Simon Property (SPG) 8-K Earnings Release & Supplemental Information Unaudited Third Quarter 2014

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TABLE OF CONTENTS

Exhibit 99.1

SIMON PROPERTY GROUP

EARNINGS RELEASE & SUPPLEMENTAL INFORMATION
UNAUDITED THIRD QUARTER 2014

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED SEPTEMBER 30, 2014	PAGE
Earnings Release (1)	2
Overview
The Company and Reporting Calendar	15
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants	16
Financial Data
Selected Financial and Equity Information	17
Pro-Rata Statements of Operations	18-19
Pro-Rata Balance Sheet	20
Net Operating Income (NOI) Composition	21
Reconciliations of Non-GAAP Financial Measures	22-23
Consolidated Net Income to NOI	22
Funds from Operations to Funds Available for Distribution (Our Share)	23
Other Income, Other Expense and Capitalized Interest	24
Operational Data
U.S. Malls and Premium Outlets Operating Information	25
The Mills and International Operating Information	26
U.S. Malls and Premium Outlets Lease Expirations	27
U.S. Malls and Premium Outlets Top Tenants	28
Development Activity
Capital Expenditures	29
Development Activity Summary	30
Development Activity Report	31-33
U.S. Anchor/Big Box Openings	34-35
Balance Sheet Information
Common and Preferred Stock Information	36
Changes in Common Share and Limited Partnership Unit Ownership	36
Preferred Stock/Units Outstanding	36
Credit Profile	37
Summary of Indebtedness	38
Total Debt Amortization and Maturities by Year (Our Share)	39
Property and Debt Information	40-51

(1)

Includes reconciliation of consolidated net income to funds from operations.

3Q 2014 SUPPLEMENTAL 1

EARNINGS RELEASE

Contacts:
Tom Ward	317-685-7330 Investors
Les Morris	317-263-7711 Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP REPORTS THIRD QUARTER 2014 RESULTS AND
RAISES FULL YEAR 2014 GUIDANCE

INDIANAPOLIS, October 22, 2014 - Simon, a leading global retail real estate company, today reported results for the quarter and nine months ended September 30, 2014.

RESULTS FOR THE QUARTER

•

Funds from Operations ("FFO") was $689.4 million, or $1.90 per diluted share, as compared to $802.8 million, or $2.21 per diluted share, in the prior year period. Included in the third quarter 2014 results is a loss on the extinguishment of debt of $127.6 million, or $0.35 per diluted share, related to the successful September cash tender offers and the redemption of a series of notes of Simon Property Group L.P. ("SPGLP") unsecured debt totaling $1.572 billion.

•

Net income attributable to common stockholders was $252.0 million, or $0.81 per diluted share, as compared to $311.7 million, or $1.00 per diluted share, in the prior year period. Net income in the third quarter of 2014 includes the $0.35 per diluted share loss on the extinguishment of debt described above.

RESULTS FOR THE NINE MONTHS

•

Funds from Operations ("FFO") was $2.339 billion, or $6.43 per diluted share, as compared to $2.311 billion, or $6.38 per diluted share, in the prior year period.

•

Net income attributable to common stockholders was $1.0 billion, or $3.22 per diluted share, as compared to $934.7 million, or $3.01 per diluted share, in the prior year period.

EFFECT OF CASH TENDER OFFERS AND EARLY NOTES REDEMPTION CHARGE AND WASHINGTON PRIME GROUP INC. SPIN-OFF

•

Results for the three and nine months ended September 30, 2014 reflect the $0.35 charge related to the cash tender offers and early notes redemption mentioned above. Results for the three months ended September 30, 2013 include FFO per diluted share of $0.24 from the Washington Prime Group Inc. ("WPG") properties. Results for the nine months ended September 30, 2014 and 2013 include FFO per diluted share of $0.30 ($0.40 of FFO from the WPG properties' operations net of $0.10 of spin-off related transaction expenses) and $0.72, respectively, from the WPG properties.

3Q 2014 SUPPLEMENTAL 2

EARNINGS RELEASE

•

Growth in FFO per diluted share for the three and nine month periods in 2014 was 14.2% and 14.5%, respectively, excluding both the loss on the extinguishment of debt related to the cash tender offers and early notes redemption and the WPG properties and transaction costs related to the May 28, 2014 spin-off, as detailed in the table below.

	THREE MONTHS ENDED SEPTEMBER 30,					NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013			2014			2013
Reported FFO per share	$	1.90	$	2.21		$	6.43		$	6.38
Add: Loss on extinguishment of debt		0.35		—			0.35			—
Add: Spin-off transaction expenses		—		—			0.10			—
Less: FFO from WPG properties		—		(0.24	)		(0.40	)		(0.72	)
Comparable FFO per share	$	2.25	$	1.97		$	6.48		$	5.66
Comparable FFO per share growth		14.2%					14.5%
Reported earnings per share	$	0.81	$	1.00		$	3.22		$	3.01
Comparable earnings per share(1)	$	1.16	$	0.89		$	3.49		$	2.64

(1)

For a reconciliation of Reported EPS to Comparable EPS, please see Footnote H of the Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures.

"I am very pleased with our quarterly results that once again beat consensus," said David Simon, Chairman and CEO. "We continue to demonstrate our ability to grow our core business and allocate capital to generate growth in cash flow and FFO per share."

COMPARABLE PROPERTY NET OPERATING INCOME

Comparable property NOI growth for the three months ended September 30, 2014 was 5.3%. The year-to-date growth for the nine months ended September 30, 2014 was 5.4%. Comparable properties include U.S. Malls, Premium Outlets and The Mills, and excludes the WPG properties.

U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS

	AS OF SEPTEMBER 30,
					YEAR-OVER-YEAR CHANGE
	2014(1)		2013
Occupancy(2)		96.9%		95.5%	+140 bps
Base Minimum Rent per sq. ft.(2)	$	46.29	$	41.73	+10.9%
Releasing Spread per sq. ft.(2)(3)	$	9.67	$	8.05	+$1.62
Releasing Spread (percentage change)(2)(3)		17.3%		15.2%	+210 bps
Total Sales per sq. ft.(4)	$	613	$	579	+5.9%

(1)

Excludes WPG properties.

(2)

Represents mall stores in Malls and all owned square footage in Premium Outlets.

(3)

Same space measure that compares opening and closing rates on individual spaces leased during trailing 12-month period.

(4)

Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and all owned square footage in Premium Outlets.

3Q 2014 SUPPLEMENTAL 3

EARNINGS RELEASE

Total sales from the U.S. Malls (less anchors) and Premium Outlets increased 2.6% on a trailing 12-month basis. The increase in total sales in the third quarter of 2014 compared to the third quarter of 2013 was 2.8%.

DIVIDENDS

Today Simon's Board of Directors declared a quarterly common stock dividend of $1.30 per share. This is a year-over-year increase of 8.3%. The dividend will be payable on November 28, 2014 to stockholders of record on November 14, 2014.

Simon's Board of Directors also declared the quarterly dividend on its 8³/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31, 2014 to stockholders of record on December 17, 2014.

DEVELOPMENT ACTIVITY

Two new Premium Outlets opened during the quarter:

•

July 31^{st<_bm2 001,002>[nc_nb]—}Charlotte Premium Outlets is a 399,000 square foot center with 100 outlet stores featuring high-quality designer and name brands. The center opened fully leased and Simon owns a 50% interest in this asset.

•

August 14^th — Twin Cities Premium Outlets is a 409,000 square foot center serving the greater Minneapolis-St. Paul metropolitan area. The center opened fully leased and Simon owns a 35% interest in this asset.

Premium Outlets Montréal in Mirabel, Quebec, Canada will open on October 30, 2014. The center will serve the greater Montréal metropolitan market with 360,000 square feet of high-quality, name brand stores. Simon owns a 50% interest in this project.

During the third quarter, construction started on two significant expansion projects:

•

Livermore Premium Outlets in Livermore (San Francisco), California — 185,000 square foot expansion

•

The Colonnade at Sawgrass in Sunrise (Miami), Florida — 56,000 square foot expansion

Construction continues on other significant expansion projects including Roosevelt Field Mall, Del Amo Fashion Center, Woodbury Common Premium Outlets, Las Vegas Premium Outlets-North and Chicago Premium Outlets.

Redevelopment and expansion projects, including the addition of new anchors, are underway at 31 properties in the U.S., Asia and Mexico.

Construction continues on two new Premium Outlets opening in 2015:

•

Vancouver Designer Outlet in Vancouver, British Columbia, Canada is a 242,000 square foot center scheduled to open in May of 2015. Simon owns a 45% interest in this project.

•

Gloucester Premium Outlets in Gloucester, New Jersey, serving the greater Philadelphia metropolitan area, is a 375,000 square foot center scheduled to open in August of 2015. Simon owns a 50% interest in this project.

3Q 2014 SUPPLEMENTAL 4

EARNINGS RELEASE

Construction began during the third quarter on two new Premium Outlets expected to open in October of 2015:

•

Tucson Premium Outlets is a 366,000 square foot center. Simon owns 100% of this project.

•

Tampa Premium Outlets is a 441,000 square foot center. Simon owns 100% of this project.

Simon's share of the costs of all development and redevelopment projects currently under construction is approximately $2.2 billion.

FINANCING ACTIVITY

In September, Simon completed a cash tender offer for five outstanding tranches of senior unsecured notes maturing in 2015, 2016 and 2017. Approximately $1.322 billion of notes were tendered and accepted for purchase. These notes had a weighted average remaining duration of 1.7 years and a weighted average coupon rate of 5.60%. Also in September, Simon redeemed all of its $250.0 million 7.875% notes due 2016. A $127.6 million or $0.35 per diluted share, loss on the extinguishment of debt was recorded in September of 2014 in connection with the tender offers and redemption.

In September, Simon issued $1.30 billion of senior unsecured notes in an underwritten public offering. The offering consisted of $900 million of 3.375% notes due 2024 and $400 million of 4.25% notes due 2044. Net proceeds from the offering and cash on hand were used to fund the cash purchase of the senior unsecured notes tendered and the redemption.

The aggregate result of the tender offers and redemption, combined with the sale of unsecured notes, was an extension of the duration of our senior notes portfolio from 6.3 years to 7.6 years and a decrease in the weighted average interest rate on that portfolio from 4.64% to 4.40%.

As of September 30, 2014, Simon had approximately $1.175 billion of cash on hand, including its share of joint venture cash, and $5.2 billion of available revolving credit capacity.

2014 GUIDANCE

Today we raised FFO guidance to a range of $8.84 to $8.88 per diluted share for the year ending December 31, 2014, and also raised guidance for net income to a range of $4.45 to $4.49 per diluted share. This represents an increase of $0.15 per diluted share from the midpoint of the range provided on July 23, 2014, after giving effect to the loss on extinguishment of debt from the successful tender offers and redemption.

3Q 2014 SUPPLEMENTAL 5

EARNINGS RELEASE

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

For the year ending December 31, 2014

	LOW END			HIGH END
Estimated net income available to common stockholders per diluted share	$	4.45		$	4.49
Depreciation and amortization including Simon's share of unconsolidated entities		4.82			4.82
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net		(0.43	)		(0.43	)
Estimated FFO per diluted share	$	8.84		$	8.88

CONFERENCE CALL

Simon will hold a conference call to discuss the quarterly financial results today at 11:00 a.m. Eastern Time, Wednesday, October 22, 2014. Live streaming audio of the conference call will be accessible at investors.simon.com. An online replay will be available until November 5, 2014 at investors.simon.com.

SUPPLEMENTAL MATERIALS AND WEBSITE

Supplemental information on our third quarter 2014 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

NON-GAAP FINANCIAL MEASURES

This press release includes FFO, FFO per share, comparable FFO per share, comparable earnings per share and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

3Q 2014 SUPPLEMENTAL 6

EARNINGS RELEASE

FORWARD-LOOKING STATEMENTS

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

ABOUT SIMON

Simon is a global leader in retail real estate ownership, management and development and a S&P100 company (Simon Property Group, NYSE:SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.

