8-K

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):  April 28, 2006

SIMON PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

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

115 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:

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

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

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

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

Item 2.02.   Results of Operation and Financial Condition

On April 28, 2006, Simon Property Group, Inc. (the “Registrant”) issued a press release containing information on earnings for the quarter ended March 31, 2006 and other matters. A copy of the press release is attached hereto as Exhibit 99.1 and the information in the press release is incorporated by reference into this report.

The press release and Supplemental Information package attached as Exhibit 99.2 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 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 page 16 furnished herewith in Exhibit 99.1. Reconciliations of net income to NOI on an estimated and historical basis are provided on page 26 furnished herewith in Exhibit 99.2.

Item 7.01.   Regulation FD Disclosure

On April 28, 2006, the Registrant made available additional ownership and operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of March 31, 2006, in the form of a Supplemental Information package, a copy of which is attached as Exhibit 99.2. The Supplemental Information package is also available upon request as specified therein.

The Registrant is furnishing the information contained herein, including Exhibit 99.2, pursuant to Item 7.01 of Form 8-K promulgated by the Securities and Exchange Commission (“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 8.01.Other Events

The Registrant is also reporting the press release attached as Exhibit 99.1 pursuant to Item 8.01 of Form 8-K and, accordingly, the information will be deemed to be “filed” with the SEC and incorporated by reference into the Registrant’s other filings with the SEC.

Item 9.01.   Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

		Page Number in
Exhibit No.	Description	This Filing
99.1	Earnings Release for the quarter ended March 31, 2006	5
99.2	Supplemental Information as of March 31, 2006	18

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: April 28, 2006

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 March 31, 2006

Description		Page
	Quarterly Earnings Announcement
Exhibit 99.1	Press Release	5
Exhibit 99.2	Supplemental Information	18
	Company Overview
	Overview (reporting calendar, stock information, and corporate ratings)	18-19
	Ownership Structure	20
	Changes in Common Shares and Unit Ownership	21
	Financial Data
	Selected Financial and Equity Information	22
	Unaudited Pro-Rata Statement of Operations	23-24
	Unaudited Pro-Rata Balance Sheet	25
	Reconciliation of Net Income to NOI	26
	NOI Composition	27
	Analysis of Other Income and Other Expense	28
	Operational Data
	U.S. Portfolio GLA	29
	U.S. Regional Mall Operational Information	30
	U.S. Regional Mall Lease Expirations	31
	U.S. Regional Mall Top Tenants	32
	U.S. Regional Mall Anchor/Big Box Openings, 2006-2010	33-34
	U.S. Regional Mall Property Listing	35-39
	U.S. Premium Outlet® Centers Operational Information	40
	U.S. Premium Outlet® Centers Lease Expirations	41
	U.S. Premium Outlet® Centers Top Tenants	42
	U.S. Premium Outlet® Centers Property Listing	43
	U.S. Community/Lifestyle Centers Operational Information	44
	U.S. Community/Lifestyle Centers Lease Expirations	45
	U.S. Community/Lifestyle Centers Top Tenants	46
	U.S. Community/Lifestyle Centers Property Listing	47-48
	International Operational Information	49
	International Property Listing	50-52
	Development Activity
	Capital Expenditures in the U.S. Portfolio	53
	U.S. Development Activity Report	54-55
	International Development Activity Report	56
	Balance Sheet Information
	The Company’s Share of Total Debt Amortization and Maturities by Year	57
	Summary of Indebtedness	58
	Summary of Indebtedness by Maturity	59-65
	Unencumbered Assets	66-70
	Preferred Stock/Units Outstanding	71

4

EX-99.1

Exhibit 99.1

CONTACTS:
Shelly Doran	317.685.7330	Investors
Les Morris	317.263.7711	Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP ANNOUNCES STRONG FIRST QUARTER RESULTS

Indianapolis, Indiana—April 28, 2006...Simon Property Group, Inc. (the “Company” or “Simon”) (NYSE:SPG) today announced results for the quarter ended March 31, 2006:

·Funds from operations (“FFO”) of the Simon portfolio increased 12.3% to $358.9 million from $319.6 million in the first quarter of 2005. On a diluted per share basis the increase was 12.5% to $1.26 from $1.12 in 2005.

·Net income available to common stockholders increased 82.1% to $104.0 million from $57.1 million in the first quarter of 2005. On a diluted per share basis the increase was 80.8% to $0.47 from $0.26 in 2005.

The Company’s domestic business platforms continue to demonstrate strength:

	As of				As of
	March 31, 2006				March 31, 2005				Change
Occupancy
Regional Malls(1)		91.6		%		91.5		%	10 basis point increase
Premium Outlet® Centers(2)		99.3		%		99.0		%	30 basis point increase
Community/Lifestyle Centers(2)		90.3		%		91.6		%	130 basis point decrease
Comparable Sales per Sq. Ft.
Regional Malls(3)		$	461			$	437		5.5% increase
Premium Outlet Centers(2)		$	444			$	423		5.0% increase
Community/Lifestyle Centers(2)		$	216			$	215		0.5% increase
Average Rent per Sq. Ft.
Regional Malls(1)		$	34.83			$	33.90		2.7% increase
Premium Outlet Centers(2)		$	23.85			$	22.95		3.9% increase
Community/Lifestyle Centers(2)		$	11.47			$	11.17		2.7% increase

(1)For mall and freestanding stores.

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

(3)For mall and freestanding stores with less than 10,000 square feet.

“The successful execution of our business plan once again delivered solid results for our stockholders during the quarter, as demonstrated by strong growth in FFO and healthy operational performance,” said David Simon, Chief Executive Officer. “Two recent rating agency actions serve as additional validation of the success of our strategy—on March 31st, our corporate and senior unsecured debt rating was upgraded to A- by Standard and Poor’s and earlier this week, Moody’s changed its outlook for SPG’s debt to positive from stable at the Baa1 rating level.”

5

Dividends

Today the Company announced a quarterly common stock dividend of $0.76 per share. This dividend will be paid on May 31, 2006 to stockholders of record on May 17, 2006.

The Company also declared dividends on its four outstanding issues of preferred stock:

·8.75% Series F Cumulative Redeemable Preferred (NYSE:SPGPrF) dividend of $0.546875 per share is payable on June 30, 2006 to stockholders of record on June 16, 2006.

·7.89% Series G Cumulative Preferred (NYSE:SPGPrG) dividend of $0.98625 per share is payable on June 30, 2006 to stockholders of record on June 16, 2006.

·6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on May 31, 2006 to stockholders of record on May 17, 2006.

·8 3/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on June 30, 2006 to stockholders of record on June 16, 2006.

U.S. Development Activity

The Company continues construction on:

·Coconut Point—a 1.2 million square foot open-air shopping complex with village and community center components in Estero/Bonita Springs (Naples-Fort Myers corridor), Florida. The initial tenants in the community center component opened earlier this month and the remainder of the project is scheduled to open in November 2006.

·Round Rock Premium Outlets—a 433,000 square foot upscale outlet center in Round Rock (Austin), Texas. The project is scheduled to open in August 2006.

·Rio Grande Valley Premium Outlets—a 404,000 square foot upscale outlet center in Mercedes, Texas. The project is scheduled to open in November 2006.

·The Village at SouthPark—a mixed-use project comprised of residential and retail components located adjacent to Simon’s highly successful SouthPark in Charlotte, North Carolina. Crate & Barrel is scheduled to open in November of 2006, followed by other retail in March of 2007 and the residential component in May 2007.

·The Domain—a 700,000 square foot open-air center in Austin, Texas, anchored by Neiman Marcus and Macy’s which also includes office and residential components. The Domain is scheduled to open in March 2007.

·The Shops at Arbor Walk—a 460,000 square foot community center in Austin, Texas. The project is scheduled to open in March 2007.

6

Anchor Additions and Expansions

To upgrade and enhance the quality of our assets, we have invested more than $700 million during the past three years in redevelopment activities. This pace continues into 2006 with several projects underway, the most significant of which include:

·SouthPark in Charlotte, North Carolina—In September 2006, Neiman Marcus will open with additional small shops.

·Smith Haven Mall in Lake Grove (Long Island), New York—A mall renovation and the addition of a lifestyle component will be completed in June 2007.

·Lenox Square in Atlanta, Georgia—An expansion of Neiman Marcus and the addition of small shops will open in October 2007.

·Lifestyle additions are under construction at Edison Mall in Fort Myers, Florida (opening in June 2006) and Northgate Mall in Seattle, Washington (opening in June 2007).

Recently completed projects include:

·Barneys New York opened its first flagship store in over 11 years at Copley Place in Boston, Massachusetts on March 10th.

·A phase II expansion of Seattle Premium Outlets in Tulalip, Washington opened on April 1st.

Recent announcements have been made regarding new Nordstrom stores to be added at three Simon malls in the Boston, Massachusetts market and one in Pittsburgh, Pennsylvania, replacing former May Department stores.

International Activity

The Company’s assets in France and Poland are owned through an investment in a European joint venture. During the fourth quarter of 2005, Ivanhoe Cambridge Inc. (“Ivanhoe Cambridge”), a preeminent Canadian property owner, manager, developer and investor, acquired a 39.5% ownership interest in the venture that was previously held by another institutional investor. During the first quarter of 2006, Simon and Ivanhoe Cambridge executed a series of transactions to purchase the remaining ownership interests in the venture. Each now owns 50% of the venture, which was renamed Simon Ivanhoe B.V./S.a.r.l. The Company recognized a gain on these transactions of $34.4 million. The gain is included in net income, but does not impact FFO.

Two projects owned by Simon Ivanhoe are currently under construction—one in Poland and one in France. In addition, construction continues on five development projects in Italy, partially owned by Gallerie Commerciali Italia, the Italian joint venture in which the Company owns a 49% interest.

7

Through its wholly-owned subsidiary, Chelsea Property Group L.P., the Company owns 40% of five Premium Outlet centers in Japan. A 90,000 square foot phase III expansion of Sano Premium Outlets opened on March 4, 2006 and construction is underway on a 53,000 square foot phase II expansion of Toki Premium Outlets, scheduled for completion in November 2006.

Kobe Sanda Premium Outlets will be the Company’s sixth Premium Outlet developed in Japan. The project is located in the Kobe/Osaka market, 22 miles north of downtown Kobe. Construction on the 185,000 square foot first phase is expected to commence in the fall of 2006 for a projected summer 2007 grand opening.

Construction commenced during the first quarter on the Company’s first project in South Korea. Yeoju Premium Outlets is a 253,000 square foot upscale outlet center that will serve the greater Seoul market. The center is expected to open in spring 2007.

2006 Guidance

Today the Company raised its guidance for 2006. The Company expects diluted FFO to be within a range of $5.25 to $5.33 per share for the year ending December 31, 2006, and diluted net income to be within a range of $1.76 to $1.84 per share.

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

For the year ending December 31, 2006

	Low			High
	End			End
Estimated diluted net income per share	$	1.76		$	1.84
Depreciation and amortization including our share of joint ventures	3.69			3.69
Gain on sales of interests in unconsolidated entities	(0.12		)	(0.12		)
Impact of additional dilutive securities	(0.08		)	(0.08		)
Estimated diluted FFO per share	$	5.25		$	5.33

Conference Call

The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investor Relations section), 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 1:30 p.m. Eastern Daylight Time today, April 28, 2006. 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.

8

Supplemental Materials

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.

Forward-Looking Statements

Estimates of future net income and FFO per share, and other statements regarding future developments and operations, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements often contain words such as “estimated,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to, international, national, regional and local economic climates, competitive market forces, changes in market rental rates, trends in the retail industry, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks associated with acquisitions, the impact of terrorist activities, environmental liabilities, pending litigation, maintenance of REIT status, changes in applicable laws, rules and regulations, changes in market rates of interest and fluctuations in exchange rates of foreign currencies. The reader is directed to the Company’s filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events 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”). The Company believes that FFO is helpful to investors because it is a widely recognized measure of the performance of real estate investment trusts (“REITs”) and provides a relevant basis for comparison among REITs. A reconciliation of GAAP reported net income to FFO is provided in the financial statement section of this press release.

About Simon

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet® centers and community/lifestyle centers. The Company’s current total market capitalization is approximately $42 billion. Through its subsidiary partnership, it currently owns or has an interest in 285 properties in the United States containing an aggregate of 200 million square feet of gross leasable area in 39 states plus Puerto Rico. Simon also owns interests in 51 European shopping centers in France, Italy, and Poland; 5 Premium Outlet® centers in Japan; and one Premium Outlet® center in Mexico. Additional Simon Property Group information is available at www.simon.com.

9

SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended March 31,
	2006				2005
REVENUE:
Minimum rent		$	488,088			$	463,151
Overage rent		16,059				13,345
Tenant reimbursements		221,035				210,233
Management fees and other revenues		20,169				19,680
Other income		42,298				35,561
Total revenue		787,649				741,970
EXPENSES:
Property operating		105,947				100,375
Depreciation and amortization		209,447				210,298
Real estate taxes		81,805				71,494
Repairs and maintenance		25,955				27,984
Advertising and promotion		17,402				18,121
(Recovery of) provision for credit losses		(6		)		2,300
Home and regional office costs		30,336				27,190
General and administrative		4,493				3,787
Other		13,066				10,826
Total operating expenses		488,445				472,375
OPERATING INCOME		299,204				269,595
Interest expense		204,072				195,204
Income before minority interest		95,132				74,391
Minority interest		(925		)		(3,307		)
Income tax expense of taxable REIT subsidiaries		(1,639		)		(4,686		)
Income before unconsolidated entities		92,568				66,398
Income from unconsolidated entities		19,692				17,927
Gain on sales of interests in unconsolidated entities		34,350				10,473
Income from beneficial interests, net		10,231		(A)		—
Income from continuing operations		156,841				94,798
Results of operations from discontinued operations		191				3,165
(Loss) Gain on disposal or sale of discontinued operations, net		(28		)		88
Income before allocation to limited partners		157,004				98,051
LESS:
Limited partners’ interest in the Operating Partnership		27,588				15,663
Preferred distributions of the Operating Partnership		6,826				6,924
NET INCOME		122,590				75,464
Preferred dividends		(18,573		)		(18,397		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	104,017			$	57,067

10

SIMON
Per Share Data
Unaudited

	For the Three Months Ended March 31,
	2006				2005
Basic Earnings Per Common Share:
Income from continuing operations		$	0.47			$	0.25
Discontinued operations - results of operations and gain on disposal or sale, net		—				0.01
Net income available to common stockholders		$	0.47			$	0.26
Percentage Change		80.8		%
Diluted Earnings Per Common Share:
Income from continuing operations		$	0.47			$	0.25
Discontinued operations - results of operations and gain on disposal or sale, net		—				0.01
Net income available to common stockholders		$	0.47			$	0.26
Percentage Change		80.8		%

11

SIMONConsolidated Balance Sheets
Unaudited
(In thousands, except as noted)

	March 31,			December 31,
	2006			2005
ASSETS:
Investment properties, at cost	$	21,827,364		$	21,745,309
Less - accumulated depreciation	3,978,222			3,809,293
	17,849,142			17,936,016
Cash and cash equivalents	299,037			337,048
Tenant receivables and accrued revenue, net	323,107			357,079
Investment in unconsolidated entities, at equity	1,567,230			1,562,595
Deferred costs and other assets	978,451			938,301
Total assets	$	21,016,967		$	21,131,039
LIABILITIES:
Mortgages and other indebtedness	$	14,139,261		$	14,106,117
Accounts payable, accrued expenses, intangibles, and deferred revenue	1,013,283			1,092,334
Cash distributions and losses in partnerships and joint ventures, at equity	205,983			194,476
Other liabilities, minority interest and accrued dividends	157,926			163,524
Total liabilities	15,516,453			15,556,451
COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP	854,561			865,565
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP	400,806			401,727
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, 25,635,772 and 25,632,122 issued and outstanding, respectively, and with liquidation values of $1,081,789 and $1,081,606, respectively	1,080,190			1,080,022
Common stock, $.0001 par value, 400,000,000 shares authorized, 225,240,261 and 225,165,236 issued and outstanding, respectively	23			23
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	4,963,224			4,998,723
Accumulated deficit	(1,614,664		)	(1,551,179		)
Accumulated other comprehensive income	10,835			9,793
Common stock held in treasury at cost, 4,388,905 and 4,815,655 shares, respectively	(194,461		)	(230,086		)
Total stockholders’ equity	4,245,147			4,307,296
Total liabilities and stockholders’ equity	$	21,016,967		$	21,131,039

12

SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended March 31,
	2006				2005
REVENUE:
Minimum rent		$	264,761			$	251,914
Overage rent		14,354				11,966
Tenant reimbursements		128,655				126,561
Other income		32,754				24,449
Total revenue		440,524				414,890
EXPENSES:
Property operating		87,701				80,724
Depreciation and amortization		76,163				75,658
Real estate taxes		34,010				32,684
Repairs and maintenance		21,030				21,491
Advertising and promotion		7,142				7,701
Provision for credit losses		595				3,357
Other		23,877				24,386
Total operating expenses		250,518				246,001
OPERATING INCOME		190,006				168,889
Interest expense		107,934				96,805
Income Before Gain on Sale of Asset		82,072				72,084
Gain on sale of asset		94				—
Income Before Unconsolidated Entities		82,166				72,084
Loss from unconsolidated entities		—				(1,255		)
Income from Continuing Operations		82,166				70,829
Income (loss) from discontinued joint venture interests (B)		67				(61		)
(Loss) gain on disposal or sale of discontinued operations, net		(447		)		98,393		(C)
NET INCOME		$	81,786			$	169,161
Third-party investors’ share of net income		$	49,576			$	91,762
Our share of net income		32,210				77,399
Amortization of excess investment		12,518				10,276
Write-off of investment related to properties sold		—				38,723		(C)
Our share of net gain related to properties sold		—				10,473		(C)
Income from unconsolidated joint ventures		$	19,692			$	17,927

13

SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)

	March 31,		December 31,
	2006		2005
ASSETS:
Investment properties, at cost	$	10,065,405		$	9,915,521
Less—accumulated depreciation	2,036,103			1,951,749
	8,029,302			7,963,772
Cash and cash equivalents	325,320			334,714
Tenant receivables	200,569			207,153
Investment in unconsolidated entities, at equity	149,696			135,914
Deferred costs and other assets	327,057			304,825
Total assets	$	9,031,944		$	8,946,378
LIABILITIES AND PARTNERS’ EQUITY:
Mortgages and other indebtedness	$	7,699,129		$	7,479,359
Accounts payable, accrued expenses and deferred revenue	396,070			403,390
Other liabilities	196,169			189,722
Total liabilities	8,291,368			8,072,471
Preferred units	67,450			67,450
Partners’ equity	673,126			806,457
Total liabilities and partners’ equity	$	9,031,944		$	8,946,378
Our Share of:
Total assets	$	3,885,827		$	3,765,258
Partners’ equity	442,292			429,942
Add: Excess Investment(D)	918,955			938,177
Our net investment in joint ventures	$	1,361,247		$	1,368,119
Mortgages and other indebtedness	$	3,306,031		$	3,169,662

14

SIMON
Footnotes to Financial Statements
Unaudited

Notes:

(A)Represents beneficial interest in earnings from Mall of America for the period from August 2004 through and including the first quarter of 2006 attributable to a transfer from a Simon family affiliate of certain cash flow distributions, capital transaction proceeds and related profits and losses.

