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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2007

SIMON PROPERTY GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)		   001-14469
(Commission File No.)		   04-6268599
(I.R.S. Employer
Identification No.)

225 West Washington Street
Indianapolis, Indiana 46204
(Address of principal executive offices) (ZIP Code)

(317) 636-1600
(Registrant's telephone number, including area code)

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

Title of each class
   Name of each exchange
on which registered
Common stock, $0.0001 par value   New York Stock Exchange
6% Series I Convertible Perpetual Preferred Stock, $0.0001 par value   New York Stock Exchange
83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value   New York Stock Exchange

Securities registered pursuant to Section 12 (g) of the Act: None

            Indicate by check mark if the Registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes ý    No o

            Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o    No ý

            Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

            Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

            Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý   Accelerated filer o   Non-accelerated filer o
 (Do not check if a smaller reporting company)		   Smaller reporting company o

            Indicate by checkmark whether the Registrant is a shell company (as defined in rule 12-b of the Act). Yes o    No ý

            The aggregate market value of shares of common stock held by non-affiliates of the Registrant was approximately $20,267 million based on the closing sale price on the New York Stock Exchange for such stock on June 29, 2007.

            As of January 31, 2008, Simon Property Group, Inc. had 223,032,032, 8,000 and 4,000 shares of common stock, Class B common stock and Class C common stock outstanding, respectively.

Documents Incorporated By Reference

            Portions of the Registrant's Annual Report to Stockholders are incorporated by reference into Parts I, II and IV; and portions of the Registrant's Proxy Statement in connection with its 2008 Annual Meeting of Stockholders are incorporated by reference in Part III.

Simon Property Group, Inc. and Subsidiaries
Annual Report on Form 10-K
December 31, 2007

TABLE OF CONTENTS


Item No.
 
 
 
Page No.
Part I

1.
 
Business
 
3
1A.   Risk Factors   8
1B.   Unresolved Staff Comments   13
2.   Properties   13
3.   Legal Proceedings   49
4.   Submission of Matters to a Vote of Security Holders   49

Part II

5.
 
Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
 
50
6.   Selected Financial Data   51
7.   Management's Discussion and Analysis of Financial Condition and Results of Operations   51
7A.   Quantitative and Qualitative Disclosure About Market Risk   51
8.   Financial Statements and Supplementary Data   51
9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure   51
9A.   Controls and Procedures   51
9B.   Other Information   51

Part III

10.
 
Directors, Executive Officers and Corporate Governance
 
52
11.   Executive Compensation   52
12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   52
13.   Certain Relationships and Related Transactions, and Director Independence   52
14.   Principal Accountant Fees and Services   52

Part IV

15.
 
Exhibits, and Financial Statement Schedules
 
53

Signatures
 
54

2


Part I

Item 1. Business

            Simon Property Group, Inc., or Simon Property, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties. In this report, the terms "we", "us" and "our" refer to Simon Property Group, Inc. and its subsidiaries.

            We own, develop, and manage retail real estate properties, which consist primarily of regional malls, Premium Outlet® centers, The Mills®, and community/lifestyle centers. As of December 31, 2007, we owned or held an interest in 320 income-producing properties in the United States, which consisted of 168 regional malls, 38 Premium Outlet centers, 67 community/lifestyle centers, 37 properties acquired in the Mills acquisition, and 10 other shopping centers or outlet centers in 41 states and Puerto Rico. Of the 37 Mills properties acquired, 17 of these are The Mills, 16 are regional malls, and four are community centers. We also own interests in four parcels of land held for future development. In the United States, we have four new properties currently under development aggregating approximately 2.75 million square feet which will open during 2008. Internationally, we have ownership interests in 51 European shopping centers (in France, Italy and Poland), six Premium Outlet centers in Japan, one Premium Outlet center in Mexico, and one Premium Outlet center in South Korea. Also, through a joint venture arrangement, we have a 32.5% interest in five shopping centers under development in China.

            For a description of our operational strategies and developments in our business during 2007, see the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of the 2007 Annual Report to Shareholders filed as Exhibit 13.1 to this Form 10-K.

Other Policies

            The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities. One or more of these policies may be amended or rescinded from time to time without a stockholder vote.

            While we emphasize equity real estate investments, we may, at our discretion, invest in mortgages and other real estate interests consistent with our qualification as a REIT. We do not currently intend to invest to a significant extent in mortgages or deeds of trust; however, we hold an interest in one property through a mortgage note which results in us receiving 100% of the economics of the property. We may invest in participating or convertible mortgages if we conclude that we may benefit from the cash flow or any appreciation in the value of the property.

            We may invest in securities of other entities engaged in real estate activities or securities of other issuers. However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that we cannot make an investment that would cause our real estate assets to be less than 75% of our total assets. In addition, at least 75% of our gross income must be derived directly or indirectly from investments relating to real property or mortgages on real property, including "rents from real property," dividends from other REIT's and, in certain circumstances, interest from certain types of temporary investments. At least 95% of our income must be derived from such real property investments, and from dividends, interest and gains from the sale or dispositions of stock or securities or from other combinations of the foregoing.

            Subject to REIT limitations, we may invest in the securities of other issuers in connection with acquisitions of indirect interests in real estate. Such an investment would normally be in the form of general or limited partnership or membership interests in special purpose partnerships and limited liability companies that own one or more properties. We may, in the future, acquire all or substantially all of the securities or assets of other REITs, management companies or similar entities where such investments would be consistent with our investment policies.

            We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total asset or market value, as defined. For example, the Operating Partnership's lines of credit and the indentures for the

3

Operating Partnership's debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related arrangement, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for our equity securities and the debt securities of the Operating Partnership.

            If our Board of Directors determines to seek additional capital, we may raise such capital through additional equity offerings, debt financing, creating joint ventures with existing ownership interests in properties, retention of cash flows or a combination of these methods. Our ability to retain cash flows is limited by the requirement for REITs to distribute at least 90% of their taxable income. We must also take into account taxes that would be imposed on undistributed taxable income. If the Board of Directors determines to raise additional equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. The Board of Directors may issue a number of shares up to the amount of our authorized capital in any manner and on such terms and for such consideration as it deems appropriate. This may include issuing stock in exchange for property. Such securities may be senior to the outstanding classes of common stock. Such securities also may include additional classes of preferred stock, which may be convertible into common stock. Existing stockholders have no preemptive right to purchase shares in any subsequent offering of our securities. Any such offering could dilute a stockholder's investment in us.

            We expect most additional borrowings would be made through the Operating Partnership or its subsidiaries. We might, however, incur borrowings that would be reloaned to the Operating Partnership. Borrowings may be in the form of bank borrowings, publicly and privately placed debt instruments, or purchase money obligations to the sellers of properties. Any such indebtedness may be secured or unsecured. Any such indebtedness may also have full or limited recourse to the borrower or cross-collateralized with other debt, or may be fully or partially guaranteed by the Operating Partnership. Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly be required to do so.

            We have a $3.5 billion revolving unsecured credit facility. We issue debt securities through the Operating Partnership, but we may issue our debt securities which may be convertible into capital stock or be accompanied by warrants to purchase capital stock. We also may sell or securitize our lease receivables. The proceeds from any borrowings or financings may be used for one or more of the following:

•
financing acquisitions;
•
developing or redeveloping properties;
•
refinancing existing indebtedness;
•
working capital or capital improvements; or
•
meeting the income distribution requirements applicable to REITs, if we have income without the receipt of cash sufficient to enable us to meet such distribution requirements.

            We may also finance acquisitions through the following:

•
issuance of shares of common stock or preferred stock;
•
issuance of additional units of limited partnership interest in the Operating Partnership;
•
issuance of preferred units of the Operating Partnership;
•
issuance of other securities; or
•
sale or exchange of ownership interests in properties.

            The ability of the Operating Partnership to issue units of limited partnership interest to transferors of properties or other partnership interests may defer gain recognition for tax purposes by the transferor. It may also be advantageous for us since there are ownership limits that restrict the number of shares of our capital stock that investors may own.

            We do not have a policy limiting the number or amount of mortgages that may be placed on any particular property. Mortgage financing instruments, however, usually limit additional indebtedness on such properties. We also have covenants on our unsecured debt that limit our total secured debt.

            Typically, we invest in or form special purpose entities to assist us in obtaining permanent financing on attractive terms. Permanent financing may be structured as a mortgage loan on a single property, or on a group of properties, and generally requires us to provide a mortgage interest on the property in favor of an institutional third party, as a joint venture with a third party, or as a securitized financing. For securitized financings, we create special purpose entities to own the properties. These special purpose entities are structured so that they would not be

4

consolidated with us in the event we would ever become subject to a bankruptcy proceeding. We decide upon the structure of the financing based upon the best terms then available to us and whether the proposed financing is consistent with our other business objectives. For accounting purposes, we include the outstanding securitized debt of special purpose entities owning consolidated properties as part of our consolidated indebtedness.

            We maintain policies and have entered into agreements designed to reduce or eliminate potential conflicts of interest. We have adopted governance principles governing our affairs and the Board of Directors, as well as written charters for each of the standing Committees of the Board of Directors. In addition, we have a Code of Business Conduct and Ethics, which applies to all of our officers, directors, and employees. At least a majority of the members of our Board of Directors must qualify as independent under the listing standards for New York Stock Exchange companies and cannot be affiliated with the Simon or DeBartolo families who are significant stockholders. Any transaction between us and the Simons or the DeBartolos, including property acquisitions, service and property management agreements and retail space leases, must be approved by a majority of our non-affiliated directors.

            The sale by the Operating Partnership of any property that it owns may have an adverse tax impact on the Simons or the DeBartolos and the other limited partners of the Operating Partnership. In order to avoid any conflict of interest between Simon Property and the limited partners of the Operating Partnership, our charter requires that at least six of our independent directors must authorize and require the Operating Partnership to sell any property it owns. Any such sale is subject to applicable agreements with third parties. Noncompetition agreements executed by each of the Simons contain covenants limiting the ability of the Simons to participate in certain shopping center activities in North America.

            We intend to make investments which are consistent with our qualification as a REIT, unless the Board of Directors determines that it is no longer in our best interests to so qualify as a REIT. The Board of Directors may make such a determination because of changing circumstances or changes in the REIT requirements. We have authority to offer shares of our capital stock or other securities in exchange for property. We also have authority to repurchase or otherwise reacquire our shares or any other securities. We may issue shares of our common stock, or cash at our option, to holders of units of limited partnership interest in the Operating Partnership in future periods upon exercise of such holders' rights under the Operating Partnership agreement. Our policy prohibits us from making any loans to our directors or executive officers for any purpose. We may make loans to the joint ventures in which we participate.

Competition

            Our principal competitors are nine other major United States or internationally publicly-held companies that own or operate regional malls, outlet centers, and other shopping centers in the United States and abroad. We also compete with many commercial developers, real estate companies and other owners of retail real estate that operate in our trade areas. Some of our properties and investments are of the same type and are within the same market area as competitor properties. The existence of competitive properties could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the acquisition of prime sites (including land for development and operating properties) and for tenants to occupy the space that we and our competitors develop and manage. In addition, our properties compete against other forms of retailing, such as catalog and e-commerce websites, that offer retail products and services.

            We believe that we have a competitive advantage in the retail real estate business as a result of:

•
the size, quality and diversity of our properties;
•
our management and operational expertise;
•
our extensive experience and relationships with retailers and lenders;
•
our mall marketing initiatives and consumer focused strategic corporate alliances; and
•
our ability to use our size to reduce the total occupancy cost of our tenants.

            Our size reduces our dependence upon individual retail tenants. Approximately 5,100 different retailers occupy more than 28,600 stores in our properties and no retail tenant represents more than 2.1% of our properties' total minimum rents.

5

Certain Activities

            During the past three years, we have:

•
issued 4,060,755 shares of common stock upon the conversion of common units of limited partnership interest in the Operating Partnership;
•
issued 1,038,364 restricted shares of common stock, net of forfeitures, under The Simon Property Group 1998 Stock Incentive Plan;
•
issued 852,148 shares of common stock upon exercise of stock options under 1998 Plan;
•
purchased and retired 111,000 shares of common stock;
•
purchased 3,387,400 shares of common stock in the open market;
•
issued 274,920 shares of common stock upon the conversion of 349,814 shares of Series I preferred stock;
•
redeemed all of the outstanding 8,000,000 shares of Series F preferred stock;
•
redeemed all of the outstanding 3,000,000 shares of Series G preferred stock;
•
issued 716,731 shares of Series I preferred stock upon the exchange of Series I preferred units;
•
borrowed a maximum amount of $2.6 billion under our unsecured $3.5 billion credit facility; the outstanding amount of borrowings under this facility as of December 31, 2007 was $2.4 billion;
•
as a co-borrower with the Operating Partnership, borrowed $1.8 billion under an unsecured acquisition facility in connection with our acquisition of the former Chelsea Property Group in 2004, that was fully repaid as of December 31, 2006;
•
provided annual reports containing financial statements certified by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders.
•
not made loans to other entities or persons, including our officers and directors, other than to certain joint venture properties;
•
not invested in the securities of other issuers for the purpose of exercising control, other than the Operating Partnership, certain wholly-owned subsidiaries and to acquire interests in real estate;
•
not underwritten securities of other issuers; and
•
not engaged in the purchase and sale or turnover of investments for the purpose of trading.

Employees

            At January 28, 2008, we and our affiliates employed approximately 5,100 persons at various properties and offices throughout the United States, of which approximately 1,900 were part-time. Approximately 1,100 of these employees were located at our corporate headquarters in Indianapolis, IN and 150 were located at our Chelsea offices in Roseland, NJ.

Corporate Headquarters

            Our corporate headquarters are located at 225 West Washington Street, Indianapolis, Indiana 46204, and our telephone number is (317) 636-1600.

Available Information

            Our Internet website address is www.simon.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available or may be accessed free of charge through the "About Simon/Investor Relations/Financial Information" section of our Internet website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our Internet website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.

            The following corporate governance documents are also available through the About Simon/Investor Relations/Corporate Governance section of our Internet website or may be obtained in print form by request of our Investor Relations Department: Governance Principles, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, Nominating Committee Charter, Governance Committee Charter, and Executive Committee Charter.

6

Executive Officers of the Registrant

            The following table sets forth certain information with respect to our executive officers as of December 31, 2007.

Name
   Age
   Position
David Simon   46   Chairman and Chief Executive Officer
Richard S. Sokolov   58   President and Chief Operating Officer
Gary L. Lewis   49   Senior Executive Vice President and President — Leasing
Stephen E. Sterrett   52   Executive Vice President and Chief Financial Officer
John Rulli   51   Executive Vice President and President — Simon Management Group
James M. Barkley   56   General Counsel; Secretary
Andrew A. Juster   55   Senior Vice President and Treasurer

            The executive officers of Simon Property serve at the pleasure of the Board of Directors. For biographical information of David Simon, Richard S. Sokolov, Stephen E. Sterrett, and James M. Barkley, see Item 10 of this report.

            Mr. Lewis is the Senior Executive Vice President and President — Leasing of Simon Property. Mr. Lewis joined Melvin Simon & Associates, Inc. ("MSA") in 1986 and held various positions with MSA and Simon Property prior to becoming Senior Executive Vice President and President — Leasing. In 2002 he was appointed to Executive Vice President — Leasing and in 2007 he became Senior Executive Vice President and President — Leasing.

            Mr. Rulli serves as Simon Property's Executive Vice President and President — Simon Management Group and previously served as Executive Vice President — Chief Operating Officer — Operating Properties and prior to that as Executive Vice President and Chief Administrative Officer. He joined MSA in 1988 and held various positions with MSA before becoming Simon Property's Executive Vice President in 1993 and Chief Administrative Officer in 2000. In December 2003, he was appointed to Executive Vice President — Chief Operating Officer — Operating Properties and in November 2007 to Executive Vice President and President — Simon Management Group.

            Mr. Juster serves as Simon Property's Senior Vice President and Treasurer. He joined MSA in 1989 and held various financial positions with MSA until 1993 and thereafter has held various positions with Simon Property. Mr. Juster became Treasurer in 2001.

7


Item 1A. Risk Factors

            The following factors, among others, could cause our actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by our management from time to time. These factors, among others, may have a material adverse effect on our business, financial condition, operating results and cash flows, and you should carefully consider them. It is not possible to predict or identify all such factors. You should not consider this list to be a complete statement of all potential risks or uncertainties and we may update them in our future periodic reports.

Risks Relating to Debt and the Financial Markets

            As of December 31, 2007, our consolidated mortgages and other indebtedness, excluding the related premium and discount, totaled $17.2 billion, of which approximately $751 million matures during 2008, including recurring principal amortization on mortgages maturing during 2007. We are subject to the risks normally associated with debt financing, including the risk that our cash flow from operations will be insufficient to meet required debt service. Our debt service costs generally will not be reduced if developments at the property, such as the entry of new competitors or the loss of major tenants, cause a reduction in the income from the property. Should such events occur, our operations may be adversely affected. If a property is mortgaged to secure payment of indebtedness and income from the is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value.

            We depend primarily on external financings, principally debt financings, to fund the growth of our business and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on our credit rating, the willingness of banks to lend to us and conditions in the capital markets which have experienced increasing volatility in recent months. We cannot assure you that we will be able to obtain the financing we need for future growth or to meet our debt service as obligations mature, or that the financing available to us will be on acceptable terms.

            Our outstanding senior unsecured notes and preferred stock are periodically rated by nationally recognized credit rating agencies. The credit ratings are based on our operating performance, liquidity and leverage ratios, overall financial position, and other factors viewed by the credit rating agencies as relevant to our industry and the economic outlook in general. Our credit rating can affect the amount of capital we can access, as well as the terms of any financing we obtain. Since we depend primarily on debt financing to fund our growth, adverse changes in our credit rating could have a negative effect on our future growth.

            We manage our exposure to interest rate risk by a combination of interest rate protection agreements to effectively fix or cap a portion of our variable rate debt, or in the case of a fair value hedge, effectively convert fixed rate debt to variable rate debt. In addition, we refinance fixed rate debt at times when we believe rates and terms are appropriate. Our efforts to manage these exposures may not be successful.

            Our use of interest rate hedging arrangements to manage risk associated with interest rate volatility may expose us to additional risks, including a risk that a counterparty to a hedging arrangement may fail to honor its obligations. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations or financial condition. Termination of these hedging agreements typically involves costs, such as transaction fees or breakage costs.

8

Factors Affecting Real Estate Investments and Operations

            We regularly acquire and develop new properties and expand and redevelop existing properties, and these activities are subject to various risks. We may not be successful in pursuing acquisition, development or redevelopment/expansion opportunities. In addition, newly acquired, developed or redeveloped/expanded properties may not perform as well as expected. We are subject to other risks in connection with any acquisition, development and redevelopment/expansion activities, including the following:

•
construction costs of a project may be higher than projected, potentially making the project unfeasible or unprofitable;
•
we may not be able to obtain financing or to refinance construction loans on favorable terms, if at all;
•
we may be unable to obtain zoning, occupancy or other governmental approvals;
•
occupancy rates and rents may not meet our projections and the project may not be profitable; and
•
we may need the consent of third parties such as anchor tenants, mortgage lenders and joint venture partners, and those consents may be withheld.

            If a development or redevelopment/expansion project is unsuccessful, either because it is not meeting our expectations when operational or was not completed according to the project planning, we could lose our investment in the project. Further, if we guarantee the property's financing, our loss could exceed our investment in the project.

            Our properties represent a substantial portion of our total consolidated assets. These investments are relatively illiquid. As a result, our ability to sell one or more of our properties or investments in real estate in response to any changes in economic or other conditions is limited. If we want to sell a property, we cannot assure you that we will be able to dispose of it in the desired time period or that the sales price of a property will exceed the cost of our investment.

Environmental Risks

            Federal, state and local laws and regulations relating to the protection of the environment may require us, as a current or previous owner or operator of real property, to investigate and clean up hazardous or toxic substances or petroleum product releases at a property or at impacted neighboring properties. These laws often impose liability regardless of whether the property owner or operator knew of, or was responsible for, the presence of hazardous or toxic substances. These laws and regulations may require the abatement or removal of asbestos containing materials in the event of damage, demolition or renovation, reconstruction or expansion of a property and also govern emissions of and exposure to asbestos fibers in the air. Those laws and regulations also govern the installation, maintenance and removal of underground storage tanks used to store waste oils or other petroleum products. Many of our properties contain, or at one time contained, asbestos containing materials or underground storage tanks (primarily related to auto service center establishments or emergency electrical generation equipment). The costs of investigation, removal or remediation of hazardous or toxic substances may be substantial and could adversely affect our results of operations or financial condition but is not estimable. The presence of contamination, or the failure to remediate contamination, may also adversely affect our ability to sell, lease or redevelop a property or to borrow using a property as collateral.

            Although we believe that our portfolio is in substantial compliance with Federal, state and local environmental laws, ordinances and regulations regarding hazardous or toxic substances, this belief is based on limited testing. Nearly all of our properties have been subjected to Phase I or similar environmental audits. These environmental audits have not revealed, nor are we aware of, any environmental liability that we believe will have a material adverse effect on our results of operations or financial condition. However, we cannot assure you that:

•
existing environmental studies with respect to the portfolio reveal all potential environmental liabilities;
•
any previous owner, occupant or tenant of a property did not create any material environmental condition not known to us;

9

•
the current environmental condition of the portfolio will not be affected by tenants and occupants, by the condition of nearby properties, or by other unrelated third parties; or
•
future uses or conditions (including, without limitation, changes in applicable environmental laws and regulations or the interpretation thereof) will not result in environmental liabilities.

Retail Operations Risks

            Our concentration in the retail real estate market means that we are subject to the risks that affect the retail environment generally, including the levels of consumer spending, seasonality, the willingness of retailers to lease space in our shopping centers, tenant bankruptcies, changes in economic conditions, consumer confidence and terrorist activities. The possibility that the United States may currently be experiencing a recession could adversely affect consumer spending. Any one or more of these factors could adversely affect our results of operations or financial condition.

            We may not be able to lease new properties to an appropriate mix of tenants or for rents that are consistent with our projections. Also, when leases for our existing properties expire, the premises may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms. To the extent that our leasing plans are not achieved, our cash generated before debt repayments and capital expenditures could be adversely affected.

            Regional malls are typically anchored by department stores and other large nationally recognized tenants. The value of some of our properties could be adversely affected if these tenants fail to comply with their contractual obligations, seek concessions in order to continue operations, or cease their operations. Department store and larger store, also referred to as "big box", consolidations typically result in the closure of existing stores or duplicate or geographically overlapping store locations. We do not control the disposition of those department stores or larger stores that we do not own. We also may not control the vacant space that is not re-leased in those stores we do own. Other tenants may be entitled to modify the terms of their existing leases in the event of such closures. The modification could be unfavorable to us as the lessor and could decrease rents or expense recovery charges. Additionally, major tenant closures may result in decreased customer traffic which could lead to decreased sales at other stores. If the sales of stores operating in our properties were to decline significantly due to closing of anchors, economic conditions, or other reasons, tenants may be unable to pay their minimum rents or expense recovery charges. In the event of default by a tenant or anchor store, we may experience delays and costs in enforcing our rights as landlord to recover amounts due to us under the terms of our agreements with those parties.

            Bankruptcy filings by retailers occur frequently in the course of our operations. We are continually re-leasing vacant spaces resulting from tenant terminations. The bankruptcy of a tenant, particularly an anchor tenant, may make it more difficult to lease the remainder of the affected properties. Future tenant bankruptcies could adversely affect our properties or impact our ability to successfully execute our re-leasing strategy.

Risks Relating to Joint Venture Properties

            As of December 31, 2007, we owned interests in 181 income-producing properties with other parties. Of those, 19 properties are included in our consolidated financial statements. We account for the other 162 properties under the equity method of accounting, which we refer to as joint venture properties. We serve as general partner or property manager for 93 of these 162 properties; however, certain major decisions, such as selling or refinancing these properties, require the consent of the other owners. Of the properties for which we do not serve as general partner or

10

property manager, 59 are in our international joint ventures. The other owners also have other participating rights that we consider substantive for purposes of determining control over the properties' assets. The remaining joint venture properties are managed by third parties. These limitations may adversely affect our ability to sell, refinance, or otherwise operate these properties.

            Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property. As of December 31, 2007, the Operating Partnership has loan guarantees and other guarantee obligations to support $132.5 million and $60.6 million, respectively, of our total $6.6 billion share of joint venture mortgage and other indebtedness. A default by a joint venture under its debt obligations may expose us to liability under a guaranty or letter of credit.

Other Factors Affecting Our Business

            CAM costs typically include allocable energy costs, repairs, maintenance and capital improvements to common areas, janitorial services, administrative, property and liability insurance costs, and security costs. We historically have used leases with variable CAM provisions that adjust to reflect inflationary increases. However, we are making a concerted effort to shift from variable to fixed CAM contributions for our cost recoveries which will fix our tenants' CAM contributions to us. As a result, our CAM contributions may not allow us to recover a substantial portion of these operating costs.

            Our properties compete with other retail properties for tenants on the basis of the rent charged and location. The principal competition may come from existing or future developments in the same market areas and from discount shopping centers, outlet malls, catalogues, discount shopping clubs and electronic commerce. The presence of competitive properties also affects our ability to lease space and the level of rents we can obtain. Renovations and expansions at competing malls could also negatively affect our properties.

            We also compete with other retail property developers to acquire prime development sites. In addition, we compete with other retail property companies for attractive tenants and qualified management.

            We hold interests in joint venture properties that are under operation in Europe, Japan, South Korea, and Mexico. We have also established arrangements to develop joint venture properties in China, and expect to pursue additional expansion opportunities outside the United States. International development and ownership activities carry risks that are different from those we face with our domestic properties and operations. These risks include:

•
adverse effects of changes in exchange rates for foreign currencies;
•
changes in foreign political and economic environments, regionally, nationally, and locally;
•
challenges of complying with a wide variety of foreign laws including corporate governance, operations, taxes, and litigation;
•
differing lending practices;
•
differences in cultures;
•
changes in applicable laws and regulations in the United States that affect foreign operations;
•
difficulties in managing international operations; and
•
obstacles to the repatriation of earnings and cash.

            Although our international activities currently are a relatively small portion of our business (international properties represented less than 6% of the GLA of all of our properties at December 31, 2007), to the extent that we expand our international activities, these risks could increase in significance which in turn could adversely affect our results of operations and financial condition.

11

            We maintain commercial general liability "all risk" property coverage including fire, flood, extended coverage and rental loss insurance on our properties. Our captive insurance company subsidiaries indemnify our general liability carrier for a specific layer of losses. A similar policy written through our subsidiary also provides a portion of our initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. Even insured losses could result in a serious disruption to our business and delay our receipt of revenue.

