SEC Filing | Simon Property Group, L.P.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): February 3, 2012

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


Delaware	001-14469	046268599
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
225 WEST WASHINGTON STREET INDIANAPOLIS, INDIANA (Address of principal executive offices)		46204 (Zip Code)

Registrant's telephone number, including area code: 317.636.1600

Not Applicable
(Former name or former address, if changed since last report)

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

o: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o: Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o: Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o: Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On February 3, 2012, Simon Property Group, Inc. (the "Registrant") issued a press release containing information on earnings for the quarter ended December 31, 2011 and other matters. A copy of the press release is attached hereto as Exhibit 99.2 and the information in the press release is incorporated by reference into this report.

The Registrant is furnishing the information contained herein, including Exhibit 99.2, pursuant to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the "SEC"). This information shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

Item 7.01. Regulation FD Disclosure

On February 3, 2012, the Registrant made available additional operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of December 31, 2011 in the form of a Supplemental Information package, a copy of which is attached as Exhibit 99.1. The Supplemental Information package is also available upon request as specified therein.

The Registrant is furnishing the information contained herein, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated by the SEC. This information shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

This report contains measures of financial or operating performance that are not specifically defined by accounting principles generally accepted in the United States ("GAAP"), including funds from operations ("FFO"), FFO as adjusted, diluted FFO per share, diluted FFO per share as adjusted and net operating income ("NOI"). FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. FFO as adjusted and diluted FFO per share as adjusted measures exclude the effect of certain debt-related charges. We believe these measures provide investors with a basis to compare our current operating performance with previous periods in which we did not have those charges. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

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

Reconciliations of each of the non-GAAP measures used in this report to the most-directly comparable GAAP measure are included.

Item 9.01. Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit No.	Description	Page Number in This Filing

99.1	Supplemental Information as of December 31, 2011	5
99.2	Earnings Release for the quarter ended December 31, 2011	59

SIGNATURES

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

Dated: February 3, 2012


		SIMON PROPERTY GROUP, INC.
		By:		/s/ STEPHEN E. STERRETT Stephen E. Sterrett, Executive Vice President and Chief Financial Officer

SIMON PROPERTY GROUP
Table of Contents
As of December 31, 2011

Description		Page

Exhibit 99.1	Supplemental Information	5
	Company Overview
	Overview (reporting calendar, stock information and credit ratings)	5-6
	Changes in Company Common Share and Operating Partnership Unit Ownership	7
	Financial Data
	Selected Financial and Equity Information	8-9
	Unaudited Pro-Rata Statements of Operations	11-12
	Unaudited Pro-Rata Balance Sheet	13
	NOI Composition	14
	Analysis of Other Income and Other Expense	15
	Reconciliation of Non-GAAP Financial Measures	16-18
	Operational Data
	U.S. Portfolio Overview	19
	U.S. Regional Mall and Premium Outlet Operational Information	20
	U.S. Lease Expirations	21
	U.S. Top Tenants	22
	Other U.S. Property Operational Information	23
	International Operational Information	24
	Property Listing	25-34
	Development Activity
	U.S. Anchor/Big Box Openings, 2011-2013	35-36
	Capital Expenditures	37
	U.S. Development Activity Report	38-40
	International Development Activity Report	41
	Balance Sheet Information
	The Company's Share of Total Debt Amortization and Maturities by Year	42
	Summary of Indebtedness	43
	Summary of Indebtedness by Maturity	44-52
	Unencumbered Assets	53-57
	Preferred Stock/Units Outstanding	58
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release	59-71

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Item 2.02. Results of Operations and Financial Condition

Item 7.01. Regulation FD Disclosure

Item 9.01. Financial Statements and Exhibits

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Exhibit 99.1

SIMON PROPERTY GROUP
Overview

The Company

Simon Property Group, Inc., ("Simon," "we," "us," "our," or the "Company") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is a majority-owned subsidiary partnership of the Company. Together, the Company and the Operating Partnership, or Simon Group, are engaged primarily in the ownership, development and management of retail real estate properties including regional malls, Premium Outlets®, The Mills®, community/lifestyle centers and international properties. At December 31, 2011, we owned or had an interest in 383 properties comprising 256 million square feet in North America, Europe and Asia.

This package was prepared to provide operational and balance sheet information as of December 31, 2011, for the Company and the Operating Partnership. Beginning in 2011, we made changes to the method and presentation of certain of our operational statistics. The methods and discussion regarding these changes are included within the Operational Information sections included on pages 20-24 of this report.

Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in our periodic reports, but otherwise we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

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

SIMON PROPERTY GROUP
Overview

Reporting Calendar

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


First Quarter 2012		April 27, 2012
Second Quarter 2012		July 27, 2012
Third Quarter 2012		October 26, 2012

Stock Information

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


Common Stock		SPG
8.375% Series J Cumulative Redeemable Preferred		SPGPrJ

Credit Ratings


Standard & Poor's
Corporate	A-	(Stable Outlook)
Senior Unsecured	A-	(Stable Outlook)
Preferred Stock	BBB	(Stable Outlook)
Moody's
Senior Unsecured	A3	(Stable Outlook)
Preferred Stock	Baa1	(Stable Outlook)
Fitch
Senior Unsecured	A-	(Stable Outlook)
Preferred Stock	BBB	(Stable Outlook)

SIMON PROPERTY GROUP
Changes in Company Common Share and Operating Partnership Unit Ownership
For the Period from December 31, 2010 through December 31, 2011



Number Outstanding at December 31, 2010	60,233,424		292,961,909
Activity During the First Nine Months of 2011:
Issuance of Common Stock for Stock Option Exercises	—		213,002
Common Stock Surrendered in Connection with Stock Option Exercise	—		(61,584	)
Exchange of Operating Partnership Units for Common Stock	(564,918	)	564,918
Conversion of Preferred Securities into Units	2,041		—
Restricted Stock Awards, Long-Term Incentive Performance ("LTIP") Units Earned and Retention Award LTIP Units(3)	1,133,673		117,116
Number Outstanding at September 30, 2011	60,804,220		293,795,361
Activity During the Fourth Quarter of 2011:
Issuance of Common Stock for Stock Option Exercises	—		34,749
Exchange of Operating Partnership Units for Common Stock	(19,514	)	19,514
Issuance of Operating Partnership Units in Exchange for Partnership Interests	73,428		—
Sale of Common Stock Held in Treasury	—		6,857
Restricted Stock Awards, Long-Term Incentive Performance ("LTIP") Units Earned and Retention Award LTIP Units(3)	—		(231	)
Number Outstanding at December 31, 2011	60,858,134		293,856,250
*Details for Diluted Common Shares Outstanding(4):*
Company Common Shares Outstanding at December 31, 2011			293,856,250
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(5)			10,635
Diluted Common Shares Outstanding at December 31, 2011(4)			293,866,885

(1): Excludes units owned by the Company (shown here as Company Common Shares) and Operating Partnership units not exchangeable for common shares.
(2): Excludes Operating Partnership preferred units relating to Company preferred stock outstanding (see Schedule of Preferred Stock/Units Outstanding on page 58).
(3): Represents restricted stock awards, earned long-term incentive performance ("LTIP") units and retention award LTIP units issued pursuant to the Operating Partnership's 1998 Stock Incentive Plan, net of forfeitures.
(4): For Funds from Operations (FFO) purposes.
(5): Based upon the weighted average stock price for the quarter ended December 31, 2011.

SIMON PROPERTY GROUP
Selected Financial and Equity Information
Unaudited
(In thousands, except as noted)

	As of or for the Three Months Ended December 31,					As of or for the Twelve Months Ended December 31,

	2011			2010		2011			2010
*Financial Highlights of the Company*
Total Revenue—Consolidated Properties	$	1,171,337		$	1,119,718	$	4,306,432		$	3,957,630
Net Income Attributable to Common Stockholders	$	362,930		$	217,923	$	1,021,462		$	610,424
Basic Earnings per Common Share (EPS)	$	1.24		$	0.74	$	3.48		$	2.10
Diluted Earnings per Common Share (EPS)	$	1.24		$	0.74	$	3.48		$	2.10
FFO of the Operating Partnership	$	678,919		$	638,749	$	2,438,765		$	1,770,491
Diluted FFO of the Operating Partnership	$	678,919		$	638,749	$	2,438,765		$	1,774,167
Basic FFO per Share (FFOPS)	$	1.91		$	1.81	$	6.89		$	5.06
Diluted FFO per Share (FFOPS)	$	1.91		$	1.80	$	6.89		$	5.03
Diluted FFOPS as adjusted	$	1.91		$	1.80	$	6.89		$	6.03	(1)
Distributions per Share	$	1.10	(2)	$	0.80	$	3.50	(2)	$	2.60

(1): Diluted FFOPS as adjusted excludes losses on extinguishment of debt of $165.6 million and $185.1 million recorded in the first and third quarters of 2010, respectively.
(2): Includes a special common stock dividend of $0.20 per share.

SIMON PROPERTY GROUP
Selected Financial and Equity Information
Unaudited
(In thousands, except as noted)

	As of December 31, 2011		As of December 31, 2010

*Stockholders' Equity Information*
Limited Partner Units Outstanding at End of Period		60,858		60,233
Common Shares Outstanding at End of Period		293,856		292,962

Total Common Shares and Units Outstanding at End of Period		354,714		353,195

Weighted Average Limited Partnership Units Outstanding		60,522		58,900
Weighted Average Common Shares Outstanding:
Basic—for purposes of EPS and FFOPS		293,504		291,076
Diluted—for purposes of EPS		293,573		291,350
Diluted—for purposes of FFOPS		293,573		293,337
*Simon Group's Debt Information*
Share of Consolidated Debt	$	18,175,083	$	17,206,280
Share of Joint Venture Debt		6,501,508		6,562,500

Share of Total Debt	$	24,676,591	$	23,768,780

*Simon Group's Market Capitalization*
Common Stock Price at End of Period	$	128.94	$	99.49
Common Equity Capitalization, including operating partnership units	$	45,736,873	$	35,139,404
Preferred Equity Capitalization, including operating partnership preferred units		78,120		73,362

Total Equity Market Capitalization	$	45,814,993	$	35,212,766

Total Capitalization—Including Simon Group's Share of Total Debt	$	70,491,584	$	58,981,546

	As of or for the Twelve Months Ended December 31,

	2011		2010
*Miscellaneous Balance Sheet Data*
Interest Capitalized during the Period:
Simon Group's Share of Consolidated Properties	$	5,712	$	3,716
Simon Group's Share of Joint Venture Properties	$	699	$	154

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

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

SIMON PROPERTY GROUP

Unaudited Pro-Rata Statement of Operations

	For the Three Months Ended December 31, 2011

	For the Three Months Ended December 31, 2011															For the Three Months Ended December 31, 2010 Our Total Share
	Consolidated			Non- Controlling Interests			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
REVENUE:
Minimum rent	$	706,099		$	(9,147	)	$	696,952		$	209,010		$	905,962		$	862,798
Overage rent		65,068			(226	)		64,842			25,457			90,299			78,215
Tenant reimbursements		315,916			(5,256	)		310,660			95,504			406,164			389,695
Management fees and other revenues		35,009			—			35,009			—			35,009			34,310
Other income		49,245			(408	)		48,837			24,234			73,071			77,837

Total revenue		1,171,337			(15,037	)		1,156,300			354,205			1,510,505			1,442,855

EXPENSES:
Property operating		105,559			(2,798	)		102,761			67,005			169,766			158,670
Depreciation and amortization		277,536			(2,553	)		274,983			98,159			373,142			372,097
Real estate taxes		95,803			(1,318	)		94,485			22,948			117,433			112,949
Repairs and maintenance		33,539			(661	)		32,878			10,024			42,902			48,637
Advertising and promotion		34,383			(293	)		34,090			6,830			40,920			41,572
Provision for credit losses		3,325			(28	)		3,297			1,370			4,667			6,301
Home and regional office costs		37,583			—			37,583			—			37,583			36,615
General and administrative		14,705			—			14,705			—			14,705			5,358
Transaction expenses		—			—			—			—			—			6,418
Other		35,823			(1,231	)		34,592			28,131			62,723			46,654

Total operating expenses		638,256			(8,882	)		629,374			234,467			863,841			835,271

OPERATING INCOME		533,081			(6,155	)		526,926			119,738			646,664			607,584
Interest expense		(246,507	)		3,474			(243,033	)		(88,061	)		(331,094	)		(334,034	)
Income tax expense of taxable REIT subsidiaries		(877	)		—			(877	)		—			(877	)		(2,291	)
Income from unconsolidated entities		31,677			—			31,677			(31,677	)		—			—
Impairment charge from investments in unconsolidated entities		—			—			—			—			—			(8,169	)
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net		124,557			—			124,557			—			124,557			687

CONSOLIDATED NET INCOME		441,931			(2,681	)		439,250			—			439,250			263,777
Net income attributable to noncontrolling interests		78,167			(2,681	)		75,486			—			75,486			45,019
Preferred dividends		834			—			834			—			834			835

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	362,930		$	—		$	362,930		$	—		$	362,930		$	217,923

RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO(1)
Consolidated Net Income							$	441,931		$	—		$	441,931		$	267,076
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties								270,081			—			270,081			272,713
Simon's share of depreciation and amortization from unconsolidated entities								—			98,009			98,009			98,048
Impairment charges of depreciable real estate														—			—
Income from unconsolidated entities								(31,677	)		31,677			—			—
Gain on sale or disposal of assets and interests in unconsolidated entities								(124,557	)		—			(124,557	)		(687	)
Net income attributable to noncontrolling interest holders in properties								(2,679	)		—			(2,679	)		(3,298	)
Noncontrolling interests portion of depreciation and amortization								(2,553	)		—			(2,553	)		(1,959	)
Preferred distributions and dividends								(1,313	)		—			(1,313	)		(1,313	)

FFO of the Operating Partnership							$	549,233		$	129,686		$	678,919		$	630,580

Percentage of FFO of the Operating Partnership								80.90	%		19.10	%		100.00	%		100.00	%

(1): See pages 16-18 for additional reconciliations of non-GAAP financial measures.

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations

	For the Twelve Months Ended December 31, 2011

	For the Twelve Months Ended December 31, 2011															For the Twelve Months Ended December 31, 2010 Our Total Share
	Consolidated			Non- Controlling Interests			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
REVENUE:
Minimum rent	$	2,664,724		$	(34,415	)	$	2,630,309		$	801,000		$	3,431,309		$	3,175,977
Overage rent		140,842			(393	)		140,449			68,381			208,830			170,455
Tenant reimbursements		1,177,269			(20,250	)		1,157,019			373,352			1,530,371			1,435,493
Management fees and other revenues		128,010			—			128,010			—			128,010			121,207
Other income		195,587			(1,450	)		194,137			91,080			285,217			316,317

Total revenue		4,306,432			(56,508	)		4,249,924			1,333,813			5,583,737			5,219,449

EXPENSES:
Property operating		436,571			(11,444	)		425,127			257,601			682,728			655,989
Depreciation and amortization		1,065,946			(8,630	)		1,057,316			384,612			1,441,928			1,363,245
Real estate taxes		369,755			(5,430	)		364,325			96,094			460,419			437,375
Repairs and maintenance		113,496			(2,284	)		111,212			35,400			146,612			142,770
Advertising and promotion		107,002			(1,063	)		105,939			24,757			130,696			120,378
Provision for credit losses		6,505			(88	)		6,417			4,759			11,176			5,208
Home and regional office costs		128,618			—			128,618			—			128,618			109,314
General and administrative		46,319			—			46,319			—			46,319			21,267
Transaction expenses		—			—			—			—			—			68,972
Other		97,078			(4,537	)		92,541			103,443			195,984			158,981

Total operating expenses		2,371,290			(33,476	)		2,337,814			906,666			3,244,480			3,083,499

OPERATING INCOME		1,935,142			(23,032	)		1,912,110			427,147			2,339,257			2,135,950
Interest expense		(983,526	)		14,473			(969,053	)		(345,909	)		(1,314,962	)		(1,353,520	)
Loss on extinguishment of debt		—			—			—			—			—			(350,688	)
Income tax expense of taxable REIT subsidiaries		(3,583	)		—			(3,583	)		—			(3,583	)		(1,734	)
Income from unconsolidated entities		81,238			—			81,238			(81,238	)		—			—
Impairment charge from investments in unconsolidated entities		—			—			—			—			—			(8,169	)
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconslidated entities, net		216,629			—			216,629			—			216,629			321,036

CONSOLIDATED NET INCOME		1,245,900			(8,559	)		1,237,341			—			1,237,341			742,875
Net income attributable to noncontrolling interests		221,101			(8,559	)		212,542			—			212,542			125,837
Preferred dividends		3,337			—			3,337			—			3,337			6,614

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	1,021,462		$	—		$	1,021,462		$	—		$	1,021,462		$	610,424

RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO(1)
Consolidated Net Income							$	1,245,900		$	—		$	1,245,900		$	753,514
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties								1,047,571			—			1,047,571			968,695
Simon's share of depreciation and amortization from unconsolidated entities								—			384,367			384,367			388,565
Impairment charges of depreciable real estate								—			—			—			8,169
Income from unconsolidated entities								(81,238	)		81,238			—			—
Gain on sale or disposal of assets and interests in unconsolidated entities								(216,629	)		—			(216,629	)		(321,036	)
Net income attributable to noncontrolling interest holders in properties								(8,559	)		—			(8,559	)		(10,640	)
Noncontrolling interests portion of depreciation and amortization								(8,633	)		—			(8,633	)		(7,847	)
Preferred distributions and dividends								(5,252	)		—			(5,252	)		(8,929	)

FFO of the Operating Partnership							$	1,973,160		$	465,605		$	2,438,765		$	1,770,491

Percentage of FFO of the Operating Partnership								80.91	%		19.09	%		100.00	%		100.00	%

(1): See pages 16-18 for additional reconciliations of non-GAAP financial measures.

