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

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TABLE OF CONTENTS

Exhibit 99.1

SIMON PROPERTY GROUP

EARNINGS RELEASE & SUPPLEMENTAL INFORMATION
UNAUDITED FOURTH QUARTER 2014

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 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	31-32
U.S. Anchor/Big Box Openings	33-34
Balance Sheet Information
Common and Preferred Stock Information	35
Changes in Common Share and Limited Partnership Unit Ownership	35
Preferred Stock/Units Outstanding	35
Credit Profile	36
Summary of Indebtedness	37
Total Debt Amortization and Maturities by Year (Our Share)	38
Property and Debt Information	39-50

(1)

Includes reconciliation of consolidated net income to funds from operations.

4Q 2014 SUPPLEMENTAL 1

EARNINGS RELEASE

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

SIMON PROPERTY GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2014 RESULTS AND
RAISES QUARTERLY DIVIDEND

INDIANAPOLIS, January 30, 2015 - Simon, a leading global retail real estate company, today reported results for the quarter and twelve months ended December 31, 2014.

RESULTS FOR THE QUARTER

•

Funds from Operations ("FFO") was $896.7 million, or $2.47 per diluted share, as compared to $894.8 million, or $2.47 per diluted share, in the prior year period. FFO per diluted share for the quarter includes a $0.04 impact from the Company's share of Klépierre's costs related to both their recent bond tender offer and tender offer for Corio, as well as the unfavorable effects of foreign currency devaluations during the quarter.

•

Net income attributable to common stockholders was $405.0 million, or $1.30 per diluted share, as compared to $381.6 million, or $1.23 per diluted share, in the prior year period.

RESULTS FOR THE YEAR

•

Funds from Operations ("FFO") was $3.235 billion, or $8.90 per diluted share, as compared to $3.206 billion, or $8.85 per diluted share, in the prior year period.

•

Net income attributable to common stockholders was $1.405 billion, or $4.52 per diluted share, as compared to $1.316 billion, or $4.24 per diluted share, in the prior year period.

4Q 2014 SUPPLEMENTAL 2

EARNINGS RELEASE

EFFECT OF WASHINGTON PRIME GROUP INC. SPIN-OFF

•

Results for the three and twelve months ended December 31, 2013 included FFO per diluted share of $0.27 and $0.99, respectively, from the Washington Prime Group Inc. ("WPG") properties that were spun-off effective May 28, 2014. Results for the three months ended December 31, 2014 do not include any effect of the WPG properties while results for the twelve months ended December 31, 2014 include a net $0.30 of FFO per diluted share ($0.40 of FFO from the WPG properties' operations net of $0.10 of spin-off related transaction expenses). Results for the twelve months also include a $0.35 per diluted share charge related to the cash tender offers and early notes redemption completed in the third quarter of 2014.

•

Growth in FFO per diluted share for the three and twelve month periods in 2014 was 12.3% and 13.9%, respectively, excluding the FFO from the WPG properties and transaction costs related to the spin-off, as well as the loss on the extinguishment of debt related to the cash tender and early redemption transactions as detailed in the table below.

	THREE MONTHS ENDED DECEMBER 31,					TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013			2014			2013
Reported FFO per share	$	2.47	$	2.47		$	8.90		$	8.85
Add: Loss on extinguishment of debt		—		—			0.35			—
Add: Spin-off transaction expenses		—		—			0.10			—
Less: FFO from WPG properties		—		(0.27	)		(0.40	)		(0.99	)
Comparable FFO per share	$	2.47	$	2.20		$	8.95		$	7.86
Comparable FFO per share growth		12.3%					13.9%
Reported earnings per share	$	1.30	$	1.23		$	4.52		$	4.24
Comparable earnings per share (1)	$	1.30	$	1.09		$	4.79		$	3.73

(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.

"We had a very strong fourth quarter concluding an exceptional year," said David Simon, Chairman and CEO. "We produced strong financial and operating results in the fourth quarter, led by growth in comparable net operating income and record year-end occupancy. We continue to strengthen our retail real estate platform through our investment activities resulting in cash flow and FFO per share growth. We are also pleased to again announce an increase in our quarterly dividend to $1.40 per share, growth of 7.7% from last quarter."

COMPARABLE PROPERTY NET OPERATING INCOME

Comparable property NOI growth for the three months ended December 31, 2014 was 4.0%. The full year growth for the twelve months ended December 31, 2014 was 5.1%. Comparable properties include U.S. Malls, Premium Outlets and The Mills.

4Q 2014 SUPPLEMENTAL 3

EARNINGS RELEASE

U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS

	AS OF DECEMBER 31,
					YEAR-OVER-YEAR CHANGE
	2014 (1)		2013
Occupancy (2)		97.1%		96.1%	+100 bps
Base Minimum Rent per sq. ft. (2)	$	47.01	$	42.34	+11.0%
Releasing Spread per sq. ft. (2)(3)	$	9.59	$	8.94	+$0.65
Releasing Spread (percentage change) (2)(3)		16.6%		16.8%	-20 bps
Total Sales per sq. ft. (4)	$	619	$	582	+6.4%

(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.

Total sales from the U.S. Malls (less anchors) and Premium Outlets increased 2.3% in the fourth quarter of 2014 compared to the fourth quarter of 2013.

DIVIDENDS

Today Simon's Board of Directors declared a quarterly common stock dividend of $1.40 per share. This is an increase of $0.10 from the previous quarter, and a year-over-year increase of 12%. The dividend will be payable on February 27, 2015 to stockholders of record on February 13, 2015.

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 March 31, 2015 to stockholders of record on March 17, 2015.

DEVELOPMENT ACTIVITY

Premium Outlets Montreal opened on October 30^th. This new 365,000 square foot center offers more than 80 outlet stores featuring high-quality designer and name brands. Simon owns a 50% interest in this property.

During the fourth quarter, construction started on significant projects at Phipps Plaza, including the addition of a 166-room AC Hotel by Marriott and 319 luxury residences.

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

Redevelopment and expansion projects, including the addition of new anchors, are underway at 27 properties in the U.S. and Asia.

4Q 2014 SUPPLEMENTAL 4

EARNINGS RELEASE

Construction continues on three new Premium Outlets opening in 2015:

•

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.

•

Tucson Premium Outlets is a 366,000 square foot center scheduled to open in October of 2015. Simon owns 100% of this project.

•

Tampa Premium Outlets is a 441,000 square foot center scheduled to open in October of 2015. Simon owns 100% of this project.

Simon's share of the costs of all development and redevelopment projects currently under construction is approximately $2.1 billion.

The Company announced plans to develop the first phase of retail at The Shops at Clearfork in Ft. Worth, Texas. The center will be a 500,000 square foot shopping destination anchored by Neiman Marcus and include 100 high-end specialty stores, a premium luxury theater, and distinctive restaurants. Construction will commence in the spring of 2015 with a planned grand opening in February of 2017. Simon owns a 45% interest in this project.

ACQUISITIONS

In January 2015, we completed the acquisition of two properties – Jersey Gardens in Elizabeth, New Jersey (renamed The Mills at Jersey Gardens) and University Park Village in Fort Worth, Texas. The aggregate purchase price was $1.09 billion, including the assumption of existing mortgage debt of $405 million.

FINANCING ACTIVITY

The Company was active in both the unsecured and secured debt markets in 2014 continuing to lower our effective borrowing costs and extend our maturity profile.

During the year, we retired $2.9 billion of senior notes at a weighted average coupon rate of 5.76% and we completed two senior notes offerings totaling $2.5 billion, with a weighted average coupon rate of 3.32% and weighted average duration of 12.0 years. The two new notes offerings were 244 basis points lower in rate than the notes we retired during the year.

The Company also amended and extended its $4.0 billion revolving credit facility, which reduced pricing to LIBOR plus 80 basis points and the facility fee to 10 basis points while extending the term to June 30, 2019.

With regard to secured debt activity, we closed 16 new loans totaling approximately $2.8 billion, of which SPG's share is $1.6 billion. The weighted average interest rate on these loans is 3.29% and term is 8.4 years.

In addition to the above capital markets activity, the Company also became the first U.S. REIT to establish a global commercial paper program. The Company had approximately $400 million of CP issuance, split evenly between U.S. dollars and Euros, at December 31, 2014.

As of December 31, 2014, Simon had over $6 billion of liquidity consisting of $1.133 billion of cash on hand, including its share of joint venture cash, and its available revolving credit capacity.

4Q 2014 SUPPLEMENTAL 5

EARNINGS RELEASE

2015 GUIDANCE

The Company estimates that FFO will be within a range of $9.60 to $9.70 per diluted share for the year ending December 31, 2015, and net income will be within a range of $5.05 to $5.15 per diluted share.

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, 2015

	LOW END		HIGH END
Estimated net income available to common stockholders per diluted share	$	5.05	$	5.15
Depreciation and amortization including Simon's share of unconsolidated entities		4.55		4.55
Estimated FFO per diluted share	$	9.60	$	9.70

CONFERENCE CALL

Simon will hold a conference call to discuss the quarterly financial results today at 11:00 a.m. Eastern Time, Friday, January 30, 2015. Live streaming audio of the conference call will be accessible at investors.simon.com. An online replay will be available until February 13, 2015 at investors.simon.com.

SUPPLEMENTAL MATERIALS AND WEBSITE

Supplemental information on our fourth 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.

4Q 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, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, 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, the loss of key management personnel 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.

