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SIMON PROPERTY GROUP INC /DE/ - Annual Report: 2010 (Form 10-K)


Table of Contents

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



FORM 10-K

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

For the fiscal year ended December 31, 2010



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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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



Documents Incorporated By Reference

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


Table of Contents

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

TABLE OF CONTENTS

Item No.
   
  Page No.  


Part I


 

1.

 

Business

   
3
 

1A.

 

Risk Factors

    8  

1B.

 

Unresolved Staff Comments

    12  

2.

 

Properties

    13  

3.

 

Legal Proceedings

    45  

4.

 

[Removed and Reserved.]

    45  


Part II


 

5.

 

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

   
46
 

6.

 

Selected Financial Data

    47  

7.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

    47  

7A.

 

Quantitative and Qualitative Disclosure About Market Risk

    47  

8.

 

Financial Statements and Supplementary Data

    47  

9.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

    47  

9A.

 

Controls and Procedures

    47  

9B.

 

Other Information

    47  


Part III


 

10.

 

Directors, Executive Officers and Corporate Governance

   
48
 

11.

 

Executive Compensation

    48  

12.

 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

    48  

13.

 

Certain Relationships and Related Transactions and Director Independence

    48  

14.

 

Principal Accountant Fees and Services

    48  


Part IV


 

15.

 

Exhibits, and Financial Statement Schedules

   
49
 


Signatures


 

 

50

 

2


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Part I

Item 1.    Business

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

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

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

Other Policies

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

    Investment Policies

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

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

    Financing Policies

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

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

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

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

    financing acquisitions;

    developing or redeveloping properties;

    refinancing existing indebtedness;

    working capital or capital improvements; or

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

            We may also finance acquisitions through the following:

    issuance of shares of common stock or preferred stock;

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

    issuance of preferred units of the Operating Partnership;

    issuance of other securities; or

    sale or exchange of ownership interests in properties.

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

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

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

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

    Conflict of Interest Policies

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

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

    Policies With Respect To Certain Other Activities

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

Competition

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

    the quality, location and diversity of our properties;

    our management and operational expertise;

    our extensive experience and relationships with retailers and lenders;

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

Certain Activities

            During the past three years, we have:

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

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

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

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

    redeemed 219,879 shares of Series I preferred stock;

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

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

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

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

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

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

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

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

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

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

    not underwritten securities of other issuers; and

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

Employees

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

Corporate Headquarters

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

Available Information

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

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

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

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

Executive Officers of the Registrant

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

Name
  Age   Position

David Simon

    49   Chairman and Chief Executive Officer

Richard S. Sokolov

    61   President and Chief Operating Officer

Gary L. Lewis

    52   Senior Executive Vice President and President of Leasing

Stephen E. Sterrett

    55   Executive Vice President and Chief Financial Officer

John Rulli

    54   Executive Vice President and President — Simon Management Group

James M. Barkley

    59   General Counsel; Secretary

Andrew A. Juster

    58   Executive Vice President and Treasurer

Steven K. Broadwater

    44   Senior Vice President and Chief Accounting Officer

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

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

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

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

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Item 1A.    Risk Factors

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

Risks Relating to Debt and the Financial Markets

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

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

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

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

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

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

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

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

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

Factors Affecting Real Estate Investments and Operations

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

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

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

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

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

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

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

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

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

    Real estate investments are relatively illiquid.

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

Environmental Risks

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

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

    Our efforts to identify environmental liabilities may not be successful.

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

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

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

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

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

Retail Operations Risks

    Overall economic conditions may adversely affect the general retail environment.

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

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

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

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

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

    We face potential adverse effects from tenant bankruptcies.

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

Risks Relating to Joint Venture Properties

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

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

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

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

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

Other Factors Affecting Our Business

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

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

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

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

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

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

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

    adverse effects of changes in exchange rates for foreign currencies;

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

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

    differing lending practices;

    differences in cultures;

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

    difficulties in managing international operations; and

    obstacles to the repatriation of earnings and cash.

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

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

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

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

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

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

Risks Relating to Federal Income Taxes

    We have elected to be taxed as a REIT.

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

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

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

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

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

Item 1B.    Unresolved Staff Comments

            None.

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Item 2.    Properties

    United States Properties

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

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

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

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

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

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

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

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

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

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
 
  Regional Malls

1.

 

Anderson Mall

 

SC

 

Anderson

 

Fee

 

 

100.0%

 

Built 1972

 

 

83.0

%

 

672,013

 

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

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

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Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

17


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

18


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

19


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

20


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
157.   Westchester, The   NY   White Plains (New York)   Fee     40.0% (4) Acquired 1997     94.0 %   827,389 (17) Neiman Marcus, Nordstrom
158.   Westminster Mall   CA   Westminster (Los Angeles)   Fee     100.0%   Acquired 1998     86.5 %   1,191,122   Macy's, JCPenney, Sears, Target
159.   White Oaks Mall   IL   Springfield   Fee     80.7%   Built 1977     81.2 %   928,049 (17) Macy's, Bergner's, Sears, Dick's Sporting Goods,(8)
160.   Wolfchase Galleria   TN   Memphis   Fee     94.5%   Acquired 2002     94.4 %   1,152,695   Macy's, Dillard's, JCPenney, Sears, Malco Theatres
161.   Woodland Hills Mall   OK   Tulsa   Fee     94.5%   Acquired 2002     98.7 %   1,092,078   Macy's, Dillard's, JCPenney, Sears
                                         
    Total Regional Mall GLA               159,944,032    
                                         

 

 

Premium Outlets

1.

 

Albertville Premium Outlets

 

MN

 

Albertville (Minneapolis)

 

Fee

 

 

100.0%

 

Acquired 2004

 

 

92.8

%

 

429,430

 

Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Lucky Brand, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
2.   Allen Premium Outlets   TX   Allen (Dallas)   Fee     100.0%   Acquired 2004     99.8 %   441,582   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Michael Kors, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Tommy Hilfiger
3.   Aurora Farms Premium Outlets   OH   Aurora (Cleveland)   Fee     100.0%   Acquired 2004     93.7 %   300,446   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger
4.   Birch Run Premium Outlets   MI   Birch Run   Fee     100.0%   Acquired 2010     91.7 %   677,852   Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Guess, J. Crew, Nike, The North Face, Polo Ralph Lauren, Tommy Hilfiger
5.   Calhoun Premium Outlets   GA   Calhoun   Fee     100.0%   Acquired 2010     94.3 %   253,674   Ann Taylor, Carter's, Coach, Gap Outlet, Gymboree, Jones New York, Nike, Polo Ralph Lauren, Tommy Hilfiger
6.   Camarillo Premium Outlets   CA   Camarillo (Los Angeles)   Fee     100.0%   Acquired 2004     98.0 %   673,976   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Giorgio Armani, Hugo Boss, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger
7.   Carlsbad Premium Outlets   CA   Carlsbad (San Diego)   Fee     100.0%   Acquired 2004     99.7 %   288,245   Adidas, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Crate & Barrel, Gap Outlet, Guess, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger
8.   Carolina Premium Outlets   NC   Smithfield   Ground Lease (2029)     100.0%   Acquired 2004     99.1 %   438,953   Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
9.   Chicago Premium Outlets   IL   Aurora (Chicago)   Fee     100.0%   Built 2004     100.0 %   437,359   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Elie Tahari, Gap Outlet, Giorgio Armani, J.Crew, Kate Spade, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Sony, Theory
10.   Cincinnati Premium Outlets   OH   Monroe (Cincinnati)   Fee     100.0%   Built 2009     98.7 %   398,807   Adidas, Banana Republic, Brooks Brothers, Coach, Cole Haan, Columbia Sportswear Company, Gap Outlet, Hanes Brands, J.Crew, Nike, Polo Ralph Lauren, Saks 5th Avenue Off 5th, Tommy Hilfiger, The North Face

21


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

22


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

23


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

24


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
55.   Waterloo Premium Outlets   NY   Waterloo   Fee     100.0%   Acquired 2004     96.5 %   417,737   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, VF Outlet
56.   Williamsburg Premium Outlets   VA   Williamsburg   Fee     100.0%   Acquired 2010     96.8 %   521,536   Burberry, Coach, Cole Haan, Dooney & Bourke, Hugo Boss, J. Crew, Juicy Couture, Kenneth Cole, Lacoste, Michael Kors, Nautica, Nike, Polo Ralph Lauren
57.   Woodbury Commons Premium Outlets   NY   Central Valley (New York)   Fee     100.0%   Acquired 2004     100.0 %   844,808   Banana Republic, Burberry, Chloe, Coach, Dior, Dolce & Gabbana, Fendi, Giorgio Armani, Gucci, Lacoste, Last Call by Neiman Marcus, Nike, Oscar de la Renta, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tory Burch, Versace, Yves St. Laurent
58.   Wrentham Village Premium Outlets   MA   Wrentham (Boston)   Fee     100.0%   Acquired 2004     99.7 %   635,978   Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Elie Tahari, Hugo Boss, J. Crew, Lacoste, Movado, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Sony, Williams-Sonoma, Theory, Tommy Hilfiger, True Religion, Under Armour
                                         
    Total U.S. Premium Outlets GLA               24,284,756    
                                         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
  Community/Lifestyle Centers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1.   Arboretum at Great Hills   TX   Austin   Fee     100.0%   Acquired 1998     87.4 %   206,397   Barnes & Noble, Pottery Barn
2.   Bloomingdale Court   IL   Bloomingdale (Chicago)   Fee     100.0%   Built 1987     96.2 %   630,359   Best Buy, T.J. Maxx N More, Office Max, Wal-Mart, Dick's Sporting Goods, Jo-Ann Fabrics, Picture Show, Ross,(8)
3.   Charles Towne Square   SC   Charleston   Fee     100.0%   Built 1976     100.0 %   71,794   Regal Cinema
4.   Chesapeake Center   VA   Chesapeake (Virginia Beach)   Fee     100.0%   Built 1989     96.1 %   305,935   K-Mart, Movies 10, Petsmart, Michaels, Value City Furniture
5.   Clay Terrace   IN   Carmel (Indianapolis)   Fee     50.0% (4) Built 2004     94.7 %   503,655 (17) Dick's Sporting Goods, Whole Foods, DSW,(8)
6.   Cobblestone Court   NY   Victor   Fee     35.7% (4)(13) Built 1993     98.8 %   265,477   Dick's Sporting Goods, Kmart, Office Max
7.   Countryside Plaza   IL   Countryside (Chicago)   Fee     100.0%   Built 1977     87.7 %   403,756   Best Buy, Home Depot, PetsMart, Jo-Ann Fabrics, Office Depot, Value City Furniture
8.   Crystal Court   IL   Crystal Lake (Chicago)   Fee     37.9% (4)(13) Built 1989     58.8 %   278,978   Big Lots
9.   Dare Centre   NC   Kill Devil Hills   Ground Lease (2058)     100.0%   Acquired 2004     100.0 %   168,707   Belk, Food Lion
10.   DeKalb Plaza   PA   King of Prussia (Philadelphia)   Fee     50.3% (15) Acquired 2003     100.0 %   101,742   ACME Grocery,(8)
11.   Eastland Convenience Center   IN   Evansville   Ground Lease (2075)     50.0% (4) Acquired 1998     96.1 %   175,639   Toys 'R Us, Bed Bath & Beyond, Marshalls
12.   Empire East(1)   SD   Sioux Falls   Fee     50.0% (4) Acquired 1998     98.1 %   297,278   Kohl's, Target, Bed Bath & Beyond
13.   Fairfax Court   VA   Fairfax (Washington, D.C.)   Fee     41.3% (4)(13) Built 1992     85.8 %   249,538   Burlington Coat Factory, Offenbacher's, X Sport Fitness
14.   Forest Plaza   IL   Rockford   Fee     100.0%   Built 1985     93.2 %   427,985   Kohl's, Marshalls, Michaels, Factory Card Outlet, Office Max, Bed Bath & Beyond, Petco, Babies R' Us, Toys R' Us, Big Lots
15.   Gaitway Plaza   FL   Ocala   Fee     32.2% (4)(13) Built 1989     100.0 %   208,755   Books-A-Million, Office Depot, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond
16.   Gateway Shopping Center   TX   Austin   Fee     100.0%   2004     89.2 %   512,986   Best Buy, REI., Whole Foods, Crate & Barrel, The Container Store, Regal Cinema, Nordstrom Rack,(8)
17.   Great Lakes Plaza   OH   Mentor (Cleveland)   Fee     100.0%   Built 1976     89.6 %   164,377   Michael's, Best Buy, HH Gregg

25


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

26


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

27


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
62.   Westland Park Plaza   FL   Orange Park (Jacksonville)   Fee     32.2% (4)(13) Built 1989     81.9 %   163,254   PetsMart, Burlington Coat Factory,(8)
63.   White Oaks Plaza   IL   Springfield   Fee     100.0%   Built 1986     93.2 %   391,474   T.J. Maxx, Office Max, Kohl's, Babies 'R Us, Country Market
64.   Whitehall Mall   PA   Whitehall   Fee     38.0% (15)(4) Acquired 2003     92.6 %   588,618   Sears, Kohl's, Bed Bath & Beyond, Borders Books & Music, Gold's Gym, Buy Buy Baby
65.   Willow Knolls Court   IL   Peoria   Fee     35.7% (4)(13) Built 1990     96.7 %   382,377   Burlington Coat Factory, Kohl's, Sam's Wholesale Club, Willow Knolls 14, Office Max
66.   Wolf Ranch Town Center   TX   Georgetown (Austin)   Fee     100.0%   Built 2005     79.8 %   626,236   Kohl's, Target, Michaels, Best Buy, Office Depot, PetsMart, T.J. Maxx, DSW
                                         
    Total Community/Lifestyle Center GLA     20,191,163    
                                         

 

 

Other Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

 

Crossville Outlet Center

 

TN

 

