Simon Property (SPG) 8-K Results of Operations and Financial Condition

Use these links to rapidly review the document
TABLE OF CONTENTS

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED SEPTEMBER 30, 2019	PAGE
Earnings Release(1)	2-13
Overview
The Company	14
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants	15
Financial Data
Selected Financial and Equity Information	16
Net Operating Income (NOI) Composition	17
Net Operating Income Overview	18
Reconciliations of Non-GAAP Financial Measures	19
Consolidated Net Income to NOI	19
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)	20
Other Income, Other Expense and Capitalized Interest	21
Operational Data
U.S. Malls and Premium Outlets Operating Information	22
The Mills and International Operating Information	23
U.S. Malls and Premium Outlets Lease Expirations	24
U.S. Malls and Premium Outlets Top Tenants	25
Development Activity
Capital Expenditures	26
Development Activity Summary	27-28
Development Activity Report	29-30
Balance Sheet Information
Common and Preferred Stock Information	31
Changes in Common Share and Limited Partnership Unit Ownership	31
Preferred Stock/Units Outstanding	31
Credit Profile	32
Summary of Indebtedness	33
Total Debt Amortization and Maturities by Year (Our Share)	34
Property and Debt Information	35-44
Other
Non-GAAP Pro-Rata Financial Information	45-48

(1)

Includes reconciliation of consolidated net income to funds from operations.

3Q 2019 SUPPLEMENTAL 1

EARNINGS RELEASE

Contacts:		FOR IMMEDIATE RELEASE
Tom Ward	317-685-7330 Investors
Ali Slocum	317-264-3079 Media

SIMON PROPERTY GROUP REPORTS THIRD QUARTER 2019 RESULTS

INDIANAPOLIS, October 30, 2019 - Simon, a global leader in premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2019.

RESULTS FOR THE QUARTER

•

Net income attributable to common stockholders was $544.3 million, or $1.77 per diluted share, as compared to $556.3 million, or $1.80 per diluted share in 2018.

•

Funds from Operations ("FFO") was $1.081 billion, or $3.05 per diluted share, as compared to $1.086 billion, or $3.05 per diluted share, in the prior year period. Adjusting the prior year for the impact of expensing internal leasing costs under ASC 842, or approximately $0.03 per diluted share, FFO per diluted share increased 1.0%.

RESULTS FOR THE NINE MONTHS

•

Net income attributable to common stockholders was $1.588 billion, or $5.15 per diluted share, as compared to $1.724 billion, or $5.57 per diluted share in 2018. The prior year period included net gains of $180.5 million, or $0.51 per diluted share, primarily related to disposition activity.

•

Funds from Operations ("FFO") was $3.227 billion, or $9.09 per diluted share, as compared to $3.173 billion, or $8.90 per diluted share, in the prior year period, an increase of 2.1% per diluted share. Adjusting the prior year for a non-cash investment gain, higher income related to distributions from an international investment and the $34.1 million impact of expensing internal leasing costs under ASC 842, or approximately $0.26 per diluted share combined, FFO per diluted share increased 5.2%.

3Q 2019 SUPPLEMENTAL 2

EARNINGS RELEASE

"I am pleased with our quarterly results including our continued cash flow growth and solid operating metrics," said David Simon, Chairman, Chief Executive Officer and President. "We strengthened our balance sheet with a historic notes offering and completed several international expansions."

U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS

•

Reported retailer sales per square foot was $680, an increase of 4.5%, for the trailing 12-months ended September 30, 2019.

•

Occupancy was 94.7% at September 30, 2019.

•

Base minimum rent per square foot was $54.55 at September 30, 2019.

•

Leasing spread per square foot for the trailing 12-months ended September 30, 2019 was $12.10, an increase of 22.2%.

PORTFOLIO NET OPERATING INCOME ("NOI") AND COMPARABLE PROPERTY NOI

Comparable property NOI growth for the nine months ended September 30, 2019 was 1.7% and was 1.6% for the three months ended September 30, 2019. Total portfolio NOI growth for the nine months ended September 30, 2019 was 1.5% and was 1.3% for the three months ended September 30, 2019. Total portfolio NOI includes NOI from comparable properties, new developments, redevelopments, expansions, acquisitions, international properties and our share of NOI from investments.

DIVIDENDS

Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.10 per share. This is a 5.0% increase year-over-year. The dividend will be payable on November 29, 2019 to shareholders of record on November 15, 2019.

Simon's Board of Directors also declared the quarterly dividend on its 8³/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31, 2019 to shareholders of record on December 17, 2019.

3Q 2019 SUPPLEMENTAL 3

EARNINGS RELEASE

DEVELOPMENT ACTIVITY

During the quarter, construction started on a 338,000 square foot upscale outlet located in Jenks (Tulsa), Oklahoma, projected to open in spring 2021. Simon owns 100% of this project.

Construction continues on four new international development projects with three scheduled to open in 2020, including Malaga Designer Outlet (Malaga, Spain), Siam Premium Outlets Bangkok (Bangkok, Thailand) and West Midlands Designer Outlet (Cannock, England) and Normandy Designer Outlet (Vernon (Normandy), France) scheduled to open in 2021.

Construction also continues on other significant redevelopment, expansion and densification projects including Southdale Center (Edina (Minneapolis), MN), The Shops at Riverside (Hackensack, NJ), Burlington Mall (Burlington (Boston), MA), Phipps Plaza (Atlanta, GA), Gotemba Premium Outlets (Gotemba, Japan) and Rinku Premium Outlets (Izumisano (Osaka), Japan).

At quarter-end, redevelopment and expansion projects, including the redevelopment of former department store spaces, were underway at more than 30 properties in the U.S., Asia and Europe. Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was approximately $1.8 billion.

BALANCE SHEET ACTIVITY

During the quarter, the Company completed a three tranche senior notes offering totaling $3.5 billion with a weighted average coupon rate of 2.61% and weighted average term of 15.9 years.

Subsequent to the end of the quarter, the Company retired all, or a portion of, four series of senior notes totaling approximately $2.6 billion (USD equivalent) with a combined weighted average coupon rate of 3.76%. The new notes offering had a weighted average coupon rate approximately 115 basis points lower than the notes that were retired.

After repayment of the senior notes, Simon had more than $7.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.

COMMON STOCK REPURCHASE PROGRAM

During the quarter ended September 30, 2019, the Company repurchased 1,154,117 shares of its common stock.

3Q 2019 SUPPLEMENTAL 4

EARNINGS RELEASE

2019 GUIDANCE

The Company currently estimates net income to be within a range of $6.76 to $6.81 per diluted share for the year ending December 31, 2019, after giving effect to the $0.33 per diluted share loss on the extinguishment of debt that will be recorded in the fourth quarter. The Company also estimates Comparable FFO to be within a range of $12.33 to $12.38 per diluted share, which reflects an increase of $0.03 to the bottom end of the range provided on July 31, 2019. The Company currently estimates FFO to be within a range of $12.00 to $12.05 per diluted share.

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

For the year ending December 31, 2019

	LOW END		HIGH END
Estimated net income attributable to common stockholders per diluted share	$	6.76	$	6.81
Add: Loss on the extinguishment of debt		0.33		0.33
Comparable estimated net income attributable to common stockholders per diluted share		7.09		7.14

Depreciation and amortization including Simon's share of unconsolidated entities		5.27		5.27
Unrealized losses in fair value of equity instruments		0.01		0.01
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(0.04)		(0.04)
Estimated comparable FFO per diluted share		12.33		12.38
Less: Loss on the extinguishment of debt		(0.33)		(0.33)
Estimated FFO per diluted share	$	12.00	$	12.05

CONFERENCE CALL

Simon will hold a conference call to discuss the quarterly financial results today at 8:30 a.m. Eastern Time, Wednesday, October 30, 2019. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until November 6, 2019. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 4145577.

SUPPLEMENTAL MATERIALS AND WEBSITE

Supplemental information on our third quarter 2019 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 on 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.

3Q 2019 SUPPLEMENTAL 5

EARNINGS RELEASE

NON-GAAP FINANCIAL MEASURES

This press release includes FFO, FFO per share, Comparable FFO per share, comparable earnings per share, portfolio net operating income growth 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.

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 the Company's 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: changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact, if any, of the United Kingdom's exit from the European Union; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; the loss of key management personnel; and the transition of LIBOR to an alternative reference rate. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, 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.

3Q 2019 SUPPLEMENTAL 6

ABOUT SIMON

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. For more information, visit simon.com.

3Q 2019 SUPPLEMENTAL 7

EARNINGS RELEASE

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

	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2019		2018		2019		2018
REVENUE:
Lease income	$	1,308,908	$	1,284,674	$	3,887,532	$	3,811,265
Management fees and other revenues		27,976		28,784		83,768		85,506
Other income		79,670		90,563		295,274		286,491
Total revenue		1,416,554		1,404,021		4,266,574		4,183,262
EXPENSES:
Property operating		121,735		119,021		339,404		335,420
Depreciation and amortization		334,944		316,175		1,016,193		953,309
Real estate taxes		118,031		119,315		349,404		344,950
Repairs and maintenance		23,979		23,632		73,752		73,507
Advertising and promotion		36,583		36,688		109,128		107,979
Home and regional office costs		45,865		32,714		144,892		106,093
General and administrative		8,032		12,172		27,528		35,713
Other		22,083		21,461		75,318		70,505
Total operating expenses		711,252		681,178		2,135,619		2,027,476
OPERATING INCOME BEFORE OTHER ITEMS		705,302		722,843		2,130,955		2,155,786
Interest expense		(202,382)		(199,469)		(599,541)		(611,585)
Income and other taxes		(6,197)		(10,118)		(23,309)		(26,475)
Income from unconsolidated entities		119,706		134,408		316,691		325,263
Unrealized gains (losses) in fair value of equity instruments		2,154		(5,452)		(4,846)		1,212
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		10,141		—		12,822		144,949
CONSOLIDATED NET INCOME		628,724		642,212		1,832,772		1,989,150
Net income attributable to noncontrolling interests		83,636		85,111		242,216		262,722
Preferred dividends		834		834		2,503		2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	544,254	$	556,267	$	1,588,053	$	1,723,925
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders	$	1.77	$	1.80	$	5.15	$	5.57

3Q 2019 SUPPLEMENTAL 8

EARNINGS RELEASE

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

	SEPTEMBER 30, 2019		DECEMBER 31, 2018
ASSETS:
Investment properties, at cost	$	37,590,061	$	37,092,670
Less — accumulated depreciation		13,707,832		12,884,539
		23,882,229		24,208,131
Cash and cash equivalents		3,647,230		514,335
Tenant receivables and accrued revenue, net		775,617		763,815
Investment in unconsolidated entities, at equity		2,121,558		2,220,414
Investment in Klépierre, at equity		1,614,109		1,769,488
Deferred costs and other assets		1,803,483		1,210,040
Total assets	$	33,844,226	$	30,686,223
LIABILITIES:
Mortgages and unsecured indebtedness	$	26,643,879	$	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,324,110		1,316,861
Cash distributions and losses in unconsolidated entities, at equity		1,568,150		1,536,111
Other liabilities		1,001,048		500,597
Total liabilities		30,537,187		26,659,104
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		226,887		230,163
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		42,502		42,748
Common stock, $0.0001 par value, 511,990,000 shares authorized, 320,435,256 and 320,411,571 issued and outstanding, respectively		32		32
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		—		—
Capital in excess of par value		9,748,255		9,700,418
Accumulated deficit		(5,223,093)		(4,893,069)
Accumulated other comprehensive loss		(121,596)		(126,017)
Common stock held in treasury, at cost, 13,574,296 and 11,402,103 shares, respectively		(1,773,571)		(1,427,431)
Total stockholders' equity		2,672,529		3,296,681
Noncontrolling interests		407,623		500,275
Total equity		3,080,152		3,796,956
Total liabilities and equity	$	33,844,226	$	30,686,223