4Q 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 DECEMBER 31,				FOR THE TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013		2014		2013
REVENUE:
Minimum rent	$	771,312	$	737,433	$	2,962,295	$	2,775,919
Overage rent		83,769		85,300		207,104		214,758
Tenant reimbursements		344,096		337,028		1,362,412		1,258,165
Management fees and other revenues		37,081		31,816		138,226		126,972
Other income		60,862		59,578		200,781		168,035
Total revenue		1,297,120		1,251,155		4,870,818		4,543,849
EXPENSES:
Property operating		104,280		94,483		398,598		371,044
Depreciation and amortization		294,458		283,526		1,143,827		1,107,700
Real estate taxes		93,131		94,925		384,189		368,683
Repairs and maintenance		27,178		29,530		100,016		98,219
Advertising and promotion		37,528		42,765		136,656		117,894
Provision for credit losses		3,366		3,219		12,001		7,165
Home and regional office costs		37,577		34,911		158,576		140,931
General and administrative		15,116		15,327		59,958		59,803
Other		29,198		24,700		91,655		83,741
Total operating expenses		641,832		623,386		2,485,476		2,355,180
OPERATING INCOME		655,288		627,769		2,385,342		2,188,669
Interest expense		(233,655)		(273,846)		(992,601)		(1,082,081)
Loss on extinguishment of debt		–		–		(127,573)		–
Income and other taxes		(8,008)		(9,764)		(28,085)		(39,538)
Income from unconsolidated entities		58,301		48,569		226,774		206,380
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net		4,066		7,609		158,308		93,363
Consolidated income from continuing operations		475,992		400,337		1,622,165		1,366,793
Discontinued operations		–		48,967		67,524		184,797
Discontinued operations transaction expenses		–		–		(38,163)		–
CONSOLIDATED NET INCOME		475,992		449,304		1,651,526		1,551,590
Net income attributable to noncontrolling interests		70,110		66,915		242,938		231,949
Preferred dividends		834		834		3,337		3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	405,048	$	381,555	$	1,405,251	$	1,316,304
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Income from continuing operations	$	1.30	$	1.09	$	4.44	$	3.73
Discontinued operations		–		0.14		0.08		0.51
Net income attributable to common stockholders	$	1.30	$	1.23	$	4.52	$	4.24

4Q 2014 SUPPLEMENTAL 8

EARNINGS RELEASE

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

	DECEMBER 31, 2014		DECEMBER 31, 2013
ASSETS:
Investment properties at cost	$	31,318,532	$	30,336,639
Less - accumulated depreciation		8,950,747		8,092,794
		22,367,785		22,243,845
Cash and cash equivalents		612,282		1,691,006
Tenant receivables and accrued revenue, net		580,197		520,361
Investment in unconsolidated entities, at equity		2,378,800		2,429,845
Investment in Klépierre, at equity		1,786,477		2,014,415
Deferred costs and other assets		1,806,789		1,422,788
Total assets of discontinued operations		–		3,002,314
Total assets	$	29,532,330	$	33,324,574
LIABILITIES:
Mortgages and unsecured indebtedness	$	20,852,993	$	22,669,917
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,259,681		1,223,102
Cash distributions and losses in partnerships and joint ventures, at equity		1,167,163		1,050,278
Other liabilities		275,451		250,371
Total liabilities of discontinued operations		–		1,117,789
Total liabilities		23,555,288		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 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847		44,062		44,390
Common stock, $0.0001 par value, 511,990,000 shares authorized, 314,320,664 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		9,422,237		9,217,363
Accumulated deficit		(4,208,183)		(3,218,686)
Accumulated other comprehensive loss		(61,041)		(75,795)
Common stock held in treasury at cost, 3,540,754 and 3,650,680 shares, respectively		(103,929)		(117,897)
Total stockholders' equity		5,093,177		5,849,406
Noncontrolling interests		858,328		973,226
Total equity		5,951,505		6,822,632
Total liabilities and equity	$	29,532,330	$	33,324,574

4Q 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 DECEMBER 31,					FOR THE YEAR ENDED DECEMBER 31,
	2014		2013			2014		2013
REVENUE:
Minimum rent	$	457,286	$	453,191	��	$	1,746,549	$	1,618,802
Overage rent		50,332		52,115			183,478		180,435
Tenant reimbursements		197,579		191,766			786,351		747,447
Other income		64,626		77,045			293,419		199,197
Total revenue		769,823		774,117			3,009,797		2,745,881
OPERATING EXPENSES:
Property operating		140,559		131,055			574,706		487,144
Depreciation and amortization		162,059		134,418			604,199		512,702
Real estate taxes		54,222		50,623			221,745		204,894
Repairs and maintenance		19,329		20,322			71,203		66,612
Advertising and promotion		18,038		18,026			72,496		61,664
Provision for (recovery of) credit losses		2,239		(435)			6,527		1,388
Other		46,484		45,819			187,729		155,421
Total operating expenses		442,930		399,828			1,738,605		1,489,825
OPERATING INCOME		326,893		374,289			1,271,192		1,256,056
Interest expense		(149,388)		(237,701)			(598,900)		(680,321)
INCOME FROM CONTINUING OPERATIONS		177,505		136,588			672,292		575,735
Income from operations of discontinued joint venture interests		–		4,107			5,079		14,200
Gain on disposal of discontinued operations, net		–		26,228			–		51,164
NET INCOME	$	177,505	$	166,923		$	677,371	$	641,099
THIRD-PARTY INVESTORS' SHARE OF NET INCOME	$	88,789	$	89,782		$	348,127	$	353,708
OUR SHARE OF NET INCOME		88,716		77,141			329,244		287,391
AMORTIZATION OF EXCESS INVESTMENT (A)		(23,295)		(27,460)			(99,463)		(102,875)
OUR SHARE OF INCOME FROM UNCONSOLIDATED DISCONTINUED OPERATIONS		–		1,973			(652)		1,121
INCOME FROM UNCONSOLIDATED ENTITIES (B)	$	65,421	$	51,654		$	229,129	$	185,637

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.

4Q 2014 SUPPLEMENTAL 10

EARNINGS RELEASE

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

	DECEMBER 31, 2014		DECEMBER 31, 2013
ASSETS:
Investment properties, at cost	$	16,087,282	$	15,355,700
Less - accumulated depreciation		5,457,899		5,080,832
		10,629,383		10,274,868
Cash and cash equivalents		993,178		781,554
Tenant receivables and accrued revenue, net		362,201		302,902
Investment in unconsolidated entities, at equity		11,386		38,352
Deferred costs and other assets		536,600		579,480
Total assets of discontinued operations		–		281,000
Total assets	$	12,532,748	$	12,258,156
LIABILITIES AND PARTNERS' DEFICIT:
Mortgages	$	13,272,557	$	12,753,139
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,015,334		834,898
Other liabilities		493,718		513,897
Total liabilities of discontinued operations		–		286,252
Total liabilities		14,781,609		14,388,186
Preferred units		67,450		67,450
Partners' deficit		(2,316,311)		(2,197,480)
Total liabilities and partners' deficit	$	12,532,748	$	12,258,156
Our Share of:
Partners' deficit	$	(663,700)	$	(717,776)
Add: Excess Investment (A)		1,875,337		2,059,584
Add: Our Share of investment in discontinued unconsolidated entities, at equity		–		37,759
Our net Investment in unconsolidated entities, at equity	$	1,211,637	$	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.

4Q 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 DECEMBER 31,				FOR THE TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013		2014		2013
Consolidated Net Income (D)	$	475,992	$	449,304	$	1,651,526	$	1,551,590
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties		289,584		324,478		1,204,624		1,273,646
Our share of depreciation and amortization from unconsolidated entities, including Klépierre		138,291		134,768		549,138		511,200
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(4,066)		(7,609)		(158,550)		(107,515)
Net income attributable to noncontrolling interest holders in properties		(772)		(2,474)		(2,491)		(8,990)
Noncontrolling interests portion of depreciation and amortization		(968)		(2,391)		(3,697)		(8,986)
Preferred distributions and dividends		(1,313)		(1,313)		(5,252)		(5,252)
FFO of the Operating Partnership (E)	$	896,748	$	894,763	$	3,235,298	$	3,205,693
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share	$	1.30	$	1.23	$	4.52	$	4.24
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		1.18		1.26		4.82		4.91
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(0.01)		(0.02)		(0.44)		(0.30)
Diluted FFO per share (F)	$	2.47	$	2.47	$	8.90	$	8.85
Details for per share calculations:
FFO of the Operating Partnership (E)	$	896,748	$	894,763	$	3,235,298	$	3,205,693
Diluted FFO allocable to unitholders		(130,309)		(128,419)		(469,479)		(460,923)
Diluted FFO allocable to common stockholders (G)	$	766,439	$	766,344	$	2,765,819	$	2,744,770
Basic and Diluted weighted average shares outstanding		310,784		310,434		310,731		310,255
Weighted average limited partnership units outstanding		52,851		52,021		52,745		52,101
Basic and Diluted weighted average shares and units outstanding		363,635		362,455		363,476		362,356
Basic and Diluted FFO per Share (F)	$	2.47	$	2.47	$	8.90	$	8.85
Percent Change		0.0%				0.6%

4Q 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-K.

(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 EPS. 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 $1.2 million and $2.2 million for the three months ended December 31, 2014 and 2013, respectively, $15.6 million and $7.6 million for the twelve months ended December 31, 2014 and 2013, respectively.

-

Straight-line adjustments to minimum rent of $14.2 million and $18.1 million for the three months ended December 31, 2014 and 2013, respectively (including $0.0 million and $0.3 million related to WPG), and $59.1 million and $57.8 million for the twelve months ended December 31, 2014 and 2013, respectively (including $0.3 million and $0.2 million related to WPG).

4Q 2014 SUPPLEMENTAL 13

EARNINGS RELEASE

-

Amortization of fair market value of leases from acquisitions of $3.7 million and $5.8 million for the three months ended December 31, 2014 and 2013 respectively (including $0.0 million and $0.2 million related to WPG), and $15.9 million and $27.7 million for the twelve months ended December 31, 2014 and 2013, respectively (including $0.3 million and $1.3 million related to WPG).



-

Debt premium amortization of $4.9 million and $9.6 million for the three months ended December 31, 2014 and 2013, respectively (including $0.0 million and $0.2 million related to WPG), and $31.5 million and $41.9 million for the twelve months ended December 31, 2014 and 2013, respectively (including $0.2 million and $0.5 million related to WPG).

(E)

Includes FFO of the operating partnership and 2014 transaction expenses related to WPG of $98.2 million for the three months ended December 31, 2013, and $108.0 million and $360.3 million for the twelve months ended December 31, 2014 and 2013, respectively.

(F)

Includes Basic and Diluted FFO per share related to WPG operations and 2014 transaction expenses of $0.27 for the three months ended December 31, 2013, and $0.30 and $0.99 for the twelve months ended December 31, 2014 and 2013, respectively.

(G)

Includes Diluted FFO allocable to common stockholders and 2014 transaction expenses related to WPG of $84.1 million for the three months ended December 31, 2013, and $92.4 million and $308.5 million for the twelve months ended December 31, 2014 and 2013, respectively.

(H)

Reconciliation of reported earnings per share to comparable earnings per share

	THREE MONTHS ENDED DECEMBER 31,				TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013		2014		2013
Reported earnings per share	$	1.30	$	1.23	$	4.52	$	4.24
Add: Loss on extinguishment of debt		–		–		0.35		–
Add: WPG spin-off transaction expenses		–		–		0.10		–
Less: Earnings per share from WPG properties		–		(0.14)		(0.18)		(0.51)
Comparable earnings per share	$	1.30	$	1.09	$	4.79	$	3.73
Comparable earnings per share growth		19.3%				28.4%

4Q 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 December 31, 2014, we owned or had an interest in 228 properties comprising 189 million square feet in North America, Asia and Europe. Additionally, at December 31, 2014, we had 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 December 31, 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), the predecessor company to WP GLIMCHER, 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, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, 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, the loss of key management personnel 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.

