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) : May 11, 2000 SIMON PROPERTY GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 001-14469 046268599 -------- ------------ ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 115 WEST WASHINGTON STREET INDIANAPOLIS, INDIANA 46204 --------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 317.636.1600 Not Applicable (Former name or former address, if changed since last report) - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------

Item 5. Other Events On May 9, 2000, the Registrant issued a press release containing information on earnings for the quarter ended March 31, 2000 and other matters. A copy of the press release is included as an exhibit to this filing. On May 11, 2000, the Registrant made available additional ownership and operation information concerning the Registrant, SPG Realty Consultants, Inc. (the Registrant's paired-share affiliate), Simon Property Group, L.P., and properties owned or managed as of March 31, 2000, in the form of a Supplemental Information package, a copy of which is included as an exhibit to this filing. The Supplemental Information package is available upon request as specified therein. Item 7. Financial Statements and Exhibits Financial Statements: None Exhibits: Page Number in Exhibit No. Description This Filing ----------- ----------- -------------- 99.1 Supplemental Information as of March 31, 2000 5 99.2 Earnings Release for the quarter ended March 31, 2000 30 2

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: May 11, 2000 SIMON PROPERTY GROUP, INC. By: /s/ Stephen E. Sterrett __________________________________ Stephen E. Sterrett, Treasurer 3

SIMON PROPERTY GROUP Table of Contents As of March 31, 2000 Description Page - ----------- ----- Exhibit 99.1Supplemental Information........................... Overview............................................. 5 Ownership Structure.................................. 6-8 Reconciliation of Income to Funds from Operations ("FFO").............................................. 9 Selected Financial Information....................... 10-11 Portfolio GLA, Occupancy & Rent Data................. 12 Rent Information..................................... 13 Lease Expirations.................................... 14-15 Debt Amortization and Maturities by Year............. 16 Summary of Indebtedness.............................. 17 Summary of Indebtedness by Maturity.................. 18-24 Summary of Variable Rate Debt and Interest Rate Protection Agreements................................ 25-26 New Development Activities........................... 27 Significant Renovation/Expansion Activities.......... 28 Capital Expenditures................................. 29 Exhibit 99.2Press Release...................................... 30-36 4

EXHIBIT 99.1 SIMON PROPERTY GROUP OVERVIEW The Company Simon Property Group, Inc. ("SPG") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P. (the "Operating Partnership") is a subsidiary partnership of SPG. Shares of SPG are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. ("SRC", and together with SPG, the "Company"). The Company and the Operating Partnership (collectively the "Simon Group") are engaged primarily in the ownership, operation, management, leasing, acquisition, expansion and development of real estate properties, primarily regional malls and community shopping centers. At March 31, 2000, the Company, directly or through the Operating Partnership, owned or had an interest in 257 properties which consisted of regional malls, community shopping centers, and specialty and mixed-use properties containing an aggregate of 184 million square feet of gross leasable area (GLA) in 36 states and five assets in Europe. The Company, together with its affiliated management companies, owned or managed approximately 189 million square feet of GLA in retail and mixed-use properties. This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) debt information as of March 31, 2000, for the Company and the Operating Partnership. Certain statements contained in this Supplemental Package may constitute "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the business and prospects of the Company and the Operating Partnership, including the risks and uncertainties discussed in other periodic filings made by the Company and the Operating Partnership with the Securities and Exchange Commission. We hope you find this Supplemental Package beneficial. Any questions, comments or suggestions should be directed to: Shelly J. Doran, Director of Investor Relations-Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207. Telephone: (317) 685-7330; e-mail: sdoran@simon.com 5

SIMON PROPERTY GROUP ECONOMIC OWNERSHIP STRUCTURE(1) March 31, 2000 SIMON PROPERTY GROUP, INC.(2)(3)(4) Common Shareholders Shares % ------------------- -------------- ----- Public Shareholders................................. 168,221,413 96.9% Simon Family........................................ 4,248,311 2.4 DeBartolo Family.................................... 32,567 0.0 Executive Management(5)............................. 1,153,377 0.7 -------------- ----- 173,655,666(4) 100.0% ============== ===== 171,984,724 units SIMON PROPERTY GROUP, L.P. 237,426,875 units 65,442,151 units LIMITED PARTNERS ("Limited Partners") Unitholders Units % ----------- ---------- ----- Simon Family............................................ 34,584,455 52.8% DeBartolo Family........................................ 22,222,599 34.0 Executive Management(5)................................. 153,498 0.2 Other Limited Partners.................................. 8,481,599 13.0 ---------- ----- 65,442,151 100.0% ========== ===== OWNERSHIP OF SIMON PROPERTY GROUP, L.P. Simon Property Group, Inc. % Public Shareholders.............................................. 70.1% Simon Family..................................................... 1.8 DeBartolo Family................................................. 0.0 Executive Management(5).......................................... 0.5 ----- Subtotal....................................................... 72.4% ===== Limited Partners Simon Family..................................................... 14.6% DeBartolo Family................................................. 9.3 Executive Management(5).......................................... 0.1 Other Limited Partners........................................... 3.6 ----- Subtotal....................................................... 27.6 ----- Total........................................................ 100.0% ===== - -------- (1) Schedule excludes preferred stock (see "Preferred Stock/Units Outstanding") and units not convertible into common stock. (2) General partner of Simon Property Group, L.P. (3) Shares of Simon Property Group, Inc. ("SPG") are paired with beneficial interest in shares of stock of SPG Realty Consultants, Inc. (4) The number of outstanding shares of common stock of SPG exceeds the number of Simon Property Group, L.P. units owned by SPG by 1,670,944. This is the result of the direct ownership of Ocean County Mall by SPG, partially offset by units issued to SPG in exchange for Northshore Mall. (5) Executive management excludes Simon family members. 6

SIMON PROPERTY GROUP CHANGES IN COMMON SHARES AND UNIT OWNERSHIP For the Period from December 31, 1999 through March 31, 2000 Operating Company Partnership Common Units(1) Shares(2) ----------- ----------- Number Outstanding at December 31, 1999.............. 65,444,680 173,165,255 Restricted Stock Awards (Stock Incentive Program), Net................................................. -- 453,500 Conversion of Series B Preferred Stock into Common Stock............................................... -- 36,913 Conversion of Units into Cash........................ (2,529) -- Number Outstanding at March 31, 2000................. 65,442,151 173,655,668 Total Common Shares and Units Outstanding at March 31, 2000: 239,097,819(2) Details for Diluted FFO Calculation: Company Common Shares Outstanding at March 31, 2000............... 173,655,668 Number of Common Shares Issuable Assuming Conversion of: Series A Preferred 6.5% Convertible............................. 2,024,051 Series B Preferred 6.5% Convertible............................. 12,490,773 Net Number of Common Shares Issuable Assuming Exercise of Stock Options.......................................................... 54,136 Diluted Common Shares Outstanding at March 31, 2000............... 188,224,628 Fully Diluted Common Shares and Units Outstanding at March 31, 2000: 253,666,779 - -------- (1) Excludes units owned by the Company (shown here as Company Common Shares) and units not convertible into common shares. (2) Excludes preferred units relating to preferred stock outstanding (see Schedule of Preferred Stock Outstanding). 7

