10-K 1 a2153313z10-k.htm 10-K
QuickLinks -- Click here to rapidly navigate through this document

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, 2004


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

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

115 West Washington Street, Suite 15 East
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
8.75% Series F Cumulative Redeemable Preferred Stock, $.0001 par value   New York Stock Exchange
7.89% Series G Cumulative Step-Up Premium Rate Preferred Stock, $.0001 par value   New York Stock Exchange
6% Series I Convertible Perpetual Preferred Stock, $.0001 par value   New York Stock Exchange
83/8% Series J Cumulative Redeemable Preferred Stock, $.0001 par value   New York Stock Exchange

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

            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 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 Registrant is an accelerated filer (as defined by Rule 12b-2 of the Securities Exchange Act of 1934). YES ý NO o

            The aggregate market value of shares of common stock held by non-affiliates of the Registrant was approximately $10,229 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2004.

            As of February 28, 2005, Simon Property Group, Inc. had 223,149,753, 8,000 and 4,000 shares of common stock, Class B common stock and Class C 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 2005 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, 2004

TABLE OF CONTENTS


Item No.
 
 
 
Page No.
Part I

1.
 
Business
 
3
2.   Properties   12
3.   Legal Proceedings   42
4.   Submission of Matters to a Vote of Security Holders   42

Part II

5.
 
Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
 
43
6.   Selected Financial Data   44
7.   Management's Discussion and Analysis of Financial Condition and Results of Operations   44
    Management's Report on Internal Control Over Financial Reporting   44
7A.   Quantitative and Qualitative Disclosure About Market Risk   44
8.   Financial Statements and Supplementary Data   44
9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure   44
9A.   Controls and Procedures   44
9B.   Other Information   44

Part III

10.
 
Directors and Executive Officers of the Registrant
 
45
11.   Executive Compensation   45
12.   Security Ownership of Certain Beneficial Owners and Management   45
13.   Certain Relationships and Related Transactions   45
14.   Principal Accountant Fees and Services   45

Part IV

15.
 
Exhibits, and Financial Statement Schedules
 
46

Signatures
 
47

2


Part I

Item 1. Business

    Background

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

            We are engaged primarily in the ownership, operation, leasing, management, acquisition, expansion and development of real estate properties. Our real estate properties consist primarily of regional malls, Premium Outlet® centers and community shopping centers. As of December 31, 2004, we owned or held an interest in 297 income-producing properties in the United States, which consisted of 172 regional malls, 71 community shopping centers, 31 Premium Outlet centers and 23 other properties in 40 states plus Puerto Rico (collectively, the "Properties", and individually, a "Property"). Our other Properties include retail space, office space, and/or hotel components. In addition, we also own interests in twelve parcels of land held in the United States for future development (together with the Properties, the "Portfolio"). Finally, we have ownership interests in 51 European shopping centers (located in France, Italy, Poland and Portugal); four Premium Outlet centers in Japan; one Premium Outlet center in Mexico; and one shopping center in Canada.

            The Operating Partnership's wholly-owned subsidiary, M.S. Management Associates, Inc. (the "Management Company") provides leasing, management, and development services to most of the Properties. In addition, insurance subsidiaries of the Management Company insure: the self-insured retention portion of our general liability program; the deductible associated with our workers' compensation programs; and provide reinsurance for the primary layer of general liability coverage to our third party maintenance providers while performing services under contract with us. Third party insurers provide coverage above the insurance subsidiaries' limits.

    Mergers and Acquisitions

            Mergers and acquisitions have been a significant component of the growth and development of our business. In 2004, we completed a series of acquisitions that added to our overall Portfolio:

    •
    On February 5, 2004 we purchased a 95% interest in Gateway Shopping Center in Austin, Texas for approximately $107.0 million.

    •
    On April 1, 2004, we increased our ownership interest in Mall of Georgia Crossing from 50% to 100% for approximately $26.3 million, including the assumption of $16.5 million of debt.

    •
    On April 27, 2004, we increased our ownership interest in Bangor Mall and Montgomery Mall to approximately 67.6% and 54.4%, respectively, for approximately $67.0 million, including the assumption of our $16.8 million share of debt.

    •
    On May 4, 2004, we purchased a 100% interest in Plaza Carolina in San Juan, Puerto Rico for approximately $309.0 million.

    •
    On October 14, 2004 we completed our acquisition of Chelsea Property Group, Inc. (Chelsea). The acquisition included 32 Premium Outlets in the United States, 4 Premium Outlets in Japan, 3 community centers, 21 other retail centers, and its development portfolio. The purchase price was approximately $5.2 billion including the assumption of our $1.5 billion share of debt.

    •
    On November 19, 2004 we increased our ownership interest in Lehigh Valley, located in Whitehall, Pennsylvania, to 37.6% for approximately $42.3 million, including the assumption of our $25.9 million share of debt.

    •
    Finally, on December 15, 2004, we increased our ownership interest in Woodland Hills, located in Tulsa, Oklahoma, to approximately 94.5% for approximately $119.5 million, including the assumption of our $39.7 million share of debt.

3

    Dispositions

            As part of our strategic plan to own quality retail real estate, we continually evaluate our properties and sell those which no longer meet our strategic criteria. We may use the capital generated from these dispositions to invest in higher-quality, higher-growth properties. We believe that the sale of these non-core Properties will not have a material impact on our future results of operations or cash flows nor will their sale materially affect our ongoing operations. Generally, any earnings dilution from the sales on our results of operations from these dispositions will be offset by the positive impact of our acquisitions and development and redevelopment activities.

            During 2004, we sold five non-core Properties, consisting of three regional malls, one community center and one Premium Outlet. The Properties and their dates of sale were:

  •   Hutchinson Mall on June 15, 2004   •   Santa Fe Premium Outlets on December 28, 2004
  •   Bridgeview Court on July 22, 2004   •   Heritage Park Mall on December 29, 2004
  •   Woodville Mall on September 1, 2004        

            In addition, on April 7, 2004, we sold a joint venture interest in a hotel property held by the Management Company. On April 8, 2004, we sold our joint venture interest in Yards Plaza, in Chicago, Illinois, and on August 6, 2004, we completed the court ordered sale of our joint venture interest in Mall of America, in Minneapolis, Minnesota (see Item 3).

            The sales of these properties did not result in any significant gain or loss.

Operating Policies and Strategies

            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

            We conduct our investment activities, except for one Property that we own directly, through the Operating Partnership and its subsidiaries. Our primary business objectives are to increase Funds From Operations ("FFO") per share, operating results and the value of our Properties while maintaining a stable balance sheet consistent with our financing policies. We intend to achieve these objectives by:

    •
    pursuing a leasing strategy that capitalizes on the desirable location of our Properties;
    •
    improving the performance of our Properties by using the economies of scale that result from our size to help control operating costs and by generating additional revenues through merchandising, marketing and promotional activities;
    •
    renovating and/or expanding our Properties where appropriate;
    •
    developing new shopping centers which meet our economic criteria; and
    •
    acquiring additional shopping centers and the portfolios of other retail real estate companies that meet our investment criteria.

            We cannot assure you that we will achieve our business objectives.

            We develop and acquire properties to generate both current income and long-term appreciation in value. We do not limit the amount or percentage of assets that may be invested in any particular property or type of property or in any geographic area. We may purchase or lease properties for long-term investment or develop, redevelop, and/or sell our Properties, in whole or in part, when circumstances warrant. We participate with other entities in property ownership, through joint ventures or other types of co-ownership. These equity investments may be subject to existing mortgage financing and other indebtedness that have priority over our equity interest.

            While we emphasize equity real estate investments, we may, at our discretion, invest in mortgages and other real estate interests consistent with our qualification as a REIT under the Internal Revenue Code ("Code"). We do not currently intend to invest to a significant extent in mortgages or deeds of trust, however, we hold an interest in one Property through a mortgage note which results in us receiving 100% of the economics of the Property. We may invest in participating or convertible mortgages if we conclude that we may benefit from the cash flow or any appreciation in the value of the property.

4


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

    Financing Policies

            We must comply with the covenant restrictions of debt agreements of the Operating Partnership that limit our ratio of debt to total market valuation. For example, the Operating Partnership's lines 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 60% of adjusted total assets, as defined, and secured debt to 55% of adjusted total assets. In addition, these agreements contain other covenants requiring compliance with financial ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for our equity securities and the debt securities of the Operating Partnership.

            If the Board of Directors determines to seek additional capital, we may raise such capital through additional equity offerings, debt financing, creation of joint ventures with existing ownership interests in Properties, retention of cash flows or a combination of these methods. Our ability to retain cash flows is subject to Code provisions requiring REITs to distribute a certain percentage of their taxable income. We must also take into account taxes that would be imposed on undistributed taxable income. If the Board of Directors determines to raise additional equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. The Board of Directors may issue a number of shares up to the amount of our authorized capital in any manner and on such terms and for such consideration as it deems appropriate. This may include issuing stock in exchange for property. 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 will 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 anticipate that any additional 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 of such indebtedness may be unsecured or may be secured by any or all of our assets, the Operating Partnership or any existing or new property-owning partnership. Any such indebtedness may also have full or limited recourse to all or any portion of the assets of any of the foregoing. Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly be required to do so.

            We may obtain unsecured or secured lines of credit. We also may determine to issue debt securities. Any such debt securities 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 the following:

    •
    financing acquisitions;
    •
    developing or redeveloping properties;
    •
    refinancing existing indebtedness;
    •
    working capital or capital improvements; or
    •
    meeting the income distribution requirements applicable to REITs if we have income without the receipt of cash sufficient to enable us to meet such distribution requirements.

5

            We also may determine to finance acquisitions through the following:

    •
    issuance of shares of common stock;
    •
    issuance of shares of preferred stock;
    •
    issuance of additional units of limited partnership interest in the Operating Partnership;
    •
    issuance of preferred units of the Operating Partnership;
    •
    issuance of other securities; or
    •
    sale or exchange of ownership interests in Properties.

            The ability to offer units of limited partnership interest to transferors may result in beneficial tax treatment for the transferors. This is because the exchange of units for properties may defer the recognition of gain for tax purposes by the transferor. It may also be an advantage for us since certain investors may be limited in the number of shares of our capital stock that they may purchase.

            If the Board of Directors determines to obtain additional debt financing, we intend to do so generally through mortgages on Properties, drawings against revolving lines of credit or term loan facilities, or the issuance of unsecured debt through the Operating Partnership. We may do this directly or through an entity owned or controlled by us. The mortgages may be non-recourse, recourse, or cross-collateralized. 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.

            Typically, we invest in or form special purpose entities only to obtain permanent financing for Properties on attractive terms. Permanent financing for Properties is typically structured as a mortgage loan on one or a group of Properties in favor of an institutional third party or as a joint venture with a third party or as a securitized financing. For securitized financings, we are required to create special purpose entities to own the Properties. These special purpose entities are structured so that they would not be consolidated with us in the event we would ever become subject to a bankruptcy proceeding. 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 our affairs and the Board of Directors (the Board), 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 and DeBartolo families. Any transaction between us and the Simons or the DeBartolos, including property acquisitions, service and property management agreements and retail space leases, must be approved by a majority of non-affiliated directors.

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

    Policies With Respect To Certain Other Activities

            We intend to make investments which are consistent with the REIT requirements of the Code, unless the Board of Directors determines that it is no longer in our best interests to 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 engage in such activities in the future. We may issue shares of our common stock to holders of units of limited partnership interest in the Operating Partnership in future periods upon exercise of such holders' rights under the Operating Partnership agreement. We

6

may also repurchase shares of our common stock subject to Board approval. We have not made loans to persons, including our officers and directors. It is our policy to not make any loans to our directors and executive officers for any purpose and all loans previously made to current executive officers have been repaid in full. We may make loans to the Management Company and to joint ventures in which we participate.

    Operating Strategies

            We plan to achieve our primary business objectives through a variety of methods discussed below, although we cannot assure you that we will achieve such objectives.

            Leasing.    We pursue a leasing strategy that includes:

    •
    marketing available space to maintain or increase occupancy levels;
    •
    renewing existing leases and originating new leases at higher base rents per square foot;
    •
    negotiating leases that allow us to recover from our tenants the majority of our property operating, real estate tax, repairs and maintenance, and advertising and promotion expenditures; and
    •
    executing leases that provide for percentage or overage rents and/or regular or periodic fixed contractual increases in base rents.

            Management.    We draw upon our expertise gained through management of a geographically diverse Portfolio, nationally recognized as comprising high quality retail and other Properties. In doing so, we seek to maximize cash flow through a combination of:

    •
    an active merchandising program to maintain our shopping centers as inviting shopping destinations;
    •
    efforts to minimize overhead and operating costs which not only benefits our operations but also reduces the costs reimbursed to us from our tenants. A tenant's ability to pay rent is affected by the percentage of its sales represented by occupancy costs, which consist of rent and expense recoveries. As sales levels increase, if expenses subject to recovery are controlled, the tenant can afford to pay higher base rent.
    •
    coordinated marketing and promotional activities that establish and maintain customer loyalty; and
    •
    systematic planning and monitoring of results.

            We believe that if we are successful in our efforts to increase sales while controlling operating expenses we will be able to continue to increase base rents at the Properties.

            We manage substantially all our Properties held as joint venture Properties and as a result we derive revenues from management fees and other services.

            Other Revenues.    Due to our size, tenant and vendor relationships, we also generate revenues from other sources, including:

    •
    Simon Brand Venture ("Simon Brand") obtains revenues from establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances. Simon Brand revenues include payment services, national media contracts, a national beverage contract and other contracts with national companies as well as the sale of bank-issued gift cards under the Simon brand.
    •
    Simon Business Network ("Simon Business") revenues are derived from the offering of products and property operating services, resulting from its relationships with vendors, to our tenants and others. These services include such items as waste handling, facility services, and energy services, as well as major capital expenditures such as roofing, parking lots and energy systems.

            We also generate other revenues through the sale or lease of land adjacent to our Properties commonly referred to as "outlots" or "outparcels."

            International Expansion.    Our investments in Europe, Japan, Mexico, and Canada are currently conducted through joint ventures. In Europe, we have investments in partnerships with LaRinacante/Auchan and Argo/Peabody (known as Gallerie Commercialai Italia ("GCI") and European Retail Enterprises, B.V. ("ERE")). In Japan, our investments are in partnerships with Mitsubishi Estate Co., Ltd. and Sojitz Corporation (formerly known as Nissho Iwai Corporation). Our Mexico investment is a joint venture with Sordo Madaleno y Asociados. We account for our European and international joint venture activities under the equity method of accounting as defined by accounting policies generally accepted in the United States.

7


            We believe that the expertise we have gained through the development, leasing, management, and marketing of our domestic Properties can be utilized in retail properties abroad. There are risks inherent in international operations that may be beyond our control including:

    •
    changes in foreign currency exchange rates;
    •
    declines in economic conditions abroad;
    •
    changes in foreign political environments; and
    •
    changes in applicable laws and regulations in the United States that affect foreign operations.

    Competition

            We consider our principal competitors to be seven other major United States or internationally publicly-held companies that own or operate regional malls, outlet centers, and other shopping centers in the United States and abroad. We also compete with many commercial developers, real estate companies and other owners of retail real estate that operate in our trade areas. Some of our Properties are of the same type and are within the same market area as other competitive properties. The existence of competitive properties 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 acquisition of prime sites (including land for development and operating properties) and for tenants to occupy the space that we and our competitors develop and manage. In addition, our Properties compete against non-physical based forms of retailing such as catalog companies and e-commerce websites that offer retail products.

            We believe that our Portfolio is the largest, as measured by gross leasable area ("GLA"), of any publicly-traded retail REIT. In addition, we own or have an interest in more regional malls than any other publicly-traded REIT. We believe that we have a competitive advantage in the retail real estate business as a result of:

    •
    the size, quality and diversity of our Properties;
    •
    our management and operational expertise;
    •
    our extensive experience and relationships with retailers and lenders;
    •
    our mall marketing initiatives and consumer focused strategic corporate alliances; including those developed by Simon Brand and Simon Business; and
    •
    our ability to use our size to reduce the total occupancy cost of our tenants.

            Our size reduces our dependence upon individual retail tenants. Approximately 3,800 different retailers occupy more than 24,400 stores in our Properties and no retail tenant represents more than 4.0% of our Properties' total minimum rents.

    Environmental Matters

            General Compliance.    We believe that the Portfolio is in compliance, in all material respects, with all Federal, state and local environmental laws, ordinances and regulations regarding hazardous or toxic substances. Nearly all of the Portfolio have been subjected to Phase I or similar environmental audits (which generally involve only a review of records and visual inspection of the property without soil sampling or ground water analysis) by independent environmental consultants. Phase I environmental audits are intended to discover information regarding, and to evaluate the environmental condition of, the surveyed properties and surrounding properties. 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. 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
    •
    future uses or conditions (including, without limitation, changes in applicable environmental laws and regulations or the interpretation thereof) will not result in environmental liabilities.

            Asbestos-Containing Materials.    Asbestos-containing materials are present in most of the Properties, primarily in the form of vinyl asbestos tile, mastics and roofing materials, which we believe are generally in good condition. Fireproofing and insulation containing asbestos is also present in certain Properties in limited concentrations or in limited areas. The presence of such asbestos-containing materials does not violate currently applicable laws. Generally,

8


we remove asbestos-containing materials as required in the ordinary course of any renovation, reconstruction, or expansion, and in connection with the retenanting of space.

            Mold Management.    From time to time, during normal maintenance activities, increased levels of moisture may be found in building materials and mechanical systems. When this occurs, the source of the moisture (typically, due to a plumbing system malfunction or weather related damage) is corrected and the impact to building operations is assessed. When active mold growth is reasonably suspected or identified, the services of environmental professionals are utilized to evaluate and address the situation appropriately.

            Underground Storage Tanks.    Several of the Properties contain, or at one time contained, underground storage tanks used to store waste oils or other petroleum products primarily related to auto service center establishments or emergency electrical generation equipment. We believe that regulated tanks have been removed, upgraded or abandoned in accordance with applicable environmental laws. Site assessments have revealed certain soil and groundwater contamination associated with such tanks at some of these Properties. Subsurface investigations (Phase II assessments) and remediation activities are either completed, ongoing, or scheduled to be conducted at such Properties. The costs of remediation with respect to such matters has not been material and we do not expect these costs will have a material adverse effect on our results of operations.

            Properties to be Developed or Acquired.    Land held for mall development or that may be acquired for development may contain residues or debris associated with the use of the land by prior owners or third parties. In certain instances, such residues or debris could be or could contain hazardous wastes or hazardous substances. Prior to exercising any option to acquire properties, we typically conduct environmental due diligence consistent with acceptable industry standards.

Certain Activities

            During the past three years, we have:

    •
    issued 14,336,846 shares of common stock upon the conversion of Series A and B preferred stock;
    •
    issued 19,375 shares of common stock in lieu of preferred dividends on Series A preferred stock;
    •
    issued 7,248,369 shares of common stock upon the conversion of common units of limited partnership interest in the Operating Partnership;
    •
    issued 803,341 shares of common stock upon the conversion of preferred units of limited partnership interest in the Operating Partnership;
    •
    issued 725,367 restricted shares of common stock, net of forfeitures, under The Simon Property Group 1998 Stock Incentive Plan;
    •
    issued 1,798,396 shares of common stock upon exercise of stock options under The Simon Property Group 1998 Stock Incentive Plan;
    •
    issued 9,000,000 shares of common stock in a public offering;
    •
    purchased and retired 93,000 shares of common stock;
    •
    purchased 317,300 shares of common stock in the open market;
    •
    issued 12,978,795 shares of common stock in the Chelsea acquisition;
    •
    issued 3,328,540 shares of Series H preferred stock in 2003 and repurchased 3,250,528 shares in 2003 and 78,012 shares in 2004;
    •
    issued 1,156,039 shares of Series D preferred stock in 2004 upon the conversion of Series D preferred units and repurchased 1,156,039 shares of Series D preferred stock in 2004;
    •
    redeemed all of the 1,000,000 shares of Series E preferred stock;
    •
    issued 13,261,712 shares of Series I preferred stock in the Chelsea acquisition;
    •
    issued 376,307 shares of Series I preferred stock upon the conversion of Series I preferred units;
    •
    issued 796,948 shares of Series J preferred stock in the Chelsea acquisition;
    •
    borrowed a maximum amount of $743.0 million under our $1.25 billion unsecured revolving credit facility; the outstanding amount of borrowings under this facility as of December 31, 2004 was $425.0 million;
    •
    as a co-borrower with the Operating Partnership, borrowed a maximum of $1.8 billion under an unsecured acquisition facility in connection with the Chelsea acquisition;
    •
    as a co-borrower with the Operating Partnership, borrowed a maximum of $600 million under a $600 million 12-month acquisition credit facility taken out in connection with the Rodamco acquisition; the outstanding balance of this acquisition credit facility was paid off during the third quarter of 2002;

9

    •
    not made loans to other entities or persons, including our officers and directors, other than to the Management Company and certain officers to pay income taxes due upon the vesting of restricted stock; all loans previously made to current executive officers have been repaid in full and our Code of Conduct prohibits us from making any further loans to officers and directors;
    •
    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 interests in real estate and, our 2003 withdrawn tender offer for Taubman Centers, Inc.;
    •
    not underwritten securities of other issuers;
    •
    not engaged in the purchase and sale or turnover of investments; and
    •
    provided annual reports containing financial statements certified by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders.

    Employees

            At February 25, 2005 we and our affiliates employed approximately 4,610 persons at various properties and offices throughout the United States, of which approximately 1,590 were part-time. Approximately 916 of these employees were located at our corporate headquarters in Indianapolis, IN and 151 were located at the Chelsea offices in Roseland, NJ.

    Corporate Headquarters

            Our corporate headquarters are located at National City Center, 115 West Washington Street, Indianapolis, Indiana 46204, and our telephone number is (317) 636-1600.

    Available information

            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 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, Nominating Committee Charter, and Governance Committee Charter.

    Executive Officers of the Registrant

            The following table sets forth certain information with respect to the executive officers of Simon Property as of December 31, 2004.

Name
   Age
   Position
Melvin Simon (1)   78   Co-Chairman
Herbert Simon (1)   70   Co-Chairman
David Simon (1)   43   Chief Executive Officer
Richard S. Sokolov   55   President and Chief Operating Officer
Hans C. Mautner   67   Chairman, Simon Global Limited and President, International Division
Gary L. Lewis   46   Executive Vice President — Leasing
Stephen E. Sterrett   49   Executive Vice President and Chief Financial Officer
J. Scott Mumphrey   53   Executive Vice President — Property Management
John Rulli   48   Executive Vice President — Chief Operating Officer — Operating Properties
James M. Barkley   53   General Counsel; Secretary
Andrew A. Juster   52   Senior Vice President and Treasurer
(1)
Melvin Simon is the brother of Herbert Simon and the father of David Simon.

10

            Set forth below is a summary of the business experience of the executive officers of Simon Property. The executive officers of Simon Property serve at the pleasure of the Board of Directors. For biographical information of Melvin Simon, Herbert Simon, David Simon, Hans C. Mautner, and Richard S. Sokolov, see Item 10 of this report.

            Mr. Lewis is the Executive Vice President — Leasing of Simon Property. Mr. Lewis joined Melvin Simon & Associates, Inc. ("MSA") in 1986 and held various positions with MSA and Simon Property prior to becoming Executive Vice President in charge of Leasing of Simon Property in 2002.

            Mr. Sterrett serves as Simon Property's Executive Vice President and Chief Financial Officer. He joined MSA in 1989 and held various positions with MSA until 1993 when he became Simon Property's Senior Vice President and Treasurer. He became Simon Property's Chief Financial Officer in 2001.

            Mr. Mumphrey serves as Simon Property's Executive Vice President — Property Management. He joined MSA in 1974 and also held various positions with MSA before becoming Senior Vice President of Property Management in 1993. In 2000, he became the President of Simon Business Network. Mr. Mumphrey became Executive Vice President — Property Management in 2002.

            Mr. Rulli serves as Simon Property's Executive Vice President — Chief Operating Officer — Operating Properties and previously served as Executive Vice President and Chief Administrative Officer. He joined MSA in 1988 and held various positions with MSA before becoming Simon Property's Executive Vice President in 1993 and Chief Administrative Officer in 2000. In December 2003, he was appointed to Executive Vice President — Chief Operating Officer — Operating Properties.

