Simon Property (SPG) 10-K 2010 FY Annual report

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

FORM 10-K

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

For the fiscal year ended December 31, 2010

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

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

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

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

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

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

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

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

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

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

            Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o

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

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

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

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

            The aggregate market value of shares of common stock held by non-affiliates of the Registrant was approximately $23,170 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2010.

            As of January 31, 2011, Simon Property Group, Inc. had 296,958,538 and 8,000 shares of common stock and Class B common stock outstanding, respectively.

Documents Incorporated By Reference

            Portions of the Registrant's Annual Report to Stockholders are incorporated by reference into Parts I, II and IV; and portions of the Registrant's Proxy Statement in connection with its 2011 Annual Meeting of Stockholders are incorporated by reference in Part III.

Simon Property Group, Inc. and Subsidiaries
Annual Report on Form 10-K
December 31, 2010

TABLE OF CONTENTS

Item No.		Page No.
Part I
1.	Business		3
1A.	Risk Factors		8
1B.	Unresolved Staff Comments		12
2.	Properties		13
3.	Legal Proceedings		45
4.	[Removed and Reserved.]		45
Part II
5.	Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities		46
6.	Selected Financial Data		47
7.	Management's Discussion and Analysis of Financial Condition and Results of Operations		47
7A.	Quantitative and Qualitative Disclosure About Market Risk		47
8.	Financial Statements and Supplementary Data		47
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		47
9A.	Controls and Procedures		47
9B.	Other Information		47
Part III
10.	Directors, Executive Officers and Corporate Governance		48
11.	Executive Compensation		48
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		48
13.	Certain Relationships and Related Transactions and Director Independence		48
14.	Principal Accountant Fees and Services		48
Part IV
15.	Exhibits, and Financial Statement Schedules		49
Signatures			50

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Part I

Item 1.    Business

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

            We own, develop and manage retail real estate properties, which consist primarily of regional malls, Premium Outlets®, The Mills®, and community/lifestyle centers. As of December 31, 2010, we owned or held an interest in 338 income-producing properties in the United States, which consisted of 161 regional malls, 58 Premium Outlets, 66 community/lifestyle centers, 36 properties acquired in the 2007 acquisition of The Mills Corporation and 17 other shopping centers or outlet centers in 41 states and Puerto Rico. Of the 36 properties in The Mills portfolio, 16 of these properties are The Mills, 16 are regional malls, and four are community centers. Internationally, as of December 31, 2010, we had ownership interests in 45 European shopping centers in Italy, eight Premium Outlets in Japan, one Premium Outlet in Mexico, and one Premium Outlet in South Korea. On July 15, 2010, we and our joint venture partner sold our collective interests in Simon Ivanhoe S.à.r.l., or Simon Ivanhoe, which owned seven shopping centers located in France and Poland.

            For a description of our operational strategies and developments in our business during 2010, see the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of the 2010 Annual Report to Shareholders filed as Exhibit 13.1 to this Form 10-K.

Other Policies

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

Investment Policies

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

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

Financing Policies

            We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined. For example, the Operating Partnership's line of credit and the indentures for the Operating Partnership's debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related arrangement, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for our equity securities and the debt securities of the Operating Partnership. We strive to maintain investment grade ratings at all times, but we cannot assure you that we will be able to do so.

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

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

            The Operating Partnership has a $3.9 billion unsecured revolving credit facility, or the Credit Facility. The Credit Facility has an accordion feature allowing the maximum borrowing capacity to expand to $4.0 billion. We issue debt securities through the Operating Partnership, but we may issue our debt securities which may be convertible into capital stock or be accompanied by warrants to purchase capital stock. We also may sell or securitize our lease receivables. The proceeds from any borrowings or financings may be used for one or more of the following:

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financing acquisitions;

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developing or redeveloping properties;

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refinancing existing indebtedness;

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working capital or capital improvements; or

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meeting the taxable income distribution requirements applicable to REITs, if we have taxable income without the receipt of cash sufficient to enable us to meet such distribution requirements.

            We may also finance acquisitions through the following:

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issuance of shares of common stock or preferred stock;

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issuance of additional units of limited partnership interest in the Operating Partnership, or units;

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issuance of preferred units of the Operating Partnership;

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issuance of other securities; or

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sale or exchange of ownership interests in properties.

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

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

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

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upon the structure of the financing based upon the best terms then available to us and whether the proposed financing is consistent with our other business objectives. For accounting purposes, we include the outstanding securitized debt of special purpose entities owning consolidated properties as part of our consolidated indebtedness.

Conflict of Interest Policies

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

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

Policies With Respect To Certain Other Activities

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

Competition

            The retail industry is dynamic and competitive. We compete with numerous merchandise distribution channels including regional malls, outlet centers, community/lifestyle centers, and other shopping centers in the United States and abroad. Internet retailing sites and catalogs also provide retailers with distribution options beyond existing brick and mortar retail properties. The existence of competitive alternatives could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the tenants to occupy the properties that we develop and manage as well as for the acquisition of prime sites (including land for development and operating properties). We believe that there are numerous factors that make our properties highly desirable to retailers including:

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the quality, location and diversity of our properties;

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our management and operational expertise;

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our extensive experience and relationships with retailers and lenders;

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our mall marketing initiatives and consumer focused strategic corporate alliances; and

Certain Activities

            During the past three years, we have:

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issued 4,688,722 shares of common stock upon the exchange of units of limited partnership interest of the Operating Partnership;

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issued 647,825 restricted shares of common stock, net of forfeitures, under The Simon Property Group 1998 Stock Incentive Plan, or the 1998 Plan;

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issued 642,639 shares of common stock upon exercise of stock options under the 1998 Plan;

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issued 11,822,365 shares of common stock upon the conversion of 14,308,348 shares of Series I 6% Convertible Perpetual Preferred Stock, or Series I preferred stock;

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redeemed 219,879 shares of Series I preferred stock;

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issued 11,876,076 shares of common stock as part of quarterly dividends in 2009 to common stockholders;

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issued 23,000,000 shares of common stock in a public offering at a public offering price of $50.00 per share;

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issued 17,250,000 shares of common stock in a public offering at a public offering price of $31.50 per share;

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issued 523,291 shares of Series I preferred stock upon the exchange of Series I 6% Convertible Perpetual Preferred Units, or Series I preferred units;

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issued 4,000 shares of common stock upon conversion and retirement of all 4,000 shares of Class C common stock;

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entered into our Credit Facility on December 8, 2009 which has a borrowing capacity of $3.9 billion and contains an accordion feature allowing the maximum borrowing capacity to expand to $4.0 billion;

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borrowed a maximum amount of $862.2 million under the Credit Facility; the outstanding amount of borrowings under this facility as of December 31, 2010 was $858.6 million, of which $273.6 million was related to the U.S. dollar equivalent of Yen-denominated borrowings;

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provided annual reports containing financial statements audited by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders;

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not made loans to other entities or persons, including our officers and directors, other than to certain joint venture properties;

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not invested in the securities of other issuers for the purpose of exercising control, other than the Operating Partnership, certain wholly-owned subsidiaries and to acquire indirect interests in real estate;

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not underwritten securities of other issuers; and

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not engaged in the purchase and sale or turnover of investments for the purpose of trading.

Employees

            At December 31, 2010, we and our affiliates employed approximately 5,900 persons at various properties and offices throughout the United States, of which approximately 2,400 were part-time. Approximately 1,000 of these employees were located at our corporate headquarters in Indianapolis, Indiana and 100 were located at our Premium Outlets offices in Roseland, New Jersey.

Corporate Headquarters

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

Available Information

            We are a large accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or Exchange Act) and are required, pursuant to Item 101 of Regulation S-K, to provide certain information regarding our website and the availability of certain documents filed with or furnished to the Securities and Exchange Commission, or SEC. Our Internet website address is www.simon.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available or may be accessed free of charge through the "About Simon/Investor Relations/Financial Information" section of our Internet website as soon as reasonably practicable after we

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electronically file such material with, or furnish it to, the SEC. Our Internet website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.

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

            In addition, we intend to disclose on our Internet website any amendments to, or waivers from, our Code of Business Conduct and Ethics that are required to be publicly disclosed pursuant to rules of the SEC and the New York Stock Exchange, or NYSE.

Executive Officers of the Registrant

            The following table sets forth certain information with respect to our executive officers as of December 31, 2010.

Name	Age		Position
David Simon		49	Chairman and Chief Executive Officer
Richard S. Sokolov		61	President and Chief Operating Officer
Gary L. Lewis		52	Senior Executive Vice President and President of Leasing
Stephen E. Sterrett		55	Executive Vice President and Chief Financial Officer
John Rulli		54	Executive Vice President and President — Simon Management Group
James M. Barkley		59	General Counsel; Secretary
Andrew A. Juster		58	Executive Vice President and Treasurer
Steven K. Broadwater		44	Senior Vice President and Chief Accounting Officer

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

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

            Mr. Juster serves as Simon Property's Executive Vice President and Treasurer. He joined MSA in 1989 and held various financial positions with MSA until 1993 and thereafter has held various positions with Simon Property. Mr. Juster became Treasurer in 2001 and was promoted to Executive Vice President in 2008.

            Mr. Broadwater serves as Simon Property's Senior Vice President and Chief Accounting Officer and prior to that as Vice President and Corporate Controller. Mr. Broadwater joined Simon Property in 2004 and was promoted to Senior Vice President and Chief Accounting Officer in 2009.

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Item 1A.    Risk Factors

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

Risks Relating to Debt and the Financial Markets

We have a substantial debt burden that could affect our future operations.

            As of December 31, 2010, our consolidated mortgages and other indebtedness, excluding the related premium and discount, totaled $17.5 billion. We are subject to the risks normally associated with debt financing, including the risk that our cash flow from operations will be insufficient to meet required debt service. Our debt service costs generally will not be reduced if developments at the property, such as the entry of new competitors or the loss of major tenants, cause a reduction in the income from the property. Should such events occur, our operations may be adversely affected. If a property is mortgaged to secure payment of indebtedness and income from this is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value.

Disruption in the credit markets or downgrades in our credit ratings may adversely affect our ability to access external financings for our growth and ongoing debt service requirements.

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

Adverse changes in our credit rating could affect our borrowing capacity and borrowing terms.

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

Our hedging interest rate protection arrangements may not effectively limit our interest rate risk.

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

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

Factors Affecting Real Estate Investments and Operations

We face risks associated with the acquisition, development and expansion of properties.

            We regularly acquire and develop new properties and expand and redevelop existing properties, and these activities are subject to various risks. We may not be successful in pursuing acquisition, development or redevelopment/expansion opportunities. In addition, newly acquired, developed or redeveloped/expanded properties may not perform

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as well as expected. We are subject to other risks in connection with any acquisition, development and redevelopment/expansion activities, including the following:

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construction costs of a project may be higher than projected, potentially making the project unfeasible or unprofitable;

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we may not be able to obtain financing or to refinance construction loans on favorable terms, if at all;

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we may be unable to obtain zoning, occupancy or other governmental approvals;

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occupancy rates and rents may not meet our projections and the project may not be profitable; and

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we may need the consent of third parties such as anchor tenants, mortgage lenders and joint venture partners, and those consents may be withheld.

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

Real estate investments are relatively illiquid.

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

Environmental Risks

As owners of real estate, we can face liabilities for environmental contamination.

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

Our efforts to identify environmental liabilities may not be successful.

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

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existing environmental studies with respect to the portfolio reveal all potential environmental liabilities;

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any previous owner, occupant or tenant of a property did not create any material environmental condition not known to us;

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the current environmental condition of the portfolio will not be affected by tenants and occupants, by the condition of nearby properties, or by other unrelated third parties; or

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future uses or conditions (including, without limitation, changes in applicable environmental laws and regulations or the interpretation thereof) will not result in environmental liabilities.

Retail Operations Risks

Overall economic conditions may adversely affect the general retail environment.

            Our concentration in the retail real estate market means that we are subject to the risks that affect the retail environment generally, including the levels of consumer spending, seasonality, the willingness of retailers to lease space in our shopping centers, tenant bankruptcies, changes in economic conditions, consumer confidence, casualties and other natural disasters, and the potential for terrorist activities. The economy and consumer spending appear to be recovering from the effects of the recent recession. We derive our cash flow from operations primarily from retail tenants, many of whom have been and continue to be under some degree of economic stress. A significant deterioration in our cash flow from operations could require us to curtail planned capital expenditures or seek alternative sources of financing.

We may not be able to lease newly developed properties and renew leases and relet space at existing properties.

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

Some of our properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of or a store closure by one or more of these tenants.

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

We face potential adverse effects from tenant bankruptcies.

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

Risks Relating to Joint Venture Properties

We have limited control with respect to some properties that are partially owned or managed by third parties, which may adversely affect our ability to sell or refinance them.

            As of December 31, 2010, we owned interests in 175 income-producing properties with other parties. Of those, 19 properties are included in our consolidated financial statements. We account for the other 156 properties under the equity method of accounting, which we refer to as joint venture properties. We serve as general partner or property manager for 92 of these 156 properties; however, certain major decisions, such as selling or refinancing these properties, require the consent of the other owners. Of the properties for which we do not serve as general partner or property manager, 55 are in our international joint ventures. The other owners also have other participating rights that

10

we consider substantive for purposes of determining control over the properties' assets. The remaining joint venture properties are managed by third parties. These limitations may adversely affect our ability to sell, refinance, or otherwise operate these properties.

The Operating Partnership guarantees debt or otherwise provides support for a number of joint venture properties.

            Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property. As of December 31, 2010, the Operating Partnership has loan guarantees to support $60.7 million of our total $6.6 billion share of joint venture mortgage and other indebtedness. A default by a joint venture under its debt obligations may expose us to liability under a guaranty or letter of credit.

Other Factors Affecting Our Business

Our Common Area Maintenance (CAM) contributions may not allow us to recover the majority of our operating expenses from tenants.

            CAM costs typically include allocable energy costs, repairs, maintenance and capital improvements to common areas, janitorial services, administrative, property and liability insurance costs, and security costs. We historically have used leases with variable CAM provisions that adjust to reflect inflationary increases. We have made a concerted effort to convert our leases to a fixed payment methodology which fixes our tenants' CAM contributions and should in turn reduce the volatility of and limitations on the recoveries we collect from our tenants for the reimbursement of our property operating expenses. However, with respect to both variable and fixed payment methodologies, the amount of CAM charges we bill to our tenants may not allow us to recover all of these operating costs.

We face a wide range of competition that could affect our ability to operate profitably.

            Our properties compete with other retail properties and other forms of retailing such as catalogs and e-commerce websites. Competition may come from regional malls, outlet centers, community/lifestyle centers, and other shopping centers, both existing as well as future development projects. The presence of competitive alternatives affects our ability to lease space and the level of rents we can obtain. New construction, renovations and expansions at competing sites could also negatively affect our properties.

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

Our international expansion may subject us to different or greater risk from those associated with our domestic operations.

            We hold interests in joint venture properties that operate in Italy, Japan, Korea, and Mexico, and an interest in a joint venture property under development in Malaysia. We have a minority investment in two U.K. real estate companies. We may pursue additional expansion opportunities outside the United States. International development and ownership activities carry risks that are different from those we face with our domestic properties and operations. These risks include:

•

adverse effects of changes in exchange rates for foreign currencies;

•

changes in foreign political and economic environments, regionally, nationally, and locally;

•

challenges of complying with a wide variety of foreign laws including corporate governance, operations, taxes, and litigation;

•

differing lending practices;

•

differences in cultures;

•

changes in applicable laws and regulations in the United States that affect foreign operations;

•

difficulties in managing international operations; and

•

obstacles to the repatriation of earnings and cash.

            Although our international activities currently are a relatively small portion of our business (international properties represented approximately 5.0% of the GLA of all of our properties at December 31, 2010), to the extent

11

that we expand our international activities, these risks could increase in significance which in turn could adversely affect our results of operations and financial condition.

Some of our potential losses may not be covered by insurance.

            We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly-owned captive insurance companies, Rosewood Indemnity, Ltd. and Bridgewood Insurance Company, Ltd., and other financial arrangements controlled by us. The third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier's policy. A similar policy written through our captive insurance entities also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations.

            There are some types of losses, including lease and other contract claims, which generally are not insured. If an uninsured loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenue it could generate.

            We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an "all risk" basis in the amount of up to $1 billion. The current federal laws which provide this coverage are expected to operate through 2014. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales.

Risks Relating to Federal Income Taxes

We have elected to be taxed as a REIT.

            We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We believe we have been organized and operated in a manner which allows us to qualify for taxation as a REIT under the Internal Revenue Code. We intend to continue to operate in this manner. However, our qualification and taxation as a REIT depend upon our ability to meet, through actual annual operating results, asset diversification, distribution levels and diversity of stock ownership, the various qualification tests imposed under the Internal Revenue Code. REIT qualification is governed by highly technical and complex provisions for which there are only limited judicial or administrative interpretations. Accordingly, there is no assurance that we have operated or will continue to operate in a manner so as to qualify or remain qualified as a REIT.

            If we fail to comply with those provisions, we may be subject to monetary penalties or ultimately to possible disqualification as a REIT. If such events occurs, and if available relief provisions do not apply:

•

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

•

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

•

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

Item 1B.    Unresolved Staff Comments

            None.

12

Item 2.    Properties

United States Properties

            Our U.S. properties primarily consist of regional malls, Premium Outlets, The Mills, community/lifestyle centers, and other properties. These properties contain an aggregate of approximately 250.5 million square feet of gross leasable area, or GLA, of which we own approximately 159.5 million square feet. Total estimated retail sales at the properties in 2010 were approximately $62 billion.

            Regional malls typically contain at least one traditional department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Our 161 regional malls are generally enclosed centers and range in size from approximately 400,000 to 2.4 million square feet of GLA. Our regional malls contain in the aggregate more than 18,300 occupied stores, including approximately 709 anchors, which are mostly national retailers. For comparative purposes, we separate the information in this section on the 16 regional malls acquired from The Mills Corporation in 2007, or the Mills Regional Malls, from the information on our other regional malls.

            Premium Outlets generally contain a wide variety of designer and manufacturer stores located in open-air centers. Our 58 Premium Outlets range in size from approximately 150,000 to 850,000 square feet of GLA. The Premium Outlets are generally located near major metropolitan areas and tourist destinations including New York City, Los Angeles, Boston, Palm Springs, Orlando, Las Vegas, and Honolulu.

            The Mills generally range in size from 1.0 million to 2.3 million square feet of GLA and are located in major metropolitan areas. They have a combination of traditional mall, outlet center, and big box retailers and entertainment uses. The Mills Regional Malls typically range in size from 800,000 to 1.3 million square feet of GLA and contain a wide variety of national retailers.

            Community/lifestyle centers are generally unenclosed and smaller than our regional malls. Our 66 community/lifestyle centers generally range in size from approximately 100,000 to 950,000 square feet of GLA. Community/lifestyle centers are designed to serve a larger trade area and typically contain anchor stores and other national retail tenants, which occupy a significant portion of the GLA of the center. We also own traditional community shopping centers that focus primarily on value-oriented and convenience goods and services. These centers are usually anchored by a supermarket, discount retailer, or drugstore and are designed to service a neighborhood area. Finally, we own open-air centers adjacent to our regional malls designed to take advantage of the drawing power of the mall.

            We also have interests in 17 other shopping centers or outlet centers. These properties range in size from approximately 85,000 to 1.0 million square feet of GLA, are considered non-core to our business model, and in total represent less than 1% of our total operating income before depreciation and amortization.

            As of December 31, 2010, approximately 94.2% of the owned GLA in regional malls and Premium Outlets and the retail space of the other properties was leased, approximately 93.7% of the owned GLA for The Mills and 90.4% of owned GLA for the Mills Regional Malls was leased, and approximately 91.6% of owned GLA in the community/lifestyle centers was leased.

            We hold a 100% interest in 218 of our properties, effectively control 19 properties in which we have a joint venture interest, and hold the remaining 101 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 329 properties. Substantially all of our joint venture properties are subject to rights of first refusal, buy-sell provisions, or other sale rights for all partners which are customary in real estate partnership agreements and the industry. Our partners in our joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions) which will result in either the use of available cash or borrowings to acquire their partnership interest or the disposal of our partnership interest.

            The following property table summarizes certain data for our regional malls and Premium Outlets, The Mills, the Mills Regional Malls and community/lifestyle centers located in the United States, including Puerto Rico, as of December 31, 2010.

13

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
	Regional Malls
1.	Anderson Mall	SC	Anderson	Fee		100.0%		Built 1972		83.0	%		672,013		Belk, JCPenney, Sears, Dillard's, Books-A-Million
2.	Apple Blossom Mall	VA	Winchester	Fee		49.1%	(4)	Acquired 1999		89.8	%		439,922		Belk, JCPenney, Sears, Eastwynn Theatres
3.	Arsenal Mall	MA	Watertown (Boston)	Fee		100.0%		Acquired 1999		95.4	%		440,124		Marshalls, Filene's Basement
4.	Atrium Mall	MA	Chestnut Hill (Boston)	Fee		49.1%	(4)	Acquired 1999		95.0	%		205,369		Borders Books & Music(16)
5.	Auburn Mall	MA	Auburn	Fee		49.1%	(4)	Acquired 1999		99.4	%		588,270		Macy's, Macy's Home Store, Sears
6.	Aventura Mall(1)	FL	Miami Beach (Miami)	Fee		33.3%	(4)	Built 1983		96.0	%		2,099,260		Bloomingdale's, Macy's, Macy's Mens & Home Furniture, JCPenney, Sears, Nordstrom, Equinox Fitness Clubs, AMC Theatre
7.	Avenues, The	FL	Jacksonville	Fee		25.0%	(4)(2)	Built 1990		94.0	%		1,116,923		Belk, Dillard's, JCPenney, Sears, Forever 21
8.	Bangor Mall	ME	Bangor	Fee		67.4%	(15)	Acquired 2003		91.6	%		652,740		Macy's, JCPenney, Sears, Dick's Sporting Goods
9.	Barton Creek Square	TX	Austin	Fee		100.0%		Built 1981		98.0	%		1,429,650		Nordstrom, Macy's, Dillard's Women's & Home, Dillard's Men's & Children's, JCPenney, Sears, AMC Theatre
10.	Battlefield Mall	MO	Springfield	Fee and Ground Lease (2056)		100.0%		Built 1970		95.1	%		1,199,901		Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears, MC Sports
11.	Bay Park Square	WI	Green Bay	Fee		100.0%		Built 1980		93.0	%		710,952		Younkers, Younkers Home Furniture Gallery, Kohl's, ShopKo, Marcus Cinema 16
12.	Bowie Town Center	MD	Bowie (Washington, D.C.)	Fee		100.0%		Built 2001		97.9	%		684,341		Macy's, Sears, Barnes & Noble, Bed Bath & Beyond, Best Buy, Safeway
13.	Boynton Beach Mall	FL	Boynton Beach (Miami)	Fee		100.0%		Built 1985		84.7	%		1,101,829		Macy's, Dillard's Men's & Home, Dillard's Women, JCPenney, Sears, Cinemark Theatres
14.	Brea Mall	CA	Brea (Los Angeles)	Fee		100.0%		Acquired 1998		96.8	%		1,320,204		Nordstrom, Macy's, JCPenney, Sears, Macy's Men's Children & Home.
15.	Broadway Square	TX	Tyler	Fee		100.0%		Acquired 1994		98.5	%		627,793		Dillard's, JCPenney, Sears
16.	Brunswick Square	NJ	East Brunswick (New York)	Fee		100.0%		Built 1973		95.8	%		765,293		Macy's, JCPenney, Barnes & Noble, Mega Movies
17.	Burlington Mall	MA	Burlington (Boston)	Ground Lease (2048)		100.0%		Acquired 1998		96.6	%		1,317,061		Macy's, Lord & Taylor, Sears, Nordstrom, Crate & Barrel
18.	Cape Cod Mall	MA	Hyannis	Ground Leases (2029-2073)(7)		49.1%	(4)	Acquired 1999		94.5	%		721,618		Macy's, Macy's Men's and Home, Sears, Best Buy, Marshalls, Barnes & Noble, Regal Cinema
19.	Castleton Square	IN	Indianapolis	Fee		100.0%		Built 1972		94.3	%		1,381,848		Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Borders Books & Music, AMC Theatres
20.	Century III Mall	PA	West Mifflin (Pittsburgh)	Fee		100.0%		Built 1979		76.1	%		1,193,247	(17)	Macy's, JCPenney, Sears, Dick's Sporting Goods, Macy's Jr.,(8)
21.	Charlottesville Fashion Square	VA	Charlottesville	Ground Lease (2076)		100.0%		Acquired 1997		94.3	%		576,874		Belk, JCPenney, Sears
22.	Chautauqua Mall	NY	Lakewood	Fee		100.0%		Built 1971		82.3	%		423,337		Sears, JCPenney, Bon Ton, Office Max, Dipson Cinema
23.	Chesapeake Square	VA	Chesapeake (Virginia Beach)	Fee and Ground Lease (2062)		75.0%	(12)	Built 1989		86.5	%		717,282		Macy's, JCPenney, Sears, Target, Burlington Coat Factory, Cinemark, (11)