3Q 2019 SUPPLEMENTAL 9

EARNINGS RELEASE

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

	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2019		2018		2019		2018
REVENUE:
Lease income	$	766,740	$	756,955	$	2,285,848	$	2,259,451
Other income		79,025		73,259		234,337		232,747
Total revenue		845,765		830,214		2,520,185		2,492,198
OPERATING EXPENSES:
Property operating		149,759		151,873		434,742		437,718
Depreciation and amortization		171,407		161,964		512,070		488,098
Real estate taxes		64,172		60,654		200,698		197,497
Repairs and maintenance		20,729		20,035		61,938		63,968
Advertising and promotion		19,831		20,318		63,852		65,425
Other		45,747		43,916		142,806		143,533
Total operating expenses		471,645		458,760		1,416,106		1,396,239
OPERATING INCOME BEFORE OTHER ITEMS		374,120		371,454		1,104,079		1,095,959
Interest expense		(159,971)		(163,855)		(473,914)		(505,540)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		21,587		25,792
NET INCOME	$	214,149	$	207,599	$	651,752	$	616,211
Third-Party Investors' Share of Net Income	$	108,792	$	101,750	$	332,078	$	304,174
Our Share of Net Income		105,357		105,849		319,674		312,037
Amortization of Excess Investment (A)		(20,846)		(21,526)		(62,413)		(64,447)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		—		—		(9,156)		—
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		—		—		—		(9,672)
Income from Unconsolidated Entities (B)	$	84,511	$	84,323	$	248,105	$	237,918

Note:

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

3Q 2019 SUPPLEMENTAL 10

EARNINGS RELEASE

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

	SEPTEMBER 30, 2019		��	DECEMBER 31, 2018
Assets:
Investment properties, at cost	$	19,259,601		$	18,807,449
Less — accumulated depreciation		7,263,363			6,834,633
		11,996,238			11,972,816
Cash and cash equivalents		880,648			1,076,398
Tenant receivables and accrued revenue, net		475,710			445,148
Deferred costs and other assets		581,435			390,818
Total assets	$	13,934,031		$	13,885,180
Liabilities and Partners' Deficit:
Mortgages	$	15,217,266		$	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue		942,250			976,311
Other liabilities		521,518			344,205
Total liabilities		16,681,034			16,555,931
Preferred units		67,450			67,450
Partners' deficit		(2,814,453)			(2,738,201)
Total liabilities and partners' deficit	$	13,934,031		$	13,885,180
Our Share of:
Partners' deficit	$	(1,227,239)		$	(1,168,216)
Add: Excess Investment (A)		1,540,770			1,594,198
Our net Investment in unconsolidated entities, at equity	$	313,531		$	425,982

Note:

The above financial presentation does not include any information related to our investments in Klépierre and HBS Global Properties. For additional information, see footnote B.

3Q 2019 SUPPLEMENTAL 11

EARNINGS RELEASE

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

RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO
	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2019		2018		2019		2018
Consolidated Net Income (D)	$	628,724	$	642,212	$	1,832,772	$	1,989,150
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties		332,456		313,245		1,008,439		944,615
Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS		138,116		131,573		412,018		403,777
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(10,141)		—		(12,822)		(144,949)
Unrealized (gains) losses in fair value of equity instruments		(2,154)		5,452		4,846		(1,212)
Net (income) loss attributable to noncontrolling interest holders in properties		(337)		(497)		181		(684)
Noncontrolling interests portion of depreciation and amortization		(4,790)		(4,380)		(14,608)		(13,564)
Preferred distributions and dividends		(1,313)		(1,313)		(3,939)		(3,939)
FFO of the Operating Partnership	$	1,080,561	$	1,086,292	$	3,226,887	$	3,173,194
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share	$	1.77	$	1.80	$	5.15	$	5.57
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS, net of noncontrolling interests portion of depreciation and amortization		1.32		1.23		3.97		3.74
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(0.03)		—		(0.04)		(0.41)
Unrealized (gains) losses in fair value of equity instruments		(0.01)		0.02		0.01		—
Diluted FFO per share	$	3.05	$	3.05	$	9.09	$	8.90
Details for per share calculations:
FFO of the Operating Partnership	$	1,080,561	$	1,086,292	$	3,226,887	$	3,173,194
Diluted FFO allocable to unitholders		(142,727)		(142,710)		(425,123)		(416,694)
Diluted FFO allocable to common stockholders	$	937,834	$	943,582	$	2,801,764	$	2,756,500
Basic and Diluted weighted average shares outstanding		307,275		309,294		308,314		309,740
Weighted average limited partnership units outstanding		46,763		46,779		46,782		46,822
Basic and Diluted weighted average shares and units outstanding		354,038		356,073		355,096		356,562
Basic and Diluted FFO per Share	$	3.05	$	3.05	$	9.09	$	8.90
Percent Change		0.0%				2.1%

3Q 2019 SUPPLEMENTAL 12

EARNINGS RELEASE

Simon Property Group, Inc.
Footnotes to Unaudited Financial Information

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 assets.

(B)

The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre and HBS Global Properties. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre and HBS Global Properties. For further information on Klépierre, 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 and FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper — 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of real estate. Gains and losses of assets incidental to our main business are included in FFO. 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 sale, disposal or property insurance recoveries of, or any impairment related to, depreciable 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. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

-

Gains on land sales of $2.5 million and $1.2 million for the three months ended September 30, 2019 and 2018, respectively, and $14.1 million and $3.9 million for the nine months ended September 30, 2019 and 2018, respectively.

-

Straight-line adjustments increased income by $22.2 million and $6.8 million for the three months ended September 30, 2019 and 2018, respectively, and $66.0 million and $21.8 million for the nine months ended September 30, 2019 and 2018, respectively.

-

Amortization of fair market value of leases from acquisitions increased income by $1.3 million and $0.6 million for the three months ended September 30, 2019 and 2018, respectively, and $4.0 million and $3.0 million for the nine months ended September 30, 2019 and 2018, respectively.

3Q 2019 SUPPLEMENTAL 13

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 Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At September 30, 2019, we owned or had an interest in 233 properties comprising 191 million square feet in North America, Asia and Europe. Additionally, at September 30, 2019, we had a 21.9% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 16 European countries.

This package was prepared to provide operational and balance sheet information as of September 30, 2019 for the Company and the Operating Partnership.

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 our 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: changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; the loss of key management personnel; and the transition of LIBOR to an alternative reference rate. 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 subsequent other periodic reports, but, except as required by law, 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, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).

3Q 2019 SUPPLEMENTAL 14

OVERVIEW

STOCK INFORMATION

The Company's common stock and one series 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)
	Commercial Paper	A1	(Stable Outlook)
	Preferred Stock	BBB+	(Stable Outlook)
	Moody's
	Senior Unsecured	A2	(Stable Outlook)
	Commercial Paper	P1	(Stable Outlook)
	Preferred Stock	A3	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS ⁽¹⁾

	Required	Actual	Compliance
Total Debt to Total Assets (1)	£65%	39%	Yes
Total Secured Debt to Total Assets (1)	£50%	18%	Yes
Fixed Charge Coverage Ratio	>1.5X	5.4X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	281%	Yes

(1)

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

3Q 2019 SUPPLEMENTAL 15

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

	​	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
		2019		2018		2019		2018
Financial Highlights
Total Revenue - Consolidated Properties	$	1,416,554	$	1,404,021	$	4,266,574	$	4,183,262
Consolidated Net Income	$	628,724	$	642,212	$	1,832,772	$	1,989,150
Net Income Attributable to Common Stockholders	$	544,254	$	556,267	$	1,588,053	$	1,723,925
Basic and Diluted Earnings per Common Share (EPS)	$	1.77	$	1.80	$	5.15	$	5.57
Funds from Operations (FFO) of the Operating Partnership	$	1,080,561	$	1,086,292	$	3,226,887	$	3,173,194
Basic and Diluted FFO per Share (FFOPS)	$	3.05	$	3.05	$	9.09	$	8.90
Dividends/Distributions per Share/Unit	$	2.10	$	2.00	$	6.20	$	5.90

Stockholders' Equity Information		AS OF SEPTEMBER 30, 2019			AS OF DECEMBER 31, 2018
Limited Partners' Units Outstanding at end of period		46,755			46,807
Common Shares Outstanding at end of period		306,869			309,018
Total Common Shares and Limited Partnership Units Outstanding at end of period		353,624			355,825
Weighted Average Limited Partnership Units Outstanding		46,782			46,893
Weighted Average Common Shares Outstanding:
Basic and Diluted - for purposes of EPS and FFOPS		308,314			309,627
Debt Information
Share of Consolidated Debt	$	26,473,321		$	23,139,977
Share of Joint Venture Debt		7,143,105			7,160,392
Share of Total Debt	$	33,616,426	(1)	$	30,300,369
Market Capitalization
Common Stock Price at end of period	$	155.65		$	167.99
Common Equity Capitalization, including Limited Partnership Units	$	55,041,629		$	59,775,015
Preferred Equity Capitalization, including Limited Partnership Preferred Units		83,077			80,287
Total Equity Market Capitalization	$	55,124,706		$	59,855,302
Total Market Capitalization - Including Share of Total Debt	$	88,741,132		$	90,155,671
Net Debt to Total Market Capitalization		33.4%			32.5%

(1)

Includes $2.6 billion of unsecured notes paid off as of October 7, 2019.

3Q 2019 SUPPLEMENTAL 16

NET OPERATING INCOME (NOI) COMPOSITION ⁽¹⁾
For the Nine Months Ended September 30, 2019

(1)

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

(2)

Includes Klépierre, international Premium Outlets and international Designer Outlets.

(3)

Includes Lifestyle Centers.

3Q 2019 SUPPLEMENTAL 17

NET OPERATING INCOME OVERVIEW ⁽¹⁾
(In thousands)

		FOR THE THREE MONTHS ENDED SEPTEMBER 30,			% GROWTH		FOR THE NINE MONTHS ENDED SEPTEMBER 30,			% GROWTH
		2019		2018			2019		2018
Comparable Property NOI (2)	$	1,362,002	$	1,340,247	1.6%	$	4,072,567	$	4,002,560	1.7%
NOI from New Development, Redevelopment, Expansion and Acquisitions (3)		45,090		49,427			135,051		140,605
International Properties (4)		117,363		114,116			349,608		337,830
Our share of NOI from Investments (5)		83,176		83,025			208,973		212,460
Portfolio NOI	$	1,607,631	$	1,586,815	1.3%	$	4,766,199	$	4,693,455	1.5%
Corporate and Other NOI Sources (6)		115,215		125,288			378,491		375,302
Combined NOI	$	1,722,846	$	1,712,103		$	5,144,690	$	5,068,757
Less: Joint Venture Partners' Share of NOI		289,398		281,223			855,602		835,734
Our Share of Total NOI	$	1,433,448	$	1,430,880		$	4,289,088	$	4,233,023

(1)

All amounts are presented at gross values unless otherwise indicated as our share. See reconciliation on following page.