            Mr. Barkley serves as Simon Property's General Counsel and Secretary. Mr. Barkley holds the same position for MSA. He joined MSA in 1978 as Assistant General Counsel for Development Activity.

            Mr. Juster serves as Simon Property's Senior 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.

11

Item 2. Properties

    United States Properties

            Our Properties primarily consist of regional malls, Premium Outlets, community shopping centers, and other properties. Our Properties contain an aggregate of approximately 203 million square feet of GLA, of which we own approximately 121.7 million square feet ("Owned GLA"). Total estimated retail sales at the Properties in 2004 were approximately $48 billion.

            Regional malls generally contain two or more anchors and a wide variety of smaller stores ("Mall" stores) located in enclosed malls connecting the anchors. Additional stores ("Freestanding" stores) are usually located along the perimeter of the parking area. Our 172 regional malls range in size from approximately 200,000 to 2.6 million square feet of GLA, with all but four regional malls over 400,000 square feet. Our regional malls contain in the aggregate more than 18,300 occupied stores, including approximately 700 anchors, which are mostly national retailers. Our regional mall totals include certain life-style centers when the center contains a traditional department store anchor.

            Community shopping centers are generally unenclosed and smaller than regional malls. Our 71 community shopping centers generally range in size from approximately 50,000 to 950,000 square feet of GLA. Community shopping centers generally are of three types. First, we own "power centers" that are designed to serve a larger trade area and contain at least two anchors, and usually as many as 5 to 7 other tenants, that are usually national retailers among the leaders in their markets and occupy more than 70% of the GLA in the center. Second, we own traditional community 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 also own open air centers adjacent to our regional malls designed to take advantage of the drawing power of the mall. Our community center totals also include life-style centers when the center does not contain a traditional department store anchor.

            Premium Outlets generally contain a wide variety of retailers located in open-air manufacturer's outlet centers. Our 31 Premium Outlets range in size from approximately 75,000 to 840,000 square feet of GLA. The Premium Outlets are generally located near metropolitan areas including New York City, Los Angeles, Chicago, Boston, Washington, D.C., San Francisco, Sacramento, Atlanta, and Dallas; or within 20 miles of major tourist destinations including Palm Springs, Napa Valley, Orlando, Las Vegas and Honolulu.

            We also have interests in 23 other Properties, which are comprised of retail and office Properties. The other Properties range in size from approximately 60,000 to 819,000 square feet of GLA. Two of these Properties contain primarily office space. The combined office and other Properties total less than 3.5% of our total GLA and no more than 2% of our total operating income before depreciation.

            The following table provides data as of December 31, 2004:

 
   Regional
Malls
   Premium
Outlets®
   Community
Centers
   Other
  
% of total annualized base rent   80.0 % 10.5 % 5.5 % 4.0 %
% of total GLA   81.6 % 5.7 % 9.3 % 3.4 %
% of Owned GLA   73.9 % 9.5 % 11.1 % 5.5 %

            As of December 31, 2004, approximately 92.7% of the Mall and Freestanding Owned GLA in regional malls and the retail space of the other Properties was leased, approximately 99.3% of Owned GLA in the Premium Outlets was leased and approximately 91.9% of Owned GLA in the community shopping centers was leased.

            We own 100% of 210 of our 297 Properties, control 20 Properties in which we have a joint venture interest, and hold the remaining 67 Properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 288 of our 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 at any time, 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 on our regional malls, Premium Outlets, and community centers located in the United States.

12

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    REGIONAL MALLS                            

1.
 
Alton Square
 
IL
 
Alton (St. Louis)
 
Fee
 
100.0
%
Acquired 1993
 
69.9
%
426,315
 
212,897
 
639,212
 
Sears, JCPenney, Famous-Barr
2.   Anderson Mall   SC   Anderson (Greenville)   Fee   100.0 % Built 1972   87.3 % 404,394   212,667   617,061   JCPenney, Belk Ladies & Children, Belk Men's, Home Store
3.   Apple Blossom Mall   VA   Winchester   Fee   49.1 % (4) Acquired 1999   82.7 % 229,011   213,381   442,392   Belk, JCPenney, Sears
4.   Arsenal Mall   MA   Watertown (Boston)   Fee   100.0 % Acquired 1999   93.5 % 191,395   310,546   (19) 501,941   Marshalls, Home Depot, Linens-N-Things, Filene's Basement
5.   Atrium Mall   MA   Chestnut Hill (Boston)   Fee   49.1 % (4) Acquired 1999   97.8 % —   206,591   206,591   Border Books & Music, Cheesecake Factory, Tiffany
6.   Auburn Mall   MA   Auburn (Boston)   Fee   49.1 % (4) Acquired 1999   95.8 % 417,620   174,366   591,986   Filene's, Filene's Home Store, Sears
7.   Aurora Mall   CO   Aurora (Denver)   Fee   100.0 % Acquired 1998   79.8 % 611,637   418,551   1,030,188   JCPenney, Foley's, Foley's Mens & Home, Sears, Dillard's (6)
8.   Aventura Mall (5)   FL   Miami Beach   Fee   33.3 % (4) Built 1983   98.1 % 1,242,098   662,423   1,904,521   Macy's, Sears, Bloomingdales, JCPenney, Burdines-Macy's
9.   Avenues, The   FL   Jacksonville   Fee   25.0 % (4) (2) Built 1990   95.3 % 754,956   362,554   1,117,510   Belk, Dillard's, JCPenney, Parisian, Sears
10.   Bangor Mall   ME   Bangor   Fee   66.4 % (15) Acquired 2003   87.5 % 416,582   236,753   653,335   Dick's Sporting Goods, JCPenney, Hannafords, Filene's, Sears
11.   Barton Creek Square   TX   Austin   Fee   100.0 % Built 1981   99.6 % 922,266   507,906   1,430,172   Dillard's Womens & Home, Dillard's Mens & Children, Foley's, Sears, Nordstrom, JCPenney
12.   Battlefield Mall   MO   Springfield   Fee and Ground Lease (2056)   100.0 % Built 1970   98.5 % 770,111   423,399   1,193,510   Dillard's Women, Dillard's Mens, Children & Home, Famous-Barr, Sears, JCPenney, Steve & Barry's
13.   Bay Park Square   WI   Green Bay   Fee   100.0 % Built 1980   96.6 % 447,508   268,378   715,886   Younkers, Elder-Beerman, Kohl's, ShopKo
14.   Biltmore Square   NC   Asheville   Fee   100.0 % Built 1989   73.5 % 242,576   251,285   493,861   Belk, Dillard's, Proffitt's
15.   Bowie Town Center   MD   Bowie (Washington, D.C.)   Fee   100.0 % Built 2001   100.0 % 338,567   328,698   667,265   Hecht's, Sears, Barnes & Noble, Bed Bath & Beyond, Best Buy
16.   Boynton Beach Mall   FL   Boynton Beach (W. Palm Beach)   Fee   100.0 % Built 1985   94.6 % 883,720   299,843   1,183,563   Burdines-Macy's, Sears, Dillard's Mens & Home, Dillard's Women, JCPenney
17.   Brea Mall   CA   Brea (Orange County)   Fee   100.0 % Acquired 1998   98.5 % 874,802   442,557   1,317,359   Macy's, JCPenney, Robinson-May, Nordstrom, Sears
18.   Broadway Square   TX   Tyler   Fee   100.0 % Acquired 1994   95.6 % 427,730   189,388   617,118   Dillard's, JCPenney, Sears
19.   Brunswick Square   NJ   East Brunswick (New York)   Fee   100.0 % Built 1973   96.4 % 467,626   301,415   769,041   Macy's, JCPenney, Barnes & Noble
20.   Burlington Mall   MA   Burlington (Boston)   Ground Lease (2048)   100.0 % Acquired 1998   99.0 % 836,236   410,439   1,246,675   Macy's, Lord & Taylor, Filene's, Sears
21.   Cape Cod Mall   MA   Hyannis (Barnstable — Yarmouth)   Ground Leases (2009-2073) (7)   49.1 % (4) Acquired 1999   100.0 % 420,199   303,966   724,165   Macy's, Filene's, Marshalls, Sears, Best Buy, Barnes & Noble
22.   Castleton Square   IN   Indianapolis   Fee   100.0 % Built 1972   96.0 % 1,105,913   363,264   1,469,177   Dick's Sporting Goods, L.S. Ayres, Lazarus-Macy's, JCPenney, Sears, Von Maur

13

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

23.
 
Century III Mall
 
PA
 
West Mifflin (Pittsburgh)
 
Fee
 
100.0
%
Built 1979
 
85.3
%
831,439
 
454,993
  (19)
1,286,432
 
Steve & Barry's, Dick's Sporting Goods, JCPenney, Kaufmann's, Sears, Kaufmann's Furniture Galleries
24.   Charlottesville Fashion Square   VA   Charlottesville   Ground Lease (2076)   100.0 % Acquired 1997   100.0 % 381,153   191,236   572,389   Belk Womens & Children, Belk Mens & Home, JCPenney, Sears
25.   Chautauqua Mall   NY   Lakewood (Jamestown)   Fee   100.0 % Built 1971   91.5 % 213,320   218,646   431,966   Sears, JCPenney, The Bon Ton, Office Max
26.   Cheltenham Square   PA   Philadelphia   Fee   100.0 % Built 1981   92.3 % 368,266   271,394   639,660   Burlington Coat Factory, Home Depot, Value City, Shop Rite
27.   Chesapeake Square   VA   Chesapeake (Norfolk-VA Beach)   Fee and Ground Lease (2062)   75.0 % (12) Built 1989   96.3 % 537,279   271,291   808,570   Dillard's Women, Dillard's Mens, Children & Home, JCPenney, Sears, Hecht's, Target
28.   Cielo Vista Mall   TX   El Paso   Fee and Ground Lease (2005) (7)   100.0 % Built 1974   95.8 % 793,716   399,387   1,193,103   Dillard's Womens & Furniture, Dillard's Mens, Children & Home, JCPenney, Foley's, Sears
29.   Circle Centre   IN   Indianapolis   Property Lease (2097)   14.7 % (4) Built 1995   85.2 % 350,000   441,037 (19 ) 791,037   Nordstrom, Parisian
30.   College Mall   IN   Bloomington   Fee and Ground Lease (2048) (7)   100.0 % Built 1965   93.8 % 356,887   235,197   592,084   Sears, L.S. Ayres, Target, Dick's Sporting Goods (6), Linens-N-Things (6), Pier One (6)
31.   Columbia Center   WA   Kennewick   Fee   100.0 % Acquired 1987   96.4 % 408,052   333,727   741,779   Sears, JCPenney, Bon-Macy's, Bon-Macy's Mens & Children, Toys ‘R Us
32.   Copley Place   MA   Boston   Fee   98.1 % Acquired 2002   95.3 % 104,332   1,108,133   (19) 1,212,465   Nieman Marcus, Barney's (6)
33.   Coral Square   FL   Coral Springs (Miami-Ft. Lauderdale)   Fee   97.2 % Built 1984   96.2 % 648,144   296,873   945,017   Dillard's, JCPenney, Sears, Burdines-Macy's Mens, Children & Home, Burdines-Macy's Women
34.   Cordova Mall   FL   Pensacola   Fee   100.0 % Acquired 1998   89.3 % 437,477   395,875   833,352   Parisian, Dillard's Men, Dillard's Women, Best Buy, Bed, Bath & Beyond, Cost Plus World Market, Ross Dress for Less (6)
35.   Cottonwood Mall   NM   Albuquerque   Fee   100.0 % Built 1996   91.5 % 631,556   410,124   1,041,680   Dillard's, Foley's, JCPenney, Mervyn's, Sears
36.   Crossroads Mall   NE   Omaha   Fee   100.0 % Acquired 1994   78.9 % 609,669   248,841   858,510   Dillard's, Sears, Younkers, Target (6)
37.   Crystal Mall   CT   Waterford (New London-Norwich)   Fee   74.6 % (4) Acquired 1998   94.9 % 442,311   351,515   793,826   Macy's, Filene's, JC Penney, Sears
38.   Crystal River Mall   FL   Crystal River   Fee   100.0 % Built 1990   89.5 % 302,495   121,847   424,342   JCPenney, Sears, Belk, Kmart
39.   Dadeland Mall   FL   N. Miami Beach   Fee   50.0 % (4) Acquired 1997   97.7 % 1,132,072   335,565   1,467,637   Saks Fifth Avenue, Nordstrom, JCPenney, Burdines-Macy's, Burdines-Macy's Children & Home, The Limited/Express
40.   DeSoto Square   FL   Bradenton (Sarasota-Bradenton)   Fee   100.0 % Built 1973   92.1 % 435,467   254,786   690,253   JCPenney, Sears, Dillard's, Burdines-Macy's
41.   Eastland Mall   IN   Evansville   Fee   50.0 % (4) Acquired 1998   95.3 % 532,955   365,956   898,911   JCPenney, Famous Barr, Lazarus-Macy's

14

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

42.
 
Eastland Mall
 
OK
 
Tulsa
 
Fee
 
100.0
%
Built 1986
 
53.6
%
435,843
 
264,841
 
700,684
 
Dillard's, Mervyn's, Mickey's, Buyer's Bargains, (8)
43.   Edison Mall   FL   Fort Myers   Fee   100.0 % Acquired 1997   93.0 % 742,667   299,622   1,042,289   Dillard's, JCPenney, Sears, Burdines-Macy's Mens, Children & Home, Burdines-Macy's Women
44.   Emerald Square   MA   North Attleboro (Providence — Fall River)   Fee   49.1 % (4) Acquired 1999   98.0 % 647,372   374,011   1,021,383   Filene's, Filene's Home Store, JCPenney, Sears, Filene's Mens Store (6)
45.   Empire Mall (5)   SD   Sioux Falls   Fee and Ground Lease (2013) (7)   50.0 % (4) Acquired 1998   88.2 % 497,341   551,245   1,048,586   JCPenney, Younkers, Sears, Richman Gordman, Marshall Field's
46.   Fashion Centre at Pentagon City, The   VA   Arlington (Washington, DC)   Fee   42.5 % (4) Built 1989   99.4 % 472,729   518,046   (19) 990,775   Macy's, Nordstrom
47.   Fashion Mall at Keystone, The   IN   Indianapolis   Ground Lease (2067)   100.0 % Acquired 1997   96.8 % 249,721   398,403   (19) 648,124   Parisian, Saks Fifth Avenue, Crate & Barrel (6)
48.   Fashion Valley Mall   CA   San Diego   Fee   50.0 % (4) Acquired 2001   97.6 % 1,053,305   654,697   1,708,002   JCPenney, Macy's, Neiman-Marcus, Nordstrom, Robinsons-May, Saks Fifth Avenue
49.   Florida Mall, The   FL   Orlando   Fee   50.0 % (4) Built 1986   97.6 % 1,232,416   615,508   1,847,924   Dillard's, JCPenney, Lord & Taylor (16), Saks Fifth Avenue, Sears, Burdines-Macy's, Nordstrom
50.   Forest Mall   WI   Fond Du Lac   Fee   100.0 % Built 1973   83.1 % 327,260   173,393   500,653   JCPenney, Kohl's, Younkers, Sears
51.   Forum Shops at Caesars, The   NV   Las Vegas   Ground Lease (2050)   100.0 % Built 1992   97.9 % —   635,741   635,741    
52.   Galleria, The   TX   Houston   Fee   31.5 % (4) Acquired 2002   92.6 % 1,300,466   1,102,436   2,402,902   University Club, Neiman Marcus, Lord & Taylor (16), Macy's, Saks Fifth Avenue, Nordstrom, Foley's
53.   Granite Run Mall   PA   Media (Philadelphia)   Fee   50.0 % (4) Acquired 1998   93.7 % 500,809   546,249   1,047,058   JCPenney, Sears, Boscov's, Kohls
54.   Great Lakes Mall   OH   Mentor (Cleveland)   Fee   100.0 % Built 1961   85.4 % 879,300   422,727   1,302,027   Dillard's Men, Dillard's Women, Kaufmann's, JCPenney, Sears
55.   Greendale Mall   MA   Worcester (Boston)   Fee and Ground Lease (2009) (7)   49.1 % (4) Acquired 1999   93.4 % 132,634   298,703   (19) 431,337   Marshalls, T.J. Maxx ‘N More, Best Buy
56.   Greenwood Park Mall   IN   Greenwood (Indianapolis)   Fee   100.0 % Acquired 1979   95.2 % 909,928   414,737   1,324,665   JCPenney, Lazarus-Macy's, L.S. Ayres, Sears, Von Maur, Dick's Sporting Goods
57.   Gulf View Square   FL   Port Richey (Tampa-St. Pete)   Fee   100.0 % Built 1980   95.6 % 461,852   292,059   753,911   Sears, Dillard's, JCPenney, Burdines-Macy's, Best Buy, Linens-N-Things
58.   Gwinnett Place   GA   Duluth (Atlanta)   Fee   50.0 % (4) Acquired 1998   86.3 % 843,609   434,067   1,277,676   Parisian, Rich's-Macy's, JCPenney, Sears, (8)
59.   Haywood Mall   SC   Greenville   Fee and Ground Lease (2017) (7)   100.0 % Acquired 1998   95.8 % 902,400   330,255   1,232,655   Rich's-Macy's, Sears, Dillard's, JCPenney, Belk
60.   Highland Mall (5)   TX   Austin   Fee and Ground Lease (2070)   50.0 % (4) Acquired 1998   90.2 % 732,000   359,671   1,091,671   Dillard's Women & Home, Dillard's Mens & Children, Foley's, JCPenney
61.   Independence Center   MO   Independence (Kansas City)   Fee   100.0 % Acquired 1994   98.8 % 499,284   521,445   1,020,729   Dillard's, Sears, The Jones Store Co.
62.   Indian River Mall   FL   Vero Beach   Fee   50.0 % (4) Built 1996   86.8 % 445,552   302,456   748,008   Sears, JCPenney, Dillard's, Burdines-Macy's

15

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

63.
 
Ingram Park Mall
 
TX
 
San Antonio
 
Fee
 
100.0
%
Built 1979
 
96.0
%
751,704
 
378,284
 
1,129,988
 
Dillard's, Dillard's Home Center, Foley's, JCPenney, Sears, Bealls
64.   Irving Mall   TX   Irving (Dallas-Ft. Worth)   Fee   100.0 % Built 1971   97.4 % 722,049   408,688   1,130,737   Foley's, Dillard's, Mervyn's, Sears, Circuit City, Burlington Coat Factory (6)
65.   Jefferson Valley Mall   NY   Yorktown Heights (New York)   Fee   100.0 % Built 1983   97.2 % 310,095   276,709   586,804   Macy's, Sears, H&M
66.   Knoxville Center   TN   Knoxville   Fee   100.0 % Built 1984   83.0 % 597,028   383,830   980,858   Dillard's, JCPenney, Proffitt's, Sears, The Rush
67.   La Plaza Mall   TX   McAllen   Fee and Ground Lease (2040) (7)   100.0 % Built 1976   98.3 % 776,397   426,765   1,203,162   JCPenney, Foley's Home Store, Foley's, Dillard's, Sears, Bealls, Joe Brand
68.   Lafayette Square   IN   Indianapolis   Fee   100.0 % Built 1968   87.1 % 937,223   270,158   1,207,381   L.S. Ayres, Sears, Burlington Coat Factory, Steve & Barry's, (8)
69.   Laguna Hills Mall   CA   Laguna Hills (Orange County)   Fee   100.0 % Acquired 1997   98.5 % 536,500   330,736   867,236   Macy's, JCPenney, Sears
70.   Lake Square Mall   FL   Leesburg (Orlando)   Fee   50.0 % (4) Acquired 1998   84.2 % 296,037   264,777   560,814   JCPenney, Sears, Belk, Target
71.   Lakeline Mall   TX   Austin   Fee   100.0 % Built 1995   92.2 % 745,179   355,463   1,100,642   Dillard's, Foley's, Sears, JCPenney, Mervyn's
72.   Lehigh Valley Mall   PA   Whitehall (Allentown — Bethlehem)   Fee   37.6 % (4) (15) Acquired 2003   94.4 % 564,353   494,641   (19) 1,058,994   JCPenney, Macy's, Strawbridge's
73.   Lenox Square   GA   Atlanta   Fee   100.0 % Acquired 1998   92.3 % 821,356   663,328   1,484,684   Neiman Marcus, Rich's-Macy's, Bloomingdale's
74.   Liberty Tree Mall   MA   Danvers (Boston)   Fee   49.1 % (4) Acquired 1999   97.9 % 498,000   359,075   857,075   Marshalls, The Sports Authority, Target, Bed, Bath & Beyond, Kohl's, Shop Rite, Best Buy, Staples
75.   Lima Mall   OH   Lima   Fee   100.0 % Built 1965   92.1 % 541,861   204,014   745,875   Elder-Beerman, Sears, Lazarus- Macy's, JCPenney
76.   Lincolnwood Town Center   IL   Lincolnwood (Chicago)   Fee   100.0 % Built 1990   96.9 % 220,830   200,632   421,462   Kohl's, Carson Pirie Scott
77.   Lindale Mall (5)   IA   Cedar Rapids   Fee   50.0 % (4) Acquired 1998   86.7 % 305,563   386,975   692,538   Von Maur, Sears, Younkers, (8)
78.   Livingston Mall   NJ   Livingston (New York)   Fee   100.0 % Acquired 1998   97.1 % 616,128   363,898   980,026   Macy's, Sears, Lord & Taylor
79.   Longview Mall   TX   Longview   Fee   100.0 % Built 1978   82.5 % 402,843   209,983   612,826   Dillard's, Dillard's Men, JCPenney, Sears, Beall's
80.   Mall at Chestnut Hill, The   MA   Newton (Boston)   Lease (2039) (9)   47.2 % (4) Acquired 2002   97.5 % 297,253   180,946   478,199   Bloomingdale's, Filene's
81.   Mall at Rockingham Park   NH   Salem (Boston)   Fee   24.6 % (4) Acquired 1999   99.1 % 638,111   382,046   1,020,157   Macy's, Filene's, JCPenney, Sears
82.   Mall of Georgia   GA   Mill Creek (Atlanta)   Fee   50.0 % (4) Built 1999   92.5 % 1,069,590   715,774   1,785,364   JCPenney, Dick's Sporting Goods, Nordstrom, Dillard's, Lord & Taylor (16), Rich's-Macy's, Barnes & Noble, Haverty's Furniture
83.   Mall of New Hampshire   NH   Manchester (Boston)   Fee   49.1 % (4) Acquired 1999   97.8 % 444,889   362,010   806,899   JCPenney, Filene's, Sears, Best Buy, A.C. Moore (6)
84.   Maplewood Mall   MN   Minneapolis   Fee   100.0 % Acquired 2002   96.5 % 588,822   339,302   928,124   Sears, Marshall Field's, Kohl's, Barnes & Noble, JCPenney (6)
85.   Markland Mall   IN   Kokomo   Ground Lease (2041)   100.0 % Built 1968   94.4 % 273,094   142,149   415,243   Lazarus-Macy's, Sears, Target

16

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

86.
 
