Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

Schedule III Real Estate and Accumulated Depreciation

Schedule III Real Estate and Accumulated Depreciation

SCHEDULE III

Simon Property Group, Inc. and Subsidiaries
Real Estate and Accumulated Depreciation
December 31, 2013
(Dollars in thousands)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
																				Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Malls
Anderson Mall	Anderson, SC		20,398	$	1,712	$	15,227	$	851	$	20,893	$	2,563	$	36,120	$	38,683	$	18,074	1972
Bangor Mall	Bangor, ME		80,000		5,478		59,740		—		12,068		5,478		71,808		77,286		29,938	2004 (5)
Barton Creek Square	Austin, TX		—		2,903		20,929		7,983		63,969		10,886		84,898		95,784		51,860	1981
Battlefield Mall	Springfield, MO		125,000		3,919		27,231		3,000		64,059		6,919		91,290		98,209		60,631	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		26,331		10,464		51,954		62,418		26,730	1980
Bowie Town Center	Bowie (Washington, D.C.), MD		—		2,710		65,044		235		10,851		2,945		75,895		78,840		31,339	2001
Boynton Beach Mall	Boynton Beach (Miami), FL		—		22,240		78,804		4,666		27,315		26,906		106,119		133,025		53,062	1985
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		—		42,967		39,500		252,169		291,669		104,653	1998 (4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		23,763		11,306		56,194		67,500		29,351	1994 (4)
Brunswick Square	East Brunswick (New York), NJ		76,672		8,436		55,838		—		30,694		8,436		86,532		94,968		44,430	1973
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		19,600		97,860		66,200		401,478		467,678		160,319	1998 (4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		75,407		33,684		173,694		207,378		83,383	1972
Charlottesville Fashion Square	Charlottesville, VA		—		—		54,738		—		17,948		—		72,686		72,686		32,683	1997 (4)
Chautauqua Mall	Lakewood, NY		—		3,116		9,641		—		16,435		3,116		26,076		29,192		14,185	1971
Chesapeake Square	Chesapeake (Virginia Beach), VA		65,242		11,534		70,461		—		19,489		11,534		89,950		101,484		53,113	1989
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		49,967		1,613		65,229		66,842		38,467	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		45,306		1,723		61,551		63,274		33,597	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		26,566		17,441		93,146		110,587		43,792	1987
Copley Place	Boston, MA		—		—		378,045		—		108,659		—		486,704		486,704		167,391	2002 (4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		21,501		13,556		115,131		128,687		68,808	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		61,890		25,947		134,981		160,928		49,889	1998 (4)
Cottonwood Mall	Albuquerque, NM		—		10,122		69,958		—		7,542		10,122		77,500		87,622		42,020	1996
Domain, The	Austin, TX		201,511		40,436		197,010		—		139,129		40,436		336,139		376,575		81,659	2005
Edison Mall	Fort Myers, FL		—		11,529		107,350		—		31,772		11,529		139,122		150,651		61,499	1997 (4)
Empire Mall	Sioux Falls, SD		176,300		35,998		192,186		—		21,862		35,998		214,048		250,046		14,896	1998 (5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		27,027		85,988		27,027		206,567		233,594		79,633	1997 (4)
Firewheel Town Center	Garland (Dallas), TX		—		8,485		82,716		—		28,862		8,485		111,578		120,063		38,740	2004
Forest Mall	Fond Du Lac, WI		—		721		4,491		—		8,682		721		13,173		13,894		9,167	1973
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		220,290		—		496,857		496,857		189,169	1992
Great Lakes Mall	Mentor (Cleveland), OH		—		12,302		100,362		—		30,661		12,302		131,023		143,325		57,785	1961
Greenwood Park Mall	Greenwood (Indianapolis), IN		76,677		2,423		23,445		5,253		116,978		7,676		140,423		148,099		65,212	1979
Gulf View Square	Port Richey (Tampa), FL		—		13,690		39,991		1,688		19,547		15,378		59,538		74,916		30,930	1980
Haywood Mall	Greenville, SC		—		11,585		133,893		6		22,440		11,591		156,333		167,924		83,551	1998 (4)
Independence Center	Independence (Kansas City), MO		200,000		5,042		45,798		—		35,198		5,042		80,996		86,038		41,275	1994 (4)
Ingram Park Mall	San Antonio, TX		139,954		733		17,163		37		24,168		770		41,331		42,101		26,649	1979
Irving Mall	Irving (Dallas), TX		—		6,737		17,479		2,533		43,025		9,270		60,504		69,774		37,218	1971
Jefferson Valley Mall	Yorktown Heights (New York), NY		—		4,868		30,304		—		27,767		4,868		58,071		62,939		36,880	1983
King of Prussia Mall	King of Prussia (Philadelphia), PA		118,082		175,063		1,128,200		—		58,646		175,063		1,186,846		1,361,909		103,212	2003 (5)
Knoxville Center	Knoxville, TN		—		5,006		21,617		3,712		32,451		8,718		54,068		62,786		34,704	1984
La Plaza Mall	McAllen, TX		—		1,375		9,828		6,569		50,650		7,944		60,478		68,422		29,053	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		16,689		10,102		98,257		108,359		48,432	1995

