Discount

     (2,484 )   (1,237 )            
                       

Joint Venture Mortgages and Other Indebtedness

   $ 16,486,441   $ 6,513,659     4.85 %   4.7  
                         

Our Share of Total Indebtedness

         $ 24,172,361     5.38 %   4.5  

Summary of our share of Fixed and Variable Rate Debt

                          
   

Consolidated

                          
     

Fixed

     90.0 %   15,893,883     6.05 %   4.6  
     

Variable

     10.0 %   1,764,819     1.22 %   2.4  
                       

    100.0 %   17,658,702     5.57 %   4.4  
   

Joint Venture

                          
     

Fixed

     83.0 %   5,406,413     5.45 %   4.9  
     

Variable

     17.0 %   1,107,246     1.93 %   3.5  
                       

    100.0 % $ 6,513,659     4.85 %   4.7  
                       
 

Total Debt

           24,172,361              
                         
     

Total Fixed Debt

     88.1 %   21,300,296     5.90 %   4.7  
                       
     

Total Variable Debt

     11.9 %   2,872,065     1.49 %   2.8  
                       
(1)
These debt obligations are hedged by interest rate cap agreements.

(2)
Amounts give effect to outstanding derivative instruments as footnoted on the Summary of Indebtedness by Maturity.

46


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 

Consolidated Indebtedness:

                                          
 

Simon Property Group, LP (Sr. Notes)

        
07/15/09		    
7.00
%		  
Fixed		    
Unsecured		    
150,000		    
150,000		  
 

CPG Partners, LP (Sr. Notes)

         08/17/09     8.63 %   Fixed     Unsecured     50,000     50,000  
 

Bloomingdale Court

   (7)     11/01/09     7.78 %   Fixed     Secured     26,333     26,333  
 

Forest Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     14,443     14,443  
 

Lake View Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     19,199     19,199  
 

Lakeline Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     21,049     21,049  
 

Lincoln Crossing

   (7)     11/01/09     7.78 %   Fixed     Secured     2,906     2,906  
 

Matteson Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     8,454     8,454  
 

Muncie Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     7,309     7,309  
 

Regency Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     3,964     3,964  
 

St. Charles Towne Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     25,364     25,364  
 

West Ridge Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     5,108     5,108  
 

White Oaks Plaza

   (7)     11/01/09     7.78 %   Fixed     Secured     15,588     15,588  
 

Simon Property Group, LP (Sr. Notes)

        
03/18/10		    
4.88
%		  
Fixed		    
Unsecured		    
300,000		    
300,000		  
 

Simon Property Group, LP (Sr. Notes)

         06/15/10     4.60 %   Fixed     Unsecured     400,000     400,000  
 

Mall of Georgia

         07/01/10     7.09 %   Fixed     Secured     183,454     183,454  
 

University Park Mall

   (2)     07/09/10     1.16 %   Variable     Secured     100,000     100,000  
 

SB Trolley Square Holding

         08/01/10     9.03 %   Fixed     Secured     27,622     27,622  
 

Copley Place

   (2)     08/01/10     0.96 %   Variable     Secured     200,000     196,294  
 

Simon Property Group, LP (Sr. Notes)

         08/15/10     4.88 %   Fixed     Unsecured     400,000     400,000  
 

Coral Square

         10/01/10     8.00 %   Fixed     Secured     82,415     80,124  
 

Crystal River

         11/11/10 (21)   7.63 %   Fixed     Secured     14,797     14,797  
 

Forum Shops at Caesars, The

         12/01/10     4.78 %   Fixed     Secured     520,018     520,018  
 

Port Charlotte Town Center

         12/11/10 (21)   7.98 %   Fixed     Secured     50,711     40,569  
 

Oxford Valley Mall

        
01/10/11		    
6.76
%		  
Fixed		    
Secured		    
73,414		    
47,712		  
 

Revolving Credit Facility—USD

   (2)     01/11/11     0.68 %   Variable     Unsecured     0     0  
 

Revolving Credit Facility—Yen Currency

   (2)     01/11/11     0.61 %   Variable     Unsecured (13)   231,649     231,649  
 

Revolving Credit Facility—Euro Currency

   (2)     01/11/11     1.13 %   Variable     Unsecured (14)   201,876     201,876  
 

Simon Property Group, LP (Sr. Notes)

         01/20/11     7.75 %   Fixed     Unsecured     200,000     200,000  
 

CPG Partners, LP (Sr. Notes)

         02/01/11     8.25 %   Fixed     Unsecured     150,000     150,000  
 

Simon Property Group, LP (Sr. Notes)

         06/01/11     5.38 %   Fixed     Unsecured     500,000     500,000  
 

Henderson Square

         07/01/11     6.94 %   Fixed     Secured     14,492     11,010  
 

Ingram Park Mall

   (6)     08/11/11     6.99 %   Fixed     Secured     76,536     76,536  
 

Knoxville Center

   (6)     08/11/11     6.99 %   Fixed     Secured     57,958     57,958  

                                         

47


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 
 

Northlake Mall

   (6)     08/11/11     6.99 %   Fixed     Secured     66,860     66,860  
 

Towne West Square

   (6)     08/11/11     6.99 %   Fixed     Secured     50,098     50,098  
 

Simon Property Group, LP (Sr. Notes)

         09/01/11     5.60 %   Fixed     Unsecured     600,000     600,000  
 

Gateway Shopping Center

         10/01/11     5.89 %   Fixed     Secured     87,000     87,000  
 

Tacoma Mall

         10/01/11     7.00 %   Fixed     Secured     121,576     121,576  
 

Simon Property Group, LP (Sr. Notes)

        
03/01/12		    
5.00
%		  
Fixed		    
Unsecured		    
600,000		    
600,000		  
 

Secured Term Loan

   (2)     03/05/12     1.01 %   Variable     Secured     735,000     735,000  
 

Simon Property Group, LP (Sr. Notes)

         05/01/12     5.75 %   Fixed     Unsecured     400,000     400,000  
 

Gwinnett Place

         06/08/12     5.68 %   Fixed     Secured     115,000     86,250  
 

Town Center at Cobb

         06/08/12     5.74 %   Fixed     Secured     280,000     210,000  
 

CPG Partners, LP (Sr. Notes)

