8-K

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2008

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

Delaware	001-14469	046268599
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

225 WEST WASHINGTON STREET INDIANAPOLIS, INDIANA	46204
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: 317.636.1600

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

Item 2.02.    Results of Operations and Financial Condition

        On July 28, 2008, Simon Property Group, Inc. (the "Registrant") issued a press release containing information on earnings for the quarter ended June 30, 2008 and other matters. A copy of the press release is attached hereto as Exhibit 99.2 and the information in the press release is incorporated by reference into this report.

        The press release and Supplemental Information package attached as Exhibit 99.1 use the non-GAAP financial measure of Funds from Operations ("FFO"). The Supplemental Information package also uses the non-GAAP measure of Net Operating Income ("NOI"). The Registrant considers FFO and NOI key measures of its operating performance that are not specifically defined by accounting principles generally accepted in the United States ("GAAP"). The Registrant believes that FFO and NOI are helpful to investors because they are widely recognized measures of the performance of real estate investment trusts ("REITs") and provide relevant bases for comparison among REITs. The Registrant also uses FFO and NOI internally to measure the operating performance of its portfolio. Reconciliations of net income to FFO on an estimated and historical basis are provided on pages 67 and 75 furnished herewith in Exhibit 99.2. Reconciliations of net income to NOI on a historical basis are provided on page 14 furnished herewith in Exhibit 99.1.

        The Registrant is furnishing the information contained herein, including Exhibit 99.2, pursuant to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the "SEC"). This information shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

Item 7.01.    Regulation FD Disclosure

        On July 28, 2008, the Registrant made available additional ownership and operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of June 30, 2008 in the form of a Supplemental Information package, a copy of which is attached as Exhibit 99.1. The Supplemental Information package is also available upon request as specified therein.

        The Registrant is furnishing the information contained herein, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated by the SEC. This information shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.

Item 9.01.    Financial Statements and Exhibits

        Financial Statements:

None

        Exhibits:

Exhibit No.		Description	Page Number in This Filing
	99.1	Supplemental Information as of June 30, 2008		5
	99.2	Earnings Release for the quarter ended June 30, 2008		64

2

SIGNATURES

        Pursuant to the requirements 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.

Dated: July 28, 2008
	SIMON PROPERTY GROUP, INC.
	By:	/s/ STEPHEN E. STERRETT Stephen E. Sterrett, Executive Vice President and Chief Financial Officer

3

SIMON PROPERTY GROUP
Table of Contents
As of June 30, 2008

Description		Page
Exhibit 99.1	Supplemental Information		5
	Company Overview
	Overview (reporting calendar, stock information, and corporate ratings)		5-6
	Ownership Structure		7
	Changes in Common Shares and Unit Ownership		8
	Financial Data
	Selected Financial and Equity Information		9
	Unaudited Pro-Rata Statements of Operations		11-12
	Unaudited Pro-Rata Balance Sheet		13
	Reconciliation of Net Income to NOI		14
	NOI Composition		15
	Analysis of Other Income and Other Expense		16
	Operational Data
	U.S. Portfolio GLA		17
	U.S. Regional Mall Operational Information		18
	U.S. Regional Mall Lease Expirations		19
	U.S. Regional Mall Top Tenants		20
	U.S. Regional Mall Anchor/Big Box Openings, 2008-2011		21-22
	U.S. Regional Mall Property Listing		23-27
	U.S. Premium Outlet Centers® Operational Information		28
	U.S. Premium Outlet Centers® Lease Expirations		29
	U.S. Premium Outlet Centers® Top Tenants		30
	U.S. Premium Outlet Centers® Property Listing		31
	U.S. Community/Lifestyle Centers Operational Information		32
	U.S. Community/Lifestyle Centers Lease Expirations		33
	U.S. Community/Lifestyle Centers Top Tenants		34
	U.S. Community/Lifestyle Centers Property Listing		35-36
	Mills Operational Information		37
	Mills Property Listing		38
	International Operational Information		39
	International Property Listing		40-42
	Development Activity
	Capital Expenditures in the U.S. Portfolio		43
	U.S. Development Activity Report		44-46
	International Development Activity Report		47
	Balance Sheet Information
	The Company's Share of Total Debt Amortization and Maturities by Year		48
	Summary of Indebtedness		49
	Summary of Indebtedness by Maturity		50-57
	Unencumbered Assets		58-62
	Preferred Stock/Units Outstanding		63
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release		64

4

QuickLinks

Item 2.02. Results of Operations and Financial Condition
Item 7.01. Regulation FD Disclosure
Item 9.01. Financial Statements and Exhibits

SIGNATURES
SIMON PROPERTY GROUP Table of Contents As of June 30, 2008

EX-99.1

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Exhibit 99.1

SIMON PROPERTY GROUP
Overview

The Company

        Simon Property Group, Inc., ("Simon," "we," "us," "our," or the "Company") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P. or the Operating Partnership is a majority-owned subsidiary partnership of the Company. Together, the Company and the Operating Partnership, or Simon Group, are engaged primarily in the ownership, development and management of retail real estate properties. Simon Group operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. At June 30, 2008, we owned or had an interest in 383 properties comprising 261 million square feet of gross leasable area in North America, Europe and Asia.

        This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of June 30, 2008, for the Company and the Operating Partnership.

        Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development and expansion of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC that could cause actual results to differ materially from forward-looking statements. We may update that discussion in our periodic reports, but otherwise we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

        We hope you find this Supplemental Package beneficial. Any questions, comments or suggestions should be directed to: Shelly J. Doran, Vice President of Investor Relations-Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207. Telephone: (317) 685-7330; e-mail: sdoran@simon.com

5

SIMON PROPERTY GROUP
Overview

Reporting Calendar

        Results for the next two quarters will be announced according to the following approximate schedule:

Third Quarter 2008	October 31, 2008
Fourth Quarter 2008	January 30, 2009

Stock Information

        The Company's common stock and two issues of preferred stock are traded on the New York Stock Exchange under the following symbols:

Common Stock	SPG
6% Series I Convertible Perpetual Preferred	SPGPrI
8.375% Series J Cumulative Redeemable Preferred	SPGPrJ

Credit Ratings

Standard & Poor's
	Corporate	A-	(Stable Outlook)
	Senior Unsecured	A-	(Stable Outlook)
	Preferred Stock	BBB+	(Stable Outlook)
Moody's
	Senior Unsecured	A3	(Stable Outlook)
	Preferred Stock	Baa1	(Stable Outlook)

6

Simon Property Group Ownership Structure(1)
June 30, 2008

(1)

Schedule excludes Company preferred stock (see "Preferred Stock/Units Outstanding") and Operating Partnership units not convertible into common stock.

(2)

Consists of Melvin Simon, Herbert Simon, David Simon, and/or trusts established for the benefit of members of the Simon family and Melvin Simon & Associates, Inc.

(3)

Holders of Class B common stock are entitled to elect 4 of the 13 members of the Board of Directors and also have voting rights with common stock.

(4)

An affiliate of one of the limited partners owns the Company's Class C common stock. Holders of Class C common stock are entitled to elect 2 of the 13 members of the Board of Directors and also have voting rights with common stock.

(5)

Other executives includes directors and executive officers of the Company, other than Simon family members.

7

SIMON PROPERTY GROUP
Changes in Company Common Share and Operating Partnership Unit Ownership
For the Period from December 31, 2007 through June 30, 2008

		Operating Partnership Units(1)			Company Common Shares(2)
Number Outstanding at December 31, 2007			57,913,250			223,034,282
Activity During the First Quarter of 2008:
Issuance of Common Stock for Stock Option Exercises			—			102,456
Conversion of Preferred Stock into Common Stock			—			1,290
Conversion of Operating Partnership Units into Common Stock			(1,308,109	)		1,308,109
Conversion of Operating Partnership Units into Cash			(14,365	)		—
Conversion of Operating Partnership Preferred Units into Units			971,784			—
Restricted Stock Awards (Stock Incentive Program)(6)			—			309,260
Number Outstanding at March 31, 2008			57,562,560			224,755,397
Activity During the Second Quarter of 2008:
Issuance of Common Stock for Stock Option Exercises			—			31,000
Conversion of Preferred Stock into Common Stock			—			12,667
Conversion of Operating Partnership Units into Common Stock			(250,000	)		250,000
Conversion of Operating Partnership Units into Cash			(126,593	)		—
Conversion of Operating Partnership Preferred Units into Units			125,000			—
Restricted Stock Awards (Stock Incentive Program)(6)			—			(6,177	)
Number Outstanding at June 30, 2008			57,310,967			225,042,887
Details for Diluted Common Shares Outstanding(5):
Company Common Shares Outstanding at June 30, 2008						225,042,887
Number of Common Shares Issuable Assuming Conversion of:
	Series I 6% Convertible Perpetual Preferred Stock(3)					11,148,223
	Series C 7% Cumulative Convertible Preferred Units(3)					76,295
	Series I 6% Convertible Perpetual Preferred Units(3)					1,298,184
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)						588,806
Diluted Common Shares Outstanding at June 30, 2008(5)						238,154,395

(1)

Excludes units owned by the Company (shown here as Company Common Shares) and Operating Partnership units not convertible into common shares.

(2)

Excludes Operating Partnership preferred units relating to Company preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 63).

(3)

Conversion terms provided on page 63 of this document.

(4)

Based upon the weighted average stock price for the quarter ended June 30, 2008.

(5)

For FFO purposes.

(6)

Net of forfeitures.

8

SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of June 30, 2008
Unaudited
(In thousands, except as noted)

	As of or for the Three Months Ended June 30,				As of or for the Six Months Ended June 30,
	2008		2007		2008		2007
Financial Highlights of the Company
Total Revenue—Consolidated Properties	$	922,947	$	855,932	$	1,818,245	$	1,708,073
Net Income Available to Common Stockholders	$	76,572	$	59,917	$	164,505	$	158,298
Basic Earnings per Common Share (EPS)	$	0.34	$	0.27	$	0.73	$	0.71
Diluted Earnings per Common Share (EPS)	$	0.34	$	0.27	$	0.73	$	0.71
FFO of the Operating Partnership	$	427,855	$	373,034	$	847,907	$	765,434
Diluted FFO of the Operating Partnership	$	439,581	$	386,106	$	872,022	$	791,322
Basic FFO per Share (FFOPS)	$	1.52	$	1.33	$	3.01	$	2.72
Diluted FFO per Share (FFOPS)	$	1.49	$	1.31	$	2.95	$	2.68
Distributions per Share	$	0.90	$	0.84	$	1.80	$	1.68

		June 30, 2008		December 31, 2007
Stockholders' Equity Information
Limited Partner Units Outstanding at End of Period			57,311		57,913
Common Shares Outstanding at End of Period			225,043		223,035
Total Common Shares and Units Outstanding at End of Period			282,354		280,948
Weighted Average Limited Partnership Units Outstanding			57,585		58,036
Weighted Average Common Shares Outstanding:
	Basic—for purposes of EPS and FFOPS		224,219		222,998
	Diluted—for purposes of EPS		224,824		223,777
	Diluted—for purposes of FFOPS		237,826		237,448
Simon Group's Debt Information
Share of Consolidated Debt		$	17,411,782	$	16,933,771
Share of Joint Venture Debt			6,541,944		6,568,403
Share of Total Debt		$	23,953,726	$	23,502,174
Simon Group's Market Capitalization
Common Stock Price at End of Period		$	89.89	$	86.86
Common Equity Capitalization, including common operating partnership units		$	25,380,788	$	24,403,103
Preferred Equity Capitalization, including preferred operating partnership units			1,299,757		1,359,833
Total Equity Market Capitalization		$	26,680,545	$	25,762,936
Total Capitalization—Including Simon Group's Share of Total Debt		$	50,634,271	$	49,265,110

		As of or for the Six Months Ended June 30,
		2008		2007
Miscellaneous Balance Sheet Data
Interest Capitalized during the Period:
	Consolidated Properties	$	15,094	$	16,334
	Joint Venture Properties	$	2,401	$	2,821
	Simon Group's Share of Joint Venture Properties	$	1,119	$	1,085

9

        On the next three pages, we present balance sheet and income statement data on a pro-rata basis reflecting our proportionate economic ownership of each asset in the Simon Group portfolio.

        Basis of Presentation: The consolidated amounts shown are prepared on a consistent basis with our consolidated financial statements. The Company's Share of Joint Ventures column was derived on a property-by-property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for minority interests.

10

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Three Months Ended June 30, 2008

			Consolidated			Minority Interest			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
REVENUE:
	Minimum rent		$	566,199		$	(9,117	)	$	557,082		$	189,974		$	747,056
	Overage rent			17,836			(29	)		17,807			10,616			28,423
	Tenant reimbursements			259,803			(5,574	)		254,229			94,387			348,616
	Management fees and other revenues			34,879			—			34,879			—			34,879
	Other income			44,230			(571	)		43,659			23,853			67,512
		Total revenue		922,947			(15,291	)		907,656			318,830			1,226,486
EXPENSES:
	Property operating			111,911			(3,189	)		108,722			64,375			173,097
	Depreciation and amortization			236,617			(2,248	)		234,369			108,006			342,375
	Real estate taxes			85,450			(1,356	)		84,094			24,905			108,999
	Repairs and maintenance			25,845			(575	)		25,270			12,705			37,975
	Advertising and promotion			21,739			(319	)		21,420			5,754			27,174
	Provision for credit losses			6,781			(130	)		6,651			1,295			7,946
	Home and regional office costs			34,844			—			34,844			—			34,844
	General and administrative			5,095			—			5,095			—			5,095
	Other			15,259			(456	)		14,803			24,370			39,173
		Total operating expenses		543,541			(8,273	)		535,268			241,410			776,678
OPERATING INCOME				379,406			(7,018	)		372,388			77,420			449,808
Interest expense				(232,335	)		3,958			(228,377	)		(88,813	)		(317,190	)
Loss on extinguishment of debt				(20,330	)		—			(20,330	)		—			(20,330	)
Minority interest in income of consolidated entities				(3,060	)		3,060			—			—			—
Income tax benefit (expense) of taxable REIT subsidiaries				(627	)		—			(627	)		—			(627	)
Income from unconsolidated entities				(11,393	)		—			(11,393	)		11,393			—
Limited partners' interest in the Operating Partnership				(19,516	)		—			(19,516	)		—			(19,516	)
Preferred distributions of the Operating Partnership				(4,228	)		—			(4,228	)		—			(4,228	)
Income from continuing operations				87,917			—			87,917			—			87,917
Discontinued operations, net of limited partners' interest				—			—			—			—			—
NET INCOME				87,917			—			87,917			—			87,917
Preferred dividends				(11,345	)		—			(11,345	)		—			(11,345	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	76,572		$	—		$	76,572		$	—		$	76,572
RECONCILIATION OF NET INCOME TO FFO
Net Income									$	87,917		$	—		$	87,917
Adjustments to Net Income to Arrive at FFO:
	Limited partners' interest in the Operating Partnership and preferred distributions of the Operating Partnership									23,744			—			23,744
	Depreciation and amortization from consolidated properties and discontinued operations									232,449			—			232,449
	Simon's share of depreciation and amortization from unconsolidated entities									—			101,487			101,487
	Loss from unconsolidated entities									11,393			(11,393	)		—
	Minority interest portion of depreciation and amortization									(2,169	)		—			(2,169	)
	Preferred distributions and dividends									(15,573	)		—			(15,573	)
	FFO of the Operating Partnership								$	337,761		$	90,094		$	427,855
		Percentage of FFO of the Operating Partnership								78.94	%		21.06	%		100.00	%

11

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Six Months Ended June 30, 2008

			Consolidated			Minority Interest			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
REVENUE:
	Minimum rent		$	1,116,881		$	(18,326	)	$	1,098,555		$	376,891		$	1,475,446
	Overage rent			34,487			(68	)		34,419			18,163			52,582
	Tenant reimbursements			510,051			(11,057	)		498,994			189,394			688,388
	Management fees and other revenues			67,899			—			67,899			—			67,899
	Other income			88,927			(915	)		88,012			44,423			132,435
		Total revenue		1,818,245			(30,366	)		1,787,879			628,871			2,416,750
EXPENSES:
	Property operating			224,672			(6,564	)		218,108			124,882			342,990
	Depreciation and amortization			464,660			(4,540	)		460,120			197,161			657,281
	Real estate taxes			169,970			(2,755	)		167,215			49,043			216,258
	Repairs and maintenance			54,866			(1,317	)		53,549			25,150			78,699
	Advertising and promotion			41,112			(613	)		40,499			11,110			51,609
	Provision for credit losses			13,363			(248	)		13,115			3,041			16,156
	Home and regional office costs			74,444			—			74,444			—			74,444
	General and administrative			10,397			—			10,397			—			10,397
	Other			33,397			(1,010	)		32,387			39,364			71,751
		Total operating expenses		1,086,881			(17,047	)		1,069,834			449,751			1,519,585
OPERATING INCOME				731,364			(13,319	)		718,045			179,120			897,165
Interest expense				(462,252	)		7,975			(454,277	)		(183,372	)		(637,649	)
Loss on extinguishment of debt				(20,330	)		—			(20,330	)		—			(20,330	)
Minority interest in income of consolidated entities				(5,344	)		5,344			—			—			—
Income tax benefit (expense) of taxable REIT subsidiaries				(604	)		—			(604	)		—			(604	)
Income from unconsolidated entities				(4,252	)		—			(4,252	)		4,252			—
Limited partners' interest in the Operating Partnership				(42,249	)		—			(42,249	)		—			(42,249	)
Preferred distributions of the Operating Partnership				(9,132	)		—			(9,132	)		—			(9,132	)
Income from continuing operations				187,201			—			187,201			—			187,201
Discontinued operations, net of limited partners' interest				—			—			—			—			—
NET INCOME				187,201			—			187,201			—			187,201
Preferred dividends				(22,696	)		—			(22,696	)		—			(22,696	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	164,505		$	—		$	164,505		$	—		$	164,505
RECONCILIATION OF NET INCOME TO FFO
Net Income									$	187,201		$	—		$	187,201
Adjustments to Net Income to Arrive at FFO:
	Limited partners' interest in the Operating Partnership and preferred distributions of the Operating Partnership									51,381			—			51,381
	Depreciation and amortization from consolidated properties and discontinued operations									457,505			—			457,505
	Simon's share of depreciation and amortization from unconsolidated entities									—			188,115			188,115
	Loss from unconsolidated entities									4,252			(4,252	)		—
	Minority interest portion of depreciation and amortization									(4,467	)		—			(4,467	)
	Preferred distributions and dividends									(31,828	)		—			(31,828	)
	FFO of the Operating Partnership								$	664,044		$	183,863		$	847,907
		Percentage of FFO of the Operating Partnership								78.32	%		21.68	%		100.00	%