SIMON PROPERTY GROUP PREFERRED STOCK/UNITS OUTSTANDING As of March 31, 2000 ($ in 000's) Number of Liquidation Ticker Issuer Description Shares/Units Preference $ Symbol ------ ----------- ------------ ----------- -------- ------ Preferred Shares: Convertible Simon Property Group, Inc... Series A Preferred 53,271 $1,000 $ 53,271 N/A 6.5% Convertible(1) Simon Property Group, Inc... Series B Preferred 4,830,057 $ 100 $483,006 SPGPrB 6.5% Convertible(2) Perpetual SPG Properties, Inc......... Series B Preferred 8,000,000 $ 25 $200,000 SGVPrB 8 3/4% Perpetual(3) SPG Properties, Inc......... Series C Preferred 3,000,000 $ 50 $150,000 N/A 7.89% Perpetual(4) Simon Property Group, Inc... Series E Preferred 8% 1,000,000 $ 25 $ 25,000 N/A Cumulative Redeemable(5) Preferred Units: Simon Property Group, L.P... Series C 7% 2,584,227 $ 28 $ 72,358 N/A Cumulative Convertible Preferred(6) Simon Property Group, L.P... Series D 8% 2,584,227 $ 30 $ 77,527 N/A Cumulative Redeemable Preferred(7) - -------- (1) Assumed in connection with the CPI merger. Each share is convertible into a number of shares of common stock obtained by dividing $1,000 by $26.319 (conversion price), which is subject to adjustment as outlined below. The stock is not redeemable, except as needed to maintain or bring the direct or indirect ownership of the capital stock of the Company into conformity with the requirements of Section 856(a)(6) of the Code. (2) Issued as part of the consideration for the CPI merger. Each share is convertible into a number of shares of common stock of the Company obtained by dividing $100 by $38.669 (the conversion price), which is subject to adjustment as outlined below. The Company may redeem the stock on or after September 24, 2003 at a price beginning at 105% of the liquidation preference plus accrued dividends and declining to 100% of the liquidation preference plus accrued dividends any time on or after September 24, 2008. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2000, was $69.25 per share. The conversion prices of the Series A and Series B Convertible Preferred Stock are subject to adjustment by the Company in connection with certain events. (3) SPG Properties, Inc. may redeem the stock on or after September 29, 2006. The shares are not convertible into any other securities of SPG Properties, Inc. or the Company. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2000, was $19.8125 per share. (4) The Cumulative Step-Up Premium Rate Preferred Stock was issued at 7.89%. The shares are redeemable after September 30, 2007. Beginning October 1, 2012, the rate increases to 9.89%. (5) Issued in connection with the Mall of America acquisition. Simon Property Group, Inc. Series E Preferred 8% Cumulative Redeemable Stock is not redeemable prior to August 27, 2004. On or after August 27, 2004, the Corporation may redeem the shares, in whole or in part, for cash at the Liquidation Preference plus accrued and unpaid dividend, if any. (6) Issued in connection with the New England Development Acquisition. Each unit/share is convertible into 0.75676 shares of common stock on or after August 27, 2004 if certain conditions are met. Each unit/share is not redeemable prior to August 27, 2009. (7) Issued in connection with the New England Development Acquisition. Each unit/share is not redeemable prior to August 27, 2009. 8

SIMON PROPERTY GROUP RECONCILIATION OF INCOME TO FUNDS FROM OPERATIONS ("FFO") As of March 31, 2000 (Amounts in thousands, except per share data) Three Months Ended March 31, -------------------- 2000 1999 --------- --------- Income Before Extraordinary Items and Cumulative Effect of Accounting Change................................... $ 71,136 $ 67,388 Plus: Depreciation and Amortization from Combined Consolidated Properties................................ 98,236 89,537 Plus: Simon's Share of Depreciation and Amortization from Unconsolidated Entities........................... 28,801 20,530 Less: Gain on Sale of Real Estate....................... (7,096) -- Less: Minority Interest Portion of Depreciation, Amortization and Extraordinary Items................... (1,480) (1,795) Less: Preferred Distributions (including those of subsidiary)............................................ (19,372) (17,705) FFO of the Simon Portfolio.............................. $ 170,225 $ 157,955 --------- --------- Percent Increase...................................... 7.8% (1) FFO of the Simon Portfolio.............................. $ 170,225 $ 157,955 Basic FFO per Paired Share: Basic FFO Allocable to the Company...................... $ 123,506 $ 114,260 Basic Weighted Average Paired Shares Outstanding........ 173,223 168,987 Basic FFO per Paired Share.............................. $ 0.71 $ 0.68 --------- --------- Percent Increase...................................... 4.4% (1) Diluted FFO per Paired Share: Diluted FFO Allocable to the Company.................... $ 132,667 $ 125,212 Diluted Weighted Average Number of Equivalent Paired Shares................................................. 187,807 187,494 Diluted FFO per Paired Share............................ $ 0.71 $ 0.67 --------- --------- Percent Increase...................................... 6.0% (1) - -------- (1) On January 1, 2000, the Company adopted Staff Accounting Bulletin 101 ("SAB 101"), which addresses certain revenue recognition policies, including the accounting for overage rent by a landlord. If the Company's 1999 results were restated to reflect the adoption of SAB 101, 1999 FFO would be reduced and comparable growth from 1999 to 2000 would be as follows: Comparable Impact to Adjusted Growth 1999 Amounts 1999 from 1999 due to SAB 101 Amounts to 2000 -------------- -------- ---------- FFO of the Simon Portfolio.................. $(5,038) $152,917 11.3% Basic FFO Allocable to the Company.......... $(3,628) $110,632 11.6% Basic FFO per Paired Share.................. $ (0.03) $ 0.65 9.2% Diluted FFO Allocable to the Company........ $(3,734) $121,478 9.2% Diluted FFO per Paired Share................ $ (0.02) $ 0.65 9.2% 9

SIMON PROPERTY GROUP SELECTED FINANCIAL INFORMATION As of March 31, 2000 (In thousands, except as noted) As of or for the Three Months Ended March 31, -------------------- % 2000 1999 Change --------- --------- ------ Financial Highlights of the Company Total Revenue--Consolidated Properties........ $ 477,851 $ 446,093 7.1% Total EBITDA of Simon Portfolio............... $ 484,785 $ 414,676 16.9% EBITDA After Minority Interest................ $ 375,224 $ 333,427 12.5% Net Income Available to Common Shareholders... $ 28,243 $ 34,954 (19.2)% Basic Net Income per Common Share............. $ 0.16 $ 0.21 (23.8)% Diluted Net Income per Common Share........... $ 0.16 $ 0.21 (23.8)% FFO of the Simon Portfolio.................... $ 170,225 $ 157,955 7.8%(5) Basic FFO Allocable to the Company............ $ 123,506 $ 114,260 8.1%(5) Diluted FFO Allocable to the Company.......... $ 132,667 $ 125,212 6.0%(5) Basic FFO per Common Share.................... $ 0.71 $ 0.68 4.4%(5) Diluted FFO per Common Share.................. $ 0.71 $ 0.67 6.0%(5) Distributions per Common Share................ $ 0.5050 $ 0.5050 0.0% Operational Statistics Occupancy at End of Period: Regional Malls(1)........................... 89.5% 88.6% 0.9% Community Shopping Centers(2)............... 88.6% 91.1% (2.5)% Average Base Rent per Square Foot: Regional Malls(1)........................... $ 27.52 $ 25.95 6.1% Community Shopping Centers(2)............... $ 8.59 $ 7.78 10.4% Regional Malls: Total Tenant Sales Volume, in millions(3)(4)............................. $ 3,422 $ 2,890 18.4% Comparable Sales per Square Foot(4)......... $ 385 $ 360 6.9% Total Sales per Square Foot(4).............. $ 370 $ 347 6.6% Number of U.S. Properties Open at End of Period....................................... 257 243 5.8% Total U.S. GLA at End of Period, in millions of square feet............................... 184.2 167.0 10.3% - -------- (1) Includes mall and freestanding stores. (2) Includes all Owned GLA. (3) Represents only those tenants who report sales. (4) Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes only mall and freestanding stores less than 10,000 square feet. (5) See footnote 1 on page 9 for comparable growth rates. 10

SIMON PROPERTY GROUP SELECTED FINANCIAL INFORMATION As of March 31, 2000 (In thousands, except as noted) March 31, March 31, 2000 1999 ----------- ----------- Equity Information Limited Partner Units Outstanding at End of Period.... 65,442 64,060 Common Shares Outstanding at End of Period............ 173,656 109,695 ----------- ----------- Total Common Shares and Units Outstanding at End of Period............................................... 239,098 173,755 =========== =========== Basic Weighted Average Paired Shares Outstanding...... 173,223 168,987 Diluted Weighted Average Number of Equivalent Paired Shares(1)............................................ 187,807 187,494 March 31, December 2000 31, 1999 ----------- ----------- Debt Information Consolidated Debt..................................... $ 8,845,111 $ 8,768,951 Simon Group's Share of Joint Venture Debt............. $ 1,874,281 $ 1,886,360 Debt-to-Market Capitalization Common Stock Price at End of Period................... $ 23.3125 $ 22.9375 Equity Market Capitalization(2)....................... $ 6,459,643 $ 6,320,891 Total Consolidated Capitalization..................... $15,304,754 $15,089,842 Total Capitalization--Including Simon Group's Share of JV Debt.............................................. $17,179,035 $16,976,202 - -------- (1) Diluted for purposes of computing FFO per share. (2) Market value of Common Stock, Units and all issues of Preferred Stock of SPG and SPG Properties, Inc. 11

