Simon Property (SPG) 8-K Financial statements and exhibits

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Exhibit 99.1

SIMON PROPERTY GROUP

Overview

The Company

        Simon Property Group, Inc. (the "Company") (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 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 December 31, 2003, the Company, directly or through the Operating Partnership, owned or had an interest in 246 properties which consisted of regional malls, community shopping centers and office and mixed-use properties (mixed-use properties include a combination of retail, office space or hotel components) containing an aggregate of 190 million square feet of gross leasable area (GLA) in 37 states and Canada, as well as ownership interests in other real estate assets in North America. The Company holds interests in 47 assets in Europe (in France, Italy, Poland and Portugal).

        On January 1, 2003, the Operating Partnership acquired the remaining equity interests of M.S. Management Associates, Inc. ("MSM"). MSM provides management, leasing and other services for certain of the Company's properties. The interests acquired consist of 95% of the voting common stock of MSM and approximately 3% of the economic interests of MSM. MSM is now a wholly owned taxable REIT subsidiary of the Operating Partnership.

        In November 2003, the Company announced that it had completed a series of transactions which increased its ownership interest in Kravco Investments, L.P. (now renamed Kravco Simon Investments, L.P.), a Philadelphia-based owner of six regional malls and its affiliated property management company. These transactions increased the Company's ownership in Kravco Simon Investments, L.P. to approximately 80% and in the management company to approximately 50%. Members of the family of one of the original founders of the Kravco companies own the remaining interest. Total consideration for the purchases was approximately $293 million including the assumption of its pro rata share of mortgage indebtedness. The Operating Partnership issued approximately $107.4 million of perpetual preferred operating partnership units as part of the consideration.

        On December 30, 2003, the Company announced the closing of its joint venture with Rinascente Group. Gallerie Commerciali Italia S.p.A. ("GCI") was created for the ownership, management and development of shopping malls in Italy. The Rinascente Group contributed certain of its existing shopping center assets and development opportunities to GCI, and then sold 49% of the new company to an affiliate of the Company. The initial value of GCI is approximately Euro 860 million. The Company's equity investment was approximately Euro 187 million, which was funded through additional borrowings. The portfolio consists of 38 shopping centers currently open and operating, comprising approximately six million square feet (including hypermarket and certain small shop space not owned by GCI). GCI has several projects under construction and in predevelopment that could add up to six million additional square feet over the next five years.

        This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of December 31, 2003, 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. Readers are cautioned that forward-looking statements involve risks and uncertainties,

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which may affect the business and prospects of the Company and the Operating Partnership. We direct you to the Company's various filings with the Securities and Exchange Commission including Form 10-K and Form 10-Q for a detailed discussion of risks and uncertainties.

        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

Reporting Calendar

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

First Quarter 2004	Early May 2004
Second Quarter 2004	Late July 2004
Third Quarter 2004	Late October 2004

Stock Information

        Simon Property Group common stock and two issues of preferred stock are traded on the New York Stock Exchange under the following symbols:

Common Stock	SPG
8.75% Series F Cumulative Preferred	SPGPrF
7.89% Series G Cumulative Preferred	SPGPrG

Credit Ratings

Standard & Poor's
	Corporate	BBB+	(Stable)
	Senior Unsecured	BBB	(Stable)
	Preferred Stock	BBB-	(Stable)
Moody's
	Senior Unsecured	Baa2	(Stable)
	Preferred Stock	Baa3	(Stable)

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Simon Property Group Ownership Structure(1)
December 31, 2003

(1)

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

(2)

The number of outstanding shares of common stock of Simon Property exceeds the number of Operating Partnership units owned by Simon Property by 1,670,944. This is the result of the direct ownership of Ocean County Mall by Simon Property, partially offset by units issued to Simon Property in exchange for the contribution of interests in Northshore Mall.

(3)

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

(4)

Holders of Class B common stock are entitled to elect 4 of the 13 members of the Board of Directors and also have voting rights with regular common stock.

(5)

Consists of NID Corporation, directly or indirectly, members of the DeBartolo family, including Edward J. DeBartolo, Jr. and M. Denise DeBartolo York, or trusts established for the benefit of members of the DeBartolo family or entities in which the foregoing persons hold interests.

(6)

Holders of Class C common stock are entitled to elect 2 of the 13 members of the Board of Directors and also have voting rights with regular common stock.

(7)

Other executives and directors includes directors and executive officers of Simon Property, other than Simon and DeBartolo family members.

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SIMON PROPERTY GROUP

Changes in Common Shares and Unit Ownership

For the Period from December 31, 2002 through December 31, 2003

	Operating Partnership Units(1)		Company Common Shares(2)
Number Outstanding at December 31, 2002	63,746,013		185,543,540
Issuance of Stock for Stock Option Exercises	—		733,616
Conversion of Series B Preferred Stock	—		12,443,195
Conversion of Units into Common Stock	(2,880,811	)	2,880,811
Conversion of Units into Cash	(274,633	)	—
Restricted Stock Awards (Stock Incentive Program), Net	—		380,835
Other	1,327		—
Number Outstanding at December 31, 2003	60,591,896		201,981,997

Total Common Shares and Units Outstanding at December 31, 2003:
262,573,893(2)

Details for Diluted Common Shares Outstanding:

Company Common Shares Outstanding at December 31, 2003		201,981,997
Number of Common Shares Issuable Assuming Conversion of:
	Series C Preferred 7% Cumulative Convertible Units(3)	1,968,254
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)		935,050
Diluted Common Shares Outstanding at December 31, 2003		204,885,301

Fully Diluted Common Shares and Units Outstanding at December 31, 2003:

265,477,197

(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 on page 51.

(3)

Conversion terms provided in footnote (4) on page 51 of this document.

(4)

Based upon the weighted average stock price for the quarter ended December 31, 2003.

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SIMON PROPERTY GROUP

Selected Financial Information

As of December 31, 2003

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,
		2003		2002			2003			2002
Financial Highlights of the Company
Total Revenue—Consolidated Properties		$	659,861	$	606,103		$	2,313,653		$	2,124,152
Net Income Available to Common Shareholders		$	165,424	$	96,308	(6)	$	313,577		$	358,387	(6)
Basic Earnings per Common Share		$	0.86	$	0.52	(6)	$	1.65		$	1.99	(6)
Diluted Earnings per Common Share		$	0.83	$	0.52	(6)	$	1.65		$	1.99	(6)
FFO of the Simon Portfolio		$	333,253	$	304,707	(7)	$	1,041,105		$	936,356	(7)
Basic FFO Allocable to the Company		$	253,097	$	226,245	(7)	$	787,467		$	691,004	(7)
Diluted FFO Allocable to the Company		$	258,376	$	236,432	(7)	$	822,169		$	729,171	(7)
Basic FFO per Share		$	1.31	$	1.22	(7)	$	4.16		$	3.84	(7)
Diluted FFO per Share		$	1.26	$	1.19	(7)	$	4.04		$	3.76	(7)
Distributions per Share		$	0.60	$	0.55		$	2.40		$	2.18
Operational Statistics for U.S. Properties
Occupancy at End of Period:
	Regional Malls(1)							92.4	%		92.7	%
	Community Shopping Centers(2)							90.2	%		86.9	%
Average Base Rent per Square Foot:
	Regional Malls(1)						$	32.26		$	30.70
	Community Shopping Centers(2)						$	10.59		$	10.12
Releasing Spread, Regional Malls:
	Lease Signings Base Rent per Square Foot						$	41.28		$	40.35
	Store Closings/Lease Expirations Base Rent per Square Foot						$	32.99		$	32.58
	Releasing Spread per Square Foot						$	8.29		$	7.77
	Percentage Increase							25.1	%		23.8	%
Regional Malls:
	Total Tenant Sales Volume, in millions(3)(4)						$	19,486		$	17,971
	Comparable Sales per Square Foot(4)						$	402		$	391
	Total Sales per Square Foot(4)						$	401		$	386
Number of U.S. Properties Open at End of Period								245			246
Number of Canadian Properties Open at End of Period								1			1
Number of North American Properties Open at End of Period(5)								246			247

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Total U.S. GLA at End of Period (in millions of square feet)	190.0	184.5
Total Canadian GLA at End of Period (in millions of square feet)	0.2	0.2
Total North American GLA at End of Period (in millions of square feet)	190.2	184.7

Operational Statistics for European Properties
Occupancy at End of Period:	99.3	%	N/A
Number of European Properties Open at End of Period	47.0		N/A
Total European GLA at End of Period (in millions of square feet)	8.9		N/A

(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)	Number of North American Properties at 12/31/02	247
	Add: New Developments Opened	1
	Add: Properties Acquired	11
	Less: Properties Sold	-13
	Number of North American Properties at 12/31/03	246

(6)

Includes our share of gains on land sales of $18.3 million and $11.1 million for the three months ended December 31, 2003 and 2002, respectively and $42.0 million and $39.4 million for the twelve months ended December 31, 2003 and 2002, respectively.

(7)

FFO for the quarter ended December 31, 2002 has been restated for the adoption of SFAS 141 and SFAS 142 to reflect the fair market value of leases from acquisitions, increasing FFO by $5.0 million or $0.02 per share. FFO for the twelve months ended December 31, 2002, has been restated for: the recording of fair market value of leases from acquisitions (increasing FFO by $5.0 million); the Company's gains on debt-related transactions previously reported as extraordinary under GAAP (increasing FFO by a net $14.3 million) and the Company's share of impairment of technology assets (reducing FFO by a net $26.7 million). The impact of the restatements for the year on a per share diluted basis was a net decrease of $0.03.

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	December 31, 2003		December 31, 2002
Shareholders' Equity Information
Limited Partner Units Outstanding at End of Period		60,592		63,746
Shares Outstanding at End of Period		201,982		185,544
Total Common Shares and Units Outstanding at End of Period		262,574		249,290
Weighted Average Shares Outstanding—Basic(1)		189,475		179,910
Weighted Average Shares Outstanding—Diluted(1)		203,468		193,992
Debt Information
Consolidated Debt	$	10,266,388	$	9,546,081
Simon Group's Share of Joint Venture Debt	$	2,739,630	$	2,279,609
Debt-to-Market Capitalization
Common Stock Price at End of Period	$	46.34	$	34.07
Equity Market Capitalization(2)	$	12,834,007	$	9,483,358
Total Consolidated Capitalization	$	23,100,395	$	19,029,439
Total Capitalization—Including Simon Group's Share of JV Debt	$	25,840,025	$	21,309,048

		As of or for the Twelve Months Ended December 31,
		2003		2002
Miscellaneous Balance Sheet Data
Interest Capitalized during the Period:
	Consolidated Properties	$	10,668	$	4,250
	Joint Venture Properties	$	1,334	$	3,308
	Simon Group's Share of Joint Venture Properties	$	567	$	1,524

(1)

For purposes of computing FFO per share

(2)

Market value of Common Stock, Units and all issues of Preferred Stock of the Company.

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        On the following three pages, we present balance sheet and income statement data intended to report the Company's economic ownership of the entire Simon Group portfolio. While these combined statements were not prepared in accordance with GAAP, we believe they reflect the Company's 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 the consolidated financial statements prepared by the Company. The Real Estate Joint Ventures column was derived on a property by property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for minority interests.

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Simon Property Group, Inc.

Pro-Rata Balance Sheet

As of December 31, 2003

			Consolidated			Minority Interest			The Company's Consolidated Share			Real Estate Joint Ventures			Total Company's Share
ASSETS:
	Investment properties, at cost		$	14,971,823			(128,816	)		14,843,007		$	5,159,821		$	20,002,828
	Less—accumulated depreciation			2,556,578			(37,935	)		2,518,643			710,907			3,229,550
				12,415,245			(90,881	)		12,324,364			4,448,914			16,773,278
	Cash and cash equivalents			535,623			(9,970	)		525,653			121,263			646,916
	Tenant receivables and accrued revenue, net			305,200			(3,421	)		301,779			97,555			399,334
	Notes and advances receivable from Management Company and affiliates			—			—			—			—			—
	Investment in unconsolidated entities, at equity			1,811,773			—			1,811,773			(1,811,773	)		—
	Deferred costs, other assets, intangibles and minority interest, net			616,880			(47,431	)		569,449			3,783			573,232
		Total assets	$	15,684,721		$	(151,703	)	$	15,533,018		$	2,859,742		$	18,392,760
LIABILITIES:
	Mortgages and other indebtedness		$	10,266,388		$	(125,262	)	$	10,141,126		$	2,739,630		$	12,880,756
	Accounts payable and accrued expenses			667,610			(5,866	)		661,744			107,324			769,068
	Cash distributions and losses in partnerships and joint ventures, at equity			14,412			—			14,412			(14,412	)		—
	Other liabilities, minority interest and accrued dividends			280,414			(20,575	)		259,839			27,200			287,039
		Total liabilities		11,228,824			(151,703	)		11,077,121			2,859,742			13,936,863
LIMITED PARTNERS' INTEREST IN THE OPERATING PARTNERSHIP				859,050			—			859,050			—			859,050
LIMITED PARTNERS' PREFERRED INTEREST IN THE OPERATING PARTNERSHIP				258,220			—			258,220			—			258,220
SHAREHOLDERS' EQUITY:
	CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock):
	All series of preferred stock, 100,000,000 shares authorized, 12,078,012 and 16,830,057 issued and outstanding, respectively. Liquidation values $376,950 and $858,006, respectively.			367,483			—			367,483			—			367,483
	Common stock, $.0001 par value, 400,000,000 shares authorized, 200,876,552 and 184,438,095 issued and outstanding, respectively			20			—			20			—			20
	Class B common stock, $.0001 par value, 12,000,000 shares authorized, 3,200,000 issued and outstanding			1			—			1			—			1
	Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding			—			—			—			—			—
	Capital in excess of par value			4,121,332			—			4,121,332			—			4,121,332
	Accumulated deficit			(1,097,317	)		—			(1,097,317	)		—			(1,097,317	)
	Accumulated other comprehensive income			12,586			—			12,586			—			12,586
	Unamortized restricted stock award			(12,960	)		—			(12,960	)		—			(12,960	)
	Common stock held in treasury at cost, 2,098,555 shares			(52,518	)		—			(52,518	)		—			(52,518	)
		Total shareholders' equity		3,338,627			—			3,338,627			—			3,338,627
			$	15,684,721		$	(151,703	)	$	15,533,018		$	2,859,742		$	18,392,760

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Simon Property Group, Inc.