(B)Discontinued joint venture interests represent those partnership interests that have been sold.

(C)On January 11, 2005, Metrocenter, a regional mall in Phoenix, Arizona was sold.

(D)Excess investment represents the unamortized difference of the Company’s investment over equity in the underlying net assets of the partnerships and joint ventures acquired. 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.

15

SIMONReconciliation of Net Income to FFO (1)
Unaudited
(In thousands, except as noted)

	For the Three Months Ended
	March 31,
	2006			2005
Net Income(2)(3)(4)(5)	$	122,590		$	75,464
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership	34,414			22,587
Depreciation and amortization from consolidated properties, beneficial interests and discontinued operations	213,542			211,718
Simon’s share of depreciation and amortization from unconsolidated entities	50,132			47,731
Gain on sales of real estate and discontinued operations	(34,322		)	(10,561		)
Minority interest portion of depreciation and amortization	(2,100		)	(2,049		)
Preferred distributions and dividends	(25,399		)	(25,321		)
FFO of the Simon Portfolio	$	358,857		$	319,569
Per Share Reconciliation:
Diluted net income per share	$	0.47		$	0.26
Adjustments to net income to arrive at FFO:
Depreciation and amortization from consolidated properties and beneficial interests, and the Company’s share of depreciation and amortization from unconsolidated entities, net of minority interest portion of depreciation and amortization	0.94			0.91
Gain on sales of real estate and discontinued operations	(0.12		)	(0.04		)
Impact of additional dilutive securities for FFO per share	(0.03		)	(0.01		)
Diluted FFO per share	$	1.26		$	1.12
Details for per share calculations:
FFO of the Simon Portfolio	$	358,857		$	319,569
Adjustments for dilution calculation:
Impact of preferred stock and preferred unit conversions and option exercises(6)	14,194			14,212
Diluted FFO of the Simon Portfolio	373,051			333,781
Diluted FFO allocable to unitholders	(73,925		)	(67,971		)
Diluted FFO allocable to common stockholders	$	299,126		$	265,810
Basic weighted average shares outstanding	220,580			220,386
Adjustments for dilution calculation:
Effect of stock options	973			895
Impact of Series C preferred unit conversion	1,061			1,132
Impact of Series I preferred unit conversion	3,268			3,428
Impact of Series I preferred stock conversion	10,835			10,679
Diluted weighted average shares outstanding	236,717			236,520
Weighted average limited partnership units outstanding	58,503			60,489
Diluted weighted average shares and units outstanding	295,220			297,009
Basic FFO per share	$	1.29		$	1.14
Percent Increase	13.2		%
Diluted FFO per share	$	1.26		$	1.12
Percent Increase	12.5		%

16

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.

As defined by NAREIT, FFO is 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 real estate, 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 change or resulting from the sale of depreciable real estate. However, you should understand that FFO 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, 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 $6.6 million and $9.5 million for the three months ended March 31, 2006 and 2005, respectively.

(3)Includes the Company’s share of straight-line adjustments to minimum rent of $3.8 million and $4.1 million for the three months ended March 31, 2006 and 2005, respectively.

(4)Includes the Company’s share of the fair market value of leases from acquisitions of $17.4 million and $13.6 million for the three months ended March 31, 2006 and 2005.

(5)Includes the Company’s share of debt premium amortization of $6.7 million and $8.1 million for the three months ended March 31, 2006 and 2005, respectively.

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

17

EX-99.2

Exhibit 99.2

SIMON PROPERTY GROUP

Overview

The Company

Simon Property Group, Inc. (the “Company” or “Simon Property”) (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P. (the “Operating Partnership”) is a subsidiary partnership of the Company. The Company and the Operating Partnership (collectively, “Simon Group”) are engaged primarily in the ownership, development and management of retail real estate properties, primarily regional malls, Premium Outlet centers and community/lifestyle centers.

At March 31, 2006, the Company owned or had an interest in 286 properties in the United States containing an aggregate of 201 million square feet of gross leasable area (GLA) in 39 states plus Puerto Rico. The Company also holds interests in 51 European shopping centers in France, Italy and Poland; 5 Premium Outlet centers in Japan; and one Premium Outlet center in Mexico.

This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of March 31, 2006, for the Company and the Operating Partnership.

Certain statements contained in this Supplemental Package may constitute “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to, international, national, regional and local economic climates, competitive market forces, changes in market rental rates, trends in the retail industry, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks associated with acquisitions, the impact of terrorist activities, environmental liabilities, pending litigation, maintenance of REIT status, changes in applicable laws, rules and regulations, changes in market rates of interest and fluctuations in exchange rates of foreign currencies. The reader is directed to the Company’s various filings with the Securities and Exchange Commission for a discussion of such risks and uncertainties. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events 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

18

Reporting Calendar

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

Second Quarter 2006	Late July 2006
Third Quarter 2006	Late October 2006
Fourth Quarter 2006	Early February 2007

Stock Information

Simon Property common stock and four issues of preferred stock are traded on the New York Stock Exchange under the following symbols:

Common Stock	SPG
8.75% Series F Cumulative Preferred	SPGPrF
7.89% Series G Cumulative Preferred	SPGPrG
6% Series I Convertible Perpetual Preferred	SPGPrI
8.375% Series J Cumulative Redeemable Preferred	SPGPrJ

Credit Ratings

Standard & Poor’s(1)
Corporate	A-	(Stable Outlook)
Senior Unsecured	A-	(Stable Outlook)
Preferred Stock	BBB+	(Stable Outlook)
Moody’s(2)
Senior Unsecured	Baa1	(Positive Outlook)
Preferred Stock	Baa2	(Positive Outlook)

(1)   On March 31, 2006, Standard & Poor’s upgraded its rating on Simon Group’s corporate and senior unsecured debt to A- from BBB+ and upgraded its rating on Simon Group’s preferred stock to BBB+ from BBB.

(2)   On September 28, 2005, Moody’s upgraded its rating on Simon Group’s senior unsecured debt to Baa1 from Baa2 and upgraded its rating on Simon Group’s preferred stock to Baa2 from Baa3.

On April 26, 2006, Moody’s changed its outlook on Simon Group’s senior unsecured debt and preferred stock to Positive from Stable.

19

Simon Property Group Ownership Structure(1)
March 31, 2006

(1)Schedule excludes preferred stock (see “Preferred Stock/Units Outstanding”) and 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)Consists of NID Corporation, directly or indirectly, members of the DeBartolo family, including Edward J. DeBartolo, Jr. and M. Denise DeBartolo York, or trusts established for the benefit of members of the DeBartolo family or entities in which the foregoing persons hold interests.

(5)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.

(6)Other executives includes directors and executive officers of Simon Property, other than Simon and DeBartolo family members.

20

SIMON PROPERTY GROUP
Changes in Common Shares and Unit Ownership
For the Period from December 31, 2005 through March 31, 2006

	Operating		Company
	Partnership		Common
	Units(1)		Shares(2)
Number Outstanding at December 31, 2005	58,522,624		220,361,581
Activity During the First Three Months of 2006:
Issuance of Stock for Stock Option Exercises	—		58,225
Conversion of Units into Common Stock	(16,800	)	16,800
Conversion of Units into Cash	(32,349	)	—
Conversion of Preferred Units into Units	19,967		—
Restricted Stock Awards (Stock Incentive Program), Net	—		426,750
Number Outstanding at March 31, 2006	58,493,442		220,863,356
Details for Diluted Common Shares Outstanding(5):
Company Common Shares Outstanding at March 31, 2006			220,863,356
Number of Common Shares Issuable Assuming Conversion of:
Series I 6% Convertible Perpetual Preferred Stock(3)			10,867,628
Series C 7% Cumulative Convertible Preferred Units(3)			1,047,639
Series I 6% Convertible Perpetual Preferred Units(3)			3,277,353
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)			973,102
Diluted Common Shares Outstanding at March 31, 2006(5)			237,029,078

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

(2)Excludes preferred units relating to preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 71).

(3)Conversion terms provided on page 71 of this document.

(4)Based upon the weighted average stock price for the quarter ended March 31, 2006.

(5)For FFO purposes.

21

SIMON PROPERTY GROUP

Selected Financial and Equity Information

As of March 31, 2006

Unaudited

(In thousands, except as noted)

	As of or for the
	Three Months Ended
	March 31,
	2006		2005
Financial Highlights of the Company
Total Revenue—Consolidated Properties	$	787,649	$	741,970
Net Income Available to Common Stockholders	$	104,017	$	57,067
Basic Earnings per Common Share	$	0.47	$	0.26
Diluted Earnings per Common Share	$	0.47	$	0.26
FFO of the Simon Portfolio	$	358,857	$	319,569
Diluted FFO of the Simon Portfolio	$	373,051	$	333,781
Basic FFO per Share	$	1.29	$	1.14
Diluted FFO per Share	$	1.26	$	1.12
Distributions per Share	$	0.76	$	0.70

	March 31,		December 31,
Stockholders’ Equity Information	2006		2005
Limited Partner Units Outstanding at End of Period	58,494		58,523
Common Shares Outstanding at End of Period	220,863		220,361
Total Common Shares and Units Outstanding at End of Period	279,357		278,884
Weighted Average Limited Partnership Units Outstanding	58,503		59,566
Weighted Average Common Shares Outstanding—Basic(1)	220,580		220,259
Weighted Average Common Shares Outstanding—Diluted(1)	236,717		236,321
Debt Information
Simon Group’s Share of Consolidated Debt	$	13,946,977	$	13,912,933
Simon Group’s Share of Joint Venture Debt	$	3,306,031	$	3,169,662
Market Capitalization
Common Stock Price at End of Period	$	84.14	$	76.63
Equity Market Capitalization(2)	$	25,276,831	$	23,070,738
Total Capitalization—Including Simon Group’s Share of Debt	$	42,529,839	$	40,153,333

	As of or for the
	Three Months Ended
	March 31,
	2006		2005
Miscellaneous Balance Sheet Data
Interest Capitalized during the Period:
Consolidated Properties	$	4,234	$	3,394
Joint Venture Properties	$	1,565	$	915
Simon Group’s Share of Joint Venture Properties	$	771	$	442

(1)For purposes of computing net income and FFO per share.

(2)Market value of Common Stock, Units and all issues of Preferred Stock of the Company.

22

On the next two pages, we present balance sheet and income statement data on a pro-rata basis reflecting the Company’s 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 the consolidated financial statements prepared by the Company. 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.

23

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Three Months Ended March 31, 2006

									The Company’s				The Company’s				Total
					Minority				Consolidated				Shares of				Company’s
	Consolidated				Interest				Share				Joint Ventures				Share
REVENUE:
Minimum rent		$	488,088			$	(8,317	)		$	479,771			$	113,846			$	593,617
Overage rent		16,059				(117		)		15,942				5,715				21,657
Tenant reimbursements		221,035				(6,068		)		214,967				51,859				266,826
Management fees and other revenues		20,169				—				20,169				—				20,169
Other income		42,298				(428		)		41,870				14,840				56,710
Total revenue		787,649				(14,930		)		772,719				186,260				958,979
EXPENSES:
Property operating		105,947				(3,032		)		102,915				35,946				138,861
Depreciation and amortization		209,447				(2,148		)		207,299				50,614				257,913
Real estate taxes		81,805				(4,608		)		77,197				13,435				90,632
Repairs and maintenance		25,955				(639		)		25,316				8,130				33,446
Advertising and promotion		17,402				(315		)		17,087				3,012				20,099
(Recovery of) provision for credit losses		(6		)		(134		)		(140		)		328				188
Home and regional office costs		30,336				—				30,336				—				30,336
General & administrative		4,493				—				4,493				—				4,493
Other		13,066				(459		)		12,607				10,307				22,914
Total operating expenses		488,445				(11,335		)		477,110				121,772				598,882
OPERATING INCOME		299,204				(3,595		)		295,609				64,488				360,097
Interest expense		204,072				(2,670		)		201,402				44,796				246,198
Income before minority interest		95,132				(925		)		94,207				19,692				113,899
Minority interest		(925		)		925				—				—				—
Income tax expense of taxable REIT subsidiaries		(1,639		)		—				(1,639		)		—				(1,639		)
Income before unconsolidated entities		92,568				—				92,568				19,692				112,260
Income from unconsolidated entities		19,692				—				19,692				(19,692		)		—
Gain on sales of interests in unconsolidated entities		34,350				—				34,350				—				34,350
Income from beneficial interests, net		10,231				—				10,231				—				10,231
Income from continuing operations		156,841				—				156,841				—				156,841
Results of operations from discontinued operations		191				—				191				—				191
(Loss) Gain on disposal or sale of discontinued operations, net		(28		)		—				(28		)		—				(28		)
Income before allocation to limited partners		157,004				—				157,004				—				157,004
LESS:
Limited partners’ interest in the Operating Partnership		27,588				—				27,588				—				27,588
Preferred distributions of the Operating Partnership		6,826				—				6,826				—				6,826
NET INCOME		122,590				—				122,590				—				122,590
Preferred dividends		(18,573		)		—				(18,573		)		—				(18,573		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	104,017			$	—			$	104,017			$	—			$	104,017
RECONCILIATION OF NET INCOME TO FFO
Net Income										$	122,590			$	—			$	122,590
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership										34,414				—				34,414
Depreciation and amortization from consolidated properties, beneficial interests, and discontinued operations										213,542				—				213,542
Simon’s share of depreciation and amortization from unconsolidated entities										—				50,132				50,132
Income from unconsolidated entities										(19,692		)		19,692				—
(Gain) loss on disposal or sale of discontinued operations, net and loss on sales of interests in unconsolidated entities, net										(34,322		)		—				(34,322		)
Minority interest portion of depreciation and amortization										(2,100		)		—				(2,100		)
Preferred distributions and dividends										(25,399		)		—				(25,399		)
FFO of the Simon Portfolio										$	289,033			$	69,824			$	358,857
Percentage of FFO of the Simon Portfolio										80.54		%		19.46		%		100.00		%

24

SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
As of March 31, 2006

								The Company’s				The Company’s				Total
					Minority			Consolidated				Share of				Company’s
	Consolidated				Interest			Share				Joint Ventures				Share
ASSETS:
Investment properties, at cost		$	21,827,364		$	(203,409	)		$	21,623,955			$	5,311,087		$	26,935,042
Less—accumulated depreciation		3,978,222			(61,378		)		3,916,844				777,008			4,693,852
		17,849,142			(142,031		)		17,707,111				4,534,079			22,241,190
Cash and cash equivalents		299,037			(10,117		)		288,920				133,825			422,745
Tenant receivables and accrued revenue, net		323,107			(5,972		)		317,135				81,870			399,005
Investment in unconsolidated entities, at equity		1,567,230			—				1,567,230				(1,567,230		)	—
Deferred costs and other assets		978,451			(72,078		)		906,373				136,237			1,042,610
Total assets		$	21,016,967		$	(230,198	)		$	20,786,769			$	3,318,781		$	24,105,550
LIABILITIES:
Mortgages and other indebtedness		$	14,139,261		$	(192,284	)		$	13,946,977			$	3,306,031		$	17,253,008
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,013,283			(12,465		)		1,000,818				171,971			1,172,789
Cash distributions and losses in partnerships and joint ventures, at equity		205,983			—				205,983				(205,983		)	—
Other liabilities, minority interest and accrued dividends		157,926			(25,449		)		132,477				46,762			179,239
Total liabilities		15,516,453			(230,198		)		15,286,255				3,318,781			18,605,036
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP		854,561			—				854,561				—			854,561
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP		400,806			—				400,806				—			400,806
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, 25,635,772 issued and outstanding, with a liquidation value of $1,081,789		1,080,190			—				1,080,190				—			1,080,190
Common stock, $.0001 par value, 400,000,000 shares authorized, 225,240,261 issued and outstanding		23			—				23				—			23
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		4,963,224			—				4,963,224				—			4,963,224
Accumulated deficit		(1,614,664		)	—				(1,614,664		)		—			(1,614,664		)
Accumulated other comprehensive income		10,835			—				10,835				—			10,835
Common stock held in treasury at cost, 4,388,905 shares		(194,461		)	—				(194,461		)		—			(194,461		)
Total stockholders’ equity		4,245,147			—				4,245,147				—			4,245,147
		$	21,016,967		$	(230,198	)		$	20,786,769			$	3,318,781		$	24,105,550

25

SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of March 31, 2006
(in thousands, except as noted)

Industry practice is to evaluate real estate properties on an unleveraged basis. 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 performane 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 toNOI 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 that are comparable properties for the quarter ended March 31, 2006.