SIMON PROPERTY GROUP PORTFOLIO GLA, OCCUPANCY & RENT DATA As of March 31, 2000 % of Avg. Owned Annualized GLA Base Rent % of Which Per Leased GLA--Sq. Total Owned Owned is Sq. Ft. of Type of Property Ft. GLA GLA Leased Owned GLA - ---------------- ----------- ----------- ------ ------ ---------- Regional Malls Anchor...................... 96,704,064 30,507,972 27.6% 97.4% $ 3.78 Mall Store.................. 55,986,124 55,938,227 50.5% 89.3% $28.20 Freestanding................ 3,663,985 1,916,662 1.7% 95.5% $ 9.23 ----------- ----------- ------ Subtotal.................. 59,650,109 57,854,889 52.2% 89.5% $27.52 Regional Mall Total..... 156,354,173 88,362,861 79.8% 92.2% $18.94 Community Shopping Centers Anchor...................... 13,435,973 8,676,534 7.8% 92.6% $ 6.96 Mall Store.................. 5,030,083 4,944,325 4.5% 80.9% 12.00 Freestanding................ 989,589 479,372 .4% 95.2% 7.46 ----------- ----------- ------ Community Ctr. Total...... 19,455,645 14,100,231 12.7% 88.6% $ 8.59 Office Portion of Mixed-Use Properties................. 2,789,507 2,789,507 2.5% 91.1% $19.57 Value-Oriented Super- Regional Malls............. 5,430,888 5,305,888 4.8% 93.1% $16.18 Other....................... 199,110 194,310 0.2% GRAND TOTAL................. 184,229,323 110,752,797 100.00% Occupancy History Regional Community As of Malls(1) Shopping Centers(2) ----- -------- ------------------- 3/31/00 89.5% 88.6% 3/31/99 88.6% 91.1% 12/31/99 90.6% 88.6% 12/31/98 90.0% 91.4% 12/31/97 87.3% 91.3% 12/31/96 84.7% 91.6% - -------- (1) Includes mall and freestanding stores. (2) Includes all Owned GLA. 12

SIMON PROPERTY GROUP RENT INFORMATION As of March 31, 2000 Average Base Rent Community Mall & Freestanding Shopping As of Stores at Regional Malls % Change Centers % Change ----- ------------------------ -------- --------- -------- 3/31/00.......... $27.52 6.1% $8.59 10.4% 3/31/99.......... 25.95 -- 7.78 -- 12/31/99......... $27.33 6.3% $8.36 8.9% 12/31/98......... 25.70 8.7 7.68 3.2 12/31/97......... 23.65 14.4 7.44 (2.7) 12/31/96......... 20.68 7.8 7.65 4.9 Rental Rates Base Rent(1) Amount of Change --------------------------------------- -------------------- Store Openings Store Closings Year During Period During Period Dollar Percentage ---- -------------- -------------- --------- ---------- Regional Malls: 2000 (YTD)....... $30.77 $28.77 $2.00 7.0%(2) 1999............. 31.25 24.55 6.70 27.3 1998............. 27.33 23.63 3.70 15.7 1997............. 29.66 21.26 8.40 39.5 1996............. 23.59 18.73 4.86 25.9 Community Shopping Centers: 2000 (YTD)....... $14.43 $10.16 $4.27 42.0% 1999............. 10.26 7.44 2.82 37.9 1998............. 10.43 10.95 (0.52) (4.7) 1997............. 8.63 9.44 (0.81) (8.6) 1996............. 8.18 6.16 2.02 32.8 - -------- (1) Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired. (2) Excluding four large-space tenants which opened first quarter 2000, the average initial base rent for new mall stores opened was $33.81 per square foot, for a re-leasing spread of $5.04, or a 17.5% increase. 13

SIMON PROPERTY GROUP LEASE EXPIRATIONS(1) As of March 31, 2000 Avg. Base Rent Number of Square per Square Foot Year Leases Expiring Feet at 3/31/00 ---- --------------- ---------- --------------- Regional Malls--Mall & Freestanding Stores 2000 (4/1--12/31)................ 992 1,331,703 29.64 2001............................. 1,663 3,630,253 26.19 2002............................. 1,648 3,504,567 27.91 2003............................. 1,889 4,433,094 29.20 2004............................. 1,736 4,706,694 28.75 2005............................. 1,560 4,952,282 27.40 2006............................. 1,492 4,150,193 29.83 2007............................. 1,411 4,111,608 31.56 2008............................. 1,289 4,524,373 29.29 2009............................. 1,396 4,576,665 28.06 ------ ---------- TOTALS......................... 15,076 39,921,432 $28.76 Regional Malls--Anchor Tenants 2000 (4/1--12/31)................ 7 966,268 2.00 2001............................. 13 1,619,317 1.90 2002............................. 16 1,948,271 1.77 2003............................. 18 2,156,140 2.29 2004............................. 24 2,388,197 3.39 2005............................. 17 2,143,130 2.46 2006............................. 16 1,956,390 3.33 2007............................. 7 816,448 1.82 2008............................. 13 1,350,173 4.90 2009............................. 16 1,986,791 2.82 ------ ---------- TOTALS......................... 147 17,331,125 $ 2.71 Community Centers--Mall Stores & Freestanding Stores 2000 (4/1--12/31)................ 141 273,049 11.65 2001............................. 201 568,458 11.94 2002............................. 178 581,075 11.56 2003............................. 151 589,528 11.35 2004............................. 132 538,017 11.92 2005............................. 108 512,659 12.18 2006............................. 25 279,749 7.80 2007............................. 20 168,942 11.39 2008............................. 18 131,323 12.20 2009............................. 15 89,718 16.02 ------ ---------- TOTALS......................... 989 3,732,518 $11.57 - -------- (1) Does not consider the impact of options that may be contained in leases. 14

SIMON PROPERTY GROUP SPG'S SHARE OF TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR As of March 31, 2000 (In thousands) SPG's Share SPG's Share SPG's Share of of Secured of Unsecured Unconsolidated SPG's Share Consolidated Consolidated Joint Venture of Total Year Debt Debt Secured Debt Debt - ---- ------------ ------------ -------------- ----------- 2000.................... 0 46,183 500,000 204,348 750,531 2001.................... 1 247,401 450,000 117,521 814,922 2002.................... 2 418,460 500,000 88,115 1,006,575 2003.................... 3 629,279 1,385,000 324,016 2,338,295 2004.................... 4 322,506 700,000 184,303 1,206,810 2005.................... 5 110,226 660,000 143,823 914,048 2006.................... 6 132,603 250,000 255,615 638,218 2007.................... 7 495,129 180,000 111,842 786,971 2008.................... 8 43,761 200,000 294,147 537,908 2009.................... 9 330,385 450,000 39,324 819,709 Thereafter.............. 109,398 525,000 100,000 734,398 ---------- ---------- ---------- ----------- Subtotal Face Amounts... $2,885,332 $5,800,000 $1,863,054 $10,548,386 ---------- ---------- ---------- ----------- Premiums and Discounts on Indebtedness, Net... (876) 4,658 11,226 15,008 ---------- ---------- ---------- ----------- SPG's Share of Total Indebtedness........... $2,884,455 $5,804,658 $1,874,281 $10,563,394 ========== ========== ========== =========== 16