McCain Mall
 
AR
 
N. Little Rock
 
Fee and Ground Lease (2032) (10)
 
100.0
%
Built 1973
 
97.5
%
554,156
 
222,340
 
776,496
 
Sears, Dillard's, JCPenney, M.M. Cohn
87.   Melbourne Square   FL   Melbourne   Fee   100.0 % Built 1982   88.4 % 471,173   258,729   729,902   Dillard's Mens, Children & Home, Dillard's Women, JCPenney, Burdines-Macy's, Dick's Sporting Goods (6), Circuit City (6)
88.   Menlo Park Mall   NJ   Edison (New York)   Fee   100.0 % Acquired 1997   94.5 % 527,591   755,332   (19) 1,282,923   Macy's Women, Macy's Men, Macy's Children & Home, Nordstrom, Barnes & Noble
89.   Mesa Mall (5)   CO   Grand Junction   Fee   50.0 % (4) Acquired 1998   86.2 % 425,817   440,141   865,958   Sears, Herberger's, JCPenney, Target, Mervyn's
90.   Metrocenter   AZ   Phoenix   Fee   50.0 % (4) (18) Acquired 1998   90.3 % 876,027   515,946   1,391,973   Macy's, Dillard's, Robinsons-May, JCPenney, Sears
91.   Miami International Mall   FL   South Miami   Fee   47.8 % (4) Built 1982   95.0 % 783,308   293,366   1,076,674   Sears, Dillard's, JCPenney, Burdines-Macy's Mens & Home, Burdines-Macy's Women & Children
92.   Midland Park Mall   TX   Midland   Fee   100.0 % Built 1980   92.6 % 339,113   278,980   618,093   Dillard's, Dillard's Mens & Juniors, JCPenney, Sears, Beall's, Ross Dress for Less
93.   Miller Hill Mall   MN   Duluth   Ground Lease (2008)   100.0 % Built 1973   96.5 % 429,508   379,651   809,159   JCPenney, Sears, Younkers, Barnes & Noble, DSW
94.   Montgomery Mall   PA   Montgomeryville (Philadelphia)   Fee   53.5 % (15) Acquired 2003   91.9 % 684,855   435,540   1,120,395   JCPenney, Macy's, Sears, Strawbridge's
95.   Muncie Mall   IN   Muncie   Fee   100.0 % Built 1970   99.5 % 435,756   214,360   650,116   JCPenney, L.S. Ayres, Sears, Elder Beerman
96.   Nanuet Mall   NY   Nanuet (New York)   Fee   100.0 % Acquired 1998   90.5 % 583,711   332,903   916,614   Macy's, Boscov's, Sears
97.   North East Mall   TX   Hurst (Dallas-Ft. Worth)   Fee   100.0 % Built 1971   97.3 % 1,194,589   467,610   1,662,199   Saks Fifth Avenue, Nordstrom, Dillard's, JCPenney, Sears, Foley's
98.   Northfield Square Mall   IL   Bourbonnais (Chicago)   Fee   31.6 % (12) Built 1990   75.0 % 310,994   247,535   558,529   Sears, JC Penney, Carson Pirie Scott Womens, Carson Pierie Scott Mens, Children & Home
99.   Northgate Mall   WA   Seattle   Fee   100.0 % Acquired 1987   94.1 % 688,391   297,324   985,715   Nordstrom, JCPenney, Gottschalks, Bon-Macy's, Toys ‘R Us
100.   Northlake Mall   GA   Atlanta   Fee   100.0 % Acquired 1998   96.2 % 665,745   297,027   962,772   Parisian, Rich's-Macy's, Sears, JCPenney
101.   NorthPark Mall   IA   Davenport   Fee   50.0 % (4) Acquired 1998   84.7 % 651,533   425,218   1,076,751   Von Maur, Younkers, Dillard's, JCPenney, Sears
102.   Northshore Mall   MA   Peabody (Boston)   Fee   49.1 % (4) Acquired 1999   91.2 % 989,277   697,782   1,687,059   Macy's, Filene's, JCPenney, Lord & Taylor, Sears, Filene's Basement
103.   Northwoods Mall   IL   Peoria   Fee   100.0 % Acquired 1983   96.7 % 472,969   223,816   696,785   Famous Barr, JCPenney, Sears
104.   Oak Court Mall   TN   Memphis   Fee   100.0 % Acquired 1997   97.9 % 535,000   318,098   (19) 853,098   Dillard's, Goldsmith's-Macy's, Dillard's Mens,
105.   Ocean County Mall   NJ   Toms River (New York)   Fee   100.0 % Acquired 1998   91.6 % 616,443   276,126   892,569   Macy's, Boscov's, JCPenney, Sears
106.   Orange Park Mall   FL   Orange Park (Jacksonville)   Fee   100.0 % Acquired 1994   96.1 % 534,180   389,232   923,412   Dillard's, JCPenney, Sears, Belk

17

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

107.
 
Orland Square
 
IL
 
Orland Park (Chicago)
 
Fee
 
100.0%
 
Acquired 1997
 
98.2
%
773,295
 
436,343
 
1,209,638
 
JCPenney, Marshall Field's, Sears, Carson Pirie Scott
108.   Oxford Valley Mall   PA   Langhorne (Philadelphia)   Fee   63.2% (15) Acquired 2003   89.9 % 762,558   503,488   (19) 1,266,046   J.C. Penney, Sears, Strawbridge's, Macy's
109.   Paddock Mall   FL   Ocala   Fee   100.0%   Built 1980   94.4 % 387,378   166,851   554,229   JCPenney, Sears, Belk, Burdines-Macy's
110.   Palm Beach Mall   FL   West Palm Beach   Fee   100.0%   Built 1967   96.0 % 749,288   334,919   1,084,207   Dillard's, JCPenney, Sears, Burdines-Macy's, Borders, DSW
111.   Penn Square Mall   OK   Oklahoma City   Ground Lease (2060)   94.5%   Acquired 2002   98.2 % 588,137   443,798   1,031,935   Foley's, JCPenney, Dillard's Womens, Dillard's Mens, Children & Home
112.   Pheasant Lane Mall   NH   Nashua (Boston)   (14)     (14) Acquired 2002   98.2 % 675,759   313,478   989,237   Macy's, Filene's, JC Penney, Sears, Target
113.   Phipps Plaza   GA   Atlanta   Fee   100.0%   Acquired 1998   87.5 % 472,385   346,801   819,186   Parisian, Saks Fifth Avenue, Nordstrom (6)
114.   Plaza & Court at King of Prussia, The   PA   King of Prussia (Philadelphia)   Fee   12.4% (4) (15) Acquired 2003   96.8 % 1,545,812   1,074,658   (19) 2,620,470   Macy's, Bloomingdale's, J.C. Penney, Sears, Strawbridge's, Nordstrom, Neiman Marcus, Lord & Taylor
115.   Plaza Carolina   PR   Carolina (San Juan)   Fee   100.0%   2004   94.4 % 504,796   608,089   (19) 1,112,885   JCPenney, Pueblo Xtra, Sears
116.   Port Charlotte Town Center   FL   Port Charlotte (Punta Gorda)   Ground Lease (2064)   80.0% (12) Built 1989   87.4 % 458,554   321,871   780,425   Dillard's, JCPenney, Beall's, Sears, Burdines-Macy's, DSW
117.   Prien Lake Mall   LA   Lake Charles   Fee and Ground Lease (2025) (7)   100.0%   Built 1972   91.2 % 644,124   178,697   822,821   Dillard's, JCPenney, Foley's, Sears
118.   Quaker Bridge Mall   NJ   Lawrenceville   Fee   38.0% (4) (15) Acquired 2003   94.9 % 686,760   415,230   1,101,990   JCPenney, Lord & Taylor, Macy's, Sears
119.   Raleigh Springs Mall   TN   Memphis   Fee and Ground Lease (2018) (7)   100.0%   Built 1971   77.1 % 691,230   226,323   917,553   Sears, (8)
120.   Richardson Square Mall   TX   Richardson (Dallas-Ft. Worth)   Fee   100.0%   Built 1977   80.2 % 471,436   284,000   755,436   Dillard's, Sears, Super Target, Ross Dress for Less, Barnes & Noble
121.   Richmond Town Square   OH   Richmond Heights (Cleveland)   Fee   100.0%   Built 1966   97.5 % 685,251   331,752   1,017,003   Sears, JCPenney, Kaufmann's, Barnes & Noble, Steve & Barry's (6)
122.   River Oaks Center   IL   Calumet City (Chicago)   Fee   100.0%   Acquired 1997   96.2 % 834,588   545,236   (19) 1,379,824   Sears, JCPenney, Carson Pirie Scott, Marshall Field's
123.   Rockaway Townsquare   NJ   Rockaway (New York)   Fee   100.0%   Acquired 1998   93.0 % 786,626   462,881   1,249,507   Macy's, Lord & Taylor, JCPenney, Sears
124.   Rolling Oaks Mall   TX   San Antonio   Fee   100.0%   Built 1988   75.5 % 596,984   292,917   889,901   Sears, Dillard's, Foley's, JC Penney
125.   Roosevelt Field   NY   Garden City (New York)   Fee and Ground Lease (2090) (7)   100.0%   Acquired 1998   96.7 % 1,430,425   759,516   2,189,941   Macy's, Bloomingdale's, JCPenney, Nordstrom, Bloomingdale's Furniture, Dick's Sporting Goods
126.   Ross Park Mall   PA   Pittsburgh   Fee   100.0%   Built 1986   93.9 % 827,015   406,764   1,233,779   Lazarus-Macy's, JCPenney, Sears, Kaufmann's, Media Play, DSW Shoe Warehouse
127.   Rushmore Mall (5)   SD   Rapid City   Fee   50.0% (4) Acquired 1998   90.8 % 470,660   364,948   835,608   JCPenney, Sears, Herberger's, Hobby Lobby, Target
128.   Santa Rosa Plaza   CA   Santa Rosa   Fee   100.0%   Acquired 1998   94.0 % 428,258   269,950   698,208   Macy's, Mervyn's, Sears
129.   Seminole Towne Center   FL   Sanford (Orlando)   Fee   45.0% (4) (2) Built 1995   87.3 % 768,798   384,803   1,153,601   McRae's, Burdine's-Macy's, Dillard's, Sears, JCPenney

18

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

130.
 
Shops at Mission Viejo Mall, The
 
CA
 
Mission Viejo (Orange County)
 
Fee
 
100.0
%
Built 1979
 
100.0
%
677,215
 
472,409
 
1,149,624
 
Macy's, Saks Fifth Avenue, Robinsons-May, Nordstrom
131.   Shops at Sunset Place, The   FL   Miami   Fee   37.5 % (4) (2) Built 1999   87.8 % —   514,974   514,974   Niketown, Barnes & Noble, Gameworks, Virgin Megastore, Z Gallerie, LA Fitness
132.   Smith Haven Mall   NY   Lake Grove (New York)   Fee   25.0 % (4) Acquired 1995   93.0 % 902,595   455,084   1,357,679   Macy's, Sears, JCPenney, H&M
133.   Solomon Pond Mall   MA   Marlborough (Boston)   Fee   49.1 % (4) Acquired 1999   96.2 % 538,843   371,338   910,181   Filene's, Sears, JCPenney, Linens-N-Things
134.   Source, The   NY   Westbury (New York)   Fee   25.5 % (4) (2) Built 1997   92.1 % 210,798   516,283   727,081   Fortunoff, Off 5th-Saks Fifth Avenue, Nordstrom Rack, Circuit City, David's Bridal (6)
135.   South Hills Village   PA   Pittsburgh   Fee   100.0 % Acquired 1997   83.0 % 655,987   457,939   1,113,926   Sears, Kaufmann's, Lazarus-Macy's, Barnes & Noble (6)
136.   South Shore Plaza   MA   Braintree (Boston)   Fee   100.0 % Acquired 1998   96.3 % 847,603   615,019   1,462,622   Macy's, Filene's, Lord & Taylor, Sears
137.   Southern Hills Mall (5)   IA   Sioux City   Fee   50.0 % (4) Acquired 1998   83.0 % 372,937   431,254   804,191   Younkers, Sears, Sheel's Sporting Goods, JCPenney, Barnes & Noble

138.
 
Southern Park Mall
 
OH
 
Boardman (Youngstown)
 
Fee
 
100.0
%
Built 1970
 
95.1
%
811,858
 
386,481
 
1,198,339
 
Dillard's, JCPenney, Sears, Kaufmann's
139.   Southgate Mall   AZ   Yuma   Fee   100.0 % Acquired 1988   97.2 % 252,264   68,850   321,114   Sears, Albertson's, (8)
140.   Southpark Mall   IL   Moline (Davenport — Moline)   Fee   50.0 % (4) Acquired 1998   84.8 % 578,056   447,879   1,025,935   JCPenney, Younkers, Sears, Von Maur, Dillard's
141.   SouthPark Mall   NC   Charlotte   Fee & Ground Lease (2040) (11)   100.0 % Acquired 2002   94.1 % 964,742   456,171   1,420,913   Nordstrom, Hecht's, Belk, Dillard's, Dick's Sporting Goods, Neiman Marcus (6), Joseph Beth Booksellers (6)
142.   SouthRidge Mall (5)   IA   Des Moines   Fee   50.0 % (4) Acquired 1998   65.9 % 497,806   504,332   1,002,138   Sears, Younkers, JCPenney, Target, (8)
143.   Square One Mall   MA   Saugus (Boston)   Fee   49.1 % (4) Acquired 1999   98.2 % 540,101   324,558   864,659   Filene's, Sears, Best Buy, T.J. Maxx N More, Filene's Basement, Gold's Gym, Best Buy, Dick's Sporting Goods (6)
144.   St. Charles Towne Center   MD   Waldorf (Washington, D.C.)   Fee   100.0 % Built 1990   94.8 % 631,602   353,951   985,553   Sears, JCPenney, Kohl's, Hecht's, Hecht's Home Store, Dick Sporting Goods
145.   Stanford Shopping Center   CA   Palo Alto (San Francisco)   Ground Lease (2054)   100.0 % Acquried 2003   95.5 % 849,153   530,563   (19) 1,379,716   Macy's, Neiman Marcus, Nordstrom, Bloomingdales, Macy's Men's Store
146.   Summit Mall   OH   Akron   Fee   100.0 % Built 1965   94.4 % 432,936   331,302   764,238   Dillard's Women & Children, Dillard's Mens & Home, Kaufmann's
147.   Sunland Park Mall   TX   El Paso   Fee   100.0 % Built 1988   90.9 % 575,837   342,052   917,889   Mervyn's, Sears, Dillard's Women & Children, Dillard's Mens & Home, Foley's
148.   Tacoma Mall   WA   Tacoma   Fee   100.0 % Acquired 1987   95.7 % 924,045   415,754   1,339,799   Nordstrom, Sears, JCPenney, Bon-Macy's, Mervyn's, Davids Bridal

19

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

149.
 
Tippecanoe Mall
 
IN
 
Lafayette
 
Fee
 
100.0
%
Built 1973
 
96.7
%
537,790
 
322,291
 
860,081
 
L.S. Ayres, Dick's Sporting Goods, JCPenney, Sears, Kohl's, H.H. Gregg
150.   Town Center at Boca Raton   FL   Boca Raton (W. Palm Beach)   Fee   100.0 % Acquired 1998   99.6 % 1,067,197   493,062   1,560,259   Saks Fifth Avenue, Nordstrom, Bloomingdale's, Sears, Burdines-Macy's, Neiman Marcus (6)
151.   Town Center at Cobb   GA   Kennesaw (Atlanta)   Fee   50.0 % (4) Acquired 1998   93.2 % 851,346   422,138   1,273,484   Rich's-Macy's, Parisian, Sears, JCPenney, Rich's-Macy's Furniture
152.   Towne East Square   KS   Wichita   Fee   100.0 % Built 1975   93.7 % 779,490   389,676   1,169,166   Dillard's, JCPenney, Sears, Von Maur, Steve & Barry's
153.   Towne West Square   KS   Wichita   Fee   100.0 % Built 1980   83.8 % 619,269   335,778   955,047   Dillard's Women & Home, Dillard's Mens & Children, Sears, JCPenney, Dick's Sporting Goods
154.   Treasure Coast Square   FL   Jensen Beach (Ft. Pierce)   Fee   100.0 % Built 1987   92.7 % 511,372   357,982   869,354   Dillard's, Sears, JCPenney, Burdines-Macy's, Borders
155.   Trolley Square   UT   Salt Lake City   Fee   90.0 % Acquired 1986   83.1 % —   225,735   225,735    
156.   Tyrone Square   FL   St. Petersburg (Tampa-St. Pete)   Fee   100.0 % Built 1972   92.6 % 748,269   376,337   1,124,606   Dillard's, JCPenney, Sears, Burdines-Macy's, Borders
157.   University Mall   AR   Little Rock   Ground Lease (2026)   100.0 % Built 1967   98.0 % 369,015   153,009   522,024   JCPenney, M.M. Cohn, (8)
158.   University Mall   FL   Pensacola   Fee   100.0 % Acquired 1994   85.1 % 478,449   230,542   708,991   JCPenney, Sears, McRae's
159.   University Park Mall   IN   Mishawaka (South Bend)   Fee   60.0 % Built 1979   98.0 % 622,508   320,014   942,522   L.S. Ayres, JCPenney, Sears, Marshall Field's
160.   Upper Valley Mall   OH   Springfield (Dayton — Springfield)   Fee   100.0 % Built 1971   90.1 % 479,418   263,246   742,664   Lazarus-Macy's, JCPenney, Sears, Elder-Beerman
161.   Valle Vista Mall   TX   Harlingen   Fee   100.0 % Built 1983   78.5 % 389,781   265,109   654,890   Dillard's, Mervyn's, Sears, JCPenney, Marshalls
162.   Valley Mall   VA   Harrisonburg   Fee   50.0 % (4) Acquired 1998   89.6 % 191,343   179,631   370,974   JCPenney, Belk, Peebles, Target (6)
163.   Virginia Center Commons   VA   Glen Allen (Richmond)   Fee   100.0 % Built 1991   94.6 % 506,639   280,577   787,216   Dillard's Women, Dillard's Mens, Children & Home, Hecht's, JCPenney, Sears
164.   Walt Whitman Mall   NY   Huntington Station (New York)   Ground Lease (2012)   100.0 % Acquired 1998   97.1 % 742,214   292,494   1,034,708   Macy's, Lord & Taylor, Bloomingdale's, Saks Fifth Avenue
165.   Washington Square   IN   Indianapolis   Fee   100.0 % Built 1974   81.6 % 616,109   307,462   923,571   L.S. Ayres, Dick's Sporting Goods, Target, Sears, Burlington Coat Factory
166.   West Ridge Mall   KS   Topeka   Fee   100.0 % Built 1988   83.0 % 716,811   303,464   1,020,275   Dillard's, JCPenney, The Jones Store Co., Sears, (8)
167.   West Town Mall   TN   Knoxville   Ground Lease (2042)   50.0 %  (4) Acquired 1991   94.8 % 878,311   448,873   1,327,184   Parisian, Dillard's, JCPenney, Proffitt's, Sears
168.   Westchester, The   NY   White Plains (New York)   Fee   40.0 %  (4) Acquired 1997   94.8 % 349,393   477,816   827,209   Neiman Marcus, Nordstrom
169.   Westminster Mall   CA   Westminster (Orange County)   Fee   100.0 % Acquired 1998   89.7 % 716,939   502,347   1,219,286   Sears, JCPenney, Robinsons-May, Macy's
170.   White Oaks Mall   IL   Springfield   Fee   77.5 % Built 1977   91.8 % 724,147   361,878   1,086,025   Famous Barr, Sears, Bergner's, Linens-N-Things (6), Cost Plus World Market (6), Dick's Sporting Goods

20

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

171.
 
Wolfchase Galleria
 
TN
 
Memphis
 
Fee
 
94.5
%
Acquired 2002
 
100.0
%
761,648
 
506,451
 
1,268,099
 
Goldsmith's-Macy's, JC Penney, Sears, Dillard's
172.   Woodland Hills Mall   OK   Tulsa   Fee   94.5 % Acquired 2002   95.2 % 709,447   382,808   1,092,255   Foley's, JCPenney, Sears, Dillard's
                               
 
 
   
        Total Regional Mall GLA               102,810,781   64,853,467   167,664,248    
                               
 
 
   

 
 
PREMIUM OUTLET CENTERS
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1.
 
Albertville Premium Outlets
 
MN
 
Albertville (Minneapolis/St. Paul)
 
Fee
 
100.0
%
Acquired 2004
 
96.8
%
0
 
429,701
 
429,701
 
Banana Republic, Calvin Klein, Kenneth Cole, Gap, Old Navy, Polo Ralph Lauren, Tommy Hilfiger
2.   Allen Premium Outlets   TX   Allen (Dallas)   Fee   100.0 % Acquired 2004   99.3 % 0   348,549   348,549   Brooks Brothers, Calvin Klein, Cole-Haan, Crate & Barrel, Kenneth Cole, Liz Claiborne, Tommy Hilfiger.
3.   Aurora Farms Premium Outlets   OH   Aurora (Cleveland)   Fee   100.0 % Acquired 2004   98.7 % 0   300,181   300,181   Ann Taylor, Brooks Brothers, Calvin Klein, Coach, Gap, Liz Claiborne, Off 5th-Saks Fifth Avenue, Polo Ralph Lauren, Tommy Hilfiger
4.   Camarillo Premium Outlets   CA   Camarillo (Los Angeles)   Fee   100.0 % Acquired 2004   100.0 % 0   454,070   454,070   Banana Republic, Barneys New York, Coach, Polo Ralph Lauren, Sony, St. John, Versace
5.   Carlsbad Premium Outlets   CA   Carlsbad   Fee   100.0 % Acquired 2004   100.0 % 0   287,936   287,936   Banana Republic, Calvin Klein, Cole-Haan, Gap, Guess, Polo Ralph Lauren, Reebok, Tommy Hilfiger
6.   Carolina Premium Outlets   NC   Smithfield (Raleigh-Durham-Chapel Hill)   Ground Lease (2029)   100.0 % Acquired 2004   100.0 % 0   439,303   439,303   Brooks Brothers, Gap, Liz Claiborne, Nike, Polo Ralph Lauren, Timberland, Tommy Hilfiger
7.   Chicago Premium Outlets   IL   Aurora (Chicago)   Fee   100.0 % Built 2004   100.0 % 0   437,775   437,775   Ann Taylor, Banana Republic, Calvin Klein, Coach, Diesel, Dooney & Bourke, Elie Tahari, Gap, Giorgio Armani, Kate Spade, Nike, Polo Ralph Lauren
8.   Clinton Crossing Premium Outlets   CT   Clinton (Hartford)   Fee   100.0 % Acquired 2004   100.0 % 0   272,351   272,351   Barneys New York, Calvin Klein, Coach, Dooney & Bourke, Gap, Kenneth Cole, Liz Claiborne, Nike, Polo Ralph Lauren
9.   Columbia Gorge Premium Outlets   OR   Troutdale (Portland-Vancouver)   Fee   100.0 % Acquired 2004   100.0 % 0   164,039   164,039   Adidas, Bass, Carter's, Gap, Liz Claiborne, Samsonite, Van Heusen
10.   Desert Hills Premium Outlets   CA   Cabazon (Palm Springs-Los Angeles)   Fee   100.0 % Acquired 2004   100.0 % 0   498,516   498,516   Burberry, Christian Dior, Coach, Giorgio Armani, Gucci, Max Mara, Polo Ralph Lauren, Salvatore Ferragamo, Versace, Yves Saint Laurent, Zegna

21

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
11.   Edinburgh Premium Outlets   IN   Edinburgh (Indianapolis)   Fee   100.0 % Acquired 2004   100.0 % 0   305,475   305,475   Banana Republic, Coach, Gap, Nautica, Nike, OshKosh, Polo Ralph Lauren, Tommy Hilfiger
12.   Folsom Premium Outlets   CA   Folsom (Sacramento)   Fee   100.0 % Acquired 2004   100.0 % 0   299,270   299,270   Bass, Brooks Brothers, Gap, Guess, Kenneth Cole, Liz Claiborne, Nike, Off 5th-Saks Fifth Avenue, Tommy Hilfilger
13.   Gilroy Premium Outlets   CA   Gilroy (San Jose)   Fee   100.0 % Acquired 2004   100.0 % 0   577,265   577,265   Brooks Brothers, Calvin Klein, Coach, J. Crew, Hugo Boss, Nike, Polo Ralph Lauren, Sony, Timberland, Tommy Hilfiger
14.   Kittery Premium Outlets   ME   Kittery (Boston)   Ground Lease (2009)   100.0 % Acquired 2004   94.1 % 0   150,564   150,564   Banana Republic, Calvin Klein, Coach, J. Crew, Polo Ralph Lauren, Reebok, Tumi
15.   Las Vegas Premium Outlets   NV   Las Vegas   Fee   100.0 % Built 2003   100.0 % 0   434,978   434,978   A / X Armani Exchange, Calvin Klein, Coach, Dolce & Gabbana, Elie Tahari, Lacoste, Polo Ralph Lauren, Theory
16.   Leesburg Corner Premium Outlets   VA   Leesburg (Washington DC)   Fee   100.0 % Acquired 2004   100.0 % 0   463,288   463,288   Ann Taylor, Barneys New York, Kenneth Cole, Liz Claiborne, Nike, Polo Ralph Lauren, Restoration Hardware, Williams-Sonoma
17.   Liberty Village Premium Outlets   NJ   Flemington (New York-Philadelphia)   Fee   100.0 % Acquired 2004   99.3 % 0   173,645   173,645   Calvin Klein, Ellen Tracy, Jones New York, L.L. Bean, Polo Ralph Lauren, Tommy Hilfiger, Timberland, Waterford Wedgwood
18.   Lighthouse Place Premium Outlets   IN   Michigan City (Chicago)   Fee   100.0 % Acquired 2004   99.4 % 0   475,806   475,806   Burberry, Coach, Crate & Barrel, Gap, Liz Claiborne, Old Navy, Polo Ralph Lauren, Tommy Hilfiger
19.   Napa Premium Outlets   CA   Napa (Napa Valley)   Fee   100.0 % Acquired 2004   100.0 % 0   179,348   179,348   Banana Republic, Barneys New York, Coach, J. Crew, Jones New York, Kenneth Cole, Nautica, Tommy Hilfiger, TSE
20.   North Georgia Premium Outlets   GA   Dawsonville (Atlanta)   Fee   100.0 % Acquired 2004   97.7 % 0   539,757   539,757   Ann Taylor, Coach, Escada, J. Crew, Liz Claiborne, Polo Ralph Lauren, Restoration Hardware, Tommy Hilfiger, Williams-Sonoma
21.   Orlando Premium Outlets   FL   Orlando   Fee   100.0 % Acquired 2004   100.0 % 0   427,743   427,743   Barneys New York, Coach, Giorgio Armani, Hugo Boss, Max Mara, Nike, Polo Ralph Lauren, Timberland
22.   Osage Beach Premium Outlets   MO   Osage Beach   Fee   100.0 % Acquired 2004   99.4 % 0   391,381   391,381   Brooks Brothers, Calvin Klein, Coach, Gap, Liz Claiborne, Polo Ralph Lauren, Tommy Hilfiger
23.   Patriot Plaza   VA   Williamsburg (Norfolk-VA Beach)   Fee   100.0 % Acquired 2004   100.0 % 0   76,521   76,521   Plow & Hearth, WestPoint Stevens

22

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

24.
 