14

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
24.	Cielo Vista Mall	TX	El Paso	Fee and Ground Lease (2022)(7)		100.0%		Built 1974		98.0	%		1,243,176		Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears, Cinemark Theatres
25.	Circle Centre	IN	Indianapolis	Property Lease (2097)		14.7%	(4)(2)	Built 1995		96.7	%		739,273	(17)	Nordstrom, Carson Pirie Scott, United Artists Theatre
26.	Coconut Point	FL	Estero	Fee		50.0%	(4)	Built 2006		96.2	%		1,199,867		Dillard's, Barnes & Noble, Bed Bath & Beyond, Best Buy, DSW, Office Max, PetsMart, Ross Dress for Less, Cost Plus World Market, T.J. Maxx, Hollywood Theatres, Super Target
27.	Coddingtown Mall	CA	Santa Rosa	Fee		50.0%	(4)	Acquired 2005		86.2	%		841,718		Macy's, JCPenney, Whole Foods,(8)
28.	College Mall	IN	Bloomington	Fee and Ground Lease (2048)(7)		100.0%		Built 1965		86.2	%		636,096		Macy's, Sears, Target, Dick's Sporting Goods, Bed Bath & Beyond
29.	Columbia Center	WA	Kennewick	Fee		100.0%		Acquired 1987		92.6	%		768,431		Macy's, Macy's Mens & Children, JCPenney, Sears, Barnes & Noble, Regal Cinema
30.	Copley Place	MA	Boston	Fee		98.1%		Acquired 2002		95.6	%		1,241,929	(17)	Neiman Marcus, Barneys New York
31.	Coral Square	FL	Coral Springs (Miami)	Fee		97.2%		Built 1984		95.9	%		941,339		Macy's Mens, Children & Home, Macy's Women, JCPenney, Sears, Kohls(6)
32.	Cordova Mall	FL	Pensacola	Fee		100.0%		Acquired 1998		98.3	%		857,058		Dillard's Men's, Dillard's Women's, Belk, Best Buy, Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less
33.	Cottonwood Mall	NM	Albuquerque	Fee		100.0%		Built 1996		96.5	%		1,040,981		Macy's, Dillard's, JCPenney, Sears, Regal Cinemas,(11)
34.	Crystal Mall	CT	Waterford	Fee		74.6%	(4)	Acquired 1998		89.2	%		783,352		Macy's, JC Penney, Sears, Bed Bath & Beyond, Christmas Tree Shops
35.	Crystal River Mall	FL	Crystal River	Fee		100.0%		Built 1990		77.2	%		420,109		JCPenney, Sears, Belk, Kmart, Regal Cinema
36.	Dadeland Mall	FL	Miami	Fee		50.0%	(4)	Acquired 1997		100.0	%		1,487,989		Saks Fifth Avenue, Nordstrom, Macy's, Macy's Children & Home, JCPenney
37.	DeSoto Square	FL	Bradenton	Fee		100.0%		Built 1973		78.2	%		678,219		Macy's, JCPenney, Sears,(8)
38.	Domain, The	TX	Austin	Fee		100.0%		Built 2006		92.8	%		1,178,182	(17)	Neiman Marcus, Macy's, Borders Books & Music, Dick's Sporting Goods, IPIC Gold Class Cinemas, Dillard's
39.	Eastland Mall	IN	Evansville	Fee		50.0%	(4)	Acquired 1998		95.6	%		865,310		Macy's, JCPenney, Dillard's
40.	Edison Mall	FL	Fort Myers	Fee		100.0%		Acquired 1997		96.8	%		1,051,308		Dillard's, Macy's Mens, Children & Home, Macy's Women, JCPenney, Sears
41.	Emerald Square	MA	North Attleboro (Providence—RI)	Fee		49.1%	(4)	Acquired 1999		89.9	%		1,022,647		Macy's, Macy's Mens & Home Store, JCPenney, Sears
42.	Empire Mall(1)	SD	Sioux Falls	Fee and Ground Lease (2033)(7)		50.0%	(4)	Acquired 1998		94.5	%		1,071,357		Macy's, Younkers, JCPenney, Sears, Gordmans, Hy-Vee
43.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)	Fee		42.5%	(4)	Built 1989		99.3	%		990,331	(17)	Nordstrom, Macy's
44.	Fashion Mall at Keystone, The	IN	Indianapolis	Ground Lease (2067)		100.0%		Acquired 1997		92.8	%		681,580		Saks Fifth Avenue, Crate & Barrel, Nordstrom, Keystone Art Cinema

15

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
45.	Fashion Valley	CA	San Diego	Fee		50.0%	(4)	Acquired 2001		99.0	%		1,726,083		Forever 21(6), Neiman-Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres
46.	Firewheel Town Center	TX	Garland (Dallas)	Fee		100.0%		Built 2005		81.0	%		1,004,346	(17)	Dillard's, Macy's, Barnes & Noble, DSW, Cost Plus World Market, AMC Theatres, Dick's Sporting Goods, Ethan Allen,(8)
47.	Florida Mall, The	FL	Orlando	Fee		50.0%	(4)	Built 1986		96.4	%		1,776,679		Saks Fifth Avenue, Nordstrom, Macy's, Dillard's, JCPenney, Sears, H&M, Forever 21
48.	Forest Mall	WI	Fond Du Lac	Fee		100.0%		Built 1973		92.7	%		500,174		JCPenney, Kohl's, Younkers, Sears, Cinema I & II
49.	Forum Shops at Caesars, The	NV	Las Vegas	Ground Lease (2050)		100.0%		Built 1992		98.5	%		649,546
50.	Galleria, The	TX	Houston	Fee		50.4%	(4)	Acquired 2002		94.0	%		2,220,961		Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy's (2 locations), Borders Books & Music, Galleria Tennis/Athletic Club
51.	Granite Run Mall	PA	Media (Philadelphia)	Fee		50.0%	(4)	Acquired 1998		83.4	%		1,032,545		JCPenney, Sears, Boscov's, Granite Run 8 Theatres, Acme, Kohl's
52.	Great Lakes Mall	OH	Mentor (Cleveland)	Fee		100.0%		Built 1961		87.2	%		1,237,297		Dillard's Men's, Dillard's Women's, Macy's, JCPenney, Sears, AMC Theatres, Barnes & Noble
53.	Greendale Mall	MA	Worcester (Boston)	Fee and Ground Lease (2019)(7)		49.1%	(4)	Acquired 1999		92.4	%		429,827	(17)	T.J. Maxx 'N More, Best Buy, DSW, Big Lots
54.	Greenwood Park Mall	IN	Greenwood (Indianapolis)	Fee		100.0%		Acquired 1979		97.8	%		1,280,035		Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, AMC Theatres
55.	Gulf View Square	FL	Port Richey (Tampa)	Fee		100.0%		Built 1980		82.4	%		753,514		Macy's, Dillard's, JCPenney, Sears, Best Buy, TJ Maxx
56.	Gwinnett Place	GA	Duluth (Atlanta)	Fee		75.0%		Acquired 1998		81.4	%		1,279,491	(17)	Belk, JCPenney, Macy's, Sears, Mega Mart
57.	Haywood Mall	SC	Greenville	Fee and Ground Lease (2017)(7)		100.0%		Acquired 1998		97.9	%		1,230,853		Macy's, Dillard's, JCPenney, Sears, Belk
58.	Independence Center	MO	Independence (Kansas City)	Fee		100.0%		Acquired 1994		97.2	%		867,169		Dillard's, Macy's, Sears
59.	Indian River Mall	FL	Vero Beach	Fee		50.0%	(4)	Built 1996		82.1	%		736,658		Dillard's, Macy's, JCPenney, Sears, AMC Theatres
60.	Ingram Park Mall	TX	San Antonio	Fee		100.0%		Built 1979		93.4	%		1,125,713		Dillard's, Dillard's Home Store, Macy's, JCPenney, Sears, Bealls
61.	Irving Mall	TX	Irving (Dallas)	Fee		100.0%		Built 1971		84.1	%		1,053,116		Macy's, Dillard's Clearance Center, Sears, Burlington Coat Factory, La Vida Fashion and Home Décor, AMC Theatres,(8)
62.	Jefferson Valley Mall	NY	Yorktown Heights (New York)	Fee		100.0%		Built 1983		93.9	%		579,766		Macy's, Sears, H&M, Movies at Jefferson Valley
63.	King of Prussia Mall	PA	King of Prussia (Philadelphia)	Fee		12.4%	(4)(15)	Acquired 2003		93.0	%		2,401,523	(17)	Neiman Marcus, Bloomingdale's (Court), Nordstrom, Lord & Taylor, Macy's (Court), JCPenney, Sears, Crate & Barrel
64.	Knoxville Center	TN	Knoxville	Fee		100.0%		Built 1984		79.6	%		977,956	(17)	JCPenney, Belk, Sears, The Rush Fitness Center, Regal Cinema,(11)
65.	La Plaza Mall	TX	McAllen	Fee and Ground Lease (2040)(7)		100.0%		Built 1976		98.6	%		1,200,684		Macy's, Macy's Home Store, Dillard's, JCPenney, Sears, Joe Brand

16

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
66.	Laguna Hills Mall	CA	Laguna Hills (Los Angeles)	Fee		100.0%		Acquired 1997		92.4	%		866,382		Macy's, JCPenney, Sears, Laguna Hills Cinema, Nordstrom Rack, Total Woman Gym & Spa
67.	Lake Square Mall	FL	Leesburg (Orlando)	Fee		50.0%	(4)	Acquired 1998		73.4	%		559,224		JCPenney, Sears, Belk, Target, AMC Theatres, Books-A-Million, PetSmart(6)
68.	Lakeline Mall	TX	Cedar Park (Austin)	Fee		100.0%		Built 1995		97.3	%		1,097,693		Dillard's, Macy's, JCPenney, Sears, Regal Cinema
69.	Lehigh Valley Mall	PA	Whitehall	Fee		37.6%	(4)(15)	Acquired 2003		96.8	%		1,169,508	(17)	Macy's, JCPenney, Boscov's, Barnes & Noble, HH Gregg, Babies R Us
70.	Lenox Square	GA	Atlanta	Fee		100.0%		Acquired 1998		96.5	%		1,546,289		Neiman Marcus, Bloomingdale's, Macy's
71.	Liberty Tree Mall	MA	Danvers (Boston)	Fee		49.1%	(4)	Acquired 1999		91.2	%		858,625		Marshalls, The Sports Authority, Target, Bed, Bath & Beyond, Kohl's, Best Buy, Staples, AC Moore, K&G Fashion Superstore(16), AMC Theatres, Nordstrom Rack, Off Broadway Shoes
72.	Lima Mall	OH	Lima	Fee		100.0%		Built 1965		90.7	%		740,537		Macy's, JCPenney, Elder-Beerman, Sears, MC Sporting Goods
73.	Lincolnwood Town Center	IL	Lincolnwood (Chicago)	Fee		100.0%		Built 1990		95.0	%		421,366		Kohl's, Carson Pirie Scott
74.	Lindale Mall(1)	IA	Cedar Rapids	Fee		50.0%	(4)	Acquired 1998		86.5	%		691,242		Von Maur, Sears, Younkers
75.	Livingston Mall	NJ	Livingston (New York)	Fee		100.0%		Acquired 1998		94.5	%		984,695		Macy's, Lord & Taylor, Sears, Barnes & Noble
76.	Longview Mall	TX	Longview	Fee		100.0%		Built 1978		90.3	%		638,438		Dillard's, JCPenney, Sears, Bealls,(11)
77.	Mall at Chestnut Hill, The	MA	Chestnut Hill (Boston)	Lease (2038)(9)		94.4%		Acquired 2002		89.9	%		474,909		Bloomingdale's, Bloomingdale's Home Furnishing and Men's Store
78.	Mall at Rockingham Park, The	NH	Salem (Boston)	Fee		24.6%	(4)	Acquired 1999		98.7	%		1,019,923		JCPenney, Sears, Macy's,(11)
79.	Mall of Georgia	GA	Buford (Atlanta)	Fee		100.0%		Built 1999		95.8	%		1,833,763		Nordstrom, Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Haverty's Furniture, Regal Cinema,(8)
80.	Mall of New Hampshire, The	NH	Manchester	Fee		49.1%	(4)	Acquired 1999		97.8	%		811,586		Macy's, JCPenney, Sears, Best Buy, A.C. Moore, Ulta(6)
81.	Maplewood Mall	MN	St. Paul (Minneapolis)	Fee		100.0%		Acquired 2002		91.0	%		927,039		Macy's, JCPenney, Sears, Kohl's, Barnes & Noble
82.	Markland Mall	IN	Kokomo	Ground Lease (2041)		100.0%		Built 1968		96.4	%		415,892		Sears, Target, MC Sporting Goods,(8)
83.	McCain Mall	AR	N. Little Rock	Fee		100.0%		Built 1973		92.5	%		770,584		Dillard's, JCPenney, Sears,(11)
84.	Melbourne Square	FL	Melbourne	Fee		100.0%		Built 1982		81.5	%		665,627		Macy's, Dillard's Men's, Children's & Home, Dillard's Women's, JCPenney, Dick's Sporting Goods,(8)
85.	Menlo Park Mall	NJ	Edison (New York)	Fee		100.0%		Acquired 1997		96.9	%		1,323,156	(17)	Nordstrom, Macy's, Barnes & Noble, AMC Dine-In Theater, WOW! Work Out World, Fortunoff Backyard Store
86.	Mesa Mall(1)	CO	Grand Junction	Fee		50.0%	(4)	Acquired 1998		87.9	%		880,756		Sears, Herberger's, JCPenney, Target, Cabela's(6)
87.	Miami International Mall	FL	Miami	Fee		47.8%	(4)	Built 1982		92.1	%		1,071,484		Macy's Mens & Home, Macy's Women & Children, JCPenney, Sears, Kohls(6)
88.	Midland Park Mall	TX	Midland	Fee		100.0%		Built 1980		92.9	%		617,068		Dillard's, Dillard's Mens & Juniors, JCPenney, Sears, Bealls, Ross Dress for Less
89.	Miller Hill Mall	MN	Duluth	Ground Lease (2013)		100.0%		Built 1973		96.6	%		805,321		JCPenney, Sears, Younkers, Barnes & Noble, DSW

17

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
90.	Montgomery Mall	PA	North Wales (Philadelphia)	Fee		60.0%	(15)	Acquired 2003		85.8	%		1,154,062		Macy's, JCPenney, Sears, Dick's Sporting Goods,(11)
91.	Muncie Mall	IN	Muncie	Fee		100.0%		Built 1970		92.9	%		635,645		Macy's, JCPenney, Sears, Elder Beerman
92.	North East Mall	TX	Hurst (Dallas)	Fee		100.0%		Built 1971		96.7	%		1,670,694		Nordstrom, Dillard's, Macy's, JCPenney, Sears, Dick's Sporting Goods, Rave Theatre
93.	Northfield Square Mall	IL	Bourbonnais	Fee		31.6%	(12)	Built 1990		90.4	%		530,011		Carson Pirie Scott Women's, Carson Pirie Scott Men's, Children's & Home, JCPenney, Sears, Cinemark Movies 10
94.	Northgate Mall	WA	Seattle	Fee		100.0%		Acquired 1987		94.1	%		1,058,744		Nordstrom, Macy's, JCPenney, Toys 'R Us, Barnes & Noble, Bed Bath & Beyond, DSW
95.	Northlake Mall	GA	Atlanta	Fee		100.0%		Acquired 1998		86.8	%		961,998		Macy's, JCPenney, Sears, Kohl's
96.	NorthPark Mall	IA	Davenport	Fee		50.0%	(4)	Acquired 1998		90.6	%		1,073,101		Dillard's, Von Maur, Younkers, JCPenney, Sears, Barnes & Noble
97.	Northshore Mall	MA	Peabody (Boston)	Fee		49.1%	(4)	Acquired 1999		93.6	%		1,579,820	(17)	JCPenney, Sears, Filene's Basement, Nordstrom, Macy's Mens/Furniture, Macys, H&M, Barnes & Noble, Toys 'R Us, Shaw's Grocery
98.	Northwoods Mall	IL	Peoria	Fee		100.0%		Acquired 1983		95.0	%		694,230		Macy's, JCPenney, Sears
99.	Oak Court Mall	TN	Memphis	Fee		100.0%		Acquired 1997		94.5	%		849,298	(17)	Dillard's, Dillard's Mens, Macy's
100.	Ocean County Mall	NJ	Toms River (New York)	Fee		100.0%		Acquired 1998		98.8	%		890,283		Macy's, Boscov's, JCPenney, Sears
101.	Orange Park Mall	FL	Orange Park (Jacksonville)	Fee		100.0%		Acquired 1994		98.6	%		957,994		Dillard's, JCPenney, Sears, Belk, Dick's Sporting Goods, AMC Theatres
102.	Orland Square	IL	Orland Park (Chicago)	Fee		100.0%		Acquired 1997		98.5	%		1,210,321		Macy's, Carson Pirie Scott, JCPenney, Sears
103.	Oxford Valley Mall	PA	Langhorne (Philadelphia)	Fee		65.0%	(15)	Acquired 2003		91.9	%		1,333,986	(17)	Macy's, JCPenney, Sears, United Artists Theatre,(11)
104.	Paddock Mall	FL	Ocala	Fee		100.0%		Built 1980		95.4	%		553,811		Macy's, JCPenney, Sears, Belk
105.	Penn Square Mall	OK	Oklahoma City	Ground Lease (2060)		94.5%		Acquired 2002		98.6	%		1,050,751		Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Dickinson Theatre
106.	Pheasant Lane Mall	NH	Nashua	—		—	(14)	Acquired 2002		94.7	%		870,048		JCPenney, Sears, Target, Macy's, Dick's(6)
107.	Phipps Plaza	GA	Atlanta	Fee		100.0%		Acquired 1998		93.7	%		813,238		Saks Fifth Avenue, Nordstrom, Belk, AMC Theatres, Arhaus Furniture(6)
108.	Plaza Carolina	PR	Carolina (San Juan)	Fee		100.0%		Acquired 2004		92.5	%		1,077,680	(17)	JCPenney, Sears, Tiendas Capri, Pueblo Xtra, Best Buy
109.	Port Charlotte Town Center	FL	Port Charlotte	Fee		80.0%	(12)	Built 1989		90.3	%		766,050		Dillard's, Macy's, JCPenney, Bealls, Sears, DSW, Regal Cinema
110.	Prien Lake Mall	LA	Lake Charles	Fee and Ground Lease (2025)(7)		100.0%		Built 1972		95.3	%		791,043		Dillard's, JCPenney, Sears, Cinemark Theatres, Kohl's
111.	Quaker Bridge Mall	NJ	Lawrenceville	Fee		38.0%	(4)(15)	Acquired 2003		93.0	%		1,098,829		Macy's, Lord & Taylor, JCPenney, Sears
112.	Richmond Town Square	OH	Richmond Heights (Cleveland)	Fee		100.0%		Built 1966		93.7	%		1,015,451		Macy's, JCPenney, Sears, Regal Cinemas
113.	River Oaks Center	IL	Calumet City (Chicago)	Fee		100.0%		Acquired 1997		90.2	%		1,353,042	(17)	Macy's, Carson Pirie Scott, JCPenney, Sears

18

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
114.	Rockaway Townsquare	NJ	Rockaway (New York)	Fee		100.0%		Acquired 1998		96.3	%		1,247,790		Macy's, Lord & Taylor, JCPenney, Sears
115.	Rolling Oaks Mall	TX	San Antonio	Fee		100.0%		Built 1988		86.7	%		883,521	(17)	Dillard's, Macy's, JCPenney, Sears
116.	Roosevelt Field	NY	Garden City (New York)	Fee and Ground Lease (2090)(7)		100.0%		Acquired 1998		96.1	%		2,227,065	(17)	Bloomingdale's, Bloomingdale's Furniture Gallery, Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, Loews Theatre, Xsport Fitness
117.	Ross Park Mall	PA	Pittsburgh	Fee		100.0%		Built 1986		94.8	%		1,237,363		JCPenney, Sears, Nordstrom, L.L. Bean, Macy's, Crate & Barrel
118.	Rushmore Mall(1)	SD	Rapid City	Fee		50.0%	(4)	Acquired 1998		76.2	%		833,459		JCPenney, Herberger's, Sears, Carmike Cinemas, Hobby Lobby, Toys R Us,(11)
119.	Santa Rosa Plaza	CA	Santa Rosa	Fee		100.0%		Acquired 1998		97.4	%		692,577		Macy's, Sears, Forever 21,(11)
120.	Seminole Towne Center	FL	Sanford (Orlando)	Fee		45.0%	(4)(2)	Built 1995		89.2	%		1,125,909		Macy's, Dillard's, JCPenney, Sears, United Artists Theatre, H&M,(8)
121.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)	Fee		100.0%		Built 1979		97.7	%		1,149,135		Nordstrom, Macy's (2 locations), Forever 21(6)
122.	Shops at Sunset Place, The	FL	S. Miami	Fee		37.5%	(4)(2)	Built 1999		90.8	%		514,624		NikeTown, Barnes & Noble, GameWorks, Z Gallerie, LA Fitness, AMC Theatres, Splitsville, Casa N Ideas
123.	Smith Haven Mall	NY	Lake Grove (New York)	Fee		25.0%	(4)	Acquired 1995		95.3	%		1,287,343		Macy's, Macy's Furniture Gallery, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble
124.	Solomon Pond Mall	MA	Marlborough (Boston)	Fee		49.1%	(4)	Acquired 1999		99.2	%		885,048		Macy's, JCPenney, Sears, Regal Cinema
125.	South Hills Village	PA	Pittsburgh	Fee		100.0%		Acquired 1997		94.2	%		1,142,336	(17)	Macy's, Sears, Barnes & Noble, Carmike Cinemas,(8)
126.	South Shore Plaza	MA	Braintree (Boston)	Fee		100.0%		Acquired 1998		97.4	%		1,553,605		Macy's, Lord & Taylor, Sears, Filene's Basement, Nordstrom, Target
127.	Southern Hills Mall(1)	IA	Sioux City	Fee		50.0%	(4)	Acquired 1998		81.9	%		790,384		Younkers, JCPenney, Sears, Scheel's Sporting Goods, Barnes & Noble, Carmike Cinemas, Hy-Vee, Toys R Us, Petco
128.	Southern Park Mall	OH	Youngstown	Fee		100.0%		Built 1970		94.0	%		1,189,875		Macy's, Dillard's, JCPenney, Sears, Cinemark Theatres
129.	SouthPark	NC	Charlotte	Fee & Ground Lease (2040)(10)		100.0%		Acquired 2002		94.0	%		1,620,553		Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Crate & Barrel, The Container Store(6)
130.	SouthPark Mall	IL	Moline	Fee		50.0%	(4)	Acquired 1998		76.1	%		1,017,107		Dillard's, Von Maur, Younkers, JCPenney, Sears
131.	SouthRidge Mall(1)	IA	Des Moines	Fee		50.0%	(4)	Acquired 1998		53.4	%		883,312		JCPenney, Younkers, Sears, Target
132.	Springfield Mall(1)	PA	Springfield (Philadelphia)	Fee		38.0%	(4)(15)	Acquired 2005		84.6	%		589,257		Macy's, Target
133.	Square One Mall	MA	Saugus (Boston)	Fee		49.1%	(4)	Acquired 1999		97.2	%		928,569		Macy's, Sears, Best Buy, T.J. Maxx N More, Best Buy, Dick's Sporting Goods, Filene's Basement, World Gym
134.	St. Charles Towne Center	MD	Waldorf (Washington, D.C.)	Fee		100.0%		Built 1990		96.4	%		980,643		Macy's, Macy's Home Store, JCPenney, Sears, Kohl's, Dick Sporting Goods, AMC Theatres