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
																				Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Lenox Square	Atlanta, GA		—		38,058		492,411		—		95,038		38,058		587,449		625,507		240,388	1998 (4)
Lima Mall	Lima, OH		—		7,659		35,338		—		13,812		7,659		49,150		56,809		25,767	1965
Lincolnwood Town Center	Lincolnwood (Chicago), IL		—		7,834		63,480		—		7,682		7,834		71,162		78,996		45,561	1990
Lindale Mall	Cedar Rapids, IA		—		14,106		58,286		—		6,063		14,106		64,349		78,455		6,228	1998 (5)
Livingston Mall	Livingston (New York), NJ		—		22,214		105,250		—		44,517		22,214		149,767		171,981		59,767	1998 (4)
Longview Mall	Longview, TX		—		259		3,567		124		9,252		383		12,819		13,202		7,472	1978
Mall at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000		449		25,102		43,257		96,161		43,706		121,263		164,969		7,429	2002 (5)
Mall of Georgia	Buford (Atlanta), GA		—		47,492		326,633		—		11,340		47,492		337,973		385,465		127,877	1999 (5)
Maplewood Mall	St. Paul (Minneapolis), MN		—		17,119		80,758		—		24,267		17,119		105,025		122,144		37,102	2002 (4)
Markland Mall	Kokomo, IN		—		—		7,568		—		17,008		—		24,576		24,576		13,219	1968
McCain Mall	N. Little Rock, AR		—		—		9,515		10,530		24,457		10,530		33,972		44,502		8,535	1973
Melbourne Square	Melbourne, FL		—		15,762		55,891		4,160		30,434		19,922		86,325		106,247		39,350	1982
Menlo Park Mall	Edison (New York), NJ		—		65,684		223,252		—		43,986		65,684		267,238		332,922		127,857	1997 (4)
Mesa Mall	Grand Junction, CO		87,250		12,784		80,639		—		1,427		12,784		82,066		94,850		8,639	1998 (5)
Midland Park Mall	Midland, TX		83,293		687		9,213		—		24,059		687		33,272		33,959		18,852	1980
Miller Hill Mall	Duluth, MN		—		2,965		18,092		1,811		39,338		4,776		57,430		62,206		34,847	1973
Montgomery Mall	North Wales (Philadelphia), PA		80,265		27,105		86,915		—		45,806		27,105		132,721		159,826		43,138	2004 (5)
Muncie Mall	Muncie, IN		—		172		5,776		52		28,234		224		34,010		34,234		20,382	1970
North East Mall	Hurst (Dallas), TX		—		128		12,966		19,010		151,137		19,138		164,103		183,241		87,794	1971
Northgate Mall	Seattle, WA		—		24,369		115,992		—		97,693		24,369		213,685		238,054		89,976	1987
Northlake Mall	Atlanta, GA		—		33,322		98,035		—		3,813		33,322		101,848		135,170		73,019	1998 (4)
Northwoods Mall	Peoria, IL		—		1,185		12,779		2,164		38,469		3,349		51,248		54,597		32,596	1983
Oak Court Mall	Memphis, TN		—		15,673		57,304		—		9,556		15,673		66,860		82,533		37,543	1997 (4)
Ocean County Mall	Toms River (New York), NJ		—		20,404		124,945		—		30,049		20,404		154,994		175,398		66,356	1998 (4)
Orange Park Mall	Orange Park (Jacksonville), FL		—		12,998		65,121		—		42,553		12,998		107,674		120,672		55,165	1994 (4)
Orland Square	Orland Park (Chicago), IL		—		35,514		129,906		—		48,985		35,514		178,891		214,405		77,349	1997 (4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		67,722		24,544		100,287		—		16,005		24,544		116,292		140,836		66,273	2003 (4)
Paddock Mall	Ocala, FL		—		11,198		39,727		—		21,955		11,198		61,682		72,880		26,719	1980
Penn Square Mall	Oklahoma City, OK		95,256		2,043		155,958		—		45,697		2,043		201,655		203,698		89,107	2002 (4)
Pheasant Lane Mall	Nashua, NH		—		3,902		155,068		550		45,029		4,452		200,097		204,549		74,585	2004 (5)
Phipps Plaza	Atlanta, GA		—		16,725		210,610		2,225		37,141		18,950		247,751		266,701		106,806	1998 (4)
Plaza Carolina	Carolina (San Juan), PR		225,000		15,493		279,560		—		57,842		15,493		337,402		352,895		99,118	2004 (4)
Port Charlotte Town Center	Port Charlotte, FL		46,353		5,471		58,570		—		15,507		5,471		74,077		79,548		40,124	1989
Prien Lake Mall	Lake Charles, LA		—		1,842		2,813		3,053		49,249		4,895		52,062		56,957		24,425	1972