         06/15/12     6.88 %   Fixed     Unsecured     100,000     100,000  
 

Simon Property Group, LP (Sr. Notes)

         08/28/12     6.35 %   Fixed     Unsecured     350,000     350,000  
 

Anderson Mall

         10/10/12     6.20 %   Fixed     Secured     27,514     27,514  
 

Century III Mall

   (4)     10/10/12     6.20 %   Fixed     Secured     81,218     81,218  
 

Crossroads Mall

         10/10/12     6.20 %   Fixed     Secured     40,793     40,793  
 

Forest Mall

   (5)     10/10/12     6.20 %   Fixed     Secured     16,335     16,335  
 

Highland Lakes Center

   (4)     10/10/12     6.20 %   Fixed     Secured     15,057     15,057  
 

Longview Mall

   (4)     10/10/12     6.20 %   Fixed     Secured     30,571     30,571  
 

Markland Mall

   (5)     10/10/12     6.20 %   Fixed     Secured     21,628     21,628  
 

Midland Park Mall

   (5)     10/10/12     6.20 %   Fixed     Secured     31,575     31,575  
 

Palm Beach Mall

         10/10/12     6.20 %   Fixed     Secured     50,725     50,725  
 

Richmond Towne Square

   (5)     10/10/12     6.20 %   Fixed     Secured     44,350     44,350  
 

CPG Partners, LP (Sr. Notes)

        
01/15/13		    
6.00
%		  
Fixed		    
Unsecured		    
150,000		    
150,000		  
 

Factory Stores of America—Boaz

   (9)     03/10/13     9.10 %   Fixed     Secured     2,657     2,657  
 

The Factory Shoppes at Branson Meadows

   (9)     03/10/13     9.10 %   Fixed     Secured     9,089     9,089  
 

MacGregor Village

   (9)     03/10/13     9.10 %   Fixed     Secured     6,545     6,545  
 

Factory Stores of America—Georgetown

   (9)     03/10/13     9.10 %   Fixed     Secured     6,299     6,299  
 

Factory Stores of America—Graceville

   (9)     03/10/13     9.10 %   Fixed     Secured     1,871     1,871  
 

Dare Centre

   (9)     03/10/13     9.10 %   Fixed     Secured     1,627     1,627  
 

Factory Stores of America—Lebanon

   (9)     03/10/13     9.10 %   Fixed     Secured     1,574     1,574  
 

Factory Stores of America—Nebraska City

   (9)     03/10/13     9.10 %   Fixed     Secured     1,476     1,476  
 

North Ridge Shopping Center

   (9)     03/10/13     9.10 %   Fixed     Secured     7,993     7,993  
 

Factory Stores of America—Story City

   (9)     03/10/13     9.10 %   Fixed     Secured     1,827     1,827  
 

Carolina Premium Outlets—Smithfield

   (9)     03/10/13     9.10 %   Fixed     Secured     19,542     19,542  
 

The Crossings Premium Outlets

         03/13/13     5.85 %   Fixed     Secured     53,255     53,255  
 

Simon Property Group, LP (Sr. Notes)

         03/15/13     5.45 %   Fixed     Unsecured     200,000     200,000  

                                         

48


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 
 

Simon Property Group, LP (Sr. Notes)

         05/30/13     5.30 %   Fixed     Unsecured     700,000     700,000  
 

Stanford Shopping Center

   (2)     07/01/13     2.46 %   Variable     Secured     240,000     240,000  
 

Battlefield Mall

         07/01/13     4.60 %   Fixed     Secured     93,644     93,644  
 

Kittery Premium Outlets

   (2)(8)     07/10/13 (16)   5.39 %   Fixed     Secured     43,556     43,556  
 

Lighthouse Place Premium Outlets

   (2)(8)     07/10/13 (16)   5.39 %   Fixed     Secured     88,623     88,623  
 

Waterloo Premium Outlets

   (2)(8)     07/10/13 (16)   5.39 %   Fixed     Secured     72,822     72,822  
 

Retail Property Trust (Sr. Notes)

         09/01/13     7.18 %   Fixed     Unsecured     75,000     75,000  
 

Texas Lifestyle Center Secured Loan

   (2)     09/23/13     3.87 %   Fixed     Secured     260,000     260,000  
 

Simon Property Group, LP (Sr. Notes)

        
01/30/14		    
4.90
%		  
Fixed		    
Unsecured		    
200,000		    
200,000		  
 

Northfield Square

         02/11/14     6.05 %   Fixed     Secured     28,708     9,072  
 

Montgomery Mall

         05/11/14 (21)   5.17 %   Fixed     Secured     88,637     53,182  
 

Simon Property Group, LP (Sr. Notes)

         05/15/14     6.75 %   Fixed     Unsecured     600,000     600,000  
 

Plaza Carolina—Fixed

         06/01/14     7.50 %   Fixed     Secured     90,000     90,000  
 

Plaza Carolina—Variable Swapped

   (16)     06/01/14     7.63 %   Fixed     Secured     100,000     100,000  
 

SB Boardman Plaza Holdings

         07/01/14     5.94 %   Fixed     Secured     23,065     23,065  
 

Desoto Square

         07/01/14     5.89 %   Fixed     Secured     64,153     64,153  
 

Upper Valley Mall

         07/01/14     5.89 %   Fixed     Secured     47,904     47,904  
 

Washington Square

         07/01/14     5.94 %   Fixed     Secured     30,001     30,001  
 

West Ridge Mall

         07/01/14     5.89 %   Fixed     Secured     68,711     68,711  
 

Philadelphia Premium Outlets

   (2)(16)     07/30/14     4.19 %   Fixed     Secured     190,000     190,000  
 

Chesapeake Square

         08/01/14     5.84 %   Fixed     Secured     70,425     52,819  
 

Brunswick Square

         08/11/14     5.65 %   Fixed     Secured     82,850     82,850  
 

Simon Property Group, LP (Sr. Notes)

         08/15/14     5.63 %   Fixed     Unsecured     500,000     500,000  
 

DeKalb Plaza

        
01/01/15		    
5.28
%		  
Fixed		    
Secured		    
3,010		    
1,515		  
 

Simon Property Group, LP (Sr. Notes)