19

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
135.	St. Johns Town Center	FL	Jacksonville	Fee		50.0%	(4)	Built 2005		99.1	%		1,235,705		Dillard's, Target, Ashley Furniture Home Store, Barnes & Noble, Dick's Clothing & Sporting Goods, Ross Dress for Less, Staples, DSW, JoAnn Fabrics, PetsMart
136.	Stanford Shopping Center	CA	Palo Alto (San Francisco)	Ground Lease (2054)		100.0%		Acquired 2003		98.0	%		1,361,234	(17)	Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Macy's Mens Store
137.	Summit Mall	OH	Akron	Fee		100.0%		Built 1965		94.7	%		768,064		Dillard's Women's & Children's, Dillard's Men's & Home, Macy's
138.	Sunland Park Mall	TX	El Paso	Fee		100.0%		Built 1988		94.1	%		917,533		Macy's, Dillard's Women's & Children's, Dillard's Men's & Home, Sears, Forever 21,(8)
139.	Tacoma Mall	WA	Tacoma (Seattle)	Fee		100.0%		Acquired 1987		87.5	%		1,372,139		Nordstrom, Macy's, JCPenney, Sears, David's Bridal, Forever 21, H&M
140.	Tippecanoe Mall	IN	Lafayette	Fee		100.0%		Built 1973		90.2	%		862,773		Macy's, JCPenney, Sears, Kohl's, Dick's Sporting Goods, H.H. Gregg
141.	Town Center at Aurora	CO	Aurora (Denver)	Fee		100.0%		Acquired 1998		83.2	%		1,081,383		Macy's, Dillard's, JCPenney, Sears, Century Theatres
142.	Town Center at Boca Raton	FL	Boca Raton (Miami)	Fee		100.0%		Acquired 1998		98.7	%		1,753,721		Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Sears, Crate & Barrel
143.	Town Center at Cobb	GA	Kennesaw (Atlanta)	Fee		75.0%		Acquired 1998		95.5	%		1,275,747		Belk, Macy's, JCPenney, Sears, Macy's Men's & Furniture
144.	Towne East Square	KS	Wichita	Fee		100.0%		Built 1975		93.8	%		1,125,397		Dillard's, Von Maur, JCPenney, Sears
145.	Towne West Square	KS	Wichita	Fee		100.0%		Built 1980		85.4	%		941,626		Dillard's Women's & Home, Dillard's Men's & Children, JCPenney, Sears, Dick's Sporting Goods, The Movie Machine
146.	Treasure Coast Square	FL	Jensen Beach	Fee		100.0%		Built 1987		89.7	%		878,213		Macy's, Dillard's, JCPenney, Sears, Borders Books & Music, Regal Cinema
147.	Tyrone Square	FL	St. Petersburg (Tampa)	Fee		100.0%		Built 1972		93.1	%		1,095,781		Macy's, Dillard's, JCPenney, Sears, Borders Books & Music
148.	University Park Mall	IN	Mishawaka	Fee		100.0%		Built 1979		91.3	%		922,681		Macy's, JCPenney, Sears, Barnes & Noble
149.	Upper Valley Mall	OH	Springfield	Fee		100.0%		Built 1971		80.4	%		739,569		Macy's, JCPenney, Sears, Elder-Beerman, MC Sporting Goods, Chakeres Theatres
150.	Valle Vista Mall	TX	Harlingen	Fee		100.0%		Built 1983		50.7	%		651,034		Dillard's, JCPenney, Sears, Big Lots, Forever 21
151.	Valley Mall	VA	Harrisonburg	Fee		50.0%	(4)	Acquired 1998		82.8	%		506,269		JCPenney, Belk, Target, Books-A-Million,(8)
152.	Virginia Center Commons	VA	Glen Allen	Fee		100.0%		Built 1991		89.3	%		785,193		Macy's, Dillard's, JCPenney, Sears, Burlington Coat Factory(6)
153.	Walt Whitman Mall	NY	Huntington Station (New York)	Ground Lease (2022)		100.0%		Acquired 1998		95.5	%		1,027,680		Saks Fifth Avenue, Bloomingdale's, Lord & Taylor, Macy's
154.	Washington Square	IN	Indianapolis	Fee		100.0%		Built 1974		74.2	%		971,921	(17)	Sears, Target, Dick's Sporting Goods, Burlington Coat Factory, Kerasotes Theatres,(11)
155.	West Ridge Mall	KS	Topeka	Fee		100.0%		Built 1988		92.3	%		992,313		Macy's, Dillard's, JCPenney, Sears, Burlington Coat Factory
156.	West Town Mall	TN	Knoxville	Ground Lease (2042)		50.0%	(4)	Acquired 1991		98.0	%		1,335,972		Belk Women, Dillard's, JCPenney, Belk Men, Home and Kids, Sears, Regal Cinema

20

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
157.	Westchester, The	NY	White Plains (New York)	Fee		40.0%	(4)	Acquired 1997		94.0	%		827,389	(17)	Neiman Marcus, Nordstrom
158.	Westminster Mall	CA	Westminster (Los Angeles)	Fee		100.0%		Acquired 1998		86.5	%		1,191,122		Macy's, JCPenney, Sears, Target
159.	White Oaks Mall	IL	Springfield	Fee		80.7%		Built 1977		81.2	%		928,049	(17)	Macy's, Bergner's, Sears, Dick's Sporting Goods,(8)
160.	Wolfchase Galleria	TN	Memphis	Fee		94.5%		Acquired 2002		94.4	%		1,152,695		Macy's, Dillard's, JCPenney, Sears, Malco Theatres
161.	Woodland Hills Mall	OK	Tulsa	Fee		94.5%		Acquired 2002		98.7	%		1,092,078		Macy's, Dillard's, JCPenney, Sears
	Total Regional Mall GLA												159,944,032
	Premium Outlets
1.	Albertville Premium Outlets	MN	Albertville (Minneapolis)	Fee		100.0%		Acquired 2004		92.8	%		429,430		Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Lucky Brand, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
2.	Allen Premium Outlets	TX	Allen (Dallas)	Fee		100.0%		Acquired 2004		99.8	%		441,582		Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Michael Kors, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Tommy Hilfiger
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	Fee		100.0%		Acquired 2004		93.7	%		300,446		Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger
4.	Birch Run Premium Outlets	MI	Birch Run	Fee		100.0%		Acquired 2010		91.7	%		677,852		Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Guess, J. Crew, Nike, The North Face, Polo Ralph Lauren, Tommy Hilfiger
5.	Calhoun Premium Outlets	GA	Calhoun	Fee		100.0%		Acquired 2010		94.3	%		253,674		Ann Taylor, Carter's, Coach, Gap Outlet, Gymboree, Jones New York, Nike, Polo Ralph Lauren, Tommy Hilfiger
6.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)	Fee		100.0%		Acquired 2004		98.0	%		673,976		Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Giorgio Armani, Hugo Boss, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger
7.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	Fee		100.0%		Acquired 2004		99.7	%		288,245		Adidas, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Crate & Barrel, Gap Outlet, Guess, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger
8.	Carolina Premium Outlets	NC	Smithfield	Ground Lease (2029)		100.0%		Acquired 2004		99.1	%		438,953		Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
9.	Chicago Premium Outlets	IL	Aurora (Chicago)	Fee		100.0%		Built 2004		100.0	%		437,359		Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Elie Tahari, Gap Outlet, Giorgio Armani, J.Crew, Kate Spade, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Sony, Theory
10.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)	Fee		100.0%		Built 2009		98.7	%		398,807		Adidas, Banana Republic, Brooks Brothers, Coach, Cole Haan, Columbia Sportswear Company, Gap Outlet, Hanes Brands, J.Crew, Nike, Polo Ralph Lauren, Saks 5th Avenue Off 5th, Tommy Hilfiger, The North Face

21

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership		Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
11.	Clinton Crossing Premium Outlets	CT	Clinton	Fee		100.0%	Acquired 2004		98.4	%		276,175	Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger
12.	Columbia Gorge Premium Outlets	OR	Troutdale (Portland)	Fee		100.0%	Acquired 2004		95.8	%		163,679	Adidas, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Levi's, Tommy Hilfiger
13.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	Fee		100.0%	Acquired 2004		99.9	%		501,722	Burberry, Coach, Dior, Elie Tahari, Giorgio Armani, Gucci, Lacoste, Nike, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, True Religion, Yves Saint Laurent, Zegna
14.	Edinburgh Premium Outlets	IN	Edinburgh (Indianapolis)	Fee		100.0%	Acquired 2004		98.0	%		377,703	Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Coldwater Creek, Columbia Sportswear, Gap Outlet, J.Crew, Levi's, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger
15.	Ellenton Premium Outlets	FL	Ellenton	Fee		100.0%	Acquired 2010		98.8	%		476,538	Banana Republic, Calvin Klein, Coach, J.Crew, Kate Spade, Kenneth Cole, Lacoste, Lucky Brand, Michael Kors, Movado, Nike, Saks Fifth Avenue Off 5th
16.	Folsom Premium Outlets	CA	Folsom (Sacramento)	Fee		100.0%	Acquired 2004		98.8	%		295,994	BCBG Max Azria, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Nautica, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger
17.	Gaffney Premium Outlets	SC	Gaffney	Fee		100.0%	Acquired 2010		96.1	%		359,437	Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Coach, Gap Outlet, J.Crew, Juicy Couture, Nautica, Nike, Polo Ralph Lauren
18.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	Fee		100.0%	Acquired 2004		96.1	%		577,856	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Hugo Boss, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger, True Religion
19.	Grove City Premium Outlets	PA	Grove City	Fee		100.0%	Acquired 2010		97.9	%		531,720	American Eagle, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Nike, Polo Ralph Lauren
20.	Gulfport Premium Outlets	MS	Gulfport	Ground Lease (2034)		100.0%	Acquired 2010		93.0	%		302,899	Ann Taylor, Banana Republic, BCBG Max Azria, Coach, Gap Outlet, J.Crew, Jones New York, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
21.	Hagerstown Premium Outlets	MD	Hagerstown	Fee		100.0%	Acquired 2010		96.2	%		484,926	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J. Crew, Kate Spade, Nike, Tommy Hilfiger, Under Armour
22.	Houston Premium Outlets	TX	Cypress (Houston)	Fee		100.0%	Built 2008		99.4	%		536,452	Ann Taylor, A/X Armani Exchange, Banana Republic, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, J. Crew, Juicy Couture, Lucky Brand, Michael Kors, Nike, Saks Fifth Avenue off 5th, Tommy Hilfiger, Tory Burch
23.	Jackson Premium Outlets	NJ	Jackson (New York)	Fee		100.0%	Acquired 2004		98.9	%		285,766	Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Under Armour
24.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	Fee		100.0%	Built 2008		97.0	%		434,430	Adidas, Ann Taylor, Banana Republic, Burberry, Brooks Brothers, DKNY, Elie Tahari, Guess, J. Crew, Kate Spade, Michael Kors, Theory, Nike, Tommy Hilfiger, True Religion, Under Armour
25.	Johnson Creek Premium Outlets	WI	Johnson Creek	Fee		100.0%	Acquired 2004		89.4	%		277,672	Adidas, Ann Taylor, Banana Republic, Calvin Klein, Columbia Sportswear, Eddie Bauer, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger

22

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership		Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
26.	Kittery Premium Outlets	ME	Kittery	Ground Lease (2014)		100.0%	Acquired 2004		97.4	%		264,538	Adidas, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Puma, Reebok, Tommy Hilfiger
27.	Las Americas Premium Outlets	CA	San Diego	Fee		100.0%	Acquired 2007		98.3	%		560,904	Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Hugo Boss, J.Crew, Last Call Neiman Marcus, Nike, Polo Ralph Lauren, Sony, Tommy Bahama, True Religion
28.	Las Vegas Outlet Center	NV	Las Vegas	Fee		100.0%	Acquired 2004		100.0	%		468,997	Adidas, Aeropostale, Ann Taylor, Bose, Calvin Klein, Coach, DKNY, Gymboree, Levi's, Nautica, Nike, Reebok, Tommy Hilfiger
29.	Las Vegas Premium Outlets	NV	Las Vegas	Fee		100.0%	Built 2003		100.0	%		538,689	A/X Armani Exchange, Ann Taylor, Banana Republic, Burberry, Coach, David Yurman, Diesel, Dolce & Gabbana, Elie Tahari, Etro, Hugo Boss, Lacoste, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Tag Heuer, Ted Baker, True Religion
30.	Lebanon Premium Outlets	TN	Lebanon	Fee		100.0%	Acquired 2010		91.8	%		227,040	Ann Taylor, Banana Republic, Brooks Brothers, Coach, Eddie Bauer, Gap Outlet, Nike, Polo Ralph Lauren, Samsonite, Tommy Hilfiger, Van Heusen
31.	Lee Premium Outlets	MA	Lee	Fee		100.0%	Acquired 2010		100.0	%		224,853	Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, J. Crew, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
32.	Leesburg Corner Premium Outlets	VA	Leesburg (Washington D.C.)	Fee		100.0%	Acquired 2004		97.1	%		517,711	Ann Taylor, Brooks Brothers, Burberry, Coach, Crate & Barrel, Diesel, DKNY, Juicy Couture, Lacoste, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Under Armour, Williams-Sonoma
33.	Liberty Village Premium Outlets	NJ	Flemington (New York)	Fee		100.0%	Acquired 2004		94.1	%		164,528	Ann Taylor, Brooks Brothers, Calvin Klein, Coach, J.Crew, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger
34.	Lighthouse Place Premium Outlets	IN	Michigan City	Fee		100.0%	Acquired 2004		96.0	%		454,365	Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Coldwater Creek, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Movado, Nike, Polo Ralph Lauren, Tommy Hilfiger
35.	Napa Premium Outlets	CA	Napa	Fee		100.0%	Acquired 2004		99.6	%		179,407	Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Lucky Brand, Nautica, Tommy Hilfiger
36.	North Bend Premium Outlets	WA	North Bend (Seattle)	Fee		100.0%	Acquired 2004		94.7	%		223,411	Adidas, Bass, Carter's, Coach, Eddie Bauer, Gap Outlet, Izod, Nike, Nine West, PacSun, Tommy Hilfiger, Van Heusen, VF Outlet
37.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	Fee		100.0%	Acquired 2004		98.2	%		540,308	Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Hugo Boss, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Williams-Sonoma
38.	Orlando Premium Outlets—Vineland Ave.	FL	Orlando	Fee		100.0%	Acquired 2004		100.0	%		549,580	Burberry, Calvin Klein, Coach, Cole Haan, Diesel, Dior, Fendi, Giorgio Armani, Hugo Boss, J. Crew, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Tag Heuer, Theory
39.	Orlando Premium Outlets—International Dr.	FL	Orlando	Fee		100.0%	Acquired 2010		99.0	%		773,519	Betsey Johnson, Coach, J. Crew, Kenneth Cole, Lacoste, Michael Kors, Last Call by Neiman Marcus, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Victoria Secret

23

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership		Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
40.	Osage Beach Premium Outlets	MO	Osage Beach	Fee		100.0%	Acquired 2004		91.6	%		393,211	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Coldwater Creek, Eddie Bauer, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger
41.	Petaluma Village Premium Outlets	CA	Petaluma	Fee		100.0%	Acquired 2004		96.6	%		195,771	Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Coach, Gap Outlet, Nike, Puma, Saks Fifth Avenue Off 5th, Tommy Hilfiger
42.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	Fee		100.0%	Built 2007		96.9	%		549,143	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, Guess, J.Crew, Michael Kors, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Restoration Hardware, Sony
43.	Pismo Beach Premium Outlets	CA	Pismo Beach	Fee		100.0%	Acquired 2010		98.0	%		147,728	Aeropostale, Calvin Klein, Carter's, Jones New York, Levi's Outlet, Nike, Nine West, Polo Ralph Lauren, Tommy Hilfiger, Van Heusen
44.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie	Fee		100.0%	Acquired 2010		99.9	%		402,465	Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Hugo Boss, J. Crew, Juicy Couture, Nike, Polo Ralph Lauren, Sony
45.	Puerto Rico Premium Outlets	PR	Barceloneta	Fee		100.0%	Acquired 2010		89.6	%		344,587	Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Gap Outlet, Guess, Kenneth Cole, Lacoste, Michael Kors, Nautica, Nike, Nine West, Polo Ralph Lauren, Puma, Tommy Hilfiger
46.	Queenstown Premium Outlets	MD	Queenstown	Fee		100.0%	Acquired 2010		93.1	%		284,312	Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gucci, J. Crew, Juicy Couture, Kate Spade, Michael Kors, Nike, Polo Ralph Lauren
47.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	Fee		100.0%	Built 2006		96.9	%		584,790	Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Gap Outlet, Guess, Hugo Boss, Loft Outlet, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger
48.	Round Rock Premium Outlets	TX	Round Rock (Austin)	Fee		100.0%	Built 2006		98.0	%		488,561	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Theory, Tommy Hilfiger
49.	San Marcos Premium Outlets	TX	San Marcos	Fee		100.0%	Acquired 2010		98.5	%		732,162	Betsey Johnson, Cole Haan, Fendi, Giorgio Armani, Gucci, Michael Kors, Last Call by Neiman Marcus, Saks Fifth Avenue Off 5th, Salvatore Ferragamo
50.	Seattle Premium Outlets	WA	Tulalip (Seattle)	Ground Lease (2034)		100.0%	Built 2005		99.1	%		443,810	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Hugo Boss, J. Crew, Juicy Couture, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Sony, Tommy Hilfiger
51.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonville)	Fee		100.0%	Acquired 2004		97.0	%		328,549	Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Reebok, Tommy Bahama, Tommy Hilfiger, Under Armour
52.	The Crossings Premium Outlets	PA	Tannersville	Fee and Ground Lease (2019)(7)		100.0%	Acquired 2004		99.3	%		411,268	Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Coldwater Creek, Guess, J.Crew, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Under Armour
53.	Vacaville Premium Outlets	CA	Vacaville	Fee		100.0%	Acquired 2004		98.3	%		437,395	Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, DKNY, Gucci, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Tommy Bahama, Tommy Hilfiger
54.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	Fee		100.0%	Acquired 2004		99.5	%		209,802	A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Guess, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, True Religion

24

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)		Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
55.	Waterloo Premium Outlets	NY	Waterloo	Fee			100.0%		Acquired 2004		96.5	%		417,737		Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, VF Outlet
56.	Williamsburg Premium Outlets	VA	Williamsburg	Fee			100.0%		Acquired 2010		96.8	%		521,536		Burberry, Coach, Cole Haan, Dooney & Bourke, Hugo Boss, J. Crew, Juicy Couture, Kenneth Cole, Lacoste, Michael Kors, Nautica, Nike, Polo Ralph Lauren
57.	Woodbury Commons Premium Outlets	NY	Central Valley (New York)	Fee			100.0%		Acquired 2004		100.0	%		844,808		Banana Republic, Burberry, Chloe, Coach, Dior, Dolce & Gabbana, Fendi, Giorgio Armani, Gucci, Lacoste, Last Call by Neiman Marcus, Nike, Oscar de la Renta, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tory Burch, Versace, Yves St. Laurent
58.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	Fee			100.0%		Acquired 2004		99.7	%		635,978		Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Elie Tahari, Hugo Boss, J. Crew, Lacoste, Movado, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Sony, Williams-Sonoma, Theory, Tommy Hilfiger, True Religion, Under Armour
	Total U.S. Premium Outlets GLA													24,284,756
	Community/Lifestyle Centers
1.	Arboretum at Great Hills	TX	Austin	Fee			100.0%		Acquired 1998		87.4	%		206,397		Barnes & Noble, Pottery Barn
2.	Bloomingdale Court	IL	Bloomingdale (Chicago)	Fee			100.0%		Built 1987		96.2	%		630,359		Best Buy, T.J. Maxx N More, Office Max, Wal-Mart, Dick's Sporting Goods, Jo-Ann Fabrics, Picture Show, Ross,(8)
3.	Charles Towne Square	SC	Charleston	Fee			100.0%		Built 1976		100.0	%		71,794		Regal Cinema
4.	Chesapeake Center	VA	Chesapeake (Virginia Beach)	Fee			100.0%		Built 1989		96.1	%		305,935		K-Mart, Movies 10, Petsmart, Michaels, Value City Furniture
5.	Clay Terrace	IN	Carmel (Indianapolis)	Fee			50.0%	(4)	Built 2004		94.7	%		503,655	(17)	Dick's Sporting Goods, Whole Foods, DSW,(8)
6.	Cobblestone Court	NY	Victor	Fee			35.7%	(4)(13)	Built 1993		98.8	%		265,477		Dick's Sporting Goods, Kmart, Office Max
7.	Countryside Plaza	IL	Countryside (Chicago)	Fee			100.0%		Built 1977		87.7	%		403,756		Best Buy, Home Depot, PetsMart, Jo-Ann Fabrics, Office Depot, Value City Furniture
8.	Crystal Court	IL	Crystal Lake (Chicago)	Fee			37.9%	(4)(13)	Built 1989		58.8	%		278,978		Big Lots
9.	Dare Centre	NC	Kill Devil Hills	Ground Lease (2058)			100.0%		Acquired 2004		100.0	%		168,707		Belk, Food Lion
10.	DeKalb Plaza	PA	King of Prussia (Philadelphia)	Fee			50.3%	(15)	Acquired 2003		100.0	%		101,742		ACME Grocery,(8)
11.	Eastland Convenience Center	IN	Evansville	Ground Lease (2075)			50.0%	(4)	Acquired 1998		96.1	%		175,639		Toys 'R Us, Bed Bath & Beyond, Marshalls
12.	Empire East(1)	SD	Sioux Falls	Fee			50.0%	(4)	Acquired 1998		98.1	%		297,278		Kohl's, Target, Bed Bath & Beyond
13.	Fairfax Court	VA	Fairfax (Washington, D.C.)	Fee			41.3%	(4)(13)	Built 1992		85.8	%		249,538		Burlington Coat Factory, Offenbacher's, X Sport Fitness
14.	Forest Plaza	IL	Rockford	Fee	��		100.0%		Built 1985		93.2	%		427,985		Kohl's, Marshalls, Michaels, Factory Card Outlet, Office Max, Bed Bath & Beyond, Petco, Babies R' Us, Toys R' Us, Big Lots
15.	Gaitway Plaza	FL	Ocala	Fee			32.2%	(4)(13)	Built 1989		100.0	%		208,755		Books-A-Million, Office Depot, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond
16.	Gateway Shopping Center	TX	Austin	Fee			100.0%		2004		89.2	%		512,986		Best Buy, REI., Whole Foods, Crate & Barrel, The Container Store, Regal Cinema, Nordstrom Rack,(8)
17.	Great Lakes Plaza	OH	Mentor (Cleveland)	Fee			100.0%		Built 1976		89.6	%		164,377		Michael's, Best Buy, HH Gregg

