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SIMON PROPERTY GROUP INC /DE/ - Annual Report: 2011 (Form 10-K)


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TABLE OF CONTENTS
Part IV

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, 2011

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

Delaware   001-14469   046-268599
(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   Smaller reporting company o
        (Do not check if a smaller
reporting company)
   

            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 $33,434 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2011.

            As of January 31, 2012, Simon Property Group, Inc. had 297,740,804 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 2012 Annual Meeting of Stockholders are incorporated by reference in Part III.



Simon Property Group, Inc. and Subsidiaries
Annual Report on Form 10-K
December 31, 2011

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   48
4.   [Removed and Reserved.]   48

Part II

5.

 

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

 

49
6.   Selected Financial Data   50
7.   Management's Discussion and Analysis of Financial Condition and Results of Operations   50
7A.   Qualitative and Quantitative Disclosure About Market Risk   50
8.   Financial Statements and Supplementary Data   50
9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure   50
9A.   Controls and Procedures   50
9B.   Other Information   50

Part III

10.

 

Directors, Executive Officers and Corporate Governance

 

51
11.   Executive Compensation   51
12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   51
13.   Certain Relationships and Related Transactions and Director Independence   51
14.   Principal Accountant Fees and Services   51

Part IV

15.

 

Exhibits, and Financial Statement Schedules

 

52

Signatures

 

53

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Part I

Item 1.    Business

            Simon Property Group, Inc., or Simon Property, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code. To qualify as a REIT, among other things, a company must distribute at least 90% of its taxable income to its stockholders annually. Taxes are paid by stockholders on ordinary dividends received and any capital gains distributed. Most states also follow this federal treatment and do not require REITs to pay state income tax. Simon Property Group, L.P., or the Operating Partnership, is a majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this discussion, the terms "we", "us" and "our" refer to Simon Property, the Operating Partnership, 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, 2011, we owned or held an interest in 326 income-producing properties in the United States, which consisted of 151 regional malls, 58 Premium Outlets, 66 community/lifestyle centers, 36 properties in the Mills Portfolio, and 15 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, 2011, we had an ownership interest in a joint venture which owned 45 shopping centers in Italy. On January 9, 2012, we sold our entire ownership in this venture to our venture partner. Additionally, we had ownership interests in eight Premium Outlets in Japan, two Premium Outlets in South Korea, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia.

            For a description of our operational strategies and developments in our business during 2011, see the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of the 2011 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

            Because our REIT qualification requires us to distribute at least 90% of our taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt. 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

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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 in the future.

            If our Board of Directors determines to seek additional capital, we may also 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. 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.

            On October 5, 2011, the Operating Partnership entered into a new unsecured revolving credit facility, or Credit Facility, providing an initial borrowing capacity of $4.0 billion, which can be increased at our option to $5.0 billion during its term. The Credit Facility will initially mature on October 30, 2015 and can be extended for an additional year at our sole option. The Credit Facility replaced a $3.9 billion unsecured revolving credit facility. 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 of Simon Property;

    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 including unsecured notes and mortgage debt; 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.

            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. Additionally, our unsecured credit facility and unsecured note indentures, contain limits on mortgage indebtedness we may incur.

            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 or properties in favor of an institutional third

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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 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 Group 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 Herbert Simon and David Simon contain covenants limiting their ability 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. Additionally, we may make or buy interests in loans for real estate properties owned by others.

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. We also compete with internet retailing sites and catalogs which 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; and

    our mall marketing initiatives and consumer focused strategic corporate alliances.

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Certain Activities

            During the past three years, we have:

    issued 2,698,546 shares of common stock upon the exchange of units of limited partnership interest of the Operating Partnership;

    issued 487,838 restricted shares of common stock and 1,133,673 long-term incentive performance units, or LTIP units, net of forfeitures, under The Simon Property Group 1998 Stock Incentive Plan, or the 1998 Plan;

    issued 608,284 shares of common stock upon exercise of stock options under the 1998 Plan, net of 76,969 shares used to fund withholding tax;

    issued 6,670,589 shares of common stock upon the conversion of 7,871,276 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 500,891 shares of Series I preferred stock upon the exchange of Series I 6% Convertible Perpetual Preferred Units, or Series I preferred units;

    retired 61,584 shares of common stock;

    issued 6,857 shares of common stock held in treasury;

    entered into a new Credit Facility on October 5, 2011 which provides an initial borrowing capacity of $4.0 billion and can be increased at our option to $5.0 billion during its term;

    borrowed a maximum amount of $1.8 billion under the Credit Facility and the predecessor facility; the outstanding amount of borrowings under the Credit Facility as of December 31, 2011 was $952.7 million, of which $287.7 million was related to 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 and certain loans for real estate properties owned by others;

    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, 2011, we and our affiliates employed approximately 5,500 persons at various properties and offices throughout the United States, of which approximately 2,200 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

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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 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, 2011.

Name
  Age   Position

David Simon

    50  

Chairman and Chief Executive Officer

Richard S. Sokolov

    62  

President and Chief Operating Officer

David J. Contis

    53  

Senior Executive Vice President — President Simon Malls

Stephen E. Sterrett

    56  

Senior Executive Vice President and Chief Financial Officer

John Rulli

    55  

Senior Executive Vice President and Chief Administrative Officer

Gary L. Lewis

    53  

Senior Executive Vice President and President of Leasing

James M. Barkley

    60  

General Counsel; Secretary

Andrew A. Juster

    59  

Executive Vice President and Treasurer

Steve Fivel

    51  

Assistant General Counsel and Assistant Secretary

Steven K. Broadwater

    45  

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 of Leasing and in 2007 he became Senior Executive Vice President and President of Leasing.

            Mr. Contis is the Senior Executive Vice President and President of Simon Malls. Mr. Contis joined Simon Property in 2011. Mr. Contis has over 30 years of domestic and international real estate experience including 20 years overseeing both public and private mall portfolios.

            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. Fivel serves as Simon Property's Assistant General Counsel and Assistant Secretary. Prior to rejoining Simon in 2011, Mr. Fivel served in a similar capacity with a large public registrant. Mr. Fivel was previously with Simon Property from 1993 to 1997.

            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, 2011, our consolidated mortgages and other indebtedness, excluding the related premium and discount, totaled $18.4 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 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 selectively 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, redevelopment 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/

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expansion opportunities. In addition, newly acquired, developed or redeveloped/expanded properties may not perform 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 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, increasing use of the internet by retailers and consumers, 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. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other assets could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results.

    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 caused by tenant bankruptcies. However, our efforts to release the vacated space may not be successful. Additionally, 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, 2011, we owned interests in 164 income-producing properties with other parties. Of those, 20 properties are included in our consolidated financial statements. We account for the other 144 properties under the

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equity method of accounting, which we refer to as joint venture properties. We serve as general partner or property manager for 85 of these 144 properties; however, certain major decisions, such as approving the operating budget and selling, refinancing and redeveloping the properties require the consent of the other owners. Of the properties for which we do not serve as general partner or property manager, 57 are in our international joint ventures. The other owners also have other participating rights that 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, 2011, the Operating Partnership has loan guarantees to support $30.2 million of our total $6.5 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 have leases with variable CAM provisions that adjust to reflect inflationary increases. We have converted a substantial portion of 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.

            As of December 31, 2011, we held interests in joint venture properties that operate in Italy (our interests in which were sold in January 2012), Japan, South Korea, Mexico, and Malaysia. We also hold 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

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    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 5.4% of the gross leasable area of all of our properties at December 31, 2011), to the extent 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., or 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 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 242.2 million square feet of gross leasable area, or GLA, of which we own approximately 153.9 million square feet. A total estimated retail sale at the properties in 2011 was approximately $65 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 151 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 17,500 occupied stores, including approximately 692 anchors, which are predominately national retailers. For comparative purposes, we separate the information in this section on the 16 regional malls in the Mills portfolio 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 2.2 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 15 other shopping centers or outlet centers. These properties range in size from approximately 85,000 to 700,000 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, 2011, approximately 94.8% of the owned GLA in regional malls and Premium Outlets and the retail space of the other properties was leased, approximately 95.0% of the owned GLA for The Mills and 88.6% of owned GLA for the Mills regional malls was leased, and approximately 93.4% of owned GLA in the community/lifestyle centers was leased.

            We hold a 100% interest in 219 of our properties, effectively control 20 properties in which we have a joint venture interest, and hold the remaining 87 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 324 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, 2011.

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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     82.3%     671,803   Belk, JCPenney, Sears, Dillard's, Books-A-Million
2.   Apple Blossom Mall   VA   Winchester   Fee     49.1 %(4) Acquired 1999     89.6%     439,927   Belk, JCPenney, Sears, Eastwynn Theatres
3.   Arsenal Mall   MA   Watertown (Boston)   Fee     100.0 % Acquired 1999     99.5%     440,198 (16) Marshalls, Sports Authority (6)
4.   Atrium Mall   MA   Chestnut Hill (Boston)   Fee     49.1 %(4) Acquired 1999     67.3%     205,981    
5.   Auburn Mall   MA   Auburn   Fee     56.4 %(4) Acquired 1999     100.0%     587,990   Macy's, Macy's Home Store, Sears
6.   Aventura Mall(1)   FL   Miami Beach (Miami)   Fee     33.3 %(4) Built 1983     96.0%     2,098,448   Bloomingdale's, Macy's, Macy's Men's & Home Furniture, JCPenney, Sears, Nordstrom, Equinox Fitness Clubs, AMC Theatre
7.   Avenues, The   FL   Jacksonville   Fee     25.0 %(4)(2) Built 1990     92.7%     1,116,575   Belk, Dillard's, JCPenney, Sears, Forever 21
8.   Bangor Mall   ME   Bangor   Fee     67.1 %(15) Acquired 2003     94.4%     651,424   Macy's, JCPenney, Sears, Dick's Sporting Goods
9.   Barton Creek Square   TX   Austin   Fee     100.0 % Built 1981     99.3%     1,429,264   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     98.1%     1,199,071   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     92.7%     710,622   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     95.6%     684,582   Macy's, Sears, Barnes & Noble, Bed Bath & Beyond, Best Buy, Safeway
13.   Boynton Beach Mall   FL   Boynton Beach (Miami)   Fee     100.0 % Built 1985     82.9%     1,101,464   Macy's, Dillard's Men's & Home, JCPenney, Sears, Cinemark Theatres, (8)
14.   Brea Mall   CA   Brea (Los Angeles)   Fee     100.0 % Acquired 1998     97.2%     1,320,565   Nordstrom, Macy's, JCPenney, Sears, Macy's Men's Children & Home
15.   Broadway Square   TX   Tyler   Fee     100.0 % Acquired 1994     99.5%     627,793   Dillard's, JCPenney, Sears
16.   Brunswick Square   NJ   East Brunswick (New York)   Fee     100.0 % Built 1973     98.1%     760,234   Macy's, JCPenney, Barnes & Noble, Mega Movies
17.   Burlington Mall   MA   Burlington (Boston)   Ground Lease (2048)     100.0 % Acquired 1998     95.7%     1,317,283   Macy's, Lord & Taylor, Sears, Nordstrom, Crate & Barrel
18.   Cape Cod Mall   MA   Hyannis   Ground Leases (2029-2073)(7)     56.4 %(4) Acquired 1999     94.6%     721,623   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     92.4%     1,383,194   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, AMC Theatres, (8)
20.   Charlottesville Fashion Square   VA   Charlottesville   Ground Lease (2076)     100.0 % Acquired 1997     95.9%     576,889   Belk, JCPenney, Sears
21.   Chautauqua Mall   NY   Lakewood   Fee     100.0 % Built 1971     86.4%     423,337   Sears, JCPenney, Bon Ton, Office Max, Dipson Cinema
22.   Chesapeake Square   VA   Chesapeake
(Virginia Beach)
  Fee and Ground Lease (2062)     75.0 %(12) Built 1989     85.7%     760,093   Macy's, JCPenney, Sears, Target, Burlington Coat Factory, Cinemark XD12
23.   Cielo Vista Mall   TX   El Paso   Fee and Ground Lease (2022)(7)     100.0 % Built 1974     100.0%     1,241,535   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears, Cinemark Theatres

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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.   Circle Centre   IN   Indianapolis   Property Lease (2097)     14.7 %(4)(2) Built 1995     97.3%     764,021 (16) Carson's, United Artists Theatre, (8)
25.   Coconut Point   FL   Estero   Fee     50.0 %(4) Built 2006     93.2%     1,204,876   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
26.   Coddingtown Mall   CA   Santa Rosa   Fee     50.0 %(4) Acquired 2005     78.6%     839,098   Macy's, JCPenney, Whole Foods, (8)
27.   College Mall   IN   Bloomington   Fee and Ground Lease (2048)(7)     100.0 % Built 1965     93.2%     635,904   Macy's, Sears, Target, Dick's Sporting Goods, Bed Bath & Beyond
28.   Columbia Center   WA   Kennewick   Fee     100.0 % Acquired 1987     98.9%     769,782   Macy's, Macy's Men's & Children's, JCPenney, Sears, Barnes & Noble, Regal Cinema
29.   Copley Place   MA   Boston   Fee     98.1 % Acquired 2002     98.1%     1,241,959 (16) Neiman Marcus, Barneys New York
30.   Coral Square   FL   Coral Springs (Miami)   Fee     97.2 % Built 1984     97.6%     941,156   Macy's Men's, Children's & Home, Macy's Women's, JCPenney, Sears, Kohl's
31.   Cordova Mall   FL   Pensacola   Fee     100.0 % Acquired 1998     99.4%     857,818   Dillard's Men's, Dillard's Women's, Belk, Best Buy, Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less, Dick's Sporting Goods (21)
32.   Cottonwood Mall   NM   Albuquerque   Fee     100.0 % Built 1996     96.0%     1,041,845   Macy's, Dillard's, JCPenney, Sears, Regal Cinema, (11)
33.   Crystal Mall   CT   Waterford   Fee     78.2 %(4) Acquired 1998     89.6%     783,436   Macy's, JCPenney, Sears, Bed Bath & Beyond, Christmas Tree Shops
34.   Dadeland Mall   FL   Miami   Fee     50.0 %(4) Acquired 1997     96.3%     1,487,965   Saks Fifth Avenue, Nordstrom, Macy's, Macy's Children's & Home, JCPenney
35.   DeSoto Square   FL   Bradenton   Fee     100.0 % Built 1973     80.4%     677,874   Macy's, JCPenney, Sears, (8)
36.   Domain, The   TX   Austin   Fee     100.0 % Built 2006     86.8%     1,192,560 (16) Neiman Marcus, Macy's, Dick's Sporting Goods, IPIC Theaters, Dillard's, (8)
37.   Edison Mall   FL   Fort Myers   Fee     100.0 % Acquired 1997     94.5%     1,053,739   Dillard's, Macy's Men's, Children's & Home, Macy's Women's, JCPenney, Sears, Books-A-Million
38.   Emerald Square   MA   North Attleboro (Providence—RI)   Fee     56.4 %(4) Acquired 1999     91.6%     1,022,727   Macy's, Macy's Men's & Home Store, JCPenney, Sears
39.   Empire Mall   SD   Sioux Falls   Fee and Ground Lease (2033)(7)     100.0 % Acquired 1998     89.5%     1,071,140   Macy's, Younkers, JCPenney, Sears, Gordmans, Hy-Vee
40.   Fashion Centre at Pentagon City, The   VA   Arlington
(Washington, DC)
  Fee     42.5 %(4) Built 1989     99.9%     990,074 (16) Nordstrom, Macy's
41.   Fashion Mall at Keystone, The   IN   Indianapolis   Ground Lease (2067)     100.0 % Acquired 1997     95.4%     682,498   Saks Fifth Avenue, Crate & Barrel, Nordstrom, Keystone Art Cinema
42.   Fashion Valley   CA   San Diego   Fee     50.0 %(4) Acquired 2001     97.0%     1,727,881   Forever 21, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres
43.   Firewheel Town Center   TX   Garland (Dallas)   Fee     100.0 % Built 2005     87.5%     1,000,116 (16) Dillard's, Macy's, Barnes & Noble, DSW, Cost Plus World Market, AMC Theatres, Dick's Sporting Goods, Ethan Allen, (8)
44.   Florida Mall, The   FL   Orlando   Fee     50.0 %(4) Built 1986     98.7%     1,777,036   Saks Fifth Avenue, Nordstrom, Macy's, Dillard's, JCPenney, Sears, H&M, Forever 21
45.   Forest Mall   WI   Fond Du Lac   Fee     100.0 % Built 1973     91.1%     500,174   JCPenney, Kohl's, Younkers, Sears, Cinema I & II
46.   Forum Shops at Caesars, The   NV   Las Vegas   Ground Lease (2050)     100.0 % Built 1992     97.9%     669,355    

