EX-99.2 3 a2192524zex-99_2.htm EXHIBIT 99.2
QuickLinks -- Click here to rapidly navigate through this document


Exhibit 99.2

         GRAPHIC

CONTACTS:    
Shelly Doran   317.685.7330 Investors
Les Morris   317.263.7711 Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP ANNOUNCES FIRST QUARTER RESULTS

        Indianapolis, Indiana—May 1, 2009...Simon Property Group, Inc. (the "Company" or "Simon") (NYSE:SPG) today announced results for the quarter ended March 31, 2009:

    •
    Funds from operations ("FFO") for the quarter increased 13.5% to $476.8 million from $420.1 million in the first quarter of 2008. On a diluted per share basis the increase was 10.3% to $1.61 from $1.46 in 2008.

    •
    Net income available to common stockholders for the quarter increased 21.5% to $106.8 million from $87.9 million in the first quarter of 2008. On a diluted per share basis the increase was 15.4% to $0.45 from $0.39 in 2008.


U.S. Portfolio Statistics(1)

 
   As of
March 31, 2009 		  As of
March 31, 2008 		 
Occupancy              
Regional Malls(2)     90.8 %   91.7 %
Premium Outlet Centers®(3)     96.9 %   97.9 %

 
 
 
 
 
 
 
 
Comparable Sales per Sq. Ft.              
Regional Malls(4)   $ 455   $ 491  
Premium Outlet Centers(3)   $ 507   $ 511  

 
 
 
 
 
 
 
 
Average Rent per Sq. Ft.              
Regional Malls(2)   $ 40.29   $ 37.73  
Premium Outlet Centers(3)   $ 29.21   $ 26.32  
(1)
Statistics do not include the community/lifestyle center properties or the Mills portfolio of assets.

(2)
For mall stores.

(3)
For all owned gross leasable area (GLA).

(4)
For mall stores less than 10,000 square feet.

        "The first quarter of 2009 was very positive for our Company. We delivered excellent growth in profits, a testament to the stable performance of franchise retail assets within our regional mall, Premium Outlet and Mills platforms," said David Simon, Chairman and Chief Executive Officer. "We

59

also strengthened our balance sheet, one of the strongest in the industry, by raising over $1.6 billion of capital. These continue to be uncertain economic times, but I am very pleased with our performance."


Dividends

        After a thorough review, the Company's Board of Directors has decided that the annual common stock dividend will be reduced to the minimum amount required to distribute 100% of its taxable income. This amount is currently estimated to be approximately $2.70 per share in 2009. On March 18, 2009, the Company paid a dividend of $0.90 per share and expects to pay three quarterly dividends of $0.60 per share for the remainder of 2009.

        Accordingly, the Company announced today that the Board of Directors approved the declaration of a quarterly common stock dividend of $0.60 per share, consisting of a combination of cash and shares of the Company's common stock. The Company intends that the cash component of the dividend will not exceed 20% in the aggregate, or $0.12 per share. The cash component of the dividend was increased by $0.03 per share from the first quarter dividend. The dividend is payable on June 19, 2009 to stockholders of record on May 14, 2009.

        In accordance with the provisions of IRS Revenue Procedure 2008-68, stockholders may elect to receive payment of the dividend all in cash or all in common shares. To the extent that more than 20% of cash is elected, the cash portion will be prorated. Stockholders who elect to receive the dividend in cash will receive a cash payment of at least $0.12 per share. Stockholders who do not make an election will receive this dividend 20% in cash and 80% in common stock.

        The Company expects the dividend to be a taxable dividend to its stockholders, without regard to whether a particular stockholder receives the dividend in the form of cash or shares, and reserves the right to pay the dividend entirely in cash.

        The number of shares issued as a result of the dividend will be calculated based on the volume weighted average trading prices of the Company's common stock on June 10, June 11 and June 12, 2009.

        An information letter and election form will be mailed to stockholders of record promptly after May 14, 2009. The properly completed election form to receive cash or common shares must be received by the Company's transfer agent prior to 5:00 p.m. Eastern Daylight Time on June 9, 2009. Registered stockholders with questions regarding the dividend election may call BNY Mellon Shareowner Services, the Company's transfer agent, at (800) 454-9768. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election please contact such bank, broker or nominee, who will also be responsible for distributing to you the letter and election form and submitting the election form on your behalf.

        Today the Company also declared dividends on its two outstanding public issues of preferred stock:

    •
    6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on May 29, 2009 to stockholders of record on May 15, 2009.