	For the Three Months Ended
	March 31,
	2006			2005
Reconciliation of NOI of consolidated Properties:
Net Income	$	122,590		$	75,464
Preferred distributions of the Operating Partnership	6,826			6,924
Limited partners’ interest in the Operating Partnership	27,588			15,663
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net	(163		)	(3,253		)
Income tax expense of taxable REIT subsidiaries	1,639			4,686
Minority interest	925			3,307
Interest expense	204,072			195,204
Income from unconsolidated entities	(19,692		)	(17,927		)
(Gain) loss on sales of interests in unconsolidated entities	(34,350		)	(10,473		)
Income from beneficial interests, net	(10,231		)	—
Operating Income	299,204			269,595
Depreciation and amortization	209,447			210,298
NOI of consolidated Properties	$	508,651		$	479,893
Reconciliation of NOI of unconsolidated entities:
Net Income	$	81,786		$	169,161
Discontinued operations—Results of operations and loss (gain) on disposal or sale, net	380			(98,332		)
Interest expense	107,934			96,805
Income from unconsolidated entities	—			1,255
Gain on sale of asset	(94		)	—
Operating Income	190,006			168,889
Depreciation and amortization	76,163			75,658
NOI of unconsolidated entities	$	266,169		$	244,547
Total consolidated and unconsolidated NOI from continuing operations	$	774,820		$	724,440
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties	258			10,386
Total NOI of the Simon Group Portfolio	$	775,078		$	734,826
Increase in NOI from prior period	5.5		%	19.3		%
Less: Joint venture partner’s share of NOI	156,877			147,216
Simon Group’s Share of NOI	$	618,201		$	587,610
Increase in Simon Group’s Share of NOI from prior period	5.2		%	27.6		%
NOI of Regional Malls that are Comparable Properties(1)	$	604,580		$	569,692
Increase in NOI of Regional Malls that are Comparable Properties(1)	6.1		%

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

26

SIMON PROPERTY GROUP
NOI Composition(1)
For the Three Months Ended March 31, 2006

U.S. Portfolio NOI by Geographic
Diversification(2)

NOI by Asset Type(3)

(1)	Based on Total NOI of the Simon Group portfolio.
(2)	U.S. regions:
	Northeast—PA, NY, VT, NH, ME, MA, NJ, CT and RI	West North Central—ND, SD, NE, KS, MN, IA and MO
	Mideast—KY, WV, MD, DE, VA, NC and SC	East North Central—WI, MI, OH, IN and IL
	Southeast—TN, MS, AL, GA, FL and Puerto Rico	Mountain—NV, AZ, NM, UT, CO, ID, MT and WY
	Southwest—TX, OK, LA and AR	Pacific—CA, OR, WA and HI
(3)	International includes five Premium Outlet centers in Japan.

27

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of March 31, 2006
(In thousands)

	For the Three Months Ended March 31,
	2006		2005
Consolidated Properties
Other Income
Interest Income	$	6,197	$	4,310
Lease Settlement Income	8,075		1,824
Gains on Land Sales	2,950		7,610
Simon Brand Ventures/Simon Business Network Revenues(1)	16,922		15,533
Other	8,154		6,284
Totals	$	42,298	$	35,561
Other Expense
Ground Rent	$	7,696	$	6,122
Professional Fees	1,564		2,490
Simon Brand Ventures/Simon Business Network Expenses	713		687
Other	3,093		1,527
Totals	$	13,066	$	10,826

(1)Additional Simon Brand Ventures and Simon Business Network revenues are recorded in minimum rent.

28

SIMON PROPERTY GROUP
U.S. Portfolio GLA
As of December 31, 2005

Type of Property	GLA-Sq. Ft.	Total Owned GLA	% of Owned GLA
Regional Malls
Anchor	101,484,273	28,477,548		23.8	%
Specialty Store	58,966,398	58,757,429		49.2	%
Freestanding	4,313,060	2,150,871		1.8	%
Subtotal	63,279,458	60,908,300		51.0	%
Regional Mall Total	164,763,731	89,385,848		74.8	%
Premium Outlet
Centers	13,058,353	13,058,353		10.9	%
Community/Lifestyle Centers
Anchor	13,567,211	8,422,896		7.0	%
Specialty Store	4,897,618	4,847,450		4.1	%
Freestanding	930,507	441,827		0.4	%
Community/Lifestyle
Centers Total	19,395,336	13,712,173		11.5	%
Office Portion of Retail	1,767,898	1,767,898		1.5	%
Other(1)	1,591,670	1,591,670		1.3	%
Total U.S. Properties	200,576,988	119,515,942		100.0	%

(1)Other assets include 10 other properties that contribute 0.2% of Simon Group’s NOI.

29

SIMON PROPERTY GROUP
U.S. Regional Mall Operational Information
As of March 31, 2006

	As of or for the Three Months Ended March 31,
	2006		2005
Total Number of Regional Malls	171		172
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)	166.5		166.7
Occupancy(1)
Consolidated Assets	91.6	%	91.3	%
Unconsolidated Assets	91.7	%	91.8	%
Total Portfolio	91.6	%	91.5	%
Comparable sales per square foot(2)
Consolidated Assets	$448		$423
Unconsolidated Assets	$487		$467
Total Portfolio	$461		$437
Average rent per square foot(1)
Consolidated Assets	$34.44		$33.24
Unconsolidated Assets	$35.53		$35.13
Total Portfolio	$34.83		$33.90

Average Base Rent Per Square Foot(1)	Mall & Freestanding Stores			% Change
3/31/06		$	34.83		2.7	%
3/31/05		33.90
12/31/05		34.49			3.0	%
12/31/04		33.50			3.8	%
12/31/03		32.26			5.1	%
12/31/02		30.70			4.8	%
12/31/01		29.28			3.4	%

Leasing Activity During the Period(1):

	Average Base Rent(3)						Amount of Change
	Lease Signings			Store Closings/ Lease Expirations			(Referred to as “Leasing Spread”)
2006 (YTD)		$	45.45		$	34.79	$	10.66	30.6	%
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	%
2002		40.35			32.58		7.77		23.8	%
2001		34.88			29.10		5.78		19.9	%

(1)Includes mall and freestanding stores

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

(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.

30

SIMON PROPERTY GROUP
U.S. Regional Mall Lease Expirations(1)As of March 31, 2006

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 3/31/06
Mall Stores & Freestanding
Month to Month Leases		908	2,421,009		$	33.44
2006 (4/1-12/31)		1,024	1,910,778		$	35.54
2007		2,637	6,329,956		$	34.74
2008		2,095	5,550,963		$	36.47
2009		1,857	5,316,826		$	34.34
2010		1,894	5,470,600		$	36.88
2011		1,556	4,827,414		$	34.90
2012		1,211	4,108,102		$	36.04
2013		1,137	3,653,456		$	39.34
2014		1,215	3,640,459		$	40.57
2015		1,214	4,034,275		$	41.12
2016		770	2,868,479		$	34.50
2017 and Thereafter		138	1,936,579		$	23.45
Specialty Leasing Agreements w/ terms in excess of 12 months		1,103	2,827,674		$	13.39
Anchor Tenants
Month to Month Leases		5	390,418		$	3.54
2006 (4/1-12/31)		1	105,450		$	6.60
2007		15	1,501,143		$	2.27
2008		25	2,873,752		$	3.78
2009		31	3,279,500		$	3.40
2010		34	4,017,047		$	2.78
2011		21	2,372,206		$	3.82
2012		19	2,217,298		$	4.59
2013		11	1,800,847		$	6.35
2014		13	1,207,089		$	7.58
2015		11	1,007,256		$	6.82
2016		9	974,683		$	6.78
2017 and Thereafter		40	4,638,334		$	5.04

(1)Does not consider the impact of options to renew that may be continued in leases.

31

SIMON PROPERTY GROUPU.S. Regional Mall Top Tenants
As of March 31, 2006

Top 10 In-Line Retail Tenants (sorted by percentage of total Simon Group base minimum rent)

					Percent of			Percent of
	Number		Square		Total			Total Simon
	of		Feet		Simon Group			Group Base
Tenant	Stores		(000’s)		Sq. Ft.			Min. Rent
Limited		517		3,320		1.7	%		3.9	%
Gap		330		3,542		1.8	%		2.7	%
Foot Locker		423		1,727		0.9	%		2.1	%
Zale Corporation		400		476		0.2	%		1.6	%
Luxottica Group S.P.A		509		887		0.4	%		1.5	%
Abercrombie & Fitch Co.		174		1,251		0.6	%		1.5	%
Sterling Jewelers, Inc.		203		293		0.1	%		1.0	%
Children’s Place Retail Stores		181		802		0.4	%		1.0	%
American Eagle Outfitters		130		718		0.4	%		0.9	%
Genesco, Inc.		321		410		0.2	%		0.8	%

Top 10 Anchors (sorted by percentage of total Simon Group square footage)(1)

				Percent of			Percent of
	Number		Square	Total			Total Simon
	of		Feet	Simon Group			Group Base
Tenant	Stores		(000’s)	Sq. Ft.			Min. Rent
Federated Department Stores		181	31,892		15.9	%		0.7	%
Sears Roebuck & Co.		128	19,599		9.8	%		0.4	%
J.C. Penney Co., Inc.		117	17,012		8.5	%		0.9	%
Dillard’s Dept. Stores		78	11,830		5.9	%		0.1	%
Nordstrom, Inc.		21	3,722		1.9	%		0.0	%
Saks Incorporated		20	2,300		1.1	%		0.7	%
Belk, Inc.		18	2,214		1.1	%		0.1	%
The Bon-Ton Stores, Inc.		21	2,058		1.0	%		0.2	%
Target Corporation		13	1,624		0.8	%		0.0	%
The Neiman Marcus Group, Inc.		8	1,053		0.5	%		0.1	%

(1) Includes space leased and owned by the anchor.

32

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings
2006-2010

Property Name			Location			New Tenant		Former Tenant
Openings through March 31, 2006
Cielo Vista Mall	El Paso, TX				Cinemark Theater		N/A
Copley Place	Boston, MA				Barneys New York		Lowes Theatre
Openings Projected for the Remainder of 2006
College Mall		Bloomington, IN		Bed Bath & Beyond			Target (relocated)
Crossroads Mall		Omaha, NE		Target			Younkers
Fashion Valley Mall		San Diego, CA		Bloomingdale’s			Robinsons-May
Firewheel Town Center		Garland, TX		Ethan Allen			N/A
				Cost Plus World Market			N/A
Galleria, The		Houston, TX		Borders, Del Frisco,			Lord & Taylor
				Kona Grill & Oceanaire
Lehigh Valley Mall		Whitehall, PA		Boscov’s			Strawbridge’s
Liberty Tree Mall		Danvers, MA		K&G Menswear			N/A
Mall at Chestnut Hill		Chestnut Hill, MA		Bloomingdale’s			Filene’s
Mall at The Source, The		Westbury, NY		Golf Galaxy			N/A
Mall of Georgia		Mill Creek, GA		Belk			Lord & Taylor
Melbourne Square		Melbourne, FL		Dick’s Sporting Goods			Belk
				Circuit City			Belk
Menlo Park Mall		Edison, NJ		Steve & Barry’s			N/A
Montgomery Mall		Montgomeryville, PA		Boscov’s			Strawbridge’s
Muncie Mall		Muncie, IN		Books-A-Million			N/A
Orange Park Mall		Jacksonville, FL		Dick’s Sporting Goods			N/A
Oxford Valley Mall		Langhorne, PA		Boscov’s			Strawbridge’s
Smith Haven Mall		Lake Grove, NY		Cheesecake Factory			Sterns
South Hills Village		Pittsburgh, PA		Boscov’s			Kaufmann’s
SouthPark		Charlotte, NC		Neiman Marcus			N/A
Town Center at Aurora		Aurora, CO		Dillard’s			Foley’s (relocated)
Town Center at Boca Raton		Boca Raton, FL		Grand Lux			N/A
Washington Square		Indianapolis, IN		Steve & Barry’s			N/A
Valle Vista Mall		Harlingen, TX		Steve & Barry’s			N/A

33

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings
2006-2010

Property Name		Location		New Tenant		Former Tenant
Openings Projected in 2007
Aventura Mall	Miami Beach, FL		Nordstrom		Lord & Taylor
Boynton Beach Mall	Boynton Beach, FL		Muvico Theater		Macy’s
Lake Square Mall	Leesburg, FL		Best Buy		N/A
Lehigh Valley Mall	Whitehall, PA		Barnes & Noble		N/A
Lenox Square	Atlanta, GA		Neiman Marcus expansion		N/A
			and small shop addition
Livingston Mall	Livingston, NJ		Barnes & Noble		N/A
Northgate Mall	Seattle, WA		Barnes & Noble		N/A
Smith Haven Mall	Lake Grove, NY		Barnes & Noble		Stern’s
			Dick’s Sporting Goods		Stern’s
			Macy’s Furniture		Stern’s
Square One Mall	Saugus, MA		Dick’s Sporting Goods		N/A
Openings Projected in 2008
Burlington Mall	Burlington (Boston), MA		Nordstrom		Filene’s
Ross Park Mall	Pittsburgh, PA		Nordstrom		Macy’s
Tacoma Mall	Seattle, WA		Nordstrom (relocated)		Mervyn’s
Openings Projected in 2009
South Shore Plaza	Braintree (Boston), MA		Nordstrom		Macy’s
Openings Projected in 2010
Northshore Mall	Peabody (Boston), MA		Nordstrom		Macy’s

