SIMON PROPERTY GROUP
Overview

Exhibit 99.1

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 December 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 38 states plus Puerto Rico. The Company also holds interests in 53 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 December 31, 2006, for the Company and the Operating Partnership.

Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to:  the Company’s ability to meet debt service requirements, the availability of financing, changes in the Company’s credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development and expansion of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, impact of terrorist activities, inflation and maintenance of REIT status. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its most recent Annual Report on Form 10-K that could cause the Company’s actual results to differ materially from the forward-looking statements that the Company makes. The Company may update that discussion in subsequent quarterly reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

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

5

SIMON PROPERTY GROUP
Overview

Reporting Calendar

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

First Quarter 2007	Late April 2007
Second Quarter 2007	Late July 2007
Third Quarter 2007	Late October 2007

Stock Information

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

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

All outstanding shares of 8.75% Series F Cumulative Preferred stock (SPGPrF) were redeemed on October 4, 2006.

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	A3	(Stable Outlook)
Preferred Stock	Baa1	(Stable 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 November 1, 2006, Moody’s upgraded its rating on Simon Group’s senior unsecured debt to A3 from Baa1 and upgraded its rating on Simon Group’s preferred stock to Baa1 from Baa2.

6

Simon Property Group Ownership Structure(1)
December 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.

7

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

	Operating Partnership Units(1)		Company Common Shares(2)
Number Outstanding at December 31, 2005	58,522,624		220,361,581
Activity During the First Nine Months of 2006:
Issuance of Stock for Stock Option Exercises	—		308,259
Conversion of Preferred Stock into Common Stock	—		187,593
Conversion of Units into Common Stock	(86,800	)	86,800
Conversion of Units into Cash	(150,686	)	—
Conversion of Preferred Units into Units	31,519		—
Shares Retired	—		(70,000	)
Restricted Stock Awards (Stock Incentive Program), Net	—		415,910
Number Outstanding at September 30, 2006	58,316,657		221,290,143
Activity During the Fourth Quarter of 2006:
Issuance of Stock for Stock Option Exercises	—		106,400
Conversion of Preferred Stock into Common Stock	—		35,340
Conversion of Units into Cash	(41,252	)	—
Conversion of Preferred Units into Units	838,033		—
Restricted Stock Awards (Stock Incentive Program), Net	—		(812	)
Number Outstanding at December 31, 2006	59,113,438		221,431,071
Details for Diluted Common Shares Outstanding(5):
Company Common Shares Outstanding at December 31, 2006			221,431,071
Number of Common Shares Issuable Assuming Conversion of:
Series I 6% Convertible Perpetual Preferred Stock(3)			10,852,441
Series C 7% Cumulative Convertible Preferred Units(3)			198,031
Series I 6% Convertible Perpetual Preferred Units(3)			3,098,745
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)			867,834
Diluted Common Shares Outstanding at December 31, 2006(5)			236,448,122

(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 61).

(3)Conversion terms provided on page 61 of this document.

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

(5)For FFO purposes.

8

SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of December 31, 2006
Unaudited
(In thousands, except as noted)

	As of or for the				As of or for the
	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2006		2005		2006		2005
Financial Highlights of the Company
Total Revenue—Consolidated Properties	$	927,031	$	889,790	$	3,332,154	$	3,166,853
Net Income Available to Common Stockholders	$	204,668	$	115,659	$	486,145	$	401,895
Basic Earnings per Common Share (EPS)	$	0.93	$	0.52	$	2.20	$	1.82
Diluted Earnings per Common Share (EPS)	$	0.92	$	0.52	$	2.19	$	1.82
FFO of the Simon Portfolio	$	450,420	$	418,957	$	1,537,223	$	1,411,368
Diluted FFO of the Simon Portfolio	$	464,108	$	433,204	$	1,593,318	$	1,468,239
Basic FFO per Share (FFOPS)	$	1.61	$	1.50	$	5.50	$	5.04
Diluted FFO per Share (FFOPS)	$	1.57	$	1.47	$	5.39	$	4.96
Distributions per Share	$	0.76	$	0.70	$	3.04	$	2.80

	December 31,		December 31,
	2006		2005
Stockholders’ Equity Information
Limited Partner Units Outstanding at End of Period	59,114		58,523
Common Shares Outstanding at End of Period	221,431		220,361
Total Common Shares and Units Outstanding at End of Period	280,545		278,884
Weighted Average Limited Partnership Units Outstanding	58,543		59,566
Weighted Average Common Shares Outstanding:
Basic—for purposes of EPS and FFOPS	221,024		220,259
Diluted—for purposes of EPS	221,927		221,130
Diluted—for purposes of (FFOPS)	236,885		236,321
Debt Information
Simon Group’s Share of Consolidated Debt	$	15,203,980	$	13,912,933
Simon Group’s Share of Joint Venture Debt	$	3,472,228	$	3,169,662
Market Capitalization
Common Stock Price at End of Period	$	101.29	$	76.63
Equity Market Capitalization(1)	$	30,103,637	$	23,070,738
Total Capitalization—Including Simon Group’s Share of JV Debt	$	48,779,845	$	40,153,333

	As of or for the
	Twelve Months Ended
	December 31,
	2006		2005
Miscellaneous Balance Sheet Data
Interest Capitalized during the Period:
Consolidated Properties	$	29,519	$	18,056
Joint Venture Properties	$	9,260	$	3,402
Simon Group’s Share of Joint Venture Properties	$	4,338	$	1,566

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

9

On the next three 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.