Pro-Rata Statement of Operations

For three months ended December 31, 2003

			Consolidated			Minority Interest			The Company's Consolidated Share		Real Estate Joint Ventures			Total
REVENUE:
	Minimum rent		$	381,759			(3,765	)	377,994			101,532		$	479,526
	Overage rent			23,433			(169	)	23,264			6,946			30,210
	Tenant reimbursements			175,196			(1,950	)	173,246			48,977			222,223
	Management fees and other revenues			19,090			0		19,090			0			19,090
	Other income			60,383			(2,688	)	57,695			10,867			68,562
		Total revenue		659,861			(8,572	)	651,289			168,322			819,611
EXPENSES:
	Property operating			83,192			(1,228	)	81,964			30,052			112,016
	Depreciation and amortization			127,545			(897	)	126,648			39,491			166,139
	Real estate taxes			53,224			(438	)	52,786			13,420			66,206
	Repairs and maintenance			23,421			(310	)	23,111			7,538			30,649
	Advertising and promotion			23,804			(227	)	23,577			7,475			31,052
	Provision for credit losses			3,651			(33	)	3,618			178			3,796
	Home and regional office			23,534			0		23,534			0			23,534
	General & administrative			3,975			0		3,975			0			3,975
	Costs related to withdrawn tender offer			81			0		81			0			81
	Other			9,682			(284	)	9,398			4,984			14,382
		Total operating expenses		352,109			(3,417	)	348,692			103,138			451,830
OPERATING INCOME				307,752			(5,155	)	302,597			65,184			367,781
Interest expense				151,016			(1,185	)	149,831			36,528			186,359
Income before minority interest				156,736			(3,970	)	152,766			28,656			181,422
Minority interest				(3,970	)		3,970		0			—			—
Gain (loss) on sales of assets and other, net				(24	)		—		(24	)		—			(24	)
Income tax expense of taxable REIT subsidiaries				(1,147	)		—		(1,147	)					(1,147	)
Income before unconsolidated entities				151,595			—		151,595			28,656			180,251
Income from other unconsolidated entities				28,656			—		28,656			(28,656	)		—
Income from continuing operations				180,251			—		180,251			—			180,251
	Results of operations from discontinued operations			1,755					1,755			—			1,755
	Gain on disposal or sale of discontinued operations			48,086			—		48,086			—			48,086
Income before allocation to limited partners				230,092			—		230,092			—			230,092
LESS:
	Limited partners' interest in the Operating Partnership			53,039			—		53,039			—			53,039
	Preferred distributions of the Operating Partnership			3,539			—		3,539			—			3,539
NET INCOME				173,514			—		173,514						173,514
Preferred dividends				(8,090	)		—		(8,090	)		—			(8,090	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	165,424		$	—		165,424		$	—		$	165,424
RECONCILIATION TO FFO:
Net Income									173,514						173,514
	Less:
		Joint Venture Net Income							(28,656	)		28,656			—
	Net Income								144,858			28,656			173,514
	Plus:
		Limited Partners' interest in the Operating Partnership and Preferred distributions of the Operating Partnership							56,578						56,578
		Depreciation and amortization from combined consolidated properties and discontinued operations							124,830						124,830
		Our share of depreciation and amortization from unconsolidated affiliates							—			38,907			38,907
		Loss on sale of real estate and discontinued operations							(48,062	)					(48,062	)
	Less:
		Minority interest portion of depreciation and amortization							(885	)					(885	)
		Preferred distributions and dividends							(11,629	)					(11,629	)
Our FFO									265,690			67,563			333,253
	% of Total FFO:								79.73	%		20.27	%		100.00	%

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Simon Property Group, Inc.

Pro-Rata Statement of Operations

For twelve months ended December 31, 2003

			Consolidated			Minority Interest			The Company's Consolidated Share			Real Estate Joint Ventures			Total Company's Share
REVENUE:
	Minimum rent		$	1,375,407			(14,246	)		1,361,161			383,123		$	1,744,284
	Overage rent			47,991			(667	)		47,324			13,078			60,402
	Tenant reimbursements			674,854			(6,394	)		668,460			190,921			859,381
	Management fees and other revenues			78,292			0			78,292			0			78,292
	Other income			137,109			(3,164	)		133,945			55,623			189,568
		Total revenue		2,313,653			(24,471	)		2,289,182			642,745			2,931,927
EXPENSES:
	Property operating			327,819			(4,319	)		323,500			109,289			432,789
	Depreciation and amortization			498,136			(3,563	)		494,573			148,605			643,178
	Real estate taxes			219,274			(1,494	)		217,780			56,837			274,617
	Repairs and maintenance			84,623			(971	)		83,652			29,902			113,554
	Advertising and promotion			61,765			(654	)		61,111			19,982			81,093
	Provision for credit losses			14,253			(250	)		14,003			3,665			17,668
	Home and regional office costs			80,105			0			80,105			0			80,105
	General & administrative			15,083			0			15,083			0			15,083
	Costs related to withdrawn tender offer			10,581			0			10,581			0			10,581
	Other			27,229			(1,272	)		25,957			29,454			55,411
		Total operating expenses		1,338,868			(12,523	)		1,326,345			397,734			1,724,079
OPERATING INCOME				974,785			(11,948	)		962,837			245,011			1,207,848
Interest expense				602,510			(4,671	)		597,839			145,366			743,205
Income before minority interest				372,275			(7,277	)		364,998			99,645			464,643
Minority interest				(7,277	)		7,277			—			—			—
Gain (loss) on sales of assets and other, net				(5,146	)		—			(5,146	)		—			(5,146	)
Income tax expense of taxable REIT subsidiaries				(7,597	)		—			(7,597	)		—			(7,597	)
Income before unconsolidated entities				352,255			—			352,255			99,645			451,900
Income from other unconsolidated entities				99,645			—			99,645			(99,645	)		—
Income from continuing operations				451,900			—			451,900			—			451,900
Results of operations from discontinued operations				7,421						7,421			—			7,421
Gain on disposal or sale of discontinued operations				22,394			—			22,394			—			22,394
Income before allocation to limited partners				481,715			—			481,715			—			481,715
LESS:
	Limited partners' interest in the Operating Partnership			100,956			—			100,956			—			100,956
	Preferred distributions of the Operating Partnership			12,044			—			12,044						12,044
NET INCOME				368,715			—			368,715			—			368,715
Preferred dividends				(55,138	)		—			(55,138	)		—			(55,138	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	313,577		$	—		$	313,577		$	—		$	313,577
RECONCILIATION TO FFO:
Net Income										368,715						368,715
	Less:
		Joint Venture Net Income								(99,645	)		99,645			—
	Net Income									269,070			99,645			368,715
	Plus:
		Limited Partners' interest in the Operating Partnership and Preferred distributions of the Operating Partnership								113,000						113,000
		Depreciation and amortization from combined consolidated properties and discontinued operations								499,737						499,737
		Our share of depreciation and amortization from unconsolidated affiliates								—			147,629			147,629
		Loss on sale of real estate and discontinued operations								(17,248	)					(17,248	)
	Less:
		Minority interest portion of depreciation and amortization								(3,546	)					(3,546	)
		Preferred distributions and dividends								(67,182	)					(67,182	)
	Our FFO									793,831			247,274			1,041,105
		% of Total FFO:								76.25	%		23.75	%		100.00	%

15

SIMON PROPERTY GROUP

Reconciliation of NOI to Net Income

As of December 31, 2003

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

        However, you should understand that NOI:

•

does not represent cash flow from operations as defined by GAAP,



•

should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance,



•

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



•

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

        The Reconciliation of NOI to Net Income provides "Total NOI of the Simon Group Portfolio" and reconciles the amounts to net income, which we believe is the most directly comparable GAAP financial measure. The Computation of Comparable Property NOI Growth provides the increase in the comparable regional mall and mixed-use NOI for the twelve months ended December 31, 2003.

	For the three months ended December 31,						For the twelve months ended December 31,
	2003			2002			2003			2002
	(in thousands)
Reconciliation of NOI of consolidated Properties:
Net Income	$	173,514		$	111,991		$	368,715		$	422,588
Add: Preferred distributions of the Operating Partnership		3,539			2,835			12,044			11,340
Limited partners' interest in the Operating Partnership		53,039			33,109			100,956			127,727
Discontinued operations—Results of operations and loss on disposal or sale, net		(49,841	)		(6,020	)		(29,815	)		(16,507	)
Income tax expense of taxable REIT subsidiaries		1,147			—			7,597			—
Minority interest		3,970			4,129			7,277			10,498
Interest Expense		151,016			152,078			602,510			599,266
Income from unconsolidated entities		(28,656	)		(26,628	)		(99,645	)		(60,069	)
Gains on sales of assets and other and gains from debt related transactions, net		24			8,382			5,146			(176,587	)
Operating Income		307,752			279,876			974,785			918,256
Depreciation and amortization expense		127,545			123,832			498,136			467,395
NOI of consolidated Properties	$	435,297		$	403,708		$	1,472,921		$	1,385,651
Reconciliation of NOI of unconsolidated entities:
Net Income	$	98,312		$	83,532		$	316,595		$	255,491
Add: Minority interest		115			362			654			751
Interest Expense		93,752			89,316			364,740			337,119
Discontinued operations—Results of operations and loss on disposal or sale, net		—			(700	)		(1,295	)		(16,063	)
Income from unconsolidated entities		(1,184	)		(3,222	)		(8,393	)		(3,062	)
Operating Income		190,995			169,288			672,301			574,236
Depreciation and amortization expense		75,932			63,658			272,746			234,264
NOI of unconsolidated entities	$	266,927		$	232,946		$	945,047		$	808,500
Total consolidated and unconsolidated NOI from continuing operations	$	702,224		$	636,654		$	2,417,968		$	2,194,151
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties		2,704			10,824			21,000			101,197
Total NOI of the Simon Group Portfolio	$	704,928		$	647,478		$	2,438,968		$	2,295,348
Increase in NOI from prior period		8.9%			3.9%			6.3%			7.2%
Less: Joint venture partner's share of NOI		170,250			137,556			571,520			530,282
Simon Group's Share of NOI	$	543,678		$	509,922		$	1,867,448		$	1,765,066
Increase in Simon Group's Share of NOI from prior period		4.9%			8.5%			5.8%			9.8%

16

SIMON PROPERTY GROUP

Computation of Comparable Property NOI Growth

As of December 31, 2003

			For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
			2003			2002			2003			2002
			(in thousands)
Total NOI of the Simon Group Portfolio			$	704,928		$	647,478		$	2,438,968		$	2,295,348
Reconciliation of NOI of Simon Group Portfolio to NOI of Regional Malls and Mixed-Use Properties:
	NOI of non-Regional Mall and Mixed-Use Activities including Home and Regional Office cost allocations		$	(51,098	)	$	(37,356	)	$	(179,117	)	$	(162,158	)
NOI from Regional Malls and Mixed-Use Properties			$	653,830		$	610,122		$	2,259,851		$	2,133,190
Adjustments to NOI from Regional Malls and Mixed-Use
Properties for non-comparable activity:
	NOI of acquired, redeveloped, and newly opened Regional Malls and Mixed-Use Properties		$	(80,878	)	$	(49,281	)	$	(210,176	)	$	(111,794	)
	NOI of disposed Regional Malls and Mixed-Use Properties			(2,515	)		(7,757	)		(14,754	)		(33,186	)
	Other Non-Regional Mall and Mixed-Use activities
		Costs related to withdrawn tender offer		—			—			10,500			—
		One-time gain related to our energy business		—			—			—			(8,655	)
		Impact of hedges related to Rodamco acquisition		—			—			—			(7,840	)
		Litigation settlement		—			2			—			3,987
		Corporate and other		(38	)		3,586			(905	)		(363	)
Comparable NOI of Regional Malls and Mixed-Use Properties			$	570,399		$	556,672		$	2,044,516		$	1,975,339
Increase in Comparable Regional Mall and Mixed-Use NOI from prior period				2.5%						3.5%

17

SIMON PROPERTY GROUP

Analysis of Other Income and Other Expense

As of December 31, 2003

(In thousands)

	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,
	2003		2002		2003		2002
Consolidated Properties
Other Income
Interest Income	$	5,091	$	5,363	$	17,392	$	23,911
Lease Settlement Income		5,791		3,825		14,724		16,917
Gains on Land Sales and Income from the Sale of Net Leases		20,776		11,133		34,352		36,388
Simon Brand Ventures/Simon Business Network Revenues(1)		24,812		16,565		54,713		37,825
Income from Hedging Activity(2)		—		—		—		7,840
Other		3,913		1,040		15,928		13,862
Totals	$	60,383	$	37,926	$	137,109	$	136,743
Other Expense
Ground Rent	$	5,098	$	3,121	$	15,781	$	11,788
Professional Fees		2,578		1,975		5,766		5,704
Simon Brand Ventures/Simon Business Network Revenues		692		411		1,375		668
Costs of Hedging Activity(2)		—		106		—		856
Agostinelli Litigation Settlement Costs		—		—		—		3,072
Other		1,315		3,705		4,307		7,460
Totals	$	9,683	$	9,318	$	27,229	$	29,548

(1)

Additional Simon Brand Ventures and Simon Business Network revenues are recorded in minimum rent.

(2)

Income and costs associated with hedging transactions to manage the Company's exposure to fluctuations in the Euro currency as a result of the acquisition of Rodamco North America in 2002.

18

SIMON PROPERTY GROUP

NOI Composition

For the Twelve Months Ended December 31, 2003

U.S. Geographic Diversification of
Regional Mall Portfolio(1)

U.S. Asset Mix of Portfolio

(1)

Northeast—PA, NY, VT, NH, ME, MA, NJ, CT and RI
Mideast—KY, WV, MD, DE, VA, NC and SC
Southeast—TN, MS, AL, GA and FL
Southwest—TX, OK, LA and AR
West North Central—ND, SD, NE, KS, MN, IA and MO
East North Central—WI, MI, OH, IN and IL
Mountain—NV, AZ, NM, UT, CO, ID, MT and WY
Pacific—CA, OR and WA

19

SIMON PROPERTY GROUP

Portfolio GLA, Occupancy & Rent Data—U.S. Portfolio

As of December 31, 2003

Type of Property		GLA-Sq. Ft.	Total Owned GLA	% of Owned GLA		% of Owned GLA Which is Leased		Average Base Rent Per Square Foot
U.S. Properties:
Regional Malls
—Anchor		104,517,942	29,984,651	27.7	%	97.0	%	$	4.15
—Mall Store		60,507,152	60,454,778	55.9	%	92.5	%	$	32.96
—Freestanding		4,064,900	2,039,940	1.9	%	90.0	%	$	10.67
	Subtotal	64,572,052	62,494,718	57.8	%	92.4	%	$	32.26
Regional Mall Total		169,089,994	92,479,369	85.5	%	93.9	%
Community Shopping Centers
—Anchor		12,665,953	7,963,787	7.3	%	88.9	%	$	8.82
—Mall Store		4,364,418	4,281,591	4.0	%	92.0	%	$	13.78
—Freestanding		910,592	454,713	.4	%	97.4	%	$	8.00
Community Ctr. Total		17,940,963	12,700,091	11.7	%	90.2	%	$	10.59
Office Portion of Mixed-Use Properties		2,983,355	2,983,355	2.8	%	82.8	%	$	26.04
Subtotal U.S. Properties		190,014,312	108,162,815	100.00	%
Canadian Property		246,972
Total North American Properties		190,261,284

U.S. Occupancy History
As of	Regional Malls(1)		Community Shopping Centers(2)
12/31/03	92.4	%	90.2	%
12/31/02	92.7	%	86.9	%
12/31/01	91.9	%	90.0	%
12/31/00	91.8	%	91.5	%
12/31/99	90.6	%	88.6	%

(1)

Includes mall and freestanding stores.