    •
    83/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on June 30, 2009 to stockholders of record on June 16, 2009.


Financing Update

        During the first quarter of 2009, the following transactions were completed:

    •
    On March 25th, the Company and its majority-owned operating partnership subsidiary, Simon Property Group, L.P., announced the completion of the sale of 17,250,000 shares of common stock and the issuance of $650 million aggregate principal amount of 10.35% senior notes due

60

      2019. Total proceeds of $1.2 billion were used to reduce borrowings on the Company's corporate credit facility.

    •
    On March 20th, the Company completed a $97.5 million mortgage financing for Woodland Hills Mall in Tulsa, Oklahoma. The interest rate on the 10-year loan is 7.79%. The previous loan on this property was a $78.6 million, 7% mortgage.

    •
    On March 31st, the Company completed a $100 million mortgage financing for Penn Square Mall in Oklahoma City, Oklahoma. The interest rate on the 7-year loan is 7.75%. The previous loan on this property was a $65.8 million, 7.03% mortgage.

        As of March 31, 2009, the Company had approximately $1.1 billion of cash on hand, including its share of joint venture cash, and approximately $3.0 billion of available capacity on its revolving credit facility.


U.S. New Development and Redevelopment Activity

        On April 23rd, the Company opened The Promenade at Camarillo Premium Outlets® in Camarillo, California. The 220,000 square-foot expansion brings the property to a total of 674,000 square feet of gross leasable area and 160 stores. New stores at The Promenade include Neiman Marcus Last Call, Aldo, Charlotte Russe, Columbia Sportswear Company, Converse, Crocs, DC Shoes, Ecco, Esprit, Etnies:exs, Journeys, Karen Kane, Le Creuset, Loft Outlet, Michael Brandon, New Balance, Papaya, Rack Room Shoes, Robert Wayne Footwear, Tommy Bahama, Vans, and Zumiez.

        The Company continues construction on the following development projects:

    •
    Cincinnati Premium Outlets, a 400,000 square foot upscale manufacturers' outlet center serving the greater Cincinnati and Dayton markets. The center is 100% owned by Simon and is scheduled to open in August of 2009.

    •
    A 600,000 square foot Phase II expansion of The Domain in Austin, Texas. The expansion will include Dillard's, a Village Road Show theater, Dick's Sporting Goods (scheduled to open in October of 2009), 136,000 square feet of small shops and restaurants, and 78,000 square feet of office space. The Company owns 100% of this project, slated for an opening in February of 2010.

    •
    Addition of Nordstrom and 146,000 square feet of small shops at South Shore Plaza in Braintree (Boston), Massachusetts. This expansion is scheduled to open in March of 2010. The center is 100% owned by Simon.


International Activity

        Construction continues on the following international development projects:

    •
    Ami Premium Outlets—an upscale manufacturers' outlet center located approximately 34 miles northeast of central Tokyo. Phase I, comprising 227,000 square feet, is scheduled to open in July of 2009 with approximately 100 stores, including global brands, domestic brands and restaurants. The center is expandable to approximately 360,000 square feet. Simon owns 40% of this project.

    •
    Argine (Naples, Italy)—a 300,000 square foot shopping center scheduled to open in March of 2010. Simon owns a 24% interest in this project.

    •
    Catania (Sicily, Italy)—a 642,000 square foot shopping center scheduled to open in June of 2010. Simon owns a 24% interest in this project.

61

    •
    Three projects in China located in Hangzhou, Suzhou, and Zhengzhou. The centers range in size from 310,000 to 750,000 square feet, will be anchored by Wal-Mart, and are scheduled to open in 2009. Simon owns a 32.5% interest in each of these projects.


2009 Guidance

        The Company adjusted its guidance for 2009 today, estimating that diluted FFO will be within a range of $6.05 to $6.20 per share for the year, and that diluted net income will be within a range of $1.45 to $1.60 per share. The revision is principally the result of the estimated impact of the March 2009 common stock and unsecured debt offerings, which were not contemplated in original guidance provided in January of 2009.

        This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release.

        The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2009

 
   Low End   High End  

Estimated diluted net income available to common stockholders per share

   $ 1.45   $ 1.60  

Depreciation and amortization including our share of joint ventures

     4.69     4.69  

Impact of additional dilutive securities

     (0.09 )   (0.09 )
           

Estimated diluted FFO per share

   $ 6.05   $ 6.20  
           


Conference Call

        The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investor Relations tab), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Daylight Time (New York time) today, May 1, 2009. An online replay will be available for approximately 90 days at www.simon.com, www.earnings.com, and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com shortly after completion of the call.