First Quarter 2015	April 24, 2015
Second Quarter 2015	July 24, 2015
Third Quarter 2015	October 23, 2015

4Q 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)
Commerical Paper	A1	(Stable Outlook)
Moody's
Senior Unsecured	A2	(Stable Outlook)
Preferred Stock	A3	(Stable Outlook)
Commerical Paper	P1	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS ⁽¹⁾

	Required	Actual	Compliance
Total Debt to Total Assets (1)	£65%	40%	Yes
Total Secured Debt to Total Assets (1)	£50%	18%	Yes
Fixed Charge Coverage Ratio	>1.5X	3.8X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	264%	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.

4Q 2014 SUPPLEMENTAL 16

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

	THREE MONTHS ENDED DECEMBER 31,				TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013		2014		2013
Financial Highlights
Total Revenue - Consolidated Properties	$	1,297,120	$	1,251,155	$	4,870,818	$	4,543,849
Consolidated Net Income	$	475,992	$	449,304	$	1,651,526	$	1,551,590
Net Income Attributable to Common Stockholders	$	405,048	$	381,555	$	1,405,251	$	1,316,304
Basic and Diluted Earnings per Common Share (EPS)	$	1.30	$	1.23	$	4.52	$	4.24
Funds from Operations (FFO) of the Operating Partnership (1)	$	896,748	$	894,763	$	3,235,298	$	3,205,693
Basic and Diluted FFO per Share (FFOPS) (2)	$	2.47	$	2.47	$	8.90	$	8.85
Dividends/Distributions per Share/Unit	$	1.30	$	1.20	$	5.15	$	4.65

Stockholders' Equity Information	AS OF DECEMBER 31, 2014			AS OF DECEMBER 31, 2013
Limited Partners' Units Outstanding at end of period		52,847		��	51,846
Common Shares Outstanding at end of period		310,788			310,609
Total Common Shares and Limited Partnership Units Outstanding at end of period		363,635			362,455
Weighted Average Limited Partnership Units Outstanding		52,745			52,101
Weighted Average Common Shares Outstanding:
Basic and Diluted - for purposes of EPS and FFOPS		310,731			310,255
Debt Information
Share of Consolidated Debt	$	20,773,850		$	22,536,459
Share of Joint Venture Debt		6,359,882			6,023,740
Share of Debt from Discontinued Operations		–			962,157
Share of Total Debt	$	27,133,732		$	29,522,356
Market Capitalization
Common Stock Price at end of period	$	182.11	(3)	$	152.16
Common Equity Capitalization, including Limited Partnership Units	$	66,221,496		$	55,151,110
Preferred Equity Capitalization, including Limited Partnership Preferred Units		81,236			73,753
Total Equity Market Capitalization	$	66,302,732		$	55,224,863
Total Market Capitalization - Including Share of Total Debt	$	93,436,464		$	84,747,219
Debt to Total Market Capitalization		29.0%			34.8%

(1)

Includes FFO of the Operating Partnership and 2014 transaction expenses related to the May 28, 2014 spin-off of the WPG properties of $98.2 million for the three months ended December 31, 2013, and $108.0 million and $360.3 million for the twelve months ended December 31, 2014 and 2013, respectively. Also includes a charge of $127.6 million for loss on extinguishment of debt for the twelve months ended December 31, 2014.

(2)

Includes Basic and Diluted FFO per share related to WPG properties and 2014 transaction expenses of $0.27 for the three months ended December 31, 2013, and $0.30 and $0.99 for the twelve months ended December 31, 2014 and 2013, respectively. Also includes a charge of $0.35 for loss on extinguishment of debt for the twelve months ended December 31, 2014.

(3)

Reflects value after WPG spin-off.

4Q 2014 SUPPLEMENTAL 17

PRO-RATA STATEMENT OF OPERATIONS(In thousands)

	FOR THE THREE MONTHS ENDED DECEMBER 31, 2014
	CONSOLIDATED		NONCONTROLLING INTERESTS (1)		OUR CONSOLIDATED SHARE		OUR SHARE OF JOINT VENTURES		OUR TOTAL SHARE			FOR THE THREE MONTHS ENDED DECEMBER 31, 2013 OUR TOTAL SHARE
REVENUE:
Minimum rent	$	771,312	$	(3,536)	$	767,776	$	221,234	$	989,010		$	946,600
Overage rent		83,769		(107)		83,662		22,364		106,026			107,861
Tenant reimbursements		344,096		(1,992)		342,104		93,442		435,546			423,178
Management fees and other revenues		37,081		–		37,081		–		37,081			31,816
Other income		60,862		(196)		60,666		30,418		91,084			92,977
Total revenue		1,297,120		(5,831)		1,291,289		367,458		1,658,747			1,602,432
EXPENSES:
Property operating		104,280		(994)		103,286		63,588		166,874			150,305
Depreciation and amortization		294,458		(968)		293,490		104,308		397,798			373,206
Real estate taxes		93,131		(539)		92,592		25,893		118,485			117,810
Repairs and maintenance		27,178		(215)		26,963		9,105		36,068			38,573
Advertising and promotion		37,528		(103)		37,425		8,682		46,107			51,172
Provision for credit losses		3,366		(23)		3,343		1,061		4,404			2,926
Home and regional office costs		37,577		–		37,577		–		37,577			34,911
General and administrative		15,116		–		15,116		–		15,116			15,327
Other		29,198		(1,014)		28,184		20,521		48,705			43,790
Total operating expenses		641,832		(3,856)		637,976		233,158		871,134			828,020
OPERATING INCOME		655,288		(1,975)		653,313		134,300		787,613			774,412
Interest expense		(233,655)		1,203		(232,452)		(68,879)		(301,331)			(371,308)
Loss on extinguishment of debt		–		–		–		–		–			–
Income and other taxes		(8,008)		–		(8,008)		–		(8,008)			(9,765)
Income from unconsolidated entities		58,301		–		58,301		(65,421)		(7,120)	(2)		(3,085)
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net		4,066		–		4,066		–		4,066			7,609
Consolidated income from continuing operations		475,992		(772)		475,220		–		475,220			397,863
Discontinued operations		–		–		–		–		–			48,967
Discontinued operations transaction expenses		–		–		–		–		–			–
CONSOLIDATED NET INCOME		475,992		(772)		475,220		–		475,220			446,830
Net income attributable to noncontrolling interests		70,110		(772)		69,338		–		69,338	(3)		64,441
Preferred dividends		834		–		834		–		834			834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	405,048	$	–	$	405,048	$	–		$405,048		$	381,555
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO:
Consolidated Net Income					$	475,992	$	–		$475,992		$	449,304
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties						289,584				289,584			324,478
Our share of depreciation and amortization from unconsolidated entities, including Klépierre								138,291		138,291			134,768
Income from unconsolidated entities						(58,301)		58,301		–			–
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net						(4,066)				(4,066)			(7,609)
Net income attributable to noncontrolling interest holders in properties						(772)				(772)			(2,474)
Noncontrolling interests portion of depreciation and amortization						(968)				(968)			(2,391)
Preferred distributions and dividends						(1,313)				(1,313)			(1,313)
FFO of the Operating Partnership					$	700,156	$	196,592		$896,748		$	894,763
Percentage of FFO of the Operating Partnership						78.08%		21.92%		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.

4Q 2014 SUPPLEMENTAL 18

PRO-RATA STATEMENT OF OPERATIONS(In thousands)

	FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014
	CONSOLIDATED		NONCONTROLLING INTERESTS (1)		OUR CONSOLIDATED SHARE		OUR SHARE OF JOINT VENTURES		OUR TOTAL SHARE			FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 OUR TOTAL SHARE
REVENUE:
Minimum rent	$	2,962,295	$	(13,413)	$	2,948,882	$	845,700	$	3,794,582		$	3,510,933
Overage rent		207,104		(206)		206,898		79,401		286,299			291,206
Tenant reimbursements		1,362,412		(8,194)		1,354,218		371,574		1,725,792			1,592,434
Management fees and other revenues		138,226		–		138,226		–		138,226			126,972
Other income		200,781		(699)		200,082		143,529		343,611			257,452
Total revenue		4,870,818		(22,512)		4,848,306		1,440,204		6,288,510			5,778,997
EXPENSES:
Property operating		398,598		(4,211)		394,387		259,600		653,987			575,235
Depreciation and amortization		1,143,827		(3,697)		1,140,130		412,765		1,552,895			1,451,956
Real estate taxes		384,189		(2,260)		381,929		105,400		487,329			460,446
Repairs and maintenance		100,016		(776)		99,240		33,755		132,995			127,845
Advertising and promotion		136,656		(399)		136,257		34,002		170,259			145,782
Provision for credit losses		12,001		(101)		11,900		3,213		15,113			7,860
Home and regional office costs		158,576		–		158,576		–		158,576			140,931
General and administrative		59,958		–		59,958		–		59,958			59,803
Other		91,655		(3,711)		87,944		83,942		171,886			145,809
Total operating expenses		2,485,476		(15,155)		2,470,321		932,677		3,402,998			3,115,667
OPERATING INCOME		2,385,342		(7,357)		2,377,985		507,527		2,885,512			2,663,330
Interest expense		(992,601)		4,866		(987,735)		(278,398)		(1,266,133)			(1,380,095)
Loss on extinguishment of debt		(127,573)		–		(127,573)		–		(127,573)			–
Income and other taxes		(28,085)		–		(28,085)		–		(28,085)			(39,538)
Income from unconsolidated entities		226,774		–		226,774		(229,129)		(2,355)	(2)		20,743
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		158,308		–		158,308		–		158,308			93,363
Consolidated income from continuing operations		1,622,165		(2,491)		1,619,674		–		1,619,674			1,357,803
Discontinued operations		67,524		–		67,524		–		67,524			184,797
Discontinued operations transaction expenses		(38,163)		–		(38,163)		–		(38,163)			–
CONSOLIDATED NET INCOME		1,651,526		(2,491)		1,649,035		–		1,649,035			1,542,600
Net income attributable to noncontrolling interests		242,938		(2,491)		240,447		–		240,447	(3)		222,959
Preferred dividends		3,337		–		3,337		–		3,337			3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	1,405,251	$	–	$	1,405,251	$	–	$	1,405,251		$	1,316,304
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO:
Consolidated Net Income					$	1,651,526	$	–	$	1,651,526		$	1,551,590
Adjustments to Consolidated Net Income to Arrive at FFO:
Depreciation and amortization from consolidated properties						1,204,624				1,204,624			1,273,646
Our share of depreciation and amortization from unconsolidated entities, including Klépierre								549,138		549,138			511,200
Income from unconsolidated entities						(227,426)		227,426		–			–
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net						(158,550)				(158,550)			(107,515)
Net income attributable to noncontrolling interest holders in properties						(2,491)				(2,491)			(8,990)
Noncontrolling interests portion of depreciation and amortization						(3,697)				(3,697)			(8,986)
Preferred distributions and dividends						(5,252)				(5,252)			(5,252)
FFO of the Operating Partnership					$	2,458,734	$	776,564	$	3,235,298		$	3,205,693
Percentage of FFO of the Operating Partnership						76.00%		24.00%		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.