Petaluma Village Premium Outlets
 
CA
 
Petaluma (San Francisco)
 
Fee
 
100.0
%
Acquired 2004
 
93.2
%
0
 
195,837
 
195,837
 
Brooks Brothers, Coach, Gap, Guess, Jones New York, Liz Claiborne, Off 5th-Saks Fifth Avenue
25.   St. Augustine Premium Outlets   FL   St. Augustine (Jacksonsville)   Fee   100.0 % Acquired 2004   98.4 % 0   329,003   329,003   Banana Republic, Brooks Brothers, Coach, Gap, Movado, Nike, Polo Ralph Lauren, Reebok, Tommy Bahama, Tommy Hilfiger
26.   The Crossings Premium Outlets   PA   Tannersville   Fee   100.0 % Acquired 2004   97.9 % 0   411,391   411,391   Ann Taylor, Banana Republic, Coach, Liz Claiborne, Polo Ralph Lauren, Reebok, Tommy Hilfiger
27.   Vacaville Premium Outlets   CA   Vacaville   Fee   100.0 % Acquired 2004   100.0 % 0   447,512   447,512   Ann Taylor, Burberry, Coach, Gap, Liz Claiborne, Nike, Polo Ralph Lauren, Restoration Hardware
28.   Waikele Premium Outlets   HI   Waipahu (Honolulu)   Fee   100.0 % Acquired 2004   100.0 % 0   209,846   209,846   Adidas, A / X Armani Exchange, Banana Republic, Barneys New York, Coach, Guess, Max Mara, Polo Ralph Lauren
29.   Waterloo Premium Outlets   NY   Waterloo   Fee   100.0 % Acquired 2004   100.0 % 0   391,519   391,519   Ann Taylor, Brooks Brothers, Calvin Klein, Coach, Gap, J. Crew, Jones New York, Liz Claiborne, Polo Ralph Lauren, Tommy Hilfiger
30.   Woodbury Common Premium Outlets   NY   Central Valley (New York City)   Fee   100.0 % Acquired 2004   100.0 % 0   844,179   844,179   Banana Republic, Brooks Brothers, Coach, Giorgio Armani, Gucci, Neiman Marcus Last Call, Polo Ralph Lauren, Salvatore Ferragamo, Zegna
31.   Wrentham Village Premium Outlets   MA   Wrentham (Boston)   Fee   100.0 % Acquired 2004   100.0 % 0   600,621   600,621   Barneys New York, Burberry, Hugo Boss, Kenneth Cole, Nike, Polo, Ralph Lauren, Sony, Versace
                               
 
 
   
        Total Premium Outlet Center GLA               0   11,557,370   11,557,370    
                               
 
 
   

 
 
COMMUNITY SHOPPING CENTERS
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1.
 
Arboretum, The
 
TX
 
Austin
 
Fee
 
100.0
%
Acquired 1998
 
92.8
%
35,773
 
169,253
 
205,026
 
Barnes & Noble
2.   Bloomingdale Court   IL   Bloomingdale   Fee   100.0 % Built 1987   97.8 % 436,255   165,120   601,375   Best Buy, T.J. Maxx N More, Village Bloomingdale Theatre, Office Max, Old Navy, Linens-N-Things, Wal-Mart, Circuit City, Dress Barn, Jo-Ann Fabrics (6)
3.   Boardman Plaza   OH   Youngstown   Fee   100.0 % Built 1951   81.3 % 366,992   266,744   633,736   Hobby Lobby, Alltel, Linens-N-Things, Burlington Coat Factory, Giant Eagle, (8)
4.   Brightwood Plaza   IN   Indianapolis   Fee   100.0 % Built 1965   100.0 % —   38,493   38,493   Preston Safeway
5.   Celina Plaza   TX   El Paso   Fee and Ground Lease (2005) (11)   100.0 % Built 1978   100.0 % —   8,695   8,695   (8)  

23

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City (Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

6.
 
Charles Towne Square
 
SC
 
Charleston
 
Fee
 
100.0
%
Built 1976
 
100.0
%
71,794
 
—
 
71,794
 
Regal Cinema, (8)
7.   Chesapeake Center   VA   Chesapeake   Fee   100.0 % Built 1989   70.5 % 213,609   92,284   305,893   K-Mart, SM Newco, Movies 10, (8)
8.   Clay Terrace   IN   Carmel (Indianapolis)   Fee   50.0 %  (4) Built 2004   84.4 % 161,281   280,464   441,745   Dick's Sporting Goods, Wild Oats, DSW Shoe Warehouse and Circuit City Superstore
9.   Cobblestone Court   NY   Victor   Fee and Ground Lease (2038) (7)   35.0 %  (4)   (13) Built 1993   98.8 % 206,680   58,819   265,499   Dick's Sporting Goods, Kmart, Office Max
10.   Countryside Plaza   IL   Countryside   Fee and Ground Lease (2058) (7)   100.0 % Built 1977   70.1 % 290,216   137,472   427,688   Best Buy, Old Country Buffet, Burlington Coat, Home Depot, (8)
11.   Crystal Court   IL   Crystal Lake   Fee   35.0 %  (4)  (13) Built 1989   85.6 % 201,993   76,978   278,971   Cub Foods, Wal-Mart, SM Newco
12.   Dare Centre   NC   Kill Devil Hills   Ground Lease (2058)   100.0 % Acquired 2004   100.0 % —   115,288   115,288   Fashion Bug, Food Lion
13.   DeKalb Plaza   PA   King of Prussia   Fee   50.3 %  (15) Acquired 2003   96.2 % 81,368   20,345   101,713   Lane Home Furnishings, ACME
14.   Eastland Convenience Center   IN   Evansville   Ground Lease (2075)   50.0 %  (4) Acquired 1998   88.4 % 48,940   126,699   175,639   Marshalls, Toys "R" Us, Bed Bath & Beyond, David's Bridal
15.   Eastland Plaza   OK   Tulsa   Fee   100.0 % Built 1986   88.4 % 152,451   33,695   186,146   Marshalls, Target, Toys "R" Us
16.   Empire East (5)   SD   Sioux Falls   Fee   50.0 %  (4) Acquired 1998   89.2 % 253,388   48,580   301,968   Kohl's, Target
17.   Fairfax Court   VA   Fairfax   Fee   26.3 %  (4)  (13) Built 1992   100.0 % 169,043   80,614   249,657   Burlington Coat Factory, Circuit City Superstore, Offenbacher's, (8)
18.   Forest Plaza   IL   Rockford   Fee   100.0 % Built 1985   98.2 % 325,170   100,588   425,758   Kohl's, Marshalls, Media Play, Michael's, Factory Card Outlet, Office Max, T.J. Maxx, Bed, Bath & Beyond, Petco
19.   Gaitway Plaza   FL   Ocala   Fee   23.3 %  (4)  (13) Built 1989   89.4 % 123,027   93,361   216,388   Books-A-Million, Office Depot, T.J. Maxx, Ross Dress for Less, Bed, Bath & Beyond
20.   Gateway Shopping Center   TX   Austin   Fee   95.0 % 2004   98.9 % 396,494   116,057   512,551   Regal Cinema, Star Furniture, Best Buy, Linens-N-Things, Recreational Equipment, Inc., Whole Foods, Crate & Barrel, CompUSA, The Container Store, Old Navy
21.   Great Lakes Plaza   OH   Mentor (Cleveland)   Fee   100.0 % Built 1976   100.0 % 142,229   21,875   164,104   Circuit City, Michael's, Handy Andy
22.   Great Northeast Plaza   PA   Philadelphia   Fee   50.0 %  (4) Acquired 1989   100.0 % 237,151   57,600   294,751   Sears
23.   Greenwood Plus   IN   Greenwood   Fee   100.0 % Built 1979   100.0 % 134,141   25,790   159,931   Best Buy, Kohl's
24.   Griffith Park Plaza   IN   Griffith   Ground Lease (2060)   100.0 % Built 1979   31.8 % 175,595   94,073   269,668   K-Mart
25.   Grove at Lakeland Square, The   FL   Lakeland   Fee   100.0 % Built 1988   86.0 % 142,317   73,274   215,591   Lakeland Square 10 Theatre, Wal-Mart, Sports Authority
26.   Henderson Square   PA   King of Prussia   Fee   76.0 %  (15) Acquired 2003   97.3 % 72,683   34,661   107,344   Staples, Genuardi's Family Market
27.   Highland Lakes Center   FL   Orlando   Fee   100.0 % Built 1991   90.4 % 352,277   140,799   493,076   Marshalls, Bed, Bath & Beyond, American Signature Home, Save-Rite, Ross Dress for Less, Office Max, Burlington Coat Factory, (8)
28.   Indian River Commons   FL   Vero Beach   Fee   50.0 %  (4) Built 1997   93.9 % 233,358   27,510   260,868   Lowe's, Best Buy, Ross Dress for Less, Bed, Bath & Beyond, Michael's
29.   Ingram Plaza   TX   San Antonio   Fee   100.0 % Built 1980   100.0 % —   111,518   111,518    

24

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

30.
 
Keystone Shoppes
 
IN
 
Indianapolis
 
Ground Lease (2067)
 
100.0
%
Acquired 1997
 
83.5
%
—
 
29,140
 
29,140
 
 
31.   Knoxville Commons   TN   Knoxville   Fee   100.0 % Built 1987   60.4 % 91,483   88,980   180,463   Office Max, Circuit City, (8)
32.   Lake Plaza   IL   Waukegan   Fee   100.0 % Built 1986   100.0 % 170,789   44,673   215,462   Pic ‘N Save, Home Owners Bargain Outlet
33.   Lake View Plaza   IL   Orland Park (Chicago)   Fee   100.0 % Built 1986   95.7 % 262,341   109,022   371,363   Marshalls, Factory Card Outlet, Linens-N-Things, Best Buy, Petco, Jo-Ann Fabrics, Ulta 3, Golf Galaxy, Value City Furniture
34.   Lakeline Plaza   TX   Austin   Fee   100.0 % Built 1998   99.2 % 310,529   79,446   389,975   Linens-N-Things, T.J. Maxx, Old Navy, Best Buy, Ross Dress for Less, Office Max, PetsMart, Ulta 3, Party City, Cost Plus World Market, Toys R Us, Ultimate Electronics
35.   Lima Center   OH   Lima   Fee   100.0 % Built 1978   94.2 % 159,584   47,294   206,878   Kohl's, Hobby Lobby, Regal Cinema
36.   Lincoln Crossing   IL   O'Fallon   Fee   100.0 % Built 1990   100.0 % 229,820   13,446   243,266   Wal-Mart, PetsMart
37.   Lincoln Plaza   PA   King of Prussia   Fee   63.2 %  (15) Acquired 2003   87.6 % 143,649   123,582   267,231   Burlington Coat Factory, Circuit City, Lane Furniture
38.   MacGregor Village   NC   Cary   Fee   100.0 % Acquired 2004   95.1 % —   145,579   145,579   Spa Health Club, Tuesday Morning
39.   Mall of Georgia Crossing   GA   Mill Creek (Atlanta)   Fee   100.0 % Built 1999   98.4 % 341,503   99,109   440,612   Best Buy, American Signature, T.J. Maxx, Nordstrom Rack, Staples, Target
40.   Markland Plaza   IN   Kokomo   Fee   100.0 % Built 1974   89.9 % 49,051   41,675   90,726   Best Buy, Bed Bath & Beyond
41.   Martinsville Plaza   VA   Martinsville   Space Lease (2046)   100.0 % Built 1967   97.1 % 60,000   42,105   102,105   Rose's, Food Lion
42.   Matteson Plaza   IL   Matteson   Fee   100.0 % Built 1988   43.5 % 230,959   44,570   275,529   Michael's, Dominick's, Value City, (8)
43.   Muncie Plaza   IN   Muncie   Fee   100.0 % Built 1998   100.0 % 271,656   27,195   298,851   Kohl's, Shoe Carnival, T.J. Maxx, Office Max, Target
44.   New Castle Plaza   IN   New Castle   Fee   100.0 % Built 1966   97.3 % 24,912   66,736   91,648   Goody's, Jo-Ann Fabrics
45.   North Ridge Plaza   IL   Joliet   Fee   100.0 % Built 1985   98.8 % 190,323   114,747   305,070   Hobby Lobby, Office Max, Fun In Motion, Minnesota Fabrics, (8)
46.   North Ridge Shopping Center   NC   Raleigh   Fee   100.0 % Acquired 2004   98.5 % —   166,006   166,006   Ace Hardware, Kerr Drugs, Winn Dixie
47.   Northland Plaza   OH   Columbus   Fee and Ground Lease (2085) (7)   100.0 % Built 1988   68.2 % 118,304   91,230   209,534   Hobby Lobby, Marshalls, (8)
48.   Northwood Plaza   IN   Fort Wayne   Fee   100.0 % Built 1974   88.4 % 136,404   71,841   208,245   Cinema Grill, Target
49.   Park Plaza   KY   Hopkinsville   Fee and Ground Lease (2039) (7)   100.0 % Built 1968   95.2 % 82,398   32,626   115,024   Wal-Mart (17)
50.   Plaza at Buckland Hills, The   CT   Manchester   Fee   35.0 %  (4)  (13) Built 1993   88.2 % 252,179   82,436   334,615   Linens-N-Things, CompUSA, Jo-Ann Fabrics, Party City, The Maytag Store, SM Newco, Toys R Us, (8)
51.   Regency Plaza   MO   St. Charles   Fee   100.0 % Built 1988   92.0 % 210,627   76,846   287,473   Wal-Mart, Sam's Wholesale Club
52.   Ridgewood Court   MS   Jackson   Fee   35.0 %  (4)  (13) Built 1993   100.0 % 185,939   54,723   240,662   T.J. Maxx, Lifeway Christian Bookstore, Bed Bath & Beyond, Best Buy, JLPK Jackson
53.   Rockaway Convenience Center   NJ   Rockaway (New York)   Fee   100.0 % Acquired 1998   100.0 % 131,438   103,934   235,372   Best Buy, Borders Books & Music, Linens-N-Things, Michael's, Acme

25

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

54.
 
Rockaway Plaza
 
NJ
 
Rockaway (New York)
 
Fee
 
100.0
%
Acquired 1998
 
0.0
%
153,282
 
—
 
153,282
 
Target
55.   Royal Eagle Plaza   FL   Coral Springs (Miami-Ft. Lauderale)   Fee   35.0 %  (4)  (13) Built 1989   100.0 % 124,479   74,676   199,155   K Mart, Stein Mart
56.   Shops at North East Mall, The   TX   Hurst   Fee   100.0 % Built 1999   100.0 % 265,595   98,989   364,584   Michael's, Office Max, PetsMart, Old Navy, Pier 1 Imports, Ulta 3, T.J. Maxx, Bed Bath & Beyond, Nordstrom Rack, Best Buy
57.   St. Charles Towne Plaza   MD   Waldorf (Washington, D.C.)   Fee   100.0 % Built 1987   75.0 % 285,586   117,801   403,387   T.J. Maxx, Jo-Ann Fabrics, K & G Menswear, CVS, Shoppers Food Warehouse, Dollar Tree, Value City Furniture, (8)
58.   Teal Plaza   IN   Lafayette   Fee   100.0 % Built 1962   100.0 % 98,337   2,750   101,087   Hobby Lobby, Circuit City, Pep Boys
59.   Terrace at the Florida Mall   FL   Orlando   Fee   100.0 % Built 1989   96.3 % 281,252   47,531   328,783   Marshalls, American Signature Furniture, Global Imports, Target, Bed Bath & Beyond, (8)
60.   Tippecanoe Plaza   IN   Lafayette   Fee   100.0 % Built 1974   100.0 % 85,811   4,711   90,522   Best Buy, Barnes & Noble
61.   University Center   IN   Mishawaka   Fee   60.0 % Built 1980   84.7 % 104,347   46,177   150,524   Michael's, Best Buy, Linens-N-Things, (8)
62.   Village Park Plaza   IN   Carmel (Indianapolis)   Fee   35.0 %  (4)  (13) Built 1990   93.5 % 430,368   112,407   542,775   Bed Bath & Beyond, Ashley Furniture, Kohl's, Regal Cinema, Wal-Mart, Marsh, (8)
63.   Wabash Village   IN   West Lafayette   Ground Lease (2063)   100.0 % Built 1970   12.2 % 109,388   15,148   124,536    
64.   Washington Plaza   IN   Indianapolis   Fee   100.0 % Built 1976   100.0 % 21,500   28,607   50,107   Deals
65.   Waterford Lakes Town Center   FL   Orlando   Fee   100.0 % Built 1999   99.8 % 622,244   329,427   951,671   Regal Cinema, Ross Dress for Less, T.J. Maxx, Bed Bath & Beyond, Old Navy, Barnes & Noble, Best Buy, Jo-Ann Fabrics, Office Max, PetsMart, Target, Ashley Furniture, L.A. Fitness
66.   West Ridge Plaza   KS   Topeka   Fee   100.0 % Built 1988   100.0 % 182,161   55,622   237,783   Famous Footwear, T.J. Maxx, Toys R Us, Target
67.   West Town Corners   FL   Altamonte Springs   Fee   23.3 %  (4)  (13) Built 1989   98.0 % 263,782   121,455   385,237   Sports Authority, PetsMart, Winn-Dixie, American Signature Furniture, Wal-Mart
68.   Westland Park Plaza   FL   Orange Park   Fee   23.3 %  (4)  (13) Built 1989   95.6 % 123,548   39,606   163,154   Sports Authority, PetsMart, Burlington Coat Factory
69.   White Oaks Plaza   IL   Springfield   Fee   100.0 % Built 1986   99.6 % 275,703   115,723   391,426   T.J. Maxx, Office Max, Kohl's Babies R Us, Kids R Us, Cub Foods
70.   Whitehall Mall   PA   Whitehall   Fee   38.0 %  (15)  (4) Acquired 2003   97.2 % 378,642   174,933   553,575   Sears, Kohl's, Bed Bath & Beyond, Weis Markets
71.   Willow Knolls Court   IL   Peoria   Fee   35.0 %  (4)  (13) Built 1990   97.3 % 309,440   72,937   382,377   Willow Knolls 14, Burlington Coat Factory, Kohl's, Sam's Wholesale Club
                               
 
 
   
        Total Community Shopping Center GLA               12,793,578   5,872,090   18,665,668    
                               
 
 
   

26

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants
    OFFICE AND OTHER PROPERTIES                            

1.
 
Crossville Outlet Center
 
TN
 
Crossville
 
Fee
 
100.0
%
Acquired 2004
 
96.5
%
0
 
151,256
 
151,256
 
Bass, Liz Claiborne, OshKosh, Reebok, Van Heusen, VF Outlet
2.   Factory Merchants Branson   MO   Branson   Fee   100.0 % Acquired 2004   78.7 % 0   299,739   299,739   Carter's, Easy Spirit, Izod, Nautica, Pfaltzgraff, Van Heusen
3.   Factory Stores of America- Arcadia   LA   Arcadia   Fee   100.0 % Acquired 2004   94.2 % 0   89,528   89,528   Bass, VF Outlet, Van Heusen
4.   Factory Stores of America- Boaz   AL   Boaz   Ground Lease (2007)   100.0 % Acquired 2004   72.8 % 0   111,909   111,909   Banister Shoes, VF Outlet
5.   Factory Stores of America- Draper   UT   Draper   Fee   100.0 % Acquired 2004   91.3 % 0   183,827   183,827   Dress Barn, Samsonite, VF Outlet
6.   Factory Stores of America- Georgetown   KY   Georgetown   Fee   100.0 % Acquired 2004   96.3 % 0   176,615   176,615   Carolina Pottery, Dress Barn, Levi's, Van Heusen
7.   Factory Stores of America- Graceville   FL   Graceville   Fee   100.0 % Acquired 2004   98.0 % 0   83,962   83,962   Factory Brand Shoes, VF Outlet, Van Heusen
8.   Factory Stores of America- Hanson   KY   Hanson   Fee   100.0 % Acquired 2004   100.0 % 0   63,891   63,891   Banister Shoes, VF Outlet
9.   Factory Stores of America- Lebanon   MO   Lebanon   Fee   100.0 % Acquired 2004   92.1 % 0   86,249   86,249   Dress Barn, VF Outlet, Van Heusen
10.   Factory Stores of America- Nebraska City   NE   Nebraska City   Fee   100.0 % Acquired 2004   97.4 % 0   89,646   89,646   Dress Barn, VF Outlet
11.   Factory Stores of America- Story City   IA   Story City   Fee   100.0 % Acquired 2004   88.4 % 0   112,405   112,405   Dress Barn Woman, Factory Brand Shoes, VF Outlet, Van Heusen
12.   Factory Stores of America- Tupelo   MS   Tupelo   Fee   100.0 % Acquired 2004   96.4 % 0   129,412   129,412   Banister Shoes, VF Outlet
13.   Factory Stores of America- Union City   TN   Union City   Fee   100.0 % Acquired 2004   97.4 % 0   60,229   60,229   VF Outlet
14.   Factory Stores of America- West Frankfort   IL   West Frankfort   Fee   100.0 % Acquired 2004   82.3 % 0   91,063   91,063   VF Outlet
15.   Factory Stores of America-Tri-Cities   TN   Blountville   Fee   100.0 % Acquired 2004   78.9 % 0   132,908   132,908   Carolina Pottery, L'eggs Hanes Bali Playtex, Tri-Cities Cinemas
16.   Factory Stores of North Bend   WA   North Bend   Fee   100.0 % Acquired 2004   100.0 % 0   223,397   223,397   Adidas, Bass, Carter's, Eddie Bauer, Gap, Nike, OshKosh, Samsonite, VF Outlet
17.   Jackson Outlet Village   NJ   Jackson   Fee   100.0 % Acquired 2004   100.0 % 0   285,881   285,881   Brooks Brothers, Calvin Klein, Gap, Nike, Polo Ralph Lauren, Reebok, Timberland, Tommy Hilfiger
18.   Johnson Creek Outlet Center   WI   Johnson Creek   Fee   100.0 % Acquired 2004   97.6 % 0   277,517   277,517   Adidas, Calvin Klein, Gap, Lands' End, Nike, Old Navy, Polo Ralph Lauren, Tommy Hilfiger
19.   Lakeland Factory Outlet Mall   TN   Lakeland   Fee   100.0 % Acquired 2004   85.0 % 0   318,983   318,983   L'eggs Hanes Bali Playtex, VF Outlet, Van Heusen
20.   Las Vegas Outlet Center   NV   Las Vegas   Fee   100.0 % Acquired 2004   100.0 % 0   476,985   476,985   Calvin Klein, Liz Claiborne, Nike, Reebok, Tommy Hilfiger, VF Outlet, Waterford Wedgwood
21.   O'Hare International Center   IL   Rosemont   Fee   100.0 % Built 1988   81.9 % 0   494,504   494,504   (19) —

27

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
    
    
    
    
    
    
    
   Gross Leasable Area
    
 
   Property Name
   State
   City
(Metropolitan area)
   Ownership Interest
(Expiration
if Lease) (1)
   Legal
Ownership
   Year Built or
Acquired
   Occupancy (3)
   Anchor
   Mall &
Freestanding
   Total
   Retail Anchors and Major Tenants

22.
 