(2)

Includes all Owned GLA.

20

SIMON PROPERTY GROUP

Rent Information—U.S. Portfolio

As of December 31, 2003

Average Base Rent
Per Square Foot

As of	Mall & Freestanding Stores at Regional Malls		% Change		Community Shopping Centers		% Change
12/31/03	$	32.26	5.1	%	$	10.59	4.6	%
12/31/02		30.70	4.8			10.12	3.0
12/31/01		29.28	3.4			9.83	5.0
12/31/00		28.31	3.6			9.36	12.0
12/31/99		27.33	6.3			8.36	8.9

Rental Rates

	Average Base Rent(1)				Amount of Change
Year	Lease Signings During Period		Store Closings/ Lease Expirations During Period		$ Change		% Change
Regional Malls:
2003	$	41.28	$	32.99	$	8.29	25.1	%
2002		40.35		32.58		7.77	23.8
2001		34.88		29.10		5.78	19.9
2000		35.13		29.24		5.89	20.1
1999		31.25		24.55		6.70	27.3
Community Shopping Centers:
2003	$	12.38	$	10.48	$	1.90	18.1	%
2002		10.19		8.39		1.80	21.5	%
2001		12.79		9.30		3.49	37.5
2000		14.21		11.51		2.70	23.5
1999		10.26		7.44		2.82	37.9

(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.

21

SIMON PROPERTY GROUP

Lease Expirations(1)—U.S. Portfolio

As of December 31, 2003

Year	Number of Leases Expiring	Square Feet	Avg. Base Rent per Square Foot at 12/31/03
Regional Malls—Mall Stores & Freestanding
2004	2,160	4,841,815	$	32.15
2005	2,207	5,921,390	$	31.43
2006	2,131	5,626,305	$	32.93
2007	2,160	5,560,293	$	33.12
2008	1,806	5,556,826	$	33.32
2009	1,572	5,033,038	$	31.48
2010	1,627	4,810,383	$	34.98
2011	1,480	4,531,324	$	33.34
2012	1,221	4,103,243	$	35.35
2013	1,217	3,834,174	$	38.84
2014	566	2,116,645	$	33.86
2015 and Thereafter	121	2,084,572	$	18.57
Regional Malls—Anchor Tenants
2004	18	1,713,808	$	3.68
2005	24	3,237,545	$	2.09
2006	23	2,773,361	$	2.72
2007	17	1,755,266	$	2.17
2008	27	3,232,033	$	3.71
2009	21	2,230,028	$	3.13
2010	16	1,625,148	$	3.70
2011	12	1,164,969	$	5.42
2012	18	2,151,362	$	4.83
2013	10	1,638,346	$	6.86
2014	12	1,114,832	$	7.88
2015 and Thereafter	44	5,340,461	$	5.41
Community Centers—Mall Stores & Freestanding
2004	154	372,806	$	13.98
2005	218	688,448	$	14.89
2006	191	651,588	$	13.99
2007	131	559,020	$	13.09
2008	123	559,219	$	12.89
2009	44	218,313	$	12.13
2010	36	275,098	$	14.02
2011	32	224,727	$	14.97
2012	20	129,945	$	15.40
2013	15	178,311	$	9.16
2014	5	25,473	$	11.09
2015 and Thereafter	6	88,139	$	11.98

(1)

Does not consider the impact of options to renew that may be contained in leases.

22

SIMON PROPERTY GROUP

Lease Expirations(1)—U.S. Portfolio

As of December 31, 2003

Year	Number of Leases Expiring	Square Feet	Avg. Base Rent per Square Foot at 12/31/03
Community Centers—Anchor Tenants
2004	4	167,935	$	4.73
2005	10	303,133	$	8.45
2006	18	681,919	$	6.39
2007	16	606,264	$	6.48
2008	15	357,214	$	10.51
2009	17	652,637	$	6.97
2010	19	706,068	$	9.83
2011	7	366,209	$	11.81
2012	8	396,764	$	8.91
2013	12	354,507	$	10.04
2014	10	374,697	$	8.34
2015 and Thereafter	35	1,881,570	$	9.79

(1)

Does not consider the impact of options to renew that may be contained in leases.

23

SIMON PROPERTY GROUP

Top Regional Mall Tenants—U.S. Portfolio

As of December 31, 2003

(Square Feet in 000's)

Top 15 In-Line Retail Tenants (sorted by percentage of total base minimum rent)

Tenant	Number of Stores	Square Feet	Percent of Total Sq. Ft.		Percent of Total Base Min. Rent
Limited Brands, Inc.	583	3,637	1.9	%	4.6	%
The Gap, Inc.	365	3,773	2.0	%	3.2	%
Foot Locker, Inc.	396	1,596	0.8	%	2.2	%
Zale Corporation	434	487	0.3	%	1.8	%
Abercrombie & Fitch Co.	137	1,017	0.5	%	1.3	%
Luxottica Group S.P.A	367	644	0.3	%	1.3	%
Sterling Jewelers, Inc.	204	290	0.2	%	1.1	%
Hallmark Cards, Inc.	215	710	0.4	%	0.9	%
Trans World Entertainment Corp.	118	726	0.4	%	0.9	%
American Eagle Outfitters, Inc.	129	667	0.4	%	0.9	%
The Musicland Group, Inc.	144	598	0.3	%	0.9	%
Retail Brand Alliance, Inc.	105	576	0.3	%	0.8	%
Williams-Sonoma Stores, Inc.	87	597	0.3	%	0.8	%
The Wet Seal, Inc.	139	532	0.3	%	0.8	%
Ann Taylor, Inc.	89	487	0.3	%	0.8	%

Top 15 Anchors (sorted by percentage of total square footage)

Tenant	Number of Stores	Square Feet	Percent of Total Sq. Ft.		Percent of Total Base Min. Rent
Sears Roebuck & Co.	135	20,615	10.8	%	0.5	%
Federated Department Stores	100	19,382	10.2	%	0.7	%
J.C. Penney Co., Inc.	117	16,861	8.9	%	1.0	%
The May Department Stores	93	13,786	7.3	%	0.2	%
Dillard's Department Stores	82	12,094	6.4	%	0.2	%
Saks Incorporated	41	4,758	2.5	%	1.1	%
Nordstrom, Inc.	19	3,485	1.8	%	0.1	%
Target Corporation	26	3,118	1.6	%	0.1	%
Belk, Inc.	15	1,747	0.9	%	0.1	%
The Neiman Marcus Group, Inc.	7	926	0.5	%	0.1	%
Kohl's Department Stores	6	562	0.3	%	0.0	%
Von Maur, Inc.	7	592	0.3	%	0.0	%
Boscov's Department Stores, Inc.	3	521	0.3	%	0.1	%
The Bon-Ton Stores, Inc.	6	497	0.3	%	0.1	%
Burlington Coat Factory, Inc.	3	314	0.2	%	0.1	%

24

SIMON PROPERTY GROUP

2003 Regional Mall Anchor/Big Box Openings—U.S. Portfolio

Property Name	Location	New Tenant	Former Tenant
Barton Creek Square	Austin, TX	Nordstrom	Montgomery Ward
Bay Park Square	Green Bay, WI	Younkers	Montgomery Ward
Century III Mall	Pittsburgh, PA	Steve & Barry's	TJ Maxx
Fashion Mall at Keystone	Indianapolis, IN	Saks Fifth Avenue	Jacobson's
Greendale Mall	Worchester, MA	Family Fitness	Lechmere
The Galleria	Houston, TX	Nordstrom Foley's	— —
Lenox Square	Atlanta, GA	Bloomingdale's	Macy's
Lincolnwood Town Center	Lincolnwood, IL	Kohl's	JCPenney
Menlo Park Mall	Edison, NJ	Cheesecake Factory Barnes & Noble Benihana	— — —
NorthPark Mall	Davenport, IA	Dillard's	Montgomery Ward
Prien Lake Mall	Lake Charles, LA	Foley's	Montgomery Ward
Roosevelt Field Mall	Garden City, NY	Galyan's	Stern's
Square One Mall	Saugus, MA	Best Buy Gold's Gym	Service Merchandise Service Merchandise
Southern Hills Mall	Sioux City, IA	Sheel's Sporting Goods	—
St. Charles Towne Center	Waldorf, MD	Dick's Sporting Goods	Montgomery Ward
Town Center at Cobb	Kennesaw, GA	Rich's Furniture	Macy's
Towne West Square	Wichita, KS	Dick's Sporting Goods	Service Merchandise
Walt Whitman Mall	Huntington Station, NY	Organized Living	RKO Theater

25

SIMON PROPERTY GROUP

2004 Projected Regional Mall Anchor/Big Box Openings—U.S. Portfolio

Property Name	Location	New Tenant	Former Tenant
Bangor Mall	Bangor, ME	Dick's Sporting Goods	Porteus
Battlefield Mall	Springfield, MO	Steve & Barry's	Battlefield Cinema
College Mall	Bloomington, IN	Target	JCPenney
Cordova Mall	Pensacola, FL	Cost Plus World Market	Montgomery Ward
Dadeland Mall	Miami, FL	Nordstrom	Lord & Taylor
Greenwood Park Mall	Greenwood, IN	Dick's Sporting Goods	Service Merchandise
Gulfview Square	New Port Richey, FL	Best Buy Linens N' Things	Dillard's Dillard's
Irving Mall	Irving, TX	Burlington Coat Factory Circuit City	JCPenney Food court & small shops
North East Mall	Hurst, TX	Rave Theater	Montgomery Ward
Prien Lakes Mall	Lake Charles, LA	Cinemark Theater	White House
Rolling Oaks	San Antonio, TX	JCPenney San Antonio Skate Park	— Regal Cinema
Roosevelt Field	Garden City, NY	Bloomingdale's Furniture     and Bedding	Stern's
Southern Hills Mall	Sioux City, IA	JCPenney	—
SouthPark Mall	Moline, IL	Dillard's	Montgomery Ward
SouthPark Mall	Charlotte, NC	Nordstrom Galyan's	— Sears
Sunland Mall	El Paso, TX	Foley's	JCPenney
Tippecanoe Mall	Lafayette, IN	Dick's Sporting Goods H.H. Gregg	Lazarus Lazarus
Washington Square	Indianapolis, IN	Burlington Coat Factory Kerasotes Theater	JCPenney —
White Oaks Mall	Springfield, IL	Dick's Sporting Goods	Montgomery Ward

26

SIMON PROPERTY GROUP

2005 Projected Regional Mall Anchor/Big Box Openings—U.S. Portfolio

Property Name	Location	New Tenant	Former Tenant
College Mall	Bloomington, IN	Dick's Sporting Goods	Lazarus
Phipps Plaza	Atlanta, GA	Nordstrom	Lord & Taylor
Town Center at Boca Raton	Boca Raton, FL	Neiman Marcus	Lord & Taylor
Washington Square	Indianapolis, IN	Dick's Sporting Goods	Lazarus

27

SIMON PROPERTY GROUP

Property Listing—North American Assets

As of December 31, 2003

					Gross Leasable Area
Property Name	State	City	Legal Ownership		Total	Anchor	Mall & Freestanding
UNITED STATES:
Regional Malls
McCain Mall	AR	N. Little Rock	100.0	%	776,462	554,156	222,306
University Mall	AR	Little Rock	100.0	%	565,953	412,761	153,192
Metrocenter	AZ	Phoenix	50.0	%	1,391,855	876,027	515,828
Southgate Mall	AZ	Yuma	100.0	%	321,574	252,264	69,310
Brea Mall	CA	Brea	100.0	%	1,315,928	874,802	441,126
Fashion Valley Mall	CA	San Diego	50.0	%	1,707,218	1,053,305	653,913
Laguna Hills Mall	CA	Laguna Hills (Orange County)	100.0	%	867,633	536,500	331,133
Santa Rosa Plaza	CA	Santa Rosa	100.0	%	698,745	428,258	270,487
Shops at Mission Viejo	CA	Mission Viejo (Orange County)	100.0	%	1,149,914	677,215	472,699
Westminster Mall	CA	Westminster (Orange County)	100.0	%	1,220,472	716,939	503,533
Stanford Shopping Center	CA	Palo Alto (San Francisco)	100.0	%	1,371,612	849,153	522,459
Aurora Mall	CO	Aurora (Denver)	100.0	%	1,014,396	566,015	448,381
Mesa Mall	CO	Grand Junction	50.0	%	861,558	425,817	435,741
Crystal Mall	CT	Waterford	74.6	%	793,736	442,311	351,425
Aventura Mall	FL	Miami Beach	33.3	%	1,904,049	1,242,098	661,951
Avenues, The	FL	Jacksonville	25.0%	(9)	1,117,299	754,956	362,343
Boynton Beach Mall	FL	Boynton Beach	100.0	%	1,183,725	883,720	300,005
Coral Square	FL	Coral Springs (Miami-Ft. Lauderdale)	97.2	%	944,763	648,144	296,619
Cordova Mall	FL	Pensacola	100.0	%	833,826	488,263	345,563
Crystal River Mall	FL	Crystal River	100.0	%	424,293	302,495	121,798
Dadeland Mall	FL	N. Miami Beach	50.0	%	1,396,476	1,062,072	334,404
DeSoto Square	FL	Bradenton	100.0	%	691,243	435,467	255,776
Edison Mall	FL	Fort Myers	100.0	%	1,042,072	742,667	299,405
Florida Mall, The	FL	Orlando	50.0	%	1,847,663	1,232,416	615,247
Gulf View Square	FL	Port Richey (Tampa-St. Pete)	100.0	%	695,864	461,852	234,012
Indian River Mall	FL	Vero Beach	50.0	%	748,008	445,552	302,456
Lake Square Mall	FL	Leesburg	50.0	%	560,967	296,037	264,930
Melbourne Square	FL	Melbourne	100.0	%	729,409	471,173	258,236
Miami International Mall	FL	S. Miami	47.8	%	1,074,099	783,308	290,791
Orange Park Mall	FL	Orange Park	100.0	%	924,355	534,180	390,175
Paddock Mall	FL	Ocala	100.0	%	560,164	387,378	172,786
Palm Beach Mall	FL	West Palm Beach	100.0	%	1,085,229	749,288	335,941
Port Charlotte Town Center	FL	Port Charlotte	80.0%	(5)	780,482	458,554	321,928
Seminole Towne Center	FL	Sanford	45.0%	(9)	1,153,600	768,798	384,802
The Shops @ Sunset Place	FL	Miami	37.5	%	500,143	—	500,143
Town Center at Boca Raton	FL	Boca Raton	100.0	%	1,555,323	1,061,076	494,247
Treasure Coast Square	FL	Jensen Beach	100.0	%	869,569	511,372	358,197
Tyrone Square	FL	St. Petersburg (Tampa-St. Pete)	100.0	%	1,128,281	748,269	380,012
University Mall	FL	Pensacola	100.0	%	707,028	478,449	228,579
Gwinnett Place	GA	Duluth (Atlanta)	50.0	%	1,277,180	843,609	433,571
Lenox Square	GA	Atlanta	100.0	%	1,484,223	821,356	662,867
Mall of Georgia	GA	Mill Creek (Atlanta)	50.0%	(10)	1,785,171	989,590	795,581
Northlake Mall	GA	Atlanta	100.0	%	962,147	665,745	296,402
Phipps Plaza	GA	Atlanta	100.0	%	821,316	472,385	348,931
Town Center at Cobb	GA	Kennesaw (Atlanta)	50.0	%	1,272,453	851,346	421,107
Lindale Mall	IA	Cedar Rapids	50.0	%	690,955	305,563	385,392
NorthPark Mall	IA	Davenport	50.0	%	1,077,953	651,533	426,420
Southern Hills Mall	IA	Sioux City	50.0	%	801,556	372,937	428,619
SouthRidge Mall	IA	Des Moines	50.0	%	1,002,538	497,806	504,732
Alton Square	IL	Alton (St. Louis)	100.0	%	639,061	426,315	212,746
Lincolnwood Town Center	IL	Lincolnwood (Chicago)	100.0	%	421,875	220,830	201,045
Northfield Square Mall	IL	Bourbonnais (Chicago)	31.6%	(10)	558,369	310,994	247,375
Northwoods Mall	IL	Peoria	100.0	%	695,384	472,969	222,415