            There are some types of losses, including lease and other contract claims that generally are not insured. If an uninsured loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenue from the property. If this happens, we may still remain obligated for any mortgage debt or other financial obligations related to the property.

            We currently maintain insurance coverage against acts of terrorism on all of our properties on an "all risk" basis in the amount of up to $1 billion per occurrence for certified foreign acts of terrorism and $500 million per occurrence for non-certified domestic acts of terrorism. The current federal laws which provide this coverage are expected to operate through 2014. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks in high profile markets could adversely affect our property values, revenues, consumer traffic and tenant sales.

            Although inflation has not materially impacted our operations in the recent past, increased inflation could have a more pronounced negative impact on our mortgage and debt interest and general and administrative expenses, as these costs could increase at a rate higher than our rents. Also, inflation may adversely affect tenant leases with stated rent increases, which could be lower than the increase in inflation at any given time. Inflation could also have an adverse effect on consumer spending which could impact our tenants' sales and, in turn, our overage rents, where applicable.

Risks Relating to Federal Income Taxes

            We cannot assure you that we will remain qualified as a REIT. Qualification as a REIT for federal income tax purposes is governed by highly technical and complex provisions for which there are only limited judicial or administrative interpretations. If we fail to comply with those provisions, we may be subject to monetary penalties or ultimately to possible disqualification as a REIT. If such events occurs, and if available relief provisions do not apply:

•
we will not be allowed a deduction for distributions to stockholders in computing our taxable income;

•
we will be subject to corporate level income tax, including any applicable alternative minimum tax, on our taxable income at regular corporate rates; and

•
unless entitled to relief under relevant statutory provisions, we will also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost.

            As a result, net income and funds available for distribution to our stockholders will be reduced for those years in which we fail to qualify as a REIT. Also, we would no longer be required to distribute money to our stockholders. Although we currently intend to operate so as to qualify as a REIT, future economic, market, legal, tax or other considerations might cause us to revoke our REIT election.

12

Item 1B. Unresolved Staff Comments

            None.

Item 2. Properties

            Our U.S. properties primarily consist of regional malls, Premium Outlet centers, The Mills ®, community/lifestyle centers, and other properties. These properties contain an aggregate of approximately 242 million square feet of gross leasable area, or GLA, of which we own approximately 150.8 million square feet. Total estimated retail sales at the properties in 2007 were approximately $60 billion.

            Regional malls typically contain at least one traditional department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Our 168 regional malls are generally enclosed centers and range in size from approximately 400,000 to 2.3 million square feet of GLA. Our regional malls contain in the aggregate more than 18,300 occupied stores, including approximately 675 anchors, which are mostly national retailers.

            Premium Outlet centers generally contain a wide variety of retailers located in open-air manufacturers' outlet centers. Our 38 Premium Outlet centers range in size from approximately 200,000 to 850,000 square feet of GLA. The Premium Outlet centers are generally located near metropolitan areas including New York City, Los Angeles, Chicago, Boston, Washington, D.C., and San Francisco; or within 20 miles of major tourist destinations including Palm Springs, Napa Valley, Orlando, Las Vegas, and Honolulu.

            The Mills portfolio consists of Mills centers, regional malls, and community centers. The 17 Mills centers generally range in size from 1.0 million to 2.3 million square feet of GLA. The Mills centers are located in major metropolitan areas and have a combination of traditional mall, outlet center, and big box retailers and entertainment uses. The 16 regional malls typically range in size from 700,000 to 1.3 million square feet of GLA and contain a wide variety of national retailers. The four community centers are adjacent to Mills centers, and contain a mix of big box and other local and national retail tenants.

            Community/lifestyle centers are generally unenclosed and smaller than our regional malls. Our 67 community/lifestyle centers generally range in size from approximately 100,000 to 900,000 square feet of GLA. Community/lifestyle centers are designed to serve a larger trade area and typically contain anchor stores and other tenants that are usually national retailers among the leaders in their markets. These tenants generally occupy a significant portion of the GLA of the center. We also own traditional community shopping centers that focus primarily on value-oriented and convenience goods and services. These centers are usually anchored by a supermarket, discount retailer, or drugstore and are designed to service a neighborhood area. Finally, we own open-air centers adjacent to our regional malls designed to take advantage of the drawing power of the mall.

            We also have interests in 10 other shopping centers or outlet centers. These properties range in size from approximately 85,000 to 300,000 square feet of GLA and in total represent less than 1% of our total operating income before depreciation.

            The following table provides representative data for our U.S. properties as of December 31, 2007:

 
   Regional Malls
   Premium Outlet Centers
   Mills Portfolio (including The Mills and Mills Regional Malls)
   Community/ Lifestyle Centers
   Other Properties
  
% of total property annualized base rent   65.9 % 11.4 % 17.5 % 4.9 % 0.3 %
% of total property GLA   67.7 % 6.2 % 17.7 % 7.7 % 0.7 %
% of owned property GLA   59.4 % 10.0 % 20.9 % 8.6 % 1.1 %

            As of December 31, 2007, approximately 93.5% of the owned GLA in regional malls and the retail space of the other properties was leased, approximately 99.7% of owned GLA in the Premium Outlet centers was leased, approximately 94.1% of the owned GLA for the Mills and 89.5% of owned GLA for the Mills regional malls was leased, and approximately 94.1% of owned GLA in the community/lifestyle centers was leased.

13

            We own 100% of 198 of our properties, effectively control 19 properties in which we have a joint venture interest, and hold the remaining 103 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 310 properties. Substantially all of our joint venture properties are subject to rights of first refusal, buy-sell provisions, or other sale rights for all partners which are customary in real estate partnership agreements and the industry. Our partners in our joint ventures may initiate these provisions at any time, which will result in either the use of available cash or borrowings to acquire their partnership interest or the disposal of our partnership interest.

            The following property table summarizes certain data on our regional malls, Premium Outlet centers, the properties acquired in the Mills acquisition, and community/lifestyle centers located in the United States, including Puerto Rico, as of December 31, 2007.

14

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    Regional Malls                                

1.
 
Anderson Mall
 
SC
 
Anderson (Greenville)
 
Fee
 
100.0
%
Built 1972
 
90.2
%
353,994
 
191,341
 
545,335
 
Belk Ladies Fashion Store, Belk Men's & Home Store, JCPenney, Sears, Dillard's(6)
2.   Apple Blossom Mall   VA   Winchester   Fee   49.1 %(4) Acquired 1999   89.0 % 229,011   213,811   442,822   Belk, JCPenney, Sears, RC Theatres
3.   Arsenal Mall   MA   Watertown (Boston)   Fee   100.0 % Acquired 1999   94.9 % 191,395   313,268 (18) 504,663   Marshalls, The Home Depot, Linens 'n Things, Filene's Basement, Old Navy
4.   Atrium Mall   MA   Chestnut Hill (Boston)   Fee   49.1 %(4) Acquired 1999   100.0 % —   204,568   204,568   Borders Books & Music
5.   Auburn Mall   MA   Auburn (Worcester)   Fee   49.1 %(4) Acquired 1999   92.1 % 417,620   173,320   590,940   Macy's, Macy's Home Store, Sears
6.   Aventura Mall(1)   FL   Miami Beach   Fee   33.3 %(4) Built 1983   93.8 % 1,116,938   662,394   1,779,332   Bloomingdale's, Macy's, Macy's Mens & Home Furniture, JCPenney, Sears, Nordstrom, AMC Theatre
7.   Avenues, The   FL   Jacksonville   Fee   25.0 %(4)(2) Built 1990   93.9 % 754,956   363,249   1,118,205   Belk, Dillard's, JCPenney, Belk Men and Kids, Sears
8.   Bangor Mall   ME   Bangor   Fee   67.4 %(15) Acquired 2003   95.2 % 416,582   236,068   652,650   Macy's, JCPenney, Sears, Dick's Sporting Goods
9.   Barton Creek Square   TX   Austin   Fee   100.0 % Built 1981   99.1 % 922,266   506,852   1,429,118   Nordstrom, Macy's, Dillard's Women's & Home, Dillard's Men's & Children's, JCPenney, Sears, General Cinema
10.   Battlefield Mall   MO   Springfield   Fee and Ground Lease (2056)   100.0 % Built 1970   93.9 % 770,111   432,865   1,202,976   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears
11.   Bay Park Square   WI   Green Bay   Fee   100.0 % Built 1980   98.4 % 425,773   274,380   700,153   Younkers, Elder-Beerman, Kohl's, ShopKo, Bay Park Cinema
12.   Bowie Town Center   MD   Bowie (Washington, D.C.)   Fee   100.0 % Built 2001   99.7 % 355,557   328,589   684,146   Macy's, Sears, Barnes & Noble, Bed Bath & Beyond
13.   Boynton Beach Mall   FL   Boynton Beach (Miami-Fort Lauderdale)   Fee   100.0 % Built 1985   87.9 % 714,210   387,830   1,102,040   Macy's, Dillard's Men's & Home, Dillard's Women, JCPenney, Sears, Muvico Theatres
14.   Brea Mall   CA   Brea (Los Angeles)   Fee   100.0 % Acquired 1998   96.8 % 874,802   443,902   1,318,704   Nordstrom, Macy's, JCPenney, Sears
15.   Broadway Square   TX   Tyler   Fee   100.0 % Acquired 1994   98.5 % 427,730   202,122   629,852   Dillard's, JCPenney, Sears
16.   Brunswick Square   NJ   East Brunswick (New York)   Fee   100.0 % Built 1973   99.7 % 467,626   298,874   766,500   Macy's, JCPenney, Barnes & Noble, Mega Movies
17.   Burlington Mall   MA   Burlington (Boston)   Ground Lease (2048)   100.0 % Acquired 1998   91.0 % 642,411   537,922   1,180,333   Macy's, Lord & Taylor, Sears, Nordstrom (19), Crate & Barrel
18.   Cape Cod Mall   MA   Hyannis   Ground Leases (2009-2073)(7)   49.1 %(4) Acquired 1999   98.0 % 420,199   303,658   723,857   Macy's, Macy's, Sears, Best Buy, Marshalls, Barnes & Noble, Regal Cinema
19.   Castleton Square   IN   Indianapolis   Fee   100.0 % Built 1972   96.6 % 908,481   466,700   1,375,181   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Borders Books & Music, AMC Theatres
20.   Century III Mall   PA   West Mifflin (Pittsburgh)   Fee   100.0 % Built 1979   79.5 % 831,439   459,141 (18) 1,290,580   Macy's, Macy's Furniture Galleries, JCPenney, Sears, Dick's Sporting Goods, Steve & Barry's
21.   Charlottesville Fashion Square   VA   Charlottesville   Ground Lease (2076)   100.0 % Acquired 1997   99.4 % 381,153   190,383   571,536   Belk Women's & Children's, Belk Men's & Home, JCPenney, Sears
22.   Chautauqua Mall   NY   Lakewood (Jamestown)   Fee   100.0 % Built 1971   87.2 % 213,320   219,047   432,367   Sears, JCPenney, Bon Ton, Office Max, Dipson Cinema

15

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
23.   Chesapeake Square   VA   Chesapeake (Virginia Beach-Norfolk)   Fee and Ground Lease (2062)   75.0 %(12) Built 1989   93.5 % 534,760   272,783   807,543   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears, Target
24.   Cielo Vista Mall   TX   El Paso   Fee and Ground Lease (2010)(7)   100.0 % Built 1974   98.2 % 793,716   449,537   1,243,253   Macy's, Dillard's Women's & Furniture, Dillard's Men's, Children's & Home, JCPenney, Sears, Cinemark Theatres
25.   Circle Centre   IN   Indianapolis   Property Lease (2097)   14.7 %(4)(2) Built 1995   88.1 % 350,000   432,662 (18) 782,662   Nordstrom, Carson Pirie Scott, United Artists Theatre
26.   Coconut Point   FL   Estero (Cape Coral-Fort Myers)   Fee   50.0 %(4) Built 2006   94.3 % 503,819   498,679   1,002,498   Dillard's, Barnes & Noble, Bed Bath & Beyond, Best Buy, DSW, Office Max, Old Navy, PetsMart, Pier 1 Imports, Ross Dress for Less, Cost Plus World Market, T.J. Maxx, Muvico Theatres, Super Target(6)
27.   Coddingtown Mall   CA   Santa Rosa   Fee   50.0 %(4) Acquired 2005   90.4 % 547,090   261,372   808,462   Macy's, JCPenney, Gottschalk's, Whole Foods(6)
28.   College Mall   IN   Bloomington   Fee and Ground Lease (2048)(7)   100.0 % Built 1965   95.0 % 356,887   272,925   629,812   Macy's, Sears, Target, Dick's Sporting Goods, Bed Bath & Beyond, Old Navy
29.   Columbia Center   WA   Kennewick   Fee   100.0 % Acquired 1987   92.2 % 408,052   365,311   773,363   Macy's, Macy's Mens & Children, JCPenney, Sears, Barnes & Noble, Regal Cinema
30.   Copley Place   MA   Boston   Fee   98.1 % Acquired 2002   99.6 % 150,847   1,091,384 (18) 1,242,231   Nieman Marcus, Barneys New York
31.   Coral Square   FL   Coral Springs (Miami-Fort Lauderdale)   Fee   97.2 % Built 1984   99.7 % 648,144   297,770   945,914   Macy's Mens, Children & Home, Macy's Women, Dillard's, JCPenney, Sears
32.   Cordova Mall   FL   Pensacola   Fee   100.0 % Acquired 1998   94.6 % 395,875   469,150   865,025   Dillard's Men's, Dillard's Women's, Belk, Best Buy, Bed, Bath & Beyond, Cost Plus World Market, Ross Dress for Less
33.   Cottonwood Mall   NM   Albuquerque   Fee   100.0 % Built 1996   96.0 % 631,556   408,590   1,040,146   Macy's, Dillard's, JCPenney, Sears, Mervyn's, United Artists Theatre
34.   Crossroads Mall   NE   Omaha   Fee   100.0 % Acquired 1994   77.8 % 522,119   188,403   710,522   Dillard's, Sears, Target, Barnes & Noble, Old Navy
35.   Crystal Mall   CT   Waterford   Fee   74.6 %(4) Acquired 1998   90.6 % 442,311   350,561   792,872   Macy's, JC Penney, Sears, Old Navy, Regal Cinema, Bed Bath & Beyond(6), Christmas Tree Store(6),(17)
36.   Crystal River Mall   FL   Crystal River   Fee   100.0 % Built 1990   89.0 % 302,495   121,804   424,299   JCPenney, Sears, Belk, Kmart, Gottschalk's
37.   Dadeland Mall   FL   Miami   Fee   50.0 %(4) Acquired 1997   97.2 % 1,132,072   337,869   1,469,941   Saks Fifth Avenue, Nordstrom, Macy's, Macy's Children & Home, JCPenney
38.   DeSoto Square   FL   Bradenton (Sarasota-Bradenton)   Fee   100.0 % Built 1973   98.1 % 435,467   244,119   679,586   Macy's, Dillard's, JCPenney, Sears
39.   Domain, The   TX   Austin   Fee   100.0 % Built 2006   91.1 % 220,000   411,118 (18) 631,118   Neiman Marcus, Macy's, Borders Books & Music, Oakville Grocery, Village Roadshow
40.   Eastland Mall   IN   Evansville   Fee   50.0 %(4) Acquired 1998   93.5 % 489,144   375,242   864,386   Macy's, JCPenney, Dillard's
41.   Edison Mall   FL   Fort Myers   Fee   100.0 % Acquired 1997   97.9 % 742,667   309,342   1,052,009   Dillard's, Macy's Mens, Children & Home, Macy's Women, JCPenney, Sears
42.   Emerald Square   MA   North Attleboro (Providence—RI-New Bedford)   Fee   49.1 %(4) Acquired 1999   94.4 % 647,372   374,955   1,022,327   Macy's, Macy's Mens & Home Store, JCPenney, Sears
43.   Empire Mall(2)   SD   Sioux Falls   Fee and Ground Lease (2013)(7)   50.0 %(4) Acquired 1998   93.9 % 497,341   547,880   1,045,221   Macy's, Younkers, JCPenney, Sears, Gordmans, Old Navy

16

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
44.   Fashion Centre at Pentagon City, The   VA   Arlington (Washington, DC)   Fee   42.5 %(4) Built 1989   95.7 % 472,729   521,516 (18) 994,245   Nordstrom, Macy's
45.   Fashion Mall at Keystone   IN   Indianapolis   Ground Lease (2067)   100.0 % Acquired 1997   96.7 % 120,000   433,721 (18) 553,721   Saks Fifth Avenue, Crate & Barrel, Nordstrom (19), Keystone Art Cinema
46.   Fashion Valley Mall   CA   San Diego   Fee   50.0 %(4) Acquired 2001   98.7 % 1,053,305   654,841   1,708,146   Saks Fifth Avenue, Neiman-Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres
47.   Firewheel Town Center   TX   Garland (Dallas-Forth Worth)   Fee   100.0 % Built 2005   94.0 % 295,532   615,917 (18) 911,449   Dillard's, Macy's, Barnes & Noble, Circuit City, Linens 'n Things, Old Navy, Pier One, DSW, Cost Plus World Market, AMC Theatres, Dick's Sporting Goods(6)
48.   Florida Mall, The   FL   Orlando   Fee   50.0 %(4) Built 1986   99.3 % 1,092,465   616,840   1,709,305   Saks Fifth Avenue, Nordstrom, Macy's, Dillard's, JCPenney, Sears,(8)
49.   Forest Mall   WI   Fond Du Lac   Fee   100.0 % Built 1973   92.6 % 327,260   173,314   500,574   JCPenney, Kohl's, Younkers, Sears, Cinema I & II
50.   Forum Shops at Caesars, The   NV   Las Vegas   Ground Lease (2050)   100.0 % Built 1992   99.7 % —   635,258   635,258    
51.   Galleria, The   TX   Houston   Fee and Ground Lease (2029)   31.5 %(4) Acquired 2002   95.8 % 1,233,802   1,113,396   2,347,198   Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy's (2 locations), Borders Books & Music, University Club
52.   Granite Run Mall   PA   Media (Philadelphia)   Fee   50.0 %(4) Acquired 1998   86.7 % 500,809   535,357   1,036,166   JCPenney, Sears, Boscov's, Granite Run 8 Theatres
53.   Great Lakes Mall   OH   Mentor (Cleveland)   Fee   100.0 % Built 1961   91.3 % 879,300   378,457   1,257,757   Dillard's Men's, Dillard's Women's, Macy's, JCPenney, Sears, Atlas Cinema
54.   Greendale Mall   MA   Worcester (Boston)   Fee and Ground Lease (2009)(7)   49.1 %(4) Acquired 1999   91.0 % 132,634   298,632 (18) 431,266   T.J. Maxx 'N More, Best Buy, DSW(8)
55.   Greenwood Park Mall   IN   Greenwood (Indianapolis)   Fee   100.0 % Acquired 1979   97.5 % 754,928   488,598   1,243,526   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, AMC Theatres
56.   Gulf View Square   FL   Port Richey (Tampa-St. Pete)   Fee   100.0 % Built 1980   99.8 % 461,852   291,977   753,829   Macy's, Dillard's, JCPenney, Sears, Best Buy, Linens 'n Things
57.   Gwinnett Place   GA   Duluth (Atlanta)   Fee   75.0 % Acquired 1998   87.1 % 843,609   434,300   1,277,909   Belk, JCPenney, Macy's, Sears, Gwinnett Place Cinema,(8)
58.   Haywood Mall   SC   Greenville   Fee and Ground Lease (2017)(7)   100.0 % Acquired 1998   99.4 % 902,400   328,787   1,231,187   Macy's, Dillard's, JCPenney, Sears, Belk
59.   Highland Mall(1)   TX   Austin   Fee and Ground Lease (2070)   50.0 %(4) Acquired 1998   77.6 % 732,000   359,199   1,091,199   Dillard's Women's & Home, Dillard's Men's & Children's, Macy's
60.   Independence Center   MO   Independence (Kansas City)   Fee   100.0 % Acquired 1994   99.2 % 499,284   532,844   1,032,128   Dillard's, Macy's, Sears
61.   Indian River Mall   FL   Vero Beach   Fee   50.0 %(4) Built 1996   94.5 % 445,552   302,881   748,433   Dillard's, Macy's, JCPenney, Sears, AMC Theatres
62.   Ingram Park Mall   TX   San Antonio   Fee   100.0 % Built 1979   96.3 % 750,888   375,483   1,126,371   Dillard's, Dillard's Home Store, Macy's, JCPenney, Sears, Bealls
63.   Irving Mall   TX   Irving (Dallas-Fort Worth)   Fee   100.0 % Built 1971   96.3 % 637,415   404,920   1,042,335   Macy's, Dillard's, Sears, Circuit City, Burlington Coat Factory, Steve & Barry's, General Cinema, (20)

17

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
64.   Jefferson Valley Mall   NY   Yorktown Heights (New York)   Fee   100.0 % Built 1983   93.0 % 310,095   277,988   588,083   Macy's, Sears, H&M, Movies at Jefferson Valley
65.   King of Prussia Mall   PA   King of Prussia (Philadelphia)   Fee   12.4 %(4) (15) Acquired 2003   96.3 % 1,545,812   1,068,085 (18) 2,613,897   Neiman Marcus, Bloomingdale's, Nordstrom, Lord & Taylor, Macy's (Plaza), Macy's (Court), JCPenney, Sears, Crate & Barrel(8)
66.   Knoxville Center   TN   Knoxville   Fee   100.0 % Built 1984   90.5 % 597,028   384,569   981,597   JCPenney, Belk, Sears, The Rush Fitness Center, Regal Cinema, Dillard's(8)
67.   La Plaza Mall   TX   McAllen   Fee and Ground Lease (2040)(7)   100.0 % Built 1976   93.1 % 776,397   426,362   1,202,759   Macy's, Macy's Home Store, Dillard's, JCPenney, Sears, Joe Brand
68.   Laguna Hills Mall   CA   Laguna Hills (Los Angeles)   Fee   100.0 % Acquired 1997   93.6 % 536,500   330,506   867,006   Macy's, JCPenney, Sears, Laguna Hills Cinema, Nordstrom Rack(6), Ulta(6)
69.   Lake Square Mall   FL   Leesburg (Orlando)   Fee   50.0 %(4) Acquired 1998   83.3 % 296,037   239,982   536,019   JCPenney, Sears, Belk, Target, AMC Theatres, Books-A-Million
70.   Lakeline Mall   TX   Cedar Park (Austin)   Fee   100.0 % Built 1995   95.8 % 745,179   352,513   1,097,692   Dillard's, Macy's, JCPenney, Sears, Regal Cinema
71.   Lehigh Valley Mall   PA   Whitehall (Allentown—Bethlehem)   Fee   37.6 %(4) (15) Acquired 2003   99.1 % 564,353   593,841 (18) 1,158,194   Macy's, Boscov's, JCPenney, Linens 'n Things, Barnes & Noble
72.   Lenox Square   GA   Atlanta   Fee   100.0 % Acquired 1998   90.6 % 873,580   665,010 (18) 1,538,590   Neiman Marcus, Bloomingdale's, Macy's, Crate & Barrel
73.   Liberty Tree Mall   MA   Danvers (Boston)   Fee   49.1 %(4) Acquired 1999   91.3 % 498,000   358,291   856,291   Marshalls, The Sports Authority, Target, Bed, Bath & Beyond, Kohl's, Best Buy, Staples, AC Moore, Old Navy, Pier 1 Imports, K&G Fashion Superstore, Gottschalk's, Lowes Theatre
74.   Lima Mall   OH   Lima   Fee   100.0 % Built 1965   90.6 % 541,861   203,650   745,511   Macy's, JCPenney, Elder-Beerman, Sears
75.   Lincolnwood Town Center   IL   Lincolnwood (Chicago)   Fee   100.0 % Built 1990   96.7 % 220,830   201,033   421,863   Kohl's, Carson Pirie Scott
76.   Lindale Mall(1)   IA   Cedar Rapids   Fee   50.0 %(4) Acquired 1998   85.4 % 305,563   387,862   693,425   Von Maur, Sears, Younkers
77.   Livingston Mall   NJ   Livingston (New York)   Fee   100.0 % Acquired 1998   95.4 % 616,128   338,851   954,979   Macy's, Lord & Taylor, Sears, Steve & Barry's, Barnes & Noble(6), Modell's Sporting Goods(6)
78.   Longview Mall   TX   Longview   Fee   100.0 % Built 1978   87.2 % 440,917   209,283   650,200   Dillard's, JCPenney, Sears, Bealls,(17)
79.   Mall at Chestnut Hill   MA   Chestnut Hill (Boston)   Lease (2039)(9)   47.2 %(4) Acquired 2002   97.9 % 297,253   180,181   477,434   Bloomingdale's, Bloomingdale's Home Furnishing and Men's Store
80.   Mall at Rockingham Park, The   NH   Salem (Boston)   Fee   24.6 %(4) Acquired 1999   99.9 % 638,111   382,059   1,020,170   JCPenney, Sears, Macy's(8)
81.   Mall at The Source, The   NY   Westbury (New York)   Fee   25.5 %(4)(2) Built 1997   96.9 % 210,798   516,222   727,020   Fortunoff, Off 5th-Saks Fifth Avenue, Nordstrom Rack, Circuit City, David's Bridal, Steve & Barry's, Golf Galaxy
82.   Mall of Georgia   GA   Buford (Atlanta)   Fee   100.0 % Built 1999   98.2 % 1,069,590   723,886   1,793,476   Nordstrom, Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Haverty's Furniture, Bed Bath & Beyond, Regal Cinema
83.   Mall of New Hampshire, The   NH   Manchester   Fee   49.1 %(4) Acquired 1999   97.8 % 444,889   362,874   807,763   Macy's, JCPenney, Sears, Best Buy, Old Navy, A.C. Moore
84.   Maplewood Mall   MN   Minneapolis   Fee   100.0 % Acquired 2002   98.2 % 588,822   341,702   930,524   Macy's, JCPenney, Sears, Kohl's, Barnes & Noble