         06/15/15     5.10 %   Fixed     Unsecured     600,000     600,000  
 

Simon Property Group, LP (Sr. Notes)

         12/01/15     5.75 %   Fixed     Unsecured     600,000     600,000  
 

Retail Property Trust (Sr. Notes)

        
03/15/16		    
7.88
%		  
Fixed		    
Unsecured		    
250,000		    
250,000		  
 

Penn Square Mall

         04/01/16     7.75 %   Fixed     Secured     99,858     94,362  
 

Simon Property Group, LP (Sr. Notes)

         05/01/16     6.10 %   Fixed     Unsecured     400,000     400,000  
 

Arsenal Mall HCHP Office

         05/05/16     8.20 %   Fixed     Secured     1,033     1,033  
 

Las Americas Premium Outlets

         06/11/16     5.84 %   Fixed     Secured     180,000     180,000  
 

White Oaks Mall

         11/01/16     5.54 %   Fixed     Secured     50,000     40,339  
 

Simon Property Group, LP (Sr. Notes)

         12/01/16     5.25 %   Fixed     Unsecured     650,000     650,000  
 

Simon Property Group, LP (Sr. Notes)

        
03/01/17		    
5.88
%		  
Fixed		    
Unsecured		    
500,000		    
500,000		  
 

Wolfchase Galleria

         04/01/17     5.64 %   Fixed     Secured     225,000     212,616  

                                         

49


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 
 

Valle Vista Mall

         05/10/17     5.35 %   Fixed     Secured     40,000     40,000  
 

Summit Mall

         06/10/17     5.42 %   Fixed     Secured     65,000     65,000  
 

Independence Center

         07/10/17     5.94 %   Fixed     Secured     200,000     200,000  
 

Bangor Mall

         10/01/17     6.15 %   Fixed     Secured     80,000     53,880  
 

Simon Property Group, LP (Sr. Notes)

        
05/30/18		    
6.13
%		  
Fixed		    
Unsecured		    
800,000		    
800,000		  
 

Simon Property Group, LP (Sr. Notes)

         06/15/18     7.38 %   Fixed     Unsecured     200,000     200,000  
 

Simon Property Group, LP (Sr. Notes)

        
04/01/19		    
10.35
%		  
Fixed		    
Unsecured		    
650,000		    
650,000		  
 

Woodland Hills Mall

         04/05/19     7.79 %   Fixed     Secured     97,363     91,977  
 

Sunland Park Mall

        
01/01/26		    
8.63
%		  
Fixed		    
Secured		    
33,294		    
33,294		  
                                       
 

Total Consolidated Indebtedness at Face Value

                               
17,946,370		    
17,669,059		  
                                       
 

Premium

                                 30,950     30,560  
 

Discount

                                
(40,917
)		  
(40,917
)
                                       
 

Total Consolidated Indebtedness

                                 17,936,403     17,658,702  
                                       

Joint Venture Indebtedness

                                          
 

Briarwood Mall—2

        
09/01/09		    
5.47
%		  
Fixed		    
Secured		    
89		    
22		  
 

Apple Blossom Mall

         09/10/09     7.99 %   Fixed     Secured     36,814     18,089  
 

Auburn Mall

         09/10/09     7.99 %   Fixed     Secured     43,100     21,178  
 

Toki Premium Outlets—Variable

         10/30/09     0.98 %   Variable     Secured (12)   9,212     3,685  
 

Falls, The

         11/01/09     4.52 %   Fixed     Secured     148,200     37,050  
 

Stoneridge Shopping Center

   (16)     11/01/09     3.28 %   Fixed     Secured     293,800     73,450  
 

Briarwood Mall—1

         11/01/09     4.45 %   Fixed     Secured     192,402     48,101  
 

Meadowood Mall

   (2)     11/09/09     1.18 %   Variable     Secured     182,000     45,500  
 

Colorado Mills

   (2)(16)     11/12/09     6.12 %   Fixed     Secured     170,000 (19)   31,875  
 

Mall at Chestnut Hill

        
02/01/10		    
8.45
%		  
Fixed		    
Secured		    
13,622		    
6,432		  
 

Southdale Center

         04/01/10     5.18 %   Fixed     Secured     186,550     93,275  
 

Cobblestone Court

         04/16/10     1.31 %   Variable     Secured     2,652 (19)   133  
 

Shops at Sunset Place, The

         05/09/10     2.49 %   Variable     Secured     82,044     30,767  

                                         

50


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 
 

Westchester, The

         06/01/10     4.86 %   Fixed     Secured     500,000     200,000  
 

Lakeforest Mall

         07/08/10     4.90 %   Fixed     Secured     141,050     35,263  
 

Coddingtown Mall

         07/14/10     1.46 %   Variable     Secured     15,500     15,500  
 

Lehigh Valley Mall

   (2)     08/09/10     0.87 %   Variable     Secured     150,000     56,415  
 

Arizona Mills

         10/05/10     7.90 %   Fixed     Secured     133,111     33,278  
 

Net Leases I

         10/10/10     7.96 %   Fixed     Secured     26,501     13,250  
 

Springfield Mall

   (2)     12/01/10     1.41 %   Variable     Secured     72,300     27,467  
 

Florida Mall, The

         12/10/10     7.55 %   Fixed     Secured     245,089     122,545  
 

Galleria Commerciali Italia—Catania

         12/17/10     1.84 %   Variable     Secured (10)   57,611     28,229  
 

SouthPark Residential

   (2)     12/31/10     1.71 %   Variable     Secured     41,392     16,557  
 

Atrium at Chestnut Hill

        
03/11/11
(21)		  
6.89
%		  
Fixed		    
Secured		    
44,218		    
21,728		  
 

Cape Cod Mall

         03/11/11     6.80 %   Fixed     Secured     89,788     44,120  
 

Bay 1 (Torcy)

         05/31/11     3.70 %   Fixed     Secured (11)   19,763     9,881  
 

Bay 2 (Torcy)