SIMON PROPERTY GROUP

Unaudited Pro-Rata Balance Sheet

	As of December 31, 2011

	Consolidated			Non- Controlling Interests			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share			As of December 31, 2010 Our Total Share
ASSETS:
Investment properties, at cost	$	29,657,046		$	(348,351	)	$	29,308,695		$	9,272,684		$	38,581,379		$	36,714,516
Less—accumulated depreciation		8,388,130			(97,546	)		8,290,584			2,036,210			10,326,794			9,488,505

		21,268,916			(250,805	)		21,018,111			7,236,474			28,254,585			27,226,011
Cash and cash equivalents		798,650			(9,403	)		789,247			358,787			1,148,034			1,125,332
Tenant receivables and accrued revenue, net		486,731			(4,137	)		482,594			155,324			637,918			565,283
Investment in unconsolidated entities, at equity		1,378,084			—			1,378,084			(1,378,084	)		—			—
Deferred costs and other assets		1,633,544			(10,716	)		1,622,828			208,842			1,831,670			2,000,699
Notes receivable from related party		651,000			—			651,000			—			651,000			651,000

Total assets	$	26,216,925		$	(275,061	)	$	25,941,864		$	6,581,343		$	32,523,207		$	31,568,325

LIABILITIES:
Mortgages and other indebtedness	$	18,446,440		$	(271,357	)	$	18,175,083		$	6,501,508		$	24,676,591		$	23,768,780
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,091,712			(14,592	)		1,077,120			324,212			1,401,332			1,294,234
Cash distributions and losses in partnerships and joint ventures, at equity		695,569			—			695,569			(695,569	)		—			—
Other liabilities and accrued dividends		170,971			(786	)		170,185			451,192			621,377			601,250

Total liabilities		20,404,692			(286,735	)		20,117,957			6,581,343			26,699,300			25,664,264

Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		267,945			(47,326	)		220,619			—			220,619			89,394
EQUITY:
Stockholders' equity
Capital Stock (850,000,000 total shares authorized, $.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8³/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding, with a liquidation value of $39,847		45,047			—			45,047			—			45,047			45,375
Common stock, $.0001 par value, 511,990,000 shares authorized, 297,725,698 and 296,957,360 issued, respectively		30			—			30			—			30			30
Class B common stock, $.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		—			—			—			—			—			—
Capital in excess of par value		8,103,133			—			8,103,133			—			8,103,133			8,059,852
Accumulated deficit		(3,251,740	)		—			(3,251,740	)		—			(3,251,740	)		(3,114,571	)
Accumulated other comprehensive (loss) income		(94,263	)		—			(94,263	)		—			(94,263	)		6,530
Common stock held in treasury at cost, 3,877,448 and 4,003,451 shares, respectively		(152,541	)		—			(152,541	)		—			(152,541	)		(166,436	)

Total stockholders' equity		4,649,666			—			4,649,666			—			4,649,666			4,830,780
Noncontrolling interests		894,622			59,000			953,622			—			953,622			983,887

Total equity		5,544,288			59,000			5,603,288			—			5,603,288			5,814,667

Total liabilities and equity	$	26,216,925		$	(275,061	)	$	25,941,864		$	6,581,343		$	32,523,207		$	31,568,325

SIMON PROPERTY GROUP
NOI Composition(1)
For the Twelve Months Ended December 31, 2011



*U.S. Portfolio NOI by State*
Florida	14.4	%
Texas	11.2	%
California	10.4	%
Massachusetts	7.1	%
New York	7.0	%
Pennsylvania	5.0	%
Nevada	4.7	%
Georgia	4.6	%
Indiana	4.3	%
New Jersey	4.0	%

Top 10 Contributors by State	72.7	%

*NOI by Asset Type*
Regional Malls and Premium Outlets	88.3	%
The Mills	4.3	%
Community/Lifestyle Centers	3.6	%
International(2)	3.6	%
Other	0.2	%

Total	100.0	%

(1): Based on Simon Group's share of total NOI and does not reflect any property, entity or corporate-level debt.
(2): International includes Premium Outlets in Asia and Mexico and shopping centers in Europe.

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
(In thousands)

	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,

	2011		2010		2011		2010
*Consolidated Properties*
*Other Income*
Interest and Dividend Income	$	9,693	$	12,514	$	49,364	$	40,686
Lease Settlement Income		1,030		9,152		16,744		54,803
Gains on Land Sales		1,926		1,445		10,994		5,349
Other		36,596		34,877		118,485		111,665

Totals	$	49,245	$	57,988	$	195,587	$	212,503

*Other Expense*
Ground Rent	$	10,650	$	10,571	$	42,206	$	36,761
Professional Fees		15,210		10,239		31,945		22,222
Other		9,963		2,823		22,927		9,062

Totals	$	35,823	$	23,633	$	97,078	$	68,045

Transaction Expenses	$	—	$	6,418	$	—	$	68,972

SIMON PROPERTY GROUP

Reconciliation of Non-GAAP Financial Measures

As of December 31, 2011

(in thousands, except as noted)

This report contains measures of financial or operating performance that are not specifically defined by accounting principles generally accepted in the United States ("GAAP"), including funds from operations ("FFO"), FFO as adjusted, diluted FFO per share, diluted FFO per share as adjusted, net operating income ("NOI"), and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. FFO as adjusted and diluted FFO per share as adjusted measures exclude the effect of certain debt-related charges. We believe these measures provide investors with a basis to compare our current operating performance with previous periods in which we did not have those charges. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Reconciliations of each of the non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the following tables.

Reconciliation of Consolidated Net Income to FFO and FFO as Adjusted(1)

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

	2011			2010			2011			2010
Consolidated Net Income(2)	$	441,931		$	267,076		$	1,245,900		$	753,514
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties		270,081			272,713			1,047,571			968,695
Simon's share of depreciation and amortization from unconsolidated entities		98,009			98,048			384,367			388,565
Impairment charges of depreciable real estate		—			8,169			—			8,169
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net		(124,557	)		(687	)		(216,629	)		(321,036	)
Net income attributable to noncontrolling interest holders in properties		(2,679	)		(3,298	)		(8,559	)		(10,640	)
Noncontrolling interests portion of depreciation and amortization		(2,553	)		(1,959	)		(8,633	)		(7,847	)
Preferred distributions and dividends		(1,313	)		(1,313	)		(5,252	)		(8,929	)

FFO of the Operating Partnership	$	678,919		$	638,749		$	2,438,765		$	1,770,491
Loss on debt extinguishment		—			—			—			350,688

FFO as adjusted of the Operating Partnership	$	678,919		$	638,749		$	2,438,765		$	2,121,179

Diluted net income per share to diluted FFO per share and diluted FFO as adjusted per share reconciliation:
Diluted net income per share	$	1.24		$	0.74		$	3.48		$	2.10
Adjustments to arrive at FFO:
Depreciation and amortization from consolidated properties and Simon's share of depreciation and amortization from unconsolidated entities, net of noncontrolling interests portion of depreciation and amortization		1.02			1.04			4.02			3.86
Impairment charges of depreciable real estate		—			0.02			—			0.02
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net		(0.35	)		—			(0.61	)		(0.92	)
Impact of additional dilutive securities for FFO per share		—			—			—			(0.03	)

Diluted FFO per share	$	1.91		$	1.80		$	6.89		$	5.03
Loss on debt extinguishment		—			—			—			1.00

Diluted FFO as adjusted per share	$	1.91		$	1.80		$	6.89		$	6.03

SIMON PROPERTY GROUP

Reconciliation of Non-GAAP Financial Measures

As of December 31, 2011

(in thousands, except as noted)

Reconciliation of Net Income to NOI

The Reconciliation of Net Income to NOI provides net income and reconciles the amount to "Total NOI of the Simon Group Portfolio." This schedule also provides the change in NOI of comparable properties for the quarter and twelve months ended December 31, 2011.

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

	2011			2010			2011			2010
Reconciliation of NOI of consolidated Properties:
Consolidated Net Income	$	441,931		$	267,076		$	1,245,900		$	753,514
Income tax expense of taxable REIT subsidiaries		877			2,291			3,583			1,734
Interest expense		246,507			252,405			983,526			1,027,091
Income from unconsolidated entities		(31,677	)		(25,192	)		(81,238	)		(75,921	)
Loss on extinguishment of debt		—			—			—			350,688
Impairment charge from investments in unconsolidated entities		—			8,169			—			8,169
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net		(124,557	)		(687	)		(216,629	)		(321,036	)

Operating Income		533,081			504,062			1,935,142			1,744,239
Depreciation and amortization		277,536			276,418			1,065,946			982,820

NOI of consolidated Properties	$	810,617		$	780,480		$	3,001,088		$	2,727,059

Reconciliation of NOI of unconsolidated entities:
Net Income	$	443,078		$	94,202		$	690,004		$	371,185
Interest expense		206,961			201,605			813,433			812,886
Loss (income) from unconsolidated entities		857			(528	)		4,644			840
Impairment charge from investment in unconsolidated entities		—			16,671			—			16,671
Income from discontinued joint venture interests		(6,210	)		(20,583	)		(48,154	)		(63,108	)
(Gain) loss on sale or disposal of assets and interests in unconsolidated entities		(332,078	)		85			(347,640	)		(39,676	)

Operating Income		312,608			291,452			1,112,287			1,098,798
Depreciation and amortization		186,851			190,918			737,865			752,014

NOI of unconsolidated entities	$	499,459		$	482,370		$	1,850,152		$	1,850,812

Total NOI from continuing operations of the Simon Group Portfolio	$	1,310,076		$	1,262,850		$	4,851,240		$	4,577,871

Adjustments to NOI:
NOI of discontinued unconsolidated Properties		23,059			44,746			130,848			160,076

Total NOI of the Simon Group Portfolio:	$	1,333,135		$	1,307,596		$	4,982,088		$	4,737,947

Change in NOI from prior period		2.0	%		2.5	%		5.2	%		3.7	%
Less: Joint venture partner's share of NOI		313,496			336,083			1,201,070			1,246,921

Simon Group's Share of NOI	$	1,019,639		$	971,513		$	3,781,018		$	3,491,026

Increase in Simon Group's Share of NOI from prior period		5.0	%		5.0	%		8.3	%		4.2	%
Total NOI of Comparable Properties(3)	$	1,002,608		$	959,362		$	3,471,270		$	3,356,570

Increase in NOI of Regional Malls and Premium Outlets that are Comparable Properties		4.5	%					3.4	%

SIMON PROPERTY GROUP

Footnotes to Reconciliation of Non-GAAP Financial Measures

(1)

The Company determines FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). The Company determines FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.

The Company has adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, the cumulative effect of accounting changes, or a gain or loss resulting from the sale of, or any impairment charges relating to, previously depreciated operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(2)

Consolidated Net Income includes:

•: the Company's share of gains on land sales of $1.7 million and $2.4 million for the three months ended December 31, 2011 and 2010, respectively, and $6.2 million and $11.8 million for the twelve months ended December 31, 2011 and 2010, respectively.
•: the Company's share of straight-line adjustments to minimum rent of $11.0 million and $8.3 million for the three months ended December 31, 2011 and 2010, respectively, and $37.2 million and $32.1 million for the twelve months ended December 31, 2011 and 2010, respectively.
•: the Company's share of the amortization of fair market value of leases from acquisitions of $5.2 million and $5.1 million for the three months ended December 31, 2011 and 2010, respectively, and $22.9 million and $19.9 million for the twelve months ended December 31, 2011 and 2010, respectively.
•: the Company's share of debt premium amortization of $3.0 million and $3.3 million for the three months ended December 31, 2011 and 2010, respectively, and $10.0 million and $12.7 million for the twelve months ended December 31, 2011 and 2010, respectively.

(3)

Includes comparable regional malls and Premium Outlets that were owned in both of the periods under comparison. Properties acquired in the Prime Outlets transaction are comparable beginning in the fourth quarter of 2011. Does not include community/lifestyle centers, properties owned by SPG-FCM (the Mills portfolio), international properties, any of our non-retail holdings, or results of our corporate and management company operations. Excludes lease termination income, interest income, land sale gains and the impact of significant redevelopment activities.

SIMON PROPERTY GROUP
U.S. Portfolio Overview
As of December 31, 2011

Type of Property

Regional Malls and Premium Outlets
Mall Stores	79,261,178	78,786,067	51.2	%
Freestanding	3,929,371	1,647,991	1.1	%
Anchors	90,417,150	24,907,816	16.2	%
Office	2,007,492	2,002,492	1.3	%

Regional Malls and Premium Outlets Total	175,615,191	107,344,366	69.8	%
Community/Lifestyle Centers	20,415,543	13,916,476	9.0	%
The Mills®	22,840,206	20,073,343	13.0	%
Mills Regional Malls	17,473,067	8,586,432	5.6	%
Mills Community Centers	1,014,544	962,991	0.6	%

Mills Portfolio Total	41,327,817	29,622,766	19.2	%
Other(1)	4,852,735	3,040,011	2.0	%

Total U.S. Properties	242,211,286	153,923,619	100.0	%

(1): Consists of 13 other retail properties and two centers, University Town Plaza and The Shops at Nanuet, that are being de-malled through a major redevelopment. These properties contribute approximately 0.2% of Simon Group's share of total NOI.

SIMON PROPERTY GROUP
U.S. Regional Mall and Premium Outlet Operational Information(1)
For the Period Ended December 31, 2011

	As of December 31,

	2011			2010(2)
Total Number of Properties		209			219
Total Square Footage of Properties (in millions)		175.6			184.2
Ending Occupancy(3):
Consolidated Assets		94.9	%		95.1	%
Unconsolidated Assets		94.2	%		92.4	%
Total Portfolio		94.8	%		94.5	%
Total Sales per Square Foot(4):
Consolidated Assets	$	518		$	475
Unconsolidated Assets	$	638		$	524
Total Portfolio	$	536		$	484
Base Minimum Rent per Square Foot(5):
Consolidated Assets	$	37.45		$	36.14
Unconsolidated Assets	$	48.76		$	43.44
Total Portfolio	$	39.42		$	37.77

Historical Data:			Total Sales per Square Foot		Base Minimum Rent per Square Foot

12/31/2010(2)	94.5	%	$	484	$	37.77
12/31/2009	93.4	%	$	455	$	38.47
12/31/2008	93.8	%	$	480	$	36.69

Releasing Activity for the Trailing Twelve Month Period Ended:

			Total Rent per Square Foot

	Square Footage of Openings		Opening Rate per Square Foot(6)		Closing Rate per Square Foot(6)		Releasing Spread(6)
12/31/11		6,546,504	$	54.96	$	49.76	$	5.20	10.5	%
9/30/11(2)		6,697,313	$	54.44	$	49.67	$	4.77	9.6	%
12/31/10		6,449,328	$	51.22	$	49.14	$	2.08	4.2	%

Definitions:

(1): Combined information for U.S. regional malls and U.S. Premium Outlets, including the Prime portfolio. Does not include properties owned by SPG-FCM (the Mills portfolio).
(2): Given the acquisition of Prime as of August 31, 2010, the September 30, 2011 period is the first trailing 12-month period that includes the Prime properties. Accordingly, prior period information has been restated for comparability purposes.
(3): Ending Occupancy is the percentage of GLA which is leased as of the last day of the reporting period. We include all company owned space except for regional mall anchors and regional mall majors in the calculation.
(4): Total Sales per Square Foot is defined as total sales of the tenants open and operating in the center during the reporting period divided by the associated owned and occupied GLA on a trailing 12-month basis. Includes tenant sales activity for all months a tenant is open within the trailing 12-month period. In accordance with the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, only stores with less than 10,000 square feet are included for regional malls. All company owned space is included for Premium Outlets.
(5): Base Minimum Rent per Square Foot is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
(6): Releasing Spread is a "same space" measure that compares opening and closing rates on individual spaces, including spaces greater than 10,000 square feet. The Opening Rate is the average of the initial cash Total Rent per Square Foot for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals, amendments and relocations (including expansions and downsizings). The Closing Rate is the average of the final cash Total Rent per Square Foot as of the month the tenant terminates or closes. Total Rent per Square Foot includes Base Minimum Rent, common area maintenance ("CAM") and base percentage rent. It includes leasing activity on all spaces occupied by tenants that would qualify to be included in Ending Occupancy as defined above as long as the opening and closing dates are within 24 months of one another.

SIMON PROPERTY GROUP
U.S. Lease Expirations(1)(2)
As of December 31, 2011

Year			Avg. Base Minimum Rent per Square Foot at 12/31/11

Small Shops and Freestanding
Month to Month Leases	924	1,771,273	$	34.57	1.2	%
2012	2,629	8,711,837	$	35.08	6.2	%
2013	2,916	8,978,639	$	37.26	7.0	%
2014	2,232	7,412,089	$	36.87	5.8	%
2015	2,171	7,653,614	$	39.28	6.4	%
2016	2,250	7,484,236	$	38.48	6.1	%
2017	1,792	6,363,088	$	42.01	5.8	%
2018	1,675	6,466,380	$	47.46	6.5	%
2019	1,413	5,297,145	$	46.08	5.3	%
2020	1,122	4,095,527	$	46.41	4.1	%
2021	1,196	4,720,176	$	44.19	4.5	%
2022 and Thereafter	537	3,050,467	$	37.44	2.5	%
Specialty Leasing Agreements w/ terms in excess of 12 months	1,513	3,830,051	$	14.27	1.2	%
Anchor Tenants
2012	8	899,136	$	4.97	0.1	%
2013	25	3,004,411	$	3.55	0.2	%
2014	30	3,040,162	$	4.90	0.3	%
2015	25	2,889,075	$	3.10	0.2	%
2016	23	2,698,023	$	3.45	0.2	%
2017	16	2,094,315	$	2.39	0.1	%
2018	13	1,267,293	$	6.72	0.2	%
2019	16	1,600,661	$	4.48	0.1	%
2020	13	1,215,311	$	6.21	0.1	%
2021	12	1,055,228	$	7.30	0.1	%
2022 and Thereafter	28	3,310,338	$	8.33	0.6	%

(1): Combined information for U.S. regional malls and U.S. Premium Outlets, including the Prime portfolio. Does not include information for properties owned by SPG-FCM (the Mills portfolio).
(2): Does not consider the impact of renewal options that may be contained in leases.
(3): Annual rental revenues represent 2011 consolidated and joint venture combined base rental revenue.

SIMON PROPERTY GROUP
U.S. Top Tenants(1)
As of December 31, 2011

Top Small Shop Tenants (sorted by percentage of total Simon Group base minimum rent)

Tenant

The Gap, Inc.	377	4,058	1.7	%	3.2	%
Limited Brands, Inc.	335	1,888	0.8	%	2.0	%
Abercrombie & Fitch Co.	216	1,536	0.6	%	1.5	%
Phillips-Van Heusen	299	1,633	0.7	%	1.4	%
Foot Locker, Inc.	358	1,396	0.6	%	1.3	%
Luxottica Group S.P.A	416	791	0.3	%	1.1	%
American Eagle Outfitters, Inc.	185	1,089	0.4	%	1.1	%
Zale Corporation	327	365	0.2	%	1.0	%
Ann Taylor, Inc.	182	1,117	0.5	%	0.9	%
Genesco, Inc.	434	669	0.3	%	0.9	%

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

Tenant

Macy's, Inc.	144	25,782	10.6	%	0.5	%
Sears Roebuck & Co.	112	17,129	7.1	%	0.2	%
J.C. Penney Co., Inc.	103	14,931	6.2	%	0.6	%
Dillard's Dept. Stores	67	10,702	4.4	%	0.1	%
Nordstrom, Inc.	27	4,590	1.9	%	0.1	%
Belk, Inc.	17	2,323	1.0	%	0.2	%
The Bon-Ton Stores, Inc.	20	1,923	0.8	%	0.1	%
Target Corporation	11	1,530	0.6	%	—
Dick's Sporting Goods, Inc.	21	1,406	0.6	%	0.4	%
The Neiman Marcus Group, Inc.	10	1,265	0.5	%	—
Lord and Taylor	7	954	0.4	%	—
Kohl's Department Stores, Inc.	10	943	0.4	%	0.1	%
Saks Incorporated	7	879	0.4	%	0.1	%

(1): Combined information for U.S. regional malls and U.S. Premium Outlets, including the Prime portfolio. Does not include information for properties owned by SPG-FCM (the Mills portfolio).
(2): Includes space leased and owned by the anchor.