3Q 2014 SUPPLEMENTAL 7

EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
REVENUE:
Minimum rent	$	740,214	$	690,904	$	2,190,983	$	2,038,486
Overage rent		52,502		55,115		123,336		129,458
Tenant reimbursements		350,595		320,179		1,018,316		921,136
Management fees and other revenues		36,396		33,613		101,145		95,156
Other income		54,987		47,066		139,918		108,457
Total revenue		1,234,694		1,146,877		3,573,698		3,292,693
EXPENSES:
Property operating		106,742		98,993		294,318		276,561
Depreciation and amortization		281,661		279,302		849,369		824,173
Real estate taxes		97,359		93,001		291,058		273,758
Repairs and maintenance		21,416		22,746		72,838		68,689
Advertising and promotion		38,359		28,455		99,128		75,128
Provision for credit losses		1,769		2,398		8,635		3,947
Home and regional office costs		40,753		34,171		120,999		106,021
General and administrative		14,388		14,546		44,842		44,476
Other		24,690		24,787		62,457		59,040
Total operating expenses		627,137		598,399		1,843,644		1,731,793
OPERATING INCOME		607,557		548,478		1,730,054		1,560,900
Interest expense		(249,780)		(270,700)		(758,945)		(808,235)
Loss on extinguishment of debt		(127,573)		–		(127,573)		–
Income and other taxes		(6,589)		(7,700)		(20,078)		(29,773)
Income from unconsolidated entities		55,631		47,563		168,473		157,811
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		17,717		11,071		154,242		85,754
Consolidated income from continuing operations		296,963		328,712		1,146,173		966,457
Discontinued operations		–		38,581		67,524		135,830
Discontinued operations transaction expenses		–		–		(38,163)		–
CONSOLIDATED NET INCOME		296,963		367,293		1,175,534		1,102,287
Net income attributable to noncontrolling interests		44,161		54,784		172,828		165,035
Preferred dividends		834		834		2,503		2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	251,968	$	311,675	$	1,000,203	$	934,749
BASIC EARNINGS PER COMMON SHARE:
Income from continuing operations	$	0.81	$	0.89	$	3.14	$	2.64
Discontinued operations		–		0.11		0.08		0.37
Net income attributable to common stockholders	$	0.81	$	1.00	$	3.22	$	3.01
DILUTED EARNINGS PER COMMON SHARE:
Income from continuing operations	$	0.81	$	0.89	$	3.14	$	2.64
Discontinued operations		–		0.11		0.08		0.37
Net income attributable to common stockholders	$	0.81	$	1.00	$	3.22	$	3.01

3Q 2014 SUPPLEMENTAL 8

EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)

	SEPTEMBER 30, 2014		DECEMBER 31, 2013
ASSETS:
Investment properties at cost	$	31,022,776	$	30,336,639
Less - accumulated depreciation		8,728,977		8,092,794
		22,293,799		22,243,845
Cash and cash equivalents		817,998		1,691,006
Tenant receivables and accrued revenue, net		516,857		520,361
Investment in unconsolidated entities, at equity		2,458,704		2,429,845
Investment in Klépierre, at equity		1,868,461		2,014,415
Deferred costs and other assets		1,716,346		1,422,788
Total assets of discontinued operations		–		3,002,314
Total assets	$	29,672,165	$	33,324,574
LIABILITIES:
Mortgages and unsecured indebtedness	$	21,202,360	$	22,669,917
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,150,900		1,223,102
Cash distributions and losses in partnerships and joint ventures, at equity		1,166,887		1,050,278
Other liabilities		259,824		250,371
Total liabilities of discontinued operations		–		1,117,789
Total liabilities		23,779,971		26,311,457
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		25,537		190,485
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847		44,144		44,390
Common stock, $0.0001 par value, 511,990,000 shares authorized, 314,314,502 and 314,251,245 issued and outstanding, respectively		31		31
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		–		–
Capital in excess of par value		9,406,656		9,217,363
Accumulated deficit		(4,200,226)		(3,218,686)
Accumulated other comprehensive loss		(125,414)		(75,795)
Common stock held in treasury at cost, 3,540,427 and 3,650,680 shares, respectively		(103,870)		(117,897)
Total stockholders' equity		5,021,321		5,849,406
Noncontrolling interests		845,336		973,226
Total equity		5,866,657		6,822,632
Total liabilities and equity	$	29,672,165	$	33,324,574

3Q 2014 SUPPLEMENTAL 9

EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Statements of Operations
(Dollars in thousands)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
REVENUE:
Minimum rent	$	436,580	$	396,539	$	1,289,263	$	1,165,611
Overage rent		42,760		40,707		133,146		128,320
Tenant reimbursements		202,973		193,288		588,772		555,681
Other income		54,157		40,760		228,793		122,152
Total revenue		736,470		671,294		2,239,974		1,971,764
OPERATING EXPENSES:
Property operating		141,083		122,550		434,147		356,089
Depreciation and amortization		147,946		131,689		442,141		378,284
Real estate taxes		59,934		53,593		167,523		154,271
Repairs and maintenance		16,289		15,172		51,874		46,290
Advertising and promotion		18,535		13,977		54,458		43,638
Provision for credit losses		210		311		4,288		1,823
Other		43,760		37,819		141,243		109,602
Total operating expenses		427,757		375,111		1,295,674		1,089,997
OPERATING INCOME		308,713		296,183		944,300		881,767
Interest expense		(147,817)		(147,928)		(449,512)		(442,620)
INCOME FROM CONTINUING OPERATIONS		160,896		148,255		494,788		439,147
Income from operations of discontinued joint venture interests		–		3,464		5,079		10,093
Gain on disposal of discontinued operations, net		–		6,580		–		24,936
NET INCOME	$	160,896	$	158,299	$	499,867	$	474,176
THIRD-PARTY INVESTORS' SHARE OF NET INCOME	$	81,810	$	85,211	$	259,340	$	263,926
Our Share of Net Income		79,086		73,088		240,527		210,250
Amortization of Excess Investment (A)		(26,187)		(25,733)		(76,168)		(75,415)
Our Share of Income from Unconsolidated Discontinued Operations		–		(353)		(652)		(852)
INCOME FROM UNCONSOLIDATED ENTITIES (B)	$	52,899	$	47,002	$	163,707	$	133,983

Note:

The above financial presentation does not include any information related to our investment in Klépierre S.A. ("Klépierre").
For additional information, see footnote B.

3Q 2014 SUPPLEMENTAL 10

EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Balance Sheets
(Dollars in thousands)

	SEPTEMBER 30, 2014		DECEMBER 31, 2013
ASSETS:
Investment properties, at cost	$	15,854,182	$	15,355,700
Less - accumulated depreciation		5,358,302		5,080,832
		10,495,880		10,274,868
Cash and cash equivalents		753,133		781,554
Tenant receivables and accrued revenue, net		353,619		302,902
Investment in unconsolidated entities, at equity		11,701		38,352
Deferred costs and other assets		575,776		579,480
Total assets of discontinued operations		–		281,000
Total assets	$	12,190,109	$	12,258,156
LIABILITIES AND PARTNERS' DEFICIT:
Mortgages	$	12,900,691	$	12,753,139
Accounts payable, accrued expenses, intangibles, and deferred revenue		979,723		834,898
Other liabilities		491,959		513,897
Total liabilities of discontinued operations		–		286,252
Total liabilities		14,372,373		14,388,186
Preferred units		67,450		67,450
Partners' deficit		(2,249,714)		(2,197,480)
Total liabilities and partners' deficit	$	12,190,109	$	12,258,156
Our Share of:
Partners' deficit	$	(615,394)	$	(717,776)
Add: Excess Investment (A)		1,907,211		2,059,584
Add: Our Share of investment in discontinued unconsolidated entities, at equity		–		37,759
Our net Investment in unconsolidated entities, at equity	$	1,291,817	$	1,379,567

Note:

The above financial presentation does not include any information related to our investment in Klépierre.
For additional information, see footnote B attached hereto.

3Q 2014 SUPPLEMENTAL 11

EARNINGS RELEASE

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

RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO
	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
Consolidated Net Income (D)	$	296,963	$	367,293	$	1,175,534	$	1,102,287
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties		277,936		321,962		915,040		949,169
Our share of depreciation and amortization from unconsolidated entities, including Klépierre		135,131		130,055		410,848		376,432
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(17,717)		(11,071)		(154,484)		(99,906)
Net income attributable to noncontrolling interest holders in properties		(750)		(1,958)		(1,720)		(6,517)
Noncontrolling interests portion of depreciation and amortization		(869)		(2,218)		(2,729)		(6,595)
Preferred distributions and dividends		(1,313)		(1,313)		(3,939)		(3,939)
FFO of the Operating Partnership (E)	$	689,381	$	802,750	$	2,338,550	$	2,310,931
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share	$	0.81	$	1.00	$	3.22	$	3.01
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, net of noncontrolling interests portion of depreciation and amortization		1.14		1.24		3.64		3.65
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(0.05)		(0.03)		(0.43)		(0.28)
Diluted FFO per share (F)	$	1.90	$	2.21	$	6.43	$	6.38
Details for per share calculations:
FFO of the Operating Partnership (E)	$	689,381	$	802,750	$	2,338,550	$	2,310,931
Diluted FFO allocable to unitholders		(100,286)		(115,440)		(339,171)		(332,474)
Diluted FFO allocable to common stockholders (G)	$	589,095	$	687,310	$	1,999,379	$	1,978,457
Basic and Diluted weighted average shares outstanding		310,772		310,333		310,713		310,195
Weighted average limited partnership units outstanding		52,873		52,122		52,709		52,127
Basic and Diluted weighted average shares and units outstanding		363,645		362,455		363,422		362,322
Basic and Diluted FFO per Share (F)	$	1.90	$	2.21	$	6.43	$	6.38
Percent Change		-14.0%				0.8%

3Q 2014 SUPPLEMENTAL 12

EARNINGS RELEASE

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

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related properties.

(B)

The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investment in Klépierre. Amounts included in Footnotes D below exclude our share of related activity for our investment in Klépierre. For further information, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-Q.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, comparable FFO per share and comparable earnings per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

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

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

(D)

Includes our share of:

-

Gains on land sales of $2.0 million and $4.2 million for the three months ended September 30, 2014 and 2013, respectively, $14.4 million and $5.4 million for the nine months ended September 30, 2014 and 2013, respectively.

-

Straight-line adjustments to minimum rent of $17.6 million and $13.6 million for the three months ended September 30, 2014 and 2013, respectively (including $0.0 million and $0.1 million related to WPG), and $44.9 million and $39.7 million for the nine months ended September 30, 2014 and 2013, respectively (including $0.3 million and ($0.1) million related to WPG).

3Q 2014 SUPPLEMENTAL 13

EARNINGS RELEASE

-

Amortization of fair market value of leases from acquisitions of $3.7 million and $5.6 million for the three months ended September 30, 2014 and 2013 respectively (including $0.0 million and $0.3 million related to WPG), and $12.2 million and $21.9 million for the nine months ended September 30, 2014 and 2013, respectively (including $0.3 million and $1.1 million related to WPG).



-

Debt premium amortization of $5.2 million and $10.1 million for the three months ended September 30, 2014 and 2013, respectively (including $0.0 million and $0.1 million related to WPG), and $26.6 million and $32.3 million for the nine months ended September 30, 2014 and 2013, respectively (including $0.2 million and $0.3 million related to WPG).

(E)

Includes FFO of the operating partnership and 2014 transaction expenses related to WPG of $86.4 million for the three months ended September 30, 2013, and $108.0 million and $262.1 million for the nine months ended September 30, 2014 and 2013, respectively.

(F)

Includes Basic and Diluted FFO per share related to WPG operations and 2014 transaction expenses of $0.24 for the three months ended September 30, 2013, and $0.30 and $0.72 for the nine months ended September 30, 2014 and 2013, respectively.

(G)

Includes Diluted FFO allocable to common stockholders and 2014 transaction expenses related to WPG of $74.0 million for the three months ended September 30, 2013, and $92.4 million and $224.4 million for the nine months ended September 30, 2014 and 2013, respectively.

(H)

Reconciliation of reported earnings per share to comparable earnings per share

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
Reported earnings per share	$	0.81	$	1.00	$	3.22	$	3.01
Add: Loss on extinguishment of debt		0.35		–		0.35		–
Add: WPG spin-off transaction expenses		–		–		0.10		–
Less: Earnings per share from WPG properties		–		(0.11)		(0.18)		(0.37)
Comparable earnings per share	$	1.16	$	0.89	$	3.49	$	2.64
Comparable earnings per share growth		30.3%				32.2%

3Q 2014 SUPPLEMENTAL 14

OVERVIEW

THE COMPANY

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to, Simon Property, Inc., the Operating Partnership, and its subsidiaries. We are engaged primarily in the ownership, development and management of retail real estate properties including Malls, Premium Outlets®, The Mills®, and International Properties. At September 30, 2014, we owned or had an interest in 228 properties comprising 189 million square feet in North America, Asia and Europe. Additionally, we have a 28.9% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 13 European countries.

This package was prepared to provide operational and balance sheet information as of September 30, 2014, for the Company and the Operating Partnership.

On May 28, 2014, we completed the spin-off of 98 smaller malls and community centers to Washington Prime Group Inc. (WPG), which is now an independent public company trading on the NYSE under the symbol "WPG". Results from the properties transferred to WPG (WPG properties) are included in our financial information as discontinued operations through May 28, 2014.

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

Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).

REPORTING CALENDAR

Below is a list of estimated dates for future announcements of results. Dates are subject to change.

Fourth Quarter 2014	January 30, 2015
First Quarter 2015	April 24, 2015
Second Quarter 2015	July 24, 2015

3Q 2014 SUPPLEMENTAL 15

OVERVIEW

STOCK INFORMATION

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

Common Stock	SPG
8.375% Series J Cumulative Redeemable Preferred	SPGPrJ

CREDIT RATINGS

Standard & Poor's
Corporate	A	(Stable Outlook)
Senior Unsecured	A	(Stable Outlook)
Preferred Stock	BBB+	(Stable Outlook)
Moody's
Senior Unsecured	A2	(Stable Outlook)
Preferred Stock	A3	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS ⁽¹⁾

	Required	Actual	Compliance
Total Debt to Total Assets (1)	£65%	41%	Yes
Total Secured Debt to Total Assets (1)	£50%	18%	Yes
Fixed Charge Coverage Ratio	>1.5X	3.7X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	256%	Yes

(1)

Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.