(2)

Includes Malls, Premium Outlets, The Mills and Lifestyle Centers opened and operating as comparable for the period.

(3)

Includes total property NOI for properties undergoing redevelopment as well as incremental NOI for expansion properties not yet included in comparable properties.

(4)

Includes International Premium Outlets (except for Canadian International Premium Outlets included in Comparable NOI) and International Designer Outlets.

(5)

Includes our share of NOI of Klépierre, HBS, and other corporate investments.

(6)

Includes income components excluded from Portfolio NOI and Comparable Property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), gains on sale of equity instruments, the results of our joint venture with Seritage, Northgate, Simon management company revenues, and other assets.

3Q 2019 SUPPLEMENTAL 18

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

RECONCILIATION OF NET INCOME TO NOI
		THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
		2019		2018		2019		2018
Reconciliation of NOI of consolidated entities:
Consolidated Net Income	$	628,724	$	642,212	$	1,832,772	$	1,989,150
Income and other tax expense		6,197		10,118		23,309		26,475
Interest expense		202,382		199,469		599,541		611,585
Income from unconsolidated entities		(119,706)		(134,408)		(316,691)		(325,263)
Unrealized (gains) losses in fair value of equity instruments		(2,154)		5,452		4,846		(1,212)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(10,141)		–		(12,822)		(144,949)
Operating Income Before Other Items		705,302		722,843		2,130,955		2,155,786
Depreciation and amortization		334,944		316,175		1,016,193		953,309
Home and regional office costs		45,865		32,714		144,892		106,093
General and administrative		8,032		12,172		27,528		35,713
NOI of consolidated entities	$	1,094,143	$	1,083,904	$	3,319,568	$	3,250,901
Reconciliation of NOI of unconsolidated entities:
Net Income	$	214,149	$	207,599	$	651,752	$	616,211
Interest expense		159,971		163,855		473,914		505,540
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		–		–		(21,587)		(25,792)
Operating Income Before Other Items		374,120		371,454		1,104,079		1,095,959
Depreciation and amortization		171,407		161,964		512,070		488,098
NOI of unconsolidated entities	$	545,527	$	533,418	$	1,616,149	$	1,584,057
Add: Our share of NOI from Klépierre, HBS and other corporate investments		83,176		94,781		208,973		233,799
Combined NOI	$	1,722,846	$	1,712,103	$	5,144,690	$	5,068,757

3Q 2019 SUPPLEMENTAL 19

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

RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)
	THREE MONTHS ENDED SEPTEMBER 30, 2019			NINE MONTHS ENDED SEPTEMBER 30, 2019
FFO of the Operating Partnership	​	$	1,080,561	​	$	3,226,887
Non-cash impacts to FFO(1)	​	(8,239)		​	(25,893)
FFO of the Operating Partnership excluding non-cash impacts	​	1,072,322		​	3,200,994
Tenant allowances	​	(55,598)		​	(145,105)
Operational capital expenditures	​	(53,195)		​	(123,020)
Funds available for distribution		$	963,529		$	2,932,869

(1)

Non-cash impacts to FFO of the Operating Partnership include:

	THREE MONTHS ENDED SEPTEMBER 30, 2019			NINE MONTHS ENDED SEPTEMBER 30, 2019
Deductions:	​			​
Straight-line lease income	​	(22,110)		​	(65,955)
Fair market value of lease amortization	​	(1,304)		​	(4,042)
Additions:	​			​
Stock based compensation expense	​	7,304		​	21,147
Fair value of debt amortization	​	61		​	9
Mortgage, financing fee and terminated swap amortization expense	​	7,810		​	22,948
	​	$	(8,239)	​	$	(25,893)

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, FFO per share, funds available for distribution, net operating income (NOI), portfolio 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 18 - 20 and in the Earnings Release for the latest period.

3Q 2019 SUPPLEMENTAL 20

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

		THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
		2019		2018		2019		2018
Consolidated Properties
Other Income
Interest, dividend and distribution income  (1)	$	10,351	$	12,628	$	25,525	$	42,626
Lease settlement income		10,720		9,839		15,510		41,473
Gains on land sales		1,779		1,232		10,156		3,247
Other  (2)		56,820		66,864		244,083		199,145
Totals	$	79,670	$	90,563	$	295,274	$	286,491
Other Expense
Ground leases	$	11,039	$	10,466	$	32,320	$	31,726
Professional fees and other		11,044		10,995		42,998		38,779
Totals	$	22,083	$	21,461	$	75,318	$	70,505

Capitalized Interest		THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
		2019		2018		2019		2018
Interest Capitalized during the Period:
Our Share of Consolidated Properties	$	9,337	$	5,928	$	23,958	$	15,184
Our Share of Joint Venture Properties	$	370	$	436	$	894	$	1,668

(1)

Includes distributions from other international investments.

(2)

Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues, gains on sale of non-retail investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.

3Q 2019 SUPPLEMENTAL 21

U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION

	​	AS OF SEPTEMBER 30,
		2019		2018
Total Number of Properties	​	175		176
Total Square Footage of Properties (in millions)	​	150.2		151.8
Ending Occupancy (1):	​
Consolidated Assets	​	95.1%		95.5%
Unconsolidated Assets	​	93.8%		95.5%
Total Portfolio	​	94.7%		95.5%
Total Sales per Square Foot (PSF) (2):	​
Consolidated Assets	$	654	$	633
Unconsolidated Assets	$	754	$	701
Total Portfolio	$	680	$	650
Base Minimum Rent PSF (3):	​
Consolidated Assets	$	52.97	$	52.19
Unconsolidated Assets	$	58.73	$	58.38
Total Portfolio	$	54.55	$	53.88

Open / Close Spread

		​	RENT PSF (BASE MINIMUM RENT & CAM)
	SQUARE FOOTAGE OF OPENINGS		AVERAGE OPENING RATE PSF  (4)		AVERAGE CLOSING RATE PSF  (4)		LEASING SPREAD  (4)	SPREAD TO CLOSE %
9/30/19	7,541,208	$	66.58	$	54.48	$	12.10	22.2%
6/30/19	7,227,529	$	67.76	$	51.23	$	16.53	32.3%
3/31/19	7,499,068	$	66.00	$	51.83	$	14.17	27.3%
12/31/18	8,722,732	$	62.04	$	54.29	$	7.75	14.3%
9/30/18	8,084,281	$	62.33	$	54.74	$	7.59	13.9%
Occupancy Cost as a Percentage of Sales (5):
9/30/19	12.7%
6/30/19	12.8%
3/31/19	12.8%
12/31/18	12.8%
9/30/18	12.9%

(1)

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.

(2)

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, stores with less than 10,000 square feet are included for malls and stores with less than 20,000 square feet are included for Premium Outlets.

(3)

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.

(4)

The Open / Close Spread is a measure that compares opening and closing rates on all spaces. The Opening Rate is the initial cash Rent PSF for spaces leased during the trailing 12-month period, and includes new leases, renewals, amendments and relocations (including expansions and downsizings) if lease term is greater than one year. The Closing Rate is the final cash Rent PSF as of the month the tenant terminates or closes. Rent PSF includes Base Minimum Rent and Common Area Maintenance (CAM) rents.

(5)

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

3Q 2019 SUPPLEMENTAL 22

THE MILLS AND INTERNATIONAL OPERATING INFORMATION

		AS OF SEPTEMBER 30,
		2019	​	2018
The Mills
Total Number of Properties		14		14
Total Square Footage of Properties (in millions)		21.5		21.1
Ending Occupancy(1)		97.2%		98.5%
Total Sales PSF(2)	$	616	$	609
Base Minimum Rent PSF(3)	$	32.88	$	31.75
Leasing Spread PSF(4)	$	13.27	$	8.83
Leasing Spread (Percentage Change)(4)		31.4%		18.0%
International Properties
Premium Outlets
Total Number of Properties		20		19
Total Square Footage of Properties (in millions)		7.7		7.1
Designer Outlets
Total Number of Properties		9		9
Total Square Footage of Properties (in millions)		2.2		2.2
Statistics for Premium Outlets in Japan(5)
Ending Occupancy		99.7%		99.6%
Total Sales PSF		¥ 109,334		¥ 106,308
Base Minimum Rent PSF		¥ 5,241		¥ 5,127

(1)

See footnote 1 on page 22 for definition, except Ending Occupancy is calculated on all company owned space.

(2)

See footnote 2 on page 22 for definition; calculation methodology is the same as for malls.

(3)

See footnote 3 on page 22 for definition.

(4)

See footnote 4 on page 22 for definition.

(5)

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

3Q 2019 SUPPLEMENTAL 23

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

YEAR	NUMBER OF LEASES EXPIRING	SQUARE FEET		AVG. BASE MINIMUM RENT PSF AT 9/30/19	PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES  (2)
Inline Stores and Freestanding
Month to Month Leases	717	2,377,528	$	53.65	2.3%
2019 (10/1/19 - 12/31/19)	281	832,209	$	56.15	0.8%
2020	2,587	8,989,721	$	50.44	7.9%
2021	2,360	8,871,193	$	50.78	8.0%
2022	2,227	8,656,041	$	50.18	7.7%
2023	2,201	8,482,734	$	58.08	8.6%
2024	1,864	7,436,329	$	59.13	7.7%
2025	1,446	5,550,561	$	64.28	6.4%
2026	1,261	4,565,630	$	63.89	5.2%
2027	992	3,770,887	$	64.13	4.3%
2028	851	3,660,230	$	59.21	3.8%
2029	624	2,990,470	$	58.57	2.9%
2030 and Thereafter	472	2,628,163	$	42.14	2.0%
Specialty Leasing Agreements w/ terms in excess of 12 months	1,793	4,631,681	$	18.54	1.6%
Anchors
2020	9	1,002,103	$	5.84	0.1%
2021	11	1,267,091	$	5.68	0.1%
2022	16	2,033,754	$	6.41	0.2%
2023	17	2,386,762	$	6.67	0.3%
2024	24	2,027,154	$	8.49	0.3%
2025	15	1,420,963	$	6.87	0.2%
2026	7	804,111	$	4.30	0.1%
2027	6	920,224	$	4.16	0.1%
2028	9	857,119	$	7.58	0.1%
2029	5	577,818	$	5.02	0.1%
2030 and Thereafter	21	1,929,728	$	9.75	0.3%

(1)

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

(2)

Annual rental revenues represent 2018 consolidated and joint venture combined base rental revenue.