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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
47.   Houston Galleria   TX   Houston   Fee     50.4 %(4) Acquired 2002     93.5%     2,235,675   Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy's (2 locations), Galleria Tennis/Athletic Club, (8)
48.   Great Lakes Mall   OH   Mentor (Cleveland)   Fee     100.0 % Built 1961     90.0%     1,236,947   Dillard's Men's, Dillard's Women's, Macy's, JCPenney, Sears, AMC Theatres, Barnes & Noble
49.   Greendale Mall   MA   Worcester (Boston)   Fee and Ground Lease (2019)(7)     56.4 %(4) Acquired 1999     90.1%     429,819 (16) T.J. Maxx 'N More, Best Buy, DSW, Big Lots
50.   Greenwood Park Mall   IN   Greenwood (Indianapolis)   Fee     100.0 % Acquired 1979     99.3%     1,277,190   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, Regal Cinema
51.   Gulf View Square   FL   Port Richey (Tampa)   Fee     100.0 % Built 1980     86.9%     753,534   Macy's, Dillard's, JCPenney, Sears, Best Buy, T.J. Maxx
52.   Haywood Mall   SC   Greenville   Fee and Ground Lease (2017)(7)     100.0 % Acquired 1998     96.4%     1,230,553   Macy's, Dillard's, JCPenney, Sears, Belk
53.   Independence Center   MO   Independence
(Kansas City)
  Fee     100.0 % Acquired 1994     98.9%     866,984   Dillard's, Macy's, Sears
54.   Indian River Mall   FL   Vero Beach   Fee     50.0 %(4) Built 1996     87.5%     736,658   Dillard's, Macy's, JCPenney, Sears, AMC Theatres
55.   Ingram Park Mall   TX   San Antonio   Fee     100.0 % Built 1979     95.9%     1,125,622   Dillard's, Dillard's Home Store, Macy's, JCPenney, Sears, Bealls
56.   Irving Mall   TX   Irving (Dallas)   Fee     100.0 % Built 1971     82.2%     1,053,132   Macy's, Dillard's Clearance Center, Sears, Burlington Coat Factory, La Vida Fashion and Home Décor, AMC Theatres, (8)
57.   Jefferson Valley Mall   NY   Yorktown Heights
(New York)
  Fee     100.0 % Built 1983     91.6%     549,798   Macy's, Sears, (8)
58.   King of Prussia—The Court & The Plaza   PA   King of Prussia (Philadelphia)   Fee     96.1 % Acquired 2003     92.1%     2,391,105 (16) Neiman Marcus, Bloomingdale's, Nordstrom, Lord & Taylor, Macy's, JCPenney, Sears, Crate & Barrel
59.   Knoxville Center   TN   Knoxville   Fee     100.0 % Built 1984     82.4%     964,013 (16) JCPenney, Belk, Sears, The Rush Fitness Center, Regal Cinema
60.   La Plaza Mall   TX   McAllen   Fee and Ground Lease (2040)(7)     100.0 % Built 1976     96.9%     1,214,876   Macy's, Macy's Home Store, Dillard's, JCPenney, Sears, Joe Brand
61.   Laguna Hills Mall   CA   Laguna Hills (Los Angeles)   Fee     100.0 % Acquired 1997     86.1%     846,702   Macy's, JCPenney, Sears, Nordstrom Rack, Total Woman Gym & Spa, (8)
62.   Lakeline Mall   TX   Cedar Park (Austin)   Fee     100.0 % Built 1995     95.9%     1,097,526   Dillard's Women's, Dillard's Men's and Children's, Macy's, JCPenney, Sears, Regal Cinema
63.   Lehigh Valley Mall   PA   Whitehall   Fee     38.0 %(4)(15) Acquired 2003     97.3%     1,169,164 (16) Macy's, JCPenney, Boscov's, Barnes & Noble, hhgregg, Babies R Us
64.   Lenox Square   GA   Atlanta   Fee     100.0 % Acquired 1998     97.0%     1,555,780   Neiman Marcus, Bloomingdale's, Macy's
65.   Liberty Tree Mall   MA   Danvers (Boston)   Fee     49.1 %(4) Acquired 1999     92.5%     856,701   Marshalls, The Sports Authority, Target, Kohl's, Best Buy, Staples, AC Moore, AMC Theatres, Nordstrom Rack, Off Broadway Shoes, (8)

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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
66.   Lima Mall   OH   Lima   Fee     100.0 % Built 1965     92.9%     741,544   Macy's, JCPenney, Elder-Beerman, Sears, MC Sporting Goods
67.   Lincolnwood Town Center   IL   Lincolnwood (Chicago)   Fee     100.0 % Built 1990     96.5%     421,360   Kohl's, Carson Pirie Scott
68.   Lindale Mall   IA   Cedar Rapids   Fee     100.0 % Acquired 1998     98.2%     691,845   Von Maur, Sears, Younkers
69.   Livingston Mall   NJ   Livingston (New York)   Fee     100.0 % Acquired 1998     94.7%     984,735   Macy's, Lord & Taylor, Sears, Barnes & Noble
70.   Longview Mall   TX   Longview   Fee     100.0 % Built 1978     93.9%     638,337   Dillard's, JCPenney, Sears, Bealls
71.   Mall at Chestnut Hill, The   MA   Chestnut Hill (Boston)   Lease (2038)(9)     94.4 % Acquired 2002     90.4%     471,474   Bloomingdale's, Bloomingdale's Home Furnishing and Men's Store
72.   Mall at Rockingham Park, The   NH   Salem (Boston)   Fee     28.2 %(4) Acquired 1999     98.1%     1,019,955   JCPenney, Sears, Macy's, Lord & Taylor (6)
73.   Mall of Georgia   GA   Buford (Atlanta)   Fee     100.0 % Built 1999     96.2%     1,829,263   Nordstrom, Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Haverty's Furniture, Regal Cinema, (8)
74.   Mall of New Hampshire, The   NH   Manchester   Fee     56.4 %(4) Acquired 1999     96.8%     811,136   Macy's, JCPenney, Sears, Best Buy, A.C. Moore
75.   Maplewood Mall   MN   St. Paul (Minneapolis)   Fee     100.0 % Acquired 2002     95.7%     927,062   Macy's, JCPenney, Sears, Kohl's, Barnes & Noble
76.   Markland Mall   IN   Kokomo   Ground Lease (2041)     100.0 % Built 1968     98.7%     415,889   Sears, Target, MC Sporting Goods, Carson's
77.   McCain Mall   AR   N. Little Rock   Fee     100.0 % Built 1973     94.5%     727,467   Dillard's, JCPenney, Sears, Regal Cinema (6)
78.   Melbourne Square   FL   Melbourne   Fee     100.0 % Built 1982     90.8%     666,345   Macy's, Dillard's Men's, Children's & Home, Dillard's Women's, JCPenney, Dick's Sporting Goods, (8)
79.   Menlo Park Mall   NJ   Edison (New York)   Fee     100.0 % Acquired 1997     97.8%     1,322,325 (16) Nordstrom, Macy's, Barnes & Noble, AMC Dine-In Theater, WOW! Work Out World, Fortunoff Backyard Store
80.   Mesa Mall   CO   Grand Junction   Fee     100.0 % Acquired 1998     79.9%     880,761   Sears, Herberger's, JCPenney, Target, Cabela's, Sports Authority, Jo-Ann Fabrics
81.   Miami International Mall   FL   Miami   Fee     47.8 %(4) Built 1982     99.0%     1,071,825   Macy's Men's & Home, Macy's Women's & Children's, JCPenney, Sears, Kohl's
82.   Midland Park Mall   TX   Midland   Fee     100.0 % Built 1980     96.1%     615,588   Dillard's, Dillard's Men's & Junior's, JCPenney, Sears, Bealls, Ross Dress for Less
83.   Miller Hill Mall   MN   Duluth   Ground Lease (2013)     100.0 % Built 1973     94.2%     801,250   JCPenney, Sears, Younkers, Barnes & Noble, DSW
84.   Montgomery Mall   PA   North Wales (Philadelphia)   Fee     60.0 %(15) Acquired 2003     89.0%     1,154,025   Macy's, JCPenney, Sears, Dick's Sporting Goods, Wegman's (21)
85.   Muncie Mall   IN   Muncie   Fee     100.0 % Built 1970     96.1%     635,645   Macy's, JCPenney, Sears, Carson's

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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
86.   North East Mall   TX   Hurst (Dallas)   Fee     100.0 % Built 1971     98.2%     1,670,801   Nordstrom, Dillard's, Macy's, JCPenney, Sears, Dick's Sporting Goods, Rave Theatre
87.   Northfield Square Mall   IL   Bourbonnais   Fee     31.6 %(12) Built 1990     88.1%     530,462   Carson Pirie Scott Women's, Carson Pirie Scott Men's, Children's & Home, JCPenney, Sears, Cinemark Movies 10
88.   Northgate Mall   WA   Seattle   Fee     100.0 % Acquired 1987     97.5%     1,057,869   Nordstrom, Macy's, JCPenney, Barnes & Noble, Bed Bath & Beyond, DSW, (8)
89.   Northlake Mall   GA   Atlanta   Fee     100.0 % Acquired 1998     88.9%     962,073   Macy's, JCPenney, Sears, Kohl's
90.   Northshore Mall   MA   Peabody (Boston)   Fee     56.4 %(4) Acquired 1999     94.0%     1,568,909 (16) JCPenney, Sears, Nordstrom, Macy's Men's & Furniture, Macys, Barnes & Noble, Toys 'R Us, Shaw's Grocery, The Container Store (6), (8)
91.   Northwoods Mall   IL   Peoria   Fee     100.0 % Acquired 1983     94.7%     693,801   Macy's, JCPenney, Sears
92.   Oak Court Mall   TN   Memphis   Fee     100.0 % Acquired 1997     93.2%     849,451 (16) Dillard's, Dillard's Men's, Macy's
93.   Ocean County Mall   NJ   Toms River (New York)   Fee     100.0 % Acquired 1998     92.9%     890,651   Macy's, Boscov's, JCPenney, Sears
94.   Orange Park Mall   FL   Orange Park (Jacksonville)   Fee     100.0 % Acquired 1994     97.9%     958,758   Dillard's, JCPenney, Sears, Belk, Dick's Sporting Goods, AMC Theatres
95.   Orland Square   IL   Orland Park (Chicago)   Fee     100.0 % Acquired 1997     98.9%     1,208,528   Macy's, Carson Pirie Scott, JCPenney, Sears
96.   Oxford Valley Mall   PA   Langhorne (Philadelphia)   Fee     64.9 %(15) Acquired 2003     91.8%     1,333,892 (16) Macy's, JCPenney, Sears, United Artists Theatre, (8)
97.   Paddock Mall   FL   Ocala   Fee     100.0 % Built 1980     95.7%     553,661   Macy's, JCPenney, Sears, Belk
98.   Penn Square Mall   OK   Oklahoma City   Ground Lease (2060)     94.5 % Acquired 2002     95.7%     1,050,848   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Dickinson Theatre
99.   Pheasant Lane Mall   NH   Nashua       0.0 %(14) Acquired 2002     97.5%     972,249   JCPenney, Sears, Target, Macy's, Dick's Sporting Goods
100.   Phipps Plaza   GA   Atlanta   Fee     100.0 % Acquired 1998     97.2%     800,932   Saks Fifth Avenue, Nordstrom, Belk, AMC Theatres, Arhaus Furniture, Legoland Discovery Center (6)
101.   Plaza Carolina   PR   Carolina (San Juan)   Fee     100.0 % Acquired 2004     93.7%     1,114,573 (16) JCPenney, Sears, Tiendas Capri, Econo, Best Buy, T.J. Maxx
102.   Port Charlotte Town Center   FL   Port Charlotte   Fee     80.0 %(12) Built 1989     87.3%     766,049   Dillard's, Macy's, JCPenney, Bealls, Sears, DSW, Regal Cinema
103.   Prien Lake Mall   LA   Lake Charles   Fee and Ground Lease (2025)(7)     100.0 % Built 1972     96.1%     800,464   Dillard's, JCPenney, Sears, Cinemark Theatres, Kohl's
104.   Quaker Bridge Mall   NJ   Lawrenceville (Philadelphia)   Fee     50.0 %(4) Acquired 2003     92.3%     1,093,347   Macy's, Lord & Taylor, JCPenney, Sears
105.   Richmond Town Square   OH   Richmond Heights (Cleveland)   Fee     100.0 % Built 1966     91.6%     1,012,231   Macy's, JCPenney, Sears, Regal Cinema
106.   River Oaks Center   IL   Calumet City (Chicago)   Fee     100.0 % Acquired 1997     92.6%     1,287,804 (16) Macy's, Carson Pirie Scott, JCPenney, Sears
107.   Rockaway Townsquare   NJ   Rockaway (New York)   Fee     100.0 % Acquired 1998     96.6%     1,247,705   Macy's, Lord & Taylor, JCPenney, Sears
108.   Rolling Oaks Mall   TX   San Antonio   Fee     100.0 % Built 1988     88.6%     882,409 (16) Dillard's, Macy's, JCPenney, Sears
109.   Roosevelt Field   NY   Garden City (New York)   Fee and Ground Lease (2090)(7)     100.0 % Acquired 1998     98.1%     2,242,800 (16) Bloomingdale's, Bloomingdale's Furniture Gallery, Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, Loews Theatre, XSport Fitness
110.   Ross Park Mall   PA   Pittsburgh   Fee     100.0 % Built 1986     96.5%     1,238,997   JCPenney, Sears, Nordstrom, L.L. Bean, Macy's, Crate & Barrel

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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
111.   Rushmore Mall   SD   Rapid City   Fee     100.0 % Acquired 1998     84.7%     831,625   JCPenney, Herberger's, Sears, Carmike Cinemas, Hobby Lobby, Toys R Us
112.   Santa Rosa Plaza   CA   Santa Rosa   Fee     100.0 % Acquired 1998     94.8%     693,075   Macy's, Sears, Forever 21
113.   Seminole Towne Center   FL   Sanford (Orlando)   Fee     45.0 %(4)(2) Built 1995     86.8%     1,108,012   Macy's, Dillard's, JCPenney, Sears, United Artists Theatre, Dick's Sporting Goods (6), (8)
114.   Shops at Mission Viejo, The   CA   Mission Viejo (Los Angeles)   Fee     100.0 % Built 1979     96.5%     1,152,880   Nordstrom, Macy's Women's, Macy's Men's and Furniture, Forever 21
115.   Shops at Sunset Place, The   FL   S. Miami   Fee     37.5 %(4)(2) Built 1999     91.7%     514,295   NikeTown, Barnes & Noble, Gametime, Z Gallerie, LA Fitness, AMC Theatres, Splitsville, Casaideas
116.   Smith Haven Mall   NY   Lake Grove (New York)   Fee     25.0 %(4)(2) Acquired 1995     95.6%     1,287,264   Macy's, Macy's Furniture Gallery, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble
117.   Solomon Pond Mall   MA   Marlborough (Boston)   Fee     56.4 %(4) Acquired 1999     98.3%     884,948   Macy's, JCPenney, Sears, Regal Cinema
118.   South Hills Village   PA   Pittsburgh   Fee     100.0 % Acquired 1997     96.9%     1,141,924 (16) Macy's, Sears, Barnes & Noble, Carmike Cinemas, Dick's Sporting Goods (6), Target (21)
119.   South Shore Plaza   MA   Braintree (Boston)   Fee     100.0 % Acquired 1998     93.2%     1,588,381   Macy's, Lord & Taylor, Sears, Nordstrom, Target, (8)
120.   Southern Hills Mall   IA   Sioux City   Fee     100.0 % Acquired 1998     86.2%     790,476   Younkers, JCPenney, Sears, Scheel's Sporting Goods, Barnes & Noble, Carmike Cinemas, Hy-Vee, Toys R Us, Petco
121.   Southern Park Mall   OH   Youngstown   Fee     100.0 % Built 1970     86.7%     1,194,989   Macy's, Dillard's, JCPenney, Sears, Cinemark Theatres
122.   SouthPark   NC   Charlotte   Fee & Ground Lease (2040)(10)     100.0 % Acquired 2002     97.1%     1,621,204   Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Crate & Barrel, The Container Store
123.   Springfield Mall(1)   PA   Springfield (Philadelphia)   Fee     38.0 %(4)(15) Acquired 2005     81.4%     609,522   Macy's, Target
124.   Square One Mall   MA   Saugus (Boston)   Fee     56.4 %(4) Acquired 1999     93.8%     928,667   Macy's, Sears, Best Buy, T.J. Maxx N More, Dick's Sporting Goods, Work Out World (6), (8)
125.   St. Charles Towne Center   MD   Waldorf (Washington, D.C.)   Fee     100.0 % Built 1990     92.5%     980,060   Macy's, Macy's Home Store, JCPenney, Sears, Kohl's, Dick Sporting Goods, AMC Theatres
126.   St. Johns Town Center   FL   Jacksonville   Fee     50.0 %(4) Built 2005     98.4%     1,235,053   Dillard's, Target, Ashley Furniture Home Store, Barnes & Noble, Dick's Sporting Goods, Ross Dress for Less, Staples, DSW, JoAnn Fabrics, PetsMart
127.   Stanford Shopping Center   CA   Palo Alto (San Francisco)   Ground Lease (2054)     100.0 % Acquired 2003     98.2%     1,373,797 (16) Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Macy's Men's Store, Crate and Barrel
128.   Summit Mall   OH   Akron   Fee     100.0 % Built 1965     97.4%     768,517   Dillard's Women's & Children's, Dillard's Men's & Home, Macy's
129.   Sunland Park Mall   TX   El Paso   Fee     100.0 % Built 1988     92.5%     921,526   Macy's, Dillard's Women's & Children's, Dillard's Men's & Home, Sears, Forever 21, (8)
130.   Tacoma Mall   WA   Tacoma (Seattle)   Fee     100.0 % Acquired 1987     94.4%     1,374,189   Nordstrom, Macy's, JCPenney, Sears, David's Bridal, Forever 21
131.   Tippecanoe Mall   IN   Lafayette   Fee     100.0 % Built 1973     96.0%     862,821   Macy's, JCPenney, Sears, Kohl's, Dick's Sporting Goods, hhgregg
132.   Town Center at Aurora   CO   Aurora (Denver)   Fee     100.0 % Acquired 1998     89.9%     1,082,466   Macy's, Dillard's, JCPenney, Sears, Century Theatres