Supplemental Materials and Financial Statements

        The Company will publish a supplemental information package which will be available at www.simon.com in the Investor Relations section, Financial Information tab. It will also be furnished to the SEC as part of a current report on Form 8-K. If you wish to receive a copy via mail or email, please call 800-461-3439.

        The Company's financial statements have been adjusted to reflect the retrospective adoption of Statement of Financial Accounting Standard No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment to ARB 51 ("FAS 160") which became effective for us on January 1, 2009. The financial statements also reflect certain reclassifications related to the applicability of EITF Topic D-98, Classification and Measurement of Redeemable Securities ("D-98"). The adoption of FAS 160 and the Company's concurrent review of the application of D-98 resulted in the reclassification of noncontrolling interests within the equity section of our consolidated balance sheets, and the classification outside of permanent equity for any redeemable securities not meeting the requirements for permanent equity. The adoption of FAS 160 also resulted in the reclassifications of noncontrolling

62


interests in the consolidated statement of operations. None of these reclassifications had any effect on our net income attributable to common stockholders or per share amounts previously reported.


Forward-Looking Statements

        Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company 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: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's 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, expansion, leasing and management 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. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its periodic reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.


Funds from Operations ("FFO")

        The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States ("GAAP").


About Simon Property Group

        Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 386 properties comprising 262 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.

63

SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)

 
   For the
Three Months Ended
March 31, 		 
 
   2009   2008  

REVENUE:

              

Minimum rent

   $ 571,414   $ 550,682  

Overage rent

     12,500     16,651  

Tenant reimbursements

     258,762     250,248  

Management fees and other revenues

     30,651     33,020  

Other income

     45,165     44,697  
           
 

Total revenue

    918,492     895,298  

EXPENSES:

              

Property operating

     106,147     112,761  

Depreciation and amortization

     256,337     228,043  

Real estate taxes

     88,243     84,520  

Repairs and maintenance

     22,588     29,021  

Advertising and promotion

     18,506     19,373  

Provision for credit losses

     13,015     6,582  

Home and regional office costs

     26,163     39,600  

General and administrative

     4,048     5,302  

Other

     19,229     18,321  
           
 

Total operating expenses

    554,276     543,523  
           

OPERATING INCOME

   
364,216		    
351,775		  

Interest expense

     (226,036 )   (229,917 )

Income tax benefit of taxable REIT subsidiaries

     2,523     23  

Income from unconsolidated entities

     5,545     7,141  
           

CONSOLIDATED NET INCOME

    146,248     129,022  

Net income attributable to noncontrolling interests

     32,951     29,738  

Preferred dividends

     6,529     11,351  
           

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

  $ 106,768   $ 87,933  
           

Basic Earnings Per Common Share:

              
 

Net income attributable to common stockholders

   $ 0.45   $ 0.39  
           
 

Percentage Change

    15.4%        

Diluted Earnings Per Common Share:

              
 

Net income attributable to common stockholders

   $ 0.45   $ 0.39  
           
 

Percentage Change

    15.4%        

64

SIMON
Consolidated Balance Sheets
Unaudited
(In thousands, except as noted)

 
   March 31,
2009 		  December 31,
2008 		 

ASSETS:

              
 

Investment properties, at cost

   $ 25,250,451   $ 25,205,715  
   

Less—accumulated depreciation

     6,374,145     6,184,285  
           

    18,876,306     19,021,430  
 

Cash and cash equivalents

     898,328     773,544  
 

Tenant receivables and accrued revenue, net

     364,095     414,856  
 

Investment in unconsolidated entities, at equity

     1,573,350     1,663,886  
 

Deferred costs and other assets

     1,039,409     1,028,333  
 

Note receivable from related party

     536,000     520,700  
           
     

Total assets

  $ 23,287,488   $ 23,422,749  
           

LIABILITIES:

              
 

Mortgages and other indebtedness

   $ 17,385,047   $ 18,042,532  
 

Accounts payable, accrued expenses, intangibles, and deferred revenues

     981,905     1,086,248  
 

Cash distributions and losses in partnerships and joint ventures, at equity

     406,155     380,730  
 

Other liabilities and accrued dividends

     183,720     155,151  
           
   

Total liabilities

    18,956,827     19,664,661  
           

Commitments and contingencies

              

Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties

     276,441     276,608  

Series I 6% convertible perpetual preferred stock, 19,000,000 shares authorized, 7,593,604 and 7,590,264 issued and outstanding, respectively, at liquidation value

     379,680     379,513  

EQUITY:

              

Stockholders' equity:

              
 

Capital stock (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock 100,000,000 authorized shares of preferred stock):

              
   

Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding, with a liquidation value of $39,847

     45,950     46,032  
   

Common stock, $.0001 par value, 400,004,000 shares authorized, 259,339,963 and 235,691,040 issued and outstanding, respectively

     46     24  
   

Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding

     —     —  
 

Capital in excess of par value

     6,106,116     5,410,147  
 

Accumulated deficit

     (2,602,752 )   (2,491,929 )
 

Accumulated other comprehensive loss

     (218,479 )   (165,066 )
 

Common stock held in treasury at cost, 4,129,890 and 4,379,396 shares, respectively

     (177,615 )   (186,210 )
           
   

Total stockholders' equity

     3,153,266     2,612,998  

Noncontrolling interests

     521,274     488,969  
           
 

Total equity

    3,674,540     3,101,967  
           
 

Total liabilities and equity

  $ 23,287,488   $ 23,422,749  
           

65

SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)

 
   For the Three Months Ended
March 31, 		 
 
   2009   2008  

Revenue:

              
 

Minimum rent

   $ 466,677   $ 470,063  
 

Overage rent

     20,579     18,716  
 

Tenant reimbursements

     237,442     228,745  
 

Other income

     38,244     46,091  
           
   

Total revenue

     762,942     763,615  

Operating Expenses:

              
 

Property operating

     148,940     152,924  
 

Depreciation and amortization

     187,463     171,699  
 

Real estate taxes

     69,389     65,744  
 

Repairs and maintenance

     25,723     30,338  
 

Advertising and promotion

     14,295     14,296  
 

Provision for credit losses

     10,427     5,033  
 

Other

     36,315     37,977  
           
   

Total operating expenses

     492,552     478,011  
           

Operating Income

    270,390     285,604  

Interest expense

    
(219,151
)		  
(248,873
)

(Loss) income from unconsolidated entities

     (768 )   21  
           

Income from Continuing Operations

    50,471     36,752  

Income from discontinued joint venture interests(A)

     —     47  
           

Net Income

  $ 50,471   $ 36,799  
           

Third-Party Investors' Share of Net Income

  $ 31,179   $ 18,651  
           

Our Share of Net Income

    19,292     18,148  

Amortization of Excess Investment

    (13,747 )   (11,007 )
           

Income from Unconsolidated Entities, Net

  $ 5,545   $ 7,141  
           

66

SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)

 
   March 31,
2009 		  December 31,
2008 		 

Assets:

              

Investment properties, at cost

   $ 21,393,130   $ 21,472,490  

Less—accumulated depreciation

     4,001,364     3,892,956  
           

    17,391,766     17,579,534  

Cash and cash equivalents

     671,179     805,411  

Tenant receivables and accrued revenue, net

     381,513     428,322  

Investment in unconsolidated entities, at equity

     227,461     230,497  

Deferred costs and other assets

     571,131     594,578  
           
 

Total assets

   $ 19,243,050   $ 19,638,342  
           

Liabilities and Partners' Equity:

              

Mortgages and other indebtedness

   $ 16,514,708   $ 16,686,701  

Accounts payable, accrued expenses, intangibles and deferred revenue

     970,523     1,070,958  

Other liabilities

     990,809     982,254  
           
 

Total liabilities

     18,476,040     18,739,913  

Preferred units

     67,450     67,450  

Partners' equity

     699,560     830,979  
           
 

Total liabilities and partners' equity

   $ 19,243,050   $ 19,638,342  
           

Our Share of:

              

Total assets

   $ 7,888,005   $ 8,056,873  
           

Partners' equity

   $ 474,933   $ 533,929  

Add: Excess Investment(B)

     692,262     749,227  
           

Our net Investment in Joint Ventures

     1,167,195     1,283,156  
           

Mortgages and other indebtedness

   $ 6,464,913   $ 6,632,419  
           

67

SIMON
Footnotes to Financial Statements
Unaudited

Notes:

(A)
Discontinued joint venture interests represent assets and partnership interests that have been sold.