18

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
85.   Markland Mall   IN   Kokomo   Ground Lease (2041)   100.0 % Built 1968   93.7 % 273,094   120,602   393,696   Sears, Target, MC Sporting Goods(6)(8)
86.   McCain Mall   AR   N. Little Rock   Fee and Ground Lease (2032)(10)   100.0 % Built 1973   96.1 % 554,156   221,463   775,619   Dillard's, JCPenney, Sears,(8)
87.   Melbourne Square   FL   Melbourne   Fee   100.0 % Built 1982   83.9 % 416,167   294,331   710,498   Macy's, Dillard's Men's, Children's & Home, Dillard's Women's, JCPenney, Dick's Sporting Goods, Circuit City
88.   Menlo Park Mall   NJ   Edison (New York)   Fee   100.0 % Acquired 1997   97.4 % 527,591   794,480 (18) 1,322,071   Nordstrom, Macy's, Barnes & Noble, Steve & Barry's, Cineplex Odeon
89.   Mesa Mall(1)   CO   Grand Junction   Fee   50.0 %(4) Acquired 1998   83.0 % 441,208   441,532   882,740   Sears, Herberger's, JCPenney, Target, Mervyn's
90.   Miami International Mall   FL   Miami   Fee   47.8 %(4) Built 1982   95.6 % 778,784   294,765   1,073,549   Macy's Mens & Home, Macy's Women & Children, Dillard's, JCPenney, Sears
91.   Midland Park Mall   TX   Midland   Fee   100.0 % Built 1980   90.0 % 339,113   279,216   618,329   Dillard's, Dillard's Mens & Juniors, JCPenney, Sears, Bealls, Ross Dress for Less
92.   Miller Hill Mall   MN   Duluth   Ground Lease (2013)   100.0 % Built 1973   96.5 % 429,508   361,507   791,015   JCPenney, Sears, Younkers, Barnes & Noble, Old Navy, DSW
93.   Montgomery Mall   PA   North Wales (Philadelphia)   Fee   60.0 %(15) Acquired 2003   90.0 % 684,855   408,873   1,093,728   Macy's, JCPenney, Sears, Boscov's, Dick's Sporting Goods(6)
94.   Muncie Mall   IN   Muncie   Fee   100.0 % Built 1970   90.3 % 435,756   203,993   639,749   Macy's, JCPenney, Sears, Elder Beerman
95.   Nanuet Mall   NY   Nanuet (New York)   Fee   100.0 % Acquired 1998   66.7 % 583,711   331,263   914,974   Macy's, Boscov's, Sears
96.   North East Mall   TX   Hurst (Dallas-Fort Worth)   Fee   100.0 % Built 1971   95.6 % 1,191,930   452,245   1,644,175   Nordstrom, Dillard's, Macy's, JCPenney, Sears, Dick's Sporting Goods, Rave Theatre
97.   Northfield Square Mall   IL   Bourbonnais   Fee   31.6 %(12) Built 1990   76.4 % 310,994   246,540   557,534   Carson Pirie Scott Women's, Carson Pirie Scott Men's, Children's & Home, JCPenney, Sears, Cinemark Movies 10
98.   Northgate Mall   WA   Seattle   Fee   100.0 % Acquired 1987   96.6 % 612,073   395,328   1,007,401   Nordstrom, Macy's, JCPenney, Toys 'R Us, Barnes & Noble, Bed Bath & Beyond(6), DSW
99.   Northlake Mall   GA   Atlanta   Fee   100.0 % Acquired 1998   97.9 % 665,745   296,457   962,202   Macy's, JCPenney, Sears, Kohl's(6)
100.   NorthPark Mall   IA   Davenport   Fee   50.0 %(4) Acquired 1998   86.0 % 650,456   422,579   1,073,035   Dillard's, Von Maur, Younkers, JCPenney, Sears
101.   Northshore Mall   MA   Peabody (Boston)   Fee   49.1 %(4) Acquired 1999   89.8 % 677,433   692,439   1,369,872   JCPenney, Sears, Filene's Basement, Nordstrom (19), Macy's Home(6)
102.   Northwoods Mall   IL   Peoria   Fee   100.0 % Acquired 1983   96.1 % 472,969   221,040   694,009   Macy's, JCPenney, Sears
103.   Oak Court Mall   TN   Memphis   Fee   100.0 % Acquired 1997   93.3 % 532,817   314,812 (18) 847,629   Dillard's, Dillard's Mens, Macy's
104.   Ocean County Mall   NJ   Toms River (New York)   Fee   100.0 % Acquired 1998   95.7 % 616,443   274,402   890,845   Macy's, Boscov's, JCPenney, Sears
105.   Orange Park Mall   FL   Orange Park (Jacksonville)   Fee   100.0 % Acquired 1994   95.2 % 576,051   382,956   959,007   Dillard's, JCPenney, Sears, Belk, Dick's Sporting Goods, AMC Theatres
106.   Orland Square   IL   Orland Park (Chicago)   Fee   100.0 % Acquired 1997   98.7 % 773,295   438,011   1,211,306   Macy's, Carson Pirie Scott, JCPenney, Sears, Pitt Theatres

19

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
107.   Oxford Valley Mall   PA   Langhorne (Philadelphia)   Fee   63.2 %(15) Acquired 2003   96.0 % 762,558   556,333 (18) 1,318,891   Macy's, JCPenney, Sears, Boscov's, United Artists Theatre
108.   Paddock Mall   FL   Ocala   Fee   100.0 % Built 1980   92.9 % 387,378   168,111   555,489   Macy's, JCPenney, Sears, Belk
109.   Palm Beach Mall   FL   West Palm Beach (Miami-Fort Lauderdale)   Fee   100.0 % Built 1967   82.3 % 749,288   335,023   1,084,311   Dillard's, Macy's, JCPenney, Sears, Borders Books & Music, DSW
110.   Penn Square Mall   OK   Oklahoma City   Ground Lease (2060)   94.5 % Acquired 2002   97.3 % 588,137   462,399   1,050,536   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Dickinson Theatre
111.   Pheasant Lane Mall   NH   Nashua (Manchester)   (14)   (14)   Acquired 2002   97.0 % 555,474   313,095   868,569   JCPenney, Sears, Target(8)
112.   Phipps Plaza   GA   Atlanta   Fee   100.0 % Acquired 1998   96.3 % 472,385   346,240   818,625   Saks Fifth Avenue, Nordstrom, Belk, AMC Theatres
113.   Plaza Carolina   PR   Carolina (San Juan)   Fee   100.0 % Acquired 2004   97.9 % 504,796   592,267 (18) 1,097,063   JCPenney, Sears, Cinevista
114.   Port Charlotte Town Center   FL   Port Charlotte (Punta Gorda)   Fee   80.0 %(12) Built 1989   86.9 % 458,251   322,000   780,251   Dillard's, Macy's, JCPenney, Bealls, Sears, DSW, Regal Cinema
115.   Prien Lake Mall   LA   Lake Charles   Fee and Ground Lease (2025)(7)   100.0 % Built 1972   91.8 % 644,124   177,394   821,518   Dillard's, JCPenney, Sears, Macy's, Cinemark Theatres,(8)
116.   Quaker Bridge Mall   NJ   Lawrenceville (Trenton)   Fee   38.0 %(4)(15) Acquired 2003   97.4 % 686,760   412,144   1,098,904   Macy's, Lord & Taylor, JCPenney, Sears
117.   Raleigh Springs Mall   TN   Memphis   Fee and Ground Lease (2018)(7)   100.0 % Built 1971   59.1 % 691,230   225,965   917,195   Sears, Malco Theatres,(8),(17)
118.   Richmond Town Square   OH   Richmond Heights (Cleveland)   Fee   100.0 % Built 1966   98.4 % 685,251   331,663   1,016,914   Macy's, JCPenney, Sears, Barnes & Noble, Steve & Barry's, Loews Theatre
119.   River Oaks Center   IL   Calumet City (Chicago)   Fee   100.0 % Acquired 1997   90.8 % 807,871   557,760 (18) 1,365,631   Macy's, Carson Pirie Scott, JCPenney, Sears, Steve & Barry's, River Oaks 6
120.   Rockaway Townsquare   NJ   Rockaway (New York)   Fee   100.0 % Acquired 1998   98.0 % 786,626   456,720   1,243,346   Macy's, Lord & Taylor, JCPenney, Sears
121.   Rolling Oaks Mall   TX   San Antonio   Fee   100.0 % Built 1988   88.9 % 596,308   285,785   882,093   Dillard's, Macy's, JC Penney, Sears
122.   Roosevelt Field   NY   Garden City (New York)   Fee and Ground Lease (2090)(7)   100.0 % Acquired 1998   98.8 % 1,430,425   779,991 (18) 2,210,416   Bloomingdale's, Bloomingdale's Furniture Gallery, Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, Loews Theatre, Sport Fitness
123.   Ross Park Mall   PA   Pittsburgh   Fee   100.0 % Built 1986   93.9 % 563,477   458,220   1,021,697   JCPenney, Sears, Nordstrom (19), Old Navy, H&M
124.   Rushmore Mall(1)   SD   Rapid City   Fee   50.0 %(4) Acquired 1998   91.2 % 470,660   361,643   832,303   JCPenney, Herberger's, Sears, Target, Carmike Cinemas
125.   Santa Rosa Plaza   CA   Santa Rosa   Fee   100.0 % Acquired 1998   96.7 % 428,258   270,487   698,745   Macy's, Mervyn's, Sears
126.   Seminole Towne Center   FL   Sanford (Orlando)   Fee   45.0 %(4)(2) Built 1995   92.5 % 768,798   369,098   1,137,896   Macy's, Dillard's, Belk, JCPenney, Sears, United Artists Theatre
127.   Shops at Mission Viejo, The   CA   Mission Viejo (Los Angeles)   Fee   100.0 % Built 1979   98.9 % 677,215   472,775   1,149,990   Saks Fifth Avenue, Nordstrom, Macy's (2 locations)
128.   Shops at Sunset Place, The   FL   S. Miami   Fee   37.5 %(4)(2) Built 1999   90.5 % —   514,559   514,559   NikeTown, Barnes & Noble, GameWorks, Virgin Megastore, Z Gallerie, LA Fitness, AMC Theatres
129.   Smith Haven Mall   NY   Lake Grove (New York)   Fee   25.0 %(4) Acquired 1995   92.2 % 794,315   517,201   1,311,516   Macy's, Macy's Furniture Gallery, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble(6)
130.   Solomon Pond Mall   MA   Marlborough (Boston)   Fee   49.1 %(4) Acquired 1999   94.6 % 538,843   371,627   910,470   Macy's, JCPenney, Sears, Linens 'n Things, Regal Cinema

20

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
131.   South Hills Village   PA   Pittsburgh   Fee   100.0 % Acquired 1997   97.8 % 655,987   484,424   1,140,411   Macy's, Sears, Boscov's, Barnes & Noble, Carmike Cinemas
132.   South Shore Plaza   MA   Braintree (Boston)   Fee   100.0 % Acquired 1998   95.9 % 547,287   623,808   1,171,095   Macy's, Lord & Taylor, Sears, Filene's Basement, Nordstrom (19)
133.   Southern Hills Mall(1)   IA   Sioux City   Fee   50.0 %(4) Acquired 1998   93.4 % 372,937   425,694   798,631   Younkers, JCPenney, Sears, Sheel's Sporting Goods, Barnes & Noble, Carmike Cinemas
134.   Southern Park Mall   OH   Boardman (Youngstown)   Fee   100.0 % Built 1970   94.0 % 811,858   383,830   1,195,688   Macy's, Dillard's, JCPenney, Sears, Tinseltown USA
135.   SouthPark   NC   Charlotte   Fee & Ground Lease (2040)(11)   100.0 % Acquired 2002   99.8 % 1,044,742   569,557   1,614,299   Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Crate & Barrel
136.   SouthPark Mall   IL   Moline (Davenport—IA-Moline)   Fee   50.0 %(4) Acquired 1998   83.3 % 578,056   445,948   1,024,004   Dillard's, Von Maur, Younkers, JCPenney, Sears, Old Navy
137.   SouthRidge Mall(1)   IA   Des Moines   Fee   50.0 %(4) Acquired 1998   70.8 % 388,752   498,080   886,832   JCPenney, Younkers, Sears, Target, Steve & Barry's,(8)
138.   Springfield Mall(1)   PA   Springfield (Philadelphia)   Fee   38.0 %(4)(15) Acquired 2005   86.9 % 367,176   221,592   588,768   Macy's,(8)
139.   Square One Mall   MA   Saugus (Boston)   Fee   49.1 %(4) Acquired 1999   95.6 % 608,601   321,446   930,047   Macy's, Sears, Best Buy, T.J. Maxx N More, Best Buy, Old Navy, Dick's Sporting Goods
140.   St. Charles Towne Center   MD   Waldorf (Washington, D.C.)   Fee   100.0 % Built 1990   94.0 % 631,602   350,858   982,460   Macy's, Macy's Home Store, JCPenney, Sears, Kohl's, Dick Sporting Goods, Cineplex Odeon
141.   St. Johns Town Center   FL   Jacksonville   Fee   50.0 %(4) Built 2005   96.7 % 653,291   562,667   1,215,958   Dillard's, Target, Ashley Furniture Home Store, Barnes & Noble, Dick's Clothing & Sporting Goods, Ross Dress for Less, Staples, DSW, JoAnn Fabrics, PetsMart, Old Navy
142.   Stanford Shopping Center   CA   Palo Alto (San Francisco)   Ground Lease (2054)   100.0 % Acquried 2003   97.2 % 849,153   528,696 (18) 1,377,849   Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Macy's Mens Store
143.   Summit Mall   OH   Akron   Fee   100.0 % Built 1965   90.9 % 432,936   322,443   755,379   Dillard's Women's & Children's, Dillard's Men's & Home, Macy's
144.   Sunland Park Mall   TX   El Paso   Fee   100.0 % Built 1988   96.2 % 575,837   341,916   917,753   Macy's, Dillard's Women's & Children's, Dillard's Men's & Home, Mervyn's, Sears, AMC Theatres
145.   Tacoma Mall   WA   Tacoma (Seattle)   Fee   100.0 % Acquired 1987   95.1 % 797,895   405,638   1,203,533   Nordstrom(6), Macy's, JCPenney, Sears, Davids Bridal
146.   Tippecanoe Mall   IN   Lafayette   Fee   100.0 % Built 1973   96.9 % 537,790   323,516   861,306   Macy's, JCPenney, Sears, Kohl's, Dick's Sporting Goods, H.H. Gregg
147.   Town Center at Aurora   CO   Aurora (Denver)   Fee   100.0 % Acquired 1998   88.2 % 682,169   402,314   1,084,483   Macy's, Dillard's, JCPenney, Sears, Century Theatres
148.   Town Center at Boca Raton   FL   Boca Raton (Miami-Fort Lauderdale)   Fee   100.0 % Acquired 1998   95.4 % 1,085,312   539,482   1,624,794   Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Sears, Crate & Barrel
149.   Town Center at Cobb   GA   Kennesaw (Atlanta)   Fee   75.0 % Acquired 1998   95.4 % 866,381   406,582   1,272,963   Belk, Macy's, JCPenney, Sears, Macy's Furniture
150.   Towne East Square   KS   Wichita   Fee   100.0 % Built 1975   91.7 % 779,490   357,126   1,136,616   Dillard's, Von Maur, JCPenney, Sears
151.   Towne West Square   KS   Wichita   Fee   100.0 % Built 1980   77.9 % 619,269   333,162   952,431   Dillard's Women's & Home, Dillard's Men's & Children, JCPenney, Sears, Dick's Sporting Goods, The Movie Machine
152.   Treasure Coast Square   FL   Jensen Beach   Fee   100.0 % Built 1987   97.8 % 511,372   348,748   860,120   Macy's, Dillard's, JCPenney, Sears, Borders Books & Music, Regal Cinema
153.   Tyrone Square   FL   St. Petersburg (Tampa-St. Pete)   Fee   100.0 % Built 1972   100.0 % 725,298   370,820   1,096,118   Macy's, Dillard's, JCPenney, Sears, Borders Books & Music, Old Navy, AMC Theatres

21

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
154.   University Mall   FL   Pensacola   Fee   100.0 % Acquired 1994   73.5 % 478,449   230,657   709,106   JCPenney, Sears, Belk, University Dollar Movies
155.   University Park Mall   IN   Mishawaka (South Bend)   Fee   100.0 % Built 1979   97.2 % 499,876   319,992   819,868   Macy's, JCPenney, Sears, Barnes & Noble(6)
156.   Upper Valley Mall   OH   Springfield (Dayton—Springfield)   Fee   100.0 % Built 1971   89.6 % 479,418   249,495   728,913   Macy's, JCPenney, Sears, Elder-Beerman, Steve & Bary's, MC Sporting Goods(6), Chakeres Theatres
157.   Valle Vista Mall   TX   Harlingen   Fee   100.0 % Built 1983   80.3 % 389,781   240,508   630,289   Dillard's, JCPenney, Mervyn's, Sears, Marshalls, Steve & Barry's, Circuit City(6)
158.   Valley Mall   VA   Harrisonburg   Fee   50.0 %(4) Acquired 1998   86.9 % 315,078   190,714   505,792   JCPenney, Belk, Target, Old Navy,(8)
159.   Virginia Center Commons   VA   Glen Allen (Richmond)   Fee   100.0 % Built 1991   98.0 % 506,639   280,803   787,442   Macy's, Dillard's Men's, Dillard's Women's, Children's & Home, JCPenney, Sears
160.   Walt Whitman Mall   NY   Huntington Station (New York)   Ground Lease (2012)   100.0 % Acquired 1998   99.2 % 742,214   287,011   1,029,225   Saks Fifth Avenue, Bloomingdale's, Lord & Taylor, Macy's
161.   Washington Square   IN   Indianapolis   Fee   100.0 % Built 1974   89.4 % 616,109   347,185   963,294   Macy's(16), Sears, Target, Dick's Sporting Goods, Burlington Coat Factory, Steve & Barry's, Kerasotes Theatres
162.   West Ridge Mall   KS   Topeka   Fee   100.0 % Built 1988   90.7 % 716,811   281,378   998,189   Macy's, Dillard's, JCPenney, Sears, Burlington Coat Factory, Hollywood Cinema
163.   West Town Mall   TN   Knoxville   Ground Lease (2042)   50.0 %(4) Acquired 1991   95.0 % 878,311   451,685   1,329,996   Belk, Dillard's, JCPenney, Belk, Sears, Regal Cinema
164.   Westchester, The   NY   White Plains (New York)   Fee   40.0 %(4) Acquired 1997   98.5 % 349,393   478,269 (18) 827,662   Neiman Marcus, Nordstrom
165.   Westminster Mall   CA   Westminster (Los Angeles)   Fee   100.0 % Acquired 1998   92.0 % 716,939   496,024   1,212,963   Macy's, JCPenney, Sears, Target
166.   White Oaks Mall   IL   Springfield   Fee   77.5 % Built 1977   89.5 % 556,831   378,427   935,258   Macy's, Bergner's, Sears, Linens'n Things, Cost Plus World Market, Dick's Sporting Goods, Kerasotes Theatres
167.   Wolfchase Galleria   TN   Memphis   Fee   94.5 % Acquired 2002   98.1 % 761,648   505,733   1,267,381   Macy's, Dillard's, JCPenney, Sears, Malco Theatres
168.   Woodland Hills Mall   OK   Tulsa   Fee   94.5 % Acquired 2002   97.5 % 706,159   392,529   1,098,688   Macy's, Dillard's, JCPenney, Sears
                               
 
 
   
    Total Regional Mall GLA                   98,270,239   65,778,819   164,049,058    
                               
 
 
   

22

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    Premium Outlet Centers                                
1.   Albertville Premium Outlets   MN   Albertville (Minneapolis)   Fee   100.0 % Acquired 2004   98.9 % —   429,534   429,534   Banana Republic, Calvin Klein, Coach, Gap Outlet, Kenneth Cole, Lucky Brand Jeans, Nike, Polo Ralph Lauren, Tommy Hilfiger
2.   Allen Premium Outlets   TX   Allen (Dallas-Ft. Worth)   Fee   100.0 % Acquired 2004   100.0 % —   441,492   441,492   Ann Taylor, Brooks Brothers, Calvin Klein, Cole Haan, J.Crew, Kenneth Cole, Michael Kors, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Tommy Hilfiger
3.   Aurora Farms Premium Outlets   OH   Aurora (Cleveland)   Fee   100.0 % Acquired 2004   98.2 % —   300,218   300,218   Ann Taylor, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Liz Claiborne, Michael Kors, Nautica, Polo Ralph Lauren, Saks Fifth Avenue Off 5th,Tommy Hilfiger
4.   Camarillo Premium Outlets   CA   Camarillo   Fee   100.0 % Acquired 2004   100.0 % —   454,091   454,091   Ann Taylor, Banana Republic, Barneys New York, Coach, Diesel, Giorgio Armani, Hugo Boss, Kenneth Cole, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony
5.   Carlsbad Premium Outlets   CA   Carlsbad (San Diego)   Fee   100.0 % Acquired 2004   100.0 % —   287,931   287,931   Adidas, Banana Republic, Barneys New York, BCBG Max Azria, Calvin Klein, Coach, Gap Outlet, Guess, Kenneth Cole, Lacoste, Polo Ralph Lauren, Theory
6.   Carolina Premium Outlets   NC   Smithfield (Raleigh)   Ground Lease (2029)   100.0 % Acquired 2004   100.0 % —   439,445   439,445   Banana Republic, Brooks Brothers, Coach, Gap Outlet, Liz Claiborne, Nike, Polo Ralph Lauren, Timberland, Tommy Hilfiger
7.   Chicago Premium Outlets   IL   Aurora (Chicago)   Fee   100.0 % Built 2004   100.0 % —   437,800   437,800   Ann Taylor, Banana Republic, Calvin Klein, Coach, Diesel, Dooney & Bourke, Elie Tahari, Gap Outlet, Giorgio Armani, Kate Spade, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Sony
8.   Clinton Crossing Premium Outlets   CT   Clinton (New Haven)   Fee   100.0 % Acquired 2004   100.0 % —   276,163   276,163   Banana Republic, Barneys New York, Calvin Klein, Coach, Dooney & Bourke, Gap Outlet, Kenneth Cole, Liz Claiborne, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th
9.   Columbia Gorge Premium Outlets   OR   Troutdale (Portland)   Fee   100.0 % Acquired 2004   100.0 % —   163,815   163,815   Adidas, Bass, Carter's, Gap Outlet, Liz Claiborne, Samsonite, Van Heusen
10.   Desert Hills Premium Outlets   CA   Cabazon (Palm Springs)   Fee   100.0 % Acquired 2004   100.0 % —   498,838   498,838   Burberry, Coach, Dior, Giorgio Armani, Gucci, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Space (Prada, Miu Miu), Yves Saint Laurent Rive Gauche, Zegna
11.   Edinburgh Premium Outlets   IN   Edinburgh (Indianapolis)   Fee   100.0 % Acquired 2004   100.0 % —   377,772   377,772   Adidas, Ann Taylor, Anne Klein, Banana Republic, Calvin Klein, Coach, Gap Outlet, J.Crew, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger

23

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
12.   Folsom Premium Outlets   CA   Folsom (Sacramento)   Fee   100.0 % Acquired 2004   99.7 % —   299,328   299,328   BCBG Max Azria, Bebe, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Kenneth Cole, Liz Claiborne, Nautica, Nike, Saks Fifth Avenue Off 5th
13.   Gilroy Premium Outlets   CA   Gilroy (San Jose)   Fee   100.0 % Acquired 2004   99.8 % —   577,305   577,305   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Hugo Boss, Michael Kors, Nike, Polo Ralph Lauren, Sony, Timberland, Tommy Hilfiger
14.   Jackson Premium Outlets   NJ   Jackson   Fee   100.0 % Acquired 2004   100.0 % —   285,775   285,775   Banana Republic, Brooks Brothers, Calvin Klein, Gap Outlet, J.Crew, Liz Claiborne, Nike, Polo Ralph Lauren, Tommy Hilfiger
15.   Johnson Creek Premium Outlets   WI   Johnson Creek (Milwaukee)   Fee   100.0 % Acquired 2004   100.0 % —   277,585   277,585   Adidas, Banana Republic, Calvin Klein, Gap Outlet, Lands' End, Nike, Polo Ralph Lauren, Tommy Hilfiger
16.   Kittery Premium Outlets   ME   Kittery   Ground Lease (2009)   100.0 % Acquired 2004   100.0 % —   264,425   264,425   Anne Klein, Banana Republic, Calvin Klein, Coach, Gap Outlet, J.Crew, Polo Ralph Lauren, Puma, Reebok, Timberland, Tommy Hilfiger
17.   Las Americas Premium Outlets   CA   San Diego   Fee   100.0 % Acquired 2007   98.7 % —   525,298   525,298   Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, J.Crew, Kenneth Cole, Neiman Marcus Last Call, Nike, Polo Ralph Lauren
18.   Las Vegas Outlet Center   NV   Las Vegas   Fee   100.0 % Acquired 2004   100.0 % —   477,002   477,002   Adidas, Calvin Klein, Coach, Nautica, Nike, Reebok, Timberland, Tommy Hilfiger, VF Outlet
19.   Las Vegas Premium Outlets   NV   Las Vegas   Fee   100.0 % Built 2003   100.0 % —   434,978   434,978   A/X Armani Exchange, Ann Taylor, Banana Republic, Calvin Klein, Coach, Diesel, Dolce & Gabbana, Elie Tahari, Kenneth Cole, Lacoste, Polo Ralph Lauren
20.   Leesburg Corner Premium Outlets   VA   Leesburg (Washington D.C.)   Fee   100.0 % Acquired 2004   100.0 % —   463,288   463,288   Ann Taylor, Barneys New York, Burberry, Coach, Crate & Barrel, Kenneth Cole, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Williams-Sonoma
21.   Liberty Village Premium Outlets   NJ   Flemington   Fee   100.0 % Acquired 2004   100.0 % —   173,067   173,067   Brooks Brothers, Calvin Klein, Cole Haan, J.Crew, Liz Claiborne, Michael Kors, Polo Ralph Lauren, Tommy Hilfiger
22.   Lighthouse Place Premium Outlets   IN   Michigan City   Fee   100.0 % Acquired 2004   99.4 % —   454,314   454,314   Ann Taylor, Banana Republic, Burberry, Coach, Coldwater Creek, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger
23.   Napa Premium Outlets   CA   Napa   Fee   100.0 % Acquired 2004   100.0 % —   179,348   179,348   Ann Taylor, Banana Republic, Barneys New York, Calvin Klein, Coach, Cole Haan, J.Crew, Kenneth Cole, Nautica, Tommy Hilfiger