Riverway
 
IL
 
Rosemont
 
Fee
 
100.0
%
Acquired 1991
 
85.2
%
0
 
819,300
 
819,300
  (19)
—
23.   The Factory Shoppes at Branson Meadows   MO   Branson   Ground Lease (2021)   100.0 % Acquired 2004   80.2 %     286,924   286,924   Dress Barn Woman, Easy Spirit, VF Outlet
                               
 
 
   
        Total Office and Other GLA               0   5,046,130   5,046,130    
                               
 
 
   
        Total U.S. Properties GLA               115,604,359   87,329,057   202,933,416    
                               
 
 
   
    PROPERTIES UNDER CONSTRUCTION                            

 
 
 
 
 
 
 
 
 
 
 
 
Expected Opening
 
 
 
 
 
 
 
 
 
 
1.   Firewheel Town Center   TX   Garland       100.0 % 4th Quarter 2005                   Dillard's, Barnes & Noble, Dick's Sporting Goods, Target, Ross Dress for Less, Old Navy, Staples, DSW, JoAnn Fabrics, Pier One, PetsMart
2.   Rockaway Plaza   NJ   Rockaway (New York)       100.0 % 4th Quarter 2005/
1st Quarter 2006		                   Target, Dick's Sporting Goods, Loews Cineplex, PetsMart
3.   Seattle Premium Outlets   WA   Tulalip       100.0 % 2nd Quarter 2005                   Foley's, Dillard's, AMC Theater, Barnes & Noble, Circuit City, Linens ‘n Things, Old Navy, Pier One, DSW, Sports Authority
4.   St. Johns Town Center   FL   Jacksonville       50.0 %  (2) 1st Quarter 2005                   Kohl's, Target, Linens ‘n Things, Office Depot, Best Buy, T.J.Maxx, Michael's, Old Navy, Pier One, PetsMart
5.   Town Center at Coconut Point, The   FL   Estero/Bonita Springs       50.0 % 1st Quarter 2006                   Dillard's, Muvico Theatres, Barnes & Noble, Bed Bath & Beyond, Best Buy, DSW, Office Max, Old Navy, PetsMart, Pier One, Ross Dress for Less, Ulta Cosmetics, Golfsmith, Sports Authority, Party City
6.   Wolf Ranch   TX   Georgetown (Austin)       100.0 % 3rd Quarter 2005                    

28

FOOTNOTES:

(1)
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.

(2)
The Operating Partnership's 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 the Operating Partnership.

(3)
Regional Malls—Executed leases for all company-owned GLA in mall and freestanding stores, excluding majors. Premium Outlet Centers—Executed leases for all company-owned GLA (or total center GLA). Community Centers—Executed leases for all company-owned GLA including majors, mall stores and freestanding stores.

(4)
Joint Venture Properties accounted for under the equity method.

(5)
This Property is managed by a third party.

(6)
Indicates anchor is currently under construction or in predevelopment.

(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 all of the Property except for parcels owned in fee by anchors.

(11)
Indicates ground lease covers outparcel only.

(12)
The Operating Partnership receives 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)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(15)
The Company's indirect ownership interest, evidenced through an approximatley 76% ownership interest in Kravco Simon Investments.

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

(17)
Indicates anchor has closed, but the Operating Partnership still collects rents and/or fees under an agreement.

(18)
Property was sold January 11, 2005.

(19)
Mall & Freestanding GLA includes office space as follows:

            Arsenal Mall—approx. 106,000 sq. ft.

            Century III Mall—approx. 32,000 sq. ft.

            Circle Centre Mall—approx. 9,000 sq. ft.

            Copley Place—approx. 847,000 sq. ft.

            Fashion Centre at Pentagon City, The—approx. 169,000 sq. ft.

            Fashion Mall at Keystone, The—approx. 30,000 sq. ft.

            Greendale Mall—approx. 120,000 sq. ft.

            The Plaza & Court at King of Prussia—approx. 14,000 sq. ft.

            Lehigh Valley Mall—approx. 12,000 sq. ft.

            Menlo Park Mall—approx. 50,000 sq. ft.

            Oak Court Mall—approx. 131,000 sq. ft.

            Oxford Valley Mall—approx. 111,000 sq. ft.

            Plaza Carolina—approx. 28,000 sq. ft.

            River Oaks Center—approx. 118,000 sq. ft.

            Stanford Shopping—approx. 6,000 sq. ft.

29

    European Properties

            The following summarizes our investments in Europe and the countries of real estate ownership and operation as of December 31, 2004:

Investment
   Ownership
Interest
   Properties
open and
operating
   Countries
Gallerie Commerciali Italia, S.p.A.   49.0 % 40   Italy
European Retail Enterprises ("ERE"), B.V.   34.7 % 11   France, Poland, Portugal

            In addition, we jointly hold with a third party an interest in one parcel of land for development near Paris, France outside of these two joint ventures. ERE also operates through a wholly-owned subsidiary, Groupe BEG, S.A. ("BEG"). ERE and BEG are fully integrated European retail real estate developers, owners and managers.

            Our properties in Europe consist primarily of hypermarket-anchored shopping centers. Substantially all of our European properties are anchored by either the hypermarket retailer Auchan, primarily in Italy, who is our partner in GCI, or are anchored by the hypermarket Carrefour in France, Poland, and Portugal. Certain of these properties are subject to leaseholds that entitle the lessor to receive substantially all the economic benefits of the leased portion of the property. Auchan and Carrefour are the two largest hypermarket operators in Europe.

    Other International Properties

            We also hold real estate interests in four joint ventures in Japan, one in Mexico, and one in Canada. The four centers in Japan are Premium Outlets that have over 1.1 million square feet of GLA and were 100% leased as of December 31, 2004. These four Premium Outlets contained 524 stores with approximately 270 different tenants. The Mexico Premium Outlet center opened in December of 2004 and our shopping center in Canada was opened in 2001.

            The following summarizes our ownership of our six other international joint venture Properties:

Investment
   Ownership
Interest
  
Gotemba Premium Outlets — Gotemba City (Tokyo), Japan   40.0 %
Rinku Premium Outlets — Izumisano (Osaka), Japan   40.0 %
Sano Premium Outlets — Sano (Tokyo), Japan   40.0 %
Tosu Premium Outlets — Fukuoka (Kyushu), Japan   40.0 %
Forum Entertainment Centre — Montreal, Canada   38.1 %
Punta Norte Premium Outlets — Mexico City, Mexico   50.0 %

            The following property table summarizes certain data on our properties located in Europe, Japan, Mexico, and Canada.

30

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
    
    
    
    
    
   Gross Leasable Area (1)
    
 
   Property Name
   City (Metropolitan area)
   Ownership Interest
   SPG Ownership
   Year Built
   Hypermarket/
Anchor (4)
   Mall & Freestanding
   Total
   Retail Anchors and Major Tenants
    FRANCE                        
1.   Bay 2   Torcy (Paris)   Freehold   34.7 % 2003   132,400   408,900   541,300   Carrefour, Leroy Merlin
2.   Bay 1   Torcy (Paris)   Freehold   34.7 % 2004   —   336,300   336,300   Conforama, Go Sport
3.   Bel'Est   Bagnolet (Paris)   Freehold   12.1 % 1992   150,700   63,000   213,700   Auchan
4.   Villabé A6   Villabé (Paris)   Freehold   5.2 % 1992   102,300   104,500   206,800   Carrefour
                       
 
 
   
        Subtotal France           385,400   912,700   1,298,100    

 
 
ITALY
 
 
 
 
 
 
 
 
 
 
 
 
5.   Ancona — Senigallia   Senigallia (Ancona)   Freehold   49.0 % 1995   41,200   41,600   82,800   Cityper
6.   Ascoli Piceno — Grottammare   Grottammare (Ascoli Piceno)   Freehold   49.0 % 1995   38,900   55,900   94,800   Cityper
7.   Ascoli Piceno — Porto Sant'Elpidio   Porto Sant'Elpidio (Ascoli Piceno)   Freehold   49.0 % 1999   48,000   114,300   162,300   Cityper
8.   Bari — Casamassima   Casamassima (Bari)   Freehold   49.0 % 1995   159,000   388,800   547,800   Auchan, Coin, Eldo, Bata, Leroy Merlin, Decathlon
9.   Bari — Modugno (5)   Modugno (Bari)   Freehold   49.0 % 2004   96,900   46,600   143,500   Auchan, euronics, Decathlon
10.   Brescia — Mazzano   Mazzano (Brescia)   Freehold/Leasehold (2)   49.0 % (2) 1994   103,300   127,400   230,700   Auchan, Bricocenter, Upim
11.   Brindisi — Mesagne   Mesagne (Brindisi)   Freehold   49.0 % 2003   88,000   140,600   228,600   Auchan
12.   Cagliari — Santa Gilla   Cagliari   Freehold   49.0 % (2) 1992   75,900   114,800   190,700   Auchan, Bricocenter
13.   Catania — La Rena   Catania   Freehold   49.0 % 1998   124,100   22,100   146,200   Auchan
14.   Cuneo   Cuneo (Torino)   Freehold   49.0 % 2004   80,700   201,500   282,200   Auchan, Bricocenter
15.   Milano — Rescaldina   Rescaldina (Milano)   Freehold   49.0 % 2000   165,100   212,000   377,100   Auchan, Bricocenter, Decathlon, Media World
16.   Milano — Vimodrone   Vimodrone (Milano)   Freehold   49.0 % 1989   110,400   80,200   190,600   Auchan, Bricocenter
17.   Napoli — Pompei   Pompei (Napoli)   Freehold   49.0 % 1990   74,300   17,100   91,400   Auchan
18.   Padova   Padova   Freehold   49.0 % 1989   73,300   32,500   105,800   Auchan
19.   Palermo   Palermo   Freehold   49.0 % 1990   73,100   9,800   82,900   Auchan
20.   Pesaro — Fano   Fano (Pesaro)   Freehold   49.0 % 1994   56,300   56,000   112,300   Auchan
21.   Pescara   Pescara   Freehold   49.0 % 1998   96,300   65,200   161,500   Auchan
22.   Pescara — Cepagatti   Cepagatti (Pescara)   Freehold   49.0 % 2001   80,200   189,600   269,800   Auchan, Bata
23.   Piacenza — San Rocco al Porto   San Rocco al Porto (Piacenza)   Freehold   49.0 % 1992   104,500   74,700   179,200   Auchan, Darty
24.   Roma — Collatina   Collatina (Roma)   Freehold   49.0 % 1999   59,500   4,100   63,600   Auchan
25.   Sassari — Predda Niedda   Predda Niedda (Sassari)   Freehold/Leasehold (2)   49.0 % (2) 1990   79,500   154,200   233,700   Auchan, Bricocenter
26.   Taranto   Taranto   Freehold   49.0 % 1997   75,200   126,500   201,700   Auchan, Bricocenter
27.   Torino   Torino   Freehold   49.0 % 1989   105,100   66,700   171,800   Auchan
28.   Torino — Venaria   Venaria (Torino)   Freehold   49.0 % 1982   101,600   64,000   165,600   Auchan, Bricocenter
29.   Venezia — Mestre   Mestre (Venezia)   Freehold   49.0 % 1995   114,100   132,600   246,700   Auchan
30.   Vicenza   Vicenza   Freehold   49.0 % 1995   78,400   20,100   98,500   Auchan
31.   Ancona   Ancona   Leasehold (3)   49.0 % (3) 1993   82,900   82,300   165,200   Auchan
32.   Bergamo   Bergamo   Leasehold (3)   49.0 % (3) 1976   103,000   16,900   119,900   Auchan
33.   Brescia — Concesio   Concesio (Brescia)   Leasehold (3)   49.0 % (3) 1972   89,900   27,600   117,500   Auchan
34.   Cagliari — Marconi   Cagliari   Leasehold (3)   49.0 % (3) 1994   83,500   109,900   193,400   Auchan, Bricocenter, Bata
35.   Catania — Misterbianco   Misterbianco (Catania)   Leasehold (3)   49.0 % (3) 1989   83,300   16,000   99,300   Auchan
36.   Merate — Lecco   Merate (Lecco)   Leasehold (3)   49.0 % (3) 1976   73,500   88,500   162,000   Auchan, Bricocenter

31

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
    
    
    
    
    
   Gross Leasable Area (1)
    
 
   Property Name
   City (Metropolitan area)
   Ownership Interest
   SPG Ownership
   Year Built
   Hypermarket/ Anchor (4)
   Mall & Freestanding
   Total
   Retail Anchors and Major Tenants
37.   Milano — Cinisello — Balsamo   Cinisello — Balsamo (Milano)   Leasehold (3)   49.0 % (3) 1993   68,400   18,600   87,000   Auchan
38.   Milano — Nerviano   Nerviano (Milano)   Leasehold (3)   49.0 % (3) 1991   83,800   27,800   111,600   Auchan
39.   Napoli — Mugnano di Napoli   Mugnano di Napoli   Leasehold (3)   49.0 % (3) 1992   98,000   94,900   192,900   Auchan, Bricocenter
40.   Olbia   Olbia   Leasehold (3)   49.0 % (3) 1993   49,000   48,800   97,800   Auchan
41.   Roma — Casalbertone   Roma   Leasehold (3)   49.0 % (3) 1998   62,700   84,900   147,600   Auchan
42.   Sassari — Centro Azuni   Sassari   Leasehold (3)   49.0 % (3) 1995   —   35,600   35,600    
43.   Torino — Rivoli   Rivoli (Torino)   Leasehold (3)   49.0 % (3) 1986   61,800   32,300   94,100   Auchan
44.   Verona — Bussolengo   Bussolengo (Verona)   Leasehold (3)   49.0 % (3) 1975   89,300   75,300   164,600   Auchan, Bricocenter
                       
 
 
   
        Subtotal Italy           3,332,000   3,318,300   6,650,300    

 
 
POLAND
 
 
 
 
 
 
 
 
 
 
 
 
45.   Arkadia Shopping Center   Warsaw       34.7 % 2004   202,100   902,400   1,104,500   Carrefour, Leroy Merlin, Media, Saturn, Cinema City, H & M, Zara, Royal Collection, Peek & Clopperburg
46.   Borek Shopping Center   Wroclaw   Freehold   34.7 % 1999   119,900   129,300   249,200   Carrefour
47.   Dabrowka Shopping Center   Katowice   Freehold   34.7 % 1999   121,000   172,900   293,900   Carrefour, Castorama
48.   Turzyn Shopping Center   Szczecin   Freehold   34.7 % 2001   87,200   120,900   208,100   Carrefour
49.   Wilenska Station Shopping Center   Warsaw   Freehold   34.7 % 2002   92,700   215,900   308,600   Carrefour
50.   Zakopianka Shopping Center   Krakow   Freehold   34.7 % 1998   120,200   425,400   545,600   Carrefour, Castorama
                       
 
 
   
        Subtotal Poland           743,100   1,966,800   2,709,900    

 
 
PORTUGAL
 
 
 
 
 
 
 
 
 
 
 
 
51.   Minho center   Braga (Porto)   Leasehold (3)   34.7 % (3) 1997   120,000   99,100   219,100   Carrefour, Toys R Us, Sport Zone
                       
 
 
   
                        120,000   99,100   219,100    

32

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
    
    
    
    
    
   Gross Leasable Area (1)
    
 
   Property Name
   City (Metropolitan area)
   Ownership Interest
   SPG Ownership
   Year Built
   Hypermarket/
Anchor (4)
   Mall & Freestanding
   Total
   Retail Anchors and Major Tenants

 
 
JAPAN
 
 
 
 
 
 
 
 
 
 
 
 
52.   Gotemba Premium Outlets   Gotemba City (Tokyo)   Ground Lease (2019)   40.0 % 2000   —   390,000   390,000   Bally, Coach, Diesel, Gap, Gucci, Jill Stuart, L.L. Bean, Nike, Tod's
53.   Rinku Premium Outlets   Izumisano (Osaka)   Ground Lease (2020)   40.0 % 2000   —   321,000   321,000   Bally, Brooks Brothers, Coach, Eddie Bauer, Gap, Nautica, Nike, Timberland, Versace
54.   Sano Premium Outlets   Sano (Tokyo)   Ground Lease (2022)   40.0 % 2003   —   228,766   228,766   Bally, Brooks Brothers, Coach, Nautica, New Yorker, Nine West, Timberland
55.   Tosu Premium Outlets   Fukuoka (Kyushu)   Ground Lease (2023)   40.0 % 2004   —   187,000   187,000   BCBG, Bose, Coach, Cole Haan, Lego, Nike, Petit Bateau, Max Azria, Theory
                       
 
 
   
        Subtotal Japan           —   1,126,766   1,126,766    

 
 
MEXICO
 
 
 
 
 
 
 
 
 
 
 
 
56.   Punta Norte Premium Outlets   Mexico City   Fee   50.0 % 2004   —   232,000   232,000   Christian Dior, Sony, Nautica, Levi's, Nike Rockport, Reebok, Adidas, Samsonite
                       
 
 
   
        Subtotal Mexico           —   232,000   232,000    

 
 
CANADA
 
 
 
 
 
 
 
 
 
 
 
 
57.   Forum Entertainment Centre   Montreal   Fee   38.1 % 2001   —   247,000   247,000    
                       
 
 
   
        TOTAL INTERNATIONAL ASSETS           4,580,500   7,902,666   12,483,166    
                       
 
 
   

FOOTNOTES:

(1)
All gross leasable area listed in square feet.

(2)
This property is held partially in fee and partially encumbered by a leasehold on the premise which entitles the lessor to the majority of the economics of the portion of the property subject to the leasehold.

(3)
This property is encumbered by a leasehold on the entire premises which entitles the lessor the majority of the economics of the property.

(4)
Represents the sales area of the anchor and excludes any warehouse/storage areas.

(5)
Gallerie Commerciali Italia, in which we have a 49% joint venture interest, has been notified by an Italian appellate court that the center which opened in February 2004, though properly permitted, was not in accordance with the Modugno master plan. The joint venture is appealing the decision of the appellate court and is otherwise working to resolve the issue. The center remains open. The joint venture partner has indemnified us for the amount of our allocated investment in the project.

33

    Land Held for Development

            We have direct or indirect ownership interests in twelve parcels of land held in the United States for future development, containing an aggregate of approximately 600 acres located in five states.

    Mortgage Financing on Properties

            The following table sets forth certain information regarding the mortgages and other debt encumbering the Properties. Substantially all of the mortgage and property related debt is nonrecourse to us.

34


Mortgage and Other Debt on Portfolio Properties
As of December 31, 2004
(Dollars in thousands)

Property Name
   Interest
Rate
   Face
Amount
   Annual Debt
Service
   Maturity
Date
  
Consolidated Indebtedness:                      

Secured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 
Simon Property Group, LP:                      
Anderson Mall   6.20 % $ 29,414   $ 2,216   10/10/12  
Arsenal Mall — 1   6.75 %   32,501     2,724   09/28/08  
Arsenal Mall — 2   8.20 %   1,652     286   05/05/16  
Bangor Mall   7.06 %   23,427     2,302   12/01/07  
Battlefield Mall   4.60 %   100,000     4,603   (2) 07/01/13  
Biltmore Square   7.95 %   26,000     2,067   (2) 12/11/10   (30)
Bloomingdale Court   7.78 %   28,337   (4)   2,578   11/01/09  
Boardman Plaza   5.94 %   23,598     1,402   (2) 07/01/14  
Brunswick Square   5.65 %   86,000     4,859   (2) 08/11/14  
Carolina Premium Outlets — Smithfield   9.10 %   20,681   (6)   2,114   03/10/13  
Century III Mall   6.20 %   86,827   (10)   6,541   10/10/12  
Cheltenham Square   5.89 %   54,941     3,236   07/01/14  
Chesapeake Center   8.44 %   6,563   (32)   554   (2) 06/15/05   (30)
Chesapeake Square   5.84 %   73,000     4,263   (2) 08/01/14  
Cielo Vista Mall — 1   9.38 %   49,943   (5)   5,828   05/01/07  
Cielo Vista Mall — 3   6.76 %   36,033   (5)   3,039   05/01/07  
College Mall — 1   7.00 %   35,653   (8)   3,908   01/01/09  
College Mall — 2   6.76 %   11,103   (8)   935   01/01/09  
Copley Place   7.44 %   177,677     16,266   08/01/07  
Coral Square   8.00 %   87,962     8,065   10/01/10  
The Crossings Premium Outlets   5.85 %   59,127     4,649   03/13/13  
Crossroads Mall   6.20 %   43,608     3,285   10/10/12  
Crystal River   7.63 %   15,707     1,385   11/11/10   (30)
Dare Centre   9.10 %   1,722   (6)   176   03/10/13   (30)
DeKalb Plaza   5.28 %   3,500     284   01/01/15  
Desoto Square   5.89 %   64,153     3,779   (2) 07/01/14  
The Factory Shoppes at Branson Meadows   9.10 %   9,618   (6)   983   03/10/13   (30)
Factory Stores of America — Boaz   9.10 %   2,813   (6)   287   03/10/13   (30)
Factory Stores of America — Georgetown   9.10 %   6,666   (6)   681   03/10/13   (30)
Factory Stores of America — Graceville   9.10 %   1,981   (6)   202   03/10/13   (30)
Factory Stores of America — Lebanon   9.10 %   1,664   (6)   170   03/10/13   (30)
Factory Stores of America — Nebraska City   9.10 %   1,563   (6)   160   03/10/13   (30)
Factory Stores of America — Story City   9.10 %   1,933   (6)   198   03/10/13   (30)
Forest Mall   6.20 %   17,463   (11)   1,316   10/10/12  
Forest Plaza   7.78 %   15,542   (4)   1,414   11/01/09  
Forum Shops at Caesars, The   4.78 %   550,000     26,312   (2) 12/01/10  
Gateway Shopping Center   3.35 %  (1)   86,000     2,881   (2) 03/31/08   (3)
Gilroy Premium Outlets   6.99 %   67,242   (7)   6,236   07/11/08   (30)
Greenwood Park Mall — 1   7.00 %   29,861   (8)   3,273   01/01/09  
Greenwood Park Mall — 2   6.76 %   57,365   (8)   4,831   01/01/09  
Grove at Lakeland Square, The   8.44 %   3,750   (32)   317   (2) 06/15/05   (30)
Gulf View Square   8.25 %   33,402     3,652   10/01/06  
Henderson Square   6.94 %   15,453     1,270   07/01/11  
Highland Lakes Center   6.20 %   16,097   (10)   1,213   10/10/12  
Ingram Park Mall   6.99 %   81,527   (24)   6,724   08/11/11  
Keystone at the Crossing   7.85 %   59,594     5,642   07/01/27  
Kittery Premium Outlets   6.99 %   11,132   (7)   1,028   07/11/08   (30)
Knoxville Center   6.99 %   61,737   (24)   5,092   08/11/11  
Lake View Plaza   7.78 %   20,660   (4)   1,880   11/01/09  
Lakeline Mall   7.65 %   67,455     6,300   05/01/07  
Lakeline Plaza   7.78 %   22,651   (4)   2,061   11/01/09  
Las Vegas Outlet Center   8.12 %   21,789     3,712   12/10/12  
Lighthouse Place Premium Outlets   6.99 %   46,399   (7)   4,286   07/11/08   (30)
Lincoln Crossing   7.78 %   3,127   (4)   285   11/01/09  
Longview Mall   6.20 %   32,681   (10)   2,462   10/10/12  
MacGregor Village   9.10 %   6,926   (6)   708   03/10/13   (30)
Mall of Georgia Crossing   4.40 %  (1)   32,575     2,825   06/09/06  
                       