34

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (Metropolitan area)	Ownership			Anchor	Freestanding			Total
1.	McCain Mall			AR	N. Little Rock		100.0	%	554,156		221,784		775,940
2.	University Mall			AR	Little Rock		100.0	%	364,992		153,493		518,485
3.	Brea Mall			CA	Brea (Orange County)		100.0	%	874,802		443,106		1,317,908
4.	Coddingtown Mall			CA	Santa Rosa		50.0	%	547,090		309,879		856,969
5.	Fashion Valley Mall			CA	San Diego		50.0	%	1,053,305		654,685		1,707,990
6.	Laguna Hills Mall			CA	Laguna Hills (Orange County)		100.0	%	536,500		330,589		867,089
7.	Santa Rosa Plaza			CA	Santa Rosa		100.0	%	428,258		270,495		698,753
8.	Shops at Mission Viejo, The			CA	Mission Viejo (Orange County)		100.0	%	677,215		472,539		1,149,754
9.	Stanford Shopping Center			CA	Palo Alto (San Francisco)		100.0	%	849,153		529,007	(6)	1,378,160
10.	Westminster Mall			CA	Westminster (Orange County)		100.0	%	716,939		504,095		1,221,034
11.	Mesa Mall (1)			CO	Grand Junction		50.0	%	441,208		443,083		884,291
12.	Town Center at Aurora			CO	Aurora (Denver)		100.0	%	496,637		404,498		901,135
13.	Crystal Mall			CT	Waterford (New London-Norwich)		74.6	%	442,311		351,745		794,056
14.	Aventura Mall (1)			FL	Miami Beach		33.3	%	1,257,638		662,723		1,920,361
15.	Avenues, The			FL	Jacksonville		25.0	%(2)	754,956		361,278		1,116,234
16.	Boynton Beach Mall			FL	Boynton Beach (W. Palm Beach)		100.0	%	714,210		301,559		1,015,769
17.	Coral Square			FL	Coral Springs (Miami-Ft. Lauderdale)		97.2	%	648,144		297,045		945,189
18.	Cordova Mall			FL	Pensacola		100.0	%	395,875		465,618		861,493
19.	Crystal River Mall			FL	Crystal River		100.0	%	302,495		121,835		424,330
20.	Dadeland Mall			FL	N. Miami Beach		50.0	%	1,132,072		335,343		1,467,415
21.	DeSoto Square			FL	Bradenton (Sarasota-Bradenton)		100.0	%	435,467		254,896		690,363
22.	Edison Mall			FL	Fort Myers		100.0	%	742,667		296,815		1,039,482
23.	Florida Mall, The			FL	Orlando		50.0	%	1,232,416		616,147		1,848,563
24.	Gulf View Square			FL	Port Richey (Tampa-St. Pete)		100.0	%	461,852		291,948		753,800
25.	Indian River Mall			FL	Vero Beach		50.0	%	445,552		302,738		748,290
26.	Lake Square Mall			FL	Leesburg (Orlando)		50.0	%	296,037		264,854		560,891
27.	Melbourne Square			FL	Melbourne		100.0	%	371,167		259,007		630,174
28.	Miami International Mall			FL	South Miami		47.8	%	778,784		294,009		1,072,793
29.	Orange Park Mall			FL	Orange Park (Jacksonville)		100.0	%	528,551		388,799		917,350
30.	Paddock Mall			FL	Ocala		100.0	%	387,378		166,824		554,202
31.	Palm Beach Mall			FL	West Palm Beach		100.0	%	749,288		335,038		1,084,326
32.	Port Charlotte Town Center			FL	Port Charlotte (Punta Gorda)		80.0	%(3)	458,251		323,979		782,230
33.	Seminole Towne Center			FL	Sanford (Orlando)		45.0	%(2)	768,798		368,692		1,137,490
34.	Shops at Sunset Place, The			FL	Miami		37.5	%(2)	0		506,793		506,793
35.	St. Johns Town Center			FL	Jacksonville		50.0	%	653,291		379,212		1,032,503
36.	Town Center at Boca Raton			FL	Boca Raton (W. Palm Beach)		100.0	%	1,085,312		482,724		1,568,036
37.	Treasure Coast Square			FL	Jensen Beach (Ft. Pierce)		100.0	%	511,372		349,214		860,586
38.	Tyrone Square			FL	St. Petersburg (Tampa-St. Pete)		100.0	%	748,269		369,113		1,117,382
39.	University Mall			FL	Pensacola		100.0	%	478,449		230,677		709,126
40.	Gwinnett Place			GA	Duluth (Atlanta)		50.0	%	843,609		434,218		1,277,827
41.	Lenox Square			GA	Atlanta		100.0	%	821,356		655,662		1,477,018
42.	Mall of Georgia			GA	Mill Creek (Atlanta)		50.0	%	1,069,590		716,069		1,785,659
43.	Northlake Mall			GA	Atlanta		100.0	%	665,745		296,724		962,469

35

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (Metropolitan area)	Ownership			Anchor	Freestanding			Total
44.	Phipps Plaza			GA	Atlanta		100.0	%	472,385		347,147		819,532
45.	Town Center at Cobb			GA	Kennesaw (Atlanta)		50.0	%	866,381		405,603		1,271,984
46.	Lindale Mall (1)			IA	Cedar Rapids		50.0	%	305,563		388,225		693,788
47.	NorthPark Mall			IA	Davenport		50.0	%	651,935		422,553		1,074,488
48.	Southern Hills Mall (1)			IA	Sioux City		50.0	%	372,937		431,909		804,846
49.	SouthRidge Mall (1)			IA	Des Moines		50.0	%	497,806		523,443		1,021,249
50.	Alton Square			IL	Alton (St. Louis)		100.0	%	426,315		213,653		639,968
51.	Lincolnwood Town Center			IL	Lincolnwood (Chicago)		100.0	%	220,830		200,701		421,531
52.	Northfield Square Mall			IL	Bourbonnais (Chicago)		31.6	%(3)	310,994		247,352		558,346
53.	Northwoods Mall			IL	Peoria		100.0	%	472,969		221,303		694,272
54.	Orland Square			IL	Orland Park (Chicago)		100.0	%	773,295		436,774		1,210,069
55.	River Oaks Center			IL	Calumet City (Chicago)		100.0	%	834,588		544,967	(6)	1,379,555
56.	SouthPark Mall			IL	Moline (Davenport - Moline)		50.0	%	578,056		448,113		1,026,169
57.	White Oaks Mall			IL	Springfield		77.5	%	556,831		379,903		936,734
58.	Castleton Square			IN	Indianapolis		100.0	%	1,105,913		353,186		1,459,099
59.	Circle Centre			IN	Indianapolis		14.7	%	350,000		432,627	(6)	782,627
60.	College Mall			IN	Bloomington		100.0	%	356,887		261,186		618,073
61.	Eastland Mall			IN	Evansville		50.0	%	489,144		375,407		864,551
62.	Fashion Mall at Keystone			IN	Indianapolis		100.0	%	249,721		433,586	(6)	683,307
63.	Greenwood Park Mall			IN	Greenwood (Indianapolis)		100.0	%	909,928		413,342		1,323,270
64.	Lafayette Square			IN	Indianapolis		100.0	%	937,223		269,514		1,206,737
65.	Markland Mall			IN	Kokomo		100.0	%	273,094		141,558		414,652
66.	Muncie Mall			IN	Muncie		100.0	%	435,756		205,901		641,657
67.	Tippecanoe Mall			IN	Lafayette		100.0	%	537,790		322,565		860,355
68.	University Park Mall			IN	Mishawaka (South Bend)		60.0	%	622,508		319,513		942,021
69.	Washington Square			IN	Indianapolis		100.0	%	616,109		351,333		967,442
70.	Towne East Square			KS	Wichita		100.0	%	779,490		389,868		1,169,358
71.	Towne West Square			KS	Wichita		100.0	%	619,269		332,334		951,603
72.	West Ridge Mall			KS	Topeka		100.0	%	716,811		300,814		1,017,625
73.	Prien Lake Mall			LA	Lake Charles		100.0	%	644,124		176,139		820,263
74.	Arsenal Mall			MA	Watertown (Boston)		100.0	%	191,395		310,424	(6)	501,819
75.	Atrium Mall			MA	Chestnut Hill (Boston)		49.1	%	0		206,666		206,666
76.	Auburn Mall			MA	Auburn (Boston)		49.1	%	417,620		174,201		591,821
77.	Burlington Mall			MA	Burlington (Boston)		100.0	%	836,236		423,356		1,259,592
78.	Cape Cod Mall			MA	Hyannis (Barnstable - Yarmouth)		49.1	%	420,199		303,861		724,060
79.	Copley Place			MA	Boston		98.1	%	104,332		1,117,617	(6)	1,221,949
80.	Emerald Square			MA	North Attleboro (Providence - Fall River)		49.1	%	647,372		375,259		1,022,631
81.	Greendale Mall			MA	Worcester (Boston)		49.1	%	132,634		298,691	(6)	431,325
82.	Liberty Tree Mall			MA	Danvers (Boston)		49.1	%	498,000		359,311		857,311
83.	Mall at Chestnut Hill			MA	Newton (Boston)		47.2	%	297,253		181,000		478,253
84.	Northshore Mall			MA	Peabody (Boston)		49.1	%	979,755		688,696		1,668,451
85.	Solomon Pond Mall			MA	Marlborough (Boston)		49.1	%	538,843		371,347		910,190
86.	South Shore Plaza			MA	Braintree (Boston)		100.0	%	847,603		613,609		1,461,212
87.	Square One Mall			MA	Saugus (Boston)		49.1	%	540,101		324,660		864,761
88.	Bowie Town Center			MD	Bowie (Washington, D.C.)		100.0	%	357,000		328,670		685,670
89.	St. Charles Towne Center			MD	Waldorf (Washington, D.C.)		100.0	%	631,602		350,406		982,008
90.	Bangor Mall			ME	Bangor		66.4	%(5)	416,582		236,846		653,428

36

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (Metropolitan area)	Ownership			Anchor	Freestanding			Total
91.	Maplewood Mall			MN	Minneapolis		100.0	%	588,822		341,660		930,482
92.	Miller Hill Mall			MN	Duluth		100.0	%	429,508		379,476		808,984
93.	Battlefield Mall			MO	Springfield		100.0	%	770,111		420,632		1,190,743
94.	Independence Center			MO	Independence (Kansas City)		100.0	%	499,284		524,644		1,023,928
95.	SouthPark			NC	Charlotte		100.0	%	964,742		483,856		1,448,598
96.	Crossroads Mall			NE	Omaha		100.0	%	522,119		232,609		754,728
97.	Mall at Rockingham Park, The			NH	Salem (Boston)		24.6	%	638,111		382,031		1,020,142
98.	Mall of New Hampshire			NH	Manchester (Boston)		49.1	%	444,889		363,264		808,153
99.	Pheasant Lane Mall			NH	Nashua (Boston)		(4)		675,759		313,524		989,283
100.	Brunswick Square			NJ	East Brunswick (New York)		100.0	%	467,626		302,303		769,929
101.	Livingston Mall			NJ	Livingston (New York)		100.0	%	616,128		363,796		979,924
102.	Menlo Park Mall			NJ	Edison (New York)		100.0	%	527,591		757,618	(6)	1,285,209
103.	Ocean County Mall			NJ	Toms River (New York)		100.0	%	616,443		274,952		891,395
104.	Quaker Bridge Mall			NJ	Lawrenceville		38.0	%(5)	686,760		418,599		1,105,359
105.	Rockaway Townsquare			NJ	Rockaway (New York)		100.0	%	786,626		461,104		1,247,730
106.	Cottonwood Mall			NM	Albuquerque		100.0	%	631,556		410,195		1,041,751
107.	Forum Shops at Caesars, The			NV	Las Vegas		100.0	%	0		635,116		635,116
108.	Chautauqua Mall			NY	Lakewood (Jamestown)		100.0	%	213,320		218,169		431,489
109.	Jefferson Valley Mall			NY	Yorktown Heights (New York)		100.0	%	310,095		275,613		585,708
110.	Mall at The Source, The			NY	Westbury (New York)		25.5	%(2)	210,798		515,064		725,862
111.	Nanuet Mall			NY	Nanuet (New York)		100.0	%	583,711		333,035		916,746
112.	Roosevelt Field			NY	Garden City (New York)		100.0	%	1,430,425		779,854	(6)	2,210,279
113.	Smith Haven Mall			NY	Lake Grove (New York)		25.0	%	666,283		413,494		1,079,777
114.	Walt Whitman Mall			NY	Huntington Station (New York)		100.0	%	742,214		292,011		1,034,225
115.	Westchester, The			NY	White Plains (New York)		40.0	%	349,393		478,597	(6)	827,990
116.	Great Lakes Mall			OH	Mentor (Cleveland)		100.0	%	879,300		389,884		1,269,184
117.	Lima Mall			OH	Lima		100.0	%	541,861		204,090		745,951
118.	Richmond Town Square			OH	Richmond Heights (Cleveland)		100.0	%	685,251		331,714		1,016,965
119.	Southern Park Mall			OH	Boardman (Youngstown)		100.0	%	811,858		383,492		1,195,350
120.	Summit Mall			OH	Akron		100.0	%	432,936		330,321		763,257
121.	Upper Valley Mall			OH	Springfield (Dayton - Springfield)		100.0	%	479,418		262,971		742,389
122.	Penn Square Mall			OK	Oklahoma City		94.5	%	588,137		444,070		1,032,207
123.	Woodland Hills Mall			OK	Tulsa		94.5	%	706,159		382,630		1,088,789
124.	Century III Mall			PA	West Mifflin (Pittsburgh)		100.0	%	831,439		458,955	(6)	1,290,394
125.	Granite Run Mall			PA	Media (Philadelphia)		50.0	%	500,809		545,775		1,046,584
126.	King of Prussia Mall			PA	King of Prussia (Philadelphia)		12.4	%(5)	1,545,812		1,064,666	(6)	2,610,478
127.	Lehigh Valley Mall			PA	Whitehall (Allentown - Bethlehem)		37.6	%(5)	564,353		484,229	(6)	1,048,582
128.	Montgomery Mall			PA	Montgomeryville (Philadelphia)		53.5	%(5)	684,855		435,258		1,120,113
129.	Oxford Valley Mall			PA	Langhorne (Philadelphia)		63.2	%(5)	762,558		557,635	(6)	1,320,193
130.	Ross Park Mall			PA	Pittsburgh		100.0	%	827,015		406,451		1,233,466

37

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (Metropolitan area)	Ownership			Anchor	Freestanding			Total
131.	South Hills Village			PA	Pittsburgh		100.0	%	655,987		486,470		1,142,457
132.	Springfield Mall (1)			PA	Springfield (Philadelphia)		38.0	%(5)	367,176		221,484		588,660
133.	Plaza Carolina			PR	Carolina (San Juan)		100.0	%	504,796		609,305	(6)	1,114,101
134.	Anderson Mall			SC	Anderson (Greenville)		100.0	%	404,394		230,355		634,749
135.	Haywood Mall			SC	Greenville		100.0	%	902,400		327,815		1,230,215
136.	Empire Mall (1)			SD	Sioux Falls		50.0	%	497,341		547,997		1,045,338
137.	Rushmore Mall (1)			SD	Rapid City		50.0	%	470,660		359,843		830,503
138.	Knoxville Center			TN	Knoxville		100.0	%	597,028		384,007		981,035
139.	Oak Court Mall			TN	Memphis		100.0	%	532,817		315,009	(6)	847,826
140.	Raleigh Springs Mall			TN	Memphis		100.0	%	691,230		226,091		917,321
141.	West Town Mall			TN	Knoxville		50.0	%	878,311		450,632		1,328,943
142.	Wolfchase Galleria			TN	Memphis		94.5	%	761,648		505,813		1,267,461
143.	Barton Creek Square			TX	Austin		100.0	%	922,266		508,066		1,430,332
144.	Broadway Square			TX	Tyler		100.0	%	427,730		200,543		628,273
145.	Cielo Vista Mall			TX	El Paso		100.0	%	793,716		445,168		1,238,884
146.	Firewheel Town Center			TX	Garland		100.0	%	298,857		480,704		779,561
147.	Galleria, The			TX	Houston		31.5	%	1,164,982		1,092,217		2,257,199
148.	Highland Mall (1)			TX	Austin		50.0	%	732,000		359,751		1,091,751
149.	Ingram Park Mall			TX	San Antonio		100.0	%	751,704		378,190		1,129,894
150.	Irving Mall			TX	Irving (Dallas-Ft. Worth)		100.0	%	637,415		406,578		1,043,993
151.	La Plaza Mall			TX	McAllen		100.0	%	776,397		426,856		1,203,253
152.	Lakeline Mall			TX	Austin		100.0	%	745,179		357,476		1,102,655
153.	Longview Mall			TX	Longview		100.0	%	402,843		209,943		612,786
154.	Midland Park Mall			TX	Midland		100.0	%	339,113		278,861		617,974
155.	North East Mall			TX	Hurst (Dallas-Ft. Worth)		100.0	%	1,194,589		465,749		1,660,338
156.	Richardson Square Mall			TX	Richardson (Dallas-Ft. Worth)		100.0	%	460,055		284,498		744,553
157.	Rolling Oaks Mall			TX	San Antonio		100.0	%	596,984		286,140		883,124
158.	Sunland Park Mall			TX	El Paso		100.0	%	575,837		342,290		918,127
159.	Valle Vista Mall			TX	Harlingen		100.0	%	389,781		265,737		655,518
160.	Trolley Square			UT	Salt Lake City		90.0	%	0		225,057		225,057
161.	Apple Blossom Mall			VA	Winchester		49.1	%	229,011		213,508		442,519
162.	Charlottesville Fashion Square			VA	Charlottesville		100.0	%	381,153		190,657		571,810
163.	Chesapeake Square			VA	Chesapeake (Norfolk- VA Beach)		75.0	%(3)	534,760		272,132		806,892
164.	Fashion Centre at Pentagon City, The			VA	Arlington (Washington, DC)		42.5	%	472,729		517,098	(6)	989,827
165.	Valley Mall			VA	Harrisonburg		50.0	%	315,078		190,839		505,917
166.	Virginia Center Commons			VA	Glen Allen (Richmond)		100.0	%	506,639		281,608		788,247
167.	Columbia Center			WA	Kennewick		100.0	%	408,052		332,305		740,357
168.	Northgate Mall			WA	Seattle		100.0	%	688,391		295,247		983,638
169.	Tacoma Mall			WA	Tacoma		100.0	%	924,045		406,607		1,330,652
170.	Bay Park Square			WI	Green Bay		100.0	%	447,508		268,196		715,704
171.	Forest Mall			WI	Fond Du Lac		100.0	%	327,260		173,467		500,727
	Total Regional Mall GLA								101,484,273		65,047,356		166,531,629

38

FOOTNOTES:

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

(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)The Operating Partnership receives substantially all the economic benefit of the Property due to a preference, advance, or other partnership arrangement.

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

(5)The Operating Partnership’s indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments or an affiliate of Kravco Simon Investments.