SIMON PROPERTY GROUP
Other U.S. Property Operational Information

	As of December 31,

	2011			2010
Community/Lifestyle Centers
Total Number of Properties		66			66
Total Square Footage of Properties (in millions)		20.4			20.2
Ending Occupancy(1)		93.4	%		91.6	%
Base Minimum Rent per Square Foot(2)	$	13.75		$	13.38
The Mills Portfolio
The Mills®(3)
Total Number of Properties		16			16
Total Square Footage of Properties (in millions)		22.8			22.8
Ending Occupancy(1)		95.0	%		93.7	%
Total Sales per Square Foot(4)	$	448		$	408
Base Minimum Rent per Square Foot(2)	$	20.36		$	19.86
Mills Regional Malls
Total Number of Properties		16			16
Total Square Footage of Properties (in millions)		17.5			17.4
Ending Occupancy(5)		88.6	%		90.4	%
Total Sales per Square Foot(6)	$	413		$	393
Base Minimum Rent per Square Foot(2)	$	34.98		$	34.97

(1): See footnote 3 on page 20 for definition, except Ending Occupancy is calculated on all company owned space.
(2): See footnote 5 on page 20 for definition.
(3): Opry Mills has closed and is undergoing a restoration as a result of flooding. Therefore, this property has been excluded from Ending Occupancy, Total Sales per Square Foot and Base Minimum Rent per Square Foot until it reopens.
(4): See footnote 4 on page 20 for definition; calculation methodology is the same as regional malls.
(5): See footnote 3 on page 20 for definition.
(6): See footnote 4 on page 20 for definition.

SIMON PROPERTY GROUP
International Operational Information(1)(2)

	As of December 31,

	2011			2010
*International Premium Outlets—Japan(3)*
Total Number of Properties		8			8
Total GLA (in millions of square feet)		2.6			2.5
Ending Occupancy		100.0	%		99.8	%
Comparable sales per square foot(4)	¥	85,488		¥	89,139
Average rent per square foot	¥	4,834		¥	4,766

(1): Does not include statistics for European operations as the Company sold its interest in Gallerie Commerciali Italia on January 9, 2012 (45 shopping centers comprising 10 million square feet).
(2): Does not include Premium Outlets in Mexico (Premium Outlets Punta Norte), Malaysia (Johor Premium Outlets), and South Korea (Yeoju and Paju Premium Outlets).
(3): Information supplied by the managing venture partner.
(4): Does not include Sendai-Izumi Premium Outlets as the property was closed for repair due to damages from the earthquake in Japan in March 2011. The center re-opened on June 17, 2011.

SIMON PROPERTY GROUP
Property Listing

Regional Malls(1)

	Property Name		City (CBSA)

1.	McCain Mall	AR	N. Little Rock	100.0	%	727,467
2.	Brea Mall	CA	Brea (Los Angeles)	100.0	%	1,320,565
3.	Coddingtown Mall	CA	Santa Rosa	50.0	%	839,098
4.	Fashion Valley	CA	San Diego	50.0	%	1,727,881
5.	Laguna Hills Mall	CA	Laguna Hills (Los Angeles)	100.0	%	846,702
6.	Santa Rosa Plaza	CA	Santa Rosa	100.0	%	693,075
7.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)	100.0	%	1,152,880
8.	Stanford Shopping Center	CA	Palo Alto (San Francisco)	100.0	%	1,373,797
9.	Westminster Mall	CA	Westminster (Los Angeles)	100.0	%	1,183,828
10.	Mesa Mall	CO	Grand Junction	100.0	%	880,761
11.	Town Center at Aurora	CO	Aurora (Denver)	100.0	%	1,082,466
12.	Crystal Mall	CT	Waterford	78.2	%	783,436
13.	Aventura Mall(2)	FL	Miami Beach (Miami)	33.3	%	2,098,448
14.	Avenues, The	FL	Jacksonville	25.0	%(3)	1,116,575
15.	Boynton Beach Mall	FL	Boynton Beach (Miami)	100.0	%	1,101,464
16.	Coconut Point	FL	Estero	50.0	%	1,204,876
17.	Coral Square	FL	Coral Springs (Miami)	97.2	%	941,156
18.	Cordova Mall	FL	Pensacola	100.0	%	857,818
19.	Dadeland Mall	FL	Miami	50.0	%	1,487,965
20.	DeSoto Square	FL	Bradenton	100.0	%	677,874
21.	Edison Mall	FL	Fort Myers	100.0	%	1,053,739
22.	Florida Mall, The	FL	Orlando	50.0	%	1,777,036
23.	Gulf View Square	FL	Port Richey (Tampa)	100.0	%	753,534
24.	Indian River Mall	FL	Vero Beach	50.0	%	736,658
25.	Melbourne Square	FL	Melbourne	100.0	%	666,345
26.	Miami International Mall	FL	Miami	47.8	%	1,071,825
27.	Orange Park Mall	FL	Orange Park (Jacksonville)	100.0	%	958,758
28.	Paddock Mall	FL	Ocala	100.0	%	553,661
29.	Port Charlotte Town Center	FL	Port Charlotte	80.0	%(4)	766,049
30.	Seminole Towne Center	FL	Sanford (Orlando)	45.0	%(3)	1,108,012
31.	Shops at Sunset Place, The	FL	S. Miami	37.5	%(3)	514,295
32.	St. Johns Town Center	FL	Jacksonville	50.0	%	1,235,053
33.	Town Center at Boca Raton	FL	Boca Raton (Miami)	100.0	%	1,752,836
34.	Treasure Coast Square	FL	Jensen Beach	100.0	%	874,846
35.	Tyrone Square	FL	St. Petersburg (Tampa)	100.0	%	1,095,333
36.	Lenox Square	GA	Atlanta	100.0	%	1,555,780
37.	Mall of Georgia	GA	Buford (Atlanta)	100.0	%	1,829,263
38.	Northlake Mall	GA	Atlanta	100.0	%	962,073
39.	Phipps Plaza	GA	Atlanta	100.0	%	800,932
40.	Town Center at Cobb	GA	Kennesaw (Atlanta)	75.0	%	1,281,560
41.	Lindale Mall	IA	Cedar Rapids	100.0	%	691,845
42.	Southern Hills Mall	IA	Sioux City	100.0	%	790,476
43.	Lincolnwood Town Center	IL	Lincolnwood (Chicago)	100.0	%	421,360
44.	Northfield Square	IL	Bourbonnais	31.6	%(4)	530,462
45.	Northwoods Mall	IL	Peoria	100.0	%	693,801

SIMON PROPERTY GROUP
Property Listing

Regional Malls(1)

	Property Name		City (CBSA)

46.	Orland Square	IL	Orland Park (Chicago)	100.0	%	1,208,528
47.	River Oaks Center	IL	Calumet City (Chicago)	100.0	%	1,287,804
48.	White Oaks Mall	IL	Springfield	80.7	%	927,302
49.	Castleton Square	IN	Indianapolis	100.0	%	1,383,194
50.	Circle Centre	IN	Indianapolis	14.7	%(3)	764,021
51.	College Mall	IN	Bloomington	100.0	%	635,904
52.	Fashion Mall at Keystone, The	IN	Indianapolis	100.0	%	682,498
53.	Greenwood Park Mall	IN	Greenwood (Indianapolis)	100.0	%	1,277,190
54.	Markland Mall	IN	Kokomo	100.0	%	415,889
55.	Muncie Mall	IN	Muncie	100.0	%	635,645
56.	Tippecanoe Mall	IN	Lafayette	100.0	%	862,821
57.	University Park Mall	IN	Mishawaka	100.0	%	922,685
58.	Washington Square	IN	Indianapolis	100.0	%	970,461
59.	Towne East Square	KS	Wichita	100.0	%	1,125,814
60.	Towne West Square	KS	Wichita	100.0	%	941,623
61.	West Ridge Mall	KS	Topeka	100.0	%	991,827
62.	Prien Lake Mall	LA	Lake Charles	100.0	%	800,464
63.	Arsenal Mall	MA	Watertown (Boston)	100.0	%	440,198
64.	Atrium Mall	MA	Chestnut Hill (Boston)	49.1	%	205,981
65.	Auburn Mall	MA	Auburn	56.4	%	587,990
66.	Burlington Mall	MA	Burlington (Boston)	100.0	%	1,317,283
67.	Cape Cod Mall	MA	Hyannis	56.4	%	721,623
68.	Copley Place	MA	Boston	98.1	%	1,241,959
69.	Emerald Square	MA	North Attleboro (Providence, RI)	56.4	%	1,022,727
70.	Greendale Mall	MA	Worcester (Boston)	56.4	%	429,819
71.	Liberty Tree Mall	MA	Danvers (Boston)	49.1	%	856,701
72.	Mall at Chestnut Hill, The	MA	Chestnut Hill (Boston)	94.4	%	471,474
73.	Northshore Mall	MA	Peabody (Boston)	56.4	%	1,568,909
74.	Solomon Pond Mall	MA	Marlborough (Boston)	56.4	%	884,948
75.	South Shore Plaza	MA	Braintree (Boston)	100.0	%	1,588,381
76.	Square One Mall	MA	Saugus (Boston)	56.4	%	928,667
77.	Bowie Town Center	MD	Bowie (Washington, D.C.)	100.0	%	684,582
78.	St. Charles Towne Center	MD	Waldorf (Washington, D.C.)	100.0	%	980,060
79.	Bangor Mall	ME	Bangor	67.1	%(6)	651,424
80.	Maplewood Mall	MN	St. Paul (Minneapolis)	100.0	%	927,062
81.	Miller Hill Mall	MN	Duluth	100.0	%	801,250
82.	Battlefield Mall	MO	Springfield	100.0	%	1,199,071
83.	Independence Center	MO	Independence (Kansas City)	100.0	%	866,984
84.	SouthPark	NC	Charlotte	100.0	%	1,621,204
85.	Mall at Rockingham Park, The	NH	Salem (Boston)	28.2	%	1,019,955
86.	Mall of New Hampshire, The	NH	Manchester	56.4	%	811,136
87.	Pheasant Lane Mall	NH	Nashua	(5)		972,249
88.	Brunswick Square	NJ	East Brunswick (New York)	100.0	%	760,234
89.	Livingston Mall	NJ	Livingston (New York)	100.0	%	984,735
90.	Menlo Park Mall	NJ	Edison (New York)	100.0	%	1,322,325

SIMON PROPERTY GROUP
Property Listing

Regional Malls(1)

	Property Name		City (CBSA)

91.	Ocean County Mall	NJ	Toms River (New York)	100.0	%	890,651
92.	Quaker Bridge	NJ	Lawrenceville	50.0	%	1,093,347
93.	Rockaway Townsquare	NJ	Rockaway (New York)	100.0	%	1,247,705
94.	Cottonwood Mall	NM	Albuquerque	100.0	%	1,041,845
95.	Forum Shops at Caesars, The	NV	Las Vegas	100.0	%	669,355
96.	Chautauqua Mall	NY	Lakewood	100.0	%	423,337
97.	Jefferson Valley Mall	NY	Yorktown Heights (New York)	100.0	%	549,798
98.	Roosevelt Field	NY	Garden City (New York)	100.0	%	2,242,800
99.	Smith Haven Mall	NY	Lake Grove (New York)	25.0	%(3)	1,287,264
100.	Walt Whitman Shops	NY	Huntington Station (New York)	100.0	%	1,027,773
101.	Westchester, The	NY	White Plains (New York)	40.0	%	826,463
102.	Great Lakes Mall	OH	Mentor (Cleveland)	100.0	%	1,236,947
103.	Lima Mall	OH	Lima	100.0	%	741,544
104.	Richmond Town Square	OH	Richmond Heights (Cleveland)	100.0	%	1,012,231
105.	Southern Park Mall	OH	Youngstown	100.0	%	1,194,989
106.	Summit Mall	OH	Akron	100.0	%	768,517
107.	Upper Valley Mall	OH	Springfield	100.0	%	739,525
108.	Penn Square Mall	OK	Oklahoma City	94.5	%	1,050,848
109.	Woodland Hills Mall	OK	Tulsa	94.5	%	1,090,258
110.	King of Prussia—The Court & The Plaza	PA	King of Prussia (Philadelphia)	96.1	%	2,391,105
111.	Lehigh Valley Mall	PA	Whitehall	38.0	%(6)	1,169,164
112.	Montgomery Mall	PA	North Wales (Philadelphia)	60.0	%(6)	1,154,025
113.	Oxford Valley Mall	PA	Langhorne (Philadelphia)	64.9	%(6)	1,333,892
114.	Ross Park Mall	PA	Pittsburgh	100.0	%	1,238,997
115.	South Hills Village	PA	Pittsburgh	100.0	%	1,141,924
116.	Springfield Mall(2)	PA	Springfield (Philadelphia)	38.0	%(6)	609,522
117.	Plaza Carolina	PR	Carolina (San Juan)	100.0	%	1,114,573
118.	Anderson Mall	SC	Anderson	100.0	%	671,803
119.	Haywood Mall	SC	Greenville	100.0	%	1,230,553
120.	Empire Mall	SD	Sioux Falls	100.0	%	1,071,140
121.	Rushmore Mall	SD	Rapid City	100.0	%	831,625
122.	Knoxville Center	TN	Knoxville	100.0	%	964,013
123.	Oak Court Mall	TN	Memphis	100.0	%	849,451
124.	West Town Mall	TN	Knoxville	50.0	%	1,336,464
125.	Wolfchase Galleria	TN	Memphis	94.5	%	1,152,267
126.	Barton Creek Square	TX	Austin	100.0	%	1,429,264
127.	Broadway Square	TX	Tyler	100.0	%	627,793
128.	Cielo Vista Mall	TX	El Paso	100.0	%	1,241,535
129.	Domain, The	TX	Austin	100.0	%	1,192,560
130.	Firewheel Town Center	TX	Garland (Dallas)	100.0	%	1,000,116
131.	Houston Galleria	TX	Houston	50.4	%	2,235,675
132.	Ingram Park Mall	TX	San Antonio	100.0	%	1,125,622
133.	Irving Mall	TX	Irving (Dallas)	100.0	%	1,053,132
134.	La Plaza Mall	TX	McAllen	100.0	%	1,214,876
135.	Lakeline Mall	TX	Cedar Park (Austin)	100.0	%	1,097,526
136.	Longview Mall	TX	Longview	100.0	%	638,337
137.	Midland Park Mall	TX	Midland	100.0	%	615,588

SIMON PROPERTY GROUP
Property Listing

Regional Malls(1)

	Property Name		City (CBSA)

138.	North East Mall	TX	Hurst (Dallas)	100.0	%	1,670,801
139.	Rolling Oaks Mall	TX	San Antonio	100.0	%	882,409
140.	Sunland Park Mall	TX	El Paso	100.0	%	921,526
141.	Valle Vista Mall	TX	Harlingen	100.0	%	650,739
142.	Apple Blossom Mall	VA	Winchester	49.1	%	439,927
143.	Charlottesville Fashion Square	VA	Charlottesville	100.0	%	576,889
144.	Chesapeake Square	VA	Chesapeake (Virginia Beach)	75.0	%(4)	760,093
145.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)	42.5	%	990,074
146.	Virginia Center Commons	VA	Glen Allen	100.0	%	784,843
147.	Columbia Center	WA	Kennewick	100.0	%	769,782
148.	Northgate Mall	WA	Seattle	100.0	%	1,057,869
149.	Tacoma Mall	WA	Tacoma (Seattle)	100.0	%	1,374,189
150.	Bay Park Square	WI	Green Bay	100.0	%	710,622
151.	Forest Mall	WI	Fond Du Lac	100.0	%	500,174

	Total Regional Mall Square Footage(7)					151,233,941

Premium Outlets

	Property Name		City (Metro Area Served)

1.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)	100.0	%	674,015
2.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	100.0	%	288,307
3.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	100.0	%	501,686
4.	Folsom Premium Outlets	CA	Folsom (Sacramento)	100.0	%	297,969
5.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	100.0	%	577,856
6.	Las Americas Premium Outlets	CA	San Diego	100.0	%	560,906
7.	Napa Premium Outlets	CA	Napa	100.0	%	179,349
8.	Petaluma Village Premium Outlets	CA	Petaluma	100.0	%	195,738
9.	Pismo Beach Premium Outlets	CA	Pismo Beach	100.0	%	147,728
10.	Vacaville Premium Outlets	CA	Vacaville	100.0	%	437,336
11.	Clinton Crossing Premium Outlets	CT	Clinton	100.0	%	276,166
12.	Ellenton Premium Outlets	FL	Ellenton	100.0	%	476,651
13.	Orlando Premium Outlets- International Dr.	FL	Orlando	100.0	%	773,429
14.	Orlando Premium Outlets- Vineland Ave.	FL	Orlando	100.0	%	549,651
15.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonsville)	100.0	%	328,570
16.	Calhoun Premium Outlets	GA	Calhoun	100.0	%	254,005
17.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	100.0	%	540,320
18.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	100.0	%	209,829
19.	Chicago Premium Outlets	IL	Aurora (Chicago)	100.0	%	437,359
20.	Edinburgh Premium Outlets	IN	Edinburgh (Indianapolis)	100.0	%	377,694
21.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)	100.0	%	454,542
22.	Lee Premium Outlets	MA	Lee	100.0	%	224,846
23.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	100.0	%	660,004
24.	Kittery Premium Outlets	ME	Kittery	100.0	%	264,838
25.	Hagerstown Premium Outlets	MD	Hagerstown	100.0	%	485,158
26.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)	100.0	%	284,374
27.	Birch Run Premium Outlets	MI	Birch Run	100.0	%	678,728

SIMON PROPERTY GROUP
Property Listing

Premium Outlets

	Property Name		City (Metro Area Served)