SIMON PROPERTY GROUP Summary of Indebtedness As of March 31, 2000 (In thousands) SPG's Weighted Avg. Total Share of Weighted Avg. Years to Indebtedness Indebtedness Interest Rate Maturity ------------ ------------ ------------- ------------- Consolidated Indebtedness Mortgage Debt Fixed Rate(1)......... 2,528,865 2,380,197 7.40% 6.2 Other Hedged Debt..... 51,000 51,000 8.42% 2.7 Floating Rate Debt.... 462,708 454,135 7.42% 3.2 --------- ---------- ---- --- Total Mortgage Debt............... 3,042,573 2,885,332 7.42% 5.7 Unsecured Debt Fixed Rate............ 3,790,000 3,790,000 7.17% 6.9 Floating Rate Debt.... 250,000 250,000 6.93% 2.1 --------- ---------- ---- --- Subtotal............ 4,040,000 4,040,000 7.15% 6.6 Acquisition Facility.. 950,000 950,000 6.78% 0.7 Revolving Corporate Credit Facility...... 670,000 670,000 6.78% 3.4 Revolving Corporate Credit Facility (Hedged)............. 140,000 140,000 6.78% 3.4 --------- ---------- ---- --- Total Unsecured Debt............... 5,800,000 5,800,000 7.04% 5.2 Adjustment to Fair Market Value--Fixed Rate................... 1,753 2,996 N/A N/A Adjustment to Fair Market Value--Variable Rate................... 785 786 N/A N/A --------- ---------- ---- --- Consolidated Mortgages and Other Indebtedness.. 8,845,111 8,689,113 7.17% 5.3 ========= ========== ==== === Joint Venture Mortgage Indebtedness Fixed Rate............ 3,046,991 1,342,527 7.65% 6.0 Other Hedged Debt..... 743,216 237,070 6.99% 3.2 Floating Rate Debt.... 691,549 283,458 7.45% 2.1 --------- ---------- ---- --- Subtotal............ 4,481,756 1,863,054 7.54% 5.0 Adjustment to Fair Market Value--Fixed Rate................... 20,622 11,226 N/A N/A --------- ---------- ---- --- Joint Venture Mortgages and Other Indebtedness.. 4,502,378 1,874,281 7.54% 5.0 ========= ========== ==== === SPG's Share of Total Indebtedness............ 10,563,394 7.23% 5.3 ========== ==== === - -------- (1) Includes $185,000 of variable rate debt, of which $148,969 is SPG's share, that is effectively fixed to maturity through the use of interest rate hedges. 17

SIMON PROPERTY GROUP SUMMARY OF INDEBTEDNESS BY MATURITY As of March 31, 2000 (In thousands) SPG's Weighted Avg Maturity Interest Total Share of Interest Property Name Date Rate Indebtedness Indebtedness Rate by Year ------------- -------- -------- ------------ ------------ ------------ Consolidated Indebtedness Fixed Rate Mortgage Debt: Windsor Park Mall--1.. 6/1/00 8.00% 5,671 5,671 Trolley Square--1..... 7/23/00 5.81% 19,000 17,100 Other................. 4/1/00 9.75% 6 6 ------- ------- Subtotal 2000....... 24,677 22,777 6.36% Biltmore Square....... 1/1/01 7.15% 25,525 17,025 Chesapeake Square..... 1/1/01 7.28% 46,367 34,775 Port Charlotte Town Center--1............ 1/1/01 7.28% 51,934 41,547 Great Lakes Mall--1... 3/1/01 6.74% 52,632 52,632 Great Lakes Mall--2... 3/1/01 7.07% 8,489 8,489 Orland Square......... 9/1/01 7.74% 50,000 50,000 Other................. 11/30/01 8.50% 1 1 ------- ------- Subtotal 2001....... 234,948 204,470 7.23% Lima Mall--1.......... 3/1/02 7.12% 14,180 14,180 Lima Mall--2.......... 3/1/02 7.12% 4,723 4,723 Columbia Center....... 3/15/02 7.62% 42,326 42,326 Northgate Shopping Center............... 3/15/02 7.62% 79,035 79,035 Tacoma Mall........... 3/15/02 7.62% 92,474 92,474 River Oaks Center..... 6/1/02 8.67% 32,500 32,500 North Riverside Park Plaza--1............. 9/1/02 9.38% 3,748 3,748 North Riverside Park Plaza--2............. 9/1/02 10.00% 3,599 3,599 Palm Beach Mall....... 12/15/02 7.50% 49,142 49,142 Other................. 5/31/02 6.80% 567 567 Other................. 12/1/02 8.00% 819 819 ------- ------- Subtotal 2002....... 323,113 323,113 7.72% Principal Mutual Mortgages--Pool 1(1)................. 3/15/03 6.79% 103,239 103,239 Principal Mutual Mortgages--Pool 2(2)................. 3/15/03 6.77% 137,645 137,645 Century III Mall...... 7/1/03 6.78% 66,000 66,000 Miami International Mall................. 12/21/03 6.91% 45,773 27,464 ------- ------- Subtotal 2003....... 352,657 334,348 6.79% Battlefield Mall--1... 1/1/04 7.50% 47,309 47,309 Battlefield Mall--2... 1/1/04 6.81% 44,441 44,441 Forum Phase I--Class A-2.................. 5/15/04 6.19% 44,386 26,632 Forum Phase II--Class A-2.................. 5/15/04 6.19% 40,614 22,338 Forum Phase I--Class A-1.................. 5/15/04 7.13% 46,996 28,198 Forum Phase II--Class A-1.................. 5/15/04 7.13% 43,004 23,652 ------- ------- Subtotal 2004....... 266,750 192,569 6.91% Tippecanoe Mall-- 1(3)................. 1/1/05 8.45% 45,283 45,283 Tippecanoe Mall-- 2(3)................. 1/1/05 6.81% 15,801 15,801 Melbourne Square...... 2/1/05 7.42% 38,746 38,746 Cielo Vista Mall--2... 11/1/05 8.13% 1,676 1,676 ------- ------- Subtotal 2005....... 101,506 101,506 7.80% 18

SIMON PROPERTY GROUP SUMMARY OF INDEBTEDNESS BY MATURITY As of March 31, 2000 (In thousands) SPG's Weighted Avg Maturity Interest Total Share of Interest Property Name Date Rate Indebtedness Indebtedness Rate by Year ------------- -------- -------- ------------ ------------ ------------ Treasure Coast Square--1............ 1/1/06 7.42% 52,220 52,220 Treasure Coast Square--2............ 1/1/06 8.06% 11,968 11,968 Gulf View Square...... 10/1/06 8.25% 36,914 36,914 Paddock Mall.......... 10/1/06 8.25% 29,359 29,359 ------- ------- Subtotal 2006....... 130,461 130,461 7.90% Lakeline Mall......... 5/1/07 7.65% 71,984 71,984 Cielo Vista Mall-- 1(4)................. 5/1/07 9.38% 54,321 54,321 Cielo Vista Mall-- 3(4)................. 5/1/07 6.76% 38,477 38,477 McCain Mall--1(4)..... 5/1/07 9.38% 25,365 25,365 McCain Mall--2(4)..... 5/1/07 6.76% 17,759 17,759 Valle Vista Mall-- 1(4)................. 5/1/07 9.38% 33,595 33,595 Valle Vista Mall-- 2(4)................. 5/1/07 6.81% 7,894 7,894 University Park Mall.. 10/1/07 7.43% 59,500 35,700 CMBS Loan--Variable Component(5)......... 12/15/07 6.16% 50,000 50,000 CMBS Loan--Fixed Component............ 12/15/07 7.31% 175,000 175,000 ------- ------- Subtotal 2007....... 533,895 510,095 7.64% Arsenal Mall--1....... 9/28/08 6.75% 34,538 34,538 ------- ------- Subtotal 2008....... 34,538 34,538 6.75% College Mall--1(3).... 1/1/09 7.00% 41,347 41,347 College Mall--2(3).... 1/1/09 6.76% 11,850 11,850 Greenwood Park Mall-- 1(3)................. 1/1/09 7.00% 34,629 34,629 Greenwood Park Mall-- 2(3)................. 1/1/09 6.76% 61,227 61,227 Towne East Square-- 1(3)................. 1/1/09 7.00% 54,667 54,667 Towne East Square-- 2(3)................. 1/1/09 6.81% 24,690 24,690 Bloomingdale Court.... 10/1/09 7.78% 29,815 29,815 Forest Plaza.......... 10/1/09 7.78% 16,353 16,353 Lake View Plaza....... 10/1/09 7.78% 21,738 21,738 Lakeline Plaza........ 10/1/09 7.78% 23,832 23,832 Lincoln Crossing...... 10/1/09 7.78% 3,291 3,291 Matteson Plaza........ 10/1/09 7.78% 9,573 9,573 Muncie Plaza.......... 10/1/09 7.78% 8,276 8,276 Regency Plaza......... 10/1/09 7.78% 4,487 4,487 St. Charles Towne Plaza................ 10/1/09 7.78% 28,718 28,718 West Ridge Plaza...... 10/1/09 7.78% 5,784 5,784 White Oaks Plaza...... 10/1/09 7.78% 17,650 17,650 ------- ------- Subtotal 2009....... 397,927 397,927 7.28% Windsor Park Mall--2.. 5/1/12 8.00% 8,720 8,720 ------- ------- Subtotal 2012....... 8,720 8,720 8.00% Chesapeake Center..... 5/15/15 8.44% 6,563 6,563 Grove at Lakeland Square, The.......... 5/15/15 8.44% 3,750 3,750 Terrace at Florida Mall, The............ 5/15/15 8.44% 4,688 4,688 ------- ------- Subtotal 2015....... 15,001 15,001 8.44% 19