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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
133.   Town Center at Boca Raton   FL   Boca Raton (Miami)   Fee     100.0 % Acquired 1998     97.4%     1,752,836   Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Sears, Crate & Barrel
134.   Town Center at Cobb   GA   Kennesaw (Atlanta)   Fee     75.0 % Acquired 1998     96.5%     1,281,560   Belk, Macy's, JCPenney, Sears, Macy's Men's & Furniture
135.   Towne East Square   KS   Wichita   Fee     100.0 % Built 1975     96.5%     1,125,814   Dillard's, Von Maur, JCPenney, Sears
136.   Towne West Square   KS   Wichita   Fee     100.0 % Built 1980     90.1%     941,623   Dillard's Women's & Home, Dillard's Men's & Children's, JCPenney, Sears, Dick's Sporting Goods, The Movie Machine
137.   Treasure Coast Square   FL   Jensen Beach   Fee     100.0 % Built 1987     92.3%     874,846   Macy's, Dillard's, JCPenney, Sears, hhgregg, Regal Cinema
138.   Tyrone Square   FL   St. Petersburg (Tampa)   Fee     100.0 % Built 1972     86.7%     1,095,333   Macy's, Dillard's, JCPenney, Sears, (8)
139.   University Park Mall   IN   Mishawaka (South Bend)   Fee     100.0 % Built 1979     95.2%     922,685   Macy's, JCPenney, Sears, Barnes & Noble
140.   Upper Valley Mall   OH   Springfield   Fee     100.0 % Built 1971     89.2%     739,525   Macy's, JCPenney, Sears, Elder-Beerman, MC Sporting Goods, Chakeres Theatres
141.   Valle Vista Mall   TX   Harlingen   Fee     100.0 % Built 1983     73.9%     650,739   Dillard's, JCPenney, Sears, Big Lots, Forever 21
142.   Virginia Center Commons   VA   Glen Allen   Fee     100.0 % Built 1991     68.1%     784,843   Macy's, JCPenney, Sears, Burlington Coat Factory
143.   Walt Whitman Shops   NY   Huntington Station (New York)   Ground Lease (2032)     100.0 % Acquired 1998     97.0%     1,027,773   Saks Fifth Avenue, Bloomingdale's, Lord & Taylor, Macy's
144.   Washington Square   IN   Indianapolis   Fee     100.0 % Built 1974     86.6%     970,461 (16) Sears, Target, Dick's Sporting Goods, Burlington Coat Factory, Kerasotes Theatres, (11)
145.   West Ridge Mall   KS   Topeka   Fee     100.0 % Built 1988     90.3%     991,827   Macy's, Dillard's, JCPenney, Sears, Burlington Coat Factory
146.   West Town Mall   TN   Knoxville   Ground Lease (2042)     50.0 %(4) Acquired 1991     100.0%     1,336,464   Belk Women's, Dillard's, JCPenney, Belk Men's, Home and Kid's, Sears, Regal Cinema
147.   Westchester, The   NY   White Plains (New York)   Fee     40.0 %(4) Acquired 1997     96.7%     826,463 (16) Neiman Marcus, Nordstrom
148.   Westminster Mall   CA   Westminster (Los Angeles)   Fee     100.0 % Acquired 1998     85.3%     1,183,828   Macy's, JCPenney, Sears, Target, DSW
149.   White Oaks Mall   IL   Springfield   Fee     80.7 % Built 1977     85.1%     927,302 (16) Macy's, Bergner's, Sears, Dick's Sporting Goods, (8)
150.   Wolfchase Galleria   TN   Memphis   Fee     94.5 % Acquired 2002     97.3%     1,152,267   Macy's, Dillard's, JCPenney, Sears, Malco Theatres
151.   Woodland Hills Mall   OK   Tulsa   Fee     94.5 % Acquired 2002     97.8%     1,090,258   Macy's, Dillard's, JCPenney, Sears
                                         
Total Regional Mall GLA                                 151,233,941    
                                         

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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
    Premium Outlets                                      
1.   Albertville Premium Outlets   MN   Albertville (Minneapolis)   Fee     100.0 % Acquired 2004     92.8%     429,557   Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kenneth Cole, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
2.   Allen Premium Outlets   TX   Allen (Dallas)   Fee     100.0 % Acquired 2004     98.6%     441,740   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Michael Kors, Lacoste, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Tommy Hilfiger
3.   Aurora Farms Premium Outlets   OH   Aurora (Cleveland)   Fee     100.0 % Acquired 2004     95.4%     300,281   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     91.6%     678,728   Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Guess, J.Crew, Lacoste, Nike, The North Face, Polo Ralph Lauren, Tommy Hilfiger
5.   Calhoun Premium Outlets   GA   Calhoun   Fee     100.0 % Acquired 2010     93.9%     254,005   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     100.0%     674,015   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, Tory Burch
7.   Carlsbad Premium Outlets   CA   Carlsbad (San Diego)   Fee     100.0 % Acquired 2004     100.0%     288,307   Adidas, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Cole Haan, Gap Outlet, Guess, Kenneth Cole, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger
8.   Carolina Premium Outlets   NC   Smithfield   Ground Lease (2029)     100.0 % Acquired 2004     99.5%     438,998   Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, J.Crew, Levi's, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour
9.   Chicago Premium Outlets   IL   Aurora (Chicago)   Fee     100.0 % Built 2004     99.7%     437,359   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Elie Tahari, Gap Outlet, Giorgio Armani, J.Crew, Kate Spade New York, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Sony, Theory
10.   Cincinnati Premium Outlets   OH   Monroe (Cincinnati)   Fee     100.0 % Built 2009     99.5%     398,803   Adidas, Banana Republic, Brooks Brothers, Coach, Cole Haan, Gap Outlet, HanesBrands, J.Crew, Kenneth Cole, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, The North Face
11.   Clinton Crossing Premium Outlets   CT   Clinton   Fee     100.0 % Acquired 2004     98.4%     276,166   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     91.4%     163,708   Adidas, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Gymboree, Levi's, Samsonite, Tommy Hilfiger

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
13.   Desert Hills Premium Outlets   CA   Cabazon (Palm Springs)   Fee     100.0 % Acquired 2004     99.9%     501,686   Burberry, Coach, Dior, Elie Tahari, Giorgio Armani, Gucci, Lacoste, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tory Burch, True Religion, Yves Saint Laurent, Zegna
14.   Edinburgh Premium Outlets   IN   Edinburgh (Indianapolis)   Fee     100.0 % Acquired 2004     100.0%     377,694   Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Coldwater Creek, Columbia Sportswear, DKNY, Gap Outlet, J.Crew, Levi's, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger
15.   Ellenton Premium Outlets   FL   Ellenton (Tampa)   Fee     100.0 % Acquired 2010     99.6%     476,651   Banana Republic, Calvin Klein, Coach, J.Crew, Kate Spade New York, 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     95.8%     297,969   BCBG Max Azria, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Kenneth Cole, Nautica, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger
17.   Gaffney Premium Outlets   SC   Gaffney   Fee     100.0 % Acquired 2010     90.8%     359,658   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     96.4%     577,856   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Elie Tahari, 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     98.3%     531,772   American Eagle, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Nike, Polo Ralph Lauren, Under Armour
20.   Gulfport Premium Outlets   MS   Gulfport   Ground Lease (2034)     100.0 % Acquired 2010     92.3%     299,780   Ann Taylor, Banana Republic, BCBG Max Azria, Coach, Gap Outlet, J.Crew, Jones New York, Nautica, Nike, Polo Ralph Lauren, Talbots, Timberland, Tommy Hilfiger, Under Armour
21.   Hagerstown Premium Outlets   MD   Hagerstown   Fee     100.0 % Acquired 2010     95.6%     485,158   Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Kate Spade New York, Lee Jeans, Nike, Tommy Hilfiger, Under Armour
22.   Houston Premium Outlets   TX   Cypress (Houston)   Fee     100.0 % Built 2008     99.5%     541,577   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     100.0 %   285,680   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     99.8%     434,443   Adidas, Ann Taylor, Banana Republic, Burberry, Brooks Brothers, DKNY, Elie Tahari, Guess, J.Crew, Kate Spade New York, Michael Kors, Nike, Theory, Tommy Hilfiger, True Religion, Under Armour
25.   Johnson Creek Premium Outlets   WI   Johnson Creek   Fee     100.0 % Acquired 2004     91.8%     277,673   Adidas, Ann Taylor, Banana Republic, Calvin Klein, Columbia Sportswear, Eddie Bauer, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger
26.   Kittery Premium Outlets   ME   Kittery   Ground Lease (2014)     100.0 % Acquired 2004     98.5%     264,838   Adidas, Banana Republic, Calvin Klein, Chico's, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Puma, Reebok, Tommy Hilfiger

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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
27.   Las Americas Premium Outlets   CA   San Diego   Fee     100.0 % Acquired 2007     99.7%     560,906   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Hugo Boss, J.Crew, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Sony, Tommy Bahama, True Religion
28.   Las Vegas Premium Outlets—North   NV   Las Vegas   Fee     100.0 % Built 2003     99.6%     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, St. John, TAG Heuer, Ted Baker, True Religion
29.   Las Vegas Premium Outlets—South   NV   Las Vegas   Fee     100.0 % Acquired 2004     94.9%     535,136   Adidas, Aeropostale, Ann Taylor, Banana Republic, Bose, Calvin Klein, Coach, DKNY, Gap Outlet, Gymboree, Kenneth Cole, Levi's, Michael Kors, Nautica, Nike, Reebok, Tommy Hilfiger
30.   Lebanon Premium Outlets   TN   Lebanon (Nashville)   Fee     100.0 % Acquired 2010     93.4%     227,119   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     99.1%     224,846   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, J.Crew, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour
32.   Leesburg Corner Premium Outlets   VA   Leesburg (Washington D.C.)   Fee     100.0 % Acquired 2004     98.3%     518,003   Ann Taylor, Brooks Brothers, Burberry, Coach, Diesel, DKNY, Elie Tahari, 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     78.5%     164,626   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     95.5%     454,542   Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Coldwater Creek, Columbia Sportswear, DKNY, Gap Outlet, Guess, J.Crew, Movado, Nike, Polo Ralph Lauren, Tommy Hilfiger
35.   Napa Premium Outlets   CA   Napa   Fee     100.0 % Acquired 2004     95.9%     179,349   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     96.1%     223,561   Adidas, Banana Republic, Bass, Carter's, Coach, Eddie Bauer, Gap Outlet, Izod, Nike, Nine West, PacSun, Tommy Hilfiger, Under Armour, Van Heusen, VF Outlet

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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
37.   North Georgia Premium Outlets   GA   Dawsonville (Atlanta)   Fee     100.0 % Acquired 2004     97.7%     540,320   Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Elie Tahari, 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—International Dr   FL   Orlando   Fee     100.0 % Acquired 2010     99.3%     773,429   7 For All Mankind, Betsey Johnson, Coach, DKNY, Escada, J.Crew, Kenneth Cole, Lacoste, Last Call by Neiman Marcus, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Victoria's Secret
39.   Orlando Premium Outlets—Vineland Ave   FL   Orlando   Fee     100.0 % Acquired 2004     100.0%     549,651   Burberry, Calvin Klein, Coach, Cole Haan, Diesel, Fendi, Giorgio Armani, Hugo Boss, J.Crew, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Tag Heuer, Theory, Tory Burch, Vera Bradley
40.   Osage Beach Premium Outlets   MO   Osage Beach   Fee     100.0 % Acquired 2004     90.5%     392,790   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Coldwater Creek, Eddie Bauer, Gap Outlet, Levi's, Nike, Polo Ralph Lauren, Tommy Hilfiger
41.   Petaluma Village Premium Outlets   CA   Petaluma   Fee     100.0 % Acquired 2004     93.4 %   195,738   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     99.1%     549,143   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, Guess, J.Crew, Last Call by Neiman Marcus, Michael Kors, 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, Coach, Guess, Jones New York, Levi's, Nike, Nine West, Polo Ralph Lauren, Tommy Hilfiger, Van Heusen
44.   Pleasant Prairie Premium Outlets   WI   Pleasant Prairie   Fee     100.0 % Acquired 2010     100.0%     402,502   Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, Hugo Boss, J.Crew, Juicy Couture, Michael Kors, Nike, Polo Ralph Lauren, Sony, St. John
45.   Puerto Rico Premium Outlets   PR   Barceloneta   Fee     100.0 % Acquired 2010     95.7%     344,748   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 (Baltimore)   Fee     100.0 % Acquired 2010     97.7%     284,374   Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gucci, J.Crew, Juicy Couture, Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren, Talbots

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
47.   Rio Grande Valley Premium Outlets   TX   Mercedes (McAllen)   Fee     100.0 % Built 2006     94.8%     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     96.4%     488,645   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     99.6%     731,078   Banana Republic, Betsey Johnson, Cole Haan, Fendi, Giorgio Armani, Gucci, Last Call by Neiman Marcus, Loro Piana, Michael Kors, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Victoria's Secret
50.   Seattle Premium Outlets   WA   Tulalip (Seattle)   Ground Lease (2034)     100.0 % Built 2005     100.0%     443,827   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 Bahama, Tommy Hilfiger
51.   St. Augustine Premium Outlets   FL   St. Augustine (Jacksonville)   Fee     100.0 % Acquired 2004     100.0%     328,570   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     100.0%     411,204   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Coldwater Creek, Guess, J.Crew, Nike, Polo Ralph Lauren, Reebok, Timberland, Tommy Hilfiger, Under Armour
53.   Vacaville Premium Outlets   CA   Vacaville   Fee     100.0 % Acquired 2004     98.7%     437,336   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     100.0%     209,829   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, Zales Outlet
55.   Waterloo Premium Outlets   NY   Waterloo   Fee     100.0 % Acquired 2004     99.7%     417,737   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Levi's, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, VF Outlet
56.   Williamsburg Premium Outlets   VA   Williamsburg   Fee     100.0 % Acquired 2010     97.1%     521,500   Ann Taylor, Banana Republic, Burberry, Coach, Cole Haan, Dooney & Bourke, Hugo Boss, J.Crew, Juicy Couture, Kenneth Cole, Lacoste, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Talbots
57.   Woodbury Common Premium Outlets   NY   Central Valley (New York)   Fee     100.0 % Acquired 2004     96.7%     845,428   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, Valentino, Versace, Yves St. Laurent
58.   Wrentham Village Premium Outlets   MA   Wrentham (Boston)   Fee     100.0 % Acquired 2004     99.5%     660,004   Ann Taylor, Banana Republic, Bloomingdale's The Outlet Store, 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, Tory Burch, True Religion, Under Armour
                                         
    Total U.S. Premium Outlets GLA                         24,381,250    
                                         

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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
    Community/Lifestyle Centers                              
1.   ABQ Uptown   NM   Albuquerque   Fee     100.0 % Acquired 2011     99.2%     214,754    
2.   Arboretum   TX   Austin   Fee     100.0 % Acquired 1998     87.0%     198,304   Barnes & Noble, Pottery Barn
3.   Bloomingdale Court   IL   Bloomingdale (Chicago)   Fee     100.0 % Built 1987     95.2%     623,181   Best Buy, T.J. Maxx N More, Office Max, Walmart Supercenter, Dick's Sporting Goods, Jo-Ann Fabrics, Picture Show, Ross Dress for Less, hhgregg
4.   Charles Towne Square   SC   Charleston   Fee     100.0 % Built 1976     100.0%     71,794   Regal Cinema
5.   Chesapeake Center   VA   Chesapeake (Virginia Beach)   Fee     100.0 % Built 1989     96.8%     305,935   Kmart, Petsmart, Michaels, Value City Furniture
6.   Clay Terrace   IN   Carmel (Indianapolis)   Fee     50.0 %(4) Built 2004     94.6%     579,188 (16) Dick's Sporting Goods, Whole Foods, DSW, Snapperz
7.   Cobblestone Court   NY   Victor   Fee     35.7 %(4)(13) Built 1993     100.0%     265,470   Dick's Sporting Goods, Kmart, Office Max
8.   Countryside Plaza   IL   Countryside (Chicago)   Fee     100.0 % Built 1977     95.2%     403,756   Best Buy, Home Depot, PetsMart, Jo-Ann Fabrics, Office Depot, Value City Furniture, The Tile Shop
9.   Crystal Court   IL   Crystal Lake (Chicago)   Fee     37.9 %(4)(13) Built 1989     53.7%     278,978   Big Lots
10.   Dare Centre   NC   Kill Devil Hills   Ground Lease (2058)     100.0 % Acquired 2004     90.0%     169,061   Belk, Food Lion
11.   DeKalb Plaza   PA   King of Prussia (Philadelphia)   Fee     86.0 % Acquired 2003     94.9%     101,963   ACME Grocery, (8)
12.   Empire East   SD   Sioux Falls   Fee     100.0 % 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     96.9%     249,488   Burlington Coat Factory, Offenbacher's, XSport Fitness (6)
14.   Forest Plaza   IL   Rockford   Fee     100.0 % Built 1985     100.0%     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 Center   TX   Austin   Fee     100.0 % 2004     90.8%     512,990   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     100.0%     164,369   Michaels, Best Buy, hhgregg
18.   Greenwood Plus   IN   Greenwood (Indianapolis)   Fee     100.0 % Built 1979     100.0%     155,319   Best Buy, Kohl's

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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
19.   Hamilton Town Center   IN   Noblesville (Indianapolis)   Fee     50.0 %(4) Built 2008     86.6%     666,696   JCPenney, Dick's Sporting Goods, Stein Mart, Bed Bath & Beyond, DSW, Hamilton 16 IMAX, (8)
20.   Henderson Square   PA   King of Prussia (Philadelphia)   Fee     75.9 %(15) Acquired 2003     91.2%     107,371   Genuardi's Family Market, Avalon Carpet & Tile
21.   Highland Lakes Center   FL   Orlando   Fee     100.0 % Built 1991     80.3%     488,850   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 %(4) Built 1997     100.0%     255,942   Lowe's, Best Buy, Ross Dress for Less, Bed Bath & Beyond, Michaels
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     77.4%     29,140    
25.   Lake Plaza   IL   Waukegan (Chicago)   Fee     100.0 % Built 1986     100.0%     215,568   Home Owners Bargain Outlet
26.   Lake View Plaza   IL   Orland Park (Chicago)   Fee     100.0 % Built 1986     86.4%     367,603   Factory Card Outlet, Best Buy, Petco, Jo-Ann Fabrics, Golf Galaxy, Value City Furniture, Tuesday Morning, (8)
27.   Lakeline Plaza   TX   Cedar Park (Austin)   Fee     100.0 % Built 1998     100.0%     387,381   T.J. Maxx, Best Buy, Ross Dress for Less, Office Max, PetsMart, Party City, Hancock Fabrics, Rooms to Go, Rooms to Go Kids, Bed Bath & Beyond, (8)
28.   Lima Center   OH   Lima   Fee     100.0 % Built 1978     97.4%     223,878   Kohl's, Hobby Lobby, T.J. Maxx
29.   Lincoln Crossing   IL   O'Fallon (St. Louis)   Fee     100.0 % Built 1990     90.5%     243,326   Walmart, PetsMart, The Home Depot
30.   Lincoln Plaza   PA   King of Prussia (Philadelphia)   Fee     64.9 %(15) Acquired 2003     98.6%     267,965   AC Moore, Michaels, T.J. Maxx, Home Goods, hhgregg, American Signature Furniture, DSW, (8)
31.   MacGregor Village   NC   Cary   Fee     100.0 % Acquired 2004     69.9%     144,041    
32.   Mall of Georgia Crossing   GA   Buford (Atlanta)   Fee     100.0 % Built 1999     97.8%     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     95.3%     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     97.4%     270,892   Dominick's, Shoppers World (6)
36.   Muncie Towne Plaza   IN   Muncie   Fee     100.0 % Built 1998     100.0%     172,617   Kohl's, Target, Shoe Carnival, T.J. Maxx, MC Sporting Goods, Kerasotes Theatres, Factory Card Outlet
37.   New Castle Plaza   IN   New Castle   Fee     100.0 % Built 1966     100.0%     91,648   Goody's, Ace Hardware, Aaron's Rents, Dollar Tree