(B)
Excess investment represents the unamortized difference of the Company's investment over equity in the underlying net assets of the partnerships and joint ventures. The Company generally amortizes excess investment over the life of the related properties, typically no greater than 40 years, and the amortization is included in income from unconsolidated entities.

68

SIMON
Reconciliation of Consolidated Net Income to FFO(1)
Unaudited
(In thousands, except as noted)

 
   For the Three Months Ended
March 31, 		 
 
   2009   2008  

Consolidated Net Income(2)(3)(4)(5)

   $ 146,248   $ 129,022  

Adjustments to Consolidated Net Income to Arrive at FFO:

              
 

Depreciation and amortization from consolidated properties and discontinued operations

     252,913     225,056  
 

Simon's share of depreciation and amortization from unconsolidated entities

     93,378     86,628  
 

Net income attributable to noncontrolling interest holders in properties

     (3,039 )   (2,101 )
 

Depreciation and amortization attributable to noncontrolling interest holders in properties

     (1,962 )   (2,298 )
 

Preferred distributions and dividends

     (10,706 )   (16,255 )
           

FFO of the Operating Partnership

   $ 476,832   $ 420,052  
           

Per Share Reconciliation:

              

Diluted net income attributable to common stockholders per share

   $ 0.45   $ 0.39  

Adjustments to arrive at FFO:

              
 

Depreciation and amortization from consolidated properties and Simon's share of depreciation and amortization from unconsolidated entities, net of noncontrolling interests portion of depreciation and amortization

     1.18     1.10  
 

Impact of additional dilutive securities for FFO per share

     (0.02 )   (0.03 )
           

Diluted FFO per share

   $ 1.61   $ 1.46  
           

 
 
 
 
 
 
 
 

Details for per share calculations:

              

FFO of the Operating Partnership

   $ 476,832   $ 420,052  

Adjustments for dilution calculation:

              

Impact of preferred stock and preferred unit conversions and option exercises(6)

     6,878     12,389  
           

Diluted FFO of the Operating Partnership

     483,710     432,441  

Diluted FFO allocable to unitholders

     (91,561 )   (84,600 )
           

Diluted FFO allocable to common stockholders

   $ 392,149   $ 347,841  
           

Basic weighted average shares outstanding

     235,909     223,455  

Adjustments for dilution calculation:

              
 

Effect of stock options

     220     617  
 

Impact of Series C preferred unit conversion

     71     76  
 

Impact of Series I preferred unit conversion

     1,223     2,246  
 

Impact of Series I preferred stock conversion

     6,119     11,126  
           

Diluted weighted average shares outstanding

     243,542     237,520  

Weighted average limited partnership units outstanding

     56,863     57,769  
           

Diluted weighted average shares and units outstanding

     300,405     295,289  
           

Basic FFO per share

   $ 1.63   $ 1.49  
 

Percent Increase

    9.4 %      

Diluted FFO per share

   $ 1.61   $ 1.46  
 

Percent Increase

    10.3 %      

69

SIMON
Footnotes to Reconciliation of Net Income to FFO
Unaudited

Notes:

(1)
The Company considers FFO a key measure of its operating performance that is not specifically defined by GAAP and believes that FFO 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. The Company also uses this measure internally to measure the operating performance of the portfolio. The Company's computation of FFO may not be comparable to FFO reported by other REITs.

The Company determines FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). The Company determines FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales of previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.

The Company has adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale of previously depreciated operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operation 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, and is not an alternative to cash flows as a measure of liquidity.

(2)
Includes the Company's share of gains on land sales of $0.2 million and $1.2 million for the three months ended March 31, 2009 and 2008, respectively.

(3)
Includes the Company's share of straight-line adjustments to minimum rent of $10.5 million and $8.2 million for the three months ended March 31, 2009 and 2008, respectively.

(4)
Includes the Company's share of the fair market value of leases from acquisitions of $6.9 million and $13.7 million for the three months ended March 31, 2009 and 2008, respectively.

(5)
Includes the Company's share of debt premium amortization of $3.8 million and $4.9 million for the three months ended March 31, 2009 and 2008, respectively.

(6)
Includes dividends and distributions of Series I preferred stock and Series C and Series I preferred units.

70



QuickLinks

Exhibit 99.2
U.S. Portfolio Statistics(1)
Dividends
Financing Update
U.S. New Development and Redevelopment Activity
International Activity
2009 Guidance
Conference Call
Supplemental Materials and Financial Statements
Forward-Looking Statements
Funds from Operations ("FFO")
About Simon Property Group