10

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

	Consolidated				Minority Interest				The Company’s Consolidated Share				The Company’s Share of Joint Ventures				Total Company’s Share
REVENUE:
Minimum rent		$	546,353			$	(9,315	)		$	537,038			$	129,044			$	666,082
Overage rent		42,480				(416		)		42,064				15,827				57,891
Tenant reimbursements		265,464				(5,920		)		259,544				65,369				324,913
Management fees and other revenues		21,940				—				21,940				—				21,940
Other income		50,794				(546		)		50,248				19,043				69,291
Total revenue		927,031				(16,197		)		910,834				229,283				1,140,117
EXPENSES:
Property operating		109,814				(3,110		)		106,704				42,401				149,105
Depreciation and amortization		224,002				(2,623		)		221,379				56,581				277,960
Real estate taxes		74,538				(1,349		)		73,189				12,598				85,787
Repairs and maintenance		31,279				(788		)		30,491				9,873				40,364
Advertising and promotion		32,819				(529		)		32,290				7,551				39,841
Provision for credit losses		4,647				(140		)		4,507				589				5,096
Home and regional office costs		33,643				—				33,643				—				33,643
General & administrative		2,732				—				2,732				—				2,732
Other		23,905				(683		)		23,222				17,595				40,817
Total operating expenses		537,379				(9,222		)		528,157				147,188				675,345
OPERATING INCOME		389,652				(6,975		)		382,677				82,095				464,772
Interest expense		(210,848		)		2,963				(207,885		)		(47,275		)		(255,160		)
Minority interest in income of consolidated entities		(4,012		)		4,012				—				—				—
Income tax expense of taxable REIT subsidiaries		(3,975		)		—				(3,975		)		—				(3,975		)
Income from unconsolidated entities and beneficial interests, net		35,116				—				35,116				(34,820		)		296		(A)
Gain on sales of assets and interests in unconsolidated entities, net		81,381				—				81,381				—				81,381
Limited partners’ interest in Operating Partnership		(54,232		)		—				(54,232		)		—				(54,232		)
Preferred distributions of Operating Partnership		(6,332		)		—				(6,332		)		—				(6,332		)
Income from continuing operations		226,750				—				226,750				—				226,750
Discontinued operations, net of limited partners’ interest		242				—				242				—				242
Gain on sale of discontinued operations, net of limited partners’ interest		—				—				—				—				—
NET INCOME		226,992				—				226,992				—				226,992
Preferred dividends		(22,324		)		—				(22,324		)		—				(22,324		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	204,668			$	—			$	204,668			$	—			$	204,668
RECONCILIATION OF NET INCOME TO FFO
Net Income										$	226,992			$	—			$	226,992
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership										60,564				—				60,564
Limited partners’ interest in results of operations from discontinued operations										65				—				65
Depreciation and amortization from consolidated properties, beneficial interests, and discontinued operations										221,381				—				221,381
Simon’s share of depreciation and amortization from unconsolidated entities										—				53,872				53,872
Income from unconsolidated entities										(34,820		)		34,820				—
(Gain) on sales of interests in other assets and unconsolidated entities, net of limited partners’ interest										(81,381		)		—				(81,381		)
Minority interest portion of depreciation and amortization										(2,417		)		—				(2,417		)
Preferred distributions and dividends										(28,656		)		—				(28,656		)
FFO of the Simon Portfolio										$	361,728			$	88,692			$	450,420
Percentage of FFO of the Simon Portfolio										80.31		%		19.69		%		100.00		%

(A)Represents beneficial interest in earnings from a mall for a portion of the fourth quarter of 2006 attributable to a transfer from a Simon family affiliate of rights to receive certain cash flow distributions, capital transaction proceeds and related profits and losses. On November 3, 2006, the Company received proceeds from a capital transaction related to this beneficial interest.

11

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

	Consolidated				Minority Interest				The Company’s Consolidated Share				The Company’s Share of Joint Ventures				Total Company’s Share
REVENUE:
Minimum rent		$	2,020,856			$	(34,246	)		$	1,986,610			$	484,401			$	2,471,011
Overage rent		95,767				(792		)		94,975				36,696				131,671
Tenant reimbursements		946,554				(22,538		)		924,016				230,992				1,155,008
Management fees and other revenues		82,288				—				82,288				—				82,288
Other income		186,689				(1,695		)		184,994				70,078				255,072
Total revenue		3,332,154				(59,271		)		3,272,883				822,167				4,095,050
EXPENSES:
Property operating		441,203				(12,199		)		429,004				159,130				588,134
Depreciation and amortization		856,202				(9,113		)		847,089				215,584				1,062,673
Real estate taxes		300,174				(8,517		)		291,657				53,302				344,959
Repairs and maintenance		105,983				(2,680		)		103,303				35,590				138,893
Advertising and promotion		88,480				(1,444		)		87,036				18,503				105,539
Provision for credit losses		9,500				(473		)		9,027				2,428				11,455
Home and regional office costs		129,334				—				129,334				—				129,334
General & administrative		16,652				—				16,652				—				16,652
Other		64,397				(2,171		)		62,226				58,687				120,913
Total operating expenses		2,011,925				(36,597		)		1,975,328				543,224				2,518,552
OPERATING INCOME		1,320,229				(22,674		)		1,297,555				278,943				1,576,498
Interest expense		(821,858		)		11,150				(810,708		)		(183,729		)		(994,437		)
Minority interest in income of consolidated entities		(11,524		)		11,524				0				—				—
Income tax expense of taxable REIT subsidiaries		(11,370		)		—				(11,370		)		—				(11,370		)
Income from unconsolidated entities and beneficial interests, net		110,819				—				110,819				(95,214		)		15,605		(A)
Gain on sales of assets and interests in unconsolidated entities, net		132,787				—				132,787				—				132,787
Limited partners’ interest in Operating Partnership		(128,661		)		—				(128,661		)		—				(128,661		)
Preferred distributions of Operating Partnership		(26,979		)		—				(26,979		)						(26,979		)
Income from continuing operations		563,443				—				563,443				—				563,443
Discontinued operations, net of limited partners’ interest		331				—				331				—				331
Gain on sale of discontinued operations, net of limited partners’ interest		66				—				66				—				66
NET INCOME		563,840				—				563,840				—				563,840
Preferred dividends		(77,695		)		—				(77,695		)		—				(77,695		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	486,145			$	—			$	486,145			$	—			$	486,145
RECONCILIATION OF NET INCOME TO FFO
Net Income										$	563,840			$	—			$	563,840
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership										155,640				—				155,640
Limited partners’ interest in results of operations from discontinued operations										87				—				87
Depreciation and amortization from consolidated properties, beneficial interests, and discontinued operations										854,394				—				854,394
Simon’s share of depreciation and amortization from unconsolidated entities										—				209,428				209,428
Income from unconsolidated entities										(95,214		)		95,214				—
(Gain) on sales of interests in other assets and unconsolidated entities, net of limited partners’ interest										(132,853		)		—				(132,853		)
Minority interest portion of depreciation and amortization										(8,639		)		—				(8,639		)
Preferred distributions and dividends										(104,674		)		—				(104,674		)
FFO of the Simon Portfolio										$	1,232,581			$	304,642			$	1,537,223
Percentage of FFO of the Simon Portfolio										80.18		%		19.82		%		100.00		%

(A)Represents beneficial interest in earnings from a mall for the period from August 2004 through and including a portion of the fourth quarter of 2006 attributable to a transfer from a Simon family affiliate of rights to receive certain cash flow distributions, capital transaction proceeds and related profits and losses. On November 3, 2006, the Company received proceeds from a capital transaction related to this beneficial interest.