12

SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
As of June 30, 2008

			Consolidated			Minority Interest			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
ASSETS:
	Investment properties, at cost		$	24,807,528		$	(211,784	)	$	24,595,744		$	9,283,320		$	33,879,064
	Less—accumulated depreciation			5,716,139			(78,279	)		5,637,860			1,177,313			6,815,173
				19,091,389			(133,505	)		18,957,884			8,106,007			27,063,891
	Cash and cash equivalents			503,879			(6,499	)		497,380			285,258			782,638
	Tenant receivables and accrued revenue, net			357,118			(4,307	)		352,811			137,479			490,290
	Investment in unconsolidated entities, at equity			1,848,730			—			1,848,730			(1,848,730	)		—
	Deferred costs and other assets			1,334,645			(172,607	)		1,162,038			300,906			1,462,944
	Notes receivable from related parties			534,000			—			534,000			—			534,000
		Total assets	$	23,669,761		$	(316,918	)	$	23,352,843		$	6,980,920		$	30,333,763
LIABILITIES:
	Mortgages and other indebtedness		$	17,693,774		$	(281,992	)	$	17,411,782		$	6,541,944		$	23,953,726
	Accounts payable, accrued expenses, intangibles, and deferred revenues			1,127,780			(8,654	)		1,119,126			465,326			1,584,452
	Cash distributions and losses in partnerships and joint ventures, at equity			370,654			—			370,654			(370,654	)		—
	Other liabilities, minority interest and accrued dividends			188,288			(26,272	)		162,016			344,304			506,320
		Total liabilities		19,380,496			(316,918	)		19,063,578			6,980,920			26,044,498
LIMITED PARTNERS' INTEREST IN THE OPERATING PARTNERSHIP				671,216			—			671,216			—			671,216
LIMITED PARTNERS' PREFERRED INTEREST IN THE OPERATING PARTNERSHIP				235,705			—			235,705			—			235,705
STOCKHOLDERS' EQUITY:
	CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock):
		All series of preferred stock, 100,000,000 shares authorized, 14,806,671 issued and outstanding, with a liquidation value of $740,334		746,683			—			746,683			—			746,683
		Common stock, $.0001 par value, 400,000,000 shares authorized, 229,410,283 issued and outstanding		24			—			24			—			24
		Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding		—			—			—			—			—
		Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding		—			—			—			—			—
	Capital in excess of par value			5,111,006			—			5,111,006			—			5,111,006
	Accumulated deficit			(2,294,230	)		—			(2,294,230	)		—			(2,294,230	)
	Accumulated other comprehensive income			5,071			—			5,071			—			5,071
	Common stock held in treasury at cost, 4,379,396 shares			(186,210	)		—			(186,210	)		—			(186,210	)
		Total stockholders' equity		3,382,344			—			3,382,344			—			3,382,344
			$	23,669,761		$	(316,918	)	$	23,352,843		$	6,980,920		$	30,333,763

13

SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of June 30, 2008
(in thousands, except as noted)

Industry practice is to evaluate real estate properties on an unleveraged basis. Net Operating Income ("NOI") is a standard industry performance measure which is defined as operating income plus depreciation and amortization, both calculated in accordance with accounting principles generally accepted in the United States ("GAAP"). We consider NOI to be a key measure of our operating performance that is not specifically defined by GAAP. We believe that NOI is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. We also use NOI internally to measure the operating performance of our portfolio.

However, you should understand that NOI:

•

does not represent cash flow from operations as defined by GAAP,



•

should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance,



•

is not an alternative to cash flows as a measure of liquidity, and



•

is not indicative of cash flows from operating, investing and financing activities.

The Reconciliation of Net Income to NOI provides net income, which we believe is the most directly comparable GAAP financial measure, and reconciles the amounts to "Total NOI of the Simon Group Portfolio." This schedule also provides the increase in NOI of regional malls and Premium Outlet Centers that are comparable properties for the quarter and six months ended June 30, 2008.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2008			2007			2008			2007
Reconciliation of NOI of consolidated Properties:
Net Income	$	87,917		$	74,220		$	187,201		$	187,007
Preferred distributions of the Operating Partnership		4,228			5,597			9,132			10,836
Limited partners' interest in the Operating Partnership		19,516			15,448			42,249			41,326
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net of limited partners' interest		—			(17	)		—			145
Income tax (benefit) expense of taxable REIT subsidiaries		627			(528	)		604			757
Minority interest in income of consolidated entities		3,060			3,136			5,344			6,046
Interest expense		232,335			243,654			462,252			466,132
Income from unconsolidated entities		11,393			(7,459	)		4,252			(29,232	)
Loss on extinguishment of debt		20,330			—			20,330			—
Gain on sale of interest in unconsolidated entity		—			(500	)		—			(500	)
Operating Income		379,406			333,551			731,364			682,517
Depreciation and amortization		236,617			230,611			464,660			445,882
NOI of consolidated Properties	$	616,023		$	564,162		$	1,196,024		$	1,128,399
Reconciliation of NOI of unconsolidated entities:
Net Income	$	14,638		$	24,239		$	51,437		$	114,926
Discontinued operations—Results of operations and gain on disposal or sale, net		—			(131	)		(47	)		(2,785	)
Interest expense		234,837			238,349			483,710			345,505
Loss from unconsolidated entities		4,150			3			4,129			87
Loss on sale of asset		—			—			—			4,759
Operating Income		253,625			262,460			539,229			462,492
Depreciation and amortization		207,770			157,053			379,469			239,831
NOI of unconsolidated entities	$	461,395		$	419,513		$	918,698		$	702,323
Total consolidated and unconsolidated NOI from continuing operations	$	1,077,418		$	983,675		$	2,114,722		$	1,830,722
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties		—			176			47			8,013
Total NOI of the Simon Group Portfolio	$	1,077,418		$	983,851		$	2,114,769		$	1,838,735
Increase in NOI from prior period		9.5	%		23.8	%		15.0	%		17.1	%
Less: Joint venture partner's share of NOI		285,235			264,633			560,323			436,478
Simon Group's Share of NOI	$	792,183		$	719,218		$	1,554,446		$	1,402,257
Increase in Simon Group's Share of NOI from prior period		10.1	%		14.0	%		10.9	%		12.3	%
NOI of Regional Malls that are Comparable Properties(1)	$	622,467		$	590,607		$	1,221,767		$	1,178,613
Increase in NOI of Regional Malls that are Comparable Properties(1)		5.4	%					3.7	%
NOI of Premium Outlet Centers that are Comparable Properties(1)	$	107,442		$	100,129		$	207,670		$	196,465
Increase in NOI of Premium Outlet Centers that are Comparable Properties(1)		7.3	%					5.7	%

(1)

Properties that were owned in both of the periods under comparison are referred to as comparable properties.

14

SIMON PROPERTY GROUP
NOI Composition(1)
For the Six Months Ended June 30, 2008

	Percent of Simon Group's Share of NOI
U.S. Portfolio NOI by State
Florida		13.2	%
Texas		10.5	%
California		10.3	%
New York		7.2	%
Massachusetts		7.2	%
Georgia		5.0	%
Indiana		4.7	%
Nevada		4.5	%
Pennsylvania		4.5	%
New Jersey		4.1	%
Top 10 Contributors by State		71.2	%
NOI by Asset Type
Regional Malls		67.6	%
Premium Outlet Centers		17.3	%
Mills Portfolio(2)		7.3	%
Community/Lifestyle Centers		3.9	%
International(3)		3.7	%
Other		0.2	%
Total		100.0	%

(1)

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

(2)

Mills Portfolio includes The Mills®, Mills regional malls and Mills community centers.

(3)

International includes six Premium Outlet Centers in Japan and one Premium Outlet Center in both Mexico and South Korea, plus the shopping centers in France, Italy and Poland.

15

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of June 30, 2008
(In thousands)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2008		2007		2008		2007
Consolidated Properties
Other Income
Interest Income	$	9,729	$	21,209	$	22,268	$	44,262
Lease Settlement Income		2,840		2,189		10,716		24,946	(1)
Gains on Land Sales		6,625		3,020		8,123		5,874
Other		25,036		33,268		47,820		56,500
Totals	$	44,230	$	59,686	$	88,927	$	131,582
Other Expense
Ground Rent	$	7,611	$	7,719	$	14,860	$	15,097
Professional Fees		3,541		2,551		7,350		5,391
Other		4,107		4,348		11,187		7,594
Totals	$	15,259	$	14,618	$	33,397	$	28,082

(1)

Includes $19 million related to two department store locations that have been or are being redeveloped.

16

SIMON PROPERTY GROUP
U.S. Portfolio GLA
As of June 30, 2008

Type of Property		GLA-Sq. Ft.		Total Owned GLA		% of Owned GLA
Regional Malls
	Mall Stores		59,498,636		59,223,329		38.8	%
	Freestanding		4,283,882		1,638,346		1.1	%
	Anchors		97,585,723		26,706,039		17.4	%
Regional Mall Total			161,368,241		87,567,714		57.3	%
Premium Outlet Centers			15,808,036		15,808,036		10.3	%
Community/Lifestyle Centers			19,887,206		13,713,077		9.0	%
	The Mills®		24,244,691		21,701,145		14.2	%
	Mills Regional Malls		17,479,723		8,649,139		5.7	%
	Mills Community Centers		1,013,838		962,284		0.6	%
Mills Portfolio Total			42,738,252		31,312,568		20.5	%
Office Portion of Retail			2,102,012		2,102,012		1.4	%
Other(1)			3,217,660		2,238,348		1.5	%
Total U.S. Properties			245,121,407		152,741,755		100.0	%

(1)

Other assets is comprised of 12 other properties that contribute 0.2% of Simon Group's NOI excluding the Mills portfolio.

17

SIMON PROPERTY GROUP
U.S. Regional Mall Operational Information(1)
As of June 30, 2008

		As of or for the Six Months Ended June 30,
		2008			2007
Total Number of Regional Malls			166			171
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)			163.3			165.8
Occupancy(2)
	Consolidated Assets		92.0	%		92.2	%
	Unconsolidated Assets		91.4	%		91.7	%
	Total Portfolio		91.8	%		92.0	%
Comparable sales per square foot(3)
	Consolidated Assets	$	468		$	470
	Unconsolidated Assets	$	552		$	527
	Total Portfolio	$	494		$	489
Average rent per square foot(2)
	Consolidated Assets	$	37.70		$	35.60
	Unconsolidated Assets	$	41.04		$	38.25
	Total Portfolio	$	38.81		$	36.51

Average Base Rent Per Square Foot(2)	Mall & Freestanding Stores		% Change
6/30/08	$	38.81		6.3	%
6/30/07		36.51
12/31/07		37.09		4.8	%
12/31/06		35.38		2.6	%
12/31/05		34.49		3.0	%
12/31/04		33.50		3.8	%
12/31/03		32.26		5.1	%

Leasing Activity During the Period(2):

	Average Base Rent(4)
	Lease Signings		Store Closings/ Lease Expirations		Amount of Change (Referred to as "Leasing Spread")
2008 YTD	$	44.26	$	35.94	$	8.32	23.1	%
2007		44.76		39.12		5.64	14.4	%
2006		43.21		36.73		6.48	17.6	%
2005		43.18		35.78		7.40	20.7	%
2004		39.33		33.59		5.74	17.1	%
2003		41.28		32.99		8.29	25.1	%

(1)

Does not include information for the regional malls in the Mills portfolio.

(2)

Includes mall stores.

(3)

Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than 10,000 square feet.

(4)

Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.

18

SIMON PROPERTY GROUP
U.S. Regional Mall Lease Expirations(1)(2)
As of June 30, 2008

Year	Number of Leases Expiring		Square Feet		Avg. Base Rent per Square Foot at 6/30/08
Mall Stores & Freestanding
Month to Month Leases		725		1,821,009	$	36.11
2008 (7/1-12/31)		742		883,026	$	46.38
2009		2,183		6,168,057	$	35.74
2010		2,116		5,920,807	$	38.04
2011		2,142		5,552,511	$	35.33
2012		1,501		5,046,089	$	36.67
2013		1,331		4,161,242	$	41.24
2014		1,251		3,755,393	$	43.03
2015		1,206		4,090,333	$	42.32
2016		1,376		4,113,200	$	40.68
2017		1,379		4,559,066	$	43.49
2018		926		3,761,828	$	43.83
2019 and Thereafter		408		2,698,973	$	34.67
Specialty Leasing Agreements w/ terms in excess of 12 months		1,044		2,675,277	$	14.57
Anchor Tenants
2008 (7/1-12/31)		4		451,212	$	1.95
2009		26		2,727,315	$	3.35
2010		35		4,218,819	$	2.71
2011		21		2,261,008	$	4.29
2012		28		3,248,412	$	4.06
2013		24		3,122,011	$	4.98
2014		16		1,528,935	$	6.71
2015		11		985,521	$	6.89
2016		11		1,122,349	$	7.79
2017		6		816,723	$	2.79
2018		5		540,164	$	8.34
2019 and Thereafter		39		3,997,407	$	6.16

(1)

Does not include information for the regional malls in the Mills portfolio.

(2)

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

19

SIMON PROPERTY GROUP
U.S. Regional Mall Top Tenants(1)
As of June 30, 2008

Top Mall Store Retail Tenants (sorted by percentage of total Simon Group base minimum rent)

Tenant	Number of Stores		Square Feet (000's)		Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
The Gap, Inc.		301		3,410		1.4	%		2.1	%
Limited Brands, Inc.		323		1,770		0.7	%		1.9	%
Abercrombie & Fitch Co.		227		1,633		0.7	%		1.6	%
Foot Locker, Inc.		408		1,606		0.7	%		1.5	%
Zale Corporation		350		347		0.1	%		1.1	%
Luxottica Group S.P.A		342		714		0.3	%		0.9	%
Express LLC		114		1,031		0.4	%		0.9	%
Sterling Jewelers, Inc.		206		309		0.1	%		0.8	%
American Eagle Outfitters, Inc.		152		865		0.4	%		0.8	%
Genesco, Inc.		365		499		0.2	%		0.8	%

Top Anchors (sorted by percentage of total Simon Group square footage)(2)

Tenant	Number of Stores		Square Feet (000's)		Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Macy's, Inc.		154		27,317		11.1	%		0.4	%
Sears Roebuck & Co.		123		18,760		7.7	%		0.3	%
J.C. Penney Co., Inc.		113		16,274		6.6	%		0.7	%
Dillard's Dept. Stores		80		12,143		5.0	%		0.1	%
Nordstrom, Inc.		23		4,027		1.6	%		0.1	%
Belk, Inc.		22		2,792		1.1	%		0.3	%
The Bon-Ton Stores, Inc.		22		2,180		0.9	%		0.2	%
Target Corporation		14		1,802		0.7	%		0.0	%
Boscov's Department Stores		7		1,279		0.5	%		0.0	%
The Neiman Marcus Group, Inc.		10		1,265		0.5	%		0.1	%
Dick's Sporting Goods, Inc.		18		1,170		0.5	%		0.3	%
Saks Incorporated		9		1,053		0.4	%		0.2	%

(1)

Does not include information for the regional malls in the Mills portfolio.

(2)

Includes space leased and owned by the anchor.

20

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings(1)
2008-2011

Property Name	Location	New Tenant	Former Tenant
Openings through June 30, 2008
Aventura Mall	Miami Beach, FL	Nordstrom	Lord & Taylor
Burlington Mall	Burlington (Boston), MA	Nordstrom	Filene's
Crystal Mall	Waterford, CT	Bed Bath & Beyond	Macy's
		Christmas Tree Shop	Macy's
Firewheel Town Center	Garland, TX	Dick's Sporting Goods	N/A
Markland Mall	Kokomo, IN	MC Sports	N/A
Montgomery Mall	Montgomeryville, PA	Dick's Sporting Goods	N/A
Northgate Mall	Seattle, WA	Bed Bath & Beyond	Gottschalks
Northlake Mall	Atlanta, GA	Kohl's	Parisian
Northshore Mall	Peabody, MA	Macy's Furniture	Lord & Taylor
		Macy's Mens	Lord & Taylor
Richardson Square	Richardson, TX	Lowe's	N/A
Smith Haven Mall	Lake Grove, NY	Barnes & Noble	Stern's
Upper Valley Mall	Springfield, OH	MC Sports	N/A
Valle Vista Mall	Harlingen, TX	Circuit City	OfficeMax
Openings Projected for the Remainder of 2008
Anderson Mall	Anderson, SC	Dillard's	Belk Mens (relocated)
Fashion Mall at Keystone	Indianapolis, IN	Nordstrom	Parisian
Laguna Hills Mall	Laguna Hills, CA	Nordstrom Rack	WOW/Good Guys
Liberty Tree Mall	Danvers, MA	Nordstrom Rack	Stop and Shop
		Off Broadway Shoes	Stop and Shop
Livingston Mall	Livingston, NJ	Barnes & Noble	N/A
Northshore Mall	Peabody, MA	P.F. Chang's	N/A
Richardson Square	Richardson, TX	Ross Dress for Less	N/A
		(relocated)
Ross Park Mall	Pittsburgh, PA	Nordstrom	Macy's
		L.L. Bean	N/A
Shops at Sunset Place, The	Miami, FL	Splitsville	Small Shops
Solomon Pond Mall	Marlborough, MA	Krazy City	N/A
Tacoma Mall	Seattle, WA	Nordstrom (relocated)	Mervyn's
		B.J.'s Brewery & Restaurant	N/A

21

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings(1)
2008-2011

Property Name	Location	New Tenant	Former Tenant
Openings Projected in 2009
Chautauqua Mall	Lakewood, NY	Bed Bath & Beyond	Small Shops
Coddingtown Mall	Santa Rosa, CA	Whole Foods	Ralph's Grocery
Florida Mall	Orlando, FL	Dick's Sporting Goods	Lord & Taylor
Gwinnett Place	Duluth, GA	M Mart	Macy's
Midland Park Mall	Midland, TX	Ulta	Party City
Northshore Mall	Peabody (Boston), MA	Nordstrom	Macy's
Plaza Carolina	Carolina (San Juan), PR	Tiendas Capri (relocated)	N/A
		Best Buy	Tiendas Capri
Springfield Mall	Springfield, PA	Target	Macy's
University Park Mall	South Bend, IN	Barnes & Noble	Macy's
Valley Mall	Harrisonburg, VA	Dick's Sporting Goods	Peebles
		Books-A-Million	Small Shops
Openings Projected in 2010
Quaker Bridge Mall	Lawrenceville, NJ	JCPenney (relocated)	N/A
South Shore Plaza	Braintree (Boston), MA	Nordstrom	Macy's
Openings Projected in 2011
Quaker Bridge Mall	Lawrenceville, NJ	Neiman Marcus	N/A
		Nordstrom	N/A

(1)

Does not include information for the regional malls in the Mills portfolio.