24

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
24.   North Georgia Premium Outlets   GA   Dawsonville (Atlanta)   Fee   100.0 % Acquired 2004   100.0 % —   539,757   539,757   Ann Taylor, Banana Republic, Calvin Klein, Coach, Hugo Boss, J.Crew, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Williams-Sonoma
25.   Orlando Premium Outlets   FL   Orlando   Fee   100.0 % Acquired 2004   100.0 % —   435,695   435,695   Barneys New York, Burberry, Coach, Diesel, Dior, Fendi, Giorgio Armani, Hugo Boss, Lacoste, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory
26.   Osage Beach Premium Outlets   MO   Osage Beach   Fee   100.0 % Acquired 2004   98.5 % —   391,435   391,435   Adidas, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Polo Ralph Lauren, Tommy Hilfiger
27.   Petaluma Village Premium Outlets   CA   Petaluma (Santa Rosa)   Fee   100.0 % Acquired 2004   100.0 % —   195,982   195,982   BCBG Max Azria, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Nike, Puma, Saks Fifth Avenue Off 5th, Tommy Hilfiger
28.   Philadelphia Premium Outlets   PA   Limerick (Philadelphia)   Fee   100.0 % Built 2007   96.9 % —   425,242   425,242   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Elie Tahari, Gap Outlet, Guess, J.Crew, Michael Kors, Neiman Marcus Last Call, Nike, Puma, Sony, Tommy Hilfiger, Waterford Wedgwood
29.   Rio Grande Valley Premium Outlets   TX   Mercedes (McAllen)   Fee   100.0 % Built 2006   100.0 % —   403,207   403,207   Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Gap Outlet, Guess, Nike, Sony, Tommy Hilfiger
30.   Round Rock Premium Outlets   TX   Round Rock (Austin)   Fee   100.0 % Built 2006   100.0 % —   431,621   431,621   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Gap Outlet, Michael Kors, Nike, Polo Ralph Lauren, Theory, Cinemark Theatres
31.   Seattle Premium Outlets   WA   Tulalip (Seattle)   Ground Lease (2035)   100.0 % Built 2005   100.0 % —   402,668   402,668   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Kenneth Cole, Nike, Polo Ralph Lauren, Restoration Hardware, Sony
32.   St. Augustine Premium Outlets   FL   St. Augustine (Jacksonsville)   Fee   100.0 % Acquired 2004   99.4 % —   328,489   328,489   Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Reebok, Tommy Bahama
33.   The Crossings Premium Outlets   PA   Tannersville   Fee and Ground Lease (2009)(7)   100.0 % Acquired 2004   100.0 % —   411,774   411,774   Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Coldwater Creek, J.Crew, Liz Claiborne, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger
34.   Vacaville Premium Outlets   CA   Vacaville   Fee   100.0 % Acquired 2004   100.0 % —   442,041   442,041   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, J.Crew, Nike, Polo Ralph Lauren, Restoration Hardware
35.   Waikele Premium Outlets   HI   Waipahu (Honolulu)   Fee   100.0 % Acquired 2004   100.0 % —   209,846   209,846   A/X Armani Exchange, Banana Republic, Barneys New York, Calvin Klein, Coach, Guess, Kenneth Cole, Polo Ralph Lauren, Saks Fifth Avenue Off 5th
36.   Waterloo Premium Outlets   NY   Waterloo   Fee   100.0 % Acquired 2004   100.0 % —   417,577   417,577   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger, VF Outlet

25

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
37.   Woodbury Common Premium Outlets   NY   Central Valley (New York)   Fee   100.0 % Acquired 2004   100.0 % —   844,246   844,246   Banana Republic, Burberry, Chanel, Coach, Dior, Dolce & Gabbana, Giorgio Armani, Gucci, Lacoste, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th
38.   Wrentham Village Premium Outlets   MA   Wrentham (Boston)   Fee   100.0 % Acquired 2004   98.8 % —   615,713   615,713   Banana Republic, Barneys New York, Burberry, Coach, Hugo Boss, Kenneth Cole, Lacoste, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragmo, Sony, Williams-Sonoma
                               
 
 
   
    Total U.S. Premium Outlet Centers GLA                   —   15,014,105   15,014,105    
                               
 
 
   
    Community/Lifestyle Centers                                
1.   Arboretum at Great Hills   TX   Austin   Fee   100.0 % Acquired 1998   90.8 % 35,773   167,452   203,225   Barnes & Noble
2.   Bloomingdale Court   IL   Bloomingdale (Chicago)   Fee   100.0 % Built 1987   96.5 % 467,513   162,846   630,359   Best Buy, T.J. Maxx N More, Office Max, Old Navy, Linens 'n Things, Wal-Mart, Circuit City, Dick's Sporting Goods, Jo-Ann Fabrics
3.   Brightwood Plaza   IN   Indianapolis   Fee   100.0 % Built 1965   100.0 % 20,450   18,043   38,493    
4.   Charles Towne Square   SC   Charleston   Fee   100.0 % Built 1976   100.0 % 71,794   —   71,794   Regal Cinema
5.   Chesapeake Center   VA   Chesapeake (Virginia Beach-Norfolk)   Fee   100.0 % Built 1989   98.3 % 213,651   92,284   305,935   K-Mart, Movies 10, Petsmart, Michaels, Value City Furniture
6.   Clay Terrace   IN   Carmel (Indianapolis)   Fee   50.0 %(4)(18) Built 2004   94.7 % 161,281   337,218   498,499   Dick's Sporting Goods, Wild Oats Natural Marketplace, DSW, Circuit City Superstore
7.   Cobblestone Court   NY   Victor (Rochester)   Fee and Ground Lease (2038)(7)   35.0 %(4)(13) Built 1993   99.4 % 206,680   58,781   265,461   Dick's Sporting Goods, Kmart, Office Max
8.   Countryside Plaza   IL   Countryside (Chicago)   Fee   100.0 % Built 1977   76.2 % 327,418   76,338   403,756   Best Buy, Home Depot, PetsMart, Jo-Ann Fabrics, Office Depot, Value City Furniture
9.   Crystal Court   IL   Crystal Lake (Chicago)   Fee   35.0 %(4)(13) Built 1989   66.5 % 201,993   76,977   278,970   JCPenney(6),(8)
10.   Dare Centre   NC   Kill Devil Hills   Ground Lease (2058)   100.0 % Acquired 2004   98.7 % 134,320   34,518   168,838   Belk, Food Lion
11.   DeKalb Plaza   PA   King of Prussia (Philadelphia)   Fee   50.3 %(15) Acquired 2003   97.5 % 81,368   20,374   101,742   Lane Home Furnishings, ACME Grocery
12.   Eastland Convenience Center   IN   Evansville   Ground Lease (2075)   50.0 %(4) Acquired 1998   96.1 % 161,849   13,790   175,639   Marshalls, Toys 'R Us, Bed Bath & Beyond
13.   Eastland Plaza   OK   Tulsa   Fee   100.0 % Built 1986   56.0 % 152,451   37,810   190,261   Marshalls, Toys 'R Us,(8)(17)
14.   Empire East(1)   SD   Sioux Falls   Fee   50.0 %(4) Acquired 1998   98.1 % 275,089   22,189   297,278   Kohl's, Target, Bed Bath & Beyond
15.   Fairfax Court   VA   Fairfax (Washington, D.C.)   Fee   41.3 %(4)(13) Built 1992   100.0 % 169,043   80,615   249,658   Burlington Coat Factory, Circuit City Superstore, Offenbacher's
16.   Forest Plaza   IL   Rockford   Fee   100.0 % Built 1985   100.0 % 270,840   89,528   360,368   Kohl's, Marshalls, Michael's, Factory Card Outlet, Office Max, T.J. Maxx, Bed Bath & Beyond, Petco, Babies R' Us, Toys R' Us(6),(8)
17.   Gaitway Plaza   FL   Ocala   Fee   23.3 %(4)(13) Built 1989   97.2 % 123,027   85,713   208,740   Books-A-Million, Office Depot, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond

26

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
18.   Gateway Shopping Centers   TX   Austin   Fee   95.0 % 2004   98.8 % 396,494   115,870   512,364   Star Furniture, Best Buy, Linens 'n Things, Recreational Equipment, Inc., Whole Foods, Crate & Barrel, The Container Store, Old Navy, Regal Cinema,(17)
19.   Great Lakes Plaza   OH   Mentor (Cleveland)   Fee   100.0 % Built 1976   100.0 % 159,194   4,910   164,104   Circuit City, Michael's, Best Buy, Cost Plus World Market, Linens 'n Things
20.   Greenwood Plus   IN   Greenwood (Indianapolis)   Fee   100.0 % Built 1979   100.0 % 134,141   21,178   155,319   Best Buy, Kohl's
21.   Henderson Square   PA   King of Prussia (Philadelphia)   Fee   76.0 % Acquired 2003   100.0 % 72,683   34,690   107,373   Staples, Genuardi's Family Market
22.   Highland Lakes Center   FL   Orlando   Fee   100.0 %(15) Built 1991   79.2 % 352,405   140,871   493,276   Marshalls, Bed Bath & Beyond, American Signature Furniture, Save-Rite Supermarkets, Ross Dress for Less, Office Max, Burlington Coat Factory, K&G Menswear,(8)
23.   Indian River Commons   FL   Vero Beach   Fee   50.0 % Built 1997   100.0 % 233,358   22,524   255,882   Lowe's, Best Buy, Ross Dress for Less, Bed Bath & Beyond, Michael's
24.   Ingram Plaza   TX   San Antonio   Fee   100.0 % Built 1980   100.0 % 52,231   59,287   111,518   Sheplers, Macy's Home Store, Mervyn's
25.   Keystone Shoppes   IN   Indianapolis   Ground Lease (2067)   100.0 % Acquired 1997   100.0 % —   29,140   29,140    
26.   Knoxville Commons   TN   Knoxville   Fee   100.0 % Built 1987   100.0 % 171,563   8,900   180,463   Office Max,(8)(17)
27.   Lake Plaza   IL   Waukegan (Chicago)   Fee   100.0 % Built 1986   96.3 % 170,789   44,673   215,462   Home Owners Bargain Outlet,(8)
28.   Lake View Plaza   IL   Orland Park (Chicago)   Fee   100.0 % Built 1986   93.6 % 261,856   109,396   371,252   Factory Card Outlet, Linens 'n Things, Best Buy, Petco, Jo-Ann Fabrics, Golf Galaxy, Value City Furniture, Loehmann's
29.   Lakeline Plaza   TX   Cedar Park (Austin)   Fee   100.0 % Built 1998   98.5 % 307,966   79,479   387,445   Linens 'n Things, T.J. Maxx, Old Navy, Best Buy, Ross Dress for Less, Office Max, PetsMart, Party City, Cost Plus World Market, Toys 'R Us
30.   Lima Center   OH   Lima   Fee   100.0 % Built 1978   89.0 % 189,584   47,294   236,878   Kohl's, Hobby Lobby, T.J. Maxx
31.   Lincoln Crossing   IL   O'Fallon (St. Louis)   Fee   100.0 % Built 1990   100.0 % 229,820   13,446   243,266   Wal-Mart, PetsMart, The Home Depot
32.   Lincoln Plaza   PA   King of Prussia (Philadelphia)   Fee   63.2 %(15) Acquired 2003   100.0 % 251,224   16,007   267,231   Burlington Coat Factory, Circuit City, Lane Home Furnishings, AC Moore, Michaels, T.J. Maxx, Home Goods
33.   MacGregor Village   NC   Cary (Raleigh)   Fee   100.0 % Acquired 2004   80.4 % —   144,997   144,997   Spa Health Club, Tuesday Morning
34.   Mall of Georgia Crossing   GA   Buford (Atlanta)   Fee   100.0 % Built 1999   98.7 % 341,503   99,109   440,612   Best Buy, American Signature Furniture, T.J. Maxx, Nordstrom Rack, Staples, Target
35.   Markland Plaza   IN   Kokomo   Fee   100.0 % Built 1974   100.0 % 49,051   41,476   90,527   Best Buy, Bed Bath & Beyond
36.   Martinsville Plaza   VA   Martinsville   Space Lease (2046)   100.0 % Built 1967   97.1 % 88,470   13,635   102,105   Rose's

27

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
37.   Matteson Plaza   IL   Matteson (Chicago)   Fee   100.0 % Built 1988   87.1 % 230,885   40,070   270,955   Michael's, Dominick's, Value City Department Store,(8)
38.   Muncie Plaza   IN   Muncie   Fee   100.0 % Built 1998   98.6 % 271,626   27,195   298,821   Kohl's, Target, Shoe Carnival, T.J. Maxx, MC Sporting Goods, Kerasotes Theatres
39.   New Castle Plaza   IN   New Castle   Fee   100.0 % Built 1966   83.6 % 24,912   66,736   91,648   Goody's, Jo-Ann Fabrics
40.   North Ridge Plaza   IL   Joliet (Chicago)   Fee   100.0 % Built 1985   99.3 % 190,323   114,747   305,070   Hobby Lobby, Office Max, Fun In Motion, Minnesota Fabrics, Burlington Coat Factory
41.   North Ridge Shopping Center   NC   Raleigh   Fee   100.0 % Acquired 2004   99.6 % 43,247   123,308   166,555   Ace Hardware, Kerr Drugs, Harris-Teeter Grocery
42.   Northwood Plaza   IN   Fort Wayne   Fee   100.0 % Built 1974   78.8 % 136,404   71,841   208,245   Target, Cinema Grill
43.   Palms Crossing   TX   McAllen   Fee   100.0 % Built 2007   99.5 % 199,021   59,025   258,046   Bealls, DSW, Barnes & Noble, Babies 'R Us, Sports Authority, Guitar Center, Cavendar's Boot City, Best Buy(6), Ashley Furniture
44.   Park Plaza   KY   Hopkinsville   Fee   100.0 % Built 1968   96.6 % 82,398   32,526   114,924   Big Lots, Peddler's Mall
45.   Plaza at Buckland Hills, The   CT   Manchester (Hartford)   Fee   35.0 %(4)(13) Built 1993   97.1 % 252,179   82,214   334,393   Linens 'n Things, Jo-Ann Fabrics, Party City, The Maytag Store, Toys 'R Us, Michaels, PetsMart,(17)
46.   Regency Plaza   MO   St. Charles (St. Louis)   Fee   100.0 % Built 1988   95.5 % 235,642   51,831   287,473   Wal-Mart, Sam's Wholesale Club
47.   Ridgewood Court   MS   Jackson   Fee   35.0 %(4)(13) Built 1993   96.9 % 185,939   54,732   240,671   T.J. Maxx, Lifeway Christian Bookstore, Bed Bath & Beyond, Best Buy, Michaels, Marshalls
48.   Rockaway Convenience Center   NJ   Rockaway (New York)   Fee   100.0 % Acquired 1998   90.9 % 99,556   50,086   149,642   Best Buy, Acme, Office Depot
49.   Rockaway Plaza   NJ   Rockaway (New York)   Fee   100.0 % Acquired 1998   100.0 % 407,501   51,327   458,828   Target, Pier 1 Imports, PetsMart, Dick's Sporting Goods, AMC Theatres
50.   Royal Eagle Plaza   FL   Coral Springs (Miami-Ft. Lauderale)   Fee   35.0 %(4)(13) Built 1989   100.0 % 124,479   74,830   199,309   K Mart, Stein Mart
51.   Shops at Arbor Walk, The   TX   Austin   Ground Lease (2055)   100.0 % Built 2006   97.1 % 199,921   231,656   431,577   Home Depot, Marshall's, DSW, Golf Galaxy, Jo-Ann Fabrics, Circuit City
52.   Shops at North East Mall, The   TX   Hurst (Dallas-Ft. Worth)   Fee   100.0 % Built 1999   98.2 % 265,595   99,148   364,743   Michael's, PetsMart, Old Navy, Pier 1 Imports, T.J. Maxx, Bed Bath & Beyond, Best Buy, Barnes & Noble(6)
53.   St. Charles Towne Plaza   MD   Waldorf (Washington, D.C.)   Fee   100.0 % Built 1987   72.2 % 286,306   108,826   395,132   Jo-Ann Fabrics, K & G Menswear, CVS, Shoppers Food Warehouse, Dollar Tree, Value City Furniture, Gallo,(8)
54.   Teal Plaza   IN   Lafayette   Fee   100.0 % Built 1962   43.4 % 98,337   2,750   101,087   Circuit City, Pep Boys
55.   Terrace at the Florida Mall   FL   Orlando   Fee   100.0 % Built 1989   93.2 % 289,252   57,441   346,693   Marshalls, American Signature Furniture, Global Import, Target, Bed Bath & Beyond,(8)

28

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
56.   Tippecanoe Plaza   IN   Lafayette   Fee   100.0 % Built 1974   100.0 % 85,811   4,711   90,522   Best Buy, Barnes & Noble
57.   University Center   IN   Mishawaka (South Bend)   Fee   100.0 % Built 1980   87.7 % 104,347   46,177   150,524   Michael's, Best Buy, Linens 'n Things
58.   Village Park Plaza   IN   Carmel (Indianapolis)   Fee   35.0 %(4)(13) Built 1990   98.2 % 414,593   134,982   549,575   Bed Bath & Beyond, Ashley Furniture HomeStore, Kohl's, Wal-Mart, Marsh, Menards, Regal Cinema
59.   Washington Plaza   IN   Indianapolis   Fee   100.0 % Built 1976   100.0 % 21,500   28,607   50,107    
60.   Waterford Lakes Town Center   FL   Orlando   Fee   100.0 % Built 1999   99.5 % 622,244   329,625   951,869   Ross Dress for Less, T.J. Maxx, Bed Bath & Beyond, Old Navy, Barnes & Noble, Best Buy, Jo-Ann Fabrics, Office Max, PetsMart, Target, Ashley Furniture HomeStore, L.A. Fitness, Regal Cinema
61.   West Ridge Plaza   KS   Topeka   Fee   100.0 % Built 1988   89.5 % 182,161   71,459   253,620   Famous Footwear, T.J. Maxx, Toys 'R Us, Target
62.   West Town Corners   FL   Altamonte Springs (Orlando)   Fee   23.3 %(4)(13) Built 1989   98.2 % 263,782   121,477   385,259   Sports Authority, PetsMart, Winn-Dixie Marketplace, American Signature Furniture, Wal-Mart
63.   Westland Park Plaza   FL   Orange Park (Jacksonville)   Fee   23.3 %(4)(13) Built 1989   97.2 % 123,548   39,606   163,154   Sports Authority, PetsMart, Burlington Coat Factory
64.   White Oaks Plaza   IL   Springfield   Fee   100.0 % Built 1986   98.9 % 275,703   115,723   391,426   T.J. Maxx, Office Max, Kohl's Babies 'R Us, Kids 'R Us, Country Market
65.   Whitehall Mall   PA   Whitehall   Fee   38.0 %(15)(4) Acquired 2003   90.5 % 493,475   94,647   588,122   Sears, Kohl's, Bed Bath & Beyond, Borders Books & Music, Gold's Gym
66.   Willow Knolls Court   IL   Peoria   Fee   35.0 %(4)(13) Built 1990   99.7 % 341,328   41,049   382,377   Burlington Coat Factory, Kohl's, Sam's Wholesale Club, Willow Knolls 14
67.   Wolf Ranch   TX   Georgetown (Austin)   Fee   100.0 % Built 2005   81.4 % 395,071   219,614   614,685   Kohl's, Target, Linens 'n Things, Michaels, Best Buy, Office Depot, Old Navy, Pier 1 Imports, PetsMart, T.J. Maxx, DSW
                               
 
 
   
    Total Community/Lifestyle Center GLA                   13,483,958   5,069,324   18,553,282    
                               
 
 
   

29

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    Other Properties                                
1.   Crossville Outlet Center   TN   Crossville   Fee   100.0 % Acquired 2004   100.0 % —   151,256   151,256   Bass, Dressbarn, Kasper, L'eggs Hanes Bali Playtex, Liz Claiborne, Rack Room Shoes, Van Heusen, VF Outlet
2.   Factory Merchants Branson   MO   Branson   Ground Lease (2021)   100.0 % Acquired 2004   78.2 % —   269,307   269,307   Carter's, Crocs, Izod, Jones New York, Pendleton, Reebok, Tuesday Morning
3.   Factory Stores of America- Boaz   AL   Boaz   Ground Lease (2012)   100.0 % Acquired 2004   81.6 % —   111,909   111,909   Banister/Easy Spirit, Bon Worth, VF Outlet
4.   Factory Stores of America- Georgetown   KY   Georgetown   Fee   100.0 % Acquired 2004   97.7 % —   176,615   176,615   Bass, Dressbarn, Van Heusen
5.   Factory Stores of America- Graceville   FL   Graceville   Fee   100.0 % Acquired 2004   100.0 % —   83,962   83,962   Factory Brand Shoes, Van Heusen, VF Outlet
6.   Factory Stores of America- Lebanon   MO   Lebanon   Fee   100.0 % Acquired 2004   100.0 % —   86,249   86,249   Dressbarn, Van Heusen, VF Outlet
7.   Factory Stores of America- Nebraska City   NE   Nebraska City   Fee   100.0 % Acquired 2004   97.8 % —   89,646   89,646   Bass, Dressbarn, VF Outlet
8.   Factory Stores of America- Story City   IA   Story City   Fee   100.0 % Acquired 2004   85.3 % —   112,405   112,405   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
9.   Factory Stores of North Bend   WA   North Bend   Fee   100.0 % Acquired 2004   100.0 % —   223,402   223,402   Adidas, Bass, Carter's, Coach, Gap Outlet, Izod, Nike, Nine West, Samsonite, Van Heusen, VF Outlet
10.   The Factory Shoppes at Branson Meadows   MO   Branson   Ground Lease (2021)   100.0 % Acquired 2004   88.0 % —   286,924   286,924   Branson Meadows Cinemas, Dressbarn, VF Outlet
                               
 
 
   
    Total Other GLA                   —   1,591,675   1,591,675    
                               
 
 
   

30

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    Mills Properties                                
    The Mills®                                
1.   Arizona Mills   AZ   Tempe (Phoenix)   Fee   25.0 % Acquired 2007   97.8 % 594,294   657,941   1,252,235   Marshalls, Last Call Nieman Marcus, Off 5th Saks Fifth Avenue, Linens N Things, Burlington Coat Factory, Sears Appliance Outlet, Gameworks, Sports Authority, Ross Dress for Less, JCPenney Outlet, Group USA, Virgin Megastore, Hi-Health, Harkins Cinemas, IMAX Theatre
2.   Arundel Mills   MD   Hanover (Baltimore)   Fee   29.6 %(2) Acquired 2007   99.2 % 669,935   619,767   1,289,702   Bass Pro Shops, Bed Bath & Beyond, Best Buy, Books-A-Million, Burlington Coat Factory, The Children's Place, Dave & Buster's, F.Y.E., H&M, Modell's, Neiman Marcus Last Call, OFF 5TH Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, Old Navy, T.J. MAXX, Muvico Theatres
3.   Cincinnati Mills   OH   Cincinnati   Fee   50.0 % Acquired 2007   77.8 % 931,475   510,696   1,442,171   Bass Pro Shops, OFF 5th Saks Fifth Avenue Outlet, Burlington Coat Factory, Kohl's, Wonderpark, Steve & Barry's University Sportswear, Urban Behavior, Bigg's, Guitar Center, Berean Christian Store, Babies 'R' Us, Metropolis, Showcase Cinemas, Danbarry Cinemas
4.   Colorado Mills   CO   Lakewood (Denver)   Fee   18.8 %(2) Acquired 2007   82.1 % 452,746   650,246   1,102,992   Borders Books Music Café, Eddie Bauer Outlet, Last Call Clearance Center from Neiman Marcus, Off Broadway Shoe Warehouse, OFF 5TH Saks Fifth Avenue Outlet, Sports Authority, United Artists Theatre, Steve & Barry's(5)
5.   Concord Mills   NC   Concord (Charlotte)   Fee   29.6 %(2) Acquired 2007   97.0 % 659,384   694,140   1,353,524   Bass Pro Shops Outdoor World, Burlington Coat Factory, Off 5th Saks Fifth Avenue, FYE, The Children's Place Outlet, Blacklion, Dave & Buster's, NIKE, TJ Maxx, Group USA, Sun & Ski, Books-a-Million, AC Moore, Old Navy, Bed Bath & Beyond, Circuit City, NASCAR Speedpark, AMC Theatres
6.   Discover Mills   GA   Lawrenceville (Atlanta)   Fee   25.0 %(2) Acquired 2007   96.3 % 594,140   589,249   1,183,389   Bass Pro Shops, Books-A-Million, Burlington Coat Factory, Lunar Golf, Neiman Marcus Last Call, Medieval Times, Off 5th Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, ROSS Dress for Less, Sears Appliance Outlet, Sun & Ski Sports, Urban Behavior, Woodward Skatepark of Atlanta, Dave & Buster's, Steve & Barry's, AMC Theatres

31

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
7.   Franklin Mills   PA   Philadelphia   Fee   50.0 % Acquired 2007   87.8 % 818,295   924,917   1,743,212   Dave & Buster's, JC Penney Outlet Store, Burlington Coat Factory, Marshalls HomeGoods, Steve & Barry's, Modell's Sporting Goods, Group USA, Bed Bath & Beyond, Sam Ash Music, Off 5th Saks Fifth Avenue, Last Call Neiman Marcus, Sears Appliance Outlet, H&M, Woodward Skatepark, AMC Theatres
8.   Grapevine Mills   TX   Grapevine (Dallas-Ft. Worth)   Fee   29.6 %(2) Acquired 2007   95.8 % 803,372   974,691   1,778,063   Bed, Bath & Beyond, Books-A-Million, Burlington Coat Factory, The Children's Place, Dr. Pepper STARSCENTER, Forever 21, Group USA—The Clothing Co. JCPenney Outlet, Last Call Neiman Marcus, Marshalls, NIKE, OFF 5th Saks Fifth Avenue, Old Navy, Sears, Steve & Barry's, Sun & Ski Sports, Virgin Megastore, Western Warehouse, Woodward Skatepark, Gameworks, AMC Theatres
9.   Great Mall of the Bay Area   CA   Milpitas (San Jose)   Fee   24.5 %(2) Acquired 2007   93.6 % 657,506   721,172   1,378,678   Last Call Nieman Marcus, Sports Authority, Group USA, Old Navy, Kohl's, Dave & Busters, Sears Appliance Outlet, Burlington Coat Factory, Marshalls, Off 5th Saks Fifth Avenue, NIKE, Steve & Barry's(5), Century Theatres,(8)
10.   Gurnee Mills   IL   Gurnee (Chicago)   Fee   50.0 % Acquired 2007   97.0 % 952,662   863,966   1,816,628   Bass Pro Shops Outdoor World, Bed Bath & Beyond, Burlington Coat Factory, Circuit City, H & M, JCPenny Outlet Store, Kohl's, Marshall's Home Goods, Off 5th—Saks Fifth Avenue Outlet, Rink Side Sports, Sears Grand, The Sports Authority, TJ Maxx, Value City, VF Outlet, AMC Theatres
11.   Katy Mills   TX   Katy (Houston)   Fee   31.3 %(2) Acquired 2007   90.7 % 581,053   1,006,847   1,587,900   Bass Pro Shops Outdoor World, Bed Bath and Beyond, Books-A-Million, Burlington Coat Factory, F.Y.E.-For Your Entertainment, Marshalls, Neiman Marcus Last Call Clearance Center, Off 5th Saks Fifth Avenue Outlet, Steve and Barry's, Sun & Ski Sports, American Theatres, Circuit City(6)
12.   Ontario Mills   CA   Ontario   Fee   25.0 % Acquired 2007   94.5 % 809,476   672,834   1,482,310   Burlington Coat Factory, Totally for Kids, NIKE, Gameworks, The Children's Place Outlet, Cost Plus World Market, Marshalls, JCPenney Outlet, Off 5th Saks Fifth Avenue Outlet, Bed Bath & Beyond, Nordstrom Rack, Steve & Barry's, Dave & Busters, Virgin Megastore, Group USA, Sam Ash Music, Off Broadway Shoes, AMC Theatres,(8)