25

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
18.	Greenwood Plus	IN	Greenwood (Indianapolis)	Fee		100.0%		Built 1979		100.0	%		155,319	Best Buy, Kohl's
19.	Hamilton Town Center	IN	Noblesville (Indianapolis)	Fee		50.0%	(4)	Built 2008		88.5	%		655,490	JCPenney, Borders, Dick's Sporting Goods, Stein Mart, Bed Bath & Beyond, DSW, Hamilton 16 IMAX
20.	Henderson Square	PA	King of Prussia (Philadelphia)	Fee		76.0%	(15)	Acquired 2003		96.0	%		107,376	Genuardi's Family Market, Avalon Carpet & Tile
21.	Highland Lakes Center	FL	Orlando	Fee		100.0%		Built 1991		75.0	%		492,328	Marshalls, Bed Bath & Beyond, American Signature Furniture, Ross Dress for Less, Burlington Coat Factory,(8)
22.	Indian River Commons	FL	Vero Beach	Fee		50.0%		Built 1997		100.0	%		255,942	Lowe's, Best Buy, Ross Dress for Less, Bed Bath & Beyond, Michael's
23.	Ingram Plaza	TX	San Antonio	Fee		100.0%		Built 1980		100.0	%		111,518	Sheplers
24.	Keystone Shoppes	IN	Indianapolis	Ground Lease (2067)		100.0%		Acquired 1997		93.9	%		29,140
25.	Lake Plaza	IL	Waukegan (Chicago)	Fee		100.0%		Built 1986		93.6	%		215,568	Home Owners Bargain Outlet
26.	Lake View Plaza	IL	Orland Park (Chicago)	Fee		100.0%		Built 1986		83.8	%		367,686	Factory Card Outlet, Best Buy, Petco, Jo-Ann Fabrics, Golf Galaxy, Value City Furniture,(8)
27.	Lakeline Plaza	TX	Cedar Park (Austin)	Fee		100.0%		Built 1998		88.2	%		387,430	T.J. Maxx, Best Buy, Ross Dress for Less, Office Max, PetsMart, Party City, Hancock Fabrics, Toys 'R Us, Rooms to Go, Rooms to Go Kids,(8)
28.	Lima Center	OH	Lima	Fee		100.0%		Built 1978		88.2	%		236,878	Kohl's, Hobby Lobby, T.J. Maxx
29.	Lincoln Crossing	IL	O'Fallon (St. Louis)	Fee		100.0%		Built 1990		95.5	%		243,326	Wal-Mart, PetsMart, The Home Depot
30.	Lincoln Plaza	PA	King of Prussia (Philadelphia)	Fee		65.0%	(15)	Acquired 2003		98.6	%		267,965	Burlington Coat Factory, AC Moore, Michaels, T.J. Maxx, Home Goods, HH Gregg,(8)
31.	MacGregor Village	NC	Cary	Fee		100.0%		Acquired 2004		58.6	%		144,041
32.	Mall of Georgia Crossing	GA	Buford (Atlanta)	Fee		100.0%		Built 1999		98.1	%		440,670	Best Buy, American Signature Furniture, T.J. Maxx 'n More, Nordstrom Rack, Staples, Target
33.	Markland Plaza	IN	Kokomo	Fee		100.0%		Built 1974		100.0	%		90,527	Best Buy, Bed Bath & Beyond
34.	Martinsville Plaza	VA	Martinsville	Ground Lease (2046)		100.0%		Built 1967		97.1	%		102,105	Rose's, Food Lion
35.	Matteson Plaza	IL	Matteson (Chicago)	Fee		100.0%		Built 1988		69.7	%		270,892	Dominick's,(8)
36.	Muncie Plaza	IN	Muncie	Fee		100.0%		Built 1998		98.6	%		172,617	Kohl's, Target, Shoe Carnival, T.J. Maxx, MC Sporting Goods, Kerasotes Theatres
37.	New Castle Plaza	IN	New Castle	Fee		100.0%		Built 1966		72.8	%		91,648	Goody's, Ace Hardware, Aaron's Rents, Dollar Tree
38.	North Ridge Plaza	IL	Joliet (Chicago)	Fee		100.0%		Built 1985		84.3	%		303,469	Hobby Lobby, Office Max, Burlington Coat Factory, Ultra Foods Grocery, AJ Wright
39.	North Ridge Shopping Center	NC	Raleigh	Fee		100.0%		Acquired 2004		95.8	%		169,062	Ace Hardware, Kerr Drugs, Harris-Teeter Grocery

26

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
40.	Northwood Plaza	IN	Fort Wayne	Fee		100.0%		Built 1974		83.8	%		208,076	Target, Cinema Grill
41.	Palms Crossing	TX	McAllen	Fee		100.0%		Built 2007		100.0	%		337,249	Bealls, DSW, Barnes & Noble, Babies 'R Us, Sports Authority, Guitar Center, Cavendar's Boot City, Best Buy
42.	Pier Park	FL	Panama City Beach	Fee		100.0%		Built 2008		95.1	%		816,293	Dillard's, JCPenney, Target, Borders, Grand Theatres, Ron Jon Surf Shop, Margaritaville
43.	Plaza at Buckland Hills, The	CT	Manchester	Fee		41.3%	(4)(13)	Built 1993		62.5	%		330,091	Jo-Ann Fabrics, Party City, Toys 'R Us, Michaels, PetsMart, Big Lots,(8)
44.	Regency Plaza	MO	St. Charles (St. Louis)	Fee		100.0%		Built 1988		95.5	%		287,473	Wal-Mart, Sam's Wholesale Club, PetSmart
45.	Richardson Square	TX	Richardson (Dallas)	Fee		100.0%		Built 2008		100.0	%		517,265	Lowe's, Ross Dress for Less, Sears, Super Target, Anna's Linens
46.	Ridgewood Court	MS	Jackson	Fee		35.7%	(4)(13)	Built 1993		99.3	%		369,500	T.J. Maxx, Lifeway Christian Bookstore, Bed Bath & Beyond, Best Buy, Michaels, Marshalls
47.	Rockaway Commons	NJ	Rockaway (New York)	Fee		100.0%		Acquired 1998		90.9	%		150,459	Best Buy,(8)
48.	Rockaway Town Plaza	NJ	Rockaway (New York)	Fee		100.0%		Acquired 1998		100.0	%		459,241	Target, PetsMart, Dick's Sporting Goods, AMC Theatres
49.	Royal Eagle Plaza	FL	Coral Springs (Miami)	Fee		42.0%	(4)(13)	Built 1989		98.4	%		199,082	Stein Mart,(8)
50.	Shops at Arbor Walk, The	TX	Austin	Ground Lease (2056)		100.0%		Built 2006		89.0	%		442,585	Home Depot, Marshall's, DSW, Vitamin Cottage Natural Grocer, Spec's Wine, Spirits and Fine Foods, Jo-Ann Fabrics, Ethan Allen, Sam Moon
51.	Shops at North East Mall, The	TX	Hurst (Dallas)	Fee		100.0%		Built 1999		97.8	%		365,008	Michael's, PetsMart, T.J. Maxx, Bed Bath & Beyond, Best Buy, Barnes & Noble
52.	St. Charles Towne Plaza	MD	Waldorf (Washington, D.C.)	Fee		100.0%		Built 1987		75.3	%		394,491	K & G Menswear, CVS, Shoppers Food Warehouse, Dollar Tree, Value City Furniture, Big Lots,(8)
53.	Teal Plaza	IN	Lafayette	Fee		100.0%		Built 1962		22.4	%		101,087	Pep Boys,(8)
54.	Terrace at the Florida Mall	FL	Orlando	Fee		100.0%		Built 1989		80.2	%		346,693	Marshalls, American Signature Furniture, Global Import, Target, Bed Bath & Beyond,(8)
55.	Tippecanoe Plaza	IN	Lafayette	Fee		100.0%		Built 1974		100.0	%		90,522	Best Buy, Barnes & Noble
56.	University Center	IN	Mishawaka	Fee		100.0%		Built 1980		52.5	%		150,524	Michael's, Best Buy
57.	Village Park Plaza	IN	Carmel (Indianapolis)	Fee		35.7%	(4)(13)	Built 1990		98.6	%		549,623	Bed Bath & Beyond, Kohl's, Wal-Mart, Marsh, Menards, Regal Cinema, Hobby Lobby
58.	Washington Plaza	IN	Indianapolis	Fee		100.0%		Built 1976		57.1	%		50,107	Jo-Ann Fabrics(6)
59.	Waterford Lakes Town Center	FL	Orlando	Fee		100.0%		Built 1999		100.0	%		949,678	Ross Dress for Less, T.J. Maxx, Bed Bath & Beyond, Barnes & Noble, Best Buy, Jo-Ann Fabrics, Office Max, PetsMart, Target, Ashley Furniture HomeStore, L.A. Fitness, Regal Cinema
60.	West Ridge Plaza	KS	Topeka	Fee		100.0%		Built 1988		86.6	%		254,159	T.J. Maxx, Toys 'R Us, Target
61.	West Town Corners	FL	Altamonte Springs (Orlando)	Fee		32.2%	(4)(13)	Built 1989		96.9	%		385,643	Sports Authority, PetsMart, Winn-Dixie Marketplace, American Signature Furniture, Wal-Mart, Lowes Home Improvement

27

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
62.	Westland Park Plaza	FL	Orange Park (Jacksonville)	Fee		32.2%	(4)(13)	Built 1989		81.9	%		163,254	PetsMart, Burlington Coat Factory,(8)
63.	White Oaks Plaza	IL	Springfield	Fee		100.0%		Built 1986		93.2	%		391,474	T.J. Maxx, Office Max, Kohl's, Babies 'R Us, Country Market
64.	Whitehall Mall	PA	Whitehall	Fee		38.0%	(15)(4)	Acquired 2003		92.6	%		588,618	Sears, Kohl's, Bed Bath & Beyond, Borders Books & Music, Gold's Gym, Buy Buy Baby
65.	Willow Knolls Court	IL	Peoria	Fee		35.7%	(4)(13)	Built 1990		96.7	%		382,377	Burlington Coat Factory, Kohl's, Sam's Wholesale Club, Willow Knolls 14, Office Max
66.	Wolf Ranch Town Center	TX	Georgetown (Austin)	Fee		100.0%		Built 2005		79.8	%		626,236	Kohl's, Target, Michaels, Best Buy, Office Depot, PetsMart, T.J. Maxx, DSW
	Total Community/Lifestyle Center GLA												20,191,163
	Other Properties
1.	Crossville Outlet Center	TN	Crossville	Fee		100.0%		Acquired 2004		94.4	%		151,287	Bass, Dressbarn, Kasper, L'eggs Hanes Bali Playtex, Rack Room Shoes, Van Heusen, VF Outlet
2.	Factory Merchants Branson	MO	Branson	Ground Lease (2021)		100.0%		Acquired 2004		60.3	%		273,540	Carter's, Crocs, Izod, Jones New York, Pendleton, Reebok, Tuesday Morning
3.	Factory Stores of America—Boaz	AL	Boaz	Ground Lease (2027)		100.0%		Acquired 2004		77.5	%		111,616	Bon Worth, Easy Spirit, Rue21, VF Outlet
4.	Factory Stores of America—Georgetown	KY	Georgetown	Fee		100.0%		Acquired 2004		95.9	%		173,326	Bass, Dressbarn, Rack Room Shoes, Rue 21, Van Heusen
5.	Factory Stores of America—Graceville	FL	Graceville	Fee		100.0%		Acquired 2004		100.0	%		84,225	Factory Brand Shoes, Van Heusen, VF Outlet
6.	Factory Stores of America—Lebanon	MO	Lebanon	Fee		100.0%		Acquired 2004		100.0	%		85,924	Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
7.	Factory Stores of America—Nebraska City	NE	Nebraska City	Fee		100.0%		Acquired 2004		97.8	%		89,608	Bass, Easy Spirit, Van Heusen, VF Outlet
8.	Factory Stores of America—Story City	IA	Story City	Fee		100.0%		Acquired 2004		78.6	%		112,596	Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
9.	Florida City Outlet Center	FL	Florida City	Fee		100.0%		Acquired 2010		88.5	%		207,896	Aeropostale, Carter's, Gap Outlet, Guess, Nike, Nine West, OshKosh B'gosh, Tommy Hilfiger
10.	The Shoppes at Branson Meadows	MO	Branson	Fee		100.0%		Acquired 2004		73.2	%		287,063	Branson Meadows Cinemas, Dressbarn, VF Outlet
11.	Huntley Outlet Center	IL	Huntley	Fee		100.0%		Acquired 2010		75.9	%		279,101	Aeropostale, Ann Taylor, Banana Republic, BCBG Max Azria, Bose, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Reebok, Tommy Hilfiger, Van Heusen

28

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
12.	Mall at The Source, The	NY	Westbury (New York)	Fee		25.5%	(4)(2)	Built 1997		76.2	%		722,740	Off 5th-Saks Fifth Avenue, Nordstrom Rack, David's Bridal, Golf Galaxy,(8)
13.	Nanuet Mall	NY	Nanuet (New York)	Fee		100.0%		Acquired 1998		N/A			912,999	Macy's, Sears,(8)
14.	Naples Outlet Center	FL	Naples	Fee		100.0%		Acquired 2010		81.6	%		146,001	Bass, Coach, Jones New York, Samsonite, Van Heusen
15.	Outlet Marketplace	FL	Orlando	Fee		100.0%		Acquired 2010		74.9	%		204,978	Calvin Klein, Coldwater Creek, Nine West, Reebok, Sketchers, Van Heusen
16.	Prime Outlets—Jeffersonville	OH	Jeffersonville	Fee		100.0%		Acquired 2010		99.8	%		410,059	Adidas, Banana Republic, Coach, Gap Outlet, J. Crew, Kate Spade, Polo Ralph Lauren, Pottery Barn
17.	University Mall	FL	Pensacola	Fee		100.0%		Acquired 1994		N/A			709,711	JCPenney, Sears, Belk
	Total Other GLA												4,962,670
	Mills Properties
	The Mills®
1.	Arizona Mills	AZ	Tempe (Phoenix)	Fee		25.0%	(4)	Acquired 2007		93.8	%		1,244,540	Marshalls, Last Call Neiman Marcus, Off 5th Saks Fifth Avenue, Burlington Coat Factory, Sears Appliance Outlet, Gameworks, Sports Authority, Ross Dress for Less, JCPenney Outlet, Group USA, Harkins Cinemas, IMAX Theatre, F.Y.E., Sea Life Center
2.	Arundel Mills	MD	Hanover (Baltimore)	Fee		29.6%	(4)	Acquired 2007		99.7	%		1,298,239	Bass Pro Shops, Bed Bath & Beyond, Best Buy, Books-A-Million, Burlington Coat Factory, The Children's Place, Dave & Buster's, F.Y.E., H&M, Medieval Times, Modell's, Neiman Marcus Last Call, OFF 5TH Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, T.J. MAXX, Cinemark Egyptian 24 Theatres
3.	Colorado Mills	CO	Lakewood (Denver)	Fee		18.8%	(4)(2)	Acquired 2007		83.1	%		1,097,621	Borders Books Music Café, Eddie Bauer Outlet, Last Call Clearance Center from Neiman Marcus, Off Broadway Shoe Warehouse, OFF 5TH Saks Fifth Avenue Outlet, Sports Authority, Super Target, United Artists Theatre, Burlington Coat Factory
4.	Concord Mills	NC	Concord (Charlotte)	Fee		29.6%	(4)(2)	Acquired 2007		99.3	%		1,333,938	Bass Pro Shops Outdoor World, Books-A-Million, Burlington Coat Factory, Off 5th Saks Fifth Avenue, F.Y.E., The Children's Place Outlet, Dave & Buster's, NIKE, TJ Maxx, Group USA, Sun & Ski, VF Outlet, Off Broadway Shoes, Bed Bath & Beyond, NASCAR Speedpark, AMC Theatres, Best Buy
5.	Discover Mills	GA	Lawrenceville (Atlanta)	Fee		25.0%	(4)(2)	Acquired 2007		94.5	%		1,182,984	Bass Pro Shops, Books-A-Million, Burlington Coat Factory, Neiman Marcus Last Call, Medieval Times, Off 5th Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, ROSS Dress for Less, Sears Appliance Outlet, Sun & Ski Sports, Urban Behavior, Spaha Skatepark, Dave & Buster's, AMC Theatres
6.	Franklin Mills	PA	Philadelphia	Fee		50.0%	(4)	Acquired 2007		87.0	%		1,743,731	Dave & Buster's, JC Penney Outlet Store, Burlington Coat Factory, Marshalls HomeGoods, Modell's Sporting Goods, Group USA, Bed Bath & Beyond, Sam Ash Music, Off 5th Saks Fifth Avenue, Last Call Neiman Marcus, Off Broadway Shores, Sears Appliance Outlet, H&M, Spaha Skatepark, AMC Theatres, Forever 21

29

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA		Retail Anchors and Selected Major Tenants
7.	Grapevine Mills	TX	Grapevine (Dallas)	Fee		29.6%	(4)	Acquired 2007		96.3	%		1,778,434	Bed, Bath & Beyond, Books-A-Million, Burlington Coat Factory, The Children's Place, Forever 21, Group USA—The Clothing Co. JCPenney Outlet, Marshalls, NIKE, OFF 5th Saks Fifth Avenue, AMC Theatres, Dr. Pepper Star Center, Sun & Ski Sports, Last Call Neiman Marcus, Sears Appliance Outlet, Bass Pro Outdoor World, Off Broadway Shoes, VF Outlet, Legoland Discovery(6), Sea Life Center(6)
8.	Great Mall	CA	Milpitas (San Jose)	Fee		50.0%		Acquired 2007		94.9	%		1,361,151	Last Call Neiman Marcus, Sports Authority, Group USA, Kohl's, Dave & Busters, H&M, Sears Appliance Outlet, Burlington Coat Factory, Marshalls, Off 5th Saks Fifth Avenue, NIKE, Century Theatres, Bed Bath & Beyond, XXI Forever
9.	Gurnee Mills	IL	Gurnee (Chicago)	Fee		50.0%	(4)	Acquired 2007		95.7	%		1,826,523	Bass Pro Shops Outdoor World, Bed Bath & Beyond, Burlington Coat Factory, H & M, Kohl's, Marshall's Home Goods, Off 5th—Saks Fifth Avenue Outlet, Rinkside, Sears Grand, The Sports Authority, TJ Maxx, VF Outlet, Marcus Cinemas, Last Call Neiman Marcus, Value City Furniture
10.	Katy Mills	TX	Katy (Houston)	Fee		31.3%	(4)(2)	Acquired 2007		89.9	%		1,554,826	Bass Pro Shops Outdoor World, Bed Bath and Beyond, Books-A-Million, Burlington Coat Factory, F.Y.E., Marshalls, Neiman Marcus Last Call Clearance Center, Nike Factory Store, Off 5th Saks Fifth Avenue Outlet, Sun & Ski Sports, AMC Theatres, Off Broadway Shoes, XXI Forever
11.	Ontario Mills	CA	Ontario (Riverside)	Fee		25.0%	(4)	Acquired 2007		93.2	%		1,479,453	Burlington Coat Factory, Baby Depot, NIKE, Gameworks, The Children's Place Outlet, Marshalls, JCPenney Outlet, Off 5th Saks Fifth Avenue Outlet, Bed Bath & Beyond, Nordstrom Rack, Dave & Busters, Group USA, Sam Ash Music, Off Broadway Shoes, AMC Theatres, H&M, F.Y.E., Second Spin
12.	Opry Mills	TN	Nashville	Fee		50.0%	(4)(2)	Acquired 2007		(18)			1,159,833	(18)
13.	Potomac Mills	VA	Prince William (Washington, D.C.)	Fee		50.0%	(4)	Acquired 2007		98.1	%		1,537,357	Group USA, Marshall's, TJ Maxx, Sears Appliance Outlet, JCPenney Outlet, Urban Behavior, Burlington Coat Factory, Off Broadway Shoe Warehouse, Nordstrom Rack, Off 5th Saks Fifth Avenue Outlet, Costco Warehouse, The Children's Place, AMC Theatres, Modell's Sporting Goods, Books-A-Million, H&M, Last Call Neiman Marcus, XXI Forever, Bloomingdale's Outlet
14.	Sawgrass Mills	FL	Sunrise (Miami)	Fee		50.0%	(4)	Acquired 2007		99.8	%		2,258,616	American Signature Home, Beall's Outlet, Bed Bath & Beyond, Brandsmart USA, Burlington Coat Factory, Gameworks, JCPenney Outlet Store, Marshalls, Neiman Marcus Last Call Clearance Center, Nike Factory Store, Nordstrom Rack, Off 5th Saks Fifth Avenue Outlet, Ron Jon Surf Shop, The Sports Authority, Super Target, TJ Maxx, VF Factory Outlet, Wannado City, F.Y.E., Off Broadway Shoes, Regal Cinemas, GAP Outlet, Bloomingdale's Outlet
15.	St. Louis Mills	MO	Hazelwood (St. Louis)	Fee		25.0%	(4)(2)	Acquired 2007		80.8	%		1,174,827	Bed Bath & Beyond, Books-A-Million, Burlington Coat Factory, Cabela's, iceZONE, Marshalls MegaStore, NASCAR SpeedPark, Off Broadway Shoe Warehouse, Sears Appliance Outlet, The Children's Place Outlet, Regal Cinemas, Plan 9 Skatepark
16.	The Block at Orange	CA	Orange (Los Angeles)	Fee		25.0%	(4)	Acquired 2007		92.1	%		725,154	Dave & Buster's, Vans Skatepark, Lucky Strike Lanes, Borders Books & Music, Off 5th Saks Fifth Avenue, AMC Theatres, Nike Factory Store, Last Call Neiman Marcus, Off Broadway Shoes, H&M
	Subtotal The Mills®												22,757,227

30

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

	Property Name	State	City (CBSA)	Ownership Interest (Expiration if Lease)(3)	Legal Ownership			Year Built or Acquired	Occupancy(5)			Total GLA			Retail Anchors and Selected Major Tenants
	Mills Regional Malls
17.	Briarwood Mall	MI	Ann Arbor	Fee		25.0%	(4)	Acquired 2007		95.5	%		973,413		Macy's, JCPenney, Sears, Von Maur
18.	Del Amo Fashion Center	CA	Torrance (Los Angeles)	Fee		25.0%	(4)	Acquired 2007		89.6	%		2,268,717		Macy's, Macy's, Macy's Home & Furnishings, JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, Burlington Coat Factory, AMC Theatres
19.	Dover Mall	DE	Dover	Fee		34.1%	(4)	Acquired 2007		94.6	%		886,509		Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas
20.	Esplanade, The	LA	Kenner (New Orleans)	Fee		50.0%	(4)	Acquired 2007		83.9	%		814,839		Dillard's, Dillard's Men's, Macy's, Target(6),(11)
21.	Falls, The	FL	Miami	Fee		25.0%	(4)	Acquired 2007		93.3	%		806,644		Bloomingdale's, Macy's, Regal Cinema
22.	Galleria at White Plains, The	NY	White Plains (New York)	Fee		50.0%	(4)	Acquired 2007		79.0	%		862,394		Macy's, Sears, H&M
23.	Hilltop Mall	CA	Richmond (San Francisco)	Fee		25.0%	(4)	Acquired 2007		75.8	%		1,094,064		JCPenney, Sears, Macy's, Wal-Mart, 24 Hour Fitness
24.	Lakeforest Mall	MD	Gaithersburg (Washington, D.C.)	Fee		25.0%	(4)	Acquired 2007		84.5	%		1,045,994		Macy's, Lord & Taylor, JCPenney, Sears, H&M
25.	Mall at Tuttle Crossing, The	OH	Dublin (Columbus)	Fee		25.0%	(4)	Acquired 2007		97.4	%		1,111,434		Macy's, Macy's, Sears, JCPenney
26.	Marley Station	MD	Glen Burnie (Baltimore)	Fee		25.0%	(4)	Acquired 2007		82.1	%		1,069,154		Macy's, JCPenney, Sears, The Movies at Marley Station, Gold's Gym,(11)
27.	Meadowood Mall	NV	Reno	Fee		25.0%	(4)	Acquired 2007		89.1	%		876,891	(17)	Macy's Men's, Macy's, Sears, JCPenney, Sports Authority
28.	Northpark Mall	MS	Ridgeland	Fee		50.0%	(4)	Acquired 2007		97.2	%		956,266		Dillard's, JCPenney, Belk, Regal Cinema
29.	Shops at Riverside, The	NJ	Hackensack (New York)	Fee		50.0%	(4)	Acquired 2007		86.8	%		769,859		Bloomingdale's, Saks Fifth Avenue, Barnes & Noble, Pottery Barn
30.	Southdale Center	MN	Edina (Minneapolis)	Fee		50.0%	(4)	Acquired 2007		91.0	%		1,339,084	(17)	Macy's, JCPenney, Marshall's, AMC Theatres,(8)
31.	Southridge Mall	WI	Greendale (Milwaukee)	Fee		50.0%	(4)	Acquired 2007		90.5	%		1,212,366		JC Penney, Sears, Kohl's, Boston Store, Cost Plus World Market,(8)
32.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)	Fee		25.0%	(4)	Acquired 2007		97.1	%		1,298,402		Macy's Women's, Macy's Men's, Nordstrom, Sears, JCPenney, H&M
	Subtotal Mills Regional Malls												17,386,030
	Mills Community Centers
33.	Arundel Mills Marketplace	MD	Hanover (Baltimore)	Fee		29.6%	(4)	Acquired 2007		100.0	%		101,613		Michael's, Staples, PetSmart, HH Gregg
34.	Concord Mills Marketplace	NC	Concord (Charlotte)	Fee		50.0%	(4)	Acquired 2007		100.0	%		230,683		BJ's Wholesale Club, Garden Ridge
35.	Denver West Village	CO	Lakewood (Denver)	Fee		18.8%	(4)	Acquired 2007		98.5	%		310,217		Barnes & Noble, Bed Bath & Beyond, Office Max, Whole Foods, DSW, Ultimate Electronics, Christy Sports, United Artists
36.	Liberty Plaza	PA	Philadelphia	Fee		50.0%	(4)	Acquired 2007		99.0	%		371,618		Wal-Mart, Dick's Sporting Goods, Raymour & Flanigan, Super Fresh Food Market
	Subtotal Mills Community Centers												1,014,131
	Total Mills Properties												41,157,388
	Total U.S. Properties GLA												250,540,009

31

FOOTNOTES:

(1)

This property is managed by a third party.