SIMON PROPERTY GROUP SUMMARY OF INDEBTEDNESS BY MATURITY As of March 31, 2000 (In thousands) SPG's Weighted Avg Maturity Interest Total Share of Interest Property Name Date Rate Indebtedness Indebtedness Rate by Year ------------- -------- -------- ------------ ------------ ------------ Westchester, The--1... 9/1/05 8.74% 150,524 75,262 Westchester, The--2... 9/1/05 7.20% 53,539 26,770 Cobblestone Court..... 11/30/05 7.22% 6,180 2,163 Crystal Court......... 11/30/05 7.22% 3,570 1,250 Fairfax Court......... 11/30/05 7.22% 10,320 2,709 Gaitway Plaza......... 11/30/05 7.22% 7,350 1,715 Plaza at Buckland Hills, The........... 11/30/05 7.22% 17,680 6,055 Ridgewood Court....... 11/30/05 7.22% 7,980 2,793 Royal Eagle Plaza..... 11/30/05 7.22% 7,920 2,772 Village Park Plaza.... 11/30/05 7.22% 8,960 3,136 West Town Corners..... 11/30/05 7.22% 10,330 2,411 Westland Park Plaza... 11/30/05 7.22% 4,950 1,155 Willow Knolls Court... 11/30/05 7.22% 6,490 2,272 Yards Plaza, The...... 11/30/05 7.22% 8,270 2,895 ------- ------- Subtotal 2005....... 304,063 133,357 8.07% Seminole Towne Center............... 1/1/06 6.88% 70,500 31,725 CMBS Loan--Fixed Component (IBM)(8)... 5/1/06 7.41% 300,000 150,000 Great Northeast Plaza................ 6/1/06 9.04% 17,479 8,740 Smith Haven Mall...... 6/1/06 7.86% 115,000 28,750 Mall of Georgia Crossing(6).......... 6/9/06 7.25% 24,077 12,039 Greendale Mall........ 11/1/06 8.23% 41,958 20,617 ------- ------- Subtotal 2006....... 569,014 251,870 7.51% Town Center at Cobb-- 1.................... 4/1/07 7.54% 50,117 25,059 Town Center at Cobb-- 2.................... 4/1/07 7.25% 65,312 32,656 Gwinnett Place--1..... 4/1/07 7.54% 39,336 19,668 Gwinnett Place--2..... 4/1/07 7.25% 85,821 42,911 ------- ------- Subtotal 2007....... 240,586 120,293 7.36% Metrocenter........... 2/28/08 8.45% 30,697 15,349 Aventura Mall--A...... 4/6/08 6.55% 141,000 47,000 Aventura Mall--B...... 4/6/08 6.60% 25,400 8,467 Aventura Mall--C...... 4/6/08 6.89% 33,600 11,200 West Town Mall........ 5/1/08 6.90% 76,000 38,000 Mall of New Hampshire--1......... 10/1/08 6.96% 104,533 51,365 Mall of New Hampshire--2......... 10/1/08 8.53% 8,469 4,161 Grapevine Mills....... 10/1/08 6.47% 155,000 58,125 Ontario Mills--5...... 11/2/08 6.75% 143,382 35,846 Source, The........... 11/6/08 6.65% 124,000 31,000 ------- ------- Subtotal 2008....... 842,081 300,512 6.82% Apple Blossom Mall.... 9/10/09 7.99% 40,851 20,073 Auburn Mall........... 9/10/09 7.99% 47,825 23,500 Highland Mall--1...... 12/1/09 9.75% 7,377 3,689 Ontario Mills--4...... 12/28/09 n/a 5,000 1,250 ------- ------- Subtotal 2009....... 101,053 48,512 7.92% 23

SIMON PROPERTY GROUP SUMMARY OF INDEBTEDNESS BY MATURITY As of March 31, 2000 (In thousands) SPG's Weighted Avg Maturity Interest Total Share of Interest Property Name Date Rate Indebtedness Indebtedness Rate by Year ------------- -------- -------- ------------ ------------ ------------ Mall of Georgia....... 7/1/10 7.09% 200,000 100,000 --------- ---------- Subtotal 2010....... 200,000 100,000 7.09% --------- ---------- Total Joint Venture Fixed Rate Mortgage Debt............... 3,046,991 1,342,527 7.65% ========= ========== Variable Rate Mortgage Debt: Mall at Rockingham.... 8/24/00 7.93% 100,000 24,569 Dadeland Mall......... 12/10/00 6.83% 140,000 70,000 --------- ---------- Subtotal 2000....... 240,000 94,569 7.12% Tower Shops, The...... 3/13/01 7.33% 12,900 6,450 Liberty Tree Mall--1.. 10/1/01 7.63% 47,165 23,176 Liberty Tree Mall--2.. 10/1/01 10.29% 8,350 4,103 --------- ---------- Subtotal 2001....... 68,415 33,729 7.90% Montreal Forum........ 1/31/02 7.00% 11,011 3,923 Arizona Mills(6)...... 2/1/02 7.43% 142,216 37,425 Shops at Sunset Place, The(6)............... 6/30/02 7.38% 107,864 40,449 --------- ---------- Subtotal 2002....... 261,091 81,797 7.39% Cape Cod Mall(6)...... 4/1/03 7.93% 62,450 30,686 CMBS Loan--Floating Component (IBM)(8)... 5/1/03 6.63% 184,500 92,250 Mall of America....... 11/19/03 7.00% 312,000 85,800 Concord Mills(6)...... 12/2/03 7.48% 166,419 62,407 --------- ---------- Subtotal 2003....... 725,369 271,143 7.09% Circle Centre Mall-- 1(6)................. 1/31/04 6.57% 60,000 8,802 Circle Centre Mall-- 2(6)................. 1/31/04 7.63% 7,500 1,100 Orlando Premium Outlets(6)........... 2/12/04 7.63% 35,390 17,695 --------- ---------- Subtotal 2004....... 102,890 27,597 7.29% Northfield Square(6).. 3/30/05 8.63% 37,000 11,692 --------- ---------- Subtotal 2005....... 37,000 11,692 8.63% --------- ---------- ---- Total Joint Venture Variable Rate Debt............... 1,434,765 520,527 7.24% ========= ========== ==== CMBS Loan--Fixed Premium.............. 17,967 9,282 Net Premium on NED Fixed-Rate Indebtedness......... 2,655 1,944 Total Joint Venture Debt............... 1,874,281 7.54% SPG's Share of Total Indebtedness....... 10,563,394 7.23% - -------- (1) This Principal Mutual Pool 1 loan is secured by cross-collateralized and cross-defaulted mortgages encumbering four of the Properties (Anderson, Forest Village Park, Longview, and South Park). A weighted average rate is used for these Pool 1 Properties. Includes applicable extensions available at Simon Group's option. (2) This Principal Mutual Pool 2 loan is secured by cross-collateralized and cross-defaulted mortgages encumbering seven of the Properties (Eastland, Forest Mall, Golden Ring, Hutchinson, Markland, Midland, and North Towne). A weighted average rate is used for these Pool 2 Properties. Includes applicable extensions available at Simon Group's option. (3) This TIAA Pool is secured by cross-collateralized and cross-defaulted mortgages encumbering these four Properties. (4) This TIAA Pool is secured by cross-collateralized and cross-defaulted mortgages encumbering these three Properties. (5) Through an interest rate protection agreement, effectively fixed at an all-in-one rate of 6.16% . (6) Includes applicable extensions available at Simon Group's option. (7) This mortgage was refinanced through April 1, 2005. (8) These Commercial Mortgage Notes are secured by cross-collateralized mortgages encumbering thirteen of the Properties. A weighted average rate is used. 24