12

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

	Consolidated				Minority  Interest			The Company’s Consolidated Share				The Company’s Share of Joint Ventures				Total Company’s Share
ASSETS:
Investment properties, at cost		$	22,863,963		$	(191,623	)		$	22,672,340			$	5,523,197		$	28,195,537
Less—accumulated depreciation		4,606,130			(64,918		)		4,541,212				841,456			5,382,668
		18,257,833			(126,705		)		18,131,128				4,681,741			22,812,869
Cash and cash equivalents		929,360			(5,752		)		923,608				145,996			1,069,604
Tenant receivables and accrued revenue, net		380,128			(5,110		)		375,018				105,995			481,013
Investment in unconsolidated entities, at equity		1,526,235			—				1,526,235				(1,526,235		)	—
Deferred costs and other assets		990,899			(86,782		)		904,117				129,063			1,033,180
Total assets		$	22,084,455		$	(224,349	)		$	21,860,106			$	3,536,560		$	25,396,666
LIABILITIES:
Mortgages and other indebtedness		$	15,394,489		$	(190,509	)		$	15,203,980			$	3,472,228		$	18,676,208
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,109,190			(8,870		)		1,100,320				222,410			1,322,730
Cash distributions and losses in partnerships and joint ventures, at equity		227,588			—				227,588				(227,588		)	—
Other liabilities, minority interest and accrued dividends		178,250			(24,970		)		153,280				69,510			222,790
Total liabilities		16,909,517			(224,349		)		16,685,168				3,536,560			20,221,728
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP		837,836			—				837,836				—			837,836
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP		357,460			—				357,460				—			357,460
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, 17,578,701 issued and outstanding, with a liquidation value of $878,935		884,620			—				884,620				—			884,620
Common stock, $.0001 par value, 400,000,000 shares authorized, 225,797,566 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		5,010,256			—				5,010,256				—			5,010,256
Accumulated deficit		(1,740,897		)	—				(1,740,897		)		—			(1,740,897		)
Accumulated other comprehensive income		19,239			—				19,239				—			19,239
Common stock held in treasury at cost, 4,378,495 shares		(193,599		)	—				(193,599		)		—			(193,599		)
Total stockholders’ equity		3,979,642			—				3,979,642				—			3,979,642
		$	22,084,455		$	(224,349	)		$	21,860,106			$	3,536,560		$	25,396,666

13

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

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

However, you should understand that NOI:

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

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

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

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

The Reconciliation of Net Income to NOI provides net income, which we believe is the most directly comparable GAAP financial measure, and reconciles the amounts to “Total NOI of the Simon Group Portfolio.” This schedule also provides the increase in NOI of regional malls and Premium Outlet Centers that are comparable properties for the quarter and twelve months ended December 31, 2006.

	For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
	2006				2005				2006				2005
Reconciliation of NOI of consolidated Properties:
Net Income		$	226,992			$	134,184			$	563,840			$	475,749
Preferred distributions of the Operating Partnership		6,332				6,924				26,979				28,080
Limited partners’ interest in the Operating Partnership		54,232				26,755				128,661				75,841
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net of limited partners’ interest		(242		)		(17,302		)		(397		)		(122,342		)
Income tax expense of taxable REIT subsidiaries		3,975				5,013				11,370				16,229
Minority interest in income of consolidated entities		4,012				5,009				11,524				13,743
Interest expense		210,848				204,956				821,858				799,092
Income from unconsolidated entities and beneficial interests, net		(35,116		)		(30,762		)		(110,819		)		(81,807		)
(Gain) loss on sales of interest in unconsolidated entities		(81,381		)		13,390				(132,787		)		838
Operating Income		389,652				348,167				1,320,229				1,205,423
Depreciation and amortization		224,002				232,097				856,202				849,911
NOI of consolidated Properties		$	613,654			$	580,264			$	2,176,431			$	2,055,334
Reconciliation of NOI of unconsolidated entities:
Net Income		$	119,320			$	82,119			$	387,834			$	405,360
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net		(437		)		33,150				(22,023		)		(65,644		)
Interest expense		112,474				100,108				432,190				387,027
Income from unconsolidated entities		(485		)		—				(1,204		)		1,892
Gain on sale of asset		100				(1,423		)		6				(1,423		)
Operating Income		230,972				213,954				796,803				727,212
Depreciation and amortization		89,956				83,610				324,042				317,339
NOI of unconsolidated entities		$	320,928			$	297,564			$	1,120,845			$	1,044,551
Total consolidated and unconsolidated NOI from continuing operations		$	934,582			$	877,828			$	3,297,276			$	3,099,885
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties		2,875				9,680				24,166				56,487
Total NOI of the Simon Group Portfolio		$	937,457			$	887,508			$	3,321,442			$	3,156,372
Increase in NOI from prior period		5.6		%		9.7		%		5.2		%		16.7		%
Less: Joint venture partner’s share of NOI		194,419				186,563				681,853				649,534
Simon Group’s Share of NOI		$	743,038			$	700,945			$	2,639,589			$	2,506,838
Increase in Simon Group’s Share of NOI from prior period		6.0		%		8.8		%		5.3		%		20.8		%
NOI of Regional Malls that are Comparable Properties(1)		$	732,796			$	685,650			$	2,560,666			$	2,438,305
Increase in NOI of Regional Malls that are Comparable Properties(1)		6.9		%						5.0		%
NOI of Premium Outlet Centers that are Comparable Properties(1)		$	99,279			$	93,878			$	341,287			$	324,751
Increase in NOI of Premium Outlet Centers that are Comparable Properties(1)		5.8		%						5.1		%

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

14

SIMON PROPERTY GROUP
NOI Composition(1)
For the Twelve Months Ended December 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 and one Premium Outlet Center in Mexico.

15

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

	For the Three Months				For the Twelve Months
	Ended December 31,				Ended December 31,
	2006		2005		2006		2005
Consolidated Properties
Other Income
Interest Income	$	8,057	$	6,481	$	27,103	$	20,275
Lease Settlement Income	1,863		1,197		15,689		8,165
Gains on Land Sales	5,364		2,935		31,078		19,191
Simon Brand Ventures/ Simon Business Network Revenues(1)	28,592		27,609		78,436		85,586
Other	6,918		12,302		34,383		35,776
Totals	$	50,794	$	50,524	$	186,689	$	168,993
Other Expense
Ground Rent	$	7,765	$	6,175	$	29,322	$	25,471
Professional Fees	9,430		10,291		19,190		18,576
Other	6,710		6,921		15,885		13,715
Totals	$	23,905	$	23,387	$	64,397	$	57,762