Crossville

 

Fee

 

 

100.0%

 

Acquired 2004

 

 

94.4

%

 

151,287

 

Bass, Dressbarn, Kasper, L'eggs Hanes Bali Playtex, Rack Room Shoes, Van Heusen, VF Outlet
2.   Factory Merchants Branson   MO   Branson   Ground Lease (2021)     100.0%   Acquired 2004     60.3 %   273,540   Carter's, Crocs, Izod, Jones New York, Pendleton, Reebok, Tuesday Morning
3.   Factory Stores of America—Boaz   AL   Boaz   Ground Lease (2027)     100.0%   Acquired 2004     77.5 %   111,616   Bon Worth, Easy Spirit, Rue21, VF Outlet
4.   Factory Stores of America—Georgetown   KY   Georgetown   Fee     100.0%   Acquired 2004     95.9 %   173,326   Bass, Dressbarn, Rack Room Shoes, Rue 21, Van Heusen
5.   Factory Stores of America—Graceville   FL   Graceville   Fee     100.0%   Acquired 2004     100.0 %   84,225   Factory Brand Shoes, Van Heusen, VF Outlet
6.   Factory Stores of America—Lebanon   MO   Lebanon   Fee     100.0%   Acquired 2004     100.0 %   85,924   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
7.   Factory Stores of America—Nebraska City   NE   Nebraska City   Fee     100.0%   Acquired 2004     97.8 %   89,608   Bass, Easy Spirit, Van Heusen, VF Outlet
8.   Factory Stores of America—Story City   IA   Story City   Fee     100.0%   Acquired 2004     78.6 %   112,596   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
9.   Florida City Outlet Center   FL   Florida City   Fee     100.0%   Acquired 2010     88.5 %   207,896   Aeropostale, Carter's, Gap Outlet, Guess, Nike, Nine West, OshKosh B'gosh, Tommy Hilfiger
10.   The Shoppes at Branson Meadows   MO   Branson   Fee     100.0%   Acquired 2004     73.2 %   287,063   Branson Meadows Cinemas, Dressbarn, VF Outlet
11.   Huntley Outlet Center   IL   Huntley   Fee     100.0%   Acquired 2010     75.9 %   279,101   Aeropostale, Ann Taylor, Banana Republic, BCBG Max Azria, Bose, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Reebok, Tommy Hilfiger, Van Heusen

28


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
12.   Mall at The Source, The   NY   Westbury (New York)   Fee     25.5% (4)(2) Built 1997     76.2 %   722,740   Off 5th-Saks Fifth Avenue, Nordstrom Rack, David's Bridal, Golf Galaxy,(8)
13.   Nanuet Mall   NY   Nanuet (New York)   Fee     100.0%   Acquired 1998     N/A     912,999   Macy's, Sears,(8)
14.   Naples Outlet Center   FL   Naples   Fee     100.0%   Acquired 2010     81.6 %   146,001   Bass, Coach, Jones New York, Samsonite, Van Heusen
15.   Outlet Marketplace   FL   Orlando   Fee     100.0%   Acquired 2010     74.9 %   204,978   Calvin Klein, Coldwater Creek, Nine West, Reebok, Sketchers, Van Heusen
16.   Prime Outlets—Jeffersonville   OH   Jeffersonville   Fee     100.0%   Acquired 2010     99.8 %   410,059   Adidas, Banana Republic, Coach, Gap Outlet, J. Crew, Kate Spade, Polo Ralph Lauren, Pottery Barn
17.   University Mall   FL   Pensacola   Fee     100.0%   Acquired 1994     N/A     709,711   JCPenney, Sears, Belk
                                         
    Total Other GLA     4,962,670    
                                         

 

 

Mills Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
    The Mills®                                  

1.

 

Arizona Mills

 

AZ

 

Tempe (Phoenix)

 

Fee

 

 

25.0%

(4)

Acquired 2007

 

 

93.8

%

 

1,244,540

 

Marshalls, Last Call Neiman Marcus, Off 5th Saks Fifth Avenue, Burlington Coat Factory, Sears Appliance Outlet, Gameworks, Sports Authority, Ross Dress for Less, JCPenney Outlet, Group USA, Harkins Cinemas, IMAX Theatre, F.Y.E., Sea Life Center
2.   Arundel Mills   MD   Hanover (Baltimore)   Fee     29.6% (4) Acquired 2007     99.7 %   1,298,239   Bass Pro Shops, Bed Bath & Beyond, Best Buy, Books-A-Million, Burlington Coat Factory, The Children's Place, Dave & Buster's, F.Y.E., H&M, Medieval Times, Modell's, Neiman Marcus Last Call, OFF 5TH Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, T.J. MAXX, Cinemark Egyptian 24 Theatres
3.   Colorado Mills   CO   Lakewood (Denver)   Fee     18.8% (4)(2) Acquired 2007     83.1 %   1,097,621   Borders Books Music Café, Eddie Bauer Outlet, Last Call Clearance Center from Neiman Marcus, Off Broadway Shoe Warehouse, OFF 5TH Saks Fifth Avenue Outlet, Sports Authority, Super Target, United Artists Theatre, Burlington Coat Factory
4.   Concord Mills   NC   Concord (Charlotte)   Fee     29.6% (4)(2) Acquired 2007     99.3 %   1,333,938   Bass Pro Shops Outdoor World, Books-A-Million, Burlington Coat Factory, Off 5th Saks Fifth Avenue, F.Y.E., The Children's Place Outlet, Dave & Buster's, NIKE, TJ Maxx, Group USA, Sun & Ski, VF Outlet, Off Broadway Shoes, Bed Bath & Beyond, NASCAR Speedpark, AMC Theatres, Best Buy
5.   Discover Mills   GA   Lawrenceville (Atlanta)   Fee     25.0% (4)(2) Acquired 2007     94.5 %   1,182,984   Bass Pro Shops, Books-A-Million, Burlington Coat Factory, Neiman Marcus Last Call, Medieval Times, Off 5th Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, ROSS Dress for Less, Sears Appliance Outlet, Sun & Ski Sports, Urban Behavior, Spaha Skatepark, Dave & Buster's, AMC Theatres
6.   Franklin Mills   PA   Philadelphia   Fee     50.0% (4) Acquired 2007     87.0 %   1,743,731   Dave & Buster's, JC Penney Outlet Store, Burlington Coat Factory, Marshalls HomeGoods, Modell's Sporting Goods, Group USA, Bed Bath & Beyond, Sam Ash Music, Off 5th Saks Fifth Avenue, Last Call Neiman Marcus, Off Broadway Shores, Sears Appliance Outlet, H&M, Spaha Skatepark, AMC Theatres, Forever 21

29


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

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

30


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
    Mills Regional Malls                                      

17.

 

Briarwood Mall

 

MI

 

Ann Arbor

 

Fee

 

 

25.0%

(4)

Acquired 2007

 

 

95.5

%

 

973,413

 

Macy's, JCPenney, Sears, Von Maur
18.   Del Amo Fashion Center   CA   Torrance (Los Angeles)   Fee     25.0% (4) Acquired 2007     89.6 %   2,268,717   Macy's, Macy's, Macy's Home & Furnishings, JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, Burlington Coat Factory, AMC Theatres
19.   Dover Mall   DE   Dover   Fee     34.1% (4) Acquired 2007     94.6 %   886,509   Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas
20.   Esplanade, The   LA   Kenner (New Orleans)   Fee     50.0% (4) Acquired 2007     83.9 %   814,839   Dillard's, Dillard's Men's, Macy's, Target(6),(11)
21.   Falls, The   FL   Miami   Fee     25.0% (4) Acquired 2007     93.3 %   806,644   Bloomingdale's, Macy's, Regal Cinema
22.   Galleria at White Plains, The   NY   White Plains (New York)   Fee     50.0% (4) Acquired 2007     79.0 %   862,394   Macy's, Sears, H&M
23.   Hilltop Mall   CA   Richmond (San Francisco)   Fee     25.0% (4) Acquired 2007     75.8 %   1,094,064   JCPenney, Sears, Macy's, Wal-Mart, 24 Hour Fitness
24.   Lakeforest Mall   MD   Gaithersburg (Washington, D.C.)   Fee     25.0% (4) Acquired 2007     84.5 %   1,045,994   Macy's, Lord & Taylor, JCPenney, Sears, H&M
25.   Mall at Tuttle Crossing, The   OH   Dublin (Columbus)   Fee     25.0% (4) Acquired 2007     97.4 %   1,111,434   Macy's, Macy's, Sears, JCPenney
26.   Marley Station   MD   Glen Burnie (Baltimore)   Fee     25.0% (4) Acquired 2007     82.1 %   1,069,154   Macy's, JCPenney, Sears, The Movies at Marley Station, Gold's Gym,(11)
27.   Meadowood Mall   NV   Reno   Fee     25.0% (4) Acquired 2007     89.1 %   876,891 (17) Macy's Men's, Macy's, Sears, JCPenney, Sports Authority
28.   Northpark Mall   MS   Ridgeland   Fee     50.0% (4) Acquired 2007     97.2 %   956,266   Dillard's, JCPenney, Belk, Regal Cinema
29.   Shops at Riverside, The   NJ   Hackensack (New York)   Fee     50.0% (4) Acquired 2007     86.8 %   769,859   Bloomingdale's, Saks Fifth Avenue, Barnes & Noble, Pottery Barn
30.   Southdale Center   MN   Edina (Minneapolis)   Fee     50.0% (4) Acquired 2007     91.0 %   1,339,084 (17) Macy's, JCPenney, Marshall's, AMC Theatres,(8)
31.   Southridge Mall   WI   Greendale (Milwaukee)   Fee     50.0% (4) Acquired 2007     90.5 %   1,212,366   JC Penney, Sears, Kohl's, Boston Store, Cost Plus World Market,(8)
32.   Stoneridge Shopping Center   CA   Pleasanton (San Francisco)   Fee     25.0% (4) Acquired 2007     97.1 %   1,298,402   Macy's Women's, Macy's Men's, Nordstrom, Sears, JCPenney, H&M
                                         
    Subtotal Mills Regional Malls     17,386,030    
                                         

 

 

Mills Community Centers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33.

 

Arundel Mills Marketplace

 

MD

 

Hanover (Baltimore)

 

Fee

 

 

29.6%

(4)

Acquired 2007

 

 

100.0

%

 

101,613

 

Michael's, Staples, PetSmart, HH Gregg
34.   Concord Mills Marketplace   NC   Concord (Charlotte)   Fee     50.0% (4) Acquired 2007     100.0 %   230,683   BJ's Wholesale Club, Garden Ridge
35.   Denver West Village   CO   Lakewood (Denver)   Fee     18.8% (4) Acquired 2007     98.5 %   310,217   Barnes & Noble, Bed Bath & Beyond, Office Max, Whole Foods, DSW, Ultimate Electronics, Christy Sports, United Artists
36.   Liberty Plaza   PA   Philadelphia   Fee     50.0% (4) Acquired 2007     99.0 %   371,618   Wal-Mart, Dick's Sporting Goods, Raymour & Flanigan, Super Fresh Food Market
                                         
    Subtotal Mills Community Centers     1,014,131    
                                         
    Total Mills Properties               41,157,388    
                                         
    Total U.S. Properties GLA     250,540,009    
                                         

31


Table of Contents

FOOTNOTES:


(1)
This property is managed by a third party.

(2)
Our direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or us.

(3)
The date listed is the expiration date of the last renewal option available to the operating entity under the ground lease. In a majority of the ground leases, we have a right of first refusal or the right to purchase the lessor's interest. Unless otherwise indicated, each ground lease listed in this column covers at least 50% of its respective property.

(4)
Joint venture properties accounted for under the equity method.

(5)
Regional Malls—Executed leases for all company-owned GLA in mall stores, excluding majors. Premium Outlets—Executed leases for all company-owned GLA (or total center GLA). Community/Lifestyle Centers—Executed leases for all company-owned GLA including majors and mall stores.

(6)
Indicates anchor or major that is currently under development.

(7)
Indicates ground lease covers less than 50% of the acreage of this property.

(8)
Indicates vacant anchor space(s).

(9)
The lease at the Mall at Chestnut Hill includes the entire premises including land and building.

(10)
Indicates ground lease covers outparcel only.

(11)
Indicates vacant anchor owned by another company, but we still collect rent and/or fees under an agreement.

(12)
We receive substantially all the economic benefit of the property due to a preference or advance.

(13)
Outside partner receives substantially all of the economic benefit due to a partner preference.

(14)
We own a mortgage note that encumbers Pheasant Lane Mall that entitles us to 100% of the economics of this property.

(15)
Our indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(16)
Indicates anchor or major tenant has announced its intent to close this location.

(17)
Mall & Freestanding GLA includes office space as follows:

    Circle Centre Mall—192 sq. ft.   Northshore Mall—12,367 sq. ft.
    Century III Mall—18,609 sq. ft.   Oak Court Mall—126,583 sq. ft.
    Clay Terrace—75,118 sq. ft.   Oxford Valley Mall—110,324 sq. ft.
    The Domain—132,881 sq. ft.   Plaza Carolina—28,474 sq. ft.
    Copley Place—867,301 sq. ft.   River Oaks Center—117,716 sq. ft.
    Del Amo—1,413 sq. ft.   Rolling Oaks Mall—6,383 sq. ft.
    Fashion Centre at Pentagon City, The—169,089 sq. ft.   Roosevelt Field—1,610 sq. ft.
    Firewheel Town Center—75,103 sq. ft.   South Hills Village—4,407 sq. ft.
    Greendale Mall—119,860 sq. ft.   Stanford Shopping Center—7,444 sq. ft.
    Gwinnett Place—32,603 sq. ft.   The Westchester—820 sq. ft.
    King of Prussia Mall—13,250 sq. ft.   White Oaks Mall—17,807 sq. ft.
    Knoxville Center—1,455 sq. ft.   Meadowood Mall—6,109 sq. ft.
    Lehigh Valley Mall—11,754 sq. ft.   Southdale Center—20,295 sq. ft.
    Menlo Park Mall—52,424 sq. ft.   Washington Square—7,737 sq. ft.
(18)
Property temporarily closed due to flood damage which occurred during May 2010.