SIMON PROPERTY GROUP SUMMARY OF VARIABLE RATE DEBT AND INTEREST RATE PROTECTION AGREEMENTS As of March 31, 2000 (In thousands) Principal Interest Maturity Balance SPG SPG's Share of Rate Terms of Property Name Date 3/31/00 Ownership % Loan Balance 3/31/00 Variable Rate ------------- -------- --------- ----------- -------------- -------- -------------- Consolidated Properties: Variable Rate Debt Effectively Fixed to Maturity: Orland Square................................. 9/1/01 50,000 100.00% 50,000 7.742% LIBOR + 0.500% Forum Phase I--Class A-2...................... 5/15/04 44,386 60.00% 26,632 6.190% LIBOR + 0.300% Forum Phase II--Class A-2..................... 5/15/04 40,614 55.00% 22,338 6.190% LIBOR + 0.300% CMBS Loan--Variable Component................. 12/15/07 50,000 100.00% 50,000 6.155% LIBOR + 0.365% --------- --------- Terms of Interest Rate Protection Agreement - ------------------------------- LIBOR Swapped at 7.24% through maturity. Through an interest rate protection agreement, effectively fixed at an all- in-one rate of 6.19%. Through an interest rate protection agreement, effectively fixed at an all- in-one rate of 6.19%. Through an interest rate protection agreement, effectively fixed at an all- in-one rate of 6.16%. 185,000 148,969 ========= ========= Other Hedged Debt: Randall Park Mall--1.......................... 12/11/02 35,000 100.00% 35,000 8.233% LIBOR + 2.100% Randall Park Mall--2.......................... 12/11/02 5,000 100.00% 5,000 11.133% LIBOR + 5.000% Raleigh Springs Mall.......................... 2/23/03 11,000 100.00% 11,000 7.783% LIBOR + 1.650% LIBORUCappednatsecured Revolving Credit 8/25/03 140,000 100.00% 140,000 6.783% LIBOR + 0.650% a rateFofa7.40%cility--(1.25B-capped)..................... --------- --------- through maturity. LIBOR Capped at a rate of 7.40% through maturity. LIBOR Capped at a rate of 8.35% through September 10, 2001. Subject to an 11.53% LIBOR cap on $90M and a 16.77% LIBOR cap on $50M. 191,000 191,000 ========= ========= Floating Rate Debt: Trolley Square................................ 11/12/00 8,141 100.00% 7,327 7.958% LIBOR + 1.825% CPI Merger Facility--3 (1.4B)................. 9/24/00 500,000 100.00% 500,000 6.783% LIBOR + 0.650% Crystal River................................. 1/1/01 15,292 100.00% 15,292 9.133% LIBOR + 3.000% White Oaks Mall............................... 3/1/01 16,500 54.92% 9,062 7.663% LIBOR + 1.300% CPI Merger Facility--2 (1.4B)................. 3/24/01 450,000 100.00% 450,000 6.783% LIBOR + 0.650% SPG, L.P. Unsecured Loan--1................... 2/28/02 150,000 100.00% 150,000 6.933% LIBOR + 0.800% Highland Lakes Center......................... 3/1/02 14,377 100.00% 14,377 7.633% LIBOR + 1.500% Eastgate Consumer Mall........................ 3/30/02 22,929 100.00% 22,929 7.133% LIBOR + 1.000% Mainland Crossing............................. 3/31/02 1,603 80.00% 1,282 7.633% LIBOR + 1.500% SPG, L.P. Unsecured Loan--2................... 9/3/02 100,000 100.00% 100,000 6.933% LIBOR + 0.800% Jefferson Valley Mall......................... 1/11/03 60,000 100.00% 60,000 7.383% LIBOR + 1.250% Richmond Towne Square......................... 7/15/03 49,766 100.00% 49,766 7.133% LIBOR + 1.000% Unsecured Revolving Credit Facility--(1.25B).. 8/25/03 670,000 100.00% 670,000 6.783% LIBOR + 0.650% Shops @ Mission Viejo......................... 8/31/03 122,480 100.00% 122,480 7.183% LIBOR + 1.050% Arboretum..................................... 11/30/03 34,000 100.00% 34,000 7.633% LIBOR + 1.500% North East Mall............................... 5/20/04 84,330 100.00% 84,330 7.508% LIBOR + 1.375% Waterford Lakes............................... 8/15/04 33,290 100.00% 33,290 7.533% LIBOR + 1.400% --------- --------- 2,332,708 2,324,135 ========= ========= 90-day LIBOR set on February 29, 2000. 25

SIMON PROPERTY GROUP SUMMARY OF VARIABLE RATE DEBT AND INTEREST RATE PROTECTION AGREEMENTS As of March 31, 2000 (In thousands) Terms of Principal Interest Interest Maturity Balance SPG SPG's Share of Rate Terms of Rate Protection Property Name Date 3/31/00 Ownership % Loan Balance 3/31/00 Variable Rate Agreement ------------- -------- --------- ----------- -------------- -------- --------------- ---------------- Joint Venture Properties: Other Hedged Debt: Arizona Mills........................ 2/1/02 142,216 26.32% 37,425 7.433% LIBOR + 1.300% LIBOR Capped at 9.50% through maturity. CMBS Loan--Floating Component (IBM).. 5/1/03 184,500 50.00% 92,250 6.631% See Footnote(1) The Operating Partnership took assignment of an interest rate protection agreement (LIBOR cap of 11.67%) relating to this debt. Circle Centre Mall--1................ 1/31/04 60,000 14.67% 8,802 6.573% LIBOR + 0.440% LIBOR Capped at 8.81% through maturity. Circle Centre Mall--2................ 1/31/04 7,500 14.67% 1,100 7.633% LIBOR + 1.500% LIBOR Capped at 7.75% through maturity. Mall of America...................... 11/19/03 312,000 27.50% 85,800 7.003% LIBOR + .870% LIBOR Capped at 8.13% through April 30, 2000. Northfield Square.................... 3/30/05 37,000 31.60% 11,692 8.633% LIBOR + 2.500% LIBOR Capped at ------- ------- 8.13% through April 30, 2000. 743,216 237,070 ======= ======= Floating Rate Debt: Mall at Rockingham................... 8/24/00 100,000 24.57% 24,569 7.933% LIBOR + 1.800% Dadeland Mall........................ 12/10/00 140,000 50.00% 70,000 6.833% LIBOR + 0.700% Tower Shops, The..................... 3/13/01 12,900 50.00% 6,450 7.333% LIBOR + 1.200% Liberty Tree Mall--1................. 10/1/01 47,165 49.14% 23,176 7.633% LIBOR + 1.500% Liberty Tree Mall--2................. 10/1/01 8,350 49.14% 4,103 10.293% LIBOR + 4.160% Montreal Forum....................... 1/31/02 11,011 35.63% 3,923 7.000% Canadian Prime Shops at Sunset Place, The........... 6/30/02 107,864 37.50% 40,449 7.383% LIBOR + 1.250% Rate can be reduced based upon project performance. Cape Cod Mall........................ 4/1/03 62,450 49.14% 30,686 7.933% LIBOR + 1.800% Concord Mills........................ 12/2/03 166,419 37.50% 62,407 7.483% LIBOR + 1.350% Orlando Premium Outlets.............. 2/12/04 35,390 50.00% 17,695 7.633% LIBOR + 1.500% Rate can be ------- ------- reduced based upon project performance. 691,549 283,458 ======= ======= - ------- Footnote: (1) Represents the weighted average interest rate. 26