Richmond Town Square	Richmond Heights (Cleveland), OH		—		2,600		12,112		—		56,081		2,600		68,193		70,793		51,751	1966
River Oaks Center	Calumet City (Chicago), IL		—		30,560		101,224		—		11,295		30,560		112,519		143,079		53,968	1997 (4)
Rockaway Townsquare	Rockaway (New York), NJ		—		41,918		212,257		—		40,440		41,918		252,697		294,615		104,858	1998 (4)
Rolling Oaks Mall	San Antonio, TX		—		1,929		38,609		—		13,650		1,929		52,259		54,188		31,736	1988
Roosevelt Field	Garden City (New York), NY		—		163,160		702,008		48		69,475		163,208		771,483		934,691		323,660	1998 (4)
Ross Park Mall	Pittsburgh, PA		—		23,541		90,203		—		88,181		23,541		178,384		201,925		87,737	1986
Rushmore Mall	Rapid City, SD		94,000		18,839		67,364		—		1,183		18,839		68,547		87,386		8,579	1998 (5)
Santa Rosa Plaza	Santa Rosa, CA		—		10,400		87,864		—		24,458		10,400		112,322		122,722		45,859	1998 (4)
Shops at Nanuet, The	Nanuet, NY		—		28,125		143,120		—		—		28,125		143,120		171,245		1,574	2013 (7)
Shops at Riverside, The	Hackensack (New York), NJ		130,000		13,521		238,746		—		3,948		13,521		242,694		256,215		15,859	2007 (4) (5)
South Hills Village	Pittsburgh, PA		—		23,445		125,840		1,472		45,091		24,917		170,931		195,848		69,149	1997 (4)
South Shore Plaza	Braintree (Boston), MA		—		101,200		301,495		—		158,334		101,200		459,829		561,029		164,478	1998 (4)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
																				Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Southdale Center	Edina (Minneapolis), MN		155,000		40,172		184,967		—		34,325		40,172		219,292		259,464		14,058	2007 (4) (5)
Southern Hills Mall	Sioux City, IA		101,500		15,025		75,984		—		727		15,025		76,711		91,736		8,252	1998 (5)
Southern Park Mall	Youngstown, OH		—		16,982		77,767		97		27,091		17,079		104,858		121,937		52,442	1970
SouthPark	Charlotte, NC		189,775		42,092		188,055		100		175,992		42,192		364,047		406,239		145,085	2002 (4)
Southridge Mall	Greendale (Milwaukee), WI		125,000		12,359		130,111		2,389		17,916		14,748		148,027		162,775		11,556	2007 (4) (5)
St. Charles Towne Center	Waldorf (Washington, D.C.), MD		—		7,710		52,934		1,180		30,943		8,890		83,877		92,767		47,149	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		—		—		339,537		—		46,751		—		386,288		386,288		110,118	2003 (4)
Summit Mall	Akron , OH		65,000		15,374		51,137		—		46,586		15,374		97,723		113,097		44,203	1965
Sunland Park Mall	El Paso, TX		28,359		2,896		28,900		—		9,695		2,896		38,595		41,491		25,827	1988
Tacoma Mall	Tacoma (Seattle), WA		—		37,803		125,826		—		87,609		37,803		213,435		251,238		91,275	1987
Tippecanoe Mall	Lafayette, IN		—		2,897		8,439		5,517		47,150		8,414		55,589		64,003		37,655	1973
Town Center at Aurora	Aurora (Denver), CO		—		9,959		56,832		6		55,963		9,965		112,795		122,760		57,703	1998 (4)
Town Center at Boca Raton	Boca Raton (Miami), FL		—		64,200		307,317		—		167,058		64,200		474,375		538,575		199,104	1998 (4)
Town Center at Cobb	Kennesaw (Atlanta), GA		200,000		32,355		158,225		—		17,130		32,355		175,355		207,710		78,826	1998 (5)
Towne East Square	Wichita, KS		—		8,525		18,479		4,108		44,380		12,633		62,859		75,492		38,939	1975
Towne West Square	Wichita, KS		49,360		972		21,203		61		12,647		1,033		33,850		34,883		22,502	1980
Treasure Coast Square	Jensen Beach, FL		—		11,124		72,990		3,067		38,066		14,191		111,056		125,247		54,717	1987
Tyrone Square	St. Petersburg (Tampa), FL		—		15,638		120,962		—		34,028		15,638		154,990		170,628		74,948	1972
University Park Mall	Mishawaka, IN		—		16,768		112,158		7,000		54,248		23,768		166,406		190,174		127,845	1996 (4)
Valle Vista Mall	Harlingen, TX		40,000		1,398		17,159		329		21,322		1,727		38,481		40,208		24,142	1983
Virginia Center Commons	Glen Allen, VA		—		9,764		50,547		4,149		14,013		13,913		64,560		78,473		29,650	1991