4Q 2014 SUPPLEMENTAL 19

PRO-RATA BALANCE SHEET(In thousands)

	AS OF DECEMBER 31, 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	$	31,318,532	$	(124,408)	$	31,194,124	$	10,019,756	$	41,213,880	$	39,792,597
Less - accumulated depreciation		8,950,747		(53,683)		8,897,064		2,613,601		11,510,665		10,399,807
		22,367,785		(70,725)		22,297,060		7,406,155		29,703,215		29,392,790
Cash and cash equivalents		612,282		(4,414)		607,868		524,807		1,132,675		2,053,790
Tenant receivables and accrued revenue, net		580,197		(2,037)		578,160		174,405		752,565		660,235
Investment in unconsolidated entities, at equity		2,378,800		–		2,378,800		(2,378,800)		–		–
Investment in Klépierre, at equity		1,786,477		–		1,786,477		–		1,786,477		2,014,415
Deferred costs and other assets		1,806,789		(7,214)		1,799,575		296,201		2,095,776		1,723,503
Total assets of discontinued operations		–		–		–		–		–		3,041,057
Total assets	$	29,532,330	$	(84,390)	$	29,447,940	$	6,022,768	$	35,470,708	$	38,885,790
LIABILITIES:
Mortgages and unsecured indebtedness	$	20,852,993	$	(79,143)	$	20,773,850	$	6,359,882	$	27,133,732	$	28,560,199
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,259,681		(4,973)		1,254,708		582,608		1,837,316		1,628,779
Cash distributions and losses in partnerships and joint ventures, at equity		1,167,163		–		1,167,163		(1,167,163)		–		–
Other liabilities		275,451		(503)		274,948		247,441		522,389		521,910
Total liabilities of discontinued operations		–		–		–		–		–		1,194,291
Total liabilities		23,555,288		(84,619)		23,470,669		6,022,768		29,493,437		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		44,062		–		44,062		–		44,062		44,390
Common stock, $.0001 par value		31		–		31		–		31		31
Class B common stock, $.0001 par value		–		–		–		–		–		–
Capital in excess of par value		9,422,237		–		9,422,237		–		9,422,237		9,217,363
Accumulated deficit		(4,208,183)		–		(4,208,183)		–		(4,208,183)		(3,218,686)
Accumulated other comprehensive loss		(61,041)		–		(61,041)		–		(61,041)		(75,795)
Common stock held in treasury at cost		(103,929)		–		(103,929)		–		(103,929)		(117,897)
Total stockholders' equity		5,093,177		–		5,093,177		–		5,093,177		5,849,406
Noncontrolling interests		858,328		229		858,557		–		858,557		968,962
Total equity		5,951,505		229		5,951,734		–		5,951,734		6,818,368
Total liabilities and equity	$	29,532,330	$	(84,390)	$	29,447,940	$	6,022,768	$	35,470,708	$	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 joint venture ownership 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.

4Q 2014 SUPPLEMENTAL 20

NET OPERATING INCOME (NOI) COMPOSITION ⁽¹⁾
For the Twelve Months Ended December 31, 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.

4Q 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 DECEMBER 31,				TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013		2014		2013
Reconciliation of NOI of consolidated properties:
Consolidated Net Income	$	475,992	$	449,304	$	1,651,526	$	1,551,590
Discontinued operations		–		(48,967)		(67,524)		(184,797)
Discontinued operations transaction expenses		–		–		38,163		–
Income and other taxes		8,008		9,764		28,085		39,538
Interest expense		233,655		273,846		992,601		1,082,081
Income from unconsolidated entities		(58,301)		(48,569)		(226,774)		(206,380)
Loss on extinguishment of debt		–		–		127,573		–
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(4,066)		(7,609)		(158,308)		(93,363)
Operating Income		655,288		627,769		2,385,342		2,188,669
Depreciation and amortization		294,458		283,526		1,143,827		1,107,700
NOI of consolidated properties	$	949,746	$	911,295	$	3,529,169	$	3,296,369
Reconciliation of NOI of unconsolidated entities:
Net Income	$	177,505	$	166,923	$	677,371	$	641,099
Interest expense		149,388		237,701		598,900		680,321
Income from operations of discontinued joint venture interests		–		(4,107)		(5,079)		(14,200)
Gain on disposal of discontinued operations, net		–		(26,228)		–		(51,164)
Operating Income		326,893		374,289		1,271,192		1,256,056
Depreciation and amortization		162,059		134,418		604,199		512,702
NOI of unconsolidated entities	$	488,952	$	508,707	$	1,875,391	$	1,768,758
Total consolidated and unconsolidated NOI from continuing operations	$	1,438,698	$	1,420,002	$	5,404,560	$	5,065,127
Change in total NOI from continuing operations from prior period		1.3%				6.7%
Adjustments to NOI:
NOI of discontinued consolidated properties		–		110,434		169,828		409,848
NOI of discontinued unconsolidated properties		–		11,408		17,445		44,352
Total NOI of our portfolio	$	1,438,698	$	1,541,844	$	5,591,833	$	5,519,327
Add: Our share of NOI from Klépierre		51,507		67,571		223,013		276,391
Less: Joint venture partners' share of NOI from continuing operations		253,287		272,385		966,154		949,841
Less: Joint venture partners' share of NOI from discontinued operations		–		8,579		12,998		33,620
Our share of NOI	$	1,236,918	$	1,328,451	$	4,835,694	$	4,812,257
Total NOI of our portfolio	$	1,438,698	$	1,541,844	$	5,591,833	$	5,519,327
NOI from non comparable properties (1)		177,672		329,369		961,053		1,112,166
Total NOI of comparable properties (2)	$	1,261,026	$	1,212,475	$	4,630,780	$	4,407,161
Increase in NOI of U.S. Malls, Premium Outlets and The Mills that are comparable properties		4.0%				5.1%

(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, straight line rent, above/below market rent adjustments, and the impact of significant redevelopment activities.

4Q 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 DECEMBER 31, 2014			PER SHARE AMOUNT			TWELVE MONTHS ENDED DECEMBER 31, 2014			PER SHARE AMOUNT
FFO	$	896,748		$	2.47		$	3,235,298		$	8.90
Non-cash impacts to FFO (1)		(666	)		–			(8,741	)		(0.02	)
FFO excluding non-cash impacts		896,082		$	2.47			3,226,557		$	8.88
Tenant allowances		(28,680	)		(0.08	)		(148,947	)		(0.41	)
Operational capital expenditures		(50,027	)		(0.14	)		(118,372	)		(0.33	)
Funds available for distribution	$	817,375		$	2.25		$	2,959,238		$	8.14

(1)

Non-cash impacts to FFO include:

	THREE MONTHS ENDED DECEMBER 31, 2014			TWELVE MONTHS ENDED DECEMBER 31, 2014
Deductions:
Straight-line rent		(14,207	)		(59,099	)
Fair value of debt amortization		(4,879	)		(31,522	)
Fair market value of lease amortization		(3,738	)		(15,944	)
Additions:
Stock based compensation expense		13,186			56,529
Mortgage, financing fee and terminated swap amortization expense		8,972			41,295
		(666	)		(8,741	)

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.

4Q 2014 SUPPLEMENTAL 23

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

	THREE MONTHS ENDED DECEMBER 31,				TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013		2014		2013
Consolidated Properties
Other Income (1)
Interest and dividend income	$	7,843	$	2,766	$	19,096	$	9,054
Lease settlement income		2,042		2,705		22,085		5,824
Gains on land sales		1,035		1,972		15,262		7,363
Other (2)		49,942		52,135		144,338		145,794
Totals	$	60,862	$	59,578	$	200,781	$	168,035
Other Expense
Ground rent	$	10,419	$	5,513	$	39,934	$	37,170
Professional fees and other		18,779		19,187		51,721		46,571
Totals	$	29,198	$	24,700	$	91,655	$	83,741

Capitalized Interest(1)	THREE MONTHS ENDED DECEMBER 31,				TWELVE MONTHS ENDED DECEMBER 31,
	2014		2013		2014		2013
Interest Capitalized during the Period:
Our Share of Consolidated Properties	$	5,902	$	2,471	$	16,485	$	15,304
Our Share of Joint Venture Properties	$	1,015	$	83	$	1,456	$	613

(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.

4Q 2014 SUPPLEMENTAL 24

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

	AS OF DECEMBER 31,
	2014		2013 (1)
Total Number of Properties		177		178
Total Square Footage of Properties (in millions)		151.5		152.7
Ending Occupancy (2):
Consolidated Assets		97.3%		97.5%
Unconsolidated Assets		96.4%		95.4%
Total Portfolio		97.1%		96.9%
Total Sales per Square Foot (PSF) (3):
Consolidated Assets	$	603	$	603
Unconsolidated Assets	$	679	$	670
Total Portfolio	$	619	$	618
Base Minimum Rent PSF (4):
Consolidated Assets	$	45.34	$	43.33
Unconsolidated Assets	$	51.89	$	50.00
Total Portfolio	$	47.01	$	45.01

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)
12/31/14		7,560,601	$	67.51	$	57.92	$	9.59	16.6%
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):
12/31/14		11.7%
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.

4Q 2014 SUPPLEMENTAL 25

THE MILLS AND INTERNATIONAL OPERATING INFORMATION

	AS OF DECEMBER 31,
	2014		2013
The Mills
Total Number of Properties		13		13
Total Square Footage of Properties (in millions)		19.6		19.6
Ending Occupancy (1)		98.4%		98.5%
Total Sales PSF (2)	$	541	$	529
Base Minimum Rent PSF (3)	$	25.43	$	23.79
Releasing Spread PSF (4)	$	13.05	$	11.00
Releasing Spread (Percentage Change) (4)		39.9%		30.4%
International Properties
Premium Outlets
Total Number of Properties		16		15
Total Square Footage of Properties (in millions)		5.5		4.9
Designer Outlets
Total Number of Properties		5		5
Total Square Footage of Properties (in millions)		1.0		1.0
Statistics for Premium Outlets in Japan (5)
Ending Occupancy		99.1%		99.4%
Total Sales PSF	¥	94,933	¥	90,959
Base Minimum Rent PSF	¥	4,810	¥	4,888

(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.