SIMON PROPERTY GROUP NEW DEVELOPMENT ACTIVITIES As of March 31, 2000 Simon Non-Anchor Group's Actual/ Sq. Footage Ownership Projected Projected Cost Leased/ GLA Mall/Location Percentage Opening (in millions) Committed(1) (sq. ft.) ------------- ---------- --------- -------------- ------------ --------- Projects Under Construction Orlando Premium Outlets................ 50% 5/00 $91 93% 430,000 Orlando, FL Anchors/Major Tenants: Versace Company Store, Bottega Veneta, Timberland, Nike Factory Store, Liz Claiborne Shoes, Mikasa, Banana Republic Factory Store, Nautica, Coach, Tommy Hilfiger, Dooney & Bourke Arundel Mills........... 37.5% 11/00 $252 (2) 1,300,000 Anne Arundel, MD Anchors/Major Tenants: Jillian's, Bed Bath & Beyond, Sun & Ski Sports, Iguana Amerimex, Muvico, Books-A-Million, Black Lion, For Your Entertainment, Off 5th-Saks Fifth Avenue Waterford Lakes Town Center................. 100.0% 11/00 $84 99% 985,000 Orlando, FL (Phase I & II) (Phase I) Anchors/Major Tenants: Phase I opened 11/99--560,000 sq. ft.--anchor tenants: Super Target, TJMaxx, Ross Dress for Less, Bed Bath & Beyond, Barnes & Noble, Old Navy (6/00), Regal 20-Plex Theatre, Zany Brainy (5/00) and Dress Barn. Phase II to open 11/00--425,000 sq. ft.--anchor tenants: OfficeMax, PetsMart and Best Buy - -------- (1) Community Center leased/committed percentage includes owned anchor GLA. (2) Leasing still in preliminary stage. 27

SIMON PROPERTY GROUP SIGNIFICANT RENOVATION/EXPANSION ACTIVITIES As of March 31, 2000 Simon New or Group's Actual/ Projected GLA Before Incremental Ownership Projected Cost (in Renov/Expan GLA Mall/Location Percentage Opening millions) (sq. ft.) (sq. ft.) ------------- ---------- ----------- --------- ----------- ----------- Projects Under Construction LaPlaza Mall............ 100% 11/99, 3/00 $ 35 988,000 215,000 McAllen, TX & 11/00 Project Description: Mall renovation (opened 11/99); new Dillard's (opened 3/00); JCPenney expansion and new small shops retrofitted from the existing Dillard's store (to open 11/00) North East Mall......... 100% 9/99, 9/00 $103 1,141,000 308,000 Hurst, TX & 3/01 Project Description: New Dillard's, mall expansion and parking deck (opened 9/99); Montgomery Ward remodel (opened 10/99); JCPenney remodel and expansion and parking deck (opened 11/99); new Saks Fifth Avenue, mall renovation and parking deck (to open 9/00); new Nordstrom (to open 3/01) Palm Beach Mall......... 100% 2/00 $ 33 1,205,000 61,000 West Palm Beach, FL & fall 2000 Project Description: JCPenney remodel (opened 11/99); mall renovation and new Dillard's (opened 2/00); new Borders (opened 4/00), Old Navy (to open 12/00), Designer Shoe Warehouse and Burdines remodel (to open Fall 2000) Town Center at Boca Raton.................. 100% 10/99 $ 67 1,327,000 228,000 Boca Raton, FL &11/00 Project Description: New, expanded and relocated Saks Fifth Avenue and new parking structure (opened 10/99); Bloomingdale's expansion (opened 11/99); new Nordstrom, Lord & Taylor expansion, mall expansion and renovation, food court renovation and new parking structure (to open 11/00) 28

SIMON PROPERTY GROUP Capital Expenditures For the Three Months Ended March 31, 2000 (In millions) Joint Venture Properties ------------- Simon Consolidated Group's Properties Total Share ------------ ----- ------- New Developments.................................... $14.6 $30.0 $12.6 Renovations and Expansions.......................... 42.8 3.0 1.3 Tenant Allowances-Retail............................ 16.1 4.4 1.7 Tenant Allowances-Office............................ 2.8 -- -- Capital Expenditures Recoverable from Tenants....... 4.1 0.8 0.6 Other(1)............................................ -- -- -- ----- ----- ----- Totals............................................ $80.4 $38.2 $16.2 ===== ===== ===== - -------- (1) Primarily represents capital expenditures not recovered from tenants. 29

Exhibit 99.2 [LOGO OF SIMON PROPERTY GROUP APPEARS HERE] CONTACTS: Shelly Doran 317.685.7330 Investors Billie Scott 317.263.7148 Media FOR IMMEDIATE RELEASE SIMON PROPERTY GROUP ANNOUNCES FIRST QUARTER RESULTS Indianapolis, Indiana--May 9, 2000...........Simon Property Group, Inc. (the ""Company'') (NYSE:SPG) today announced results for the quarter ended March 31, 2000. The Company's share of diluted funds from operations for the quarter increased 6.0%, to $132.7 million as compared to $125.2 million in 1999. The increase on a per share, diluted basis was 6.0%, to $0.71 per share in 2000 from $0.67 per share in 1999. Total revenue for the quarter increased 7.1%, to $477.9 million as compared to $446.1 million in 1999. On January 1, 2000, the Company adopted Staff Accounting Bulletin No. 101 ("SAB 101"), which addresses certain revenue recognition policies, including the accounting for overage rent by a landlord. SAB 101 requires overage rent to be recognized as revenue only when each tenant's sales exceed their sales threshold. It is expected that SAB 101 will impact the timing in which overage rent is recognized throughout the year, but not materially impact the total overage rent recognized for the full year. If the Company's financial results for 1999 were restated to reflect adoption of SAB 101, the Company's share of 1999 diluted funds from operations would be reduced by $3.7 million, or $0.02 per share. Accordingly, on a comparable basis to last year, the increase in the Company's share of diluted funds from operations on a per share basis was 9.2%. Occupancy for mall and freestanding stores in the regional malls at March 31, 2000 increased 90 basis points to 89.5%, as compared to 88.6% at March 31, 1999. Comparable retail sales per square foot increased 6.9%, to $385 while total retail sales per square foot increased 6.6% to $370. Average base rents for mall and freestanding stores in the regional mall portfolio were $27.52 per square foot at March 31, 2000, an increase of $1.57, or 6.1%, from March 31, 1999. "I'm pleased with our first quarter growth," said David Simon, chief executive officer. "Continued healthy increases in sales, occupancy and rents are a testament to the strength of the SPG assets. Our development and disposition programs remain on track, and we continue to aggressively pursue new business initiatives, especially in the technology sector." New Business Initiatives On May 4th, Simon announced it's joining with leading real estate companies across a broad range of property sectors to form a real estate technology company, currently referred to as Project Constellation. Project Constellation intends to form, incubate and sponsor real estate-related Internet, e-commerce and broadband enterprises; acquire interests in existing "best of breed" companies on a synergistic basis; and act as an opportunistic consolidator across property sectors in the emerging real estate technology area. The Project's founding membership includes the three largest public real estate companies--Simon Property Group, Equity Office Properties and Equity Residential Properties--as well as the three largest real estate service companies by total market capitalization. Collectively, the total capital commitment of the nine founding members is $135 million. Project Constellation expects to establish its headquarters in the San Francisco Bay Area and will have its own management team, which is presently being assembled. 30

Disposition Activities During the first quarter of 2000, the Company sold its interest in Lakeland Square in Lakeland, Florida, generating gross proceeds of approximately $45 million. Subsequent to quarter-end, the Company sold the Lenox Office Building, generating proceeds of approximately $71 million. These dispositions were in line with Simon's strategy to dispose of non-core assets. New Development Activities The Company has two projects currently under construction for 2000 openings: . Orlando Premium Outlets is a 430,000 square foot fashion-oriented outlet center being jointly developed by Simon and Chelsea GCA Realty. The center is located on Interstate 4 midway between Walt Disney World and Sea World in Orlando, Florida. Major tenants: Versace Company Store, Bottega Veneta, Banana Republic Factory Outlet, Coach, Timberland, Nike Factory Store, Liz Claiborne Shoes, Mikasa, Nautica, Dooney & Bourke, Donna Karan, Cole-Haan and Tommy Hilfiger. Simon's ownership percentage: 50%. Scheduled opening: May 2000. . Arundel Mills is a 1.3 million square foot value-oriented super-regional mall in Anne Arundel County, Maryland, in the middle of the highly trafficked Baltimore/Washington, D.C. corridor. This project is the fifth Simon joint venture with The Mills Corporation. Anchors/major tenants: Jillian's, Bed Bath & Beyond, Sun & Ski Sports, Iguana Amerimex, Muvico, Books-A-Million, Black Lion, For Your Entertainment and Off Fifth-Saks Fifth Avenue. Simon's ownership percentage: 37.5%. Scheduled opening: November 2000. Redevelopment Activities The Company continues its redevelopment program with the following major projects scheduled for 2000 completion: . LaPlaza Mall in McAllen, Texas--Addition of Dillard's (March 2000) and expansion of JCPenney and small shops (November 2000). . North East Mall in Hurst, Texas--Saks Fifth Avenue and Nordstrom are scheduled to open in September 2000 and March 2001, respectively. Mall renovation is to be completed in conjunction with Saks' opening. New, expanded and relocated Dillard's and small shop expansion opened in September of 1999. . Palm Beach Mall in West Palm Beach, Florida--Addition of Dillard's, Old Navy and Borders. . Town Center at Boca Raton in Boca Raton, Florida--Addition of Nordstrom, Lord & Taylor expansion, mall expansion and renovation, and new parking structure (November 2000). New, expanded and relocated Saks Fifth Avenue, new parking structure and expansion of Bloomingdale's opened during the fourth quarter of 1999. Dividends On April 19, 2000, the Company declared a common stock dividend of $0.5050 per share. This dividend will be paid on May 19, 2000 to shareholders of record on May 5, 2000. The Company also declared dividends on its three public issues of preferred stock, all payable on June 30, 2000 to shareholders of record on June 16, 2000: . Simon Property Group, Inc. 6.50% Series B Convertible Preferred Stock (NYSE:SPGPrB)--$1.625 per share . SPG Properties, Inc. 8.75% Series B Cumulative Redeemable Preferred Stock (NYSE:SGVPrB)--$0.546875 per share . SPG Properties, Inc. 7.89% Series C Cumulative Preferred Stock--$0.98625 per share. 31