3Q 2014 SUPPLEMENTAL 16

SELECTED FINANCIAL AND EQUITY INFORMATION(In thousands, except as noted)

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
Financial Highlights
Total Revenue - Consolidated Properties	$	1,234,694	$	1,146,877	$	3,573,698	$	3,292,693
Consolidated Net Income	$	296,963	$	367,293	$	1,175,534	$	1,102,287
Net Income Attributable to Common Stockholders	$	251,968	$	311,675	$	1,000,203	$	934,749
Basic and Diluted Earnings per Common Share (EPS)	$	0.81	$	1.00	$	3.22	$	3.01
Funds from Operations (FFO) of the Operating Partnership (1)	$	689,381	$	802,750	$	2,338,550	$	2,310,931
Basic and Diluted FFO per Share (FFOPS) (2)	$	1.90	$	2.21	$	6.43	$	6.38
Dividends/Distributions per Share/Unit	$	1.30	$	1.15	$	3.85	$	3.45

Stockholders' Equity Information	AS OF SEPTEMBER 30, 2014			AS OF DECEMBER 31, 2013
Limited Partners' Units Outstanding at end of period		52,853			51,846
Common Shares Outstanding at end of period		310,782			310,609
Total Common Shares and Limited Partnership Units Outstanding at end of period		363,635			362,455
Weighted Average Limited Partnership Units Outstanding		52,709			52,101
Weighted Average Common Shares Outstanding:
Basic and Diluted - for purposes of EPS and FFOPS		310,713			310,255
Debt Information
Share of Consolidated Debt	$	21,123,137		$	22,536,459
Share of Joint Venture Debt		6,142,000			6,023,740
Share of Debt from Discontinued Operations		–			962,157
Share of Total Debt	$	27,265,137		$	29,522,356
Market Capitalization
Common Stock Price at end of period	$	164.42	(3)	$	152.16
Common Equity Capitalization, including Limited Partnership Units	$	59,788,854		$	55,151,110
Preferred Equity Capitalization, including Limited Partnership Preferred Units		83,547			73,753
Total Equity Market Capitalization	$	59,872,401		$	55,224,863
Total Market Capitalization - Including Share of Total Debt	$	87,137,538		$	84,747,219
Debt to Total Market Capitalization		31.3%			34.8%

(1)

Includes FFO of the Operating Partnership related to WPG properties and 2014 transaction expenses of $86.4 million for the three months ended September 30, 2013, and $108.0 million and $262.1 million for the nine months ended September 30, 2014 and 2013, respectively. Also includes a charge of $127.6 million for loss on extinguishment of debt for the three months and nine months ended September 30, 2014.

(2)

Includes Basic and Diluted FFO per share related to WPG properties and 2014 transaction expenses of $0.24 for the three months ended September 30, 2013, and $0.30 and $0.72 for the nine months ended September 30, 2014 and 2013, respectively. Also includes a charge of $0.35 for loss on extinguishment of debt for the three months and nine months ended September 30, 2014.

(3)

Reflects value after WPG spin-off.

3Q 2014 SUPPLEMENTAL 17

PRO-RATA STATEMENT OF OPERATIONS(In thousands)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
	CONSOLIDATED		NONCONTROLLING INTERESTS (1)		OUR CONSOLIDATED SHARE		OUR SHARE OF JOINT VENTURES		OUR TOTAL SHARE			FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 OUR TOTAL SHARE
REVENUE:
Minimum rent	$	740,214	$	(3,317)	$	736,897	$	211,304	$	948,201		$	870,302
Overage rent		52,502		(26)		52,476		18,623		71,099			72,493
Tenant reimbursements		350,595		(2,032)		348,563		95,596		444,159			406,894
Management fees and other revenues		36,396		–		36,396		–		36,396			33,613
Other income		54,987		(169)		54,818		27,323		82,141			66,157
Total revenue		1,234,694		(5,544)		1,229,150		352,846		1,581,996			1,449,459
EXPENSES:
Property operating		106,742		(1,013)		105,729		63,306		169,035			150,284
Depreciation and amortization		281,661		(869)		280,792		102,179		382,971			366,533
Real estate taxes		97,359		(513)		96,846		28,509		125,355			117,239
Repairs and maintenance		21,416		(140)		21,276		7,654		28,930			29,460
Advertising and promotion		38,359		(93)		38,266		8,877		47,143			34,735
Provision for credit losses		1,769		(16)		1,753		137		1,890			2,555
Home and regional office costs		40,753		–		40,753		–		40,753			34,171
General and administrative		14,388		–		14,388		–		14,388			14,546
Other		24,690		(932)		23,758		20,075		43,833			39,641
Total operating expenses		627,137		(3,576)		623,561		230,737		854,298			789,164
OPERATING INCOME		607,557		(1,968)		605,589		122,109		727,698			660,295
Interest expense		(249,780)		1,218		(248,562)		(69,210)		(317,772)			(337,474)
Loss on extinguishment of debt		(127,573)		–		(127,573)		–		(127,573)			–
Income and other taxes		(6,589)		–		(6,589)		–		(6,589)			(7,699)
Income from unconsolidated entities		55,631		–		55,631		(52,899)		2,732	(2)		561	(2)
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net		17,717		–		17,717		–		17,717			11,071
Consolidated income from continuing operations		296,963		(750)		296,213		–		296,213			326,754
Discontinued operations		–		–		–		–		–			38,581
Discontinued operations transaction expenses		–		–		–		–		–			–
CONSOLIDATED NET INCOME		296,963		(750)		296,213		–		296,213			365,335
Net income attributable to noncontrolling interests		44,161		(750)		43,411		–		43,411	(3)		52,826
Preferred dividends		834		–		834		–		834			834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	251,968	$	–	$	251,968	$	–	$	251,968		$	311,675
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO:
Consolidated Net Income					$	296,963	$	–	$	296,963		$	367,293
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties						277,936				277,936			321,962
Our share of depreciation and amortization from unconsolidated entities, including Klépierre								135,131		135,131			130,055
Income from unconsolidated entities						(55,631)		55,631		–			–
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net						(17,717)				(17,717)			(11,071)
Net income attributable to noncontrolling interest holders in properties						(750)				(750)			(1,958)
Noncontrolling interests portion of depreciation and amortization						(869)				(869)			(2,218)
Preferred distributions and dividends						(1,313)				(1,313)			(1,313)
FFO of the Operating Partnership					$	498,619	$	190,762	$	689,381		$	802,750
Percentage of FFO of the Operating Partnership						72.33%		27.67%		100.00%			100.00%

(1)

Represents our venture partners' share of operations on consolidated properties.

(2)

Our Total Share of the remaining results from unconsolidated entities represents our share of net results related to our investment in Klépierre.

(3)

Represents limited partners' interest in the Operating Partnership.

3Q 2014 SUPPLEMENTAL 18

PRO-RATA STATEMENT OF OPERATIONS(In thousands)

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
	CONSOLIDATED		NONCONTROLLING INTERESTS (1)		OUR CONSOLIDATED SHARE		OUR SHARE OF JOINT VENTURES		OUR TOTAL SHARE			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 OUR TOTAL SHARE
REVENUE:
Minimum rent	$	2,190,983	$	(9,877)	$	2,181,106	$	624,466	$	2,805,572		$	2,564,333
Overage rent		123,336		(99)		123,237		57,037		180,274			183,345
Tenant reimbursements		1,018,316		(6,202)		1,012,114		278,132		1,290,246			1,169,256
Management fees and other revenues		101,145		–		101,145		–		101,145			95,156
Other income		139,918		(503)		139,415		113,111		252,526			164,475
Total revenue		3,573,698		(16,681)		3,557,017		1,072,746		4,629,763			4,176,565
EXPENSES:
Property operating		294,318		(3,217)		291,101		196,012		487,113			424,930
Depreciation and amortization		849,369		(2,729)		846,640		308,457		1,155,097			1,078,750
Real estate taxes		291,058		(1,721)		289,337		79,507		368,844			342,636
Repairs and maintenance		72,838		(561)		72,277		24,650		96,927			89,272
Advertising and promotion		99,128		(296)		98,832		25,320		124,152			94,610
Provision for credit losses		8,635		(78)		8,557		2,152		10,709			4,934
Home and regional office costs		120,999		–		120,999		–		120,999			106,021
General and administrative		44,842		–		44,842		–		44,842			44,476
Other		62,457		(2,696)		59,761		63,422		123,183			102,018
Total operating expenses		1,843,644		(11,298)		1,832,346		699,520		2,531,866			2,287,647
OPERATING INCOME		1,730,054		(5,383)		1,724,671		373,226		2,097,897			1,888,918
Interest expense		(758,945)		3,663		(755,282)		(209,519)		(964,801)			(1,008,787)
Loss on extinguishment of debt		(127,573)		–		(127,573)		–		(127,573)			–
Income and other taxes		(20,078)		–		(20,078)		–		(20,078)			(29,773)
Income from unconsolidated entities		168,473		–		168,473		(163,707)		4,766	(2)		23,828	(2)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		154,242		–		154,242		–		154,242			85,754
Consolidated income from continuing operations		1,146,173		(1,720)		1,144,453		–		1,144,453			959,940
Discontinued operations		67,524		–		67,524		–		67,524			135,830
Discontinued operations transaction expenses		(38,163)		–		(38,163)		–		(38,163)			–
CONSOLIDATED NET INCOME		1,175,534		(1,720)		1,173,814		–		1,173,814			1,095,770
Net income attributable to noncontrolling interests		172,828		(1,720)		171,108		–		171,108	(3)		158,518
Preferred dividends		2,503		–		2,503		–		2,503			2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	1,000,203	$	–	$	1,000,203	$	–	$	1,000,203		$	934,749
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO:
Consolidated Net Income					$	1,175,534	$	–	$	1,175,534		$	1,102,287
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties						915,040				915,040			949,169
Our share of depreciation and amortization from unconsolidated entities, including Klépierre								410,848		410,848			376,432
Income from unconsolidated entities						(169,125)		169,125		–			–
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net						(154,484)				(154,484)			(99,906)
Net income attributable to noncontrolling interest holders in properties						(1,720)				(1,720)			(6,517)
Noncontrolling interests portion of depreciation and amortization						(2,729)				(2,729)			(6,595)
Preferred distributions and dividends						(3,939)				(3,939)			(3,939)
FFO of the Operating Partnership					$	1,758,577	$	579,973	$	2,338,550		$	2,310,931
Percentage of FFO of the Operating Partnership						75.20%		24.80%		100.00%			100.00%

(1)

Represents our venture partners' share of operations from consolidated properties.

(2)

Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre.

(3)

Represents limited partners' interest in the Operating Partnership.

3Q 2014 SUPPLEMENTAL 19

PRO-RATA BALANCE SHEET(In thousands)

	AS OF SEPTEMBER 30, 2014
	CONSOLIDATED		NONCONTROLLING INTERESTS		OUR CONSOLIDATED SHARE		OUR SHARE OF JOINT VENTURES		OUR TOTAL SHARE		AS OF DECEMBER 31, 2013 OUR TOTAL SHARE
ASSETS:
Investment properties, at cost	$	31,022,776	$	(122,776)	$	30,900,000	$	9,949,986	$	40,849,986	$	39,792,597
Less - accumulated depreciation		8,728,977	$	(52,665)		8,676,312	$	2,558,320		11,234,632		10,399,807
		22,293,799		(70,111)		22,223,688		7,391,666		29,615,354		29,392,790
Cash and cash equivalents		817,998		(3,552)		814,446		360,481		1,174,927		2,053,790
Tenant receivables and accrued revenue, net		516,857		(2,000)		514,857		169,533		684,390		660,235
Investment in unconsolidated entities, at equity		2,458,704		–		2,458,704		(2,458,704)		–		–
Investment in Klépierre, at equity		1,868,461		–		1,868,461		–		1,868,461		2,014,415
Deferred costs and other assets		1,716,346		(6,990)		1,709,356		324,307		2,033,663		1,723,503
Total assets of discontinued operations		–		–		–		–		–		3,041,057
Total assets	$	29,672,165	$	(82,653)	$	29,589,512	$	5,787,283	$	35,376,795	$	38,885,790
LIABILITIES:
Mortgages and unsecured indebtedness	$	21,202,360	$	(79,223)	$	21,123,137	$	6,141,999	$	27,265,136	$	28,560,199
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,150,900		(4,448)		1,146,452		572,758		1,719,210		1,628,779
Cash distributions and losses in partnerships and joint ventures, at equity		1,166,887		–		1,166,887		(1,166,887)		–		–
Other liabilities		259,824		(85)		259,739		239,413		499,152		521,910
Total liabilities of discontinued operations		–		–		–		–		–		1,194,291
Total liabilities		23,779,971		(83,756)		23,696,215		5,787,283		29,483,498		31,905,179
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		25,537		–		25,537		–		25,537		162,243
EQUITY:
Stockholders' equity
Capital stock
Series J 83/8% cumulative redeemable preferred stock		44,144		–		44,144		–		44,144		44,390
Common stock, $.0001 par value		31		–		31		–		31		31
Class B common stock, $.0001 par value		–		–		–		–		–		–
Capital in excess of par value		9,406,656		–		9,406,656		–		9,406,656		9,217,363
Accumulated deficit		(4,200,226)		–		(4,200,226)		–		(4,200,226)		(3,218,686)
Accumulated other comprehensive loss		(125,414)		–		(125,414)		–		(125,414)		(75,795)
Common stock held in treasury at cost		(103,870)		–		(103,870)		–		(103,870)		(117,897)
Total stockholders' equity		5,021,321		–		5,021,321		–		5,021,321		5,849,406
Noncontrolling interests		845,336		1,103		846,439		–		846,439		968,962
Total equity		5,866,657		1,103		5,867,760		–		5,867,760		6,818,368
Total liabilities and equity	$	29,672,165	$	(82,653)	$	29,589,512	$	5,787,283	$	35,376,795	$	38,885,790

BASIS OF PRESENTATION:

We present balance sheet and income statement data on a pro-rata basis reflecting our proportionate economic ownership of each asset in our portfolio. The consolidated amounts shown are prepared on a consistent basis with our consolidated financial statements. Our Share of Joint Ventures column was derived on a property-by-property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for noncontrolling interests.

3Q 2014 SUPPLEMENTAL 20

NET OPERATING INCOME (NOI) COMPOSITION ⁽¹⁾
For the Nine Months Ended September 30, 2014

(1)

Based on our share of total NOI and does not reflect any property, entity or corporate-level debt. Does not include WPG properties.