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

16

SIMON PROPERTY GROUP
U.S. Portfolio GLA
As of December 31, 2006

Type of Property	GLA-Sq. Ft.	Total Owned GLA	% of Owned GLA
Regional Malls
Anchor	100,739,129	28,155,845		23.4	%
Specialty Store	59,412,342	59,185,373		49.3	%
Freestanding	4,373,457	2,138,992		1.8	%
Subtotal	63,785,799	61,324,365		51.1	%
Regional Mall Total	164,524,928	89,480,210		74.5	%
Premium Outlet Centers	13,925,335	13,925,335		11.6	%
Community/Lifestyle Centers
Anchor	13,152,921	8,056,638		6.7	%
Specialty Store	4,984,274	4,934,106		4.1	%
Freestanding	984,182	345,001		0.3	%
Community/Lifestyle Centers Total	19,121,377	13,335,745		11.1	%
Office Portion of Retail	1,851,823	1,851,823		1.5	%
Other(1)	1,591,675	1,591,675		1.3	%
Total U.S. Properties	201,015,138	120,184,788		100.0	%

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

17

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

	As of or for the
	Twelve Months Ended
	December 31,
	2006			2005
Total Number of Regional Malls	171			171
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)	166.4			166.4
Occupancy(1)
Consolidated Assets	93.0		%	93.3		%
Unconsolidated Assets	93.5		%	92.7		%
Total Portfolio	93.2		%	93.1		%
Comparable sales per square foot(2)
Consolidated Assets	$	462		$	435
Unconsolidated Assets	$	505		$	478
Total Portfolio	$	476		$	450
Average rent per square foot(1)
Consolidated Assets	$	34.79		$	34.05
Unconsolidated Assets	$	36.47		$	35.30
Total Portfolio	$	35.38		$	34.49

	Mall &
	Freestanding			%
Average Base Rent Per Square Foot(1)	Stores			Change
12/31/06		$	35.38		2.6	%
12/31/05		34.49			3.0	%
12/31/04		33.50			3.8	%
12/31/03		32.26			5.1	%
12/31/02		30.70			4.8	%

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		$	43.21		$	36.73	$	6.48	17.6	%
2005		43.18			35.78		7.40		20.7	%
2004		39.33			33.59		5.74		17.1	%
2003		41.28			32.99		8.29		25.1	%
2002		40.35			32.58		7.77		23.8	%

(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.

18

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

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 12/31/06
Mall Stores & Freestanding
Month to Month Leases		691	1,762,782		$	33.22
2007		2,084	5,262,035		$	36.33
2008		2,213	5,749,923		$	36.15
2009		1,984	5,547,072		$	35.22
2010		1,885	5,533,723		$	37.40
2011		2,002	5,038,538		$	35.50
2012		1,280	4,615,030		$	35.27
2013		1,158	3,676,550		$	40.00
2014		1,235	3,779,951		$	40.63
2015		1,215	4,029,482		$	41.51
2016		1,328	3,968,502		$	39.66
2017		532	2,286,668		$	35.22
2018 and Thereafter		223	2,106,690		$	25.73
Specialty Leasing Agreements w/ terms in excess of 12 months		1,230	3,305,581		$	13.92
Anchor Tenants
Month to Month Leases		3	271,988		$	2.97
2007		8	834,001		$	2.47
2008		24	2,695,025		$	3.87
2009		31	3,279,500		$	3.40
2010		35	4,092,491		$	2.83
2011		20	2,217,206		$	3.97
2012		24	2,646,713		$	4.15
2013		11	1,677,252		$	6.31
2014		13	1,207,089		$	7.58
2015		11	1,007,256		$	6.82
2016		11	1,122,349		$	7.79
2017		5	736,723		$	2.80
2018 and Thereafter		32	3,436,682		$	5.93

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

19

SIMON PROPERTY GROUP
U.S. Regional Mall Top Tenants
As of December 31, 2006

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

Tenant	Number of Stores		Square Feet (000’s)		Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Limited		512		3,296		1.6	%		3.8	%
Gap		327		3,544		1.8	%		2.6	%
Foot Locker		436		1,749		0.9	%		2.0	%
Abercrombie & Fitch Co.		187		1,330		0.7	%		1.6	%
Zale Corporation		392		444		0.2	%		1.5	%
Luxottica Group S.P.A		363		733		0.4	%		1.2	%
Sterling Jewelers, Inc.		208		301		0.1	%		1.0	%
Children’s Place Retail Stores		186		823		0.4	%		1.0	%
American Eagle Outfitters		134		759		0.4	%		0.9	%
Genesco, Inc.		342		444		0.2	%		0.9	%

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

Tenant	Number of Stores		Square Feet (000’s)	Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Federated Department Stores		164	28,867		14.4	%		0.6	%
Sears Roebuck & Co.		128	19,598		9.7	%		0.4	%
J.C. Penney Co., Inc.		117	17,011		8.5	%		0.9	%
Dillard’s Dept. Stores		81	12,273		6.1	%		0.1	%
Nordstrom, Inc.		21	3,722		1.9	%		0.0	%
Belk, Inc.		27	3,217		1.6	%		0.4	%
The Bon-Ton Stores, Inc.		22	2,202		1.1	%		0.3	%
Target Corporation		15	1,974		1.0	%		0.0	%
Boscov’s Department Stores		7	1,279		0.6	%		0.1	%
Saks Incorporated		10	1,153		0.6	%		0.3	%
The Neiman Marcus Group, Inc.		9	1,133		0.6	%		0.1	%

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

20

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

Property Name		Location		New Tenant		Former Tenant
2006 Openings
Cielo Vista Mall	El Paso, TX		Cinemark Theater		N/A
College Mall	Bloomington, IN		Bed Bath & Beyond		Target (relocated)
Copley Place	Boston, MA		Barneys New York		Lowes Theatre
Crossroads Mall	Omaha, NE		Target		Younkers
Fashion Valley Mall	San Diego, CA		Bloomingdale’s		Robinsons-May
Firewheel Town Center	Garland, TX		Cost Plus World Market		N/A
Galleria, The	Houston, TX		Kona Grill, Borders & Oceanaire		Lord & Taylor
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	Buford, 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
Oxford Valley Mall	Langhorne, PA		Boscov’s		Strawbridge’s
Penn Square	Oklahoma City, OK		Cheesecake Factory		N/A
Richmond Town Square	Richmond Heights (Cleveland), OH		Steve & Barry’s		N/A
Ross Park Mall	Pittsburgh, PA		Cheesecake Factory		N/A
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
Valle Vista Mall	Harlingen, TX		Steve & Barry’s		N/A
Washington Square	Indianapolis, IN		Steve & Barry’s		N/A