22

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area
	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
1.	McCain Mall		AR	N. Little Rock		100.0	%		554,156		221,467			775,623
2.	Brea Mall		CA	Brea (Los Angeles)		100.0	%		874,802		445,329			1,320,131
3.	Coddingtown Mall		CA	Santa Rosa		50.0	%		547,090		262,581			809,671
4.	Fashion Valley Mall		CA	San Diego		50.0	%		1,053,305		663,000			1,716,305
5.	Laguna Hills Mall		CA	Laguna Hills (Los Angeles)		100.0	%		536,500		329,748			866,248
6.	Santa Rosa Plaza		CA	Santa Rosa		100.0	%		428,258		270,536			698,794
7.	Shops at Mission Viejo, The		CA	Mission Viejo (Los Angeles)		100.0	%		677,215		472,777			1,149,992
8.	Stanford Shopping Center		CA	Palo Alto (San Francisco)		100.0	%		849,153		528,195	(7)		1,377,348
9.	Westminster Mall		CA	Westminster (Los Angeles)		100.0	%		716,939		495,738			1,212,677
10.	Mesa Mall(2)		CO	Grand Junction		50.0	%		441,208		441,825			883,033
11.	Town Center at Aurora		CO	Aurora (Denver)		100.0	%		682,169		402,011			1,084,180
12.	Crystal Mall		CT	Waterford		74.6	%		419,405		350,461			769,866
13.	Aventura Mall(2)		FL	Miami Beach (Miami)		33.3	%		1,283,938		815,280			2,099,218
14.	Avenues, The		FL	Jacksonville		25.0	%(3)		754,956		363,408			1,118,364
15.	Boynton Beach Mall		FL	Boynton Beach (Miami)		100.0	%		714,210		387,142			1,101,352
16.	Coconut Point		FL	Estero		50.0	%		691,785		498,531			1,190,316
17.	Coral Square		FL	Coral Springs (Miami)		97.2	%		648,144		297,770			945,914
18.	Cordova Mall		FL	Pensacola		100.0	%		395,875		453,214			849,089
19.	Crystal River Mall		FL	Crystal River		100.0	%		302,495		121,804			424,299
20.	Dadeland Mall		FL	Miami		50.0	%		1,132,072		337,935			1,470,007
21.	DeSoto Square		FL	Bradenton		100.0	%		435,467		244,122			679,589
22.	Edison Mall		FL	Fort Myers		100.0	%		742,667		308,815			1,051,482
23.	Florida Mall, The		FL	Orlando		50.0	%		1,092,465		616,723			1,709,188
24.	Gulf View Square		FL	Port Richey (Tampa)		100.0	%		461,852		291,207			753,059
25.	Indian River Mall		FL	Vero Beach		50.0	%		445,552		302,574			748,126
26.	Lake Square Mall		FL	Leesburg (Orlando)		50.0	%		296,037		262,907			558,944
27.	Melbourne Square		FL	Melbourne		100.0	%		416,167		294,184			710,351
28.	Miami International Mall		FL	Miami		47.8	%		778,784		294,779			1,073,563
29.	Orange Park Mall		FL	Orange Park (Jacksonville)		100.0	%		576,051		380,215			956,266
30.	Paddock Mall		FL	Ocala		100.0	%		387,378		169,457			556,835
31.	Palm Beach Mall		FL	West Palm Beach (Miami)		100.0	%		749,288		334,507			1,083,795
32.	Port Charlotte Town Center		FL	Port Charlotte		80.0	%(4)		458,251		322,126			780,377
33.	Seminole Towne Center		FL	Sanford (Orlando)		45.0	%(3)		768,798		369,432			1,138,230
34.	Shops at Sunset Place, The		FL	S. Miami		37.5	%(3)		0		514,559			514,559
35.	St. Johns Town Center		FL	Jacksonville		100.0	%		653,291		569,826			1,223,117
36.	Town Center at Boca Raton		FL	Boca Raton (Miami)		100.0	%		1,085,312		566,792			1,652,104
37.	Treasure Coast Square		FL	Jensen Beach		100.0	%		511,372		348,615			859,987
38.	Tyrone Square		FL	St. Petersburg (Tampa)		100.0	%		725,298		370,354			1,095,652
39.	Gwinnett Place		GA	Duluth (Atlanta)		75.0	%		843,609		435,354			1,278,963
40.	Lenox Square		GA	Atlanta		100.0	%		873,580		665,804	(7)		1,539,384
41.	Mall of Georgia		GA	Buford (Atlanta)		100.0	%		1,069,590		726,510			1,796,100
42.	Northlake Mall		GA	Atlanta		100.0	%		665,745		296,365			962,110
43.	Phipps Plaza		GA	Atlanta		100.0	%		472,385		346,291			818,676
44.	Town Center at Cobb		GA	Kennesaw (Atlanta)		75.0	%		851,346		421,263			1,272,609
45.	Lindale Mall(2)		IA	Cedar Rapids		50.0	%		305,563		387,703			693,266
46.	NorthPark Mall		IA	Davenport		50.0	%		650,456		422,515			1,072,971
47.	Southern Hills Mall(2)		IA	Sioux City		50.0	%		372,937		424,581			797,518
48.	SouthRidge Mall(2)		IA	Des Moines		50.0	%		388,752		498,080			886,832
49.	Lincolnwood Town Center		IL	Lincolnwood (Chicago)		100.0	%		220,830		201,421			422,251
50.	Northfield Square Mall		IL	Bourbonnais		31.6	%(4)		310,994		246,180			557,174
51.	Northwoods Mall		IL	Peoria		100.0	%		472,969		221,038			694,007

23

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area
	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
52.	Orland Square		IL	Orland Park (Chicago)		100.0	%		773,295		436,513			1,209,808
53.	River Oaks Center		IL	Calumet City (Chicago)		100.0	%		807,871		558,537	(7)		1,366,408
54.	SouthPark Mall		IL	Moline		100.0	%		578,056		440,798			1,018,854
55.	White Oaks Mall		IL	Springfield		77.5	%		556,831		378,834			935,665
56.	Castleton Square		IN	Indianapolis		100.0	%		908,481		468,455			1,376,936
57.	Circle Centre		IN	Indianapolis		14.7	%(3)		350,000		432,016	(7)		782,016
58.	College Mall		IN	Bloomington		100.0	%		356,887		277,723			634,610
59.	Eastland Mall		IN	Evansville		50.0	%		489,144		375,262			864,406
60.	Fashion Mall at Keystone		IN	Indianapolis		100.0	%		120,000		433,226	(7)		553,226
61.	Greenwood Park Mall		IN	Greenwood (Indianapolis)		100.0	%		754,928		525,159			1,280,087
62.	Markland Mall		IN	Kokomo		100.0	%		273,094		141,808			414,902
63.	Muncie Mall		IN	Muncie		100.0	%		435,756		204,085			639,841
64.	Tippecanoe Mall		IN	Lafayette		100.0	%		537,790		323,782			861,572
65.	University Park Mall		IN	Mishawaka		100.0	%		499,876		319,690			819,566
66.	Washington Square		IN	Indianapolis		100.0	%		616,109		347,171			963,280
67.	Towne East Square		KS	Wichita		100.0	%		779,490		357,926			1,137,416
68.	Towne West Square		KS	Wichita		100.0	%		619,269		333,162			952,431
69.	West Ridge Mall		KS	Topeka		100.0	%		716,811		281,442			998,253
70.	Prien Lake Mall		LA	Lake Charles		100.0	%		644,124		177,244			821,368
71.	Arsenal Mall		MA	Watertown (Boston)		100.0	%		191,395		313,301	(7)		504,696
72.	Atrium Mall		MA	Chestnut Hill (Boston)		49.1	%		0		205,058			205,058
73.	Auburn Mall		MA	Auburn		49.1	%		417,620		173,149			590,769
74.	Burlington Mall		MA	Burlington (Boston)		100.0	%		780,411		537,970			1,318,381
75.	Cape Cod Mall		MA	Hyannis		49.1	%		420,199		303,533			723,732
76.	Copley Place		MA	Boston		98.1	%		150,847		1,091,957	(7)		1,242,804
77.	Emerald Square		MA	North Attleboro (Providence, RI)		49.1	%		647,372		375,048			1,022,420
78.	Greendale Mall		MA	Worcester (Boston)		49.1	%		132,634		298,247	(7)		430,881
79.	Liberty Tree Mall		MA	Danvers (Boston)		49.1	%		498,000		359,935			857,935
80.	Mall at Chestnut Hill		MA	Chestnut Hill (Boston)		47.2	%		297,253		180,167			477,420
81.	Northshore Mall		MA	Peabody (Boston)		49.1	%		677,433		657,003			1,334,436
82.	Solomon Pond Mall		MA	Marlborough (Boston)		49.1	%		538,843		370,453			909,296
83.	South Shore Plaza		MA	Braintree (Boston)		100.0	%		547,287		620,275			1,167,562
84.	Square One Mall		MA	Saugus (Boston)		49.1	%		608,601		321,484			930,085
85.	Bowie Town Center		MD	Bowie (Washington, D.C.)		100.0	%		355,557		328,589			684,146
86.	St. Charles Towne Center		MD	Waldorf (Washington, D.C.)		100.0	%		631,602		348,307			979,909
87.	Bangor Mall		ME	Bangor		67.4	%(6)		416,582		236,188			652,770
88.	Maplewood Mall		MN	St. Paul (Minneapolis)		100.0	%		588,822		342,061			930,883
89.	Miller Hill Mall		MN	Duluth		100.0	%		429,508		375,888			805,396
90.	Battlefield Mall		MO	Springfield		100.0	%		770,111		432,386			1,202,497
91.	Independence Center		MO	Independence (Kansas City)		100.0	%		499,284		532,710			1,031,994
92.	SouthPark		NC	Charlotte		50.0	%		1,044,742		581,465			1,626,207
93.	Crossroads Mall		NE	Omaha		100.0	%		522,119		188,394			710,513
94.	Mall at Rockingham Park, The		NH	Salem (Boston)		24.6	%		638,111		382,061			1,020,172
95.	Mall of New Hampshire, The		NH	Manchester		49.1	%		444,889		363,121			808,010
96.	Pheasant Lane Mall		NH	Nashua			(5)		555,474		314,940			870,414
97.	Brunswick Square		NJ	East Brunswick (New York)		100.0	%		467,626		295,532			763,158
98.	Livingston Mall		NJ	Livingston (New York)		100.0	%		616,128		331,907			948,035
99.	Menlo Park Mall		NJ	Edison (New York)		100.0	%		527,591		796,362	(7)		1,323,953

24

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area
	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
100.	Ocean County Mall		NJ	Toms River (New York)		100.0	%		616,443		274,222			890,665
101.	Quaker Bridge Mall		NJ	Lawrenceville		38.0	%(6)		686,760		412,165			1,098,925
102.	Rockaway Townsquare		NJ	Rockaway (New York)		100.0	%		786,626		456,759			1,243,385
103.	Cottonwood Mall		NM	Albuquerque		100.0	%		631,556		409,084			1,040,640
104.	Forum Shops at Caesars, The		NV	Las Vegas		100.0	%		0		635,205			635,205
105.	Chautauqua Mall		NY	Lakewood		100.0	%		213,320		218,909			432,229
106.	Jefferson Valley Mall		NY	Yorktown Heights (New York)		100.0	%		310,095		277,361			587,456
107.	Mall at The Source, The		NY	Westbury (New York)		25.5	%(3)		210,798		515,593			726,391
108.	Nanuet Mall		NY	Nanuet (New York)		100.0	%		583,711		331,186			914,897
109.	Roosevelt Field		NY	Garden City (New York)		100.0	%		1,430,425		780,096	(7)		2,210,521
110.	Smith Haven Mall		NY	Lake Grove (New York)		25.0	%		794,315		515,120			1,309,435
111.	Walt Whitman Mall		NY	Huntington Station (New York)		100.0	%		742,214		287,057			1,029,271
112.	Westchester, The		NY	White Plains (New York)		40.0	%		349,393		477,979	(7)		827,372
113.	Great Lakes Mall		OH	Mentor (Cleveland)		100.0	%		869,454		378,544			1,247,998
114.	Lima Mall		OH	Lima		100.0	%		541,861		203,650			745,511
115.	Richmond Town Square		OH	Richmond Heights (Cleveland)		100.0	%		685,251		331,333			1,016,584
116.	Southern Park Mall		OH	Youngstown		100.0	%		811,858		383,863			1,195,721
117.	Summit Mall		OH	Akron		100.0	%		432,936		338,549			771,485
118.	Upper Valley Mall		OH	Springfield		100.0	%		479,418		264,896			744,314
119.	Penn Square Mall		OK	Oklahoma City		94.5	%		588,137		462,483			1,050,620
120.	Woodland Hills Mall		OK	Tulsa		94.5	%		706,159		392,065			1,098,224
121.	Century III Mall		PA	West Mifflin (Pittsburgh)		100.0	%		831,439		459,444	(7)		1,290,883
122.	Granite Run Mall		PA	Media (Philadelphia)		50.0	%		500,809		535,174			1,035,983
123.	King of Prussia Mall		PA	King of Prussia (Philadelphia)		12.4	%(6)		1,545,812		1,067,508	(7)		2,613,320
124.	Lehigh Valley Mall		PA	Whitehall		37.6	%(6)		564,353		604,815	(7)		1,169,168
125.	Montgomery Mall		PA	North Wales (Philadelphia)		60.0	%(6)		734,855		413,877			1,148,732
126.	Oxford Valley Mall		PA	Langhorne		65.0	%(6)		762,558		556,426	(7)		1,318,984
127.	Ross Park Mall		PA	Pittsburgh		100.0	%		563,477		443,023			1,006,500
128.	South Hills Village		PA	Pittsburgh		100.0	%		655,987		483,886			1,139,873
129.	Springfield Mall(2)		PA	Springfield (Philadelphia)		38.0	%(6)		367,176		221,720			588,896
130.	Plaza Carolina		PR	Carolina (San Juan)		100.0	%		504,796		592,039	(7)		1,096,835
131.	Anderson Mall		SC	Anderson		100.0	%		353,994		190,863			544,857
132.	Haywood Mall		SC	Greenville		100.0	%		902,400		328,561			1,230,961
133.	Empire Mall(2)		SD	Sioux Falls		50.0	%		497,341		548,030			1,045,371
134.	Rushmore Mall(2)		SD	Rapid City		50.0	%		470,660		361,643			832,303
135.	Knoxville Center		TN	Knoxville		100.0	%		597,028		384,605			981,633
136.	Oak Court Mall		TN	Memphis		100.0	%		532,817		317,662	(7)		850,479
137.	West Town Mall		TN	Knoxville		50.0	%		868,295		461,593			1,329,888
138.	Wolfchase Galleria		TN	Memphis		94.5	%		761,648		505,738			1,267,386
139.	Barton Creek Square		TX	Austin		100.0	%		922,266		506,559			1,428,825
140.	Broadway Square		TX	Tyler		100.0	%		427,730		200,188			627,918
141.	Cielo Vista Mall		TX	El Paso		100.0	%		793,716		449,601			1,243,317
142.	Domain, The		TX	Austin		100.0	%		220,000		411,090	(7)		631,090
143.	Firewheel Town Center		TX	Garland (Dallas)		100.0	%		295,532		686,096	(7)		981,628
144.	Galleria, The		TX	Houston		31.5	%		1,233,802		1,115,874			2,349,676
145.	Highland Mall(2)		TX	Austin		50.0	%		732,000		359,118			1,091,118
146.	Ingram Park Mall		TX	San Antonio		100.0	%		750,888		374,882			1,125,770
147.	Irving Mall		TX	Irving (Dallas)		100.0	%		637,415		405,119			1,042,534
148.	La Plaza Mall		TX	McAllen		100.0	%		776,397		426,303			1,202,700

25

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area
	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
149.	Lakeline Mall		TX	Cedar Park (Austin)		100.0	%		745,179		352,626			1,097,805
150.	Longview Mall		TX	Longview		100.0	%		440,917		209,283			650,200
151.	Midland Park Mall		TX	Midland		100.0	%		339,113		280,145			619,258
152.	North East Mall		TX	Hurst (Dallas)		100.0	%		1,191,930		452,287			1,644,217
153.	Rolling Oaks Mall		TX	San Antonio		100.0	%		596,308		292,318			888,626
154.	Sunland Park Mall		TX	El Paso		100.0	%		575,837		342,034			917,871
155.	Valle Vista Mall		TX	Harlingen		100.0	%		389,781		262,850			652,631
156.	Apple Blossom Mall		VA	Winchester		49.1	%		229,011		211,093			440,104
157.	Charlottesville Fashion Square		VA	Charlottesville		100.0	%		381,153		190,816			571,969
158.	Chesapeake Square		VA	Chesapeake (Virginia Beach)		75.0	%(4)		534,760		272,844			807,604
159.	Fashion Centre at Pentagon City, The		VA	Arlington (Washington, DC)		42.5	%		472,729		517,516	(7)		990,245
160.	Valley Mall		VA	Harrisonburg		50.0	%		315,078		190,348			505,426
161.	Virginia Center Commons		VA	Glen Allen		100.0	%		506,639		280,719			787,358
162.	Columbia Center		WA	Kennewick		100.0	%		408,052		365,238			773,290
163.	Northgate Mall		WA	Seattle		100.0	%		612,073		437,415			1,049,488
164.	Tacoma Mall		WA	Tacoma (Seattle)		100.0	%		797,895		405,637			1,203,532
165.	Bay Park Square		WI	Green Bay		100.0	%		425,773		274,221			699,994
166.	Forest Mall		WI	Fond Du Lac		100.0	%		327,260		172,914			500,174
	Total Regional Mall GLA								97,585,723		65,751,235			163,336,958

26

FOOTNOTES:

(1)

Does not include the regional malls in the Mills portfolio.