32

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
13.   Opry Mills   TN   Nashville   Fee   24.5 %(2) Acquired 2007   94.2 % 531,676   625,555   1,157,231   Bass Pro Shops Outdoor World, Dave & Buster's, The Gibson Showcase, Bed Bath & Beyond, Off 5th Saks Fifth Avenue Outlet, Barnes & Noble Booksellers, Old Navy Clothing Co., Off Broadway Shoe Warehouse, Nike Factory Store, Sun & Ski Sports, BLACKLION, Regal Cinema, Forever(5)
14.   Potomac Mills   VA   Prince William (Washington, D.C.)   Fee   50.0 % Acquired 2007   96.9 % 771,623   791,957   1,563,580   Group USA, Marshall's, TJ Maxx, Sears Appliance Outlet, Old Navy, JCPenney Outlet, Urban Behavior, Burlington Coat Factory, Off Broadway Shoe Warehouse, Nordstrom Rack and Off 5th Saks Fifth Avenue Outlet, Costco Warehouse, The Children's Place, AMC Theatres
15.   Sawgrass Mills   FL   Sunrise (Miami-Ft. Lauderdale)   Fee   50.0 % Acquired 2007   98.5 % 959,158   1,292,910   2,252,068   American Signature Home, Beall's Outlet, Bed Bath & Beyond, Brandsmart USA, Burlington Coat Factory, Gameworks, JCPenny Outlet Store, Marshalls, Neiman Marcus Last Call Clearance Center, Nike Factory Store, Nordstrom Rack, Off 5th Saks Fifth Avenue Outlet, Ron Jon Surf Shop, The Sports Authority, Super Target, TJ Maxx, VF Factory Outlet, Wannado City, FYE, Off Broadway Shoes, Regal Cinema
16.   St. Louis Mills   MO   Hazelwood (St. Louis)   Fee   25.0 %(2) Acquired 2007   82.1 % 681,219   510,447   1,191,666   Bed Bath & Beyond, Books-A-Million, Burlington Coat Factory, Cabela's, Circuit City, iceZONE, Marshalls MegaStore, NASCAR SpeedPark, Off Broadway Shoe Warehouse, Sears Appliance Outlet, The Children's Place Outlet, Regal Cinema
17.   The Block at Orange   CA   Orange (Los Angeles)   Fee   25.0 %(2) Acquired 2007   97.8 % 307,795   410,986   718,781   Dave & Buster's, The Power House, Ron Jon Surf Shop, Vans Skatepark, Virgin Megastore, Steve & Barry's, Lucky Strike Lanes, Borders Books & Music, Hilo Hattie, Off 5th Saks Fifth Avenue, AMC Theatres
                               
 
 
   
    Subtotal The Mills®                           11,775,809   12,518,321   24,294,130    
                               
 
 
   

33

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    Mills Regional Malls                                
18.   Briarwood Mall   MI   Ann Arbor   Fee   25.0 % Acquired 2007   94.2 % 608,118   353,185   961,303   Macy's, JCPenney, Sears, Von Maur
19.   Del Amo Fashion Center   CA   Torrance (Los Angeles)   Fee   25.0 %(2) Acquired 2007   85.5 % 1,341,701   1,057,981 (18) 2,399,682   Macy's Men's, Macy's Women's, Macy's Home & Furnishings, JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, Burlington Coat Factory, AMC Theatres
20.   Dover Mall   DE   Dover   Fee   34.1 % Acquired 2007   98.3 % 140,000   747,043   887,043   Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas
21.   Esplanade, The   LA   Kenner (New Orleans)   Fee   50.0 % Acquired 2007   89.4 % 544,140   352,940   897,080   Dillard's, Dillard's Men's, Macy's(6) (20)
22.   Falls, The   FL   Miami   Fee   25.0 % Acquired 2007   95.0 % 455,000   352,654   807,654   Bloomingdale's, Macy's, Regal Cinema
23.   Galleria at White Plains, The   NY   White Plains (New York)   Fee   50.0 % Acquired 2007   83.8 % 555,915   322,238   878,153   Macy's, Sears, H&M
24.   Hilltop Mall   CA   Richmond (San Francisco)   Fee   25.0 % Acquired 2007   84.3 % 748,551   326,001   1,074,552   JCPenny, Sears, Macy's, Wal-Mart, Steve & Barry's(6)
25.   Lakeforest Mall   MD   Gaithersburg (Washington, D.C.)   Fee   25.0 % Acquired 2007   87.4 % 639,289   398,608   1,037,897   Macy's, Lord & Taylor, JCPenney, Sears
26.   Mall at Tuttle Crossing, The   OH   Dublin (Columbus)   Fee   25.0 % Acquired 2007   93.3 % 746,568   380,762   1,127,330   Macy's, Macy's, Sears, JCPenney
27.   Marley Station   MD   Glen Burnie (Baltimore)   Fee   25.0 % Acquired 2007   78.0 % 735,682   333,901   1,069,583   Boscov's, Macy's, JCPenney, Sears, The Movies at Marley Station
28.   Meadowood Mall   NV   Reno   Fee   25.0 % Acquired 2007   91.0 % 609,840   274,682   884,522   Macy's Men's, Macy's, Sears, and JCPenney
29.   Northpark Mall   MS   Ridgeland (Jackson)   Fee   50.0 % Acquired 2007   93.8 % 646,725   311,610   958,335   Dillard's, JCPenney, Belk, United Artists Theatre
30.   Shops at Riverside, The   NJ   Hackensack (New York)   Fee   50.0 % Acquired 2007   87.4 % 404,666   339,088   743,754   Bloomingdale's, Saks Fifth Avenue, Barnes & Noble
31.   Southdale Center   MN   Edina (Minneapolis)   Fee   50.0 % Acquired 2007   87.4 % 817,320   525,191   1,342,511   Macy's, JCPenney, Marshall's, American Theatres(8)
32.   Southridge Mall   WI   Greendale (Milwaukee)   Fee   50.0 % Acquired 2007   88.3 % 874,925   352,492   1,227,417   JC Penney, Sears, Kohl's, Boston Store, Steve & Barry's, Linens N Things, Cost Plus World Market, Carmike Cinemas(8)
33.   Stoneridge Mall   CA   Pleasanton (San Francisco)   Fee   25.0 % Acquired 2007   97.9 % 841,454   459,265   1,300,719   Macy's Women's, Macy's Men's, Nordstrom, Sears, JCPenney
                               
 
 
   
    Subtotal Mills Regional Malls                   10,709,894   6,887,641   17,597,535    
                               
 
 
   
    Mills Community Centers                                
34.   Arundel Mills Marketplace   MD   Hanover (Baltimore)   Fee   29.6 %(2) Acquired 2007   100.0 % 77,472   24,141   101,613   Circuit City, Michael's, Staples
35.   Concord Mills Marketplace   NC   Concord (Charlotte)   Fee   50.0 % Acquired 2007   100.0 % 216,870   13,813   230,683   BJ's Wholesale Club, Garden Ridge
36.   Denver West Village   CO   Lakewood   Fee   18.8 % Acquired 2007   92.5 % 202,306   107,790   310,096   Barnes & Noble, Bed Bath & Beyond, Office Max, Old Navy, Wild Oats, United Artists
37.   Liberty Plaza   PA   Philadelphia   Fee   50.0 % Acquired 2007   98.2 % 319,255   52,211   371,466   Wal-Mart, Dick's Sporting Goods, Raymour & Flanigan, Super Fresh Food Market
                               
 
 
   
    Subtotal Mills Community Centers                   815,903   197,955   1,013,858    
                               
 
 
   
    Total Mills Properties                   23,301,606   19,603,917   42,905,523    
                               
 
 
   
    Total U.S. Properties GLA                   135,055,803   107,057,840   242,113,643    
                               
 
 
   

34

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
    
    
    
   Ownership
Interest
(Expiration if
Lease)(3)
    
    
    
    
 
   Property Name
   State
   City (CBSA)
   Legal
Ownership
   Year Built
or
Acquired
   Occupancy(5)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    PROPERTIES UNDER CONSTRUCTION           Expected Opening                    
1.   Pier Park   FL   Panama City Beach   Fee   100.0 % 3/08                   Dillard's, JCPenney, Target (open), Old Navy, Borders, Grand Theatres
2.   Hamilton Town Center   IN   Noblesville (Indianapolis)   Fee   50.0 % 3/08                   JCPenney (open), Borders, Dick's Sporting Goods, Old Navy, Steinmart, Bed Bath & Beyond, DSW, Ulta
3.   Houston Premium Outlets   TX   Houston   Fee   100.0 % 3/08                   Adidas, Banana Republic, Coach, Cole Haan, Elie Tahari, Juicy Couture, Michael Kors, Nike, True Religion, Tommy Hilfiger
4.   Jersey Shore Premium Outlets   NJ   Tinton Falls   Fee   100.0 % 11/08                   Brooks Brothers, Calvin Klein, Elie Tahari, Guess, J. Crew, Michael Kors, Theory, NIKE, Timberland, Tommy Hilfiger

FOOTNOTES:

(1)
This Property is managed by a third party.

(2)
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.

(3)
The date listed is the expiration date of the last renewal option available to the operating entity under the ground lease. In a majority of the ground leases, we have a right of first refusal or the right to purchase the lessor's interest. Unless otherwise indicated, each ground lease listed in this column covers at least 50% of its respective Property.

(4)
Joint Venture Properties accounted for under the equity method.

(5)
Regional Malls—Executed leases for all company-owned GLA in mall and freestanding stores, excluding majors. Premium Outlet Centers—Executed leases for all company-owned GLA (or total center GLA). Community Centers—Executed leases for all company-owned GLA including majors, mall stores and freestanding stores.

(6)
Indicates anchor is currently under development.

(7)
Indicates ground lease covers less than 50% of the acreage of this Property.

(8)
Indicates vacant anchor space(s).

(9)
The lease at the Mall at Chestnut Hill includes the entire premises including land and building.

(10)
Indicates ground lease covers all of the Property except for parcels owned in fee by anchors.

(11)
Indicates ground lease covers outparcel only.

(12)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(13)
Outside partner receives substantially all of the economic benefit due to a partner preference.

(14)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(15)
The Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(16)
Indicates anchor has announced its intent to close this location.

(17)
Indicates anchor has closed, but the Operating Partnership still collects rents and/or fees under an agreement.

35

(18)
Mall & Freestanding GLA includes office space as follows:

 
 
 
Arsenal Mall—105,807 sq. ft.   Lenox Square—2,674 sq. ft.
Century III Mall—35,929 sq. ft.   Menlo Park Mall—50,615 sq. ft.
Circle Centre Mall—9,123 sq. ft.   Oak Court Mall—126,319 sq. ft.
Copley Place—856,586 sq. ft.   Oxford Valley Mall—109,832 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.   Plaza Carolina—28,192 sq. ft.
Fashion Mall at Keystone, The—10,927 sq. ft.   River Oaks Center—118,311 sq. ft.
Firewheel Town Center—75,000 sq. ft.   Roosevelt Field—1,610 sq. ft.
Greendale Mall—119,860 sq. ft.   Stanford Shopping Center—5,748 sq. ft.
The Plaza & Court at King of Prussia—13,627 sq. ft.   The Westchester—820 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.   Del Amo Fashion Center—113,000 sq. ft.
(19)
Nordstrom to open stores in locations previously operated by others at Burlington Mall (2008), Ross Park Mall (2008), Fasion Mall at Keystone (2008), South Shore Plaza (2009), and Northshore Mall (2009).

(20)
Vacant anchor store owned by another company

36

International Properties

            Our interests in properties outside the United States are all owned through international joint venture arrangements.

            The following summarizes our joint venture investments in Europe and the underlying countries in which these joint ventures own and operate real estate properties as of December 31, 2007:

Joint Venture Investment
   Ownership Interest
   Properties open and operating
   Countries of Operation
Gallerie Commerciali Italia, S.p.A., or GCI   49.0 % 44   Italy
Simon Ivanhoe S.à.r.l., or Simon Ivanhoe   50.0 % 7   France, Poland

            In addition, we jointly hold with a third party an interest in one parcel of land for development near Paris, France outside of these two joint ventures. Simon Ivanhoe and its wholly-owned subsidiary are fully integrated European retail real estate developers, owners and managers.

            Our properties in Europe consist primarily of hypermarket-anchored shopping centers. Substantially all of our European properties are anchored by either the hypermarket retailer Auchan, primarily in Italy, who is also our partner in GCI, or are anchored by the hypermarket Carrefour in France and Poland. Certain of the properties in Italy are subject to leaseholds whereby GCI leases all or a portion of the premises from a third party who is entitled to receive substantially all the economic benefits of that portion of the properties. Auchan and Carrefour are the two largest hypermarket operators in Europe.

            We also hold real estate interests in six joint ventures in Japan, one in Mexico, and one in South Korea. The six joint ventures in Japan operate Premium Outlet centers in various cities in Japan and are held in joint ventures with Mitsubishi Estate Co., Ltd. and Sojitz Corporation (formerly known as Nissho Iwai Corporation). These centers have over 1.6 million square feet of GLA and were all 100% leased as of December 31, 2007. They contain 600 stores with approximately 300 different tenants. The Premium Outlet center in Mexico is 88% leased as of December 31, 2007, and the Premium Outlet center in South Korea is 100% leased as of December 31, 2007.

            The following summarizes these eight Premium Outlet centers in international joint ventures:

Joint Venture Investment Holdings
   Ownership Interest
Gotemba Premium Outlets—Gotemba City (Tokyo), Japan   40.0%
Rinku Premium Outlets—Izumisano (Osaka), Japan   40.0%
Sano Premium Outlets—Sano (Tokyo), Japan   40.0%
Toki Premium Outlets—Toki (Nagoya), Japan   40.0%
Tosu Premium Outlets—Fukuoka (Kyushu), Japan   40.0%
Kobe-Sanda Premium Outlets—Kobe, Japan   40.0%
Punta Norte Premium Outlets—Mexico City, Mexico   50.0%
Yeoju Premium Outlets—Yeoju, South Korea   50.0%

            We also have begun construction on Sendai Izumi Premium Outlets, a 172,000 square foot center located in Sendai, Japan. We have a 40% interest in this property consistent with the ownership structure of our other Japanese investments. Also, through a joint venture arrangement with MSREF and SZITIC CP, we have a 32.5% interest in five shopping centers that are under construction in China aggregating 2.5 million square feet of GLA.

            The following property table summarizes certain data on our properties that are under operation in Europe, Japan, Mexico, and South Korea at December 31, 2007.

37

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
    
    
    
    
    
   Gross Leasable Area (1)
    
 
   COUNTRY/Property Name
   City (Metropolitan area)
   Ownership Interest
   SPG Effective Ownership
   Year Built
   Hypermarket/ Anchor (4)
   Mall &
Freestanding
   Total
   Retail Anchors and
Major Tenants
    FRANCE                                
1.   Bay 2   Torcy (Paris)   Fee   50.0 % 2003   159,900   416,900   576,800   Carrefour, Leroy Merlin
2.   Bay 1   Torcy (Paris)   Fee   50.0 % 2004   —   348,900   348,900   Conforama, Go Sport
3.   Bel'Est   Bagnolet (Paris)   Fee   17.5 % 1992   109,800   63,300   173,100   Auchan
4.   Villabé A6   Villabé (Paris)   Fee   7.5 % 1992   124,900   159,400   284,300   Carrefour
5.   Wasquehal   Wasquehal (Lille)   Fee   50.0 % 2006   131,300   123,400   254,700   Carrefour
                       
 
 
   
        Subtotal France                   525,900   1,111,900   1,637,800    

 
 
ITALY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.   Ancona — Senigallia   Senigallia (Ancona)   Fee   49.0 % 1995   41,200   41,600   82,800   Cityper
7.   Ascoli Piceno — Grottammare   Grottammare (Ascoli Piceno)   Fee   49.0 % 1995   38,900   55,900   94,800   Cityper
8.   Ascoli Piceno — Porto Sant'Elpidio   Porto Sant'Elpidio (Ascoli Piceno)   Fee   49.0 % 1999   48,000   114,300   162,300   Cityper
9.   Bari — Casamassima   Casamassima (Bari)   Fee   49.0 % 1995   159,000   388,800   547,800   Auchan, Coin, Eldo, Bata, Leroy Merlin, Decathlon
10.   Bari — Modugno   Modugno (Bari)   Fee   49.0 % 2004   96,900   46,600   143,500   Auchan, euronics, Decathlon
11.   Brescia — Mazzano   Mazzano (Brescia)   Fee / Leasehold (2)   49.0 %(2) 1994   103,300   127,400   230,700   Auchan, Bricocenter, Upim
12.   Brindisi-Mesagne   Mesagne (Brindisi)   Fee   49.0 % 2003   88,000   140,600   228,600   Auchan
13.   Cagliari — Santa Gilla   Cagliari   Fee / Leasehold (2)   49.0 %(2) 1992   75,900   114,800   190,700   Auchan, Bricocenter
14.   Catania — La Rena   Catania   Fee   49.0 % 1998   124,100   22,100   146,200   Auchan
15.   Cinisello   Cinisello (Milano)   Fee   49.0 % 2007   125,000   250,600   375,600   Auchan
16.   Cuneo   Cuneo (Torino)   Fee   49.0 % 2004   80,700   201,500   282,200   Auchan, Bricocenter
17.   Giugliano   Giugliano (Napoli)   Fee   49.0 %(5) 2006   130,000   624,500   754,500   Auchan
18.   Milano — Rescaldina   Rescaldina (Milano)   Fee   49.0 % 2000   165,100   212,000   377,100   Auchan, Bricocenter, Decathlon, Media World
19.   Milano — Vimodrone   Vimodrone (Milano)   Fee   49.0 % 1989   110,400   80,200   190,600   Auchan, Bricocenter
20.   Napoli — Pompei   Pompei (Napoli)   Fee   49.0 % 1990   74,300   17,100   91,400   Auchan
21.   Nola — Volcano Buono   Nola (Napoli)   Fee   22.1 % 2007   142,900   733,100   876,000   Auchan, Coin, Holiday Inn, Media World
22.   Padova   Padova   Fee   49.0 % 1989   73,300   32,500   105,800   Auchan
23.   Palermo   Palermo   Fee   49.0 % 1990   73,100   9,800   82,900   Auchan
24.   Pesaro — Fano   Fano (Pesaro)   Fee   49.0 % 1994   56,300   56,000   112,300   Auchan
25.   Pescara   Pescara   Fee   49.0 % 1998   96,300   65,200   161,500   Auchan
26.   Pescara — Cepagatti   Cepagatti (Pescara)   Fee   49.0 % 2001   80,200   189,600   269,800   Auchan, Bata
27.   Piacenza — San Rocco
al Porto		   San Rocco al Porto (Piacenza)   Fee   49.0 % 1992   104,500   74,700   179,200   Auchan, Darty
28.   Porta Di Roma   Roma   Fee   19.6 % 2007   624,800   630,600   1,255,400   Auchan, Leroy Merlin, UGC Theatres, Ikea, Media World, Decathlon
29.   Roma — Collatina   Collatina (Roma)   Fee   49.0 % 1999   59,500   4,100   63,600   Auchan
30.   Sassari — Predda Niedda   Predda Niedda (Sassari)   Fee / Leasehold (2)   49.0 %(2) 1990   79,500   154,200   233,700   Auchan, Bricocenter
31.   Taranto   Taranto   Fee   49.0 % 1997   75,200   126,500   201,700   Auchan, Bricocenter
32.   Torino   Torino   Fee   49.0 % 1989   105,100   66,700   171,800   Auchan
33.   Torino — Venaria   Venaria (Torino)   Fee   49.0 % 1982   101,600   64,000   165,600   Auchan, Bricocenter
34.   Venezia — Mestre   Mestre (Venezia)   Fee   49.0 % 1995   114,100   132,600   246,700   Auchan
35.   Vicenza   Vicenza   Fee   49.0 % 1995   78,400   20,100   98,500   Auchan
36.   Ancona   Ancona   Leasehold (3)   49.0 %(3) 1993   82,900   82,300   165,200   Auchan
37.   Bergamo   Bergamo   Leasehold (3)   49.0 %(3) 1976   103,000   16,900   119,900   Auchan
38.   Brescia — Concesio   Concesio (Brescia)   Leasehold (3)   49.0 %(3) 1972   89,900   27,600   117,500   Auchan

38

 
    
    
    
    
    
   Gross Leasable Area (1)
    
 
   COUNTRY/Property Name
   City (Metropolitan area)
   Ownership Interest
   SPG Effective Ownership
   Year Built
   Hypermarket/ Anchor (4)
   Mall &
Freestanding
   Total
   Retail Anchors and
Major Tenants
    ITALY (continued)                                
39.   Cagliari — Marconi   Cagliari   Leasehold (3)   49.0 %(3) 1994   83,500   109,900   193,400   Auchan, Bricocenter, Bata
40.   Catania — Misterbianco   Misterbianco (Catania)   Leasehold (3)   49.0 %(3) 1989   83,300   16,000   99,300   Auchan
41.   Merate — Lecco   Merate (Lecco)   Leasehold (3)   49.0 %(3) 1976   73,500   88,500   162,000   Auchan, Bricocenter
42.   Milano — Cesano Boscone   Cesano Boscone (Milano)   Leasehold (3)   49.0 %(3) 2005   163,800   120,100   283,900   Auchan
43.   Milano — Nerviano   Nerviano (Milano)   Leasehold (3)   49.0 %(3) 1991   83,800   27,800   111,600   Auchan
44.   Napoli — Mugnano di Napoli   Mugnano di Napoli   Leasehold (3)   49.0 %(3) 1992   98,000   94,900   192,900   Auchan, Bricocenter
45.   Olbia   Olbia   Leasehold (3)   49.0 %(3) 1993   74,600   133,000   207,600   Auchan
46.   Roma — Casalbertone   Roma   Leasehold (3)   49.0 %(3) 1998   62,700   84,900   147,600   Auchan
47.   Sassari — Centro Azuni   Sassari   Leasehold (3)   49.0 %(3) 1995   —   35,600   35,600    
48.   Torino — Rivoli   Rivoli (Torino)   Leasehold (3)   49.0 %(3) 1986   61,800   32,300   94,100   Auchan
49.   Verona — Bussolengo   Bussolengo (Verona)   Leasehold (3)   49.0 %(3) 1975   89,300   75,300   164,600   Auchan, Bricocenter
                       
 
 
   
        Subtotal Italy                   4,475,700   5,742,800   10,218,500    
                                —    
    POLAND                                
50.   Arkadia Shopping Center   Warsaw   Fee   50.0 % 2004   202,200   900,800   1,103,000   Carrefour, Leroy Merlin, Media Saturn, Cinema City, H & M, Zara, Royal Collection, Peek & Clopperburg
51.   Wilenska Station Shopping Center   Warsaw   Fee   50.0 % 2002   92,700   215,900   308,600   Carrefour
                       
 
 
   
        Subtotal Poland       Fee           294,900   1,116,700   1,411,600    
                                —    
    JAPAN                                
52.   Gotemba Premium Outlets   Gotemba City (Tokyo)   Fee   40.0 % 2000   —   380,100   380,100   Bally, Coach, Diesel, Gap, Gucci, Jill Stuart, L.L. Bean, Nike, Tod's
53.   Kobe-Sanda Premium Outlets   Hyougo-ken (Osaka)   Ground Lease   40.0 % 2007   —   193,500   193,500   BCBG, Bose, Coach, Cole Haan, Lego, Nike, Petit Bateau, Max Azria, Theory
54.   Rinku Premium Outlets   Izumisano (Osaka)   Ground Lease (2020)   40.0 % 2000   —   320,600   320,600   Bally, Brooks Brothers, Coach, Eddie Bauer, Gap, Nautica, Nike, Timberland, Versace
55.   Sano Premium Outlets   Sano (Tokyo)   Ground Lease (2022)   40.0 % 2003   —   316,500   316,500   Bally, Brooks Brothers, Coach, Nautica, New Yorker, Nine West, Timberland
56.   Toki Premium Outlets   Toki (Nagoya)   Ground Lease (2024)   40.0 % 2005   —   230,300   230,300   Adidas, Brooks Brothers, Bruno Magli, Coach, Eddie Bauer, Furla, Nautica, Nike, Timberland, Versace
57.   Tosu Premium Outlets   Fukuoka (Kyushu)   Ground Lease (2023)   40.0 % 2004   —   240,400   240,400   BCBG, Bose, Coach, Cole Haan, Lego, Nike, Petit Bateau, Max Azria, Theory
                       
 
 
   
        Subtotal Japan                   —   1,681,400   1,681,400    

 
 
MEXICO
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
54.   Punta Norte Premium Outlets   Mexico City   Fee   50.0 % 2004   —   231,900   231,900   Christian Dior, Sony, Nautica, Levi's, Nike, Rockport, Reebok, Adidas, Samsonite
                       
 
 
   
        Subtotal Mexico                   —   231,900   231,900    

 
 
SOUTH KOREA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55.   Yeoju Premium Outlets   Yeoju   Fee   50.0 % 2007   —   249,900   249,900   Armani, Burberry, Dunhill, Ermenegildo Zegna, Salvatore Ferragamo
                       
 
 
   
        Subtotal South Korea                   —   249,900   249,900    
                       
 
 
   
    TOTAL INTERNATIONAL ASSETS               5,296,500   10,134,600   15,431,100    
                       
 
 
   

FOOTNOTES:


39

            We have direct or indirect ownership interests in four parcels of land held in the United States for future development, containing an aggregate of approximately 300 acres located in three states.