Walt Whitman Shops	Huntington Station (New York), NY		116,932		51,700		111,258		3,789		115,133		55,489		226,391		281,880		79,487	1998 (4)
West Ridge Mall	Topeka, KS		64,794		5,453		34,132		1,168		24,122		6,621		58,254		64,875		33,282	1988
Westminster Mall	Westminster (Los Angeles), CA		—		43,464		84,709		—		35,744		43,464		120,453		163,917		51,246	1998 (4)
White Oaks Mall	Springfield, IL		50,000		3,024		35,692		2,102		61,835		5,126		97,527		102,653		37,770	1977
Wolfchase Galleria	Memphis, TN		225,000		15,881		128,276		—		11,960		15,881		140,236		156,117		68,585	2002 (4)
Woodland Hills Mall	Tulsa, OK		92,908		34,211		187,123		—		23,147		34,211		210,270		244,481		91,613	2004 (5)
Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		—		3,900		97,059		—		5,758		3,900		102,817		106,717		35,694	2004 (4)
Allen Premium Outlets	Allen (Dallas), TX		—		13,855		43,687		97		14,000		13,952		57,687		71,639		22,663	2004 (4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—		2,370		24,326		—		4,179		2,370		28,505		30,875		17,634	2004 (4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		104,240		11,560		77,856		—		3,120		11,560		80,976		92,536		14,041	2010 (4)
Calhoun Premium Outlets	Calhoun, GA		20,035		1,745		12,529		—		746		1,745		13,275		15,020		4,631	2010 (4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—		16,670		224,721		395		64,137		17,065		288,858		305,923		86,240	2004 (4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—		12,890		184,990		96		3,502		12,986		188,492		201,478		54,417	2004 (4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		49,452		3,175		59,863		5,311		5,320		8,486		65,183		73,669		26,530	2004 (4)
Chicago Premium Outlets	Aurora (Chicago), IL		—		659		118,005		—		5,158		659		123,163		123,822		46,276	2004 (4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—		14,117		71,520		—		4,415		14,117		75,935		90,052		17,349	2008
Clinton Crossing Premium Outlets	Clinton, CT		—		2,060		107,556		1,532		2,543		3,592		110,099		113,691		37,823	2004 (4)
Columbia Gorge Premium Outlets	Troutdale (Portland), OR		—		7,900		16,492		—		2,652		7,900		19,144		27,044		9,407	2004 (4)
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		—		3,440		338,679		—		62,681		3,440		401,360		404,800		97,116	2004 (4)
Edinburgh Premium Outlets	Edinburgh (Indianapolis), IN		—		2,857		47,309		—		13,273		2,857		60,582		63,439		23,497	2004 (4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		102,442		15,807		182,412		—		3,485		15,807		185,897		201,704		36,306	2010 (4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—		9,060		50,281		—		4,188		9,060		54,469		63,529		23,134	2004 (4)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
																				Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Gaffney Premium Outlets	Gaffney (Greenville/Charlotte), SC		36,360		4,056		32,371		—		2,105		4,056		34,476		38,532		7,154	2010 (4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—		9,630		194,122		—		9,347		9,630		203,469		213,099		67,532	2004 (4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		120,000		9,497		198,253		—		—		9,497		198,253		207,750		8,100	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		110,590		6,421		121,880		—		2,157		6,421		124,037		130,458		25,495	2010 (4)
Gulfport Premium Outlets	Gulfport, MS		24,674		—		27,949		—		1,598		—		29,547		29,547		6,388	2010 (4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington DC), MD		87,586		3,576		85,883		—		1,826		3,576		87,709		91,285		15,427	2010 (4)
Houston Premium Outlets	Cypress (Houston), TX		—		9,090		69,350		—		46,834		9,090		116,184		125,274		26,571	2007
Jackson Premium Outlets	Jackson (New York), NJ		—		6,413		104,013		3		4,878		6,416		108,891		115,307		31,859	2004 (4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		68,630		15,390		50,979		—		75,219		15,390		126,198		141,588		30,828	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—		2,800		39,546		—		6,778		2,800		46,324		49,124		15,467	2004 (4)