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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
38.   North Ridge Plaza   IL   Joliet (Chicago)   Fee     100.0 % Built 1985     97.5%     303,469   Hobby Lobby, Office Max, Burlington Coat Factory, Ultra Foods Grocery, Marshalls
39.   North Ridge Shopping Center   NC   Raleigh   Fee     100.0 % Acquired 2004     94.6%     169,783   Ace Hardware, Kerr Drugs, Harris-Teeter Grocery
40.   Northwood Plaza   IN   Fort Wayne   Fee     100.0 % Built 1974     81.8%     208,076   Target, Cinema Grill
41.   Palms Crossing   TX   McAllen   Fee     100.0 % Built 2007     98.7%     392,249   Bealls, DSW, Barnes & Noble, Babies 'R Us, Sports Authority, Guitar Center, Cavendar's Boot City, Best Buy, Hobby Lobby
42.   Pier Park   FL   Panama City Beach   Fee     65.6 %(4) Built 2008     96.9%     841,433   Dillard's, JCPenney, Target, Grand Theatres, Ron Jon Surf Shop, Margaritaville, Marshalls, Forever 21 (6)
43.   Plaza at Buckland Hills, The   CT   Manchester   Fee     41.3 %(4)(13) Built 1993     86.6%     329,892   Jo-Ann Fabrics, iParty, Toys 'R Us, Michaels, PetsMart, Big Lots, Eastern Mountain Sports
44.   Regency Plaza   MO   St. Charles (St. Louis)   Fee     100.0 % Built 1988     100.0%     287,473   Walmart, 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     96.0%     369,482   T.J. Maxx, Sam's Wholesale Club, Bed Bath & Beyond, Best Buy, Michaels, Marshalls
47.   Rockaway Commons   NJ   Rockaway (New York)   Fee     100.0 % Acquired 1998     46.3%     150,504   Best Buy, (8)
48.   Rockaway Town Plaza   NJ   Rockaway (New York)   Fee     100.0 % Acquired 1998     100.0%     459,301   Target, PetsMart, Dick's Sporting Goods, AMC Theatres
49.   Royal Eagle Plaza   FL   Coral Springs (Miami)   Fee     42.0 %(4)(13) Built 1989     99.4%     199,082   Stein Mart, Sports Authority, (8)
50.   Shops at Arbor Walk, The   TX   Austin   Ground Lease (2056)     100.0 % Built 2006     94.1%     464,699   Home Depot, Marshalls, DSW, Vitamin Cottage Natural Grocer, Spec's Wine, Spirits and Fine Foods, Jo-Ann Fabrics, Sam Moon Trading Co., (8)
51.   Shops at North East Mall, The   TX   Hurst (Dallas)   Fee     100.0 % Built 1999     98.9%     365,008   Michaels, PetsMart, T.J. Maxx, Bed Bath & Beyond, Best Buy, Barnes & Noble, DSW
52.   St. Charles Towne Plaza   MD   Waldorf (Washington, D.C.)   Fee     100.0 % Built 1987     76.4%     394,618   K & G Menswear, CVS, Shoppers Food Warehouse, Dollar Tree, Value City Furniture, Big Lots, Citi Trends, (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     83.0%     346,693   Marshalls, American Signature Furniture, Global Import, Target, Bed Bath & Beyond, (8)

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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
55.   Tippecanoe Plaza   IN   Lafayette   Fee     100.0 % Built 1974     100.0%     90,522   Best Buy, Barnes & Noble
56.   University Center   IN   Mishawaka (South Bend)   Fee     100.0 % Built 1980     57.9%     150,524   Michaels, Best Buy, (8)
57.   Village Park Plaza   IN   Carmel (Indianapolis)   Fee     35.7 %(4)(13) Built 1990     96.1%     575,544   Bed Bath & Beyond, Kohl's, Walmart Supercenter, Marsh, Menards, Regal Cinema, Hobby Lobby
58.   Washington Plaza   IN   Indianapolis   Fee     100.0 % Built 1976     96.4%     50,107   Jo-Ann Fabrics
59.   Waterford Lakes Town Center   FL   Orlando   Fee     100.0 % Built 1999     100.0%     949,709   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     95.5%     254,480   T.J. Maxx, Toys 'R Us/Babies 'R Us, Target
61.   West Town Corners   FL   Altamonte Springs (Orlando)   Fee     32.2 %(4)(13) Built 1989     93.5%     373,342   Sports Authority, PetsMart, Winn-Dixie Marketplace, American Signature Furniture, Walmart, Lowe's
62.   Westland Park Plaza   FL   Orange Park (Jacksonville)   Fee     32.2 %(4)(13) Built 1989     98.2%     163,254   PetsMart, Burlington Coat Factory, LA Fitness (6), USA Discounters (6)
63.   White Oaks Plaza   IL   Springfield   Fee     100.0 % Built 1986     99.4%     391,474   T.J. Maxx, Office Max, Kohl's, Babies 'R Us, Country Market
64.   Whitehall Mall   PA   Whitehall   Fee     38.0 %(4)(15) Acquired 2003     93.6%     601,610   Sears, Kohl's, Bed Bath & Beyond, Gold's Gym, Buy Buy Baby, Raymour & Flanigan Furniture (6)
65.   Willow Knolls Court   IL   Peoria   Fee     35.7 %(4)(13) Built 1990     98.6%     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     97.4%     626,180   Kohl's, Target, Michaels, Best Buy, Office Depot, PetsMart, T.J. Maxx, DSW, Ross Dress for Less (6)
                                         
    Total Community/Lifestyle Center GLA                         20,415,543    
                                         

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
    Other Properties                                      
1.   Factory Stores of America—Boaz   AL   Boaz   Ground Lease (2027)     100.0 % Acquired 2004     60.2%     111,616   Bon Worth, Easy Spirit, Rue21, VF Outlet
2.   Factory Stores of America—Georgetown   KY   Georgetown   Fee     100.0 % Acquired 2004     91.6%     173,328   Bass, Dressbarn, Rack Room Shoes, Rue 21, Van Heusen
3.   Factory Stores of America—Graceville   FL   Graceville   Fee     100.0 % Acquired 2004     87.6%     84,221   Factory Brand Shoes, Van Heusen, VF Outlet
4.   Factory Stores of America—Lebanon   MO   Lebanon   Fee     100.0 % Acquired 2004     95.3%     85,924   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
5.   Factory Stores of America—Nebraska City   NE   Nebraska City   Fee     100.0 % Acquired 2004     93.4%     89,608   Bass, Easy Spirit, Van Heusen, VF Outlet
6.   Factory Stores of America—Story City   IA   Story City   Fee     100.0 % Acquired 2004     74.5%     112,599   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
7.   Florida Keys Outlet Center   FL   Florida City   Fee     100.0 % Acquired 2010     80.5%     207,367   Aeropostale, Carter's, Coach, Gap Outlet, Guess, Nike, Nine West, OshKosh B'gosh, Skechers, Tommy Hilfiger
8.   Gwinnett Place   GA   Duluth (Atlanta)       (18) Acquired 1998     N/A     1,279,573 (16)  
9.   Huntley Outlet Center   IL   Huntley   Fee     100.0 % Acquired 2010     67.5%     278,953   Aeropostale, Ann Taylor, Banana Republic, BCBG Max Azria, Bose, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Reebok, Tommy Hilfiger, Van Heusen
10.   Mall at The Source, The   NY   Westbury (New York)   Fee     25.5 %(4)(2) Built 1997     72.7%     722,585   Off 5th-Saks Fifth Avenue, Nordstrom Rack, (8)
11.   Shops at Nanuet, The   NY   Nanuet (New York)   Fee     100.0 % Acquired 1998     N/A (19)   590,461   Macy's, Sears, (8)
12.   Naples Outlet Center   FL   Naples   Fee     100.0 % Acquired 2010     74.0%     146,034   Ann Taylor, Bass, Coach, Jones New York, L'eggs/Hanes/Bali/Playtex, Loft Outlet, Samsonite, Van Heusen
13.   Outlet Marketplace   FL   Orlando   Fee     100.0 % Acquired 2010     70.5%     204,953   Calvin Klein, Coldwater Creek, Nine West, Reebok, Sketchers, Van Heusen, Wilsons Leather
14.   The Shoppes at Branson Meadows   MO   Branson   Fee     100.0 % Acquired 2004     65.1%     287,064   Branson Meadows Cinemas, Dressbarn, VF Outlet
15.   University Town Plaza   FL   Pensacola   Fee     100.0 % Acquired 1994     N/A (19)   478,449   JCPenney, Sears, Belk
                                         
Total Other GLA                                 4,852,735    
                                         

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 Properties                                      
    The Mills®                                      
1.   Arizona Mills   AZ   Tempe (Phoenix)   Fee     25.0 %(4) Acquired 2007     96.1%     1,253,037   Marshalls, Last Call by Neiman Marcus, Saks Fifth Avenue Off 5th, Burlington Coat Factory, Sears Appliance Outlet, Gameworks, Sports Authority, Ross Dress for Less, JCPenney Outlet, Group USA, Harkins Cinemas & IMAX, Sea Life Center
2.   Arundel Mills   MD   Hanover (Baltimore)   Fee     29.6 %(4) Acquired 2007     99.6%     1,566,033   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, Last Call by Neiman Marcus, Saks Fifth Avenue Off 5th, Off Broadway Shoe Warehouse, T.J. Maxx, Cinemark Egyptian 24 Theatres, Maryland Live! Casino (6)
3.   Colorado Mills   CO   Lakewood (Denver)   Fee     18.8 %(4)(2) Acquired 2007     86.5%     1,097,757   Eddie Bauer Outlet, Last Call by Neiman Marcus, Off Broadway Shoe Warehouse, Saks Fifth Avenue Off 5th, Sports Authority, Super Target, United Artists Theatre, Burlington Coat Factory
4.   Concord Mills   NC   Concord (Charlotte)   Fee     29.6 %(4)(2) Acquired 2007     98.8%     1,334,264   Bass Pro Shops Outdoor World, Books-A-Million, Burlington Coat Factory, Saks Fifth Avenue Off 5th, The Children's Place Outlet, Dave & Buster's, Nike Factory Store, T.J. 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     88.9%     1,183,027   Bass Pro Shops, Books-A-Million, Burlington Coat Factory, Last Call by Neiman Marcus, Medieval Times, Saks Fifth Avenue Off 5th, Off Broadway Shoe Warehouse, Ross Dress for Less, Sears Appliance Outlet, Sun & Ski Sports, Dave & Buster's, AMC Theatres
6.   Franklin Mills   PA   Philadelphia   Fee     50.0 %(4) Acquired 2007     88.2%     1,735,852   Dave & Buster's, JC Penney (6), Burlington Coat Factory, Marshalls HomeGoods, Modell's Sporting Goods, Group USA, Bed Bath & Beyond, Sam Ash Music, Saks Fifth Avenue Off 5th, Last Call by Neiman Marcus, Off Broadway Shores, Sears Appliance Outlet, H&M, AMC Theatres, Forever 21
7.   Grapevine Mills   TX   Grapevine (Dallas)   Fee     29.6 %(4) Acquired 2007     98.0%     1,777,336   Bed, Bath & Beyond, Books-A-Million, Burlington Coat Factory, The Children's Place, Group USA, JCPenney Outlet, Marshalls, Nike Factory Store, Saks Fifth Avenue Off 5th, AMC Theatres, Dr. Pepper Star Center, Sun & Ski Sports, Last Call by Neiman Marcus, Sears Appliance Outlet, Bass Pro Outdoor World, Off Broadway Shoes, VF Outlet, Legoland Discovery Center, Sea Life Center, Ross Dress for Less
8.   Great Mall   CA   Milpitas (San Jose)   Fee     50.0 %(4) Acquired 2007     97.7%     1,361,692   Last Call by Neiman Marcus, Sports Authority, Group USA, Kohl's, Dave & Busters, Sears Appliance Outlet, Burlington Coat Factory, Marshalls, Saks Fifth Avenue Off 5th, Nike Factory Store, Century Theatres, Bed Bath & Beyond
9.   Gurnee Mills   IL   Gurnee (Chicago)   Fee     50.0 %(4) Acquired 2007     97.6%     1,782,927   Bass Pro Shops Outdoor World, Bed Bath & Beyond, Burlington Coat Factory, Kohl's, Marshalls Home Goods, Saks Fifth Avenue Off 5th, Rinkside, Sears Grand, The Sports Authority, T.J. Maxx, VF Outlet, Marcus Cinemas, Last Call by Neiman Marcus, Value City Furniture, Shoppers World, Off Broadway Shoe Warehouse, Macy's (21)

31


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
10.   Katy Mills   TX   Katy (Houston)   Fee     31.3 %(4)(2) Acquired 2007     94.9%     1,555,948   Bass Pro Shops Outdoor World, Bed Bath and Beyond, Books-A-Million, Burlington Coat Factory, Marshalls, Last Call by Neiman Marcus, Nike Factory Store, Saks Fifth Avenue Off 5th, Sun & Ski Sports, AMC Theatres, Off Broadway Shoes, Tilt
11.   Ontario Mills   CA   Ontario (Riverside)   Fee     25.0 %(4) Acquired 2007     98.0%     1,463,988   Burlington Coat Factory, Nike Factory Store, Gameworks, The Children's Place Outlet, Marshalls, JCPenney Outlet, Saks Fifth Avenue Off 5th, Bed Bath & Beyond, Nordstrom Rack, Dave & Busters, Group USA, Sam Ash Music, Off Broadway Shoes, AMC Theatres, Sports Authority, Forever 21, Last Call by Neiman Marcus (6)
12.   Opry Mills   TN   Nashville   Fee     50.0 %(4) Acquired 2007     (17)     1,159,953   Regal Cinema & IMAX, Dave & Busters, VF Outlet, Sun & Ski, Bass Pro Shops, Forever 21 (6), Bed Bath & Beyond (6), Saks Fifth Avenue Off 5th (6), Off Broadway Shoes (6), (18)
13.   Outlets at Orange, The   CA   Orange (Los Angeles)   Fee     25.0 %(4) Acquired 2007     93.3%     723,495   Dave & Buster's, Vans Skatepark, Lucky Strike Lanes, Saks Fifth Avenue Off 5th, AMC Theatres, Nike Factory Store, Last Call by Neiman Marcus, Off Broadway Shoes, Nordstrom Rack (6), Sports Authority (6)
14.   Potomac Mills   VA   Prince William (Washington, D.C.)   Fee     50.0 %(4) Acquired 2007     99.2%     1,518,937   Group USA, Marshalls, T.J. Maxx, Sears Appliance Outlet, JCPenney (6), Burlington Coat Factory, Off Broadway Shoe Warehouse, Nordstrom Rack, Saks Fifth Avenue Off 5th Outlet, Costco Warehouse, The Children's Place, AMC Theatres, Modell's Sporting Goods, Books-A-Million, H&M, Last Call by Neiman Marcus, XXI Forever, Bloomingdale's Outlet
15.   Sawgrass Mills   FL   Sunrise (Miami)   Fee     50.0 %(4) Acquired 2007     98.7%     2,151,121   American Signature Home, Beall's Outlet, Bed Bath & Beyond, Brandsmart USA, Burlington Coat Factory, Gameworks, JCPenney Outlet Store, Marshalls, Last Call by Neiman Marcus, Nike Factory Store, Nordstrom Rack, Saks Fifth Avenue Off 5th, Ron Jon Surf Shop, The Sports Authority, Super Target, T.J. Maxx, VF Factory Outlet, F.Y.E., Off Broadway Shoes, Regal Cinema, Bloomingdale's Outlet, Forever 21 (6)
16.   St. Louis Mills   MO   Hazelwood (St. Louis)   Fee     25.0 %(4)(2) Acquired 2007     84.1%     1,174,839   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 Cinema, Plan 9 Skatepark
                                         
    Subtotal The Mills®                                 22,840,206    
                                         

32


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                                      
14.   Briarwood Mall   MI   Ann Arbor   Fee     25.0 %(4) Acquired 2007     97.2%     973,601   Macy's, JCPenney, Sears, Von Maur
15.   Del Amo Fashion Center   CA   Torrance (Los Angeles)   Fee     25.0 %(4)(20) Acquired 2007     90.6%     2,276,842   Macy's North, Macy's South, Macy's Home & Furniture Gallery, JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, Burlington Coat Factory, AMC Theatres
16.   Dover Mall   DE   Dover   Fee and Ground Lease (2021) (7)     34.0 %(4) Acquired 2007     88.1%     886,258   Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas
17.   Esplanade, The   LA   Kenner (New Orleans)   Fee     50.0 %(4) Acquired 2007     81.4%     953,468   Dillard's, Macy's, Target, Grand Theater (21), (8)
18.   Falls, The   FL   Miami   Fee     25.0 %(4) Acquired 2007     96.9%     807,365   Bloomingdale's, Macy's, Regal Cinema, The Fresh Market (6)
19.   Galleria at White Plains, The   NY   White Plains (New York)   Fee     50.0 %(4) Acquired 2007     86.5%     870,232   Macy's, Sears, Forever 21
20.   Hilltop Mall   CA   Richmond (San Francisco)   Fee     25.0 %(4) Acquired 2007     71.8%     1,093,910   JCPenney, Sears, Macy's, Walmart, 24 Hour Fitness
21.   Lakeforest Mall   MD   Gaithersburg (Washington, D.C.)   Fee     25.0 %(4) Acquired 2007     87.0%     1,047,938   Macy's, Lord & Taylor, JCPenney, Sears
22.   Mall at Tuttle Crossing, The   OH   Dublin (Columbus)   Fee     25.0 %(4) Acquired 2007     94.9%     1,121,351   Macy's (2 locations), JCPenney
23.   Marley Station   MD   Glen Burnie (Baltimore)   Fee     25.0 %(4) Acquired 2007     78.4%     1,069,087   Macy's, JCPenney, Sears, Regal Cinema, Gold's Gym, (11)
24.   Meadowood Mall   NV   Reno   Fee     25.0 %(4) Acquired 2007     93.1%     876,847 (16) Macy's Men's, Macy's, Sears, JCPenney, (8)
25.   Northpark Mall   MS   Ridgeland   Fee     50.0 %(4) Acquired 2007     94.1%     956,256   Dillard's Women's, Dillard's Men's and Children's, JCPenney, Belk, Regal Cinema
26.   Shops at Riverside, The   NJ   Hackensack (New York)   Fee     50.0 %(4) Acquired 2007     91.0%     769,146   Bloomingdale's, Saks Fifth Avenue, Barnes & Noble, Arhaus Furniture (6)
27.   Southdale Center   MN   Edina (Minneapolis)   Fee     50.0 %(4) Acquired 2007     80.2%     1,302,787 (16) Macy's, JCPenney, Marshalls, AMC Theatres, Herberger's