            Also, on December 28, 2005, we invested $50.0 million of equity for a 40% interest in a joint venture with Toll Brothers, Inc. and Meritage Homes Corp. to purchase a 5,485-acre land parcel in northwest Phoenix from DaimlerChrysler Corporation for $312 million. The principal use of the land upon attaining entitled status is the development of single-family homesites by our partners. As a result of the recent downturn in the residential market, during the fourth quarter of 2007 we recorded an impairment charge of $55.1 million, $35.6 million net of tax benefit, representing our entire investment in this joint venture entity, including interest capitalized on our invested equity.

            Due to the size of our portfolio, we focus on energy efficiency as a core sustainability strategy. Through the continued use of energy conservation practices, energy efficiency projects, and continuous monitoring and reporting, have reduced our energy consumption at comparable properties every year since 2003. As a result, the absolute corporate energy use for operations under our control (which excludes electricity consumed by our tenants) has decreased by 9.7% from 2003 to 2007. The 102 million kilowatt-hours decrease in energy use for this four-year period reduced related annual CO2 emissions by over 67,932 tons. This is equivalent to the amount of carbon sequestered annually by 15,439 acres of pine or fir forests and to approximately $11.0 million in avoided annual operating costs.

            We were awarded NAREIT's Leader in the Light Gold Award for the second year in a row and have been named 2008 "Energy Partner of the Year" by the United States Environmental Protection Agency (EPA). We were the first real estate company in the S&P 500 and the first retail property REIT to win this award.

            The following table sets forth certain information regarding the mortgages and other debt encumbering our properties and the properties held by our international joint venture arrangements. Substantially all of the mortgage and property related debt is nonrecourse to us.

40


Mortgage and Other Debt on Portfolio Properties
As of December 31, 2007
(Dollars in thousands)

Property Name
   Interest
Rate
   Face
Amount
   Annual Debt
Service
   Maturity
Date
  
Consolidated Indebtedness:                      

Secured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 
Simon Property Group, LP:                      
Anderson Mall   6.20 % $ 28,206   $ 2,216   10/10/12  
Arsenal Mall — 1   6.75 %   30,842     2,724   10/10/08  
Arsenal Mall — 2   8.20 %   1,199     286   05/05/16  
Bangor Mall   6.15 %   80,000     4,918   (2) 10/01/17  
Battlefield Mall   4.60 %   96,217     6,154   07/01/13  
Bloomingdale Court   7.78 %   27,080   (4)   2,578   11/01/09  
Brunswick Square   5.65 %   84,581     5,957   08/11/14  
Carolina Premium Outlets — Smithfield   9.10 %   19,973   (6)   2,114   03/10/13  
Century III Mall   6.20 %   83,261   (9)   6,541   10/10/12  
Chesapeake Square   5.84 %   71,771     5,162   08/01/14  
College Mall — 1   7.00 %   30,953   (8)   3,908   01/01/09  
College Mall — 2   6.76 %   10,492   (8)   935   01/01/09  
Copley Place   5.25 %  (1)   191,000     10,028   (2) 08/01/10   (3)
Coral Square   8.00 %   84,489     8,065   10/01/10  
The Crossings Premium Outlets   5.85 %   55,385     4,649   03/13/13  
Crossroads Mall   6.20 %   41,816     3,285   10/10/12  
Crystal River   7.63 %   15,135     1,385   11/11/10   (25)
Dare Centre   9.10 %   1,663   (6)   176   03/10/13   (25)
DeKalb Plaza   5.28 %   3,189     284   01/01/15  
Desoto Square   5.89 %   64,153     3,779   (2) 07/01/14  
The Factory Shoppes at Branson Meadows   9.10 %   9,289   (6)   983   03/10/13   (25)
Factory Stores of America — Boaz   9.10 %   2,717   (6)   287   03/10/13   (25)
Factory Stores of America — Georgetown   9.10 %   6,438   (6)   681   03/10/13   (25)
Factory Stores of America — Graceville   9.10 %   1,912   (6)   202   03/10/13   (25)
Factory Stores of America — Lebanon   9.10 %   1,607   (6)   170   03/10/13   (25)
Factory Stores of America — Nebraska City   9.10 %   1,510   (6)   160   03/10/13   (25)
Factory Stores of America — Story City   9.10 %   1,867   (6)   198   03/10/13   (25)
Forest Mall   6.20 %   16,746   (10)   1,316   10/10/12  
Forest Plaza   7.78 %   14,853   (4)   1,414   11/01/09  
Forum Shops at Caesars, The   4.78 %   533,470     34,564   12/01/10  
Gateway Shopping Center   5.89 %   87,000     5,124   (2) 10/01/11  
Gilroy Premium Outlets   6.99 %   62,423   (7)   6,236   07/11/08   (25)
Greenwood Park Mall — 1   7.00 %   25,924   (8)   3,273   01/01/09  
Greenwood Park Mall — 2   6.76 %   54,206   (8)   4,831   01/01/09  
Gwinnett Place   5.68 %   115,000     6,532   (2) 06/08/12  
Henderson Square   6.94 %   14,846     1,270   07/01/11  
Highland Lakes Center   6.20 %   15,436   (9)   1,213   10/10/12  
Independence Center   5.94 %   200,000     11,886   (2) 07/10/17  
Ingram Park Mall   6.99 %   78,372   (20)   6,724   08/11/11  
Kittery Premium Outlets   6.99 %   10,334   (7)   1,028   07/11/08   (25)
Knoxville Center   6.99 %   59,348   (20)   5,092   08/11/11  
Lake View Plaza   7.78 %   19,744   (4)   1,880   11/01/09  
Lakeline Plaza   7.78 %   21,647   (4)   2,061   11/01/09  
Las Americas Premium Outlets   5.84 %   180,000     10,511   (2) 06/11/16  
Lighthouse Place Premium Outlets   6.99 %   43,073   (7)   4,286   07/11/08   (25)
Lincoln Crossing   7.78 %   2,988   (4)   285   11/01/09  
Longview Mall   6.20 %   31,338   (9)   2,462   10/10/12  
MacGregor Village   9.10 %   6,689   (6)   708   03/10/13   (25)
Mall of Georgia   7.09 %   188,621     16,649   07/01/10  
Markland Mall   6.20 %   22,172   (10)   1,742   10/10/12  
Matteson Plaza   7.78 %   8,695   (4)   828   11/01/09  
Midland Park Mall   6.20 %   32,369   (10)   2,543   10/10/12  
Montgomery Mall   5.17 %   91,018     6,307   05/11/14   (25)
Muncie Plaza   7.78 %   7,518   (4)   716   11/01/09  
Northfield Square   6.05 %   29,742     2,485   02/11/14  
Northlake Mall   6.99 %   68,466   (20)   5,874   08/11/11  
North Ridge Shopping Center   9.10 %   8,169   (6)   865   03/10/13   (25)

41

Oxford Valley Mall   6.76 %   77,451     7,801   01/10/11  
Palm Beach Mall   6.20 %   51,781     4,068   10/10/12  
Penn Square Mall   7.03 %   67,079     6,003   03/01/09   (25)
Plaza Carolina — Fixed   5.10 %   92,405     7,085   05/09/09  
Plaza Carolina — Variable Capped   5.50 %  (29)   93,840     7,369   05/09/09   (3)
Plaza Carolina — Variable Floating   5.50 %  (1)   56,303     4,421   05/09/09   (3)
Port Charlotte Town Center   7.98 %   51,517     4,680   12/11/10   (25)
Regency Plaza   7.78 %   4,075   (4)   388   11/01/09  
Richmond Towne Square   6.20 %   45,466   (10)   3,572   10/10/12  
SB Boardman Plaza Holdings   5.94 %   23,490     1,682   07/01/14  
SB Trolley Square Holding   9.03 %   28,116     2,880   08/01/10  
St. Charles Towne Plaza   7.78 %   26,083   (4)   2,483   11/01/09  
Stanford Shopping Center   3.60 %  (11)   220,000     7,920   (2) 09/11/08  
Summit Mall   5.42 %   65,000     3,768   (2) 06/10/17  
Sunland Park Mall   8.63 %  (13)   34,558     3,768   01/01/26  
Tacoma Mall   7.00 %   124,796     10,778   10/01/11  
Town Center at Cobb   5.74 %   280,000     16,072   (2) 06/08/12  
Towne East Square — 1   7.00 %   42,678     4,711   01/01/09  
Towne East Square — 2   6.81 %   21,879     1,958   01/01/09  
Towne West Square   6.99 %   51,302   (20)   4,402   08/11/11  
University Park Mall   5.45 %  (1)   100,000     5,450   (2) 07/09/10   (3)
Upper Valley Mall   5.89 %   47,904     2,822   (2) 07/01/14  
Valle Vista Mall   5.35 %   40,000     3,598   (2) 05/10/17  
Washington Square   5.94 %   30,552     2,194   07/01/14  
Waterloo Premium Outlets   6.99 %   34,692   (7)   3,452   07/11/08   (25)
West Ridge Mall   5.89 %   68,711     4,047   (2) 07/01/14  
West Ridge Plaza   7.78 %   5,254   (4)   500   11/01/09  
White Oaks Mall   5.54 %   50,000     2,768   (2) 11/01/16  
White Oaks Plaza   7.78 %   16,031   (4)   1,526   11/01/09  
Wolfchase Galleria   5.64 %   225,000     12,700   (2) 04/01/17  
Woodland Hills Mall   7.00 %   80,144     7,185   01/01/09   (25)
       
           
Total Consolidated Secured Indebtedness       $ 5,253,059            

42


Unsecured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 
Simon Property Group, LP:                      
Unsecured Revolving Credit Facility — USD   4.98 %  (15) $ 1,798,000   $ 89,451   (2) 01/11/11   (3)
Revolving Credit Facility — Yen Currency   1.08 %  (15)   215,593     2,323   (2) 01/11/11   (3)
Revolving Credit Facility — Euro Currency   4.66 %  (15)   338,019     15,739   (2) 01/11/11   (3)
Unsecured Notes — 2B   7.00 %   150,000     10,500   (14) 07/15/09  
Unsecured Notes — 4C   7.38 %   200,000     14,750   (14) 06/15/18  
Unsecured Notes — 5B   7.13 %   300,000     21,375   (14) 02/09/09  
Unsecured Notes — 6B   7.75 %   200,000     15,500   (14) 01/20/11  
Unsecured Notes — 8A   6.35 %   350,000     22,225   (14) 08/28/12  
Unsecured Notes — 8B   5.38 %   150,000     8,063   (14) 08/28/08  
Unsecured Notes — 9A   4.88 %   300,000     14,625   (14) 03/18/10  
Unsecured Notes — 9B   5.45 %   200,000     10,900   (14) 03/15/13  
Unsecured Notes — 10A   3.75 %   300,000     11,250   (14) 01/30/09  
Unsecured Notes — 10B   4.90 %   200,000     9,800   (14) 01/30/14  
Unsecured Notes — 11A   4.88 %   400,000     19,500   (14) 08/15/10  
Unsecured Notes — 11B   5.63 %   500,000     28,125   (14) 08/15/14  
Unsecured Notes — 12 A   5.10 %   600,000     30,600   (14) 06/15/15  
Unsecured Notes — 12 B   4.60 %   400,000     18,400   (14) 06/15/10  
Unsecured Notes — 13 A   5.38 %   500,000     26,875   (14) 06/01/11  
Unsecured Notes — 13 B   5.75 %   600,000     34,500   (14) 12/01/15  
Unsecured Notes — 14 A   5.75 %   400,000     23,000   (14) 05/01/12  
Unsecured Notes — 14 B   6.10 %   400,000     24,400   (14) 05/01/16  
Unsecured Notes — 15 A   5.60 %   600,000     33,600   (14) 09/01/11  
Unsecured Notes — 15 B   5.88 %   500,000     29,375   (14) 03/01/17  
Unsecured Notes — 16 A   5.00 %   600,000     30,000   (14) 03/01/12  
Unsecured Notes — 16 B   5.25 %   650,000     34,125   (14) 12/01/16  
Mandatory Par Put Remarketed Securities   7.00 %   200,000     14,000   (14) 06/15/08   (16)
       
           
          11,051,612            

The Retail Property Trust, subsidiary:
 
 
 
 
 
 
 
 
 
 
 
Unsecured Notes — CPI 4   7.18 %   75,000     5,385   (14) 09/01/13  
Unsecured Notes — CPI 5   7.88 %   250,000     19,688   (14) 03/15/16  
       
           
          325,000            

CPG Partners, LP, subsidiary:
 
 
 
 
 
 
 
 
 
 
 
Unsecured Notes — CPG 3   3.50 %   100,000     3,500   (14) 03/15/09  
Unsecured Notes — CPG 4   8.63 %   50,000     4,313   (14) 08/17/09  
Unsecured Notes — CPG 5   8.25 %   150,000     12,375   (14) 02/01/11  
Unsecured Notes — CPG 6   6.88 %   100,000     6,875   (14) 06/15/12  
Unsecured Notes — CPG 7   6.00 %   150,000     9,000   (14) 01/15/13  
       
           
          550,000            
       
           
  Total Consolidated Unsecured Indebtedness         11,926,612            
       
           
  Total Consolidated Indebtedness at Face Amounts         17,179,671            
  Fair Value Interest Rate Swaps         (90)   (24)          
  Net Premium on Indebtedness         63,901            
  Net Discount on Indebtedness         (24,808 )          
       
           
  Total Consolidated Indebtedness       $ 17,218,674   (19)          
       
           

43


Joint Venture Indebtedness:
 
 
 
 
 
 
 
 
 
 
 

Secured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 
Apple Blossom Mall   7.99 % $ 37,689   $ 3,607   09/10/09  
Arizona Mills   7.90 %   136,017     10,752   10/05/10  
Arkadia Shopping Center   5.63 %  (31)   150,673     8,481   (2) 05/31/12  
Arundel Marketplace   5.92 %   11,784     884   01/01/14  
Arundel Mills   6.14 %   385,000     23,639   (2) 08/01/14  
Atrium at Chestnut Hill   6.89 %   45,338     3,880   03/11/11   (25)
Auburn Mall   7.99 %   44,123     4,222   09/10/09  
Aventura Mall   5.91 %   430,000     25,392   (2) 12/11/17  
Avenues, The   5.29 %   74,226     5,325   04/01/13  
Bay 1 (Torcy)   5.38 %  (31)   20,721     1,115   (2) 05/31/11  
Bay 2 (Torcy)   5.38 %  (31)   77,304     4,158   (2) 06/30/11  
Block at Orange   6.25 %   220,000     13,753   (2) 10/01/14  
Briarwood Mall — 1   3.93 %   192,402     7,569   (2) 11/01/09  
Briarwood Mall — 2   5.11 %   1,548     79   (2) 09/01/09  
Cape Cod Mall   6.80 %   92,100     7,821   03/11/11  
Castleton Storage   6.65 %  (1)   4,636     308   (2) 07/31/09   (3)
Changshu SZITIC   7.18 %  (39)   27,140     1,949   (2) 04/10/17  
Circle Centre Mall   5.02 %   74,276     5,165   04/11/13  
Clay Terrace   5.08 %   115,000     5,842   (2) 10/01/15  
Cobblestone Court   5.60 %  (1)   2,700     151   (2) 04/16/10  
Coconut Point   5.83 %   230,000     13,409   (2) 12/10/16  
Coddingtown Mall   5.75 %  (1)   15,500     891   (2) 07/14/10  
Colorado Mills   6.18 %  (38)   170,000     10,506   (2) 11/12/09  
Concord Mills Mall   6.13 %   169,612     13,208   12/07/12  
Concord Marketplace   5.76 %   13,715     1,013   02/01/14  
Crystal Mall   5.62 %   98,213     7,319   09/11/12   (25)
Dadeland Mall   6.75 %   186,553     15,566   02/11/12   (25)
Del Amo   6.55 %  (1)   326,513     21,387   (2) 01/10/08  
Denver West Village   8.15 %   22,515     2,153   10/01/11  
Discover Mills — 1   7.32 %   23,700     1,735   (2) 12/11/11  
Discover Mills — 2   6.08 %   135,000     8,212   (2) 12/11/11  
Domain Residential   5.75 %  (1)   29,810     1,714   (2) 03/03/11   (3)
Dover Mall & Commons   6.55 %  (37)   83,756   (35)   5,486   (2) 02/01/12   (3)
Eastland Mall   5.79 %   168,000     9,734   (2) 06/01/16  
Emerald Square Mall   5.13 %   134,642     9,479   03/01/13  
Empire Mall   5.79 %   176,300     10,215   (2) 06/01/16  
Esplanade, The   6.55 %  (37)   75,136   (35)   4,921   (2) 02/01/12   (3)
Falls, The   4.34 %   148,200     6,432   (2) 11/01/09  
Fashion Centre Pentagon Retail   6.63 %   154,540     12,838   09/11/11   (25)
Fashion Centre Pentagon Office   5.35 %  (30)   40,000     2,140   (2) 07/09/09   (3)
Fashion Valley Mall — 1   6.49 %   155,843     13,218   10/11/08   (25)
Fashion Valley Mall — 2   6.58 %   29,124     1,915   (2) 10/11/08   (25)
Firewheel Residential   6.45 %  (1)   19,939     1,286   (2) 06/20/11   (3)
Florida Mall, The   7.55 %   250,721     22,766   12/10/10  
Franklin Mills   5.65 %   290,000     16,385   (2) 06/01/17  
Galleria at White Plains   6.55 %  (37)   125,566   (35)   8,225   (2) 02/01/12   (3)
Galleria Commerciali Italia — Facility A   5.73 %  (18)   358,954     26,938   12/22/11   (3)
Galleria Commerciali Italia — Facility B   5.83 %  (27)   354,932     28,200   12/22/11  
Galleria Commerciali Italia — Cinisello 1   5.48 %  (32)   110,144     6,035   (2) 03/31/08  
Galleria Commerciali Italia — Cinisello 2   5.38 %  (33)   42,670     2,295   (2) 03/31/08  
Galleria Commerciali Italia — Giugliano   5.33 %  (34)   41,241     2,198   (2) 10/20/13  
Galleria Commerciali Italia — Catania   5.48 %  (5)   20,064     1,099   (2) 12/15/09  
Gaitway Plaza   4.60 %   13,900   (17)   640   (2) 07/01/15  
Granite Run Mall   5.83 %   119,812     8,622   06/01/16  
Grapevine Mills   6.47 %   145,160     11,720   10/01/08  
Grapevine Mills II   8.39 %   13,622     1,324   11/05/08  
Great Mall of the Bay Area   4.80 %   175,000     8,400   (2) 09/01/08  
Greendale Mall   6.00 %   45,000     2,699   (2) 10/01/16  

44

Gotemba Premium Outlets — Fixed   2.00 %   7,878   (26)   1,165   10/25/14  
Gotemba Premium Outlets — Variable   1.61 %  (12)   60,154   (26)   4,494   02/28/13  
Gurnee Mills   5.77 %   321,000     18,512   (2) 07/01/17  
Hamilton Town Center   5.60 %  (1)   36,677     2,054   (2) 03/31/08  
Hangzhou   7.18 %  (40)   16,284     1,170   (2) 06/15/17  
Highland Mall   6.83 %   65,865     5,634   07/10/11  
Hilltop Mall   4.99 %   64,350     3,211   (2) 07/08/12  
Houston Galleria — 1   5.44 %   643,583     34,985   (2) 12/01/15  
Houston Galleria — 2   5.44 %   177,417     9,644   (2) 12/01/15  
Indian River Commons   5.21 %   9,645     503   (2) 11/01/14  
Indian River Mall   5.21 %   65,355     3,408   (2) 11/01/14  
Katy Mills   6.69 %   148,000     9,906   (2) 01/09/13  
King of Prussia Mall — 1   7.49 %   151,396     20,118   01/01/17  
King of Prussia Mall — 2   8.53 %   10,564     1,388   01/01/17  
Kobe Premium Outlets   1.35 %   18,799   (26)   770   01/31/12  
Lakeforest Mall   4.90 %   141,050     6,904   (2) 07/08/10  
Lehigh Valley Mall   5.16 %  (36)   150,000     7,740   (2) 08/09/10   (3)
Liberty Plaza   5.68 %   43,000     2,442   (2) 06/01/17  
Liberty Tree Mall   5.22 %   35,000     1,827   (2) 10/11/13  
Mall at Chestnut Hill   8.45 %   13,966     1,396   02/01/10  
Mall at Rockingham   5.61 %   260,000     17,931   03/10/17  
Mall at Tuttle Crossing   5.05 %   118,180     7,774   11/05/13  
Mall of New Hampshire — 1   6.96 %   94,588     8,345   10/01/08   (25)
Mall of New Hampshire — 2   8.53 %   7,890     786   10/01/08  
Marley Station   4.89 %   114,400     5,595   (2) 07/01/12  
Meadowood Mall   5.19 %  (38)   182,000     9,442   (2) 11/01/09   (3)
Mesa Mall   5.79 %   87,250     5,055   (2) 06/01/16  
Miami International Mall   5.35 %   95,904     6,533   10/01/13  
Mills Senior Loan Facility   5.85 %  (1)   773,000     45,221   (2) 06/07/12   (3)
Net Leases I   7.96 %   26,326     2,096   (2) 10/10/10  
Net Leases II   9.35 %   21,049     1,968   (2) 01/10/23  
Northpark Mall — Mills   6.55 %  (37)   105,543   (35)   6,913   (2) 02/01/12   (3)
Northshore Mall   5.03 %   207,850     13,566   03/11/14   (25)
Ontario Mills   6.75 %   128,192     11,286   12/01/08  
Ontario Mills II   8.01 %   9,828     925   01/05/09  
Opry Mills   6.16 %   280,000     17,248   (2) 10/10/14  
Potomac Mills   5.83 %   410,000     23,901   (2) 07/11/17  
Plaza at Buckland Hills, The   4.60 %   24,800   (17)   1,142   (2) 07/01/15  
Quaker Bridge Mall   7.03 %   20,790     2,407   04/01/16  
Ridgewood Court   4.60 %   14,650   (17)   674   (2) 07/01/15  
Rinku Premium Outlets   2.19 %   36,998   (26)   4,935   11/25/14  
Rushmore Mall   5.79 %   94,000     5,446   (2) 06/01/16  
Sano Premium Outlets   2.39 %   34,755   (26)   7,094   05/31/16  
Sawgrass Mills   5.82 %   850,000     49,470   (2) 07/01/14  
Shops at Riverside, The   5.40 %  (1)   130,000     7,020   (2) 11/14/11   (3)
St. Johns Town Center   5.06 %   170,000     8,602   (2) 03/11/15  
St. John's Town Center Phase II   5.25 %  (1)   64,000     3,360   (2) 02/12/10   (3)
St. Louis Mills   6.39 %   90,000     5,751   (2) 01/08/12   (3)
Seminole Towne Center   5.25 %  (22)   70,000     3,675   (2) 07/09/09   (3)
Shops at Sunset Place, The   5.35 %  (21)   87,469     6,701   05/09/09   (3)
Smith Haven Mall   5.16 %   180,000     9,283   (2) 03/01/16  
Solomon Pond   3.97 %   111,379     6,505   08/01/13  
Source, The   6.65 %   124,000     8,246   (2) 03/11/09  
Southern Hills Mall   5.79 %   101,500     5,881   (2) 06/01/16  
Southdale Center   5.18 %   186,550     9,671   (2) 04/01/10  
SouthPark Residential   6.00 %  (1)   41,141     2,468   (2) 12/31/10   (3)
Southridge Mall   5.23 %   124,000     6,489   (2) 04/01/12  
Springfield Mall   5.70 %  (1)   76,500     4,361   (2) 12/01/10   (3)
Square One   6.73 %   88,763     7,380   03/11/12  
Stoneridge Shopping Center   4.69 %  (38)   293,800     13,785   (2) 11/01/09  

45

Surprise Grand Vista   10.61 %   298,161     31,640   (2) 12/28/10  
Toki Premium Outlets   1.45 %  (12)   19,962   (26)   3,313   10/31/11  
Tosu Premium Outlets   2.20 %   20,379   (26)   2,024   01/31/14  
University Storage   6.65 %  (1)   5,288     352   (2) 07/31/09   (3)
Valley Mall   5.83 %   46,602     3,357   06/01/16  
Villabe A6 — Bel'Est   5.68 %  (31)   12,917     734   (2) 08/31/11  
Village Park Plaza   4.60 %   29,850   (17)   1,374   (2) 07/01/15  
West Town Corners   4.60 %   18,800   (17)   865   (2) 07/01/15  
West Town Mall   6.34 %   210,000     13,309   (2) 12/01/17  
Westchester, The   4.86 %   500,000     24,300   (2) 06/01/10  
Whitehall Mall   6.77 %   12,663     1,282   11/01/08  
Wilenska Station Shopping Center   6.08 %  (31)   44,091     2,680   (2) 08/31/11  
       
           
  Total Joint Venture Secured Indebtedness at Face Amounts       $ 16,191,865            

Unsecured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 
Galleria Commerciali Italia—Facility C   4.93 %  (1)   189,562   (28)   9,348   (2) 12/22/08  
Trust Preferred Unsecured Securities   7.38 %   100,000     7,375   (2) 03/30/09   (3)
       
           
Total Joint Venture Unsecured Indebtedness         289,562            
 
Net Premium on Indebtedness
 
 
 
 
26,350
 
 
 
 
 
 
  Net Discount on Indebtedness         (701 )          
       
           
  Total Joint Venture Indebtedness       $ 16,507,076   (23)          
       
           

(Footnotes on following page)

46

(Footnotes for preceding pages)

(1)
Variable rate loans based on LIBOR plus interest rate spreads ranging from 37.5 bps to 205 bps. LIBOR as of December 31, 2007 was 4.60%.

(2)
Requires monthly payment of interest only.

(3)
Includes applicable extension available at the Operating Partnership's option.

(4)
Loans secured by these eleven Properties are cross-collateralized and cross-defaulted.

(5)
Debt is denominated in Euros and bears interest at 3 month Euribor + 0.80%. Debt consists of a Euros 14.7 million tranche with Euros 13.6 million is drawn.

(6)
Loans secured by these eleven Properties are cross-collateralized and cross-defaulted.

(7)
Loans secured by these four Properties are cross-collateralized and cross-defaulted.

(8)
Loans secured by these two Properties are cross-collateralized and cross-defaulted.

(9)
Loans secured by these three Properties are cross-collateralized.

(10)
Loans secured by these four Properties are cross-collateralized.

(11)
Simultaneous with the issuance of this loan, the Operating Partnership entered into a $70 million notional amount variable rate swap agreement which is designated as a hedge against this loan. As of December 31, 2007, after including the impacts of this swap, the terms of the loan are effectively $150 million fixed at 3.60% and $70 million variable rate at 4.60%.