3Q 2019 SUPPLEMENTAL 24

U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS

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.	412	3,843	2.1%	3.4%
L Brands, Inc.	307	1,901	1.1%	2.2%
Ascena Retail Group Inc	435	2,423	1.3%	1.8%
PVH Corporation	237	1,476	0.8%	1.6%
Tapestry, Inc.	252	1,006	0.6%	1.5%
Signet Jewelers, Ltd.	364	527	0.3%	1.4%
Forever 21, Inc.	98	1,490	0.8%	1.4%
Foot Locker, Inc.	224	1,034	0.6%	1.2%
Luxottica Group SPA	388	691	0.4%	1.2%
American Eagle Outfitters, Inc	195	1,276	0.7%	1.2%

Top Anchors(sorted by percentage of total square footage in U.S. properties) ⁽¹⁾

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.	114	21,804	12.0%	0.3%
J.C. Penney Co., Inc.	64	10,327	5.7%	0.3%
Dillard's, Inc.	37	6,742	3.7%	*
Nordstrom, Inc.	27	4,556	2.5%	0.1%
Sears	25	4,274	2.4%	*
Dick's Sporting Goods, Inc.	35	2,310	1.3%	0.6%
Hudson's Bay Company	16	2,128	1.2%	0.1%
Belk, Inc.	9	1,504	0.8%	*
The Neiman Marcus Group, Inc.	12	1,458	0.8%	0.1%
Target Corporation	6	831	0.5%	0.1%
Von Maur, Inc.	6	768	0.4%	*

(1)

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.

3Q 2019 SUPPLEMENTAL 25

CAPITAL EXPENDITURES
(In thousands)

	​		​	UNCONSOLIDATED PROPERTIES
		CONSOLIDATED PROPERTIES		TOTAL		OUR SHARE
New development projects	$	38,260	$	202,761	$	77,101
Redevelopment projects with incremental square footage and/or anchor replacement		340,103		278,349		132,750
Redevelopment projects with no incremental square footage(1)		66,569		19,498		5,968
Subtotal new development and redevelopment projects		444,932		500,608		215,819
Tenant allowances		123,332		47,924		21,773
Operational capital expenditures at properties:
CAM expenditures		77,568		44,524		20,465
Non-CAM expenditures		21,794		6,588		3,193
Totals	$	667,626	$	599,644	$	261,250
Conversion from accrual to cash basis		(44,939)		(56,097)		(24,440)
Capital Expenditures for the Nine Months Ended 9/30/19(2)	$	622,687	$	543,547	$	236,810
Capital Expenditures for the Nine Months Ended 9/30/18(2)	$	585,957	$	620,524	$	296,400

(1)

Includes restoration projects as a result of property damage from natural disasters.

(2)

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

3Q 2019 SUPPLEMENTAL 26

DEVELOPMENT ACTIVITY SUMMARY ⁽¹⁾
As of September 30, 2019
(in millions, except percent)

PLATFORM     PROJECT TYPE		PROJECTED GROSS COST (2)		PROJECTED NET COST (3)		OUR SHARE OF NET COST (4)	EXPECTED STABILIZED RATE OF RETURN (4)		TOTAL CONSTRUCTION IN PROGRESS		OUR SHARE OF TOTAL CONSTRUCTION IN PROGRESS
Malls	​	​	​	​	​	​	​	​	​	​	​
Redevelopments	$	1,190	$	1,175	$	1,037	7%	$	546	$	476
Premium Outlets	​	​	​	​	​	​	​	​	​	​	​
New Developments	$	801	$	712	$	430	9%	$	242	$	112
Redevelopments	$	603	$	565	$	306	10%	$	240	$	132
The Mills	​	​	​	​	​	​	​	​	​	​	​
Redevelopments	$	78	$	78	$	58	9%	$	26	$	22
Totals	$	2,672	$	2,530	$	1,831	8%	$	1,054	$	742

Notes:

(1)

Represents projects under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million or incremental square footage. Includes both domestic and international 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 and no assurance can be given that expected returns will be achieved. Returns do not include any development or leasing fees earned as part of the development by Simon from joint venture partners.

3Q 2019 SUPPLEMENTAL 27

DEVELOPMENT ACTIVITY SUMMARY
As of September 30, 2019

(1)

Includes hotel, residential, office and other

(2)

Includes international Premium Outlets and international Designer Outlets

3Q 2019 SUPPLEMENTAL 28

DEVELOPMENT ACTIVITY REPORT⁽¹⁾
As of September 30, 2019

PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE
Malls - Redevelopments
Del Amo Fashion Mall - Torrance, CA	Mitsuwa Marketplace	10/19	50%
Orland Square - Orland Park, IL	Redevelopment of the former Carson's with Von Maur	11/19	100%
Southdale Center - Edina (Minneapolis), MN	Redevelopment of the former JCPenney building with Life Time Athletic, Life Time Sport/Work, and restaurants	11/19	100%
Roosevelt Field - Garden City (New York), NY	163 room Residence Inn by Marriott	2/20	50%
Greenwood Park Mall - Indianapolis, IN	Dave & Buster's	3/20	100%
Shops at Riverside, The - Hackensack (New York), NJ	Redevelopment	3/20	100%
Broadway Square - Tyler, TX	Redevelopment of the former Sears building with Dick's Sporting Goods, Home Goods, retail, and restaurants	4/20	100%
Midland Park Mall - Midland, TX	Redevelopment of the former Sears building with Dillard's (opened 4/19) and redevelopment of former Dillard's with Dick's Sporting Goods	6/20	100%
Ocean County Mall - Toms River, NJ	Redevelopment of the former Sears building with B.J.'s Restaurant & Brewhouse, LA Fitness, Ulta, and Homesense	6/20	100%
Cape Cod Mall - Hyannis, MA	Redevelopment of the former Sears building and TBA with Target (10/19), Dick's Sporting Goods, and other retailers	7/20	56%
Lehigh Valley, Whitehall, PA	Dave & Buster's	7/20	50%
Burlington Mall - Burlington (Boston), MA	Redevelopment of the former Sears lower level	10/20	100%
Tacoma Mall - Tacoma, WA	Redevelopment of the former Sears building with Marcus Theatres, Nordstrom Rack, Total Wine and Ulta	10/20	100%
Bay Park Square - Green Bay, WI	Dave & Buster's	11/20	100%
Dadeland Mall - Miami, FL	AC Hotel by Marriott	11/20	33%
Northshore Mall - Peabody, MA	Redevelopment of the former Sears building and TBA with Life Time Athletic and Tesla	12/20	56%
Dadeland Mall - Miami, FL	Kendall West expansion including the addition of Apple and North Italia	1/21	50%
La Plaza - McAllen, TX	Cut! theater by Cinemark	4/21	100%
Phipps Plaza - Atlanta, GA	Mixed use redevelopment of the former Belk building with Nobu Hotel and Restaurant, Life Time Athletic, Life Time Work, Office, Pinstripes, and retail	8/21	100%

3Q 2019 SUPPLEMENTAL 29

DEVELOPMENT ACTIVITY REPORT⁽¹⁾
As of September 30, 2019

PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE
Premium Outlets - New Developments
Siam Premium Outlets Bangkok - Bangkok, Thailand	251,000 SF upscale Premium Outlet Center	4/20	50%
Tulsa Premium Outlets - Jenks, OK	338,000 SF Premium Outlet Center	5/21	100%
Designer Outlet - New Developments
Malaga Designer Outlet - Malaga, Spain	191,000 SF upscale Designer Outlet Center	Q1 2020	46%
West Midlands Designer Outlet - Cannock, England	197,000 SF upscale Designer Outler Center	10/20	20%
Normandy Designer Outlet - Vernon (Normandy), France	229,000 SF upscale Designer Outler Center	6/21	81%
Premium Outlets - Redevelopments and Expansions
Tosu Premium Outlets - Tosu, Japan	38,000 SF Phase IV expansion	11/19	40%
Woodbury Common Premium Outlets - Central Valley (New York), NY	Luxury Expansion and redevelopment	12/19	100%
Gotemba Premium Outlets - Gotemba, Japan	178,000 SF Phase IV expansion	4/20	40%
Wrentham Premium Outlets - Wrentham (Boston), MA	Redevelopment	6/20	100%
Rinku Premium Outlets - Izumisano (Osaka), Japan	110,000 SF Phase V expansion	7/20	40%
Round Rock Premium Outlets - Round Rock, TX	433 Unit Multi-family Residential	9/20	50%
Designer Outlet - Expansions
Ashford Designer Outlet - Kent, United Kingdom	98,000 SF Phase II expansion	10/19	46%
Noventa di Piave Designer Outlet - Noventa di Piave (Venice), Italy	29,000 SF Phase V expansion	11/19	92%
La Reggia Designer Outlet - Marcianise, Italy	58,000 SF Phase III expansion	10/20	92%
The Mills - Redevelopments
Sawgrass Mills - Sunrise (Miami), FL	AC Hotel by Marriott	12/20	50%
Sawgrass Mills - Sunrise (Miami), FL	Redevelopment of the former JCPenney Outlet with Primark (7/20) and Mattel	9/21	100%

(1)

Projects listed above are included in the Development Activity Summary and are under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million or incremental square footage. Includes both domestic and international properties

3Q 2019 SUPPLEMENTAL 30

COMMON AND PREFERRED STOCK INFORMATION

                    CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
                    For the Period December 31, 2018 through September 30, 2019

	COMMON SHARES (1)	LIMITED PARTNERSHIP UNITS (2)
Number Outstanding at December 31, 2018	309,017,468	46,807,372
Activity During the First Six Months of 2019:
Exchange of Limited Partnership Units for Common Stock	24,000	(24,000)
Redemption of Limited Partnership Units for Cash	–	(774)
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other	(20,266)	–
Restricted Stock Awards (3)	93,298	–
Repurchase of Simon Property Group Common Stock in open market	(1,092,957)	–
Number Outstanding at June 30, 2019	308,021,543	46,782,598
Third Quarter Activity:
Redemption of Limited Partnership Units for Cash	–	(27,214)
Restricted Stock Awards (3)	1,534	–
Repurchase of Simon Property Group Common Stock in open market	(1,154,117)	–
Number Outstanding at September 30, 2019	306,868,960	46,755,384
Number of Limited Partnership Units and Common Shares at September 30, 2019	353,624,344

                    PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 2019
                    ($ 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 issued pursuant to the Operating Partnership's 1998 Stock Incentive Plan, net of forfeitures.

(4)

Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on September 30, 2019 was $72.20 per share.

(5)

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

3Q 2019 SUPPLEMENTAL 31

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

(1)

Includes a $0.33 per share charge for loss on extinguishment of debt and $0.22 per share for gain upon sale of marketable securities.

(2)

Includes a charge for loss on extinguishment of debt of $0.38 per share and $0.36 per share in 2016 and 2017, respectively.