Kittery Premium Outlets	Kittery , ME		—		11,832		94,994		—		7,008		11,832		102,002		113,834		27,960	2004 (4)
Las Americas Premium Outlets	San Diego, CA		178,806		45,168		251,878		—		5,948		45,168		257,826		302,994		48,063	2007 (4)
Las Vegas Premium Outlets — North	Las Vegas, NV		—		25,435		134,973		16,536		88,100		41,971		223,073		265,044		66,499	2004 (4)
Las Vegas Premium Outlets — South	Las Vegas, NV		—		13,085		160,777		—		22,769		13,085		183,546		196,631		46,983	2004 (4)
Lebanon Premium Outlets	Lebanon (Nashville), TN		15,170		1,758		10,189		—		1,019		1,758		11,208		12,966		2,771	2010 (4)
Lee Premium Outlets	Lee, MA		50,014		9,167		52,212		—		1,075		9,167		53,287		62,454		11,176	2010 (4)
Leesburg Corner Premium Outlets	Leesburg (Washington D.C.), VA		—		7,190		162,023		—		3,871		7,190		165,894		173,084		58,996	2004 (4)
Liberty Village Premium Outlets	Flemington (New York), NJ		—		5,670		28,904		—		1,550		5,670		30,454		36,124		14,553	2004 (4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—		6,630		94,138		—		8,465		6,630		102,603		109,233		40,050	2004 (4)
Livermore Premium Outlets	Livermore (San Francisco), CA		—		21,925		308,694		—		—		21,925		308,694		330,619		11,557	2012
Merrimack Premium Outlets	Merrimack, NH		130,000		17,028		118,428		—		602		17,028		119,030		136,058		8,517	2012
Napa Premium Outlets	Napa, CA		—		11,400		45,023		—		3,375		11,400		48,398		59,798		17,537	2004 (4)
North Bend Premium Outlets	North Bend (Seattle), WA		—		2,143		36,197		—		3,496		2,143		39,693		41,836		11,480	2004 (4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—		4,300		132,325		—		3,183		4,300		135,508		139,808		45,209	2004 (4)
Orlando Premium Outlets — International Dr	Orlando, FL		—		32,727		472,815		—		2,156		32,727		474,971		507,698		63,945	2010 (4)
Orlando Premium Outlets — Vineland Ave	Orlando, FL		—		14,040		304,410		38,632		76,159		52,672		380,569		433,241		97,093	2004 (4)
Osage Beach Premium Outlets	Osage Beach, MO		—		9,460		85,804		—		5,828		9,460		91,632		101,092		33,158	2004 (4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—		13,322		13,710		—		1,336		13,322		15,046		28,368		8,721	2004 (4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—		16,676		105,249		—		15,974		16,676		121,223		137,899		37,332	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—		—		63,751		—		—		—		63,751		63,751		1,938	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		33,850		4,317		19,044		—		1,266		4,317		20,310		24,627		5,156	2010 (4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		94,730		16,823		126,686		—		2,902		16,823		129,588		146,411		20,008	2010 (4)
Puerto Rico Premium Outlets	Barceloneta, PR		125,000		20,586		114,021		—		1,795		20,586		115,816		136,402		18,454	2010 (4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		66,150		8,129		61,950		—		2,727		8,129		64,677		72,806		10,908	2010 (4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—		12,229		41,547		—		33,564		12,229		75,111		87,340		26,739	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—		14,706		82,252		—		1,430		14,706		83,682		98,388		31,830	2005
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		140,276		13,180		287,179		—		5,195		13,180		292,374		305,554		39,066	2010 (4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—		—		103,722		—		52,801		—		156,523		156,523		41,415	2004 (4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—		6,090		57,670		2		8,694		6,092		66,364		72,456		25,565	2004 (4)
The Crossings Premium Outlets	Tannersville , PA		115,000		7,720		172,931		—		11,172		7,720		184,103		191,823		54,325	2004 (4)