(12)
Variable rate loans based on Yen LIBOR plus interest rate spreads ranging from 50 bps to 187.5 bps. Yen LIBOR as of December 31, 2007 was 0.7025%.

(13)
Lender also participates in a percentage of certain gross receipts above a specified base. This threshold was met and additional interest was paid in 2007.

(14)
Requires semi-annual payments of interest only.

(15)
$3,500,000 Credit Facility. As of December 31, 2007, the Credit Facility bears interest at LIBOR + 0.375% and provides for different pricing based upon the Operating Partnership's investment grade rating. As of December 31, 2007, $1.1 billion was available after outstanding borrowings and letter of credits.

(16)
The MOPPRS have an actual maturity of June 15, 2028, but are subject to mandatory redemption on June 15, 2008.

(17)
Loans secured by these five Properties are cross-collateralized and cross-defaulted.

(18)
Debt is denominated in Euros and bears interest at 3 month Euribor + 1.05%. Debt consists of a Euros 258.5 million tranche of which Euros 243.7 million is drawn.

(19)
Our share of consolidated indebtedness was $16,933,771.

(20)
Loans secured by these four Properties are cross-collateralized and cross-defaulted.

(21)
LIBOR + 0.750%, with LIBOR capped at 7.500%.

(22)
LIBOR + 0.650%, with LIBOR capped at 8.500%.

(23)
Our share of joint venture indebtedness was $6,568,403.

(24)
Represents the fair market value of interest rate swaps entered into by the Operating Partnership.

(25)
The maturity date shown represents the Anticipated Maturity Date of the loan which is typically 10-20 years earlier than the stated Maturity Date of the loan. Should the loan not be repaid at the Anticipated Repayment Date the applicable interest rate shall increase as specified in the loan agreement.

(26)
Amounts shown in US Dollar Equivalent. Yen equivalent 22,221.8 million

(27)
Debt is denominated in Euros and bears interest at 3 month Euribor + 1.15%. Debt consists of a Euros 255 million tranche which Euros 241.0 million is drawn.

(28)
Debt is denominated in Euros and bears interest at Euribor + 0.650%. Debt consists of a Euros 150 million tranche of which Euros 128.7 million is drawn.

(29)
LIBOR + 0.900%, with LIBOR capped at 8.250%.

(30)
LIBOR + 0.750%, with LIBOR capped at 8.250%.

(31)
Associated with these loans are interest rate swap agreements with a total combined Euro 199.3 million notional amount that effectively fixed these loans at a combined 4.75%.

47

(32)
Debt is denominated in Euros and bears interest at 3 month Euribor + 0.70%. Debt consists of a Euros 75 million tranche which Euros 74.8 million is drawn.

(33)
Debt is denominated in Euros and bears interest at 3 month Euribor + 0.80%. Debt consists of a Euros 30 million tranche which Euros 29.0 million is drawn.

(34)
Debt is denominated in Euros and bears interest at 3 month Euribor + 0.65%. Debt consists of a Euros 55 million tranche which Euros 28.0 million is drawn.

(35)
Loans secured by these four Properties are cross-collateralized and cross-defaulted.

(36)
LIBOR + 0.560%, with LIBOR capped at 7.00%.

(37)
LIBOR + 1.950%, with LIBOR capped at 6.00%.

(38)
Associated with these loans are an interest rate swap agreement that effectively fixes the interest rate of the loans.

(39)
Debt is denominated in Chinese Yuan Renuinbi and bears interest at 95% of the People's Republic of China (PBOC) rate. Debt consists of a CNY 250 million tranche which CNY 200 million is drawn.

(40)
Debt is denominated in Chinese Yuan Renuinbi and bears interest at 95% of the People's Republic of China (PBOC) rate. Debt consists of a CNY 250 million tranche which CNY 120 million is drawn.

48


Mortgage and Other Debt on Portfolio Properties
As of December 31, 2007
(Dollars in thousands)

            The changes in mortgages and other indebtedness for the years ended December 31, 2007, 2006 and 2005 are as follows:

 
   2007
   2006
   2005
  
Balance, Beginning of Year   $ 15,394,489   $ 14,106,117   $ 14,586,393  
  Additions during period:                    
    New Loan Originations     3,362,732     2,810,239     2,484,264  
    Loans assumed in acquisitions and consolidations     399,545     192,272     —  
    Net Premium/(Discount) and other     (1,669 )   (5,031 )   (11,328 )
  Deductions during period:                    
    Loan Retirements     (1,862,145 )   (1,619,148 )   (2,764,438 )
    Loans Related to Deconsolidations     —     —     (100,022 )
    Amortization of Net (Premiums)/Discounts     (13,661 )   (25,784 )   (33,710 )
    Scheduled Principal Amortization     (60,617 )   (64,176 )   (55,042 )
   
 
 
 
Balance, End of Year   $ 17,218,674   $ 15,394,489   $ 14,106,117  
   
 
 
 

Item 3. Legal Proceedings

            In November of 2004, the Attorneys General of Massachusetts, New Hampshire and Connecticut filed complaints in their respective state courts against us and our affiliate, SPGGC, Inc., alleging that the sale of co-branded, bank-issued gift cards sold in certain of our properties violated gift certificate statutes and consumer protection laws in those states. We filed our own actions for declaratory relief in Federal district courts in each of the three states. We have also been named as a defendant in two other state court proceedings in New York which have been brought by private parties as purported class actions. They allege violation of state consumer protection and contract laws and seek a variety of remedies, including unspecified damages and injunctive relief.

            In 2006, we received a judgment in our favor in the Federal district court in New Hampshire. The First Circuit Court of Appeals affirmed that ruling on May 30, 2007, holding that the current gift card program is a banking product and state law regulation is preempted by federal banking laws. The First Circuit Court of Appeals did not, however, rule on the question of whether the gift card program as it existed prior to January 1, 2005, was similarly exempt from state regulation. In February 2007, we entered into a voluntary, no-fault settlement with the New Hampshire Attorney General relating to the gift card program in New Hampshire as it existed prior to January 1, 2005. The New Hampshire litigation was dismissed at that time.

            In October 2007, the Second Circuit Court of Appeals issued a ruling in the case brought by the Connecticut Attorney General holding that the Connecticut gift card statute could be applied to the gift card program as it existed prior to January 1, 2005, and could prohibit the charging of administrative fees but could not prohibit the use of expiration dates on gift cards.

            We believe we have viable defenses under both state and federal laws to the pending gift card actions in Massachusetts, Connecticut and New York. Although it is not possible to provide any assurance of the ultimate outcome of any of these pending actions, management does not believe they will have any material adverse affect on our financial position, results of operations or cash flow.

            We are involved in various other legal proceedings that arise in the ordinary course of our business. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.

Item 4. Submission of Matters to a Vote of Security Holders

            None.

49


Part II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

            Our common stock trades on the New York Stock Exchange under the symbol "SPG". The quarterly price range on the NYSE for the shares and the distributions declared per share for each quarter in the last two fiscal years are shown below:

 
   High
   Low
   Close
   Declared
Dividends
2006                        
1st Quarter   $ 88.48   $ 76.21   $ 84.14   $ 0.76
2nd Quarter     84.88     76.14     82.94     0.76
3rd Quarter     92.35     81.19     90.62     0.76
4th Quarter     104.08     89.75     101.29     0.76

2007
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter   $ 123.96   $ 98.50   $ 111.25   $ 0.84
2nd Quarter     118.25     91.12     93.04     0.84
3rd Quarter     103.00     82.60     100.00     0.84
4th Quarter     109.00     85.49     86.86     0.84

            There is no established public trading market for Simon Property's Class B common stock or Class C common stock. Distributions per share of the Class B and Class C common stock are identical to the common stock.

            The number of holders of record of common stock outstanding was 2,165 as of December 31, 2007. The Class B common stock is held entirely by a voting trust to which Melvin Simon, Herbert Simon, David Simon and certain of their affiliates are parties and is exchangeable on a one-for-one basis into shares of common stock, and the Class C common stock is held entirely by NID Corporation, the successor corporation of Edward J. DeBartolo Corporation, and is also exchangeable on a one-for-one basis into shares of common stock.

            We are required to pay a minimum level of dividends to maintain our status as a REIT. Our dividends and distributions of the Operating Partnership typically exceed our net income generated in any given year primarily because of depreciation, which is a "non-cash" expense. Our future dividends and the distributions of the Operating Partnership will be determined by the Board of Directors based on actual results of operations, cash available for dividends and limited partner distributions, and what may be required to maintain our status as a REIT. We paid a common stock dividend of $0.84 per share in the fourth quarter of 2007.

            We offer an Automatic Dividend Reinvestment Plan that allows stockholders to acquire additional shares by automatically reinvesting cash dividends. Shares are acquired pursuant to the plan at a price equal to the prevailing market price of such shares, without payment of any brokerage commission or service charge.

            During the fourth quarter of 2007, we sold 6,000,000 shares of Series L Variable Rate Redeemable Preferred Stock to a single institutional investor for $150.0 million. We used the proceeds to fund the redemption of the Series G Cumulative Redeemable Preferred Stock. The Series L preferred stock was not registered under the Securities Act of 1933, as amended, in reliance upon the exemption contained in Section 4(2) regarding private transactions. We redeemed the series L preferred stock in the fourth quarter of 2007 for a price equal to its liquidation value plus accrued dividends.

50

            For information regarding the securities authorized for issuance under our equity compensation plans, see Item 12 of this report.

            On July 26, 2007, our Board of Directors authorized the repurchase of up to $1.0 billion of our common stock over the next twenty-four months as market conditions warrant. We may repurchase shares in the open market or in privately negotiated transactions. As of December 31, 2007, the program had remaining availability of approximately $950.7 million. There were no purchases under this program during the fourth quarter of 2007.

Item 6. Selected Financial Data

            The information required by this item is incorporated herein by reference to the Selected Financial Data section of the 2007 Annual Report to Stockholders filed as Exhibit 13.1 to this Form 10-K.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

            The information required by this item is incorporated herein by reference to the Management's Discussion and Analysis of Financial Condition and Results of Operations section of Simon Property's 2007 Annual Report to Stockholders filed as Exhibit 13.1 to this Form 10-K.

Item 7A. Qualitative and Quantitative Disclosure About Market Risk

            The information required by this item is incorporated herein by reference to the Management's Discussion and Analysis of Financial Condition and Results of Operations section of Simon Property's 2007 Annual Report to Stockholders under the caption "Liquidity and Capital Resources — Market Risk," filed as Exhibit 13.1 to this Form 10-K.

Item 8. Financial Statements and Supplementary Data

            Reference is made to the Index to Financial Statements contained in Item 15.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

            None.

Item 9A. Controls and Procedures

            Evaluation of Disclosure Controls and Procedures.    We carried out an evaluation under the supervision and with participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective as of December 31, 2007.

            Management's Report on Internal Control over Financial Reporting.    Our management's report on internal control over financial reporting is set forth in our 2008 Annual Report to Stockholders filed as Exhibit 13.1 to this Form 10-K and is incorporated herein by reference.

            Changes in Internal Control Over Financial Reporting.    There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f)) that occurred during the fourth quarter of 2007 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

            None.

51


Part III

Item 10. Directors, Executive Officers and Corporate Governance

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2008 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A and the information included under the caption "Executive Officers of the Registrants" in Part I hereof.

Item 11. Executive Compensation

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2008 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2008 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

Item 13. Certain Relationships and Related Transactions and Director Independence

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2008 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

Item 14. Principal Accountant Fees and Services

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2008 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

52


Part IV

Item 15. Exhibits and Financial Statement Schedules

(1)
Consolidated Financial Statements

            Simon Property Group, Inc. and Subsidiaries' consolidated financial statements and independent registered public accounting firm's reports are included in our 2007 Annual Report to Stockholders, filed as Exhibit 13.1 to this Form 10-K and are incorporated herein by reference.

 
    
   Page No.
(2)   Financial Statement Schedule    

 
 
Simon Property Group, Inc. and Subsidiaries Schedule III — Schedule of Real Estate and Accumulated Depreciation
 
58

 
 
Notes to Schedule III
 
65

(3)
 
Exhibits
 
 

 
 
The Exhibit Index attached hereto is hereby incorporated by reference to this Item.
 
56

53


SIGNATURES

            Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
SIMON PROPERTY GROUP, INC.

 
By
 
/s/  DAVID SIMON      
David Simon
Chairman of the Board of Directors
and Chief Executive Officer

February 26, 2008

            Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature
   Capacity
   Date

 
 
 
 
 
/s/  DAVID SIMON      
David Simon		   Chairman of the Board of Directors
and Chief Executive Officer
  (Principal Executive Officer)		   February 26, 2008

/s/  HERBERT SIMON      
Herbert Simon
 
Co-Chairman Emeritus
 
February 26, 2008

/s/  MELVIN SIMON      
Melvin Simon
 
Co-Chairman Emeritus
 
February 26, 2008

/s/  RICHARD S. SOKOLOV      
Richard S. Sokolov
 
President, Chief Operating Officer and Director
 
February 26, 2008

/s/  BIRCH BAYH      
Birch Bayh
 
Director
 
February 26, 2008

/s/  MELVYN E. BERGSTEIN      
Melvyn E. Bergstein
 
Director
 
February 26, 2008

/s/  LINDA WALKER BYNOE      
Linda Walker Bynoe
 
Director
 
February 26, 2008

/s/  PIETER S. VAN DEN BERG      
Pieter S. van den Berg
 
Director
 
February 26, 2008

54


/s/  REUBEN S. LEIBOWITZ      
Reuben S. Leibowitz
 
Director
 
February 26, 2008

/s/  FREDRICK W. PETRI      
Fredrick W. Petri
 
Director
 
February 26, 2008

/s/  J. ALBERT SMITH, JR.      
J. Albert Smith, Jr.
 
Director
 
February 26, 2008

/s/  KAREN N. HORN      
Karen N. Horn
 
Director
 
February 26, 2008

/s/  M. DENISE DEBARTOLO YORK      
M. Denise DeBartolo York
 
Director
 
February 26, 2008

/s/  STEPHEN E. STERRETT      
Stephen E. Sterrett
 
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
 
February 26, 2008

/s/  JOHN DAHL      
John Dahl
 
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
 
February 26, 2008

55

Exhibits
    
2   Agreement and Plan of Merger, dated as February 12, 2007, by and among SPG-FCM Ventures, LLC, SPG-FCM Acquisitions, Inc., SPG-FCM Acquisitions, L.P., The Mills Corporation, and The Mills Limited Partnership (incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed February 23, 2007).
3.1   Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 of the Form 8-K filed by the Registrant on October 9, 1998).
3.2   Restated By-laws of the Registrant (incorporated by reference to Exhibit 3.2 of the Registrant's Current Report on Form 8-K filed October 16, 2007).
3.3   Certificate of Powers, Designations, Preferences and Rights of the 7.00% Series C Cumulative Convertible Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.1 of the Registrant's Form 10-Q filed on November 15, 1999).
3.3a   Certificate of Correction Filed to Correct Certain Errors in Certificate of Powers, Designations, Preferences and Rights of the 7.00% Series C Cumulative Convertible Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.1a of the Registrant's Form 10-Q filed on November 15, 1999).
3.4   Certificate of Powers, Designations, Preferences and Rights of the 8.00% Series D Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2 of the Registrant's Form 10-Q filed on November 15, 1999).
3.4a   Certificate of Correction Filed to Correct Certain Errors in Certificate of Powers, Designations, Preferences and Rights of the 8.00% Series D Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2a of the Registrant's Form 10-Q filed on November 15, 1999).
3.6   Certificate of Powers, Designations, Preferences and Rights of the 7.89% Series G Cumulative Step-Up Premium Rate Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-4 filed by the Registrant on May 9, 2001 (Reg. No. 333-60526)).
3.7   Certificate of Powers, Designations, Preferences and Rights of the 6% Series I Convertible Perpetual Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed October 20, 2004).
3.8   Certificate of Powers, Designations, Preferences and Rights of the 83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed October 20, 2004).
3.9   Certificate of Powers, Designations, Preferences and rights of the Series L Variable Rate Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on October 2, 2007).
9.1   Second Amended and Restated Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between Melvin Simon & Associates, Inc., on the one hand and Melvin Simon, Herbert Simon, and David Simon on the other hand (incorporated by reference to Exhibit 9.1 of the Registrant's Quarterly Report on Form 10-Q filed on May 10, 2004).
9.2   Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between David Simon, Melvin Simon and Herbert Simon (incorporated by reference to Exhibit 9.2 of the Registrant's Quarterly Report on Form 10-Q filed on May 10, 2004).
10.1   Credit Agreement, dated as of October 12, 2004, among Simon Property Group, L.P., the Lenders named therein, and the Co-Agents named therein (incorporated by reference to Exhibit 10 of the Registrant's Quarterly Report on Form 10-Q filed on November 8, 2004).
10.2   $3,500,000,000 Credit Agreement, dated as of December 15, 2005, among Simon Property Group, L.P., the Institutions named therein as Lenders and the Institutions named therein as Co-Agents (incorporated by reference to Exhibit 99.2 of Simon Property Group, L.P.'s Current Report on Form 8-K filed on December 20, 2005).
10.3   Amendment to Credit Agreement among Simon Property Group, L.P., the Institutions named therein as Lenders and the Institutions named therein as Co-Agents, dated October 4, 2007.
10.4   Form of the Indemnity Agreement between the Registrant and its directors and officers (incorporated by reference to Exhibit 10.7 of the Form S-4 filed by the Registrant on August 13, 1998 (Reg. No. 333-61399)).
10.5   Registration Rights Agreement, dated as of September 24, 1998, by and among the Registrant and the persons named therein. (incorporated by reference to Exhibit 4.4 of the Form 8-K filed by the Registrant on October 9, 1998).
10.6   Registration Rights Agreement, dated as of August 27, 1999 by and among the Registrant and the persons named therein (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-3 filed March 24, 2004 (Reg. No. 333-113884)).
10.7   Registration Rights Agreement, dated as of November 14, 1997, by and between O'Connor Retail Partners, L.P. and Simon DeBartolo Group, Inc. (incorporated by reference to Exhibit 4.8 to the Registration Statement on Form S-3 filed December 7, 2001 (Reg. No. 333-74722)).
10.8*   Simon Property Group, L.P. 1998 Stock Incentive Plan, as amended (incorporated by reference to Exhibit 10.1 to the Form 8-K dated October 5, 2006).
10.9*   Form of Nonqualified Stock Option Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 of the 2004 Form 10-K filed by the Registrant).

56

10.10*   Form of Performance-Based Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.9number of the 2006 Form 10-K filed by the Registrant).
10.11*   Form of Non-Employee Director Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to this same Exhibit 10.10 of the 2004 Form 10-K filed by the Registrant).
10.12*   Employment Agreement among Richard S. Sokolov, the Registrant, and Simon Property Group Administrative Services Partnership, L.P. dated January 1, 2007.
10.13*   Description of Director and Executive Compensation Agreements.
10.14   Credit and Guaranty Agreement, dated as of February 16, 2007, by and among The Mills Limited Partnership, as Borrower, The Mills Corporation, as Parent, certain of its subsidiaries, as Guarantors, the lenders party thereto, and Simon Property Group, L.P., as Adminstrative Agent and Collateral Agent (incorporated by reference to Exhibit 10.1 to the Registrants Current Report of Form 8-K filed on February 23, 2007).
10.15   Voting Agreement dated as of June 20, 2004 among the Registrant, Simon Property Group, L.P., and certain holders of shares of common stock of Chelsea Property Group, Inc. and/or common units of CPG Partners,  L.P. (incorporated by reference to Exhibit 99.3 to the Registrant's Current Report on Form 8-K filed June 22, 2004).
12.1   Statement regarding computation of ratios.
13.1   Selected Financial Data, Management's Discussion and Analysis of Financial Condition and Results of Operations and Financial Statements of the Registrant as contained in the Registrant's 2006 Annual Report to Stockholders.
21.1   List of Subsidiaries of the Company.
23.1   Consent of Ernst & Young LLP.
31.1   Certification by the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2   Certification by the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32   Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*
Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.

57

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2007
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
Regional Malls                                                          
Anderson Mall, Anderson, SC   $ 28,206   $ 1,712   $ 15,227   $ 1,363   $ 16,055   $ 3,075   $ 31,282   $ 34,357   $ 11,989   1972
Arsenal Mall, Watertown, MA     32,041     15,505     47,680     —     7,364     15,505     55,044     70,549     12,162   1999 (Note 4)
Bangor Mall, Bangor, ME     80,000     5,478     59,740     —     7,495     5,478     67,235     72,713     13,692   2004 (Note 5)
Barton Creek Square, Austin, TX     —     2,903     20,929     7,983     59,311     10,886     80,240     91,126     33,572   1981
Battlefield Mall, Springfield, MO     96,217     3,919     27,231     3,225     61,158     7,144     88,389     95,533     40,208   1970
Bay Park Square, Green Bay, WI     —     6,358     25,623     4,133     24,105     10,491     49,728     60,219     17,400   1980
Bowie Town Center, Bowie, MD     —     2,710     65,044     235     5,049     2,945     70,093     73,038     17,856   2001
Boynton Beach Mall, Boynton Beach, FL     —     22,240     78,804     4,666     24,444     26,906     103,248     130,154     29,795   1985
Brea Mall, Brea, CA     —     39,500     209,202     —     22,018     39,500     231,220     270,720     61,250   1998 (Note 4)
Broadway Square, Tyler, TX     —     11,470     32,431     —     16,004     11,470     48,435     59,905     17,359   1994 (Note 4)
Brunswick Square, East Brunswick, NJ     84,581     8,436     55,838     —     26,108     8,436     81,946     90,382     28,174   1973
Burlington Mall, Burlington, MA     —     46,600     303,618     19,600     72,156     66,200     375,774     441,974     84,695   1998 (Note 4)
Castleton Square, Indianapolis, IN     —     26,250     98,287     7,434     65,375     33,684     163,662     197,346     44,713   1972
Century III Mall, West Mifflin, PA     83,261     17,380     102,364     10     8,089     17,390     110,453     127,843     55,625   1979
Charlottesville Fashion Square, Charlottesville, VA     —     —     54,738     —     13,038     —     67,776     67,776     20,590   1997 (Note 4)
Chautauqua Mall, Lakewood, NY     —     3,257     9,641     —     16,211     3,257     25,852     29,109     9,987   1971
Chesapeake Square, Chesapeake, VA     71,771     11,534     70,461     —     7,286     11,534     77,747     89,281     31,720   1989
Cielo Vista Mall, El Paso, TX     —     1,005     15,262     608     42,336     1,613     57,598     59,211     27,745   1974
College Mall, Bloomington, IN     41,445     1,003     16,245     720     41,553     1,723     57,798     59,521     22,713   1965
Columbia Center, Kennewick, WA     —     17,441     66,580     —     20,271     17,441     86,851     104,292     25,290   1987
Copley Place, Boston, MA     191,000     —     378,045     —     63,682     —     441,727     441,727     66,948   2002 (Note 4)
Coral Square, Coral Springs, FL     84,489     13,556     93,630     —     3,967     13,556     97,597     111,153     40,184   1984
Cordova Mall, Pensacola, FL     —     18,626     73,091     7,321     30,317     25,947     103,408     129,355     25,640   1998 (Note 4)
Cottonwood Mall, Albuquerque, NM     —     10,122     69,958     —     2,656     10,122     72,614     82,736     28,290   1996
Crossroads Mall, Omaha, NE     41,816     639     30,658     409     35,628     1,048     66,286     67,334     24,538   1994 (Note 4)
Crystal River Mall, Crystal River, FL     15,135     5,393     20,241     —     4,810     5,393     25,051     30,444     8,193   1990
DeSoto Square, Bradenton, FL     64,153     9,011     52,675     —     8,555     9,011     61,230     70,241     20,810   1973
Domain, The, Austin, TX     —     39,503     183,630     —     —     39,503     183,630     223,133     6,573   2005
Edison Mall, Fort Myers, FL     —     11,529     107,350     —     27,416     11,529     134,766     146,295     35,682   1997 (Note 4)
Fashion Mall at Keystone, Indianapolis, IN     —     —     120,579     —     40,139     —     160,718     160,718     43,632   1997 (Note 4)
Firewheel Town Center, Garland, TX     —     8,636     82,627     —     23,042     8,636     105,669     114,305     10,058   2004
Forest Mall, Fond Du Lac, WI     16,746     721     4,491     —     8,790     721     13,281     14,002     6,648   1973
Forum Shops at Caesars, The, Las Vegas, NV     533,470     —     276,378     —     198,757     —     475,135     475,135     92,336   1992