28

Orland Square	IL	Orland Park (Chicago)	100.0	%	1,206,943	773,295	433,648
River Oaks Center	IL	Calumet City (Chicago)	100.0	%	1,378,811	834,588	544,223	(1)
SouthPark Mall	IL	Moline	50.0	%	1,026,053	578,056	447,997
White Oaks Mall	IL	Springfield	77.5	%	949,205	601,708	347,497
Castleton Square	IN	Indianapolis	100.0	%	1,472,185	1,105,913	366,272
Circle Centre	IN	Indianapolis	14.7	%	791,116	350,000	441,116
College Mall	IN	Bloomington	100.0	%	705,772	439,766	266,006
Eastland Mall	IN	Evansville	50.0	%	898,601	532,955	365,646
Fashion Mall at Keystone	IN	Indianapolis	100.0	%	658,399	249,721	408,678	(1)
Greenwood Park Mall	IN	Greenwood	100.0	%	1,311,639	898,928	412,711
Lafayette Square	IN	Indianapolis	100.0	%	1,209,314	937,223	272,091
Markland Mall	IN	Kokomo	100.0	%	413,164	273,094	140,070
Muncie Mall	IN	Muncie	100.0	%	654,742	435,756	218,986
Tippecanoe Mall	IN	Lafayette	100.0	%	859,526	568,373	291,153
University Park Mall	IN	Mishawaka	60.0	%	942,823	622,508	320,315
Washington Square	IN	Indianapolis	100.0	%	1,014,238	706,174	308,064
Hutchinson Mall	KS	Hutchinson	100.0	%	525,368	277,665	247,703
Towne East Square	KS	Wichita	100.0	%	1,179,109	779,490	399,619
Towne West Square	KS	Wichita	100.0	%	955,331	619,269	336,062
West Ridge Mall	KS	Topeka	100.0	%	1,026,813	716,811	310,002
Prien Lake Mall	LA	Lake Charles	100.0	%	810,693	631,762	178,931
Arsenal Mall	MA	Watertown (Boston)	100.0	%	501,871	191,395	310,476	(1)
Atrium Mall	MA	Chestnut Hill (Boston)	49.1	%	205,477	—	205,477
Auburn Mall	MA	Auburn (Boston)	49.1	%	592,252	417,620	174,632
Burlington Mall	MA	Burlington (Boston)	100.0	%	1,254,083	836,236	417,847
Cape Cod Mall	MA	Hyannis	49.1	%	723,773	420,199	303,574
Emerald Square	MA	North Attleboro	49.1	%	1,022,521	647,372	375,149
Greendale Mall	MA	Worcester (Boston)	49.1	%	431,296	132,634	298,662	(1)
Liberty Tree Mall	MA	Danvers (Boston)	49.1	%	857,018	498,000	359,018
Mall at Chestnut Hill, The	MA	Newton (Boston)	47.2	%	478,185	297,253	180,932
Northshore Mall	MA	Peabody (Boston)	49.1	%	1,684,718	989,277	695,441
Solomon Pond Mall	MA	Marlborough (Boston)	49.1	%	912,597	538,843	373,754
South Shore Plaza	MA	Braintree (Boston)	100.0	%	1,461,640	847,603	614,037
Square One Mall	MA	Saugus (Boston)	49.1	%	864,694	540,101	324,593
Bangor Mall	ME	Bangor	32.6%	(6)	653,882	417,757	236,125
Bowie Town Center	MD	Bowie (Washington, DC)	100.0	%	664,251	338,567	325,684
St. Charles Towne Center	MD	Waldorf (Washington, D.C.)	100.0	%	985,609	631,602	354,007
Mall of America	MN	Bloomington (Minneapolis-St. Paul)	27.5%	(4)	2,779,242	1,220,305	1,558,937
Maplewood Mall	MN	Minneapolis	100.0	%	908,397	578,060	330,337
Miller Hill Mall	MN	Duluth	100.0	%	805,419	429,508	375,911
Battlefield Mall	MO	Springfield	100.0	%	1,175,968	770,111	405,857
Independence Center	MO	Independence (Kansas City)	100.0	%	1,022,056	499,284	522,772
Biltmore Square	NC	Asheville	100.0	%	493,948	242,576	251,372
SouthPark Mall	NC	Charlotte	100.0	%	1,189,358	857,254	332,104
Crossroads Mall	NE	Omaha	100.0	%	858,583	609,669	248,914
Mall at Rockingham Park	NH	Salem (Boston)	24.6	%	1,020,221	638,111	382,110
Mall of New Hampshire	NH	Manchester (Boston)	49.1	%	806,494	444,889	361,605
Pheasant Lane Mall	NH	Nashua (Boston)	100.0%	(8)	988,894	675,759	313,135
Brunswick Square	NJ	East Brunswick (New York)	100.0	%	772,981	467,626	305,355
Livingston Mall	NJ	Livingston (New York)	100.0	%	985,577	616,128	369,449
Menlo Park Mall	NJ	Edison (New York)	100.0	%	1,283,702	527,591	756,111	(1)
Ocean County Mall	NJ	Toms River (New York)	100.0	%	897,001	620,755	276,246
Quaker Bridge Mall	NJ	Lawrenceville	39.6%	(6)	1,109,807	686,760	423,047
Rockaway Townsquare	NJ	Rockaway (New York)	100.0	%	1,248,323	786,626	461,697
Cottonwood Mall	NM	Albuquerque	100.0	%	1,041,299	631,556	409,743
Forum Shops at Caesars	NV	Las Vegas	100.0	%	483,838	—	483,838
Las Vegas Premium Outlet	NV	Las Vegas	50.0	%	432,478	—	432,478
Chautauqua Mall	NY	Lakewood	100.0	%	432,334	213,320	219,014

29

Jefferson Valley Mall	NY	Yorktown Heights (New York)	100.0	%	587,150	310,095	277,055
Nanuet Mall	NY	Nanuet (New York)	100.0	%	915,626	583,711	331,915
Roosevelt Field	NY	Garden City (New York)	100.0	%	2,180,526	1,430,425	750,101
Smith Haven Mall	NY	Lake Grove (New York)	25.0	%	1,357,995	902,595	455,400
Source, The	NY	Westbury (New York)	25.5	%	729,152	210,798	518,354
Walt Whitman Mall	NY	Huntington Station (New York)	100.0	%	1,034,747	742,214	292,533
Westchester, The	NY	White Plains (New York)	40.0	%	824,419	349,393	475,026
Great Lakes Mall	OH	Mentor (Cleveland)	100.0	%	1,301,340	879,300	422,040
Lima Mall	OH	Lima	100.0	%	745,099	541,861	203,238
Richmond Town Square	OH	Richmond Heights (Cleveland)	100.0	%	1,016,777	685,251	331,526
Southern Park Mall	OH	Boardman	100.0	%	1,197,780	811,858	385,922
Summit Mall	OH	Akron (Cleveland)	100.0	%	764,233	432,936	331,297
Upper Valley Mall	OH	Springfield	100.0	%	750,550	479,418	271,132
Woodville Mall	OH	Northwood	100.0	%	773,405	518,792	254,613
Eastland Mall	OK	Tulsa	100.0	%	482,898	305,732	177,166
Heritage Park Mall	OK	Midwest City	100.0	%	606,339	382,700	223,639
Penn Square Mall	OK	Oklahoma City	94.5	%	1,013,392	588,137	425,255
Woodland Hills Mall	OK	Tulsa	47.2	%	1,092,295	709,447	382,848
Century III Mall	PA	West Mifflin (Pittsburgh)	100.0	%	1,280,995	773,439	507,556
Cheltenham Square	PA	Philadelphia	100.0	%	639,253	368,266	270,987
Granite Run Mall	PA	Media (Philadelphia)	50.0	%	1,047,167	500,809	546,358
Court & Plaza at King of Prussia, The	PA	King of Prussia	12.9%	(6)	2,850,627	1,775,871	1,074,756	(1)
Lehigh Valley Mall	PA	Whitehall	25.2%	(7)	1,067,261	564,353	502,908	(1)
Montgomery Mall	PA	Montgomeryville	23.1%	(6)	1,120,395	684,855	435,540
Oxford Valley Mall	PA	Langhorne	65.8%	(6)	1,272,232	762,558	509,674	(1)
Ross Park Mall	PA	Pittsburgh	100.0	%	1,234,598	827,015	407,583
South Hills Village	PA	Pittsburgh	100.0	%	1,110,020	655,987	454,033
Anderson Mall	SC	Anderson	100.0	%	616,731	404,394	212,337
Haywood Mall	SC	Greenville	100.0	%	1,243,604	913,633	329,971
Empire Mall	SD	Sioux Falls	50.0	%	1,047,283	497,341	549,942
Rushmore Mall	SD	Rapid City	50.0	%	835,608	470,660	364,948
Knoxville Center	TN	Knoxville	100.0	%	978,567	597,028	381,539
Oak Court Mall	TN	Memphis	100.0	%	853,375	535,000	318,375	(1)
Raleigh Springs Mall	TN	Memphis	100.0	%	917,599	691,230	226,369
West Town Mall	TN	Knoxville	50.1	%	1,329,002	878,311	450,691
Wolfchase Galleria	TN	Memphis	94.5	%	1,268,101	761,648	506,453
Barton Creek Square	TX	Austin	100.0	%	1,429,514	922,266	507,248
Broadway Square	TX	Tyler	100.0	%	618,741	427,730	191,011
Cielo Vista Mall	TX	El Paso	100.0	%	1,192,778	793,716	399,062
Highland Mall	TX	Austin	50.0	%	1,090,685	732,000	358,685
The Galleria	TX	Houston	31.5	%	2,404,812	1,300,466	1,104,346
Ingram Park Mall	TX	San Antonio	100.0	%	1,129,240	751,704	377,536
Irving Mall	TX	Irving (Dallas-Ft. Worth)	100.0	%	1,103,141	726,574	376,567
La Plaza Mall	TX	McAllen	100.0	%	1,205,519	778,768	426,751
Lakeline Mall	TX	Austin	100.0	%	1,100,371	745,179	355,192
Longview Mall	TX	Longview	100.0	%	612,955	402,843	210,112
Midland Park Mall	TX	Midland	100.0	%	618,093	339,113	278,980
North East Mall	TX	Hurst (Dallas-Ft. Worth)	100.0	%	1,551,872	1,194,589	357,283
Richardson Square Mall	TX	Richardson (Dallas-Ft. Worth)	100.0	%	755,336	471,436	283,900
Rolling Oaks Mall	TX	San Antonio	100.0	%	737,169	460,857	276,312
Sunland Park Mall	TX	El Paso	100.0	%	917,968	575,837	342,131
Valle Vista Mall	TX	Harlingen	100.0	%	656,360	389,781	266,579
Trolley Square	UT	Salt Lake City	90.0	%	221,863	—	221,863
Apple Blossom Mall	VA	Winchester	49.1	%	443,425	229,011	214,414
Charlottesville Fashion Square	VA	Charlottesville	100.0	%	572,441	381,153	191,288
Chesapeake Square	VA	Chesapeake	75.0%	(10)	809,319	537,279	272,040
Valley Mall	VA	Harrisonburg	50.0	%	487,429	307,798	179,631
Virginia Center Commons	VA	Glen Allen	100.0	%	787,494	506,639	280,855
Columbia Center	WA	Kennewick	100.0	%	741,605	408,052	333,553
Northgate Mall	WA	Seattle	100.0	%	997,264	688,391	308,873