(2)

This property is managed by a third party.

(3)

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.

(4)

The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(5)

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

(6)

The Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(7)

Mall & Freestanding GLA includes office space as follows:
Arsenal Mall—107,188 sq. ft.
Century III Mall—35,929 sq. ft.
Circle Centre Mall—9,123 sq. ft.
Copley Place—867,490 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.
Fashion Mall at Keystone, The—10,927 sq. ft.
Firewheel Town Center—74,999 sq. ft.
Greendale Mall—119,860 sq. ft.
King of Prussia Mall—11,576 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.
Lenox Square—2,674 sq. ft.
Menlo Park Mall—52,378 sq. ft.
Oak Court Mall—127,411 sq. ft.
Oxford Valley Mall—111,163 sq. ft.
Plaza Carolina—28,444 sq. ft.
River Oaks Center—116,835 sq. ft.
Rolling Oaks Mall—6,383 sq. ft.
Roosevelt Field—1,610 sq. ft.
South Hills Village—4,361 sq. ft.
Stanford Shopping Center—5,748 sq. ft.
The Domain—92,955 sq. ft.
The Westchester—820 sq. ft.

27

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of June 30, 2008

	As of or for the Six Months Ended June 30,
	2008			2007
Total Number of U.S. Premium Outlet Centers		39			36
Total U.S. Premium Outlet Centers GLA (in millions of square feet)		15.8			14.1
Occupancy(1)		98.3	%		99.4	%
Comparable sales per square foot(1)	$	519		$	492
Average base rent per square foot(1)	$	26.66		$	25.11
Average Base Rent Per Square Foot(1)	Total Center			% Change
6/30/08	$	26.66			6.2	%
6/30/07		25.11
12/31/07		25.67			5.9	%
12/31/06		24.23			4.6	%
12/31/05		23.16			6.0	%
12/31/04		21.85			7.3	%
12/31/03		20.36			n/a

Leasing Activity During the Period(1):

	Average Base Rent(2)
	Lease Signings		Store Closings/ Lease Expirations		Amount of Change (Referred to as "Leasing Spread")
2008 YTD	$	39.95	$	26.62	$	13.33	50.1	%
2007		31.43		23.64		7.79	33.0	%
2006		29.95		22.87		7.08	31.0	%
2005		26.48		21.91		4.57	20.9	%
2004		22.78		20.02		2.76	13.8	%
2003		25.41		22.62		2.79	12.3	%

(1)

For all owned gross leasable area.

(2)

Represents the average base rent for tenants who signed leases as compared to the average base rent in effect for tenants whose leases terminated or expired in the same space.

28

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)
As of June 30, 2008

Year	Number of Leases Expiring		Square Feet		Avg. Base Rent per Square Foot at 6/30/08
2008 (7/1-12/31)		155		531,294	$	22.56
2009		369		1,444,026	$	22.88
2010		502		2,180,143	$	25.03
2011		475		2,056,631	$	24.72
2012		477		1,991,725	$	27.28
2013		428		2,034,175	$	27.37
2014		266		956,110	$	31.55
2015		226		798,527	$	32.18
2016		235		765,136	$	36.05
2017		283		910,581	$	37.19
2018 and Thereafter		465		1,771,246	$	44.42

(1)

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

29

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of June 30, 2008

(Sorted by percentage of total Simon Group base minimum rent)

Tenant	Number of Stores		Square Feet (000's)		Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Phillips—Van Heusen Corporation		187		885		0.4	%		0.7	%
The Gap, Inc.		88		843		0.3	%		0.6	%
Adidas Promotional Retail Operations, Inc.		65		544		0.2	%		0.4	%
Nike Retail Services, Inc.		77		632		0.3	%		0.4	%
Jones Retail Corporation		150		463		0.2	%		0.4	%
The William Carter Company, Inc.		69		333		0.1	%		0.3	%
Tommy Hilfiger Retail Operations, Inc.		46		304		0.1	%		0.3	%
Brown Group Retail, Inc.		69		298		0.1	%		0.2	%
Coach, Inc.		35		163		0.1	%		0.2	%
LCI Holdings, Inc.		57		389		0.2	%		0.2	%

30

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Property Listing

	Property Name	State		City (CBSA)	Legal Ownership			Total Gross Leasable Area
1.	Camarillo Premium Outlets		CA	Camarillo		100.0	%		454,091
2.	Carlsbad Premium Outlets		CA	Carlsbad (San Diego)		100.0	%		287,931
3.	Desert Hills Premium Outlets		CA	Cabazon (Riverside)		100.0	%		498,838
4.	Folsom Premium Outlets		CA	Folsom (Sacramento)		100.0	%		298,848
5.	Gilroy Premium Outlets		CA	Gilroy (San Jose)		100.0	%		577,287
6.	Las Americas Premium Outlets		CA	San Diego		100.0	%		525,298
7.	Napa Premium Outlets		CA	Napa		100.0	%		179,348
8.	Petaluma Village Premium Outlets		CA	Petaluma		100.0	%		195,982
9.	Vacaville Premium Outlets		CA	Vacaville		100.0	%		442,041
10.	Clinton Crossing Premium Outlets		CT	Clinton		100.0	%		276,163
11.	Orlando Premium Outlets		FL	Orlando		100.0	%		435,695
12.	St. Augustine Premium Outlets		FL	St. Augustine (Jacksonsville)		100.0	%		328,489
13.	North Georgia Premium Outlets		GA	Dawsonville (Atlanta)		100.0	%		539,757
14.	Waikele Premium Outlets		HI	Waipahu (Honolulu)		100.0	%		209,846
15.	Chicago Premium Outlets		IL	Aurora (Chicago)		100.0	%		437,800
16.	Edinburgh Premium Outlets		IN	Edinburgh		100.0	%		377,772
17.	Lighthouse Place Premium Outlets		IN	Michigan City		100.0	%		454,314
18.	Wrentham Village Premium Outlets		MA	Wrentham (Boston)		100.0	%		615,713
19.	Kittery Premium Outlets		ME	Kittery		100.0	%		264,425
20.	Albertville Premium Outlets		MN	Albertville (Minneapolis)		100.0	%		429,534
21.	Osage Beach Premium Outlets		MO	Osage Beach		100.0	%		391,309
22.	Carolina Premium Outlets		NC	Smithfield		100.0	%		439,445
23.	Liberty Village Premium Outlets		NJ	Flemington (New York)		100.0	%		172,410
24.	Jackson Premium Outlets		NJ	Jackson (New York)		100.0	%		285,779
25.	Las Vegas Outlet Center		NV	Las Vegas		100.0	%		475,678
26.	Las Vegas Premium Outlets		NV	Las Vegas		100.0	%		538,660
27.	Waterloo Premium Outlets		NY	Waterloo		100.0	%		417,577
28.	Woodbury Common Premium Outlets		NY	Central Valley		100.0	%		844,246
29.	Aurora Farms Premium Outlets		OH	Aurora		100.0	%		300,218
30.	Columbia Gorge Premium Outlets		OR	Troutdale (Portland)		100.0	%		163,815
31.	Philadelphia Premium Outlets		PA	Limerick (Philadelphia)		100.0	%		549,070
32.	The Crossings Premium Outlets		PA	Tannersville		100.0	%		411,791
33.	Allen Premium Outlets		TX	Allen (Dallas)		100.0	%		441,492
34.	Houston Premium Outlets		TX	Cypress (Houston)		100.0	%		425,504
35.	Rio Grande Valley Premium Outlets		TX	Mercedes		100.0	%		546,708
36.	Round Rock Premium Outlets		TX	Round Rock (Austin)		100.0	%		431,621
37.	Leesburg Corner Premium Outlets		VA	Leesburg (Washington D.C.)		100.0	%		463,288
38.	Seattle Premium Outlets		WA	Tulalip (Seattle)		100.0	%		402,668
39.	Johnson Creek Premium Outlets		WI	Johnson Creek		100.0	%		277,585
	Total U.S. Premium Outlet Centers GLA								15,808,036

31

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Operational Information(1)
As of June 30, 2008

		As of or for the Six Months Ended June 30,
		2008			2007
Total Number of Community/Lifestyle Centers			69			68
Total Community/Lifestyle Center GLA (in millions of square feet)			19.9			19.2
Occupancy(2)
	Consolidated Assets		92.0	%		91.2	%
	Unconsolidated Assets		95.4	%		96.7	%
	Total Portfolio		93.2	%		92.9	%
Average rent per square foot(2)
	Consolidated Assets	$	13.09		$	12.18
	Unconsolidated Assets	$	11.89		$	11.74
	Total Portfolio	$	12.68		$	12.03

Average Base Rent Per Square Foot(2)	Total Center		% Change
6/30/08	$	12.68		5.4	%
6/30/07		12.03
12/31/07		12.43		5.2	%
12/31/06		11.82		3.6	%
12/31/05		11.41		4.6	%
12/31/04		10.91		3.0	%
12/31/03		10.59		4.6	%

Leasing Activity During the Period(2):

	Average Base Rent(3)
	Lease Signings		Store Closings/ Lease Expirations		Amount of Change (Referred to as "Leasing Spread")
2008 (YTD)	$	12.10	$	13.18	$	(1.08	)	(8.2	)%
2007		18.43		14.56		3.87		26.6	%
2006		12.47		10.49		1.98		18.9	%
2005		15.89		11.44		4.45		38.9	%
2004		12.01		11.16		0.85		7.6	%
2003		12.38		10.48		1.90		18.1	%

(1)

Does not include information for the community centers in the Mills portfolio.

(2)

For all owned gross leasable area.

(3)

Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.

32

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)(2)
As of June 30, 2008

Year	Number of Leases Expiring		Square Feet		Avg. Base Rent per Square Foot at 6/30/08
Mall Stores & Freestanding
Month to Month Leases		37		127,850	$	13.05
2008 (7/1-12/31)		81		151,183	$	15.81
2009		168		482,017	$	16.78
2010		233		728,401	$	18.59
2011		232		747,446	$	18.78
2012		149		524,746	$	18.37
2013		140		514,572	$	17.98
2014		32		172,104	$	19.98
2015		56		258,335	$	22.20
2016		43		181,065	$	20.92
2017		41		176,898	$	24.82
2018		63		315,519	$	19.28
2019 and Thereafter		38		191,643	$	21.11
Specialty Leasing Agreements w/ terms in excess of 12 months		7		43,989	$	3.77
Anchor Tenants
Month to Month Leases		1		24,933	$	7.00
2008 (7/1-12/31)		4		141,520	$	4.92
2009		16		520,540	$	7.89
2010		30		917,335	$	11.46
2011		18		740,285	$	6.63
2012		19		673,867	$	8.42
2013		23		672,322	$	9.50
2014		20		783,381	$	8.42
2015		19		645,930	$	10.94
2016		22		705,706	$	10.54
2017		22		864,405	$	9.62
2018		19		729,319	$	11.23
2019 and Thereafter		22		1,027,339	$	11.26
Specialty Leasing Agreements w/ terms in excess of 12 months		4		126,019	$	1.50

(1)

Does not include information for the community centers in the Mills portfolio.

(2)

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

33

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants(1)
As of June 30, 2008

(Sorted by percentage of total Simon Group square footage)(2)

Tenant	Number of Stores		Square Feet (000's)		Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Target Corporation		13		1,706		0.7	%		0.0	%
Wal-Mart Stores, Inc.		8		923		0.4	%		0.0	%
Kohl's Department Stores, Inc.		10		913		0.4	%		0.1	%
Best Buy Company, Inc.		20		866		0.4	%		0.2	%
Retail Ventures, Inc.		16		712		0.3	%		0.1	%
TJX Companies, Inc.		21		665		0.3	%		0.2	%
Bed Bath & Beyond, Inc.		14		423		0.2	%		0.1	%
Dick's Sporting Goods, Inc.		8		389		0.2	%		0.1	%
Burlington Coat Factory		6		374		0.2	%		0.1	%
Office Max, Inc.		12		312		0.1	%		0.1	%

(1)

Does not include information for the community centers in the Mills portfolio.

(2)

Includes space leased and owned by the anchor.

34

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Property Listing(1)

	Property Name	State		City (CBSA)	Legal Ownership			Total Gross Leasable Area
1.	Plaza at Buckland Hills, The		CT	Manchester		35.0	%(3)		334,393
2.	Gaitway Plaza		FL	Ocala		23.3	%(3)		208,872
3.	Highland Lakes Center		FL	Orlando		100.0	%		493,276
4.	Indian River Commons		FL	Vero Beach		50.0	%		255,882
5.	Pier Park		FL	Panama City Beach		100.0	%		741,765
6.	Royal Eagle Plaza		FL	Coral Springs (Miami)		35.0	%(3)		199,045
7.	Terrace at the Florida Mall		FL	Orlando		100.0	%		346,693
8.	Waterford Lakes Town Center		FL	Orlando		100.0	%		951,473
9.	West Town Corners		FL	Altamonte Springs (Orlando)		23.3	%(3)		385,259
10.	Westland Park Plaza		FL	Orange Park (Jacksonville)		23.3	%(3)		163,154
11.	Mall of Georgia Crossing		GA	Buford (Atlanta)		100.0	%		440,612
12.	Bloomingdale Court		IL	Bloomingdale (Chicago)		100.0	%		630,359
13.	Countryside Plaza		IL	Countryside (Chicago)		100.0	%		403,756
14.	Crystal Court		IL	Crystal Lake (Chicago)		35.0	%(3)		278,970
15.	Forest Plaza		IL	Rockford		100.0	%		362,698
16.	Lake Plaza		IL	Waukegan (Chicago)		100.0	%		215,462
17.	Lake View Plaza		IL	Orland Park (Chicago)		100.0	%		368,007
18.	Lincoln Crossing		IL	O'Fallon (St. Louis)		100.0	%		243,266
19.	Matteson Plaza		IL	Matteson (Chicago)		100.0	%		270,955
20.	North Ridge Plaza		IL	Joliet (Chicago)		100.0	%		305,070
21.	White Oaks Plaza		IL	Springfield		100.0	%		391,501
22.	Willow Knolls Court		IL	Peoria		35.0	%(3)		382,377
23.	Brightwood Plaza		IN	Indianapolis		100.0	%		38,493
24.	Clay Terrace		IN	Carmel (Indianapolis)		50.0	%		504,931
25.	Eastland Convenience Center		IN	Evansville		50.0	%		175,639
26.	Greenwood Plus		IN	Greenwood (Indianapolis)		100.0	%		155,319
27.	Hamilton Town Center		IN	Noblesville (Indianapolis)		50.0	%		509,694
28.	Keystone Shoppes		IN	Indianapolis		100.0	%		29,140
29.	Markland Plaza		IN	Kokomo		100.0	%		90,527
30.	Muncie Plaza		IN	Muncie		100.0	%		298,821
31.	New Castle Plaza		IN	New Castle		100.0	%		91,648
32.	Northwood Plaza		IN	Fort Wayne		100.0	%		208,245
33.	Teal Plaza		IN	Lafayette		100.0	%		101,087
34.	Tippecanoe Plaza		IN	Lafayette		100.0	%		90,522
35.	University Center		IN	Mishawaka		100.0	%		150,524
36.	Village Park Plaza		IN	Carmel (Indianapolis)		35.0	%(3)		549,576
37.	Washington Plaza		IN	Indianapolis		100.0	%		50,107
38.	West Ridge Plaza		KS	Topeka		100.0	%		253,620
39.	Park Plaza		KY	Hopkinsville		100.0	%		114,924
40.	St. Charles Towne Plaza		MD	Waldorf (Washington, D.C.)		100.0	%		394,873
41.	Regency Plaza		MO	St. Charles (St. Louis)		100.0	%		287,473
42.	Ridgewood Court		MS	Jackson		35.0	%(3)		240,671
43.	Dare Centre		NC	Kill Devil Hills		100.0	%		168,838
44.	MacGregor Village		NC	Cary		100.0	%		144,997
45.	North Ridge Shopping Center		NC	Raleigh		100.0	%		166,619
46.	Rockaway Convenience Center		NJ	Rockaway (New York)		100.0	%		149,570
47.	Rockaway Plaza		NJ	Rockaway (New York)		100.0	%		458,828

35

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Property Listing(1)

	Property Name	State		City (CBSA)	Legal Ownership			Total Gross Leasable Area
48.	Cobblestone Court		NY	Victor		35.0	%(3)		265,461
49.	Great Lakes Plaza		OH	Mentor (Cleveland)		100.0	%		164,104
50.	Lima Center		OH	Lima		100.0	%		236,878
51.	Eastland Plaza		OK	Tulsa		100.0	%		190,261
52.	DeKalb Plaza		PA	King of Prussia (Philadelphia)		50.3	%(4)		101,742
53.	Henderson Square		PA	King of Prussia (Philadelphia)		76.0	%(4)		107,383
54.	Lincoln Plaza		PA	King of Prussia (Philadelphia)		65.0	%(4)		267,231
55.	Whitehall Mall		PA	Whitehall		38.0	%(4)		588,143
56.	Charles Towne Square		SC	Charleston		100.0	%		71,794
57.	Empire East(2)		SD	Sioux Falls		50.0	%		297,278
58.	Knoxville Commons		TN	Knoxville		100.0	%		180,463
59.	Arboretum at Great Hills		TX	Austin		100.0	%		206,827
60.	Gateway Shopping Centers		TX	Austin		95.0	%		512,595
61.	Ingram Plaza		TX	San Antonio		100.0	%		111,518
62.	Lakeline Plaza		TX	Cedar Park (Austin)		100.0	%		387,445
63.	Palms Crossing		TX	McAllen		100.0	%		321,652
64.	Shops at Arbor Walk, The		TX	Austin		100.0	%		442,584
65.	Shops at North East Mall, The		TX	Hurst (Dallas)		100.0	%		364,636
66.	Wolf Ranch Town Center		TX	Georgetown (Austin)		100.0	%		613,982
67.	Chesapeake Center		VA	Chesapeake (Virginia Beach)		100.0	%		305,935
68.	Fairfax Court		VA	Fairfax (Washington, D.C.)		41.3	%(3)		249,658
69.	Martinsville Plaza		VA	Martinsville		100.0	%		102,105
	Total Community/Lifestyle Center GLA								19,887,206

FOOTNOTES:

(1)

Does not include the community centers in Mills portfolio.