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. It currently owns or has an interest in 257 properties containing an aggregate of 184 million square feet of gross leasable area in 36 states and five assets in Europe. Together with its affiliated management company, Simon owns or manages approximately 189 million square feet of gross leasable area in retail and mixed-use properties. Shares of Simon Property Group, Inc. are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. Additional Simon Property Group information is available at www.shopsimon.com. Supplemental Materials The Company's March 31, 2000 Form 10-Q and supplemental information package (8-K) may be requested in e-mail or hard copy formats by contacting Shelly Doran--Director of Investor Relations, Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207 or via e-mail at sdoran@simon.com. Conference Call The Company will provide an online simulcast of its first quarter conference call at www.shopsimon.com or www.vcall.com. To listen to the live call, please go to either web site at least fifteen minutes prior to the call (by 3:45 p.m. Eastern Daylight Time on May 9th) to register, download and install any necessary audio software. An online replay will be available for approximately 90 days. Statements in this press release that are not historical may be deemed forward-looking statements within the meaning of the federal securities laws. Although the Company believes the expectations reflected in any forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K for a discussion of such risks and uncertainties. 32

SIMON COMBINED FINANCIAL HIGHLIGHTS(A) Unaudited (In thousands, except as noted) Three Months Ended March 31, ------------------ 2000 1999 -------- -------- Revenue: Minimum rent............................................ $296,462 $273,849 Overage rent............................................ 12,038 13,440 Tenant reimbursements................................... 144,844 137,283 Other income............................................ 24,507 21,521 -------- -------- Total revenue......................................... 477,851 446,093 Expenses: Property operating...................................... 76,982 68,504 Depreciation and amortization........................... 98,488 89,760 Real estate taxes....................................... 48,422 46,920 Repairs and maintenance................................. 19,565 19,912 Advertising and promotion............................... 16,010 14,698 Provision for credit losses............................. 2,131 1,843 Other................................................... 9,109 7,558 -------- -------- Total operating expenses.............................. 270,707 249,195 Operating Income.......................................... 207,144 196,898 Interest Expense.......................................... 158,659 141,122 -------- -------- Income before Minority Interest........................... 48,485 55,776 Minority Interest......................................... (2,434) (1,815) Gain on Sale of Real Estate............................... 7,096 -- -------- -------- Income before Unconsolidated Entities..................... 53,147 53,961 Income from Unconsolidated Entities....................... 17,989 13,427 -------- -------- Income before Extraordinary Items and Cumulative Effect of Accounting Change........................................ 71,136 67,388 Extraordinary Items--Debt Related Transactions............ (440) (1,774) Cumulative Effect of Accounting Change(B)................. (12,342) -- -------- -------- Income before Allocation to Limited Partners.............. 58,354 65,614 Less: Limited Partners' Interest in the Operating Partnerships............................................. 10,739 12,955 Less: Preferred Distributions of the SPG Operating Partnership.............................................. 2,817 -- Less: Preferred Dividends of Subsidiary................... 7,334 7,334 -------- -------- Net Income................................................ 37,464 45,325 Preferred Dividends....................................... (9,221) (10,371) -------- -------- Net Income Available to Common Shareholders............... $ 28,243 $ 34,954 ======== ======== 33

SIMON COMBINED FINANCIAL HIGHLIGHTS--(Continued)(A) Unaudited (In thousands, except as noted) Three Months Ended March 31, ------------------------ 2000 1999 ----------- ----------- PER SHARE DATA: Basic Income per Paired Share: Before Extraordinary Items.......................... $ 0.21 $ 0.21 Extraordinary Items................................. 0.00 0.00 Cumulative Effect of Accounting Change.............. (0.05) 0.00 ----------- ----------- Net Income Available to Common Shareholders....... $ 0.16 $ 0.21 =========== =========== Diluted Income per Paired Share: Before Extraordinary Items.......................... $ 0.21 $ 0.21 Extraordinary Items................................. 0.00 0.00 Cumulative Effect of Accounting Change.............. (0.05) 0.00 ----------- ----------- Net Income Available to Common Shareholders....... $ 0.16 $ 0.21 =========== =========== SELECTED BALANCE SHEET INFORMATION March 31, December 2000 31, 1999 ----------- ----------- Cash and Cash Equivalents............................. $ 122,112 $ 157,632 Investment Properties, Net............................ $11,683,760 $11,703,171 Mortgages and Other Indebtedness...................... $ 8,845,111 $ 8,768,951 SELECTED REGIONAL MALL OPERATING STATISTICS March 31, ------------------------ 2000 1999 ----------- ----------- Occupancy(C).......................................... 89.5% 88.6% Average Rent per Square Foot(C)....................... $ 27.52 $ 25.95 Total Sales Volume (in millions)(D)................... $ 3,422 $ 2,890 Comparable Sales per Square Foot(D)................... $ 385 $ 360 Total Sales per Square Foot(D)........................ $ 370 $ 347 - -------- (A) Represents combined condensed financial statements of Simon Property Group, Inc. and its paired share affiliate, SPG Realty Consultants, Inc. (B) Due to the adoption of SAB 101 on January 1, 2000, which requires overage rent to be recognized as revenue only when each tenant's sales exceed their sales threshold. Previously, the Company recognized overage rent based on reported and estimated sales through the end of the period, less the applicable prorated base sales amount. (C) Includes mall and freestanding stores. (D) Based on the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, which includes only mall and freestanding stores. 34

SIMON COMBINED FINANCIAL HIGHLIGHTS--(Continued)(A) Unaudited (In thousands, except as noted) RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS ("FFO") Three Months Ended March 31, ------------------ 2000 1999 -------- -------- Income Before Extraordinary Items and Cumulative Effect of Accounting Change........................................ $ 71,136 $ 67,388 Plus: Depreciation and amortization from combined consolidated properties.................................. 98,236 89,537 Plus: Simon's share of depreciation and amortization from unconsolidated entities.................................. 28,801 20,530 Less: Gain on sale of real estate......................... (7,096) -- Less: Minority interest portion of depreciation, amortization and extraordinary items..................... (1,480) (1,795) Less: Preferred distributions (including those of subsidiary).............................................. (19,372) (17,705) -------- -------- FFO of the Simon Portfolio................................ $170,225 $157,955 ======== ======== FFO of the Simon Portfolio................................ $170,225 $157,955 Basic FFO per Paired Share: Basic FFO Allocable to the Company...................... $123,506 $114,260 Basic Weighted Average Paired Shares Outstanding........ 173,223 168,987 Basic FFO per Paired Share.............................. $ 0.71 $ 0.68 ======== ======== Diluted FFO per Paired Share: Diluted FFO Allocable to the Company.................... $132,667 $125,212 Diluted Weighted Average Number of Equivalent Paired Shares................................................. 187,807 187,494 Diluted FFO per Paired Share............................ $ 0.71 $ 0.67 ======== ======== 35