30

Tacoma Mall	WA	Tacoma	100.0	%	1,294,464	924,045	370,419
Bay Park Square	WI	Green Bay	100.0	%	715,790	447,508	268,282
Forest Mall	WI	Fond Du Lac	100.0	%	501,254	327,260	173,994
(174 properties)
Community Centers
Plaza at Buckland Hills	CT	Manchester	35.0%	(9)	334,487	252,179	82,308
Gaitway Plaza	FL	Ocala	23.3%	(9)	216,355	123,027	93,328
Grove @ Lakeland Square	FL	Lakeland	100.0	%	215,591	142,317	73,274
Highland Lakes Center	FL	Orlando	100.0	%	478,080	372,316	105,764
Indian River Commons	FL	Vero Beach	50.0	%	260,868	233,358	27,510
Royal Eagle Plaza	FL	Coral Springs	35.0%	(9)	199,122	124,479	74,643
Terrace @ the Florida Mall	FL	Orlando	100.0	%	328,977	281,446	47,531
Waterford Lakes Town Ctr	FL	Orlando	100.0	%	951,803	622,244	329,559
West Town Corners	FL	Altamonte Springs	23.3%	(9)	385,067	263,782	121,285
Westland Park Plaza	FL	Orange Park	23.3%	(9)	163,154	123,548	39,606
Mall of Georgia Crossing	GA	Mill Creek	50.0	%	440,612	341,503	99,109
Bloomingdale Court	IL	Bloomingdale	100.0	%	604,511	436,255	168,256
Bridgeview Court	IL	Bridgeview	100.0	%	273,678	216,491	57,187
Countryside Plaza	IL	Countryside	100.0	%	435,608	290,216	145,392
Crystal Court	IL	Crystal Lake	35.0%	(9)	278,971	201,993	76,978
Forest Plaza	IL	Rockford	100.0	%	425,758	325,170	100,588
Lake Plaza	IL	Waukegan	100.0	%	215,462	170,789	44,673
Lake View Plaza	IL	Orland Park	100.0	%	371,480	270,628	100,852
Lincoln Crossing	IL	O'Fallon	100.0	%	148,381	134,935	13,446
Matteson Plaza	IL	Matteson	100.0	%	275,455	230,885	44,570
North Ridge Plaza	IL	Joliet	100.0	%	305,070	190,323	114,747
White Oaks Plaza	IL	Springfield	100.0	%	391,426	275,703	115,723
Willow Knolls Court	IL	Peoria	35.0%	(9)	382,377	309,440	72,937
Yards Plaza, The	IL	Chicago	35.0%	(9)	265,420	228,813	36,607
Brightwood Plaza	IN	Indianapolis	100.0	%	38,493	—	38,493
Eastland Convenience Ctr.	IN	Evansville	50.0	%	175,639	60,000	115,639
Greenwood Plus	IN	Greenwood	100.0	%	159,931	134,141	25,790
Griffith Park Plaza	IN	Griffith	100.0	%	274,235	175,595	98,640
Keystone Shoppes	IN	Indianapolis	100.0	%	29,140	—	29,140
Markland Plaza	IN	Kokomo	100.0	%	91,227	49,552	41,675
Muncie Plaza	IN	Muncie	100.0	%	298,851	271,656	27,195
New Castle Plaza	IN	New Castle	100.0	%	91,648	24,912	66,736
Northwood Plaza	IN	Fort Wayne	100.0	%	170,869	99,028	71,841
Teal Plaza	IN	Lafayette	100.0	%	101,087	98,337	2,750
Tippecanoe Plaza	IN	Lafayette	100.0	%	94,598	85,811	8,787
University Center	IN	Mishawaka	60.0	%	150,536	104,359	46,177
Village Park Plaza	IN	Carmel	35.0%	(9)	543,448	431,018	112,430
Wabash Village	IN	West Lafayette	100.0	%	124,536	109,388	15,148
Washington Plaza	IN	Indianapolis	100.0	%	50,107	21,500	28,607
West Ridge Plaza	KS	Topeka	100.0	%	237,783	182,161	55,622
Park Plaza	KY	Hopkinsville	100.0	%	115,024	82,398	32,626
St. Charles Towne Plaza	MD	Waldorf	100.0	%	405,954	292,752	113,202
Regency Plaza	MO	St. Charles	100.0	%	287,526	210,627	76,899
Ridgewood Court	MS	Jackson	35.0%	(9)	240,662	185,939	54,723
Rockaway Convenience Ctr.	NJ	Rockaway	100.0	%	231,622	131,438	100,184
Cobblestone Court	NY	Victor	35.0%	(9)	265,499	206,680	58,819
Boardman Plaza	OH	Youngstown	100.0	%	640,775	375,502	265,273
Great Lakes Plaza	OH	Mentor	100.0	%	164,104	142,229	21,875
Lima Center	OH	Lima	100.0	%	206,878	159,584	47,294
Northland Plaza	OH	Columbus	100.0	%	209,534	118,304	91,230
Eastland Plaza	OK	Tulsa	100.0	%	186,149	152,451	33,698
DeKalb Plaza	PA	King of Prussia Mall	52.4%	(6)	101,713	81,368	20,345
Great Northeast Plaza	PA	Philadelphia	50.0	%	295,758	238,158	57,600
Henderson Square	PA	King of Prussia	79.1%	(6)	107,344	72,683	34,661
Lincoln Plaza	PA	King of Prussia Mall	65.8%	(6)	267,231	143,649	123,582

31

Whitehall Mall	PA	Whitehall	39.6%	(6)	553,721	378,642	175,079
Charles Towne Square	SC	Charleston	100.0	%	199,693	199,693	—
Empire East	SD	Sioux Falls	50.0	%	298,263	253,388	44,875
Knoxville Commons	TN	Knoxville	100.0	%	180,463	91,483	88,980
Arboretum, The	TX	Austin	100.0	%	206,511	35,773	170,738
Celina Plaza	TX	El Paso	100.0	%	32,622	23,927	8,695
Ingram Plaza	TX	San Antonio	100.0	%	111,518	—	111,518
Lakeline Plaza	TX	Austin	100.0	%	385,748	306,317	79,431
Shops at North East Mall	TX	Hurst	100.0	%	364,584	265,595	98,989
Chesapeake Center	VA	Chesapeake	100.0	%	299,604	213,670	85,934
Fairfax Court	VA	Fairfax	26.3%	(9)	249,357	168,743	80,614
Martinsville Plaza	VA	Martinsville	100.0	%	102,105	60,000	42,105
(67 properties)
Mixed-Use
Copley Place	MA	Boston	98.1	%	1,214,212	104,332	1,109,880	(1)
Fashion Centre at Pentagon	VA	Arlington (Washington, DC)	42.5	%	987,708	472,729	514,979	(1)
(2 properties)
Office
O'Hare International Center	IL	Rosemont	100.0	%	495,546	—	495,546	(2)
Riverway	IL	Rosemont	100.0	%	819,201	—	819,201	(3)
(2 properties)
Total U.S. Portfolio					190,014,312	117,183,895	72,830,417
CANADA:
Forum Entertainment Centre		Montreal	35.6	%	246,972	—	246,972
Total North American Portfolio (246 properties)					190,261,284	117,183,895	73,077,389

*

Regional malls generally contain two or more anchors and a wide variety of smaller stores located in enclosed malls connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Community shopping centers are generally unenclosed and smaller than regional malls. Our community shopping centers generally range in size from approximately 50,000 to 600,000 square feet of GLA.

(1)

Office space included as follows:

Arsenal Mall—approx. 106,000 sq. ft.
Copley Place—approx. 847,000 sq. ft.
Fashion Centre at Pentagon—approx. 169,000 sq. ft.
Fashion Mall at Keystone—approx. 30,000 sq. ft.
Greendale Mall—approx. 120,000 sq. ft.
King of Prussia—approx. 14,000 sq. ft.
Lehigh Valley Mall—approx. 12,000 sq. ft.
Menlo Park Mall—approx. 50,000 sq. ft.
Oak Court Mall—approx. 130,000 sq. ft.
One Oxford Valley—approx. 111,000 sq. ft.
River Oaks Center—approx. 118,000 sq. ft.

(2)

Includes approximately 13,000 sq. ft. of retail space.

(3)

Includes approximately 24,000 sq. ft. of retail space.

(4)

This interest is currently subject to a constructive trust and The Operating Partnership is no longer recording income attributable to the interest.

(5)

The Operating Partnership receives substantially all the economic benefit of this property due to a partner preference.

(6)

SPG's indirect ownership interest, evidenced through an approximately 80% ownership interest in Kravco Simon Investments.

(7)

The ownership of the property is evidenced by The Operating Partnership's note with two of the other partners.

(8)

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

(9)

Outside partner receives substantially all the economic benefits of the property.

(10)

The Operating Partnership receives substantially all the economic benefits of the property.

32

Simon Property Group

Property Listing—European Assets

As of December 31, 2003

Property Name		City (Metropolitan area)	SPG Ownership		Hypermarket/ Anchor GLA	Mall & Freestanding GLA	Total GLA
					(in square feet)	(in square feet)	(in square feet)
FRANCE
Bay 2		Torcy (Paris)	35.2	%	132,396	408,910	541,306
Bel'Est		Bagnolet (Paris)	12.3	%	150,695	62,980	213,675
Villabe A6		Villabe (Paris)	5.3	%	102,257	104,507	206,764
	Subtotal France(3)				385,348	576,397	961,745
ITALY
Ancona—Senigallia		Senigallia (Ancona)	49.0	%	41,193	41,581	82,774
Ascoli Piceno—Grottammare		Grottammare (Ascoli Piceno)	49.0	%	38,901	55,929	94,830
Ascoli Piceno—Porto Sant'Elpidio		Porto Sant'Elpidio (Ascoli Piceno)	49.0	%	47,986	114,259	162,245
Bari—Casamassima		Casamassima (Bari)	49.0	%	159,015	388,825	547,840
Brescia—Mazzano		Mazzano (Brescia)	49.0%	(1)	103,290	127,359	230,649
Cagliari—Santa Gilla		Cagliari	49.0%	(1)	75,939	114,754	190,693
Catania—La Rena		Catania	49.0	%	124,065	22,077	146,142
Milano—Rescaldina		Rescaldina (Milano)	49.0	%	165,108	212,017	377,125
Milano—Vimodrone		Vimodrone (Milano)	49.0	%	110,384	80,202	190,586
Napoli—Pompei		Pompei (Napoli)	49.0	%	74,314	17,147	91,461
Padova		Padova	49.0	%	73,324	32,485	105,809
Palermo		Palermo	49.0	%	73,065	9,849	82,914
Pesaro—Fano		Fano (Pesaro)	49.0	%	56,274	55,951	112,225
Pescara		Pescara	49.0	%	96,337	65,186	161,523
Pescara—Cepagatti		Cepagatti (Pescara)	49.0	%	80,213	189,617	269,830
Piacenza—San Rocco al Porto		San Rocco al Porto (Piacenza)	49.0	%	104,485	20,419	124,904
Roma—Collatina		Collatina (Roma)	49.0	%	59,524	4,101	63,625
Sassari—Predda Niedda		Predda Niedda (Sassari)	49.0%	(1)	56,263	107,779	164,042
Taranto		Taranto	49.0	%	75,240	126,508	201,748
Torino		Torino	49.0	%	105,056	66,682	171,738
Torino—Venaria		Venaria (Torino)	49.0	%	101,557	64,045	165,602
Venezia—Mestre		Mestre (Venezia)	49.0	%	114,076	132,644	246,720
Vicenza		Vicenza	49.0	%	78,415	20,064	98,479
Brindisi—Mesagne		Mesagne (Brindisi)	49.0	%	88,049	140,598	228,647
Ancona		Ancona	49.0%	(2)	82,947	82,333	165,280
Bergamo		Bergamo	49.0%	(2)	103,011	16,921	119,932
Brescia—Concesio		Concesio (Brescia)	49.0%	(2)	89,932	27,566	117,498
Cagliari—Marconi		Cagliari	49.0%	(2)	83,549	109,943	193,492
Catania—Misterbianco		Misterbianco (Catania)	49.0%	(2)	83,259	15,984	99,243
Merate—Lecco		Merate (Lecco)	49.0%	(2)	73,496	88,501	161,997
Milano—Cinisello-Balsamo		Cinisello-Balsamo (Milano)	49.0%	(2)	68,426	18,589	87,015
Milano—Nerviano		Nerviano (Milano)	49.0%	(2)	83,840	27,782	111,622
Napoli—Mugnano di Napoli		Mugnano di Napoli	49.0%	(2)	97,952	94,852	192,804
Olbia		Olbia	49.0%	(2)	48,976	48,814	97,790
Roma—Casalbertone		Roma	49.0%	(2)	62,667	84,927	147,594
Sassari—Centro Azuni		Sassari	49.0%	(2)	—	35,564	35,564
Torino—Rivoli		Rivoli (Torino)	49.0%	(2)	61,785	32,346	94,131
Verona—Bussolengo		Bussolengo (Verona)	49.0%	(2)	89,319	75,326	164,645
Subtotal Italy (38)					3,131,232	2,969,526	6,100,758
POLAND
Borek Shopping Center		Wroclaw	35.2	%	119,942	129,393	249,335
Dabrowka Shopping Center		Katowice	35.2	%	120,986	172,868	293,854
Turzyn Shopping Center		Szczecin	35.2	%	87,188	120,943	208,131
Wilenska Station Shopping Center		Warsaw	35.2	%	92,688	215,935	308,623
Zakopianka Shopping Center		Krakow	35.2	%	120,190	432,688	552,878
	Subtotal Poland(5)				540,994	1,071,827	1,612,821
PORTUGAL
Minho Center		Braga (Porto)	35.2%	(2)	120,018	101,622	221,640
	TOTAL EUROPEAN ASSETS (47)				4,177,592	4,719,372	8,896,964

(1)

This property is held partially in fee and partially encumbered by a leasehold on the premises that entitles the lessor to the majority of the economics of the portion of the property subject to the leasehold.

(2)

This property is encumbered by a leasehold on the entire premises that entitles the lessor to the majority of the economics of the property.

33

SIMON PROPERTY GROUP

Capital Expenditures

For the Twelve Months Ended December 31, 2003

(In millions)

					Unconsolidated Entities
		Consolidated Properties			Total			Simon Group's Share
New development projects		$	108.2		$	138.3	(1)	$	67.7	(1)
Redevelopment projects with incremental GLA and/or Anchor Replacement			163.6			43.1			16.1
Renovations with no incremental GLA			16.0			0.7			0.1
Tenant allowances			56.0			21.1			8.8
Operational capital expenditures at properties:
	CAM expenditures(2)		31.1			16.7			6.9
	Non-CAM expenditures		6.4			41.8			9.2
Totals		$	381.3		$	376.3		$	108.8
Plus (Less): Conversion from accrual to cash basis			(27.4	)		(11.2	)
Capital expenditures(3)		$	353.9		$	365.1

(1)

Does not include the Company's European initiatives (total cost of $114.6 million; the Company's share is $37.8 million)

(2)

Expenditure included in the pool of expenses allocated to tenants as common area maintenance or CAM.

(3)

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.