32


Table of Contents

    United States Lease Expirations

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

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

Year
  Number of
Leases
Expiring
  Square
Feet
  Avg. Base
Rent per
Square Foot at
12/31/10
  Percentage of
Gross Annual
Rental
Revenues (1)
 

Small Shops and Freestanding

                         

Month to Month Leases

   
532
   
1,313,575
 
$

38.27
   
1.0

%

2011

    2,933     8,149,030   $ 33.63     6.2 %

2012

    2,719     9,290,505   $ 33.91     7.2 %

2013

    2,544     7,710,019   $ 38.47     6.8 %

2014

    1,911     6,344,328   $ 37.86     5.5 %

2015

    1,987     6,992,366   $ 39.63     6.3 %

2016

    1,644     5,237,467   $ 41.52     5.0 %

2017

    1,544     5,203,214   $ 44.64     5.3 %

2018

    1,534     5,868,249   $ 47.70     6.4 %

2019

    1,334     5,189,423   $ 45.31     5.4 %

2020

    1,023     3,959,029   $ 44.31     4.0 %

2021 and Thereafter

    569     3,114,912   $ 37.04     2.6 %

Specialty Leasing Agreements w/ terms in excess of 12 months

    1,692     4,258,276   $ 13.85     1.3 %

Anchor Tenants

                         

2011

   
6
   
687,400
 
$

5.23
   
0.1

%

2012

    22     2,391,624   $ 3.69     0.2 %

2013

    31     3,868,995   $ 4.60     0.4 %

2014

    33     3,460,414   $ 4.65     0.4 %

2015

    28     3,337,128   $ 3.02     0.2 %

2016

    20     2,294,049   $ 3.52     0.2 %

2017

    5     871,969   $ 1.28      

2018

    9     906,997   $ 6.23     0.1 %

2019

    9     1,136,399   $ 3.34     0.1 %

2020

    11     1,149,573   $ 5.50     0.1 %

2021 and Thereafter

    33     3,642,551   $ 5.84     0.5 %

(1)
Annual rental revenues represent 2010 consolidated and joint venture combined base rental revenue.

International Properties

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

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    European Investments

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

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

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

    Other International Investments

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

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

Holdings
  Ownership
Interest
  Properties open
and operating
  Countries of Operation

Chelsea Japan Co. Ltd.

    40.0 %   8   Japan

Premium Outlets Punta Norte (Mexico City)

    50.0 %   1   Mexico

Yeoju Premium Outlets (Seoul)

    50.0 %   1   South Korea

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

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

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

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Simon Property Group, Inc. and Subsidiaries
International Properties

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

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Simon Property Group, Inc. and Subsidiaries
International Properties

 
  COUNTRY/Property Name   City (Metropolitan area)   Ownership
Interest
  SPG
Effective
Ownership
  Year
Built
  Total Gross
Leasable Area
  Retail Anchors and Major Tenants
    ITALY (continued)                              
39.   Milano — Nerviano   Nerviano (Milano)   Leasehold     49.0 %(3)   1991     111,600   Auchan
40.   Monza   Monza   Leasehold     49.0 %(3)         211,700   Auchan, UniEuro, Adidas, Conbipel, H&M
41.   Napoli — Mugnano di Napoli   Mugnano di Napoli   Leasehold     49.0 %(3)   1992     192,900   Auchan, Bricocenter, OVS Industry, Eldo
42.   Olbia   Olbia   Leasehold     49.0 %(3)   1993     207,600   Auchan, Terranova, Bata, Unieuro, Zara
43.   Roma — Casalbertone   Roma   Leasehold     49.0 %(3)   1998     147,600   Auchan, Cisalfa, OVS Industry, Benetton
44.   Torino — Rivoli   Rivoli (Torino)   Leasehold     49.0 %(3)   1986     94,100   Auchan, OVS Industry, Norauto
45.   Verona — Bussolengo   Bussolengo (Verona)   Leasehold     49.0 %(3)   1975     164,600   Auchan, Bricocenter, Bata
                                 

 

 

Subtotal Italy

 

 

 

 

 

 

 

 

 

 

 

 

10,077,100

 

 

 

 

JAPAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
46.   Ami Premium Outlets   Ami (Tokyo)   Fee     40.0 %   2009     224,800   Adidas, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Gap Outlet, Lanvin en Bleu, Laundry, McGregor, MK Michel Klein Homme, Pal Zileri, Tommy Hilfiger, Ralph Lauren
47.   Gotemba Premium Outlets   Gotemba City (Tokyo)   Fee     40.0 %   2000     482,000   Armani Factory Store, Balenciaga, Bally, Beams, Bottega Veneta, Burberry, Coach, Diesel, Dolce & Gabbana, Dunhill, Gap Outlet, Gucci, Jill Stuart, Loro Piana, Miu Miu, Moschino, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's
48.   Kobe-Sanda Premium Outlets   Hyougo-ken (Osaka)   Ground Lease (2026)     40.0 %   2007     365,100   Adidas, Armani Factory Store, Bally, Banana Republic, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Etro, Gap Outlet, Gucci, Harrod's, Helmut Lang, Hugo Boss, Loro Piana, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger, Valentino
49.   Rinku Premium Outlets   Izumisano (Osaka)   Ground Lease (2020)     40.0 %   2000     321,800   Adidas, Armani Factory Store, Bally, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Dolce & Gabbana, Dunhill, Eddie Bauer, Etro, Furla, Gap Outlet, Hugo Boss, Jill Stuart, Kate Spade, Lacoste, Lanvin Collection, Nike, Polo Ralph Lauren,
50.   Sano Premium Outlets   Sano (Tokyo)   Ground Lease (2022)     40.0 %   2003     390,800   Adidas, Armani Factory Store, Bally, Beams, Brooks Brothers, Coach, Cynthia Rowley, Diesel, Dolce & Gabbana, Dunhill, Eddie Bauer, Escada, Etro, French Connection, Furla, Gap Outlet, Gucci, Harrod's, Kate Spade, Lanvin Collection, Miu Miu, Nike, Polo Ralph Lauren
51.   Sendai-Izumi Premium Outlets   Izumi Park Town (Sendai)   Ground Lease (2027)     40.0 %   2008     164,200   Beams, Brooks Brothers, Bose, Coach, Jill Stuart, Kipling, Laundry, Levi's, Miss Sixty, Pleats Please Issey Miyake, Ray Ban, Tasaki
52.   Toki Premium Outlets   Toki (Nagoya)   Ground Lease (2024)     40.0 %   2005     289,600   Adidas, BCBG Max Azria, Beams, Brooks Brothers, Coach, Diesel, Eddie Bauer, Furla, Gap Outlet, Lacoste, Laundry, MK Michel Klein, Nike, Olive des Olive, Polo Ralph Lauren, Timberland, Tommy Hilfiger
53.   Tosu Premium Outlets   Fukuoka (Kyushu)   Ground Lease (2023)     40.0 %   2004     239,800   Adidas, Armani Factory Store, BCBG Max Azria, Beams, Bose, Brooks Brothers, Coach, Cole Haan, Courreges, Dolce & Gabbana, Furla, Gap Outlet, Miki House, Nike, Quiksilver, Reebok, Theory, Tommy Hilfiger
                                 
    Subtotal Japan                         2,478,100    

 

 

MEXICO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
54.   Punta Norte Premium Outlets   Mexico City   Fee     50.0 %   2004     278,000   Adidas, Calvin Klein, CH Carolina Herrera, Coach, Kenneth Cole, Lacoste, Levi's, MaxMara, Nautica, Nike, Palacio Outlet, Reebok, Roberto Cavalli, Rockport, Salvatore Ferragamo, Swarovski, Zegna
    SOUTH KOREA                              
55.   Yeoju Premium Outlets   Yeoju (Seoul)   Fee     50.0 %   2007     276,200   Adidas, Giorgio Armani, Bally, Burberry, Chloe, Coach, Diesel, Dolce & Gabbana, Escada, Fendi, Furla, Gucci, Lacoste, Marc Jacobs, Marks & Spencer, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tod's, Valentino, Vivienne Westwood
                                 
    TOTAL INTERNATIONAL ASSETS                     13,109,400    
                                 

FOOTNOTES:

    (1)
    All gross leasable area listed in square feet.
    (2)
    This property is held partially in fee and partially encumbered by a leasehold on the premise which entitles the lessor to the majority of the economics of the portion of the property subject to the leasehold.
    (3)
    These properties are encumbered by a leasehold on the entire premises which entitles the lessor the majority of the economics of the property.
    (4)
    GCI owns 100% of the shopping gallery at this center which consists of 177,600 sf of leaseable area. In addition, GCI owns a 40% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.

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Table of Contents

    Land

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

    Sustainability and Energy Efficiency

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

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

    Mortgage Financing on Properties

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

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

Property Name   Interest
Rate
  Face
Amount
  Annual
Debt Service (1)
  Maturity
Date
 

Consolidated Indebtedness:

                         

Secured Indebtedness:

                         

Anderson Mall

    6.20 % $ 26,754   $ 2,216     10/10/12  

Arsenal Mall HCHP

    8.20 %   846     202     05/05/16  

Bangor Mall

    6.15 %   80,000     4,918   (2)   10/01/17  

Battlefield Mall

    4.60 %   90,885     6,154     07/01/13  

Birch Run Premium Outlets

    5.95 %   109,113   (39)   8,078     04/11/16  

Bloomingdale Court

    8.15 %   26,262     2,495     11/01/15  

Brunswick Square

    5.65 %   80,965     5,957     08/11/14  

Calhoun Premium Outlets

    5.79 %   20,974   (34)   1,519     09/01/16  

Carolina Premium Outlets — Smithfield

    9.10 %   19,047   (6)   2,114     03/10/13   (25)

Century III Mall

    6.20 %   78,973   (9)   6,541     10/10/12  

Chesapeake Square

    5.84 %   68,796     5,162     08/01/14  

The Crossings Premium Outlets

    5.85 %   50,927     4,649     03/13/13  

Crystal River

    9.63 %   14,441     1,385     11/11/30  

Dare Centre

    9.10 %   1,586   (6)   176     03/10/13   (25)

DeKalb Plaza

    5.28 %   2,815     284     01/01/15  

Desoto Square

    5.89 %   63,156     4,561     07/01/14  

Ellenton Premium Outlets

    5.51 %   107,735   (21)   7,646     01/11/16  

The Factory Shoppes at Branson Meadows

    9.10 %   8,858   (6)   983     03/10/13   (25)

Factory Stores of America

    9.10 %   15,306   (6)   1,699     03/10/13   (25)

Florida City Outlet Center

    5.51 %   10,995   (21)   780     01/11/16  

Forest Mall

    6.20 %   15,883   (10)   1,316     10/10/12  

Forest Plaza

    7.50 %   18,685     1,685     10/10/19  

Gaffney Premium Outlets

    5.79 %   38,065   (34)   2,757     09/01/16  

Gateway Shopping Center

    5.89 %   87,000     5,124   (2)   10/01/11  

Greenwood Park Mall

    8.00 %   79,097   (37)   7,044     08/01/16  

Grove City Premium Outlets

    5.51 %   116,314   (21)   8,270     01/11/16  

Gulfport Premium Outlets

    5.51 %   25,948   (21)   1,842     01/11/16  

Gwinnett Place

    5.68 %   115,000     6,532   (2)   06/08/12  

Hagerstown Premium Outlets

    5.95 %   91,680   (39)   6,787     04/11/16  

Henderson Square

    6.94 %   14,100     1,270     07/01/11  

Highland Lakes Center

    6.20 %   14,641   (9)   1,213     10/10/12  

Huntley Outlet Center

    5.51 %   30,753   (21)   2,183     01/11/16  

Independence Center

    5.94 %   200,000     11,886   (2)   07/10/17  

Ingram Park Mall

    6.99 %   74,493   (20)   6,724     08/11/11  

Kittery Premium Outlets

    5.39 %  (11)   43,556   (7)   2,347   (2)   07/10/13   (3)

Knoxville Center

    6.99 %   56,410   (20)   5,092     08/11/11  

Lake View Plaza

    8.00 %   15,885     1,409     01/01/15  

Lakeline Plaza

    7.50 %   17,504     1,578     10/10/19  

Las Americas Premium Outlets

    5.84 %   180,000     10,511   (2)   06/11/16  

Lebanon Premium Outlets

    5.51 %   15,953   (21)   1,132     01/11/16  

Lee Premium Outlets

    5.79 %   52,358   (34)   3,792     09/01/16  

Lighthouse Place Premium Outlets

    5.39 %  (11)   88,623   (7)   4,775   (2)   07/10/13   (3)

Longview Mall

    6.20 %   29,726   (9)   2,462     10/10/12  

MacGregor Village

    9.10 %   6,378   (6)   708     03/10/13   (25)

Markland Mall

    6.20 %   21,031   (10)   1,742     10/10/12  

Midland Park Mall

    6.20 %   30,702   (10)   2,543     10/10/12  

Montgomery Mall

    5.17 %   86,063     6,307     05/11/34  

Muncie Plaza

    7.50 %   7,277     656     10/10/19  

Naples Outlet Center

    5.51 %   16,531   (21)   1,173     01/11/16  

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

Property Name   Interest
Rate
  Face
Amount
  Annual
Debt Service (1)
  Maturity
Date
 

North Ridge Shopping Center

    9.10 %   7,790   (6)   865     03/10/13   (25)