3Q 2019 SUPPLEMENTAL 32

SUMMARY OF INDEBTEDNESS
As of September 30, 2019
(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	$	6,134,446		$	5,999,212	3.88%	5.0
Variable Rate Debt		746,541			710,508	2.79%	2.3
Total Mortgage Debt		6,880,987			6,709,720	3.76%	4.7
Unsecured Debt
Fixed Rate		18,433,389			18,433,389	3.11%	8.5
Revolving Credit Facility - USD Currency		125,000			125,000	2.79%	2.7
Total Revolving Credit Facilities		125,000			125,000	2.79%	2.7
Global Commercial Paper - USD		1,110,500			1,110,500	2.16%	0.2
Global Commercial Paper - EUR		180,130			180,130	(0.34)%	0.1
Total Unsecured Debt		19,849,019			19,849,019	3.03%	7.9
Premium		8,037			8,035
Discount		(58,832)			(58,832)
Debt Issuance Costs		(102,587)			(101,876)
Other Debt Obligations		67,255			67,255
Consolidated Mortgages and Unsecured Indebtedness  (1)	$	26,643,879		$	26,473,321	3.21%	7.1
​	​	​	���	​	​	​	​
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	13,464,183		$	6,415,976	4.06%	4.8
Floating Rate Debt (Hedged)  (1)		247,655			96,101	1.64%	5.8
Variable Rate Debt		1,135,825			490,156	3.35%	2.3
TMLP Debt  (2)		406,184			157,810	–	–
Total Mortgage Debt		15,253,847			7,160,043	3.98%	4.6
Premium		1,806			903
Debt Issuance Costs		(38,387)			(17,841)
Joint Venture Mortgages and Other Indebtedness  (1)	$	15,217,266		$	7,143,105	3.98%	4.6
Our Share of Total Indebtedness  (3)	​		​	$	33,616,426	3.37%	6.6

	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	96.9%	$	25,655,576	3.49%	7.3
Variable	3.1%		817,745	2.79%	2.4
	100.0%		26,473,321	3.21%	7.1
Joint Venture
Fixed	91.8%	$	6,560,582	4.06%	4.8
Variable	8.2%		582,523	3.07%	2.9
	100.0%		7,143,105	3.98%	4.6
Total Debt		$	33,616,426
Total Fixed Debt	95.8%	$	32,216,158	3.41%	6.8
Total Variable Debt	4.2%	$	1,400,268	2.91%	2.6

(1)

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

(2)

See footnote 21 on the Property and Debt information.

(3)

Includes $2.6 billion of unsecured notes paid off as of October 7, 2019.

3Q 2019 SUPPLEMENTAL 33

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of September 30, 2019
(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
2019	$	1,290,630		1.81%	$	73,380	4.02%	$	59,083	—	$	1,423,093		1.83%
2020		1,318,771		2.42%		600,670	4.44%		478,188	5.27%		2,397,629		3.38%
2021		2,150,000		3.31%		953,509	3.56%		1,070,355	4.42%		4,173,864		3.65%
2022		2,693,771		2.36%		716,821	3.53%		970,065	3.94%		4,380,657		2.92%
2023		1,100,000		2.75%		745,271	3.90%		565,244	3.26%		2,410,515		3.23%
2024		2,500,000		2.92%		369,223	3.88%		1,166,874	4.15%		4,036,097		3.34%
2025		1,145,847		2.43%		824,617	3.58%		854,853	3.37%		2,825,317		3.05%
2026		1,550,000		3.28%		2,051,766	3.89%		847,406	3.76%		4,449,172		3.66%
2027		1,500,000		3.38%		146,280	4.00%		376,672	3.76%		2,022,952		3.49%
2028		–		–		46,415	3.85%		725,543	4.11%		771,958		4.09%
2029		1,250,000		2.45%		181,768	2.00%		610	–		1,432,378		2.39%
Thereafter		3,350,000		4.41%		–	–		45,150	6.03%		3,395,150		4.43%
Face Amounts of Indebtedness	$	19,849,019		3.03%	$	6,709,720	3.76%	$	7,160,043	3.98%	$	33,718,782		3.37%
Premiums (Discounts) on Indebtedness, Net		(58,832)				8,035			903			(49,894)
Debt Issuance Costs		(81,119)				(20,757)			(17,841)			(119,717)
Other Debt Obligations		67,255				–			–			67,255
Our Share of Total Indebtedness	$	19,776,323	(1)		$	6,696,998		$	7,143,105		$	33,616,426	(1)

(1)

Includes $2.6 billion of unsecured notes paid off as of October 7, 2019.

3Q 2019 SUPPLEMENTAL 34

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

							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%		473,990	(2)
2.	Auburn Mall	MA	Auburn	56.4%		584,587	09/01/20	6.02%	Fixed	36,457	20,551
3.	Aventura Mall (3)	FL	Miami Beach (Miami)	33.3%		2,112,123	07/01/28	4.12%	Fixed	1,750,000	583,333
4.	Barton Creek Square	TX	Austin	100.0%		1,452,408	(2)
5.	Battlefield Mall	MO	Springfield	100.0%		1,202,094	09/01/22	3.95%	Fixed	115,868	115,868
6.	Bay Park Square	WI	Green Bay	100.0%		680,542	(2)
7.	Brea Mall	CA	Brea (Los Angeles)	100.0%		1,319,339	(2)
8.	Briarwood Mall	MI	Ann Arbor	50.0%		977,987	09/01/26	3.29%	Fixed	165,000	82,500
9.	Brickell City Centre	FL	Miami	25.0%		476,799	(2)
10.	Broadway Square	TX	Tyler	100.0%		604,870	(2)
11.	Burlington Mall	MA	Burlington (Boston)	100.0%		1,116,366	(2)
12.	Cape Cod Mall	MA	Hyannis	56.4%		709,106	03/06/21	5.75%	Fixed	87,210	49,161
13.	Castleton Square	IN	Indianapolis	100.0%		1,384,718	(2)
14.	Cielo Vista Mall	TX	El Paso	100.0%		1,244,344	(2)
15.	Coconut Point	FL	Estero	50.0%		1,204,896	10/01/26	3.95%	Fixed	187,018	93,509
16.	College Mall	IN	Bloomington	100.0%		609,768	(2)
17.	Columbia Center	WA	Kennewick	100.0%		807,276	(2)
18.	Copley Place	MA	Boston	94.4%	(7)	1,265,036	(2)
19.	Coral Square	FL	Coral Springs (Miami)	97.2%		943,940	(2)
20.	Cordova Mall	FL	Pensacola	100.0%		929,761	(2)
21.	Crystal Mall	CT	Waterford	78.2%		782,704	06/06/22	4.46%	Fixed	86,429	67,575
22.	Dadeland Mall	FL	Miami	50.0%		1,489,119	12/05/21	4.50%	Fixed	403,433	201,717
23.	Del Amo Fashion Center	CA	Torrance (Los Angeles)	50.0%		2,519,422	06/01/27	3.66%	Fixed	585,000	292,500
24.	Domain, The	TX	Austin	100.0%		1,237,042	08/01/21	5.44%	Fixed	181,764	181,764
25.	Dover Mall	DE	Dover	68.1%		927,245	08/06/21	5.57%	Fixed	82,345	56,069
26.	Emerald Square	MA	North Attleboro (Providence, RI)	56.4%		1,022,293	08/11/22	4.71%	Fixed	100,951	56,906
27.	Empire Mall	SD	Sioux Falls	100.0%		1,124,707	12/01/25	4.31%	Fixed	187,729	187,729
28.	Falls, The	FL	Miami	50.0%		831,327	09/01/26	3.45%	Fixed	150,000	75,000
29.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)	42.5%		1,037,360	07/01/21	5.11%	Fixed	40,000	17,000
							07/01/21	4.87%	Fixed	410,000	174,250
30.	Fashion Mall at Keystone, The	IN	Indianapolis	100.0%		716,548	(2)
31.	Fashion Valley	CA	San Diego	50.0%		1,724,892	01/04/21	4.30%	Fixed	424,334	212,167
32.	Firewheel Town Center	TX	Garland (Dallas)	100.0%		995,914	(2)
33.	Florida Mall, The	FL	Orlando	50.0%		1,725,416	09/05/20	5.25%	Fixed	315,779	157,889
34.	Forum Shops at Caesars Palace, The	NV	Las Vegas	100.0%		663,074	(2)
35.	Galleria, The	TX	Houston	50.4%		2,017,376	03/01/25	3.55%	Fixed	1,200,000	604,440
36.	Greenwood Park Mall	IN	Greenwood (Indianapolis)	100.0%		1,288,862	(2)
37.	Haywood Mall	SC	Greenville	100.0%		1,237,536	(2)
38.	Ingram Park Mall	TX	San Antonio	100.0%		1,125,086	06/01/21	5.38%	Fixed	125,953	125,953
39.	King of Prussia	PA	King of Prussia (Philadelphia)	100.0%		2,671,552	(2)

3Q 2019 SUPPLEMENTAL 35

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

							DEBT INFORMATION
				LEGAL		TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
40.	La Plaza Mall	TX	McAllen	100.0%		1,312,634	(2)
41.	Lakeline Mall	TX	Cedar Park (Austin)	100.0%		1,099,657	(2)
42.	Lehigh Valley Mall	PA	Whitehall	50.0%		1,190,636	11/01/27		4.06%	Fixed	193,701	96,851
43.	Lenox Square	GA	Atlanta	100.0%		1,539,626	(2)
44.	Livingston Mall	NJ	Livingston (New York)	100.0%		968,882	(2)
45.	Mall at Rockingham Park, The	NH	Salem (Boston)	28.2%		1,021,152	06/01/26		4.04%	Fixed	262,000	73,845
46.	Mall at Tuttle Crossing, The	OH	Dublin (Columbus)	50.0%		1,119,920	05/01/23		3.56%	Fixed	116,980	58,490
47.	Mall of Georgia	GA	Buford (Atlanta)	100.0%		1,853,663	(2)
48.	Mall of New Hampshire, The	NH	Manchester	56.4%		804,828	07/01/25		4.11%	Fixed	150,000	84,555
49.	McCain Mall	AR	N. Little Rock	100.0%		793,612	(2)
50.	Meadowood Mall	NV	Reno	50.0%		928,924	11/06/21		5.82%	Fixed	110,699	55,349
51.	Menlo Park Mall	NJ	Edison (New York)	100.0%		1,332,005	(2)
52.	Miami International Mall	FL	Miami	47.8%		1,083,592	02/06/24		4.42%	Fixed	160,000	76,442
53.	Midland Park Mall	TX	Midland	100.0%		643,702	09/06/22		4.35%	Fixed	74,135	74,135
54.	Miller Hill Mall	MN	Duluth	100.0%		831,453	(2)
55.	Montgomery Mall	PA	North Wales (Philadelphia)	79.4%		1,101,907	05/01/24		4.57%	Fixed	100,000	79,351
56.	North East Mall	TX	Hurst (Dallas)	100.0%		1,667,842	(2)
57.	Northgate	WA	Seattle	100.0%		1,045,724	(2)
58.	Northshore Mall	MA	Peabody (Boston)	56.4%		1,504,426	07/05/23		3.30%	Fixed	238,279	134,319
59.	Ocean County Mall	NJ	Toms River (New York)	100.0%		859,498	(2)
60.	Orland Square	IL	Orland Park (Chicago)	100.0%		1,229,928	(2)
61.	Oxford Valley Mall	PA	Langhorne (Philadelphia)	85.5%		1,338,481	12/07/20		4.77%	Fixed	59,934	51,267
62.	Penn Square Mall	OK	Oklahoma City	94.5%		1,083,753	01/01/26		3.84%	Fixed	310,000	292,938
63.	Pheasant Lane Mall	NH	Nashua		(10)	979,555	(2)
64.	Phipps Plaza	GA	Atlanta	100.0%		754,028	(2)
65.	Plaza Carolina	PR	Carolina (San Juan)	100.0%		1,158,496	07/27/21		3.12%	Variable	225,000	225,000
66.	Prien Lake Mall	LA	Lake Charles	100.0%		842,677	(2)
67.	Quaker Bridge Mall	NJ	Lawrenceville	50.0%		1,081,265	05/01/26		4.50%	Fixed	180,000	90,000
68.	Rockaway Townsquare	NJ	Rockaway (New York)	100.0%		1,246,417	(2)
69.	Roosevelt Field	NY	Garden City (New York)	100.0%		2,345,983	(2)
70.	Ross Park Mall	PA	Pittsburgh	100.0%		1,236,404	(2)
71.	Santa Rosa Plaza	CA	Santa Rosa	100.0%		692,033	(2)
72.	Shops at Chestnut Hill, The	MA	Chestnut Hill (Boston)	94.4%		470,073	11/01/23		4.69%	Fixed	120,000	113,328
73.	Shops at Clearfork, The	TX	Fort Worth	45.0%		550,029	03/18/21	(8)	3.77%	Variable	179,991	80,996
74.	Shops at Crystals, The	NV	Las Vegas	50.0%		300,381	07/01/26		3.74%	Fixed	550,000	275,000
75.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)	51.0%		1,254,235	02/01/23		3.61%	Fixed	295,000	150,450
76.	Shops at Nanuet, The	NY	Nanuet	100.0%		757,927	(2)
77.	Shops at Riverside, The	NJ	Hackensack (New York)	100.0%		676,765	02/01/23		3.37%	Fixed	130,000	130,000
78.	Smith Haven Mall	NY	Lake Grove (New York)	25.0%	(4)	1,295,843	05/29/20		3.22%	Variable	180,000	45,000