34

SIMON PROPERTY GROUP

North American Development Activity Report*

Project Overview, Construction-in-Progress and Land Held for Development

As of December 31, 2003

													Construction-in-Progress
																Unconsolidated Entities
Mall/ Location	Project Description	The Company's Ownership Percentage		Opening	Projected Gross Cost(1) (in millions)		Projected Net Cost (in millions)		The Company's Share of Net Cost		Stabilized Rate of Return		Consolidated Properties			Total			The Company's Share
Recently Completed New Development Projects:
Lakeline Village Austin, TX	42,000 sf community center featuring Ultimate Electronics	100	%	10/03	$	7	$	6	$	6	11	%	$	0.0	(2)		—			—
Recently Completed Redevelopments:
Dadeland Mall Miami, FL	Remodel of Saks Fifth Avenue and Burdines; mall renovation and new parking deck	50	%	11/02 (renov) 10/03 (expan)	$	42	$	34	$	17	8	%		—		$	0.0	(3)	$	0.0
Recently Completed Renovations:
Melbourne Square Melbourne, FL	Mall renovation	100	%	10/03
Ocean County Mall Toms River, NJ	Mall renovation	100	%	11/03
	Subtotal Recently Completed Renovations				$	23	$	20	$	20	12	%	$	0.2	(4)		—			—
New Development Projects (Under Construction):
Chicago Premium Outlets Aurora, IL (Chicago)	438,000 sf upscale outlet center	50	%	5/04	$	92	$	67	$	33	13	%		—		$	59.1		$	29.6
Clay Terrace Carmel, IN (Indianapolis)	570,000 sf lifestyle center featuring Dick's Sporting Goods, Wild Oats, DSW Shoe Warehouse and Circuit City	50	%	4th Qtr. 2004	$	108	$	100	$	50	11	%		—		$	35.6		$	17.8
St. Johns Town Center Jacksonville, FL	1.5 million sf open-air retail center comprised of a village component and community center. Anchors include Dillard's, Barnes & Noble, Dick's Sporting Goods, Target and PetsMart	85%	(7)	1st Qtr. 2005	$	158	$	126	$	107	10	%		—		$	41.0		$	20.5
Firewheel Center Garland, TX	785,000 sf open-air regional shopping center featuring Foley's, Dillard's, AMC, Barnes & Noble, Circuit City, Sports Authority and Linens 'N Things	100	%	Fall 2005	$	126	$	96	$	96	12	%	$	16.2			—			—
Wolf Ranch Georgetown, TX (Austin)	670,000 sf open-air retail shopping complex featuring Kohls, Target, Linens 'N Things, Office Depot and PetsMart	100	%	3rd Qtr. 2005	$	80	$	62	$	62	10	%	$	29.5			—			—
Redevelopment Projects with Incremental GLA
Battlefield Mall Springfield, MO	Retrofit and expand vacant space into a 17,000 sf cluster of five lifestyle stores including Chico's, Coldwater Creek, Starbuck's, Ann Taylor Loft and Jos. A. Banks.	100	%	11/04	$	4	$	4	$	4	9	%	$	0.6			—			—
Forum Shops at Caesars Las Vegas, NV	Phase III expansion of 175,000 sf	100	%	10/04	$	139	$	139	$	139	11	%	$	71.4			—			—
Greenwood Park Mall Greenwood, IN	Dick's Sporting Goods replacing former Service Merchandise and MCL space; mall and food court renovation	100	%	10/03 (renov) 4/04 (Dick's)	$	13	$	13	$	13	11	%	$	0.0	(5)		—			—

35

SIMON PROPERTY GROUP

North American Development Activity Report*

Project Overview, Construction-in-Progress and Land Held for Development

As of December 31, 2003

													Construction-in-Progress
																Unconsolidated Entities
Mall/ Location	Project Description	The Company's Ownership Percentage		Opening	Projected Gross Cost(1) (in millions)		Projected Net Cost (in millions)		The Company's Share of Net Cost		Stabilized Rate of Return		Consolidated Properties			Total		The Company's Share
Redevelopment Projects with Incremental GLA
SouthPark Charlotte, NC	Phase I — Addition of Nordstrom (153,000 sf) and additional anchor pad, Hecht's expansion (60,000 sf) and renovation, Belk's expansion (46,000 sf) and renovation, addition of small shops (50,000 sf), three new parking decks and Cheesecake Factory and Maggiano's	100	%	10/02 (Belk) 12/02 (Cheesecake) 9/03 (Maggiano's) Fall 2003 (renov) 3/04 (Nordstrom, Hecht's and expansion)	$	97	$	97	$	97	10	%	$	59.7	(6)		—		—
SouthPark Charlotte, NC	Phase II — Demolition of Sears building and addition of Galyan's, small shops, food court and two restaurants	100	%	3rd Qtr 2004	$	36	$	28	$	28	10	%	$	10.6			—		—
Anchor/Big Box/Theater Activity
College Mall Bloomington, IN	Target in former JCPenney space	100	%	3/04
Dadeland Mall Miami, FL	Nordstrom in former Lord & Taylor space	50	%	11/04
Gulfview Square Port Richey, FL	Best Buy and Linens 'N Things in former Dillard's building	100	%	9/04
Irving Mall Irving, TX	Relocate food court and inline tenants and add Circuit City	100	%	10/04
North East Mall Hurst, TX (Ft. Worth)	Theatre and three restaurants in former Montgomery Ward location	100	%	9/04
Phipps Plaza Atlanta, GA	Nordstrom in former Lord & Taylor space	100	%	4/05
Prien Lake Mall Lake Charles, LA	Cinemark Theatre in former White House store	100	%	6/04
Rolling Oaks Mall San Antonio, TX	San Antonio Skate Park in former Regal Cinema building; addition of JCPenney	100	%	3/04 (Skate) 10/04 (JCP)
Southern Hills Mall Sioux City, IA	Addition of Barnes & Noble	50	%	4/04
Town Center at Boca Raton Boca Raton, FL	Neiman Marcus in former Lord & Taylor space	100	%	11/05
Washington Square Indianapolis, IN	Burlington Coat Factory in former JCPenney location; demolition of former Lazarus replaced by new Dick's Sporting Goods and Kerasotes Theatre on an outparcel	100	%	11/04
White Oaks Mall Springfield, IL	Dick's Sporting Goods and Linens 'N Things in former Montgomery Ward location	77	%	3/05
	Subtotal Anchor/Big Box/Theater Activity				$	105	$	98	$	87	10	%	$	25.0		$	1.0	$	0.5
Other Miscellaneous													$	6.8		$	2.6	$	1.2
Total Construction in Progress (8)													$	220.0		$	139.3	$	69.6
Land Held for Development													$	3.2		$	26.0	$	13.0

*

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

(1)

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.

(2)

Development costs were transferred from Construction-in-Progress to the fixed asset accounts for Lakeline Village (Total and SPG's Share = $6.5 million)

(3)

Prior redevelopment costs were transferred from Construction-in-Progress to the fixed asset accounts for Dadeland Mall (Total = $32.7 million; SPG's Share = $16.4 million)

(4)

Prior redevelopment costs were transferred from Construction-in-Progress to the fixed asset accounts for Melbourne Square and Ocean County Mall (Total and SPG's Share = $16.5 million)

(5)

Redevelopment costs were transferred from Construction-in-Progress to the fixed asset accounts for Greenwood Park Mall (Total and SPG's Share = $11.3 million)

(6)

Prior redevelopment costs were transferred from Construction-in-Progress to the fixed asset accounts for SouthPark (Total and SPG's Share = $15.6 million)

(7)

The Company will own 85% of this project until certain financial hurdles are met, at which time ownership reverts to 50/50.

(8)

Does not include the Company's European Retail Enterprises B.V. ("ERE") and GCI initiatives (ERE's total of $126.0 million; the Company's share of $44.4 million)

36

SIMON PROPERTY GROUP

European Development Activity Report*

Project Overview, Construction-in-Progress

As of December 31, 2003

								Construction-in-Progress
Shopping center/ Location (Metropolitan area)	Project Description	The Company's Ownership Percentage		Opening	Projected Net Cost (in millions)		The Company's Share of Net Cost	Total	The Company's Share
New Development Projects (Under Construction):
Arkadia—Warsaw, Poland	Approx. 1.1 million of total GLA including a hypermarket, approx. 200 shops, a do-it-yourself center, and cinema	35.2	%	Oct-04	€155		€55	€105	€37
Bari Modugno—Modugno, Italy (Bari)	Approx 0.3 million of total GLA including a hypermarket and small shops	49.0	%	Apr-04	€11(1	)	€5	€7	€3
Cuneo—Cuneo, Italy	Approx. 0.5 million of total GLA including a hypermarket and small shops	49.0	%	Dec-04	€27(1	)	€13	€6	€3
Porta di Roma—Roma, Italy	40% interest in joint venture development. Approx. 1.7 million of total GLA including a hypermarket, department store and do-it-yourself centers	19.6	%	Dec-06	€200(1	)	€39	€25	€5
Napoli Nola—Nola, Italy (Napoli)	45% interest in joint venture mixed-use development. Approx. 1.3 million of total GLA including a hypermarket and department store.	22.1	%	Jul-06	€142(1	)	€31	N/A	N/A
Bay 1—Torcy, France (Paris)	Related to new hypermarket redevelopment in Torcy which opened Feb-03. Approx. 0.3 million of GLA redevelopment of old hypermarket site to consist of shops and cinema	35.2	%	Nov-04	€19		€7	€7	€2
Other projects (2 developments)					€1
Total (8 projects)					€566		€154	€58	€18

*

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

N/A—Details of CIP were not available at time of the filing of this Form 8-K.

(1)

Amounts do not include estimated cost of capital.

37

SIMON PROPERTY GROUP

The Company's Share of Total Debt Amortization and Maturities by Year

As of December 31, 2003

(In thousands)

Year		The Company's Share of Secured Consolidated Debt		The Company's Share of Unsecured Consolidated Debt			The Company's Share of Unconsolidated Joint Venture Debt		The Company's Share of Total Debt
2004	1	$	544,433	$	915,000		$	197,615	$	1,657,048
2005	2		251,744		660,000			583,552		1,495,296
2006	3		312,189		1,082,580			471,661		1,866,430
2007	4		530,115		930,000			187,775		1,647,890
2008	5		332,785		350,000			278,701		961,486
2009	6		421,332		450,000			130,342		1,001,674
2010	7		719,314		300,000			245,107		1,264,421
2011	8		430,962		200,000			169,736		800,698
2012	9		347,499		350,000			202,990		900,489
2013	10		90,193		275,000			255,832		621,025
Thereafter			75,825		563,100			14,200		653,125
Subtotal Face Amounts		$	4,056,391	$	6,075,680		$	2,737,511	$	12,869,582
Premiums (Discounts) on Indebtedness, Net			19,474		(11,614	)		2,119		9,979
Fair Value Interest Rate Swaps			—		1,195			—		1,195
The Company's Share of Total Indebtedness		$	4,075,865	$	6,065,261		$	2,739,630	$	12,880,756

38

SIMON PROPERTY GROUP

Summary of Indebtedness

As of December 31, 2003

(In thousands)

			Total Indebtedness			The Company's Share of Indebtedness			Weighted Average Interest Rate		Weighted Average Years to Maturity
Consolidated Indebtedness
	Mortgage Debt
		Fixed Rate(1)	$	3,559,622		$	3,474,566		6.58	%	6.1
		Floating Rate Debt (Hedged)(2)		157,000			145,250		2.66	%	2.7
		Floating Rate Debt		462,763			436,575		2.50	%	1.1
	Total Mortgage Debt			4,179,385			4,056,391		6.00	%	5.5
	Unsecured Debt
		Fixed Rate		5,215,000			5,215,000		6.75	%	4.8
		Floating Rate Debt		532,779			532,779		2.18	%	3.5
	Subtotal			5,747,779			5,747,779		6.32	%	4.3
		Revolving Corporate Credit Facility		188,878			188,878		1.77	%	2.3
		Revolving Corporate Credit Facility (Hedged)(2)		139,023			139,023		1.77	%	2.3
	Subtotal			327,901			327,901		1.77	%	2.3
	Total Unsecured Debt			6,075,680			6,075,680		6.08	%	4.53
	Premium			36,591			34,267		N/A		N/A
	Discount			(26,463	)		(26,407	)	N/A		N/A
	Fair Value Interest Rate Swaps			1,195			1,195		N/A		N/A
Consolidated Mortgages and Other Indebtedness(3)			$	10,266,388		$	10,141,126		6.05	%	4.9
Joint Venture Indebtedness
	Mortgage Debt
		Fixed Rate	$	4,654,230		$	1,978,787		7.00	%	5.5
		Floating Rate Debt (Hedged)(2)		899,425			289,366		2.03	%	1.8
		Floating Rate Debt		1,085,221			469,358		3.51	%	2.7
	Total Mortgage Debt			6,638,876			2,737,511		5.88	%	4.6
	Premium			8,527			4,257		N/A		N/A
	Discount			(4,351	)		(2,138	)
Joint Venture Mortgages and Other Indebtedness			$	6,643,052		$	2,739,630		5.88	%	4.6
The Company's Share of Total Indebtedness						$	12,880,756		6.01	%	4.8

(1)

Includes $48.2 million of variable rate debt, of which substantilly all is effectively fixed to maturity through the use of interest rate hedges with a total notional amount of $48.1 million.

(2)

These debt obligations are hedged by interest rate cap agreements.

(3)

The Company holds $85.0 million of notional amount fixed rate swap agreements that have a weighted average pay rate of 5.89% and a weighted average receive rate of 1.18% at December 31, 2003. The Company also holds $300.0 million of notional amount variable rate swap agreements that have a weighted average pay rate of 1.25% and a weighted average receive rate of 3.50% at December 31, 2003. All of these swap agreements are designated as hedges on various pools of indebtedness. Also includes a $70 million notional amount variable rate swap with a weighted average pay rate of 1.12% and a receive rate of 3.60% at December 31, 2003.