Northfield Square

    6.05 %   27,575     2,485     02/11/14  

Northlake Mall

    6.99 %   65,075   (20)   5,874     08/11/11  

Oxford Valley Mall

    4.77 %   71,000     4,456     12/07/20  

Penn Square Mall

    7.75 %   98,498     8,597     04/01/16  

Philadelphia Premium Outlets

    4.19 %  (11)   190,000     7,969   (2)   07/30/14   (3)

Pismo Beach Premium Outlets

    5.84 %   33,850   (36)   1,978   (2)   11/06/16  

Plaza Carolina — Fixed

    7.50 %   88,657     7,552     06/01/14  

Plaza Carolina — Variable Swapped

    7.63 %  (11)   97,335     8,498     06/01/14  

Pleasant Prairie Premium Outlets

    5.51 %   61,988   (21)   4,400     01/11/16  

Pleasant Prairie Premium Outlets II

    6.01 %   37,363     2,758     12/01/16  

Port Charlotte Town Center

    5.30 %   48,398     3,232     11/01/20  

Prime Outlets Jeffersonville

    5.51 %   72,175   (21)   5,123     01/11/16  

Puerto Rico Premium Outlets

    3.75 %  (24)   74,516     3,965     05/01/14  

Queenstown Premium Outlets

    5.84 %   66,150   (36)   3,864   (2)   11/06/16  

Regency Plaza

    5.50 %  (24)   3,893   (4)   331     12/14/14   (3)

Richmond Towne Square

    6.20 %   43,124   (10)   3,572     10/10/12  

San Marcos Premium Outlets

    5.51 %   147,523   (21)   10,470     01/11/16  

SB Boardman Plaza Holdings

    5.94 %   22,601     1,687     07/01/14  

Secured Term Loan

    0.96 %  (1)   735,000     7,061   (2)   03/05/12  

South Park Mall

    8.00 %   195,764   (37)   17,434     08/01/16  

St. Charles Towne Plaza

    5.50 %  (24)   25,303   (4)   2,152     12/14/14   (3)

Stanford Shopping Center

    2.41 %  (1)   240,000     5,786   (2)   07/01/13   (3)

Summit Mall

    5.42 %   65,000     3,526   (2)   06/10/17  

Sunland Park Mall

    8.63 %  (13)   31,856     3,773     01/01/26  

Tacoma Mall

    7.00 %   118,001     10,778     10/01/11  

Texas Lifestyle Centers Secured Loan

    3.86 %  (5)   260,000   (8)   10,026   (2)   09/23/13   (3)

Town Center at Cobb

    5.74 %   280,000     16,072   (2)   06/08/12  

Towne West Square

    6.99 %   48,760   (20)   4,402     08/11/11  

Upper Valley Mall

    5.89 %   47,108     3,406     07/01/14  

Valle Vista Mall

    5.35 %   40,000     3,598   (2)   05/10/17  

Walt Whitman Mall

    8.00 %   120,622   (37)   10,742     08/01/16  

Washington Square

    5.94 %   27,835     1,653   (2)   07/01/16   (3)

Waterloo Premium Outlets

    5.39 %  (11)   72,822   (7)   3,923   (2)   07/10/13   (3)

West Ridge Mall

    5.89 %   67,568     4,885     07/01/14  

West Ridge Plaza

    5.50 %  (24)   4,866   (4)   414     12/14/14   (3)

White Oaks Mall

    5.54 %   50,000     2,768   (2)   11/01/16  

White Oaks Plaza

    7.50 %   14,554     1,312     10/10/19  

Williamsburg Premium Outlets

    5.95 %   105,916   (39)   7,841     04/11/16  

Wolfchase Galleria

    5.64 %   225,000     12,700   (2)   04/01/17  

Woodland Hills Mall

    7.79 %   96,047     8,414     04/05/19  
                         
 

Total Consolidated Secured Indebtedness

        $ 6,597,623              

Unsecured Indebtedness:

                         

Simon Property Group, LP:

                         

Unsecured Revolving Credit Facility — USD

    2.36 %  (15) $ 585,000   $ 13,810   (2)   03/31/13  

Revolving Credit Facility — Yen Currency

    2.23 %  (15)   273,637   (33)   6,092   (2)   03/31/13  

Unsecured Notes — 4C

    7.38 %   200,000     14,750   (14)   06/15/18  

Unsecured Notes — 6B

    7.75 %   77,639   (32)   6,017   (14)   01/20/11  

Unsecured Notes — 8B

    6.35 %   106,065     6,735   (14)   08/28/12  

Unsecured Notes — 9B

    5.45 %   122,288     6,665   (14)   03/15/13  

Unsecured Notes — 10B

    4.90 %   200,000     9,800   (14)   01/30/14  

39


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

Property Name   Interest
Rate
  Face
Amount
  Annual
Debt Service (1)
  Maturity
Date
 

Unsecured Notes — 11B

    5.63 %   218,430     12,287   (14)   08/15/14  

Unsecured Notes — 12A

    5.10 %   600,000     30,600   (14)   06/15/15  

Unsecured Notes — 13A

    5.38 %   120,022     6,451   (14)   06/01/11  

Unsecured Notes — 13B

    5.75 %   600,000     34,500   (14)   12/01/15  

Unsecured Notes — 14A

    5.75 %   74,245     4,269   (14)   05/01/12  

Unsecured Notes — 14B

    6.10 %   400,000     24,400   (14)   05/01/16  

Unsecured Notes — 15A

    5.60 %   101,517     5,685   (14)   09/01/11  

Unsecured Notes — 15B

    5.88 %   500,000     29,375   (14)   03/01/17  

Unsecured Notes — 16A

    5.00 %   159,753     7,988   (14)   03/01/12  

Unsecured Notes — 16B

    5.25 %   650,000     34,125   (14)   12/01/16  

Unsecured Notes — 19A

    5.30 %   237,897     12,609   (14)   05/30/13  

Unsecured Notes — 19B

    6.13 %   800,000     49,000   (14)   05/30/18  

Unsecured Notes — 20A

    10.35 %   650,000     67,275   (14)   04/01/19  

Unsecured Notes — 21A

    6.75 %   516,052     34,834   (14)   05/15/14  

Unsecured Notes — 22A

    4.20 %   400,000     16,800   (14)   02/01/15  

Unsecured Notes — 22B

    5.65 %   1,250,000     70,625   (14)   02/01/20  

Unsecured Notes — 22C

    6.75 %   600,000     40,500   (14)   02/01/40  

Unsecured Notes — 23A

    4.38 %   900,000     39,375   (14)   03/01/21  
                         

          10,342,545              

The Retail Property Trust, subsidiary:

                         

Unsecured Notes — CPI 4

    7.18 %   75,000     5,385   (14)   09/01/13  

Unsecured Notes — CPI 5

    7.88 %   250,000     19,688   (14)   03/15/16  
                         

          325,000              

CPG Partners, LP, subsidiary:

                         

Unsecured Notes — CPG 5

    8.25 %   83,588   (40)   6,896   (14)   02/01/11  

Unsecured Notes — CPG 6

    6.88 %   50,642     3,482   (14)   06/15/12  

Unsecured Notes — CPG 7

    6.00 %   69,334     4,160   (14)   01/15/13  
                         

          203,564              
                         
 

Total Consolidated Unsecured Indebtedness

       
$

10,871,109
             
                         
 

Total Consolidated Indebtedness at Face Amounts

        $ 17,468,732              
 

Net Premium on Indebtedness

          44,207              
 

Net Discount on Indebtedness

          (39,179 )            
                         
 

Total Consolidated Indebtedness

        $ 17,473,760              
                         
 

Our Share of Consolidated Indebtedness

        $ 17,206,280              
                         

Joint Venture Indebtedness:

                         

Secured Indebtedness:

                         

Ami Premium Outlets

    2.09 % $ 136,655   (26) $ 10,513     09/25/23  

Atrium at Chestnut Hill

    6.89 %   42,975     3,880     03/11/31  

Auburn Mall

    6.02 %   41,881     3,027     09/01/20  

Aventura Mall

    5.91 %   430,000     25,392   (2)   12/11/17  

Avenues, The

    5.29 %   69,689     5,325     04/01/13  

Busan Premium Outlets

    5.70 %  (31)   15,025   (17)   856   (2)   12/28/15  

California Department Stores

    6.53 %   31,300     2,044   (2)   11/01/17  

Cape Cod Mall

    6.80 %   87,225     7,821     03/11/11  

Circle Centre Mall

    5.02 %   69,809     5,165     04/11/13  

Clay Terrace

    5.08 %   115,000     5,842   (2)   10/01/15  

40


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

Property Name   Interest
Rate
  Face
Amount
  Annual
Debt Service (1)
  Maturity
Date
 

Cobblestone Court

    5.00 %  (28)   2,356     431     05/05/12  

Coconut Point

    5.83 %   230,000     13,409   (2)   12/10/16  

Coddingtown Mall

    3.16 %  (1)   14,250     1,059     07/01/14   (3)

Crystal Mall

    5.62 %   92,611     7,319     09/11/32  

Dadeland Mall

    6.75 %   177,300     15,566     02/11/32  

Domain Residential Phase II

    2.26 %  (1)   36,569     827   (2)   07/22/13   (3)

Domain Residential Building P

    2.26 %  (1)   3,657     83   (2)   11/07/11  

Domain Westin

    2.21 %  (1)   39,570     875   (2)   10/15/13   (3)

Eastland Mall

    5.79 %   168,000     9,734   (2)   06/01/16  

Emerald Square Mall

    5.13 %   126,640     9,479     03/01/13  

Empire Mall

    5.79 %   176,300     10,215   (2)   06/01/16  

Fashion Centre Pentagon Retail

    6.63 %   146,453     12,838     09/11/11   (25)

Fashion Centre Pentagon Office

    5.50 %  (30)   40,000     2,200   (2)   10/01/12   (3)

Fashion Valley Mall

    4.30 %   475,000     20,425   (2)   01/04/21  

Firewheel Residential

    5.91 %   22,931     1,635     11/20/16   (3)

Florida Mall, The

    5.25 %   373,704     24,849     09/05/20  

Gaitway Plaza

    4.60 %   13,900     640   (2)   07/01/15  

Galleria Commerciali Italia — Facility A

    5.37 %  (16)   301,592     21,531     12/22/11  

Galleria Commerciali Italia — Facility B

    5.85 %  (16)   299,087     22,566     12/22/11  

Galleria Commerciali Italia — Catania

    1.74 %  (16)   92,931     1,614   (2)   12/17/12  

Galleria Commerciali Italia — Cinisello — Fixed

    5.38 %  (16)   96,997     6,719     03/31/15  

Galleria Commerciali Italia — Cinisello — Variable

    1.76 %  (16)   68,003     1,881     03/31/15  

Galleria Commerciali Italia — Giugliano A

    4.77 %  (16)   35,783     1,708   (2)   10/20/13  

Galleria Commerciali Italia — Giugliano B

    4.78 %  (16)   32,401     2,433     10/20/13  

Galleria Commerciali Italia — Giugliano C

    5.19 %  (16)   13,041     1,511     10/20/13  

Granite Run Mall

    5.83 %   114,963     8,622     06/01/16  

Greendale Mall

    6.00 %   45,000     2,699   (2)   10/01/16  

Gotemba Premium Outlets — Fixed

    1.57 %   58,811   (26)   12,348     10/25/14  

Gotemba Premium Outlets — Variable

    0.63 %  (12)   7,800   (26)   1,349     05/31/12  

Hamilton Town Center

    1.86 %  (1)   95,283     1,773   (2)   05/29/12   (3)

Houston Galleria — 1

    5.44 %   643,583     34,985   (2)   12/01/15  

Houston Galleria — 2

    5.44 %   177,417     9,644   (2)   12/01/15  

Indian River Commons

    5.21 %   9,494     637     11/01/14  

Indian River Mall

    5.21 %   64,325     4,313     11/01/14  

King of Prussia Mall — 1

    7.49 %   112,899     23,183     01/01/17  

King of Prussia Mall — 2

    8.53 %   7,976     1,685     01/01/17  

Kobe Sanda Premium Outlets — Fixed

    1.49 %   23,142   (26)   3,937     01/31/14  

Kobe Sanda Premium Outlets — Variable

    0.89 %  (12)   58,009   (26)   7,628     01/31/14  

Lehigh Valley Mall

    5.88 %   139,280     9,943     07/05/20  

Liberty Tree Mall

    5.22 %   35,000     1,827   (2)   10/11/13  

Mall at Rockingham

    5.61 %   260,000     14,586   (2)   03/10/17  

Mall of New Hampshire

    6.23 %   133,085     10,079     10/05/15  

Mesa Mall

    5.79 %   87,250     5,055   (2)   06/01/16  

Miami International Mall

    5.35 %   91,592     6,533     10/01/13  

Northshore Mall

    5.03 %   198,255     13,566     03/11/34  

Paju Premium Outlets

    5.92 %  (31)   50,578   (17)   2,994   (2)   04/01/13  

Plaza at Buckland Hills, The

    4.60 %   24,800     1,142   (2)   07/01/15  

Quaker Bridge Mall

    7.03 %   17,644     2,407     04/01/16  

Ridgewood Court

    4.60 %   14,650     674   (2)   07/01/15  

Rinku Premium Outlets

    1.85 %   27,913   (26)   8,108     11/25/14  

Rushmore Mall

    5.79 %   94,000     5,446   (2)   06/01/16  

Sano Premium Outlets

    0.52 %  (12)   42,033   (26)   20,436     05/31/18  

41


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

Property Name   Interest
Rate
  Face
Amount
  Annual
Debt Service (1)
  Maturity
Date
 