4Q 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 12/31/14		PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES (2)
Inline Stores and Freestanding
Month to Month Leases		434		1,242,185	$	44.68		1.2%
2015		2,085		6,506,235	$	44.74		6.4%
2016		2,444		8,274,653	$	42.38		7.7%
2017		2,402		8,186,466	$	44.84		8.3%
2018		2,218		8,259,805	$	47.00		8.6%
2019		1,834		7,070,956	$	46.48		7.4%
2020		1,342		5,239,299	$	46.74		5.5%
2021		1,209		4,867,902	$	49.87		5.5%
2022		1,447		5,589,313	$	48.97		6.1%
2023		1,757		6,653,525	$	51.16		7.7%
2024		1,551		5,897,684	$	53.19		6.9%
2025 and Thereafter		572		3,126,265	$	45.09		3.2%
Specialty Leasing Agreements w/ terms in excess of 12 months		766		1,795,916	$	21.95		0.9%
Anchor Tenants
2015		7		736,118	$	4.38		0.1%
2016		9		1,192,928	$	2.43		0.1%
2017		18		2,546,584	$	2.59		0.1%
2018		17		2,130,629	$	4.99		0.2%
2019		21		2,231,012	$	5.16		0.3%
2020		22		2,502,850	$	5.35		0.3%
2021		9		732,696	$	9.26		0.1%
2022		8		957,917	$	9.59		0.2%
2023		9		1,223,016	$	10.54		0.3%
2024		12		703,770	$	11.67		0.2%
2025 and Thereafter		27		2,978,780	$	5.71		0.4%

(1)

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

(2)

Annual rental revenues represent domestic 2014 consolidated and joint venture combined base rental revenue excluding WPG properties.

4Q 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.		367		3,740		2.1%		3.5%
L Brands, Inc.		293		1,741		1.0%		2.1%
Signet Jewelers, Ltd.		412		599		0.3%		1.6%
PVH Corporation		278		1,524		0.8%		1.5%
Abercrombie & Fitch Co.		181		1,293		0.7%		1.5%
Forever 21, Inc.		79		1,307		0.7%		1.4%
VF Corporation		243		1,232		0.7%		1.2%
American Eagle Outfitters, Inc.		177		1,149		0.6%		1.2%
Foot Locker, Inc.		250		1,003		0.6%		1.2%
Luxottica Group S.P.A.		386		704		0.4%		1.2%

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		23,613		13.0%		0.4%
Sears Holdings Corporation		75		12,419		6.8%		0.1%
J.C. Penney Co., Inc.		71		11,370		6.3%		0.4%
Dillard's, Inc.		38		6,839		3.8%		*
Nordstrom, Inc.		28		4,701		2.6%		0.1%
Hudson's Bay Company		16		2,111		1.2%		0.1%
Belk, Inc.		10		1,674		0.9%		0.1%
Dick's Sporting Goods, Inc.		23		1,565		0.9%		0.5%
The Neiman Marcus Group, Inc.		10		1,265		0.8%		*
Target Corporation		7		1,091		0.7%		0.1%
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.

*

Less than one-tenth of one percent.

4Q 2014 SUPPLEMENTAL 28

CAPITAL EXPENDITURES
(In thousands)

				UNCONSOLIDATED PROPERTIES
	CONSOLIDATED PROPERTIES (1)			TOTAL			OUR SHARE
New development projects	$	55,462		$	321,389		$	152,273
Redevelopment projects with incremental square footage and/or anchor replacement		545,888			399,662			194,969
Redevelopment projects with no incremental square footage		45,960			38,860			15,543
Subtotal new development and redevelopment projects		647,310			759,911			362,785
Tenant allowances		126,283			46,011			22,664
Operational capital expenditures at properties:
CAM expenditures (2)		54,456			54,945			26,277
Non-CAM expenditures		33,324			10,198			4,315
Totals	$	861,373		$	871,065		$	416,041
Conversion from accrual to cash basis		(64,637	)		(130,098	)		(62,138	)
Capital Expenditures for the Twelve Months Ended 12/31/14 (3)	$	796,736		$	740,967		$	353,903
Capital Expenditures for the Twelve Months Ended 12/31/13 (3)	$	841,209		$	814,216		$	383,527

(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.

4Q 2014 SUPPLEMENTAL 29

DEVELOPMENT ACTIVITY SUMMARY ⁽¹⁾
As of December 31, 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	$	1,563	$	1,511	$	1,151		7%	$	564	$	447
Premium Outlets
New Developments	$	481	$	479	$	345		11%	$	141	$	95
Redevelopments	$	746	$	709	$	601		12%	$	316	$	271
The Mills
Redevelopments	$	62	$	48	$	45		16%	$	5	$	5
Totals	$	2,852	$	2,747	$	2,142		9%	$	1,026	$	818

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 costs may vary.

4Q 2014 SUPPLEMENTAL 30

DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of December 31, 2014

PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE
Malls - Redevelopments
Domain, The - Austin, TX	Common area enhancements	2/15	100%
Prien Lake Mall - Lake Charles, LA	Ulta and Maurice's	2/15	100%
Walt Whitman Shops - Huntington Station, NY	Zara	2/15	100%
Haywood Mall - Greenville, SC	Redevelopment	3/15	100%
Forum Shops at Caesars, The - Las Vegas, NV	Transition Hall redevelopment	5/15	100%
King of Prussia - King of Prussia, PA	Grand Lux	5/15	100%
Montgomery Mall - North Wales, PA	Redevelopment of the Wegmans wing	5/15	79%
Phipps Plaza - Atlanta, GA	Redevelopment	5/15	100%
Florida Mall, The - Orlando, FL	Dick's Sporting Goods (6/15) and Crayola (9/15)	6/15	50%
Southdale Center - Edina, MN	Dave & Busters	7/15	100%
Copley Place Office - Boston, MA	Redevelopment	8/15	94%
Southdale Center - Edina, MN	Gordmans	8/15	100%
Barton Creek Square - Austin, TX	The Cheesecake Factory	9/15	100%
Florida Mall, The - Orlando, FL	Redevelopment of the Saks building to an indoor/outdoor dining pavilion and small shops	9/15	50%
Phipps Plaza - Atlanta, GA	Peachtree Road façade redevelopment	9/15	100%
Del Amo Fashion Center - Torrance (Los Angeles), CA	Phase II includes 260,000 SF small shop expansion and addition of Nordstrom	10/15	50%
Del Amo Fashion Center - Torrance (Los Angeles), CA	Phase III includes the redevelopment of the two-level and single level south mall	11/15	50%
Phipps Plaza - Atlanta, GA	166 room AC Hotel by Marriott	1/16	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%
Tyrone Square - St. Petersburg, FL	Cobb Theatre	3/16	100%
Phipps Plaza - Atlanta, GA	319 residential units	7/16	50%
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%

4Q 2014 SUPPLEMENTAL 31

DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of December 31, 2014

PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE
Premium Outlets - New Developments
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%
Designer Outlet - New Development
Vancouver Designer Outlet - Vancouver, British Columbia, Canada	242,000 SF Designer Outlet Center	Summer 2015	45%
Premium Outlets - Redevelopments
Waikele Premium Outlets - Waipahu (Honolulu), HI	Redevelopment and 5,000 SF expansion	3/15	100%
Yeoju Premium Outlets - Gyeonggi Province, South Korea	259,000 SF expansion	3/15	50%
Las Vegas North Premium Outlets - 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	8/16	100%
The Mills - Redevelopments
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.

4Q 2014 SUPPLEMENTAL 32

U.S. ANCHOR/BIG BOX OPENINGS ⁽¹⁾

PROPERTY NAME/LOCATION	PROPERTY TYPE	NEW TENANT	FORMER TENANT
Openings during 2014
Arizona Mills - Tempe (Phoenix), AZ	Mills	At Home	JCPenney
Briarwood Mall - Ann Arbor, MI	Mall	Bravo PF Chang's	N/A N/A
Coddingtown Mall - Santa Rosa, CA	Mall	Target	Gottschalks
Concord Mills - Concord (Charlotte), NC	Mills	Sea Life	Nascar Speed Park
Domain, The - Austin, TX	Mall	Punch Bowl Social	N/A
Florida Mall, The - Orlando, FL	Mall	American Girl Zara (2)	N/A N/A
Great Mall - Milpitas (San Jose), CA	Mills	Uniqlo	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 Dick's Sporting Goods	N/A Sears
Liberty Tree Mall - Danvers (Boston), MA	Mall	Sky Zone	Sports Authority (2)
Meadowood Mall - Reno, NV	Mall	The Cheesecake Factory	N/A
Pier Park - Panama City Beach, FL	Comm Ctr	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 (2)	N/A
St. Johns Town Center - Jacksonville, FL	Mall	Nordstrom Arhaus Furniture	N/A N/A
Stanford Shopping Center - Palo Alto, CA	Mall	Bloomingdale's (2)	N/A
Woodfield Mall - Schaumburg (Chicago), IL	Mall	Arhaus Furniture	N/A

4Q 2014 SUPPLEMENTAL 33

U.S. ANCHOR/BIG BOX OPENINGS ⁽¹⁾

PROPERTY NAME/LOCATION	PROPERTY TYPE	NEW TENANT	FORMER TENANT
Openings Projected for 2015
Arizona Mills - Tempe (Phoenix), AZ	Mills	Sports Authority (3)	Saks Fifth Avenue Off 5th
Columbia Center - Kennewick, WA	Mall	DSW	N/A
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
King of Prussia Mall - King of Prussia (Philadelphia), PA	Mall	Grand Lux Café	N/A
Mall at Rockingham Park, The - Salem (Boston), NH	Mall	Dick's Sporting Goods	Sears
McCain Mall - N. Little Rock, AR	Mall	B.J.'s Brewhouse	N/A
Prien Lake Mall - Lake Charles, LA	Mall	Ulta	Piccadilly Cafeteria
Southdale Center - Edina (Minneapolis), MN	Mall	Dave & Buster's Gordmans	N/A Marshalls
Walt Whitman Shops - Huntington Station (New York), NY	Mall	Zara	N/A
Openings Projected for 2016 and Beyond
Arizona Mills - Tempe (Phoenix), AZ	Mills	Legoland	Sports Authority (3)
College Mall - Bloomington, IN	Mall	Ulta Whole Foods	Sears Sears
Galleria, The - Houston, TX	Mall	Saks Fifth Avenue (3)	N/A
King of Prussia Mall - King of Prussia (Philadelphia), PA	Mall	Primark	Sears
Mall of Georgia - Buford (Atlanta), GA	Mall	Von Maur	Nordstrom
Roosevelt Field - Garden City (New York), NY	Mall	Neiman Marcus	N/A
Tyrone Square - St. Petersburg (Tampa), FL	Mall	Cobb 10 Luxury Theatre	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.