28.	Albertville Premium Outlets	MN	Albertville (Minneapolis)	100.0	%	429,557
29.	Osage Beach Premium Outlets	MO	Osage Beach	100.0	%	392,790
30.	Gulfport Premium Outlets	MS	Gulfport	100.0	%	299,780
31.	Carolina Premium Outlets	NC	Smithfield	100.0	%	438,998
32.	Jackson Premium Outlets	NJ	Jackson (New York)	100.0	%	285,680
33.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	100.0	%	434,443
34.	Liberty Village Premium Outlets	NJ	Flemington (New York)	100.0	%	164,626
35.	Las Vegas Premium Outlets—North	NV	Las Vegas	100.0	%	538,689
36.	Las Vegas Premium Outlets—South	NV	Las Vegas	100.0	%	535,136
37.	Waterloo Premium Outlets	NY	Waterloo	100.0	%	417,737
38.	Woodbury Common Premium Outlets	NY	Central Valley (New York)	100.0	%	845,428
39.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	100.0	%	300,281
40.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)	100.0	%	398,803
41.	Columbia Gorge Premium Outlets	OR	Troutdale (Portland)	100.0	%	163,708
42.	Grove City Premium Outlets	PA	Grove City	100.0	%	531,772
43.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	100.0	%	549,143
44.	The Crossings Premium Outlets	PA	Tannersville	100.0	%	411,204
45.	Puerto Rico Premium Outlets	PR	Barceloneta	100.0	%	344,748
46.	Gaffney Premium Outlets	SC	Gaffney	100.0	%	359,658
47.	Lebanon Premium Outlets	TN	Lebanon	100.0	%	227,119
48.	Allen Premium Outlets	TX	Allen (Dallas)	100.0	%	441,740
49.	Houston Premium Outlets	TX	Cypress (Houston)	100.0	%	541,577
50.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	100.0	%	584,790
51.	Round Rock Premium Outlets	TX	Round Rock (Austin)	100.0	%	488,645
52.	San Marcos Premium Outlets	TX	San Marcos (Austin-San Antonio)	100.0	%	731,078
53.	Leesburg Corner Premium Outlets	VA	Leesburg (Washington D.C.)	100.0	%	518,003
54.	Williamsburg Premium Outlets	VA	Williamsburg	100.0	%	521,500
55.	North Bend Premium Outlets	WA	North Bend (Seattle)	100.0	%	223,561
56.	Seattle Premium Outlets	WA	Tulalip (Seattle)	100.0	%	443,827
57.	Johnson Creek Premium Outlets	WI	Johnson Creek	100.0	%	277,673
58.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie (Chicago, IL-Milwaukee)	100.0	%	402,502

	Total U.S. Premium Outlets GLA					24,381,250

	Total Regional Mall and U.S. Premium Outlets GLA					175,615,191

SIMON PROPERTY GROUP
Property Listing

FOOTNOTES FOR PRECEEDING PAGES:

(1): Does not include the regional malls in the Mills portfolio.
(2): This property is managed by a third party.
(3): The Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or the Operating Partnership.
(4): The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(5): The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(6): The Operating Partnership's indirect ownership interest is through an ownership interest of approximately 76% in Kravco Simon Investments.
(7): Includes office space of 2,007,492 square feet including the following centers with more than 20,000 square feet of office space:


	Arsenal Mall—52,847 sq. ft.		Oak Court Mall—126,583 sq. ft.
	Circle Centre—25,192 sq. ft.		Oxford Valley Mall—110,324 sq. ft.
	Copley Place—867,301 sq. ft.		Plaza Carolina—27,343 sq. ft.
	Fashion Centre at Pentagon City, The—169,089 sq. ft.		River Oaks Center—117,716 sq. ft.
	Firewheel Town Center—75,104 sq. ft.		The Domain—133,010 sq. ft.
	Greendale Mall—119,860 sq. ft.		White Oaks Mall—35,607 sq. ft.
	Menlo Park Mall—52,358 sq. ft.

SIMON PROPERTY GROUP
Property Listing

Community/Lifestyle Centers(1)

	Property Name		City (CBSA)

1.	Plaza at Buckland Hills, The	CT	Manchester	41.3	%(2)	329,892
2.	Gaitway Plaza	FL	Ocala	32.2	%(2)	208,755
3.	Highland Lakes Center	FL	Orlando	100.0	%	488,850
4.	Indian River Commons	FL	Vero Beach	50.0	%	255,942
5.	Pier Park	FL	Panama City Beach	65.6	%	841,433
6.	Royal Eagle Plaza	FL	Coral Springs (Miami)	42.0	%(2)	199,082
7.	Terrace at The Florida Mall	FL	Orlando	100.0	%	346,693
8.	Waterford Lakes Town Center	FL	Orlando	100.0	%	949,709
9.	West Town Corners	FL	Altamonte Springs (Orlando)	32.2	%(2)	373,342
10.	Westland Park Plaza	FL	Orange Park (Jacksonville)	32.2	%(2)	163,254
11.	Mall of Georgia Crossing	GA	Buford (Atlanta)	100.0	%	440,670
12.	Bloomingdale Court	IL	Bloomingdale (Chicago)	100.0	%	623,181
13.	Countryside Plaza	IL	Countryside (Chicago)	100.0	%	403,756
14.	Crystal Court	IL	Crystal Lake (Chicago)	37.9	%(2)	278,978
15.	Forest Plaza	IL	Rockford	100.0	%	427,985
16.	Lake Plaza	IL	Waukegan (Chicago)	100.0	%	215,568
17.	Lake View Plaza	IL	Orland Park (Chicago)	100.0	%	367,603
18.	Lincoln Crossing	IL	O'Fallon (St. Louis)	100.0	%	243,326
19.	Matteson Plaza	IL	Matteson (Chicago)	100.0	%	270,892
20.	North Ridge Plaza	IL	Joliet (Chicago)	100.0	%	303,469
21.	White Oaks Plaza	IL	Springfield	100.0	%	391,474
22.	Willow Knolls Court	IL	Peoria	35.7	%(2)	382,377
23.	Clay Terrace	IN	Carmel (Indianapolis)	50.0	%	579,188	(4)
24.	Greenwood Plus	IN	Greenwood (Indianapolis)	100.0	%	155,319
25.	Hamilton Town Center	IN	Noblesville (Indianapolis)	50.0	%	666,696
26.	Keystone Shoppes	IN	Indianapolis	100.0	%	29,140
27.	Markland Plaza	IN	Kokomo	100.0	%	90,527
28.	Muncie Towne Plaza	IN	Muncie	100.0	%	172,617
29.	New Castle Plaza	IN	New Castle	100.0	%	91,648
30.	Northwood Plaza	IN	Fort Wayne	100.0	%	208,076
31.	Teal Plaza	IN	Lafayette	100.0	%	101,087
32.	Tippecanoe Plaza	IN	Lafayette	100.0	%	90,522
33.	University Center	IN	Mishawaka	100.0	%	150,524
34.	Village Park Plaza	IN	Carmel (Indianapolis)	35.7	%(2)	575,544
35.	Washington Plaza	IN	Indianapolis	100.0	%	50,107
36.	West Ridge Plaza	KS	Topeka	100.0	%	254,480
37.	St. Charles Towne Plaza	MD	Waldorf (Washington, D.C.)	100.0	%	394,618
38.	Regency Plaza	MO	St. Charles (St. Louis)	100.0	%	287,473
39.	Ridgewood Court	MS	Jackson	35.7	%(2)	369,482
40.	Dare Centre	NC	Kill Devil Hills	100.0	%	169,061
41.	MacGregor Village	NC	Cary	100.0	%	144,041
42.	North Ridge Shopping Center	NC	Raleigh	100.0	%	169,783
43.	Rockaway Commons	NJ	Rockaway (New York)	100.0	%	150,504
44.	Rockaway Town Plaza	NJ	Rockaway (New York)	100.0	%	459,301
45.	ABQ Uptown	NM	Albuquerque	100.0	%	214,754
46.	Cobblestone Court	NY	Victor	35.7	%(2)	265,470

SIMON PROPERTY GROUP
Property Listing

Community/Lifestyle Centers(1)

	Property Name		City (CBSA)

47.	Great Lakes Plaza	OH	Mentor (Cleveland)	100.0	%	164,369
48.	Lima Center	OH	Lima	100.0	%	223,878
49.	DeKalb Plaza	PA	King of Prussia (Philadelphia)	86.0	%	101,963
50.	Henderson Square	PA	King of Prussia (Philadelphia)	75.9	%(3)	107,371
51.	Lincoln Plaza	PA	King of Prussia (Philadelphia)	64.9	%(3)	267,965
52.	Whitehall Mall	PA	Whitehall	38.0	%(3)	601,610
53.	Charles Towne Square	SC	Charleston	100.0	%	71,794
54.	Empire East	SD	Sioux Falls	100.0	%	297,278
55.	Arboretum	TX	Austin	100.0	%	198,304
56.	Gateway Center	TX	Austin	100.0	%	512,990
57.	Ingram Plaza	TX	San Antonio	100.0	%	111,518
58.	Lakeline Plaza	TX	Cedar Park (Austin)	100.0	%	387,381
59.	Palms Crossing	TX	McAllen	100.0	%	392,249
60.	Richardson Square	TX	Richardson (Dallas)	100.0	%	517,265
61.	Shops at Arbor Walk, The	TX	Austin	100.0	%	464,699
62.	Shops at North East Mall, The	TX	Hurst (Dallas)	100.0	%	365,008
63.	Wolf Ranch	TX	Georgetown (Austin)	100.0	%	626,180
64.	Chesapeake Center	VA	Chesapeake (Virginia Beach)	100.0	%	305,935
65.	Fairfax Court	VA	Fairfax (Washington, D.C.)	41.3	%(2)	249,488
66.	Martinsville Plaza	VA	Martinsville	100.0	%	102,105

	Total Community/Lifestyle Center Square Footage					20,415,543

FOOTNOTES:

(1): Does not include the community centers in Mills portfolio.
(2): Outside partner receives substantially all of the economic benefit due to a partner preference.
(3): The Operating Partnership's indirect ownership interest is through an ownership interest of approximately 76% in Kravco Simon Investments.
(4): Includes office space of 75,118 square feet.

SIMON PROPERTY GROUP
Property Listing

The Mills Portfolio

	Property Name		City (CBSA)

	*The Mills®*
1.	Arizona Mills	AZ	Tempe (Phoenix)	25.0	%	1,253,037
2.	Arundel Mills	MD	Hanover (Baltimore)	29.6	%	1,566,033
3.	Colorado Mills	CO	Lakewood (Denver)	18.8	%(1)	1,097,757
4.	Concord Mills	NC	Concord (Charlotte)	29.6	%(1)	1,334,264
5.	Discover Mills	GA	Lawrenceville (Atlanta)	25.0	%(1)	1,183,027
6.	Franklin Mills	PA	Philadelphia	50.0	%	1,735,852
7.	Grapevine Mills	TX	Grapevine (Dallas)	29.6	%	1,777,336
8.	Great Mall	CA	Milpitas (San Jose)	50.0	%	1,361,692
9.	Gurnee Mills	IL	Gurnee (Chicago)	50.0	%	1,782,927
10.	Katy Mills	TX	Katy (Houston)	31.3	%(1)	1,555,948
11.	Ontario Mills	CA	Ontario (Riverside)	25.0	%	1,463,988
12.	Opry Mills	TN	Nashville	50.0	%	1,159,953
13.	Outlets at Orange, The	CA	Orange (Los Angeles)	25.0	%	723,495
14.	Potomac Mills	VA	Prince William (Washington, D.C.)	50.0	%	1,518,937
15.	Sawgrass Mills	FL	Sunrise (Miami)	50.0	%	2,151,121
16.	St. Louis Mills	MO	Hazelwood (St. Louis)	25.0	%(1)	1,174,839

	Subtotal The Mills® Square Footage					22,840,206
	*Regional Malls*
17.	Briarwood Mall	MI	Ann Arbor	25.0	%	973,601
18.	Del Amo Fashion Center	CA	Torrance (Los Angeles)	25.0	%(3)	2,276,842
19.	Dover Mall	DE	Dover	34.1	%	886,258
20.	Esplanade, The	LA	Kenner (New Orleans)	50.0	%	953,468
21.	Falls, The	FL	Miami	25.0	%	807,365
22.	Galleria at White Plains, The	NY	White Plains (New York)	50.0	%	870,232
23.	Hilltop Mall	CA	Richmond (San Francisco)	25.0	%	1,093,910
24.	Lakeforest Mall	MD	Gaithersburg (Washington, D.C.)	25.0	%	1,047,938
25.	Mall at Tuttle Crossing, The	OH	Dublin (Columbus)	25.0	%	1,121,351
26.	Marley Station	MD	Glen Burnie (Baltimore)	25.0	%	1,069,087
27.	Meadowood Mall	NV	Reno	25.0	%	876,847
28.	Northpark Mall	MS	Ridgeland	50.0	%	956,256
29.	Shops at Riverside, The	NJ	Hackensack (New York)	50.0	%	769,146
30.	Southdale Center	MN	Edina (Minneapolis)	50.0	%	1,302,787
31.	Southridge Mall	WI	Greendale (Milwaukee)	50.0	%	1,167,416
32.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)	25.0	%	1,300,563

	Subtotal Regional Malls Square Footage(2)					17,473,067
	*Community Centers*
33.	Denver West Village	CO	Lakewood (Denver)	18.8	%	310,709
34.	Arundel Mills Marketplace	MD	Hanover (Baltimore)	29.6	%	101,535
35.	Concord Mills Marketplace	NC	Concord (Charlotte)	50.0	%	230,683
36.	Liberty Plaza	PA	Philadelphia	50.0	%	371,617

	Subtotal Community Centers Square Footage					1,014,544

	Total Mills Properties Square Footage					41,327,817

(1): The Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or the Operating Partnership.
(2): Includes office space of 28,782 square feet including the following center with more than 20,000 square feet of office space: Southdale Center—20,295 sq. ft.
(3): On January 6, 2012, we acquired an additional 25% interest in this center.

S IMON PROPERTY GROUP

Property Listing

International Properties(1)

	Property Name	City (Metropolitan area)

	JAPAN
1.	Ami Premium Outlets	Ami (Tokyo)	40.0	%	315,000
2.	Gotemba Premium Outlets	Gotemba City (Tokyo)	40.0	%	481,500
3.	Kobe-Sanda Premium Outlets	Kobe (Osaka)	40.0	%	365,100
4.	Rinku Premium Outlets	Izumisano (Osaka)	40.0	%	321,800
5.	Sano Premium Outlets	Sano (Tokyo)	40.0	%	390,800
6.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)	40.0	%	164,200
7.	Toki Premium Outlets	Toki (Nagoya)	40.0	%	289,500
8.	Tosu Premium Outlets	Fukuoka (Kyushu)	40.0	%	290,600

	Subtotal Japan Square Footage				2,618,500
	MEXICO
9.	Premium Outlets Punta Norte	Mexico City	50.0	%	278,000

	Subtotal Mexico Square Footage				278,000
	SOUTH KOREA
10.	Paju Premium Outlets	Paju (Seoul)	50.0	%	327,800
11.	Yeoju Premium Outlets	Yeoju (Seoul)	50.0	%	276,200

	Subtotal South Korea Square Footage				604,000
	MALAYSIA
12.	Johor Premium Outlets	Johor (Singapore)	50.0	%	190,400

	Subtotal Malaysia Square Footage				190,400

	TOTAL INTERNATIONAL ASSETS SQUARE FOOTAGE				3,690,900

FOOTNOTES:

(1): Does not include properties in Italy as the Company sold its interest in Gallerie Commerciali Italia on January 9, 2012
(45 shopping centers comprising 10 million square feet).

SIMON PROPERTY GROUP

U.S. Anchor/Big Box Openings

2011–2013

Property Name/Location	Property Type	New Tenant	Former Tenant

*Openings in 2011*
Arizona Mills—Tempe (Phoenix), AZ	Mills	Forever 21 Off Broadway Shoes	Virgin Megastore N/A
Bloomingdale Court—Bloomingdale (Chicago), IL	Community/Lifestyle Ctr.	HHGregg Ross Dress for Less	Circuit City Linens 'n Things
Chesapeake Square—Chesapeake, VA	Regional Mall	Cinemark Theater	Dillard's
Circle Centre—Indianapolis, IN	Regional Mall	Brown Mackie College	N/A
Coral Square—Coral Springs (Miami), FL	Regional Mall	Kohl's	Dillard's
Desert Hills Premium Outlets—Palm Springs, CA	Premium Outlet Center	Last Call by Neiman Marcus	N/A
Edison Mall—Fort Myers, FL	Regional Mall	Books-A-Million	N/A
Esplanade, The—Kenner (New Orleans), LA	Regional Mall	Target	Mervyn's
Fashion Valley—San Diego, CA	Regional Mall	Forever 21	Saks Fifth Avenue
Firewheel Town Center—Garland (Dallas), TX	Regional Mall	Ulta Kirkland's	Linens 'n Things Linens 'n Things
Grapevine Mills—Grapevine (Dallas), TX	Mills	Discovery Center by Legoland Ross Dress for Less Sea Life Center	Woodland Skatepark Steve & Barry's Gameworks
Gurnee Mills—Gurnee (Chicago), IL	Mills	Off Broadway Shoes Shoppers World	N/A JCPenney
Mall of New Hampshire, The—Manchester, NH	Regional Mall	Ulta	N/A
Markland Mall—Kokomo, IN	Regional Mall	Carson Pirie Scott	Macy's
Mesa Mall—Grand Junction, CO	Regional Mall	Jo-Ann Fabrics	N/A
Miami International Mall—Miami	Regional Mall	Kohl's	Dillard's
Northshore Mall—Peabody (Boston), MA	Regional Mall	Ulta	Office Depot
Ontario Mills—Ontario (Riverside), CA	Mills	Sports Authority	Totally for Kids
Palms Crossing—McAllen, TX	Community/Lifestyle Ctr.	Hobby Lobby	N/A
Pheasant Lane Mall—Nashua, NH	Regional Mall	Dick's Sporting Goods	Macy's(1)
Phipps Plaza—Atlanta, GA	Regional Mall	Arhaus Furniture	N/A
Pier Park—Panama City Beach, FL	Community/Lifestyle Ctr.	Marshalls	N/A
Plaza Carolina—Carolina (San Juan), PR	Regional Mall	T.J.Maxx	N/A
Shops at Mission Viejo, The—Mission Viejo, CA	Regional Mall	Forever 21	Saks Fifth Avenue
Shops at North East Mall, The—Hurst (Dallas), TX	Community/Lifestyle Ctr.	DSW	Office Max
South Shore Plaza—Braintree (Boston), MA	Regional Mall	Dave & Buster's	Circuit City
Southdale Center—Edina (Minneapolis), MN	Regional Mall	Herberger's	Mervyn's
SouthPark—Charlotte, NC	Regional Mall	Container Store	Joseph Beth Booksellers
Treasure Coast Square—Jensen Beach, FL	Regional Mall	HHGregg	Borders
Virginia Center Commons—Glen Allen, VA	Regional Mall	Burlington Coat Factory	Dillard's
Washington Plaza—Indianapolis, IN	Community/Lifestyle Ctr.	Jo-Ann Fabrics	Deals
Wrentham Village Premium Outlets—Boston, MA	Premium Outlet Center	Bloomingdale's Outlet	N/A