(2)

Includes Klépierre, international Premium Outlets and international Designer Outlets.

3Q 2014 SUPPLEMENTAL 21

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF NET INCOME TO NOI
The following schedule reconciles net income to NOI and provides our calculation of comparable property NOI.
	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
Reconciliation of NOI of consolidated properties:
Consolidated Net Income	$	296,963	$	367,293	$	1,175,534	$	1,102,287
Discontinued operations		–		(38,581)		(67,524)		(135,830)
Discontinued operations transaction expenses		–		–		38,163		–
Income and other taxes		6,589		7,700		20,078		29,773
Interest expense		249,780		270,700		758,945		808,235
Income from unconsolidated entities		(55,631)		(47,563)		(168,473)		(157,811)
Loss on extinguishment of debt		127,573		–		127,573		–
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(17,717)		(11,071)		(154,242)		(85,754)
Operating Income		607,557		548,478		1,730,054		1,560,900
Depreciation and amortization		281,661		279,302		849,369		824,173
NOI of consolidated properties	$	889,218	$	827,780	$	2,579,423	$	2,385,073
Reconciliation of NOI of unconsolidated entities:
Net Income	$	160,896	$	158,299	$	499,867	$	474,176
Interest expense		147,817		147,928		449,512		442,620
Income from operations of discontinued joint venture interests		–		(3,464)		(5,079)		(10,093)
Gain on disposal of discontinued operations		–		(6,580)		–		(24,936)
Operating Income		308,713		296,183		944,300		881,767
Depreciation and amortization		147,946		131,689		442,141		378,284
NOI of unconsolidated entities	$	456,659	$	427,872	$	1,386,441	$	1,260,051
Total consolidated and unconsolidated NOI from continuing operations	$	1,345,877	$	1,255,652	$	3,965,864	$	3,645,124
Change in total NOI from continuing operations from prior period		7.2%		7.7%		8.8%		8.5%
Adjustments to NOI:
NOI of discontinued consolidated properties		–		98,858		169,828		299,414
NOI of discontinued unconsolidated properties		–		10,876		17,445		32,944
Total NOI of our portfolio	$	1,345,877	$	1,365,386	$	4,153,137	$	3,977,482
Add: Our share of NOI from Klépierre		51,440		66,939		171,506		208,820
Less: Joint venture partners' share of NOI from continuing operations		235,205		228,823		712,870		677,456
Less: Joint venture partners' share of NOI from discontinued operations		–		8,180		12,998		25,041
Our share of NOI	$	1,162,112	$	1,195,322	$	3,598,775	$	3,483,805
Total NOI of our portfolio	$	1,345,877	$	1,365,386	$	4,153,137	$	3,977,482
NOI from non comparable properties (1)		178,003		256,606		728,769		729,880
Total NOI of comparable properties (2)	$	1,167,874	$	1,108,780	$	3,424,368	$	3,247,602
Increase in NOI of U.S. Malls, Premium Outlets and The Mills that are comparable properties		5.3%				5.4%

(1)

NOI excluded from comparable property NOI relates to WPG properties, international properties, other retail properties, TMLP properties, any of our non-retail holdings and results of our corporate and management company operations, NOI of U.S. Malls, Premium Outlets and The Mills not owned and operated in both periods under comparison and excluded income noted in footnote 2 below.

(2)

Excludes lease termination income, interest income, land sale gains and the impact of significant redevelopment activities.

3Q 2014 SUPPLEMENTAL 22

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF FFO TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)
	THREE MONTHS ENDED SEPTEMBER 30, 2014			PER SHARE AMOUNT			NINE MONTHS ENDED SEPTEMBER 30, 2014			PER SHARE AMOUNT
FFO	$	689,381		$	1.90		$	2,338,550		$	6.43
Non-cash impacts to FFO (1)		(3,033	)		(0.01	)		(8,075	)		(0.02	)
FFO excluding non-cash impacts		686,348		$	1.89			2,330,475		$	6.41
Tenant allowances		(35,005	)		(0.10	)		(120,267	)		(0.33	)
Operational capital expenditures		(37,129	)		(0.10	)		(68,345	)		(0.19	)
Funds available for distribution	$	614,214		$	1.69		$	2,141,863		$	5.89

(1)

Non-cash impacts to FFO include:

	THREE MONTHS ENDED SEPTEMBER 30, 2014			NINE MONTHS ENDED SEPTEMBER 30, 2014
Deductions:
Straight-line rent		(17,581	)		(44,892	)
Fair value of debt amortization		(5,222	)		(26,643	)
Fair market value of lease amortization		(3,749	)		(12,206	)
Additions:
Stock based compensation expense		13,872			43,343
Mortgage, financing fee and terminated swap amortization expense		9,647			32,323
		(3,033	)		(8,075	)

This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, diluted FFO per share, funds available for distribution, net operating income (NOI), and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on pages 22 and 23 and in the Earnings Release for the latest period.

3Q 2014 SUPPLEMENTAL 23

OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
Consolidated Properties
Other Income (1)
Interest and dividend income	$	4,392	$	2,289	$	9,570	$	3,330
Lease settlement income		8,021		1,201		20,043		3,119
Gains on land sales		2,072		4,296		14,227		5,391
Other (2)		40,502		39,280		96,078		96,617
Totals	$	54,987	$	47,066	$	139,918	$	108,457
Other Expense
Ground rent	$	9,566	$	10,771	$	29,515	$	31,657
Professional fees and other		15,124		14,016		32,942		27,383
Totals	$	24,690	$	24,787	$	62,457	$	59,040

Capitalized Interest (1)	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2014		2013		2014		2013
Interest Capitalized during the Period:
Our Share of Consolidated Properties	$	4,170	$	4,472	$	10,584	$	12,833
Our Share of Joint Venture Properties	$	245	$	97	$	441	$	529

(1)

Excludes WPG properties in all periods presented as those items are reported as discontinued operations.

(2)

Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues and other miscellaneous income items.

3Q 2014 SUPPLEMENTAL 24

U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION ⁽¹⁾

	AS OF SEPTEMBER 30,
	2014			2013 (1)
Total Number of Properties		180			183
Total Square Footage of Properties (in millions)		153.1			155.4
Ending Occupancy (2):
Consolidated Assets		97.0%	��		96.7%
Unconsolidated Assets		96.5%			95.0%
Total Portfolio		96.9%			96.3%
Total Sales per Square Foot (PSF) (3):
Consolidated Assets	$	599		$	599
Unconsolidated Assets	$	664		$	669
Total Portfolio	$	613		$	614
Base Minimum Rent PSF (4):
Consolidated Assets	$	44.90		$	42.55
Unconsolidated Assets	$	50.22		$	49.68
Total Portfolio	$	46.29		$	44.33

Releasing Activity for the Trailing Twelve Month Period Ended:

			TOTAL RENT PSF
	SQUARE FOOTAGE OF OPENINGS		OPENING RATE PSF (5)		CLOSING RATE PSF (5)		RELEASING SPREAD (5)
9/30/14		7,263,578	$	65.46	$	55.79	$	9.67	17.3%
6/30/14		7,174,353	$	66.28	$	55.22	$	11.06	20.0%
3/31/14		6,653,281	$	65.89	$	54.42	$	11.47	21.1%
12/31/13		6,697,286	$	67.06	$	56.72	$	10.34	18.2%
9/30/13		6,587,881	$	65.86	$	56.50	$	9.36	16.6%
6/30/13		6,366,446	$	64.84	$	56.08	$	8.76	15.6%
3/31/13		6,268,787	$	63.61	$	55.16	$	8.45	15.3%
Occupancy Cost as a Percentage of Sales (6):
9/30/14		11.7%
6/30/14		11.6%
3/31/14		11.4%
12/31/13		11.3%
9/30/13		11.2%
6/30/13		11.2%
3/31/13		11.1%

(1)

Excludes WPG properties and all prior periods have been restated.

(2)

Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.

(3)

Total Sales PSF is defined as total sales of the tenants open and operating in the center during the reporting period divided by the associated company owned and occupied GLA on a trailing 12-month basis. Includes tenant sales activity for all months a tenant is open within the trailing 12-month period. In accordance with the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, only stores with less than 10,000 square feet are included for malls. All company owned space is included for Premium Outlets.

(4)

Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.

(5)

Releasing Spread is a "same space" measure that compares opening and closing rates on individual spaces, including spaces greater than 10,000 square feet. The Opening Rate is the average of the initial cash Total Rent PSF for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals, amendments and relocations (including expansions and downsizings). The Closing Rate is the average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants that would qualify to be included in Ending Occupancy as defined above as long as the opening and closing dates are within 24 months of one another.

(6)

Occupancy Cost as a Percentage of Sales is the trailing 12-month Base Minimum Rent, plus all applicable ancillary charges, plus overage rent, if applicable (based on last 12 months of sales), divided by the trailing 12-month Total Sales PSF for the same tenants.

3Q 2014 SUPPLEMENTAL 25

THE MILLS AND INTERNATIONAL OPERATING INFORMATION

	AS OF SEPTEMBER 30,
	2014		2013
The Mills
Total Number of Properties		13		13
Total Square Footage of Properties (in millions)		19.6		19.6
Ending Occupancy (1)		98.2%		98.3%
Total Sales PSF (2)	$	534	$	521
Base Minimum Rent PSF (3)	$	25.14	$	23.46
Releasing Spread PSF (4)	$	14.73	$	8.51
Releasing Spread (Percentage Change) (4)		45.4%		24.4%
International Properties
Premium Outlets
Total Number of Properties		15		15
Total Square Footage of Properties (in millions)		5.0		4.9
Designer Outlets
Total Number of Properties		5		N/A
Total Square Footage of Properties (in millions)		1.0		N/A
Statistics for Premium Outlets in Japan (5)
Ending Occupancy		98.8%		99.6%
Total Sales PSF	¥	93,365	¥	90,013
Base Minimum Rent PSF	¥	4,916	¥	4,842

(1)

See footnote 2 on page 25 for definition, except Ending Occupancy is calculated on all company owned space.

(2)

See footnote 3 on page 25 for definition; calculation methodology is the same as for malls.

(3)

See footnote 4 on page 25 for definition.

(4)

See footnote 5 on page 25 for definition.

(5)

Information supplied by the managing venture partner; includes 9 properties.

3Q 2014 SUPPLEMENTAL 26

U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS ⁽¹⁾

YEAR	NUMBER OF LEASES EXPIRING		SQUARE FEET		AVG. BASE MINIMUM RENT PSF AT 9/30/14		PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES (2)
Inline Stores and Freestanding
Month to Month Leases		415		1,349,577	$	42.94		1.3%
2014 (10/1/14 - 12/31/14)		284		696,323	$	52.30		0.8%
2015		2,312		7,342,157	$	43.43		7.0%
2016		2,436		8,231,578	$	42.26		7.6%
2017		2,402		8,232,927	$	44.58		8.2%
2018		2,271		8,510,394	$	46.09		8.6%
2019		1,787		7,061,176	$	45.58		7.1%
2020		1,257		4,857,030	$	48.15		5.2%
2021		1,201		4,824,084	$	49.52		5.3%
2022		1,445		5,592,804	$	48.48		6.0%
2023		1,772		6,738,189	$	49.96		7.5%
2024		1,337		5,168,736	$	51.49		5.8%
2025 and Thereafter		594		3,008,401	$	44.25		3.0%
Specialty Leasing Agreements w/ terms in excess of 12 months		770		1,817,212	$	20.81		0.9%
Anchor Tenants
2015		11		1,080,916	$	4.38		0.1%
2016		16		1,461,100	$	3.60		0.1%
2017		24		2,718,518	$	3.45		0.2%
2018		18		2,165,629	$	5.06		0.2%
2019		23		2,301,090	$	5.42		0.3%
2020		20		2,110,326	$	5.57		0.2%
2021		10		758,696	$	9.22		0.1%
2022		8		957,917	$	9.59		0.2%
2023		9		1,223,016	$	10.50		0.3%
2024		12		703,770	$	11.67		0.2%
2025 and Thereafter		24		2,838,111	$	5.15		0.3%

(1)

Does not consider the impact of renewal options that may be contained in leases. Excludes WPG properties.

(2)

Annual rental revenues represent 2013 consolidated and joint venture combined base rental revenue excluding WPG properties.

3Q 2014 SUPPLEMENTAL 27

U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS ⁽¹⁾

TOP INLINE STORE TENANTS(sorted by percentage of total base minimum rent for U.S. properties)

TENANT	NUMBER OF STORES		SQUARE FEET (000's)		PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES		PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES
The Gap, Inc.		368		3,773		2.1%		3.5%
L Brands, Inc.		295		1,751		1.0%		2.1%
Signet Jewelers, Ltd.		415		611		0.3%		1.6%
PVH Corporation		277		1,510		0.8%		1.5%
Abercrombie & Fitch Co.		182		1,300		0.7%		1.5%
Forever 21, Inc.		79		1,329		0.7%		1.4%
American Eagle Outfitters, Inc.		177		1,147		0.6%		1.2%
Luxottica Group S.P.A		390		709		0.4%		1.2%
VF Corporation		238		1,219		0.7%		1.2%
Foot Locker, Inc.		248		986		0.5%		1.1%

TOP ANCHORS(sorted by percentage of total square footage in U.S. properties) ⁽²⁾

TENANT	NUMBER OF STORES		SQUARE FEET (000's)		PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES		PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES
Macy's, Inc.		124		23,722		13.0%		0.4%
Sears Holdings Corporation		75		12,419		6.8%		0.1%
J.C. Penney Co., Inc.		73		11,556		6.3%		0.4%
Dillard's, Inc.		39		6,969		3.8%		–
Nordstrom, Inc.		27		4,578		2.5%		0.1%
Hudson's Bay Company		16		2,111		1.2%		0.1%
Belk, Inc.		11		1,790		1.0%		0.1%
Dick's Sporting Goods, Inc.		23		1,547		0.8%		0.5%
Target Corporation		9		1,395		0.8%		–
The Neiman Marcus Group, Inc.		10		1,265		0.7%		–
The Bon-Ton Stores, Inc.		8		1,081		0.6%		–

(1)

Excludes WPG properties.