4Q 2014 SUPPLEMENTAL 34

COMMON AND PREFERRED STOCK INFORMATION

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

	COMMON SHARES (1)			LIMITED PARTNERSHIP UNITS (2)
Number Outstanding at December 31, 2013		310,608,565			51,846,157
Activity During the First Nine Months of 2014:
Exchange of Limited Partnership Units for Common Stock		64,129			(64,129	)
Redemption of Limited Partnership Units		–			(87,621	)
Issuance of Limited Partnership Units		–			555,150
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)		83,509			469,848
Incremental Shares and Units Issued in Connection with the Spin-off of WPG		25,872			133,439
Number Outstanding at September 30, 2014		310,782,075			52,852,844
Fourth Quarter Activity:
Exchange of Limited Partnership Units for Common Stock		6,162			(6,162	)
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations		(327	)		–
Number Outstanding at December 31, 2014		310,787,910			52,846,682
Number of Limited Partnership Units and Common Shares at December 31, 2014		363,634,592

                    PREFERRED STOCK/UNITS OUTSTANDING AS OF DECEMBER 31, 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 December 31, 2014 was $69.89 per share.

(5)

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

4Q 2014 SUPPLEMENTAL 35

CREDIT PROFILE
(As of December 31, 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 charge for loss on extinguishment of debt and $0.10 per share of transaction expenses related to the spin-off of WPG.

4Q 2014 SUPPLEMENTAL 36

SUMMARY OF INDEBTEDNESS
As of December 31, 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	$	5,565,628		$	5,486,485			5.48%		3.9
Variable Rate Debt		630,000			630,000			2.03%		2.3
Total Mortgage Debt		6,195,628			6,116,485			5.13%		3.8
Unsecured Debt
Fixed Rate		13,440,621			13,440,621			4.41%		7.6
Revolving Credit Facility - Euro Currency		372,154			372,154			0.81%		4.5
Revolving Credit Facility - Yen Currency		186,383			186,383			0.88%		4.5
Total Revolving Credit Facilities		558,537			558,537			0.83%		4.5
Unsecured Term Loan		240,000			240,000			1.27%		3.2
Global Commercial Paper - USD		200,000			200,000			0.19%		0.1
Global Commercial Paper - Euro		209,185			209,185			0.17%		0.2
Total Unsecured Debt		14,648,343			14,648,343			4.10%		7.2
Premium		50,133			50,133
Discount		(41,111	)		(41,111	)
Consolidated Mortgages and Unsecured Indebtedness (1)	$	20,852,993		$	20,773,850			4.40%		6.2
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	11,276,973		$	5,421,057			4.61%		6.1
Variable Rate Debt		1,261,819			628,564			2.04%		4.5
TMLP Debt (2)		726,474			305,478			–		–
Total Mortgage Debt		13,265,266			6,355,099			4.35%		5.9
Premium		7,291			4,783
Joint Venture Mortgages and Other Indebtedness (1)	$	13,272,557		$	6,359,882			4.35%		5.9
Our Share of Total Indebtedness				$	27,133,732			4.39%		6.1

	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		91.2%	$	18,936,128		4.72%		6.5
Variable		8.8%		1,837,722		1.16%		2.6
		100.0%		20,773,850		4.40%		6.2
Joint Venture
Fixed		87.9%	$	5,590,817		4.61%		6.1
Variable		12.1%		769,065		2.04%		4.1
		100.0%		6,359,882		4.35%		5.9
Total Debt			$	27,133,732
Total Fixed Debt		90.4%	$	24,526,945		4.70%		6.4
Total Variable Debt		9.6%	$	2,606,787		1.38%		3.0

(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.

4Q 2014 SUPPLEMENTAL 37

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of December 31, 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
2015		1,102,636			3.49%		71,828		–		794,315		5.27%		1,968,779		4.11%
2016		527,574			5.51%		2,350,125		5.78%		575,614		5.96%		3,453,313		5.76%
2017		1,307,453			2.99%		1,713,031		4.94%		353,451		5.10%		3,373,935		4.18%
2018		1,990,000			3.92%		33,971		–		323,477		1.84%		2,347,448		3.67%
2019		1,808,537			4.71%		114,892		7.79%		261,133		2.67%		2,184,562		4.73%
2020		2,162,143			4.27%		230,398		5.51%		876,901		4.66%		3,269,442		4.46%
2021		1,600,000			4.27%		322,303		5.41%		995,878		4.24%		2,918,181		4.39%
2022		600,000			3.38%		506,025		4.13%		676,752		4.34%		1,782,777		3.97%
2023		500,000			2.75%		694,561		3.85%		404,945		3.36%		1,599,506		3.40%
2024		1,500,000			3.53%		79,351		4.57%		1,067,366		4.18%		2,646,717		3.83%
2025		–			–		–		–		7,574		–		7,574		–
Thereafter		1,550,000			5.40%		–		–		17,693		1.71%		1,567,693		5.18%
Face Amounts of Indebtedness	$	14,648,343			4.10%	$	6,116,485		5.13%	$	6,355,099		4.35%	$	27,119,927		4.39%
Premiums (Discounts) on Indebtedness, Net		(40,701	)				49,723				4,783				13,805
Our Share of Total Indebtedness	$	14,607,642				$	6,166,208			$	6,359,882			$	27,133,732

4Q 2014 SUPPLEMENTAL 38

PROPERTY AND DEBT INFORMATION
As of December 31, 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.	Apple Blossom Mall	VA	Winchester		49.1%			473,153	(2)
2.	Auburn Mall	MA	Auburn		56.4%			586,242	09/01/20			6.02%	Fixed		39,755		22,410
3.	Aventura Mall (3)	FL	Miami Beach (Miami)		33.3%			2,104,735	12/01/20			3.75%	Fixed		1,200,000		400,000
4.	Avenues, The	FL	Jacksonville		25.0%	(4)		1,114,367	02/06/23			3.60%	Fixed		110,000		27,500
5.	Bangor Mall	ME	Bangor		87.6%			652,531	10/01/17			6.15%	Fixed		80,000		70,087
6.	Barton Creek Square	TX	Austin		100.0%			1,429,568	(2)
7.	Battlefield Mall	MO	Springfield		100.0%			1,201,576	09/01/22			3.95%	Fixed		125,000		125,000
8.	Bay Park Square	WI	Green Bay		100.0%			711,747	(2)
9.	Brea Mall	CA	Brea (Los Angeles)		100.0%			1,319,398	(2)
10.	Briarwood Mall	MI	Ann Arbor		50.0%			983,111	11/30/16	(6)		7.50%	Fixed		109,680		54,840
11.	Broadway Square	TX	Tyler		100.0%			627,361	(2)
12.	Burlington Mall	MA	Burlington (Boston)		100.0%			1,317,237	(2)
13.	Cape Cod Mall	MA	Hyannis		56.4%			721,896	03/06/21			5.75%	Fixed		95,139		53,630
14.	Castleton Square	IN	Indianapolis		100.0%			1,383,066	(2)
15.	Cielo Vista Mall	TX	El Paso		100.0%			1,245,895	(2)								��
16.	Coconut Point	FL	Estero		50.0%			1,204,897	12/10/16			5.83%	Fixed		230,000		115,000
17.	Coddingtown Mall	CA	Santa Rosa		50.0%			822,943	03/01/17	(8)		1.92%	Variable		11,850		11,850
18.	College Mall	IN	Bloomington		100.0%			636,255	(2)
19.	Columbia Center	WA	Kennewick		100.0%			771,137	(2)
20.	Copley Place	MA	Boston		94.4%	(7)		1,242,603	(2)
21.	Coral Square	FL	Coral Springs (Miami)		97.2%			943,886	(2)
22.	Cordova Mall	FL	Pensacola		100.0%			918,079	(2)
23.	Crystal Mall	CT	Waterford		78.2%			783,116	06/06/22			4.46%	Fixed		94,272		73,707
24.	Dadeland Mall	FL	Miami		50.0%			1,498,402	12/05/21			4.50%	Fixed		442,740		221,370
25.	Del Amo Fashion Center	CA	Torrance (Los Angeles)		50.0%			2,094,060	01/17/18	(8)		2.17%	Variable		310,000		155,000
26.	Domain, The	TX	Austin		100.0%			1,232,899	08/01/21			5.44%	Fixed		198,454		198,454
27.	Dover Mall	DE	Dover		68.1%			928,189	08/06/21			5.57%	Fixed		89,831		61,166
28.	Emerald Square	MA	North Attleboro (Providence, RI)		56.4%			1,022,661	08/11/22			4.71%	Fixed		110,883		62,505
29.	Empire Mall	SD	Sioux Falls		100.0%			1,125,295	06/01/16			5.79%	Fixed		176,300		176,300
30.	Falls, The	FL	Miami		50.0%			837,626	11/30/16	(6)		7.50%	Fixed		106,024		53,012
31.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)		42.5%			990,432	07/01/21			5.11%	Fixed		40,000		17,000
									07/01/21			4.87%	Fixed		410,000		174,250
32.	Fashion Mall at Keystone, The	IN	Indianapolis		100.0%			710,663	(2)
33.	Fashion Valley	CA	San Diego		50.0%			1,721,237	01/04/21			4.30%	Fixed		466,385		233,187
34.	Firewheel Town Center	TX	Garland (Dallas)		100.0%			999,502	(2)
35.	Florida Mall, The	FL	Orlando		50.0%			1,676,299	09/05/20			5.25%	Fixed		350,483		175,241
36.	Forum Shops at Caesars, The	NV	Las Vegas		100.0%			674,730	(2)
37.	Galleria, The	TX	Houston		50.4%			1,902,091	12/01/15			5.44%	Fixed		643,583		324,173
									12/01/15			5.44%	Fixed		177,417		89,365
38.	Greendale Mall	MA	Worcester (Boston)		56.4%			428,818	10/01/16			6.00%	Fixed		45,000		25,367