         06/30/11     4.12 %   Fixed     Secured (11)   73,730     36,865  
 

Highland Mall

         07/10/11     6.83 %   Fixed     Secured     64,253     32,127  
 

Seminole Towne Center

         08/09/11     2.48 %   Variable     Secured     70,000 (19)   9,100  
 

Villabe A6—Bel'Est

         08/31/11     5.84 %   Fixed     Secured (11)   12,320     6,160  
 

Wilenska Station Shopping Center

         08/31/11     5.12 %   Fixed     Secured (11)   42,053     21,027  
 

Hyatt Coconut

   (2)     09/09/11     1.93 %   Variable     Secured     11,631     5,816  
 

Fashion Centre Pentagon Retail

         09/11/11     6.63 %   Fixed     Secured     150,700     64,048  
 

Denver West Village

         10/01/11     8.15 %   Fixed     Secured     22,008     4,127  
 

Toki Premium Outlets—Fixed

         10/31/11     1.80 %   Fixed     Secured (12)   9,421     3,768  
 

Domain Residential Building P

   (2)     11/07/11     2.31 %   Variable     Secured     3,123     1,562  
 

Shops at Riverside, The

   (2)     11/14/11     1.11 %   Variable     Secured     150,000     75,000  
 

Discover Mills—1

         12/11/11     7.32 %   Fixed     Secured     23,700 (19)   2,382  
 

Discover Mills—2

         12/11/11     6.08 %   Fixed     Secured     135,000 (19)   13,568  
 

Galleria Commerciali Italia—Facility A

   (2)     12/22/11     2.15 %   Fixed     Secured (10)   331,020     162,200  
 

Galleria Commerciali Italia—Facility B

         12/22/11     2.25 %   Fixed     Secured (10)   327,775     160,610  
 

St. Louis Mills

        
01/08/12		    
6.39
%		  
Fixed		    
Secured		    
90,000		    
26,829		  
 

Tosu Premium Outlets—Variable

         01/31/12     1.85 %   Variable     Secured (12)   11,305     4,522  
 

Dover Mall & Commons

   (2)(3)     02/01/12     2.26 %   Variable     Secured     83,756     28,515  
 

Esplanade, The

   (2)(3)     02/01/12     2.26 %   Variable     Secured     75,136     37,568  
 

Galleria at White Plains

   (2)(3)     02/01/12     2.26 %   Variable     Secured     125,566     62,783  
 

Northpark Mall—Mills

   (2)(3)     02/01/12     2.26 %   Variable     Secured     105,543     52,772  
 

Dadeland Mall

         02/11/12 (21)   6.75 %   Fixed     Secured     182,164     91,082  
 

Square One

         03/11/12     6.73 %   Fixed     Secured     86,691     42,598  
 

Southridge Mall

         04/01/12     5.23 %   Fixed     Secured     124,000     62,000  

                                         