35

Markland Mall   6.20 %   23,122   (11)   1,742   10/10/12  
Matteson Plaza   7.78 %   9,098   (4)   828   11/01/09  
McCain Mall — 1   9.38 %   23,320   (5)   2,721   05/01/07  
McCain Mall — 2   6.76 %   16,632   (5)   1,402   05/01/07  
Midland Park Mall   6.20 %   33,756   (11)   2,543   10/10/12  
Montgomery Mall   5.17 %   95,264     6,307   05/11/14   (30)
Muncie Plaza   7.78 %   7,866   (4)   716   11/01/09  
North East Mall   3.78 %  (1)   140,000     5,285   (2) 05/20/05  
Northfield Square   6.05 %   31,553     2,485   02/11/14  
Northlake Mall   6.99 %   71,221   (24)   5,874   08/11/11  
North Ridge Shopping Center   9.10 %   8,459   (6)   865   03/10/13   (30)
Oxford Valley Mall   6.76 %   84,397     7,801   01/10/11  
Paddock Mall   8.25 %   26,566     2,905   10/01/06  
Palm Beach Mall   6.20 %   53,999     4,068   10/10/12  
Penn Square Mall   7.03 %   70,305     6,003   03/01/09   (30)
Plaza Carolina — Fixed   5.10 %   98,996     7,085   05/09/09  
Plaza Carolina — Variable Capped   3.30 %  (36)   99,209     5,880   05/09/09   (3)
Plaza Carolina — Variable Floating   3.30 %  (1)   59,525     3,528   05/09/09   (3)
Port Charlotte Town Center   7.98 %   52,877     4,680   12/11/10   (30)
Raleigh Springs Mall   4.40 %  (31)   10,877     479   (2) 12/09/05  
Regency Plaza   7.78 %   4,264   (4)   388   11/01/09  
Richmond Towne Square   6.20 %   47,413   (11)   3,572   10/10/12  
Riverway   3.55 %  (18)   110,000     3,905   (2) 10/01/06   (3)
St. Charles Towne Plaza   7.78 %   27,294   (4)   2,483   11/01/09  
St. Johns Town Center   3.65 %  (1)   100,022     3,651   (2) 03/12/08   (3)
Stanford Shopping Center   3.60 %  (12)   220,000     7,920   (2) 09/11/08  
Sunland Park Mall   8.63 %  (14)   36,647     3,773   01/01/26  
Tacoma Mall   7.00 %   130,308     10,778   10/01/11  
Terrace at Florida Mall, The   8.44 %   4,688   (32)   396   (2) 06/15/05   (30)
Towne East Square — 1   7.00 %   47,329     4,711   01/01/09  
Towne East Square — 2   6.81 %   23,145     1,958   01/01/09  
Towne West Square   6.99 %   53,366   (24)   4,402   08/11/11  
Treasure Coast Square — 1   7.13 %   50,254     3,583   (2) 01/01/06  
Treasure Coast Square — 2   7.77 %   11,736     912   (2) 01/01/06  
Trolley Square   9.03 %   28,918     2,880   08/01/10   (30)
University Park Mall   7.43 %   58,189     4,958   10/01/07  
Upper Valley Mall   5.89 %   47,904     2,822   (2) 07/01/14  
Valle Vista Mall — 1   9.38 %   30,887   (5)   3,604   05/01/07  
Valle Vista Mall — 2   6.81 %   7,397   (5)   626   05/01/07  
Washington Square   5.94 %   30,693     1,823   07/01/14  
Waterloo Premium Outlets   6.99 %   37,370   (7)   3,452   07/11/08   (30)
West Ridge Mall   5.89 %   68,711     4,047   (2) 07/01/14  
West Ridge Plaza   7.78 %   5,498   (4)   500   11/01/09  
White Oaks Mall   3.50 %  (1)   48,563     1,700   (2) 02/25/08   (3)
White Oaks Plaza   7.78 %   16,775   (4)   1,526   11/01/09  
Wolfchase Galleria   7.80 %   73,292     6,911   06/30/07  
Woodland Hills Mall   7.00 %   84,180     7,185   01/01/09   (30)
       
           
  Total Consolidated Secured Indebtedness       $ 4,987,680            

Unsecured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 

36

Simon Property Group, LP:                      
Unsecured Revolving Credit Facility   3.05 %  (16) $ 425,000   $ 12,963   (2) 04/16/06   (3)
Medium Term Notes — 1   7.13 %   100,000     7,125   (15) 06/24/05  
Medium Term Notes — 2   7.13 %   180,000     12,825   (15) 09/20/07  
SPG, L.P. Unsecured Euro Term Loan   2.73 %  (9)   268,695     7,330   (2) 12/16/06   (3)
SPG, L.P. Unsecured Term Loan   3.05 %  (1)   250,000     7,625   (2) 04/01/07   (3)
Unsecured 1.8B Chelsea Acquisition Facility   2.95 %  (1)   1,800,000     53,100   (2) 10/14/06  
Unsecured Notes — 1   6.88 %   250,000     17,188   (15) 11/15/06  
Unsecured Notes — 2B   7.00 %   150,000     10,500   (15) 07/15/09  
Unsecured Notes — 3   6.88 %   150,000     10,313   (15) 10/27/05  
Unsecured Notes — 4B   6.75 %   300,000     20,250   (15) 06/15/05  
Unsecured Notes — 4C   7.38 %   200,000     14,750   (15) 06/15/18  
Unsecured Notes — 5B   7.13 %   300,000     21,375   (15) 02/09/09  
Unsecured Notes — 6A   7.38 %   300,000     22,125   (15) 01/20/06  
Unsecured Notes — 6B   7.75 %   200,000     15,500   (15) 01/20/11  
Unsecured Notes — 7   6.38 %   750,000     47,813   (15) 11/15/07  
Unsecured Notes — 8A   6.35 %   350,000     22,225   (15) 08/28/12  
Unsecured Notes — 8B   5.38 %   150,000     8,063   (15) 08/28/08  
Unsecured Notes — 9A   4.88 %   300,000     14,625   (15) 03/18/10  
Unsecured Notes — 9B   5.45 %   200,000     10,900   (15) 03/15/13  
Unsecured Notes — 10A   3.75 %   300,000     11,250   (15) 01/30/09  
Unsecured Notes — 10B   4.90 %   200,000     9,800   (15) 01/30/14  
Unsecured Notes — 11A   4.88 %   400,000     19,500   (15) 08/15/10  
Unsecured Notes — 11B   5.63 %   500,000     28,125   (15) 08/15/14  
Mandatory Par Put Remarketed Securities   7.00 %   200,000     14,000   (15) 06/15/08   (17)
       
           
          8,223,695            

Shopping Center Associates, subsidiary:
 
 
 
 
 
 
 
 
 
 
 
Unsecured Notes — SCA 2   7.63 %   110,000     8,388   (15) 05/15/05  
       
           
          110,000            

The Retail Property Trust, subsidiary:
 
 
 
 
 
 
 
 
 
 
 
Unsecured Notes — CPI 4   7.18 %   75,000     5,385   (15) 09/01/13  
Unsecured Notes — CPI 5   7.88 %   250,000     19,688   (15) 03/15/16  
       
           
          325,000            

CPG Partners, LP, subsidiary:
 
 
 
 
 
 
 
 
 
 
 
Term Loan   7.26 %  (39)   60,475     5,392   04/27/10  
Yen Credit Facility   1.31 %  (40)   11,845   (41)   155   (2) 04/01/05  
Peso Credit Facility   10.56 %  (29)   12,514   (42)   1,321   (2) 01/27/07  
8.375% Notes due August 2005   8.38 %   50,000     4,188   (15) 08/17/05  
7.250% Notes due October 2007   7.25 %   125,000     9,063   (15) 10/21/07  
3.500% Notes due March 2009   3.50 %   100,000     3,500   (15) 03/15/09  
8.625% Notes due August 2009   8.63 %   50,000     4,313   (15) 08/17/09  
8.250% Notes due February 2011   8.25 %   150,000     12,375   (15) 02/01/11  
6.875% Notes due June 2012   6.88 %   100,000     6,875   (15) 06/15/12  
6.000% Notes due January 2013   6.00 %   150,000     9,000   (15) 01/15/13  
       
           
          809,834            
       
           
  Total Consolidated Unsecured Indebtedness       $ 9,468,529            
       
           
  Total Consolidated Indebtedness at Face Amounts       $ 14,456,209            
  Fair Value Interest Rate Swaps         (4,447)   (28)          
  Net Premium on Indebtedness         161,826            
  Net Discount on Indebtedness         (27,195 )          
       
           
  Total Consolidated Indebtedness       $ 14,586,393   (23)          
       
           

Joint Venture Indebtedness:
 
 
 
 
 
 
 
 
 
 
 

37


Secured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 
Apple Blossom Mall   7.99 % $ 39,159   $ 3,607   09/10/09  
Arkadia Shopping Center   4.28 %  (38)   143,398     11,871   11/01/14  
Atrium at Chestnut Hill   6.89 %   47,264     3,880   03/11/11   (30)
Auburn Mall   7.99 %   45,845     4,222   09/10/09  
Aventura Mall — A   6.55 %   141,000     9,231   (2) 04/06/08  
Aventura Mall — B   6.60 %   25,400     1,675   (2) 04/06/08  
Aventura Mall — C   6.89 %   33,600     2,314   (2) 04/06/08  
Avenues, The   5.29 %   78,100     5,325   04/01/13  
Bay 1 (Torcy)   3.93 %  (38)   19,511     1,352   12/01/11  
Bay 2 (Torcy)   3.33 %  (38)   74,525     4,813   06/01/13  
Borek Shopping Center   6.19 %   19,634     3,050   02/01/12  
Cape Cod Mall   6.80 %   96,084     7,821   03/11/11  
Circle Centre Mall   5.02 %   78,122     5,165   04/11/13  
Clay Terrace Partners   3.90 %  (1)   80,008     3,120   (2) 01/20/08   (3)
CMBS Loan — Fixed (encumbers 13 Properties)   7.52 %   357,100   (19)   26,871   (2) 05/15/06  
CMBS Loan — 1 Floating (encumbers 13 Properties)   2.81 %  (1)   186,500   (19)   5,241   (2) 05/15/06  
CMBS Loan — 2 Floating (encumbers 13 Properties)   2.77 %  (1)   81,400   (19)   2,254   (2) 05/15/06  
Cobblestone Court   7.64 %   10,597   (20)   810   (2) 01/01/06  
Crystal Court   7.64 %   2,767   (20)   211   (2) 01/01/06  
Crystal Mall   5.62 %   102,952     7,319   09/11/12   (30)
Dabrowka Shopping Center   6.22 %   5,818   (38)   812   07/01/14  
Dadeland Mall   6.75 %   194,127     15,566   02/11/12   (30)
Emerald Square Mall   5.13 %   141,507     9,479   03/01/13  
Fairfax Court   7.64 %   12,997   (20)   993   (2) 01/01/06  
Fashion Centre Pentagon Retail   6.63 %   161,181     12,838   09/11/11   (30)
Fashion Centre Pentagon Office   3.15 %  (37)   40,000     1,260   (2) 07/09/09   (3)
Fashion Valley Mall — 1   6.49 %   163,936     13,255   10/11/08   (30)
Fashion Valley Mall — 2   6.58 %   29,124     1,915   (2) 10/11/08   (30)
Florida Mall, The   7.55 %   260,274     22,766   12/10/10  
Galleria Commerciali Italia — Facility A   3.18 %  (21)   295,256     15,289   12/22/11   (3)
Galleria Commerciali Italia — Facility B   3.28 %  (34)   347,922     18,364   12/22/11  
Gaitway Plaza   7.64 %   8,997   (20)   687   (2) 01/01/06  
Great Northeast Plaza   9.04 %   16,511     1,744   06/01/06  
Greendale Mall   8.23 %   40,326     3,779   12/10/06  
Gotemba Premium Outlets — Fixed   2.00 %   12,082   (33)   1,411   10/25/14  
Gotemba Premium Outlets — Variable   2.10 %  (13)   26,988   (33)   4,660   09/30/07  
Gwinnett Place — 1   7.54 %   36,894     3,412   04/01/07  
Gwinnett Place — 2   7.25 %   81,550     7,070   04/01/07  
Highland Mall   6.83 %   68,513     5,571   07/11/11  
Houston Galleria — 1   7.93 %   215,378     19,684   12/01/05   (30)
Houston Galleria — 2   3.90 %  (1)   84,711     3,304   (2) 06/25/07   (3)
Indian River Commons   5.21 %   9,645     503   (2) 11/01/14  
Indian River Mall   5.21 %   65,355     3,408   (2) 11/01/14  
King of Prussia Mall — 1   7.49 %   183,906     23,183   01/01/17  
King of Prussia Mall — 2   8.53 %   12,683     1,685   01/01/17  
Lehigh Valley Mall   7.90 %   46,091     4,959   10/10/06  
Liberty Tree Mall   5.22 %   35,000     1,827   (2) 10/11/13  
Mall at Rockingham   7.88 %   95,748     8,705   09/01/07  
Mall at Chestnut Hill   8.45 %   14,536     1,396   02/02/10  
Mall of Georgia   7.09 %   197,450     16,649   07/01/10  
Mall of New Hampshire — 1   6.96 %   99,108     8,345   10/01/08   (30)
Mall of New Hampshire — 2   8.53 %   8,164     786   10/01/08  
Metrocenter   8.45 %   28,154     3,031   02/28/08  
Miami International Mall   5.35 %   97,500     5,216   (2) 10/01/13  
Montreal Forum — Canada   5.76 %  (22)   46,278     2,666   (2) 08/08/06   (3)
Northshore Mall   5.03 %   210,000     10,553   (2) 03/11/14   (30)
Quaker Bridge Mall   7.03 %   23,339     2,407   04/01/16  
Plaza at Buckland Hills, The   7.64 %   17,072   (20)   1,304   (2) 01/01/06  
                       

38

Ridgewood Court   7.64 %   7,447   (20)   569   (2) 01/01/06  
Rinku Premium Outlets   2.33 %   45,114   (33)   5,834   10/25/14  
Sano Premium Outlets   2.45 %   50,226   (33)   6,941   08/31/09  
Seminole Towne Center   3.05 %  (26)   70,000     2,135   (2) 06/30/09   (3)
Shops at Sunset Place, The   3.15 %  (25)   98,276     5,395   05/09/09   (3)
Smith Haven Mall   7.86 %   115,000     9,039   (2) 06/01/06  
Solomon Pond   3.97 %   114,000     4,523   (2) 08/01/13  
Source, The   6.65 %   124,000     8,246   (2) 03/11/09  
Square One   6.73 %   92,341     7,380   03/11/12  
Toki Premium Outlets   1.14 %  (13)   15,590   (33)   1,932   10/30/09  
Tosu Premium Outlets   2.60 %   15,975   (33)   2,244   08/24/13  
Town Center at Cobb — 1   7.54 %   46,948     4,347   04/01/07  
Town Center at Cobb — 2   7.25 %   62,001     5,381   04/01/07  
Turzyn Shopping Center   6.56 %   27,494     3,488   06/01/14  
Villabe A6 — Bel'Est   3.13 %  (38)   13,790     918   08/01/11  
Village Park Plaza   7.64 %   18,377   (20)   1,404   (2) 01/01/06  
West Town Corners   7.64 %   10,997   (20)   840   (2) 01/01/06  
West Town Mall   6.90 %   76,000     5,244   (2) 05/01/08   (30)
Westchester, The — 1   8.74 %   142,640     14,478   09/01/05  
Westchester, The — 2   7.20 %   50,376     4,399   09/01/05  
Whitehall Mall   6.77 %   13,816     1,282   11/01/08  
Wilenska Station Shopping Center   4.08 %  (38)   44,112     3,941   11/01/13  
Willow Knolls Court   7.64 %   10,722   (20)   819   (2) 01/01/06  
Zakopianka Shopping Center   6.82 %   18,264     3,183   12/01/11  
       
           
  Total Joint Venture Secured Indebtedness at Face Amounts       $ 6,380,593            

Unsecured Indebtedness:
 
 
 
 
 
 
 
 
 
 
 
Galleria Commerciali Italia — Facility C   2.78 %  (35)   17,191     478   (2) 12/22/08   (3)
       
           
Total Joint Venture Unsecured Indebtedness         17,191            
 
Net Premium on Indebtedness
 
 
 
 
4,664
 
 
 
 
 
 
  Net Discount on Indebtedness         (4,136 )          
       
           
  Total Joint Venture Indebtedness       $ 6,398,312   (27)          
       
           

(Footnotes on following page)

39

(Footnotes for preceding pages)

(1)
Variable rate loans based on LIBOR plus interest rate spreads ranging from 37 bps to 200 bps. LIBOR as of December 31, 2004 was 2.40%.

(2)
Requires monthly payment of interest only.

(3)
Includes applicable extension available at the Operating Partnership's option.

(4)
Loans secured by these eleven Properties are cross-collateralized and cross-defaulted.

(5)
Loans secured by these three Properties are cross-collateralized and cross-defaulted.

(6)
Loans secured by these eleven Properties are cross-collateralized and cross-defaulted.

(7)
Loans secured by these four Properties are cross-collateralized and cross-defaulted.

(8)
Loans secured by these two Properties are cross-collateralized and cross-defaulted.

(9)
Euribor + 0.600%. Euros 200 million term loan. As of December 31, 2004, Euros 3.1 million available after outstanding borrowings.

(10)
Loans secured by these three Properties are cross-collateralized.

(11)
Loans secured by these four Properties are cross-collateralized.

(12)
Simultaneous with the issuance of this loan, the Operating Partnership entered into a $70 million notional amount variable rate swap agreement which is designated as a hedge against this loan. As of December 31, 2004, after including the impacts of this swap, the terms of the loan are effectively $150 million fixed at 3.60% and $70 million variable rate at 2.3850%.

(13)
Variable rate loans based on Yen LIBOR plus interest rate spreads ranging from 50 bps to 187.5 bps. Yen LIBOR as of December 31, 2004 was 0.3938%.

(14)
Lender also participates in a percentage of certain gross receipts above a specified base. No additional interest was due in 2004.

(15)
Requires semi-annual payments of interest only.

(16)
$1,250,000 Credit Facility. As of December 31, 2004, the Credit Facility bears interest at LIBOR + 0.650% and provides for different pricing based upon the Operating Partnership's investment grade rating. As of December 31, 2004, an interest rate cap agreement limits LIBOR on $48,050 of this indebtedness to 12.787%. As of December 31, 2004, $786,869 was available after outstanding borrowings and letters of credit.

(17)
The MOPPRS have an actual maturity of June 15, 2028, but are subject to mandatory redemption on June 15, 2008.

(18)
LIBOR + 1.150% with LIBOR capped at 8.100%.

(19)
These Commercial Mortgage Notes are secured by cross-collateralized mortgages encumbering thirteen Properties (Eastland Mall, Empire East, Empire Mall, Granite Run Mall, Mesa Mall, Lake Square, Lindale Mall, Northpark Mall, Southern Hills Mall, Southpark Mall, Southridge Mall, Rushmore Mall, and Valley Mall). A weighted average rate is used for each component. The floating components have interest protection agreements which caps LIBOR at 10.63% and 11.83% respectively.

(20)
Loans secured by these nine Properties are cross-collateralized and cross-defaulted.

(21)
Debt is denominated in Euros and bears interest at Euribor + 1.05%. Debt consists of a Euros 269.0 million tranche of which Euros 216.4 million is drawn.

(22)
Canadian Banker's Acceptance Rate (CBAR) + 3.000%.

(23)
Our share of consolidated indebtedness was $14,343,726.

(24)
Loans secured by these four Properties are cross-collateralized and cross-defaulted.

(25)
LIBOR + 0.750%, with LIBOR capped at 7.500%.

(26)
LIBOR + 0.650%, with LIBOR capped at 8.500%.

(27)
Our share of joint venture indebtedness was $2,750,327.

(28)
Represents the fair market value of interest rate swaps entered into by the Operating Partnership.

(29)
Interbank Interest Equilibrium Rate (TIIE) + 0.8250%

(30)
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.

40

(31)
LIBOR + 2.000%, with LIBOR floor at 1.800%.

(32)
Loans secured by these three Properties are cross-collateralized and cross-defaulted.

(33)
Amounts shown in US Dollar Equivalent. Yen equivalent 17,033.9 million

(34)
Debt is denominated in Euros and bears interest at Euribor + 1.15%. Debt consists of a Euros 255 million tranche which is fully drawn.

(35)
Debt is denominated in Euros and bears interest at Euribor + 0.650%. Debt consists of a Euros 150 million tranche of which Euros 12.6 million is drawn.

(36)
LIBOR + 0.900%, with LIBOR capped at 8.250%.

(37)
LIBOR + 0.750%, with LIBOR capped at 8.250%.

(38)
Associated with these loans are interest rate swap agreements with a total combined Euro 195.9 million notional amount that effectively fixed these loans at a combined 5.08%.

(39)
Through an interest rate swap agreement, effectively fixed through January 1, 2006 at the all-in interest rate presented.

(40)
Yen LIBOR + 1.250%

(41)
Amounts shown in USD Equivalent. Yen equivalent is 1,215.7 million.

(42)
Amounts shown in USD Equivalent. Peso equivalent is 139.5 million.

            The changes in mortgages and other indebtedness for the years ended December 31, 2004, 2003, 2002 are as follows:

 
   2004
   2003
   2002
  
Balance, Beginning of Year   $ 10,266,388   $ 9,546,081   $ 8,841,378  
  Additions during period:                    
    New Loan Originations     4,509,640     1,745,275     1,243,267  
    Loans assumed in acquisitions and consolidations     1,387,182     105,131     423,365  
    Net Premium/(Discount)     132,905     (1,308 )   34,536  
  Deductions during period:                    
    Loan Retirements     (1,652,022 )   (1,079,855 )   (922,772 )
    Cost of Mortgages Sold     —     —     (52,179 )
    Amortization of Net (Premiums)/Discounts     (14,043 )   (13,142 )   10,080  
    Scheduled Principal Amortization     (43,657 )   (35,794 )   (31,594 )
   
 
 
 
Balance, Close of Year   $ 14,586,393   $ 10,266,388   $ 9,546,081  
   
 
 
 

41


Item 3.    Legal Proceedings

            On November 15, 2004, the Attorneys General of Massachusetts, New Hampshire and Connecticut filed complaints in their respective state Superior Courts against us and our affiliate, SPGGC, Inc., alleging that the sale of co-branded, bank-issued gift cards sold in certain of its Portfolio Properties violated gift certificate statutes and consumer protection laws in those states. Each of these suits seeks injunctive relief, unspecified civil penalties and disgorgement of any fees determined to be improperly charged to consumers.

            In addition, we are a defendant in three other proceedings relating to the gift card program: Lisa Corbiles and Dana Walicky vs. Simon Property Group, Inc. d/b/a Simon Malls, Superior Court of New Jersey, County of Essex, Docket No: ESX-L-224-04, filed January 6, 2004; Betty Benson and Andrea Nay-Richardson vs. Simon Property Group, Inc., and Simon Property Group, L.P., Superior Court of Cobb County, State of Georgia, Case No.: 04-1-9617-42, filed December 9, 2004; Christopher Lonner vs. Simon Property Group, Inc., Supreme Court of the State of NY, County of Westchester, Case No.: 04-2246, filed February 18, 2004, Erin Reilly, individually and on behalf of all others similarly situated vs. SPG, Inc., SPG, L.P. and SPGGC, Inc., Lee County Circuit Court, Florida, filed February 8, 2005 and Aliza Goldman, individually and on behalf of all others similarly situated vs. Simon Property Group, Inc., Supreme Court of the State of New York, County of Nassau, filed February 7, 2005. Each of these proceedings has been brought by a private plaintiff as a purported class action and alleges violation of state consumer protection laws, state abandoned property and contract laws or state statutes regarding gift certificates or gift cards and seeks a variety of remedies including unspecified damages and injunctive relief.