(2)

This property is managed by a third party.

(3)

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

(4)

The Operating Partnership's indirect ownership interest is through an approximate 76% ownership interest in Kravco Simon Investments.

36

SIMON PROPERTY GROUP
U.S. Mills Portfolio Operational Information
As of June 30, 2008

	As of or for the Six Months Ended June 30, 2008
The Mills®
Total Number of The Mills®		17
Total GLA (in millions of square feet)		24.2
Occupancy(1)		94.4	%
Comparable sales per square foot(2)	$	380
Average base rent per square foot(1)	$	19.43
Mills Regional Malls(3)
Total Number of Regional Malls		16
Total GLA (in millions of square feet)		17.6
Occupancy(4)		87.1	%
Comparable sales per square foot(2)	$	449
Average rent per square foot(4)	$	37.23
Mills Community Centers
Total Number of Community Centers		4
Total GLA (in millions of square feet)		1.0
Occupancy(1)		96.1	%
Average rent per square foot(1)	$	11.23

(1)

For all owned gross leasable area.

(2)

Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than 10,000 square feet.

(3)

Does not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which The Company held a 50% interest prior to the Mills acquisition.

(4)

Includes mall stores.

37

SIMON PROPERTY GROUP
U.S. Mills Portfolio Property Listing

	Property Name	State		City (CBSA)	Legal Ownership			Total Gross Leasable Area
	The Mills®
1.	Arizona Mills		AZ	Tempe (Phoenix)		25.0	%		1,252,395
2.	Arundel Mills		MD	Hanover (Baltimore)		29.6	%(2)		1,290,858
3.	Cincinnati Mills		OH	Cincinnati		50.0	%		1,442,171
4.	Colorado Mills		CO	Lakewood (Denver)		18.8	%(2)		1,103,471
5.	Concord Mills		NC	Concord (Charlotte)		29.6	%(2)		1,348,935
6.	Discover Mills		GA	Lawrenceville (Atlanta)		25.0	%(2)		1,183,556
7.	Franklin Mills		PA	Philadelphia		50.0	%		1,749,515
8.	Grapevine Mills		TX	Grapevine (Dallas)		29.6	%(2)		1,775,711
9.	Great Mall of the Bay Area		CA	Milpitas (San Jose)		24.5	%(2)		1,378,564
10.	Gurnee Mills		IL	Gurnee (Chicago)		50.0	%		1,818,537
11.	Katy Mills		TX	Katy (Houston)		31.3	%(2)		1,587,388
12.	Ontario Mills		CA	Ontario (Riverside)		25.0	%		1,482,430
13.	Opry Mills		TN	Nashville		24.5	%(2)		1,155,561
14.	Potomac Mills		VA	Prince William (Washington, D.C.)		50.0	%		1,514,970
15.	Sawgrass Mills		FL	Sunrise (Miami)		50.0	%		2,252,293
16.	St. Louis Mills		MO	Hazelwood (St. Louis)		25.0	%(2)		1,191,231
17.	The Block at Orange		CA	Orange (Los Angeles)		25.0	%(2)		717,105
	Subtotal The Mills®								24,244,691
	Regional Malls(1)
18.	Briarwood Mall		MI	Ann Arbor		25.0	%		975,776
19.	Del Amo Fashion Center		CA	Torrance (Los Angeles)		25.0	%(2)		2,394,805	(3)
20.	Dover Mall		DE	Dover		34.1	%		886,999
21.	Esplanade, The		LA	Kenner (New Orleans)		50.0	%		899,534
22.	Falls, The		FL	Miami		25.0	%		807,878
23.	Galleria at White Plains, The		NY	White Plains (New York)		50.0	%		878,153
24.	Hilltop Mall		CA	Richmond (San Francisco)		25.0	%		1,073,715
25.	Lakeforest Mall		MD	Gaithersburg (Washington, D.C.)		25.0	%		1,045,507
26.	Mall at Tuttle Crossing, The		OH	Dublin (Columbus)		25.0	%		1,124,886
27.	Marley Station		MD	Glen Burnie (Baltimore)		25.0	%		1,069,678
28.	Meadowood Mall		NV	Reno		25.0	%		884,523
29.	Northpark Mall		MS	Ridgeland		50.0	%		958,335
30.	Shops at Riverside, The		NJ	Hackensack (New York)		50.0	%		743,702
31.	Southdale Center		MN	Edina (Minneapolis)		50.0	%		1,341,384	(3)
32.	Southridge Mall		WI	Greendale (Milwaukee)		50.0	%		1,226,761
33.	Stoneridge Mall		CA	Pleasanton (San Francisco)		25.0	%		1,301,382
	Subtotal Regional Malls								17,613,018
	Community Centers
34.	Denver West Village		CO	Lakewood (Denver)		18.8	%		310,096
35.	Arundel Mills Marketplace		MD	Hanover (Baltimore)		29.6	%(2)		101,613
36.	Concord Mills Marketplace		NC	Concord (Charlotte)		50.0	%		230,683
37.	Liberty Plaza		PA	Philadelphia		50.0	%		371,446
	Subtotal Community Centers								1,013,838
	Total Mills Properties								42,871,547

(1)

Does not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which we already held a 50% interest prior to the Mills acquisition.

(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)

Includes office space as follows:

Del Amo Fashion Center—113,000 sq. ft.
Southdale Center—20,295 sq. ft.

38

SIMON PROPERTY GROUP
International Operational Information(1)
As of June 30, 2008

	As of or for the Six Months Ended June 30,
	2008			2007
European Shopping Centers
Total Number of Shopping Centers		51			53
Total GLA (in millions of square feet)		13.3			12.2
Occupancy		98.4	%		97.1	%
Comparable sales per square foot	€	427		€	399
Average rent per square foot	€	29.81		€	26.65
International Premium Outlets—Japan
Total Number of Premium Outlets		6			5
Total GLA (in millions of square feet)		1.8			1.4
Occupancy		100	%		100	%
Comparable sales per square foot	¥	93,847		¥	91,101
Average base rent per square foot	¥	4,644		¥	4,654

(1)

Does not include Premium Outlets Punta Norte in Mexico, Yeoju Premium Outlets in South Korea and Changshu In City Plaza in Changshu, China.

39

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)
	Property Name	City (Metropolitan area)	SPG Effective Ownership(5)			Hypermarket/ Anchor(4)		Mall & Freestanding		Total
	FRANCE
1.	Bay 2	Torcy (Paris)		50.0	%		159,900		416,900		576,800
2.	Bay 1	Torcy (Paris)		50.0	%		—		348,900		348,900
3.	Bel'Est	Bagnolet (Paris)		17.5	%		109,800		63,300		173,100
4.	Villabé A6	Villabé (Paris)		7.5	%		124,900		159,400		284,300
5.	Wasquehal	Wasquehal (Lille)		50.0	%		131,300		123,400		254,700
	Subtotal France						525,900		1,111,900		1,637,800
	ITALY
	Ancona:
6.	Ancona	Ancona		49.0	%(3)		82,900		82,300		165,200
7.	Senigallia	Senigallia (Ancona)		49.0	%		41,200		41,600		82,800
	Ascoli Piceno:
8.	Grottammare	Grottammare (Ascoli Piceno)		49.0	%		38,900		55,900		94,800
9.	Porto Sant'Elpidio	Porto Sant'Elpidio (Ascoli Piceno)		49.0	%		48,000		114,300		162,300
	Bari:
10.	Casamassima	Casamassima (Bari)		49.0	%		159,000		388,800		547,800
11.	Modugno	Modugno (Bari)		49.0	%		96,900		46,600		143,500
	Bergamo:
12.	Bergamo	Bergamo		49.0	%(3)		103,000		16,900		119,900
	Brescia:
13.	Concesio	Concesio (Brescia)		49.0	%(3)		89,900		27,600		117,500
14.	Mazzano	Mazzano (Brescia)		49.0	%(2)		103,300		127,400		230,700
	Brindisi:
15.	Mesagne	Mesagne (Brindisi)		49.0	%		88,000		140,600		228,600
	Cagliari:
16.	Marconi	Marconi (Cagliari)		49.0	%(3)		83,500		109,900		193,400
17.	Santa Gilla	Santa Gilla (Cagliari)		49.0	%(2)		75,900		114,800		190,700
	Catania:
18.	La Rena	La Rena (Catania)		49.0	%		124,100		22,100		146,200
19.	Misterbianco	Misterbianco (Catania)		49.0	%(3)		83,300		16,000		99,300
	Lecco:
20.	Merate	Merate (Lecco)		49.0	%(3)		73,500		88,500		162,000
	Milan (Milano):
21.	Cesano Boscone	Cescano Boscone (Milano)		49.0	%(3)		163,800		120,100		283,900
22.	Cinisello	Cinisello (Milano)		49.0	%		125,000		250,600		375,600
23.	Nerviano	Nerviano (Milano)		49.0	%(3)		83,800		27,800		111,600
24.	Rescaldina	Rescaldina (Milano)		49.0	%		165,100		212,000		377,100
25.	Vimodrone	Vimodrone (Milano)		49.0	%		110,400		80,200		190,600
	Naples (Napoli):
26.	Giugliano	Giugliano (Napoli)		49.0	%(6)		130,000		624,500		754,500
27.	Mugnano di Napoli	Mugnano (Napoli)		49.0	%(3)		98,000		94,900		192,900
28.	Pompei	Pompei (Napoli)		49.0	%		74,300		17,100		91,400
29.	Vulcano Buono	Nola (Napoli)		22.1	%		142,900		733,100		876,000
	Olbia:
30.	Olbia	Olbia		49.0	%(3)		74,600		133,000		207,600

40

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)
	Property Name	City (Metropolitan area)	SPG Effective Ownership(5)			Hypermarket/ Anchor(4)		Mall & Freestanding		Total
	Padova:
31.	Padova	Padova		49.0	%		73,300		32,500		105,800
	Palermo:
32.	Palermo	Palermo		49.0	%		73,100		9,800		82,900
	Pesaro:
33.	Fano	Fano (Pesaro)		49.0	%		56,300		56,000		112,300
	Pescara:
34.	Cepagatti	Cepagatti (Pescara)		49.0	%		80,200		189,600		269,800
35.	Pescara	Pescara		49.0	%		96,300		65,200		161,500
	Piacenza:
36.	San Rocco al Porto	San Rocco al Porto (Piacenza)		49.0	%		104,500		74,700		179,200
	Rome (Roma):
37.	Casalbertone	Roma		49.0	%(3)		62,700		84,900		147,600
38.	Collatina	Collatina (Roma)		49.0	%		59,500		4,100		63,600
39.	Porta Di Roma	Roma		19.6	%		624,800		630,600		1,255,400
	Sassari:
40.	Centro Azuni	Sassari		49.0	%(3)		—		35,600		35,600
41.	Predda Niedda	Predda Niedda (Sassari)		49.0	%(2)		79,500		154,200		233,700
	Taranto:
42.	Taranto	Taranto		49.0	%		75,200		126,500		201,700
	Turin (Torino):
43.	Cuneo	Cuneo (Torino)		49.0	%		80,700		201,500		282,200
44.	Rivoli	Rivoli (Torino)		49.0	%(3)		61,800		32,300		94,100
45.	Torino	Torino		49.0	%		105,100		66,700		171,800
46.	Venaria	Venaria (Torino)		49.0	%		101,600		64,000		165,600
	Venice (Venezia):
47.	Venezia—Mestre	Mestre (Venezia)		49.0	%		114,100		132,600		246,700
	Verona:
48.	Bussolengo	Bussolengo (Verona)		49.0	%(3)		89,300		75,300		164,600
	Vicenza:
49.	Vicenza	Vicenza		49.0	%		78,400		20,100		98,500
	Subtotal Italy						4,475,700		5,742,800		10,218,500
	POLAND
50.	Arkadia Shopping Center	Warsaw		50.0	%		202,200		900,800		1,103,000
51.	Wilenska Station Shopping Center	Warsaw		50.0	%		92,700		215,900		308,600
	Subtotal Poland						294,900		1,116,700		1,411,600
	JAPAN
52.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0	%		—		477,700		477,700
53.	Kobe-Sanda Premium Outlets	Hyougo-ken (Osaka)		40.0	%		—		193,500		193,500
54.	Rinku Premium Outlets	Izumisano (Osaka)		40.0	%		—		320,600		320,600
55.	Sano Premium Outlets	Sano (Tokyo)		40.0	%		—		316,500		316,500
56.	Toki Premium Outlets	Toki (Nagoya)		40.0	%		—		230,300		230,300
57.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0	%		—		241,700		241,700
	Subtotal Japan						—		1,780,300		1,780,300

41

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)
	Property Name	City (Metropolitan area)	SPG Effective Ownership(5)			Hypermarket/ Anchor(4)		Mall & Freestanding		Total
	MEXICO
58.	Premium Outlets Punta Norte	Mexico City		50.0	%		—		231,900		231,900
	Subtotal Mexico						—		231,900		231,900
	SOUTH KOREA
59.	Yeoju Premium Outlets	Seoul		50.0	%		—		249,900		249,900
	Subtotal South Korea						—		249,900		249,900
	CHINA
60.	Changshu IN CITY Plaza	Changshu		32.5	%		180,800		285,500		466,300
	Subtotal China						180,800		285,500		466,300
	TOTAL INTERNATIONAL ASSETS						5,477,300		10,519,000		15,996,300

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)

We own our interest in the assets in France and Poland through our shareholdings in Simon Ivanhoe S.a.r.l. Our interest in the Italian assets is owned through Gallerie Commerciali Italia S.p.A., while our interest in the assets in Japan is owned through Chelsea Japan Co., Ltd. We own our interest in Mexico through Fideicomiso Trust No. F/315-5 and our interest in South Korea through Shinsegae Chelsea Co., Ltd. We own our interest in the shopping center in Changshu, Jiangsu Province, China, through our shareholdings in Great Mall Investments Limited.

(6)

On April 4, 2007, Gallerie Commerciali Italia acquired the remaining 60% interest in the shopping gallery at this center, which consists of 177,600 sf of leasable area. We own a 19.6% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.

42

SIMON PROPERTY GROUP
Capital Expenditures
For the Six Months Ended June 30, 2008
(In thousands)

				Unconsolidated Entities
		Consolidated Properties		Total		Simon Group's Share
New development projects		$	158,992	$	224,539	$	98,247
Redevelopment projects with incremental GLA and/or anchor replacement		$	146,284	$	133,517	$	55,753
Renovations with no incremental GLA		$	46,325	$	—	$	—
Tenant allowances:
	Retail	$	35,231	$	37,474	$	12,763
	Office	$	3,594	$	—		—
Operational capital expenditures at properties:
	CAM expenditures(1)	$	9,837	$	5,361	$	2,007
	Non-CAM expenditures	$	4,769	$	19,096	$	7,903
Totals		$	405,032	$	419,987	$	176,673
Plus (Less): Conversion from accrual to cash basis		$	56,531	$	7,744
Capital Expenditures for the Six Months Ended 6/30/08(2)		$	461,563	$	427,731
Capital Expenditures for the Six Months Ended 6/30/07(2)(3)		$	412,615	$	149,268

(1)

Expenditures included in the pool of expenses allocated to tenants as common area maintenance or CAM.

(2)

Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties as this is not required by the SEC or GAAP; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

(3)

2007 capital expenditures do not include expenditures from international properties.