4Q 2014 SUPPLEMENTAL 39

PROPERTY AND DEBT INFORMATION
As of December 31, 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
39.	Greenwood Park Mall	IN	Greenwood (Indianapolis)		100.0%			1,287,991	08/01/16	(9)		8.00%	Fixed		75,733		75,733
40.	Haywood Mall	SC	Greenville		100.0%			1,228,948	(2)
41.	Independence Center	MO	Independence (Kansas City)		100.0%			865,948	07/10/17			5.94%	Fixed		200,000		200,000
42.	Ingram Park Mall	TX	San Antonio		100.0%			1,120,874	06/01/21			5.38%	Fixed		137,783		137,783
43.	King of Prussia Mall	PA	King of Prussia (Philadelphia)		100.0%			2,450,177	01/01/17			7.49%	Fixed		44,457		44,457
									01/01/17			8.53%	Fixed		3,204		3,204
									01/01/17			4.50%	Fixed		50,000		50,000
44.	La Plaza Mall	TX	McAllen		100.0%			1,220,878	(2)
45.	Lakeline Mall	TX	Cedar Park (Austin)		100.0%			1,097,510	(2)
46.	Lehigh Valley Mall	PA	Whitehall		50.0%			1,180,862	07/05/20			5.88%	Fixed		131,394		65,697
47.	Lenox Square	GA	Atlanta		100.0%			1,560,091	(2)
48.	Liberty Tree Mall	MA	Danvers (Boston)		49.1%			856,039	05/06/23			3.41%	Fixed		33,940		16,677
49.	Livingston Mall	NJ	Livingston (New York)		100.0%			969,348	(2)
50.	Mall at Chestnut Hill, The	MA	Chestnut Hill (Boston)		94.4%			469,006	11/01/23			4.69%	Fixed		120,000		113,328
51.	Mall at Rockingham Park, The	NH	Salem (Boston)		28.2%			1,025,214	03/10/17			5.61%	Fixed		260,000		73,282
52.	Mall at Tuttle Crossing, The	OH	Dublin (Columbus)		50.0%			1,125,123	05/01/23			3.56%	Fixed		125,000		62,500
53.	Mall of Georgia	GA	Buford (Atlanta)		100.0%			1,817,941	(2)
54.	Mall of New Hampshire, The	NH	Manchester		56.4%			812,357	10/05/15			6.23%	Fixed		124,989		70,457
55.	McCain Mall	AR	N. Little Rock		100.0%			788,155	(2)
56.	Meadowood Mall	NV	Reno		50.0%			883,751	11/06/21			5.82%	Fixed		120,139		60,070
57.	Menlo Park Mall	NJ	Edison (New York)		100.0%			1,332,363	(2)
58.	Miami International Mall	FL	Miami		47.8%			1,081,955	02/06/24			4.42%	Fixed		160,000		76,442
59.	Midland Park Mall	TX	Midland		100.0%			622,190	09/06/22			4.35%	Fixed		81,860		81,860
60.	Miller Hill Mall	MN	Duluth		100.0%			832,803	(2)
61.	Montgomery Mall	PA	North Wales (Philadelphia)		79.4%			1,107,025	05/01/24			4.57%	Fixed		100,000		79,351
62.	North East Mall	TX	Hurst (Dallas)		100.0%			1,669,001	(2)
63.	Northgate Mall	WA	Seattle		100.0%			1,048,104	(2)
64.	Northshore Mall	MA	Peabody (Boston)		56.4%			1,591,973	07/05/23			3.30%	Fixed		267,212		150,628
65.	Ocean County Mall	NJ	Toms River (New York)		100.0%			898,359	(2)
66.	Orland Square	IL	Orland Park (Chicago)		100.0%			1,231,958	(2)
67.	Oxford Valley Mall	PA	Langhorne (Philadelphia)		85.5%			1,332,378	12/07/20			4.77%	Fixed		66,514		56,896
68.	Penn Square Mall	OK	Oklahoma City		94.5%			1,063,809	04/01/16			7.75%	Fixed		93,998		88,824
69.	Pheasant Lane Mall	NH	Nashua			(10)		979,338	(2)
70.	Phipps Plaza	GA	Atlanta		100.0%			830,318	(2)
71.	Plaza Carolina	PR	Carolina (San Juan)		100.0%			1,157,721	09/30/17	(8)		1.52%	Variable		225,000		225,000
72.	Prien Lake Mall	LA	Lake Charles		100.0%			848,040	(2)

4Q 2014 SUPPLEMENTAL 40

PROPERTY AND DEBT INFORMATION
As of December 31, 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
73.	Quaker Bridge Mall	NJ	Lawrenceville		50.0%			1,083,298	04/01/16			7.03%	Fixed		12,273		6,137
									04/01/16			2.95%	Fixed		62,000		31,000
74.	Rockaway Townsquare	NJ	Rockaway (New York)		100.0%			1,245,658	(2)
75.	Roosevelt Field	NY	Garden City (New York)		100.0%			2,209,817	(2)
76.	Ross Park Mall	PA	Pittsburgh		100.0%			1,245,629	(2)
77.	Santa Rosa Plaza	CA	Santa Rosa		100.0%			692,820	(2)
78.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)		51.0%			1,151,131	02/01/23			3.61%	Fixed		295,000		150,450
79.	Shops at Nanuet, The	NY	Nanuet		100.0%			752,872	(2)
80.	Shops at Riverside, The	NJ	Hackensack (New York)		100.0%			770,764	02/01/23			3.37%	Fixed		130,000		130,000
81.	Smith Haven Mall	NY	Lake Grove (New York)		25.0%	(4)		1,300,240	03/01/16			5.16%	Fixed		180,000		45,000
82.	Solomon Pond Mall	MA	Marlborough (Boston)		56.4%			885,178	11/01/22			4.01%	Fixed		105,847		59,666
83.	South Hills Village	PA	Pittsburgh		100.0%			1,118,429	(2)
84.	South Shore Plaza	MA	Braintree (Boston)		100.0%			1,588,885	(2)
85.	Southdale Center	MN	Edina (Minneapolis)		100.0%			1,258,482	04/01/23			3.84%	Fixed		155,000		155,000
86.	SouthPark	NC	Charlotte		100.0%			1,680,545	08/01/16	(9)		8.00%	Fixed		187,439		187,439
87.	Southridge Mall	WI	Greendale (Milwaukee)		100.0%			1,176,807	06/06/23			3.85%	Fixed		125,000		125,000
88.	Springfield Mall (3)	PA	Springfield (Philadelphia)		50.0%			611,200	11/30/15	(11)		4.77%	Fixed		62,611		31,306
89.	Square One Mall	MA	Saugus (Boston)		56.4%			929,779	01/06/22			5.47%	Fixed		96,077		54,159
90.	St. Charles Towne Center	MD	Waldorf (Washington, D.C.)		100.0%			980,765	(2)
91.	St. Johns Town Center	FL	Jacksonville		50.0%			1,390,913	09/11/24			3.82%	Fixed		350,000		175,000
92.	Stanford Shopping Center	CA	Palo Alto (San Jose)		94.4%	(7)		1,233,578	(2)
93.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)		49.9%			1,301,214	11/30/16	(6)		7.50%	Fixed		216,178		107,873
94.	Summit Mall	OH	Akron		100.0%			769,431	06/10/17			5.42%	Fixed		65,000		65,000
95.	Tacoma Mall	WA	Tacoma (Seattle)		100.0%			1,335,516	(2)
96.	Tippecanoe Mall	IN	Lafayette		100.0%			864,039	(2)
97.	Town Center at Boca Raton	FL	Boca Raton (Miami)		100.0%			1,779,596	(2)
98.	Town Center at Cobb	GA	Kennesaw (Atlanta)		100.0%			1,280,798	05/01/22			4.76%	Fixed		198,095		198,095
99.	Towne East Square	KS	Wichita		100.0%			1,134,396	(2)
100.	Treasure Coast Square	FL	Jensen Beach		100.0%			876,437	(2)
101.	Tyrone Square	FL	St. Petersburg (Tampa)		100.0%			1,094,153	(2)
102.	University Park Mall	IN	Mishawaka		100.0%			920,985	(2)
103.	Walt Whitman Shops	NY	Huntington Station (New York)		100.0%			1,087,715	08/01/16	(9)		8.00%	Fixed		115,492		115,492
104.	West Town Mall	TN	Knoxville		50.0%			1,334,851	12/01/17			6.34%	Fixed		210,000		105,000
105.	Westchester, The	NY	White Plains (New York)		40.0%			826,292	05/05/20			6.00%	Fixed		351,434		140,574
106.	White Oaks Mall	IL	Springfield		80.7%			924,615	11/01/16			5.54%	Fixed		50,000		40,339
107.	Wolfchase Galleria	TN	Memphis		94.5%			1,151,233	04/01/17			5.64%	Fixed		225,000		212,616
108.	Woodfield Mall	IL	Schaumburg (Chicago)		50.0%			2,172,855	03/05/24			4.50%	Fixed		425,000		212,500
109.	Woodland Hills Mall	OK	Tulsa		94.5%			1,087,032	04/05/19			7.79%	Fixed		91,688		86,616
	Total Mall Square Footage							122,673,199

4Q 2014 SUPPLEMENTAL 41

PROPERTY AND DEBT INFORMATION
As of December 31, 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%		441,762	(2)
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)		100.0%		285,307	(2)
4.	Birch Run Premium Outlets	MI	Birch Run (Detroit)		100.0%		678,703	04/11/16	(14)		5.95%	Fixed		102,362		102,362
5.	Calhoun Premium Outlets	GA	Calhoun		100.0%		254,053	09/01/16	(15)		5.79%	Fixed		19,683		19,683
6.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)		100.0%		674,834	(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		48,448		48,448
9.	Charlotte Premium Outlets	NC	Charlotte		50.0%		398,690	11/24/19	(8)		1.62%	Variable		90,000		45,000
10.	Chicago Premium Outlets	IL	Aurora (Chicago)		100.0%		437,483	(2)
11.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)		100.0%		398,835	(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%		650,941	(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		100,466		100,466
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		35,721		35,721
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		108,453		108,453
22.	Gulfport Premium Outlets	MS	Gulfport		100.0%		300,233	01/11/16	(16)		5.51%	Fixed		24,198		24,198
23.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/		100.0%		485,132	04/11/16	(14)		5.95%	Fixed		86,045		86,045
			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		67,306		67,306
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%		555,261	06/11/16			5.84%	Fixed		176,605		176,605

4Q 2014 SUPPLEMENTAL 42

PROPERTY AND DEBT INFORMATION
As of December 31, 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 North Premium Outlets	NV	Las Vegas		100.0%		527,779	(2)
31.	Las Vegas South Premium Outlets	NV	Las Vegas		100.0%		535,772	(2)
32.	Lebanon Premium Outlets	TN	Lebanon (Nashville)		100.0%		227,271	01/11/16	(16)		5.51%	Fixed		14,877		14,877
33.	Lee Premium Outlets	MA	Lee		100.0%		224,850	09/01/16	(15)		5.79%	Fixed		49,134		49,134
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%		162,217	(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 International Premium Outlets	FL	Orlando		100.0%		773,644	(2)
43.	Orlando Vineland Premium Outlets	FL	Orlando		100.0%		655,004	(2)
44.	Osage Beach Premium Outlets	MO	Osage Beach		100.0%		392,450	(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		57,806		57,806
	Outlets		IL/Milwaukee)					12/01/16			6.01%	Fixed		35,192		35,192
50.	Puerto Rico Premium Outlets	PR	Barceloneta		100.0%		341,951	09/30/17	(8)		1.52%	Variable		125,000		125,000
51.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)		100.0%		289,472	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)