            On February 3, 2005, the Attorney General of the State of New York filed a petition in the Supreme Court of New York, County of New York against us and the Operating Partnership alleging violations of New York law with respect to gift card sales. The New York proceeding was settled on March 1, 2005.

            We believe that we have viable defenses under both state and federal laws to the gift card actions. Although it is not possible to provide any assurance of the ultimate outcome of any of these pending actions, management does not believe that an adverse outcome would have a material adverse effect on our financial position, results of operations or cash flow.

            Triple Five of Minnesota, Inc., a Minnesota corporation, v. Melvin Simon, et. al. On or about November 9, 1999, Triple Five of Minnesota, Inc. commenced an action in the District Court for the State of Minnesota, Fourth Judicial District, against, among others, Mall of America, certain members of the Simon family and entities allegedly controlled by such individuals, and us. The action was later removed to federal court. On September 10, 2003, the court issued its decision in a Memorandum and Order (the "Order"). In the Order, the court found that certain entities and individuals breached their fiduciary duties to Triple Five. The court did not award Triple Five damages but instead awarded Triple Five equitable and other relief and imposed a constructive trust on that portion of the Mall of America owned by us. Specifically, as it relates to us, the court ordered that Triple Five was entitled to purchase from us the one-half partnership interest that we purchased in October 1999, provided Triple Five remits to us the sum of $81.38 million within nine months of the Order. On August 6, 2004, Triple Five closed on its purchase of our one-half partnership interest. The court further held that we must disgorge all "net profits" that we received as a result of our ownership interest in the Mall from October 1999 to the present.

            We have appealed the Order and the Ancillary Relief Order to the United States Court of Appeals for the Eighth Circuit. Briefing on the appeals is complete and oral argument took place on October 18, 2004. It is not possible to provide any assurance on the ultimate outcome of this litigation.

            As a result of the Order, we initially recorded a $6.0 million charge for our share of the estimated loss in 2003. In the first quarter of 2004, as a result of the May 3, 2004 memorandum issued by the court appointed mediator, which has now been affirmed by the court, we recorded an additional $13.5 million charge for our share of the loss that is included in "(Loss) gain on sales of assets and other, net" in the accompanying consolidated financial statements of operations and comprehensive income. We ceased recording any contribution to either net income or Funds from Operations ("FFO") from the results of operations of Mall of America as of September 1, 2003.

            We are also involved in various legal proceedings that arise in the ordinary course of our business. We believe that such routine 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. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate, the mid point in the range is accrued. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded.


Item 4.    Submission of Matters to a Vote of Security Holders

            None.

42


Part II

Item 5.    Market for the Registrant's Common Equity, and 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 on the NYSE 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
Distribution
2004                        
1st Quarter   $ 58.62   $ 45.90   $ 58.44   $ 0.65
2nd Quarter     58.83     44.39     51.42     0.65
3rd Quarter     56.76     48.65     53.63     0.65
4th Quarter     65.87     53.45     64.67     0.65

2003
 
 
 
 
 
 
 
 
 
 
 
 
1st Quarter     37.18     31.70     35.83     0.60
2nd Quarter     40.04     35.85     39.03     0.60
3rd Quarter     43.96     38.59     43.58     0.60
4th Quarter     48.59     43.58     46.34     0.60

            There is no established public trading market for Simon Property's Class B common stock or Class C common stock. Distributions per share of the Class B and Class C common stock are identical to the common stock.

    Holders

            The number of holders of record of common stock outstanding was 2,350 as of December 31, 2004. The Class B common stock is held entirely by a voting trust to which Melvin Simon, Herbert Simon, David Simon and certain of their affiliates are parties and is exchangeable on a one-for-one basis into shares of common stock, and the Class C common stock is held entirely by NID Corporation, the successor corporation of Edward J. DeBartolo Corporation, and is also exchangeable on a one-for-one basis into shares of common stock.

    Distributions

            Simon Property qualifies as a REIT under the Code. To maintain our status as a REIT, we are required each year to distribute to our stockholders at least 90% of our taxable income after certain adjustments. Future distributions are determined at the discretion of the Board of Directors and will depend on our actual cash flow, financial condition, capital requirements, the annual REIT distribution requirements and such other factors as our Board of Directors deem relevant.

            Simon Property offers an Automatic Dividend Reinvestment Plan for its common shares that allows stockholders, at their election, 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.

            On October 4, 2004, we announced a partial quarterly dividend of $0.409783 per share of common stock payable on November 30, 2004, for which ultimate payment of this dividend was subject to the completion of the merger with Chelsea. The purpose of this dividend, which was paid on November 30, 2004, was to align the dividend payment periods for normal recurring dividends paid on the common stock of Simon Property and Chelsea. Given that the completion of the merger with Chelsea was on October 14, 2004, the record date for the partial dividend was October 13, 2004. This partial quarterly dividend was paid in addition to a later dividend to aggregate the $0.65 total quarterly dividend rate.

    Unregistered Sales of Equity Securities

            During the fourth quarter of 2004, we issued 709,013 shares of common stock to our limited partners in exchange for an equal number of units. The issuance of the shares of common stock was made pursuant to the terms of the Partnership Agreement of the Operating Partnership and was exempt from registration under the Securities Act of

43

1933 as amended, in reliance upon Section 4(2) as a private offering. We subsequently registered the resale of the shares of common stock under the Securities Act.

    Issuer Purchases of Equity Securities

Period
   Total Number of Shares
Purchased
   Average Price Paid per
Share
   Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs (1)
   Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Plans or
Programs
August 1 — August 31, 2004   20,000   $ 55.84       $ 250,000,000
September 1 — September 30, 2004   20,000   $ 56.55       $ 250,000,000
October 1 — October 31, 2004   44,000   $ 58.35       $ 250,000,000
November 1 — November 30, 2004   17,300   $ 60.01   17,300   $ 248,961,867
December 1 — December 31, 2004   309,000   $ 64.50   300,000   $ 229,600,332
   
 
 
     
Total   410,300   $ 62.84   317,300      
   
 
 
     
(1)
On May 5, 2004, the Board of Directors authorized a one-year common stock repurchase program. The program was publicly announced on May 6, 2004. Under the program, we may purchase up to $250 million of our common stock as market conditions warrant. We may repurchase shares in the open market or in privately negotiated transactions.


Item 6.    Selected Financial Data

            The information required by this item is incorporated herein by reference to the Selected Financial Data section of the 2004 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 the 2004 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 the 2004 Annual Report to Stockholders under the caption "Liquidity and Capital Resources — Market Risk", filed as Exhibit 13.1 to this Form 10-K.


Item 8.    Financial Statements and Supplementary Data

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


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

            None.


Item 9A.    Controls and Procedures

            Evaluation of Disclosure Controls and Procedures.    We carried out an evaluation under the supervision and with participation of management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective as of December 31, 2004.

            Management's Report on Internal Control over Financial Reporting.    Our management's report on internal control over financial reporting is set forth in our 2004 Annual Report to Stockholders as the last page of management's discussion and analysis of financial condition and results of operation, 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 2004 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


Item 9B.    Other Information

            None.

44


Part III

Item 10.    Directors and Executive Officers of the Registrant

            The information required by this item is incorporated herein by reference to Simon Property's definitive Proxy Statement for its 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 Registrants" in Part I hereof.


Item 11.    Executive Compensation

            The information required by this item is incorporated herein by reference to Simon Property's definitive Proxy Statement for its 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 Simon Property's definitive Proxy Statement for its annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.


Item 13.    Certain Relationships and Related Transactions

            The information required by this item is incorporated herein by reference to Simon Property's definitive Proxy Statement for its 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 Simon Property's definitive Proxy Statement for its annual meeting of stockholders to be filed with the Commission pursuant to Regulation 14A.

45


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 2004 Annual Report to Stockholders, filed as Exhibit 13.1 to this Form 10-K and are incorporated herein by reference.

 
    
   Page No.
(2)   Financial Statement Schedule    

 
 
Simon Property Group, Inc. and Subsidiaries Schedule III — Schedule of Real Estate and Accumulated Depreciation
 
51

 
 
Notes to Schedule III
 
58

(3)
 
Exhibits
 
 

 
 
The Exhibit Index attached hereto is hereby incorporated by reference to this Item.
 
49

46


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
Chief Executive Officer

March 14, 2005

            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		   Chief Executive Officer
And Director (Principal Executive Officer)		   March 14, 2005

/s/  HERBERT SIMON      
Herbert Simon
 
Co-Chairman of the Board of Directors
 
March 14, 2005

/s/  MELVIN SIMON      
Melvin Simon
 
Co-Chairman of the Board of Directors
 
March 14, 2005

/s/  RICHARD S. SOKOLOV      
Richard S. Sokolov
 
President, Chief Operating Officer and Director
 
March 14, 2005

/s/  BIRCH BAYH      
Birch Bayh
 
Director
 
March 14, 2005

/s/  MELVYN E. BERGSTEIN      
Melvyn E. Bergstein
 
Director
 
March 14, 2005

/s/  LINDA WALKER BYNOE      
Linda Walker Bynoe
 
Director
 
March 14, 2005

/s/  PIETER S. VAN DEN BERG      
Pieter S. van den Berg
 
Director
 
March 14, 2005
         

47


/s/  G. WILLIAM MILLER      
G. William Miller
 
Director
 
March 14, 2005

/s/  FREDRICK W. PETRI      
Fredrick W. Petri
 
Director
 
March 14, 2005

/s/  ALBERT SMITH, JR.      
J. Albert Smith, Jr.
 
Director
 
March 14, 2005

/s/  KAREN N. HORN      
Karen N. Horn
 
Director
 
March 14, 2005

/s/  M. DENISE DEBARTOLO YORK      
M. Denise DeBartolo York
 
Director
 
March 14, 2005

/s/  STEPHEN E. STERRETT      
Stephen E. Sterrett
 
Executive Vice President and Chief Financial
Officer (Principal Financial Officer)
 
March 14, 2005

/s/  JOHN DAHL      
John Dahl
 
Senior Vice President (Principal Accounting Officer)
 
March 14, 2005

48

Exhibits
    
2   Agreement and Plan of Merger, dated as of June 20, 2004, by and among Simon Property Group, Inc., Simon Property Group, L.P., Simon Acquisition I, LLC, Simon Acquisition II, LLC, Chelsea Property Group, Inc., and CPG Partners, L.P. (incorporated by reference to Exhibit 99.2 to the Registrant's Current Report on Form 8-K filed June 22, 2004).
3.1   Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 of the Form 8-K filed by the Registrant on October 9, 1998).
3.2   Restated By-laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002).
3.3   Certificate of Powers, Designations, Preferences and Rights of the 7.00% Series C Cumulative Convertible Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.1 of the Registrant's Form 10-Q filed on November 15, 1999).
3.3a   Certificate of Correction Filed to Correct Certain Errors in Certificate of Powers, Designations, Preferences and Rights of the 7.00% Series C Cumulative Convertible Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.1a of the Registrant's Form 10-Q filed on November 15, 1999).
3.4   Certificate of Powers, Designations, Preferences and Rights of the 8.00% Series D Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2 of the Registrant's Form 10-Q filed on November 15, 1999).
3.4a   Certificate of Correction Filed to Correct Certain Errors in Certificate of Powers, Designations, Preferences and Rights of the 8.00% Series D Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2a of the Registrant's Form 10-Q filed on November 15, 1999).
3.5   Certificate of Powers, Designations, Preferences and Rights of the 83/4% Series F Cumulative Redeemable Preferred Stock, $.0001 Par Value (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4 filed by the Registrant on May 9, 2001 (Reg. No. 333-60526)).
3.6   Certificate of Powers, Designations, Preferences and Rights of the 7.89% Series G Cumulative Step-Up Premium Rate Preferred Stock, $.0001 Par Value (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-4 filed by the Registrant on May 9, 2001 (Reg. No. 333-60526)).
3.7   Certificate of Powers, Designations, Preferences and Rights of the 6% Series I Convertible Perpetual Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed October 20, 2004).
3.8   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   Credit Agreement, dated as of October 12, 2004, among Simon Property Group, L.P., the Lenders named therein, and the Co-Agents named therein (incorporated by reference to Exhibit 10 of the Registrant's Quarterly Report on Form 10-Q filed on November 8, 2004).
10.2   $2,000,000,000 Credit Agreement, dated as of January 11, 2005, among Simon Property Group, L.P., the Institutions named therein as Lenders and the Institutions named therein as Co-Agents (incorporated by reference to Exhibit 99.1 of Simon Property Group, L.P.'s Current Report on Form 8-K filed on January 18, 2005).
10.3   Form of the Indemnity Agreement between the Registrant and its directors and officers. (incorporated by reference to Exhibit 10.7 of the Form S-4 filed by the Registrant on August 13, 1998 (Reg. No. 333-61399) ).
10.4   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 Form 8-K filed by the Registrant on October 9, 1998).
10.5   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)).
10.6   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)).
10.7*   Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Appendix G to the Registrants' Definitive Proxy Statement on Schedule 14A dated April 7, 2003).
10.8*   Form of Nonqualified Stock Option Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan.
     

49

10.9*   Form of Performance-Based Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan.
10.10*   Form of Non-Employee Director Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan.
10.11*   Form of Employment Agreement between Hans C. Mautner and the Registrant (incorporated by reference to Exhibit 10.63 of the Form S-4 filed by Corporate Property Investors, Inc. on August 13, 1998 (Reg. No. 333-61399)).
10.12*   Form of Incentive Stock Option Agreement between the Registrant and Hans C. Mautner pursuant to the Operating Partnership 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.59 of the Form S-4 filed by Corporate Property Investors, Inc. on August 13, 1998 (Reg. No. 333-61399)).
10.13*   Form of Nonqualified Stock Option Agreement between the Registrant and Hans C. Mautner pursuant to the Operating Partnership 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.61 of the Form S-4 filed by Corporate Property Investors, Inc. on August 13, 1998 (Reg. No. 333-61399)).
10.14*   Employment Agreement dated March 1, 2004 between Simon Global Limited and Hans C. Mautner.
10.15*   Second Amendment to Employment Agreement dated September 23, 1998, dated as of March 1, 2004, between Hans C. Mautner and Simon Property Group Administrative Services Partnership, L.P.
10.16*   Secondment Agreement dated March 1, 2004 among Simon Property Group Administrative Services Partnership, L.P., European Retail Enterprises B.V./S.a.r.l. and Hans Mautner.
10.17*   Tax Indemnity Letter Agreement dated March 1, 2004 between the Registrant and Hans C. Mautner.
10.18*   Employment Agreement between Richard S. Sokolov, the Registrant, and Simon Property Group Administrative Services Partnership, L.P. Dated March 26, 1996 (incorporated by reference to Exhibit 10.12 of the 2000 Form 10-K filed by the Registrant).
10.19*   Description of Director and Executive Compensation Agreements.
10.20        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).
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 2004 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)/15d-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)/15d-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.
*
Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.

50


SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2004
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
  
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
  
Regional Malls                                                            
Alton Square, Alton, IL   $ —   $ 154   $ 7,641   $ —   $ 10,717   $ 154   $ 18,358   $ 18,512   $ 6,669   1993 (Note 4 )
Anderson Mall, Anderson, SC     29,414     1,712     15,227     1,363     8,800     3,075     24,027     27,102     8,575   1972  
Arsenal Mall, Watertown, MA     34,153     15,505     47,680     —     1,140     15,505     48,820     64,325     7,282   1999 (Note 4 )
Aurora Mall, Aurora, CO     —     11,400     55,692     6     32,057     11,406     87,749     99,155     15,223   1998 (Note 4 )
Bangor Mall, Bangor, ME     23,427     5,544     59,567     —     4,421     5,544     63,988     69,532     4,259   2004 (Note 5 )
Barton Creek Square, Austin, TX     —     2,903     20,699     7,983     52,831     10,886     73,530     84,416     23,611   1981  
Battlefield Mall, Springfield, MO     100,000     3,919     27,231     3,225     45,891     7,144     73,122     80,266     29,667   1970  
Bay Park Square, Green Bay, WI     —     6,358     25,623     4,133     21,393     10,491     47,016     57,507     9,887   1980  
Biltmore Square, Asheville, NC     26,000     6,641     23,582     —     1,539     6,641     25,121     31,762     7,321   1989  
Bowie Town Center, Bowie, MD     —     2,710     65,044     235     5,756     2,945     70,800     73,745     9,791   2001  
Boynton Beach Mall, Boynton Beach, FL     —     22,240     79,144     —     14,782     22,240     93,926     116,166     21,083   1985  
Brea Mall, Brea, CA     —     39,500     209,202     —     13,657     39,500     222,859     262,359     39,976   1998 (Note 4 )
Broadway Square, Tyler, TX     —     11,470     32,439     —     8,168     11,470     40,607     52,077     12,197   1994 (Note 4 )
Brunswick Square, East Brunswick, NJ     86,000     8,436     55,838     —     23,595     8,436     79,433     87,869     19,815   1973  
Burlington Mall, Burlington, MA     —     46,600     303,618     —     15,704     46,600     319,322     365,922     55,786   1998 (Note 4 )
Castleton Square, Indianapolis, IN     —     26,250     98,287     2,500     31,026     28,750     129,313     158,063     30,769   1972  
Century III Mall, West Mifflin, PA     86,827     17,380     102,364     10     7,528     17,390     109,892     127,282     38,180   1979  
Charlottesville Fashion Square, Charlottesville, VA     —     —     54,738     —     12,062     —     66,800     66,800     13,777   1997 (Note 4 )
Chautauqua Mall, Lakewood, NY     —     3,257     9,641     —     15,616     3,257     25,257     28,514     7,781   1971  
Cheltenham Square, Philadelphia, PA     54,941     14,206     43,699     —     4,678     14,206     48,377     62,583     12,589   1981  
Chesapeake Square, Chesapeake, VA     73,000     11,534     70,461     —     5,646     11,534     76,107     87,641     21,647   1989  
Cielo Vista Mall, El Paso, TX     85,976     1,307     18,512     608     24,685     1,915     43,197     45,112     23,046   1974  
College Mall, Bloomington, IN     46,756     1,003     16,245     722     30,603     1,725     46,848     48,573     17,591   1965  
Columbia Center, Kennewick, WA     —     18,285     66,580     —     8,232     18,285     74,812     93,097     17,648   1987  
Copley Place, Boston, MA     177,677     147     378,045     —     6,782     147     384,827     384,974     27,014   2002 (Note 4 )
Coral Square, Coral Springs, FL     87,962     13,556     93,630     —     2,192     13,556     95,822     109,378     26,571   1984  
Cordova Mall, Pensacola, FL     —     18,626     73,091     7,321     13,500     25,947     86,591     112,538     16,794   1998 (Note 4 )
Cottonwood Mall, Albuquerque, NM     —     10,414     69,958     —     162     10,414     70,120     80,534     21,324   1996  
Crossroads Mall, Omaha, NE     43,608     881     37,263     409     30,563     1,290     67,826     69,116     21,097   1994 (Note 4 )
Crystal River Mall, Crystal River, FL     15,707     5,661     20,241     —     4,570     5,661     24,811     30,472     5,796   1990  
DeSoto Square, Bradenton, FL     64,153     9,380     52,723     —     6,990     9,380     59,713     69,093     15,677   1973  
Eastland Mall, Tulsa, OK     —     3,124     6,035     518     6,986     3,642     13,021     16,663     13,876   1986  
Edison Mall, Fort Myers, FL     —     11,529     107,350     —     6,231     11,529     113,581     125,110     24,137   1997 (Note 4 )
Fashion Mall at Keystone, The, Indianapolis, IN     59,594     —     120,579     —     15,919     —     136,498     136,498     27,813   1997 (Note 4 )

51


SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2004
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
  
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
  
Forest Mall, Fond Du Lac, WI   17,463   728   4,491   —   7,825   728   12,316   13,044   5,471   1973  
Forum Shops at Caesars, The, Las Vegas, NV   550,000   —   276,378   —   186,986   —   463,364   463,364   42,749   1992  
Great Lakes Mall, Mentor, OH   —   12,304   100,362   432   7,888   12,736   108,250   120,986   27,210   1961  
Greenwood Park Mall, Greenwood, IN   87,226   2,559   23,445   5,277   72,451   7,836   95,896   103,732   30,771   1979  
Gulf View Square, Port Richey, FL   33,402   13,690   39,991   2,023   17,525   15,713   57,516   73,229   13,671   1980  
Haywood Mall, Greenville, SC   —   11,585   133,893   6   4,263   11,591   138,156   149,747   34,858   1998 (Note 4 )
Independence Center, Independence, MO   —   5,042   45,798   2   26,688   5,044   72,486   77,530   19,678   1994 (Note 4 )
Ingram Park Mall, San Antonio, TX   81,527   733   17,163   169   17,670   902   34,833   35,735   15,907   1979  
Irving Mall, Irving, TX   —   6,737   17,479   2,533   31,308   9,270   48,787   58,057   23,623   1971  
Jefferson Valley Mall, Yorktown Heights, NY.   —   4,868   30,304   —   20,774   4,868   51,078   55,946   17,165   1983  
Knoxville Center, Knoxville, TN   61,737   5,006   21,965   3,712   34,203   8,718   56,168   64,886   20,028   1984  
La Plaza Mall, McAllen, TX   —   1,375   9,828   6,569   31,790   7,944   41,618   49,562   13,080   1976  
Lafayette Square, Indianapolis, IN   —   14,251   54,589   50   12,977   14,301   67,566   81,867   21,295   1968  
Laguna Hills Mall, Laguna Hills, CA   —   28,074   55,689   —   5,709   28,074   61,398   89,472   13,580   1997 (Note 4 )
Lakeline Mall, Austin, TX   67,455   10,383   81,568   14   1,285   10,397   82,853   93,250   22,015   1995  
Lenox Square, Atlanta, GA   —   38,213   492,411   —   8,309   38,213   500,720   538,933   89,695   1998 (Note 4 )
Lima Mall, Lima, OH   —   7,910   35,338   —   8,372   7,910   43,710   51,620   12,464   1965  
Lincolnwood Town Center, Lincolnwood, IL   —   7,907   63,480   28   6,645   7,935   70,125   78,060   25,034   1990  
Livingston Mall, Livingston, NJ   —   30,200   105,250   —   8,127   30,200   113,377   143,577   21,029   1998 (Note 4 )
Longview Mall, Longview, TX   32,681   259   3,567   124   6,669   383   10,236   10,619   4,086   1978  
Maplewood Mall, Minneapolis, MN   —   17,119   80,758   —   7,243   17,119   88,001   105,120   7,737   2002 (Note 4 )
Markland Mall, Kokomo, IN   23,122   —   7,568   —   7,495   —   15,063   15,063   5,837   1968  
McCain Mall, N. Little Rock, AR   39,952   —   9,515   —   9,445   —   18,960   18,960   11,766   1973  
Melbourne Square, Melbourne, FL   —   15,762   55,891   2,963   14,783   18,725   70,674   89,399   15,430   1982  
Menlo Park Mall, Edison, NJ   —   65,684   223,252   —   20,787   65,684   244,039   309,723   50,830   1997 (Note 4 )
Midland Park Mall, Midland, TX   33,756   687   9,213   —   9,466   687   18,679   19,366   8,727   1980  
Miller Hill Mall, Duluth, MN   —   2,537   18,092   —   20,924   2,537   39,016   41,553   16,427   1973  
Montgomery Mall, Montgomeryville, PA   95,264   27,377   86,343   —   921   27,377   87,264   114,641   6,645   2004 (Note 5 )
Muncie Mall, Muncie, IN   —   172   5,833   52   24,443   224   30,276   30,500   10,338   1970  
Nanuet Mall, Nanuet, NY   —   27,310   162,993   —   2,323   27,310   165,316   192,626   34,324   1998 (Note 4 )
North East Mall, Hurst, TX   140,000   128   14,124   19,010   142,179   19,138   156,303   175,441   36,812   1971  
Northfield Square Mall, Bourbonnais, IL   31,553   362   53,396   —   46   362   53,442   53,804   23,575   2004 (Note 5 )
Northgate Mall, Seattle, WA   —   27,411   115,992   —   30,985   27,411   146,977   174,388   27,807   1987  
Northlake Mall, Atlanta, GA   71,221   33,400   98,035   —   3,385   33,400   101,420   134,820   22,547   1998 (Note 4 )
Northwoods Mall, Peoria, IL   —   1,193   12,779   2,451   29,791   3,644   42,570   46,214   19,388   1983  
Oak Court Mall, Memphis, TN   —   15,673   57,304   —   5,461   15,673   62,765   78,438   13,623   1997 (Note 4 )