33


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
28.   Southridge Mall   WI   Greendale (Milwaukee)   Fee     50.0 %(4) Acquired 2007     90.5%     1,167,416   JC Penney, Sears, Kohl's, Boston Store, Macy's (6)
29.   Stoneridge Shopping Center   CA   Pleasanton (San Francisco)   Fee     25.0 %(4) Acquired 2007     96.7%     1,300,563   Macy's Women's, Macy's Men's, Nordstrom, Sears, JCPenney
                                         
    Subtotal Mills Regional Malls                         17,473,067    
                                         
    Mills Community Centers                              
30.   Arundel Mills Marketplace   MD   Hanover (Baltimore)   Fee     29.6 %(4) Acquired 2007     100.0%     101,535   Michaels, Staples, PetSmart, hhgregg
31.   Concord Mills Marketplace   NC   Concord (Charlotte)   Fee     50.0 %(4) Acquired 2007     100.0%     230,683   BJ's Wholesale Club, Garden Ridge, REC Warehouse
32.   Denver West Village   CO   Lakewood (Denver)   Fee     18.8 %(4) Acquired 2007     90.1%     310,709   Barnes & Noble, Bed Bath & Beyond, Office Max, Whole Foods, DSW, Christy Sports, United Artists, Cost Plus World Market (6)
33.   Liberty Plaza   PA   Philadelphia   Fee     50.0 %(4) Acquired 2007     100.0%     371,617   Walmart, Dick's Sporting Goods, Raymour & Flanigan, Super Fresh Food Market
                                         
    Subtotal Mills Community Centers                         1,014,544    
                                         
    Total Mills Properties                         41,327,817    
                                         
    Total U.S. Properties GLA                         242,211,286    
                                         

34


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. P remium 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)
Mall & Freestanding GLA includes office space. Centers with more than 20,000 square feet of office space are listed below:

Arsenal Mall—52,847 sq. ft.   Gwinnett Place—32,603 sq. ft.
Circle Centre Mall—25,192 sq. ft.   Menlo Park Mall—52,358 sq. ft.
Clay Terrace—75,118 sq. ft.   Oak Court Mall—126,583 sq. ft.
The Domain—133,010 sq. ft.   Oxford Valley Mall—110,324 sq. ft.
Copley Place—867,301 sq. ft.   Plaza Carolina—27,343 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.   River Oaks Center—117,716 sq. ft.
Firewheel Town Center—75,104 sq. ft.   White Oaks Mall—35,607 sq. ft.
Greendale Mall—119,860 sq. ft.   Southdale Center—20,295 sq. ft.
(17)
Property remains partially closed due to flood damage incurred during May 2010 with restoration expected to be complete and the property reopened in March 2012.

(18)
Our interests in the property were sold effective January 1, 2012.

(19)
The center is being de-malled through a major redevelopment.

(20)
We purchased an additional interest in the property on January 6, 2012, bringing our ownership to 50%.

(21)
Tenant expected to open in 2013.

35


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, 2011. The data does not include information for The Mills and the Mills regional malls. 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, 2011

Year
  Number of
Leases Expiring
  Square Feet   Avg. Base Rent per
Square Foot at
12/31/11
  Percentage of Gross
Annual Rental
Revenues (1)
 

Small Shops and Freestanding

                         

Month to Month Leases

   
924
   
1,771,273
 
$

34.57
   
1.2

%

2012

    2,629     8,711,837   $ 35.08     6.2 %

2013

    2,916     8,978,639   $ 37.26     7.0 %

2014

    2,232     7,412,089   $ 36.87     5.8 %

2015

    2,171     7,653,614   $ 39.28     6.4 %

2016

    2,250     7,484,236   $ 38.48     6.1 %

2017

    1,792     6,363,088   $ 42.01     5.8 %

2018

    1,675     6,466,380   $ 47.46     6.5 %

2019

    1,413     5,297,145   $ 46.08     5.3 %

2020

    1,122     4,095,527   $ 46.41     4.1 %

2021

    1,196     4,720,176   $ 44.19     4.5 %

2022 and Thereafter

    537     3,050,467   $ 37.44     2.5 %

Specialty Leasing Agreements w/ terms in excess of 12 months

    1,513     3,830,051   $ 14.27     1.2 %

Anchor Tenants

                         

2012

   
8
   
899,136
 
$

4.97
   
0.1

%

2013

    25     3,004,411   $ 3.55     0.2 %

2014

    30     3,040,162   $ 4.90     0.3 %

2015

    25     2,889,075   $ 3.10     0.2 %

2016

    23     2,698,023   $ 3.45     0.2 %

2017

    16     2,094,315   $ 2.39     0.1 %

2018

    13     1,267,293   $ 6.72     0.2 %

2019

    16     1,600,661   $ 4.48     0.1 %

2020

    13     1,215,311   $ 6.21     0.1 %

2021

    12     1,055,228   $ 7.30     0.1 %

2022 and Thereafter

    28     3,310,338   $ 8.33     0.6 %

(1)
Annual rental revenues represent the aggregate of 2011 consolidated and joint venture (gross) combined base rental revenue.

36


Table of Contents

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.

    European Investments

            Gallerie Commerciali Italia, S.p.A., or GCI, is a fully integrated retail real estate developer, owner and manager of 45 properties in Italy with approximately 10.1 million square feet of GLA. At December 31, 2011, we had a 49.0% ownership interest in GCI. Substantially all of these properties are anchored by the hypermarket retailer Auchan S.A., who is also our venture partner in GCI. We sold our entire ownership interest in GCI to our venture partner on January 9, 2012.

    Other International Investments

            We also hold real estate interests in eight operating joint venture properties in Japan, two operating joint venture properties in South Korea, one operating joint venture property in Mexico, and one operating joint venture property 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 Japanese centers comprise over 2.6 million square feet of GLA and were 100.0% leased as of December 31, 2011.

            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, 2011:

Holdings
  Ownership Interest   Properties open and operating   Countries of Operation

Chelsea Japan Co. Ltd. 

    40.0 %   8   Japan

Shinsegae Chelsea (Seoul)

    50.0 %   2   South Korea

Premium Outlets Punta Norte (Mexico City)

    50.0 %   1   Mexico

Genting Simon Sdn Bhd (Johor)

    50.0 %   1   Malaysia

            On March 17, 2011, Paju Premium Outlets, a 328,000 square foot center located in Seoul, South Korea, opened. On July 14, 2011, Tosu Premium Outlets Phase III, a 52,000 square foot expansion to the Tosu Premium Outlet located in Fukuoka, Japan, opened. On December 2, 2011, Johor Premium Outlets, a 190,000 square foot center located in Johor, Malaysia, opened on December 8, 2011, Ami Premium Outlets Phase II, a 90,000 square foot expansion to the Ami Premium Outlet located in Ami, Japan, opened.

            We hold investments in two U.K. companies, Capital Shopping Centres Group PLC, or CSCG, and Capital & Counties Properties PLC, or CAPC. 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 approximately 4% and 5% of their outstanding shares, respectively.

            We have interests in two European outlet centers, La Vallée Village near Paris, France, and Ingolstadt Village near Munich, Germany. We own direct interests in the centers and indirect interests through a minority ownership interest in Value Retail PLC.

            The following property table summarizes certain data for our properties located in Japan, South Korea, Mexico, and Malaysia at December 31, 2011.

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Simon Property Group, Inc. and Subsidiaries
International Properties (2)

 
  COUNTRY/Property Name   City (Metropolitan area)   Ownership
Interest
  SPG
Effective
Ownership
  Year
Built
  Total Gross
Leasable Area(1)
  Retail Anchors and
Major Tenants
    JAPAN                            
1.   Ami Premium Outlets   Ami (Tokyo)   Fee     40.0 % 2009     315,000   Adidas, Banana Republic, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Gap Outlet, Lanvin Collection, Laundry, McGregor, MK Michel Klein, Pal Zileri, Tommy Hilfiger, Ralph Lauren
2.   Gotemba Premium Outlets   Gotemba City (Tokyo)   Fee     40.0 % 2000     481,500   Armani, 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
3.   Kobe-Sanda Premium Outlets   Hyougo-ken (Osaka)   Ground Lease (2026)     40.0 % 2007     365,100   Adidas, Armani, 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
4.   Rinku Premium Outlets   Izumisano (Osaka)   Ground Lease (2020)     40.0 % 2000     321,800   Adidas, Armani, 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,
5.   Sano Premium Outlets   Sano (Tokyo)   Ground Lease (2022)     40.0 % 2003     390,800   Adidas, Armani, 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 Ralp
6.   Sendai-Izumi Premium Outlets   Izumi Park Town (Sendai)   Ground Lease (2027)     40.0 % 2008     164,200   Adidas. Beams, Brooks Brothers, Coach, Jill Stuart, Laundry, Levi's, Miss Sixty, Pleats Please Issey Miyake, Ray Ban, Tasaki, Taylor Made
7.   Toki Premium Outlets   Toki (Nagoya)   Ground Lease (2024)     40.0 % 2005     289,500   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
8.   Tosu Premium Outlets   Fukuoka (Kyushu)   Ground Lease (2023)     40.0 % 2004     290,600   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                       2,618,500    

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Simon Property Group, Inc. and Subsidiaries
International Properties (2)

 
  COUNTRY/Property Name   City (Metropolitan area)   Ownership
Interest
  SPG
Effective
Ownership
  Year
Built
  Total Gross
Leasable Area(1)
  Retail Anchors and
Major Tenants
    MEXICO                            
9.   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                            
10.   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
11.   Paju Premium Outlets   Paju (Seoul)   Fee     50.0 % 2011     327,800   Armani, Banana Republic, Calvin Klein, Coach, DKNY, Elie Tahari, Escada, Jill Stuart, Lacoste, Lanvin Collection, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Theory, Tory Burch, Vivienne Westwood
                               
    Subtotal South Korea                       604,000    

 

 

MALAYSIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 
12.   Johor Premium Outlets   Johor (Singapore)   Fee     50.0 % 2011     190,400   Adidas, Armani, Burberry, Calvin Klein, Canali, Coach, DKNY, Gap, Guess, Lacoste, Levi's, Michael Kors, Nike, Salvatore Ferragamo, Timberland, Zegna
                               
    TOTAL INTERNATIONAL ASSETS                      
3,690,900
   
                               

FOOTNOTES:

    (1)
    All gross leasable area listed in square feet.
    (2)
    Does not include 45 properties in Italy with a GLA of approximately 10.1 million square feet as we sold our interest in GCI on January 9, 2012.

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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 299 million kWhs since 2003. This represents a 26% reduction in electricity usage across a portfolio of comparable properties and reflects an annual value of over $32 million in avoided operating costs. Our documented reduction in greenhouse gas emissions resulting from our energy management efforts is 210,000 metric tons CO2e.

            In 2011, we were awarded NAREIT's Leader in the Light Award for the seventh year in a row, and NAREIT's Leader in the Light Long Term Achievement Award. 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 2011 Carbon Disclosure Leadership Index published by the Carbon Disclosure Project. We scored 96 points out of 100 for transparency in environmental-impact reporting and were the only REIT to earn a place on the index.

    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, 2011
(Dollars in thousands)

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

Consolidated Indebtedness:

                         

Secured Indebtedness:

                         

Anderson Mall

    6.20 % $ 26,203   $ 2,216     10/10/12  

Arsenal Mall HCHP

    8.20 %   709     202     05/05/16  

Bangor Mall

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

Battlefield Mall

    4.60 %   88,930     6,154     07/01/13  

Birch Run Premium Outlets

    5.95 %   107,578   (39)   8,078     04/11/16  

Bloomingdale Court

    8.15 %   25,923     2,495     11/01/15  

Brunswick Square

    5.65 %   79,611     5,957     08/11/14  

Calhoun Premium Outlets

    5.79 %   20,678   (34)   1,519     09/01/16  

Carolina Premium Outlets — Smithfield

    9.10 %   18,674   (6)   2,114     03/10/13   (25)

Chesapeake Square

    5.84 %   67,767     5,162     08/01/14  

The Crossings Premium Outlets

    5.85 %   49,253     4,649     03/13/13  

Dare Centre

    9.10 %   1,555   (6)   176     03/10/13   (25)

DeKalb Plaza

    5.28 %   2,676     284     01/01/15  

Desoto Square

    5.89 %   62,409     4,561     07/01/14  

Domain, The

    5.44 %   207,113     14,085     08/01/21  

Empire Mall

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

Ellenton Premium Outlets

    5.51 %   106,062   (21)   7,646     01/11/16  

The Factory Shoppes at Branson Meadows

    9.10 %   8,685   (6)   983     03/10/13   (25)

Factory Stores of America

    9.10 %   15,005   (6)   1,699     03/10/13   (25)

Florida Keys Outlet Center

    5.51 %   10,824   (21)   780     01/11/16  

Forest Mall

    6.20 %   15,557   (10)   1,316     10/10/12  

Forest Plaza

    7.50 %   18,391     1,685     10/10/19  

Gaffney Premium Outlets

    5.79 %   37,527   (34)   2,757     09/01/16  

Greenwood Park Mall

    8.00 %   78,354   (37)   7,044     08/01/16  

Grove City Premium Outlets

    5.51 %   114,505   (21)   8,270     01/11/16  

Gulfport Premium Outlets

    5.51 %   25,546   (21)   1,842     01/11/16  

Gwinnett Place

    5.68 %   115,000     6,532   (2)   06/08/12   (20)

Hagerstown Premium Outlets

    5.95 %   90,390   (39)   6,787     04/11/16  

Henderson Square

    4.43 %   13,948     937     04/01/16  

Huntley Outlets Center

    5.51 %   30,276   (21)   2,183     01/11/16  

Independence Center

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

Ingram Park Mall

    5.38 %   143,935     9,746     06/01/21  

Jersey Shore Premium Outlets

    5.51 %   71,055   (21)   5,123     01/11/16  

King of Prussia — The Court & The Plaza — 1

    7.49 %   97,653     23,183     01/01/17  

King of Prussia — The Court & The Plaza — 2

    8.53 %   6,930     1,685     01/01/17  

King of Prussia — The Court & The Plaza — 3

    4.50 %   50,000     2,250   (2)   01/01/17  

Kittery Premium Outlets

    2.27 %  (1)   43,556  (7 )(9)   989   (2)   07/10/13   (3)

Lake View Plaza

    8.00 %   15,751     1,409     12/31/14  

Lakeline Plaza

    7.50 %   17,229     1,578     10/10/19  

Las Americas Premium Outlets

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

Lebanon Premium Outlets

    5.51 %   15,706   (21)   1,132     01/11/16  

Lee Premium Outlets

    5.79 %   51,619   (34)   3,792     09/01/16  

Lighthouse Place Premium Outlets

    2.27 %  (1)   88,623   (7)(9)   2,012   (2)   07/10/13   (3)

MacGregor Village

    9.10 %   6,254   (6)   708     03/10/13   (25)

Markland Mall

    6.20 %   20,598   (10)   1,742     10/10/12  

Mesa Mall

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

Midland Park Mall

    6.20 %   30,071   (10)   2,543     10/10/12  

Montgomery Mall

    5.17 %   84,226     6,307     05/11/34  

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MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2011
(Dollars in thousands)

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

Muncie Towne Plaza

    7.50 %   7,163     656     10/10/19  

Naples Outlets Center

    5.51 %   16,274   (21)   1,173     01/11/16  

North Ridge Shopping Center

    9.10 %   7,639   (6)   865     03/10/13   (25)

Northfield Square

    6.05 %   26,758     2,485     02/11/14  

Oxford Valley Mall

    4.77 %   69,956     4,456     12/07/20  

Palms Crossing

    5.49 %   38,202   (8)   2,612     08/01/21  

Penn Square Mall

    7.75 %   97,500     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 %   87,723     7,552     06/01/14  

Plaza Carolina — Variable Swapped

    7.63 %  (11)   95,506     8,498     06/01/14  

Pleasant Prairie Premium Outlets

    5.51 %   61,026   (21)   4,400     01/11/16  

Pleasant Prairie Premium Outlets 2

    6.01 %   36,867     2,758     12/01/16  

Port Charlotte Town Center

    5.30 %   47,749     3,232     11/01/20  

Puerto Rico Premium Outlets

    3.75 %  (24)   73,364     3,965     05/01/14  

Queenstown Premium Outlets

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

Regency Plaza

    3.30 %  (1)   3,776   (4)   331     12/14/14   (3)

Richmond Towne Square

    6.20 %   42,238   (10)   3,572     10/10/12  

Rushmore Mall

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

San Marcos Premium Outlets

    5.51 %   145,231   (21)   10,470     01/11/16  

SB Boardman Plaza Holdings

    5.94 %   22,266     1,687     07/01/14  

Secured Term Loan

    1.10 %  (1)   735,000     8,050   (2)   03/05/12   (43)

Shops at Arbor Walk, The

    5.49 %   43,176   (8)   2,952     08/01/21  

Southern Hills Mall

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

South Park Mall

    8.00 %   193,925   (37)   17,434     08/01/16  

St. Charles Towne Plaza

    3.30 %  (1)   24,542   (4)   2,152     12/14/14   (3)

Stanford Shopping Center

    2.45 %  (1)   240,000     5,869   (2)   07/01/13   (3)

Summit Mall

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

Sunland Park Mall

    8.63 %  (13)   30,789     3,773     01/01/26  

Town Center at Cobb

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

Towne West Square

    5.61 %   50,644     3,516     06/01/21  

Upper Valley Mall

    5.89 %   45,541   (30)   2,682     07/01/16   (3)

Valle Vista Mall

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

Walt Whitman Shops

    8.00 %   119,489   (37)   10,742     08/01/16  

Washington Square

    5.94 %   26,932   (32)   1,600   (2)   07/01/16   (3)

Waterloo Premium Outlets

    2.27 %  (1)   72,822   (7)(9)   1,653   (2)   07/10/13   (3)