58

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2007
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
Great Lakes Mall, Mentor, OH   —   12,302   100,362   —   10,384   12,302   110,746   123,048   37,583   1961
Greenwood Park Mall, Greenwood, IN   80,130   2,423   23,445   5,275   111,180   7,698   134,625   142,323   39,570   1979
Gulf View Square, Port Richey, FL   —   13,690   39,991   2,023   18,939   15,713   58,930   74,643   20,090   1980
Gwinnett Place, Duluth, GA   115,000   20,222   141,191   —   549   20,222   141,740   161,962   32,626   1998 (Note 5)
Haywood Mall, Greenville, SC   —   11,585   133,893   6   18,608   11,591   152,501   164,092   51,130   1998 (Note 4)
Independence Center, Independence, MO   200,000   5,042   45,798   —   30,746   5,042   76,544   81,586   27,642   1994 (Note 4)
Ingram Park Mall, San Antonio, TX   78,372   733   17,163   73   18,447   806   35,610   36,416   18,668   1979
Irving Mall, Irving, TX   —   6,737   17,479   2,533   37,362   9,270   54,841   64,111   29,393   1971
Jefferson Valley Mall, Yorktown Heights, NY   —   4,868   30,304   —   23,716   4,868   54,020   58,888   23,792   1983
Knoxville Center, Knoxville, TN   59,348   5,006   21,617   3,712   34,529   8,718   56,146   64,864   24,976   1984
La Plaza Mall, McAllen, TX   —   1,375   9,828   6,569   36,392   7,944   46,220   54,164   18,843   1976
Laguna Hills Mall, Laguna Hills, CA   —   27,928   55,446   —   11,628   27,928   67,074   95,002   19,798   1997 (Note 4)
Lakeline Mall, Austin, TX   —   10,088   81,568   14   8,292   10,102   89,860   99,962   30,983   1995
Lenox Square, Atlanta, GA   —   38,213   492,411   —   56,412   38,213   548,823   587,036   137,573   1998 (Note 4)
Lima Mall, Lima, OH   —   7,662   35,338   —   9,285   7,662   44,623   52,285   17,202   1965
Lincolnwood Town Center, Lincolnwood, IL   —   7,907   63,480   28   6,987   7,935   70,467   78,402   32,492   1990
Livingston Mall, Livingston, NJ   —   30,200   105,250   —   23,726   30,200   128,976   159,176   32,685   1998 (Note 4)
Longview Mall, Longview, TX   31,338   259   3,567   124   7,980   383   11,547   11,930   5,323   1978
Mall of Georgia, Mill Creek, GA   188,621   47,492   326,633   —   2,604   47,492   329,237   376,729   49,416   1999 (Note 5)
Maplewood Mall, Minneapolis, MN   —   17,119   80,758   —   11,377   17,119   92,135   109,254   18,231   2002 (Note 4)
Markland Mall, Kokomo, IN   22,172   —   7,568   —   7,871   —   15,439   15,439   8,053   1968
McCain Mall, N. Little Rock, AR   —   —   9,515   —   11,633   —   21,148   21,148   14,899   1973
Melbourne Square, Melbourne, FL   —   15,762   55,891   4,160   25,376   19,922   81,267   101,189   23,049   1982
Menlo Park Mall, Edison, NJ   —   65,684   223,252   —   31,678   65,684   254,930   320,614   75,620   1997 (Note 4)
Midland Park Mall, Midland, TX   32,369   687   9,213   —   11,681   687   20,894   21,581   11,584   1980
Miller Hill Mall, Duluth, MN   —   2,537   18,092   —   24,797   2,537   42,889   45,426   24,265   1973
Montgomery Mall, Montgomeryville, PA   91,018   27,105   86,915   —   17,675   27,105   104,590   131,695   19,713   2004 (Note 5)
Muncie Mall, Muncie, IN   7,518   172   5,776   52   27,255   224   33,031   33,255   14,479   1970
Nanuet Mall, Nanuet, NY   —   27,310   162,993   —   3,093   27,310   166,086   193,396   73,597   1998 (Note 4)
North East Mall, Hurst, TX   —   128   12,966   19,010   148,871   19,138   161,837   180,975   53,110   1971
Northfield Square Mall, Bourbonnais, IL   29,742   362   53,396   —   1,015   362   54,411   54,773   28,934   2004 (Note 5)
Northgate Mall, Seattle, WA   —   24,392   115,992   —   90,176   24,392   206,168   230,560   43,725   1987
Northlake Mall, Atlanta, GA   68,466   33,400   98,035   —   4,146   33,400   102,181   135,581   39,763   1998 (Note 4)
Northwoods Mall, Peoria, IL   —   1,185   12,779   2,451   36,223   3,636   49,002   52,638   25,609   1983
Oak Court Mall, Memphis, TN   —   15,673   57,304   —   8,740   15,673   66,044   81,717   20,180   1997 (Note 4)
Ocean County Mall, Toms River, NJ   —   20,404   124,945   —   22,375   20,404   147,320   167,724   37,670   1998 (Note 4)

59

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2007
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
Orange Park Mall, Orange Park, FL   —   12,998   65,121   —   37,497   12,998   102,618   115,616   34,195   1994 (Note 4)
Orland Square, Orland Park, IL   —   35,514   129,906   —   20,444   35,514   150,350   185,864   45,341   1997 (Note 4)
Oxford Valley Mall, Langhorne, PA   77,451   24,544   100,287   —   4,514   24,544   104,801   129,345   40,214   2003 (Note 4)
Paddock Mall, Ocala, FL   —   11,198   39,727   —   9,819   11,198   49,546   60,744   15,085   1980
Palm Beach Mall, West Palm Beach, FL   51,781   11,962   112,437   —   36,378   11,962   148,815   160,777   73,921   1967
Penn Square Mall, Oklahoma City, OK   67,079   2,043   155,958   —   27,562   2,043   183,520   185,563   45,100   2002 (Note 4)
Pheasant Lane Mall, Nashua, NH   —   3,902   155,068   550   12,940   4,452   168,008   172,460   43,225   2004 (Note 5)
Phipps Plaza, Atlanta, GA   —   19,200   210,610   —   20,238   19,200   230,848   250,048   61,783   1998 (Note 4)
Plaza Carolina, Carolina, PR   242,548   15,493   279,560   —   5,027   15,493   284,587   300,080   35,177   2004 (Note 4)
Port Charlotte Town Center, Port Charlotte, FL   51,517   5,471   58,570   —   15,153   5,471   73,723   79,194   25,667   1989
Prien Lake Mall, Lake Charles, LA   —   1,842   2,813   3,091   38,012   4,933   40,825   45,758   16,581   1972
Raleigh Springs Mall, Memphis, TN   —   9,137   28,604   —   12,983   9,137   41,587   50,724   29,294   1971
Richmond Town Square, Richmond Heights, OH   45,466   2,600   12,112   —   61,013   2,600   73,125   75,725   33,480   1966
River Oaks Center, Calumet City, IL   —   30,884   101,224   —   10,460   30,884   111,684   142,568   32,388   1997 (Note 4)
Rockaway Townsquare, Rockaway, NJ   —   44,116   212,257   27   21,162   44,143   233,419   277,562   59,870   1998 (Note 4)
Rolling Oaks Mall, San Antonio, TX   —   1,929   38,609   —   14,995   1,929   53,604   55,533   23,981   1988
Roosevelt Field, Garden City, NY   —   164,058   702,008   2,117   37,986   166,175   739,994   906,169   192,013   1998 (Note 4)
Ross Park Mall, Pittsburgh, PA   —   23,541   90,203   —   49,793   23,541   139,996   163,537   47,019   1986
Santa Rosa Plaza, Santa Rosa, CA   —   10,400   87,864   —   9,679   10,400   97,543   107,943   26,254   1998 (Note 4)
Shops at Mission Viejo, The, Mission Viejo, CA   —   9,139   54,445   7,491   145,094   16,630   199,539   216,169   66,893   1979
South Hills Village, Pittsburgh, PA   —   23,445   125,840   —   15,415   23,445   141,255   164,700   40,875   1997 (Note 4)
South Shore Plaza, Braintree, MA   —   101,200   301,495   —   43,169   101,200   344,664   445,864   84,343   1998 (Note 4)
Southern Park Mall, Boardman, OH   —   16,982   77,767   97   22,785   17,079   100,552   117,631   35,154   1970
SouthPark, Charlotte, NC   —   32,141   188,004   100   163,731   32,241   351,735   383,976   61,481   2002 (Note 4)
St Charles Towne Center, Waldorf, MD   —   7,710   52,934   1,180   27,269   8,890   80,203   89,093   33,572   1990
Stanford Shopping Center, Palo Alto, CA   220,000   —   339,537   —   4,167   —   343,704   343,704   50,095   2003 (Note 4)
Summit Mall, Akron, OH   65,000   15,374   51,137   —   31,896   15,374   83,033   98,407   24,337   1965
Sunland Park Mall, El Paso, TX   34,558   2,896   28,900   —   6,753   2,896   35,653   38,549   18,663   1988
Tacoma Mall, Tacoma, WA   124,796   37,803   125,826   —   47,096   37,803   172,922   210,725   50,032   1987
Tippecanoe Mall, Lafayette, IN   —   2,897   8,439   5,517   44,645   8,414   53,084   61,498   30,386   1973
Town Center at Aurora, Aurora, CO   —   9,959   56,766   6   55,602   9,965   112,368   122,333   29,303   1998 (Note 4)
Town Center at Boca Raton, Boca Raton, FL   —   64,200   307,279   —   140,034   64,200   447,313   511,513   105,534   1998 (Note 4)
Town Center at Cobb, Kennesaw, GA   280,000   31,759   158,225   —   1,723   31,759   159,948   191,707   36,012   1998 (Note 5)
Towne East Square, Wichita, KS   64,557   8,525   18,479   1,429   32,130   9,954   50,609   60,563   27,343   1975

60

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2007
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
Towne West Square, Wichita, KS   51,302   972   21,203   61   11,662   1,033   32,865   33,898   16,669   1980
Treasure Coast Square, Jensen Beach, FL   —   11,124   72,990   3,067   29,027   14,191   102,017   116,208   32,179   1987
Tyrone Square, St. Petersburg, FL   —   15,638   120,962   —   27,798   15,638   148,760   164,398   46,698   1972
University Mall, Pensacola, FL   100,000   4,256   26,657   —   3,615   4,256   30,272   34,528   12,311   1994
University Park Mall, Mishawaka, IN   —   16,768   112,158   7,000   26,344   23,768   138,502   162,270   70,367   1996 (Note 4)
Upper Valley Mall, Springfield, OH   47,904   8,421   38,745   —   8,261   8,421   47,006   55,427   14,779   1979
Valle Vista Mall, Harlingen, TX   40,000   1,398   17,159   372   14,336   1,770   31,495   33,265   15,779   1983
Virginia Center Commons, Glen Allen, VA   —   9,764   50,547   4,149   8,848   13,913   59,395   73,308   22,355   1991
Walt Whitman Mall, Huntington Station, NY   —   51,700   111,258   3,789   42,209   55,489   153,467   208,956   51,210   1998 (Note 4)
Washington Square, Indianapolis, IN   30,552   16,800   36,495   462   27,556   17,262   64,051   81,313   31,016   1974
West Ridge Mall, Topeka, KS   68,711   5,453   34,132   1,168   14,684   6,621   48,816   55,437   20,793   1988
Westminster Mall, Westminster, CA   —   43,464   84,709   —   20,121   43,464   104,830   148,294   28,079   1998 (Note 4)
White Oaks Mall, Springfield, IL   50,000   3,024   35,692   2,241   34,289   5,265   69,981   75,246   25,696   1977
Wolfchase Galleria, Memphis, TN   225,000   15,881   128,276   —   9,365   15,881   137,641   153,522   40,818   2002 (Note 4)
Woodland Hills Mall, Tulsa, OK   80,144   34,211   187,123   —   10,718   34,211   197,841   232,052   41,142   2004 (Note 5)

Premium Outlet Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Albertville Premium Outlets, Albertville, MN   —   3,900   97,059   —   2,659   3,900   99,718   103,618   15,882   2004 (Note 4)
Allen Premium Outlets, Allen, TX   —   13,855   43,687   97   22,224   13,952   65,911   79,863   10,089   2004 (Note 4)
Aurora Farms Premium Outlets, Aurora, OH   —   2,370   24,326   —   1,920   2,370   26,246   28,616   8,944   2004 (Note 4)
Camarillo Premium Outlets, Camarillo, CA   —   16,670   224,721   —   7,510   16,670   232,231   248,901   28,939   2004 (Note 4)
Carlsbad Premium Outlets, Carlsbad, CA   —   12,890   184,990   96   914   12,986   185,904   198,890   24,653   2004 (Note 4)
Carolina Premium Outlets, Smithfield, NC   19,973   3,170   59,863   —   1,330   3,170   61,193   64,363   12,171   2004 (Note 4)
Chicago Premium Outlets, Aurora, IL   —   659   118,005   6,448   13,337   7,107   131,342   138,449   19,323   2004 (Note 4)
Clinton Crossings Premium Outlets, Clinton, CT   —   2,060   107,557   32   989   2,092   108,546   110,638   15,844   2004 (Note 4)
Columbia Gorge Premium Outlets, Troutdale, OR   —   7,900   16,492   —   745   7,900   17,237   25,137   5,299   2004 (Note 4)
Desert Hills Premium Outlets, Cabazon, CA   —   3,440   338,679   —   1,135   3,440   339,814   343,254   37,252   2004 (Note 4)
Edinburgh Premium Outlets, Edinburgh, IN   —   2,857   47,309   —   10,673   2,857   57,982   60,839   10,854   2004 (Note 4)
Folsom Premium Outlets, Folsom, CA   —   9,060   50,281   —   1,698   9,060   51,979   61,039   10,894   2004 (Note 4)
Gilroy Premium Outlets, Gilroy, CA   62,423   9,630   194,122   —   3,416   9,630   197,538   207,168   28,938   2004 (Note 4)
Jackson Premium Outlets, Jackson, NJ   —   6,413   104,013   3   2,399   6,416   106,412   112,828   12,308   2004 (Note 4)
Johnson Creek Premium Outlets, Johnson Creek, WI   —   2,800   39,546   —   2,930   2,800   42,476   45,276   5,282   2004 (Note 4)
Kittery Premium Outlets, Kittery, ME   10,334   11,832   94,994   —   4,079   11,832   99,073   110,905   8,938   2004 (Note 4)
Las Americas Premium Outlets, San Diego, CA   180,000   45,168   251,634   —   1,037   45,168   252,671   297,839   2,556   2007 (Note 4)
Las Vegas Outlet Center, Las Vegas, NV   —   13,085   160,777   —   3,401   13,085   164,178   177,263   15,846   2004 (Note 4)
Las Vegas Premium Outlets, Las Vegas, NV   —   25,435   134,973   —   53,834   25,435   188,807   214,242   20,025   2004 (Note 4)

61

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2007
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
Leesburg Corner Premium Outlets, Leesburg, VA   —   7,190   162,023   —   2,337   7,190   164,360   171,550   25,328   2004 (Note 4)
Liberty Village Premium Outlets, Flemington, NJ   —   5,670   28,904   —   1,202   5,670   30,106   35,776   7,530   2004 (Note 4)
Lighthouse Place Premium Outlets, Michigan City, IN   43,073   6,630   94,138   —   3,459   6,630   97,597   104,227   19,347   2004 (Note 4)
Napa Premium Outlets, Napa, CA   —   11,400   45,023   —   1,069   11,400   46,092   57,492   7,188   2004 (Note 4)
North Georgia Premium Outlets, Dawsonville, GA   —   4,300   132,325   —   1,128   4,300   133,453   137,753   20,314   2004 (Note 4)
Orlando Premium Outlets, Orlando, FL   —   14,040   304,410   15,855   23,280   29,895   327,690   357,585   32,558   2004 (Note 4)
Osage Beach Premium Outlets, Osage Beach, MO   —   9,460   85,804   3   2,197   9,463   88,001   97,464   15,360   2004 (Note 4)
Petaluma Village Premium Outlets, Petaluma, CA   —   13,322   14,067   —   2,157   13,322   16,224   29,546   4,298   2004 (Note 4)
Philadelphia Premium Outlets, Limerick, PA   —   16,676   105,249   —   —   16,676   105,249   121,925   635   2006
Rio Grande Valley Premium Outlets, Mercedes, TX   —   12,693   41,547   1   19,133   12,694   60,680   73,374   2,842   2005
Round Rock Premium Outlets, Round Rock, TX   —   22,911   82,252   —   5,245   22,911   87,497   110,408   6,005   2005
Seattle Premium Outlets, Seattle, WA   —   13,557   103,722   12   2,876   13,569   106,598   120,167   11,634   2004 (Note 4)
St. Augustine Premium Outlets, St. Augustine, FL   —   6,090   57,670   2   5,041   6,092   62,711   68,803   11,185   2004 (Note 4)
The Crossings Premium Outlets, Tannersville, PA   55,385   7,720   172,931   —   7,795   7,720   180,726   188,446   22,242   2004 (Note 4)
Vacaville Premium Outlets, Vacaville, CA   —   9,420   84,856   —   2,892   9,420   87,748   97,168   17,234   2004 (Note 4)
Waikele Premium Outlets, Waipahu, HI   —   22,630   77,316   —   922   22,630   78,238   100,868   12,183   2004 (Note 4)
Waterloo Premium Outlets, Waterloo, NY   34,692   3,230   75,277   —   5,042   3,230   80,319   83,549   14,669   2004 (Note 4)
Woodbury Common Premium Outlets, Central Valley, NY   —   11,110   862,557   1,658   1,735   12,768   864,292   877,060   96,410   2004 (Note 4)
Wrentham Village Premium Outlets, Wrentham, MA   —   4,900   282,031   —   2,256   4,900   284,287   289,187   37,847   2004 (Note 4)

Community/Lifestyle Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arboretum at Great Hills, Austin, TX   —   7,640   36,774   71   8,642   7,711   45,416   53,127   12,143   1998 (Note 4)
Bloomingdale Court, Bloomingdale, IL   27,080   8,748   26,184   —   9,481   8,748   35,665   44,413   14,579   1987
Brightwood Plaza, Indianapolis, IN   —   65   128   —   337   65   465   530   294   1965
Charles Towne Square, Charleston, SC   —   —   1,768   370   10,636   370   12,404   12,774   5,529   1976
Chesapeake Center, Chesapeake, VA   —   5,352   12,279   —   556   5,352   12,835   18,187   4,162   1989

62

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2007
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
Countryside Plaza, Countryside, IL   —   332   8,507   2,554   8,546   2,886   17,053   19,939   6,338   1977
Dare Centre, Kill Devil Hills, NC   1,663   —   5,702   —   204   —   5,906   5,906   573   2004 (Note 4)
DeKalb Plaza, King of Prussia, PA   3,189   1,955   3,405   —   1,062   1,955   4,467   6,422   1,323   2003 (Note 4)
Eastland Plaza, Tulsa, OK   —   651   3,680   —   85   651   3,765   4,416   2,809   1986
Forest Plaza, Rockford, IL   14,853   4,132   16,818   453   2,940   4,585   19,758   24,343   7,794   1985
Gateway Shopping Centers, Austin, TX   87,000   24,549   81,437   —   7,084   24,549   88,521   113,070   13,927   2004 (Note 4)
Great Lakes Plaza, Mentor, OH   —   1,028   2,025   —   3,668   1,028   5,693   6,721   2,609   1976
Greenwood Plus, Greenwood, IN   —   1,131   1,792   —   3,773   1,131   5,565   6,696   2,493   1979
Henderson Square, King of Prussia, PA   14,846   4,223   15,124   —   147   4,223   15,271   19,494   2,283   2003 (Note 4)
Highland Lakes Center, Orlando, FL   15,436   7,138   25,284   —   1,450   7,138   26,734   33,872   11,021   1991
Ingram Plaza, San Antonio, TX   —   421   1,802   4   59   425   1,861   2,286   1,131   1980
Keystone Shoppes, Indianapolis, IN   —   —   4,232   —   968   —   5,200   5,200   1,547   1997 (Note 4)
Knoxville Commons, Knoxville, TN   —   3,731   5,345   —   1,738   3,731   7,083   10,814   4,361   1987
Lake Plaza, Waukegan, IL   —   2,487   6,420   —   1,059   2,487   7,479   9,966   3,051   1986
Lake View Plaza, Orland Park, IL   19,744   4,702   17,543   —   12,450   4,702   29,993   34,695   11,055   1986
Lakeline Plaza, Austin, TX   21,647   5,822   30,875   —   7,399   5,822   38,274   44,096   12,552   1998
Lima Center, Lima, OH   —   1,808   5,151   —   6,788   1,808   11,939   13,747   3,636   1978
Lincoln Crossing, O'Fallon, IL   2,988   674   2,192   —   598   674   2,790   3,464   1,072   1990
Lincoln Plaza, King of Prussia, PA   —   —   21,299   —   1,827   —   23,126   23,126   7,333   2003 (Note 4)
MacGregor Village, Cary, NC   6,689   502   8,897   —   192   502   9,089   9,591   899   2004 (Note 4)
Mall of Georgia Crossing, Mill Creek, GA   —   9,506   32,892   —   111   9,506   33,003   42,509   9,374   2004 (Note 5)
Markland Plaza, Kokomo, IN   —   206   738   —   6,205   206   6,943   7,149   2,156   1974
Martinsville Plaza, Martinsville, VA   —   —   584   —   328   —   912   912   699   1967
Matteson Plaza, Matteson, IL   8,695   1,771   9,737   —   2,534   1,771   12,271   14,042   5,624   1988
Muncie Plaza, Muncie, IN   —   267   10,509   87   1,313   354   11,822   12,176   3,559   1998
New Castle Plaza, New Castle, IN   —   128   1,621   —   1,435   128   3,056   3,184   1,776   1966
North Ridge Plaza, Joliet, IL   8,169   2,831   7,699   —   3,172   2,831   10,871   13,702   4,009   1985
North Ridge Shopping Center, Raleigh, NC   —   385   12,838   —   407   385   13,245   13,630   1,340   2004 (Note 4)
Northwood Plaza, Fort Wayne, IN   —   148   1,414   —   1,406   148   2,820   2,968   1,632   1974
Palms Crossing, McAllen, TX   —   14,282   45,925   —   —   14,282   45,925   60,207   364   2006
Park Plaza, Hopkinsville, KY   —   300   1,572   —   225   300   1,797   2,097   1,668   1968
Regency Plaza, St. Charles, MO   4,075   616   4,963   —   569   616   5,532   6,148   2,109   1988
Rockaway Convenience Center, Rockaway, NJ   —   5,149   26,435   —   6,525   5,149   32,960   38,109   6,184   1998 (Note 4)
Rockaway Town Plaza, Rockaway, NJ   —   —   15,295   —   1,695   —   16,990   16,990   1,576   2004
Shops at Arbor Walk, Austin, TX   —   930   42,546   —   5,253   930   47,799   48,729   1,739   2005

63

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2007
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
Shops at North East Mall, The, Hurst, TX     —   12,541     28,177     402     4,806     12,943     32,983     45,926     12,254   1999
St. Charles Towne Plaza, Waldorf, MD     26,083   8,377     18,993     —     2,835     8,377     21,828     30,205     9,061   1987
Teal Plaza, Lafayette, IN     —   99     878     —     2,986     99     3,864     3,963     1,907   1962
Terrace at the Florida Mall, Orlando, FL     —   2,150     7,623     —     5,161     2,150     12,784     14,934     3,422   1989
Tippecanoe Plaza, Lafayette, IN     —   —     745     234     5,012     234     5,757     5,991     2,851   1974
University Center, Mishawaka, IN     —   3,071     7,413     —     3,174     3,071     10,587     13,658     5,713   1980
Washington Plaza, Indianapolis, IN     —   941     1,697     —     398     941     2,095     3,036     2,522   1976
Waterford Lakes Town Center, Orlando, FL     —   8,679     72,836     —     13,246     8,679     86,082     94,761     27,447   1999
West Ridge Plaza, Topeka, KS     5,254   1,376     4,560     —     1,695     1,376     6,255     7,631     2,644   1988
White Oaks Plaza, Springfield, IL     16,031   3,169     14,267     —     1,166     3,169     15,433     18,602     6,083   1986
Wolf Ranch, Georgetown, TX     —   22,118     51,509     —     2,078     22,118     53,587     75,705     5,094   2004

Other Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Crossville Outlet Center, Crossville, TN     —   263     4,380     —     204     263     4,584     4,847     527   2004 (Note 4)
Factory Merchants Branson, Branson, MO     —   1,383     19,637     1     736     1,384     20,373     21,757     1,750   2004 (Note 4)
Factory Shoppes at Branson Meadows, Branson, MO     9,289   —     5,206     —     131     —     5,337     5,337     531   2004 (Note 4)
Factory Stores of America — Boaz, AL     2,717   —     924     —     1     —     925     925     79   2004 (Note 4)
Factory Stores of America — Georgetown, KY     6,438   148     3,610     —     17     148     3,627     3,775     347   2004 (Note 4)
Factory Stores of America — Graceville, FL     1,912   12     408     —     46     12     454     466     41   2004 (Note 4)
Factory Stores of America — Lebanon. MO     1,607   24     214     —     —     24     214     238     30   2004 (Note 4)
Factory Stores of America — Nebraska City, NE     1,510   26     566     —     4     26     570     596     60   2004 (Note 4)
Factory Stores of America — Story City, IA     1,867   7     526     —     —     7     526     533     48   2004 (Note 4)
Factory Stores of North Bend, North Bend, WA     —   2,143     36,197     —     1,012     2,143     37,209     39,352     4,068   2004 (Note 4)

Development Projects
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Houston Premium Outlets, Cypress, TX     —   21,159     69,350     —     —     21,159     69,350     90,509     —   2007
Jersey Shore Premium Outlets, Tinton Falls, NJ     —   —     50,979     —     —     —     50,979     50,979     —   2007
Pier Park, Panama City Beach, FL     —   22,814     71,988     —     —     22,814     71,988     94,802     —   2006
                                                         
Other pre-development costs     —   83,674     43,263     1,268     11,212     84,942     54,475     139,417     —    
Other     —   4,733     3,698     665     428     5,398     4,126     9,524     2,082    
   
 
 
 
 
 
 
 
 
   
    $ 5,201,453   2,660,485   $ 17,448,774   $ 177,967   $ 3,876,141   $ 2,798,452   $ 21,364,915   $ 24,163,367   $ 5,168,565    
   
 
 
 
 
 
 
 
 
   

64


Simon Property Group, Inc. and Subsidiaries

Notes to Schedule III as of December 31, 2007

(Dollars in thousands)

(1) Reconciliation of Real Estate Properties:

            The changes in real estate assets for the years ended December 31, 2007, 2006, and 2005 are as follows:

 
   2007
   2006
   2005
  
Balance, beginning of year   $ 22,644,299   $ 21,551,247   $ 21,082,582  
  Acquisitions and consolidations     743,457     402,095     294,654  
  Improvements     1,057,663     772,806     661,569  
  Disposals and de-consolidations     (282,052 )   (81,849 )   (487,558 )
   
 
 
 
Balance, close of year   $ 24,163,367   $ 22,644,299   $ 21,551,247  
   
 
 
 

            The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2007 was $18,506,993.

(2) Reconciliation of Accumulated Depreciation:

            The changes in accumulated depreciation and amortization for the years ended December 31, 2007, 2006, and 2005 are as follows:

 
   2007
   2006
   2005
  
Balance, beginning of year   $ 4,479,198   $ 3,694,807   $ 3,066,604  
  Acquisitions and consolidations (5)     12,714     64,818     2,627  
  Depreciation expense     808,041     767,726     768,028  
  Disposals     (131,388 )   (48,153 )   (142,452 )
   
 
 
 
Balance, close of year   $ 5,168,565   $ 4,479,198   $ 3,694,807  
   
 
 
 

            Depreciation of Simon Property's investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as follows:

•
Buildings and Improvements — typically 10-40 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

•
Tenant Allowances and Improvements — shorter of lease term or useful life.

(3)
Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4)
Not developed/constructed by Simon Property or its predecessors. The date of construction represents acquisition date.

(5)
Property initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. Accumulated depreciation amounts for properties consolidated which were previously accounted for under the equity method of accounting include the minority interest holders' portion of accumulated depreciation.

65



QuickLinks

TABLE OF CONTENTS
Part I
Mortgage and Other Debt on Portfolio Properties As of December 31, 2007 (Dollars in thousands)
Mortgage and Other Debt on Portfolio Properties As of December 31, 2007 (Dollars in thousands)
Part II
Part III
Part IV
SIGNATURES
Simon Property Group, Inc. and Subsidiaries Notes to Schedule III as of December 31, 2007 (Dollars in thousands)