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

Arsenal Mall—105,807 sq. ft.
Century III Mall—35,909 sq. ft.
Circle Centre Mall—9,123 sq. ft.
Copley Place—846,476 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.
Fashion Mall at Keystone, The—10,927 sq. ft.
Firewheel Town Center—2,353 sq. ft.
Greendale Mall—119,860 sq. ft.
King of Prussia Mall—13,696 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.
Lenox Square—2,674 sq. ft.
Menlo Park Mall—50,615 sq. ft.
Oak Court Mall—126,228 sq. ft.
Oxford Valley Mall—108,794 sq. ft.
Plaza Carolina—28,104 sq. ft.
River Oaks Center—118,311 sq. ft.
Roosevelt Field—1,610 sq. ft.
Stanford Shopping Center—5,748 sq. ft.
The Westchester—820 sq. ft.

39

SIMON PROPERTY GROUPU.S. Premium Outlet Centers Operational Information
As of March 31, 2006

	As of or for the
	Three Months Ended
	March 31,
	2006			2005
Total Number of U.S. Premium Outlet Centers	34		(3)	30
Total U.S. Premium Outlet Centers GLA (in millions of square feet)	13.1			115
Occupancy(1)	99.3		%	99.0		%
Comparable sales per square foot(1)	$	444		$	423
Average base rent per square foot(1)	$	23.85		$	22.95

Average Base Rent Per Square Foot(1)	Total Center		% Change
3/31/06	$	23.85		3.9	%
3/31/05	22.95
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)						Amount of Change
	Lease			Store Closings/			(Referred to as
	Signings			Lease Expirations			“Leasing Spread”)
2006 (YTD)		$	32.37		$	23.99	$	8.38	34.9	%
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 compared to the average base rent in effect for tenants whose leases terminated or expired in the same space.

(3)Las Vegas Outlet Center was reclassed from Other to Premium Outlet Centers on January 1, 2006.

40

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)
As of March 31, 2006

				Weighted
				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 3/31/06
2006 (4/1-12/31)		201	642,441		$	20.87
2007		402	1,492,163		$	21.50
2008		429	1,742,587		$	23.76
2009		403	1,687,362		$	22.11
2010		520	2,289,663		$	23.39
2011		320	1,422,837		$	21.56
2012		201	845,433		$	26.29
2013		212	920,795		$	24.82
2014		189	604,696		$	29.72
2015		197	663,211		$	30.68
2016 and Thereafter		160	604,695		$	27.28

(1)Does not consider the impact of options to renew that may be contained in leases.

41

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of March 31, 2006

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

					Percent of			Percent of
	Number		Square		Total			Total Simon
	of		Feet		Simon Group			Group Base
Tenant	Stores		(000’s)		Sq. Ft.			Min. Rent
Phillips—Van Heusen Corporation		158		751		0.4	%		0.7	%
Jones Retail Corporation		143		488		0.2	%		0.5	%
Adidas Promotional Retail Operations, Inc.		50		406		0.2	%		0.4	%
The Gap, Inc.		60		543		0.3	%		0.3	%
The William Carter Company, Inc.		62		304		0.2	%		0.3	%
Nike Retail Services, Inc.		37		379		0.2	%		0.3	%
Brown Group Retail, Inc.		63		270		0.1	%		0.3	%
LCI Holdings, Inc.		54		390		0.2	%		0.3	%
VF Outlet		56		353		0.2	%		0.2	%
Tommy Hilfiger Retail Operations, Inc.		36		224		0.1	%		0.2	%

42

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

									Total
									Gross
						Legal			Leasable
		Property Name	State		City (Metropolitan area)	Ownership			Area
1.	Camarillo Premium Outlets			CA	Camarillo (Los Angeles)		100.0	%	454,070
2.	Carlsbad Premium Outlets			CA	Carlsbad		100.0	%	287,936
3.	Desert Hills Premium Outlets			CA	Cabazon (Palm Springs-Los Angeles)		100.0	%	498,516
4.	Folsom Premium Outlets			CA	Folsom (Sacramento)		100.0	%	299,351
5.	Gilroy Premium Outlets			CA	Gilroy (San Jose)		100.0	%	577,295
6.	Napa Premium Outlets			CA	Napa (Napa Valley)		100.0	%	179,348
7.	Petaluma Village Premium Outlets			CA	Petaluma (San Francisco)		100.0	%	195,837
8.	Vacaville Premium Outlets			CA	Vacaville		100.0	%	444,212
9.	Clinton Crossing Premium Outlets			CT	Clinton (Hartford)		100.0	%	272,351
10.	Orlando Premium Outlets			FL	Orlando		100.0	%	435,813
11.	St. Augustine Premium Outlets			FL	St. Augustine (Jacksonsville)		100.0	%	329,003
12.	North Georgia Premium Outlets			GA	Dawsonville (Atlanta)		100.0	%	539,757
13.	Waikele Premium Outlets			HI	Waipahu (Honolulu)		100.0	%	209,846
14.	Chicago Premium Outlets			IL	Aurora (Chicago)		100.0	%	437,800
15.	Edinburgh Premium Outlets			IN	Edinburgh (Indianapolis)		100.0	%	371,117
16.	Lighthouse Place Premium Outlets			IN	Michigan City (Chicago)		100.0	%	456,734
17.	Wrentham Village Premium Outlets			MA	Wrentham (Boston)		100.0	%	615,713
18.	Kittery Premium Outlets			ME	Kittery (Boston)		100.0	%	150,564
19.	Albertville Premium Outlets			MN	Albertville (Minneapolis/St. Paul)		100.0	%	429,534
20.	Osage Beach Premium Outlets			MO	Osage Beach		100.0	%	391,381
21.	Carolina Premium Outlets			NC	Smithfield (Raleigh-Durham- Chapel Hill)		100.0	%	439,398
22.	Liberty Village Premium Outlets			NJ	Flemington (New York-Philadelphia)		100.0	%	173,045
23.	Jackson Premium Outlets			NJ	Jackson		100.0	%	285,564
24.	Las Vegas Outlet Center(1)			NV	Las Vegas		100.0	%	477,002
25.	Las Vegas Premium Outlets			NV	Las Vegas		100.0	%	434,978
26.	Waterloo Premium Outlets			NY	Waterloo		100.0	%	417,519
27.	Woodbury Common Premium Outlets			NY	Central Valley (New York City)		100.0	%	844,463
28.	Aurora Farms Premium Outlets			OH	Aurora (Cleveland)		100.0	%	300,181
29.	Columbia Gorge Premium Outlets			OR	Troutdale (Portland-Vancouver)		100.0	%	163,815
30.	The Crossings Premium Outlets			PA	Tannersville		100.0	%	411,391
31.	Allen Premium Outlets			TX	Allen (Dallas)		100.0	%	412,792
32.	Leesburg Corner Premium Outlets			VA	Leesburg (Washington DC)		100.0	%	463,288
33.	Seattle Premium Outlets			WA	Seattle		100.0	%	381,154
34.	Johnson Creek Premium Outlets			WI	Johnson Creek		100.0	%	277,585
	Total U.S. Premium Outlet Centers GLA								13,058,353

(1)Las Vegas Outlet Center was reclassed from Other to Premium Outlet Centers on January 1, 2006.

43

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Operational Information
As of March 31, 2006

	As of or for the Three Months Ended March 31,
	2006			2005
Total Number of Community/Lifestyle Centers	71			71
Total Community/Lifestyle Center GLA (in millions of square feet)	19.4			18.8
Occupancy(1)
Consolidated Assets	87.6		%	89.7		%
Unconsolidated Assets	96.0		%	95.8		%
Total Portfolio	90.3		%	91.6		%
Comparable sales per square foot(1)
Consolidated Assets	$	224		$	220
Unconsolidated Assets	$	200		$	202
Total Portfolio	$	216		$	215
Average rent per square foot(1)
Consolidated Assets	$	11.77		$	11.51
Unconsolidated Assets	$	10.89		$	10.52
Total Portfolio	$	11.47		$	11.17

Average Base Rent Per Square Foot(1)

	Total Center		% Change
3/31/06	$	11.47		2.7	%
3/31/05	11.17
12/31/05	11.41			4.6	%
12/31/04	10.91			3.0	%
12/31/03	10.59			4.6	%
12/31/02	10.12			3.0	%
12/31/01	9.83			5.0	%

Leasing Activity During the Period(1):

	Average Base Rent(2)						Amount of Change
	Lease Signings			Store Closings/ Lease Expirations			(Referred to as “Leasing Spread”)
2006 (YTD)		$	19.06		$	10.44	$	8.62	82.6	%
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	%
2002		10.19			8.39		1.80		21.5	%
2001		12.79			9.30		3.49		37.5	%

(1)For all owned gross leasable area.

(2)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.

44

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)
As of March 31, 2006

Year	Number of Leases Expiring		Square Feet	Avg. Base Rent per Square Foot at 3/31/06
Mall Stores & Freestanding
Month to Month Leases		47	115,560		$	13.78
2006 (4/1-12/31)		127	272,471		$	16.19
2007		178	662,393		$	13.77
2008		203	772,683		$	14.08
2009		154	543,138		$	14.24
2010		214	898,024		$	16.72
2011		119	540,363		$	15.13
2012		30	139,758		$	16.87
2013		17	106,822		$	13.81
2014		32	200,218		$	18.06
2015		56	299,094		$	19.26
2016		18	76,327		$	22.52
2017 and Thereafter		8	79,833		$	15.70
Specialty Leasing Agreements w/ terms in excess of 12 months		4	19,082		$	3.72
Anchor Tenants
Month to Month Leases		4	99,492		$	8.06
2006 (4/1-12/31)		6	200,443		$	6.80
2007		13	415,611		$	6.71
2008		16	415,757		$	9.95
2009		24	806,459		$	7.60
2010		23	729,883		$	12.12
2011		16	683,473		$	6.86
2012		8	350,244		$	8.85
2013		14	450,381		$	7.65
2014		11	438,088		$	9.32
2015		17	591,300		$	11.24
2016		16	602,692		$	9.52
2017 and Thereafter		35	1,946,784		$	9.57
Specialty Leasing Agreements w/ terms in excess of 12 months		3	70,930		$	1.47

(1)Does not consider the impact of options to renew that may be contained in leases.

45

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants
As of March 31, 2006

(Sorted by percentage of total Simon Group square footage)(1)

					Percent of			Percent of
	Number		Square		Total			Total Simon
	of		Feet		Simon Group			Group Base
Tenant	Stores		(000’s)		Sq. Ft.			Min. Rent
Target Corporation		11		1,382		0.7	%		0.0	%
Wal-Mart Stores, Inc.		9		1,009		0.5	%		0.0	%
Kohl’s Department Stores, Inc.		10		913		0.5	%		0.2	%
Best Buy Company, Inc.		17		708		0.4	%		0.3	%
TJX Companies, Inc.		20		611		0.3	%		0.2	%
Burlington Coat Factory		7		496		0.2	%		0.1	%
Sears Roebuck & Co.		2		450		0.2	%		0.1	%
Bed Bath & Beyond, Inc.		11		327		0.2	%		0.1	%
Office Max, Inc.		12		316		0.2	%		0.1	%
Dick’s Sporting Goods, Inc.		5		311		0.2	%		0.1	%

(1)Includes space leased and owned by the anchor.

46

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

								Gross Leasable Area
		Property Name	State	City (Metropolitan area)	Legal Ownership			Anchor	Mall & Freestanding		Total
1.	Plaza at Buckland Hills, The		CT	Manchester		35.0	%(2)	252,179		82,834	335,013
2.	Gaitway Plaza		FL	Ocala		23.3	%(2)	123,027		85,713	208,740
3.	Highland Lakes Center		FL	Orlando		100.0	%	352,277		140,862	493,139
4.	Indian River Commons		FL	Vero Beach		50.0	%	233,358		27,510	260,868
5.	Royal Eagle Plaza		FL	Coral Springs		35.0	%(2)	124,479		77,593	202,072
				(Miami-Ft. Lauderdale)
6.	Terrace at the Florida Mall		FL	Orlando		100.0	%	281,252		47,531	328,783
7.	Waterford Lakes Town Center		FL	Orlando		100.0	%	622,244		329,443	951,687
8.	West Town Corners		FL	Altamonte Springs		23.3	%(2)	263,782		121,455	385,237
9.	Westland Park Plaza		FL	Orange Park		23.3	%(2)	123,548		39,606	163,154
10.	Mall of Georgia Crossing		GA	Mill Creek (Atlanta)		100.0	%	341,503		99,109	440,612
11.	Bloomingdale Court		IL	Bloomingdale		100.0	%	467,513		162,836	630,349
12.	Countryside Plaza		IL	Countryside		100.0	%	308,489		95,268	403,757
13.	Crystal Court		IL	Crystal Lake		35.0	%(2)	201,993		76,977	278,970
14.	Forest Plaza		IL	Rockford		100.0	%	324,794		100,587	425,381
15.	Lake Plaza		IL	Waukegan		100.0	%	170,789		44,673	215,462
16.	Lake View Plaza		IL	Orland Park (Chicago)		100.0	%	261,856		109,396	371,252
17.	Lincoln Crossing		IL	O’Fallon		100.0	%	229,820		13,446	243,266
18.	Matteson Plaza		IL	Matteson		100.0	%	230,959		40,070	271,029
19.	North Ridge Plaza		IL	Joliet		100.0	%	190,323		114,747	305,070
20.	White Oaks Plaza		IL	Springfield		100.0	%	275,703		115,723	391,426
21.	Willow Knolls Court		IL	Peoria		35.0	%(2)	309,440		72,937	382,377
22.	Brightwood Plaza		IN	Indianapolis		100.0	%	0		38,493	38,493
23.	Clay Terrace		IN	Carmel (Indianapolis)		50.0	%	161,281		336,170	497,451
24.	Eastland Convenience Center		IN	Evansville		50.0	%	126,699		48,940	175,639
25.	Greenwood Plus		IN	Greenwood		100.0	%	134,141		15,146	149,287
26.	Griffith Park Plaza		IN	Griffith		100.0	%	175,595		88,455	264,050
27.	Keystone Shoppes		IN	Indianapolis		100.0	%	0		29,140	29,140
28.	Markland Plaza		IN	Kokomo		100.0	%	49,051		41,476	90,527
29.	Muncie Plaza		IN	Muncie		100.0	%	271,626		27,195	298,821
30.	New Castle Plaza		IN	New Castle		100.0	%	24,912		66,736	91,648
31.	Northwood Plaza		IN	Fort Wayne		100.0	%	136,404		71,841	208,245
32.	Teal Plaza		IN	Lafayette		100.0	%	98,337		2,750	101,087
33.	Tippecanoe Plaza		IN	Lafayette		100.0	%	85,811		4,711	90,522
34.	University Center		IN	Mishawaka		60.0	%	98,264		46,177	144,441
35.	Village Park Plaza		IN	Carmel (Indianapolis)		35.0	%(2)	414,593		130,173	544,766
36.	Wabash Village		IN	West Lafayette		100.0	%	109,388		15,068	124,456
37.	Washington Plaza		IN	Indianapolis		100.0	%	21,500		28,607	50,107
38.	West Ridge Plaza		KS	Topeka		100.0	%	182,161		59,226	241,387
39.	Park Plaza		KY	Hopkinsville		100.0	%	82,398		32,626	115,024
40.	St. Charles Towne Plaza		MD	Waldorf (Washington, D.C.)		100.0	%	285,716		117,906	403,622
41.	Regency Plaza		MO	St. Charles		100.0	%	210,627		76,846	287,473
42.	Ridgewood Court		MS	Jackson		35.0	%(2)	185,939		54,723	240,662
43.	Dare Centre		NC	Kill Devil Hills		100.0	%	127,172		41,452	168,624
44.	MacGregor Village		NC	Cary		100.0	%	0		143,741	143,741
45.	North Ridge Shopping Center		NC	Raleigh		100.0	%	43,247		123,214	166,461
46.	Rockaway Convenience Center		NJ	Rockaway (New York)		100.0	%	44,518		104,393	148,911
47.	Rockaway Town Plaza		NJ	Rockaway (New York)		100.0	%	407,303		51,316	458,619
48.	Cobblestone Court		NY	Victor		35.0	%(2)	206,680		58,819	265,499

47

								Gross Leasable Area
		Property Name	State	City (Metropolitan area)	Legal Ownership			Anchor	Mall & Freestanding		Total
49.	Boardman Plaza		OH	Youngstown		100.0	%	365,834		240,417	606,251
50.	Great Lakes Plaza		OH	Mentor (Cleveland)		100.0	%	142,229		21,875	164,104
51.	Lima Center		OH	Lima		100.0	%	189,584		47,294	236,878
52.	Northland Plaza		OH	Columbus		100.0	%	118,304		91,230	209,534
53.	Eastland Plaza		OK	Tulsa		100.0	%	152,451		33,623	186,074
54.	DeKalb Plaza		PA	King of Prussia		50.3	%(3)	81,368		20,345	101,713
55.	Great Northeast Plaza		PA	Philadelphia		50.0	%	237,151		57,600	294,751
56.	Henderson Square		PA	King of Prussia		76.0	%(3)	72,683		34,661	107,344
57.	Lincoln Plaza		PA	King of Prussia		63.2	%(3)	143,649		123,582	267,231
58.	Whitehall Mall		PA	Whitehall		38.0	%(3)	436,216		148,173	584,389
59.	Charles Towne Square		SC	Charleston		100.0	%	71,794		0	71,794
60.	Empire East(1)		SD	Sioux Falls		50.0	%	248,181		48,580	296,761
61.	Knoxville Commons		TN	Knoxville		100.0	%	91,483		88,980	180,463
62.	Arboretum at Great Hills		TX	Austin		100.0	%	35,773		169,293	205,066
63.	Celina Plaza		TX	El Paso		100.0	%	0		8,695	8,695
64.	Gateway Shopping Centers		TX	Austin		95.0	%	396,494		115,825	512,319
65.	Ingram Plaza		TX	San Antonio		100.0	%	0		111,518	111,518
66.	Lakeline Plaza		TX	Austin		100.0	%	307,966		79,497	387,463
67.	Shops at North East Mall, The		TX	Hurst		100.0	%	265,595		99,148	364,743
68.	Wolf Ranch		TX	Georgetown (Austin)		100.0	%	395,071		219,129	614,200
69.	Chesapeake Center		VA	Chesapeake		100.0	%	213,651		92,284	305,935
70.	Fairfax Court		VA	Fairfax		26.3	%(2)	169,043		80,615	249,658
71.	Martinsville Plaza		VA	Martinsville		100.0	%	60,000		42,105	102,105
	Total Community/Lifestyle Center GLA							13,567,211		5,828,125	19,395,336

FOOTNOTES:

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

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

(3)The Operating Partnership’s indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

48

SIMON PROPERTY GROUP
International Operational Information(1)
As of March 31, 2006

	As of or for the
	Three Months Ended
	March 31,
	2006			2005
International Premium Outlets (Japan)
Total Number of Premium Outlets	5			5
Total GLA (in millions of square feet)	1.4			1.3
Occupancy	100		%	100		%
Comparable sales per square foot	JPY 87,994			JPY 86,250
Average base rent per square foot	JPY 4,634			JPY 4,447
European Shopping Centers
Total Number of Shopping Centers	51			51
Total GLA (in millions of square feet)	11.1			10.9
Occupancy	97.2		%	97.0		%
Comparable sales per square foot	€	379		€	382
Average rent per square foot	€	26.52		€	25.27

(1)Does not include Premium Outlets Punta Norte in Mexico.