51


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 
 

Hamilton Town Center

   (2)     05/29/12     1.91 %   Variable     Secured     95,283     47,642  
 

Arkadia Shopping Center

         05/31/12     4.68 %   Fixed     Secured (11)   143,707     71,854  
 

Arkadia Shopping Center—2

         05/31/12     6.73 %   Fixed     Secured (11)   166,890     83,445  
 

Gotemba Premium Outlets—Variable

         05/31/12     0.73 %   Variable     Secured (12)   8,322     3,329  
 

Mills Senior Loan Facility

   (2)     06/07/12     1.56 %   Variable     Secured     685,000     342,500  
 

Marley Station

         07/01/12     4.89 %   Fixed     Secured     114,400     28,600  
 

Hilltop Mall

         07/08/12     4.99 %   Fixed     Secured     64,350     16,088  
 

Crystal Mall

         09/11/12 (21)   5.62 %   Fixed     Secured     95,532     71,237  
 

Concord Mills Mall

         12/07/12     6.13 %   Fixed     Secured     165,455     32,677  
 

Katy Mills

        
01/09/13		    
6.69
%		  
Fixed		    
Secured		    
144,762		    
18,095		  
 

Del Amo

   (2)     01/23/13     1.81 %   Variable     Secured     335,000     83,750  
 

Emerald Square Mall

         03/01/13     5.13 %   Fixed     Secured     130,798     64,271  
 

Avenues, The

         04/01/13     5.29 %   Fixed     Secured     72,051 (19)   10,808  
 

Circle Centre Mall

         04/11/13     5.02 %   Fixed     Secured     72,128 (19)   2,885  
 

Domain Residential Phase II

   (2)     07/22/13     2.31 %   Variable     Secured     13,252     6,626  
 

Solomon Pond

         08/01/13     3.97 %   Fixed     Secured     108,260     53,196  
 

Tosu Premium Outlets—Fixed

         08/24/13     1.49 %   Fixed     Secured (12)   8,955     3,582  
 

Miami International Mall

         10/01/13     5.35 %   Fixed     Secured     93,948     44,885  
 

Fashion Valley Mall

         10/09/13     2.31 %   Variable     Secured     200,000     100,000  
 

Liberty Tree Mall

         10/11/13     5.22 %   Fixed     Secured     35,000     17,198  
 

Domain Westin

         10/15/13     2.26 %   Variable     Secured     3,344     1,672  
 

Galleria Commerciali Italia—Giugliano A

         10/20/13     1.90 %   Variable     Secured (10)   37,930     18,586  
 

Galleria Commerciali Italia—Giugliano B

         10/20/13     1.90 %   Variable     Secured (10)   36,216     17,746  
 

Galleria Commerciali Italia—Giugliano C

         10/20/13     2.30 %   Variable     Secured (10)   15,509     7,599  
 

Mall at Tuttle Crossing

         11/05/13     5.05 %   Fixed     Secured     115,510     28,878  
 

Ontario Mills

   (2)(16)     12/05/13     5.13 %   Fixed     Secured     75,000     18,750  
 

Arundel Marketplace

        
01/01/14		    
5.92
%		  
Fixed		    
Secured		    
11,507		    
3,412		  
 

Kobe Sanda Premium Outlets—Fixed

         01/31/14     1.48 %   Fixed     Secured (12)   23,747     9,499  
 

Kobe Sanda Premium Outlets—Variable

         01/31/14     1.01 %   Variable     Secured (12)   26,170     10,468  
 

Concord Marketplace

         02/01/14     5.76 %   Fixed     Secured     13,384     6,692  
 

Northshore Mall

         03/11/14 (21)   5.03 %   Fixed     Secured     203,236     99,865  
 

Sawgrass Mills

         07/01/14     5.82 %   Fixed     Secured     820,000     410,000  
 

Fashion Centre Pentagon Office

   (2)     07/09/14     5.80 %   Variable     Secured     40,000     17,000  
 

Arundel Mills

         08/01/14     6.14 %   Fixed     Secured     385,000     114,056  
 

Grapevine Mills

   (2)(16)     09/22/14     5.91 %   Fixed     Secured     270,000     80,001  
 

Block at Orange

         10/01/14     6.25 %   Fixed     Secured     220,000     55,000  
 

Opry Mills

         10/10/14     6.16 %   Fixed     Secured     280,000     68,600  

                                         

52


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 
 

Gotemba Premium Outlets—Fixed

         10/25/14     1.54 %   Fixed     Secured (12)   71,417     28,567  
 

Indian River Commons

         11/01/14     5.21 %   Fixed     Secured     9,645     4,823  
 

Indian River Mall

         11/01/14     5.21 %   Fixed     Secured     65,355     32,678  
 

Rinku Premium Outlets

         11/25/14     1.84 %   Fixed     Secured (12)   33,545     13,418  
 

St. Johns Town Center

        
03/11/15		    
5.06
%		  
Fixed		    
Secured		    
170,000		    
85,000		  
 

Galleria Commerciali Italia—Cinisello

         03/31/15     1.85 %   Variable     Secured (10)   179,533     87,971  
 

St. John's Town Center Phase II

   (2)(16)     05/10/15     5.50 %   Fixed     Secured     77,500     38,750  
 

Gaitway Plaza

         07/01/15     4.60 %   Fixed     Secured     13,900 (19)   0  
 

Plaza at Buckland Hills, The

         07/01/15     4.60 %   Fixed     Secured     24,800 (19)   0  
 

Ridgewood Court

         07/01/15     4.60 %   Fixed     Secured     14,650 (19)   733  
 

Village Park Plaza

         07/01/15     4.60 %   Fixed     Secured     29,850 (19)   3,582  
 

West Town Corners

         07/01/15     4.60 %   Fixed     Secured     18,800 (19)   0  
 

Great Mall of the Bay Area

   (2)     08/28/15     6.01 %   Fixed     Secured     270,000     66,150  
 

Clay Terrace

         10/01/15     5.08 %   Fixed     Secured     115,000     57,500  
 

Mall of New Hampshire

         10/05/15     6.23 %   Fixed     Secured     135,639     66,650  
 

Houston Galleria—1

         12/01/15     5.44 %   Fixed     Secured     643,583     202,632  
 

Houston Galleria—2

         12/01/15     5.44 %   Fixed     Secured     177,417     55,860  
 

Smith Haven Mall

        
03/01/16		    
5.16
%		  
Fixed		    
Secured		    
180,000		    
45,000		  
 

Quaker Bridge Mall

         04/01/16     7.03 %   Fixed     Secured     19,300     7,332  
 

Eastland Mall

         06/01/16     5.79 %   Fixed     Secured     168,000     84,000  
 

Empire Mall

         06/01/16     5.79 %   Fixed     Secured     176,300     88,150  
 

Granite Run Mall

         06/01/16     5.83 %   Fixed     Secured     117,418     58,709  
 

Mesa Mall

         06/01/16     5.79 %   Fixed     Secured     87,250     43,625  
 

Rushmore Mall

         06/01/16     5.79 %   Fixed     Secured     94,000     47,000  
 

Southern Hills Mall

         06/01/16     5.79 %   Fixed     Secured     101,500     50,750  
 

Valley Mall

         06/01/16     5.83 %   Fixed     Secured     45,718     22,859  
 

Greendale Mall

         10/01/16     6.00 %   Fixed     Secured     45,000     22,112  
 

Firewheel Residential

   (2)     11/20/16     5.91 %   Fixed     Secured     22,949     11,475  
 

Coconut Point

         12/10/16     5.83 %   Fixed     Secured     230,000     115,000  
 

King of Prussia Mall—1

        
01/01/17		    
7.49
%		  
Fixed		    
Secured		    
133,720		    
16,514		  
 

King of Prussia Mall—2

         01/01/17     8.53 %   Fixed     Secured     9,385     1,159  
 

Mall at Rockingham

         03/10/17     5.61 %   Fixed     Secured     260,000     63,879  
 

Liberty Plaza

         06/01/17     5.68 %   Fixed     Secured     43,000     21,500  
 

Franklin Mills

         06/01/17     5.65 %   Fixed     Secured     290,000     145,000  
 

Gurnee Mills

         07/01/17     5.77 %   Fixed     Secured     321,000     160,500  

                                         

53


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

Property Name
   
   Maturity
Date 		  Interest
Rate(1) 		  Interest
Rate
Type 		  Secured or
Unsecured 		  Total
Indebtedness 		  Our
Share of
Indebtedness 		 
 

Potomac Mills

         07/11/17     5.83 %   Fixed     Secured     410,000     205,000  
 

West Town Mall

         12/01/17     6.34 %   Fixed     Secured     210,000     105,000  
 

Changshu SZITIC

         12/01/17     6.73 %   Fixed     Secured (15)   45,477     14,780  
 

Aventura Mall

         12/11/17     5.91 %   Fixed     Secured     430,000     143,333  
 

Sano Premium Outlets

        
05/31/18		    
0.62
%		  
Variable		    
Secured
(12)		  
52,500		    
21,000		  
 

Zhengzhou

         09/01/18     6.53 %   Fixed     Secured (15)   42,543     13,826  
 

Hangzhou

         10/01/18     6.53 %   Fixed     Secured (15)   36,675     11,919  
 

Sendai Premium Outlets

         10/31/18     0.58 %   Variable     Secured (12)   37,789     15,116  
 

Whitehall Mall

         11/01/18     7.00 %   Fixed     Secured     12,178     4,626  
 

Suzhou

        
01/01/21		    
8.38
%		  
Fixed		    
Secured
(15)		  
73,350		    
23,839		  
 

Net Leases II

        
01/10/23		    
9.35
%		  
Fixed		    
Secured		    
20,873		    
10,436		  
 

AMI Premium Outlets—Fixed

         09/25/23     2.22 %   Fixed     Secured (12)   31,404     12,563  
 

AMI Premium Outlets—Variable

         09/25/23     0.58 %   Variable     Secured (12)   31,404     12,563  
 

TMLP Trust Preferred Unsecured Securities

        
03/30/36
(18)		  
7.38
%		  
Fixed		    
Unsecured		    
100,000		    
50,000		  
                                       
 