3Q 2019 SUPPLEMENTAL 36

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

							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
79.	Solomon Pond Mall	MA	Marlborough (Boston)	56.4%		886,479	11/01/22		4.01%	Fixed	95,564	53,870
80.	South Hills Village	PA	Pittsburgh	100.0%		1,128,101	(2)
81.	South Shore Plaza	MA	Braintree (Boston)	100.0%		1,587,566	(2)
82.	Southdale Center	MN	Edina (Minneapolis)	100.0%		1,174,263	04/01/23		3.84%	Fixed	142,177	142,177
83.	SouthPark	NC	Charlotte	100.0%		1,677,825	(2)
84.	Southridge Mall	WI	Greendale (Milwaukee)	100.0%		1,221,221	06/06/23		3.85%	Fixed	115,098	115,098
85.	Springfield Mall (3)	PA	Springfield (Philadelphia)	50.0%		610,127	10/06/25		4.45%	Fixed	60,846	30,423
86.	Square One Mall	MA	Saugus (Boston)	56.4%		930,295	01/06/22		5.47%	Fixed	88,173	49,703
87.	St. Charles Towne Center	MD	Waldorf (Washington, DC)	100.0%		980,344	(2)
88.	St. Johns Town Center	FL	Jacksonville	50.0%		1,390,687	09/11/24		3.82%	Fixed	350,000	175,000
89.	Stanford Shopping Center	CA	Palo Alto (San Jose)	94.4%	(7)	1,288,163	(2)
90.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)	49.9%		1,299,706	09/05/26		3.50%	Fixed	330,000	164,670
91.	Summit Mall	OH	Akron	100.0%		777,524	10/01/26		3.31%	Fixed	85,000	85,000
92.	Tacoma Mall	WA	Tacoma (Seattle)	100.0%		1,239,523	(2)
93.	Tippecanoe Mall	IN	Lafayette	100.0%		863,719	(2)
94.	Town Center at Boca Raton	FL	Boca Raton (Miami)	100.0%		1,778,635	(2)
95.	Town Center at Cobb	GA	Kennesaw (Atlanta)	100.0%		1,281,636	05/01/22		4.76%	Fixed	182,573	182,573
96.	Towne East Square	KS	Wichita	100.0%		1,145,109	(2)
97.	Treasure Coast Square	FL	Jensen Beach	100.0%		876,113	(2)
98.	Tyrone Square	FL	St. Petersburg (Tampa)	100.0%		960,215	(2)
99.	University Park Mall	IN	Mishawaka	100.0%		918,472	(2)
100.	Walt Whitman Shops	NY	Huntington Station (New York)	100.0%		1,084,455	(2)
101.	West Town Mall	TN	Knoxville	50.0%		1,181,469	07/01/22		4.37%	Fixed	210,000	105,000
102.	Westchester, The	NY	White Plains (New York)	40.0%		809,361	05/05/20		6.00%	Fixed	319,131	127,654
103.	White Oaks Mall	IL	Springfield	80.7%		925,405	06/01/23	(8)	4.77%	Variable	48,750	39,331
104.	Wolfchase Galleria	TN	Memphis	94.5%		1,151,500	11/01/26		4.15%	Fixed	156,933	148,295
105.	Woodfield Mall	IL	Schaumburg (Chicago)	50.0%		2,153,805	03/05/24		4.50%	Fixed	407,263	203,632
106.	Woodland Hills Mall	OK	Tulsa	94.5%		1,097,689	(2)
	Total Mall Square Footage	​		​		119,654,788	​	​	​	​	​
	Lifestyle Centers
1.	ABQ Uptown	NM	Albuquerque	100.0%		229,530	(2)
2.	Hamilton Town Center	IN	Noblesville (Indianapolis)	50.0%		674,905	04/01/22		4.81%	Fixed	78,129	39,065
3.	Pier Park	FL	Panama City Beach	65.6%		947,993	(2)
4.	University Park Village	TX	Fort Worth	100.0%		169,940	05/01/28		3.85%	Fixed	55,000	55,000
	Total Lifestyle Centers Square Footage					2,022,368

3Q 2019 SUPPLEMENTAL 37

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

						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%	429,551	(2)
2.	Allen Premium Outlets	TX	Allen (Dallas)	100.0%	544,209	(2)
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	100.0%	271,702	(2)
4.	Birch Run Premium Outlets	MI	Birch Run (Detroit)	100.0%	604,462	02/06/26		4.21%	Fixed	123,000	123,000
5.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)	100.0%	684,757	(2)
6.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	100.0%	289,209	(2)
7.	Carolina Premium Outlets	NC	Smithfield (Raleigh)	100.0%	438,840	12/01/22		3.36%	Fixed	43,284	43,284
8.	Charlotte Premium Outlets	NC	Charlotte	50.0%	398,686	07/01/28		4.27%	Fixed	100,000	50,000
9.	Chicago Premium Outlets	IL	Aurora (Chicago)	100.0%	687,362	(2)
10.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)	100.0%	398,809	(2)
11.	Clarksburg Premium Outlets	MD	Clarksburg (Washington, DC)	66.0%	390,128	01/01/28		3.95%	Fixed	160,000	105,600
12.	Clinton Crossing Premium Outlets	CT	Clinton	100.0%	276,116	(2)
13.	Denver Premium Outlets	CO	Thornton (Denver)	100.0%	328,120	(2)
14.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	100.0%	655,273	(2)
15.	Ellenton Premium Outlets	FL	Ellenton (Tampa)	100.0%	477,050	12/01/25		4.30%	Fixed	178,000	178,000
16.	Folsom Premium Outlets	CA	Folsom (Sacramento)	100.0%	297,597	(2)
17.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	100.0%	578,326	(2)
18.	Gloucester Premium Outlets	NJ	Blackwood (Philadelphia)	50.0%	369,686	03/01/23	(8)	3.52%	Variable	86,000	43,000
19.	Grand Prairie Premium Outlets	TX	Grand Prairie (Dallas)	100.0%	423,679	04/01/23		3.66%	Fixed	112,220	112,220
20.	Grove City Premium Outlets	PA	Grove City (Pittsburgh)	100.0%	530,748	12/01/25		4.31%	Fixed	140,000	140,000
21.	Gulfport Premium Outlets	MS	Gulfport	100.0%	300,022	12/01/25		4.35%	Fixed	50,000	50,000
22.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/ Washington, DC)	100.0%	485,104	02/06/26		4.26%	Fixed	74,986	74,986
23.	Houston Premium Outlets	TX	Cypress (Houston)	100.0%	542,328	(2)
24.	Indiana Premium Outlets	IN	Edinburgh (Indianapolis)	100.0%	378,029	(2)
25.	Jackson Premium Outlets	NJ	Jackson (New York)	100.0%	285,606	(2)
26.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	100.0%	434,462	(2)
27.	Johnson Creek Premium Outlets	WI	Johnson Creek	100.0%	277,672	(2)
28.	Kittery Premium Outlets	ME	Kittery	100.0%	259,230	(2)
29.	Las Americas Premium Outlets	CA	San Diego	100.0%	553,933	(2)
30.	Las Vegas North Premium Outlets	NV	Las Vegas	100.0%	676,323	(2)
31.	Las Vegas South Premium Outlets	NV	Las Vegas	100.0%	535,619	(2)
32.	Lee Premium Outlets	MA	Lee	100.0%	224,830	06/01/26	(15)	4.17%	Fixed	50,963	50,963
33.	Leesburg Corner Premium Outlets	VA	Leesburg (Washington, DC)	100.0%	478,311	(2)
34.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)	100.0%	454,780	(2)
35.	Merrimack Premium Outlets	NH	Merrimack	100.0%	408,896	07/01/23		3.78%	Fixed	119,791	119,791
36.	Napa Premium Outlets	CA	Napa	100.0%	179,379	(2)
37.	Norfolk Premium Outlets	VA	Norfolk	65.0%	332,087	(2)
38.	North Bend Premium Outlets	WA	North Bend (Seattle)	100.0%	223,560	(2)
39.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	100.0%	540,724	(2)