49

SIMON PROPERTY GROUP
International Property Listing

			SPG			Gross Leasable Area(1)
			Effective			Hypermarket/		Mall &
	Property Name	City (Metropolitan area)	Ownership(5)			Anchor(4)		Freestanding		Total
	FRANCE
1.	Bay 2	Torcy (Paris)		50.0	%		132,400		408,900	541,300
2.	Bay 1	Torcy (Paris)		50.0	%		—		336,300	336,300
3.	Bel’Est	Bagnolet (Paris)		17.5	%		150,700		63,000	213,700
4.	Villabé A6	Villabé (Paris)		7.5	%		102,300		104,500	206,800
	Subtotal France						385,400		912,700	1,298,100
	ITALY
	Ancona:
5.	Ancona	Ancona		49.0	%(3)		82,900		82,300	165,200
6.	Senigallia	Senigallia (Ancona)		49.0	%		41,200		41,600	82,800
	Ascoli Piceno:
7.	Grottammare	Grottammare (Ascoli Piceno)		49.0	%		38,900		55,900	94,800
8.	Porto Sant’Elpidio	Porto Sant’Elpidio (Ascoli Piceno)		49.0	%		48,000		114,300	162,300
	Bari:
9.	Casamassima	Casamassima (Bari)		49.0	%		159,000		388,800	547,800
10.	Modugno(5)	Modugno (Bari)		49.0	%		96,900		46,600	143,500
	Bergamo:
11.	Bergamo	Bergamo		49.0	%(3)		103,000		16,900	119,900
	Brescia:
12.	Concesio	Concesio (Brescia)		49.0	%(3)		89,900		27,600	117,500
13.	Mazzano	Mazzano (Brescia)		49.0	%(2)		103,300		127,400	230,700
	Brindisi:
14.	Mesagne	Mesagne (Brindisi)		49.0	%		88,000		140,600	228,600
	Cagliari:
15.	Marconi	Marconi (Cagliari)		49.0	%(3)		83,500		109,900	193,400
16.	Santa Gilla	Santa Gilla (Cagliari)		49.0	%(2)		75,900		114,800	190,700
	Catania:
17.	La Rena	La Rena (Catania)		49.0	%		124,100		22,100	146,200
18.	Misterbianco	Misterbianco (Catania)		49.0	%(3)		83,300		16,000	99,300
	Lecco:
19.	Merate	Merate (Lecco)		49.0	%(3)		73,500		88,500	162,000
	Milan (Milano):
20.	Cesano Boscone	Cescano Boscone (Milano)		49.0	%(3)		163,800		120,100	283,900
21.	Nerviano	Nerviano (Milano)		49.0	%(3)		83,800		27,800	111,600
22.	Rescaldina	Rescaldina (Milano)		49.0	%		165,100		212,000	377,100
23.	Vimodrone	Vimodrone (Milano)		49.0	%		110,400		80,200	190,600
	Naples (Napoli):
24.	Pompei	Pompei (Napoli)		49.0	%		74,300		17,100	91,400
25.	Mugnano di Napoli	Mugnano (Napoli)		49.0	%(3)		98,000		94,900	192,900
	Olbia:
26.	Olbia	Olbia		49.0	%(3)		49,000		48,800	97,800
	Padova:
27.	Padova	Padova		49.0	%		73,300		32,500	105,800

50

			SPG			Gross Leasable Area(1)
			Effective			Hypermarket/		Mall &
	Property Name	City (Metropolitan area)	Ownership(5)			Anchor(4)		Freestanding		Total
	Palermo:
28.	Palermo	Palermo		49.0	%		73,100		9,800	82,900
	Pesaro:
29.	Fano	Fano (Pesaro)		49.0	%		56,300		56,000	112,300
	Pescara:
30.	Cepagatti	Cepagatti (Pescara)		49.0	%		80,200		189,600	269,800
31.	Pescara	Pescara		49.0	%		96,300		65,200	161,500
	Piacenza:
32.	San Rocco al Porto	San Rocco al Porto (Piacenza)		49.0	%		104,500		74,700	179,200
	Rome (Roma):
33.	Casalbertone	Roma		49.0	%(3)		62,700		84,900	147,600
34.	Collatina	Collatina (Roma)		49.0	%		59,500		4,100	63,600
	Sassari:
35.	Centro Azuni	Sassari		49.0	%(3)		—		35,600	35,600
36.	Predda Niedda	Predda Niedda (Sassari)		49.0	%(2)		79,500		154,200	233,700
	Taranto:
37.	Taranto	Taranto		49.0	%		75,200		126,500	201,700
	Turin (Torino):
38.	Cuneo	Cuneo (Torino)		49.0	%		80,700		201,500	282,200
39.	Rivoli	Rivoli (Torino)		49.0	%(3)		61,800		32,300	94,100
40.	Torino	Torino		49.0	%		105,100		66,700	171,800
41.	Venaria	Venaria (Torino)		49.0	%		101,600		64,000	165,600
	Venice (Venezia):
42.	Venezia–Mestre	Mestre (Venezia)		49.0	%		114,100		132,600	246,700
	Verona:
43.	Bussolengo	Bussolengo (Verona)		49.0	%(3)		89,300		75,300	164,600
	Vicenza:
44.	Vicenza	Vicenza		49.0	%		78,400		20,100	98,500
	Subtotal Italy						3,427,400		3,419,800	6,847,200
	POLAND
45.	Arkadia Shopping Center	Warsaw		50.0	%		202,100		902,200	1,104,300
46.	Borek Shopping Center	Wroclaw		50.0	%		119,900		129,300	249,200
47.	Dabrowka Shopping Center	Katowice		50.0	%		121,000		172,900	293,900
48.	Turzyn Shopping Center	Szczecin		50.0	%		87,200		121,900	209,100
49.	Wilenska Station Shopping Center	Warsaw		50.0	%		92,700		215,900	308,600
50.	Zakopianka Shopping Center	Krakow		50.0	%		120,200		425,400	545,600
	Subtotal Poland						743,100		1,967,600	2,710,700
	PORTUGAL
51.	Minho Center	Braga (Porto)		50.0	%(3)		120,000		101,600	221,600
							120,000		101,600	221,600
	JAPAN
52.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0	%		—		390,000	390,000
53.	Rinku Premium Outlets	Izumisano (Osaka)		40.0	%		—		321,000	321,000
54.	Sano Premium Outlets	Sano (Tokyo)		40.0	%		—		318,000	318,000
55.	Toki Premium Outlets	Toki (Nagoya)		40.0	%		—		178,000	178,000
56.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0	%		—		187,000	187,000
	Subtotal Japan						—		1,394,000	1,394,000

51

			SPG			Gross Leasable Area(1)
			Effective			Hypermarket/		Mall &
	Property Name	City (Metropolitan area)	Ownership(5)			Anchor(4)		Freestanding		Total
	MEXICO
57.	Premium Outlets Punta Norte	Mexico City		50.0	%		—		232,000	232,000
	Subtotal Mexico						—		232,000	232,000
	TOTAL INTERNATIONAL ASSETS						4,675,900		8,027,700	12,703,600

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, Portugal and Poland through our shareholdings in Simon Ivanhoe BV/SARL. Our interest in the Italian assets is owned through Galleria 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.

52

SIMON PROPERTY GROUP
Capital Expenditures in the U.S. Portfolio
For the Three Months Ended March 31, 2006
(In thousands)

				Unconsolidated Entities
	Consolidated Properties			Total		Simon Group’s Share
New development projects(1)		$	66,840	$	43,106	$	20,594
Redevelopment projects with incremental
GLA and/or Anchor Replacement		19,197		18,260		6,947
Renovations with no incremental GLA		4,447		80		—
Tenant allowances:
Retail		13,034		10,091		3,499
Office portion of retail		436		—		—
Operational capital expenditures at properties:
CAM expenditures(2)		5,045		2,099		905
Non-CAM expenditures		1,560		2,275		979
Totals		$	110,559	$	75,911	$	32,924
Plus (Less): Conversion from accrual to cash basis		25,734		1,364
Capital expenditures(3)		$	136,293	$	77,275

(1)Includes $9.3 million relating to Simon’s new headquarters.

(2)Expenditure included in the pool of expenses allocated to tenants as common area maintenance or CAM.

(3)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.

53

SIMON PROPERTY GROUP
U.S. Development Activity Report*
Project Overview, Construction-in-Progress and Land Held for Development
As of March 31, 2006

																Construction-in-Progress
																		Unconsolidated Entities
Property/Location	Project Description	The Company’s Ownership Percentage			Projected Opening		Projected Gross Cost (1) (in millions)		Projected Net Cost (in millions)		The Company’s Share of Net Cost		Stabilized Rate of Return			Consolidated Properties		Total	The Company’s Share
New Development Projects:
Coconut Point	1.2 million square foot open-air shopping complex with a		50	%	4/06			$ 281		$ 213		$ 107		10	%		—	$ 131.0		$ 65.5
Estero/Bonita Springs, FL	village component anchored by Dillard’s, Muvico Theatres,				(Comm Ctr)
	and Barnes & Noble and a community center component				11/06
	anchored by Bed Bath & Beyond, Best Buy, Cost Plus				(All other)
	World Market, DSW, Office Max, Old Navy, Party City,
	PetsMart, Pier One Imports, Ross Dress for Less, Sports
	Authority, T.J. Maxx, Ulta Cosmetics
Domain, The	700,000 square foot open-air town center anchored by		100	%	3/07			$ 246		$ 195		$ 195		10	%		$ 97.0	—		—
Austin, TX	Neiman Marcus and Macy’s and includes 75,000 sf of office
	space. Contains separate residential component.
Rio Grande Valley Premium Outlets	404,000 square foot upscale outlet center		100	%	11/06			$ 68		$ 59		$ 59		13	%		$ 23.5	—		—
Mercedes, TX
Round Rock Premium Outlets	433,000 square foot upscale outlet center with complimentary		100	%	8/06			$ 126		$ 106		$ 106		13	%		$ 65.2	—		—
Round Rock (Austin), TX	uses on adjacent outparcels
Shops at Arbor Walk, The	460,000 square foot community center anchored by Home		100	%	3/07			$ 60		$ 52		$ 52		9	%		$ 19.9	—		—
Austin, TX	Depot, Marshall’s, DSW, Golf Galaxy and JoAnn Fabrics
Village at SouthPark, The	Street-level retail project comprised of 48,000 square feet of		100	%	11/06			$ 33		$ 26		$ 26		11	%		$ 4.6	—		—
Charlotte, NC	small shops along with a 33,000 square foot Crate & Barrel.				(Crate & Barrel	)
	Contains separate residential component.				3/07 (Other retail	)
Significant Redevelopment Projects with Incremental GLA
Lenox Square	Neiman Marcus expansion; addition of second level of small		100	%	10/07			$ 50		$ 44		$ 44		8	%		$ 4.8	—		—
Atlanta, GA	shops and renovation of the atrium area
Northgate Mall	Addition of Barnes & Noble, Panera Bread, Macaroni Grill,		100	%	6/07			$ 49		$ 44		$ 44		8	%		$ 3.6	—		—
Seattle, WA	Starbucks and Gene Juarez Spa in a lifestyle component;
	creation of two outparcels
Smith Haven Mall	Mall renovation and addition of lifestyle component consisting		25	%	11/06			$ 72		$ 65		$ 16		10	%		—	$ 14.1		$ 3.5
Lake Grove (New York), NY	of Dick’s Sporting Goods, Barnes & Noble, Cheesecake				(Cheesecake)
	Factory and small shops; addition of Macy’s Furniture				6/07 (All other)
Other Redevelopment Projects with Incremental GLA
Edison Mall	Lifestyle addition and mall renovation		100	%	6/06 (lifestyle)
Fort Myers, FL					1/07 (renovation)
Seattle Premium Outlets	Phase II expansion of upscale outlet center		100	%	4/06
Tulalip, WA
	Subtotal Other Redevelopment Projects with Incremental GLA							$  20		$ 18		$ 18		8	%		$ 7.6	—			—

54

SIMON PROPERTY GROUP
U.S. Development Activity Report*
Project Overview, Construction-in-Progress and Land Held for Development
As of March 31, 2006

Construction-in-Progress

The

The

Unconsolidated Entities

Company’s Ownership

Projected

Projected Gross Cost(1)

Projected Net Cost

Company’s Share of

Stabilized Rate of

Consolidated

The Company’s

Property/Location

Project Description

Percentage

Opening

(in millions)

(in millions)

Net Cost

Return

Properties

Total

Share

Renovations

Aventura Mall

Mall renovation

33

%

1/07

Miami Beach, FL

Battlefield Mall

Mall renovation

100

%

11/06

Springfield, MO

Orange Park Mall

Mall renovation and addition of

100

%

10/06

Orange Park (Jacksonville), FL

Dick’s Sporting Goods

Subtotal Renovations

$ 48

$ 46

$ 32

9

%

$ 11.9

$    4.3

$ 1.4

Anchor/Big Box/Theater Activity

Boynton Beach Mall

Addition of Muvico Theater

100

%

9/07

Boynton Beach, FL

College Mall

Addition of Bed, Bath & Beyond

100

%

11/06

Bloomington, IN

Crossroads Mall

Addition of Target

100

%

7/06

Omaha, NE

Galleria, The

Addition of Borders, Del Frisco, Kona Grill,

32

%

8/06

Houston, TX

Oceanaire and small shops in former

Lord & Taylor space

Melbourne Square

Addition of Dick’s Sporting Goods and

100

%

5/06

Melbourne, FL

Circuit City

SouthPark

Addition of Neiman Marcus and

100

%

9/06

Charlotte, NC

small shops

Square One Mall

Addition of Dick’s Sporting Goods

49

%

3/07

Saugus (Boston), MA

Town Center at Boca Raton

Addition of Grand Lux

100

%

11/06

Boca Raton, FL

Subtotal Anchor/Big Box/Theater Activity

$ 107

$ 101

$ 76

8

%

$ 42.5

$ 19.7

$ 7.5

Other

Simon Corporate Headquarters

$ 39.2

—

—

Miscellaneous

$ 25.2

$ 43.3

$ 18.0

Subtotal Other

$ 64.4

$ 43.3

$ 18.0

Total Construction in Progress(2)

$ 345.0

$ 212.4

$ 95.9

Land Held for Development

$ 124.7

$ 20.9

$ 10.5

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

(1)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.

(2)Does not include the Company’s international properties.