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
																				Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Vacaville Premium Outlets	Vacaville , CA		—		9,420		84,850		—		10,269		9,420		95,119		104,539		37,972	2004 (4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—		22,630		77,316		—		2,850		22,630		80,166		102,796		28,323	2004 (4)
Waterloo Premium Outlets	Waterloo , NY		—		3,230		75,277		—		8,362		3,230		83,639		86,869		32,115	2004 (4)
Williamsburg Premium Outlets	Williamsburg, VA		101,186		10,323		223,789		—		2,591		10,323		226,380		236,703		30,766	2010 (4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—		9,414		150,414		—		125		9,414		150,539		159,953		4,011	2013 (4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—		11,110		862,559		1,658		43,690		12,768		906,249		919,017		252,964	2004 (4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—		4,900		282,031		—		8,015		4,900		290,046		294,946		90,807	2004 (4)
The Mills
Great Mall	Milpitas (San Jose), CA		269,306		70,496		463,101		—		6,311		70,496		469,412		539,908		30,378	2007 (4)(5)
Gurnee Mills	Gurnee (Chicago), IL		321,000		41,133		297,911		—		3,715		41,133		301,626		342,759		20,273	2007 (4)(5)
Opry Mills	Nashville, TN		382,347		51,000		327,503		—		9,742		51,000		337,245		388,245		21,815	2007 (4)(5)
Potomac Mills	Woodbridge (Washington, D.C.), VA		410,000		61,771		425,370		—		25,031		61,771		450,401		512,172		29,865	2007 (4)(5)
Sawgrass Mills	Sunrise (Miami), FL		820,000		194,002		1,641,153		—		28,981		194,002		1,670,134		1,864,136		103,801	2007 (4)(5)
Community/Lifestyle Centers
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		4,003		10,428		79,336		89,764		7,640	2011 (4)
Arboretum	Austin, TX		—		7,640		36,774		71		12,240		7,711		49,014		56,725		21,046	1998 (4)
Bloomingdale Court	Bloomingdale (Chicago), IL		25,164		8,422		26,184		—		13,429		8,422		39,613		48,035		22,263	1987
Charles Towne Square	Charleston, SC		—		—		1,768		370		10,636		370		12,404		12,774		9,705	1976
Chesapeake Center	Chesapeake (Virginia Beach), VA		—		4,410		11,241		—		177		4,410		11,418		15,828		7,622	1989
Concord Mills Marketplace	Concord (Charlotte), NC		16,000		8,036		21,167		—		—		8,036		21,167		29,203		1,519	2007 (4)(5)
Countryside Plaza	Countryside (Chicago), IL		—		332		8,507		2,554		10,183		2,886		18,690		21,576		10,215	1977
Dare Centre	Kill Devil Hills, NC		—		—		5,702		—		649		—		6,351		6,351		2,157	2004 (4)
DeKalb Plaza	King of Prussia (Philadelphia), PA		2,377		1,955		3,405		—		1,348		1,955		4,753		6,708		2,722	2003 (4)
Empire East	Sioux Falls, SD		—		3,350		10,552		—		2,368		3,350		12,920		16,270		976	1998 (5)
Forest Plaza	Rockford, IL		17,733		4,132		16,818		453		13,143		4,585		29,961		34,546		14,616	1985
Gateway Centers	Austin, TX		—		24,549		81,437		—		13,282		24,549		94,719		119,268		33,797	2004 (4)
Greenwood Plus	Greenwood (Indianapolis), IN		—		1,129		1,792		—		4,655		1,129		6,447		7,576		3,725	1979
Henderson Square	King of Prussia (Philadelphia), PA		13,301		4,223		15,124		—		838		4,223		15,962		20,185		4,883	2003 (4)
Highland Lakes Center	Orlando, FL		—		7,138		25,284		—		2,102		7,138		27,386		34,524		22,367	1991
Keystone Shoppes	Indianapolis, IN		—		—		4,232		4,236		2,797		4,236		7,029		11,265		2,500	1997 (4)
Lake Plaza	Waukegan (Chicago), IL		—		2,487		6,420		—		1,370		2,487		7,790		10,277		4,533	1986
Lake View Plaza	Orland Park (Chicago), IL		15,470		4,702		17,543		—		13,726		4,702		31,269		35,971		17,600	1986
Lakeline Plaza	Cedar Park (Austin), TX		16,613		5,822		30,875		—		9,308		5,822		40,183		46,005		18,728	1998
Lima Center	Lima, OH		—		1,781		5,151		—		8,959		1,781		14,110		15,891		6,943	1978
Lincoln Crossing	O'Fallon (St. Louis), IL		—		674		2,192		—		893		674		3,085		3,759		1,653	1990
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		3,496		—		24,795		24,795		13,155	2003 (4)
MacGregor Village	Cary, NC		—		502		8,897		—		400		502		9,297		9,799		2,556	2004 (4)
Mall of Georgia Crossing	Buford (Atlanta), GA		24,527		9,506		32,892		—		1,553		9,506		34,445		43,951		16,120	2004 (5)
Markland Plaza	Kokomo, IN		—		206		738		—		6,328		206		7,066		7,272		3,907	1974
Martinsville Plaza	Martinsville, VA		—		—		584		—		461		—		1,045		1,045		846	1967
Matteson Plaza	Matteson (Chicago), IL		—		1,771		9,737		—		3,604		1,771		13,341		15,112		8,081	1988