(2)

Our direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or us.

(3)

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

(4)

Joint venture properties accounted for under the equity method.

(5)

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

(6)

Indicates anchor or major that is currently under development.

(7)

Indicates ground lease covers less than 50% of the acreage of this property.

(8)

Indicates vacant anchor space(s).

(9)

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

(10)

Indicates ground lease covers outparcel only.

(11)

Indicates vacant anchor owned by another company, but we still collect rent and/or fees under an agreement.

(12)

We receive substantially all the economic benefit of the property due to a preference or advance.

(13)

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

(14)

We own a mortgage note that encumbers Pheasant Lane Mall that entitles us to 100% of the economics of this property.

(15)

Our indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(16)

Indicates anchor or major tenant has announced its intent to close this location.

(17)

Mall & Freestanding GLA includes office space as follows:

Circle Centre Mall—192 sq. ft.	Northshore Mall—12,367 sq. ft.
Century III Mall—18,609 sq. ft.	Oak Court Mall—126,583 sq. ft.
Clay Terrace—75,118 sq. ft.	Oxford Valley Mall—110,324 sq. ft.
The Domain—132,881 sq. ft.	Plaza Carolina—28,474 sq. ft.
Copley Place—867,301 sq. ft.	River Oaks Center—117,716 sq. ft.
Del Amo—1,413 sq. ft.	Rolling Oaks Mall—6,383 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.	Roosevelt Field—1,610 sq. ft.
Firewheel Town Center—75,103 sq. ft.	South Hills Village—4,407 sq. ft.
Greendale Mall—119,860 sq. ft.	Stanford Shopping Center—7,444 sq. ft.
Gwinnett Place—32,603 sq. ft.	The Westchester—820 sq. ft.
King of Prussia Mall—13,250 sq. ft.	White Oaks Mall—17,807 sq. ft.
Knoxville Center—1,455 sq. ft.	Meadowood Mall—6,109 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.	Southdale Center—20,295 sq. ft.
Menlo Park Mall—52,424 sq. ft.	Washington Square—7,737 sq. ft.

(18)

Property temporarily closed due to flood damage which occurred during May 2010.

32

United States Lease Expirations

            The following table summarizes lease expiration data for our regional malls and Premium Outlets located in the United States, including Puerto Rico, as of December 31, 2010. The data does not include information for The Mills, the Mills Regional Malls, or properties we acquired in 2010 in our acquisition of Prime Outlets Acquisition Company, or Prime. The data presented does not consider the impact of renewal options that may be contained in leases.

Simon Property Group Inc. and Subsidiaries
U.S. Lease Expirations
Regional Malls and Premium Outlets
As of December 31, 2010

Year	Number of Leases Expiring		Square Feet		Avg. Base Rent per Square Foot at 12/31/10		Percentage of Gross Annual Rental Revenues (1)
Small Shops and Freestanding
Month to Month Leases		532		1,313,575	$	38.27		1.0	%
2011		2,933		8,149,030	$	33.63		6.2	%
2012		2,719		9,290,505	$	33.91		7.2	%
2013		2,544		7,710,019	$	38.47		6.8	%
2014		1,911		6,344,328	$	37.86		5.5	%
2015		1,987		6,992,366	$	39.63		6.3	%
2016		1,644		5,237,467	$	41.52		5.0	%
2017		1,544		5,203,214	$	44.64		5.3	%
2018		1,534		5,868,249	$	47.70		6.4	%
2019		1,334		5,189,423	$	45.31		5.4	%
2020		1,023		3,959,029	$	44.31		4.0	%
2021 and Thereafter		569		3,114,912	$	37.04		2.6	%
Specialty Leasing Agreements w/ terms in excess of 12 months		1,692		4,258,276	$	13.85		1.3	%
Anchor Tenants
2011		6		687,400	$	5.23		0.1	%
2012		22		2,391,624	$	3.69		0.2	%
2013		31		3,868,995	$	4.60		0.4	%
2014		33		3,460,414	$	4.65		0.4	%
2015		28		3,337,128	$	3.02		0.2	%
2016		20		2,294,049	$	3.52		0.2	%
2017		5		871,969	$	1.28		—
2018		9		906,997	$	6.23		0.1	%
2019		9		1,136,399	$	3.34		0.1	%
2020		11		1,149,573	$	5.50		0.1	%
2021 and Thereafter		33		3,642,551	$	5.84		0.5	%

(1)

Annual rental revenues represent 2010 consolidated and joint venture combined base rental revenue.

International Properties

            Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements. However, we have direct minority investments in certain real estate companies within the U.K. as further described below.

33

European Investments

            Gallerie Commerciali Italia, S.p.A., or GCI, is a fully integrated European retail real estate developer, owner and manager of 45 properties in Italy. At December 31, 2010, we had a 49.0% ownership interest in GCI. Our properties in Italy consist primarily of hypermarket-anchored shopping centers. Substantially all of these properties are anchored by the hypermarket retailer Auchan, who is also our partner in GCI. Certain of the properties in Italy are subject to leaseholds whereby GCI leases all or a portion of the premises from a third party who is entitled to receive substantially all the economic benefits of that portion of the properties. Auchan is one of the two largest hypermarket operators in Europe. These centers comprise over 10.1 million square feet of GLA and were 97.2% leased as of December 31, 2010.

            On July 15, 2010, we and our partner in Simon Ivanhoe, Ivanhoe Cambridge Inc., or Ivanhoe Cambridge, sold our collective interests in Simon Ivanhoe which owned seven shopping centers located in France and Poland to Unibail-Rodamco. The joint venture partners received net consideration of €422.5 million for their interests after the repayment of all joint venture debt, subject to certain post-closing adjustments. Our share of the gain on sale of our interests in Simon Ivanhoe was approximately $281 million. A portion of the proceeds was used to repay the €167.4 million (approximately $215 million) principal balance on the Euro-denominated tranche of our Credit Facility.

            We and Ivanhoe Cambridge have the right to participate with Unibail-Rodamco in the potential development of up to five new retail projects in the Simon Ivanhoe pipeline, subject to customary approval rights. We will own a 25% interest in any of these projects in which we agree to participate.

Other International Investments

            We also hold real estate interests in eight operating joint venture properties in Japan, one operating joint venture property in Mexico, one operating joint venture property and two joint venture properties under development in South Korea, and one joint venture property under development in Malaysia. The eight Japanese Premium Outlets operate in various cities throughout Japan and are held in a joint venture with Mitsubishi Estate Co., Ltd. These centers comprise over 2.5 million square feet of GLA and were 99.8% leased as of December 31, 2010.

            The following summarizes our holdings in these international joint ventures and the underlying countries in which these joint ventures own and operate real estate properties as of December 31, 2010:

Holdings	Ownership Interest			Properties open and operating		Countries of Operation
Chelsea Japan Co. Ltd.		40.0	%		8	Japan
Premium Outlets Punta Norte (Mexico City)		50.0	%		1	Mexico
Yeoju Premium Outlets (Seoul)		50.0	%		1	South Korea

            In July 2010, we completed construction and opened a 62,000 square foot expansion at Toki Premium Outlets in Toki, Japan.

            Prior to May 7, 2010 we held a minority interest in Liberty International, PLC, or Liberty, a U.K. Real Estate Investment Trust that operated regional shopping centers and owned other prime retail assets throughout the U.K. Effective May 7, 2010, Liberty completed a demerger in which it was separated into two companies, Capital Shopping Centres Group PLC, or CSCG, and Capital & Counties Properties PLC, or CAPC. Liberty shareholders acquired the same number of shares of CSCG and CAPC as they owned in Liberty. CSCG operates regional shopping centers and is the owner of other retail assets primarily located in the United Kingdom. CAPC is predominantly focused on property investment and development in central London. Our interest in CSCG and CAPC is adjusted to their quoted market price, including a related foreign exchange component. Our interests in CSCG and CAPC are less than 6% of their outstanding shares respectively.

            The following property table summarizes certain data for our properties located in Europe, Japan, Mexico, and Korea at December 31, 2010.

34

Simon Property Group, Inc. and Subsidiaries
International Properties

	COUNTRY/Property Name	City (Metropolitan area)	Ownership Interest	SPG Effective Ownership			Year Built		Total Gross Leasable Area		Retail Anchors and Major Tenants
	ITALY
1.	Ancona — Senigallia	Senigallia (Ancona)	Fee		49.0	%		1995		82,800	IPERSimply, Samoiraghi & Vigano
2.	Ascoli Piceno — Grottammare	Grottammare (Ascoli Piceno)	Fee		49.0	%		1995		94,800	IPERSimply
3.	Ascoli Piceno — Porto Sant'Elpidio	Porto Sant'Elpidio (Ascoli Piceno)	Fee		49.0	%		1999		162,300	Auchan, Benetton, Giacomelli Sport, Bata Superstore
4.	Bari — Casamassima	Casamassima (Bari)	Fee		49.0	%		1995		547,800	Auchan, Coin, Upim, Oviesse, Leroy Merlin, Decathlon
5.	Bari — Modugno	Modugno (Bari)	Fee		49.0	%		2004		143,500	Auchan, Euronics, Inverso
6.	Brescia — Mazzano	Mazzano (Brescia)	Fee / Leasehold		49.0	%(2)		1994		230,700	Auchan, Bricocenter, Trony, Bata, Conbipel, OVS
7.	Brindisi-Mesagne	Mesagne (Brindisi)	Fee		49.0	%		2003		228,600	Auchan, Euronics, Iper Sport, Benetton
8.	Cagliari — Santa Gilla	Cagliari	Fee / Leasehold		49.0	%(2)		1992		190,700	Auchan, Bricocenter, Bata
9.	Catania — La Rena	Catania	Fee		49.0	%		1998		146,200	Auchan
10.	Catania	Catania	Fee		24.0	%		2010		641,700	Auchan
11.	Cinisello	Cinisello (Milano)	Fee		49.0	%		2007		375,600	Auchan, H&M, Darty, Scarpe & Scarpe, Conbipel, Piazza Italia, Nike
12.	Cuneo	Cuneo (Torino)	Fee		49.0	%		2004		282,200	Auchan, Bricocenter, Decathlon, Euronics, OVS Industry
13.	Giugliano	Giugliano (Napoli)	Fee		49.0	%(4)		2006		754,500	Auchan, Piazza Italia, Conbipel, Euronics, Oviesse, Eldo, Leroy Merlin, Decathlon, Scarpe & Scarpe, Alcott, Bershka, Fair, Zara, Pull & Bear
14.	Milano — Rescaldina	Rescaldina (Milano)	Fee		49.0	%		2000		377,100	Auchan, Bricocenter, Media World, OVS Industry
15.	Milano — Vimodrone	Vimodrone (Milano)	Fee		49.0	%		1989		190,600	Auchan, Bricocenter
16.	Napoli — Pompei	Pompei (Napoli)	Fee		49.0	%		1990		91,400	Auchan, Euronics
17.	Napoli — Argine	Napli	Fee		24.0	%		2010		296,200	Auchan, Euronics, Pia Aitalia,
18.	Nola — Volcano Buono	Nola (Napoli)	Ground Lease (2080)		22.1	%		2007		876,000	Auchan, Coin, Holiday Inn, Media World, Alcott, Bershka, H&M, Nike, Zara, Zara Home
19.	Padova	Padova	Fee		49.0	%		1989		105,800	Auchan
20.	Palermo	Palermo	Fee		49.0	%		1990		82,900	Auchan
21.	Pesaro — Fano	Fano (Pesaro)	Fee		49.0	%		1994		112,300	Auchan, Euronics
22.	Pescara	Pescara	Fee		49.0	%		1998		161,500	Auchan, Upim, Euronics
23.	Pescara — Cepagatti	Cepagatti (Pescara)	Fee		49.0	%		2001		269,800	Auchan, Bata, Expert, Conbipel
24.	Piacenza — San Rocco al Porto	San Rocco al Porto (Piacenza)	Fee		49.0	%		1992		179,200	Auchan, Euronics, Benetton
25.	Roma — Collatina	Collatina (Roma)	Fee		49.0	%		1999		63,600	Auchan
26.	Sassari — Predda Niedda	Predda Niedda (Sassari)	Fee / Leasehold		49.0	%(2)		1990		233,700	Auchan, Bricocenter, OVS Industry, Bata
27.	Taranto	Taranto	Fee		49.0	%		1997		201,700	Auchan, Bricocenter, OVS Industry, Expert, Iper Sport
28.	Torino	Torino	Fee		49.0	%		1989		171,800	Auchan, OVS Industry, Norouto, Benetton
29.	Torino — Venaria	Venaria (Torino)	Fee		49.0	%		1982		165,600	Auchan, Bricocenter
30.	Venezia — Mestre	Mestre (Venezia)	Fee		49.0	%		1995		246,700	Auchan, Oviesse, Benetton, Scarpe & Scarpe
31.	Vicenza	Vicenza	Fee		49.0	%		1995		98,500	Auchan, Piazza Italia
32.	Ancona	Ancona	Leasehold		49.0	%(3)		1993		165,200	Auchan, King Sport, Upim, L'isola del Ristoro
33.	Bergamo	Bergamo	Leasehold		49.0	%(3)		1976		119,900	Auchan
34.	Brescia — Concesio	Concesio (Brescia)	Leasehold		49.0	%(3)		1972		117,500	Auchan, Bata
35.	Cagliari — Marconi	Cagliari	Leasehold		49.0	%(3)		1994		193,400	Auchan, Bricocenter, Bata, Trony, Cisalfa, Conbipel
36.	Catania — Misterbianco	Misterbianco (Catania)	Leasehold		49.0	%(3)		1989		99,300	Auchan
37.	Merate — Lecco	Merate (Lecco)	Leasehold		49.0	%(3)		1976		162,000	Auchan, Bricocenter, Super Media
38.	Milano — Cesano Boscone	Cesano Boscone (Milano)	Leasehold		49.0	%(3)		2005		283,900	Auchan, Darty

35

Simon Property Group, Inc. and Subsidiaries
International Properties

	COUNTRY/Property Name	City (Metropolitan area)	Ownership Interest	SPG Effective Ownership			Year Built		Total Gross Leasable Area		Retail Anchors and Major Tenants
	ITALY (continued)
39.	Milano — Nerviano	Nerviano (Milano)	Leasehold		49.0	%(3)		1991		111,600	Auchan
40.	Monza	Monza	Leasehold		49.0	%(3)				211,700	Auchan, UniEuro, Adidas, Conbipel, H&M
41.	Napoli — Mugnano di Napoli	Mugnano di Napoli	Leasehold		49.0	%(3)		1992		192,900	Auchan, Bricocenter, OVS Industry, Eldo
42.	Olbia	Olbia	Leasehold		49.0	%(3)		1993		207,600	Auchan, Terranova, Bata, Unieuro, Zara
43.	Roma — Casalbertone	Roma	Leasehold		49.0	%(3)		1998		147,600	Auchan, Cisalfa, OVS Industry, Benetton
44.	Torino — Rivoli	Rivoli (Torino)	Leasehold		49.0	%(3)		1986		94,100	Auchan, OVS Industry, Norauto
45.	Verona — Bussolengo	Bussolengo (Verona)	Leasehold		49.0	%(3)		1975		164,600	Auchan, Bricocenter, Bata
	Subtotal Italy									10,077,100
	JAPAN
46.	Ami Premium Outlets	Ami (Tokyo)	Fee		40.0	%		2009		224,800	Adidas, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Gap Outlet, Lanvin en Bleu, Laundry, McGregor, MK Michel Klein Homme, Pal Zileri, Tommy Hilfiger, Ralph Lauren
47.	Gotemba Premium Outlets	Gotemba City (Tokyo)	Fee		40.0	%		2000		482,000	Armani Factory Store, Balenciaga, Bally, Beams, Bottega Veneta, Burberry, Coach, Diesel, Dolce & Gabbana, Dunhill, Gap Outlet, Gucci, Jill Stuart, Loro Piana, Miu Miu, Moschino, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's
48.	Kobe-Sanda Premium Outlets	Hyougo-ken (Osaka)	Ground Lease (2026)		40.0	%		2007		365,100	Adidas, Armani Factory Store, Bally, Banana Republic, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Etro, Gap Outlet, Gucci, Harrod's, Helmut Lang, Hugo Boss, Loro Piana, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger, Valentino
49.	Rinku Premium Outlets	Izumisano (Osaka)	Ground Lease (2020)		40.0	%		2000		321,800	Adidas, Armani Factory Store, Bally, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Dolce & Gabbana, Dunhill, Eddie Bauer, Etro, Furla, Gap Outlet, Hugo Boss, Jill Stuart, Kate Spade, Lacoste, Lanvin Collection, Nike, Polo Ralph Lauren,
50.	Sano Premium Outlets	Sano (Tokyo)	Ground Lease (2022)		40.0	%		2003		390,800	Adidas, Armani Factory Store, Bally, Beams, Brooks Brothers, Coach, Cynthia Rowley, Diesel, Dolce & Gabbana, Dunhill, Eddie Bauer, Escada, Etro, French Connection, Furla, Gap Outlet, Gucci, Harrod's, Kate Spade, Lanvin Collection, Miu Miu, Nike, Polo Ralph Lauren
51.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)	Ground Lease (2027)		40.0	%		2008		164,200	Beams, Brooks Brothers, Bose, Coach, Jill Stuart, Kipling, Laundry, Levi's, Miss Sixty, Pleats Please Issey Miyake, Ray Ban, Tasaki
52.	Toki Premium Outlets	Toki (Nagoya)	Ground Lease (2024)		40.0	%		2005		289,600	Adidas, BCBG Max Azria, Beams, Brooks Brothers, Coach, Diesel, Eddie Bauer, Furla, Gap Outlet, Lacoste, Laundry, MK Michel Klein, Nike, Olive des Olive, Polo Ralph Lauren, Timberland, Tommy Hilfiger
53.	Tosu Premium Outlets	Fukuoka (Kyushu)	Ground Lease (2023)		40.0	%		2004		239,800	Adidas, Armani Factory Store, BCBG Max Azria, Beams, Bose, Brooks Brothers, Coach, Cole Haan, Courreges, Dolce & Gabbana, Furla, Gap Outlet, Miki House, Nike, Quiksilver, Reebok, Theory, Tommy Hilfiger
	Subtotal Japan									2,478,100
	MEXICO
54.	Punta Norte Premium Outlets	Mexico City	Fee		50.0	%		2004		278,000	Adidas, Calvin Klein, CH Carolina Herrera, Coach, Kenneth Cole, Lacoste, Levi's, MaxMara, Nautica, Nike, Palacio Outlet, Reebok, Roberto Cavalli, Rockport, Salvatore Ferragamo, Swarovski, Zegna
	SOUTH KOREA
55.	Yeoju Premium Outlets	Yeoju (Seoul)	Fee		50.0	%		2007		276,200	Adidas, Giorgio Armani, Bally, Burberry, Chloe, Coach, Diesel, Dolce & Gabbana, Escada, Fendi, Furla, Gucci, Lacoste, Marc Jacobs, Marks & Spencer, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tod's, Valentino, Vivienne Westwood
	TOTAL INTERNATIONAL ASSETS									13,109,400

FOOTNOTES:

(1)

All gross leasable area listed in square feet.

(2)

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

(3)

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

(4)

GCI owns 100% of the shopping gallery at this center which consists of 177,600 sf of leaseable area. In addition, GCI owns a 40% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.

36

Land

            We have direct or indirect ownership interests in approximately 550 acres of land held in the United States for future development.

Sustainability and Energy Efficiency

            Due to the size of our portfolio, we focus on energy efficiency as a core sustainability strategy. Through the continued use of energy conservation practices, energy efficiency projects, and continuous monitoring and reporting, we have reduced our energy consumption at comparable properties every year since 2003. As a result, excluding new developments and expansions, we reduced the electricity usage over which we have direct control by 295 million kWhs since 2003. This represents a 22% percent reduction in electricity usage across a portfolio of comparable properties and reflects an annual value of over $34 million in avoided operating costs. Our documented reduction in greenhouse gas emissions resulting from our energy management efforts is 182,000 metric tons CO2e.

            In 2010, we were awardedNAREIT's Leader in the Light Award for the sixth year in a row. We are the only company to have achieved the Leader in the Light distinction every single year since NAREIT launched the program in 2005. We were included in the 2009 Carbon Disclosure Project's Global 500 Carbon Disclosure Leadership Index. The 2009 Carbon Disclosure Leadership Index highlights 50 companies worldwide that have displayed the most professional approach to corporate governance with respect to climate change disclosure practices. We were the only real estate company to be recognized.