Seminole Towne Center

    3.26 %  (22)   66,560     4,871     08/09/11  

Sendai Premium Outlets

    0.48 %  (12)   37,283   (26)   4,660     10/31/18  

Shops at Sunset Place, The

    5.62 %   78,648     5,892     09/01/20  

Smith Haven Mall

    5.16 %   180,000     9,283   (2)   03/01/16  

Solomon Pond

    3.97 %   104,947     6,505     08/01/13  

Source, The

    6.65 %   124,000     8,246   (2)   01/31/11  

Southern Hills Mall

    5.79 %   101,500     5,881   (2)   06/01/16  

SouthPark Residential

    3.01 %  (1)   21,111     636   (2)   02/23/13  

Springfield Mall

    4.77 %  (11)   67,000     3,194   (2)   11/30/15  

Square One

    6.73 %   84,395     7,380     03/11/12  

St. Johns Town Center

    5.06 %   168,456     11,026     03/11/15  

St. John's Town Center Phase II

    5.50 %  (11)   77,500     4,266   (2)   05/10/15   (3)

Toki Premium Outlets — Fixed

    1.80 %   8,830   (26)   2,869     10/31/11  

Toki Premium Outlets — Variable

    1.14 %  (12)   16,216   (26)   2,093     04/30/15  

Tosu Premium Outlets — Fixed

    1.50 %   6,298   (26)   2,396     08/24/13  

Tosu Premium Outlets — Variable

    0.63 %  (12)   10,302   (26)   1,536     01/31/12  

Valley Mall

    5.83 %   44,646     3,357     06/01/16  

Village Park Plaza

    4.60 %   29,850     1,374   (2)   07/01/15  

West Town Corners

    4.60 %   18,800     865   (2)   07/01/15  

West Town Mall

    6.34 %   210,000     13,309   (2)   12/01/17  

Westchester, The

    6.00 %   372,347     26,980     05/05/20  

Whitehall Mall

    7.00 %   11,712     1,149     11/01/18  

Yeoju Premium Outlets

    6.20 %  (31)   4,419   (17)   274   (2)   07/31/12  
                         
 

Total Joint Venture Secured Indebtedness at Face Amounts

        $ 8,598,237              

Mills Indebtedness at Face Amounts (detail in The Mills Limited Partnership Summary)

       
$

2,810,565
             
                         
 

Total Joint Venture and Mills Indebtedness at Face Amounts

        $ 11,408,802              
 

Net Premium on Indebtedness

          10,777              
 

Net Discount on Indebtedness

          (895 )            
 

Total Joint Venture Indebtedness

        $ 11,418,684              
                         
 

Our Share of Joint Venture Indebtedness

        $ 6,562,500   (23)            
                         

Mills Indebtedness:

                         

Secured Indebtedness:

                         

Arizona Mills

    5.76 %   174,006     12,268     07/01/20  

Arundel Marketplace

    5.92 %   11,187     884     01/01/14  

Arundel Mills

    6.14 %   383,314     28,116     08/01/14  

Block at Orange

    6.25 %   220,000     13,753   (2)   10/01/14  

Briarwood Mall

    7.50 %   118,006     10,641     11/30/16  

Colorado Mills

    2.04 %  (18)   153,574     3,134   (2)   11/12/11  

Concord Marketplace

    5.76 %   13,023     972     02/01/14  

Concord Mills Mall

    6.13 %   160,891     13,208     12/07/12  

Del Amo Fashion Center

    1.76 %  (1)   307,753     5,418   (2)   01/23/13   (3)

Denver West Village

    8.15 %   21,404     2,153     10/01/11  

Discover Mills — 1

    7.32 %   23,700     1,735   (2)   12/11/11  

Discover Mills — 2

    6.08 %   135,000     8,212   (2)   12/11/11  

Dover Mall & Commons

    2.21 %  (29)   83,756   (35)   1,852   (2)   02/01/12   (3)

Esplanade, The

    2.21 %  (29)   75,136   (35)   1,661   (2)   02/01/12   (3)

42


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

Property Name   Interest
Rate
  Face
Amount
  Annual
Debt Service (1)
  Maturity
Date
 

Falls, The

    7.50 %   114,072     10,287     11/30/16  

Franklin Mills

    5.65 %   290,000     16,385   (2)   06/01/17  

Galleria at White Plains

    2.21 %  (29)   125,566   (35)   2,776   (2)   02/01/12   (3)

Grapevine Mills

    5.91 %  (38)   270,000     15,945   (2)   09/22/14   (3)

Great Mall of the Bay Area

    6.01 %   270,000     16,227   (2)   08/28/15   (3)

Gurnee Mills

    5.77 %   321,000     18,512   (2)   07/01/17  

Hilltop Mall

    4.99 %   64,350     3,211   (2)   07/08/12  

Katy Mills

    6.69 %   141,055     12,207     01/09/13  

Lakeforest Mall

    4.90 %   140,061     8,978     07/08/13   (3)

Liberty Plaza

    5.68 %   43,000     2,442   (2)   06/01/17  

Mall at Tuttle Crossing

    5.05 %   112,625     7,774     11/05/13  

Marley Station

    4.89 %   114,400     5,595   (2)   07/01/12  

Meadowood Mall

    1.13 %  (27)   140,114     1,584   (2)   01/09/12  

Mills Senior Loan Facility

    1.51 %  (1)   655,000     9,895   (2)   06/07/12   (3)

Net Leases II

    9.35 %   20,873     1,952   (2)   01/10/23  

Northpark Mall — Mills

    2.21 %  (29)   105,543   (35)   2,333   (2)   02/01/12   (3)

Ontario Mills

    4.98 %  (11)   175,000     8,718   (2)   12/05/13   (3)

Opry Mills

    6.16 %   280,000     17,248   (2)   10/10/14  

Potomac Mills

    5.83 %   410,000     23,901   (2)   07/11/17  

Sawgrass Mills

    5.82 %   820,000     47,724   (2)   07/01/14  

Shops at Riverside, The

    1.06 %  (1)   138,000     1,464   (2)   11/14/11  

Southdale Center

    5.18 %   157,354     10,430     04/01/13   (3)

Southridge Mall

    5.23 %   124,000     6,489   (2)   04/01/12  

St. Louis Mills

    6.39 %   90,000     5,751   (2)   01/08/12  

Stoneridge Shopping Center

    7.50 %   226,522     19,214     11/30/16  
                         
 

Total Mills Secured Indebtedness

        $ 7,229,285              

Unsecured Indebtedness:

                         

TMLP Trust Preferred Unsecured Securities

    7.38 %   100,000     7,375   (2)   03/30/36   (19)
                         
 

Total Mills Unsecured Indebtedness

        $ 100,000              
                         
 

Total Mills Indebtedness at Face Amounts

        $ 7,329,285              
 

Our Share of Mills Indebtedness

        $ 2,810,565              
                         

(Footnotes on following page)

43


Table of Contents

(Footnotes for preceding pages)

(1)
Variable rate loans based on LIBOR plus interest rate spreads ranging from 70 bps to 450 bps. LIBOR as of December 31, 2010 was 0.26%.

(2)
Requires monthly payment of interest only.

(3)
Includes applicable extension available at the Applicable Borrower's option.

(4)
Loans secured by these three properties are cross-collateralized and cross-defaulted.

(5)
We have executed a swap agreement that fixes the interest rate on $200 million of this loan at 4.35%.

(6)
Loans secured by these properties are cross-collateralized and cross-defaulted. Factory Stores of America includes Boaz, Georgetown, Graceville, Lebanon, Nebraska City and Story City.

(7)
Loans secured by these three properties are cross-collateralized and cross-defaulted.

(8)
Loan is secured by The Domain Shopping Center, Palms Crossing, and Shops at Arbor Walk and is cross-collateralized and cross-defaulted.

(9)
Loans secured by these three properties are cross-collateralized.

(10)
Loans secured by these four properties are cross-collateralized.

(11)
Associated with these loans are interest rate swap agreements that effectively fix the interest rate of the loans at the all-in rate presented.

(12)
Variable rate loans based on Yen LIBOR plus interest rate spreads ranging from 35 bps to 187.5 bps. Yen LIBOR as of December 31, 2010 was 0.1263%.

(13)
Lender also participates in a percentage of certain gross receipts above a specified base. This threshold was met and additional interest was paid in 2010.

(14)
Requires semi-annual payments of interest only.

(15)
$3,900,000 Credit Facility. As of December 31, 2010, the Credit Facility bears interest at LIBOR+210 basis points and provides for different pricing based upon our investment grade rating. As of December 31, 2010, $3.0 billion was available after outstanding borrowings and letter of credits.

(16)
Amounts shown in USD equivalent. Euro equivalent is 709.1 million. Associated with these loans are interest rate swap agreements with a total combined Euro 587.7 million notional amount that effectively fixes Facility A and B, Giugliano, and a portion of Cinisello at 4.88%.

(17)
Amounts shown in USD equivalent. Won Equivalent is 79,228.0 million.

(18)
LIBOR+1.780%, with LIBOR capped at 4.000%.

(19)
Redeemable beginning 3/30/11, pricing re-sets every 5 years based on an index of LIBOR+2.45%.

(20)
Loans secured by these four properties are cross-collateralized and cross-defaulted.

(21)
Loans secured by these ten properties are cross-collateralized and cross-defaulted.

(22)
LIBOR+3.000%, with LIBOR capped at 8.500%.

(23)
Our share of indebtedness for joint ventures excludes our share of indebtedness of $146.4 million in joint venture entities in which GCI holds a non-controlling interest.

(24)
Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.50%.

(25)
The maturity date shown represents the anticipated maturity date of the loan which is typically 10-20 years earlier than the stated Maturity Date of the loan. Should the loan not be repaid at the anticipated repayment date the applicable interest rate shall increase as specified in the loan agreement.

(26)
Amounts shown in US Dollar Equivalent. Yen equivalent 35,330.3 million

(27)
LIBOR+0.870%, with LIBOR capped at 4.000%.

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(28)
Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.00%.

(29)
LIBOR+1.950%, with LIBOR capped at 6.00%.

(30)
LIBOR+4.500%, with LIBOR capped at 8.250%. Through an interest rate floor agreement, the LIBOR rate is currently fixed at 1.00%.

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

(32)
Senior note was paid off on 1/20/11.

(33)
Amounts shown in US Dollar Equivalent. Balances include borrowings on multi-currency tranche of Yen 22,265.0 million.

(34)
Loans secured by these three properties are cross-collateralized and cross-defaulted.

(35)
Loans secured by these four properties are cross-collateralized and cross-defaulted.

(36)
Loans secured by these two properties are cross-collateralized and cross-defaulted.

(37)
Loans secured by these three properties are cross-collateralized.

(38)
We have executed a swap agreement that fixes the interest rate on $245 million of this loan at 6.26%.

(39)
Loans secured by these three properties are cross-collateralized.

(40)
Senior note was paid off on 2/1/11.

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

   
  2010   2009   2008  
 

Balance, Beginning of Year

  $ 18,630,302   $ 18,042,532   $ 17,218,674  
   

Additions during period:

                   
     

New Loan Originations

    3,709,910     2,073,874     1,833,677  
     

Loans assumed in acquisitions

    1,241,907          
     

Net Premium

    4,360     3,162     (7,192 )
   

Deductions during period:

                   
     

Loan Retirements

    (6,053,631 )   (1,427,858 )   (930,818 )
     

Amortization of Net Premiums

    (9,066 )   (10,627 )   (14,611 )
     

Scheduled Principal Amortization

    (50,022 )   (50,781 )   (57,198 )
                 
 

Balance, Close of Year

  $ 17,473,760   $ 18,630,302   $ 18,042,532  
                 

Item 3.    Legal Proceedings

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

Item 4.    [Removed and Reserved.]

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Part II

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

    Market Information

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

 
  High   Low   Close   Declared
Dividends
 

2009

                         

1st Quarter

  $ 54.24   $ 24.27   $ 34.64   $ 0.90  

2nd Quarter

    57.45     32.56     51.43     0.60  

3rd Quarter

    76.05     45.00     69.43     0.60  

4th Quarter

    83.82     64.20     79.80     0.60  

2010

                         

1st Quarter

    86.63     68.76     83.90   $ 0.60  

2nd Quarter

    93.59     78.63     80.75     0.60  

3rd Quarter

    98.39     76.47     92.74     0.60  

4th Quarter

    106.54     92.13     99.49     0.80  

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

    Holders

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

    Dividends

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

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

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

    Unregistered Sales of Equity Securities

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

    Issuances Under Equity Compensation Plans

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

    Temporary Equity

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

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

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

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


Item 6. Selected Financial Data

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


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

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


Item 7A. Qualitative and Quantitative Disclosure About Market Risk

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


Item 8. Financial Statements and Supplementary Data

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


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

            None.


Item 9A. Controls and Procedures

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

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

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


Item 9B. Other Information

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

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Part III

Item 10. Directors, Executive Officers and Corporate Governance

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


Item 11. Executive Compensation

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


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

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


Item 13. Certain Relationships and Related Transactions and Director Independence

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


Item 14. Principal Accountant Fees and Services

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

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Part IV

Item 15. Exhibits and Financial Statement Schedules

(1)
Consolidated Financial Statements

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

 
   
  Page No.  

(2)

 

Financial Statement Schedule

 

 

 

 

 

 

Simon Property Group, Inc. and Subsidiaries Schedule III — Schedule of Real Estate and Accumulated Depreciation

 

 

52

 

 

 

Notes to Schedule III

 

 

58

 

(3)

 

Exhibits

 

 

 

 

 

 

The Exhibit Index attached hereto is hereby incorporated by reference to this Item.

 

 

59

 

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SIGNATURES

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

    SIMON PROPERTY GROUP, INC.