(2)

Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.

3Q 2014 SUPPLEMENTAL 28

CAPITAL EXPENDITURES
(Year-to-date activity in thousands)

				UNCONSOLIDATED PROPERTIES
	CONSOLIDATED PROPERTIES (1)			TOTAL			OUR SHARE
New development projects	$	20,074		$	211,894		$	100,858
Redevelopment projects with incremental square footage and/or anchor replacement		289,182			200,310			85,580
Redevelopment projects with no incremental square footage		26,251			18,096			7,609
Subtotal new development and redevelopment projects		335,507			430,300			194,047
Tenant allowances		101,927			37,572			18,340
Operational capital expenditures at properties:
CAM expenditures (2)		29,682			34,650			16,143
Non-CAM expenditures		20,137			5,276			2,383
Totals	$	487,253		$	507,798		$	230,913
Conversion from accrual to cash basis	$	(20,169	)		(13,738	)		(6,247	)
Capital Expenditures for the Nine Months Ended 9/30/14 (3)		$467,084		$	494,060		$	224,666
Capital Expenditures for the Nine Months Ended 9/30/13 (3)	$	628,577		$	567,910		$	274,404

(1)

WPG properties comprised $16.0 million, $4.5 million, and $2.3 million of current year new development and redevelopment projects, tenant allowances, and operational capital expenditures, respectively. Our share of unconsolidated capital expenditures relating to WPG properties was not significant.

(2)

Expenditures included in the pool of expenses allocated to tenants as CAM.

(3)

Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

3Q 2014 SUPPLEMENTAL 29

DEVELOPMENT ACTIVITY SUMMARY ⁽¹⁾
As of September 30, 2014
(in millions, except percent)

PLATFORM     PROJECT TYPE	PROJECTED GROSS COST (2)		PROJECTED NET COST (3)		OUR SHARE OF NET COST		EXPECTED STABILIZED RATE OF RETURN		TOTAL CONSTRUCTION IN PROGRESS		OUR SHARE OF TOTAL CONSTRUCTION IN PROGRESS
Malls
Redevelopments	$	1,475	$	1,417	$	1,072		7%	$	309	$	239
Premium Outlets
New Developments	$	678	$	674	$	439		9%	$	195	$	105
Redevelopments	$	782	$	741	$	598		12%	$	207	$	182
The Mills
Redevelopments	$	68	$	54	$	51		16%	$	6	$	6
Totals	$	3,003	$	2,886	$	2,160		9%	$	717	$	532

Notes:

(1)

Represents projects under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box additions with budgeted gross costs in excess of $2 million. Excludes WPG properties.

(2)

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

(3)

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

(4)

Costs and returns are based upon current budget assumptions; actual results may vary.

3Q 2014 SUPPLEMENTAL 30

DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of September 30, 2014

PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE
Malls - Redevelopments
Coddingtown Mall - Santa Rosa, CA	Target	10/14	50%
Domain, The - Austin, TX	Common area enhancements	10/14	100%
St. Johns Town Center - Jacksonville, FL	Addition of Nordstrom and 34,000 SF small shop expansion	10/14	50%
Florida Mall, The - Orlando, FL	Addition of American Girl and relocation of Zara	11/14	50%
South Hills Village - Pittsburgh, PA	Redevelopment	11/14	100%
Briarwood Mall - Ann Arbor, MI	PF Chang's and Bravo	12/14	50%
Mall at Rockingham Park, The - Salem, NH	Redevelopment	12/14	28%
Haywood Mall - Greenville, SC	Redevelopment	1/15	100%
Phipps Plaza - Atlanta, GA	Redevelopment	2/15	100%
Walt Whitman Shops - Huntington Station, NY	Zara	2/15	100%
Montgomery Mall - North Wales, PA	Redevelopment of the Wegmans wing	5/15	79%
Forum Shops at Caesars, The - Las Vegas, NV	Transition Hall redevelopment	5/15	100%
Florida Mall, The - Orlando, FL	Dick's Sporting Goods (6/15) and Crayola Experience (9/15)	6/15	50%
Prien Lake Mall - Lake Charles, LA	Ulta and Maurice's	6/15	100%
Florida Mall, The - Orlando, FL	Redevelopment of the Saks building to an indoor/outdoor dining pavilion and small shops	9/15	50%
Del Amo Fashion Center - Torrance (Los Angeles), CA	Phase II includes 260,000 SF small shop expansion and addition of Nordstrom	10/15	50%
Roosevelt Field Mall - Garden City, NY	Redevelopment (11/15), 50,000 SF small shop expansion and addition of Neiman Marcus	2/16	100%
Fashion Centre at Pentagon City, The - Arlington, VA	Redevelopment (11/15) and 50,000 SF expansion (3/16)	3/16	43%
Stanford Shopping Center - Palo Alto, CA	Relocation of Bloomingdale's (opened 10/14), redevelopment and 120,000 SF small shop expansion	3/16	100%
King of Prussia Mall - King of Prussia, PA	150,000 SF small shop expansion including restaurants to connect The Plaza and The Court	8/16	100%
Houston Galleria - Houston, TX	Relocation of Saks Fifth Avenue (4/16), redevelopment and 105,000 SF small shop expansion	6/17	50%

3Q 2014 SUPPLEMENTAL 31

DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of September 30, 2014

PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE
Premium Outlets - New Developments
Premium Outlets Montréal - Mirabel, Quebec, Canada	360,000 SF upscale Premium Outlet Center	10/14	50%
Vancouver Designer Outlet - Vancouver, British Columbia, Canada	242,000 SF Designer Outlet Center	5/15	45%
Gloucester Premium Outlets - Gloucester (Philadelphia, PA), NJ	375,000 SF upscale Premium Outlet Center	8/15	50%
Tucson Premium Outlets - Marana (Tucson), AZ	366,000 SF upscale Premium Outlet Center	10/15	100%
Tampa Premium Outlets - Tampa, FL	441,000 SF upscale Premium Outlet Center	10/15	100%
Premium Outlets - Redevelopments
Premium Outlets Punta Norte - Mexico City, Mexico	55,000 SF expansion	11/14	50%
Toki Premium Outlets - Gifu, Japan	77,000 SF expansion	11/14	40%
Waikele Premium Outlets - Waipahu (Honolulu), HI	Redevelopment and 5,000 SF expansion	1/15	100%
Yeoju Premium Outlets - Gyeonggi Province, South Korea	259,000 SF expansion	3/15	50%
Las Vegas Premium Outlets-North - Las Vegas, NV	140,000 SF expansion	5/15	100%
Shisui Premium Outlets - Shisui, Japan	130,000 SF expansion	5/15	40%
Chicago Premium Outlets - Aurora (Chicago), IL	260,000 SF expansion	8/15	100%
Livermore Premium Outlets - Livermore (San Francisco), CA	185,000 SF expansion	8/15	100%
Woodbury Common Premium Outlets - Central Valley (New York), NY	Redevelopment and 63,000 SF expansion	6/16	100%

3Q 2014 SUPPLEMENTAL 32

DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of September 30, 2014

PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE
The Mills - Redevelopments
Great Mall - Milpitas (San Jose), CA	Redevelopment to create 36,000 SF of small shops	10/14	100%
Colonnade at Sawgrass, The - Sunrise (Miami), FL	56,000 SF expansion	12/15	100%
Grapevine Mills - Grapevine (Dallas), TX	Redevelopment	12/15	59%

(1)

Projects listed represent projects that are under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box additions with budgeted gross costs in excess of $2 million. Excludes WPG properties.

3Q 2014 SUPPLEMENTAL 33

U.S. ANCHOR/BIG BOX OPENINGS ⁽¹⁾

PROPERTY NAME/LOCATION	PROPERTY TYPE	NEW TENANT	FORMER TENANT
Openings during the First Nine Months of 2014
Arizona Mills - Tempe (Phoenix), AZ	Mills	At Home	JCPenney
Concord Mills - Concord (Charlotte), NC	Mills	Sea Life	Nascar Speed Park
Domain, The - Austin, TX	Mall	Punch Bowl Social	N/A
Katy Mills - Katy (Houston), TX	Mills	H&M Ross Dress for Less	Old Navy Circuit City
King of Prussia Mall - King of Prussia (Philadelphia), PA	Mall	Container Store	N/A
Meadowood Mall - Reno, NV	Mall	The Cheesecake Factory	N/A
Pier Park - Panama City Beach, FL	Mall	Dave & Buster's	N/A
Plaza Carolina - Carolina (San Juan), PR	Mall	Sports Authority	N/A
Potomac Mills - Woodbridge (Washington, D.C.), VA	Mills	Buy Buy Baby/and That!	N/A
South Hills Village - Pittsburgh, PA	Mall	DSW Ulta	Dick's Sporting Goods (2) Dick's Sporting Goods (2)
Square One Mall - Saugus (Boston), MA	Mall	T.J. Maxx	N/A
Woodfield Mall - Schaumburg (Chicago), IL	Mall	Arhaus Furniture	N/A
Openings Projected for the Remainder of 2014
Briarwood Mall - Ann Arbor, MI	Mall	Bravo PF Chang's	N/A N/A
Coddingtown Mall - Santa Rosa, CA	Mall	Target	Gottschalks
Florida Mall, The - Orlando, FL	Mall	American Girl Zara (3)	N/A N/A
Great Mall - Milpitas (San Jose), CA	Mills	Uniqlo	N/A
King of Prussia Mall - King of Prussia (Philadelphia), PA	Mall	Dick's Sporting Goods	Sears
Liberty Tree Mall - Danvers (Boston), MA	Mall	Sky Zone	Sports Authority (2)
St. Johns Town Center - Jacksonville, FL	Mall	Nordstrom Arhaus Furniture	N/A N/A
Stanford Shopping Center - Palo Alto, CA	Mall	Bloomingdale's (3)	N/A

3Q 2014 SUPPLEMENTAL 34

U.S. ANCHOR/BIG BOX OPENINGS ⁽¹⁾

PROPERTY NAME/LOCATION	PROPERTY TYPE	NEW TENANT	FORMER TENANT
Openings Projected for 2015 and Beyond
College Mall - Bloomington, IN	Mall	Ulta Whole Foods	Sears Sears
Del Amo Fashion Center - Los Angeles, CA	Mall	Nordstrom	N/A
Florida Mall, The - Orlando, FL	Mall	Dick's Sporting Goods Crayola Experience	Nordstrom Nordstrom
Houston Galleria - Houston, TX	Mall	Saks Fifth Avenue (3)	N/A
King of Prussia Mall - King of Prussia (Philadelphia), PA	Mall	Primark	Sears
Prien Lake Mall - Lake Charles, LA	Mall	Ulta	Piccadilly Cafeteria
Roosevelt Field - Garden City (New York), NY	Mall	Neiman Marcus	N/A
Southdale Center - Edina (Minneapolis), MN	Mall	Dave & Buster's	N/A
Walt Whitman Shops - Huntington Station (New York), NY	Mall	Zara	N/A

(1)

Excludes WPG properties.

(2)

Tenant has relocated to another space within the center.

(3)

Tenant has an existing store at this center but will move to a new location.

3Q 2014 SUPPLEMENTAL 35

COMMON AND PREFERRED STOCK INFORMATION

                    CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
                    For the Period December 31, 2013 through September 30, 2014

	COMMON SHARES (1)		LIMITED PARTNERSHIP UNITS (2)
Number Outstanding at December 31, 2013		310,608,565		51,846,157
Activity During the First Six Months of 2014:
Exchange of Limited Partnership Units for Common Stock		63,629		(63,629	)
Issuance of Limited Partnership Units		–		555,150
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)		67,260		469,848
Incremental Shares and Units Issued in Connection with the Spin-off of WPG		25,872		133,439
Number Outstanding at June 30, 2014		310,765,326		52,940,965
Third Quarter Activity:
Exchange of Limited Partnership Units for Common Stock		500		(500	)
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)		16,249		–
Redemption of Limited Partnership Units		0		(87,621	)
Number Outstanding at September 30, 2014		310,782,075		52,852,844
Number of Limited Partnership Units and Common Shares at September 30, 2014		363,634,919

                    PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 2014
                    ($ in 000's, except per share amounts)

ISSUER	DESCRIPTION	NUMBER OF SHARES/UNITS		PER SHARE LIQUIDATION PREFERENCE		AGGREGATE LIQUIDATION PREFERENCE		TICKER SYMBOL
Preferred Stock:
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable (4)		796,948	$	50.00	$	39,847		SPGPrJ
Preferred Units:
Simon Property Group, L.P.	7.50% Cumulative Redeemable (5)		255,373	$	100.00	$	25,537		N/A

(1)

Excludes Limited Partnership preferred units relating to preferred stock outstanding.

(2)

Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.

(3)

Represents restricted stock awards and earned LTIP units issued pursuant to the Operating Partnership's 1998 Stock Incentive Plan, net of forfeitures.

(4)

Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on September 30, 2014 was $72.79 per share.

(5)

Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

3Q 2014 SUPPLEMENTAL 36

CREDIT PROFILE
(As of September 30, unless otherwise indicated)

(1)

Includes WPG properties NOI and FFO through the effective date of the WPG spin-off.