39

SIMON PROPERTY GROUP

Summary of Indebtedness By Maturity

As of December 31, 2003

(In thousands)

Property Name				Maturity Date		Interest Rate(1)		Total Indebtedness	The Company's Share of Indebtedness	Weighted Avg Interest Rate by Year
Consolidated Indebtedness
Fixed Rate Mortgage Debt:
	DeKalb Mall			10/01/04		9.35	%	2,711	1,421
	CMBS Loan—Fixed (encumbers 7 Properties)		(6)	12/15/04		7.31	%	172,290	172,290
	CMBS Loan—Variable (encumbers 7 Properties)		(6)	12/15/04	(5)	6.20	%	48,157	48,157
		Subtotal 2004						223,158	221,868	7.08	%
	Tippecanoe Mall—1			01/01/05		8.45	%	41,676	41,676
	Tippecanoe Mall—2			01/01/05		6.81	%	15,049	15,049
	Melbourne Square			02/01/05		7.42	%	36,595	36,595
	Chesapeake Center		(12)	06/15/05		8.44	%	6,563	6,563
	Grove at Lakeland Square, The		(12)	06/15/05		8.44	%	3,750	3,750
	Terrace at Florida Mall, The		(12)	06/15/05		8.44	%	4,688	4,688
	Cielo Vista Mall—2			11/01/05		8.13	%	675	675
		Subtotal 2005						108,996	108,996	7.87	%
	Treasure Coast Square—1			01/01/06		7.42	%	50,254	50,254
	Treasure Coast Square—2			01/01/06		8.06	%	11,736	11,736
	Gulf View Square			10/01/06		8.25	%	34,260	34,260
	Paddock Mall			10/01/06		8.25	%	27,248	27,248
		Subtotal 2006						123,498	123,498	7.89	%
	Cielo Vista Mall—1		(4)	05/01/07		9.38	%	51,033	51,033
	Cielo Vista Mall—3		(4)	05/01/07		6.76	%	36,614	36,614
	Lakeline Mall			05/01/07		7.65	%	68,549	68,549
	McCain Mall—1		(4)	05/01/07		9.38	%	23,829	23,829
	McCain Mall—2		(4)	05/01/07		6.76	%	16,900	16,900
	Valle Vista Mall—1		(4)	05/01/07		9.38	%	31,561	31,561
	Valle Vista Mall—2		(4)	05/01/07		6.81	%	7,515	7,515
	Wolfchase Galleria			06/30/07		7.80	%	74,437	70,340
	Copley Place			08/01/07		7.44	%	180,836	177,485
	University Park Mall			10/01/07		7.43	%	58,799	35,279
		Subtotal 2007						550,073	519,105	7.83	%
	Stanford Shopping Center			09/11/08	(13)	3.60	%	220,000	220,000
	Arsenal Mall—1			09/28/08		6.75	%	32,977	32,977
		Subtotal 2008						252,977	252,977	4.01	%

40

College Mall—1		(3)	01/01/09	7.00	%	37,013	37,013
College Mall—2		(3)	01/01/09	6.76	%	11,281	11,281
Greenwood Park Mall—1		(3)	01/01/09	7.00	%	31,000	31,000
Greenwood Park Mall—2		(3)	01/01/09	6.76	%	58,284	58,284
Towne East Square—1		(3)	01/01/09	7.00	%	48,935	48,935
Towne East Square—2		(3)	01/01/09	6.81	%	23,513	23,513
Penn Square Mall			03/01/09	7.03	%	71,319	67,394
Bloomingdale Court		(11)	11/01/09	7.78	%	28,695	28,695
Forest Plaza		(11)	11/01/09	7.78	%	15,738	15,738
Lake View Plaza		(11)	11/01/09	7.78	%	20,921	20,921
Lakeline Plaza		(11)	11/01/09	7.78	%	22,937	22,937
Lincoln Crossing		(11)	11/01/09	7.78	%	3,167	3,167
Matteson Plaza		(11)	11/01/09	7.78	%	9,213	9,213
Muncie Plaza		(11)	11/01/09	7.78	%	7,965	7,965
Regency Plaza		(11)	11/01/09	7.78	%	4,318	4,318
St. Charles Towne Plaza		(11)	11/01/09	7.78	%	27,639	27,639
West Ridge Plaza		(11)	11/01/09	7.78	%	5,567	5,567
White Oaks Plaza		(11)	11/01/09	7.78	%	16,987	16,987
	Subtotal 2009					444,492	440,567	7.24	%
Trolley Square			08/01/10	9.03	%	29,133	26,220
Coral Square			10/01/10	8.00	%	88,946	86,473
Crystal River			11/11/10	7.63	%	15,867	15,867
Forum Shops at Caesars, The			12/01/10	4.78	%	550,000	550,000
Biltmore Square			12/11/10	7.95	%	26,000	26,000
Port Charlotte Town Center			12/11/10	7.98	%	53,250	42,600
	Subtotal 2010					763,196	747,160	5.66	%
Oxford Valley Mall			01/10/11	6.76	%	86,418	56,844
Henderson Square			07/01/11	6.94	%	15,625	12,362
Ingram Park Mall		(10)	08/11/11	6.99	%	82,423	82,423
Knoxville Center		(10)	08/11/11	6.99	%	62,415	62,415
Northlake Mall		(10)	08/11/11	6.99	%	72,003	72,003
Towne West Square		(10)	08/11/11	6.99	%	53,952	53,952
Tacoma Mall			10/01/11	7.00	%	131,903	131,903
	Subtotal 2011					504,739	471,902	6.96	%
Anderson Mall			10/10/12	6.20	%	29,763	29,763
Century III Mall		(8)	10/10/12	6.20	%	87,859	87,859
Crossroads Mall			10/10/12	6.20	%	44,127	44,127
Forest Mall		(9)	10/10/12	6.20	%	17,671	17,671
Highland Lakes Center		(8)	10/10/12	6.20	%	16,288	16,288
Longview Mall		(7)	10/10/12	6.20	%	33,070	33,070
Markland Mall		(9)	10/10/12	6.20	%	23,397	23,397
Midland Park Mall		(9)	10/10/12	6.20	%	34,157	34,157
Palm Beach Mall			10/10/12	6.20	%	54,641	54,641
Richmond Towne Square		(9)	10/10/12	6.20	%	47,977	47,977
	Subtotal 2012					388,950	388,950	6.20	%

41

Battlefield Mall			07/01/13	4.60	%	100,000	100,000
	Subtotal 2013					100,000	100,000	4.60	%
Arsenal Mall—2			05/05/16	8.20	%	1,796	1,796
	Subtotal 2016					1,796	1,796	8.20	%
Sunland Park Mall			01/01/26	8.63	%	37,229	37,229
	Subtotal 2026					37,229	37,229	8.63	%
Keystone at the Crossing			07/01/27	7.85	%	60,518	60,518
	Subtotal 2027					60,518	60,518	7.85	%
Total Consolidated Fixed Rate Mortgage Debt						3,559,622	3,474,566	6.58	%
Variable Rate Mortgage Debt:
Jefferson Valley Mall			01/11/04	2.37	%	60,000	60,000
St. Johns Town Center			03/02/04	2.37	%	37,500	18,750
North East Mall			05/21/04	2.50	%	140,000	140,000
Waterford Lakes			08/16/04	2.42	%	68,000	68,000
	Subtotal 2004					305,500	286,750	2.44	%
Brunswick Square		(2)	06/12/05	2.62	%	45,000	45,000
Raleigh Springs Mall			12/09/05	3.80	%	11,000	11,000
Bowie Mall		(2)	12/14/05	2.62	%	52,700	52,700
	Subtotal 2005					108,700	108,700	2.74	%
Chesapeake Square		(2)	07/01/06	3.87	%	47,000	35,250
Riverway		(2)	10/01/06	2.27	%	110,000	110,000
	Subtotal 2006					157,000	145,250	2.66	%
White Oaks Mall		(2)	02/25/08	2.22	%	48,563	41,125
	Subtotal 2008					48,563	41,125	2.22	%
Total Variable Rate Mortgage Debt						619,763	581,825	2.54	%
Total Consolidated Mortgage Debt						4,179,385	4,056,391	6.00	%
Fixed Rate Unsecured Debt:
Shopping Center Associates (Bonds)			01/15/04	6.75	%	150,000	150,000
Simon Property Group, LP (Bonds)			02/09/04	6.75	%	300,000	300,000
Simon Property Group, LP (Bonds)			07/15/04	6.75	%	100,000	100,000
Retail Property Trust (Bonds)			08/15/04	7.75	%	150,000	150,000
	Subtotal 2004					700,000	700,000	6.96	%

42

Shopping Center Associates (Bonds)		05/15/05	7.63	%	110,000	110,000
Simon Property Group, LP (Bonds)		06/15/05	6.75	%	300,000	300,000
Simon Property Group, LP (Medium Term Notes)		06/24/05	7.13	%	100,000	100,000
Simon Property Group, LP (Bonds)		10/27/05	6.88	%	150,000	150,000
	Subtotal 2005				660,000	660,000	6.98	%
Simon Property Group, LP (Bonds)		01/20/06	7.38	%	300,000	300,000
Simon Property Group, LP (Bonds)		11/15/06	6.88	%	250,000	250,000
	Subtotal 2006				550,000	550,000	7.15	%
Simon Property Group, LP (Medium Term Notes)		09/20/07	7.13	%	180,000	180,000
Simon Property Group, LP (Bonds)		11/15/07	6.38	%	750,000	750,000
	Subtotal 2007				930,000	930,000	6.52	%
Simon Property Group, LP (MOPPRS)		06/15/08	7.00	%	200,000	200,000
Simon Property Group, LP (Bonds)		08/28/08	5.38	%	150,000	150,000
	Subtotal 2008				350,000	350,000	6.30	%
Simon Property Group, LP (Bonds)		02/09/09	7.13	%	300,000	300,000
Simon Property Group, LP (Bonds)		07/15/09	7.00	%	150,000	150,000
	Subtotal 2009				450,000	450,000	7.08	%
Simon Property Group, LP (Bonds)		03/18/10	4.88	%	300,000	300,000
	Subtotal 2010				300,000	300,000	4.88	%
Simon Property Group, LP (Bonds)		01/20/11	7.75	%	200,000	200,000
	Subtotal 2011				200,000	200,000	7.75	%
Simon Property Group, LP (Bonds)		08/28/12	6.35	%	350,000	350,000
	Subtotal 2012				350,000	350,000	6.35	%
Simon Property Group, LP (Bonds)		03/15/13	5.45	%	200,000	200,000
Retail Property Trust (Bonds)		09/01/13	7.18	%	75,000	75,000
	Subtotal 2013				275,000	275,000	5.92	%
Retail Property Trust (Bonds)		03/15/16	7.88	%	250,000	250,000
	Subtotal 2016				250,000	250,000	7.88	%
Simon Property Group, LP (Bonds)		06/15/18	7.38	%	200,000	200,000
	Subtotal 2018				200,000	200,000	7.38	%
Total Unsecured Fixed Rate Debt					5,215,000	5,215,000	6.75	%
Variable Rate Unsecured Debt:
Simon Property Group, LP (Term Loan)		02/28/04	1.77	%	150,000	150,000
Simon Property Group, LP (Term Loan)		03/15/04	1.92	%	65,000	65,000
	Subtotal 2004				215,000	215,000	1.82	%

43

Revolving Credit Facility		(2),(14)	04/16/06	1.77	%	327,901		327,901
Simon Property Group, LP (Euro Term Loan)		(2),(15)	12/16/06	2.70	%	204,679		204,679
	Subtotal 2006					532,580		532,580		2.13	%
Floating Rate Mandatory Extension Notes		(2)	11/15/14	1.92	%	113,100		113,100
	Subtotal 2014					113,100		113,100		1.92	%
Total Unsecured Variable Rate Debt						860,680		860,680		2.02	%
Total Unsecured Debt						6,075,680		6,075,680		6.08	%
Premium on Fixed-Rate Indebtedness						36,591		34,267		N/A
Discount on Fixed-Rate Indebtedness						(26,463	)	(26,407	)	N/A
Fair Value Interest Rate Swaps						1,195		1,195		N/A
Total Consolidated Debt						10,266,388		10,141,126		6.05	%
Joint Venture Indebtedness
Fixed Rate Mortgage Debt:
Northshore Mall			05/14/04	9.05	%	161,000		79,111
Indian River Commons			11/01/04	7.58	%	8,136		4,068
Indian River Mall			11/01/04	7.58	%	45,145		22,573
	Subtotal 2004					214,281		105,752		8.68	%
Westchester, The—1			09/01/05	8.74	%	144,712		57,885
Westchester, The—2			09/01/05	7.20	%	51,178		20,471
Houston Galleria—1			12/01/05	7.93	%	217,595		68,510
	Subtotal 2005					413,485		146,866		8.15	%
Cobblestone Court			01/01/06	7.64	%	6,178		2,162
Crystal Court			01/01/06	7.64	%	4,044		1,415
Fairfax Court			01/01/06	7.64	%	10,318		2,708
Gaitway Plaza			01/01/06	7.64	%	7,348		1,714
Plaza at Buckland Hills, The			01/01/06	7.64	%	17,678		6,187
Ridgewood Court			01/01/06	7.64	%	7,978		2,792
Royal Eagle Plaza			01/01/06	7.64	%	7,920		2,772
Village Park Plaza			01/01/06	7.64	%	8,482		2,969
West Town Corners			01/01/06	7.64	%	10,328		2,411
Westland Park Plaza			01/01/06	7.64	%	4,950		1,155
Willow Knolls Court			01/01/06	7.64	%	6,488		2,271
Yards Plaza, The			01/01/06	7.64	%	8,270		2,895
CMBS Loan—Fixed (encumbers 13 Properties)		(7)	05/15/06	7.52	%	357,100		178,550
Great Northeast Plaza			06/01/06	9.04	%	16,751		8,376
Smith Haven Mall			06/01/06	7.86	%	115,000		28,750
Montgomery Mall			08/10/06	7.48	%	27,000		6,245
Greendale Mall			12/10/06	8.23	%	40,713		20,005
	Subtotal 2006					656,546		273,377		7.67	%