Total Joint Venture Indebtedness at Face Value

                                 16,466,715     6,504,190  
                                       
 

Premium

                                 22,210     10,706  
 

Discount

                                 (2,484 )   (1,237 )
                                       
 

Total Joint Venture Indebtedness

                                
16,486,441
(20)		  
6,513,659
(17)
                                       
 

Our Share of Total Indebtedness

                                      
24,172,361		  
                                         

54


SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2009
(In thousands)

(Footnotes for preceding pages)

Footnotes:

(1)
Variable rate debt interest rates are based on the following base rates as of June 30, 2009: LIBOR at .31%; EURIBOR at .75%; and YEN LIBOR at .23%.

(2)
Includes applicable extensions available at our option.

(3)
These four properties are secured by cross-collateralized and cross-defaulted mortgages.

(4)
These three properties are secured by cross-collateralized and cross-defaulted mortgages.

(5)
These four properties are secured by cross-collateralized and cross-defaulted mortgages.

(6)
These four properties are secured by cross-collateralized and cross-defaulted mortgages.

(7)
These eleven properties are secured by cross-collateralized and cross-defaulted mortgages.

(8)
These three properties are secured by cross-collateralized and cross-defaulted mortgages.

(9)
These eleven properties are secured by cross-collateralized and cross-defaulted mortgages.

(10)
Amounts shown in USD Equivalent. Euro equivalent is 701.6 million. Associated with Facility A and B, Giugliano, and a portion of Cinisello are interest rate swap agreements with a total combined 608.2 million euros notional amount that effectively fixes Facility A and B, Giugliano, and a portion of Cinisello at 5.50%.

(11)
Amounts shown in USD Equivalent. Euro equivalent is 326.4 million. Associated with these loans are interest rate swap agreements with a total combined 307.8 million euros notional amount that effectively fix these loans at a combined 5.41%.

(12)
Amounts shown in USD Equivalent. Yen equivalent is 33,931.1 million.

(13)
Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 22,125.0 million.

(14)
Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 143.7 million.

(15)
Amounts shown in USD Equivalent. Yuan equivalent is 1,350.0 million.

(16)
Through an interest rate swap agreement, interest is essentially fixed at the all-in rate presented.

(17)
Our share of indebtedness for joint ventures excludes our share of indebtedness of $143.0 million in joint venture entities in which Gallerie Commerciali Italia holds a non-controlling interest.

(18)
Upon the initial maturity date of 3/30/11, pricing re-sets every 5 years based on an index of LIBOR + 2.375%.

(19)
Our share of indebtedness for these joint venture property loans includes the impact of outside partner preferences and/or unreturned capital contributions which are in excess of our share of the net assets and investment in equity of the property.

(20)
Total joint venture indebtedness does not include the secured debt on The Mall at The Source.

(21)
The Anticipated Repayment Date is the date reflected as the Maturity Date. The loan documents state longer term Maturity Dates (between 2030 and 2035) subject to certain pre-negotiated provisions.

55


 SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2009

Property Name
 
City
 
State

Regional Malls:

        

McCain Mall

  

N. Little Rock

  

AR

Brea Mall

  

Brea

  

CA

Laguna Hills Mall

  

Laguna Hills

   CA

Santa Rosa Plaza

  

Santa Rosa

   CA

Shops at Mission Viejo, The

  

Mission Viejo

   CA

Westminster Mall

  

Westminster

   CA

Town Center at Aurora

  

Aurora

  

CO

Boynton Beach Mall

  

Boynton Beach

  

FL

Cordova Mall

  

Pensacola

   FL

Edison Mall

  

Fort Meyers

   FL

Gulf View Square

  

Port Richey

   FL

Lake Square Mall

  

Leesburg

   FL

Melbourne Square

  

Melbourne

   FL

Orange Park Mall

  

Orange Park

   FL

Paddock Mall

  

Ocala

   FL

Town Center at Boca Raton

  

Boca Raton

   FL

Treasure Coast Square

  

Jensen Beach

   FL

Tyrone Square

  

St. Petersburg

   FL

Lenox Square

  

Atlanta

  

GA

Phipps Plaza

  

Atlanta

   GA

Lindale Mall

  

Cedar Rapids

  

IA

NorthPark Mall

  

Davenport

   IA

SouthRidge Mall

  

Des Moines

   IA

Lincolnwood Town Center

  

Lincolnwood

  

IL

Northwoods Shopping Center

  

Peoria

   IL

Orland Square

  

Orland Park

   IL

River Oaks Center

  

Calumet City

   IL

SouthPark Mall

  

Moline

   IL

Castleton Square Mall

  

Indianapolis

  

IN

College Mall

  

Bloomington

   IN

Fashion Mall at Keystone, The

  

Indianapolis

   IN

Greenwood Park Mall

  

Greenwood

   IN

Muncie Mall

  

Muncie

   IN

Tippecanoe Mall

  

Lafayette

   IN

Towne East Square

  

Wichita

  

KS

Prien Lake Mall

  

Lake Charles

  

LA

56


 SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2009

Property Name
 
City
 
State

Arsenal Mall

  

Watertown

   MA

Burlington Mall

  

Burlington

   MA

South Shore Plaza

  

Braintree

   MA

Bowie Town Center

  

Bowie

  

MD

St. Charles Towne Center

  

Waldorf

   MD

Maplewood Mall

  

Minneapolis

  

MN

Miller Hill Mall

  

Duluth

   MN

SouthPark

  