(2)

FFO payout ratio includes a $0.35 per share tender charge and $0.10 per share of transaction expenses related to the spin-off of WPG.

3Q 2014 SUPPLEMENTAL 37

SUMMARY OF INDEBTEDNESS
As of September 30, 2014
(In thousands)

	TOTAL INDEBTEDNESS			OUR SHARE OF INDEBTEDNESS			WEIGHTED AVERAGE END OF PERIOD INTEREST RATE		WEIGHTED AVERAGE YEARS TO MATURITY
Consolidated Indebtedness
Mortgage Debt
Fixed Rate	$	5,629,275		$	5,550,052			5.49%		4.2
Variable Rate Debt		630,000			630,000			1.22%		2.6
Total Mortgage Debt		6,259,275			6,180,052			5.05%		4.0
Unsecured Debt
Fixed Rate		13,880,303			13,880,303			4.40%		7.6
Revolving Credit Facility – Euro Currency		606,630			606,630			0.84%		4.7
Supplemental Credit Facility – Yen Currency		203,538			203,538			1.04%		2.7
Total Revolving Credit Facilities		810,168			810,168			0.89%		4.2
Unsecured Term Loan		240,000			240,000			1.26%		3.4
Total Unsecured Debt		14,930,471			14,930,471			4.16%		7.4
Premium		55,338			55,338
Discount		(42,724	)		(42,724	)
Consolidated Mortgages and Unsecured Indebtedness (1)	$	21,202,360		$	21,123,137			4.42%		6.4
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	10,853,118		$	5,179,520			4.73%		6.2
Variable Rate Debt		1,311,893			651,627			2.21%		4.4
TMLP Debt (2)		727,827			305,620			–		–
Total Mortgage Debt		12,892,838			6,136,767			4.45%		6.0
Premium		7,853			5,233
Joint Venture Mortgages and Other Indebtedness (1)	$	12,900,691		$	6,142,000			4.45%		6.0
Our Share of Total Indebtedness				$	$27,265,137			4.42%		6.3

	TOTAL INDEBTEDNESS		OUR SHARE OF INDEBTEDNESS		WEIGHTED AVERAGE END OF PERIOD INTEREST RATE		WEIGHTED AVERAGE YEARS TO MATURITY
Summary of Our Share of Fixed and Variable Rate Debt
Consolidated
Fixed		92.0%	$	19,442,969		4.71%		6.6
Variable		8.0%		1,680,168		1.06%		3.5
		100.0%		21,123,137		4.42%		6.4
Joint Venture
Fixed		87.1%	$	5,349,872		4.73%		6.2
Variable		12.9%		792,128		2.21%		4.4
		100.0%		6,142,000		4.45%		6.0
Total Debt			$	27,265,137
Total Fixed Debt		90.9%	$	24,792,841		4.71%		6.5
Total Variable Debt		9.1%	$	2,472,296		1.38%		3.7

(1)

Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.

(2)

See footnote 23 on the Property and Debt information.

3Q 2014 SUPPLEMENTAL 38

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of September 30, 2014
(In thousands)

Year	OUR SHARE OF UNSECURED CONSOLIDATED DEBT			WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT		OUR SHARE OF SECURED CONSOLIDATED DEBT		WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT		OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT		OUR SHARE OF TOTAL DEBT		TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT
2014		–			–		37,589		–		63,457		5.16%		101,046		5.16%
2015		1,093,451			4.99%		73,443		–		816,023		5.14%		1,982,917		5.04%
2016		527,574			5.51%		2,380,419		5.56%		609,592		5.94%		3,517,585		5.61%
2017		1,510,991			2.73%		1,711,130		4.95%		400,373		4.89%		3,622,494		4.01%
2018		1,990,000			3.92%		33,971		–		309,074		1.78%		2,333,045		3.67%
2019		1,856,630			4.61%		114,505		7.79%		206,256		4.07%		2,177,391		6.44%
2020		2,201,825			4.23%		229,437		5.51%		853,014		4.65%		3,284,276		4.43%
2021		1,600,000			4.27%		321,031		5.41%		795,442		4.79%		2,716,473		4.57%
2022		600,000			3.38%		504,615		4.13%		670,912		4.34%		1,775,527		3.97%
2023		500,000			2.75%		694,561		3.85%		392,874		3.35%		1,587,435		3.40%
2024		1,500,000			3.53%		79,351		4.57%		992,621		4.17%		2,571,972		3.81%
Thereafter		1,550,000			5.40%		–		–		27,129		1.71%		1,577,129		5.17%
Face Amounts of Indebtedness	$	14,930,471			4.16%	$	6,180,052		5.05%	$	6,136,767		4.45%	$	27,247,290		4.42%
Premiums (Discounts) on Indebtedness, Net		(42,250	)				54,864				5,233				17,847
Our Share of Total Indebtedness	$	14,888,221				$	6,234,916			$	6,142,000			$	27,265,137

3Q 2014 SUPPLEMENTAL 39

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

									DEBT INFORMATION
				LEGAL			TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP			SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
	Malls
1.	ABQ Uptown	NM	Albuquerque		100.0%			230,074	(2)
2.	Apple Blossom Mall	VA	Winchester		49.1%			473,153	(2)
3.	Auburn Mall	MA	Auburn		56.4%			586,242	09/01/20			6.02%	Fixed		39,906		22,495
4.	Aventura Mall (3)	FL	Miami Beach (Miami)		33.3%			2,105,490	12/01/20			3.75%	Fixed		1,200,000		400,000
5.	Avenues, The	FL	Jacksonville		25.0%	(4)		1,114,367	02/06/23			3.60%	Fixed		110,000		27,500
6.	Bangor Mall	ME	Bangor		87.6%			652,651	10/01/17			6.15%	Fixed		80,000		70,087
7.	Barton Creek Square	TX	Austin		100.0%			1,429,069	(2)
8.	Battlefield Mall	MO	Springfield		100.0%			1,201,576	09/01/22			3.95%	Fixed		125,000		125,000
9.	Bay Park Square	WI	Green Bay		100.0%			711,747	(2)
10.	Brea Mall	CA	Brea (Los Angeles)		100.0%			1,319,397	(2)
11.	Briarwood Mall	MI	Ann Arbor		50.0%			969,564	11/30/16	(6)		7.50%	Fixed		110,473		55,236
12.	Broadway Square	TX	Tyler		100.0%			627,361	(2)
13.	Burlington Mall	MA	Burlington (Boston)		100.0%			1,317,237	(2)
14.	Cape Cod Mall	MA	Hyannis		56.4%			721,351	03/06/21			5.75%	Fixed		95,503		53,835
15.	Castleton Square	IN	Indianapolis		100.0%			1,383,066	(2)
16.	Cielo Vista Mall	TX	El Paso		100.0%			1,245,895	(2)
17.	Coconut Point	FL	Estero		50.0%			1,204,897	12/10/16			5.83%	Fixed		230,000		115,000
18.	Coddingtown Mall	CA	Santa Rosa		50.0%			673,534	03/01/17	(8)		1.91%	Variable		12,000		12,000
19.	College Mall	IN	Bloomington		100.0%			636,255	(2)
20.	Columbia Center	WA	Kennewick		100.0%			771,877	(2)
21.	Copley Place	MA	Boston		94.4%	(7)		1,242,604	(2)
22.	Coral Square	FL	Coral Springs (Miami)		97.2%			943,886	(2)
23.	Cordova Mall	FL	Pensacola		100.0%			921,763	(2)
24.	Crystal Mall	CT	Waterford		78.2%			783,116	06/06/22			4.46%	Fixed		94,644		73,998
25.	Dadeland Mall	FL	Miami		50.0%			1,497,302	12/05/21			4.50%	Fixed		444,586		222,293
26.	Del Amo Fashion Center	CA	Torrance (Los Angeles)		50.0%			2,148,317	01/17/18	(8)		2.16%	Variable		310,000		155,000
27.	Domain, The	TX	Austin		100.0%			1,233,006	08/01/21			5.44%	Fixed		199,482		199,482
28.	Dover Mall	DE	Dover		68.1%			928,214	08/06/21			5.57%	Fixed		90,163		61,392
29.	Emerald Square	MA	North Attleboro (Providence, RI)		56.4%			1,022,661	08/11/22			4.71%	Fixed		111,350		62,768
30.	Empire Mall	SD	Sioux Falls		100.0%			1,125,299	06/01/16			5.79%	Fixed		176,300		176,300
31.	Falls, The	FL	Miami		50.0%			838,076	11/30/16	(6)		7.50%	Fixed		106,791		53,395
32.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)		42.5%			990,468	07/01/21			5.11%	Fixed		40,000		17,000
									07/01/21			4.87%	Fixed		410,000		174,250
33.	Fashion Mall at Keystone, The	IN	Indianapolis		100.0%			710,663	(2)
34.	Fashion Valley	CA	San Diego		50.0%			1,721,280	01/04/21			4.30%	Fixed		469,079		234,543
35.	Firewheel Town Center	TX	Garland (Dallas)		100.0%			999,521	(2)
36.	Florida Mall, The	FL	Orlando		50.0%			1,663,119	09/05/20			5.25%	Fixed		352,081		176,040
37.	Forum Shops at Caesars, The	NV	Las Vegas		100.0%			676,367	(2)
38.	Galleria, The	TX	Houston		50.4%			1,901,552	12/01/15			5.44%	Fixed		643,583		324,173
									12/01/15			5.44%	Fixed		177,417		89,365
39.	Greendale Mall	MA	Worcester (Boston)		56.4%			428,818	10/01/16			6.00%	Fixed		45,000		25,367

3Q 2014 SUPPLEMENTAL 40

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

									DEBT INFORMATION
				LEGAL			TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP			SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
40.	Greenwood Park Mall	IN	Greenwood (Indianapolis)		100.0%			1,288,171	08/01/16	(9)		8.00%	Fixed		75,976		75,976
41.	Hamilton Town Center	IN	Noblesville (Indianapolis)		50.0%			672,896	04/01/22			4.81%	Fixed		84,000		42,000
42.	Haywood Mall	SC	Greenville		100.0%			1,228,957	(2)
43.	Independence Center	MO	Independence (Kansas City)		100.0%			866,078	07/10/17			5.94%	Fixed		200,000		200,000
44.	Ingram Park Mall	TX	San Antonio		100.0%			1,120,874	06/01/21			5.38%	Fixed		138,513		138,513
45.	King of Prussia Mall	PA	King of Prussia (Philadelphia)		100.0%			2,449,544	01/01/17			7.49%	Fixed		49,361		49,361
									01/01/17			8.53%	Fixed		3,552		3,552
									01/01/17			4.50%	Fixed		50,000		50,000
46.	La Plaza Mall	TX	McAllen		100.0%			1,220,494	(2)
47.	Lakeline Mall	TX	Cedar Park (Austin)		100.0%			1,097,510	(2)
48.	Lehigh Valley Mall	PA	Whitehall		50.0%			1,180,807	07/05/20			5.88%	Fixed		131,943		65,971
49.	Lenox Square	GA	Atlanta		100.0%			1,556,023	(2)
50.	Liberty Tree Mall	MA	Danvers (Boston)		49.1%			856,039	05/06/23			3.41%	Fixed		34,113		16,762
51.	Livingston Mall	NJ	Livingston (New York)		100.0%			969,233	(2)
52.	Mall at Chestnut Hill, The	MA	Chestnut Hill (Boston)		94.4%			468,959	11/01/23			4.69%	Fixed		120,000		113,328
53.	Mall at Rockingham Park, The	NH	Salem (Boston)		28.2%			1,025,242	03/10/17			5.61%	Fixed		260,000		73,282
54.	Mall at Tuttle Crossing, The	OH	Dublin (Columbus)		50.0%			1,125,291	05/01/23			3.56%	Fixed		125,000		62,500
55.	Mall of Georgia	GA	Buford (Atlanta)		100.0%			1,817,941	(2)
56.	Mall of New Hampshire, The	NH	Manchester		56.4%			812,357	10/05/15			6.23%	Fixed		125,556		70,776
57.	McCain Mall	AR	N. Little Rock		100.0%			788,155	(2)
58.	Meadowood Mall	NV	Reno		50.0%			883,751	11/06/21			5.82%	Fixed		120,573		60,286
59.	Menlo Park Mall	NJ	Edison (New York)		100.0%			1,332,364	(2)
60.	Miami International Mall	FL	Miami		47.8%			1,084,466	02/06/24			4.42%	Fixed		160,000		76,442
61.	Midland Park Mall	TX	Midland		100.0%			622,190	09/06/22			4.35%	Fixed		82,238		82,238
62.	Miller Hill Mall	MN	Duluth		100.0%			832,803	(2)
63.	Montgomery Mall	PA	North Wales (Philadelphia)		79.4%			1,107,013	05/01/24			4.57%	Fixed		100,000		79,351
64.	North East Mall	TX	Hurst (Dallas)		100.0%			1,669,001	(2)
65.	Northgate Mall	WA	Seattle		100.0%			1,048,078	(2)
66.	Northshore Mall	MA	Peabody (Boston)		56.4%			1,591,909	07/05/23			3.30%	Fixed		268,613		151,418
67.	Ocean County Mall	NJ	Toms River (New York)		100.0%			898,359	(2)
68.	Orland Square	IL	Orland Park (Chicago)		100.0%			1,232,438	(2)
69.	Oxford Valley Mall	PA	Langhorne (Philadelphia)		85.5%			1,332,378	12/07/20			4.77%	Fixed		66,826		57,163
70.	Penn Square Mall	OK	Oklahoma City		94.5%			1,063,809	04/01/16			7.75%	Fixed		94,322		89,130
71.	Pheasant Lane Mall	NH	Nashua			(10)		979,338	(2)
72.	Phipps Plaza	GA	Atlanta		100.0%			831,329	(2)
73.	Pier Park	FL	Panama City Beach		65.6%			882,579	(2)
74.	Plaza Carolina	PR	Carolina (San Juan)		100.0%			1,156,067	09/30/17	(8)		1.51%	Variable		225,000		225,000
75.	Prien Lake Mall	LA	Lake Charles		100.0%			848,040	(2)