SIMON PROPERTY GROUP

U.S. Anchor/Big Box Openings

2011–2013

Property Name/Location	Property Type	New Tenant	Former Tenant

*Openings Projected for 2012*
Arsenal Mall—Watertown (Boston), MA	Regional Mall	Sports Authority	Filene's Basement
Bloomingdale Court—Bloomingdale (Chicago), IL	Community/Lifestyle Ctr.	Ulta	N/A
Columbia Center—Kennewick, WA	Regional Mall	Ulta	Rite Aid
Cordova Mall—Pensacola, FL	Regional Mall	Belk	Dillards
Denver West Village—Lakewood (Denver), CO	Community/Lifestyle Ctr.	Cost Plus World Market	Ultimate Electronics
Fairfax Court—Fairfax (Washington, D.C), VA	Community/Lifestyle Ctr.	Xsports Fitness	Circuit City
Falls, The—Miami, FL	Regional Mall	Fresh Market	N/A
Franklin Mills—Philadelphia, PA	Mills	JCPenney	JCPenney Outlet
Mall at Rockingham Park, The—Salem (Boston), NH	Regional Mall	Lord & Taylor	Macy's(1)
Matteson Plaza—Matteson (Chicago), IL	Community/Lifestyle Ctr.	Shoppers World	N/A
McCain Mall—N. Little Rock, AR	Regional Mall	Regal Cinemas	M.M. Cohn
Northshore Mall—Peabody (Boston), MA	Regional Mall	Container Store	Bugaboo Creek
Outlets at Orange, The—Orange (Los Angeles), CA	Mills	Nordstrom Rack Sports Authority	N/A Borders
Ontario Mills—Ontario (Riverside), CA	Mills	Last Call by Neiman Marcus	N/A
Orland Square—Orland Park (Chicago), IL	Regional Mall	Dave & Buster's	N/A
Phipps Plaza—Atlanta, GA	Regional Mall	Discovery Center by Legoland	N/A
Pier Park—Panama City Beach, FL	Community/Lifestyle Ctr.	Forever 21	Borders
Potomac Mills—Prince William (Washington, D.C.), VA	Mills	JCPenney	JCPenney Outlet
Sawgrass Mills—Sunrise (Miami), FL	Mills	Forever 21	Wannado
Seminole Towne Center—Sanford (Orland), FL	Regional Mall	Dick's Sporting Goods	Belk
South Hills Village—Pittsburgh, PA	Regional Mall	Dick's Sporting Goods	Boscov's
Southridge Mall—Greendale (Milwaukee), WI	Regional Mall	Macy's	Linens 'n Things/ Steve & Barry's
Westland Park Plaza—Orange Park (Jacksonville), FL	Community/Lifestyle Ctr.	L.A. Fitness	Sports Authority
Whitehall Mall—Whitehall, PA	Community/Lifestyle Ctr.	Raymour & Flanigan Furniture	Borders
Wolf Ranch—Austin, TX	Community/Lifestyle Ctr.	Ross Dress for Less	Linens 'n Things
*Openings Projected for 2013*
Cordova Mall—Pensacola, FL	Regional Mall	Dick's Sporting Goods	Belk(2)
Esplanade, The—Kenner (New Orleans), LA	Regional Mall	Grand Theater	N/A
Gurnee Mills—Gurnee (Chicago), IL	Mills	Macy's	Circuit City
Montgomery Mall—North Wales (Philadelphia), PA	Regional Mall	Wegman's	Boscov's
South Hills Village—Pittsburgh, PA	Regional Mall	Target	Boscov's

(1): Macy's had two locations at this center, one of which was recaptured for redevelopment.
(2): Belk is relocating to another space within the center.

SIMON PROPERTY GROUP

Capital Expenditures

For the Twelve Months Ended December 31, 2011

(In thousands)

				Unconsolidated Properties

	Consolidated Properties			Total			Simon Group's Share
New development projects	$	65,671		$	99,642		$	48,627
Redevelopment projects with incremental square footage and/or anchor replacement		137,101			210,852			88,115
Renovations with no incremental square footage		46,459			25,908			14,528

Subtotal new development, redevelopment and renovations		249,231			336,402			151,270
Tenant allowances		120,436			56,887			21,127
Operational capital expenditures at properties:
CAM expenditures(1)		66,835			79,016			34,663
Non-CAM expenditures		36,748			29,015			7,476

Totals	$	473,250		$	501,320		$	214,536

Plus (Less): Conversion from accrual to cash basis		(27,755	)		(70,689	)		(30,251	)

Capital Expenditures for the Twelve Months Ended 12/31/11(2)	$	445,495		$	430,631		$	184,285

Capital Expenditures for the Twelve Months Ended 12/31/10(2)	$	256,312		$	287,917		$	118,658

(1): Expenditures included in the pool of expenses allocated to tenants as common area maintenance or CAM.
(2): Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties as this is not required by the SEC or GAAP; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)
Project Overview and Construction-in-Progress
As of December 31, 2011

Property/ Location	Project Description	Projected Opening	Company's Ownership Percentage

*New Development Projects:*
Merrimack Premium Outlets—Merrimack, NH	409,000 square foot upscale outlet center	6/12	100%
Tanger Outlets-Texas City—Texas City, TX	350,000 square foot upscale outlet center	10/12	50%
Totals—New Development Projects ($ in millions):
Projected Gross Cost(2) = $226
Projected Net Cost(3) = $211
Company's Share of Net Cost = $177
Blended Stabilized Rate of Return = 10%
Total Construction in Progress = $118
Company's Share of Total Construction in Progress = $109
*Renovation and Expansion Projects:*
Midland Park Mall—Midland, TX	Mall renovation	2/12	100%
Maplewood Mall—St. Paul, MN	Mall renovation	3/12	100%
Plaza Carolina—Carolina, PR	Forever 21 Mall renovation	3/12 4/12	100%
Southridge Mall—Greendale (Milwaukee), WI	Macy's Mall renovation	3/12 6/12	50%
Crystal Mall—Waterford, CT	Mall renovation	4/12	78.2%
Pheasant Lane Mall—Nashua, NH	Mall renovation (Dick's Sporting Goods opened in 2011)	4/12	100%
White Oaks Mall—Springfield, IL	Mall renovation Reconfigure former theater space into small shops	5/12 11/12	80.7%
Brunswick Square—East Brunswick (New York), NJ	New mall entrance, Panera Bread and Tilted Kilt	6/12	100%
Ontario Mills—Ontario, CA	Last Call by Neiman Marcus Food court renovation Mall renovation	6/12 7/12 10/12	25%
Orland Square—Orland Park (Chicago), IL	Mall renovation Dave & Buster's	7/12 12/12	100%
Santa Rosa Plaza—Santa Rosa, CA	Mall renovation	8/12	100%
La Plaza Mall—McAllen, TX	Food court expansion and renovation	9/12	100%
King of Prussia Mall—King of Prussia, PA	Redevelopment of former Strawbridge's-Macy's building into 100,000 sf of small shops on two levels	10/12	96.1%
McCain Mall—N. Little Rock, AR	Regal Cinemas (Mall renovation completed 11/11)	10/12	100%
South Hills Village—Pittsburgh, PA	Dick's Sporting Goods Target	10/12 3/13	100%
Fashion Mall at Keystone—Indianapolis, IN	Mall renovation, small shop expansion and food court relocation	11/12	100%
Southdale Center—Minneapolis, MN	Mall renovation and food court/common area reconfiguration (Herberger's opened in 2011)	11/12	50%

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)
Project Overview and Construction-in-Progress
As of December 31, 2011

Property/ Location	Project Description	Projected Opening	Company's Ownership Percentage

*Renovation and Expansion Projects (continued):*
Quaker Bridge Mall—Lawrenceville, NJ	Mall renovation, addition of restaurants and food court	1/13	50%
Gurnee Mills—Gurnee (Chicago), IL	Macy's addition and mall renovation	3/13	50%
Dadeland Mall—Miami, FL	Redevelopment of former Limited/Express building into two-level enclosed small shops and restaurants	5/13	50%
Seattle Premium Outlets—Tulalip (Seattle), WA	Small shop expansion and parking deck	6/13	100%
Walt Whitman Shops—Huntington Station, NY	Reconfiguration and expansion of small shop space and restaurants	7/13	100%
Shops at Nanuet, The—Nanuet (New York), NY	Demolition of enclosed mall and redevelopment into open-air center	10/13	100%
Totals—Renovation and Expansion Projects ($ in millions):
Projected Gross Cost(2) = $779
Projected Net Cost(3) = $696
Company's Share of Net Cost = $614
Blended Stabilized Rate of Return = 10%
Total Construction in Progress = $123
Company's Share of Total Construction in Progress = $104
*Restoration Project:*
Opry Mills—Nashville, TN (4)	Restoration of the property as a result of flood damage in May 2010	3/12	50%
Totals—Restoration Project ($ in millions):
Projected Gross Cost(2) = $140
Projected Net Cost(3) = $120
Company's Share of Net Cost = $60
Stabilized Rate of Return = N/A
Total Construction in Progress = $60
Company's Share of Total Construction in Progress = $30
*Anchor/Big Box Additions:*
Outlets at Orange, The—Ontario, CA	Nordstrom Rack	2/12	25%
Mall at Rockingham Park, The—Salem (Boston), NH	Lord & Taylor	3/12	28.2%
Phipps Plaza—Atlanta, GA	Discovery Center by Legoland	5/12	100%
Sawgrass Mills—Sunrise (Miami), FL	Forever 21, Calvin Klein and small shops	7/12	50%
Columbia Center—Kennewick, WA	Ulta	8/12	100%
Cordova Mall—Pensacola, FL	Belk relocation Dick's Sporting Goods	8/12 8/13	100%
The Falls—Miami, FL	Fresh Market	10/12	25%
Northshore Mall—Peabody (Boston), MA	Container Store	11/12	56.4%

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)
Project Overview and Construction-in-Progress
As of December 31, 2011

Property/ Location		Project Description		Projected Opening		Company's Ownership Percentage

Totals—Anchor/Big Box Additions:
Projected Gross Cost(2) = $65
Projected Net Cost(3) = $60
Company's Share of Net Cost = $36
Blended Stabilized Rate of Return = 15%
Total Construction in Progress = $35
Company's Share of Total Construction in Progress = $18
*Other Projects*
Total Construction in Progress = $147
Company's Share of Total Construction in Progress = $82

(1)

Projects listed represent:

—: Projects that are under construction
—: New Development and Renovation and Expansion projects with budgeted gross costs in excess of $5 million
—: Anchor/Big Box Additions with budgeted gross costs in excess of $2 million
—: Costs and returns that are based upon current budget assumptions; actual costs may vary

(2)

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

(3)

Projected Net Cost includes cost recoveries such as land sales, tenant reimbursements, Tax Incremental Financing (TIF), Common Area Maintenance (CAM), and other such recoveries.

(4)

This reflects only the estimated costs of restoring Opry Mills and is less than the total estimated damages suffered as a result of the May, 2010 flood.

SIMON PROPERTY GROUP
International Development Activity Report
Project Overview, Construction-in-Progress
As of December 31, 2011

Shopping center/ Location (Metropolitan area)	Project Description	Projected Opening

*Expansions:*
Rinku Premium Outlets—Izumisano (Osaka), Japan(2)	103,000 square foot phase 4 expansion	7/12	40	%	JPY 1,356

(1): Projected Net Cost includes cost recoveries such as land sales, tenant reimbursements, Tax Incremental Financing (TIF), Common Area Maintenance (CAM), and other such recoveries. Cost is based on current budget assumptions. Actual costs may vary.
(2): Construction loan in place to fund approximately 70% of costs; remainder to be funded by operating cash flow.

SIMON PROPERTY GROUP
Total Debt Amortization and Maturities by Year (Our Share)
As of December 31, 2011
(In thousands)

Year	Our Share of Unsecured Consolidated Debt					Our Share of Secured Consolidated Debt				Our Share of Unconsolidated Joint Venture Debt				Our Share of Unconsolidated The Mills L.P. Debt				Our Share of Total Debt

2012		230,952		6.27	%		1,231,889	2.86	%		441,098	4.69	%		635,938	2.60	%		2,539,877	3.12	%
2013		504,519		5.71	%		703,508	3.55	%		366,856	4.72	%		280,953	4.03	%		1,855,836	4.47	%
2014		934,482		6.09	%		822,277	5.58	%		106,388	3.00	%		666,677	5.92	%		2,529,824	5.75	%
2015		1,600,000		5.12	%		89,971	7.92	%		799,798	5.25	%		199,958	5.77	%		2,689,727	5.24	%
2016		2,252,664		4.19	%		2,331,780	6.18	%		240,988	5.76	%		336,970	5.80	%		5,162,402	5.26	%
2017		1,000,000		4.34	%		637,647	5.92	%		366,371	6.00	%		533,890	5.76	%		2,537,908	5.28	%
2018		1,000,000		6.38	%		17,254	—			50,305	2.61	%		2,002	—			1,069,561	6.21	%
2019		650,000		10.35	%		144,401	7.68	%		34,404	—			2,120	—			830,925	9.86	%
2020		1,250,000		5.65	%		85,543	5.01	%		398,194	5.64	%		38,623	5.76	%		1,772,360	5.62	%
2021		1,600,000		4.38	%		414,789	5.44	%		669,253	4.65	%		58,893	5.64	%		2,742,935	4.74	%
Thereafter		600,000		6.75	%		49,144	6.48	%		207,837	4.71	%		60,438	3.89	%		917,419	5.93	%

Face Amounts of Indebtedness	$	11,622,617		5.42	%	$	6,528,203	5.20	%	$	3,681,492	5.00	%	$	2,816,462	4.88	%	$	24,648,774	5.24	%
Premiums (Discounts) on Indebtedness, Net		(29,178	)				53,441				—				3,554				27,817

Our Share of Total Indebtedness	$	11,593,439				$	6,581,644			$	3,681,492			$	2,820,016			$	24,676,591

Debt Covenant Compliance Ratios

Senior Unsecured Debt Covenants(1)					Compliance

Total Debt to Total Assets	£65	%	44	%	Yes
Total Secured Debt to Total Assets	£50	%	23	%	Yes
Fixed Charge Coverage Ratio	>1.5	X	3.0	X	Yes
Total Unencumbered Assets to Unsecured Debt	³125	%	287	%	Yes

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

SIMON PROPERTY GROUP
Summary of Indebtedness
As of December 31, 2011
(In thousands)

	Total Indebtedness			Our Share of Indebtedness

Consolidated Indebtedness
Mortgage Debt
Fixed Rate	$	5,512,350		$	5,241,802		6.05	%	4.7
Variable Rate Debt		1,286,401			1,286,401		1.74	%	0.8

Total Mortgage Debt		6,798,751			6,528,203		5.20	%	3.9
Unsecured Debt
Fixed Rate		10,669,953			10,669,953		5.76	%	6.8
Revolving Credit Facility—US Tranche		665,000			665,000		1.93	%	4.8
Revolving Credit Facility—Yen Currency		287,664			287,664		1.14	%	4.8

Total Revolving Credit Facility		952,664			952,664		1.69	%	4.8
Total Unsecured Debt		11,622,617			11,622,617		5.42	%	6.7
Premium		62,598			61,789
Discount		(37,526	)		(37,526	)

Consolidated Mortgages and Other Indebtedness(1)	$	18,446,440		$	18,175,083		5.34	%	5.7

Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	7,426,655		$	3,351,716		5.24	%	6.7
Variable Rate Debt		701,665			329,779		2.57	%	3.0
Mills Limited Partnership Debt		7,322,894			2,816,459		4.88	%	3.8

Total Mortgage Debt		15,451,214			6,497,954		4.95	%	5.1
Premium		7,457			3,729
Discount		(350	)		(175	)

Joint Venture Mortgages and Other Indebtedness(1)	$	15,458,321		$	6,501,508		4.95	%	5.1

*Our Share of Total Indebtedness*				$	24,676,591		5.24	%	5.5
Summary of our share of Fixed and Variable Rate Debt
Consolidated
Fixed		88.8	%	$	16,136,018		5.84	%	6.1
Variable		11.2	%		2,039,065		1.95	%	3.0

		100.0	%	$	18,175,083		5.25	%	5.7
Joint Venture
Fixed		83.5	%	$	5,428,318		5.50	%	5.6
Variable		16.5	%		1,073,190		2.18	%	2.7

		100.0	%	$	6,501,508		4.95	%	5.1

Total Debt				$	24,676,591

Total Fixed Debt		87.4	%	$	21,564,336		5.75	%	6.0

Total Variable Debt		12.6	%	$	3,112,255		2.02	%	2.9

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

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name						Interest Rate Type	Secured or Unsecured

Consolidated Indebtedness:
Secured Term Loan		03/05/12	(35)	1.10	%	Variable	Secured	735,000	735,000
Simon Property Group, LP (Sr. Notes)		05/01/12		5.75	%	Fixed	Unsecured	74,245	74,245
Gwinnett Place	(31)	06/08/12		5.68	%	Fixed	Secured	115,000	86,250
Town Center at Cobb		06/08/12		5.74	%	Fixed	Secured	280,000	210,000
CPG Partners, LP (Sr. Notes)		06/15/12		6.88	%	Fixed	Unsecured	50,642	50,642
Simon Property Group, LP (Sr. Notes)		08/28/12		6.35	%	Fixed	Unsecured	106,065	106,065
Anderson Mall		10/10/12		6.20	%	Fixed	Secured	26,203	26,203
Forest Mall	(5)	10/10/12		6.20	%	Fixed	Secured	15,557	15,557
Markland Mall	(5)	10/10/12		6.20	%	Fixed	Secured	20,598	20,598
Midland Park Mall	(5)	10/10/12		6.20	%	Fixed	Secured	30,071	30,071
Richmond Towne Square	(5)	10/10/12		6.20	%	Fixed	Secured	42,238	42,238
CPG Partners, LP (Sr. Notes)		01/15/13		6.00	%	Fixed	Unsecured	69,334	69,334
The Factory Shoppes at Branson Meadows	(9)	03/10/13	(21)	9.10	%	Fixed	Secured	8,685	8,685
North Ridge Shopping Center	(9)	03/10/13	(21)	9.10	%	Fixed	Secured	7,639	7,639
MacGregor Village	(9)	03/10/13	(21)	9.10	%	Fixed	Secured	6,254	6,254
Dare Centre	(9)	03/10/13	(21)	9.10	%	Fixed	Secured	1,555	1,555
Factory Stores of America	(9)	03/10/13	(21)	9.10	%	Fixed	Secured	15,007	15,007
Carolina Premium Outlets—Smithfield	(9)	03/10/13	(21)	9.10	%	Fixed	Secured	18,674	18,674
The Crossings Premium Outlets		03/13/13		5.85	%	Fixed	Secured	49,253	49,253
Simon Property Group, LP (Sr. Notes)		03/15/13		5.45	%	Fixed	Unsecured	122,288	122,288
Simon Property Group, LP (Sr. Notes)		05/30/13		5.30	%	Fixed	Unsecured	237,897	237,897
Stanford Shopping Center	(2)	07/01/13		2.45	%	Variable	Secured	240,000	240,000
Battlefield Mall		07/01/13		4.60	%	Fixed	Secured	88,930	88,930
Kittery Premium Outlets	(2)(8)	07/10/13	(32)	2.27	%	Variable	Secured	43,556	43,556
Lighthouse Place Premium Outlets	(2)(8)	07/10/13	(32)	2.27	%	Variable	Secured	88,623	88,623
Waterloo Premium Outlets	(2)(8)	07/10/13	(32)	2.27	%	Variable	Secured	72,822	72,822
Retail Property Trust (Sr. Notes)		09/01/13		7.18	%	Fixed	Unsecured	75,000	75,000
Simon Property Group, LP (Sr. Notes)		01/30/14		4.90	%	Fixed	Unsecured	200,000	200,000
Northfield Square		02/11/14		6.05	%	Fixed	Secured	26,758	8,455
Puerto Rico Premium Outlets		05/01/14	(23)	3.75	%	Variable	Secured	73,364	73,364
Simon Property Group, LP (Sr. Notes)		05/15/14		6.75	%	Fixed	Unsecured	516,052	516,052
Plaza Carolina—Fixed		06/01/14		7.50	%	Fixed	Secured	87,723	87,723
Plaza Carolina—Variable Swapped	(16)	06/01/14		7.63	%	Fixed	Secured	95,506	95,506
SB Boardman Plaza Holdings		07/01/14		5.94	%	Fixed	Secured	22,266	22,266
Desoto Square		07/01/14		5.89	%	Fixed	Secured	62,409	62,409
West Ridge Mall		07/01/14		5.89	%	Fixed	Secured	66,695	66,695
Philadelphia Premium Outlets	(2)(16)	07/30/14		4.19	%	Fixed	Secured	190,000	190,000
Chesapeake Square		08/01/14		5.84	%	Fixed	Secured	67,767	50,825
Brunswick Square		08/11/14		5.65	%	Fixed	Secured	79,611	79,611
Simon Property Group, LP (Sr. Notes)		08/15/14		5.63	%	Fixed	Unsecured	218,430	218,430