3Q 2019 SUPPLEMENTAL 38

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

						DEBT INFORMATION
				LEGAL	TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ IN 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP	SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
40.	Orlando International Premium Outlets	FL	Orlando	100.0%	773,368	(2)
41.	Orlando Vineland Premium Outlets	FL	Orlando	100.0%	656,892	(2)
42.	Petaluma Village Premium Outlets	CA	Petaluma (San Francisco)	100.0%	201,694	(2)
43.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	100.0%	549,154	(2)
44.	Phoenix Premium Outlets	AZ	Chandler (Phoenix)	100.0%	356,506	(2)
45.	Pismo Beach Premium Outlets	CA	Pismo Beach	100.0%	147,417	09/06/26	(17)	3.33%	Fixed	34,786	34,786
46.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie (Chicago, IL/ Milwaukee)	100.0%	402,626	09/01/27		4.00%	Fixed	145,000	145,000
47.	Puerto Rico Premium Outlets	PR	Barceloneta	100.0%	350,091	07/26/21		3.12%	Variable	160,000	160,000
48.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)	100.0%	289,601	09/06/26	(17)	3.33%	Fixed	61,110	61,110
49.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	100.0%	603,929	(2)
50.	Round Rock Premium Outlets	TX	Round Rock (Austin)	100.0%	498,373	(2)
51.	San Francisco Premium Outlets	CA	Livermore (San Francisco)	100.0%	696,904	(2)
52.	San Marcos Premium Outlets	TX	San Marcos (Austin/ San Antonio)	100.0%	731,377	(2)
53.	Seattle Premium Outlets	WA	Tulalip (Seattle)	100.0%	554,751	(2)
54.	Silver Sands Premium Outlets	FL	Destin	50.0%	450,954	06/01/22		3.93%	Fixed	100,000	50,000
55.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonville)	100.0%	327,699	(2)
56.	St. Louis Premium Outlets	MO	St. Louis (Chesterfield)	60.0%	351,495	10/06/24		4.06%	Fixed	95,000	57,000
57.	Tampa Premium Outlets	FL	Lutz (Tampa)	100.0%	459,485	(2)
58.	Tanger Outlets - Columbus(3)	OH	Sunbury (Columbus)	50.0%	355,255	11/28/21	(8)	3.67%	Variable	85,000	42,500
59.	Tanger Outlets - Galveston/Houston(3)	TX	Texas City	50.0%	352,705	07/01/22	(8)	3.67%	Variable	80,000	40,000
60.	The Crossings Premium Outlets	PA	Tannersville	100.0%	411,747	12/01/22		3.41%	Fixed	106,418	106,418
61.	Tucson Premium Outlets	AZ	Marana (Tucson)	100.0%	363,437	(2)
62.	Twin Cities Premium Outlets	MN	Eagan	35.0%	408,931	11/06/24		4.32%	Fixed	115,000	40,250
63.	Vacaville Premium Outlets	CA	Vacaville	100.0%	445,424	(2)
64.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	100.0%	219,279	(2)
65.	Waterloo Premium Outlets	NY	Waterloo	100.0%	421,436	(2)
66.	Williamsburg Premium Outlets	VA	Williamsburg	100.0%	522,562	02/06/26		4.23%	Fixed	185,000	185,000
67.	Woodburn Premium Outlets	OR	Woodburn (Portland)	100.0%	389,808	(2)
68.	Woodbury Common Premium Outlets	NY	Central Valley (New York)	100.0%	901,540	(2)
69.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	100.0%	655,767	(2)
	Total U.S. Premium Outlet Square Footage				30,495,412

3Q 2019 SUPPLEMENTAL 39

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

							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%		1,236,897	07/01/20		5.76%	Fixed	150,363	150,363
2.	Arundel Mills	MD	Hanover (Baltimore)	59.3%		1,931,034	02/06/24		4.29%	Fixed	383,500	227,224
3.	Colorado Mills	CO	Lakewood (Denver)	37.5%		1,414,545	11/01/24		4.28%	Fixed	131,892	49,460
							07/01/21		5.04%	Fixed	25,760	9,660
4.	Concord Mills	NC	Concord (Charlotte)	59.3%		1,362,549	11/01/22		3.84%	Fixed	235,000	139,261
5.	Grapevine Mills	TX	Grapevine (Dallas)	59.3%		1,781,293	10/01/24		3.83%	Fixed	268,000	158,817
6.	Great Mall	CA	Milpitas (San Jose)	100.0%		1,368,381	(2)
7.	Gurnee Mills	IL	Gurnee (Chicago)	100.0%		1,936,001	10/01/26		3.99%	Fixed	260,764	260,764
8.	Katy Mills	TX	Katy (Houston)	62.5%	(4)	1,787,978	12/06/22		3.49%	Fixed	140,000	35,000
9.	Mills at Jersey Gardens, The	NJ	Elizabeth	100.0%		1,303,746	11/01/20		3.83%	Fixed	350,000	350,000
10.	Ontario Mills	CA	Ontario (Riverside)	50.0%		1,421,730	03/05/22		4.25%	Fixed	298,993	149,496
11.	Opry Mills	TN	Nashville	100.0%		1,168,400	07/01/26		4.09%	Fixed	375,000	375,000
12.	Outlets at Orange, The	CA	Orange (Los Angeles)	100.0%		866,975	04/01/24		4.22%	Fixed	215,000	215,000
13.	Potomac Mills	VA	Woodbridge (Washington, DC)	100.0%		1,560,054	11/01/26		3.46%	Fixed	416,000	416,000
14.	Sawgrass Mills	FL	Sunrise (Miami)	100.0%		2,369,053	(2)
	Total The Mills Square Footage					21,508,636
	Other Properties
	Calhoun Outlet Marketplace, Circle Centre, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Liberty Tree Mall, Lincoln Plaza, Orlando Outlet Marketplace, Osage Beach Marketplace, Philadelphia Mills, Sugarloaf Mills, and The Avenues							(4)(15)(21)			675,947	274,790
	Total Other Properties Square Footage					7,296,770
	TOTAL U.S. SQUARE FOOTAGE (11)(24)					180,977,974

3Q 2019 SUPPLEMENTAL 40

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

						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	07/04/29	(20)	2.00%	Fixed	201,961	181,765
	Subtotal Austria Square Footage				118,000
	CANADA
2.	Premium Outlet Collection Edmonton IA	Edmonton (Alberta)		50.0%	424,000	11/10/21	(8)(23)	3.25%	Variable	98,926	49,463
3.	Premium Outlets Montréal	Montréal (Quebec)		50.0%	367,400	06/01/24	(23)	3.08%	Fixed	90,629	45,315
4.	Toronto Premium Outlets	Toronto (Ontario)		50.0%	504,900	06/01/22	(23)	3.11%	Fixed	128,391	64,196
5.	Vancouver Designer Outlet	Vancouver (British Columbia)		45.0%	326,000	06/19/21	(8)(14)	3.50%	Variable	103,490	46,570
	Subtotal Canada Square Footage				1,622,300
	FRANCE
6.	Provence Designer Outlet	Miramas		90.0%	269,000	07/27/22	(8)(20)	1.60%	Variable	89,408	80,468
	Subtotal France Square Footage				269,000
	GERMANY
7.	Ochtrup Designer Outlet	Ochtrup		70.5%	191,500	06/30/21	(20)	2.49%	Fixed	42,685	30,093
	Subtotal Germany Square Footage				191,500
	ITALY
8.	La Reggia Designer Outlet	Marcianise (Naples)		90.0%	288,000	02/15/22	(20)	2.25%	Variable	138,260	124,434
9.	Noventa Di Piave Designer Outlet	Venice		90.0%	324,000	07/25/25	(20)	1.95%	Fixed	282,419	254,177
	Subtotal Italy Square Footage				612,000
	JAPAN
10.	Ami Premium Outlets	Ami (Tokyo)		40.0%	315,000	09/25/23	(25)	1.75%	Fixed	41,467	16,587
11.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0%	481,500	(2)
12.	Kobe-Sanda Premium Outlets	Kobe (Osaka)		40.0%	441,000	01/31/23	(25)	0.44%	Variable	30,782	12,313
13.	Rinku Premium Outlets	Izumisano (Osaka)		40.0%	402,500	07/31/22	(25)	0.33%	Variable	9,261	3,704
14.	Sano Premium Outlets	Sano (Tokyo)		40.0%	390,800	02/28/25	(25)	0.28%	Fixed	42,134	16,854
15.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)		40.0%	164,200	(2)
16.	Shisui Premium Outlets	Shisui (Chiba)		40.0%	434,600	05/31/23	(25)	0.31%	Variable	25,929	10,372
						11/30/23	(25)	0.31%	Variable	24,077	9,631
						05/29/22	(25)	0.35%	Fixed	46,301	18,520
17.	Toki Premium Outlets	Toki (Nagoya)		40.0%	367,700	05/31/20	(25)	0.30%	Variable	6,137	2,455
						11/29/19	(25)	0.35%	Fixed	27,406	10,962
18.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0%	290,400	07/31/21	(25)	0.38%	Variable	10,649	4,260
	Subtotal Japan Square Footage				3,287,700

3Q 2019 SUPPLEMENTAL 41

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

							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
	KOREA
19.	Busan Premium Outlets	Busan		50.0%		360,200	03/31/22	(26)	3.24%	Fixed	92,167		46,083
20.	Paju Premium Outlets	Paju (Seoul)		50.0%		558,900	07/13/23	(26)	3.42%	Fixed	68,605		34,302
21.	Siheung Premium Outlets	Siheung (Seoul)		50.0%		444,400	03/15/23	(26)	3.28%	Fixed	125,112		62,556
22.	Yeoju Premium Outlets	Yeoju (Seoul)		50.0%		551,600	09/28/21	(26)	3.45%	Fixed	69,231		34,614
	Subtotal South Korea Square Footage					1,915,100
	MALAYSIA
23.	Genting Highlands Premium Outlets	Pahang (Kuala Lumpur)		50.0%		277,500	02/14/24	(27)	5.27%	Variable	28,733		14,366
24.	Johor Premium Outlets	Johor (Singapore)		50.0%		309,400	11/01/19	(27)	5.02%	Variable	447		224
	Subtotal Malaysia Square Footage					586,900
	MEXICO
25.	Premium Outlets Punta Norte	Mexico City		50.0%		333,000	(2)
26.	Premium Outlets Querétaro	Querétaro, Mexico		50.0%		274,800	12/20/33	(30)	10.73%	Fixed	22,827		11,413
							12/20/21	(30)	10.78%	Variable	7,102		3,551
	Subtotal Mexico Square Footage					607,800
	NETHERLANDS
27.	Roermond Designer Outlet Phases 2, 3 & 4	Roermond			(28)	298,000	12/18/21	(20)	1.78%	Fixed	251,087		225,979
							08/17/25	(20)	1.30%	Variable	183,405		86,682
28.	Rosada Designer Outlet	Roosendaal		94.0%		247,500	02/25/24	(8)(20)	1.75%	Variable	64,123		60,276
	Subtotal Netherlands Square Footage					545,500
	UNITED KINGDOM
29.	Ashford Designer Outlet	Kent		45.0%		183,000	02/22/22	(5)	3.05%	Fixed	111,806		50,311
	Subtotal United Kingdom Square Footage					183,000
	TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(29)					9,938,800
	TOTAL SQUARE FOOTAGE					190,916,774
	Other Secured Indebtedness:							(13)			342,474		173,835
	TOTAL SECURED INDEBTEDNESS											$	13,869,763	(6)
	Our Share of Consolidated Mortgage Debt											$	6,709,720
	Our Share of Joint Venture Mortgage Debt											$	7,160,043