West Ridge Mall

    5.89 %   66,695     4,885     07/01/14  

West Ridge Plaza

    3.30 %  (1)   4,720   (4)   414     12/14/14   (3)

White Oaks Mall

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

White Oaks Plaza

    7.50 %   14,325     1,312     10/10/19  

Williamsburg Premium Outlets

    5.95 %   104,427   (39)   7,841     04/11/16  

Wolfchase Galleria

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

Woodland Hills Mall

    7.79 %   95,081     8,414     04/05/19  
                         

Total Consolidated Secured Indebtedness

        $ 6,798,751              

Unsecured Indebtedness:

                         

Simon Property Group, LP:

                         

Unsecured Revolving Credit Facility — USD

    1.93 %  (15)(5) $ 665,000   $ 12,823   (2)   10/30/16  

Revolving Credit Facility — Yen Currency

    1.14 %  (15)   287,664   (33)   3,292   (2)   10/30/16  

Unsecured Notes — 4C

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

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  

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MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2011
(Dollars in thousands)

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

Unsecured Notes — 10B

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

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 — 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 — 15B

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

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  

Unsecured Notes — 24A

    2.80 %   500,000     14,000   (14)   01/30/17  

Unsecured Notes — 24B

    4.13 %   700,000     28,875   (14)   12/01/21  
                         

          11,177,641              

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 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  
                         

          119,976              
                         

Total Consolidated Unsecured Indebtedness

       
$

11,622,617
             
                         

Total Consolidated Indebtedness at Face Amounts

        $ 18,421,368              

Net Premium on Indebtedness

          62,598              

Net Discount on Indebtedness

          (37,526 )            
                         

Total Consolidated Indebtedness

        $ 18,446,440              
                         

Our Share of Consolidated Indebtedness

        $ 18,175,083              
                         

Joint Venture Indebtedness:

                         

Secured Indebtedness:

                         

Ami Premium Outlets

    2.09 % $ 132,888   (26) $ 11,075     09/25/23  

Atrium at Chestnut Hill

    6.89 %   41,486     3,880     03/11/31  

Auburn Mall

    6.02 %   41,395     3,027     09/01/20  

Aventura Mall

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

Avenues, The

    5.29 %   68,016     5,325     04/01/13  

Busan Premium Outlets

    6.45 %  (31)   17,278   (17)   1,114   (2)   12/28/15  

California Department Stores

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

Cape Cod Mall

    5.75 %   99,123     7,003     03/06/21  

Circle Centre Mall

    5.02 %   68,159     5,165     04/11/13  

Clay Terrace

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

Cobblestone Court

    5.00 %  (28)   2,039     431     05/05/12  

Coconut Point

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

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MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2011
(Dollars in thousands)

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

Coddingtown Mall

    3.20 %  (1)   13,650     1,059     07/01/14   (3)

Crystal Mall

    5.62 %   90,514     7,319     09/11/32  

Dadeland Mall

    4.50 %   450,000     27,361     12/05/21  

Domain Residential Phase II

    2.24 %  (1)   36,382     815   (2)   07/22/13   (3)

Domain Residential Building P

    4.00 %  (28)   3,561     142   (2)   07/22/12  

Domain Westin

    2.25 %  (1)   41,021     921   (2)   10/15/13   (3)

Emerald Square Mall

    5.13 %   123,678     9,479     03/01/13  

Fashion Centre Pentagon Office

    5.11 %   40,000     2,043   (2)   07/01/21  

Fashion Centre Pentagon Retail

    4.87 %   410,000     19,957   (2)   07/01/21  

Fashion Valley Mall — 1

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

Fashion Valley Mall — 2

    6.00 %   5,979     445     05/01/14  

Firewheel Residential

    5.91 %   22,662     1,635     11/20/16   (3)

Florida Mall, The

    5.25 %   368,347     24,849     09/05/20  

Gaitway Plaza

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

Galleria Commerciali Italia — Facility A

    5.37 %  (16)   287,728     20,665       (40)

Galleria Commerciali Italia — Facility B

    5.85 %  (16)   285,645     21,664       (40)

Galleria Commerciali Italia — Catania

    2.09 %  (16)   90,806     1,895   (2)   12/17/12   (40)

Galleria Commerciali Italia — Cinisello — Fixed

    5.38 %  (16)   92,825     6,460     03/31/15   (40)

Galleria Commerciali Italia — Cinisello — Variable

    2.11 %  (16)   65,554     2,052     03/31/15   (40)

Galleria Commerciali Italia — Giugliano A

    4.77 %  (16)   34,965     1,669   (2)   10/20/13   (40)

Galleria Commerciali Italia — Giugliano B

    4.78 %  (16)   30,510     2,322     10/20/13   (40)

Galleria Commerciali Italia — Giugliano C

    5.19 %  (16)   11,500     1,529     10/20/13   (40)

Galleria Commerciali Italia — Argine

    3.04 %  (16)   56,722     8,797     07/28/22   (40)

Greendale Mall

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

Gotemba Premium Outlets — Fixed

    1.60 %   49,257   (26)   9,121     10/25/14  

Gotemba Premium Outlets — Variable

    0.64 %  (12)   6,848   (26)   1,414     05/31/12  

Hamilton Town Center

    1.90 %  (1)   95,283     1,806   (2)   05/29/12  

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 %   9,356     637     11/01/14  

Indian River Mall

    5.21 %   63,389     4,313     11/01/14  

Johor Premium Outlets

    5.34 %  (42)   27,273   (41)   1,456   (2)   03/31/18  

Kobe Sanda Premium Outlets — Fixed

    1.48 %   19,587   (26)   4,147     01/31/14  

Kobe Sanda Premium Outlets — Variable

    0.90 %  (12)   50,866   (26)   8,036     01/31/14  

Lehigh Valley Mall

    5.88 %   137,478     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 %   131,246     10,079     10/05/15  

Miami International Mall

    5.35 %   89,987     6,533     10/01/13  

Northshore Mall

    5.03 %   194,706     13,566     03/11/34  

Paju Premium Outlets

    6.70 %  (31)   68,594   (17)   4,596   (2)   04/01/13  

Plaza at Buckland Hills, The

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

Quaker Bridge Mall

    7.03 %   16,438     2,407     04/01/16  

Ridgewood Court

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

Rinku Premium Outlets

    1.86 %   21,512   (26)   7,570     11/25/14  

Sano Premium Outlets

    0.54 %  (12)   33,011   (26)   13,855     05/31/18  

Seminole Towne Center

    5.97 %   59,614     4,871     05/06/21  

Sendai Premium Outlets

    0.49 %  (12)   34,367   (26)   4,910     10/31/18  

Shops at Sunset Place, The

    5.62 %   77,086     5,892     09/01/20  

Smith Haven Mall

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

Solomon Pond

    3.97 %   102,620     6,505     08/01/13  

SouthPark Residential

    4.80 %   22,000     1,056   (2)   05/01/21  

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MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2011
(Dollars in thousands)

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

Springfield Mall

    4.77 %  (11)   65,981     3,492     11/30/15  

Square One

    5.47 %   100,000     6,793     01/06/22  

St. Johns Town Center

    5.06 %   166,015     11,025     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 — Variable

    1.13 %  (12)   15,074   (26)   2,180     04/30/15  

Tosu Premium Outlets — Fixed

    1.51 %   4,210   (26)   2,488     08/24/13  

Tosu Premium Outlets — Variable

    0.53 %  (12)   39,019   (26)   4,729     01/31/16  

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 %   367,579     26,980     05/05/20  

Whitehall Mall

    7.00 %   11,372     1,149     11/01/18  

Yeoju Premium Outlets

    5.88 %  (31)   4,320   (17)   254   (2)   07/31/12  
                         

Total Joint Venture Secured Indebtedness at Face Amounts

        $ 8,128,320              

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

       
$

7,322,894
             
                         

Total Joint Venture and Mills Indebtedness at Face Amounts

        $ 15,451,214              

Net Premium on Indebtedness

          7,457              

Net Discount on Indebtedness

          (350 )            
                         

Total Joint Venture Indebtedness

        $ 15,458,321   (22)            
                         

Our Share of Joint Venture Indebtedness

        $ 6,501,508   (23)            
                         

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THE MILLS LIMITED PARTNERSHIP
MORTGAGE AND OTHER DEBT ON PORTFOLIO PROPERTIES
As of December 31, 2011
(Dollars in thousands)

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

Mills Indebtedness:

                         

Secured Indebtedness:

                         

Arizona Mills

    5.76 % $ 171,841   $ 12,268     07/01/20  

Arundel Marketplace

    5.92 %   10,969     884     01/01/14  

Arundel Mills

    6.14 %   378,932     28,116     08/01/14  

Briarwood Mall

    7.50 %   116,151     10,641     11/30/16  

Colorado Mills

    2.08 %  (18)   145,675     3,023   (2)   02/10/12  

Concord Marketplace

    5.76 %   12,764     972     02/01/14  

Concord Mills Mall

    6.13 %   157,592     13,208     12/07/12  

Del Amo

    1.80 %  (1)   307,753     5,525   (2)   01/23/13   (3)

Denver West Village

    5.04 %   28,000     2,153     07/01/21  

Discover Mills — 1

    7.32 %   23,700     1,735   (2)   02/12/12  

Discover Mills — 2

    6.08 %   135,000     8,212   (2)   02/12/12  

Dover Mall & Commons

    5.57 %   93,620     6,455     08/06/21  

Esplanade, The

    2.25 %  (29)   71,396   (35)   1,603   (2)   02/01/12  

Falls, The

    7.50 %   112,280     10,287     11/30/16  

Franklin Mills

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

Galleria at White Plains

    2.25 %  (29)   119,317   (35)   2,679   (2)   02/01/12  

Grapevine Mills

    5.91 %  (38)   270,000     15,953   (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 %   138,337     12,207     01/09/13  

Lakeforest Mall

    4.90 %   137,988     8,978     07/08/13   (3)

Liberty Plaza

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

Mall at Tuttle Crossing

    5.05 %   110,568     7,774     11/05/13  

Marley Station

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

Meadowood Mall

    5.82 %   124,871     8,818     11/06/21  

Mills Senior Loan Facility

    1.55 %  (1)   655,000     10,122   (2)   06/07/12  

Net Leases II

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

Northpark Mall — Mills

    2.25 %  (29)   100,290   (35)   2,252   (2)   02/01/12  

Ontario Mills

    3.55 %  (1)   175,000     6,204   (2)   12/05/13   (3)

Opry Mills

    6.16 %   280,000     17,248   (2)   10/10/16   (3)

Opry Mills — 2

    5.00 %   50,590     2,530   (2)   10/10/16   (3)

Outlets at Orange, The

    6.25 %   218,276     16,258     10/01/14  

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

    2.40 %  (1)   130,000     3,114   (2)   06/16/16   (3)

Southdale Center

    5.18 %   155,142     10,430     04/01/13   (3)(27)

Southridge Mall

    5.23 %   124,000     6,489   (2)   04/01/15  

St. Louis Mills

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

Stoneridge Shopping Center

    7.50 %   224,219     19,214     11/30/16  
                         

Total Mills Secured Indebtedness

        $ 7,222,894              

Unsecured Indebtedness:

                         

TMLP Trust Preferred Unsecured Securities

    2.75 %  (1)   100,000   $ 2,745   (2)   03/30/36   (19)
                         

Total Mills Unsecured Indebtedness

        $ 100,000              
                         

Total Mills Indebtedness at Face Amounts

        $ 7,322,894              
                         

Our Share of Mills Indebtedness

        $ 2,816,459              
                         

(Footnotes on following page)

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(Footnotes for preceding pages)

(1)
Variable rate loans based on LIBOR plus interest rate spreads ranging from 80 bps to 400 bps. LIBOR as of December 31, 2011 was 0.3%.

(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)
Through an interest rate swap agreement, interest on $200.0 million is essentially fixed at 3.40%. The interest rate presented is a blended rate.

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

(9)
Loan was paid off after December 31, 2011.

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

(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, 2011 was 0.1443%.

(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 2011.

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

(15)
$4,000,000 Credit Facility. As of December 31, 2011, the Credit Facility bears interest at LIBOR + 100 basis points and provides for different pricing based upon our investment grade rating. As of December 31, 2011, $3.0 billion was available after outstanding borrowings and letter of credits.

(16)
Amounts shown in USD Equivalent. Euro equivalent is 738.4 million. Associated with Facility A and B, Giugliano, and a portion of Cinisello are interest rate swap agreements with a total combined 573.8 million euros notional amount that effectively fixes Facility A and B, Giugliano, and a portion of Cinisello at a combined 5.14%.

(17)
Amounts shown in USD equivalent. Won Equivalent is 104,400.0 million.

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

(19)
Redeemable beginning March 30, 2011, pricing re-sets every 5 years based on an index of LIBOR + 2.45%.

(20)
We sold our interest in this property effective January 1, 2012.

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

(22)
Total joint venture indebtedness does not include the secured debt on The Mall at The Source.

(23)
Our share of indebtedness for joint ventures excludes our share of indebtedness of $105.5 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 31,473.6 million

(27)
On January 6, 2012, the maturity date was extended to April 1, 2016.

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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)
Comprised of a $27.0 million note at 5.89% and a $20.0 million note that is non-interest bearing.

(31)
Variable rate loans based on 91 Day Korea CD rate plus interest rate spreads ranging from 230 bps to 312 bps. The 91 Day Korea CD rate as of December 31, 2011 was 3.58%.

(32)
Comprised of a $15.0 million note at 5.94% and a $12.8 million note that is non-interest bearing.

(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 $245.0 million of this loan at 6.26%.

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

(40)
On January 9, 2012, the Operating Partnership sold its interest in GCI.

(41)
Amounts shown in USD Equivalent. Ringgit equivalent is 86,497.4 million.

(42)
Variable rate loans based on KLIBOR plus interest rate spread of 225 bps. KLIBOR as of December 31, 2011 was 3.09%.

(43)
In January 2012, this loan was refinanced with a new unsecured facility that matures on July 30, 2013.

The changes in consolidated mortgages and other indebtedness for the years ended December 31, 2011, 2010, and 2009 are as follows:

   
  2011   2010   2009  
 

Balance, Beginning of Year

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

Additions during period:

                   
 

New Loan Originations

    1,865,794     3,709,910     2,073,874  
 

Loans assumed in acquisitions and consolidation

    619,192     1,241,907      
 

Net Premium

    28,483     4,360     3,162  
 

Deductions during period:

                   
 

Loan Retirements

    (1,471,034 )   (6,053,631 )   (1,427,858 )
 

Amortization of Net Premiums

    (8,438 )   (9,066 )   (10,627 )
 

Scheduled Principal Amortization

    (61,317 )   (50,022 )   (50,781 )
                 
 

Balance, Close of Year

  $ 18,446,440   $ 17,473,760   $ 18,630,302  
                 

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
 

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  

2011

                         

1st Quarter

  $ 110.49   $ 95.29   $ 107.16   $ 0.80  

2nd Quarter

    118.10     104.42     116.23     0.80  

3rd Quarter

    123.48     99.60     109.98     0.80  

4th Quarter

    131.92     103.32     128.94     1.10  

            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 1,847 as of December 31, 2011. The Class B common stock is subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders.

    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.

            Common stock dividends during 2011 aggregated $3.50 per share, including a special common stock dividend of $0.20 per share paid in December. Common stock dividends during 2010 aggregated $2.60. All 2011 and 2010 dividends were paid entirely in cash. On February 3, 2012, our Board of Directors approved a cash dividend of $0.95 per share of common stock for the first quarter of 2012 payable on February 29, 2012 to stockholders of record on February 15, 2012.

            We offer a dividend reinvestment plan that allows our 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 2011, we issued 19,514 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 provided by Section 4(2) of the Securities Act of 1933, as amended, or Section 4(2).

            On December 30, 2011, we sold 6,857 shares of common stock to David Simon at a price of $130.5725 per share, the same price used to purchase shares on that date under our dividend reinvestment plan. The shares were acquired by David Simon to satisfy the terms of his Series CEO LTIP Unit Award Agreement which awarded

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Table of Contents

Mr. Simon long-term incentive performance program units, or CEO LTIP units, which require the after-tax portion of the distributions paid on his CEO LTIP units to be reinvested in shares of our common stock. The transaction was exempt from registration 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.

Item 6.    Selected Financial Data

            The information required by this item is incorporated herein by reference to the Selected Financial Data section of our 2011 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 2011 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 2011 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 maintain disclosure controls and procedures (as defined in Rules 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")) that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. Because of inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of disclosure controls and procedures are met.

            Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective at a reasonable assurance level.

            Management's Report on Internal Control Over Financial Reporting.    Our management's report on internal control over financial reporting is set forth in our 2011 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 2011 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 and tax consulting 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.

50


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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 2012 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 2012 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 2012 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 2012 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 2012 annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

51


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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 2011 Annual Report to Stockholders, filed as Exhibit 13.1 to this Form 10-K and are incorporated herein by reference.

 

 

(2)

 

Financial Statement Schedule

 

Page No.

 

 

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

 

55

 

 

Notes to Schedule III

 

66

(3)

 

Exhibits

 

 

 

 

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

 

67

52


Table of Contents


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 28, 2012

            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 28, 2012

/s/ HERBERT SIMON

Herbert Simon

 

Chairman Emeritus and Director

 

February 28, 2012

/s/ RICHARD S. SOKOLOV

Richard S. Sokolov

 

President, Chief Operating Officer and Director

 

February 28, 2012

/s/ MELVYN E. BERGSTEIN

Melvyn E. Bergstein

 

Director

 

February 28, 2012

/s/ LARRY C. GLASSCOCK

Larry C. Glasscock

 

Director

 

February 28, 2012

/s/ LINDA WALKER BYNOE

Linda Walker Bynoe

 

Director

 

February 28, 2012

/s/ REUBEN S. LEIBOWITZ

Reuben S. Leibowitz

 

Director

 

February 28, 2012

/s/ J. ALBERT SMITH, JR.