								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
																				Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Muncie Towne Plaza	Muncie, IN		6,907		267		10,509		87		2,777		354		13,286		13,640		6,147	1998
Naples Outlet Center	Naples, FL		15,718		1,514		519		—		44		1,514		563		2,077		409	2010 (4)
New Castle Plaza	New Castle, IN		—		128		1,621		—		1,608		128		3,229		3,357		1,876	1966
North Ridge Shopping Center	Raleigh, NC		12,500		385		12,838		—		1,512		385		14,350		14,735		3,956	2004 (4)
Northwood Plaza	Fort Wayne, IN		—		148		1,414		—		2,151		148		3,565		3,713		2,336	1974
Palms Crossing	McAllen, TX		37,179		13,496		45,925		—		9,232		13,496		55,157		68,653		15,868	2006
Richardson Square	Richardson (Dallas), TX		—		6,285		—		990		15,021		7,275		15,021		22,296		3,167	1977
Rockaway Commons	Rockaway (New York), NJ		—		5,149		26,435		—		8,443		5,149		34,878		40,027		12,129	1998 (4)
Rockaway Town Plaza	Rockaway (New York), NJ		—		—		18,698		2,225		3,225		2,225		21,923		24,148		6,157	2004
Shops at Arbor Walk, The	Austin, TX		42,020		—		42,546		—		6,124		—		48,670		48,670		12,828	2005
Shops at North East Mall, The	Hurst (Dallas), TX		—		12,541		28,177		402		5,835		12,943		34,012		46,955		18,837	1999
St. Charles Towne Plaza	Waldorf (Washington, D.C.), MD		—		8,216		18,993		—		4,477		8,216		23,470		31,686		13,191	1987
Tippecanoe Plaza	Lafayette, IN		—		—		745		234		5,298		234		6,043		6,277		3,784	1974
University Center	Mishawaka, IN		—		3,071		7,413		—		3,103		3,071		10,516		13,587		9,047	1980
University Town Plaza	Pensacola, FL		—		6,009		26,945		—		—		6,009		26,945		32,954		811	2013 (7)
Washington Plaza	Indianapolis, IN		—		941		1,697		—		1,221		941		2,918		3,859		2,708	1976
Waterford Lakes Town Center	Orlando, FL		—		8,679		72,836		—		17,229		8,679		90,065		98,744		46,600	1999
West Ridge Plaza	Topeka, KS		—		1,376		4,560		—		3,841		1,376		8,401		9,777		3,758	1988
White Oaks Plaza	Springfield, IL		13,813		3,169		14,267		—		6,546		3,169		20,813		23,982		9,581	1986
Wolf Ranch	Georgetown (Austin), TX		—		21,999		51,547		—		11,897		21,999		63,444		85,443		19,338	2004
Other Properties
Florida Keys Outlet Center	Florida City, FL		10,454		1,560		1,748		—		1,457		1,560		3,205		4,765		1,065	2010 (4)
Huntley Outlet Center	Huntley, IL		29,243		3,477		2,027		—		335		3,477		2,362		5,839		706	2010 (4)
Northfield Square	Bourbonnais , IL		24,970		362		53,396		—		3,520		362		56,916		57,278		39,539	2004 (5)
Outlet Marketplace	Orlando , FL		—		3,367		1,557		—		218		3,367		1,775		5,142		783	2010 (4)
Upper Valley Mall	Springfield, OH		42,447		8,421		38,745		—		10,590		8,421		49,335		57,756		25,515	1979
Washington Square	Indianapolis, IN		24,676		6,319		36,495		—		11,713		6,319		48,208		54,527		46,965	1974
Development Projects
Other pre-development costs			—		78,483		19,142		—		—		78,483		19,142		97,625		3,284
Other			—		2,614		8,007		—		201		2,614		8,208		10,822		3,226
		$	8,180,559		3,440,260	$	24,945,911	$	306,819	$	6,080,170	$	3,747,079	$	31,026,081	$	34,773,160	$	9,817,090