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name						Interest Rate Type	Secured or Unsecured

Regency Plaza	(2)(7)	12/14/14		3.30	%	Variable	Secured	3,776	3,776
St. Charles Towne Plaza	(2)(7)	12/14/14		3.30	%	Variable	Secured	24,542	24,542
West Ridge Plaza	(2)(7)	12/14/14		3.30	%	Variable	Secured	4,720	4,720
Lake View Plaza		12/31/14		8.00	%	Fixed	Secured	15,751	15,751
DeKalb Plaza		01/01/15		5.28	%	Fixed	Secured	2,676	2,302
Simon Property Group, LP (Sr. Notes)		02/01/15		4.20	%	Fixed	Unsecured	400,000	400,000
Simon Property Group, LP (Sr. Notes)		06/15/15		5.10	%	Fixed	Unsecured	600,000	600,000
Bloomingdale Court		11/01/15		8.15	%	Fixed	Secured	25,923	25,923
Simon Property Group, LP (Sr. Notes)		12/01/15		5.75	%	Fixed	Unsecured	600,000	600,000
Ellenton Premium Outlets	(27)	01/11/16		5.51	%	Fixed	Secured	106,062	106,062
Florida Keys Outlet Center	(27)	01/11/16		5.51	%	Fixed	Secured	10,824	10,824
Grove City Premium Outlets	(27)	01/11/16		5.51	%	Fixed	Secured	114,505	114,505
Gulfport Premium Outlets	(27)	01/11/16		5.51	%	Fixed	Secured	25,546	25,546
Huntley Outlets Center	(27)	01/11/16		5.51	%	Fixed	Secured	30,276	30,276
Jersey Shore Premium Outlets	(27)	01/11/16		5.51	%	Fixed	Secured	71,055	71,055
Lebanon Premium Outlets	(27)	01/11/16		5.51	%	Fixed	Secured	15,706	15,706
Naples Outlets Center	(27)	01/11/16		5.51	%	Fixed	Secured	16,274	16,274
Pleasant Prairie Premium Outlets	(27)	01/11/16		5.51	%	Fixed	Secured	61,026	61,026
San Marcos Premium Outlets	(27)	01/11/16		5.51	%	Fixed	Secured	145,232	145,232
Retail Property Trust (Sr. Notes)		03/15/16		7.88	%	Fixed	Unsecured	250,000	250,000
Henderson Square		04/01/16		4.43	%	Fixed	Secured	13,948	10,589
Penn Square Mall		04/01/16		7.75	%	Fixed	Secured	97,500	92,134
Birch Run Premium Outlets	(11)	04/11/16		5.95	%	Fixed	Secured	107,578	107,578
Hagerstown Premium Outlets	(11)	04/11/16		5.95	%	Fixed	Secured	90,390	90,390
Williamsburg Premium Outlets	(11)	04/11/16		5.95	%	Fixed	Secured	104,427	104,427
Simon Property Group, LP (Sr. Notes)		05/01/16		6.10	%	Fixed	Unsecured	400,000	400,000
Arsenal Mall HCHP		05/05/16		8.20	%	Fixed	Secured	709	709
Empire Mall		06/01/16		5.79	%	Fixed	Secured	176,300	176,300
Mesa Mall		06/01/16		5.79	%	Fixed	Secured	87,250	87,250
Rushmore Mall		06/01/16		5.79	%	Fixed	Secured	94,000	94,000
Southern Hills Mall		06/01/16		5.79	%	Fixed	Secured	101,500	101,500
Las Americas Premium Outlets		06/11/16		5.84	%	Fixed	Secured	180,000	180,000
Upper Valley Mall	(2)(4)	07/01/16		5.89	%	Fixed	Secured	45,541	45,541
Washington Square	(2)(29)	07/01/16		5.94	%	Fixed	Secured	26,932	26,932
Greenwood Park Mall	(22)	08/01/16		8.00	%	Fixed	Secured	78,354	78,354
South Park Mall	(22)	08/01/16		8.00	%	Fixed	Secured	193,925	193,925
Walt Whitman Shops	(22)	08/01/16		8.00	%	Fixed	Secured	119,489	119,489
Calhoun Premium Outlets	(14)	09/01/16		5.79	%	Fixed	Secured	20,678	20,678
Gaffney Premium Outlets	(14)	09/01/16		5.79	%	Fixed	Secured	37,527	37,527
Lee Premium Outlets	(14)	09/01/16		5.79	%	Fixed	Secured	51,619	51,619
Revolving Credit Facility—USD		10/30/16	(6)	1.93	%	Variable	Unsecured	665,000	665,000

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name					Interest Rate Type	Secured or Unsecured

Revolving Credit Facility—Yen Currency		10/30/16	1.14	%	Variable	Unsecured(13	)	287,664	287,664
White Oaks Mall		11/01/16	5.54	%	Fixed	Secured		50,000	40,338
Pismo Beach Premium Outlets	(28)	11/06/16	5.84	%	Fixed	Secured		33,850	33,850
Queenstown Premium Outlets	(28)	11/06/16	5.84	%	Fixed	Secured		66,150	66,150
Pleasant Prairie Premium Outlets 2		12/01/16	6.01	%	Fixed	Secured		36,867	36,867
Simon Property Group, LP (Sr. Notes)		12/01/16	5.25	%	Fixed	Unsecured		650,000	650,000
King of Prussia—The Court & The Plaza-1		01/01/17	7.49	%	Fixed	Secured		97,653	93,832
King of Prussia—The Court & The Plaza-2		01/01/17	8.53	%	Fixed	Secured		6,930	6,659
King of Prussia—The Court & The Plaza-3		01/01/17	4.50	%	Fixed	Secured		50,000	48,044
Simon Property Group, LP (Sr. Notes)		01/30/17	2.80	%	Fixed	Unsecured		500,000	500,000
Simon Property Group, LP (Sr. Notes)		03/01/17	5.88	%	Fixed	Unsecured		500,000	500,000
Wolfchase Galleria		04/01/17	5.64	%	Fixed	Secured		225,000	212,616
Valle Vista Mall		05/10/17	5.35	%	Fixed	Secured		40,000	40,000
Summit Mall		06/10/17	5.42	%	Fixed	Secured		65,000	65,000
Independence Center		07/10/17	5.94	%	Fixed	Secured		200,000	200,000
Bangor Mall		10/01/17	6.15	%	Fixed	Secured		80,000	53,670
Simon Property Group, LP (Sr. Notes)		05/30/18	6.13	%	Fixed	Unsecured		800,000	800,000
Simon Property Group, LP (Sr. Notes)		06/15/18	7.38	%	Fixed	Unsecured		200,000	200,000
Simon Property Group, LP (Sr. Notes)		04/01/19	10.35	%	Fixed	Unsecured		650,000	650,000
Woodland Hills Mall		04/05/19	7.79	%	Fixed	Secured		95,081	89,821
Forest Plaza	(15)	10/10/19	7.50	%	Fixed	Secured		18,391	18,391
Lakeline Plaza	(15)	10/10/19	7.50	%	Fixed	Secured		17,229	17,229
Muncie Towne Plaza	(15)	10/10/19	7.50	%	Fixed	Secured		7,163	7,163
White Oaks Plaza	(15)	10/10/19	7.50	%	Fixed	Secured		14,325	14,325
Simon Property Group, LP (Sr. Notes)		02/01/20	5.65	%	Fixed	Unsecured		1,250,000	1,250,000
Port Charlotte Town Center		11/01/20	5.30	%	Fixed	Secured		47,749	38,199
Oxford Valley Mall		12/07/20	4.77	%	Fixed	Secured		69,956	45,432
Simon Property Group, LP (Sr. Notes)		03/01/21	4.38	%	Fixed	Unsecured		900,000	900,000
Ingram Park Mall		06/01/21	5.38	%	Fixed	Secured		143,935	143,935
Towne West Square		06/01/21	5.61	%	Fixed	Secured		50,644	50,644
Domain, The		08/01/21	5.44	%	Fixed	Secured		207,113	207,113
Palms Crossing	(18)	08/01/21	5.49	%	Fixed	Secured		38,202	38,202
Shops at Arbor Walk, The	(18)	08/01/21	5.49	%	Fixed	Secured		43,176	43,176
Simon Property Group, LP (Sr. Notes)		12/01/21	4.13	%	Fixed	Unsecured		700,000	700,000
Sunland Park Mall		01/01/26	8.63	%	Fixed	Secured		30,789	30,789
Montgomery Mall		05/11/34	5.17	%	Fixed	Secured		84,226	50,527

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name				Interest Rate Type	Secured or Unsecured

Simon Property Group, LP (Sr. Notes)	02/01/40	6.75	%	Fixed	Unsecured	600,000		600,000

Total Consolidated Indebtedness at Face Value						18,421,368		18,150,820

Premium						62,598		61,789
Discount						(37,526	)	(37,526	)

*Total Consolidated Indebtedness*						18,446,440		18,175,083

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name						Interest Rate Type	Secured or Unsecured

Joint Venture Indebtedness:
Galleria Commerciali Italia—Facility A	(33)	—		5.37	%	Fixed	Secured(10)	287,730	140,988
Galleria Commerciali Italia—Facility B	(33)	—		5.85	%	Fixed	Secured(10)	285,645	139,966
Cobblestone Court		05/05/12	(24)	5.00	%	Variable	Secured	2,039	102
Hamilton Town Center		05/29/12		1.90	%	Variable	Secured	95,283	47,641
Gotemba Premium Outlets—Variable		05/31/12		0.64	%	Variable	Secured(12)	6,848	2,739
Domain Residential Building P		07/22/12	(24)	4.00	%	Variable	Secured	3,561	1,780
Yeoju Premium Outlets		07/31/12		5.88	%	Variable	Secured(26)	4,320	2,160
Galleria Commerciali Italia—Catania	(33)	12/17/12		2.09	%	Variable	Secured(10)	90,806	44,495
Emerald Square Mall		03/01/13		5.13	%	Fixed	Secured	123,678	69,718
Avenues, The		04/01/13		5.29	%	Fixed	Secured	68,016	10,202
Paju Premium Outlets		04/01/13		6.70	%	Variable	Secured(26)	68,594	34,297
Circle Centre Mall		04/11/13		5.02	%	Fixed	Secured	68,159	2,726
Domain Residential Phase II	(2)	07/22/13		2.24	%	Variable	Secured	36,382	18,191
Solomon Pond		08/01/13		3.97	%	Fixed	Secured	102,620	57,847
Tosu Premium Outlets—Fixed		08/24/13		1.51	%	Fixed	Secured(12)	4,210	1,684
Miami International Mall		10/01/13		5.35	%	Fixed	Secured	89,987	42,992
Liberty Tree Mall		10/11/13		5.22	%	Fixed	Secured	35,000	17,198
Domain Westin	(2)	10/15/13		2.25	%	Variable	Secured	41,021	20,511
Galleria Commerciali Italia—Giugliano A	(33)	10/20/13		4.77	%	Fixed	Secured(10)	34,965	17,133
Galleria Commerciali Italia—Giugliano B	(33)	10/20/13		4.78	%	Fixed	Secured(10)	30,510	14,950
Galleria Commerciali Italia—Giugliano C	(33)	10/20/13		5.19	%	Fixed	Secured(10)	11,500	5,635
Kobe Sanda Premium Outlets—Fixed		01/31/14		1.48	%	Fixed	Secured(12)	19,587	7,835
Kobe Sanda Premium Outlets—Variable		01/31/14		0.90	%	Variable	Secured(12)	50,866	20,347
Fashion Valley Mall—2		05/01/14		6.00	%	Fixed	Secured	5,979	2,990
Coddingtown Mall	(2)	07/01/14		3.20	%	Variable	Secured	13,650	13,650
Gotemba Premium Outlets—Fixed		10/25/14		1.60	%	Fixed	Secured(12)	49,257	19,703
Indian River Commons		11/01/14		5.21	%	Fixed	Secured	9,356	4,678
Indian River Mall		11/01/14		5.21	%	Fixed	Secured	63,389	31,695
Rinku Premium Outlets		11/25/14		1.86	%	Fixed	Secured(12)	21,512	8,605
St. Johns Town Center		03/11/15		5.06	%	Fixed	Secured	166,015	83,007
Galleria Commerciali Italia—Cinisello—Fixed	(33)	03/31/15		5.38	%	Fixed	Secured(10)	92,825	45,484
Galleria Commerciali Italia—Cinisello—Variable	(33)	03/31/15		2.11	%	Variable	Secured(10)	65,554	32,121
Toki Premium Outlets—Variable		04/30/15		1.13	%	Variable	Secured(12)	15,074	6,029
St. John's Town Center Phase II	(2)(16)	05/10/15		5.50	%	Fixed	Secured	77,500	38,750
Gaitway Plaza		07/01/15		4.60	%	Fixed	Secured	13,900	0
Plaza at Buckland Hills, The		07/01/15		4.60	%	Fixed	Secured	24,800	0
Ridgewood Court		07/01/15		4.60	%	Fixed	Secured	14,650	733
Village Park Plaza		07/01/15		4.60	%	Fixed	Secured	29,850	3,582
West Town Corners		07/01/15		4.60	%	Fixed	Secured	18,800	0

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name					Interest Rate Type	Secured or Unsecured

Clay Terrace		10/01/15	5.08	%	Fixed	Secured	115,000	57,500
Mall of New Hampshire		10/05/15	6.23	%	Fixed	Secured	131,246	73,984
Springfield Mall	(16)	11/30/15	4.77	%	Fixed	Secured	65,981	25,066
Houston Galleria-1		12/01/15	5.44	%	Fixed	Secured	643,583	324,173
Houston Galleria-2		12/01/15	5.44	%	Fixed	Secured	177,417	89,365
Busan Premium Outlets		12/28/15	6.45	%	Variable	Secured(26)	17,278	1,728
Tosu Premium Outlets—Variable		01/31/16	0.53	%	Variable	Secured(12)	39,019	15,607
Smith Haven Mall		03/01/16	5.16	%	Fixed	Secured	180,000	45,000
Quaker Bridge Mall		04/01/16	7.03	%	Fixed	Secured	16,438	8,219
Greendale Mall		10/01/16	6.00	%	Fixed	Secured	45,000	25,367
Firewheel Residential	(2)	11/20/16	5.91	%	Fixed	Secured	22,662	11,331
Coconut Point		12/10/16	5.83	%	Fixed	Secured	230,000	115,000
Mall at Rockingham		03/10/17	5.61	%	Fixed	Secured	260,000	73,282
California Department Stores		11/01/17	6.53	%	Fixed	Secured	31,300	10,432
West Town Mall		12/01/17	6.34	%	Fixed	Secured	210,000	105,000
Aventura Mall		12/11/17	5.91	%	Fixed	Secured	430,000	143,333
Johor Premium Outlets		03/31/18	5.36	%	Variable	Secured(30)	27,273	13,636
Sano Premium Outlets		05/31/18	0.54	%	Variable	Secured(12)	33,011	13,204
Sendai Premium Outlets		10/31/18	0.49	%	Variable	Secured(12)	34,367	13,747
Whitehall Mall		11/01/18	7.00	%	Fixed	Secured	11,372	4,317
Westchester, The		05/05/20	6.00	%	Fixed	Secured	367,579	147,031
Lehigh Valley Mall		07/05/20	5.88	%	Fixed	Secured	137,478	52,187
Auburn Mall		09/01/20	6.02	%	Fixed	Secured	41,395	23,335
Shops at Sunset Place, The		09/01/20	5.62	%	Fixed	Secured	77,086	28,907
Florida Mall, The		09/05/20	5.25	%	Fixed	Secured	368,347	184,173
Fashion Valley Mall-1		01/04/21	4.30	%	Fixed	Secured	475,000	237,500
Cape Cod Mall		03/06/21	5.75	%	Fixed	Secured	99,123	55,876
SouthPark Residential		05/01/21	4.80	%	Fixed	Secured	22,000	8,800
Seminole Towne Center		05/06/21	5.97	%	Fixed	Secured	59,614	7,750
Fashion Centre Pentagon Office		07/01/21	5.11	%	Fixed	Secured	40,000	17,000
Fashion Centre Pentagon Retail		07/01/21	4.87	%	Fixed	Secured	410,000	174,250
Dadeland Mall		12/05/21	4.50	%	Fixed	Secured	450,000	225,000
Square One		01/06/22	5.47	%	Fixed	Secured	100,000	56,370
Galleria Commerciali Italia—Argine	(33)	07/28/22	3.04	%	Variable	Secured(10)	56,722	27,794
AMI Premium Outlets		09/25/23	2.09	%	Fixed	Secured(12)	132,888	53,157
Atrium at Chestnut Hill		03/11/31	6.89	%	Fixed	Secured	41,486	20,385
Crystal Mall		09/11/32	5.62	%	Fixed	Secured	90,514	70,769

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name				Interest Rate Type	Secured or Unsecured

Northshore Mall	03/11/34	5.03	%	Fixed	Secured	194,706		109,756

Joint Venture Indebtedness at Face Value						8,128,320		3,681,495

Mills Indebtedness at Face Value (detail in The Mills Limited Partnership Summary)						7,322,894		2,816,459

Total Joint Venture and Mills Indebtedness at Face Value						15,451,214		6,497,954

Premium						7,457		3,729
Discount						(350)		(175)

*Total Joint Venture Indebtedness*						15,458,321	(20)	6,501,508	(17)