 

 

By

 

/s/ DAVID SIMON

David Simon
Chairman of the Board of Directors and Chief Executive Officer

February 25, 2011

 

 

 

 

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

Signature   Capacity   Date

 

 

 

 

 
/s/ DAVID SIMON

David Simon
  Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer)   February 25, 2011

/s/ HERBERT SIMON

Herbert Simon

 

Chairman Emeritus and Director

 

February 25, 2011

/s/ RICHARD S. SOKOLOV

Richard S. Sokolov

 

President, Chief Operating Officer and Director

 

February 25, 2011

/s/ MELVYN E. BERGSTEIN

Melvyn E. Bergstein

 

Director

 

February 25, 2011

/s/ LARRY C. GLASSCOCK

Larry C. Glasscock

 

Director

 

February 25, 2011

/s/ LINDA WALKER BYNOE

Linda Walker Bynoe

 

Director

 

February 25, 2011

/s/ REUBEN S. LEIBOWITZ

Reuben S. Leibowitz

 

Director

 

February 25, 2011

/s/ J. ALBERT SMITH, JR.

J. Albert Smith, Jr.

 

Director

 

February 25, 2011

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Signature   Capacity   Date

 

 

 

 

 
/s/ KAREN N. HORN

Karen N. Horn
  Director   February 25, 2011

/s/ ALLAN HUBBARD

Allan Hubbard

 

Director

 

February 25, 2011

/s/ DANIEL C. SMITH

Daniel C. Smith

 

Director

 

February 25, 2011

/s/ STEPHEN E. STERRETT

Stephen E. Sterrett

 

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

 

February 25, 2011

/s/ STEVEN K. BROADWATER

Steven K. Broadwater

 

Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

 

February 25, 2011

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SCHEDULE III

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

 
   
  Initial Cost (3)   Cost Capitalized Subsequent to Acquisition (3)    
  Gross Amounts At Which Carried At Close of Period    
 
Name, Location
  Encumbrances   Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Total (1)   Accumulated
Depreciation (2)
  Date of
Construction
 

Regional Malls

                                                             

Anderson Mall, Anderson, SC

  $ 26,754   $ 1,712   $ 15,227   $ 851   $ 20,334   $ 2,563   $ 35,561   $ 38,124   $ 13,687     1972  

Arsenal Mall, Watertown, MA

    846     14,714     47,680         6,430     14,714     54,110     68,824     17,411     1999   (4)

Bangor Mall, Bangor, ME

    80,000     5,478     59,740         9,404     5,478     69,144     74,622     21,729     2004   (5)

Barton Creek Square, Austin, TX

        2,903     20,929     7,983     61,142     10,886     82,071     92,957     43,312     1981  

Battlefield Mall, Springfield, MO

    90,885     3,919     27,231     3,000     62,518     6,919     89,749     96,668     52,350     1970  

Bay Park Square, Green Bay, WI

        6,358     25,623     4,133     23,627     10,491     49,250     59,741     21,470     1980  

Bowie Town Center, Bowie, MD

        2,710     65,044     235     5,789     2,945     70,833     73,778     25,565     2001  

Boynton Beach Mall, Boynton Beach, FL

        22,240     78,804     4,666     25,170     26,906     103,974     130,880     39,730     1985  

Brea Mall, Brea, CA

        39,500     209,202         25,682     39,500     234,884     274,384     83,316     1998   (4)

Broadway Square, Tyler, TX

        11,306     32,431         22,257     11,306     54,688     65,994     23,516     1994   (4)

Brunswick Square, East Brunswick, NJ

    80,965     8,436     55,838         27,967     8,436     83,805     92,241     37,536     1973  

Burlington Mall, Burlington, MA

        46,600     303,618     19,600     90,699     66,200     394,317     460,517     122,167     1998   (4)

Castleton Square, Indianapolis, IN

        26,250     98,287     7,434     70,451     33,684     168,738     202,422     63,697     1972  

Century III Mall, West Mifflin, PA

    78,973     17,380     102,364     10     7,083     17,390     109,447     126,837     72,123     1979  

Charlottesville Fashion Square, Charlottesville, VA

            54,738         13,939         68,677     68,677     27,214     1997   (4)

Chautauqua Mall, Lakewood, NY

        3,257     9,641         16,456     3,257     26,097     29,354     12,829     1971  

Chesapeake Square, Chesapeake, VA

    68,796     11,534     70,461         11,517     11,534     81,978     93,512     42,220     1989  

Cielo Vista Mall, El Paso, TX

        1,005     15,262     608     44,663     1,613     59,925     61,538     33,617     1974  

College Mall, Bloomington, IN

        1,003     16,245     720     43,377     1,723     59,622     61,345     28,994     1965  

Columbia Center, Kennewick, WA

        17,441     66,580         21,868     17,441     88,448     105,889     34,170     1987  

Copley Place, Boston, MA

            378,045         88,575         466,620     466,620     118,457     2002   (4)

Coral Square, Coral Springs, FL

        13,556     93,630         14,493     13,556     108,123     121,679     54,666     1984  

Cordova Mall, Pensacola, FL

        18,626     73,091     7,321     44,759     25,947     117,850     143,797     36,937     1998   (4)

Cottonwood Mall, Albuquerque, NM

        10,122     69,958         5,082     10,122     75,040     85,162     35,198     1996  

Crystal River Mall, Crystal River, FL

    14,441     5,393     20,241         4,850     5,393     25,091     30,484     11,203     1990  

DeSoto Square, Bradenton, FL

    63,156     9,011     52,675         7,114     9,011     59,789     68,800     24,970     1973  

Domain, The, Austin, TX (6)

        45,152     197,010         137,617     45,152     334,627     379,779     39,371     2005  

Edison Mall, Fort Myers, FL

        11,529     107,350         28,277     11,529     135,627     147,156     49,499     1997   (4)

Fashion Mall at Keystone, The, Indianapolis, IN

            120,579         47,507         168,086     168,086     61,436     1997   (4)

Firewheel Town Center, Garland, TX

        8,636     82,716         24,793     8,636     107,509     116,145     25,015     2004  

Forest Mall, Fond Du Lac, WI

    15,883     721     4,491         8,819     721     13,310     14,031     8,209     1973  

Forum Shops at Caesars, The, Las Vegas, NV

            276,567         210,699         487,266     487,266     141,772     1992  

Great Lakes Mall, Mentor, OH

        12,302     100,362         10,478     12,302     110,840     123,142     47,300     1961  

Greenwood Park Mall, Greenwood, IN

    79,097     2,423     23,445     5,253     115,289     7,676     138,734     146,410     53,749     1979  

Gulf View Square, Port Richey, FL

        13,690     39,991     2,023     18,348     15,713     58,339     74,052     24,499     1980  

Gwinnett Place, Duluth, GA

    115,000     17,051     141,191         4,908     17,051     146,099     163,150     50,674     1998   (5)

Haywood Mall, Greenville, SC

        11,585     133,893     6     20,669     11,591     154,562     166,153     67,804     1998   (4)

Independence Center, Independence, MO

    200,000     5,042     45,798         31,354     5,042     77,152     82,194     34,005     1994   (4)

Ingram Park Mall, San Antonio, TX

    74,493     733     17,163     73     21,444     806     38,607     39,413     22,437     1979  

Irving Mall, Irving, TX

        6,737     17,479     2,533     40,945     9,270     58,424     67,694     35,644     1971  

Jefferson Valley Mall, Yorktown Heights, NY

        4,868     30,304         26,422     4,868     56,726     61,594     30,474     1983  

Knoxville Center, Knoxville, TN

    56,410     5,006     21,617     3,712     34,423     8,718     56,040     64,758     30,140     1984  

La Plaza Mall, McAllen, TX

        1,375     9,828     6,569     39,449     7,944     49,277     57,221     23,938     1976  

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SCHEDULE III

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

 
   
  Initial Cost (3)   Cost Capitalized Subsequent to Acquisition (3)    
  Gross Amounts At Which Carried At Close of Period    
 
Name, Location
  Encumbrances   Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Total (1)   Accumulated
Depreciation (2)
  Date of
Construction
 

Laguna Hills Mall, Laguna Hills, CA

        27,928     55,446         13,916     27,928     69,362     97,290     26,114     1997   (4)

Lakeline Mall, Austin, TX

        10,088     81,568     14     16,119     10,102     97,687     107,789     40,371     1995  

Lenox Square, Atlanta, GA

        38,058     492,411         64,371     38,058     556,782     594,840     190,438     1998   (4)

Lima Mall, Lima, OH

        7,659     35,338         11,638     7,659     46,976     54,635     21,598     1965  

Lincolnwood Town Center, Lincolnwood, IL

        7,907     63,480     28     7,325     7,935     70,805     78,740     39,335     1990  

Livingston Mall, Livingston, NJ

        22,214     105,250         37,666     22,214     142,916     165,130     45,636     1998   (4)

Longview Mall, Longview, TX

    29,726     259     3,567     124     8,112     383     11,679     12,062     6,282     1978  

Mall at Chestnut Hill, The, Chestnut Hill, MA

        449     24,615             449     24,615     25,064     701     2002   (5)

Mall of Georgia, Mill Creek, GA

        47,492     326,633         4,965     47,492     331,598     379,090     89,654     1999   (5)

Maplewood Mall, Minneapolis, MN

        17,119     80,758         13,177     17,119     93,935     111,054     27,422     2002   (4)

Markland Mall, Kokomo, IN

    21,031         7,568         10,367         17,935     17,935     10,524     1968  

McCain Mall, N. Little Rock, AR

            9,515     10,530     11,095     10,530     20,610     31,140     14,879     1973  

Melbourne Square, Melbourne, FL

        15,762     55,891     4,160     27,746     19,922     83,637     103,559     31,357     1982  

Menlo Park Mall, Edison, NJ

        65,684     223,252         39,840     65,684     263,092     328,776     100,995     1997   (4)

Midland Park Mall, Midland, TX

    30,702     687     9,213         16,722     687     25,935     26,622     14,792     1980  

Miller Hill Mall, Duluth, MN

        2,965     18,092         29,506     2,965     47,598     50,563     31,404     1973  

Montgomery Mall, Montgomeryville, PA

    86,063     27,105     86,915         26,977     27,105     113,892     140,997     29,056     2004   (5)

Muncie Mall, Muncie, IN

        172     5,776     52     27,415     224     33,191     33,415     18,186     1970  

North East Mall, Hurst, TX

        128     12,966     19,010     150,597     19,138     163,563     182,701     72,329     1971  

Northfield Square Mall, Bourbonnais, IL

    27,575     362     53,396         1,809     362     55,205     55,567     34,429     2004   (5)

Northgate Mall, Seattle, WA

        24,369     115,992         92,465     24,369     208,457     232,826     66,851     1987  

Northlake Mall, Atlanta, GA

    65,075     33,400     98,035         4,146     33,400     102,181     135,581     56,918     1998   (4)

Northwoods Mall, Peoria, IL

        1,185     12,779     2,372     36,610     3,557     49,389     52,946     28,766     1983  

Oak Court Mall, Memphis, TN

        15,673     57,304         9,188     15,673     66,492     82,165     27,311     1997   (4)

Ocean County Mall, Toms River, NJ

        20,404     124,945         24,479     20,404     149,424     169,828     51,626     1998   (4)

Orange Park Mall, Orange Park, FL

        12,998     65,121         40,006     12,998     105,127     118,125     44,665     1994   (4)

Orland Square, Orland Park, IL

        35,514     129,906         22,651     35,514     152,557     188,071     60,746     1997   (4)

Oxford Valley Mall, Langhorne, PA

    71,000     24,544     100,287         8,905     24,544     109,192     133,736     53,329     2003   (4)

Paddock Mall, Ocala, FL

        11,198     39,727         16,659     11,198     56,386     67,584     20,655     1980  

Penn Square Mall, Oklahoma City, OK

    98,498     2,043     155,958         28,249     2,043     184,207     186,250     68,745     2002   (4)

Pheasant Lane Mall, Nashua, NH

        3,902     155,068     550     18,953     4,452     174,021     178,473     57,549     2004   (5)

Phipps Plaza, Atlanta, GA

        16,725     210,610         26,934     16,725     237,544     254,269     84,988     1998   (4)

Plaza Carolina, Carolina, PR

    185,992     15,493     279,560         21,950     15,493     301,510     317,003     65,576     2004   (4)

Port Charlotte Town Center, Port Charlotte, FL

    48,398     5,471     58,570         15,792     5,471     74,362     79,833     33,357     1989  

Prien Lake Mall, Lake Charles, LA

        1,842     2,813     3,091     37,574     4,933     40,387     45,320     20,603     1972  

Richmond Town Square, Richmond Heights, OH

    43,124     2,600     12,112         58,662     2,600     70,774     73,374     44,952     1966  

River Oaks Center, Calumet City, IL

        30,560     101,224         10,299     30,560     111,523     142,083     42,727     1997   (4)

Rockaway Townsquare, Rockaway, NJ

        44,116     212,257     27     34,740     44,143     246,997     291,140     82,110     1998   (4)

Rolling Oaks Mall, San Antonio, TX

        1,929     38,609         13,239     1,929     51,848     53,777     27,196     1988  

Roosevelt Field, Garden City, NY

        163,609     702,008         36,094     163,609     738,102     901,711     257,321     1998   (4)

Ross Park Mall, Pittsburgh, PA

        23,541     90,203         81,368     23,541     171,571     195,112     65,766     1986  

Santa Rosa Plaza, Santa Rosa, CA

        10,400     87,864         11,084     10,400     98,948     109,348     35,805     1998   (4)

Shops at Mission Viejo, The, Mission Viejo, CA

        9,139     54,445     7,491     150,426     16,630     204,871     221,501     87,292     1979  

South Hills Village, Pittsburgh, PA

        23,445     125,840     2,945     24,469     26,390     150,309     176,699     54,768     1997   (4)

53


Table of Contents

SCHEDULE III

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

 
   
  Initial Cost (3)   Cost Capitalized Subsequent to Acquisition (3)    
  Gross Amounts At Which Carried At Close of Period    
 
Name, Location
  Encumbrances   Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Total (1)   Accumulated
Depreciation (2)
  Date of
Construction
 

South Shore Plaza, Braintree, MA

        101,200     301,495         147,442     101,200     448,937     550,137     118,145     1998   (4)