Mortgage Financing on Properties

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

37

MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2010
(Dollars in thousands)

Property Name	Interest Rate			Face Amount			Annual Debt Service (1)			Maturity Date
Consolidated Indebtedness:
Secured Indebtedness:
Anderson Mall		6.20	%	$	26,754		$	2,216			10/10/12
Arsenal Mall HCHP		8.20	%		846			202			05/05/16
Bangor Mall		6.15	%		80,000			4,918	(2)		10/01/17
Battlefield Mall		4.60	%		90,885			6,154			07/01/13
Birch Run Premium Outlets		5.95	%		109,113	(39)		8,078			04/11/16
Bloomingdale Court		8.15	%		26,262			2,495			11/01/15
Brunswick Square		5.65	%		80,965			5,957			08/11/14
Calhoun Premium Outlets		5.79	%		20,974	(34)		1,519			09/01/16
Carolina Premium Outlets — Smithfield		9.10	%		19,047	(6)		2,114			03/10/13	(25)
Century III Mall		6.20	%		78,973	(9)		6,541			10/10/12
Chesapeake Square		5.84	%		68,796			5,162			08/01/14
The Crossings Premium Outlets		5.85	%		50,927			4,649			03/13/13
Crystal River		9.63	%		14,441			1,385			11/11/30
Dare Centre		9.10	%		1,586	(6)		176			03/10/13	(25)
DeKalb Plaza		5.28	%		2,815			284			01/01/15
Desoto Square		5.89	%		63,156			4,561			07/01/14
Ellenton Premium Outlets		5.51	%		107,735	(21)		7,646			01/11/16
The Factory Shoppes at Branson Meadows		9.10	%		8,858	(6)		983			03/10/13	(25)
Factory Stores of America		9.10	%		15,306	(6)		1,699			03/10/13	(25)
Florida City Outlet Center		5.51	%		10,995	(21)		780			01/11/16
Forest Mall		6.20	%		15,883	(10)		1,316			10/10/12
Forest Plaza		7.50	%		18,685			1,685			10/10/19
Gaffney Premium Outlets		5.79	%		38,065	(34)		2,757			09/01/16
Gateway Shopping Center		5.89	%		87,000			5,124	(2)		10/01/11
Greenwood Park Mall		8.00	%		79,097	(37)		7,044			08/01/16
Grove City Premium Outlets		5.51	%		116,314	(21)		8,270			01/11/16
Gulfport Premium Outlets		5.51	%		25,948	(21)		1,842			01/11/16
Gwinnett Place		5.68	%		115,000			6,532	(2)		06/08/12
Hagerstown Premium Outlets		5.95	%		91,680	(39)		6,787			04/11/16
Henderson Square		6.94	%		14,100			1,270			07/01/11
Highland Lakes Center		6.20	%		14,641	(9)		1,213			10/10/12
Huntley Outlet Center		5.51	%		30,753	(21)		2,183			01/11/16
Independence Center		5.94	%		200,000			11,886	(2)		07/10/17
Ingram Park Mall		6.99	%		74,493	(20)		6,724			08/11/11
Kittery Premium Outlets		5.39	%  (11)		43,556	(7)		2,347	(2)		07/10/13	(3)
Knoxville Center		6.99	%		56,410	(20)		5,092			08/11/11
Lake View Plaza		8.00	%		15,885			1,409			01/01/15
Lakeline Plaza		7.50	%		17,504			1,578			10/10/19
Las Americas Premium Outlets		5.84	%		180,000			10,511	(2)		06/11/16
Lebanon Premium Outlets		5.51	%		15,953	(21)		1,132			01/11/16
Lee Premium Outlets		5.79	%		52,358	(34)		3,792			09/01/16
Lighthouse Place Premium Outlets		5.39	%  (11)		88,623	(7)		4,775	(2)		07/10/13	(3)
Longview Mall		6.20	%		29,726	(9)		2,462			10/10/12
MacGregor Village		9.10	%		6,378	(6)		708			03/10/13	(25)
Markland Mall		6.20	%		21,031	(10)		1,742			10/10/12
Midland Park Mall		6.20	%		30,702	(10)		2,543			10/10/12
Montgomery Mall		5.17	%		86,063			6,307			05/11/34
Muncie Plaza		7.50	%		7,277			656			10/10/19
Naples Outlet Center		5.51	%		16,531	(21)		1,173			01/11/16

38

MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2010
(Dollars in thousands)

Property Name		Interest Rate			Face Amount			Annual Debt Service (1)			Maturity Date
North Ridge Shopping Center			9.10	%		7,790	(6)		865			03/10/13	(25)
Northfield Square			6.05	%		27,575			2,485			02/11/14
Northlake Mall			6.99	%		65,075	(20)		5,874			08/11/11
Oxford Valley Mall			4.77	%		71,000			4,456			12/07/20
Penn Square Mall			7.75	%		98,498			8,597			04/01/16
Philadelphia Premium Outlets			4.19	%  (11)		190,000			7,969	(2)		07/30/14	(3)
Pismo Beach Premium Outlets			5.84	%		33,850	(36)		1,978	(2)		11/06/16
Plaza Carolina — Fixed			7.50	%		88,657			7,552			06/01/14
Plaza Carolina — Variable Swapped			7.63	%  (11)		97,335			8,498			06/01/14
Pleasant Prairie Premium Outlets			5.51	%		61,988	(21)		4,400			01/11/16
Pleasant Prairie Premium Outlets II			6.01	%		37,363			2,758			12/01/16
Port Charlotte Town Center			5.30	%		48,398			3,232			11/01/20
Prime Outlets Jeffersonville			5.51	%		72,175	(21)		5,123			01/11/16
Puerto Rico Premium Outlets			3.75	%  (24)		74,516			3,965			05/01/14
Queenstown Premium Outlets			5.84	%		66,150	(36)		3,864	(2)		11/06/16
Regency Plaza			5.50	%  (24)		3,893	(4)		331			12/14/14	(3)
Richmond Towne Square			6.20	%		43,124	(10)		3,572			10/10/12
San Marcos Premium Outlets			5.51	%		147,523	(21)		10,470			01/11/16
SB Boardman Plaza Holdings			5.94	%		22,601			1,687			07/01/14
Secured Term Loan			0.96	%  (1)		735,000			7,061	(2)		03/05/12
South Park Mall			8.00	%		195,764	(37)		17,434			08/01/16
St. Charles Towne Plaza			5.50	%  (24)		25,303	(4)		2,152			12/14/14	(3)
Stanford Shopping Center			2.41	%  (1)		240,000			5,786	(2)		07/01/13	(3)
Summit Mall			5.42	%		65,000			3,526	(2)		06/10/17
Sunland Park Mall			8.63	%  (13)		31,856			3,773			01/01/26
Tacoma Mall			7.00	%		118,001			10,778			10/01/11
Texas Lifestyle Centers Secured Loan			3.86	%  (5)		260,000	(8)		10,026	(2)		09/23/13	(3)
Town Center at Cobb			5.74	%		280,000			16,072	(2)		06/08/12
Towne West Square			6.99	%		48,760	(20)		4,402			08/11/11
Upper Valley Mall			5.89	%		47,108			3,406			07/01/14
Valle Vista Mall			5.35	%		40,000			3,598	(2)		05/10/17
Walt Whitman Mall			8.00	%		120,622	(37)		10,742			08/01/16
Washington Square			5.94	%		27,835			1,653	(2)		07/01/16	(3)
Waterloo Premium Outlets			5.39	%  (11)		72,822	(7)		3,923	(2)		07/10/13	(3)
West Ridge Mall			5.89	%		67,568			4,885			07/01/14
West Ridge Plaza			5.50	%  (24)		4,866	(4)		414			12/14/14	(3)
White Oaks Mall			5.54	%		50,000			2,768	(2)		11/01/16
White Oaks Plaza			7.50	%		14,554			1,312			10/10/19
Williamsburg Premium Outlets			5.95	%		105,916	(39)		7,841			04/11/16
Wolfchase Galleria			5.64	%		225,000			12,700	(2)		04/01/17
Woodland Hills Mall			7.79	%		96,047			8,414			04/05/19
	Total Consolidated Secured Indebtedness				$	6,597,623
Unsecured Indebtedness:
Simon Property Group, LP:
Unsecured Revolving Credit Facility — USD			2.36	%  (15)	$	585,000		$	13,810	(2)		03/31/13
Revolving Credit Facility — Yen Currency			2.23	%  (15)		273,637	(33)		6,092	(2)		03/31/13
Unsecured Notes — 4C			7.38	%		200,000			14,750	(14)		06/15/18
Unsecured Notes — 6B			7.75	%		77,639	(32)		6,017	(14)		01/20/11
Unsecured Notes — 8B			6.35	%		106,065			6,735	(14)		08/28/12
Unsecured Notes — 9B			5.45	%		122,288			6,665	(14)		03/15/13
Unsecured Notes — 10B			4.90	%		200,000			9,800	(14)		01/30/14

39

MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2010
(Dollars in thousands)

Property Name		Interest Rate			Face Amount			Annual Debt Service (1)			Maturity Date
Unsecured Notes — 11B			5.63	%		218,430			12,287	(14)		08/15/14
Unsecured Notes — 12A			5.10	%		600,000			30,600	(14)		06/15/15
Unsecured Notes — 13A			5.38	%		120,022			6,451	(14)		06/01/11
Unsecured Notes — 13B			5.75	%		600,000			34,500	(14)		12/01/15
Unsecured Notes — 14A			5.75	%		74,245			4,269	(14)		05/01/12
Unsecured Notes — 14B			6.10	%		400,000			24,400	(14)		05/01/16
Unsecured Notes — 15A			5.60	%		101,517			5,685	(14)		09/01/11
Unsecured Notes — 15B			5.88	%		500,000			29,375	(14)		03/01/17
Unsecured Notes — 16A			5.00	%		159,753			7,988	(14)		03/01/12
Unsecured Notes — 16B			5.25	%		650,000			34,125	(14)		12/01/16
Unsecured Notes — 19A			5.30	%		237,897			12,609	(14)		05/30/13
Unsecured Notes — 19B			6.13	%		800,000			49,000	(14)		05/30/18
Unsecured Notes — 20A			10.35	%		650,000			67,275	(14)		04/01/19
Unsecured Notes — 21A			6.75	%		516,052			34,834	(14)		05/15/14
Unsecured Notes — 22A			4.20	%		400,000			16,800	(14)		02/01/15
Unsecured Notes — 22B			5.65	%		1,250,000			70,625	(14)		02/01/20
Unsecured Notes — 22C			6.75	%		600,000			40,500	(14)		02/01/40
Unsecured Notes — 23A			4.38	%		900,000			39,375	(14)		03/01/21
						10,342,545
The Retail Property Trust, subsidiary:
Unsecured Notes — CPI 4			7.18	%		75,000			5,385	(14)		09/01/13
Unsecured Notes — CPI 5			7.88	%		250,000			19,688	(14)		03/15/16
						325,000
CPG Partners, LP, subsidiary:
Unsecured Notes — CPG 5			8.25	%		83,588	(40)		6,896	(14)		02/01/11
Unsecured Notes — CPG 6			6.88	%		50,642			3,482	(14)		06/15/12
Unsecured Notes — CPG 7			6.00	%		69,334			4,160	(14)		01/15/13
						203,564
	Total Consolidated Unsecured Indebtedness				$	10,871,109
	Total Consolidated Indebtedness at Face Amounts				$	17,468,732
	Net Premium on Indebtedness					44,207
	Net Discount on Indebtedness					(39,179	)
	Total Consolidated Indebtedness				$	17,473,760
	Our Share of Consolidated Indebtedness				$	17,206,280
Joint Venture Indebtedness:
Secured Indebtedness:
Ami Premium Outlets			2.09	%	$	136,655	(26)	$	10,513			09/25/23
Atrium at Chestnut Hill			6.89	%		42,975			3,880			03/11/31
Auburn Mall			6.02	%		41,881			3,027			09/01/20
Aventura Mall			5.91	%		430,000			25,392	(2)		12/11/17
Avenues, The			5.29	%		69,689			5,325			04/01/13
Busan Premium Outlets			5.70	%  (31)		15,025	(17)		856	(2)		12/28/15
California Department Stores			6.53	%		31,300			2,044	(2)		11/01/17
Cape Cod Mall			6.80	%		87,225			7,821			03/11/11
Circle Centre Mall			5.02	%		69,809			5,165			04/11/13
Clay Terrace			5.08	%		115,000			5,842	(2)		10/01/15

40

MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2010
(Dollars in thousands)

Property Name	Interest Rate			Face Amount			Annual Debt Service (1)			Maturity Date
Cobblestone Court		5.00	%  (28)		2,356			431			05/05/12
Coconut Point		5.83	%		230,000			13,409	(2)		12/10/16
Coddingtown Mall		3.16	%  (1)		14,250			1,059			07/01/14	(3)
Crystal Mall		5.62	%		92,611			7,319			09/11/32
Dadeland Mall		6.75	%		177,300			15,566			02/11/32
Domain Residential Phase II		2.26	%  (1)		36,569			827	(2)		07/22/13	(3)
Domain Residential Building P		2.26	%  (1)		3,657			83	(2)		11/07/11
Domain Westin		2.21	%  (1)		39,570			875	(2)		10/15/13	(3)
Eastland Mall		5.79	%		168,000			9,734	(2)		06/01/16
Emerald Square Mall		5.13	%		126,640			9,479			03/01/13
Empire Mall		5.79	%		176,300			10,215	(2)		06/01/16
Fashion Centre Pentagon Retail		6.63	%		146,453			12,838			09/11/11	(25)
Fashion Centre Pentagon Office		5.50	%  (30)		40,000			2,200	(2)		10/01/12	(3)
Fashion Valley Mall		4.30	%		475,000			20,425	(2)		01/04/21
Firewheel Residential		5.91	%		22,931			1,635			11/20/16	(3)
Florida Mall, The		5.25	%		373,704			24,849			09/05/20
Gaitway Plaza		4.60	%		13,900			640	(2)		07/01/15
Galleria Commerciali Italia — Facility A		5.37	%  (16)		301,592			21,531			12/22/11
Galleria Commerciali Italia — Facility B		5.85	%  (16)		299,087			22,566			12/22/11
Galleria Commerciali Italia — Catania		1.74	%  (16)		92,931			1,614	(2)		12/17/12
Galleria Commerciali Italia — Cinisello — Fixed		5.38	%  (16)		96,997			6,719			03/31/15
Galleria Commerciali Italia — Cinisello — Variable		1.76	%  (16)		68,003			1,881			03/31/15
Galleria Commerciali Italia — Giugliano A		4.77	%  (16)		35,783			1,708	(2)		10/20/13
Galleria Commerciali Italia — Giugliano B		4.78	%  (16)		32,401			2,433			10/20/13
Galleria Commerciali Italia — Giugliano C		5.19	%  (16)		13,041			1,511			10/20/13
Granite Run Mall		5.83	%		114,963			8,622			06/01/16
Greendale Mall		6.00	%		45,000			2,699	(2)		10/01/16
Gotemba Premium Outlets — Fixed		1.57	%		58,811	(26)		12,348			10/25/14
Gotemba Premium Outlets — Variable		0.63	%  (12)		7,800	(26)		1,349			05/31/12
Hamilton Town Center		1.86	%  (1)		95,283			1,773	(2)		05/29/12	(3)
Houston Galleria — 1		5.44	%		643,583			34,985	(2)		12/01/15
Houston Galleria — 2		5.44	%		177,417			9,644	(2)		12/01/15
Indian River Commons		5.21	%		9,494			637			11/01/14
Indian River Mall		5.21	%		64,325			4,313			11/01/14
King of Prussia Mall — 1		7.49	%		112,899			23,183			01/01/17
King of Prussia Mall — 2		8.53	%		7,976			1,685			01/01/17
Kobe Sanda Premium Outlets — Fixed		1.49	%		23,142	(26)		3,937			01/31/14
Kobe Sanda Premium Outlets — Variable		0.89	%  (12)		58,009	(26)		7,628			01/31/14
Lehigh Valley Mall		5.88	%		139,280			9,943			07/05/20
Liberty Tree Mall		5.22	%		35,000			1,827	(2)		10/11/13
Mall at Rockingham		5.61	%		260,000			14,586	(2)		03/10/17
Mall of New Hampshire		6.23	%		133,085			10,079			10/05/15
Mesa Mall		5.79	%		87,250			5,055	(2)		06/01/16
Miami International Mall		5.35	%		91,592			6,533			10/01/13
Northshore Mall		5.03	%		198,255			13,566			03/11/34
Paju Premium Outlets		5.92	%  (31)		50,578	(17)		2,994	(2)		04/01/13
Plaza at Buckland Hills, The		4.60	%		24,800			1,142	(2)		07/01/15
Quaker Bridge Mall		7.03	%		17,644			2,407			04/01/16
Ridgewood Court		4.60	%		14,650			674	(2)		07/01/15
Rinku Premium Outlets		1.85	%		27,913	(26)		8,108			11/25/14
Rushmore Mall		5.79	%		94,000			5,446	(2)		06/01/16
Sano Premium Outlets		0.52	%  (12)		42,033	(26)		20,436			05/31/18

41

MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2010
(Dollars in thousands)

Property Name		Interest Rate			Face Amount			Annual Debt Service (1)			Maturity Date
Seminole Towne Center			3.26	%  (22)		66,560			4,871			08/09/11
Sendai Premium Outlets			0.48	%  (12)		37,283	(26)		4,660			10/31/18
Shops at Sunset Place, The			5.62	%		78,648			5,892			09/01/20
Smith Haven Mall			5.16	%		180,000			9,283	(2)		03/01/16
Solomon Pond			3.97	%		104,947			6,505			08/01/13
Source, The			6.65	%		124,000			8,246	(2)		01/31/11
Southern Hills Mall			5.79	%		101,500			5,881	(2)		06/01/16
SouthPark Residential			3.01	%  (1)		21,111			636	(2)		02/23/13
Springfield Mall			4.77	%  (11)		67,000			3,194	(2)		11/30/15
Square One			6.73	%		84,395			7,380			03/11/12
St. Johns Town Center			5.06	%		168,456			11,026			03/11/15
St. John's Town Center Phase II			5.50	%  (11)		77,500			4,266	(2)		05/10/15	(3)
Toki Premium Outlets — Fixed			1.80	%		8,830	(26)		2,869			10/31/11
Toki Premium Outlets — Variable			1.14	%  (12)		16,216	(26)		2,093			04/30/15
Tosu Premium Outlets — Fixed			1.50	%		6,298	(26)		2,396			08/24/13
Tosu Premium Outlets — Variable			0.63	%  (12)		10,302	(26)		1,536			01/31/12
Valley Mall			5.83	%		44,646			3,357			06/01/16
Village Park Plaza			4.60	%		29,850			1,374	(2)		07/01/15
West Town Corners			4.60	%		18,800			865	(2)		07/01/15
West Town Mall			6.34	%		210,000			13,309	(2)		12/01/17
Westchester, The			6.00	%		372,347			26,980			05/05/20
Whitehall Mall			7.00	%		11,712			1,149			11/01/18
Yeoju Premium Outlets			6.20	%  (31)		4,419	(17)		274	(2)		07/31/12
	Total Joint Venture Secured Indebtedness at Face Amounts				$	8,598,237
Mills Indebtedness at Face Amounts (detail in The Mills Limited Partnership Summary)					$	2,810,565
	Total Joint Venture and Mills Indebtedness at Face Amounts				$	11,408,802
	Net Premium on Indebtedness					10,777
	Net Discount on Indebtedness					(895	)
	Total Joint Venture Indebtedness				$	11,418,684
	Our Share of Joint Venture Indebtedness				$	6,562,500	(23)
Mills Indebtedness:
Secured Indebtedness:
Arizona Mills			5.76	%		174,006			12,268			07/01/20
Arundel Marketplace			5.92	%		11,187			884			01/01/14
Arundel Mills			6.14	%		383,314			28,116			08/01/14
Block at Orange			6.25	%		220,000			13,753	(2)		10/01/14
Briarwood Mall			7.50	%		118,006			10,641			11/30/16
Colorado Mills			2.04	%  (18)		153,574			3,134	(2)		11/12/11
Concord Marketplace			5.76	%		13,023			972			02/01/14
Concord Mills Mall			6.13	%		160,891			13,208			12/07/12
Del Amo Fashion Center			1.76	%  (1)		307,753			5,418	(2)		01/23/13	(3)
Denver West Village			8.15	%		21,404			2,153			10/01/11
Discover Mills — 1			7.32	%		23,700			1,735	(2)		12/11/11
Discover Mills — 2			6.08	%		135,000			8,212	(2)		12/11/11
Dover Mall & Commons			2.21	%  (29)		83,756	(35)		1,852	(2)		02/01/12	(3)
Esplanade, The			2.21	%  (29)		75,136	(35)		1,661	(2)		02/01/12	(3)

42

MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2010
(Dollars in thousands)

Property Name		Interest Rate			Face Amount			Annual Debt Service (1)			Maturity Date
Falls, The			7.50	%		114,072			10,287			11/30/16
Franklin Mills			5.65	%		290,000			16,385	(2)		06/01/17
Galleria at White Plains			2.21	%  (29)		125,566	(35)		2,776	(2)		02/01/12	(3)
Grapevine Mills			5.91	%  (38)		270,000			15,945	(2)		09/22/14	(3)
Great Mall of the Bay Area			6.01	%		270,000			16,227	(2)		08/28/15	(3)
Gurnee Mills			5.77	%		321,000			18,512	(2)		07/01/17
Hilltop Mall			4.99	%		64,350			3,211	(2)		07/08/12
Katy Mills			6.69	%		141,055			12,207			01/09/13
Lakeforest Mall			4.90	%		140,061			8,978			07/08/13	(3)
Liberty Plaza			5.68	%		43,000			2,442	(2)		06/01/17
Mall at Tuttle Crossing			5.05	%		112,625			7,774			11/05/13
Marley Station			4.89	%		114,400			5,595	(2)		07/01/12
Meadowood Mall			1.13	%  (27)		140,114			1,584	(2)		01/09/12
Mills Senior Loan Facility			1.51	%  (1)		655,000			9,895	(2)		06/07/12	(3)
Net Leases II			9.35	%		20,873			1,952	(2)		01/10/23
Northpark Mall — Mills			2.21	%  (29)		105,543	(35)		2,333	(2)		02/01/12	(3)
Ontario Mills			4.98	%  (11)		175,000			8,718	(2)		12/05/13	(3)
Opry Mills			6.16	%		280,000			17,248	(2)		10/10/14
Potomac Mills			5.83	%		410,000			23,901	(2)		07/11/17
Sawgrass Mills			5.82	%		820,000			47,724	(2)		07/01/14
Shops at Riverside, The			1.06	%  (1)		138,000			1,464	(2)		11/14/11
Southdale Center			5.18	%		157,354			10,430			04/01/13	(3)
Southridge Mall			5.23	%		124,000			6,489	(2)		04/01/12
St. Louis Mills			6.39	%		90,000			5,751	(2)		01/08/12
Stoneridge Shopping Center			7.50	%		226,522			19,214			11/30/16
	Total Mills Secured Indebtedness				$	7,229,285
Unsecured Indebtedness:
TMLP Trust Preferred Unsecured Securities			7.38	%		100,000			7,375	(2)		03/30/36	(19)
	Total Mills Unsecured Indebtedness				$	100,000
	Total Mills Indebtedness at Face Amounts				$	7,329,285
	Our Share of Mills Indebtedness				$	2,810,565

(Footnotes on following page)

43

(Footnotes for preceding pages)

(1)

Variable rate loans based on LIBOR plus interest rate spreads ranging from 70 bps to 450 bps. LIBOR as of December 31, 2010 was 0.26%.

(2)

Requires monthly payment of interest only.

(3)

Includes applicable extension available at the Applicable Borrower's option.

(4)

Loans secured by these three properties are cross-collateralized and cross-defaulted.

(5)

We have executed a swap agreement that fixes the interest rate on $200 million of this loan at 4.35%.

(6)

Loans secured by these properties are cross-collateralized and cross-defaulted. Factory Stores of America includes Boaz, Georgetown, Graceville, Lebanon, Nebraska City and Story City.

(7)

Loans secured by these three properties are cross-collateralized and cross-defaulted.

(8)

Loan is secured by The Domain Shopping Center, Palms Crossing, and Shops at Arbor Walk and is cross-collateralized and cross-defaulted.

(9)

Loans secured by these three properties are cross-collateralized.

(10)

Loans secured by these four properties are cross-collateralized.

(11)

Associated with these loans are interest rate swap agreements that effectively fix the interest rate of the loans at the all-in rate presented.

(12)

Variable rate loans based on Yen LIBOR plus interest rate spreads ranging from 35 bps to 187.5 bps. Yen LIBOR as of December 31, 2010 was 0.1263%.

(13)

Lender also participates in a percentage of certain gross receipts above a specified base. This threshold was met and additional interest was paid in 2010.

(14)

Requires semi-annual payments of interest only.

(15)

$3,900,000 Credit Facility. As of December 31, 2010, the Credit Facility bears interest at LIBOR+210 basis points and provides for different pricing based upon our investment grade rating. As of December 31, 2010, $3.0 billion was available after outstanding borrowings and letter of credits.

(16)

Amounts shown in USD equivalent. Euro equivalent is 709.1 million. Associated with these loans are interest rate swap agreements with a total combined Euro 587.7 million notional amount that effectively fixes Facility A and B, Giugliano, and a portion of Cinisello at 4.88%.

(17)

Amounts shown in USD equivalent. Won Equivalent is 79,228.0 million.

(18)

LIBOR+1.780%, with LIBOR capped at 4.000%.

(19)

Redeemable beginning 3/30/11, pricing re-sets every 5 years based on an index of LIBOR+2.45%.

(20)

Loans secured by these four properties are cross-collateralized and cross-defaulted.

(21)

Loans secured by these ten properties are cross-collateralized and cross-defaulted.

(22)

LIBOR+3.000%, with LIBOR capped at 8.500%.

(23)

Our share of indebtedness for joint ventures excludes our share of indebtedness of $146.4 million in joint venture entities in which GCI holds a non-controlling interest.

(24)

Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.50%.

(25)

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

(26)

Amounts shown in US Dollar Equivalent. Yen equivalent 35,330.3 million

(27)

LIBOR+0.870%, with LIBOR capped at 4.000%.

44

(28)

Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.00%.

(29)

LIBOR+1.950%, with LIBOR capped at 6.00%.

(30)

LIBOR+4.500%, with LIBOR capped at 8.250%. Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.00%.

(31)

Variable rate loans based on 91 Day Korea CD rate plus interest rate spreads ranging from 290 bps to 340 bps. The 91 Day Korea CD rate as of December 31, 2010 was 2.80%.

(32)

Senior note was paid off on 1/20/11.

(33)

Amounts shown in US Dollar Equivalent. Balances include borrowings on multi-currency tranche of Yen 22,265.0 million.