*Our Share of Total Indebtedness*								24,676,591

SIMON PROPERTY GROUP
The Mills Limited Partnership
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

Property Name					Interest Rate Type	Secured or Unsecured

Mills Limited Partnership Indebtedness:
St. Louis Mills		01/08/12	6.39	%	Fixed	Secured	90,000	(19)	35,352
Esplanade, The	(3)	02/01/12	2.25	%	Variable	Secured	71,396		35,698
Galleria at White Plains	(3)	02/01/12	2.25	%	Variable	Secured	119,317		59,658
Northpark Mall—Mills	(3)	02/01/12	2.25	%	Variable	Secured	100,290		50,145
Colorado Mills		02/10/12	2.08	%	Variable	Secured	145,675		27,314
Discover Mills-1		02/12/12	7.32	%	Fixed	Secured	23,700	(19)	2,500
Discover Mills-2		02/12/12	6.08	%	Fixed	Secured	135,000	(19)	14,243
Mills Senior Loan Facility		06/07/12	1.55	%	Variable	Secured	655,000		327,500
Marley Station		07/01/12	4.89	%	Fixed	Secured	114,400		28,600
Hilltop Mall		07/08/12	4.99	%	Fixed	Secured	64,350		16,088
Concord Mills Mall		12/07/12	6.13	%	Fixed	Secured	157,592	(19)	31,125
Katy Mills		01/09/13	6.69	%	Fixed	Secured	138,337		17,292
Del Amo Fashion Center	(2)	01/23/13	1.80	%	Variable	Secured	307,753	(36)	76,938
Southdale Center	(34)(2)	04/01/13	5.18	%	Fixed	Secured	155,142		77,571
Lakeforest Mall	(2)	07/08/13	4.90	%	Fixed	Secured	137,988		34,497
Mall at Tuttle Crossing		11/05/13	5.05	%	Fixed	Secured	110,568		27,642
Ontario Mills	(2)	12/05/13	3.55	%	Variable	Secured	175,000		43,750
Arundel Marketplace		01/01/14	5.92	%	Fixed	Secured	10,969		3,252
Concord Marketplace		02/01/14	5.76	%	Fixed	Secured	12,764		6,382
Sawgrass Mills		07/01/14	5.82	%	Fixed	Secured	820,000		410,000
Arundel Mills		08/01/14	6.14	%	Fixed	Secured	378,932		112,259
Grapevine Mills	(2)(16)	09/22/14	5.91	%	Fixed	Secured	270,000		80,001
Outlets at Orange, The		10/01/14	6.25	%	Fixed	Secured	218,276		54,569
Southridge Mall		04/01/15	5.23	%	Fixed	Secured	124,000		62,000
Great Mall	(2)	08/28/15	6.01	%	Fixed	Secured	270,000		135,000
Shops at Riverside, The	(2)	06/16/16	2.40	%	Variable	Secured	130,000		65,000
Opry Mills	(2)	10/10/16	6.16	%	Fixed	Secured	280,000		140,000
Opry Mills-2	(2)	10/10/16	5.00	%	Fixed	Secured	50,590		25,295
Falls, The	(25)	11/30/16	7.50	%	Fixed	Secured	112,280		28,070
Stoneridge Shopping Center	(25)	11/30/16	7.50	%	Fixed	Secured	224,218		55,942
Briarwood Mall	(25)	11/30/16	7.50	%	Fixed	Secured	116,151		29,038
Liberty Plaza		06/01/17	5.68	%	Fixed	Secured	43,000		21,500
Franklin Mills		06/01/17	5.65	%	Fixed	Secured	290,000		145,000
Gurnee Mills		07/01/17	5.77	%	Fixed	Secured	321,000		160,500
Potomac Mills		07/11/17	5.83	%	Fixed	Secured	410,000		205,000
Arizona Mills		07/01/20	5.76	%	Fixed	Secured	171,840		42,960
Denver West Village		07/01/21	5.04	%	Fixed	Secured	28,000		5,250
Dover Mall & Commons		08/06/21	5.57	%	Fixed	Secured	93,620		31,873
Meadowood Mall		11/06/21	5.82	%	Fixed	Secured	124,871		31,218
Net Leases II		01/10/23	9.35	%	Fixed	Secured	20,873		10,437
TMLP Trust Preferred Unsecured Securities		03/30/36	2.75	%	Variable	Unsecured	100,000		50,000

Mills Limited Partnership Indebtedness at Face Value							7,322,894		2,816,459

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2011
(In thousands)

(Footnotes for preceeding pages)

Footnotes:

(1): Variable rate debt interest rates are based on the following base rates as of December 31, 2011: LIBOR at .3%; 3 MONTH EURIBOR at 1.36%; YEN LIBOR at .14%; 6 MONTH YEN LIBOR at .34%; KLIBOR at 3.09% and 91 Day Korean CD rate at 3.58%.
(2): Includes applicable extensions available at our option.
(3): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(4): Comprised of a $27.0 million note at 5.89% and a $20.0 million note that is non-interest bearing.
(5): These four properties are secured by cross-collateralized and cross-defaulted mortgages.
(6): Through an interest rate swap agreement, interest on $200.0 million is essentially fixed 3.40%. The all-in rate presented is a blended interest rate.
(7): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(8): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(9): These properties are secured by cross-collateralized and cross-defaulted mortgages. Factory Stores of America includes Boaz, Georgetown, Graceville, Lebanon, Nebraska City and Story City.
(10): Amounts shown in USD Equivalent. Euro equivalent is 738.4 million. Associated with Facility A and B, Giugliano, and a portion of Cinisello are interest rate swap agreements with a total combined 573.8 million euros notional amount that effectively fixes Facility A and B, Giugliano, and a portion of Cinisello at a combined 5.14%.
(11): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(12): Amounts shown in USD Equivalent. Yen equivalent is 31,473.6 million.
(13): Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 22,265.0 million.
(14): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(15): These four properties are secured by cross-collateralized and cross-defaulted mortgages.
(16): Through an interest rate swap agreement, interest is essentially fixed at the all-in rate presented.
(17): Our share of indebtedness for joint ventures excludes our share of indebtedness of $105.5 million in joint venture entities in which Gallerie Commerciali Italia holds a non-controlling interest.
(18): These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(19): Our share of indebtedness for these joint venture property loans includes the impact of outside partner preferences and/or unreturned capital contributions which are in excess of our share of the net assets and investment in equity of the property.
(20): Total joint venture indebtedness does not include the secured debt on The Mall at The Source.
(21): The Anticipated Maturity Date is the date reflected as the Maturity Date. However, the loan documents state longer term Maturity Dates between 2028 and 2035.
(22): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(23): Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.50%.
(24): Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.00%.
(25): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(26): Amounts shown in USD Equivalent. Won equivalent is 104,400 million.
(27): These ten properties are secured by cross-collateralized and cross-defaulted mortgages.
(28): These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(29): Comprised of a $15.0 million note at 5.94% and a $12.8 million note that is non-interest bearing.
(30): Amounts shown in USD Equivalent. Ringgit equivalent is 86,497.4 million.
(31): The Operating Partnership sold its interest in this property effective January 1, 2012.
(32): Loan was paid off after December 31, 2011.
(33): On January 9, 2012, the Operating Partnership sold its interest in Galleria Commerciali Italia.
(34): On January 6, 2012, the maturity date was extended to April 1, 2016.
(35): In January 2012, this loan was refinanced with a new unsecured facility that matures on July 30, 2013.
(36): On January 6, 2012, we acquired an additional 25% interest in Del Amo Fashion Center.

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2011

Property Name	City	State

*Regional Malls:*
McCain Mall	N. Little Rock	AR
Brea Mall	Brea	CA
Laguna Hills Mall	Laguna Hills	CA
Santa Rosa Plaza	Santa Rosa	CA
Shops at Mission Viejo, The	Mission Viejo	CA
Westminster Mall	Westminster	CA
Town Center at Aurora	Aurora	CO
Boynton Beach Mall	Boynton Beach	FL
Coral Square	Coral Springs	FL
Cordova Mall	Pensacola	FL
Edison Mall	Fort Meyers	FL
Gulf View Square	Port Richey	FL
Melbourne Square	Melbourne	FL
Orange Park Mall	Orange Park	FL
Paddock Mall	Ocala	FL
Town Center at Boca Raton	Boca Raton	FL
Treasure Coast Square	Jensen Beach	FL
Tyrone Square	St. Petersburg	FL
Lenox Square	Atlanta	GA
Mall of Georgia	Atlanta	GA
Northlake Mall	Atlanta	GA
Phipps Plaza	Atlanta	GA
Lindale Mall	Cedar Rapids	IA
Lincolnwood Town Center	Lincolnwood	IL
Northwoods Shopping Center	Peoria	IL
Orland Square	Orland Park	IL
River Oaks Center	Calumet City	IL
Castleton Square Mall	Indianapolis	IN
College Mall	Bloomington	IN
Fashion Mall at Keystone, The	Indianapolis	IN
Muncie Mall	Muncie	IN
Tippecanoe Mall	Lafayette	IN
University Park Mall	Mishawaka	IN
Towne East Square	Wichita	KS
Prien Lake Mall	Lake Charles	LA

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2011

Property Name	City	State

Arsenal Mall	Watertown	MA
Burlington Mall	Burlington	MA
Copley Place	Boston	MA
The Mall at Chestnut Hill	Chestnut Hill	MA
South Shore Plaza	Braintree	MA
Bowie Town Center	Bowie	MD
St. Charles Towne Center	Waldorf	MD
Maplewood Mall	Minneapolis	MN
Miller Hill Mall	Duluth	MN
Pheasant Lane (1)	Nashua	NH
Livingston Mall	Livingston	NJ
Menlo Park Mall	Edison	NJ
Ocean County Mall	Toms River	NJ
Rockaway Townsquare	Rockaway	NJ
Cottonwood Mall	Albuquerque	NM
Forum Shops at Caesars, The	Las Vegas	NV
Chautauqua Mall	Lakewood	NY
Jefferson Valley Mall	Yorktown Heights	NY
Roosevelt Field	Garden City	NY
Great Lakes Mall	Mentor	OH
Lima Mall	Lima	OH
Southern Park Mall	Boardman	OH
Ross Park Mall	Pittsburgh	PA
South Hills Village	Pittsburgh	PA
Haywood Mall	Greenville	SC
Knoxville Center	Knoxville	TN
Oak Court Mall	Memphis	TN
Barton Creek Square	Austin	TX
Broadway Square	Tyler	TX
Cielo Vista	El Paso	TX
Firewheel Town Center	Garland	TX
Irving Mall	Irving	TX
La Plaza Mall	McAllen	TX
Lakeline Mall	Cedar Park	TX
Longview Mall	Longview	TX
North East Mall	Hurst	TX

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2011

Property Name	City	State

Richardson Square Mall	Richardson	TX
Rolling Oaks Mall	San Antonio	TX
Apple Blossom Mall	Winchester	VA
Charlottesville Fashion Square	Charlottesville	VA
Virginia Center Commons	Glen Allen	VA
Columbia Center	Kennewick	WA
Northgate Mall	Seattle	WA
Tacoma Mall	Tacoma	WA
Bay Park Square	Green Bay	WI
*Premium Outlets:*
Camarillo Premium Outlets	Camarillo	CA
Carlsbad Premium Outlets	Carlsbad	CA
Desert Hills Premium Outlets	Cabazon	CA
Folsom Premium Outlets	Folsom	CA
Gilroy Premium Outlets	Gilroy	CA
Napa Premium Outlets	Napa	CA
Petaluma Village Premium Outlets	Petaluma	CA
Vacaville Premium Outlets	Vacaville	CA
Clinton Crossing Premium Outlets	Clinton	CT
Orlando Premium Outlets-International Drive	Orlando	FL
Orlando Premium Outlets-Vineland Avenue	Orlando	FL
St. Augustine Premium Outlets	St. Augustine	FL
North Georgia Premium Outlets	Dawsonville	GA
Waikele Premium Outlets	Waipahu	HI
Chicago Premium Outlets	Aurora	IL
Edinburgh Premium Outlets	Edinburgh	IN
Wrentham Village Premium Outlets	Wrentham	MA
Albertville Premium Outlets	Albertville	MN
Osage Beach Premium Outlets	Osage Beach	MO
Jackson Premium Outlets	Jackson	NJ
Liberty Village Premium Outlets	Flemington	NJ
Las Vegas Premium Outlets—North	Las Vegas	NV
Las Vegas Premium Outlets—South	Las Vegas	NV
Woodbury Common Premium Outlets	Central Valley	NY

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2011

Property Name	City	State

Aurora Farms Premium Outlets	Aurora	OH
Cincinnati Premium Outlets	Monroe	OH
Columbia Gorge Premium Outlets	Troutdale	OR
Allen Premium Outlets	Allen	TX
Houston Premium Outlets	Cypress	TX
Rio Grande Valley Premium Outlets	Mercedes	TX
Round Rock Premium Outlets	Austin	TX
Leesburg Corner Premium Outlets	Leesburg	VA
North Bend Premium Outlets	North Bend	WA
Seattle Premium Outlets	Seattle	WA
Johnson Creek Premium Outlets	Johnson Creek	WI
*Community/Lifestyle Centers:*
Highland Lakes Center	Orlando	FL
Pier Park	Panama City Beach	FL
Royal Eagle Plaza	Coral Springs	FL
Terrace at Florida Mall	Orlando	FL
Waterford Lakes Town Center	Orlando	FL
Westland Park Plaza	Orange Park	FL
Mall of Georgia Crossing	Atlanta	GA
Countryside Plaza	Countryside	IL
Crystal Court	Crystal Lake	IL
Lake Plaza	Waukegan	IL
Lincoln Crossing	O'Fallon	IL
Matteson Plaza	Matteson	IL
North Ridge Plaza	Joliet	IL
Willow Knolls Court	Peoria	IL
Greenwood Plus	Greenwood	IN
Keystone Shoppes	Indianapolis	IN
Markland Plaza	Kokomo	IN
New Castle Plaza	New Castle	IN
Northwood Plaza	Fort Wayne	IN
Teal Plaza	Lafayette	IN
Tippecanoe Plaza	Lafayette	IN
University Center	Mishawaka	IN
Washington Plaza	Indianapolis	IN
Rockaway Convenience Center	Rockaway	NJ
Rockaway Town Plaza	Rockaway	NJ
ABQ Uptown	Albuquerque	NM

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2011

Property Name	City	State

Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Lincoln Plaza	King of Prussia	PA
Charles Towne Square	Charleston	SC
Empire East	Sioux Falls	SD
Arboretum	Austin	TX
Gateway Center	Austin	TX
Ingram Plaza	San Antonio	TX
Shops at North East Mall	Hurst	TX
Wolf Ranch	Georgetown	TX
Chesapeake Center	Chesapeake	VA
Fairfax Court	Fairfax	VA
Martinsville Plaza	Martinsville	VA
*Other:*
Outlet Marketplace	Orlando	FL
University Town Plaza	Pensacola	FL
The Shops at Nanuet	Nanuet	NY

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

SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of December 31, 2011
($ in 000's, except per share amounts)

Issuer	Description		Per Share Liquidation Preference		Aggregate Liquidation Preference

Preferred Stock:
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable(1)	796,948	$	50	$	39,847	SPGPrJ
Preferred Units:
Simon Property Group, L.P.	7.50% Cumulative Redeemable(2)	255,373	$	100	$	25,537	N/A

(1): Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on December 30, 2011 was $65.98 per share.
(2): Each unit is redeemable on or after November 10, 2013 or earlier upon the occurrence of certain tax triggering events.

QuickLinks

Exhibit 99.1

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Exhibit 99.2


CONTACTS:
Shelly Doran	317.685.7330	Investors
Les Morris	317.263.7711	Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP REPORTS FOURTH QUARTER RESULTS,
ANNOUNCES INCREASE IN QUARTERLY DIVIDEND
AND PROVIDES 2012 GUIDANCE

Indianapolis, Indiana—February 3, 2012...Simon Property Group, Inc. (the "Company" or "Simon") (NYSE:SPG) today reported results for the quarter and year ended December 31, 2011.

Results for the Quarter

•: Net income attributable to common stockholders was $362.9 million, or $1.24 per diluted share, as compared to $217.9 million, or $0.74 per diluted share, in the prior year period. The increase on a per share basis was 67.6%.
•: Funds from Operations ("FFO") was $678.9 million, or $1.91 per diluted share, as compared to $638.7 million, or $1.80 per diluted share, in the prior year period. The increase on a per share basis was 6.1%.

Results for the Year

•: Net income attributable to common stockholders was $1.021 billion, or $3.48 per diluted share, as compared to $610.4 million, or $2.10 per diluted share, in the prior year. The increase on a per share basis was 65.7%.
•: FFO was $2.439 billion, or $6.89 per diluted share, as compared to $1.770 billion, or $5.03 per diluted share, in the prior year. The increase on a per share basis was 37.0%. 2010 FFO as adjusted for debt extinguishment charges was $2.121 billion or $6.03 per diluted share. The increase on an as adjusted per share basis was 14.3%.

"Our portfolio of high quality assets continues to demonstrate strength as our regional malls and Premium Outlets generated comparable property net operating income growth of 4.5% in the quarter," said David Simon, Chairman and Chief Executive Officer. "Occupancy in the portfolio was 30 basis points higher than one year ago and our tenants reported a robust increase in sales of 10.7%. Financing activities during the quarter enhanced our industry leading balance sheet and the ramping up of development and redevelopment activities positions us to continue to deliver strong results for our stockholders. Given our results in 2011 and our current view of 2012, we are also pleased to announce an increase in our quarterly dividend to $0.95 per share from $0.90."

U.S. Operational Statistics(1)

	As of December 31, 2011			As of December 31, 2010			% Increase

Occupancy(2)		94.8	%		94.5	%	+30 basis points
Total Sales per Sq. Ft.(3)	$	536		$	484		10.7%
Average Rent per Sq. Ft.(2)	$	39.42		$	37.77		4.4%

(1): Combined information for U.S. regional malls and U.S. Premium Outlets, including the Prime portfolio. Prior period amounts have been restated to include Prime. Does not include information for properties owned by SPG-FCM (the Mills portfolio).
(2): Represents mall stores in regional malls and all owned gross leasable area in Premium Outlets.
(3): Rolling 12 month sales per square foot for mall stores less than 10,000 square feet in regional malls and all owned gross leasable area in Premium Outlets.

Dividends

Today the Company announced that the Board of Directors declared a quarterly common stock dividend of $0.95 per share, an increase of 5.6% from the previous quarter. This dividend is payable on February 29, 2012 to stockholders of record on February 15, 2012.

The Company also declared the quarterly dividend on its 8³/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) Stock of $1.046875 per share, payable on March 30, 2012 to stockholders of record on March 16, 2012.