21

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

Property Name		Location		New Tenant		Former Tenant
Openings Projected in 2007
Avenues, The	Jacksonville, FL		Belk		Parisian
Boynton Beach Mall	Boynton Beach, FL		Muvico Theater		Macy’s
Burlington Mall	Burlington, MA		Crate & Barrel		N/A
Castleton Square	Indianapolis, IN		AMC Theatres		L.S. Ayres
			Borders		L.S. Ayres
Cordova Mall	Pensacola, FL		Belk		Parisian
Eastland Mall	Evansville, IN		Dillard’s		L.S. Ayres
Firewheel Town Center	Garland, TX		Ethan Allen		N/A
Greenwood Park Mall	Indianapolis, IN		Barnes & Noble		L.S. Ayres
Gwinnett Place	Duluth, GA		Belk		Parisian
Lake Square Mall	Leesburg, FL		Best Buy		N/A
Lakeline Mall	Austin, TX		Dillard’s		Mervyn’s
Lehigh Valley Mall	Whitehall, PA		Barnes & Noble		N/A
			Bonefish Grill		N/A
			Bravo		N/A
Lenox Square	Atlanta, GA		Neiman Marcus expansion		N/A
North East Mall	Hurst, TX		Dick’s Sporting Goods		Saks Fifth Avenue
Northgate Mall	Seattle, WA		Barnes & Noble		N/A
			Bed Bath & Beyond		Gottschalks
			DSW		Gottschalks
Orange Park Mall	Jacksonville, FL		Dick’s Sporting Goods		N/A
Phipps Plaza	Atlanta, GA		Belk		Parisian
Plaza Carolina	San Juan, PR		Office Depot		Casa Febus
Smith Haven Mall	Lake Grove, NY		California Pizza Kitchen		Stern’s
			Barnes & Noble		Stern’s
			Dick’s Sporting Goods		Stern’s
			Macy’s Furniture		N/A
South Shore Plaza	Braintree, MA		Cheesecake Factory		N/A
Square One Mall	Saugus, MA		Dick’s Sporting Goods		N/A
Town Center at Boca Raton	Boca Raton, FL		Crate & Barrel		N/A
Town Center at Cobb	Kennesaw, GA		Belk		Parisian
West Town Mall	Knoxville, TN		Belk		Parisian
Westminster Mall	Westminster, CA		Target		Macy’s

22

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

Property Name		Location		New Tenant		Former Tenant
Openings Projected in 2008
Anderson Mall	Anderson, SC		Dillard’s		Belk Mens
Aventura Mall	Miami Beach, FL		Nordstrom		Lord & Taylor
Burlington Mall	Burlington (Boston), MA		Nordstrom		Filene’s
Fashion Mall at Keystone	Indianapolis, IN		Nordstrom		Parisian
Livingston Mall	Livingston, NJ		Barnes & Noble		N/A
Montgomery Mall	Montgomeryville, PA		Dick’s Sporting Goods		N/A
Ross Park Mall	Pittsburgh, PA		Nordstrom		Macy’s
Springfield Mall	Springfield, PA		Target		Macy’s
West Ridge Mall	Topeka, KS		Burlington		Montgomery Ward
Openings Projected in 2009
Northshore Mall	Peabody (Boston), MA		Nordstrom		Macy’s
Tacoma Mall	Seattle, WA		Nordstrom (relocated)		Mervyn’s
Openings Projected in 2010
Quaker Bridge Mall	Lawrenceville, NJ		Neiman Marcus		N/A
			Nordstrom		N/A
South Shore Plaza	Braintree (Boston), MA		Nordstrom		Macy’s

23

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		221,474		775,630
2.	University Mall			AR	Little Rock		100.0	%		364,992		153,534		518,526
3.	Brea Mall			CA	Brea (Orange County)		100.0	%		874,802		443,789		1,318,591
4.	Coddingtown Mall			CA	Santa Rosa		50.0	%		547,090		309,812		856,902
5.	Fashion Valley Mall			CA	San Diego		50.0	%		1,053,305		655,681		1,708,986
6.	Laguna Hills Mall			CA	Laguna Hills (Orange County)		100.0	%		536,500		329,260		865,760
7.	Santa Rosa Plaza			CA	Santa Rosa		100.0	%		428,258		270,565		698,823
8.	Shops at Mission Viejo, The			CA	Mission Viejo (Orange County)		100.0	%		677,215		472,585		1,149,800
9.	Stanford Shopping Center			CA	Palo Alto (San Francisco)		100.0	%		849,153		528,750	(6)	1,377,903
10.	Westminster Mall			CA	Westminster (Orange County)		100.0	%		716,939		496,376		1,213,315
11.	Mesa Mall(1)			CO	Grand Junction		50.0	%		441,208		443,015		884,223
12.	Town Center at Aurora			CO	Aurora (Denver)		100.0	%		676,637		401,903		1,078,540
13.	Crystal Mall			CT	Waterford ( New London-Norwich)		74.6	%		442,311		351,861		794,172
14.	Aventura Mall(1)			FL	Miami Beach		33.3	%		1,257,638		662,622		1,920,260
15.	Avenues, The			FL	Jacksonville		25.0	%(2)		754,956		362,409		1,117,365
16.	Boynton Beach Mall			FL	Boynton Beach (W. Palm Beach)		100.0	%		714,210		300,364		1,014,574
17.	Coconut Point			FL	Estero		50.0	%		424,636		594,758		1,019,394
18.	Coral Square			FL	Coral Springs (Miami-Ft. Lauderdale)		97.2	%		648,144		296,802		944,946
19.	Cordova Mall			FL	Pensacola		100.0	%		395,875		463,085		858,960
20.	Crystal River Mall			FL	Crystal River		100.0	%		302,495		121,844		424,339
21.	Dadeland Mall			FL	Miami		50.0	%		1,132,072		335,524		1,467,596
22.	DeSoto Square			FL	Bradenton (Sarasota-Bradenton)		100.0	%		435,467		244,499		679,966
23.	Edison Mall			FL	Fort Myers		100.0	%		742,667		310,695		1,053,362
24.	Florida Mall, The			FL	Orlando		50.0	%		1,232,416		615,288		1,847,704
25.	Gulf View Square			FL	Port Richey (Tampa-St. Pete)		100.0	%		461,852		292,028		753,880
26.	Indian River Mall			FL	Vero Beach		50.0	%		445,552		302,881		748,433
27.	Lake Square Mall			FL	Leesburg (Orlando)		50.0	%		296,037		264,953		560,990
28.	Melbourne Square			FL	Melbourne		100.0	%		416,167		294,373		710,540
29.	Miami International Mall			FL	South Miami		47.8	%		778,784		294,825		1,073,609
30.	Orange Park Mall			FL	Orange Park (Jacksonville)		100.0	%		528,551		381,658		910,209
31.	Paddock Mall			FL	Ocala		100.0	%		387,378		167,723		555,101
32.	Palm Beach Mall			FL	West Palm Beach		100.0	%		749,288		335,086		1,084,374
33.	Port Charlotte Town Center			FL	Port Charlotte (Punta Gorda)		80.0	%(3)		458,251		323,692		781,943
34.	Seminole Towne Center			FL	Sanford (Orlando)		45.0	%(2)		768,798		367,781		1,136,579
35.	Shops at Sunset Place, The			FL	Miami		37.5	%(2)		0		510,056		510,056
36.	St. Johns Town Center			FL	Jacksonville		50.0	%		653,291		379,212		1,032,503
37.	Town Center at Boca Raton			FL	Boca Raton (W. Palm Beach)		100.0	%		1,085,312		493,628		1,578,940
38.	Treasure Coast Square			FL	Jensen Beach (Ft. Pierce)		100.0	%		511,372		350,369		861,741
39.	Tyrone Square			FL	St. Petersburg (Tampa-St. Pete)		100.0	%		748,269		372,971		1,121,240
40.	University Mall			FL	Pensacola		100.0	%		478,449		230,952		709,401
41.	Gwinnett Place			GA	Duluth (Atlanta)		50.0	%		843,609		434,254		1,277,863
42.	Lenox Square			GA	Atlanta		100.0	%		821,356		628,752	(6)	1,450,108