Southern Park Mall, Boardman, OH

        16,982     77,767     97     24,244     17,079     102,011     119,090     44,551     1970  

SouthPark, Charlotte, NC

    195,764     42,092     188,055     100     165,575     42,192     353,630     395,822     106,810     2002   (4)

St. Charles Towne Center, Waldorf, MD

        7,710     52,934     1,180     28,677     8,890     81,611     90,501     40,070     1990  

Stanford Shopping Center, Palo Alto, CA

    240,000         339,537         5,280         344,817     344,817     79,769     2003   (4)

Summit Mall, Akron, OH

    65,000     15,374     51,137         41,529     15,374     92,666     108,040     33,738     1965  

Sunland Park Mall, El Paso, TX

    31,856     2,896     28,900         8,475     2,896     37,375     40,271     22,544     1988  

Tacoma Mall, Tacoma, WA

    118,001     37,803     125,826         80,839     37,803     206,665     244,468     70,160     1987  

Tippecanoe Mall, Lafayette, IN

        2,897     8,439     5,517     44,075     8,414     52,514     60,928     34,491     1973  

Town Center at Aurora, Aurora, CO

        9,959     56,832     6     56,929     9,965     113,761     123,726     44,584     1998   (4)

Town Center at Boca Raton, Boca Raton, FL

        64,200     307,317         152,520     64,200     459,837     524,037     153,354     1998   (4)

Town Center at Cobb, Kennesaw, GA

    280,000     32,355     158,225         13,564     32,355     171,789     204,144     57,555     1998   (5)

Towne East Square, Wichita, KS

        8,525     18,479     1,429     39,035     9,954     57,514     67,468     33,506     1975  

Towne West Square, Wichita, KS

    48,760     972     21,203     61     12,060     1,033     33,263     34,296     20,104     1980  

Treasure Coast Square, Jensen Beach, FL

        11,124     72,990     3,067     34,039     14,191     107,029     121,220     43,301     1987  

Tyrone Square, St. Petersburg, FL

        15,638     120,962         27,980     15,638     148,942     164,580     60,922     1972  

University Park Mall, Mishawaka, IN

        16,768     112,158     7,000     49,562     23,768     161,720     185,488     98,426     1996   (4)

Upper Valley Mall, Springfield, OH

    47,108     8,421     38,745         10,434     8,421     49,179     57,600     19,768     1979  

Valle Vista Mall, Harlingen, TX

    40,000     1,398     17,159     329     20,676     1,727     37,835     39,562     19,546     1983  

Virginia Center Commons, Glen Allen, VA

        9,764     50,547     4,149     11,961     13,913     62,508     76,421     21,303     1991  

Walt Whitman Mall, Huntington Station, NY

    120,622     51,700     111,258     3,789     42,228     55,489     153,486     208,975     65,360     1998   (4)

Washington Square, Indianapolis, IN

    27,835     6,319     36,495         11,109     6,319     47,604     53,923     41,851     1974  

West Ridge Mall, Topeka, KS

    67,568     5,453     34,132     1,168     22,900     6,621     57,032     63,653     26,964     1988  

Westminster Mall, Westminster, CA

        43,464     84,709         32,058     43,464     116,767     160,231     40,375     1998   (4)

White Oaks Mall, Springfield, IL

    50,000     3,024     35,692     2,102     38,422     5,126     74,114     79,240     31,776     1977  

Wolfchase Galleria, Memphis, TN

    225,000     15,881     128,276         9,482     15,881     137,758     153,639     54,785     2002   (4)

Woodland Hills Mall, Tulsa, OK

    96,047     34,211     187,123         13,645     34,211     200,768     234,979     68,846     2004   (5)

Premium Outlets

                                                             

Albertville Premium Outlets, Albertville, MN

        3,900     97,059         4,139     3,900     101,198     105,098     27,603     2004   (4)

Allen Premium Outlets, Allen, TX

        13,855     43,687     97     16,023     13,952     59,710     73,662     17,726     2004   (4)

Aurora Farms Premium Outlets, Aurora, OH

        2,370     24,326         1,876     2,370     26,202     28,572     14,288     2004   (4)

Birch Run Premium Outlets, Birch Run, MI

    109,113     11,432     78,338             11,432     78,338     89,770     1,476     2010   (4)

Calhoun Premium Outlets, Calhoun, GA

    20,974     1,560     13,800             1,560     13,800     15,360     638     2010   (4)

Camarillo Premium Outlets, Camarillo, CA

        16,670     224,721     482     62,741     17,152     287,462     304,614     56,768     2004   (4)

Carlsbad Premium Outlets, Carlsbad, CA

        12,890     184,990     96     2,274     12,986     187,264     200,250     39,874     2004   (4)

Carolina Premium Outlets, Smithfield, NC

    19,047     3,170     59,863         2,919     3,170     62,782     65,952     19,936     2004   (4)

Chicago Premium Outlets, Aurora, IL

        659     118,005         4,294     659     122,299     122,958     34,690     2004   (4)

Cincinnati Premium Outlets, Monroe, OH

        14,117     71,520         3,199     14,117     74,719     88,836     5,349     2008  

Clinton Crossing Premium Outlets, Clinton, CT

        2,060     107,556     1,532     1,793     3,592     109,349     112,941     28,015     2004   (4)

Columbia Gorge Premium Outlets, Troutdale, OR

        7,900     16,492         2,184     7,900     18,676     26,576     7,957     2004   (4)

Desert Hills Premium Outlets, Cabazon, CA

        3,440     338,679         3,832     3,440     342,511     345,951     69,218     2004   (4)

Edinburgh Premium Outlets, Edinburgh, IN

        2,857     47,309         11,980     2,857     59,289     62,146     18,228     2004   (4)

Ellenton Premium Outlets, Ellenton, FL

    107,735     15,396     181,048             15,396     181,048     196,444     3,868     2010   (4)

54


Table of Contents

SCHEDULE III

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

 
   
  Initial Cost (3)   Cost Capitalized Subsequent to Acquisition (3)    
  Gross Amounts At Which Carried At Close of Period    
 
Name, Location
  Encumbrances   Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Total (1)   Accumulated
Depreciation (2)
  Date of
Construction
 

Folsom Premium Outlets, Folsom, CA

        9,060     50,281         3,372     9,060     53,653     62,713     18,132     2004   (4)

Gaffney Premium Outlets, Gaffney, SC

    38,065     5,162     30,767             5,162     30,767     35,929     727     2010   (4)

Gilroy Premium Outlets, Gilroy, CA

        9,630     194,122         7,538     9,630     201,660     211,290     49,547     2004   (4)

Grove City Premium Outlets, Grove City, PA

    116,314     10,092     128,516             10,092     128,516     138,608     2,823     2010   (4)

Gulfport Premium Outlets, Gulfport, MS

    25,948         29,648                 29,648     29,648     615     2010   (4)

Hagerstown Premium Outlets, Hagerstown, MD

    91,680     3,798     89,724             3,798     89,724     93,522     1,813     2010   (4)

Houston Premium Outlets, Cypress, TX

        20,871     69,350         48,532     20,871     117,882     138,753     11,578     2007  

Jackson Premium Outlets, Jackson, NJ

        6,413     104,013     3     3,673     6,416     107,686     114,102     22,999     2004   (4)

Jersey Shore Premium Outlets, Tinton Falls, NJ

        16,141     50,979         74,435     16,141     125,414     141,555     12,876     2007  

Johnson Creek Premium Outlets, Johnson Creek, WI

        2,800     39,546         5,523     2,800     45,069     47,869     10,653     2004   (4)

Kittery Premium Outlets, Kittery, ME

    43,556     11,832     94,994         5,859     11,832     100,853     112,685     18,645     2004   (4)

Las Americas Premium Outlets, San Diego, CA

    180,000     45,168     251,878         3,746     45,168     255,624     300,792     25,052     2007   (4)

Las Vegas Outlet Center, Las Vegas, NV

        13,085     160,777         16,826     13,085     177,603     190,688     30,836     2004   (4)

Las Vegas Premium Outlets, Las Vegas, NV

        25,435     134,973     450     60,237     25,885     195,210     221,095     43,591     2004   (4)

Lebanon Premium Outlets, Lebanon, TN

    15,953     1,723     9,890             1,723     9,890     11,613     303     2010   (4)

Lee Premium Outlets, Lee, MA

    52,358     9,464     54,439             9,464     54,439     63,903     1,264     2010   (4)

Leesburg Corner Premium Outlets, Leesburg, VA

        7,190     162,023         3,392     7,190     165,415     172,605     43,945     2004   (4)

Liberty Village Premium Outlets, Flemington, NJ

        5,670     28,904         2,279     5,670     31,183     36,853     12,391     2004   (4)

Lighthouse Place Premium Outlets, Michigan City, IN

    88,623     6,630     94,138         5,517     6,630     99,655     106,285     30,715     2004   (4)

Napa Premium Outlets, Napa, CA

        11,400     45,023         1,669     11,400     46,692     58,092     13,132     2004   (4)

North Bend Premium Outlets, North Bend, WA

        2,143     36,197         2,145     2,143     38,342     40,485     8,182     2004   (4)

North Georgia Premium Outlets, Dawsonville, GA

        4,300     132,325         2,324     4,300     134,649     138,949     34,753     2004   (4)

Orlando Premium Outlets — Vineland Ave., Orlando, FL

        14,040     304,410     15,855     47,169     29,895     351,579     381,474     65,172     2004   (4)

Orlando Premium Outlets — International Dr., Orlando, FL

        35,365     449,563             35,365     449,563     484,928     6,315     2010   (4)

Osage Beach Premium Outlets, Osage Beach, MO

        9,460     85,804         3,484     9,460     89,288     98,748     24,918     2004   (4)

Petaluma Village Premium Outlets, Petaluma, CA

        13,322     14,067         322     13,322     14,389     27,711     7,815     2004   (4)

Philadelphia Premium Outlets, Limerick, PA

    190,000     16,676     105,249         14,227     16,676     119,476     136,152     19,305     2006  

Pismo Beach Premium Outlets, Pismo Beach, CA

    33,850     3,837     24,751             3,837     24,751     28,588     736     2010   (4)

Pleasant Prairie Premium Outlets, Pleasant Prairie, WI

    99,351     15,870     126,841             15,870     126,841     142,711     2,117     2010   (4)

Puerto Rico Premium Outlets, Barceloneta, PR

    74,516     20,716     112,948             20,716     112,948     133,664     3,352     2010   (4)

Queenstown Premium Outlets, Queenstown, MD

    66,150     7,005     65,801             7,005     65,801     72,806     1,211     2010   (4)

Rio Grande Valley Premium Outlets, Mercedes, TX

        12,229     41,547         35,104     12,229     76,651     88,880     16,203     2005  

Round Rock Premium Outlets, Round Rock, TX

        21,977     82,252         478     21,977     82,730     104,707     20,621     2005  

San Marcos Premium Outlets, San Marcos, TX

    147,523     18,482     254,079             18,482     254,079     272,561     3,602     2010   (4)

Seattle Premium Outlets, Seattle, WA

            103,722         16,985         120,707     120,707     26,934     2004   (4)

St. Augustine Premium Outlets, St. Augustine, FL

        6,090     57,670     2     7,356     6,092     65,026     71,118     19,587     2004   (4)

The Crossings Premium Outlets, Tannersville, PA

    50,927     7,720     172,931         10,311     7,720     183,242     190,962     39,629     2004   (4)

Vacaville Premium Outlets, Vacaville, CA

        9,420     84,850         8,183     9,420     93,033     102,453     28,247     2004   (4)

Waikele Premium Outlets, Waipahu, HI

        22,630     77,316         2,335     22,630     79,651     102,281     22,173     2004   (4)

Waterloo Premium Outlets, Waterloo, NY

    72,822     3,230     75,277         6,621     3,230     81,898     85,128     24,337     2004   (4)

Williamsburg Premium Outlets, Williamsburg, VA

    105,916     11,124     219,681             11,124     219,681     230,805     3,414     2010   (4)

Woodbury Common Premium Outlets, Central Valley, NY

        11,110     862,559     1,658     4,580     12,768     867,139     879,907     178,108     2004   (4)

Wrentham Village Premium Outlets, Wrentham, MA

        4,900     282,031         5,057     4,900     287,088     291,988     66,343     2004   (4)

55


Table of Contents

SCHEDULE III

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

 
   
  Initial Cost (3)   Cost Capitalized Subsequent to Acquisition (3)    
  Gross Amounts At Which Carried At Close of Period    
 
Name, Location
  Encumbrances   Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Total (1)   Accumulated
Depreciation (2)
  Date of
Construction
 

Community/Lifestyle Centers

                                                             

Arboretum at Great Hills, Austin, TX

        7,640     36,774     71     8,582     7,711     45,356     53,067     16,363     1998   (4)

Bloomingdale Court, Bloomingdale, IL

    26,262     8,748     26,184         9,696     8,748     35,880     44,628     18,087     1987  

Charles Towne Square, Charleston, SC

            1,768     370     10,636     370     12,404     12,774     7,616     1976  

Chesapeake Center, Chesapeake, VA

        5,352     12,279         753     5,352     13,032     18,384     5,340     1989  

Countryside Plaza, Countryside, IL

        332     8,507     2,554     9,182     2,886     17,689     20,575     8,518     1977  

Dare Centre, Kill Devil Hills, NC

    1,586         5,702         202         5,904     5,904     1,117     2004   (4)

DeKalb Plaza, King of Prussia, PA

    2,815     1,955     3,405         1,139     1,955     4,544     6,499     1,907     2003   (4)

Forest Plaza, Rockford, IL

    18,685     4,132     16,818     453     11,456     4,585     28,274     32,859     10,851     1985  

Gateway Shopping Center, Austin, TX

    87,000     24,549     81,437         9,775     24,549     91,212     115,761     24,639     2004   (4)

