WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from SEC Form
10-Q and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                          88,930
<SECURITIES>                                         0
<RECEIVABLES>                                  232,072<F1>
<ALLOWANCES>                                         0<F1>
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F2>
<PP&E>                                      12,156,802
<DEPRECIATION>                                 815,229
<TOTAL-ASSETS>                              13,396,641
<CURRENT-LIABILITIES>                                0<F2>
<BONDS>                                      8,262,734
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    865,587
<COMMON>                                            18
<OTHER-SE>                                   2,787,768
<TOTAL-LIABILITY-AND-EQUITY>                13,396,641<F3>
<SALES>                                              0
<TOTAL-REVENUES>                               445,352
<CGS>                                                0
<TOTAL-COSTS>                                  246,904
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 1,830
<INTEREST-EXPENSE>                             138,570
<INCOME-PRETAX>                                 68,550
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             68,550
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                (1,774)
<CHANGES>                                            0
<NET-INCOME>                                    46,160
<EPS-PRIMARY>                                     0.21
<EPS-DILUTED>                                     0.21
<FN>
<F1>Receivables are stated net of allowances.
<F2>This Registrant does not report using a classified balance sheet.
<F3>Includes limited partners' interest in the SPG Operating Partnership of
$1,018,120.
</FN>