Charlotte

  

NC

Pheasant Lane(1)

  

Nashua

  

NH

Livingston Mall

  

Livingston

  

NJ

Menlo Park Mall

  

Edison

   NJ

Ocean County Mall

  

Toms River

   NJ

Rockaway Townsquare

  

Rockaway

   NJ

Cottonwood Mall

  

Albuquerque

  

NM

Chautauqua Mall

  

Lakewood

  

NY

Jefferson Valley Mall

  

Yorktown Heights

   NY

Roosevelt Field

  

Garden City

   NY

Walt Whitman Mall

  

Huntington Station

   NY

Great Lakes Mall

  

Mentor

  

OH

Lima Mall

  

Lima

   OH

Southern Park Mall

  

Boardman

   OH

Ross Park Mall

  

Pittsburgh

  

PA

South Hills Village

  

Pittsburgh

   PA

Haywood Mall

  

Greenville

  

SC

Oak Court Mall

  

Memphis

  

TN

Barton Creek Square

  

Austin

  

TX

Broadway Square

  

Tyler

   TX

Cielo Vista

  

El Paso

   TX

Firewheel Town Center

  

Garland

   TX

Irving Mall

  

Irving

   TX

La Plaza Mall

  

McAllen

   TX

Lakeline Mall

  

Cedar Park

   TX

North East Mall

  

Hurst

   TX

57


 SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2009

Property Name
 
City
 
State

Richardson Square Mall

  

Richardson

   TX

Rolling Oaks Mall

  

San Antonio

   TX

Charlottesville Fashion Square

  

Charlottesville

  

VA

Virginia Center Commons

  

Glen Allen

   VA

Columbia Center

  

Kennewick

  

WA

Northgate Mall

  

Seattle

   WA

Bay Park Square

  

Green Bay

  

WI

Premium Outlet Centers:

        

Camarillo Premium Outlets

  

Camarillo

  

CA

Carlsbad Premium Outlets

  

Carlsbad

   CA

Desert Hills Premium Outlets

  

Cabazon

   CA

Folsom Premium Outlets

  

Folsom

   CA

Gilroy Premium Outlets

  

Gilroy

   CA

Napa Premium Outlets

  

Napa

   CA

Petaluma Village Premium Outlets

  

Petaluma

   CA

Vacaville Premium Outlets

  

Vacaville

   CA

Clinton Crossing Premium Outlets

  

Clinton

  

CT

Orlando Premium Outlets

  

Orlando

  

FL

St. Augustine Premium Outlets

  

St. Augustine

   FL

North Georgia Premium Outlets

  

Dawsonville

  

GA

Waikele Premium Outlets

  

Waipahu

  

HI

Chicago Premium Outlets

  

Aurora

  

IL

Edinburgh Premium Outlets

  

Edinburgh

  

IN

Wrentham Village Premium Outlets

  

Wrentham

  

MA

Albertville Premium Outlets

  

Albertville

  

MN

Osage Beach Premium Outlets

  

Osage Beach

  

MO

Jackson Premium Outlets

  

Jackson

  

NJ

Jersey Shore Premium Outlets

  

Tinton Falls

   NJ

Liberty Village Premium Outlets

  

Flemington

   NJ

Las Vegas Outlet Center

  

Las Vegas

  

NV

Las Vegas Premium Outlets

  

Las Vegas

   NV

58


 SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2009

Property Name
 
City
 
State

Woodbury Common Premium Outlets

  

Central Valley

   NY

Aurora Farms Premium Outlets

  

Aurora

  

OH

Columbia Gorge Premium Outlets

  

Troutdale

  

OR

Allen Premium Outlets

  

Allen

  

TX

Houston Premium Outlets

  

Cypress

   TX

Rio Grande Valley Premium Outlets

  

Mercedes

   TX

Round Rock Premium Outlets

  

Austin

   TX

Leesburg Corner Premium Outlets

  

Leesburg

  

VA

Seattle Premium Outlets

  

Seattle

  

WA

Johnson Creek Premium Outlets

  

Johnson Creek

  

WI

Community/Lifestyle Centers:

        

Pier Park

  

Panama City Beach

  

FL

Royal Eagle Plaza

  

Coral Springs

   FL

Terrace at Florida Mall

  

Orlando

   FL

Waterford Lakes Town Center

  

Orlando

   FL

Westland Park Plaza

  

Orange Park

   FL

Mall of Georgia Crossing

  

Atlanta

  

GA

Countryside Plaza

  

Countryside

  

IL

Crystal Court

  

Crystal Lake

   IL

Lake Plaza

  

Waukegan

   IL

North Ridge Plaza

  

Joliet

   IL

Willow Knolls Court

  

Peoria

   IL

Brightwood Plaza

  

Indianapolis

  

IN

Eastland Convenience Center

  

Evansville

   IN

Greenwood Plus

  

Greenwood

   IN

Keystone Shoppes

  

Indianapolis

   IN

Markland Plaza

  

Kokomo

   IN

New Castle Plaza

  

New Castle

   IN

Northwood Plaza

  

Fort Wayne

   IN

Teal Plaza

  

Lafayette

   IN

Tippecanoe Plaza

  

Lafayette

   IN

University Center

  

Mishawaka

   IN

Washington Plaza

  

Indianapolis

   IN

59


 SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2009

Property Name
 
City
 
State

Park Plaza

  

Hopkinsville

   KY

Rockaway Convenience Center

  

Rockaway

  

NJ

Rockaway Town Plaza

  

Rockaway

   NJ

Great Lakes Plaza

  

Mentor

  

OH

Lima Center

  

Lima

   OH

Eastland Plaza

  

Tulsa

  

OK

Lincoln Plaza

  

Langhorne

  

PA

Charles Towne Square

  

Charleston

  

SC

Empire East

  

Sioux Falls

  

SD

Knoxville Commons

  

Knoxville

  

TN

The Arboretum

  

Austin

  

TX

Ingram Plaza

  

San Antonio

   TX

Shops at North East Mall

  

Hurst

   TX

Wolf Ranch Town Center

  

Georgetown

   TX

Chesapeake Center

  

Chesapeake

  

VA

Fairfax Court

  

Fairfax

   VA

Martinsville Plaza

  

Martinsville

   VA

Other:

        

University Mall

  

Pensacola

  

FL

Factory Merchants Branson

  

Branson

  

MO

Nanuet Mall

  

Nanuet

   NY

Crossville Outlet Center

  

Crossville

  

TN

Raleigh Springs Mall

  

Memphis

   TN

Factory Stores at North Bend

  

North Bend

  

WA
(1)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

60


 SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of June 30, 2009
($ in 000's, except per share amounts)

Issuer
  Description   Number of
Shares/Units 		  Per Share
Liquidation
Preference 		  Aggregate
Liquidation
Preference 		  Ticker
Symbol 		 

Preferred Stock:

                              

Simon Property Group, Inc.