(34)

Loans secured by these three properties are cross-collateralized and cross-defaulted.

(35)

Loans secured by these four properties are cross-collateralized and cross-defaulted.

(36)

Loans secured by these two properties are cross-collateralized and cross-defaulted.

(37)

Loans secured by these three properties are cross-collateralized.

(38)

We have executed a swap agreement that fixes the interest rate on $245 million of this loan at 6.26%.

(39)

Loans secured by these three properties are cross-collateralized.

(40)

Senior note was paid off on 2/1/11.

The changes in consolidated mortgages and other indebtedness for the years ended December 31, 2010, 2009, 2008 are as follows:

			2010			2009			2008
Balance, Beginning of Year			$	18,630,302		$	18,042,532		$	17,218,674
	Additions during period:
		New Loan Originations		3,709,910			2,073,874			1,833,677
		Loans assumed in acquisitions		1,241,907			—			—
		Net Premium		4,360			3,162			(7,192	)
	Deductions during period:
		Loan Retirements		(6,053,631	)		(1,427,858	)		(930,818	)
		Amortization of Net Premiums		(9,066	)		(10,627	)		(14,611	)
		Scheduled Principal Amortization		(50,022	)		(50,781	)		(57,198	)
Balance, Close of Year			$	17,473,760		$	18,630,302		$	18,042,532

Item 3.    Legal Proceedings

            We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.

Item 4.    [Removed and Reserved.]

45

Part II

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

Market Information

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

	High		Low		Close		Declared Dividends
2009
1st Quarter	$	54.24	$	24.27	$	34.64	$	0.90
2nd Quarter		57.45		32.56		51.43		0.60
3rd Quarter		76.05		45.00		69.43		0.60
4th Quarter		83.82		64.20		79.80		0.60
2010
1st Quarter		86.63		68.76		83.90	$	0.60
2nd Quarter		93.59		78.63		80.75		0.60
3rd Quarter		98.39		76.47		92.74		0.60
4th Quarter		106.54		92.13		99.49		0.80

            There is no established public trading market for Simon Property's Class B common stock. Dividends on the Class B common stock are identical to the common stock.

Holders

            The number of holders of record of common stock outstanding was 1,996 as of December 31, 2010. The Class B common stock is held entirely by a voting trust to which the Estate of Melvin Simon, Herbert Simon, David Simon and certain of their affiliates are parties and is exchangeable on a one-for-one basis into shares of common stock.

Dividends

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

            Dividends during 2010 aggregated $2.60 per share and were paid entirely in cash. Dividends during 2009 aggregated $2.70 and were paid part in stock and part in cash, subject to stockholder election. On February 3, 2011, our Board of Directors approved a cash common stock dividend of $0.80 per share for the first quarter of 2011.

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

Unregistered Sales of Equity Securities

            During the fourth quarter of 2010, we issued 55,518 shares of common stock to limited partners in exchange for an equal number of units. The issuance of the shares of common stock was made pursuant to the terms of the Partnership Agreement of the Operating Partnership and was exempt from registration under the Securities Act of 1933 as amended, in reliance upon Section 4(2).

Issuances Under Equity Compensation Plans

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

Temporary Equity

            As of the end of the first quarter of 2010 and through April 14, 2010, holders of our Series I preferred stock and holders of the Operating Partnership's Series I Convertible preferred units could elect to convert their Series I

46

preferred stock into shares of our common stock or Series I preferred units into units of the Operating Partnership or Series I preferred stock. The optional conversion election resulted from the closing sale price of our common stock exceeding the applicable trigger price per share for a period of 20 trading days in the last 30 trading days of the prior quarter. Each share of Series I preferred stock and Series I preferred unit was convertible into common stock or units at a conversion ratio of .847495.

            On March 17, 2010, we announced that we would redeem all of the outstanding shares of our Series I preferred stock and the Operating Partnership's Series I Preferred Units on April 16, 2010. The redemption price was equal to the liquidation value per share plus accumulated and unpaid dividends through the redemption date or $50.4917 per share or unit.

            Through the redemption date of April 16, 2010, holders of Series I preferred stock converted 7,871,276 shares of Series I preferred stock into 6,670,589 shares of our common stock and holders of Series I preferred units converted 1,017,480 Series I preferred units into 862,292 units of the Operating Partnership at a conversion ratio of .847495. We redeemed the remaining 219,879 shares of Series I preferred stock for $50.4917 per share for an aggregate cash redemption payment of $11.1 million including accrued dividends.

Item 6. Selected Financial Data

            The information required by this item is incorporated herein by reference to the Selected Financial Data section of our 2010 Annual Report to Stockholders filed as Exhibit 13.1 to this Form 10-K.

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

            The information required by this item is incorporated herein by reference to the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our 2010 Annual Report to Stockholders filed as Exhibit 13.1 to this Form 10-K.

Item 7A. Qualitative and Quantitative Disclosure About Market Risk

            The information required by this item is incorporated herein by reference to the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our 2010 Annual Report to Stockholders under the caption "Liquidity and Capital Resources — Market Risk," filed as Exhibit 13.1 to this Form 10-K.

Item 8. Financial Statements and Supplementary Data

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

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

            None.

Item 9A. Controls and Procedures

            Evaluation of Disclosure Controls and Procedures.    We carried out an evaluation under the supervision and with participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective as of December 31, 2010.

            Management's Report on Internal Control Over Financial Reporting.    Our management's report on internal control over financial reporting is set forth in our 2010 Annual Report to Stockholders filed as Exhibit 13.1 to this Form 10-K and is incorporated herein by reference.

            Changes in Internal Control Over Financial Reporting.    There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f)) that occurred during the fourth quarter of 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

            During the fourth quarter of the year covered by this report, the Audit Committee of our Board of Directors approved certain audit, audit-related and non-audit tax compliance services to be provided by Ernst & Young, LLP, the Company's independent registered public accounting firm. This disclosure is made pursuant to Section 10A(i)(2) of the Securities Exchange Act of 1934, as added by Section 202 of the Sarbanes-Oxley Act of 2002.

47

Part III

Item 10. Directors, Executive Officers and Corporate Governance

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2011 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A and the information included under the caption "Executive Officers of the Registrant" in Part I hereof.

Item 11. Executive Compensation

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2011 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

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

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2011 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

Item 13. Certain Relationships and Related Transactions and Director Independence

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2011 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

Item 14. Principal Accountant Fees and Services

            The information required by this item is incorporated herein by reference to the definitive proxy statement for our 2011 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

48

Part IV

Item 15. Exhibits and Financial Statement Schedules

(1)

Consolidated Financial Statements

Simon Property Group, Inc. and Subsidiaries' consolidated financial statements and independent registered public accounting firm's reports are included in our 2010 Annual Report to Stockholders, filed as Exhibit 13.1 to this Form 10-K and are incorporated herein by reference.

		Page No.
(2)	Financial Statement Schedule
	Simon Property Group, Inc. and Subsidiaries Schedule III — Schedule of Real Estate and Accumulated Depreciation		52
	Notes to Schedule III		58
(3)	Exhibits
	The Exhibit Index attached hereto is hereby incorporated by reference to this Item.		59

49

SIGNATURES

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

	SIMON PROPERTY GROUP, INC.
	By	/s/ DAVID SIMON David Simon Chairman of the Board of Directors and Chief Executive Officer
February 25, 2011

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

Signature	Capacity	Date
/s/ DAVID SIMON David Simon	Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer)	February 25, 2011
/s/ HERBERT SIMON Herbert Simon	Chairman Emeritus and Director	February 25, 2011
/s/ RICHARD S. SOKOLOV Richard S. Sokolov	President, Chief Operating Officer and Director	February 25, 2011
/s/ MELVYN E. BERGSTEIN Melvyn E. Bergstein	Director	February 25, 2011
/s/ LARRY C. GLASSCOCK Larry C. Glasscock	Director	February 25, 2011
/s/ LINDA WALKER BYNOE Linda Walker Bynoe	Director	February 25, 2011
/s/ REUBEN S. LEIBOWITZ Reuben S. Leibowitz	Director	February 25, 2011
/s/ J. ALBERT SMITH, JR. J. Albert Smith, Jr.	Director	February 25, 2011

50

Signature	Capacity	Date
/s/ KAREN N. HORN Karen N. Horn	Director	February 25, 2011
/s/ ALLAN HUBBARD Allan Hubbard	Director	February 25, 2011
/s/ DANIEL C. SMITH Daniel C. Smith	Director	February 25, 2011
/s/ STEPHEN E. STERRETT Stephen E. Sterrett	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 25, 2011
/s/ STEVEN K. BROADWATER Steven K. Broadwater	Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 25, 2011

51

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2010
(Dollars in thousands)

			Initial Cost (3)				Cost Capitalized Subsequent to Acquisition (3)						Gross Amounts At Which Carried At Close of Period
Name, Location	Encumbrances		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction
Regional Malls
Anderson Mall, Anderson, SC	$	26,754	$	1,712	$	15,227	$	851	$	20,334	$	2,563	$	35,561	$	38,124	$	13,687		1972
Arsenal Mall, Watertown, MA		846		14,714		47,680		—		6,430		14,714		54,110		68,824		17,411		1999	(4)
Bangor Mall, Bangor, ME		80,000		5,478		59,740		—		9,404		5,478		69,144		74,622		21,729		2004	(5)
Barton Creek Square, Austin, TX		—		2,903		20,929		7,983		61,142		10,886		82,071		92,957		43,312		1981
Battlefield Mall, Springfield, MO		90,885		3,919		27,231		3,000		62,518		6,919		89,749		96,668		52,350		1970
Bay Park Square, Green Bay, WI		—		6,358		25,623		4,133		23,627		10,491		49,250		59,741		21,470		1980
Bowie Town Center, Bowie, MD		—		2,710		65,044		235		5,789		2,945		70,833		73,778		25,565		2001
Boynton Beach Mall, Boynton Beach, FL		—		22,240		78,804		4,666		25,170		26,906		103,974		130,880		39,730		1985
Brea Mall, Brea, CA		—		39,500		209,202		—		25,682		39,500		234,884		274,384		83,316		1998	(4)
Broadway Square, Tyler, TX		—		11,306		32,431		—		22,257		11,306		54,688		65,994		23,516		1994	(4)
Brunswick Square, East Brunswick, NJ		80,965		8,436		55,838		—		27,967		8,436		83,805		92,241		37,536		1973
Burlington Mall, Burlington, MA		—		46,600		303,618		19,600		90,699		66,200		394,317		460,517		122,167		1998	(4)
Castleton Square, Indianapolis, IN		—		26,250		98,287		7,434		70,451		33,684		168,738		202,422		63,697		1972
Century III Mall, West Mifflin, PA		78,973		17,380		102,364		10		7,083		17,390		109,447		126,837		72,123		1979
Charlottesville Fashion Square, Charlottesville, VA		—		—		54,738		—		13,939		—		68,677		68,677		27,214		1997	(4)
Chautauqua Mall, Lakewood, NY		—		3,257		9,641		—		16,456		3,257		26,097		29,354		12,829		1971
Chesapeake Square, Chesapeake, VA		68,796		11,534		70,461		—		11,517		11,534		81,978		93,512		42,220		1989
Cielo Vista Mall, El Paso, TX		—		1,005		15,262		608		44,663		1,613		59,925		61,538		33,617		1974
College Mall, Bloomington, IN		—		1,003		16,245		720		43,377		1,723		59,622		61,345		28,994		1965
Columbia Center, Kennewick, WA		—		17,441		66,580		—		21,868		17,441		88,448		105,889		34,170		1987
Copley Place, Boston, MA		—		—		378,045		—		88,575		—		466,620		466,620		118,457		2002	(4)
Coral Square, Coral Springs, FL		—		13,556		93,630		—		14,493		13,556		108,123		121,679		54,666		1984
Cordova Mall, Pensacola, FL		—		18,626		73,091		7,321		44,759		25,947		117,850		143,797		36,937		1998	(4)
Cottonwood Mall, Albuquerque, NM		—		10,122		69,958		—		5,082		10,122		75,040		85,162		35,198		1996
Crystal River Mall, Crystal River, FL		14,441		5,393		20,241		—		4,850		5,393		25,091		30,484		11,203		1990
DeSoto Square, Bradenton, FL		63,156		9,011		52,675		—		7,114		9,011		59,789		68,800		24,970		1973
Domain, The, Austin, TX (6)		—		45,152		197,010		—		137,617		45,152		334,627		379,779		39,371		2005
Edison Mall, Fort Myers, FL		—		11,529		107,350		—		28,277		11,529		135,627		147,156		49,499		1997	(4)
Fashion Mall at Keystone, The, Indianapolis, IN		—		—		120,579		—		47,507		—		168,086		168,086		61,436		1997	(4)
Firewheel Town Center, Garland, TX		—		8,636		82,716		—		24,793		8,636		107,509		116,145		25,015		2004
Forest Mall, Fond Du Lac, WI		15,883		721		4,491		—		8,819		721		13,310		14,031		8,209		1973
Forum Shops at Caesars, The, Las Vegas, NV		—		—		276,567		—		210,699		—		487,266		487,266		141,772		1992
Great Lakes Mall, Mentor, OH		—		12,302		100,362		—		10,478		12,302		110,840		123,142		47,300		1961
Greenwood Park Mall, Greenwood, IN		79,097		2,423		23,445		5,253		115,289		7,676		138,734		146,410		53,749		1979
Gulf View Square, Port Richey, FL		—		13,690		39,991		2,023		18,348		15,713		58,339		74,052		24,499		1980
Gwinnett Place, Duluth, GA		115,000		17,051		141,191		—		4,908		17,051		146,099		163,150		50,674		1998	(5)
Haywood Mall, Greenville, SC		—		11,585		133,893		6		20,669		11,591		154,562		166,153		67,804		1998	(4)
Independence Center, Independence, MO		200,000		5,042		45,798		—		31,354		5,042		77,152		82,194		34,005		1994	(4)
Ingram Park Mall, San Antonio, TX		74,493		733		17,163		73		21,444		806		38,607		39,413		22,437		1979
Irving Mall, Irving, TX		—		6,737		17,479		2,533		40,945		9,270		58,424		67,694		35,644		1971
Jefferson Valley Mall, Yorktown Heights, NY		—		4,868		30,304		—		26,422		4,868		56,726		61,594		30,474		1983
Knoxville Center, Knoxville, TN		56,410		5,006		21,617		3,712		34,423		8,718		56,040		64,758		30,140		1984
La Plaza Mall, McAllen, TX		—		1,375		9,828		6,569		39,449		7,944		49,277		57,221		23,938		1976

52

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2010
(Dollars in thousands)

			Initial Cost (3)				Cost Capitalized Subsequent to Acquisition (3)						Gross Amounts At Which Carried At Close of Period
Name, Location	Encumbrances		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction
Laguna Hills Mall, Laguna Hills, CA		—		27,928		55,446		—		13,916		27,928		69,362		97,290		26,114		1997	(4)
Lakeline Mall, Austin, TX		—		10,088		81,568		14		16,119		10,102		97,687		107,789		40,371		1995
Lenox Square, Atlanta, GA		—		38,058		492,411		—		64,371		38,058		556,782		594,840		190,438		1998	(4)
Lima Mall, Lima, OH		—		7,659		35,338		—		11,638		7,659		46,976		54,635		21,598		1965
Lincolnwood Town Center, Lincolnwood, IL		—		7,907		63,480		28		7,325		7,935		70,805		78,740		39,335		1990
Livingston Mall, Livingston, NJ		—		22,214		105,250		—		37,666		22,214		142,916		165,130		45,636		1998	(4)
Longview Mall, Longview, TX		29,726		259		3,567		124		8,112		383		11,679		12,062		6,282		1978
Mall at Chestnut Hill, The, Chestnut Hill, MA		—		449		24,615		—		—		449		24,615		25,064		701		2002	(5)
Mall of Georgia, Mill Creek, GA		—		47,492		326,633		—		4,965		47,492		331,598		379,090		89,654		1999	(5)
Maplewood Mall, Minneapolis, MN		—		17,119		80,758		—		13,177		17,119		93,935		111,054		27,422		2002	(4)
Markland Mall, Kokomo, IN		21,031		—		7,568		—		10,367		—		17,935		17,935		10,524		1968
McCain Mall, N. Little Rock, AR		—		—		9,515		10,530		11,095		10,530		20,610		31,140		14,879		1973
Melbourne Square, Melbourne, FL		—		15,762		55,891		4,160		27,746		19,922		83,637		103,559		31,357		1982
Menlo Park Mall, Edison, NJ		—		65,684		223,252		—		39,840		65,684		263,092		328,776		100,995		1997	(4)
Midland Park Mall, Midland, TX		30,702		687		9,213		—		16,722		687		25,935		26,622		14,792		1980
Miller Hill Mall, Duluth, MN		—		2,965		18,092		—		29,506		2,965		47,598		50,563		31,404		1973
Montgomery Mall, Montgomeryville, PA		86,063		27,105		86,915		—		26,977		27,105		113,892		140,997		29,056		2004	(5)
Muncie Mall, Muncie, IN		—		172		5,776		52		27,415		224		33,191		33,415		18,186		1970
North East Mall, Hurst, TX		—		128		12,966		19,010		150,597		19,138		163,563		182,701		72,329		1971
Northfield Square Mall, Bourbonnais, IL		27,575		362		53,396		—		1,809		362		55,205		55,567		34,429		2004	(5)
Northgate Mall, Seattle, WA		—		24,369		115,992		—		92,465		24,369		208,457		232,826		66,851		1987
Northlake Mall, Atlanta, GA		65,075		33,400		98,035		—		4,146		33,400		102,181		135,581		56,918		1998	(4)
Northwoods Mall, Peoria, IL		—		1,185		12,779		2,372		36,610		3,557		49,389		52,946		28,766		1983
Oak Court Mall, Memphis, TN		—		15,673		57,304		—		9,188		15,673		66,492		82,165		27,311		1997	(4)
Ocean County Mall, Toms River, NJ		—		20,404		124,945		—		24,479		20,404		149,424		169,828		51,626		1998	(4)
Orange Park Mall, Orange Park, FL		—		12,998		65,121		—		40,006		12,998		105,127		118,125		44,665		1994	(4)
Orland Square, Orland Park, IL		—		35,514		129,906		—		22,651		35,514		152,557		188,071		60,746		1997	(4)
Oxford Valley Mall, Langhorne, PA		71,000		24,544		100,287		—		8,905		24,544		109,192		133,736		53,329		2003	(4)
Paddock Mall, Ocala, FL		—		11,198		39,727		—		16,659		11,198		56,386		67,584		20,655		1980
Penn Square Mall, Oklahoma City, OK		98,498		2,043		155,958		—		28,249		2,043		184,207		186,250		68,745		2002	(4)
Pheasant Lane Mall, Nashua, NH		—		3,902		155,068		550		18,953		4,452		174,021		178,473		57,549		2004	(5)
Phipps Plaza, Atlanta, GA		—		16,725		210,610		—		26,934		16,725		237,544		254,269		84,988		1998	(4)
Plaza Carolina, Carolina, PR		185,992		15,493		279,560		—		21,950		15,493		301,510		317,003		65,576		2004	(4)
Port Charlotte Town Center, Port Charlotte, FL		48,398		5,471		58,570		—		15,792		5,471		74,362		79,833		33,357		1989
Prien Lake Mall, Lake Charles, LA		—		1,842		2,813		3,091		37,574		4,933		40,387		45,320		20,603		1972
Richmond Town Square, Richmond Heights, OH		43,124		2,600		12,112		—		58,662		2,600		70,774		73,374		44,952		1966
River Oaks Center, Calumet City, IL		—		30,560		101,224		—		10,299		30,560		111,523		142,083		42,727		1997	(4)
Rockaway Townsquare, Rockaway, NJ		—		44,116		212,257		27		34,740		44,143		246,997		291,140		82,110		1998	(4)
Rolling Oaks Mall, San Antonio, TX		—		1,929		38,609		—		13,239		1,929		51,848		53,777		27,196		1988
Roosevelt Field, Garden City, NY		—		163,609		702,008		—		36,094		163,609		738,102		901,711		257,321		1998	(4)
Ross Park Mall, Pittsburgh, PA		—		23,541		90,203		—		81,368		23,541		171,571		195,112		65,766		1986
Santa Rosa Plaza, Santa Rosa, CA		—		10,400		87,864		—		11,084		10,400		98,948		109,348		35,805		1998	(4)
Shops at Mission Viejo, The, Mission Viejo, CA		—		9,139		54,445		7,491		150,426		16,630		204,871		221,501		87,292		1979
South Hills Village, Pittsburgh, PA		—		23,445		125,840		2,945		24,469		26,390		150,309		176,699		54,768		1997	(4)

53

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2010
(Dollars in thousands)

			Initial Cost (3)				Cost Capitalized Subsequent to Acquisition (3)						Gross Amounts At Which Carried At Close of Period
Name, Location	Encumbrances		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction
South Shore Plaza, Braintree, MA		—		101,200		301,495		—		147,442		101,200		448,937		550,137		118,145		1998	(4)
Southern Park Mall, Boardman, OH		—		16,982		77,767		97		24,244		17,079		102,011		119,090		44,551		1970
SouthPark, Charlotte, NC		195,764		42,092		188,055		100		165,575		42,192		353,630		395,822		106,810		2002	(4)
St. Charles Towne Center, Waldorf, MD		—		7,710		52,934		1,180		28,677		8,890		81,611		90,501		40,070		1990
Stanford Shopping Center, Palo Alto, CA		240,000		—		339,537		—		5,280		—		344,817		344,817		79,769		2003	(4)
Summit Mall, Akron, OH		65,000		15,374		51,137		—		41,529		15,374		92,666		108,040		33,738		1965
Sunland Park Mall, El Paso, TX		31,856		2,896		28,900		—		8,475		2,896		37,375		40,271		22,544		1988
Tacoma Mall, Tacoma, WA		118,001		37,803		125,826		—		80,839		37,803		206,665		244,468		70,160		1987
Tippecanoe Mall, Lafayette, IN		—		2,897		8,439		5,517		44,075		8,414		52,514		60,928		34,491		1973
Town Center at Aurora, Aurora, CO		—		9,959		56,832		6		56,929		9,965		113,761		123,726		44,584		1998	(4)
Town Center at Boca Raton, Boca Raton, FL		—		64,200		307,317		—		152,520		64,200		459,837		524,037		153,354		1998	(4)
Town Center at Cobb, Kennesaw, GA		280,000		32,355		158,225		—		13,564		32,355		171,789		204,144		57,555		1998	(5)
Towne East Square, Wichita, KS		—		8,525		18,479		1,429		39,035		9,954		57,514		67,468		33,506		1975
Towne West Square, Wichita, KS		48,760		972		21,203		61		12,060		1,033		33,263		34,296		20,104		1980
Treasure Coast Square, Jensen Beach, FL		—		11,124		72,990		3,067		34,039		14,191		107,029		121,220		43,301		1987
Tyrone Square, St. Petersburg, FL		—		15,638		120,962		—		27,980		15,638		148,942		164,580		60,922		1972
University Park Mall, Mishawaka, IN		—		16,768		112,158		7,000		49,562		23,768		161,720		185,488		98,426		1996	(4)
Upper Valley Mall, Springfield, OH		47,108		8,421		38,745		—		10,434		8,421		49,179		57,600		19,768		1979
Valle Vista Mall, Harlingen, TX		40,000		1,398		17,159		329		20,676		1,727		37,835		39,562		19,546		1983
Virginia Center Commons, Glen Allen, VA		—		9,764		50,547		4,149		11,961		13,913		62,508		76,421		21,303		1991
Walt Whitman Mall, Huntington Station, NY		120,622		51,700		111,258		3,789		42,228		55,489		153,486		208,975		65,360		1998	(4)
Washington Square, Indianapolis, IN		27,835		6,319		36,495		—		11,109		6,319		47,604		53,923		41,851		1974
West Ridge Mall, Topeka, KS		67,568		5,453		34,132		1,168		22,900		6,621		57,032		63,653		26,964		1988
Westminster Mall, Westminster, CA		—		43,464		84,709		—		32,058		43,464		116,767		160,231		40,375		1998	(4)
White Oaks Mall, Springfield, IL		50,000		3,024		35,692		2,102		38,422		5,126		74,114		79,240		31,776		1977
Wolfchase Galleria, Memphis, TN		225,000		15,881		128,276		—		9,482		15,881		137,758		153,639		54,785		2002	(4)
Woodland Hills Mall, Tulsa, OK		96,047		34,211		187,123		—		13,645		34,211		200,768		234,979		68,846		2004	(5)
Premium Outlets
Albertville Premium Outlets, Albertville, MN		—		3,900		97,059		—		4,139		3,900		101,198		105,098		27,603		2004	(4)
Allen Premium Outlets, Allen, TX		—		13,855		43,687		97		16,023		13,952		59,710		73,662		17,726		2004	(4)
Aurora Farms Premium Outlets, Aurora, OH		—		2,370		24,326		—		1,876		2,370		26,202		28,572		14,288		2004	(4)
Birch Run Premium Outlets, Birch Run, MI		109,113		11,432		78,338		—		—		11,432		78,338		89,770		1,476		2010	(4)
Calhoun Premium Outlets, Calhoun, GA		20,974		1,560		13,800		—		—		1,560		13,800		15,360		638		2010	(4)
Camarillo Premium Outlets, Camarillo, CA		—		16,670		224,721		482		62,741		17,152		287,462		304,614		56,768		2004	(4)
Carlsbad Premium Outlets, Carlsbad, CA		—		12,890		184,990		96		2,274		12,986		187,264		200,250		39,874		2004	(4)
Carolina Premium Outlets, Smithfield, NC		19,047		3,170		59,863		—		2,919		3,170		62,782		65,952		19,936		2004	(4)
Chicago Premium Outlets, Aurora, IL		—		659		118,005		—		4,294		659		122,299		122,958		34,690		2004	(4)
Cincinnati Premium Outlets, Monroe, OH		—		14,117		71,520		—		3,199		14,117		74,719		88,836		5,349		2008
Clinton Crossing Premium Outlets, Clinton, CT		—		2,060		107,556		1,532		1,793		3,592		109,349		112,941		28,015		2004	(4)
Columbia Gorge Premium Outlets, Troutdale, OR		—		7,900		16,492		—		2,184		7,900		18,676		26,576		7,957		2004	(4)
Desert Hills Premium Outlets, Cabazon, CA		—		3,440		338,679		—		3,832		3,440		342,511		345,951		69,218		2004	(4)
Edinburgh Premium Outlets, Edinburgh, IN		—		2,857		47,309		—		11,980		2,857		59,289		62,146		18,228		2004	(4)
Ellenton Premium Outlets, Ellenton, FL		107,735		15,396		181,048		—		—		15,396		181,048		196,444		3,868		2010	(4)