24

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

										Gross Leasable Area
							Legal					Mall &
		Property Name	State		City (Metropolitan area)		Ownership			Anchor		Freestanding			Total
43.	Mall of Georgia			GA		Mill Creek (Atlanta)		100.0	%		1,069,590		716,341		1,785,931
44.	Northlake Mall			GA		Atlanta		100.0	%		665,745		296,626		962,371
45.	Phipps Plaza			GA		Atlanta		100.0	%		472,385		347,202		819,587
46.	Town Center at Cobb			GA		Kennesaw (Atlanta)		50.0	%		866,381		406,050		1,272,431
47.	Lindale Mall(1)			IA		Cedar Rapids		50.0	%		305,563		388,024		693,587
48.	NorthPark Mall			IA		Davenport		50.0	%		650,456		423,484		1,073,940
49.	Southern Hills Mall(1)			IA		Sioux City		50.0	%		372,937		431,916		804,853
50.	SouthRidge Mall(1)			IA		Des Moines		50.0	%		388,752		523,443		912,195
51.	Alton Square			IL		Alton (St. Louis)		100.0	%		426,315		211,655		637,970
52.	Lincolnwood Town Center			IL		Lincolnwood (Chicago)		100.0	%		220,830		201,110		421,940
53.	Northfield Square Mall			IL		Bourbonnais (Chicago)		31.6	%(3)		310,994		246,672		557,666
54.	Northwoods Mall			IL		Peoria		100.0	%		472,969		221,068		694,037
55.	Orland Square			IL		Orland Park (Chicago)		100.0	%		773,295		437,045		1,210,340
56.	River Oaks Center			IL		Calumet City (Chicago)		100.0	%		834,588		533,914	(6)	1,368,502
57.	SouthPark Mall			IL		Moline (Davenport-Moline)		50.0	%		578,056		447,804		1,025,860
58.	White Oaks Mall			IL		Springfield		77.5	%		556,831		379,688		936,519
59.	Castleton Square			IN		Indianapolis		100.0	%		908,481		352,398		1,260,879
60.	Circle Centre			IN		Indianapolis		14.7	%		350,000		435,963	(6)	785,963
61.	College Mall			IN		Bloomington		100.0	%		356,887		286,028		642,915
62.	Eastland Mall			IN		Evansville		50.0	%		489,144		375,307		864,451
63.	Fashion Mall at Keystone			IN		Indianapolis		100.0	%		249,721		433,601	(6)	683,322
64.	Greenwood Park Mall			IN		Greenwood (Indianapolis)		100.0	%		754,928		408,820		1,163,748
65.	Lafayette Square			IN		Indianapolis		100.0	%		937,223		269,504		1,206,727
66.	Markland Mall			IN		Kokomo		100.0	%		273,094		141,692		414,786
67.	Muncie Mall			IN		Muncie		100.0	%		435,756		204,894		640,650
68.	Tippecanoe Mall			IN		Lafayette		100.0	%		537,790		322,694		860,484
69.	University Park Mall			IN		Mishawaka (South Bend)		60.0	%		499,876		319,620		819,496
70.	Washington Square			IN		Indianapolis		100.0	%		616,109		348,781		964,890
71.	Towne East Square			KS		Wichita		100.0	%		779,490		358,838		1,138,328
72.	Towne West Square			KS		Wichita		100.0	%		619,269		332,287		951,556
73.	West Ridge Mall			KS		Topeka		100.0	%		716,811		281,646		998,457
74.	Prien Lake Mall			LA		Lake Charles		100.0	%		644,124		177,626		821,750
75.	Arsenal Mall			MA		Watertown (Boston)		100.0	%		191,395		310,130	(6)	501,525
76.	Atrium Mall			MA		Chestnut Hill (Boston)		49.1	%		0		205,751		205,751
77.	Auburn Mall			MA		Auburn (Boston)		49.1	%		417,620		174,350		591,970
78.	Burlington Mall			MA		Burlington (Boston)		100.0	%		642,411		432,201		1,074,612
79.	Cape Cod Mall			MA		Hyannis (Barnstable-Yarmouth)		49.1	%		420,199		303,618		723,817
80.	Copley Place			MA		Boston		98.1	%		150,847		1,080,822	(6)	1,231,669
81.	Emerald Square			MA		North Attleboro (Providence-Fall River)		49.1	%		647,372		375,125		1,022,497
82.	Greendale Mall			MA		Worcester (Boston)		49.1	%		132,634		298,732	(6)	431,366
83.	Liberty Tree Mall			MA		Danvers (Boston)		49.1	%		498,000		359,251		857,251
84.	Mall at Chestnut Hill			MA		Newton (Boston)		47.2	%		297,253		180,109		477,362
85.	Northshore Mall			MA		Peabody (Boston)		49.1	%		677,433		688,876		1,366,309
86.	Solomon Pond Mall			MA		Marlborough (Boston)		49.1	%		538,843		371,326		910,169
87.	South Shore Plaza			MA		Braintree (Boston)		100.0	%		547,287		613,809		1,161,096
88.	Square One Mall			MA		Saugus (Boston)		49.1	%		608,601		324,669		933,270