J. Albert Smith, Jr.

 

Director

 

February 28, 2012

53


Table of Contents

Signature   Capacity   Date

 

 

 

 

 
/s/ KAREN N. HORN

Karen N. Horn
  Director   February 28, 2012

/s/ ALLAN HUBBARD

Allan Hubbard

 

Director

 

February 28, 2012

/s/ DANIEL C. SMITH

Daniel C. Smith

 

Director

 

February 28, 2012

/s/ STEPHEN E. STERRETT

Stephen E. Sterrett

 

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

 

February 28, 2012

/s/ STEVEN K. BROADWATER

Steven K. Broadwater

 

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

 

February 28, 2012

54


Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Regional Malls

                                                             

Anderson Mall

  Anderson, SC   $ 26,203   $ 1,712   $ 15,227   $ 851   $ 20,602   $ 2,563   $ 35,829   $ 38,392   $ 15,506   1972

Arsenal Mall

  Watertown (Boston), MA     709     14,714     47,680         8,702     14,714     56,382     71,096     19,469   1999 (4)

Bangor Mall

  Bangor, ME     80,000     5,478     59,740         9,810     5,478     69,550     75,028     24,488   2004 (5)

Barton Creek Square

  Austin, TX         2,903     20,929     7,983     63,147     10,886     84,076     94,962     47,203   1981

Battlefield Mall

  Springfield, MO     88,930     3,919     27,231     3,000     62,067     6,919     89,298     96,217     54,855   1970

Bay Park Square

  Green Bay, WI         6,358     25,623     4,133     24,641     10,491     50,264     60,755     23,146   1980

Bowie Town Center

  Bowie (Washington, D.C.), MD         2,710     65,044     235     6,089     2,945     71,133     74,078     27,731   2001

Boynton Beach Mall

  Boynton Beach (Miami), FL         22,240     78,804     4,666     25,150     26,906     103,954     130,860     44,006   1985

Brea Mall

  Brea (Los Angeles), CA         39,500     209,202         25,731     39,500     234,933     274,433     89,797   1998 (4)

Broadway Square

  Tyler, TX         11,306     32,431         22,674     11,306     55,105     66,411     25,541   1994 (4)

Brunswick Square

  East Brunswick (New York), NJ     79,611     8,436     55,838         29,374     8,436     85,212     93,648     40,645   1973

Burlington Mall

  Burlington (Boston), MA         46,600     303,618     19,600     93,602     66,200     397,220     463,420     135,790   1998 (4)

Castleton Square

  Indianapolis, IN         26,250     98,287     7,434     72,100     33,684     170,387     204,071     69,658   1972

Charlottesville Fashion Square

 
Charlottesville, VA
            54,738         14,483         69,221     69,221     29,049   1997 (4)

Chautauqua Mall

  Lakewood, NY         3,257     9,641         16,453     3,257     26,094     29,351     13,591   1971

Chesapeake Square

  Chesapeake (Virginia Beach), VA     67,767     11,534     70,461         20,070     11,534     90,531     102,065     46,098   1989

Cielo Vista Mall

  El Paso, TX         1,005     15,262     608     47,278     1,613     62,540     64,153     35,825   1974

College Mall

  Bloomington, IN         1,003     16,245     720     43,566     1,723     59,811     61,534     29,860   1965

Columbia Center

  Kennewick, WA         17,441     66,580         24,549     17,441     91,129     108,570     37,199   1987

Copley Place

  Boston, MA             378,045         95,740         473,785     473,785     133,769   2002 (4)

Coral Square

  Coral Springs (Miami), FL         13,556     93,630         16,539     13,556     110,169     123,725     59,346   1984

Cordova Mall

  Pensacola, FL         18,626     73,091     7,321     53,881     25,947     126,972     152,919     41,085   1998 (4)

Cottonwood Mall

  Albuquerque, NM         10,122     69,958         5,464     10,122     75,422     85,544     37,564   1996

DeSoto Square

  Bradenton, FL     62,409     9,011     52,675         7,156     9,011     59,831     68,842     26,694   1973

Domain, The

  Austin, TX     207,113     45,152     197,010         137,126     45,152     334,136     379,288     51,764   2005

Edison Mall

  Fort Myers, FL         11,529     107,350         30,027     11,529     137,377     148,906     52,348   1997 (4)

Empire Mall

  Sioux Falls, SD     176,300     32,921     213,865             32,921     213,865     246,786       1998 (5) (6)

55


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SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Fashion Mall at Keystone, The

 
Indianapolis, IN
            120,579         50,980         171,559     171,559     67,300   1997 (4)

Firewheel Town Center

 
Garland (Dallas), TX
        8,636     82,716         26,546     8,636     109,262     117,898     29,504   2004

Forest Mall

  Fond Du Lac, WI     15,557     721     4,491         8,844     721     13,335     14,056     8,444   1973

Forum Shops at Caesars, The

 
Las Vegas, NV
            276,567         210,525         487,092     487,092     156,930   1992

Great Lakes Mall

  Mentor (Cleveland), OH         12,302     100,362         18,651     12,302     119,013     131,315     50,595   1961

Greenwood Park Mall

  Greenwood (Indianapolis), IN     78,354     2,423     23,445     5,253     116,036     7,676     139,481     147,157     58,401   1979

Gulf View Square

  Port Richey (Tampa), FL         13,690     39,991     1,688     18,046     15,378     58,037     73,415     26,088   1980

Haywood Mall

  Greenville, SC         11,585     133,893     6     20,472     11,591     154,365     165,956     72,559   1998 (4)

Independence Center

  Independence (Kansas City), MO     200,000     5,042     45,798         33,884     5,042     79,682     84,724     36,323   1994 (4)

Ingram Park Mall

  San Antonio, TX     143,935     733     17,163     73     22,327     806     39,490     40,296     23,746   1979

Irving Mall

  Irving (Dallas), TX         6,737     17,479     2,533     38,488     9,270     55,967     65,237     34,513   1971

Jefferson Valley Mall

  Yorktown Heights (New York), NY         4,868     30,304         27,025     4,868     57,329     62,197     32,682   1983

King of Prussia—The Court & The Plaza

  King of Prussia (Philadelphia), PA     154,583     169,828     1,172,806         9,557     169,828     1,182,363     1,352,191     15,016   2003(5) (6)

Knoxville Center

  Knoxville, TN         5,006     21,617     3,712     34,253     8,718     55,870     64,588     32,405   1984

La Plaza Mall

  McAllen, TX         1,375     9,828     6,569     41,296     7,944     51,124     59,068     25,709   1976

Laguna Hills Mall

  Laguna Hills (Los Angeles), CA         27,928     55,446         13,581     27,928     69,027     96,955     28,019   1997 (4)

Lakeline Mall

  Cedar Park (Austin), TX         10,088     81,568     14     16,256     10,102     97,824     107,926     43,262   1995

Lenox Square

  Atlanta, GA         38,058     492,411         67,439     38,058     559,850     597,908     206,544   1998 (4)

Lima Mall

  Lima, OH         7,659     35,338         12,099     7,659     47,437     55,096     22,969   1965

Lincolnwood Town Center

  Lincolnwood (Chicago), IL         7,834     63,480         7,875     7,834     71,355     79,189     41,266   1990

Lindale Mall

  Cedar Rapids, IA         13,763     69,175             13,763     69,175     82,938       1998 (5) (6)

Livingston Mall

  Livingston (New York), NJ         22,214     105,250         40,288     22,214     145,538     167,752     50,412   1998 (4)

Longview Mall

  Longview, TX         259     3,567     124     8,485     383     12,052     12,435     6,717   1978

Mall at Chestnut Hill, The

  Chestnut Hill (Boston), MA         449     24,615         2,320     449     26,935     27,384     2,437   2002 (5)

Mall of Georgia

  Buford (Atlanta), GA         47,492     326,633         4,732     47,492     331,365     378,857     102,120   1999 (5)

Maplewood Mall

  St. Paul (Minneapolis), MN         17,119     80,758         23,538     17,119     104,296     121,415     30,853   2002 (4)

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SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Markland Mall

  Kokomo, IN     20,598         7,568         15,835         23,403     23,403     11,080   1968

McCain Mall

  N. Little Rock, AR             9,515     10,530     12,417     10,530     21,932     32,462     7,008   1973

Melbourne Square

  Melbourne, FL         15,762     55,891     4,160     28,058     19,922     83,949     103,871     33,683   1982

Menlo Park Mall

  Edison (New York), NJ         65,684     223,252         40,685     65,684     263,937     329,621     109,811   1997 (4)

Mesa Mall

  Grand Junction, CO     87,250     12,965     89,235             12,965     89,235     102,200       1998 (5) (6)

Midland Park Mall

  Midland, TX     30,071     687     9,213         20,626     687     29,839     30,526     15,990   1980

Miller Hill Mall

  Duluth, MN         2,965     18,092         30,347     2,965     48,439     51,404     33,798   1973

Montgomery Mall

  North Wales (Philadelphia), PA     84,226     27,105     86,915     2,279     27,580     29,384     114,495     143,879     34,557   2004 (5)

Muncie Mall

  Muncie, IN         172     5,776     52     27,145     224     32,921     33,145     18,379   1970

North East Mall

  Hurst (Dallas), TX         128     12,966     19,010     151,863     19,138     164,829     183,967     77,985   1971

Northfield Square Mall

 
Bourbonnais, IL
    26,758     362     53,396         3,014     362     56,410     56,772     35,934   2004 (5)

Northgate Mall

  Seattle, WA         24,369     115,992         92,530     24,369     208,522     232,891     74,534   1987

Northlake Mall

  Atlanta, GA         33,400     98,035         4,508     33,400     102,543     135,943     62,644   1998 (4)

Northwoods Mall

  Peoria, IL         1,185     12,779     2,372     37,947     3,557     50,726     54,283     30,149   1983

Oak Court Mall

  Memphis, TN         15,673     57,304         9,306     15,673     66,610     82,283     29,010   1997 (4)

Ocean County Mall

  Toms River (New York), NJ         20,404     124,945         27,642     20,404     152,587     172,991     56,390   1998 (4)

Orange Park Mall

  Orange Park (Jacksonville), FL         12,998     65,121         40,745     12,998     105,866     118,864     47,950   1994 (4)

Orland Square

  Orland Park (Chicago), IL         35,514     129,906         25,993     35,514     155,899     191,413     65,865   1997 (4)

Oxford Valley Mall

  Langhorne (Philadelphia), PA     69,956     24,544     100,287     2,279     9,208     26,823     109,495     136,318     57,913   2003 (4)

Paddock Mall

  Ocala, FL         11,198     39,727         20,296     11,198     60,023     71,221     22,568   1980

Penn Square Mall

  Oklahoma City, OK     97,500     2,043     155,958         34,895     2,043     190,853     192,896     76,751   2002 (4)

Pheasant Lane Mall

  Nashua, NH         3,902     155,068     550     39,137     4,452     194,205     198,657     62,658   2004 (5)

Phipps Plaza

  Atlanta, GA         16,725     210,610     2,225     31,392     18,950     242,002     260,952     91,246   1998 (4)

Plaza Carolina

  Carolina (San Juan), PR     183,229     15,493     279,560         36,616     15,493     316,176     331,669     76,061   2004 (4)

Port Charlotte Town Center

 
Port Charlotte, FL
    47,749     5,471     58,570         15,117     5,471     73,687     79,158     34,951   1989

Prien Lake Mall

  Lake Charles, LA         1,842     2,813     3,091     39,145     4,933     41,958     46,891     21,663   1972

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Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Richmond Town Square

  Richmond Heights (Cleveland), OH     42,238     2,600     12,112         57,013     2,600     69,125     71,725     46,563   1966

River Oaks Center

  Calumet City (Chicago), IL         30,560     101,224         10,576     30,560     111,800     142,360     46,226   1997 (4)

Rockaway Townsquare

  Rockaway (New York), NJ         41,918     212,257         36,773     41,918     249,030     290,948     89,794   1998 (4)

Rolling Oaks Mall

  San Antonio, TX         1,929     38,609         13,129     1,929     51,738     53,667     28,721   1988

Roosevelt Field

  Garden City (New York), NY         163,160     702,008     48     42,377     163,208     744,385     907,593     278,858   1998 (4)

Ross Park Mall

  Pittsburgh, PA         23,541     90,203         83,671     23,541     173,874     197,415     73,342   1986

Rushmore Mall

  Rapid City, SD     94,000     18,325     77,805             18,325     77,805     96,130       1998 (5) (6)

Santa Rosa Plaza

  Santa Rosa, CA         10,400     87,864         12,845     10,400     100,709     111,109     39,074   1998 (4)

Shops at Mission Viejo, The

  Mission Viejo (Los Angeles), CA         9,139     54,445     7,491     148,510     16,630     202,955     219,585     90,915   1979

South Hills Village

  Pittsburgh, PA         23,445     125,840     2,945     27,124     26,390     152,964     179,354     59,428   1997 (4)

South Shore Plaza

  Braintree (Boston), MA         101,200     301,495         152,415     101,200     453,910     555,110     133,117   1998 (4)

Southern Hills Mall

  Sioux City, IA     101,500     18,069     84,545             18,069     84,545     102,614       1998 (5) (6)

Southern Park Mall

  Youngstown, OH         16,982     77,767     97     25,729     17,079     103,496     120,575     47,674   1970

SouthPark

  Charlotte, NC     193,925     42,092     188,055     100     167,489     42,192     355,544     397,736     117,954   2002 (4)

St. Charles Towne Center

  Waldorf (Washington, D.C.), MD         7,710     52,934     1,180     28,473     8,890     81,407     90,297     41,524   1990

Stanford Shopping Center

  Palo Alto (San Francisco), CA     240,000         339,537         8,349         347,886     347,886     89,783   2003 (4)

Summit Mall

  Akron, OH     65,000     15,374     51,137         42,520     15,374     93,657     109,031     37,076   1965

Sunland Park Mall

  El Paso, TX     30,789     2,896     28,900         8,379     2,896     37,279     40,175     23,284   1988

Tacoma Mall

  Tacoma (Seattle), WA         37,803     125,826         82,120     37,803     207,946     245,749     77,443   1987

Tippecanoe Mall

  Lafayette, IN         2,897     8,439     5,517     44,933     8,414     53,372     61,786     35,941   1973

Town Center at Aurora

 
Aurora (Denver), CO
        9,959     56,832     6     56,938     9,965     113,770     123,735     49,312   1998 (4)

Town Center at Boca Raton

 
Boca Raton (Miami), FL
        64,200     307,317         161,094     64,200     468,411     532,611     167,933   1998 (4)

Town Center at Cobb

  Kennesaw (Atlanta), GA     280,000     32,355     158,225         15,155     32,355     173,380     205,735     64,854   1998 (5)

Towne East Square

  Wichita, KS         8,525     18,479     4,095     42,323     12,620     60,802     73,422     35,394   1975

Towne West Square

  Wichita, KS     50,644     972     21,203     61     12,789     1,033     33,992     35,025     21,230   1980

Treasure Coast Square

  Jensen Beach, FL         11,124     72,990     3,067     36,452     14,191     109,442     123,633     47,221   1987

Tyrone Square

  St. Petersburg (Tampa), FL         15,638     120,962         30,431     15,638     151,393     167,031     65,514   1972

University Park Mall

  Mishawaka (South Bend), IN         16,768     112,158     7,000     50,509     23,768     162,667     186,435     108,137   1996 (4)

58


Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Upper Valley Mall

  Springfield, OH     45,541     8,421     38,745         10,751     8,421     49,496     57,917     21,858   1979

Valle Vista Mall

  Harlingen, TX     40,000     1,398     17,159     329     20,684     1,727     37,843     39,570     20,995   1983

Virginia Center Commons

  Glen Allen, VA         9,764     50,547     4,149     11,923     13,913     62,470     76,383     24,287   1991

Walt Whitman Shops

  Huntington Station (New York), NY     119,489     51,700     111,258     3,789     46,100     55,489     157,358     212,847     70,169   1998 (4)

Washington Square

  Indianapolis, IN     26,932     6,319     36,495         11,345     6,319     47,840     54,159     43,584   1974

West Ridge Mall

  Topeka, KS     66,695     5,453     34,132     1,168     23,221     6,621     57,353     63,974     29,142   1988

Westminster Mall

  Westminster (Los Angeles), CA         43,464     84,709         31,961     43,464     116,670     160,134     43,589   1998 (4)

White Oaks Mall

  Springfield, IL     50,000     3,024     35,692     2,102     41,889     5,126     77,581     82,707     34,331   1977

Wolfchase Galleria

  Memphis, TN     225,000     15,881     128,276         10,708     15,881     138,984     154,865     59,675   2002 (4)

Woodland Hills Mall

  Tulsa, OK     95,081     34,211     187,123         14,143     34,211     201,266     235,477     76,438   2004 (5)

Premium Outlets

                                                             

Albertville Premium Outlets

  Albertville (Minneapolis), MN         3,900     97,059         4,718     3,900     101,777     105,677     30,362   2004 (4)

Allen Premium Outlets

  Allen (Dallas), TX         13,855     43,687     97     15,850     13,952     59,537     73,489     21,006   2004 (4)

Aurora Farms Premium Outlets

  Aurora (Cleveland), OH         2,370     24,326         3,377     2,370     27,703     30,073     15,442   2004 (4)

Birch Run Premium Outlets

  Birch Run, MI     107,578     11,560     77,856         1,250     11,560     79,106     90,666     6,039   2010 (4)

Calhoun Premium Outlets

  Calhoun, GA     20,678     1,745     12,529         155     1,745     12,684     14,429     2,197   2010 (4)

Camarillo Premium Outlets

  Camarillo
(Los Angeles), CA
        16,670     224,721     482     63,310     17,152     288,031     305,183     66,533   2004 (4)

Carlsbad Premium Outlets

  Carlsbad (San Diego), CA         12,890     184,990     96     2,457     12,986     187,447     200,433     44,793   2004 (4)

Carolina Premium Outlets

  Smithfield, NC     18,674     3,175     59,863         3,803     3,175     63,666     66,841     22,172   2004 (4)

Chicago Premium Outlets

  Aurora (Chicago), IL         659     118,005         4,137     659     122,142     122,801     38,735   2004 (4)

Cincinnati Premium Outlets

  Monroe (Cincinnati), OH         14,117     71,520         4,219     14,117     75,739     89,856     9,350   2008

Clinton Crossing Premium Outlets

  Clinton, CT         2,060     107,556     1,532     1,980     3,592     109,536     113,128     31,210   2004 (4)

59


Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Columbia Gorge Premium Outlets

  Troutdale (Portland), OR         7,900     16,492         2,327     7,900     18,819     26,719     8,334   2004 (4)

Desert Hills Premium Outlets

  Cabazon
(Palm Springs), CA
        3,440     338,679         5,574     3,440     344,253     347,693     78,344   2004 (4)