43

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2008

															Construction-in-Progress
																	Unconsolidated Entities
		The Company's Ownership Percentage								The Company's Share of Net Cost
Property/Location	Project Description				Projected Opening	Projected Gross Cost(3) (in millions)		Projected Net Cost (in millions)				Stabilized Rate of Return			Consolidated Properties		Total		The Company's Share
New Development Projects
Cincinnati Premium Outlets Monroe, OH	400,000 square foot upscale outlet center		100	%	Summer 2009	$	98	$	92	$	92		11	%	$	17.6		—		—
Jersey Shore Premium Outlets Tinton Falls, NJ	435,000 square foot upscale outlet center		100	%	11/08	$	157	$	157	$	157		12	%	$	101.8		—		—
Significant Redevelopment and Expansion Projects with Incremental GLA
Domain, The (Phase II) Austin, TX	600,000 square foot expansion of upscale main street center		100	%	11/09	$	164	$	141	$	141		7	%	$	36.3		—		—
Northshore Mall Peabody (Boston), MA	Addition of Nordstrom and small shops, The Cheesecake Factory, P.F. Chang's, and mall renovation		49	%	10/07 (Cheesecake) 11/08 (P.F. Chang's) 11/08 (shops/renov) 4/09 (Nordstrom)	$	125	$	125	$	61		7	%		—	$	80.3	$	39.4
Orlando Premium Outlets Orlando, FL	114,000 square foot expansion of upscale outlet center, including the addition of a four-level parking garage		100	%	11/08	$	69	$	69	$	69		16	%	$	46.6		—		—
The Promenade at Camarillo Premium Outlets Camarillo, CA	220,000 square foot expansion of upscale outlet center anchored by Neiman Marcus Last Call and Saks Fifth Avenue Off 5th		100	%	6/09	$	81	$	77	$	77		13	%	$	26.0		—		—
Ross Park Mall Pittsburgh, PA	Addition of Nordstrom and small shops		100	%	10/08	$	32	$	25	$	25		8	%	$	22.4		—		—
Tacoma Mall Tacoma (Seattle), WA	Relocation of Nordstrom and two-phase lifestyle addition with small shops and restaurants		100	%	10/08 (Nordstrom and Phase I) 2009 (Phase II)	$	77	$	73	$	73		8	%	$	40.6		—		—
University Park Mall Mishawaka (South Bend), IN	Demolition of former Marshall Field's and replacement with lifestyle addition including Barnes & Noble, Ulta, Granite City Food & Brewery, Bar Louie and small shops		100	%	8/08 2009 (Barnes)	$	45	$	45	$	45		8	%	$	26.0		—		—

44

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2008

															Construction-in-Progress
																	Unconsolidated Entities
		The Company's Ownership Percentage								The Company's Share of Net Cost
Property/Location	Project Description				Projected Opening	Projected Gross Cost(3) (in millions)		Projected Net Cost (in millions)				Stabilized Rate of Return			Consolidated Properties		Total		The Company's Share
Other Redevelopment and Expansion Projects with Incremental GLA
Livingston Mall Livingston, NJ	Addition of Barnes & Noble, expansion of Modell's and food court addition		100	%	10/07 (food court) 9/08 (Barnes) 10/08 (Modell's)
Richardson Square Richardson, TX	Redevelopment of existing mall into community center with Lowe's Home Improvement and relocation of Ross Dress for Less		100	%	7/08
Rio Grande Valley Premium Outlets Mercedes, TX	32,000 sf expansion of upscale outlet center including Saks Fifth Avenue Off 5th		100	%	11/08
Treasure Coast Square Jensen Beach, FL	Addition of lifestyle component		100	%	8/08
	Subtotal Other Redevelopment and Expansion Projects with Incremental GLA					$	56	$	49	$	49		7	%	$	30.9		—		—
Renovations
Cordova Mall Pensacola, FL	Mall renovation and redevelopment of food court and former cinema into new food court and small shops		100	%	9/08 (Redev) 10/08 (Renov)
The Forum Shops at Caesars Las Vegas, NV	Mall renovation		100	%	8/08
Irving Mall Irving (Dallas-Ft. Worth), TX	Mall renovation		100	%	11/08
Livingston Mall Livingston (New York), NJ	Mall renovation		100	%	9/08
Montgomery Mall North Wales (Philadelphia), PA	Mall renovation		60	%	11/08
Paddock Mall Ocala, FL	Mall renovation		100	%	11/08
Rockaway Townsquare Rockaway (New York), NY	Mall renovation		100	%	9/08
Valle Vista Mall Harlingen, TX	Mall renovation		100	%	10/08
Westminster Mall Westminster (Los Angeles), CA	Mall renovation		100	%	11/08
	Subtotal Renovations					$	122	$	122	$	117				$	37.0	$	3.1	$	2.2

45

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2008

															Construction-in-Progress
																	Unconsolidated Entities
		The Company's Ownership Percentage								The Company's Share of Net Cost
Property/Location	Project Description				Projected Opening	Projected Gross Cost(3) (in millions)		Projected Net Cost (in millions)				Stabilized Rate of Return			Consolidated Properties		Total		The Company's Share
Anchor/Big Box/Theater Activity
Anderson Mall Anderson, SC	Addition of Dillard's and expansion of Belk		100	%	11/08
Coddingtown Mall Santa Rosa, CA	Addition of Whole Foods		50	%	6/09
Fashion Mall at Keystone, The Indianapolis, IN	Addition of Nordstrom		100	%	9/08
Laguna Hills Mall Laguna Hills (Los Angeles), CA	Addition of Nordstrom Rack		100	%	9/08
Plaza Carolina Carolina (San Juan), PR	Addition of Best Buy and relocation of Tiendas Capri		100	%	7/09
Ross Park Mall Pittsburgh, PA	Addition of L.L. Bean		100	%	11/08
	Subtotal Anchor/Big Box/Theater Activity					$	60	$	59	$	54		9	%	$	26.4	$	1.6	$	0.8
Asset Intensification
Coconut Point Estero, FL	Addition of 108-room Hyatt Place Hotel		50	%	12/08
Ingram Park Mall San Antonio, TX	Addition of self-storage facility		50	%	7/08
	Subtotal Asset Intensification					$	26	$	26	$	10		11	%		—	$	7.8	$	3.9
Miscellaneous															$	45.2	$	14.8	$	6.7
Total Construction in Progress(4)															$	456.8	$	107.6	$	53.0
Land Held for Development															$	26.3	$	29.4	$	18.2

(1)

Does not include the Mills portfolio in which we acquired an interest on March 29, 2007.

(2)

Cost and return are based upon current budget assumptions. Actual results may vary.

(3)

Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.

(4)

Does not include our international properties.

46

SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of June 30, 2008

Shopping center/ Location (Metropolitan area)	Project Description	Anchors/Major Tenants	The Company's Ownership Percentage of Project			Opening	Projected Net Cost* (in millions)
New Development Projects:
Europe:
Argine—Napoli, Italy	300,000 square foot center anchored by a hypermarket with approximately 75 shops	Auchan		24.0	%	March 2009	€	64
Catania—Sicily, Italy	642,000 square foot center anchored by a hypermarket and approximately 120 shops	Auchan		24.0	%	June 2010	€	157
Asia:
Hangzhou, China	310,000 square foot center anchored by a hypermarket with approximately 85 shops	Wal-Mart, Forever 21, Sephora, Vero Moda, C&A		32.5	%	Q3 2009	CNY	495
Hefei, China	430,000 square foot center anchored by a hypermarket and theater with approximately 90 shops	Wal-Mart, Stellar Film Cinemas, Forever 21, Sephora, Vero Moda, Sport 100		32.5	%	Q4 2009	CNY	530
Sendai-Izumi Premium Outlets— Sendai, Japan	172,000 square foot upscale outlet center			40.0	%	October 2008	JPY	5,350
Suzhou, China	750,000 square foot center anchored by a hypermarket and theater with approximately 200 shops	Wal-Mart, Best Buy, Golden Harvest Cinemas, Forever 21, C&A, Sephora, Starbucks, Vero Moda, Sport 100, H&M		32.5	%	Q3 2009	CNY	988
Zhengzhou, China	478,000 square foot center anchored by a hypermarket and theater with approximately 90 shops	Wal-Mart, China Film Cinemas, Forever 21, Sephora, Vero Moda, Sport 100		32.5	%	Q2 2009	CNY	570
Expansion Projects:
Sano Premium Outlets—Sano, Japan	73,000 square foot phase IV expansion of upscale outlet center	Escada, Etro, Gucci, Katharine Hamnett, Salvatore Ferragamo, Seiko, Segio Rossi, Under Armour, Yves Saint Laurent		40.0	%	July 2008	JPY	4,470

*

Cost is based upon current budget assumptions. Actual results may vary.

47

SIMON PROPERTY GROUP
Total Debt Amortization and Maturities by Year (Our Share)
As of June 30, 2008
(In thousands)

Year	Our Share of Secured Consolidated Debt		Our Share of Unsecured Consolidated Debt		Our Share of Unconsolidated Joint Venture Debt		Our Share of Total Debt
2008		207,932		150,000		343,506		701,438
2009		743,054		900,000		438,134		2,081,188
2010		1,173,911		1,100,000		681,089		2,955,000
2011		522,334		2,267,655		815,149		3,605,138
2012		1,387,060		1,450,000		1,070,501		3,907,561
2013		441,079		1,125,000		396,580		1,962,659
2014		406,645		700,000		792,923		1,899,568
2015		4,032		1,200,000		554,434		1,758,466
2016		214,671		1,300,000		579,180		2,093,851
2017		573,283		500,000		846,760		1,920,043
2018		1,948		1,000,000		—		1,001,948
Thereafter		20,096		—		10,437		30,533
Face Amounts of Indebtedness	$	5,696,045	$	11,692,655	$	6,528,693	$	23,917,393
Premiums (Discounts) on Indebtedness, Net		18,702		4,380		13,251		36,333
Fair Value of Interest Rate Swaps Agreements		—		—		—		0
Our Share of Total Indebtedness	$	5,714,747	$	11,697,035	$	6,541,944	$	23,953,726

Debt Covenant Compliance Ratios

Senior Unsecured Notes Covenant (1)	Required		Actual	Compliance
Total Debt to Total Assets		£65%	48%		Yes
Total Secured Debt to Total Assets		£50%	24%		Yes
Fixed Charge Coverage Ratio		>1.5X	2.6X		Yes
Total Unencumbered Assets to Unsecured Debt		³125%	238%		Yes

(1)

Covenants for indentures dated June 7, 2005 and later. Covenants and other provisions of prior supplemental indentures apply to all unsecured debt for as long as any securities issued under prior supplemental indentures remain outstanding or until the covenants in the prior supplemental indentures have been amended. For a complete listing of all debt covenants related to our senior unsecured notes, as well as definitions of the above terms, please refer to Simon Property Group, L.P. filings with the Securities and Exchange Commission.

48

SIMON PROPERTY GROUP
Summary of Indebtedness
As of June 30, 2008
(In thousands)

				Total Indebtedness			Our Share of Indebtedness			Weighted Average Interest Rate			Weighted Average Years to Maturity
Consolidated Indebtedness
	Mortgage Debt
		Fixed Rate		$	4,562,786		$	4,285,024			6.19	%		4.2
		Floating Rate Debt (Swapped to Fixed)			300,000			300,000			3.02	%		0.6
		Floating Rate Debt (Hedged)(1)			92,850			92,850			3.36	%		0.9
		Floating Rate Debt			1,021,710			1,018,171			3.40	%		3.5
	Total Mortgage Debt				5,977,346			5,696,045			5.51	%		4.0
	Unsecured Debt
		Fixed Rate			10,875,000			10,875,000			5.69	%		5.1
		Revolving Credit Facility—US Tranche			245,000			245,000			2.84	%		2.5
		Revolving Credit Facility—Yen Currency			229,031			229,031			1.09	%		2.5
		Revolving Credit Facility—Euro Currency			343,624			343,624			4.81	%		2.5
			Total Revolving Credit Facility		817,655			817,655			3.18	%		2.5
	Total Unsecured Debt				11,692,655			11,692,655			5.52	%		4.9
	Premium				48,041			47,350
	Discount				(24,268	)		(24,268	)
Consolidated Mortgages and Other Indebtedness(2)				$	17,693,774		$	17,411,782			5.52	%		4.6
Joint Venture Indebtedness
	Mortgage Debt
		Fixed Rate		$	13,549,951		$	5,258,855			5.80	%		5.4
		Floating Rate Debt (Swapped to Fixed)			200,000			100,000			2.65	%		1.7
		Floating Rate Debt (Hedged)(1)			735,706			318,692			3.85	%		2.7
		Floating Rate Debt			1,678,865			737,898			4.28	%		4.1
	Total Mortgage Debt				16,164,522			6,415,445			5.46	%		5.1
	Unsecured Fixed Rate Debt				100,000			50,000			7.38	%		2.7
	Unsecured Floating Rate Debt				129,078			63,248			5.24	%		0.5
	Total Unsecured Debt				229,078			113,248			6.18	%		1.5
	Premium				32,683			15,713
	Discount				(4,938	)		(2,462	)
Joint Venture Mortgages and Other Indebtedness				$	16,421,345		$	6,541,944			5.47	%		5.0
Our Share of Total Indebtedness							$	23,953,726			5.50	%		4.7
	Summary of our share of Fixed and Variable Rate Debt
		Consolidated
			Fixed		88.9	%		15,483,106			5.80	%		4.9
			Variable		11.1	%		1,928,676			3.27	%		3.0
					100.0	%		17,411,782			5.52	%		4.6
		Joint Venture
			Fixed		82.9	%		5,422,106			5.81	%		5.4
			Variable		17.1	%		1,119,838			4.00	%		3.6
					100.0	%	$	6,541,944			5.47	%		5.0
Total Debt								23,953,726
			Total Fixed Debt		87.3	%		20,905,212			5.83	%		5.0
			Total Variable Debt		12.7	%		3,048,514			3.58	%		3.2

(1)

These debt obligations are hedged by interest rate cap agreements.

(2)

Amounts give effect to outstanding derivative instruments as footnoted on the Summary of Indebtedness by Maturity.

49

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

Property Name			Maturity Date		Interest Rate(1)			Interest Rate Type		Secured or Unsecured		Total Indebtedness		Our Share of Indebtedness
Consolidated Indebtedness:
	Gilroy Premium Outlets	(9)		07/11/08		6.99	%		Fixed		Secured		61,522		61,522
	Kittery Premium Outlets	(9)		07/11/08		6.99	%		Fixed		Secured		10,185		10,185
	Lighthouse Place Premium Outlets	(9)		07/11/08		6.99	%		Fixed		Secured		42,451		42,451
	Waterloo Premium Outlets	(9)		07/11/08		6.99	%		Fixed		Secured		34,191		34,191
	Simon Property Group, LP (Sr. Notes)			08/28/08		5.38	%		Fixed		Unsecured		150,000		150,000
	Arsenal Mall—1			10/10/08		6.75	%		Fixed		Secured		30,535		30,535
	College Mall—1	(3)		01/01/09		7.00	%		Fixed		Secured		30,069		30,069
	College Mall—2	(3)		01/01/09		6.76	%		Fixed		Secured		10,378		10,378
	Greenwood Park Mall—1	(3)		01/01/09		7.00	%		Fixed		Secured		25,184		25,184
	Greenwood Park Mall—2	(3)		01/01/09		6.76	%		Fixed		Secured		53,615		53,615
	Towne East Square—1			01/01/09		7.00	%		Fixed		Secured		41,803		41,803
	Towne East Square—2			01/01/09		6.81	%		Fixed		Secured		21,644		21,644
	Woodland Hills Mall			01/01/09		7.00	%		Fixed		Secured		79,391		74,999
	Simon Property Group, LP (Sr. Notes)			01/30/09		3.75	%		Fixed		Unsecured		300,000		300,000
	Simon Property Group, LP (Sr. Notes)			02/09/09		7.13	%		Fixed		Unsecured		300,000		300,000
	Penn Square Mall			03/01/09		7.03	%		Fixed		Secured		66,465		62,807
	CPG Partners, LP (Sr. Notes)			03/15/09		3.50	%		Fixed		Unsecured		100,000		100,000
	Plaza Carolina—Fixed			05/09/09		5.10	%		Fixed		Secured		91,206		91,206
	Plaza Carolina—Variable Capped	(2)		05/09/09		3.36	%		Variable		Secured		92,850		92,850
	Plaza Carolina—Variable Floating	(2)		05/09/09		3.36	%		Variable		Secured		55,710		55,710
	Simon Property Group, LP (Sr. Notes)			07/15/09		7.00	%		Fixed		Unsecured		150,000		150,000
	CPG Partners, LP (Sr. Notes)			08/17/09		8.63	%		Fixed		Unsecured		50,000		50,000
	Bloomingdale Court	(8)		11/01/09		7.78	%		Fixed		Secured		26,841		26,841
	Forest Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		14,722		14,722
	Lake View Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		19,569		19,569
	Lakeline Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		21,455		21,455
	Lincoln Crossing	(8)		11/01/09		7.78	%		Fixed		Secured		2,963		2,963
	Matteson Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		8,617		8,617
	Muncie Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		7,451		7,451
	Regency Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		4,040		4,040
	St. Charles Towne Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		25,852		25,852
	West Ridge Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		5,207		5,207
	White Oaks Plaza	(8)		11/01/09		7.78	%		Fixed		Secured		15,888		15,888
	Simon Property Group, LP (Sr. Notes)			03/18/10		4.88	%		Fixed		Unsecured		300,000		300,000
	Simon Property Group, LP (Sr. Notes)			06/15/10		4.60	%		Fixed		Unsecured		400,000		400,000
	Mall of Georgia			07/01/10		7.09	%		Fixed		Secured		186,960		186,960
	University Park Mall	(2)		07/09/10		3.31	%		Variable		Secured		100,000		100,000
	SB Trolley Square Holding			08/01/10		9.03	%		Fixed		Secured		27,955		27,955
	Copley Place	(2)		08/01/10		3.11	%		Variable		Secured		191,000		187,461