25

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

										Gross Leasable Area
							Legal					Mall &
		Property Name	State		City (Metropolitan area)		Ownership			Anchor		Freestanding			Total
89.	Bowie Town Center			MD		Bowie (Washington, D.C.)		100.0	%		355,557		328,588		684,145
90.	St. Charles Towne Center			MD		Waldorf (Washington, D.C.)		100.0	%		631,602		350,574		982,176
91.	Bangor Mall			ME		Bangor		66.4	%(5)		416,582		237,494		654,076
92.	Maplewood Mall			MN		Minneapolis		100.0	%		588,822		341,972		930,794
93.	Miller Hill Mall			MN		Duluth		100.0	%		429,508		379,884		809,392
94.	Battlefield Mall			MO		Springfield		100.0	%		770,111		433,482		1,203,593
95.	Independence Center			MO		Independence (Kansas City)		100.0	%		499,284		526,154		1,025,438
96.	SouthPark			NC		Charlotte		100.0	%		1,044,742		530,839		1,575,581
97.	Crossroads Mall			NE		Omaha		100.0	%		522,119		231,298		753,417
98.	Mall at Rockingham Park, The			NH		Salem (Boston)		24.6	%		638,111		381,676		1,019,787
99.	Mall of New Hampshire			NH		Manchester (Boston)		49.1	%		444,889		362,807		807,696
100.	Pheasant Lane Mall			NH		Nashua (Boston)			(4)		675,759		313,615		989,374
101.	Brunswick Square			NJ		East Brunswick (New York)		100.0	%		467,626		299,792		767,418
102.	Livingston Mall			NJ		Livingston (New York)		100.0	%		616,128		363,871		979,999
103.	Menlo Park Mall			NJ		Edison (New York)		100.0	%		527,591		756,358	(6)	1,283,949
104.	Ocean County Mall			NJ		Toms River (New York)		100.0	%		616,443		274,856		891,299
105.	Quaker Bridge Mall			NJ		Lawrenceville		38.0	%(5)		686,760		412,636		1,099,396
106.	Rockaway Townsquare			NJ		Rockaway (New York)		100.0	%		786,626		462,038		1,248,664
107.	Cottonwood Mall			NM		Albuquerque		100.0	%		631,556		409,278		1,040,834
108.	Forum Shops at Caesars, The			NV		Las Vegas		100.0	%		0		635,939		635,939
109.	Chautauqua Mall			NY		Lakewood (Jamestown)		100.0	%		213,320		218,858		432,178
110.	Jefferson Valley Mall			NY		Yorktown Heights (New York)		100.0	%		310,095		278,290		588,385
111.	Mall at The Source, The			NY		Westbury (New York)		25.5	%(2)		210,798		515,250		726,048
112.	Nanuet Mall			NY		Nanuet (New York)		100.0	%		583,711		331,764		915,475
113.	Roosevelt Field			NY		Garden City (New York)		100.0	%		1,430,425		778,656	(6)	2,209,081
114.	Smith Haven Mall			NY		Lake Grove (New York)		25.0	%		666,283		416,035		1,082,318
115.	Walt Whitman Mall			NY		Huntington Station (New York)		100.0	%		742,214		294,140		1,036,354
116.	Westchester, The			NY		White Plains (New York)		40.0	%		349,393		478,254	(6)	827,647
117.	Great Lakes Mall			OH		Mentor (Cleveland)		100.0	%		879,300		378,525		1,257,825
118.	Lima Mall			OH		Lima		100.0	%		541,861		203,770		745,631
119.	Richmond Town Square			OH		Richmond Heights (Cleveland)		100.0	%		685,251		331,663		1,016,914
120.	Southern Park Mall			OH		Boardman (Youngstown)		100.0	%		811,858		383,660		1,195,518
121.	Summit Mall			OH		Akron		100.0	%		432,936		330,976		763,912
122.	Upper Valley Mall			OH		Springfield (Dayton-Springfield)		100.0	%		479,418		262,978		742,396
123.	Penn Square Mall			OK		Oklahoma City		94.5	%		588,137		462,542		1,050,679
124.	Woodland Hills Mall			OK		Tulsa		94.5	%		706,159		382,115		1,088,274
125.	Century III Mall			PA		West Mifflin (Pittsburgh)		100.0	%		831,439		459,191	(6)	1,290,630
126.	Granite Run Mall			PA		Media (Philadelphia)		50.0	%		500,809		535,456		1,036,265
127.	King of Prussia Mall			PA		King of Prussia (Philadelphia)		12.4	%(5)		1,545,812		1,065,157	(6)	2,610,969
128.	Lehigh Valley Mall			PA		Whitehall (Allentown-Bethlehem)		37.6	%(5)		564,353		482,855	(6)	1,047,208