4Q 2014 SUPPLEMENTAL 43

PROPERTY AND DEBT INFORMATION
As of December 31, 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		137,569		137,569
55.	Seattle Premium Outlets	WA	Tulalip (Seattle)		100.0%		554,766	(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)		1.67%	Variable		65,000		32,500
60.	The Crossings Premium Outlets	PA	Tannersville		100.0%		411,520	12/01/22			3.41%	Fixed		115,000		115,000
61.	Twin Cities Premium Outlets	MN	Eagan		35.0%		408,944	11/06/24			4.32%	Fixed		115,000		40,250
62.	Vacaville Premium Outlets	CA	Vacaville		100.0%		440,040	(2)
63.	Waikele Premium Outlets	HI	Waipahu (Honolulu)		100.0%		215,546	(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		99,406		99,406
66.	Woodburn Premium Outlets	OR	Woodburn (Portland)		100.0%		389,773	(2)
67.	Woodbury Common Premium Outlets	NY	Central Valley (New York)		100.0%		854,448	(2)
68.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)		100.0%		660,101	(2)
	Total U.S. Premium Outlet Square Footage						28,796,557
	Total Mall and U.S. Premium Outlet Square Footage						151,469,756

4Q 2014 SUPPLEMENTAL 44

PROPERTY AND DEBT INFORMATION
As of December 31, 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%			1,239,804	07/01/20			5.76%	Fixed		164,566		164,566
2.	Arundel Mills	MD	Hanover (Baltimore)		59.3%			1,662,640	02/06/24			4.29%	Fixed		385,000		228,113
3.	Colorado Mills	CO	Lakewood (Denver)		37.5%			1,410,205	11/01/24			4.28%	Fixed		136,000		51,000
									07/01/21			5.04%	Fixed		27,843		10,441
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%			1,778,483	10/01/24			3.83%	Fixed		268,000		158,817
6.	Great Mall	CA	Milpitas (San Jose)		100.0%			1,366,245	(2)
7.	Gurnee Mills	IL	Gurnee (Chicago)		100.0%			1,918,263	07/01/17			5.77%	Fixed		321,000		321,000
8.	Katy Mills	TX	Katy (Houston)		62.5%	(4)		1,747,461	12/06/22			3.49%	Fixed		140,000		35,000
9.	Ontario Mills	CA	Ontario (Riverside)		50.0%			1,471,353	03/05/22			4.25%	Fixed		333,152		166,576
10.	Opry Mills	TN	Nashville		100.0%			1,153,536	10/10/16			2.67%	Variable		280,000		280,000
									10/10/16			5.00%	Fixed		91,427		91,427
11.	Outlets at Orange, The	CA	Orange (Los Angeles)		50.0%			805,311	04/01/24			4.22%	Fixed		215,000		107,500
12.	Potomac Mills	VA	Woodbridge (Washington, D.C.)		100.0%			1,525,636	07/11/17			5.83%	Fixed		410,000		410,000
13.	Sawgrass Mills	FL	Sunrise (Miami)		100.0%			2,197,314	(2)
	Total The Mills Square Footage							19,619,802
	Community Centers
1.	ABQ Uptown	NM	Albuquerque		100.0%			230,036	(2)
2.	Hamilton Town Center	IN	Noblesville (Indianapolis)		50.0%			672,896	04/01/22			4.81%	Fixed		84,000		42,000
3.	Pier Park	FL	Panama City Beach		65.6%			882,654	(2)
	Total Community Centers Square Footage							1,785,586
	TMLP Properties
	The Esplanade, The Galleria at White Plains, Northpark Mall, Philadelphia Mills, and Sugarloaf Mills									(23)					726,474		305,478
	Total TMLP Properties Square Footage							5,787,887
	Other Properties
	Circle Centre, Florida Keys Outlet Center, Huntley Outlet Center,									(13)					263,089		125,995
	Indian River Commons, Indian River Mall, Lincoln Plaza, Naples Outlet Center,									(16)(21)
	Outlet Marketplace, The Shops at Sunset Place
	Total Other Properties Square Footage							3,360,449
	TOTAL U.S. SQUARE FOOTAGE (24)							182,023,480

4Q 2014 SUPPLEMENTAL 45

PROPERTY AND DEBT INFORMATION
As of December 31, 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 Outlet Phases 3 & 4	Vienna			90.0%		118,000	06/30/16	(20)		2.21%	Variable		42,160		37,943
	Subtotal Austria Square Footage						118,000
	CANADA
2.	Premium Outlets Montréal	Montréal (Quebec)			50.0%		365,500	09/10/17	(8)(29)		2.60%	Variable		80,570		40,285
3.	Toronto Premium Outlets	Toronto (Ontario)			50.0%		358,400	07/09/15	(29)		2.45%	Variable		83,069		41,535
	Subtotal Canada Square Footage						723,900
	ITALY
4.	La Reggia Designer Outlet Phases 1 & 2	Marcianise (Naples)			60.0%		288,000	03/31/27	(20)		1.52%	Variable		75,411		45,247
5.	Noventa Di Piave Designer Outlet	Venice			60.0%		280,000	08/29/26	(20)		1.12%	Variable		40,098		24,059
	Phases 1, 2 & 3							06/30/27	(20)		2.58%	Variable		42,911		25,747
	Subtotal Italy Square Footage						568,000
	JAPAN
6.	Ami Premium Outlets	Ami (Tokyo)			40.0%		315,000	09/25/23	(25)		1.82%	Fixed		76,881		30,752
7.	Gotemba Premium Outlets	Gotemba City (Tokyo)			40.0%		481,500	02/28/18	(25)		0.39%	Variable		15,382		6,153
8.	Kobe-Sanda Premium Outlets	Kobe (Osaka)			40.0%		441,000	01/31/20	(25)		0.47%	Variable		33,100		13,240
9.	Rinku Premium Outlets	Izumisano (Osaka)			40.0%		416,500	07/31/17	(25)		0.42%	Variable		13,394		5,358
10.	Sano Premium Outlets	Sano (Tokyo)			40.0%		390,800	05/31/18	(25)		0.48%	Variable		6,990		2,796
11.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)			40.0%		164,200	10/31/18	(25)		0.44%	Variable		12,724		5,090
12.	Shisui Premium Outlets	Shisui (Chiba)			40.0%		234,800	05/31/18	(25)		0.39%	Variable		39,847		15,939
13.	Toki Premium Outlets	Toki (Nagoya)			40.0%		367,700	11/30/19	(25)		0.94%	Variable		30,974		12,390
14.	Tosu Premium Outlets	Fukuoka (Kyushu)			40.0%		290,400	12/31/18	(25)		0.45%	Variable		17,496		6,998
	Subtotal Japan Square Footage						3,101,900
	KOREA
15.	Busan Premium Outlets	Busan			50.0%		360,200	06/20/22	(26)		5.44%	Fixed		73,678		36,839
								02/13/17	(26)		4.42%	Variable		51,584		25,792
16.	Paju Premium Outlets	Paju (Seoul)			50.0%		442,900	11/28/19	(26)		4.08%	Fixed		98,968		49,484
17.	Yeoju Premium Outlets	Yeoju (Seoul)			50.0%		286,200	09/06/20	(26)		4.68%	Fixed		51,404		25,702
	Subtotal South Korea Square Footage						1,089,300

4Q 2014 SUPPLEMENTAL 46

PROPERTY AND DEBT INFORMATION
As of December 31, 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
18.	Johor Premium Outlets	Johor (Singapore)			50.0%		264,400	10/14/20	(27)		5.06%	Variable		21,443		10,722
	Subtotal Malaysia Square Footage						264,400
	MEXICO
19.	Premium Outlets Punta Norte	Mexico City			50.0%		333,000	(2)
	Subtotal Mexico Square Footage						333,000
	NETHERLANDS
20.	Roermond Designer Outlet Phases 2 & 3	Roermond			90.0%		173,000	12/01/21	(20)		1.86%	Fixed		218,914		197,023
	Subtotal Netherlands Square Footage						173,000
	UNITED KINGDOM
21.	Ashford Designer Outlet	Kent			45.0%		183,000	07/31/16	(5)		2.42%	Variable		6,228		2,802
								07/31/16	(11)(5)		4.27%	Fixed		56,048		25,222
	Subtotal United Kingdom Square Footage						183,000
	TOTAL INTERNATIONAL SQUARE FOOTAGE (28)						6,554,500
	TOTAL SQUARE FOOTAGE						188,577,980
	Other Secured Indebtedness:								(30)					179,645		82,406
	TOTAL SECURED INDEBTEDNESS														$	12,471,584	(31)
	Our Share of Consolidated Mortgage Debt														$	6,116,485
	Our Share of Joint Venture Mortgage Debt														$	6,355,099

4Q 2014 SUPPLEMENTAL 47

PROPERTY AND DEBT INFORMATION
As of December 31, 2014

	DEBT INFORMATION
UNSECURED INDEBTEDNESS:	MATURITY DATE			INTEREST RATE (1)		TYPE	INDEBTEDNESS ($ in 000's) TOTAL
Global Commercial Paper - USD		02/11/15			0.19%	Variable		200,000
Global Commercial Paper - Euro		03/18/15	(12)		0.17%	Variable		209,185
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
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 - Euro Currency		06/30/19	(8)(32)		0.81%	Variable		372,154
Revolving Credit Facility - Yen Currency		06/30/19	(8)(19)		0.88%	Variable		186,383
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		912,143
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							$	14,648,343	(18)

4Q 2014 SUPPLEMENTAL 48

PROPERTY AND DEBT INFORMATION
As of December 31, 2014

FOOTNOTES:

 

(1)

Variable rate debt interest rates are based on the following base rates as of December 31, 2014: 1M LIBOR at .17%; 1M EUR LIBOR at .01%; 1M EURIBOR at .02%; 3M EURIBOR at .08%; 6M EURIBOR at .17%; 1M YEN LIBOR at .08%; 6M YEN LIBOR at .14%; 1M CDOR at 1.30%; KLIBOR at 3.34% and 91 Day Korean CD rate at 2.13%.

(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)

Amount shown in USD Equivalent; Euro equivalent is 172.0 million.

(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 344.9 million.

(21)

Consists of six encumbered properties with interest rates ranging from 3.07% to 5.62% and maturities between 2015 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 1,874,137 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 - 869,018 sq. ft.	Menlo Park Mall - 49,481 sq. ft.
Domain, The - 156,240 sq. ft.	Oxford Valley Mall - 111,038 sq. ft.
Fashion Centre at Pentagon City - 169,550 sq. ft.	Plaza Carolina - 27,343 sq. ft.
Firewheel Town Center - 75,303 sq. ft.	Southdale Center - 20,393 sq. ft.

(25)

Amounts shown in USD equivalent; Yen equivalent is 29.5 billion.

(26)

Amounts shown in USD equivalent; Won equivalent is 301.9 billion.

(27)

Amounts shown in USD equivalent; Ringgit equivalent is 75.0 million.

(28)

Does not include Klépierre.

(29)

Amount shown in USD equivalent; CAD equivalent is 189.9 million.

(30)

Consists of eight loans with interest rates ranging from 1.67% to 6.53% and maturities between 2016 and 2021.

4Q 2014 SUPPLEMENTAL 49

(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 $223.5 million of payment guarantees provided by the Operating Partnership (of which $78.7 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 306.0 million.

4Q 2014 SUPPLEMENTAL 50