Great Lakes Plaza, Mentor, OH

        1,028     2,025         3,574     1,028     5,599     6,627     1,946     1976  

Greenwood Plus, Greenwood, IN

        1,129     1,792         3,737     1,129     5,529     6,658     3,048     1979  

Henderson Square, King of Prussia, PA

    14,100     4,223     15,124         746     4,223     15,870     20,093     3,522     2003   (4)

Highland Lakes Center, Orlando, FL

    14,641     7,138     25,284         1,581     7,138     26,865     34,003     15,578     1991  

Ingram Plaza, San Antonio, TX

        421     1,802     4     59     425     1,861     2,286     1,270     1980  

Keystone Shoppes, Indianapolis, IN

            4,232         935         5,167     5,167     2,016     1997   (4)

Lake Plaza, Waukegan, IL

        2,487     6,420         1,082     2,487     7,502     9,989     3,855     1986  

Lake View Plaza, Orland Park, IL

    15,885     4,702     17,543         13,176     4,702     30,719     35,421     15,274     1986  

Lakeline Plaza, Austin, TX

    17,504     5,822     30,875         6,498     5,822     37,373     43,195     15,467     1998  

Lima Center, Lima, OH

        1,781     5,151         6,860     1,781     12,011     13,792     5,244     1978  

Lincoln Crossing, O'Fallon, IL

        674     2,192         784     674     2,976     3,650     1,358     1990  

Lincoln Plaza, King of Prussia, PA

            21,299         3,289         24,588     24,588     10,034     2003   (4)

MacGregor Village, Cary, NC

    6,378     502     8,897         249     502     9,146     9,648     1,717     2004   (4)

Mall of Georgia Crossing, Mill Creek, GA

        9,506     32,892         311     9,506     33,203     42,709     12,982     2004   (5)

Markland Plaza, Kokomo, IN

        206     738         6,285     206     7,023     7,229     3,274     1974  

Martinsville Plaza, Martinsville, VA

            584         408         992     992     768     1967  

Matteson Plaza, Matteson, IL

        1,771     9,737         2,750     1,771     12,487     14,258     6,818     1988  

Muncie Plaza, Muncie, IN

    7,277     267     10,509     87     1,583     354     12,092     12,446     4,763     1998  

New Castle Plaza, New Castle, IN

        128     1,621         1,457     128     3,078     3,206     1,659     1966  

North Ridge Plaza, Joliet, IL

        2,831     7,699         4,464     2,831     12,163     14,994     5,370     1985  

North Ridge Shopping Center, Raleigh, NC

    7,790     385     12,838         610     385     13,448     13,833     2,634     2004   (4)

Northwood Plaza, Fort Wayne, IN

        148     1,414         1,682     148     3,096     3,244     1,991     1974  

Palms Crossing, McAllen, TX (6)

        13,496     45,925         9,074     13,496     54,999     68,495     8,082     2006  

Pier Park, Panama City Beach, FL

        23,586     73,158         41,394     23,586     114,552     138,138     13,515     2006  

Regency Plaza, St. Charles, MO

    3,893     616     4,963         583     616     5,546     6,162     2,650     1988  

Richardson Square, Richardson, TX

        6,285         990     15,323     7,275     15,323     22,598     1,467     1977  

Rockaway Commons, Rockaway, NJ

        5,149     26,435         7,713     5,149     34,148     39,297     9,132     1998   (4)

Rockaway Town Plaza, Rockaway, NJ

            18,698     2,225     1,961     2,225     20,659     22,884     3,848     2004  

Shops at Arbor Walk, The, Austin, TX (6)

        930     42,546         4,295     930     46,841     47,771     7,189     2005  

Shops at North East Mall, The, Hurst, TX

        12,541     28,177     402     4,065     12,943     32,242     45,185     15,380     1999  

St. Charles Towne Plaza, Waldorf, MD

    25,303     8,377     18,993         3,354     8,377     22,347     30,724     11,163     1987  

Teal Plaza, Lafayette, IN

        99     878         1,769     99     2,647     2,746     1,604     1962  

Terrace at the Florida Mall, Orlando, FL

        2,150     7,623         5,151     2,150     12,774     14,924     5,340     1989  

Tippecanoe Plaza, Lafayette, IN

            745     234     5,169     234     5,914     6,148     3,330     1974  

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Table of Contents

SCHEDULE III

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

 
   
  Initial Cost (3)   Cost Capitalized Subsequent to Acquisition (3)    
  Gross Amounts At Which Carried At Close of Period    
 
Name, Location
  Encumbrances   Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Land   Buildings and
Improvements
  Total (1)   Accumulated
Depreciation (2)
  Date of
Construction
 

University Center, Mishawaka, IN

        3,071     7,413         1,754     3,071     9,167     12,238     7,095     1980  

Washington Plaza, Indianapolis, IN

        941     1,697         447     941     2,144     3,085     2,604     1976  

Waterford Lakes Town Center, Orlando, FL

        8,679     72,836         14,052     8,679     86,888     95,567     37,570     1999  

West Ridge Plaza, Topeka, KS

    4,866     1,376     4,560         1,926     1,376     6,486     7,862     3,253     1988  

White Oaks Plaza, Springfield, IL

    14,554     3,169     14,267         3,029     3,169     17,296     20,465     7,637     1986  

Wolf Ranch Town Center, Georgetown, TX

        21,785     51,547         7,024     21,785     58,571     80,356     12,211     2004  

Other Properties

                                                             

Crossville Outlet Center, Crossville, TN

        263     4,380         208     263     4,588     4,851     1,005     2004   (4)

Factory Merchants Branson, Branson, MO

            19,637         2,251         21,888     21,888     7,704     2004   (4)

The Shoppes at Branson Meadows, Branson, MO

    8,858         5,205         457         5,662     5,662     1,033     2004   (4)

Factory Stores of America — Boaz, AL

    2,590         924         43         967     967     160     2004   (4)

Factory Stores of America — Georgetown, KY

    6,140     148     3,610         49     148     3,659     3,807     666     2004   (4)

Factory Stores of America — Graceville, FL

    1,823     12     408         116     12     524     536     84     2004   (4)

Factory Stores of America — Lebanon, MO

    1,534     24     214             24     214     238     56     2004   (4)

Factory Stores of America — Nebraska City, NE

    1,439     26     566         31     26     597     623     117     2004   (4)

Factory Stores of America — Story City, IA

    1,780     7     526         5     7     531     538     93     2004   (4)

Florida City Outlet Center, Florida City, FL

    10,995     1,080     2,874             1,080     2,874     3,954     115     2010   (4)

Huntley Outlet Center, Huntley, IL

    30,753     1,154     3,720             1,154     3,720     4,874     130     2010   (4)

Nanuet Mall, Nanuet, NY

        27,310     162,993         3,207     27,310     166,200     193,510     165,293     1998   (4)

Naples Outlet Center, Naples, FL

    16,531     906     1,363             906     1,363     2,269     47     2010   (4)

Outlet Marketplace, Orlando, FL

        6,587     6,274             6,587     6,274     12,861     261     2010   (4)

University Mall, Pensacola, FL

        4,256     26,657         3,394     4,256     30,051     34,307     29,135     1994  

Development Projects

                                                             

Merrimack Premium Outlets

        17,306     20,300             17,306     20,300     37,606            

Other pre-development costs

        20,336     997             20,336     997     21,333     391        

Other

   
72,175
   
9,791
   
108,705
   
   
1,266
   
9,791
   
109,971
   
119,762
   
9,313
       
                                             

  $ 5,580,022     2,744,371   $ 19,388,253   $ 184,683   $ 4,874,916   $ 2,929,054   $ 24,263,169   $ 27,192,223   $ 7,485,822        
                                             

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Table of Contents

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

(1)       Reconciliation of Real Estate Properties:

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

 
  2010   2009   2008  

Balance, beginning of year

  $ 25,023,715   $ 24,907,970   $ 24,163,367  
 

Acquisitions and consolidations (5)

    2,200,102         7,640  
 

Improvements

    273,255     315,928     797,717  
 

Disposals

    (304,849 )   (200,183 )   (60,754 )
               

Balance, close of year

  $ 27,192,223   $ 25,023,715   $ 24,907,970  
               

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

(2)       Reconciliation of Accumulated Depreciation:

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

 
  2010   2009   2008  

Balance, beginning of year

  $ 6,806,670   $ 6,015,677   $ 5,168,565  
 

Depreciation expense

    874,450     893,139     871,556  
 

Disposals

    (195,299 )   (102,146 )   (24,444 )
               

Balance, close of year

  $ 7,485,821   $ 6,806,670   $ 6,015,677  
               

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

    Buildings and Improvements — typically 10-40 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.
    Tenant Allowances and Improvements — shorter of lease term or useful life.

(3)   Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4)

 

Not developed/constructed by us or our predecessors. The date of construction represents the acquisition date.

(5)

 

Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.

(6)

 

Secured by a $260,000 cross-collateralized and cross-defaulted mortgage loan facility.

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Table of Contents

 
  Exhibits    

  3.1  

Restated Certificate of Incorporation of the Registrant (incorporated by reference to Appendix A of the Registrant's Proxy Statement on Schedule 14A filed on March 27, 2009).

  3.2  

Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed on March 25, 2009).

  3.3  

Certificate of Powers, Designations, Preferences and Rights of the 83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed October 20, 2004).

  9.1  

Second Amended and Restated Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between Melvin Simon & Associates, Inc., on the one hand and Melvin Simon, Herbert Simon and David Simon on the other hand (incorporated by reference to Exhibit 9.1 of the Registrant's Quarterly Report on Form 10-Q filed on May 10, 2004).

  9.2  

Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between David Simon, Melvin Simon and Herbert Simon (incorporated by reference to Exhibit 9.2 of the Registrant's Quarterly Report on Form 10-Q filed on May 10, 2004).

  10.1  

Eighth Amended and Restated Agreement of Limited Partnership of Simon Property Group, L.P. dated as of May 8, 2008 (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed May 9, 2008).

  10.2  

Form of the Indemnity Agreement between the Registrant and its directors and officers (incorporated by reference to Exhibit 10.7 of the Registrant's Form S-4 filed August 13, 1998 (Reg. No. 333-61399)).

  10.3  

Registration Rights Agreement, dated as of September 24, 1998, by and among the Registrant and the persons named therein. (incorporated by reference to Exhibit 4.4 of the Registrant's Current Report on Form 8-K filed October 9, 1998).

  10.4  

Registration Rights Agreement, dated as of August 27, 1999 by and among the Registrant and the persons named therein (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-3 filed March 24, 2004 (Reg. No. 333-113884)).

  10.5  

Registration Rights Agreement, dated as of November 14, 1997, by and between O'Connor Retail Partners, L.P. and Simon DeBartolo Group,  Inc. (incorporated by reference to Exhibit 4.8 to the Registration Statement on Form S-3 filed December 7, 2001 (Reg. No. 333-74722)).

  10.6 *

Simon Property Group, L.P. 1998 Stock Incentive Plan, as amended (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K filed May 9, 2008).

  10.7 *

Form of Nonqualified Stock Option Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 of the Registrant's 2004 Form 10-K).

  10.8 *

Form of Performance-Based Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.9 of the Registrant's 2006 Form 10-K).

  10.9 *

Form of Non-Employee Director Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 of the Registrant's 2004 Form 10-K).

  10.10 *

Employment Agreement among Richard S. Sokolov, the Registrant, and Simon Property Group Administrative Services Partnership, L.P. dated January 1, 2007 (incorporated by reference to Exhibit 10.12 of the Registrant's 2008 Form 10-K).

  10.11  

Credit and Guaranty Agreement, dated as of February 16, 2007, by and among The Mills Limited Partnership, as Borrower, The Mills Corporation, as Parent, certain of its subsidiaries, as Guarantors, the lenders party thereto and Simon Property Group, L.P., as Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed February 23, 2007).

  10.12  

Voting Agreement dated as of June 20, 2004 among the Registrant, Simon Property Group, L.P. and certain holders of shares of common stock of Chelsea Property Group, Inc. and/or common units of CPG Partners, L.P. (incorporated by reference to Exhibit 99.3 to the Registrant's Current Report on Form 8-K filed June 22, 2004).

  10.13  

Form of Amendment to Performance-Based Restricted Stock Award Agreement under 2008 Stock Incentive Program (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q filed May 1, 2009).

  10.14 *

Non-Qualified Deferred Compensation Plan dated as of December 31, 2008 (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q filed November 5, 2009).

  10.15 *

Amendment—2008 Performance Based-Restricted Stock Agreement dated as of March 6, 2009 (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q filed November 5, 2009).

  10.16  

$3,565,000,000 Credit Agreement dated as of December 8, 2009 (incorporated by reference to Exhibit 99.2 of Simon Property Group,  L.P.'s Current Report on Form 8-K filed December 11, 2009).

  10.17 *

Form of Series 2010 LTIP Unit (Three Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed March 19, 2010).

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Table of Contents

 
  Exhibits    

  10.18 *

Form of Series 2010 LTIP Unit (Two Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed March 19, 2010).

  10.19 *

Form of Series 2010 LTIP Unit (One Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed March 19, 2010).

  10.20 *

Description of Director and Executive Compensation Agreements.

  12.1  

Statement regarding computation of ratios.

  13.1  

Selected Financial Data, Management's Discussion and Analysis of Financial Condition and Results of Operations and Financial Statements of the Registrant as contained in the Registrant's 2010 Annual Report to Stockholders.

  21.1  

List of Subsidiaries of the Company.

  23.1  

Consent of Ernst & Young LLP.

  31.1  

Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  31.2  

Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

    32  

Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

    101  

The following materials from the Registrant's Annual Report on Form 10-K for the year ended December 31, 2010, formatted in XBRL (Extensible Business Reporting Language): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Operations and Comprehensive Income, (3) the Consolidated Statements of Cash Flows, and (4) Notes to Consolidated Financial Statements, tagged as blocks of text.


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

60