50

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

Property Name			Maturity Date		Interest Rate(1)			Interest Rate Type		Secured or Unsecured			Total Indebtedness		Our Share of Indebtedness
	Simon Property Group, LP (Sr. Notes)			08/15/10		4.88	%		Fixed		Unsecured			400,000		400,000
	Coral Square			10/01/10		8.00	%		Fixed		Secured			83,825		81,495
	Crystal River			11/11/10		7.63	%		Fixed		Secured			15,028		15,028
	Forum Shops at Caesars, The			12/01/10		4.78	%		Fixed		Secured			529,116		529,116
	Port Charlotte Town Center			12/11/10		7.98	%		Fixed		Secured			51,263		41,010
	Oxford Valley Mall			01/10/11		6.76	%		Fixed		Secured			76,150		49,490
	Revolving Credit Facility—USD	(2)		01/11/11		2.84	%		Variable		Unsecured			245,000		245,000
	Revolving Credit Facility—Yen Currency	(2)		01/11/11		1.09	%		Variable		Unsecured	(14)		229,031		229,031
	Revolving Credit Facility—Euro Currency	(2)		01/11/11		4.81	%		Variable		Unsecured	(15)		343,624		343,624
	Simon Property Group, LP (Sr. Notes)			01/20/11		7.75	%		Fixed		Unsecured			200,000		200,000
	CPG Partners, LP (Sr. Notes)			02/01/11		8.25	%		Fixed		Unsecured			150,000		150,000
	Simon Property Group, LP (Sr. Notes)			06/01/11		5.38	%		Fixed		Unsecured			500,000		500,000
	Henderson Square			07/01/11		6.94	%		Fixed		Secured			14,733		11,193
	Ingram Park Mall	(7)		08/11/11		6.99	%		Fixed		Secured			77,787		77,787
	Knoxville Center	(7)		08/11/11		6.99	%		Fixed		Secured			58,905		58,905
	Northlake Mall	(7)		08/11/11		6.99	%		Fixed		Secured			67,953		67,953
	Towne West Square	(7)		08/11/11		6.99	%		Fixed		Secured			50,917		50,917
	Simon Property Group, LP (Sr. Notes)			09/01/11		5.60	%		Fixed		Unsecured			600,000		600,000
	Gateway Shopping Center			10/01/11		5.89	%		Fixed		Secured			87,000		84,213
	Tacoma Mall			10/01/11		7.00	%		Fixed		Secured			123,760		123,760
	Simon Property Group, LP (Sr. Notes)			03/01/12		5.00	%		Fixed		Unsecured			600,000		600,000
	Secured Term Loan	(2)		03/05/12		3.16	%		Variable		Secured			735,000		735,000
	Simon Property Group, LP (Sr. Notes)			05/01/12		5.75	%		Fixed		Unsecured			400,000		400,000
	Gwinnett Place			06/08/12		5.68	%		Fixed		Secured			115,000		86,250
	Town Center at Cobb			06/08/12		5.74	%		Fixed		Secured			280,000		210,000
	CPG Partners, LP (Sr. Notes)			06/15/12		6.88	%		Fixed		Unsecured			100,000		100,000
	Simon Property Group, LP (Sr. Notes)			08/28/12		6.35	%		Fixed		Unsecured			350,000		350,000
	Anderson Mall			10/10/12		6.20	%		Fixed		Secured			27,984		27,984
	Century III Mall	(5)		10/10/12		6.20	%		Fixed		Secured			82,606		82,606
	Crossroads Mall			10/10/12		6.20	%		Fixed		Secured			41,489		41,489
	Forest Mall	(6)		10/10/12		6.20	%		Fixed		Secured			16,614		16,614
	Highland Lakes Center	(5)		10/10/12		6.20	%		Fixed		Secured			15,315		15,315
	Longview Mall	(5)		10/10/12		6.20	%		Fixed		Secured			31,093		31,093
	Markland Mall	(6)		10/10/12		6.20	%		Fixed		Secured			21,998		21,998
	Midland Park Mall	(6)		10/10/12		6.20	%		Fixed		Secured			32,114		32,114
	Palm Beach Mall			10/10/12		6.20	%		Fixed		Secured			51,374		51,374
	Richmond Towne Square	(6)		10/10/12		6.20	%		Fixed		Secured			45,108		45,108
	CPG Partners, LP (Sr. Notes)			01/15/13		6.00	%		Fixed		Unsecured			150,000		150,000
	Factory Stores of America—Boaz	(10)		03/10/13		9.10	%		Fixed		Secured			2,698		2,698
	The Factory Shoppes at Branson Meadows	(10)		03/10/13		9.10	%		Fixed		Secured			9,226		9,226

51

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

Property Name			Maturity Date		Interest Rate(1)			Interest Rate Type		Secured or Unsecured		Total Indebtedness		Our Share of Indebtedness
	MacGregor Village	(10)		03/10/13		9.10	%		Fixed		Secured		6,644		6,644
	Factory Stores of America—Georgetown	(10)		03/10/13		9.10	%		Fixed		Secured		6,394		6,394
	Factory Stores of America—Graceville	(10)		03/10/13		9.10	%		Fixed		Secured		1,900		1,900
	Dare Centre	(10)		03/10/13		9.10	%		Fixed		Secured		1,652		1,652
	Factory Stores of America—Lebanon	(10)		03/10/13		9.10	%		Fixed		Secured		1,597		1,597
	Factory Stores of America—Nebraska City	(10)		03/10/13		9.10	%		Fixed		Secured		1,499		1,499
	North Ridge Shopping Center	(10)		03/10/13		9.10	%		Fixed		Secured		8,115		8,115
	Factory Stores of America—Story City	(10)		03/10/13		9.10	%		Fixed		Secured		1,854		1,854
	Carolina Premium Outlets—Smithfield	(10)		03/10/13		9.10	%		Fixed		Secured		19,837		19,837
	The Crossings Premium Outlets			03/13/13		5.85	%		Fixed		Secured		54,699		54,699
	Simon Property Group, LP (Sr. Notes)			03/15/13		5.45	%		Fixed		Unsecured		200,000		200,000
	Simon Property Group, LP (Sr. Notes)			05/30/13		5.30	%		Fixed		Unsecured		700,000		700,000
	Battlefield Mall			07/01/13		4.60	%		Fixed		Secured		95,383		95,383
	Stanford Shopping Center	(2)		07/11/13		4.61	%		Variable		Secured		240,000		240,000
	Retail Property Trust (Sr. Notes)			09/01/13		7.18	%		Fixed		Unsecured		75,000		75,000
	Simon Property Group, LP (Sr. Notes)			01/30/14		4.90	%		Fixed		Unsecured		200,000		200,000
	Northfield Square			02/11/14		6.05	%		Fixed		Secured		29,410		9,294
	Montgomery Mall			05/11/14		5.17	%		Fixed		Secured		90,249		54,149
	SB Boardman Plaza Holdings			07/01/14		5.94	%		Fixed		Secured		23,353		23,353
	Desoto Square			07/01/14		5.89	%		Fixed		Secured		64,153		64,153
	Upper Valley Mall			07/01/14		5.89	%		Fixed		Secured		47,904		47,904
	Washington Square			07/01/14		5.94	%		Fixed		Secured		30,376		30,376
	West Ridge Mall			07/01/14		5.89	%		Fixed		Secured		68,711		68,711
	Chesapeake Square			08/01/14		5.84	%		Fixed		Secured		71,384		53,538
	Brunswick Square			08/11/14		5.65	%		Fixed		Secured		84,024		84,024
	Simon Property Group, LP (Sr. Notes)			08/15/14		5.63	%		Fixed		Unsecured		500,000		500,000
	DeKalb Plaza			01/01/15		5.28	%		Fixed		Secured		3,131		1,576
	Simon Property Group, LP (Sr. Notes)			06/15/15		5.10	%		Fixed		Unsecured		600,000		600,000
	Simon Property Group, LP (Sr. Notes)			12/01/15		5.75	%		Fixed		Unsecured		600,000		600,000
	Retail Property Trust (Sr. Notes)			03/15/16		7.88	%		Fixed		Unsecured		250,000		250,000
	Simon Property Group, LP (Sr. Notes)			05/01/16		6.10	%		Fixed		Unsecured		400,000		400,000
	Arsenal Mall—2			05/05/16		8.20	%		Fixed		Secured		1,145		1,145
	Las Americas Premium Outlets			06/11/16		5.84	%		Fixed		Secured		180,000		180,000
	White Oaks Mall			11/01/16		5.54	%		Fixed		Secured		50,000		38,730
	Simon Property Group, LP (Sr. Notes)			12/01/16		5.25	%		Fixed		Unsecured		650,000		650,000
	Simon Property Group, LP (Sr. Notes)			03/01/17		5.88	%		Fixed		Unsecured		500,000		500,000
	Wolfchase Galleria			04/01/17		5.64	%		Fixed		Secured		225,000		212,616
	Valle Vista Mall			05/10/17		5.35	%		Fixed		Secured		40,000		40,000
	Summit Mall			06/10/17		5.42	%		Fixed		Secured		65,000		65,000
	Independence Center			07/10/17		5.94	%		Fixed		Secured		200,000		200,000

52

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

Property Name			Maturity Date		Interest Rate(1)			Interest Rate Type		Secured or Unsecured			Total Indebtedness			Our Share of Indebtedness
	Bangor Mall			10/01/17		6.15	%		Fixed		Secured			80,000			53,880
	Simon Property Group, LP (Sr. Notes)			05/30/18		6.13	%		Fixed		Unsecured			800,000			800,000
	Simon Property Group, LP (Sr. Notes)			06/15/18		7.38	%		Fixed		Unsecured			200,000			200,000
	Sunland Park Mall			01/01/26		8.63	%		Fixed		Secured			34,156			34,156
	Total Consolidated Indebtedness at Face Value													17,670,001			17,388,700
	Premium													48,041			47,350
	Discount													(24,268	)		(24,268	)
	Total Consolidated Indebtedness													17,693,774			17,411,782
Joint Venture Indebtedness
	Great Mall of the Bay Area			09/01/08		4.80	%		Fixed		Secured			175,000			41,843
	Grapevine Mills			10/01/08		6.47	%		Fixed		Secured			144,232			28,486
	Mall of New Hampshire—1			10/01/08		6.96	%		Fixed		Secured			93,879			46,130
	Mall of New Hampshire—2			10/01/08		8.53	%		Fixed		Secured			7,838			3,851
	Fashion Valley Mall—1			10/11/08		6.49	%		Fixed		Secured			154,349			77,175
	Fashion Valley Mall—2			10/11/08		6.58	%		Fixed		Secured			29,124			14,562
	Whitehall Mall			11/01/08		6.77	%		Fixed		Secured			12,448			4,729
	Grapevine Mills II			11/05/08		8.39	%		Fixed		Secured			13,539			2,674
	Ontario Mills			12/01/08		6.75	%		Fixed		Secured			126,930			31,733
	Galleria Commerciali Italia—Facility C			12/22/08		5.24	%		Variable		Unsecured	(11)		129,078			63,248
	Ontario Mills II			01/05/09		8.01	%		Fixed		Secured			9,765			2,441
	Source, The			03/11/09		6.65	%		Fixed		Secured			124,000			31,000
	Shops at Sunset Place, The	(2)		05/09/09		3.21	%		Variable		Secured			85,705			32,139
	Seminole Towne Center	(2)		07/09/09		3.11	%		Variable		Secured			70,000			31,500
	Fashion Centre Pentagon Office	(2)		07/09/09		3.21	%		Variable		Secured			40,000			17,000
	Briarwood Mall—2			09/01/09		5.11	%		Fixed		Secured			1,131			283
	Apple Blossom Mall			09/10/09		7.99	%		Fixed		Secured			37,412			18,383
	Auburn Mall			09/10/09		7.99	%		Fixed		Secured			43,799			21,522
	Falls, The			11/01/09		4.34	%		Fixed		Secured			148,200			37,050
	Stoneridge Shopping Center	(16)		11/01/09		4.69	%		Fixed		Secured			293,800			73,450
	Briarwood Mall—1			11/01/09		3.93	%		Fixed		Secured			192,402			48,101
	Meadowood Mall	(2)(16)		11/01/09		5.19	%		Fixed		Secured			182,000			45,500
	Colorado Mills	(16)		11/12/09		6.18	%		Fixed		Secured			170,000			33,057
	Mall at Chestnut Hill			02/01/10		8.45	%		Fixed		Secured			13,856			6,543
	Southdale Center			04/01/10		5.18	%		Fixed		Secured			186,550			93,275

53

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

Property Name			Maturity Date		Interest Rate(1)			Interest Rate Type		Secured or Unsecured			Total Indebtedness		Our Share of Indebtedness
	Cobblestone Court			04/16/10		3.46	%		Variable		Secured			2,693		1,347
	Westchester, The			06/01/10		4.86	%		Fixed		Secured			500,000		200,000
	Lakeforest Mall			07/08/10		4.90	%		Fixed		Secured			141,050		35,263
	Coddingtown Mall			07/14/10		3.61	%		Variable		Secured			15,500		15,500
	Lehigh Valley Mall	(2)		08/09/10		3.02	%		Variable		Secured			150,000		56,415
	Arizona Mills			10/05/10		7.90	%		Fixed		Secured			135,096		33,774
	Net Leases I			10/10/10		7.96	%		Fixed		Secured			26,501		13,250
	Springfield Mall	(2)		12/01/10		3.56	%		Variable		Secured			76,500		29,062
	Florida Mall, The			12/10/10		7.55	%		Fixed		Secured			248,931		124,466
	Galleria Commerciali Italia—Catania			12/17/10		5.69	%		Variable		Secured	(11)		32,298		15,826
	SouthPark Residential	(2)		12/31/10		3.86	%		Variable		Secured			41,141		16,456
	Domain Residential	(2)		03/03/11		3.61	%		Variable		Secured			29,925		14,963
	Atrium at Chestnut Hill			03/11/11		6.89	%		Fixed		Secured			44,981		22,103
	Cape Cod Mall			03/11/11		6.80	%		Fixed		Secured			91,361		44,893
	TMLP Trust Preferred Unsecured Securities			03/30/11		7.38	%		Fixed		Unsecured			100,000		50,000
	Bay 1 (Torcy)			05/31/11		5.65	%		Fixed		Secured	(12)		22,225		11,113
	Firewheel Residential	(2)		06/20/11		4.31	%		Variable		Secured			20,404		10,202
	Bay 2 (Torcy)			06/30/11		5.65	%		Fixed		Secured	(12)		82,919		41,459
	Highland Mall			07/10/11		6.83	%		Fixed		Secured			65,333		32,667
	Villabe A6—Bel'Est			08/31/11		5.95	%		Fixed		Secured	(12)		13,857		6,928
	Wilenska Station Shopping Center			08/31/11		6.35	%		Fixed		Secured	(12)		47,294		23,647
	Hyatt Coconut	(2)		09/09/11		4.09	%		Variable		Secured			2,781		1,391
	Fashion Centre Pentagon Retail			09/11/11		6.63	%		Fixed		Secured			153,312		65,158
	Denver West Village			10/01/11		8.15	%		Fixed		Secured			22,352		4,191
	Toki Premium Outlets			10/31/11		1.47	%		Variable		Secured	(13)		19,713		7,885
	Shops at Riverside, The	(2)		11/14/11		3.26	%		Variable		Secured			138,000		69,000
	Discover Mills—1			12/11/11		7.32	%		Fixed		Secured			23,700		1,684
	Discover Mills—2			12/11/11		6.08	%		Fixed		Secured			135,000		9,592
	Galleria Commerciali Italia—Facility A	(2)		12/22/11		6.00	%		Fixed		Secured	(11)		428,176		209,806
	Galleria Commerciali Italia—Facility B			12/22/11		6.10	%		Fixed		Secured	(11)		376,688		184,577
	St. Louis Mills			01/08/12		6.39	%		Fixed		Secured			90,000		26,829
	Kobe Premium Outlets			01/31/12		1.37	%		Fixed		Secured	(13)		18,855		7,542
	Dover Mall & Commons	(2)(4)		02/01/12		4.41	%		Variable		Secured			83,756		28,515
	Esplanade, The	(2)(4)		02/01/12		4.41	%		Variable		Secured			75,136		37,568
	Galleria at White Plains	(2)(4)		02/01/12		4.41	%		Variable		Secured			125,566		62,783
	Northpark Mall—Mills	(2)(4)		02/01/12		4.41	%		Variable		Secured			105,543		52,772
	Dadeland Mall			02/11/12		6.75	%		Fixed		Secured			185,151		92,576
	Square One			03/11/12		6.73	%		Fixed		Secured			88,101		43,291
	Southridge Mall			04/01/12		5.23	%		Fixed		Secured			124,000		62,000
	Hamilton Town Center			05/29/12		4.06	%		Variable		Secured			75,379		37,690
	Arkadia Shopping Center			05/31/12		5.90	%		Fixed		Secured	(12)		161,619		80,810

54

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

Property Name			Maturity Date		Interest Rate(1)			Interest Rate Type		Secured or Unsecured			Total Indebtedness		Our Share of Indebtedness
	Mills Senior Loan Facility	(2)		06/07/12		3.71	%		Variable		Secured			755,000		377,500
	Marley Station			07/01/12		4.89	%		Fixed		Secured			114,400		28,600
	Hilltop Mall			07/08/12		4.99	%		Fixed		Secured			64,350		16,088
	Crystal Mall			09/11/12		5.62	%		Fixed		Secured			97,350		72,593
	Concord Mills Mall			12/07/12		6.13	%		Fixed		Secured			168,278		33,235
	Katy Mills			01/09/13		6.69	%		Fixed		Secured			147,086		18,386
	Del Amo	(2)		01/23/13		3.96	%		Variable		Secured			335,000		83,750
	Gotemba Premium Outlets—Variable			02/28/13		1.49	%		Variable		Secured	(13)		73,266		29,306
	Emerald Square Mall			03/01/13		5.13	%		Fixed		Secured			133,399		65,549
	Avenues, The			04/01/13		5.29	%		Fixed		Secured			73,522		18,381
	Circle Centre Mall			04/11/13		5.02	%		Fixed		Secured			73,581		10,794
	Solomon Pond			08/01/13		3.97	%		Fixed		Secured			110,364		54,230
	Tosu Premium Outlets			08/24/13		2.21	%		Fixed		Secured	(13)		21,261		8,504
	Miami International Mall			10/01/13		5.35	%		Fixed		Secured			95,344		45,552
	Liberty Tree Mall			10/11/13		5.22	%		Fixed		Secured			35,000		17,198
	Galleria Commerciali Italia—Giugliano A			10/20/13		5.75	%		Variable		Secured	(11)		42,657		20,902
	Galleria Commerciali Italia—Giugliano B			10/20/13		5.75	%		Variable		Secured	(11)		42,133		20,645
	Galleria Commerciali Italia—Giugliano C			10/20/13		6.15	%		Variable		Secured	(11)		18,485		9,058
	Mall at Tuttle Crossing			11/05/13		5.05	%		Fixed		Secured			117,319		29,330
	Arundel Marketplace			01/01/14		5.92	%		Fixed		Secured			11,694		2,310
	Concord Marketplace			02/01/14		5.76	%		Fixed		Secured			13,609		6,805
	Northshore Mall			03/11/14		5.03	%		Fixed		Secured			206,360		101,400
	Sawgrass Mills			07/01/14		5.82	%		Fixed		Secured			820,000		410,000
	Arundel Mills			08/01/14		6.14	%		Fixed		Secured			385,000		114,056
	Block at Orange			10/01/14		6.25	%		Fixed		Secured			220,000		55,000
	Opry Mills			10/10/14		6.16	%		Fixed		Secured			280,000		68,600
	Gotemba Premium Outlets—Fixed			10/25/14		2.00	%		Fixed		Secured	(13)		11,344		4,538
	Indian River Commons			11/01/14		5.21	%		Fixed		Secured			9,645		4,823
	Indian River Mall			11/01/14		5.21	%		Fixed		Secured			65,355		32,678
	Rinku Premium Outlets			11/25/14		2.20	%		Fixed		Secured	(13)		36,238		14,495
	St. Johns Town Center			03/11/15		5.06	%		Fixed		Secured			170,000		85,000
	Galleria Commerciali Italia—Cinisello			03/31/15		5.70	%		Variable		Secured	(11)		157,990		77,415
	St. John's Town Center Phase II	(2)(16)		05/10/15		5.50	%		Fixed		Secured			77,500		38,750
	Gaitway Plaza			07/01/15		4.60	%		Fixed		Secured			13,900		3,243
	Plaza at Buckland Hills, The			07/01/15		4.60	%		Fixed		Secured			24,800		8,680
	Ridgewood Court			07/01/15		4.60	%		Fixed		Secured			14,650		5,128
	Village Park Plaza			07/01/15		4.60	%		Fixed		Secured			29,850		10,448
	West Town Corners			07/01/15		4.60	%		Fixed		Secured			18,800		4,388
	Clay Terrace			10/01/15		5.08	%		Fixed		Secured			115,000		57,500
	Houston Galleria—1			12/01/15		5.44	%		Fixed		Secured			643,583		202,632