52


SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2004
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
  
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
  
Ocean County Mall, Toms River, NJ   —   20,404   124,945   —   18,396   20,404   143,341   163,745   24,078   1998 (Note 4 )
Orange Park Mall, Orange Park, FL   —   13,345   65,121   —   19,673   13,345   84,794   98,139   24,892   1994 (Note 4 )
Orland Square, Orland Park, IL   —   35,514   129,906   —   14,624   35,514   144,530   180,044   30,107   1997 (Note 4 )
Oxford Valley Mall, Langhorne, PA   84,397   24,544   100,287   —   286   24,544   100,573   125,117   23,927   2003 (Note 4 )
Paddock Mall, Ocala, FL   26,566   11,198   39,727   —   7,598   11,198   47,325   58,523   10,750   1980  
Palm Beach Mall, West Palm Beach, FL   53,999   11,962   112,741   —   37,287   11,962   150,028   161,990   46,433   1967  
Penn Square Mall, Oklahoma City, OK   70,305   2,043   155,958   —   17,154   2,043   173,112   175,155   21,299   2002 (Note 4 )
Pheasant Lane Mall, Nashua, NH   —   3,902   155,068   —   360   3,902   155,428   159,330   29,391   2004 (Note 5 )
Phipps Plaza, Atlanta, GA   —   19,200   210,610   —   13,505   19,200   224,115   243,315   40,299   1998 (Note 4 )
Plaza Carolina, Carolina, PR   257,730   15,489   279,395   —   187   15,489   279,582   295,071   4,699   2004 (Note 4 )
Port Charlotte Town Center, Port Charlotte, FL   52,877   5,561   58,570   —   11,728   5,561   70,298   75,859   18,447   1989  
Prien Lake Mall, Lake Charles, LA   —   1,842   2,813   3,091   41,780   4,933   44,593   49,526   15,072   1972  
Raleigh Springs Mall, Memphis, TN   10,877   9,137   28,604   —   12,069   9,137   40,673   49,810   12,838   1971  
Richardson Square Mall, Richardson, TX   —   4,532   6,329   1,268   11,510   5,800   17,839   23,639   5,931   1977  
Richmond Town Square, Richmond Heights, OH   47,413   2,600   12,112   —   60,048   2,600   72,160   74,760   21,937   1966  
River Oaks Center, Calumet City, IL   —   30,884   101,224   —   6,490   30,884   107,714   138,598   22,292   1997 (Note 4 )
Rockaway Townsquare, Rockaway, NJ   —   45,626   212,257   27   8,942   45,653   221,199   266,852   39,257   1998 (Note 4 )
Rolling Oaks Mall, San Antonio, TX   —   2,180   38,609   —   10,385   2,180   48,994   51,174   19,337   1988  
Roosevelt Field, Garden City, NY   —   164,058   702,008   2,117   13,700   166,175   715,708   881,883   127,264   1998 (Note 4 )
Ross Park Mall, Pittsburgh, PA   —   23,541   90,203   —   24,169   23,541   114,372   137,913   34,756   1986  
Santa Rosa Plaza, Santa Rosa, CA   —   10,400   87,864   —   5,016   10,400   92,880   103,280   17,270   1998 (Note 4 )
Shops at Mission Viejo Mall, Mission Viejo, CA   —   9,139   54,445   7,491   143,596   16,630   198,041   214,671   45,125   1979  
South Hills Village, Pittsburgh, PA   —   23,445   125,840   —   11,884   23,445   137,724   161,169   27,373   1997 (Note 4 )
South Shore Plaza, Braintree, MA   —   101,200   301,495   —   10,731   101,200   312,226   413,426   55,991   1998 (Note 4 )
Southern Park Mall, Boardman, OH   —   16,982   77,767   97   20,467   17,079   98,234   115,313   25,529   1970  
Southgate Mall, Yuma, AZ   —   1,817   7,974   —   3,598   1,817   11,572   13,389   5,249   1988  
SouthPark Mall, Charlotte, NC   —   32,141   188,004   100   98,403   32,241   286,407   318,648   22,559   2002 (Note 4 )
St Charles Towne Center, Waldorf, MD   —   7,710   52,934   1,180   12,772   8,890   65,706   74,596   26,988   1990  
Standford Shopping Center, Palo Alto, CA   220,000   —   339,537   —   480   —   340,017   340,017   14,817   2003 (Note 4 )
Summit Mall, Akron, OH   —   15,374   51,137   —   17,541   15,374   68,678   84,052   16,934   1965  

53


SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2004
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
  
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
  
Sunland Park Mall, El Paso, TX   36,647   2,896   28,900   —   5,722   2,896   34,622   37,518   15,699   1988  
Tacoma Mall, Tacoma, WA   130,308   37,803   125,826   —   21,602   37,803   147,428   185,231   35,451   1987  
Tippecanoe Mall, Lafayette, IN   —   2,897   8,474   5,517   42,705   8,414   51,179   59,593   23,330   1973  
Town Center at Boca Raton, Boca Raton, FL   —   64,200   307,425   —   78,053   64,200   385,478   449,678   67,048   1998 (Note 4 )
Towne East Square, Wichita, KS   70,474   8,525   18,479   2,042   25,231   10,567   43,710   54,277   20,935   1975  
Towne West Square, Wichita, KS   53,366   972   21,203   76   7,552   1,048   28,755   29,803   13,760   1980  
Treasure Coast Square, Jensen Beach, FL   61,990   11,124   73,077   3,067   18,750   14,191   91,827   106,018   22,426   1987  
Trolley Square, Salt Lake City, UT   28,918   4,739   27,600   435   11,074   5,174   38,674   43,848   15,269   1986  
Tyrone Square, St. Petersburg, FL   —   15,638   120,962   —   16,670   15,638   137,632   153,270   33,156   1972  
University Mall, Little Rock, AR   —   123   17,411   —   728   123   18,139   18,262   8,762   1967  
University Mall, Pensacola, FL   —   4,554   26,657   —   4,110   4,554   30,767   35,321   9,983   1994  
University Park Mall, Mishawaka, IN   58,189   15,105   61,100   —   14,693   15,105   75,793   90,898   72,940   1996 (Note 4 )
Upper Valley Mall, Springfield, OH   47,904   8,421   38,745   —   3,625   8,421   42,370   50,791   11,255   1979  
Valle Vista Mall, Harlingen, TX   38,284   1,398   17,159   372   11,224   1,770   28,383   30,153   12,170   1983  
Virginia Center Commons, Glen Allen, VA   —   9,764   50,547   4,149   7,136   13,913   57,683   71,596   15,850   1991  
Walt Whitman Mall, Huntington Station, NY   —   51,700   111,258   3,789   34,377   55,489   145,635   201,124   35,703   1998 (Note 4 )
Washington Square, Indianapolis, IN   30,693   16,812   41,248   100   25,197   16,912   66,445   83,357   17,355   1974  
West Ridge Mall, Topeka, KS   68,711   5,453   34,132   197   6,579   5,650   40,711   46,361   16,161   1988  
Westminster Mall, Westminster, CA   —   43,464   84,709   —   13,532   43,464   98,241   141,705   18,010   1998 (Note 4 )
White Oaks Mall, Springfield, IL   48,563   3,024   35,692   2,413   27,232   5,437   62,924   68,361   18,219   1977  
Wolfchase Galleria, Memphis, TN   73,292   16,470   128,276   —   8,472   16,470   136,748   153,218   24,293   2002 (Note 4 )
Woodland Hills Mall, Tulsa, OK   84,180   34,211   187,498   —   135   34,211   187,633   221,844   14,842   2004 (Note 5 )

Premium Outlets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Albertville Premium Outlets, Albertville, MN   —   4,806   87,686   —   —   4,806   87,686   92,492   763   2004 (Note 4 )
Allen Premium Outlets, Allen, TX   —   14,187   50,719   —   3,548   14,187   54,267   68,454   624   2004 (Note 4 )
Aurora Farms Premium Outlets, Aurora, OH   —   2,627   32,442   —   248   2,627   32,690   35,317   504   2004 (Note 4 )
Camarillo Premium Outlets, Camarillo, CA   —   22,562   200,271   —   222   22,562   200,493   223,055   1,554   2004 (Note 4 )
Carlsbad Premium Outlets, Carlsbad, CA   —   13,890   158,874   —   7   13,890   158,881   172,771   1,267   2004 (Note 4 )
Carolina Premium Outlets, Smithfield, NC   20,681   3,463   60,935   —   63   3,463   60,998   64,461   677   2004 (Note 4 )

54


SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2004
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
  
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
  
Chicago Premium Outlets, Aurora, IL   —   886   115,360   —   209   886   115,569   116,455   2,114   2004 (Note 4 )
Clinton Crossings Premium Outlets, Clinton, CT   —   2,272   98,534   26   66   2,298   98,600   100,898   923   2004 (Note 4 )
Columbia Gorge Premium Outlets, Troutdale, OR   —   7,990   21,007   —   3   7,990   21,010   29,000   276   2004 (Note 4 )
Desert Hills Premium Outlets, Cabazon, CA   —   3,643   319,179   —   10   3,643   319,189   322,832   2,321   2004 (Note 4 )
Edinburgh Premium Outlet, Edinburgh, IN   —   3,124   48,077   —   396   3,124   48,473   51,597   493   2004 (Note 4 )
Folsom Premium Outlets, Folsom, CA   —   9,390   50,893   —   18   9,390   50,911   60,301   536   2004 (Note 4 )
Gilroy Premium Outlets, Gilroy, CA   67,242   10,542   168,823   —   256   10,542   169,079   179,621   1,322   2004 (Note 4 )
Kittery Premium Outlets, Kittery, ME   11,132   466   53,077   —   —   466   53,077   53,543   394   2004 (Note 4 )
Las Vegas Premium Outlets, Las Vegas, NV   —   25,986   138,273   —   —   25,986   138,273   164,259   4,777   2004 (Note 4 )
Leesburg Corner Premium Outlets, Leesburg, VA   —   7,456   143,699   —   490   7,456   144,189   151,645   1,436   2004 (Note 4 )
Liberty Village Premium Outlets, Flemington, NJ   —   6,295   34,723   —   435   6,295   35,158   41,453   390   2004 (Note 4 )
Lighthouse Place Premium Outlets, Michigan City, IN   46,399   7,018   93,640   —   13   7,018   93,653   100,671   854   2004 (Note 4 )
Napa Premium Outlets, Napa, CA   —   11,952   45,280   —   —   11,952   45,280   57,232   414   2004 (Note 4 )
North Georgia Premium Outlets, Dawsonville, GA   —   4,433   122,182   —   149   4,433   122,331   126,764   1,129   2004 (Note 4 )
Orlando Premium Outlets, Orlando, FL   —   14,924   288,018   —   82   14,924   288,100   303,024   1,923   2004 (Note 4 )
Osage Beach Premium Outlets, Osage Beach, MO   —   9,965   87,258   —   149   9,965   87,407   97,372   775   2004 (Note 4 )
Patriot Plaza, Williamsburg, VA   —   1,576   4,381   —   320   1,576   4,701   6,277   46   2004 (Note 4 )
Petaluma Village Premium Outlets, Petaluma, CA   —   22,446   11,276   —   523   22,446   11,799   34,245   115   2004 (Note 4 )
St. Augustine Premium Outlets, St. Augustine, FL   —   6,371   59,111   —   195   6,371   59,306   65,677   525   2004 (Note 4 )
The Crossings Premium Outlets, Tannersville, PA   59,127   8,557   145,938   —   4,186   8,557   150,124   158,681   990   2004 (Note 4 )
Vacaville Premium Outlets, Vacaville, CA   —   9,891   75,185   —   277   9,891   75,462   85,353   770   2004 (Note 4 )
Waikele Premium Outlets, Waipahu, HI   —   23,737   69,900   —   91   23,737   69,991   93,728   600   2004 (Note 4 )
Waterloo Premium Outlets, Waterloo, NY   37,370   3,511   75,953   —   373   3,511   76,326   79,837   670   2004 (Note 4 )
Woodbury Common Premium Outlets, Central Valley, NY   —   10,712   801,372   —   172   10,712   801,544   812,256   1,920   2004 (Note 4 )
Wrentham Village Premium Outlets, Wrentham, MA   —   5,030   266,467   —   330   5,030   266,797   271,827   885   2004 (Note 4 )

55


SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2004
(Dollars in thousands)

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

Community Shopping Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arboretum, The, Austin, TX   —   7,640   36,778   71   6,318   7,711   43,096   50,807   7,779   1998 (Note 4 )
Bloomingdale Court, Bloomingdale, IL   28,337   8,748   26,184   —   6,750   8,748   32,934   41,682   9,871   1987  
Boardman Plaza, Youngstown, OH   23,598   7,443   23,801   —   9,996   7,443   33,797   41,240   8,421   1951  
Brightwood Plaza, Indianapolis, IN   —   65   128   —   289   65   417   482   231   1965  
Celina Plaza, El Paso, TX   —   138   815   —   107   138   922   1,060   430   1978  
Charles Towne Square, Charleston, SC   —   —   1,768   370   10,636   370   12,404   12,774   3,442   1976  
Chesapeake Center, Chesapeake, VA   6,563   5,352   12,279   —   275   5,352   12,554   17,906   3,022   1989  
Countryside Plaza, Countryside, IL   —   411   8,507   2,569   2,014   2,980   10,521   13,501   4,422   1977  
Dare Centre, Kill Devil Hills, NC   1,722   —   5,202   —   —   —   5,202   5,202   28   2004 (Note 4 )
DeKalb Plaza, King of Prussia, PA   3,499   1,955   3,405   —   845   1,955   4,250   6,205   685   2003 (Note 4 )
Eastland Plaza, Tulsa, OK   —   651   3,680   —   84   651   3,764   4,415   1,378   1986  
Forest Plaza, Rockford, IL   15,542   4,132   16,818   453   1,761   4,585   18,579   23,164   5,804   1985  
Gateway Shopping Center, Austin, TX   86,000   24,549   80,585   —   7,034   24,549   87,619   112,168   2,351   2004 (Note 4 )
Great Lakes Plaza, Mentor, OH   —   1,028   2,025   —   3,630   1,028   5,655   6,683   1,906   1976  
Greenwood Plus, Greenwood, IN   —   1,131   1,792   —   3,735   1,131   5,527   6,658   1,938   1979  
Griffith Park Plaza, Griffith, IN   —   —   2,412   1,664   515   1,664   2,927   4,591   1,818   1979  
Grove at Lakeland Square, The, Lakeland, FL   3,750   5,237   6,016   —   1,049   5,237   7,065   12,302   2,234   1988  
Henderson Square, King of Prussia, PA   15,453   4,223   15,124   —   —   4,223   15,124   19,347   1,005   2003 (Note 4 )
Highland Lakes Center, Orlando, FL   16,097   7,138   25,284   —   769   7,138   26,053   33,191   6,777   1991  
Ingram Plaza, San Antonio, TX   —   421   1,802   4   21   425   1,823   2,248   981   1980  
Keystone Shoppes, Indianapolis, IN   —   —   4,232   —   893   —   5,125   5,125   1,029   1997 (Note 4 )
Knoxville Commons, Knoxville, TN   —   3,731   5,345   —   1,730   3,731   7,075   10,806   2,993   1987  
Lake Plaza, Waukegan, IL   —   2,577   6,420   —   802   2,577   7,222   9,799   2,255   1986  
Lake View Plaza, Orland Park, IL   20,660   4,775   17,543   —   10,075   4,775   27,618   32,393   7,257   1986  
Lakeline Plaza, Austin, TX   22,651   5,822   30,875   —   6,957   5,822   37,832   43,654   8,030   1998  
Lima Center, Lima, OH   —   1,808   5,151   —   4,685   1,808   9,836   11,644   2,046   1978  
Lincoln Crossing, O'Fallon, IL   3,127   674   2,192   —   467   674   2,659   3,333   791   1990  
Lincoln Plaza, King of Prussia, PA   —   —   21,299   —   710   —   22,009   22,009   4,778   2003 (Note 4 )
MacGregor Village, Cary, NC   6,926   645   5,059   —   3   645   5,062   5,707   29   2004 (Note 4 )
Mall of Georgia Crossing, Mill Creek, GA   32,575   9,506   33,071   —   49   9,506   33,120   42,626   5,572   2004 (Note 5 )
Markland Plaza, Kokomo, IN   —   206   738   —   5,860   206   6,598   6,804   1,182   1974  
Martinsville Plaza, Martinsville, VA   —   —   584   —   328   —   912   912   630   1967  
Matteson Plaza, Matteson, IL   9,098   1,830   9,737   —   2,328   1,830   12,065   13,895   4,275   1988  

56


SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2004
(Dollars in thousands)

 
    
   Initial Cost (Note 3)
   Cost Capitalized Subsequent to Acquisition (Note 3)
   Gross Amounts At Which
Carried At Close of Period
    
    
  
Name, Location
   Encumbrances
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Land
   Buildings and
Improvements
   Total (1)
   Accumulated
Depreciation (2)
   Date of
Construction
  
Muncie Plaza, Muncie, IN     7,866     267     10,509     87     303     354     10,812     11,166     2,475   1998  
New Castle Plaza, New Castle, IN     —     128     1,621     —     1,435     128     3,056     3,184     1,347   1966  
North Ridge Plaza, Joliet, IL     —     2,831     7,699     —     880     2,831     8,579     11,410     2,933   1985  
North Ridge Shopping Center, Raleigh, NC     8,459     570     6,508     —     24     570     6,532     7,102     32   2004 (Note 4 )
Northland Plaza, Columbus, OH     —     4,490     8,893     —     1,308     4,490     10,201     14,691     3,787   1988  
Northwood Plaza, Fort Wayne, IN     —     148     1,414     —     1,271     148     2,685     2,833     1,233   1974  
Park Plaza, Hopkinsville, KY     —     300     1,572     —     225     300     1,797     2,097     1,395   1968  
Regency Plaza, St. Charles, MO     4,264     616     4,963     —     368     616     5,331     5,947     1,544   1988  
Rockaway Convenience Center, Rockaway, NJ     —     5,149     26,435     —     4,668     5,149     31,103     36,252     3,105   1998 (Note 4 )
St. Charles Towne Plaza, Waldorf, MD     27,294     8,524     18,993     —     1,146     8,524     20,139     28,663     6,800   1987  
Shops at North East Mall, The, Hurst, TX     —     12,541     28,177     402     7,130     12,943     35,307     48,250     7,988   1999  
Teal Plaza, Lafayette, IN     —     99     878     —     2,930     99     3,808     3,907     1,370   1962  
Terrace at the Florida Mall, Orlando, FL     4,688     2,150     7,623     —     1,812     2,150     9,435     11,585     1,936   1989  
Tippecanoe Plaza, Lafayette, IN     —     —     745     234     4,957     234     5,702     5,936     2,204   1974  
University Center, Mishawaka, IN     —     2,388     5,214     —     2,529     2,388     7,743     10,131     6,257   1980  
Wabash Village, West Lafayette, IN     —     —     976     —     274     —     1,250     1,250     693   1970  
Washington Plaza, Indianapolis, IN     —     941     1,697     —     308     941     2,005     2,946     2,302   1976  
Waterford Lakes Town Center, Orlando, FL     —     8,679     72,836     —     12,298     8,679     85,134     93,813     17,227   1999  
West Ridge Plaza, Topeka, KS     5,498     1,376     4,560     —     1,352     1,376     5,912     7,288     1,903   1988  
White Oaks Plaza, Springfield, IL     16,775     3,169     14,267     —     767     3,169     15,034     18,203     4,678   1986  

Other Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Las Vegas Outlet Center, Las Vegas, NV     21,789     13,860     183,961     —     —     13,860     183,961     197,821     1,064   2004 (Note 4 )
O'Hare International Center, Rosemont, IL     —     125     47,482     —     14,127     125     61,609     61,734     19,762   1988  
Riverway, Rosemont, IL     110,000     8,723     106,478     16     13,420     8,739     119,898     128,637     40,708   1991 (Note 4 )
Other Retail     26,238     16,016     204,648     —     582     16,016     205,230     221,246     1,305   2004 (Note 4 )

Development Projects
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wolf Ranch, Georgetown, TX     —     23,539     21,473     —     —     23,539     21,473     45,012     —   2004  
St. Johns Town Center, Jacksonville, FL     100,022     17,858     96,021     —     —     17,858     96,021     113,879     —   2004  
Firewheel Town Center, Garland, TX     —     12,154     42,111     —     —     12,154     42,111     54,265     —   2004  
Rockaway Plaza, Rockaway, NJ     —     —     1,748     —     —     —     1,748     1,748     —   2004  
Seattle Premium Outlets, Tulalip, WA     —     3,875     42,660     —     —     3,875     42,660     46,535     —   2004 (Note 4 )
Other pre-development costs     —     131,649     15,237     —     —     131,649     15,237     146,886     —      
Other     —     5,960     8,510     668     337     6,628     8,847     15,475     2,230      
   
 
 
 
 
 
 
 
 
     
    $ 4,987,679   $ 2,493,003   $ 15,912,701   $ 118,540   $ 2,558,338   $ 2,611,543   $ 18,471,039   $ 21,082,582   $ 3,066,604      
   
 
 
 
 
 
 
 
 
     

57

Simon Property Group, Inc. and Subsidiaries
Notes to Schedule III as of December 31, 2004
(Dollars in thousands)

(1)    Reconciliation of Real Estate Properties:

            The changes in real estate assets for the years ended December 31, 2004, 2003, and 2002 are as follows:

 
   2004
   2003
   2002
  
Balance, beginning of year   $ 14,834,443   $ 14,129,739   $ 13,095,005  
  Acquisitions and consolidations     5,753,600     761,179     1,107,581  
  Improvements     624,610     377,548     208,257  
  Disposals and abandonments     (112,071 )   (434,023 )   (281,104 )
  Impairment write-down     (18,000 )   —     —  
   
 
 
 
Balance, close of year   $ 21,082,582   $ 14,834,443   $ 14,129,739  
   
 
 
 

            The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2004 was $14,040,242.

(2)    Reconciliation of Accumulated Depreciation:

            The changes in accumulated depreciation and amortization for the years ended December 31, 2004, 2003, and 2002 are as follows:

 
   2004
   2003
   2002
  
Balance, beginning of year   $ 2,482,955   $ 2,168,281   $ 1,827,140  
  Acquisitions and consolidations (5)     76,121     21,111     16,491  
  Depreciation expense     545,882     461,546     417,064  
  Disposals and abandonments     (38,354 )   (167,983 )   (92,414 )
   
 
 
 
Balance, close of year   $ 3,066,604   $ 2,482,955   $ 2,168,281  
   
 
 
 

            Depreciation of Simon Property's 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 - 35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

•
Tenant Inducements — 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. Costs of disposals of property are first reflected as a reduction to cost capitalized subsequent to acquisition. Property initial cost for properties acquired during 2004 are preliminary until purchase price allocations are finalized.

(4)
Not developed/constructed by Simon Property or its predecessors. The date of construction represents acquisition date.

(5)
Property initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. Accumulated depreciation amounts for properties consolidated which were previously accounted for under the equity method of accounting include the minority interest holders' portion of accumulated depreciation.

58

LOGO


 
 
 
 
 
 
 
    GRAPHIC
  		 Printed on recycled paper   LOGO Form No. 161-0000603



QuickLinks

TABLE OF CONTENTS
Part I
Item 1. Business
Mortgage and Other Debt on Portfolio Properties As of December 31, 2004 (Dollars in thousands)
Part II
Part III
PART IV
SIGNATURES
Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2004 (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2004 (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2004 (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2004 (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2004 (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2004 (Dollars in thousands)
Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2004 (Dollars in thousands)