55

SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of March 31, 2006

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:
Argine—Napoli, Italy	300,000 square foot center anchored by a hypermarket with approximately 75 shops	Auchan		24.0	%	Fall 2007	€	55
Cinisello—Milano, Italy (Milano)	400,000 square foot center anchored by a hypermarket with approximately 100 shops	Auchan		49.0	%	Spring 2007	€	127
Gliwice—Gliwice, Poland	400,000 square foot center anchored by a hypermarket and do-it-yourself center	Carrefour, Leroy Merlin		50.0	%	Fall 2006	€	25
Giugliano—Giugliano, Italy (Napoli)	800,000 square foot center anchored by a hypermarket, including a retail park	Auchan, Leroy Merlin, Decathlon, Conforma, Eldo, Euronics, Conbipel, Scarpe Scarpe		19.6	%	6/06	€	86
Nola—Nola, Italy (Napoli)	1.0 million square foot center including a hypermarket and department store	Auchan, Coin, Holiday Inn, Media World		22.1	%	Summer 2007	€	155
Porta di Roma—Roma, Italy	1.3 million square foot center including a hypermarket, department store and do-it-yourself centers	Auchan, Leroy Merlin, UGC Theatres, Ikea (opened 6/05), Media World, Decathlon		19.6	%	Summer 2007	€	224
Wasquehal—Wasquehal, France (Lille)	200,000 square foot expansion of existing Carrefour anchored hypermarket (1)	Carrefour		50.0	%	Fall 2006	€	18
Yeoju Premium Outlets—Yeoju, South Korea	253,000 square foot upscale outlet center			50.0	%	Spring 2007	KRW 78,181
Redevelopment Projects with Incremental GLA:
Toki Premium Outlets—Nagoya, Japan	53,000 square foot phase II expansion of upscale outlet center	Wacoal, Neostyle Keiji Itakura, Vans, Quicksilver, LAUNDRY, Billabong, Champion, Clark, Harrods, Issey Miyake, Kookai, Labrador Retriever, Paule KA		40.0	%	11/06	JPY    1,770
Other projects (1 leasehold development, 1 leasehold extension)							€	1

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

(1)Owner of existing gallery did not elect to participate in the expansion. Simon Ivanhoe BV/SARL (“Simon Ivanhoe”), the Company’s joint venture which owns shopping centers in France and Poland, will fund 100% of the costs of the expansion, which is a new development for Simon Ivanhoe.

56

SIMON PROPERTY GROUP
The Company’s Share of Total Debt Amortization and Maturities by Year
As of March 31, 2006
(In thousands)

	The Company’s			The Company’s				The Company’s
	Share of			Share of				Share of
	Secured			Unsecured				Unconsolidated				The Company’s
	Consolidated			Consolidated				Joint Venture				Share of Total
Year	Debt			Debt				Debt				Debt
2006		105,278			250,000				392,817				748,095
2007		618,867			1,055,000				205,198				1,879,065
2008		580,399			350,000				311,894				1,242,293
2009		741,112			900,000				189,476				1,830,588
2010		704,750			1,100,000				620,686				2,425,436
2011		440,015			2,817,288				460,389				3,717,692
2012		359,233			450,000				217,299				1,026,532
2013		199,751			425,000				244,419				869,170
2014		399,254			700,000				174,174				1,273,428
2015		1,697			1,200,000				431,916				1,633,613
2016		1,686			250,000				58,737				310,423
Thereafter		23,832			200,000				250				224,082
Face Amounts of Indebtedness		$	4,175,874		$	9,697,288			$	3,307,255			$	17,180,417
Premiums (Discounts) on Indebtedness, Net		47,776			40,743				(1,224		)		87,295
Fair Value of Interest Rate Swaps Agreements		—			(14,704		)		—				(14,704		)
The Company’s Share of Total Indebtedness		$	4,223,650		$	9,723,327			$	3,306,031			$	17,253,008

Debt Covenant Compliance Ratios

Senior Unsecured Notes Covenant(1)	Required	Actual			Compliance
Total Debt to Total Assets	<65%		46.3	%		Yes
Total Secured Debt to Total Assets	<50%		20.2	%		Yes
Fixed Charge Coverage Ratio	>1.50X		2.6	X		Yes
Total Unencumbered Assets to Unsecured Debt	>125%		228	%		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 the Company’s 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.

57

SIMON PROPERTY GROUP
Summary of Indebtedness
As of March 31, 2006
(In thousands)

					The Company’s				Weighted			Weighted
	Total				Share of				Average			Average Years
	Indebtedness				Indebtedness				Interest Rate			to Maturity
Consolidated Indebtedness
Mortgage Debt
Fixed Rate		$	4,006,290			$	3,826,181			6.47	%		4.6
Floating Rate Debt (Hedged)(1)		97,074				97,074				5.73	%		3.1
Floating Rate Debt		262,807				252,619				5.52	%		3.3
Total Mortgage Debt		4,366,171				4,175,874				6.39	%		4.4
Unsecured Debt
Fixed Rate		7,430,000				7,430,000				6.03	%		5.5
Floating Rate Debt		300,000				300,000				5.14	%		2.8
		7,730,000				7,730,000				5.77	%		5.4
Revolving Corporate Credit Facility		1,694,000				1,694,000				5.20	%		4.8
Revolving Credit Facility—Yen Currency		14,855				14,855				0.45	%		4.8
Revolving Credit Facility—Euro Currency		258,433				258,433				3.03	%		4.8
		1,967,288				1,967,288				4.88	%		4.8
Total Unsecured Debt		9,697,288				9,697,288				5.77	%		5.3
Premium		114,087				112,075
Discount		(23,581		)		(23,556		)
Fair Value Interest Rate Swaps		(14,704		)		(14,704		)
Consolidated Mortgages and Other Indebtedness(2)		$	14,139,261			$	13,946,977			5.95	%		5.0
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate		$	6,942,709			$	2,953,941			6.00	%		5.5
Floating Rate Debt (Hedged)(1)		471,207				217,440				5.34	%		1.3
Floating Rate Debt		241,219				113,092				4.76	%		2.7
Total Mortgage Debt		7,655,135				3,284,473				5.90	%		5.2
Unsecured Floating Rate Debt		46,494				22,782				3.30	%		2.7
Total Unsecured Debt		46,494				22,782				3.30	%		2.7
Premium		462				231
Discount		(2,962		)		(1,455		)
Joint Venture Mortgages and Other Indebtedness		$	7,699,129			$	3,306,031			5.90	%		5.2
The Company’s Share of Total Indebtedness						$	17,253,008			5.92	%		5.1
Summary of Fixed and Variable Rate Debt
Consolidated
Fixed		52.78		%		11,344,700				6.18	%		5.1
Variable		11.96		%		2,602,277				5.00	%		4.5
		64.74		%		13,946,977				5.95	%		5.0
Joint Venture
Fixed		31.78		%		2,952,717				6.00	%		5.5
Variable		3.48		%		353,314				5.12	%		2.0
		35.26		%		$	3,306,031			5.90	%		5.2
Total Debt		100.00		%		17,253,008
Total Fixed Debt		84.56		%		14,297,417				6.08	%		5.2
Total Variable Debt		15.44		%		2,955,591				5.01	%		4.2

(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.

58

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2006
(In thousands)

								The
					Interest			Company’s
		Maturity		Interest	Rate	Secured or	Total	Share of
Property Name		Date		Rate(1)	Type	Unsecured	Indebtedness	Indebtedness
Consolidated Indebtedness:
Gulf View Square		10/01/06		8.25%	Fixed	Secured	32,226	32,226
Paddock Mall		10/01/06		8.25%	Fixed	Secured	25,630	25,630
Simon Property Group, LP (Sr. Notes)		11/15/06		6.88%	Fixed	Unsecured	250,000	250,000
Cielo Vista Mall—1	(4)	05/01/07		9.38%	Fixed	Secured	48,430	48,430
Cielo Vista Mall—3	(4)	05/01/07		6.76%	Fixed	Secured	35,249	35,249
Lakeline Mall		05/01/07		7.65%	Fixed	Secured	65,964	65,964
McCain Mall—1	(4)	05/01/07		9.38%	Fixed	Secured	22,613	22,613
McCain Mall—2	(4)	05/01/07		6.76%	Fixed	Secured	16,270	16,270
Valle Vista Mall—1	(4)	05/01/07		9.38%	Fixed	Secured	29,951	29,951
Valle Vista Mall—2	(4)	05/01/07		6.81%	Fixed	Secured	7,237	7,237
Wolfchase Galleria		06/30/07		7.80%	Fixed	Secured	71,729	67,781
Fashion Mall at Keystone		07/31/07		7.85%	Fixed	Secured	58,331	58,331
Copley Place		08/01/07		7.44%	Fixed	Secured	173,696	170,477
Simon Property Group, LP (Medium Term Notes)		09/20/07		7.13%	Fixed	Unsecured	180,000	180,000
University Park Mall		10/01/07		7.43%	Fixed	Secured	57,360	34,416
CPG Partners, LP (Sr. Notes)		10/21/07		7.25%	Fixed	Unsecured	125,000	125,000
Simon Property Group, LP (Sr. Notes)		11/15/07		6.38%	Fixed	Unsecured	750,000	750,000
Bangor Mall		12/01/07		7.06%	Fixed	Secured	22,582	14,983
White Oaks Mall	(2)	02/25/08		5.93%	Variable	Secured	48,563	41,125
Gateway Shopping Center	(2)	03/31/08		5.78%	Variable	Secured	86,000	83,250
Simon Property Group, LP (MOPPRS)		06/15/08		7.00%	Fixed	Unsecured	200,000	200,000
Gilroy Premium Outlets	(10)	07/11/08		6.99%	Fixed	Secured	65,342	65,342
Kittery Premium Outlets	(10)	07/11/08		6.99%	Fixed	Secured	10,818	10,818
Lighthouse Place Premium Outlets	(10)	07/11/08		6.99%	Fixed	Secured	45,088	45,088
Waterloo Premium Outlets	(10)	07/11/08		6.99%	Fixed	Secured	36,314	36,314
Simon Property Group, LP (Sr. Notes)		08/28/08		5.38%	Fixed	Unsecured	150,000	150,000
Stanford Shopping Center		09/11/08	(12)	3.60%	Fixed	Secured	220,000	220,000
Arsenal Mall—1		09/28/08		6.75%	Fixed	Secured	31,843	31,843
College Mall—1	(3)	01/01/09		7.00%	Fixed	Secured	33,813	33,813
College Mall—2	(3)	01/01/09		6.76%	Fixed	Secured	10,863	10,863
Greenwood Park Mall—1	(3)	01/01/09		7.00%	Fixed	Secured	28,320	28,320
Greenwood Park Mall—2	(3)	01/01/09		6.76%	Fixed	Secured	56,126	56,126
Towne East Square—1		01/01/09		7.00%	Fixed	Secured	45,509	45,509
Towne East Square—2		01/01/09		6.81%	Fixed	Secured	22,648	22,648
Woodland Hills Mall		01/01/09		7.00%	Fixed	Secured	82,582	78,013
Simon Property Group, LP (Sr. Notes)		01/30/09	(17)	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	69,073	65,271
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	96,371	96,371
Plaza Carolina—Variable Capped	(2)	05/09/09		5.73%	Variable	Secured	97,074	97,074

59

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2006
(In thousands)

								The
				Interest				Company’s
		Maturity	Interest	Rate	Secured or		Total	Share of
Property Name		Date	Rate(1)	Type	Unsecured		Indebtedness	Indebtedness
Plaza Carolina—Variable Floating	(2)	05/09/09	5.73%	Variable	Secured		58,244	58,244
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	(9)	11/01/09	7.78%	Fixed	Secured		27,848	27,848
Forest Plaza	(9)	11/01/09	7.78%	Fixed	Secured		15,274	15,274
Lake View Plaza	(9)	11/01/09	7.78%	Fixed	Secured		20,304	20,304
Lakeline Plaza	(9)	11/01/09	7.78%	Fixed	Secured		22,261	22,261
Lincoln Crossing	(9)	11/01/09	7.78%	Fixed	Secured		3,073	3,073
Matteson Plaza	(9)	11/01/09	7.78%	Fixed	Secured		8,941	8,941
Muncie Plaza	(9)	11/01/09	7.78%	Fixed	Secured		7,731	7,731
Regency Plaza	(9)	11/01/09	7.78%	Fixed	Secured		4,191	4,191
St. Charles Towne Plaza	(9)	11/01/09	7.78%	Fixed	Secured		26,823	26,823
West Ridge Plaza	(9)	11/01/09	7.78%	Fixed	Secured		5,403	5,403
White Oaks Plaza	(9)	11/01/09	7.78%	Fixed	Secured		16,486	16,486
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
Trolley Square		08/01/10	9.03%	Fixed	Secured		28,602	25,742
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		86,615	84,207
Crystal River		11/11/10	7.63%	Fixed	Secured		15,481	15,481
Forum Shops at Caesars, The		12/01/10	4.78%	Fixed	Secured		547,930	547,930
Port Charlotte Town Center		12/11/10	7.98%	Fixed	Secured		52,336	41,869
Oxford Valley Mall		01/10/11	6.76%	Fixed	Secured		81,672	51,584
Revolving Credit Facility-USD	(2)	01/11/11	5.20%	Variable	Unsecured		1,694,000	1,694,000
Revolving Credit Facility—Yen Currency	(2)	01/11/11	0.45%	Variable	Unsecured	(18)	14,855	14,855
Revolving Credit Facility—Euro Currency	(2)	01/11/11	3.03%	Variable	Unsecured	(19)	258,433	258,433
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		15,212	11,557
Ingram Park Mall	(8)	08/11/11	6.99%	Fixed	Secured		80,274	80,274
Knoxville Center	(8)	08/11/11	6.99%	Fixed	Secured		60,788	60,788
Northlake Mall	(8)	08/11/11	6.99%	Fixed	Secured		70,127	70,127
Towne West Square	(8)	08/11/11	6.99%	Fixed	Secured		52,546	52,546
Tacoma Mall		10/01/11	7.00%	Fixed	Secured		128,150	128,150
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		28,933	28,933
Century III Mall	(6)	10/10/12	6.20%	Fixed	Secured		85,404	85,404
Crossroads Mall		10/10/12	6.20%	Fixed	Secured		42,893	42,893
Forest Mall	(7)	10/10/12	6.20%	Fixed	Secured		17,177	17,177

60

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2006
(In thousands)

Property Name Maturity
Date Interest
Rate (1) Interest
Rate
Type Secured or
Unsecured Total
Indebtedness The
Company’s
Share of
Indebtedness

Highland Lakes Center	(6)	10/10/12	6.20	%	Fixed	Secured	15,833	15,833
Longview Mall	(6)	10/10/12	6.20	%	Fixed	Secured	32,146	32,146
Markland Mall	(7)	10/10/12	6.20	%	Fixed	Secured	22,743	22,743
Midland Park Mall	(7)	10/10/12	6.20	%	Fixed	Secured	33,202	33,202
Palm Beach Mall		10/10/12	6.20	%	Fixed	Secured	53,113	53,113
Richmond Towne Square	(7)	10/10/12	6.20	%	Fixed	Secured	46,636	46,636
Las Vegas Outlet Center		12/10/12	8.12	%	Fixed	Secured	19,242	19,242
CPG Partners, LP (Sr. Notes)		01/15/13	6.00	%	Fixed	Unsecured	150,000	150,000
Factory Stores of America—Boaz	(11)	03/10/13	9.10	%	Fixed	Secured	2,775	2,775
The Factory Shoppes at Branson Meadows	(11)	03/10/13	9.10	%	Fixed	Secured	9,489	9,489
MacGregor Village	(11)	03/10/13	9.10	%	Fixed	Secured	6,833	6,833
Factory Stores of America—Georgetown	(11)	03/10/13	9.10	%	Fixed	Secured	6,577	6,577
Factory Stores of America—Graceville	(11)	03/10/13	9.10	%	Fixed	Secured	1,954	1,954
Dare Centre	(11)	03/10/13	9.10	%	Fixed	Secured	1,699	1,699
Factory Stores of America—Lebanon	(11)	03/10/13	9.10	%	Fixed	Secured	1,642	1,642
Factory Stores of America—Nebraska City	(11)	03/10/13	9.10	%	Fixed	Secured	1,542	1,542
North Ridge Shopping Center	(11)	03/10/13	9.10	%	Fixed	Secured	8,345	8,345
Factory Stores of America—Story City	(11)	03/10/13	9.10	%	Fixed	Secured	1,907	1,907
Carolina Premium Outlets—Smithfield	(11)	03/10/13	9.10	%	Fixed	Secured	20,403	20,403
The Crossings Premium Outlets		03/13/13	5.85	%	Fixed	Secured	57,637	57,637
Simon Property Group, LP (Sr. Notes)		03/15/13	5.45	%	Fixed	Unsecured	200,000	200,000
Battlefield Mall		07/01/13	4.60	%	Fixed	Secured	98,992	98,992
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	30,831	9,743
Montgomery Mall		05/11/14	5.17	%	Fixed	Secured	93,559	50,026
Boardman Plaza		07/01/14	5.94	%	Fixed	Secured	23,598	23,598
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	30,693	30,693
West Ridge Mall		07/01/14	5.89	%	Fixed	Secured	68,711	68,711
Chesapeake Square		08/01/14	5.84	%	Fixed	Secured	73,000	54,750
Brunswick Square		08/11/14	5.65	%	Fixed	Secured	86,000	86,000
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	3,381	1,702
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
Arsenal Mall—2		05/05/16	8.20	%	Fixed	Secured	1,455	1,455
Simon Property Group, LP (Sr. Notes)		06/15/18	7.38	%	Fixed	Unsecured	200,000	200,000