3Q 2019 SUPPLEMENTAL 42

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

	DEBT INFORMATION
				INDEBTEDNESS
UNSECURED INDEBTEDNESS:	MATURITY DATE		INTEREST RATE (1)	TYPE		($ in 000's) TOTAL
Global Commercial Paper - USD	12/18/19	(12)	2.16%	Fixed		1,110,500
Global Commercial Paper - EUR	10/31/19	(12)	(0.34)%	Fixed		180,130
Simon Property Group, LP (Sr. Notes)	09/01/20		2.50%	Fixed		500,000
Simon Property Group, LP (Euro Sr. Notes)	10/02/20	(32)	2.38%	Fixed		818,771
Simon Property Group, LP (Sr. Notes)	03/01/21	(19)(31)	3.16%	Fixed		900,000
Simon Property Group, LP (Sr. Notes)	07/15/21		2.50%	Fixed		550,000
Simon Property Group, LP (Sr. Notes)	12/01/21	(31)	4.13%	Fixed		700,000
Simon Property Group, LP (Sr. Notes)	01/30/22		2.35%	Fixed		550,000
Simon Property Group, LP (Sr. Notes)	03/15/22	(31)	3.38%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)	06/15/22		2.63%	Fixed		600,000
Revolving Credit Facility - USD Currency	06/30/22	(8)	2.79%	Variable		125,000
Simon Property Group, LP (Euro Sr. Notes)	11/18/22	(16)	1.38%	Fixed		818,771
Simon Property Group, LP (Sr. Notes)	02/01/23		2.75%	Fixed		500,000
Simon Property Group, LP (Sr. Notes)	06/01/23		2.75%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)	02/01/24		3.75%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)	09/13/24		2.00%	Fixed		1,000,000
Simon Property Group, LP (Sr. Notes)	10/01/24		3.38%	Fixed		900,000
Simon Property Group, LP (Euro Sr. Notes)	05/13/25	(9)	1.25%	Fixed		545,847
Simon Property Group, LP (Sr. Notes)	09/01/25		3.50%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)	01/15/26		3.30%	Fixed		800,000
Simon Property Group, LP (Sr. Notes)	11/30/26		3.25%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)	06/15/27		3.38%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)	12/01/27		3.38%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)	09/13/29		2.45%	Fixed		1,250,000
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
Simon Property Group, LP (Sr. Notes)	11/30/46		4.25%	Fixed		550,000
Simon Property Group, LP (Sr. Notes)	09/13/49		3.25%	Fixed		1,250,000
Total Unsecured Indebtedness					$	19,849,019	(18)(33)

3Q 2019 SUPPLEMENTAL 43

PROPERTY AND DEBT INFORMATION
As of September 30, 2019

FOOTNOTES:

 

(1)

Variable rate debt interest rates are based on the following base rates as of September 30, 2019: 1M LIBOR at 2.02%; 1M EUR LIBOR at -.51%; 3M EURIBOR at –0.42%; 6M EURIBOR at –0.39%; 3M GBP LIBOR at 0.76%; 1M YEN TIBOR at 0.06%; 6M YEN TIBOR at .13%; 1M YEN LIBOR at –0.11%; 1M CDOR at 1.95%; and Cost of Funds Rate at 3.52%.

(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)

Amount shown in USD equivalent; GBP equivalent is 90.9 million.

(6)

Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including TMLP. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $211.7 million of payment guarantees provided by the Operating Partnership (of which $10.8 million is recoverable from our venture partner under the partnership agreement).

(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)

Amount shown in USD equivalent; Euro equivalent is 500.0 million.

(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)

Does not include any other spaces in joint ventures which are not listed above.

(12)

Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at September 30, 2019.

(13)

Consists of nine loans with interest rates ranging from 2.75% to 5.12% and maturities between 2019 and 2035.

(14)

Amount shown in USD equivalent; CAD equivalent is 137.0 million.

(15)

These three properties (which includes Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.

(16)

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

(17)

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

(18)

Also represents our share of Total Unsecured Indebtedness.

(19)

Through cross currency swap agreements, $150.0 million was swapped to Euro-equivalent 121.6 million at 1.37% resulting in an interest rate essentially fixed at the all-in rate presented.

(20)

Amount shown in USD equivalent; Euro equivalent is 1.1 billion.

(21)

Consists of eight encumbered properties with interest rates ranging from 3.41% to 7.32% and maturities between 2021 and 2026, of which two properties are held within TMLP.

(22)

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

(23)

Amounts shown in USD equivalent; CAD equivalent is 421.0 million.

(24)

Includes office space of 2,150,068 square feet including the following centers with more than 75,000 square feet of office space:

Auburn Mall - 85,619 sq. ft.	Fashion Center at Pentagon City - 169,089 sq. ft.
Circle Centre - 138,390 sq. ft.	Oxford Valley Mall - 137,710 sq. ft.
Copley Place - 894,668 sq. ft.	The Shops at Clearfork - 146,571 sq. ft.
Domain, The - 156,240 sq. ft.

(25)

Amounts shown in USD equivalent; Yen equivalent is 28.5 billion.

(26)

Amounts shown in USD equivalent; Won equivalent is 425.8 billion.

(27)

Amounts shown in USD equivalent; Ringgit equivalent is 122.2 million.

(28)

The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.

(29)

Does not include Klépierre.

(30)

Amounts shown in USD equivalent; Pesos equivalent is 590.0 million.

(31)

Unsecured note paid off as of October 7, 2019.

(32)

50% of unsecured note paid off as of October 7, 2019.

(33)

Includes $2.6 billion of unsecured notes paid off as of October 7, 2019.

3Q 2019 SUPPLEMENTAL 44

NON-GAAP PRO-RATA FINANCIAL INFORMATION

The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled "Our Share of Joint Ventures" were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled "Noncontrolling Interests," which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

•

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•

Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.

Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.

3Q 2019 SUPPLEMENTAL 45

NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)

	​	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019			​	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018
	​	NONCONTROLLING INTERESTS(1)	​	OUR SHARE OF JOINT VENTURES	​	NONCONTROLLING INTERESTS(1)	​	OUR SHARE OF JOINT VENTURES
REVENUE:
Lease income	$	(11,590)	$	360,723	$	(11,052)	$	357,655
Management fees and other revenues		—		—		—		—
Other income		(387)		38,391		(399)		35,903
Total revenue		(11,977)		399,114		(11,451)		393,558
EXPENSES:
Property operating		(2,061)		67,407		(2,007)		68,352
Depreciation and amortization		(4,180)		102,536		(3,857)		98,828
Real estate taxes		(570)		30,207		(718)		28,713
Repairs and maintenance		(372)		9,388		(327)		9,398
Advertising and promotion		(1,289)		9,712		(989)		9,857
Home and regional office costs		—		—		—		—
General and administrative		—		—		—		—
Other		(1,556)		20,142		(1,352)		18,985
Total operating expenses		(10,028)		239,392		(9,250)		234,133
OPERATING INCOME BEFORE OTHER ITEMS		(1,949)		159,722		(2,201)		159,425
Interest expense		1,813		(75,411)		1,803		(75,201)
Loss on extinguishment of debt		—		—		—		—
Income and other taxes		—		—		—		—
Income from unconsolidated entities		(201)		(84,311)		(100)		(84,224)
Unrealized (losses) gains in fair value of equity instruments		—		—		—		—
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		—		—		—		—
CONSOLIDATED NET INCOME		(337)		—		(498)		—
Net (income) loss attributable to noncontrolling interests		(337)		—		(498)		—
Preferred dividends		—		—		—		—
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	—	$	—	$	—	$	—

(1)

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

3Q 2019 SUPPLEMENTAL 46

NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)

	​	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019			​	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018
	​	NONCONTROLLING INTERESTS(1)	​	OUR SHARE OF JOINT VENTURES	​	NONCONTROLLING INTERESTS(1)	​	OUR SHARE OF JOINT VENTURES
REVENUE:
Lease income	$	(33,577)		1,075,527	$	(32,661)		1,065,621
Management fees and other revenues		—		—		—		—
Other income		(1,171)		114,888		(1,276)		113,950
Total revenue		(34,748)		1,190,415		(33,937)		1,179,571
EXPENSES:
Property operating		(6,054)		194,936		(5,920)		195,187
Depreciation and amortization		(12,524)		306,527		(11,812)		296,742
Real estate taxes		(1,774)		94,896		(1,905)		92,824
Repairs and maintenance		(1,125)		28,803		(1,126)		29,852
Advertising and promotion		(3,560)		30,793		(3,151)		31,289
Home and regional office costs		—		—		—		—
General and administrative		—		—		—		—
Other		(5,148)		63,353		(4,072)		64,333
Total operating expenses		(30,185)		719,308		(27,986)		710,227
OPERATING INCOME BEFORE OTHER ITEMS		(4,563)		471,107		(5,951)		469,344
Interest expense		5,047		(223,304)		5,607		(231,765)
Loss on extinguishment of debt		—		—		—		—
Income and other taxes		—		—		—		—
Income from unconsolidated entities		(303)		(247,803)		(340)		(237,579)
Unrealized (losses) gains in fair value of equity instruments		—		—		—		—
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		—		—		—		—
CONSOLIDATED NET INCOME		181		—		(684)		—
Net (income) loss attributable to noncontrolling interests		181		—		(684)		—
Preferred dividends		—		—		—		—
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	—	$	—	$	—	$	—

(1)

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

3Q 2019 SUPPLEMENTAL 47

NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)

	​	AS OF SEPTEMBER 30, 2019			​	AS OF SEPTEMBER 30, 2018
	​	NONCONTROLLING INTERESTS	​	OUR SHARE OF JOINT VENTURES	​	NONCONTROLLING INTERESTS	​	OUR SHARE OF JOINT VENTURES
ASSETS:
Investment properties, at cost	$	(448,644)	$	10,781,368	$	(391,628)	$	10,706,485
Less - accumulated depreciation	$	(96,961)	$	3,435,473	$	(86,540)	$	3,157,599
		(351,683)		7,345,895		(305,088)		7,548,886
Cash and cash equivalents		(33,521)		406,916		(54,175)		462,209
Tenant receivables and accrued revenue, net		(8,753)		224,037		(8,022)		189,699
Investment in unconsolidated entities, at equity		(20,815)		(2,100,743)		(14,299)		(2,267,389)
Investment in Klépierre, at equity		—		—		—		—
Deferred costs and other assets		(29,302)		371,663		(34,171)		270,739
Total assets	$	(444,074)	$	6,247,768	$	(415,755)	$	6,204,144
LIABILITIES:
Mortgages and unsecured indebtedness	$	(170,558)	$	7,143,105	$	(176,991)	$	7,160,084
Accounts payable, accrued expenses, intangibles, and deferred revenues		(17,859)		442,493		(16,417)		419,214
Cash distributions and losses in unconsolidated entities, at equity		—		(1,568,150)		—		(1,534,550)
Other liabilities		(47,403)		230,320		(46,007)		159,396
Total liabilities		(235,820)		6,247,768		(239,415)		6,204,144
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership		(201,350)		—		(172,400)		—
EQUITY:
Stockholders' equity
Capital stock
Series J 83/8% cumulative redeemable preferred stock		—		—		—		—
Common stock, $.0001 par value		—		—		—		—
Class B common stock, $.0001 par value		—		—		—		—
Capital in excess of par value		—		—		—		—
Accumulated deficit		—		—		—		—
Accumulated other comprehensive loss		—		—		—		—
Common stock held in treasury at cost		—		—		—		—
Total stockholders' equity		—		—		—		—
Noncontrolling interests		(6,904)		—		(3,940)		—
Total equity		(6,904)		—		—		—
Total liabilities and equity	$	(444,074)	$	6,247,768	$	(415,755)	$	6,204,144

3Q 2019 SUPPLEMENTAL 48