55

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

Property Name		Maturity Date		Interest Rate(1)			Interest Rate Type		Secured or Unsecured			Total Indebtedness			Our Share of Indebtedness
	Houston Galleria—2		12/01/15		5.44	%		Fixed		Secured			177,417			55,860
	Smith Haven Mall		03/01/16		5.16	%		Fixed		Secured			180,000			45,000
	Quaker Bridge Mall		04/01/16		7.03	%		Fixed		Secured			20,310			7,716
	Eastland Mall		06/01/16		5.79	%		Fixed		Secured			168,000			84,000
	Empire Mall		06/01/16		5.79	%		Fixed		Secured			176,300			88,150
	Granite Run Mall		06/01/16		5.83	%		Fixed		Secured			119,048			59,524
	Mesa Mall		06/01/16		5.79	%		Fixed		Secured			87,250			43,625
	Rushmore Mall		06/01/16		5.79	%		Fixed		Secured			94,000			47,000
	Southern Hills Mall		06/01/16		5.79	%		Fixed		Secured			101,500			50,750
	Valley Mall		06/01/16		5.83	%		Fixed		Secured			46,350			23,175
	Greendale Mall		10/01/16		6.00	%		Fixed		Secured			45,000			22,112
	Coconut Point		12/10/16		5.83	%		Fixed		Secured			230,000			115,000
	King of Prussia Mall—1		01/01/17		7.49	%		Fixed		Secured			146,384			18,078
	King of Prussia Mall—2		01/01/17		8.53	%		Fixed		Secured			10,231			1,264
	Mall at Rockingham		03/10/17		5.61	%		Fixed		Secured			260,000			63,879
	Changshu SZITIC		04/10/17		8.61	%		Fixed		Secured			36,122			11,740
	Liberty Plaza		06/01/17		5.68	%		Fixed		Secured			43,000			21,500
	Franklin Mills		06/01/17		5.65	%		Fixed		Secured			290,000			145,000
	Hangzhou		06/15/17		8.61	%		Fixed		Secured			36,050			11,716
	Gurnee Mills		07/01/17		5.77	%		Fixed		Secured			321,000			160,500
	Potomac Mills		07/11/17		5.83	%		Fixed		Secured			410,000			205,000
	West Town Mall		12/01/17		6.34	%		Fixed		Secured			210,000			105,000
	Aventura Mall		12/11/17		5.91	%		Fixed		Secured			430,000			143,333
	Zhengzhou		04/28/18		8.61	%		Fixed		Secured			41,818			13,591
	Sano Premium Outlets		05/31/18		1.69	%		Fixed		Secured	(13)		43,960			17,584
	Net Leases II		01/10/23		9.35	%		Fixed		Secured			20,873			10,437
	Total Joint Venture Indebtedness at Face Value												16,393,600			6,528,693
	Premium												32,683			15,713
	Discount												(4,938	)		(2,462	)
	Total Joint Venture Indebtedness												16,421,345			6,541,944	(17)
	Our Share of Total Indebtedness															23,953,726

(Footnotes on following page)

56

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2008
(In thousands)

(Footnotes for preceeding pages)

Footnotes:

(1)

Variable rate debt interest rates are based on the following base rates as of June 30, 2008: LIBOR at 2.46%; EURIBOR at 4.44%; and YEN LIBOR at .72%.

(2)

Includes applicable extensions available at our option.

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

These four properties are secured by cross-collateralized and cross-defaulted mortgages. We completed a refinancing of these properties in July 2008 and the loans now mature 7/10/12. As a result of the refinancing, Gilroy Premium Outlets is unencumbered.

(10)

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

(11)

Amounts shown in USD Equivalent. Euro equivalent is 777.0 million. Associated with Facility A and B and Giugliano are interest rate swap agreements with a total combined 544.8 million euros notional amount that effectively fixes Facility A and B and Giugliano at 5.18%.

(12)

Amounts shown in USD Equivalent. Euro equivalent is 207.6 million. Associated with these loans are interest rate swap agreements with a total combined 199.3 million euros notional amount that effectively fix these loans at a combined 4.75%.

(13)

Amounts shown in USD Equivalent. Yen equivalent is 23,701.7 million.

(14)

Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 24,325.4 million.

(15)

Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 217.5 million.

(16)

Through an interest rate swap agreement, interest is essentially fixed at the all-in rate presented.

(17)

Our share of indebtedness for joint ventures excludes our share of indebtedness of $161.6 million in joint venture entities in which Gallerie Commerciali Italia holds a non-controlling interest.

57

SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2008

Property Name	City	State
Regional Malls:
McCain Mall	N. Little Rock	AR
Brea Mall	Brea	CA
Laguna Hills Mall	Laguna Hills	CA
Santa Rosa Plaza	Santa Rosa	CA
Shops at Mission Viejo, The	Mission Viejo	CA
Westminster Mall	Westminster	CA
Town Center at Aurora	Aurora	CO
Boynton Beach Mall	Boynton Beach	FL
Cordova Mall	Pensacola	FL
Edison Mall	Fort Meyers	FL
Gulf View Square	Port Richey	FL
Lake Square Mall	Leesburg	FL
Melbourne Square	Melbourne	FL
Orange Park Mall	Orange Park	FL
Paddock Mall	Ocala	FL
Town Center at Boca Raton	Boca Raton	FL
Treasure Coast Square	Jensen Beach	FL
Tyrone Square	St. Petersburg	FL
Lenox Square	Atlanta	GA
Phipps Plaza	Atlanta	GA
Lindale Mall	Cedar Rapids	IA
NorthPark Mall	Davenport	IA
SouthRidge Mall	Des Moines	IA
Lincolnwood Town Center	Lincolnwood	IL
Northwoods Shopping Center	Peoria	IL
Orland Square	Orland Park	IL
River Oaks Center	Calumet City	IL
SouthPark Mall	Moline	IL
Castleton Square Mall	Indianapolis	IN
Fashion Mall at Keystone, The	Indianapolis	IN
Muncie Mall	Muncie	IN
Tippecanoe Mall	Lafayette	IN
Prien Lake Mall	Lake Charles	LA

58

SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2008

Property Name	City	State
Regional Malls:
Burlington Mall	Burlington	MA
South Shore Plaza	Braintree	MA
Bowie Town Center	Bowie	MD
St. Charles Towne Center	Waldorf	MD
Maplewood Mall	Minneapolis	MN
Miller Hill Mall	Duluth	MN
SouthPark	Charlotte	NC
Pheasant Lane(1)	Nashua	NH
Livingston Mall	Livingston	NJ
Menlo Park Mall	Edison	NJ
Ocean County Mall	Toms River	NJ
Rockaway Townsquare	Rockaway	NJ
Cottonwood Mall	Albuquerque	NM
Chautauqua Mall	Lakewood	NY
Nanuet Mall	Nanuet	NY
Jefferson Valley Mall	Yorktown Heights	NY
Roosevelt Field	Garden City	NY
Walt Whitman Mall	Huntington Station	NY
Great Lakes Mall	Mentor	OH
Lima Mall	Lima	OH
Southern Park Mall	Boardman	OH
Ross Park Mall	Pittsburgh	PA
South Hills Village	Pittsburgh	PA
Haywood Mall	Greenville	SC
Oak Court Mall	Memphis	TN
Barton Creek Square	Austin	TX
Broadway Square	Tyler	TX
Domain, The	Austin	TX
Cielo Vista	El Paso	TX
Firewheel Town Center	Garland	TX
Irving Mall	Irving	TX
La Plaza Mall	McAllen	TX
Lakeline Mall	Cedar Park	TX
North East Mall	Hurst	TX
Richardson Square Mall	Richardson	TX

59

SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2008

Property Name	City	State
Rolling Oaks Mall	San Antonio	TX
Charlottesville Fashion Square	Charlottesville	VA
Virginia Center Commons	Glen Allen	VA
Columbia Center	Kennewick	WA
Northgate Mall	Seattle	WA
Bay Park Square	Green Bay	WI
Premium Outlet Centers:
Camarillo Premium Outlets	Camarillo	CA
Carlsbad Premium Outlets	Carlsbad	CA
Desert Hills Premium Outlets	Cabazon	CA
Folsom Premium Outlets	Folsom	CA
Napa Premium Outlets	Napa	CA
Petaluma Village Premium Outlets	Petaluma	CA
Vacaville Premium Outlets	Vacaville	CA
Clinton Crossing Premium Outlets	Clinton	CT
Orlando Premium Outlets	Orlando	FL
St. Augustine Premium Outlets	St. Augustine	FL
North Georgia Premium Outlets	Dawsonville	GA
Waikele Premium Outlets	Waipahu	HI
Chicago Premium Outlets	Aurora	IL
Edinburgh Premium Outlets	Edinburgh	IN
Wrentham Village Premium Outlets	Wrentham	MA
Albertville Premium Outlets	Albertville	MN
Osage Beach Premium Outlets	Osage Beach	MO
Jackson Premium Outlets	Jackson	NJ
Liberty Village Premium Outlets	Flemington	NJ
Las Vegas Outlet Center	Las Vegas	NV
Las Vegas Premium Outlets	Las Vegas	NV
Woodbury Common Premium Outlets	Central Valley	NY

60

SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2008

Property Name	City	State
Aurora Farms Premium Outlets	Aurora	OH
Columbia Gorge Premium Outlets	Troutdale	OR
Philadelphia Premium Outlets	Limerick	PA
Allen Premium Outlets	Allen	TX
Houston Premium Outlets	Cypress	TX
Rio Grande Valley Premium Outlets	Mercedes	TX
Round Rock Premium Outlets	Austin	TX
Leesburg Corner Premium Outlets	Leesburg	VA
Seattle Premium Outlets	Seattle	WA
Johnson Creek Premium Outlets	Johnson Creek	WI
The Mills:
Cincinnati Mills	Cincinnati	OH
Community/Lifestyle Centers:
Pier Park	Panama City Beach	FL
Royal Eagle Plaza	Coral Springs	FL
Terrace at Florida Mall	Orlando	FL
Waterford Lakes Town Center	Orlando	FL
Westland Park Plaza	Orange Park	FL
Mall of Georgia Crossing	Atlanta	GA
Countryside Plaza	Countryside	IL
Crystal Court	Crystal Lake	IL
Lake Plaza	Waukegan	IL
North Ridge Plaza	Joliet	IL
Willow Knolls Court	Peoria	IL
Brightwood Plaza	Indianapolis	IN
Eastland Convenience Center	Evansville	IN
Greenwood Plus	Greenwood	IN
Keystone Shoppes	Indianapolis	IN
Markland Plaza	Kokomo	IN
New Castle Plaza	New Castle	IN
Northwood Plaza	Fort Wayne	IN
Teal Plaza	Lafayette	IN
Tippecanoe Plaza	Lafayette	IN
University Center	Mishawaka	IN
Washington Plaza	Indianapolis	IN
Park Plaza	Hopkinsville	KY

61

SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2008

Property Name	City	State
Rockaway Convenience Center	Rockaway	NJ
Rockaway Town Plaza	Rockaway	NJ
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Eastland Plaza	Tulsa	OK
Lincoln Plaza	Langhorne	PA
Charles Towne Square	Charleston	SC
Empire East	Sioux Falls	SD
Knoxville Commons	Knoxville	TN
The Arboretum	Austin	TX
Ingram Plaza	San Antonio	TX
Palms Crossing	McAllen	TX
Shops at North East Mall	Hurst	TX
Wolf Ranch Town Center	Georgetown	TX
Chesapeake Center	Chesapeake	VA
Fairfax Court	Fairfax	VA
Martinsville Plaza	Martinsville	VA
Other:
University Mall	Pensacola	FL
Factory Merchants Branson	Branson	MO
Crossville Outlet Center	Crossville	TN
Raleigh Springs Mall	Memphis	TN
Factory Stores at North Bend	North Bend	WA

(1)

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

62

SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of June 30, 2008
($ in 000's, except per share amounts)

Issuer	Description	Number of Shares/Units		Per Share Liquidation Preference		Aggregate Liquidation Preference		Ticker Symbol
Preferred Stock:
Simon Property Group, Inc.	Series I 6% Convertible Perpetual Preferred(1)		14,009,723	$	50	$	700,486		SPGPrI
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable(2)		796,948	$	50	$	39,847		SPGPrJ
Preferred Units:
Simon Property Group, L.P.	Series C 7% Cumulative Convertible(3)		100,818	$	28	$	2,823		N/A
Simon Property Group, L.P.	Series D 8% Cumulative Redeemable(4)		1,356,814	$	30	$	40,704		N/A
Simon Property Group, L.P.	Series I 6% Convertible Perpetual(5)		1,631,399	$	50	$	81,570		N/A
Simon Property Group, L.P.	7.50% Cumulative Redeemable(6)		255,373	$	100	$	25,537		N/A
Simon Property Group, L.P.	7.75%/8.00% Cumulative Redeemable(7)		850,698	$	100	$	85,070		N/A

(1)

Each share was convertible into 0.795749 of a share of common stock during the period beginning on April 1, 2008 and ending on June 30, 2008. Each share is convertible into 0.798212 of a share of common stock during the period beginning on July 1, 2008 and ending on September 30, 2008. The shares are redeemable on or after October 14, 2009, in whole or in part, for cash only at a liquidation preference of $50 per share, if the closing price per share of common stock exceeds 130% of the applicable conversion price for 20 trading days within a period of 30 consecutive trading days ending on the trading day before notice of redemption is issued. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2008 was $72.58 per share.

(2)

Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2008 was $59.26 per share.

(3)

Each unit is convertible into 0.75676 of a share of common stock. Each unit is redeemable on or after August 27, 2009.

(4)

Each unit is redeemable on or after August 27, 2009.

(5)

Each unit was convertible into 0.795749 of a share of common stock during the period beginning on April 1, 2008 and ending on June 30, 2008. Each unit is convertible into 0.798212 of a share of common stock during the period beginning on July 1, 2008 and ending on September 30, 2008. Each unit may be exchanged for a share of Series I 6% Convertible Perpetual Preferred stock or cash, at our option.

(6)

Each unit is redeemable on or after November 10, 2013 or earlier upon the occurrence of certain tax triggering events.

(7)

Each unit is redeemable on or after January 1, 2011 or earlier upon the occurrence of certain tax triggering events.

63

QuickLinks

Exhibit 99.1

SIMON PROPERTY GROUP Overview
SIMON PROPERTY GROUP Overview
Simon Property Group Ownership Structure(1) June 30, 2008
SIMON PROPERTY GROUP Changes in Company Common Share and Operating Partnership Unit Ownership For the Period from December 31, 2007 through June 30, 2008
SIMON PROPERTY GROUP Selected Financial and Equity Information As of June 30, 2008 Unaudited (In thousands, except as noted)
SIMON PROPERTY GROUP Unaudited Pro-Rata Statement of Operations For The Three Months Ended June 30, 2008
SIMON PROPERTY GROUP Unaudited Pro-Rata Statement of Operations For The Six Months Ended June 30, 2008
SIMON PROPERTY GROUP Unaudited Pro-Rata Balance Sheet As of June 30, 2008
SIMON PROPERTY GROUP Reconciliation of Net Income to NOI As of June 30, 2008 (in thousands, except as noted)
SIMON PROPERTY GROUP NOI Composition(1) For the Six Months Ended June 30, 2008
SIMON PROPERTY GROUP Analysis of Other Income and Other Expense As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP U.S. Portfolio GLA As of June 30, 2008
SIMON PROPERTY GROUP U.S. Regional Mall Operational Information(1) As of June 30, 2008
SIMON PROPERTY GROUP U.S. Regional Mall Lease Expirations(1)(2) As of June 30, 2008
SIMON PROPERTY GROUP U.S. Regional Mall Top Tenants(1) As of June 30, 2008
SIMON PROPERTY GROUP U.S. Regional Mall Anchor/Big Box Openings(1) 2008-2011
SIMON PROPERTY GROUP U.S. Regional Mall Anchor/Big Box Openings(1) 2008-2011
SIMON PROPERTY GROUP U.S. Regional Mall Property Listing(1)
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Operational Information As of June 30, 2008
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Lease Expirations(1) As of June 30, 2008
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Top Tenants As of June 30, 2008
SIMON PROPERTY GROUP U.S. Premium Outlet Centers Property Listing
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Operational Information(1) As of June 30, 2008
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Lease Expirations(1)(2) As of June 30, 2008
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Top Tenants(1) As of June 30, 2008
SIMON PROPERTY GROUP U.S. Community/Lifestyle Centers Property Listing(1)
SIMON PROPERTY GROUP U.S. Mills Portfolio Operational Information As of June 30, 2008
SIMON PROPERTY GROUP U.S. Mills Portfolio Property Listing
SIMON PROPERTY GROUP International Operational Information(1) As of June 30, 2008
SIMON PROPERTY GROUP International Property Listing
SIMON PROPERTY GROUP International Property Listing
SIMON PROPERTY GROUP International Property Listing
SIMON PROPERTY GROUP Capital Expenditures For the Six Months Ended June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Total Debt Amortization and Maturities by Year (Our Share) As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of June 30, 2008 (In thousands)
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2008
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2008
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2008
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2008
SIMON PROPERTY GROUP Unencumbered Assets As of June 30, 2008
SIMON PROPERTY GROUP Preferred Stock/Units Outstanding As of June 30, 2008 ($ in 000's, except per share amounts)

EX-99.2