54

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2010
(Dollars in thousands)

			Initial Cost (3)				Cost Capitalized Subsequent to Acquisition (3)						Gross Amounts At Which Carried At Close of Period
Name, Location	Encumbrances		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction
Folsom Premium Outlets, Folsom, CA		—		9,060		50,281		—		3,372		9,060		53,653		62,713		18,132		2004	(4)
Gaffney Premium Outlets, Gaffney, SC		38,065		5,162		30,767		—		—		5,162		30,767		35,929		727		2010	(4)
Gilroy Premium Outlets, Gilroy, CA		—		9,630		194,122		—		7,538		9,630		201,660		211,290		49,547		2004	(4)
Grove City Premium Outlets, Grove City, PA		116,314		10,092		128,516		—		—		10,092		128,516		138,608		2,823		2010	(4)
Gulfport Premium Outlets, Gulfport, MS		25,948		—		29,648		—		—		—		29,648		29,648		615		2010	(4)
Hagerstown Premium Outlets, Hagerstown, MD		91,680		3,798		89,724		—		—		3,798		89,724		93,522		1,813		2010	(4)
Houston Premium Outlets, Cypress, TX		—		20,871		69,350		—		48,532		20,871		117,882		138,753		11,578		2007
Jackson Premium Outlets, Jackson, NJ		—		6,413		104,013		3		3,673		6,416		107,686		114,102		22,999		2004	(4)
Jersey Shore Premium Outlets, Tinton Falls, NJ		—		16,141		50,979		—		74,435		16,141		125,414		141,555		12,876		2007
Johnson Creek Premium Outlets, Johnson Creek, WI		—		2,800		39,546		—		5,523		2,800		45,069		47,869		10,653		2004	(4)
Kittery Premium Outlets, Kittery, ME		43,556		11,832		94,994		—		5,859		11,832		100,853		112,685		18,645		2004	(4)
Las Americas Premium Outlets, San Diego, CA		180,000		45,168		251,878		—		3,746		45,168		255,624		300,792		25,052		2007	(4)
Las Vegas Outlet Center, Las Vegas, NV		—		13,085		160,777		—		16,826		13,085		177,603		190,688		30,836		2004	(4)
Las Vegas Premium Outlets, Las Vegas, NV		—		25,435		134,973		450		60,237		25,885		195,210		221,095		43,591		2004	(4)
Lebanon Premium Outlets, Lebanon, TN		15,953		1,723		9,890		—		—		1,723		9,890		11,613		303		2010	(4)
Lee Premium Outlets, Lee, MA		52,358		9,464		54,439		—		—		9,464		54,439		63,903		1,264		2010	(4)
Leesburg Corner Premium Outlets, Leesburg, VA		—		7,190		162,023		—		3,392		7,190		165,415		172,605		43,945		2004	(4)
Liberty Village Premium Outlets, Flemington, NJ		—		5,670		28,904		—		2,279		5,670		31,183		36,853		12,391		2004	(4)
Lighthouse Place Premium Outlets, Michigan City, IN		88,623		6,630		94,138		—		5,517		6,630		99,655		106,285		30,715		2004	(4)
Napa Premium Outlets, Napa, CA		—		11,400		45,023		—		1,669		11,400		46,692		58,092		13,132		2004	(4)
North Bend Premium Outlets, North Bend, WA		—		2,143		36,197		—		2,145		2,143		38,342		40,485		8,182		2004	(4)
North Georgia Premium Outlets, Dawsonville, GA		—		4,300		132,325		—		2,324		4,300		134,649		138,949		34,753		2004	(4)
Orlando Premium Outlets — Vineland Ave., Orlando, FL		—		14,040		304,410		15,855		47,169		29,895		351,579		381,474		65,172		2004	(4)
Orlando Premium Outlets — International Dr., Orlando, FL		—		35,365		449,563		—		—		35,365		449,563		484,928		6,315		2010	(4)
Osage Beach Premium Outlets, Osage Beach, MO		—		9,460		85,804		—		3,484		9,460		89,288		98,748		24,918		2004	(4)
Petaluma Village Premium Outlets, Petaluma, CA		—		13,322		14,067		—		322		13,322		14,389		27,711		7,815		2004	(4)
Philadelphia Premium Outlets, Limerick, PA		190,000		16,676		105,249		—		14,227		16,676		119,476		136,152		19,305		2006
Pismo Beach Premium Outlets, Pismo Beach, CA		33,850		3,837		24,751		—		—		3,837		24,751		28,588		736		2010	(4)
Pleasant Prairie Premium Outlets, Pleasant Prairie, WI		99,351		15,870		126,841		—		—		15,870		126,841		142,711		2,117		2010	(4)
Puerto Rico Premium Outlets, Barceloneta, PR		74,516		20,716		112,948		—		—		20,716		112,948		133,664		3,352		2010	(4)
Queenstown Premium Outlets, Queenstown, MD		66,150		7,005		65,801		—		—		7,005		65,801		72,806		1,211		2010	(4)
Rio Grande Valley Premium Outlets, Mercedes, TX		—		12,229		41,547		—		35,104		12,229		76,651		88,880		16,203		2005
Round Rock Premium Outlets, Round Rock, TX		—		21,977		82,252		—		478		21,977		82,730		104,707		20,621		2005
San Marcos Premium Outlets, San Marcos, TX		147,523		18,482		254,079		—		—		18,482		254,079		272,561		3,602		2010	(4)
Seattle Premium Outlets, Seattle, WA		—		—		103,722		—		16,985		—		120,707		120,707		26,934		2004	(4)
St. Augustine Premium Outlets, St. Augustine, FL		—		6,090		57,670		2		7,356		6,092		65,026		71,118		19,587		2004	(4)
The Crossings Premium Outlets, Tannersville, PA		50,927		7,720		172,931		—		10,311		7,720		183,242		190,962		39,629		2004	(4)
Vacaville Premium Outlets, Vacaville, CA		—		9,420		84,850		—		8,183		9,420		93,033		102,453		28,247		2004	(4)
Waikele Premium Outlets, Waipahu, HI		—		22,630		77,316		—		2,335		22,630		79,651		102,281		22,173		2004	(4)
Waterloo Premium Outlets, Waterloo, NY		72,822		3,230		75,277		—		6,621		3,230		81,898		85,128		24,337		2004	(4)
Williamsburg Premium Outlets, Williamsburg, VA		105,916		11,124		219,681		—		—		11,124		219,681		230,805		3,414		2010	(4)
Woodbury Common Premium Outlets, Central Valley, NY		—		11,110		862,559		1,658		4,580		12,768		867,139		879,907		178,108		2004	(4)
Wrentham Village Premium Outlets, Wrentham, MA		—		4,900		282,031		—		5,057		4,900		287,088		291,988		66,343		2004	(4)

55

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2010
(Dollars in thousands)

			Initial Cost (3)				Cost Capitalized Subsequent to Acquisition (3)						Gross Amounts At Which Carried At Close of Period
Name, Location	Encumbrances		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction
Community/Lifestyle Centers
Arboretum at Great Hills, Austin, TX		—		7,640		36,774		71		8,582		7,711		45,356		53,067		16,363		1998	(4)
Bloomingdale Court, Bloomingdale, IL		26,262		8,748		26,184		—		9,696		8,748		35,880		44,628		18,087		1987
Charles Towne Square, Charleston, SC		—		—		1,768		370		10,636		370		12,404		12,774		7,616		1976
Chesapeake Center, Chesapeake, VA		—		5,352		12,279		—		753		5,352		13,032		18,384		5,340		1989
Countryside Plaza, Countryside, IL		—		332		8,507		2,554		9,182		2,886		17,689		20,575		8,518		1977
Dare Centre, Kill Devil Hills, NC		1,586		—		5,702		—		202		—		5,904		5,904		1,117		2004	(4)
DeKalb Plaza, King of Prussia, PA		2,815		1,955		3,405		—		1,139		1,955		4,544		6,499		1,907		2003	(4)
Forest Plaza, Rockford, IL		18,685		4,132		16,818		453		11,456		4,585		28,274		32,859		10,851		1985
Gateway Shopping Center, Austin, TX		87,000		24,549		81,437		—		9,775		24,549		91,212		115,761		24,639		2004	(4)
Great Lakes Plaza, Mentor, OH		—		1,028		2,025		—		3,574		1,028		5,599		6,627		1,946		1976
Greenwood Plus, Greenwood, IN		—		1,129		1,792		—		3,737		1,129		5,529		6,658		3,048		1979
Henderson Square, King of Prussia, PA		14,100		4,223		15,124		—		746		4,223		15,870		20,093		3,522		2003	(4)
Highland Lakes Center, Orlando, FL		14,641		7,138		25,284		—		1,581		7,138		26,865		34,003		15,578		1991
Ingram Plaza, San Antonio, TX		—		421		1,802		4		59		425		1,861		2,286		1,270		1980
Keystone Shoppes, Indianapolis, IN		—		—		4,232		—		935		—		5,167		5,167		2,016		1997	(4)
Lake Plaza, Waukegan, IL		—		2,487		6,420		—		1,082		2,487		7,502		9,989		3,855		1986
Lake View Plaza, Orland Park, IL		15,885		4,702		17,543		—		13,176		4,702		30,719		35,421		15,274		1986
Lakeline Plaza, Austin, TX		17,504		5,822		30,875		—		6,498		5,822		37,373		43,195		15,467		1998
Lima Center, Lima, OH		—		1,781		5,151		—		6,860		1,781		12,011		13,792		5,244		1978
Lincoln Crossing, O'Fallon, IL		—		674		2,192		—		784		674		2,976		3,650		1,358		1990
Lincoln Plaza, King of Prussia, PA		—		—		21,299		—		3,289		—		24,588		24,588		10,034		2003	(4)
MacGregor Village, Cary, NC		6,378		502		8,897		—		249		502		9,146		9,648		1,717		2004	(4)
Mall of Georgia Crossing, Mill Creek, GA		—		9,506		32,892		—		311		9,506		33,203		42,709		12,982		2004	(5)
Markland Plaza, Kokomo, IN		—		206		738		—		6,285		206		7,023		7,229		3,274		1974
Martinsville Plaza, Martinsville, VA		—		—		584		—		408		—		992		992		768		1967
Matteson Plaza, Matteson, IL		—		1,771		9,737		—		2,750		1,771		12,487		14,258		6,818		1988
Muncie Plaza, Muncie, IN		7,277		267		10,509		87		1,583		354		12,092		12,446		4,763		1998
New Castle Plaza, New Castle, IN		—		128		1,621		—		1,457		128		3,078		3,206		1,659		1966
North Ridge Plaza, Joliet, IL		—		2,831		7,699		—		4,464		2,831		12,163		14,994		5,370		1985
North Ridge Shopping Center, Raleigh, NC		7,790		385		12,838		—		610		385		13,448		13,833		2,634		2004	(4)
Northwood Plaza, Fort Wayne, IN		—		148		1,414		—		1,682		148		3,096		3,244		1,991		1974
Palms Crossing, McAllen, TX (6)		—		13,496		45,925		—		9,074		13,496		54,999		68,495		8,082		2006
Pier Park, Panama City Beach, FL		—		23,586		73,158		—		41,394		23,586		114,552		138,138		13,515		2006
Regency Plaza, St. Charles, MO		3,893		616		4,963		—		583		616		5,546		6,162		2,650		1988
Richardson Square, Richardson, TX		—		6,285		—		990		15,323		7,275		15,323		22,598		1,467		1977
Rockaway Commons, Rockaway, NJ		—		5,149		26,435		—		7,713		5,149		34,148		39,297		9,132		1998	(4)
Rockaway Town Plaza, Rockaway, NJ		—		—		18,698		2,225		1,961		2,225		20,659		22,884		3,848		2004
Shops at Arbor Walk, The, Austin, TX (6)		—		930		42,546		—		4,295		930		46,841		47,771		7,189		2005
Shops at North East Mall, The, Hurst, TX		—		12,541		28,177		402		4,065		12,943		32,242		45,185		15,380		1999
St. Charles Towne Plaza, Waldorf, MD		25,303		8,377		18,993		—		3,354		8,377		22,347		30,724		11,163		1987
Teal Plaza, Lafayette, IN		—		99		878		—		1,769		99		2,647		2,746		1,604		1962
Terrace at the Florida Mall, Orlando, FL		—		2,150		7,623		—		5,151		2,150		12,774		14,924		5,340		1989
Tippecanoe Plaza, Lafayette, IN		—		—		745		234		5,169		234		5,914		6,148		3,330		1974

56

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2010
(Dollars in thousands)

			Initial Cost (3)				Cost Capitalized Subsequent to Acquisition (3)						Gross Amounts At Which Carried At Close of Period
Name, Location	Encumbrances		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)		Date of Construction
University Center, Mishawaka, IN		—		3,071		7,413		—		1,754		3,071		9,167		12,238		7,095		1980
Washington Plaza, Indianapolis, IN		—		941		1,697		—		447		941		2,144		3,085		2,604		1976
Waterford Lakes Town Center, Orlando, FL		—		8,679		72,836		—		14,052		8,679		86,888		95,567		37,570		1999
West Ridge Plaza, Topeka, KS		4,866		1,376		4,560		—		1,926		1,376		6,486		7,862		3,253		1988
White Oaks Plaza, Springfield, IL		14,554		3,169		14,267		—		3,029		3,169		17,296		20,465		7,637		1986
Wolf Ranch Town Center, Georgetown, TX		—		21,785		51,547		—		7,024		21,785		58,571		80,356		12,211		2004
Other Properties
Crossville Outlet Center, Crossville, TN		—		263		4,380		—		208		263		4,588		4,851		1,005		2004	(4)
Factory Merchants Branson, Branson, MO		—		—		19,637		—		2,251		—		21,888		21,888		7,704		2004	(4)
The Shoppes at Branson Meadows, Branson, MO		8,858		—		5,205		—		457		—		5,662		5,662		1,033		2004	(4)
Factory Stores of America — Boaz, AL		2,590		—		924		—		43		—		967		967		160		2004	(4)
Factory Stores of America — Georgetown, KY		6,140		148		3,610		—		49		148		3,659		3,807		666		2004	(4)
Factory Stores of America — Graceville, FL		1,823		12		408		—		116		12		524		536		84		2004	(4)
Factory Stores of America — Lebanon, MO		1,534		24		214		—		—		24		214		238		56		2004	(4)
Factory Stores of America — Nebraska City, NE		1,439		26		566		—		31		26		597		623		117		2004	(4)
Factory Stores of America — Story City, IA		1,780		7		526		—		5		7		531		538		93		2004	(4)
Florida City Outlet Center, Florida City, FL		10,995		1,080		2,874		—		—		1,080		2,874		3,954		115		2010	(4)
Huntley Outlet Center, Huntley, IL		30,753		1,154		3,720		—		—		1,154		3,720		4,874		130		2010	(4)
Nanuet Mall, Nanuet, NY		—		27,310		162,993		—		3,207		27,310		166,200		193,510		165,293		1998	(4)
Naples Outlet Center, Naples, FL		16,531		906		1,363		—		—		906		1,363		2,269		47		2010	(4)
Outlet Marketplace, Orlando, FL		—		6,587		6,274		—		—		6,587		6,274		12,861		261		2010	(4)
University Mall, Pensacola, FL		—		4,256		26,657		—		3,394		4,256		30,051		34,307		29,135		1994
Development Projects
Merrimack Premium Outlets		—		17,306		20,300		—		—		17,306		20,300		37,606		—
Other pre-development costs		—		20,336		997		—		—		20,336		997		21,333		391
Other		72,175		9,791		108,705		—		1,266		9,791		109,971		119,762		9,313
	$	5,580,022		2,744,371	$	19,388,253	$	184,683	$	4,874,916	$	2,929,054	$	24,263,169	$	27,192,223	$	7,485,822

57

Simon Property Group, Inc. and Subsidiaries
Notes to Schedule III as of December 31, 2010
(Dollars in thousands)

(1)       Reconciliation of Real Estate Properties:

            The changes in real estate assets for the years ended December 31, 2010, 2009, and 2008 are as follows:

		2010			2009			2008
Balance, beginning of year		$	25,023,715		$	24,907,970		$	24,163,367
	Acquisitions and consolidations (5)		2,200,102			—			7,640
	Improvements		273,255			315,928			797,717
	Disposals		(304,849	)		(200,183	)		(60,754	)
Balance, close of year		$	27,192,223		$	25,023,715		$	24,907,970

            The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2010 was $21,371,250.

(2)       Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation and amortization for the years ended December 31, 2010, 2009, and 2008 are as follows:

		2010			2009			2008
Balance, beginning of year		$	6,806,670		$	6,015,677		$	5,168,565
	Depreciation expense		874,450			893,139			871,556
	Disposals		(195,299	)		(102,146	)		(24,444	)
Balance, close of year		$	7,485,821		$	6,806,670		$	6,015,677

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

•

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

•

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

(3)	Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.
(4)	Not developed/constructed by us or our predecessors. The date of construction represents the acquisition date.
(5)	Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.
(6)	Secured by a $260,000 cross-collateralized and cross-defaulted mortgage loan facility.

58

Exhibits
3.1		Restated Certificate of Incorporation of the Registrant (incorporated by reference to Appendix A of the Registrant's Proxy Statement on Schedule 14A filed on March 27, 2009).
3.2		Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed on March 25, 2009).
3.3		Certificate of Powers, Designations, Preferences and Rights of the 83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed October 20, 2004).
9.1		Second Amended and Restated Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between Melvin Simon & Associates, Inc., on the one hand and Melvin Simon, Herbert Simon and David Simon on the other hand (incorporated by reference to Exhibit 9.1 of the Registrant's Quarterly Report on Form 10-Q filed on May 10, 2004).
9.2		Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between David Simon, Melvin Simon and Herbert Simon (incorporated by reference to Exhibit 9.2 of the Registrant's Quarterly Report on Form 10-Q filed on May 10, 2004).
10.1		Eighth Amended and Restated Agreement of Limited Partnership of Simon Property Group, L.P. dated as of May 8, 2008 (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed May 9, 2008).
10.2		Form of the Indemnity Agreement between the Registrant and its directors and officers (incorporated by reference to Exhibit 10.7 of the Registrant's Form S-4 filed August 13, 1998 (Reg. No. 333-61399)).
10.3		Registration Rights Agreement, dated as of September 24, 1998, by and among the Registrant and the persons named therein. (incorporated by reference to Exhibit 4.4 of the Registrant's Current Report on Form 8-K filed October 9, 1998).
10.4		Registration Rights Agreement, dated as of August 27, 1999 by and among the Registrant and the persons named therein (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-3 filed March 24, 2004 (Reg. No. 333-113884)).
10.5		Registration Rights Agreement, dated as of November 14, 1997, by and between O'Connor Retail Partners, L.P. and Simon DeBartolo Group,  Inc. (incorporated by reference to Exhibit 4.8 to the Registration Statement on Form S-3 filed December 7, 2001 (Reg. No. 333-74722)).
10.6	*	Simon Property Group, L.P. 1998 Stock Incentive Plan, as amended (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K filed May 9, 2008).
10.7	*	Form of Nonqualified Stock Option Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 of the Registrant's 2004 Form 10-K).
10.8	*	Form of Performance-Based Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.9 of the Registrant's 2006 Form 10-K).
10.9	*	Form of Non-Employee Director Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 of the Registrant's 2004 Form 10-K).
10.10	*	Employment Agreement among Richard S. Sokolov, the Registrant, and Simon Property Group Administrative Services Partnership, L.P. dated January 1, 2007 (incorporated by reference to Exhibit 10.12 of the Registrant's 2008 Form 10-K).
10.11		Credit and Guaranty Agreement, dated as of February 16, 2007, by and among The Mills Limited Partnership, as Borrower, The Mills Corporation, as Parent, certain of its subsidiaries, as Guarantors, the lenders party thereto and Simon Property Group, L.P., as Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed February 23, 2007).
10.12		Voting Agreement dated as of June 20, 2004 among the Registrant, Simon Property Group, L.P. and certain holders of shares of common stock of Chelsea Property Group, Inc. and/or common units of CPG Partners, L.P. (incorporated by reference to Exhibit 99.3 to the Registrant's Current Report on Form 8-K filed June 22, 2004).
10.13		Form of Amendment to Performance-Based Restricted Stock Award Agreement under 2008 Stock Incentive Program (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q filed May 1, 2009).
10.14	*	Non-Qualified Deferred Compensation Plan dated as of December 31, 2008 (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q filed November 5, 2009).
10.15	*	Amendment—2008 Performance Based-Restricted Stock Agreement dated as of March 6, 2009 (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q filed November 5, 2009).
10.16		$3,565,000,000 Credit Agreement dated as of December 8, 2009 (incorporated by reference to Exhibit 99.2 of Simon Property Group,  L.P.'s Current Report on Form 8-K filed December 11, 2009).
10.17	*	Form of Series 2010 LTIP Unit (Three Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed March 19, 2010).

59

Exhibits
10.18	*	Form of Series 2010 LTIP Unit (Two Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed March 19, 2010).
10.19	*	Form of Series 2010 LTIP Unit (One Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed March 19, 2010).
10.20	*	Description of Director and Executive Compensation Agreements.
12.1		Statement regarding computation of ratios.
13.1		Selected Financial Data, Management's Discussion and Analysis of Financial Condition and Results of Operations and Financial Statements of the Registrant as contained in the Registrant's 2010 Annual Report to Stockholders.
21.1		List of Subsidiaries of the Company.
23.1		Consent of Ernst & Young LLP.
31.1		Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32		Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		The following materials from the Registrant's Annual Report on Form 10-K for the year ended December 31, 2010, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Operations and Comprehensive Income, (3) the Consolidated Statements of Cash Flows, and (4) Notes to Consolidated Financial Statements, tagged as blocks of text.

*

Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.

60