3Q 2014 SUPPLEMENTAL 41

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

									DEBT INFORMATION
				LEGAL			TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP			SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
76.	Quaker Bridge Mall	NJ	Lawrenceville		50.0%			1,083,374	04/01/16			7.03%	Fixed		12,655		6,327
									04/01/16			2.95%	Fixed		62,000		31,000
77.	Rockaway Townsquare	NJ	Rockaway (New York)		100.0%			1,245,658	(2)
78.	Roosevelt Field	NY	Garden City (New York)		100.0%			2,206,839	(2)
79.	Ross Park Mall	PA	Pittsburgh		100.0%			1,243,524	(2)
80.	Santa Rosa Plaza	CA	Santa Rosa		100.0%			694,090	(2)
81.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)		51.0%			1,151,006	02/01/23			3.61%	Fixed		295,000		150,450
82.	Shops at Nanuet, The	NY	Nanuet		100.0%			752,872	(2)
83.	Shops at Riverside, The	NJ	Hackensack (New York)		100.0%			770,764	02/01/23			3.37%	Fixed		130,000		130,000
84.	Smith Haven Mall	NY	Lake Grove (New York)		25.0%	(4)		1,299,142	03/01/16			5.16%	Fixed		180,000		45,000
85.	Solomon Pond Mall	MA	Marlborough (Boston)		56.4%			885,358	11/01/22			4.01%	Fixed		106,506		60,038
86.	South Hills Village	PA	Pittsburgh		100.0%			1,118,433	(2)
87.	South Shore Plaza	MA	Braintree (Boston)		100.0%			1,588,087	(2)
88.	Southdale Center	MN	Edina (Minneapolis)		100.0%			1,258,454	04/01/23			3.84%	Fixed		155,000		155,000
89.	SouthPark	NC	Charlotte		100.0%			1,680,958	08/01/16	(9)		8.00%	Fixed		188,040		188,040
90.	Southridge Mall	WI	Greendale (Milwaukee)		100.0%			1,172,276	06/06/23			3.85%	Fixed		125,000		125,000
91.	Springfield Mall (3)	PA	Springfield (Philadelphia)		50.0%			611,047	11/30/15	(11)		4.77%	Fixed		63,010		31,505
92.	Square One Mall	MA	Saugus (Boston)		56.4%			929,779	01/06/22			5.47%	Fixed		96,443		54,365
93.	St. Charles Towne Center	MD	Waldorf (Washington, D.C.)		100.0%			980,765	(2)
94.	St. Johns Town Center	FL	Jacksonville		50.0%			1,235,037	09/11/24			3.82%	Fixed		350,000		175,000
95.	Stanford Shopping Center	CA	Palo Alto (San Jose)		94.4%	(7)		1,342,564	(2)
96.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)		49.9%			1,301,214	11/30/16	(6)		7.50%	Fixed		217,163		108,364
97.	Summit Mall	OH	Akron		100.0%			769,431	06/10/17			5.42%	Fixed		65,000		65,000
98.	Tacoma Mall	WA	Tacoma (Seattle)		100.0%			1,335,542	(2)
99.	Tippecanoe Mall	IN	Lafayette		100.0%			864,039	(2)
100.	Town Center at Boca Raton	FL	Boca Raton (Miami)		100.0%			1,779,456	(2)
101.	Town Center at Cobb	GA	Kennesaw (Atlanta)		100.0%			1,280,798	05/01/22			4.76%	Fixed		199,068		199,068
102.	Towne East Square	KS	Wichita		100.0%			1,134,396	(2)
103.	Treasure Coast Square	FL	Jensen Beach		100.0%			876,437	(2)
104.	Tyrone Square	FL	St. Petersburg (Tampa)		100.0%			1,094,153	(2)
105.	University Park Mall	IN	Mishawaka		100.0%			920,985	(2)
106.	Walt Whitman Shops	NY	Huntington Station (New York)		100.0%			1,087,715	08/01/16	(9)		8.00%	Fixed		115,863		115,863
107.	West Town Mall	TN	Knoxville		50.0%			1,334,851	12/01/17			6.34%	Fixed		210,000		105,000
108.	Westchester, The	NY	White Plains (New York)		40.0%			826,292	05/05/20			6.00%	Fixed		352,893		141,157
109.	White Oaks Mall	IL	Springfield		80.7%			924,913	11/01/16			5.54%	Fixed		50,000		40,339
110.	Wolfchase Galleria	TN	Memphis		94.5%			1,151,233	04/01/17			5.64%	Fixed		225,000		212,616
111.	Woodfield Mall	IL	Schaumburg (Chicago)		50.0%			2,174,506	03/05/24			4.50%	Fixed		425,000		212,500
112.	Woodland Hills Mall	OK	Tulsa		94.5%			1,087,182	04/05/19			7.79%	Fixed		92,002		86,913
	Total Mall Square Footage							124,284,488

3Q 2014 SUPPLEMENTAL 42

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

								DEBT INFORMATION
				LEGAL		TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
	Premium Outlets
1.	Albertville Premium Outlets	MN	Albertville (Minneapolis)		100.0%		429,555	(2)
2.	Allen Premium Outlets	TX	Allen (Dallas)		100.0%		441,758	(2)
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)		100.0%		285,298	(2)
4.	Birch Run Premium Outlets	MI	Birch Run (Detroit)		100.0%		678,703	04/11/16	(14)		5.95%	Fixed		102,879		102,879
5.	Calhoun Premium Outlets	GA	Calhoun		100.0%		254,053	09/01/16	(15)		5.79%	Fixed		19,801		19,801
6.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)		100.0%		674,765	(2)
7.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)		100.0%		289,461	(2)
8.	Carolina Premium Outlets	NC	Smithfield (Raleigh)		100.0%		438,870	12/01/22			3.36%	Fixed		48,785		48,785
9.	Charlotte Premium Outlets	NC	Charlotte		50.0%		398,689	(2)
10.	Chicago Premium Outlets	IL	Aurora (Chicago)		100.0%		437,483	(2)
11.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)		100.0%		398,831	(2)
12.	Clinton Crossing Premium Outlets	CT	Clinton		100.0%		276,188	(2)
13.	Columbia Gorge Premium Outlets	OR	Troutdale (Portland)		100.0%		163,736	(2)
14.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)		100.0%		650,786	(2)
15.	Edinburgh Premium Outlets	IN	Edinburgh (Indianapolis)		100.0%		377,839	(2)
16.	Ellenton Premium Outlets	FL	Ellenton (Tampa)		100.0%		476,467	01/11/16	(16)		5.51%	Fixed		100,974		100,974
17.	Folsom Premium Outlets	CA	Folsom (Sacramento)		100.0%		297,701	(2)
18.	Gaffney Premium Outlets	SC	Gaffney (Greenville/Charlotte)		100.0%		359,825	09/01/16	(15)		5.79%	Fixed		35,936		35,936
19.	Gilroy Premium Outlets	CA	Gilroy (San Jose)		100.0%		577,872	(2)
20.	Grand Prairie Premium Outlets	TX	Grand Prairie (Dallas)		100.0%		417,211	04/01/23			3.66%	Fixed		120,000		120,000
21.	Grove City Premium Outlets	PA	Grove City (Pittsburgh)		100.0%		531,459	01/11/16	(16)		5.51%	Fixed		109,003		109,003
22.	Gulfport Premium Outlets	MS	Gulfport		100.0%		300,233	01/11/16	(16)		5.51%	Fixed		24,320		24,320
23.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/		100.0%		485,132	04/11/16	(14)		5.95%	Fixed		86,442		86,442
			Washington DC)
24.	Houston Premium Outlets	TX	Cypress (Houston)		100.0%		541,760	(2)
25.	Jackson Premium Outlets	NJ	Jackson (New York)		100.0%		285,617	(2)
26.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)		100.0%		434,363	01/11/16	(16)		5.51%	Fixed		67,646		67,646
27.	Johnson Creek Premium Outlets	WI	Johnson Creek		100.0%		276,373	(2)
28.	Kittery Premium Outlets	ME	Kittery		100.0%		259,403	(2)
29.	Las Americas Premium Outlets	CA	San Diego		100.0%		555,031	06/11/16			5.84%	Fixed		177,174		177,174

3Q 2014 SUPPLEMENTAL 43

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

								DEBT INFORMATION
				LEGAL		TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
30.	Las Vegas Premium Outlets - North	NV	Las Vegas		100.0%		530,281	(2)
31.	Las Vegas Premium Outlets - South	NV	Las Vegas		100.0%		535,745	(2)
32.	Lebanon Premium Outlets	TN	Lebanon (Nashville)		100.0%		227,271	01/11/16	(16)		5.51%	Fixed		14,952		14,952
33.	Lee Premium Outlets	MA	Lee		100.0%		224,850	09/01/16	(15)		5.79%	Fixed		49,430		49,430
34.	Leesburg Corner Premium Outlets	VA	Leesburg (Washington D.C.)		100.0%		517,992	(2)
35.	Liberty Village Premium Outlets	NJ	Flemington (New York)		100.0%		162,189	(2)
36.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)		100.0%		454,730	(2)
37.	Livermore Premium Outlets	CA	Livermore (San Francisco)		100.0%		511,926	(2)
38.	Merrimack Premium Outlets	NH	Merrimack		100.0%		408,996	07/01/23			3.78%	Fixed		130,000		130,000
39.	Napa Premium Outlets	CA	Napa		100.0%		179,168	(2)
40.	North Bend Premium Outlets	WA	North Bend (Seattle)		100.0%		223,552	(2)
41.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)		100.0%		540,312	(2)
42.	Orlando Premium Outlets - International Dr	FL	Orlando		100.0%		773,651	(2)
43.	Orlando Premium Outlets - Vineland Ave	FL	Orlando		100.0%		655,004	(2)
44.	Osage Beach Premium Outlets	MO	Osage Beach		100.0%		392,443	(2)
45.	Petaluma Village Premium Outlets	CA	Petaluma (San Francisco)		100.0%		195,566	(2)
46.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)		100.0%		549,137	(2)
47.	Phoenix Premium Outlets	AZ	Chandler (Phoenix)		100.0%		356,496	(2)
48.	Pismo Beach Premium Outlets	CA	Pismo Beach		100.0%		147,416	11/06/16	(17)		5.84%	Fixed		33,850		33,850
49.	Pleasant Prairie Premium	WI	Pleasant Prairie (Chicago,		100.0%		402,540	01/11/16	(16)		5.51%	Fixed		58,098		58,098
	Outlets		IL/Milwaukee)					12/01/16			6.01%	Fixed		35,392		35,392
50.	Puerto Rico Premium Outlets	PR	Barceloneta		100.0%		341,951	09/30/17	(8)		1.51%	Variable		125,000		125,000
51.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)		100.0%		289,423	11/06/16	(17)		5.84%	Fixed		66,150		66,150
52.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)		100.0%		604,105	(2)
53.	Round Rock Premium Outlets	TX	Round Rock (Austin)		100.0%		488,672	(2)

3Q 2014 SUPPLEMENTAL 44

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

								DEBT INFORMATION
				LEGAL		TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
54.	San Marcos Premium Outlets	TX	San Marcos (Austin/San Antonio)		100.0%		731,991	01/11/16	(16)		5.51%	Fixed		138,266		138,266
55.	Seattle Premium Outlets	WA	Tulalip (Seattle)		100.0%		554,586	(2)
56.	Silver Sands Premium Outlets	FL	Destin		50.0%		451,087	06/01/22			3.93%	Fixed		100,000		50,000
57.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonsville)		100.0%		328,539	(2)
58.	St. Louis Premium Outlets	MO	St. Louis (Chesterfield)		60.0%		351,462	10/06/24			4.06%	Fixed		95,000		57,000
59.	Tanger Outlets - Galveston/Houston (3)	TX	Texas City		50.0%		352,705	07/01/18	(8)		1.66%	Variable		65,000		32,500
60.	The Crossings Premium Outlets	PA	Tannersville		100.0%		411,556	12/01/22			3.41%	Fixed		115,000		115,000
61.	Twin Cities Premium Outlets	MN	Eagan		35.0%		408,944	(2)
62.	Vacaville Premium Outlets	CA	Vacaville		100.0%		440,043	(2)
63.	Waikele Premium Outlets	HI	Waipahu (Honolulu)		100.0%		208,942	(2)
64.	Waterloo Premium Outlets	NY	Waterloo		100.0%		417,752	(2)
65.	Williamsburg Premium Outlets	VA	Williamsburg		100.0%		521,931	04/11/16	(14)		5.95%	Fixed		99,865		99,865
66.	Woodburn Premium Outlets	OR	Woodburn (Portland)		100.0%		389,761	(2)
67.	Woodbury Common Premium Outlets	NY	Central Valley (New York)		100.0%		847,226	(2)
68.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)		100.0%		660,091	(2)
	Total U.S. Premium Outlet Square Footage						28,784,494
	Total Mall and U.S. Premium Outlet Square Footage						153,068,982