   Series I 6% Convertible Perpetual Preferred(1)     7,593,604   $ 50   $ 379,680     SPGPrI  

Simon Property Group, Inc.

   Series J 8.375% Cumulative Redeemable(2)     796,948   $ 50   $ 39,847     SPGPrJ  

Preferred Units:

                              

Simon Property Group, L.P.

   Series C 7% Cumulative Convertible(3)     94,235   $ 28   $ 2,639     N/A  

Simon Property Group, L.P.

   Series D 8% Cumulative Redeemable(4)     1,269,524   $ 30   $ 38,086     N/A  

Simon Property Group, L.P.

   Series I 6% Convertible Perpetual(5)     1,515,031   $ 50   $ 75,752     N/A  

Simon Property Group, L.P.

   7.50% Cumulative Redeemable(6)     255,373   $ 100   $ 25,537     N/A  

Simon Property Group, L.P.

   7.75%/8.00% Cumulative Redeemable(7)     N/A     N/A     N/A     N/A  
(1)
For the period from April 1, 2009 through May 14, 2009, each share would have been convertible into 0.8300231 of a share of common stock if certain conditions had been met, however, these certain conditions (the conversion triggering price) during the quarter ended March 31, 2009 were not met, and as a result, the Series I Preferred Stock was not convertible. Beginning on May 15, 2009, each share would have been convertible into 0.8386813 of a share of common stock if the conversion triggering price had been met during the previous quarter. It was not met; therefore, the shares are not currently convertible.

The shares are redeemable on or after October 14, 2009, in whole or in part, for cash only at a liquidation preference of $50 per share, if the closing price per share of common stock exceeds 130% of the applicable conversion price for 20 trading days within a period of 30 consecutive trading days ending on the trading day before notice of redemption is issued. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2009 was $47.10 per share.

(2)
Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2009 was $52.69 per share.

(3)
Each unit is convertible into 0.77834 of a share of common stock. The Company has issued a Notice of Redemption to Series C unit holders for the redemption of all Series C units on August 27, 2009. The redemption price per unit will be equal to $28.00 (the liquidation preference) and $0.3158 in accrued and unpaid distributions as of August 27, 2009. The Company has elected to pay the $28.00 portion in common units of Simon Property Group, L.P.

(4)
The Company has issued a Notice of Redemption to Series D unit holders for the redemption of all Series D units on August 27, 2009. The redemption price per unit will be equal to $30.00 (the liquidation preference) and $0.3867 in accrued and unpaid distributions as of August 27, 2009. The Company has elected to pay the $30.00 portion in common units of Simon Property Group, L.P.

(5)
Each unit may be exchanged for a share of Series I 6% Convertible Perpetual Preferred stock or cash, at our option. These units are not currently convertible as the certain conditions described in footnote 1 were not met.

(6)
Each unit is redeemable on or after November 10, 2013 or earlier upon the occurrence of certain tax triggering events.

(7)
On June 30, 2009, the Company retired $85 million of Simon Property Group, L.P. 7.75%/8.00% Cumulative Redeemable preferred units.

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QuickLinks

Overview
SIMON PROPERTY GROUP Overview
Ownership Structure
Changes in Common Shares and Unit Ownership
Selected Financial and Equity Information
SIMON PROPERTY GROUP Selected Financial and Equity Information As of June 30, 2009 Unaudited (In thousands, except as noted)
Unaudited Pro–Rata Statement of Operations
SIMON PROPERTY GROUP Unaudited Pro-Rata Statement of Operations
SIMON PROPERTY GROUP Unaudited Pro-Rata Balance Sheet
Reconciliation of Net Income to NOI
NOI Composition
SIMON PROPERTY GROUP Analysis of Other Income and Other Expense As of June 30, 2009 (In thousands)
SIMON PROPERTY GROUP U.S. Portfolio GLA As of June 30, 2009
SIMON PROPERTY GROUP U.S. Regional Mall Operational Information(1) As of June 30, 2009
SIMON PROPERTY GROUP U.S. Regional Mall Lease Expirations(1)(2) As of June 30, 2009
U.S. Regional Mall Top Tenants
U.S. Regional Mall Big Box Openings
U.S. Regional Mall Property Listing
SIMON PROPERTY GROUP U.S. Regional Mall Property Listing(1)
SIMON PROPERTY GROUP U.S. Regional Mall Property Listing(1)
SIMON PROPERTY GROUP U.S. Regional Mall Property Listing(1)
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Operational Information As of June 30, 2009
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Lease Expirations(1) As of June 30, 2009
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Top Tenants As of June 30, 2009
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Property Listing
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Operational Information(1) As of June 30, 2009
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Lease Expirations(1)(2) As of June 30, 2009
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Top Tenants(1) As of June 30, 2009
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Property Listing(1)
SIMON PROPERTY GROUP U.S. Mills Portfolio Operational Information As of June 30, 2009
SIMON PROPERTY GROUP U.S. Mills Portfolio Property Listing
SIMON PROPERTY GROUP International Operational Information(1) As of June 30, 2009
SIMON PROPERTY GROUP International Property Listing
SIMON PROPERTY GROUP Capital Expenditures For the Six Months Ended June 30, 2009 (In thousands)
U.S. Development Activity Report
Total Debt Amortization and Maturities by Year
Summary of Indebtedness
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2009 (In thousands)
Unencumbered Assets
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2009
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2009
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2009
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2009
Preferred Stock Outstanding