Simon Property Group, Inc. and Subsidiaries

Notes to Schedule III as of December 31, 2013

(Dollars in thousands)

(1)

Reconciliation of Real Estate Properties:

            The changes in real estate assets for the years ended December 31, 2013, 2012, and 2011 are as follows:

	2013			2012			2011
Balance, beginning of year	$	33,924,377		$	29,333,330		$	27,192,223
Acquisitions and consolidations (5)		288,835			4,438,848			2,068,452
Improvements		958,971			833,083			552,455
Disposals and deconsolidations		(399,023	)		(680,884	)		(479,800	)
Balance, close of year	$	34,773,160		$	33,924,377		$	29,333,330

            The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2013 was $29,419,072.

(2)

Reconciliation of Accumulated Depreciation:

            The changes in accumulated depreciation for the years ended December 31, 2013, 2012, and 2011 are as follows:

	2013			2012			2011
Balance, beginning of year	$	8,836,695		$	8,148,170		$	7,485,821
Depreciation expense		1,108,602			1,069,607			906,554
Disposals and deconsolidations		(128,207	)		(381,082	)		(244,205	)
Balance, close of year	$	9,817,090		$	8,836,695		$	8,148,170

            Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below.

• •

  Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

  •

  Tenant Allowances and Improvements — shorter of lease term or useful life.
  
  

(3)

Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4)

Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.

(5)

Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.

(6)

Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.

(7)

Property redeveloped and re-opened as of date shown.