Edinburgh Premium Outlets

  Edinburgh
(Indianapolis), IN
        2,857     47,309         13,020     2,857     60,329     63,186     20,254   2004 (4)

Ellenton Premium Outlets

  Ellenton (Tampa), FL     106,062     15,807     182,412         2,082     15,807     184,494     200,301     15,217   2010 (4)

Folsom Premium Outlets

  Folsom (Sacramento), CA         9,060     50,281         2,882     9,060     53,163     62,223     19,429   2004 (4)

Gaffney Premium Outlets

  Gaffney, SC     37,527     4,056     32,371             4,056     32,371     36,427     2,932   2010 (4)

Gilroy Premium Outlets

  Gilroy (San Jose), CA         9,630     194,122         8,479     9,630     202,601     212,231     55,457   2004 (4)

Grove City Premium Outlets

  Grove City, PA     114,505     6,421     121,880         394     6,421     122,274     128,695     10,748   2010 (4)

Gulfport Premium Outlets

  Gulfport, MS     25,546         27,949         399         28,348     28,348     2,767   2010 (4)

Hagerstown Premium Outlets

  Hagerstown, MD     90,390     3,576     85,883         39     3,576     85,922     89,498     6,565   2010 (4)

Houston Premium Outlets

  Cypress (Houston), TX         20,871     69,350         49,244     20,871     118,594     139,465     17,018   2007

Jackson Premium Outlets

  Jackson (New York), NJ         6,413     104,013     3     4,285     6,416     108,298     114,714     26,123   2004 (4)

Jersey Shore Premium Outlets

  Tinton Falls (New York), NJ     71,055     16,141     50,979         73,522     16,141     124,501     140,642     18,862   2007

Johnson Creek Premium Outlets

  Johnson Creek, WI         2,800     39,546         5,660     2,800     45,206     48,006     12,393   2004 (4)

Kittery Premium Outlets

  Kittery, ME     43,556     11,832     94,994         6,210     11,832     101,204     113,036     21,876   2004 (4)

Las Americas Premium Outlets

  San Diego, CA     180,000     45,168     251,878         4,596     45,168     256,474     301,642     32,702   2007 (4)

Las Vegas Premium Outlets—South

  Las Vegas, NV         13,085     160,777         19,838     13,085     180,615     193,700     35,960   2004 (4)

Las Vegas Premium Outlets—North

  Las Vegas, NV         25,435     134,973     450     66,672     25,885     201,645     227,530     50,917   2004 (4)

Lebanon Premium Outlets

  Lebanon (Nashville), TN     15,706     1,758     10,189         247     1,758     10,436     12,194     1,176   2010 (4)

Lee Premium Outlets

  Lee, MA     51,619     9,167     52,212         553     9,167     52,765     61,932     4,872   2010 (4)

60


Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Leesburg Corner Premium Outlets

  Leesburg (Washington D.C.), VA         7,190     162,023         4,087     7,190     166,110     173,300     48,864   2004 (4)

Liberty Village Premium Outlets

  Flemington (New York), NJ         5,670     28,904         2,104     5,670     31,008     36,678     13,529   2004 (4)

Lighthouse Place Premium Outlets

  Michigan City, IN     88,623     6,630     94,138         6,923     6,630     101,061     107,691     33,939   2004 (4)

Napa Premium Outlets

  Napa, CA         11,400     45,023         1,996     11,400     47,019     58,419     14,536   2004 (4)

North Bend Premium Outlets

  North Bend (Seattle), WA         2,143     36,197         2,387     2,143     38,584     40,727     9,098   2004 (4)

North Georgia Premium Outlets

  Dawsonville (Atlanta), GA         4,300     132,325         1,563     4,300     133,888     138,188     37,490   2004 (4)

Orlando Premium Outlets—International Dr

  Orlando, FL         32,727     472,815         814     32,727     473,629     506,356     25,646   2010 (4)

Orlando Premium Outlets—Vineland Ave

  Orlando, FL         14,040     304,410     15,855     46,615     29,895     351,025     380,920     74,954   2004 (4)

Osage Beach Premium Outlets

  Osage Beach, MO         9,460     85,804         4,789     9,460     90,593     100,053     27,758   2004 (4)

Petaluma Village Premium Outlets

  Petaluma, CA         13,322     13,710             13,322     13,710     27,032     7,791   2004 (4)

Philadelphia Premium Outlets

  Limerick (Philadelphia), PA     190,000     16,676     105,249         15,518     16,676     120,767     137,443     25,853   2006

Pismo Beach Premium Outlets

  Pismo Beach, CA     33,850     4,317     19,044         812     4,317     19,856     24,173     2,499   2010 (4)

Pleasant Prairie Premium Outlets

  Pleasant Prairie, WI     97,893     16,823     126,686         1,896     16,823     128,582     145,405     8,663   2010 (4)

Puerto Rico Premium Outlets

  Barceloneta, PR     73,364     20,586     114,021         1,288     20,586     115,309     135,895     8,382   2010 (4)

Queenstown Premium Outlets

  Queenstown (Baltimore), MD     66,150     8,129     61,950         150     8,129     62,100     70,229     4,716   2010 (4)

Rio Grande Valley Premium Outlets

  Mercedes (McAllen), TX         12,229     41,547         32,873     12,229     74,420     86,649     20,133   2005

Round Rock Premium Outlets

  Round Rock (Austin), TX         21,977     82,252         1,316     21,977     83,568     105,545     24,683   2005

San Marcos Premium Outlets

  San Marcos, TX     145,231     13,180     287,179         1,034     13,180     288,213     301,393     15,826   2010 (4)

61


Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Seattle Premium Outlets

  Tulalip (Seattle), WA             103,722         17,967         121,689     121,689     31,497   2004 (4)

St. Augustine Premium Outlets

  St. Augustine (Jacksonville), FL         6,090     57,670     2     7,768     6,092     65,438     71,530     21,643   2004 (4)

The Crossings Premium Outlets

  Tannersville, PA     49,253     7,720     172,931         10,228     7,720     183,159     190,879     44,730   2004 (4)

Vacaville Premium Outlets

  Vacaville, CA         9,420     84,850         9,146     9,420     93,996     103,416     31,595   2004 (4)

Waikele Premium Outlets

  Waipahu (Honolulu), HI         22,630     77,316         3,096     22,630     80,412     103,042     25,022   2004 (4)

Waterloo Premium Outlets

  Waterloo, NY     72,822     3,230     75,277         6,735     3,230     82,012     85,242     27,125   2004 (4)

Williamsburg Premium Outlets

  Williamsburg, VA     104,427     10,323     223,789         349     10,323     224,138     234,461     12,719   2010 (4)

Woodbury Common Premium Outlets

  Central Valley (New York), NY         11,110     862,559     1,658     7,302     12,768     869,861     882,629     203,885   2004 (4)

Wrentham Village Premium Outlets

  Wrentham (Boston), MA         4,900     282,031         7,729     4,900     289,760     294,660     74,409   2004 (4)


Community/Lifestyle Centers


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABQ Uptown

  Albuquerque, NM         6,374     75,333             6,374     75,333     81,707     1,471   2011 (4)

Arboretum

  Austin, TX         7,640     36,774     71     9,664     7,711     46,438     54,149     17,869   1998 (4)

Bloomingdale Court

  Bloomingdale (Chicago), IL     25,923     8,748     26,184         12,067     8,748     38,251     46,999     19,220   1987

Charles Towne Square

  Charleston, SC             1,768     370     10,636     370     12,404     12,774     8,311   1976

Chesapeake Center

  Chesapeake (Virginia Beach), VA         5,352     12,279         871     5,352     13,150     18,502     7,937   1989

Countryside Plaza

  Countryside (Chicago), IL         332     8,507     2,554     9,711     2,886     18,218     21,104     8,962   1977

Dare Centre

  Kill Devil Hills, NC     1,555         5,702         189         5,891     5,891     1,714   2004 (4)

DeKalb Plaza

  King of Prussia (Philadelphia), PA     2,676     1,955     3,405         1,135     1,955     4,540     6,495     2,093   2003 (4)

Empire East

  Sioux Falls, SD         3,023     10,420             3,023     10,420     13,443       1998 (5) (6)

Forest Plaza

  Rockford, IL     18,391     4,132     16,818     453     11,901     4,585     28,719     33,304     12,103   1985

Gateway Center

  Austin, TX         24,549     81,437         10,231     24,549     91,668     116,217     27,700   2004 (4)

Great Lakes Plaza

  Mentor (Cleveland), OH         1,028     2,025         3,793     1,028     5,818     6,846     1,952   1976

62


Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Greenwood Plus

  Greenwood (Indianapolis), IN         1,129     1,792         4,367     1,129     6,159     7,288     3,260   1979

Henderson Square

  King of Prussia (Philadelphia), PA     13,948     4,223     15,124         756     4,223     15,880     20,103     3,875   2003 (4)

Highland Lakes Center

  Orlando, FL         7,138     25,284         2,020     7,138     27,304     34,442     17,752   1991

Ingram Plaza

  San Antonio, TX         421     1,802     4     57     425     1,859     2,284     1,305   1980

Keystone Shoppes

  Indianapolis, IN             4,232         1,144         5,376     5,376     2,131   1997 (4)

Lake Plaza

  Waukegan (Chicago), IL         2,487     6,420         1,005     2,487     7,425     9,912     4,015   1986

Lake View Plaza

  Orland Park (Chicago), IL     15,751     4,702     17,543         12,545     4,702     30,088     34,790     15,218   1986

Lakeline Plaza

  Cedar Park (Austin), TX     17,229     5,822     30,875         6,918     5,822     37,793     43,615     16,180   1998

Lima Center

  Lima, OH         1,781     5,151         6,988     1,781     12,139     13,920     5,788   1978

Lincoln Crossing

  O'Fallon (St. Louis), IL         674     2,192         807     674     2,999     3,673     1,455   1990

Lincoln Plaza

  King of Prussia (Philadelphia), PA             21,299         3,411         24,710     24,710     11,045   2003 (4)

MacGregor Village

  Cary, NC     6,254     502     8,897         297     502     9,194     9,696     1,971   2004 (4)

Mall of Georgia Crossing

  Buford (Atlanta), GA         9,506     32,892         618     9,506     33,510     43,016     13,932   2004 (5)

Markland Plaza

  Kokomo, IN         206     738         6,135     206     6,873     7,079     3,380   1974

Martinsville Plaza

  Martinsville, VA             584         408         992     992     792   1967

Matteson Plaza

  Matteson (Chicago), IL         1,771     9,737         3,770     1,771     13,507     15,278     7,219   1988

Muncie Towne Plaza

  Muncie, IN     7,163     267     10,509     87     1,786     354     12,295     12,649     5,234   1998

New Castle Plaza

  New Castle, IN         128     1,621         1,369     128     2,990     3,118     1,623   1966

North Ridge Plaza

  Joliet (Chicago), IL         2,831     7,699         4,434     2,831     12,133     14,964     5,897   1985

North Ridge Shopping Center

  Raleigh, NC     7,639     385     12,838         782     385     13,620     14,005     2,936   2004 (4)

Northwood Plaza

  Fort Wayne, IN         148     1,414         1,865     148     3,279     3,427     2,084   1974

Palms Crossing

  McAllen, TX     38,202     13,496     45,925         9,067     13,496     54,992     68,488     10,610   2006

Regency Plaza

  St. Charles (St. Louis), MO     3,776     616     4,963         587     616     5,550     6,166     2,821   1988

Richardson Square

  Richardson (Dallas), TX         6,285         990     15,229     7,275     15,229     22,504     2,034   1977

Rockaway Commons

  Rockaway (New York), NJ         5,149     26,435         7,840     5,149     34,275     39,424     10,721   1998 (4)

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SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Rockaway Town Plaza

  Rockaway (New York), NJ             18,698     2,225     2,961     2,225     21,659     23,884     4,607   2004

Shops at Arbor Walk, The

  Austin, TX     43,176     930     42,546         4,403     930     46,949     47,879     9,412   2005

Shops at North East Mall, The

  Hurst (Dallas), TX         12,541     28,177     402     4,657     12,943     32,834     45,777     16,238   1999

St. Charles Towne Plaza

  Waldorf (Washington, D.C.), MD     24,542     8,377     18,993         3,940     8,377     22,933     31,310     11,797   1987

Teal Plaza

  Lafayette, IN         99     878         1,557     99     2,435     2,534     1,465   1962

Terrace at the Florida Mall

  Orlando, FL         2,150     7,623         5,251     2,150     12,874     15,024     5,903   1989

Tippecanoe Plaza

  Lafayette, IN             745     234     5,196     234     5,941     6,175     3,486   1974

University Center

  Mishawaka (South Bend), IN         3,071     7,413         1,828     3,071     9,241     12,312     7,738   1980

Washington Plaza

  Indianapolis, IN         941     1,697         1,159     941     2,856     3,797     2,523   1976

Waterford Lakes Town Center

  Orlando, FL         8,679     72,836         14,104     8,679     86,940     95,619     40,419   1999

West Ridge Plaza

  Topeka, KS     4,720     1,376     4,560         2,085     1,376     6,645     8,021     3,368   1988

White Oaks Plaza

  Springfield, IL     14,325     3,169     14,267         3,494     3,169     17,761     20,930     8,255   1986

Wolf Ranch Town Center

  Georgetown (Austin), TX         21,403     51,547         9,413     21,403     60,960     82,363     14,729   2004

Other Properties

                                                             

Factory Stores of America — Boaz

  Boaz, AL     2,540         924         87         1,011     1,011     190   2004 (4)

Factory Stores of America — Georgetown

  Georgetown, KY     6,019     148     3,610         39     148     3,649     3,797     733   2004 (4)

Factory Stores of America — Graceville

  Graceville, FL     1,789     12     408         150     12     558     570     70   2004 (4)

Factory Stores of America — Lebanon

  Lebanon, MO     1,503     24     214         6     24     220     244     11   2004 (4)

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Table of Contents

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2011
(Dollars in thousands)

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

Factory Stores of America — Nebraska City

  Nebraska City, NE     1,411     26     566         47     26     613     639     215   2004 (4)

Factory Stores of America —
Story City

  Story City, IA     1,743     7     526         34     7     560     567     156   2004 (4)

Florida Keys Outlet Center

  Florida City, FL     10,824     1,560     1,748         822     1,560     2,570     4,130     429   2010 (4)

Gwinnett Place

  Duluth (Atlanta), GA     115,000     6,361     108,637             6,361     108,637     114,998       1998 (5) (7)

Huntley Outlet Center

  Huntley, IL     30,276     3,495     2,027         127     3,495     2,154     5,649     289   2010 (4)

Shops at Nanuet, The

  Nanuet (New York), NY         27,310     162,993         5,614     27,310     168,607     195,917     165,289   1998 (4)

Naples Outlet Center

  Naples, FL     16,274     1,514     519             1,514     519     2,033     184   2010 (4)

Outlet Marketplace

  Orlando, FL         3,367     1,557         48     3,367     1,605     4,972     347   2010 (4)

The Shoppes at Branson Meadows

  Branson, MO     8,685         5,205         487         5,692     5,692     654   2004 (4)

University Town Plaza

  Pensacola, FL         4,256     26,657     1,753     4,769     6,009     31,426     37,435     28,830   1994

Development Projects

                                                             

Merrimack Premium Outlets

            17,306     83,404             17,306     83,404     100,710        

Other pre-
development costs

            20,373     174,800             20,373     174,800     195,173     780    

Other

            2,614     10,133         1,820     2,614     11,953     14,567     4,874    
                                             

      $ 6,041,485   $ 2,941,448   $ 21,097,632   $ 195,533   $ 5,098,717   $ 3,136,981   $ 26,196,349   $ 29,333,330   $ 8,148,170    
                                             

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Table of Contents


Simon Property Group, Inc. and Subsidiaries

Notes to Schedule III as of December 31, 2011

(Dollars in thousands)

(1)    Reconciliation of Real Estate Properties:

            The changes in real estate assets for the years ended December 31, 2011, 2010, and 2009 are as follows:

 
  2011   2010   2009  

Balance, beginning of year

  $ 27,192,223   $ 25,023,715   $ 24,907,970  

Acquisitions and consolidations (5)

    2,068,452     2,200,102      

Improvements

    552,455     273,255     315,928  

Disposals

    (479,800 )   (304,849 )   (200,183 )
               

Balance, close of year

  $ 29,333,330   $ 27,192,223   $ 25,023,715  
               

            The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2011 was $23,502,281.

(2)       Reconciliation of Accumulated Depreciation:

            The changes in accumulated depreciation and amortization for the years ended December 31, 2011, 2010, and 2009 are as follows:

 
  2011   2010   2009  

Balance, beginning of year

  $ 7,485,821   $ 6,806,670   $ 6,015,677  

Depreciation expense

    906,554     874,450     893,139  

Disposals

    (244,205 )   (195,299 )   (102,146 )
               

Balance, close of year

  $ 8,148,170   $ 7,485,821   $ 6,806,670  
               

            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)
Amounts represent preliminary purchase price allocation and are subject to change upon finalization.

(7)
Our interests in the property were sold effective January 1, 2012.

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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*

 

Amendment to Simon Property Group, L.P. 1998 Stock Incentive Plan dated July 6, 2011 (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed on July 7, 2011).

 

10.8*

 

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).

 

10.9*

 

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).

 

10.10*

 

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).

 

10.11*

 

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).

 

10.12*

 

Employment Agreement between the Registrant and David Simon effective as of July 6, 2011 (incorporated by reference to the Registrant's Current Report on Form 8-K filed on July 7, 2011).

 

10.13

 

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).

 

10.14

 

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).

 

10.15

 

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).

 

10.16*

 

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).

 

10.17*

 

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).

 

10.18

 

$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).

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Table of Contents

Exhibits    
 

10.19*

 

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).

 

10.20*

 

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).

 

10.21*

 

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).

 

10.22*

 

Simon Property Group Series CEO LTIP Unit Award Agreement (incorporated by reference to the Registrant's Current Report on Form 8-K filed on July 7, 2011).

 

10.23*

 

Form of Simon Property Group Series 2011 LTIP Unit Award Agreement (incorporated by reference to the Registrant's Current Report on Form 8-K filed on July 7, 2011).

 

10.24*

 

First Amendment to Simon Property Group Series CEO LTIP Unit Award Agreement dated as of December 13, 2011.

 

10.25*

 

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 2011 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, 2011, 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.


*
Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.

68