61

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2006
(In thousands)

Property Name		Maturity Date		Interest Rate (1)			Interest Rate Type	Secured or Unsecured		Total Indebtedness			The Company’s Share of Indebtedness
Sunland Park Mall			01/01/26		8.63	%	Fixed	Secured			35,842			35,842
Total Consolidated Indebtedness at Face Value											14,063,459			13,873,162
Premium on Fixed-Rate Indebtedness											114,087			112,075
Discount on Fixed-Rate Indebtedness											(23,581	)		(23,556	)
Fair Value Interest Rate Swaps											(14,704	)		(14,704	)
Total Consolidated Indebtedness											14,139,261			13,946,977
Joint Venture Indebtedness
CMBS Loan—Fixed (encumbers 13 Properties)	(5)		05/15/06		7.52	%	Fixed	Secured			357,100			178,550
CMBS Loan—1 Floating (encumbers 13 Properties)	(5)		05/15/06		5.24	%	Variable	Secured			186,500			93,250
CMBS Loan—2 Floating (encumbers 13 Properties)	(5)		05/15/06		5.20	%	Variable	Secured			81,400			40,700
Great Northeast Plaza			06/01/06		9.04	%	Fixed	Secured			16,180			8,090
St. John’s Town Center Phase II			07/31/06		5.68	%	Variable	Secured			8,700			4,350
Lehigh Valley Mall			10/10/06		7.90	%	Fixed	Secured			44,366			16,686
Greendale Mall			12/10/06		8.23	%	Fixed	Secured			39,770			19,542
Gwinnett Place—1			04/01/07		7.54	%	Fixed	Secured			36,112			18,056
Gwinnett Place—2			04/01/07		7.25	%	Fixed	Secured			80,126			40,063
Town Center at Cobb—1			04/01/07		7.54	%	Fixed	Secured			45,838			22,919
Town Center at Cobb—2			04/01/07		7.25	%	Fixed	Secured			61,149			30,575
Galleria Commerciali Italia—Cinisello			06/20/07		3.22	%	Variable	Secured	(14)		30,280			14,837
Coddingtown Mall			07/14/07		6.08	%	Variable	Secured			10,500			10,500
Gotemba Premium Outlets—Variable			09/30/07		1.84	%	Variable	Secured	(16)		19,952			7,981
Mall at Rockingham			09/01/07		7.88	%	Fixed	Secured			94,202			23,144
Aventura Mall—A			04/06/08		6.55	%	Fixed	Secured			141,000			47,000
Aventura Mall—B			04/06/08		6.60	%	Fixed	Secured			25,400			8,467
Aventura Mall—C			04/06/08		6.89	%	Fixed	Secured			33,600			11,200
West Town Mall			05/01/08		6.90	%	Fixed	Secured			76,000			38,000
Mall of New Hampshire—1			10/01/08		6.96	%	Fixed	Secured			97,316			47,819
Mall of New Hampshire—2			10/01/08		8.53	%	Fixed	Secured			8,056			3,959
Fashion Valley Mall—1			10/11/08		6.49	%	Fixed	Secured			160,714			80,357
Fashion Valley Mall—2			10/11/08		6.58	%	Fixed	Secured			29,124			14,562
Whitehall Mall			11/01/08		6.77	%	Fixed	Secured			13,360			5,075
Galleria Commerciali Italia—Facility C			12/22/08		3.30	%	Variable	Unsecured	(14)		46,494			22,782
Source, The			03/11/09		6.65	%	Fixed	Secured			124,000			31,000
Shops at Sunset Place, The	(2)		05/09/09		5.58	%	Variable	Secured			93,307			34,990

62

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2006
(In thousands)

								Interest						The Company’s
		Maturity			Interest			Rate	Secured or			Total		Share of
Property Name		Date			Rate(1)			Type	Unsecured			Indebtedness		Indebtedness
Seminole Towne Center	(2)		06/30/09			5.48	%	Variable		Secured			70,000		31,500
Fashion Centre Pentagon Office	(2)		07/09/09			5.58	%	Variable		Secured			40,000		17,000
Apple Blossom Mall			09/10/09			7.99	%	Fixed		Secured			38,579		18,957
Auburn Mall			09/10/09			7.99	%	Fixed		Secured			45,166		22,193
Toki Premium Outlets			10/30/09			0.83	%	Variable		Secured	(16)		12,822		5,129
Mall at Chestnut Hill			02/02/10			8.45	%	Fixed		Secured			14,316		6,760
Coconut Point	(2)		05/19/10			5.93	%	Variable		Secured			81,882		40,941
Westchester, The			06/01/10			4.86	%	Fixed		Secured			500,000		200,000
Mall of Georgia			07/01/10			7.09	%	Fixed		Secured			193,998		96,999
Springfield Mall	(2)		12/01/10			5.93	%	Variable		Secured			76,500		29,062
Florida Mall, The			12/10/10			7.55	%	Fixed		Secured			256,491		128,246
Surprise Grand Vista			12/28/10	(20)		10.66	%	Fixed		Secured			246,188		98,475
Domain Residential	(2)		03/03/11			5.98	%	Variable		Secured			583		292
Atrium at Chestnut Hill			03/11/11			6.89	%	Fixed		Secured			46,499		22,848
Cape Cod Mall			03/11/11			6.80	%	Fixed		Secured			94,501		46,435
Highland Mall			07/11/11			6.83	%	Fixed		Secured			67,526		33,763
Villabe A6—Bel’Est			08/01/11			3.65	%	Fixed		Secured	(15)		11,129		5,564
Fashion Centre Pentagon Retail			09/11/11			6.63	%	Fixed		Secured			158,539		67,379
Bay 1 (Torcy)			12/01/11			4.45	%	Fixed		Secured	(15)		16,990		8,495
Zakopianka Shopping Center			12/01/11			6.82	%	Fixed		Secured	(13)		14,040		7,020
Galleria Commerciali Italia—Facility A			12/22/11			3.87	%	Fixed		Secured	(14)		289,373		141,793
Galleria Commerciali Italia—Facility B			12/22/11			3.97	%	Fixed		Secured	(14)		301,787		147,876
Borek Shopping Center			02/01/12			6.19	%	Fixed		Secured	(13)		15,409		7,704
Dadeland Mall			02/11/12			6.75	%	Fixed		Secured			191,115		95,558
Square One			03/11/12			6.73	%	Fixed		Secured			90,917		44,674
Crystal Mall			09/11/12			5.62	%	Fixed		Secured			101,055		75,355
Emerald Square Mall			03/01/13			5.13	%	Fixed		Secured			138,751		68,179
Avenues, The			04/01/13			5.29	%	Fixed		Secured			76,561		19,140
Circle Centre Mall			04/11/13			5.02	%	Fixed		Secured			76,578		11,234
Bay 2 (Torcy)			06/01/13			3.85	%	Fixed		Secured	(15)		63,379		31,689
Solomon Pond			08/01/13			3.97	%	Fixed		Secured			114,000		56,017
Tosu Premium Outlets			08/24/13			2.62	%	Fixed		Secured	(16)		12,045		4,818
Miami International Mall			10/01/13			5.35	%	Fixed		Secured			97,500		46,582
Liberty Tree Mall			10/11/13			5.22	%	Fixed		Secured			35,000		17,198
Wilenska Station Shopping Center			11/01/13			4.60	%	Fixed		Secured	(15)		36,694		18,347
Northshore Mall			03/11/14			5.03	%	Fixed		Secured			210,000		103,189
Turzyn Shopping Center			06/01/14			6.56	%	Fixed		Secured	(13)		22,490		11,245
Dabrowka Shopping Center			07/01/14			6.22	%	Fixed		Secured	(13)		4,656		2,328
Gotemba Premium Outlets—Fixed			10/25/14			2.00	%	Fixed		Secured	(16)		9,510		3,804
Rinku Premium Outlets			10/25/14			2.33	%	Fixed		Secured	(16)		34,699		13,880

63

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2006
(In thousands)

														The
						Interest								Company’s
	Maturity		Interest			Rate		Secured or			Total			Share of
Property Name	Date		Rate(1)			Type		Unsecured			Indebtedness			Indebtedness
Arkadia Shopping Center		11/01/14		4.80	%		Fixed		Secured	(15)		123,536			61,768
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
St. Johns Town Center		03/11/15		5.06	%		Fixed		Secured			170,000			85,000
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 Partners		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
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			22,342			8,488
Sano Premium Outlets		05/31/16		2.43	%		Fixed		Secured	(16)		42,377			16,951
King of Prussia Mall—1		01/01/17		7.49	%		Fixed		Secured			170,729			21,085
King of Prussia Mall—2		01/01/17		8.53	%		Fixed		Secured			11,832			1,461
Total Joint Venture Indebtedness at Face Value												7,701,629			3,307,255
Premium on JV Fixed-Rate Indebtedness												462			231
Discount on JV Fixed-Rate Indebtedness												(2,962	)		(1,455	)
Total Joint Venture Indebtedness												7,699,129			3,306,031
The Company’s Share of Total Indebtedness															17,253,008

(Footnotes on following page)

64

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2006
(In thousands)

(Footnotes for preceeding pages)

Footnotes:

(1)    Variable rate debt interest rates are based on the following base rates as of March  31, 2006:  LIBOR at 4.83%; EURIBOR at 2.65%; and YEN LIBOR at .08%.

(2)    Includes applicable extensions available at Company’s option.

(3)    These two Properties are secured by cross-collateralized and cross-defaulted mortgages.

(4)    These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(5)    These Commercial Mortgage Notes are secured by cross-collateralized mortgages encumbering thirteen of the Properties (Eastland Mall, Southern Hills Mall, Lindale Mall, Southridge Mall, Granite Run Mall, Lake Square Mall, Northpark Mall, Southpark Mall, Valley Mall, Mesa Mall, Empire Mall, Empire East Mall and Rushmore Mall). A weighted average rate is used.

(6)    These three 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 four Properties are secured by cross-collateralized and cross-defaulted mortgages.

(9)    These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.

(10)    These four Properties are secured by cross-collateralized and cross-defaulted mortgages.

(11)    These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.

(12)    Simultaneous with the issuance of this loan, the Company entered into a $70 million notional amount variable rate swap agreement which is designated as a hedge against this loan. As of March 31, 2006, after including the impacts of this swap, the terms of the loan are effectively $150 million fixed at 3.60% and $70 million variable rate at 5.14%.

(13)    Amounts shown in USD Equivalent. Euro equivalent is 46.9 million.

(14)    Amounts shown in USD Equivalent. Euro equivalent is 553.1 million. Associated with Facility A and B are interest rate swap agreements with a total combined 489.0 million euros notional amount that effectively fixes Facility A and B at 3.97%.

(15)    Amounts shown in USD Equivalent. Euro equivalent is 208.5 million. Associated with these loans are interest rate swap agreements with a total combined 193.0 million euros notional amount that effectively fix these loans at a combined 5.29%.

(16)    Amounts shown in USD Equivalent. Yen equivalent is 15,475.5 million.

(17)    The Company has $300 million notional amount variable rate swap agreement which is a designated hedge against this unsecured note effectively converting to a six month LIBOR variable rate.

(18)    Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 1,746.4 million.

(19)    Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 214.0 million.

(20)    Property consist of three components: fixed loans at 9.80% and 15.00%, and a variable rate loan at LIBOR plus 500 basis points. The variable component has LIBOR capped at 7.50%, which effectively fixes the three components at a weighted average rate of 10.66%.

65

SIMON PROPERTY GROUP
Unencumbered Assets
As of March 31, 2006

Property Name	City	State
Regional Malls:
University Mall	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
Melbourne Square	Melbourne	FL
Orange Park Mall	Orange Park	FL
Town Center at Boca Raton	Boca Raton	FL
Treasure Coast Square	Jensen Beach	FL
Tyrone Square	St. Petersburg	FL
University Mall	Pensacola	FL
Lenox Square	Atlanta	GA
Phipps Plaza	Atlanta	GA
Alton Square	Alton	IL
Lincolnwood Town Center	Lincolnwood	IL
Northwoods Shopping Center	Peoria	IL
Orland Square	Orland Park	IL
River Oaks Center	Calumet City	IL
Castleton Square Mall	Indianapolis	IN
Lafayette Square	Indianapolis	IN
Muncie Mall	Muncie	IN
Tippecanoe Mall	Lafayette	IN
Prien Lake Mall	Lake Charles	LA
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

66

Property NameState	City	State
Independence Center	Independence	MO
SouthPark	Charlotte	NC
Pheasant Lane	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
Summit Mall	Akron	OH
Ross Park Mall	Pittsburgh	PA
South Hills Village	Pittsburgh	PA
Haywood Mall	Greenville	SC
Oak Court Mall	Memphis	TN
Raleigh Springs Mall	Memphis	TN
Barton Creek Square	Austin	TX
Broadway Square	Tyler	TX
Firewheel Town Center	Garland	TX
Irving Mall	Irving	TX
La Plaza Mall	McAllen	TX
North East Mall	Hurst	TX
Richardson Square Mall	Richardson	TX
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

67

Property Name	City	State
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 Premium Outlets	Las Vegas	NV
Woodbury Common Premium Outlets	Central Valley	NY
Aurora Farms Premium Outlets	Aurora	OH
Columbia Gorge Premium Outlets	Troutdale	OR
Allen Premium Outlets	Allen	TX
Leesburg Corner Premium Outlets	Leesburg	VA
Seattle Premium Outlets	Seattle	WA
Johnson Creek Premium Outlets	Johnson Creek	WI

68

Property Name	City	State
Community/Lifestyle Centers:
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
Greenwood Plus	Greenwood	IN
Griffith Park Plaza	Griffith	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
Wabash Village	West Lafayette	IN
Washington Plaza	Indianapolis	IN
Park Plaza	Hopkinsville	KY
Rockaway Convenience Center	Rockaway	NJ
Rockaway Town Plaza	Rockaway	NJ
Cobblestone Court	Victor	NY
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Northland Plaza	Columbus	OH
Eastland Plaza	Tulsa	OK
Lincoln Plaza	Langhorne	PA
Charles Towne Square	Charleston	SC
Knoxville Commons	Knoxville	TN

69

Property Name	City	State
The Arboretum	Austin	TX
Celina Plaza	El Paso	TX
Wolf Ranch Town Center	Georgetown	TX
Ingram Plaza	San Antonio	TX
Shops at North East Mall	Hurst	TX
Chesapeake Center	Chesapeake	VA
Fairfax Court	Fairfax	VA
Martinsville Plaza	Martinsville	VA
Other:
Factory Merchants Branson	Branson	MO
Crossville Outlet Center	Crossville	TN
Factory Stores at North Bend	North Bend	WA

70

SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of March 31, 2006
($ in 000’s, except per share amounts)

			Per Share			Aggregate
		Number of	Liquidation			Liquidation			Ticker
Issuer	Description	Shares/Units	Preference			Preference			Symbol
Preferred Stock:
Simon Property Group, Inc.	Series F 8.75% Cumulative Redeemable(1)	8,000,000		$	25		$	200,000	SPGPrF
Simon Property Group, Inc.	Series G 7.89% Cumulative Step-Up Premium Rate(2)	3,000,000		$	50		$	150,000	SPGPrG
Simon Property Group, Inc.	Series I 6% Convertible Perpetual Preferred(3)	13,838,824		$	50		$	691,941	SPGPrI
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable(4)	796,948		$	50		$	39,847	SPGPrJ
Preferred Units:
Simon Property Group, L.P.	Series C 7% Cumulative Convertible(5)	1,384,374		$	28		$	38,762	N/A
Simon Property Group, L.P.	Series D 8% Cumulative Redeemable(6)	1,425,573		$	30		$	42,767	N/A
Simon Property Group, L.P.	Series I 6% Convertible Perpetual(7)	4,173,378		$	50		$	208,669	N/A
Simon Property Group, L.P.	7.50% Cumulative Redeemable(8)	255,373		$	100		$	25,537	N/A
Simon Property Group, L.P.	7.75%/8.00% Cumulative Redeemable(9)	850,698		$	100		$	85,070	N/A

(1)The shares are redeemable on or after September 29, 2006. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2006, was $25.32 per share.

(2)The Cumulative Step-Up Premium Rate Preferred Stock was issued at 7.89%. The shares are redeemable after September 30, 2007. Beginning October 1, 2012, the rate increases to 9.89%. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2006 was $51.82 per share.

(3)Each share is convertible into 0.7853 of a share of common stock as of March 31, 2006 during the quarter beginning on April 3, 2006 and ending on June 30, 2006. 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 closing price for the preferred stock on March 31, 2006 was $69.48 per share.

(4)Each share is redeemable on or after October 15, 2027. The closing price on March 31, 2006 was $64.50 per share.

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

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

(7)Each unit is convertible into 0.7853 of a share of common stock or common unit as of March 31, 2006 during the quarter beginning on April 3, 2006 and ending on June 30, 2006. Each unit may be exchanged for a share of Series I 6% Convertible Perpetual Preferred stock or cash, at Simon Group’s option.

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

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

71