3Q 2014 SUPPLEMENTAL 45

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

									DEBT INFORMATION
				LEGAL			TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP			SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
	The Mills
1.	Arizona Mills	AZ	Tempe (Phoenix)		100.0%			1,239,806	07/01/20			5.76%	Fixed		165,433		165,433
2.	Arundel Mills	MD	Hanover (Baltimore)		59.3%			1,662,650	02/06/24			4.29%	Fixed		385,000		228,113
3.	Colorado Mills	CO	Lakewood (Denver)		37.5%	(4)		1,410,205	06/01/15			3.91%	Variable		121,745		45,654
									07/01/21			5.04%	Fixed		27,941		10,478
4.	Concord Mills	NC	Concord (Charlotte)		59.3%			1,343,551	11/01/22			3.84%	Fixed		235,000		139,261
5.	Grapevine Mills	TX	Grapevine (Dallas)		59.3%			1,778,610	10/01/24			3.83%	Fixed		268,000		158,817
6.	Great Mall	CA	Milpitas (San Jose)		100.0%			1,366,379	(2)
7.	Gurnee Mills	IL	Gurnee (Chicago)		100.0%			1,918,413	07/01/17			5.77%	Fixed		321,000		321,000
8.	Katy Mills	TX	Katy (Houston)		62.5%	(4)		1,747,460	12/06/22			3.49%	Fixed		140,000		35,000
9.	Ontario Mills	CA	Ontario (Riverside)		50.0%			1,471,178	03/05/22			4.25%	Fixed		334,766		167,383
10.	Opry Mills	TN	Nashville		100.0%			1,153,536	10/10/16	(8)		0.86%	Variable		280,000		280,000
									10/10/16	(8)		5.00%	Fixed		96,072		96,072
11.	Outlets at Orange, The	CA	Orange (Los Angeles)		50.0%			804,107	04/01/24			4.22%	Fixed		215,000		107,500
12.	Potomac Mills	VA	Woodbridge (Washington, D.C.)		100.0%			1,525,405	07/11/17			5.83%	Fixed		410,000		410,000
13.	Sawgrass Mills	FL	Sunrise (Miami)		100.0%			2,197,152	(2)
	Total The Mills Square Footage							19,618,452
	TMLP Properties
	The Esplanade, The Galleria at White Plains, Northpark Mall, Philadelphia Mills, and Sugarloaf Mills									(23)					727,827		305,620
	Total TMLP Properties Square Footage							5,790,697
	Other Properties
	Circle Centre, Florida Keys Outlet Center, Huntley Outlet Center,									(12)(13)					305,656		168,182
	Indian River Commons, Indian River Mall, Lincoln Plaza, Naples Outlet Center,									(16)(21)
	Outlet Marketplace, The Shops at Sunset Place, Upper Valley Mall
	Total Other Properties Square Footage							4,099,119
	TOTAL U.S. SQUARE FOOTAGE (24)							182,577,250

3Q 2014 SUPPLEMENTAL 46

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

								DEBT INFORMATION
				LEGAL		TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
	International Properties
	AUSTRIA
1.	Parndorf Designer Outlets Phases 3 & 4	Vienna			90.0%		118,000	06/30/16	(20)		2.22%	Variable		44,756		40,280
	Subtotal Austria Square Footage						118,000
	CANADA
2.	Toronto Premium Outlets	Ontario			50.0%		358,500	07/09/15	(29)		2.41%	Variable		86,383		43,192
	Subtotal Canada Square Footage						358,500
	ITALY
3.	La Reggia Designer Outlets Phases 1 & 2	Marcianise (Naples)			60.0%		288,000	03/31/27	(20)		1.53%	Variable		81,219		48,731
4.	Noventa Di Piave Designer Outlets	Venice			60.0%		280,000	08/29/26	(20)		1.13%	Variable		43,368		26,021
	Phases 1, 2 & 3							06/30/27	(20)		2.58%	Variable		45,680		27,408
	Subtotal Italy Square Footage						568,000
	JAPAN
5.	Ami Premium Outlets	Ami (Tokyo)			40.0%		315,000	09/25/23	(25)		1.81%	Fixed		84,916		33,967
6.	Gotemba Premium Outlets	Gotemba City (Tokyo)			40.0%		481,500	02/28/18	(25)		0.50%	Variable		17,711		7,084
7.	Kobe-Sanda Premium Outlets	Kobe (Osaka)			40.0%		441,000	01/31/20	(25)		0.49%	Variable		36,146		14,458
8.	Rinku Premium Outlets	Izumisano (Osaka)			40.0%		416,500	11/25/14	(25)		1.84%	Fixed		1,308		523
								07/31/17	(25)		0.44%	Variable		14,627		5,851
9.	Sano Premium Outlets	Sano (Tokyo)			40.0%		390,800	05/31/18	(25)		0.49%	Variable		9,142		3,657
10.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)			40.0%		164,200	10/31/18	(25)		0.45%	Variable		15,632		6,253
11.	Shisui Premium Outlets	Shisui (Chiba)			40.0%		234,800	05/31/18	(25)		0.42%	Variable		46,074		18,429
12.	Toki Premium Outlets	Toki (Nagoya)			40.0%		289,600	04/30/15	(25)		0.96%	Variable		7,111		2,844
13.	Tosu Premium Outlets	Fukuoka (Kyushu)			40.0%		290,400	12/31/18	(25)		0.45%	Variable		19,106		7,642
	Subtotal Japan Square Footage						3,023,800
	KOREA
14.	Busan Premium Outlets	Busan			50.0%		360,200	06/20/22	(26)		5.50%	Fixed		67,192		33,596
								02/13/17	(26)		4.64%	Variable		53,697		26,849
15.	Paju Premium Outlets	Paju (Seoul)			50.0%		442,900	11/28/19	(26)		4.08%	Fixed		103,022		51,511
16.	Yeoju Premium Outlets	Yeoju (Seoul)			50.0%		286,200	09/06/20	(26)		4.68%	Fixed		7,511		3,757
	Subtotal South Korea Square Footage						1,089,300

3Q 2014 SUPPLEMENTAL 47

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

								DEBT INFORMATION
				LEGAL		TOTAL		MATURITY		INTEREST			INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET		DATE		RATE (1)		TYPE	TOTAL		OUR SHARE
	MALAYSIA
17.	Johor Premium Outlets	Johor (Singapore)			50.0%		280,300	10/14/20	(27)		4.91%	Variable		24,273		12,137
	Subtotal Malaysia Square Footage						280,300
	MEXICO
18.	Premium Outlets Punta Norte	Mexico City			50.0%		278,000	(2)
	Subtotal Mexico Square Footage						278,000
	NETHERLANDS
19.	Roermond Designer Outlets Phases 2 & 3	Roermond			90.0%		173,000	12/01/17	(20)		2.41%	Variable		26,310		23,679
								12/01/17	(11)(20)		5.12%	Fixed		61,391		55,252
	Subtotal Netherlands Square Footage						173,000
	UNITED KINGDOM
20.	Ashford Designer Outlets	Kent			45.0%		183,000	07/31/16	(5)		2.41%	Variable		6,497		2,924
								07/31/16	(11)(5)		4.27%	Fixed		58,472		26,312
	Subtotal United Kingdom Square Footage						183,000
	TOTAL INTERNATIONAL SQUARE FOOTAGE (28)						6,071,900
	TOTAL SQUARE FOOTAGE						188,649,150
	Other Secured Indebtedness:								(30)					233,579		109,373
	TOTAL SECURED INDEBTEDNESS														$	12,316,819	(31)
	Our Share of Consolidated Mortgage Debt														$	6,180,052
	Our Share of Joint Venture Mortgage Debt														$	6,136,767

3Q 2014 SUPPLEMENTAL 48

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

	DEBT INFORMATION
UNSECURED INDEBTEDNESS:	MATURITY DATE			INTEREST RATE (1)		TYPE	INDEBTEDNESS ($ in 000's) TOTAL
Simon Property Group, LP (Sr. Notes)		02/01/15			4.20%	Fixed		400,000
Simon Property Group, LP (Sr. Notes)		06/15/15			5.10%	Fixed		326,816
Simon Property Group, LP (Sr. Notes)		12/01/15			5.75%	Fixed		366,635
Simon Property Group, LP (Sr. Notes)		05/01/16			6.10%	Fixed		163,298
Simon Property Group, LP (Sr. Notes)		12/01/16			5.25%	Fixed		364,276
Simon Property Group, LP (Sr. Notes)		01/30/17			2.80%	Fixed		500,000
Simon Property Group, LP (Sr. Notes)		03/01/17			5.88%	Fixed		207,453
Supplemental Credit Facility - Yen Currency		06/30/17	(8)(19)		1.04%	Variable		203,538
Simon Property Group, LP (Sr. Notes)		09/15/17			2.15%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)		02/01/18			1.50%	Fixed		750,000
Unsecured Term Loan		02/28/18	(8)		1.26%	Variable		240,000
Simon Property Group, LP (Sr. Notes)		05/30/18			6.13%	Fixed		800,000
Simon Property Group, LP (Sr. Notes)		06/15/18			7.38%	Fixed		200,000
Simon Property Group, LP (Sr. Notes)		02/01/19			2.20%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)		04/01/19			10.35%	Fixed		650,000
Revolving Credit Facility - USD Currency		06/30/19	(8)		1.12%	Variable		–
Revolving Credit Facility - Euro Currency		06/30/19	(8)(32)		0.84%	Variable		606,630
Simon Property Group, LP (Sr. Notes)		02/01/20			5.65%	Fixed		1,250,000
Simon Property Group, LP (Euro Sr. Notes)		10/02/20	(22)		2.38%	Fixed		951,825
Simon Property Group, LP (Sr. Notes)		03/01/21			4.38%	Fixed		900,000
Simon Property Group, LP (Sr. Notes)		12/01/21			4.13%	Fixed		700,000
Simon Property Group, LP (Sr. Notes)		03/15/22			3.38%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)		02/01/23			2.75%	Fixed		500,000
Simon Property Group, LP (Sr. Notes)		02/01/24			3.75%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)		10/01/24			3.38%	Fixed		900,000
Simon Property Group, LP (Sr. Notes)		02/01/40			6.75%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)		03/15/42			4.75%	Fixed		550,000
Simon Property Group, LP (Sr. Notes)		10/01/44			4.25%	Fixed		400,000
Total Unsecured Indebtedness							$	14,930,471	(18)

3Q 2014 SUPPLEMENTAL 49

PROPERTY AND DEBT INFORMATION
As of September 30, 2014

FOOTNOTES:

 

(1)

Variable rate debt interest rates are based on the following base rates as of September 30, 2014: 1M LIBOR at .16%; 1M EUR LIBOR at .04%; 1M EURIBOR at .01%; 3M EURIBOR at .08%; 6M EURIBOR at .18%; 1M YEN LIBOR at .09%; 6M YEN LIBOR at .17%; 1M CDOR at 1.26%; KLIBOR at 3.39% and 91 Day Korean CD rate at 2.35%.

(2)

Unencumbered asset

(3)

This property is managed by a third party.

(4)

The Operating Partnership's direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.

(5)

Amounts shown in USD equivalent; GBP equivalent is 40.0 million.

(6)

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

(7)

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

(8)

Includes applicable extensions available at our option.

(9)

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

(10)

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

(11)

Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.

(12)

Upper Valley Mall is comprised of a $27.0 million note at 5.89% and a $20.0 million note that is non-interest bearing.

(13)

Indian River and Indian River Crossings are secured by cross-collateralized and cross-defaulted mortgages.

(14)

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

(15)

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

(16)

These ten properties (which includes Florida Keys Outlet Center, Huntley Outlet Center and Naples Outlet Center) are secured by cross-collateralized and cross-defaulted mortgages.

(17)

These two properties are secured by cross-collateralized and cross-defaulted mortgages.

(18)

Also represents our share of Total Unsecured Indebtedness.

(19)

Amounts shown in USD equivalent; Balance includes borrowings on multi-currency tranche of Yen 22.3 billion.

(20)

Amounts shown in USD equivalent; Euro equivalent is 238.5 million.

(21)

Consists of seven encumbered properties with interest rates ranging from 3.06% to 5.89% and maturities between 2014 and 2020.

(22)

Amount shown in USD equivalent; Euro equivalent is 750.0 million.

(23)

Consists of five properties with interest rates ranging from 4.50% to 7.32% and maturities between 2015 and 2023.

(24)

Includes office space of 1,922,240 square feet including the following centers with more than 20,000 square feet of office space:

Circle Centre - 129,944 sq. ft.	Greendale Mall - 119,860 sq. ft.
Copley Place - 869,019 sq. ft.	Menlo Park Mall - 49,481 sq. ft.
Del Amo Fashion Center - 57,927 sq. ft.	Oxford Valley Mall - 111,038 sq. ft.
Domain, The - 154,055 sq. ft.	Plaza Carolina - 27,343 sq. ft.
Fashion Centre at Pentagon City - 169,089 sq. ft.	Southdale Center - 20,393 sq. ft.
Firewheel Town Center - 75,303 sq. ft.

(25)

Amounts shown in USD equivalent; Yen equivalent is 27.5 billion.

(26)

Amounts shown in USD equivalent; Won equivalent is 243.5 billion.

(27)

Amounts shown in USD equivalent; Ringgit equivalent is 79.6 million.

(28)

Does not include Klépierre.

(29)

Amount shown in USD equivalent; CAD equivalent is 96.4 million.

(30)

Consists of eight loans with interest rates ranging from 1.66% to 6.53% and maturities between 2016 and 2019.

3Q 2014 SUPPLEMENTAL 50

(31)

Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including The Mills Limited Partnership. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $226.2 million of payment guarantees provided by the Operating Partnership (of which $80.5 million is recoverable from our venture partner under the partnership agreement).

(32)

Amounts shown in USD equivalent; Balance includes borrowings on multi-currency tranche of Euro 478.0 million.

3Q 2014 SUPPLEMENTAL 51