Acquisitions and Dispositions

During the fourth quarter and subsequent to year-end, the Company completed several property transactions:

•: Exchanged its 50% ownership interests in six malls and one community center with the Macerich Company for their 50% ownership interests in five malls and one community center. No cash was exchanged other than customary net working capital adjustments. As a result of the transaction, Simon owns 100% of Empire Mall, Lindale Mall, Mesa Mall, Rushmore Mall, Southern Hills Mall and Empire East, and the Macerich Company owns 100% of Eastland Mall, Lake Square Mall, Northpark Mall, South Ridge Mall, Southpark Mall, Valley Mall and Eastland Convenience Center.
•: Disposed of its interests in three properties: Gwinnett Place, Factory Merchants Branson and Crystal River Mall.
•: Acquired an additional 25% ownership interest in Del Amo Fashion Center, increasing its ownership interest to 50%.
•: Sold its 49% interest in Gallerie Commerciali Italia ("GCI") in the first quarter of 2012. As a result of this transaction, the Company no longer owns an interest in any assets in Italy.

A net gain was recorded in the fourth quarter of 2011 as a result of the Macerich Company transaction and three U.S. property dispositions.

Capital Markets

On October 5^th, the Company announced that it entered into a new unsecured revolving credit facility that increased the Company's borrowing capacity to $4.0 billion. This facility, which can be increased to $5.0 billion during its term, will initially mature on October 30, 2015, and can be extended for an additional year to October 30, 2016 at the Company's sole option. The base interest rate on the Company's new facility is LIBOR plus 100 basis points.

On November 10^th, the Company announced the sale of $1.2 billion of senior unsecured notes in an underwritten public offering by its majority-owned partnership subsidiary, Simon Property Group, L.P. The offering consisted of $500.0 million of 2.800% notes due 2017 and $700.0 million of 4.125% notes due 2021. Net proceeds from the offering were used to partially repay the outstanding U.S. dollar balance of the senior unsecured credit facility and for general business purposes.

Development Activity

In the U.S.

The Company has two new development projects under construction:

•: Merrimack Premium Outlets in Merrimack, New Hampshire—a 409,000 square foot upscale outlet center located one hour north of metropolitan Boston and scheduled to open on June 14, 2012. Over 100 designer and brand outlet stores will be represented at the center. The Company owns 100% of this project.
•: Tanger Outlets—Texas City—a 350,000 square foot upscale outlet center located in Texas City, Texas. The center is located approximately 30 miles south of Houston and 20 miles north of Galveston and is scheduled to open in October of 2012. The Company owns a 50% interest in this project.

Renovation and expansion projects are underway at 23 centers in addition to the restoration of Opry Mills in Nashville, Tennessee. Opry Mills has been closed since it was damaged by a historic flood in May of 2010. The center is scheduled to reopen on March 29, 2012.

In 2011, the Company opened 38 new anchors and big box tenants, aggregating 1.7 million square feet of activity. Approximately 30 anchors and big boxes are currently scheduled to open in 2012 and 2013.

International

On December 8^th, the Company completed the 90,000 square foot expansion of Ami Premium Outlets in Ibaraki Prefecture, Japan. The expansion was 100% leased at opening. The Company owns a 40% interest in this project.

The grand opening of Johor Premium Outlets, the Company's first Premium Outlet Center® in Southeast Asia, was held on December 11^th. The center encompasses 190,000 square feet of gross leasable area featuring 80 stores and is strategically located in Johor, Malaysia. Johor Premium Outlets is close to Senai Airport and less than an hour's drive from the city center of Singapore and about three hours from Kuala Lumpur. The center was 100% leased at opening. The Company owns the property in a 50/50 partnership with Genting Berhad.

Today marks the groundbreaking for Busan Premium Outlets, a 240,000 square foot upscale outlet center that will serve southeastern Korea, including the cities of Busan, Ulsan and Daegu, as well as local and overseas visitors. The Company owns a 50% interest in this project, which will be its third Premium Outlet Center in Korea.

2012 Guidance

The Company estimates that FFO will be within a range of $7.20 to $7.30 per diluted share for the year ending December 31, 2012, and diluted net income will be within a range of $3.28 to $3.38 per share.

The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2012

	Low End			High End

Estimated diluted net income available to common stockholders per share	$	3.28		$	3.38
Gain on sale of interest in GCI		(0.08	)		(0.08	)
Depreciation and amortization including the Company's share of joint ventures		4.00			4.00

Estimated diluted FFO per share	$	7.20		$	7.30

The 2012 guidance reflects management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, capital spend on new and redevelopment activities, and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management's view of future capital market conditions, which is generally consistent with the current forward rates for LIBOR and U.S. Treasury bonds. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, possible capital markets activity or possible future impairment charges. The guidance takes into account the impact of all transactions that have already occurred, including the initial FFO dilution from the sale of the Company's 49% interest in GCI. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity. By definition, FFO does not include real estate-related depreciation and amortization or gains or losses resulting from the sale of, or impairment charges relating to, previously depreciated operating properties. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release.

Conference Call

The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investors tab), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Time (New York time) today, February 3, 2012. An online replay will be available for approximately 90 days at www.simon.com, www.earnings.com, and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com.

Supplemental Materials and Website

The Company has prepared a supplemental information package which is available at www.simon.com in the Investors section, Financial Information tab. It has also been furnished to the SEC as part of a current report on Form 8-K. If you wish to receive a copy via mail or email, please call 800-461-3439.

We routinely post important information for investors on our website, www.simon.com, in the "Investors" section. We intend to use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures

This press release includes FFO, FFO as adjusted and comparable property net operating income growth, which are adjusted from financial performance measures defined by accounting principles generally accepted in the United States ("GAAP"). Reconciliations of these measures to the most directly comparable GAAP measures are included within this press release or the Company's supplemental information package. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry.

Forward-Looking Statements

Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its periodic reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Simon Property Group

Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. The Company currently owns or has an interest in 337 retail real estate properties comprising 245 million square feet in North America and Asia. Simon Property Group is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. The Company's common stock is publicly traded on the NYSE under the symbol SPG. For further information, visit the Simon Property Group website at www.simon.com.

Simon Property Group, Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

	2011			2010			2011			2010
REVENUE:
Minimum rent	$	706,099		$	672,606		$	2,664,724		$	2,429,519
Overage rent		65,068			56,668			140,842			110,621
Tenant reimbursements		315,916			298,146			1,177,269			1,083,780
Management fees and other revenues		35,009			34,310			128,010			121,207
Other income		49,245			57,988			195,587			212,503

Total revenue		1,171,337			1,119,718			4,306,432			3,957,630

EXPENSES:
Property operating		105,559			98,615			436,571			414,264
Depreciation and amortization		277,536			276,418			1,065,946			982,820
Real estate taxes		95,803			90,893			369,755			345,960
Repairs and maintenance		33,539			37,875			113,496			102,425
Advertising and promotion		34,383			34,641			107,002			97,194
Provision for credit losses		3,325			5,190			6,505			3,130
Home and regional office costs		37,583			36,615			128,618			109,314
General and administrative		14,705			5,358			46,319			21,267
Transaction expenses		—			6,418			—			68,972
Other		35,823			23,633			97,078			68,045

Total operating expenses		638,256			615,656			2,371,290			2,213,391

OPERATING INCOME		533,081			504,062			1,935,142			1,744,239
Interest expense		(246,507	)		(252,405	)		(983,526	)		(1,027,091	)
Loss on extinguishment of debt		—			—			—			(350,688	)
Income tax expense of taxable REIT subsidiaries		(877	)		(2,291	)		(3,583	)		(1,734	)
Income from unconsolidated entities		31,677			25,192			81,238			75,921
Impairment charge from investments in unconsolidated entities		—			(8,169	)		—			(8,169	)
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net		124,557			687			216,629			321,036

CONSOLIDATED NET INCOME		441,931			267,076			1,245,900			753,514
Net income attributable to noncontrolling interests		78,167			48,318			221,101			136,476
Preferred dividends		834			835			3,337			6,614

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	362,930		$	217,923		$	1,021,462		$	610,424

BASIC EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders	$	1.24		$	0.74		$	3.48		$	2.10

DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders	$	1.24		$	0.74		$	3.48		$	2.10

Simon Property Group, Inc. and Subsidiaries

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

	December 31, 2011			December 31, 2010

ASSETS:
Investment properties at cost	$	29,657,046		$	27,508,735
Less—accumulated depreciation		8,388,130			7,711,304

		21,268,916			19,797,431
Cash and cash equivalents		798,650			796,718
Tenant receivables and accrued revenue, net		486,731			426,736
Investment in unconsolidated entities, at equity		1,378,084			1,390,105
Deferred costs and other assets		1,633,544			1,795,439
Notes receivable from related party		651,000			651,000

Total assets	$	26,216,925		$	24,857,429

LIABILITIES:
Mortgages and other indebtedness	$	18,446,440		$	17,473,760
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,091,712			993,738
Cash distributions and losses in partnerships and joint ventures, at equity		695,569			485,855
Other liabilities and accrued dividends		170,971			184,855

Total liabilities		20,404,692			19,138,208

Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		267,945			85,469
EQUITY:
Stockholders' equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8³/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847		45,047			45,375
Common stock, $0.0001 par value, 511,990,000 shares authorized, 297,725,698 and 296,957,360 issued and outstanding, respectively		30			30
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		—			—
Capital in excess of par value		8,103,133			8,059,852
Accumulated deficit		(3,251,740	)		(3,114,571	)
Accumulated other comprehensive (loss) income		(94,263	)		6,530
Common stock held in treasury at cost, 3,877,448 and 4,003,451 shares, respectively		(152,541	)		(166,436	)

Total stockholder's equity		4,649,666			4,830,780
Noncontrolling interests		894,622			802,972

Total equity		5,544,288			5,633,752

Total liabilities and equity	$	26,216,925		$	24,857,429

Simon Property Group, Inc. and Subsidiaries

Unaudited Joint Venture Statements of Operations

(Dollars in thousands)

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

	2011			2010			2011			2010
Revenue:
Minimum rent	$	482,040		$	462,853		$	1,844,774		$	1,810,581
Overage rent		59,083			50,052			161,993			143,018
Tenant reimbursements		221,315			229,498			862,211			870,555
Other income		48,813			44,283			175,430			214,728

Total revenue		811,251			786,686			3,044,408			3,038,882
Operating Expenses:
Property operating		157,020			148,462			602,989			595,733
Depreciation and amortization		186,851			190,918			737,865			752,014
Real estate taxes		52,616			56,356			220,955			230,326
Repairs and maintenance		21,907			25,508			76,258			92,490
Advertising and promotion		15,605			16,120			57,703			55,952
Provision for credit losses		2,227			2,993			8,648			3,934
Other		62,417			54,877			227,703			209,635

Total operating expenses		498,643			495,234			1,932,121			1,940,084

Operating Income		312,608			291,452			1,112,287			1,098,798
Interest expense		(206,961	)		(201,605	)		(813,433	)		(812,886	)
(Loss) Income from unconsolidated entities		(857	)		528			(4,644	)		(840	)
Impairment charge from investments in unconsolidated entities		—			(16,671	)		—			(16,671	)

Income from Continuing Operations	$	104,790		$	73,704		$	294,210		$	268,401
Income from discontinued joint venture interests		6,210			20,583			48,154			63,108
Gain (loss) on sale or disposal of assets and interests in unconsolidated entities, net		332,078			(85	)		347,640			39,676

Net Income	$	443,078		$	94,202		$	690,004		$	371,185

Third-Party Investors' Share of Net Income	$	232,643		$	64,568		$	384,384		$	234,799

Our Share of Net Income	$	210,435		$	29,634		$	305,620		$	136,386
Amortization of Excess Investment(A)		(12,730	)		(12,653	)		(50,562	)		(48,329	)
Our Share of (Gain) Loss on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(166,028	)		42			(173,820	)		(20,305	)
Our Share of Impairment Charge from Investments in Unconsolidated Entities		—			8,169			—			8,169

Income from Unconsolidated Entities	$	31,677		$	25,192		$	81,238		$	75,921

Simon Property Group, Inc. and Subsidiaries

Unaudited Joint Venture Balance Sheets

(Dollars in thousands)

	December 31, 2011			December 31, 2010

Assets:
Investment properties, at cost	$	20,481,657		$	21,236,594
Less—accumulated depreciation		5,264,565			5,126,116

		15,217,092			16,110,478
Cash and cash equivalents		806,895			802,025
Tenant receivables and accrued revenue, net		359,208			353,719
Investment in unconsolidated entities, at equity		133,576			158,116
Deferred costs and other assets		526,101			525,024

Total assets	$	17,042,872		$	17,949,362

Liabilities and Partners' (Deficit) Equity:
Mortgages and other indebtedness	$	15,582,321		$	15,937,404
Accounts payable, accrued expenses, intangibles, and deferred revenue		775,733			748,245
Other liabilities		981,711			961,284

Total liabilities		17,339,765			17,646,933
Preferred units		67,450			67,450
Partners' (deficit) equity		(364,343	)		234,979

Total liabilities and partners' equity	$	17,042,872		$	17,949,362

Our Share of:
Partners' (deficit) equity	$	(32,000	)	$	146,578
Add: Excess Investment(A)		714,515			757,672

Our net Investment in Joint Ventures	$	682,515		$	904,250

Simon Property Group, Inc. and Subsidiaries

Footnotes to Unaudited Financial Statements

Notes:

(A): Excess investment represents the unamortized difference between the Company's investment and equity in the underlying net assets of the partnerships and joint ventures. The Company generally amortizes excess investment over the life of the related properties, typically no greater than 40 years, and the amortization is included in income from unconsolidated entities.

Simon Property Group, Inc. and Subsidiaries
Unaudited Reconciliation of Non-GAAP Financial Measures(1)
(Amounts in thousands, except per share amounts)

Reconciliation of Consolidated Net Income to FFO and FFO as Adjusted

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

	2011			2010			2011			2010
Consolidated Net Income(2)(3)(4)(5)	$	441,931		$	267,076		$	1,245,900		$	753,514
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties		270,081			272,713			1,047,571			968,695
Simon's share of depreciation and amortization from unconsolidated entities		98,009			98,048			384,367			388,565
Impairment charges of depreciable real estate		—			8,169			—			8,169
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net		(124,557	)		(687	)		(216,629	)		(321,036	)
Net income attributable to noncontrolling interest holders in properties		(2,679	)		(3,298	)		(8,559	)		(10,640	)
Noncontrolling interests portion of depreciation and amortization		(2,553	)		(1,959	)		(8,633	)		(7,847	)
Preferred distributions and dividends		(1,313	)		(1,313	)		(5,252	)		(8,929	)

FFO of the Operating Partnership	$	678,919		$	638,749		$	2,438,765		$	1,770,491
Loss on extinguishment of debt		—			—			—			350,688

FFO as adjusted of the Operating Partnership	$	678,919		$	638,749		$	2,438,765		$	2,121,179

Diluted net income per share to diluted FFO per share and diluted FFO as adjusted per share reconciliation:
Diluted net income per share	$	1.24		$	0.74		$	3.48		$	2.10
Depreciation and amortization from consolidated properties and Simon's share of depreciation and amortization from unconsolidated entities, net of noncontrolling interests portion of depreciation and amortization		1.02			1.04			4.02			3.86
Impairment charges of depreciable real estate		—			0.02			—			0.02
Gain upon acquisition of controlling interests, and on sale or disposal of assets and interests in unconsolidated entities, net		(0.35	)		—			(0.61	)		(0.92	)
Impact of additional dilutive securities for FFO per share		—			—			—			(0.03	)

Diluted FFO per share	$	1.91		$	1.80		$	6.89		$	5.03
Loss on debt extinguishment		—			—			—			1.00

Diluted FFO as adjusted per share	$	1.91		$	1.80		$	6.89		$	6.03

Details for per share calculations:
FFO of the Operating Partnership	$	678,919		$	638,749		$	2,438,765		$	1,770,491
Adjustments for dilution calculation:
Impact of preferred stock and preferred unit conversions and option exercises(6)		—			—			—			3,676

Diluted FFO of the Operating Partnership		678,919			638,749			2,438,765			1,774,167
Diluted FFO allocable to unitholders		(116,424	)		(108,892	)		(416,833	)		(296,670	)

Diluted FFO allocable to common stockholders	$	562,495		$	529,857		$	2,021,932		$	1,477,497

Basic weighted average shares outstanding		293,822			292,931			293,504			291,076
Adjustments for dilution calculation:
Effect of stock options		11			230			69			274
Impact of Series I preferred unit conversion		—			—			—			238
Impact of Series I preferred stock conversion		—			—			—			1,749

Diluted weighted average shares outstanding		293,833			293,161			293,573			293,337
Weighted average limited partnership units outstanding		60,816			60,248			60,522			58,900

Diluted weighted average shares and units outstanding		354,649			353,409			354,095			352,237

Basic FFO per Share	$	1.91		$	1.81		$	6.89		$	5.06
Percent Change		5.5	%					36.2	%
Diluted FFO per Share	$	1.91		$	1.80		$	6.89		$	5.03
Percent Change		6.1	%					37.0	%
Diluted FFO as adjusted per share	$	1.91		$	1.80		$	6.89		$	6.03
Percent Change		6.1	%					14.3	%

Simon Property Group, Inc. and Subsidiaries
Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures

Notes:

(1): This report contains measures of financial or operating performance that are not specifically defined by accounting principles generally accepted in the United States ("GAAP"), including funds from operations ("FFO"), FFO as adjusted, FFO per share and FFO as adjusted per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. As adjusted measures exclude the effect of certain debt-related charges. We believe these measures provide investors with a basis to compare our current operating performance with previous periods in which we did not have those charges. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

The Company has adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale of, or any impairment charges relating to, previously depreciated operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(2): Includes the Company's share of gains on land sales of $1.7 million and $2.4 million for the three months ended December 31, 2011 and 2010, respectively, and $6.2 million and $11.8 million for the twelve months ended December 31, 2011 and 2010, respectively.
(3): Includes the Company's share of straight-line adjustments to minimum rent of $11.0 million and $8.3 million for the three months ended December 31, 2011 and 2010, respectively, and $37.2 million and $32.1 million for the twelve months ended December 31, 2011 and 2010, respectively.
(4): Includes the Company's share of the amortization of fair market value of leases from acquisitions of $5.2 million and $5.1 million for the three months ended December 31, 2011 and 2010, respectively, and $22.9 million and $19.9 million for the twelve months ended December 31, 2011 and 2010, respectively.
(5): Includes the Company's share of debt premium amortization of $3.0 million and $3.3 million for the three months ended December 31, 2011 and 2010, respectively, and $10.0 million and $12.7 million for the twelve months ended December 31, 2011 and 2010, respectively.
(6): Includes dividends and distributions on Series I preferred stock and Series I preferred units. All outstanding shares of Series I preferred stock and Series I preferred units were redeemed on April 16, 2010.

QuickLinks

Exhibit 99.2

Simon Property Group, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)
Simon Property Group, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)
Simon Property Group, Inc. and Subsidiaries Unaudited Joint Venture Statements of Operations (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Unaudited Joint Venture Balance Sheets (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Footnotes to Unaudited Financial Statements