44

Gwinnett Place—1			04/01/07	7.54	%	37,454	18,727
Gwinnett Place—2			04/01/07	7.25	%	82,568	41,284
Town Center at Cobb—1			04/01/07	7.54	%	47,718	23,859
Town Center at Cobb—2			04/01/07	7.25	%	62,837	31,419
Mall at Rockingham			09/01/07	7.88	%	96,938	23,816
Bangor Mall			12/01/07	7.06	%	24,051	7,849
	Subtotal 2007					351,566	146,954	7.43	%
Metrocenter			02/28/08	8.45	%	28,777	14,389
Aventura Mall—A			04/06/08	6.55	%	141,000	47,000
Aventura Mall—B			04/06/08	6.60	%	25,400	8,467
Aventura Mall—C			04/06/08	6.89	%	33,600	11,200
West Town Mall			05/01/08	6.90	%	76,000	38,000
Mall of New Hampshire—1			10/01/08	6.96	%	100,395	49,332
Mall of New Hampshire—2			10/01/08	8.53	%	8,239	4,048
Fashion Valley Mall—1			10/11/08	6.49	%	166,263	83,132
Fashion Valley Mall—2			10/11/08	6.58	%	29,124	14,562
	Subtotal 2008					608,798	270,130	6.80	%
Woodland Hills Mall			01/01/09	7.00	%	85,244	40,276
Source, The			03/11/09	6.65	%	124,000	31,000
Whitehall Mall			04/01/09	6.77	%	14,149	5,597
Apple Blossom Mall			09/10/09	7.99	%	39,567	19,442
Auburn Mall			09/10/09	7.99	%	46,322	22,761
	Subtotal 2009					309,282	119,076	7.25	%
Mall at Chestnut Hill			02/02/10	8.45	%	14,696	6,939
Mall of Georgia			07/01/10	7.09	%	200,000	100,000
Florida Mall, The			12/10/10	7.55	%	262,948	131,474
	Subtotal 2010					477,644	238,413	7.38	%
Atrium at Chestnut Hill			03/11/11	6.89	%	47,812	23,494
Cape Cod Mall			03/11/11	6.80	%	97,222	47,772
Highland Mall			07/11/11	6.83	%	69,297	34,649
Fashion Centre Pentagon Retail			09/11/11	6.63	%	163,085	69,311
	Subtotal 2011					377,416	175,226	6.75	%
Dadeland Mall			02/11/12	6.75	%	196,290	98,145
Square One			03/11/12	6.73	%	93,363	45,876
Crystal Mall			09/11/12	5.62	%	104,344	77,808
	Subtotal 2012					393,997	221,829	6.35	%
European Retail Enterprises—Fixed Components		(16)	01/17/13	6.49	%	72,363	23,352
Emerald Square Mall			03/01/13	5.13	%	143,548	70,536
Avenues, The			04/01/13	5.29	%	79,260	19,815
Circle Centre Mall			04/11/13	5.02	%	79,268	11,629
Solomon Pond			08/01/13	3.97	%	114,000	56,017
Miami International Mall			10/01/13	5.35	%	97,500	46,582
Liberty Tree Mall			10/11/13	5.22	%	35,000	17,198
	Subtotal 2013					620,939	245,129	5.05	%

45

Quaker Bridge Mall			04/01/16	7.03	%	24,077		9,525
	Subtotal 2016					24,077		9,525		7.03	%
King of Prussia—1			01/01/17	7.49	%	192,940		24,805
King of Prussia—2			01/01/17	8.53	%	13,259		1,705
	Subtotal 2017					206,199		26,510		7.56	%
Total Joint Venture Fixed Rate Mortgage Debt						4,654,230		1,978,787		7.00	%
Variable Rate Mortgage Debt:
Clay Terrace Partners			02/15/04	2.87	%	22,847		11,424
Northfield Square			04/01/04	3.62	%	34,670		10,956
Fashion Centre Pentagon Office			09/10/04	2.62	%	33,000		14,025
Shops at Sunset Place, The			10/15/04	4.12	%	95,315		35,743
	Subtotal 2004					185,832		72,148		3.55	%
Mall of America		(2)	03/10/05	1.65	%	312,000		85,800
Galleria Commerciali Italia		(2),(17)	06/22/05	3.30	%	618,294		302,964
Seminole Towne Center		(2)	07/01/05	3.62	%	69,355		31,210
	Subtotal 2005					999,649		419,974		2.99	%
CMBS Loan—1 Floating (encumbers 13 Properties)		(7)	05/15/06	1.53	%	186,500		93,250
CMBS Loan—2 Floating (encumbers 13 Properties)		(7)	05/15/06	1.49	%	81,400		40,700
Westin Hotel—NYC			06/05/06	3.87	%	182,500		13,425
Mall of Georgia Crossing			06/09/06	3.12	%	33,214		16,607
Montreal Forum—Canada		(2),(18)	08/08/06	5.76	%	43,159		15,375
	Subtotal 2006					526,773		179,357		2.21	%
Houston Galleria—2		(2)	06/25/07	2.62	%	83,558		26,308
	Subtotal 2007					83,558		26,308		2.62	%
European Retail Enterprises—Variable Components		(19)	09/05/13	4.27	%	188,834		60,937
	Subtotal 2013					188,834		60,937		4.27	%
Total Joint Venture Variable Rate Mortgage Debt						1,984,646		758,724		2.95	%
Premium on JV Fixed-Rate Indebtedness						8,527		4,257
Discount on JV Fixed-Rate Indebtedness						(4,351	)	(2,138	)
Total Joint Venture Debt						6,643,052		2,739,630		5.88	%
The Company's Share of Total Indebtedness								12,880,756		6.01	%

46

Footnotes:

(1)

Variable rate debt interest rates are based on the following base rates as of December 31, 2003: LIBOR at 1.12%; EURIBOR at 2.10%.

(2)

Includes applicable extensions available at Company's option.

(3)

These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(4)

These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(5)

Through an interest rate swap agreement, effectively fixed through the maturity date at the all-in interest rate presented.

(6)

These notes are secured by cross-collateralized and cross-defaulted mortgages encumbering seven of the Properties (West Ridge Mall, Bay Park Square, Boardman Plaza, Cheltenham Square, DeSoto Square, Upper Valley Mall and Washington Square).

(7)

These Commercial Mortgage Notes are secured by cross-collateralized mortgages encumbering thirteen of the Properties (Eastland Mall, Southern Hills Mall, Lindale Mall, Southridge Mall, Granite Run Mall, Lake Square Mall, Northpark Mall, Southpark Mall, Valley Mall, Mesa Mall, Empire Mall, Empire East Mall and Rushmore Mall). A weighted average rate is used.

(8)

These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(9)

These four Properties are secured by cross-collateralized and cross-defaulted mortgages.

(10)

These four Properties are secured by cross-collateralized and cross-defaulted mortgages.

(11)

These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.

(12)

These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(13)

Simultaneous with the issuance of this loan, the Company entered into a $70 million notional amount variable rate swap agreement which is designated as a hedge against this loan. As of December 31, 2003, after including the impacts of this swap, the terms of the loan are effectively $150 million fixed at 3.60% and $70 million variable rate at 1.16%.

(14)

Amounts shown in USD Equivalent. Balance includes borrowings on an Alternative Currency Sub-Tranche of Euros 48.5 million.

(15)

Amounts shown in USD Equivalent. Euro equivalent is 163.0 million.

(16)

Amounts shown in USD Equivalent. Euro equivalent is 57.6 million.

(17)

Amounts shown in USD Equivalent. Euro equivalent is 492.4 million.

(18)

Amounts shown in USD Equivalent. Canadian Dollar equivalent is 56.0 million.

(19)

Amounts shown in USD Equivalent. Euro equivalent is 150.4 million.

47

SIMON PROPERTY GROUP

Unencumbered Assets

As of December 31, 2003

Property Name	City	State
Regional Malls:
University Mall	Little Rock	AR
Southgate Mall	Yuma	AZ
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
Aurora Mall	Aurora	CO
Boynton Beach Mall	Boynton Beach	FL
Cordova Mall	Pensacola	FL
Edison Mall	Fort Meyers	FL
Orange Park Mall	Orange Park	FL
Town Center at Boca Raton	Boca Raton	FL
Tyrone Square	St. Petersburg	FL
University Mall	Pensacola	FL
Lenox Square	Atlanta	GA
Phipps Plaza	Atlanta	GA
Alton Square	Alton	IL
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
Lafayette Square	Indianapolis	IN
Muncie Mall	Muncie	IN
Hutchinson Mall	Hutchinson	KS
Prien Lake Mall	Lake Charles	LA
Burlington Mall	Burlington	MA
South Shore Plaza	Braintree	MA
St. Charles Towne Center	Waldorf	MD
Maplewood Mall	Minneapolis	MN
Miller Hill Mall	Duluth	MN
Independence Center	Independence	MO
SouthPark Mall	Charlotte	NC
Pheasant Lane	Nashua	NH

48

Livingston Mall	Livingston	NJ
Menlo Park Mall	Edison	NJ
Ocean County Mall	Toms River	NJ
Rockaway Townsquare	Rockaway	NJ
Cottonwood Mall	Albuquerque	NM
Chautauqua Mall	Lakewood	NY
Nanuet Mall	Nanuet	NY
Roosevelt Field	Garden City	NY
Walt Whitman Mall	Huntington Station	NY
Great Lakes Mall	Mentor	OH
Lima Mall	Lima	OH
Southern Park Mall	Boardman	OH
Summit Mall	Akron	OH
Woodville Mall	Northwood	OH
Eastland Mall	Tulsa	OK
Heritage Park Mall	Midwest City	OK
Ross Park Mall	Pittsburgh	PA
South Hills Village	Pittsburgh	PA
Haywood Mall	Greenville	SC
Oak Court Mall	Memphis	TN
Barton Creek Square	Austin	TX
Broadway Square	Tyler	TX
Irving Mall	Irving	TX
La Plaza Mall	McAllen	TX
Richardson Square Mall	Richardson	TX
Rolling Oaks Mall	San Antonio	TX
Charlottesville Fashion Square	Charlottesville	VA
Virginia Center Commons	Glen Allen	VA
Columbia Center	Kennewick	WA
Northgate Mall	Seattle	WA
Community Centers:
Bridgeview Court	Bridgeview	IL
Countryside Plaza	Countryside	IL
Lake Plaza	Waukegan	IL
North Ridge Plaza	Joliet	IL
Brightwood Plaza	Indianapolis	IN
Greenwood Plus	Greenwood	IN
Griffith Park Plaza	Griffith	IN
Markland Plaza	Kokomo	IN
New Castle Plaza	New Castle	IN
Northwood Plaza	Fort Wayne	IN
Teal Plaza	Lafayette	IN
Tippecanoe Plaza	Lafayette	IN

49

University Center	Mishawaka	IN
Wabash Village	West Lafayette	IN
Washington Plaza	Indianapolis	IN
Park Plaza	Hopkinsville	KY
Rockaway Convenience Center	Rockaway	NJ
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Northland Plaza	Columbus	OH
Eastland Plaza	Tulsa	OK
Charles Towne Square	Charleston	SC
Knoxville Commons	Knoxville	TN
The Arboretum	Austin	TX
Celina Plaza	El Paso	TX
Ingram Plaza	San Antonio	TX
Martinsville Plaza	Martinsville	VA
Office:
O'Hare International Center	Rosemont	IL

50

SIMON PROPERTY GROUP

Preferred Stock/Units Outstanding

As of December 31, 2003

($ in 000's)

Issuer	Description	Number of Shares/Units	Per Share Liquidation Preference		Aggregate Liquidation Preference		Ticker Symbol
Perpetual
Simon Property Group, Inc.	Series E Preferred 8% Cumulative Redeemable(1)	1,000,000	$	25	$	25,000	N/A
Simon Property Group, Inc.	Series F Preferred 83/4% Perpetual(2)	8,000,000	$	25	$	200,000	SPGPrF
Simon Property Group, Inc.	Series G Preferred 7.89% Perpetual(3)	3,000,000	$	50	$	150,000	SPGPrG
Simon Property Group, Inc.	Series H Variable Rate Preferred	78,012	$	25	$	1,950	N/A
Preferred Units:
Simon Property Group, L.P.	Series C 7% Cumulative Convertible Preferred(4)	2,600,895	$	28	$	72,825	N/A
Simon Property Group, L.P.	Series D 8% Cumulative Redeemable Preferred(5)	2,600,895	$	30	$	78,027	N/A
Simon Property Group, L.P.	7.50% Cumulative Redeemable Preferred(6)	251,096	$	100	$	25,110	N/A
Simon Property Group, L.P.	7.75%/8.00% Cumulative Redeemable Preferred	822,588	$	100	$	82,259	N/A

(1)

The shares are not redeemable prior to August 27, 2004.

(2)

The shares are redeemable on or after September 29, 2006. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2003, was $27.30 per share.

(3)

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%. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2003 was $54.30 per share.

(4)

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.

(5)

Each unit/share is not redeemable prior to August 27, 2009.

(6)

Each unit/share is not redeemable prior to November 10, 2006.

51

QuickLinks

SIMON PROPERTY GROUP Overview
SIMON PROPERTY GROUP Changes in Common Shares and Unit Ownership For the Period from December 31, 2002 through December 31, 2003
SIMON PROPERTY GROUP Selected Financial Information As of December 31, 2003 Unaudited (In thousands, except as noted)
Simon Property Group, Inc. Pro-Rata Balance Sheet As of December 31, 2003
Simon Property Group, Inc. Pro-Rata Statement of Operations For three months ended December 31, 2003
Simon Property Group, Inc. Pro-Rata Statement of Operations For twelve months ended December 31, 2003
SIMON PROPERTY GROUP Reconciliation of NOI to Net Income As of December 31, 2003
SIMON PROPERTY GROUP Computation of Comparable Property NOI Growth As of December 31, 2003
SIMON PROPERTY GROUP Analysis of Other Income and Other Expense As of December 31, 2003 (In thousands)
SIMON PROPERTY GROUP Portfolio GLA, Occupancy & Rent Data—U.S. Portfolio As of December 31, 2003
SIMON PROPERTY GROUP Rent Information—U.S. Portfolio As of December 31, 2003
SIMON PROPERTY GROUP Lease Expirations(1)—U.S. Portfolio As of December 31, 2003
SIMON PROPERTY GROUP Lease Expirations(1)—U.S. Portfolio As of December 31, 2003
SIMON PROPERTY GROUP Top Regional Mall Tenants—U.S. Portfolio As of December 31, 2003 (Square Feet in 000's)
SIMON PROPERTY GROUP 2003 Regional Mall Anchor/Big Box Openings—U.S. Portfolio
SIMON PROPERTY GROUP 2004 Projected Regional Mall Anchor/Big Box Openings—U.S. Portfolio
SIMON PROPERTY GROUP 2005 Projected Regional Mall Anchor/Big Box Openings—U.S. Portfolio
SIMON PROPERTY GROUP Property Listing—North American Assets As of December 31, 2003
Simon Property Group Property Listing—European Assets As of December 31, 2003
SIMON PROPERTY GROUP Capital Expenditures For the Twelve Months Ended December 31, 2003 (In millions)
SIMON PROPERTY GROUP North American Development Activity Report* Project Overview, Construction-in-Progress and Land Held for Development As of December 31, 2003
SIMON PROPERTY GROUP North American Development Activity Report* Project Overview, Construction-in-Progress and Land Held for Development As of December 31, 2003
SIMON PROPERTY GROUP The Company's Share of Total Debt Amortization and Maturities by Year As of December 31, 2003 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness As of December 31, 2003 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness By Maturity As of December 31, 2003 (In thousands)
SIMON PROPERTY GROUP Unencumbered Assets As of December 31, 2003
SIMON PROPERTY GROUP Preferred Stock/Units Outstanding As of December 31, 2003 ($ in 000's)