26

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

										Gross Leasable Area
							Legal					Mall &
		Property Name	State		City (Metropolitan area)		Ownership			Anchor		Freestanding			Total
129.	Montgomery Mall			PA		Montgomeryville (Philadelphia)		53.5	%(5)		684,855		434,306			1,119,161
130.	Oxford Valley Mall			PA		Langhorne (Philadelphia)		63.2	%(5)		762,558		558,957	(6)		1,321,515
131.	Ross Park Mall			PA		Pittsburgh		100.0	%		622,215		406,902			1,029,117
132.	South Hills Village			PA		Pittsburgh		100.0	%		655,987		485,604			1,141,591
133.	Springfield Mall(1)			PA		Springfield (Philadelphia)		38.0	%(5)		367,176		221,489			588,665
134.	Plaza Carolina			PR		Carolina (San Juan)		100.0	%		504,796		609,476	(6)		1,114,272
135.	Anderson Mall			SC		Anderson (Greenville)		100.0	%		404,394		229,988			634,382
136.	Haywood Mall			SC		Greenville		100.0	%		902,400		328,159			1,230,559
137.	Empire Mall(1)			SD		Sioux Falls		50.0	%		497,341		548,004			1,045,345
138.	Rushmore Mall(1)			SD		Rapid City		50.0	%		470,660		362,653			833,313
139.	Knoxville Center			TN		Knoxville		100.0	%		597,028		384,086			981,114
140.	Oak Court Mall			TN		Memphis		100.0	%		532,817		314,264	(6)		847,081
141.	Raleigh Springs Mall			TN		Memphis		100.0	%		691,230		226,100			917,330
142.	West Town Mall			TN		Knoxville		50.0	%		878,311		451,465			1,329,776
143.	Wolfchase Galleria			TN		Memphis		94.5	%		761,648		505,461			1,267,109
144.	Barton Creek Square			TX		Austin		100.0	%		922,266		508,229			1,430,495
145.	Broadway Square			TX		Tyler		100.0	%		427,730		200,966			628,696
146.	Cielo Vista Mall			TX		El Paso		100.0	%		793,716		443,825			1,237,541
147.	Firewheel Town Center			TX		Garland		100.0	%		298,857		618,845	(6)		917,702
148.	Galleria, The			TX		Houston		31.5	%		1,164,982		1,185,561			2,350,543
149.	Highland Mall(1)			TX		Austin		50.0	%		732,000		359,126			1,091,126
150.	Ingram Park Mall			TX		San Antonio		100.0	%		750,888		375,484			1,126,372
151.	Irving Mall			TX		Irving (Dallas-Ft. Worth)		100.0	%		637,415		406,712			1,044,127
152.	La Plaza Mall			TX		McAllen		100.0	%		776,397		427,124			1,203,521
153.	Lakeline Mall			TX		Austin		100.0	%		745,179		355,783			1,100,962
154.	Longview Mall			TX		Longview		100.0	%		402,843		209,472			612,315
155.	Midland Park Mall			TX		Midland		100.0	%		339,113		279,430			618,543
156.	North East Mall			TX		Hurst (Dallas-Ft. Worth)		100.0	%		1,194,589		452,659			1,647,248
157.	Richardson Square Mall			TX		Richardson (Dallas-Ft. Worth)		100.0	%		460,055		284,240			744,295
158.	Rolling Oaks Mall			TX		San Antonio		100.0	%		596,308		288,109			884,417
159.	Sunland Park Mall			TX		El Paso		100.0	%		575,837		342,234			918,071
160.	Valle Vista Mall			TX		Harlingen		100.0	%		389,781		265,886			655,667
161.	Apple Blossom Mall			VA		Winchester		49.1	%		229,011		213,619			442,630
162.	Charlottesville Fashion Square			VA		Charlottesville		100.0	%		381,153		190,533			571,686
163.	Chesapeake Square			VA		Chesapeake (Norfolk- VA Beach)		75.0	%(3)		534,760		271,842			806,602
164.	Fashion Centre at Pentagon City, The			VA		Arlington (Washington, DC)		42.5	%		472,729		517,384	(6)		990,113
165.	Valley Mall			VA		Harrisonburg		50.0	%		315,078		190,648			505,726
166.	Virginia Center Commons			VA		Glen Allen (Richmond)		100.0	%		506,639		280,817			787,456
167.	Columbia Center			WA		Kennewick		100.0	%		408,052		346,895			754,947
168.	Northgate Mall			WA		Seattle		100.0	%		688,391		291,003			979,394
169.	Tacoma Mall			WA		Tacoma		100.0	%		924,045		407,010			1,331,055
170.	Bay Park Square			WI		Green Bay		100.0	%		447,508		267,756			715,264
171.	Forest Mall			WI		Fond Du Lac		100.0	%		327,260		174,031			501,291
	Total Regional Mall GLA										100,739,129		65,637,622			166,376,751

27

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—35,929 sq. ft.
Circle Centre Mall—9,123 sq. ft.
Copley Place—856,586 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.
Fashion Mall at Keystone, The—10,927 sq. ft.
Firewheel Town Center—75,000 sq. ft.
Greendale Mall—119,860 sq. ft.
King of Prussia Mall—13,627 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—126,319 sq. ft.
Oxford Valley Mall—109,832 sq. ft.
Plaza Carolina—28,192 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.

28

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of December 31, 2006

	As of or for the
	Twelve Months Ended
	December 31,
	2006				2005
Total Number of U.S. Premium Outlet Centers		36				33
Total U.S. Premium Outlet Centers GLA (in millions of square feet)		13.9				12.6
Occupancy(1)		99.4		%		99.6		%
Comparable sales per square foot(1)		$	471			$	444
Average base rent per square foot(1)		$	24.23			$	23.16

	Total		%
Average Base Rent Per Square Foot(1)	Center		Change
12/31/06	$	24.23		4.6	%
12/31/05	23.16			6.0	%
12/31/04	21.85			7.3	%
12/31/03	20.36			n/a

Leasing Activity During the Period(1):

	Average Base Rent(2)						Amount of Change
	Lease			Store Closings/			(Referred to as
	Signings			Lease Expirations			“Leasing Spread”)
2006		$	29.95		$	22.87	$	7.08	31.0%
2005		26.48			21.91		4.57		20.9%
2004		22.78			20.02		2.76		13.8%
2003		25.41			22.62		2.79		12.3%

(1)For all owned gross leasable area.

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

29

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

				Weighted
				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 12/31/06
2007		352	1,220,273		$	19.92
2008		406	1,642,635		$	24.24
2009		401	1,675,181		$	22.48
2010		507	2,256,517		$	23.81
2011		452	1,983,776		$	24.12
2012		319	1,322,331		$	25.64
2013		239	1,053,094		$	26.25
2014		204	668,530		$	29.31
2015		193	653,571		$	31.18
2016		228	704,501		$	36.31
2017		149	508,552		$	33.55
2018 and Thereafter		30	112,405		$	16.42

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

30

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of December 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		170		803		0.4	%		0.8	%
Jones Retail Corporation		153		513		0.3	%		0.5	%
Adidas Promotional Retail Operations, Inc.		53		438		0.2	%		0.4	%
The Gap, Inc.		70		637		0.3	%		0.4	%
Nike Retail Services, Inc.		50		486		0.2	%		0.3	%
The William Carter Company, Inc.		66		323		0.2	%		0.3	%
Brown Group Retail, Inc.		66		284		0.1	%		0.3	%
LCI Holdings, Inc.		57		405		0.2	%		0.3	%
VF Outlet		60		369		0.2	%		0.2	%
Tommy Hilfiger Retail Operations, Inc.		38		241		0.1	%		0.2	%

31

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

		Property Name	State	City (Metropolitan area)	Legal Ownership	Total Gross Leasable Area
1.	Camarillo Premium Outlets		CA	Camarillo (Los Angeles)	100.0%	454,089
2.	Carlsbad Premium Outlets		CA	Carlsbad	100.0%	287,936
3.	Desert Hills Premium Outlets		CA	Cabazon (Palm Springs-Los Angeles)	100.0%	498,837
4.	Folsom Premium Outlets		CA	Folsom (Sacramento)	100.0%	299,351
5.	Gilroy Premium Outlets		CA	Gilroy (San Jose)	100.0%	577,305
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%	444,252
9.	Clinton Crossing Premium Outlets		CT	Clinton (Hartford)	100.0%	276,163
10.	Orlando Premium Outlets		FL	Orlando	100.0%	435,695
11.	St. Augustine Premium Outlets		FL	St. Augustine (Jacksonsville)	100.0%	328,489
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%	377,717
16.	Lighthouse Place Premium Outlets		IN	Michigan City (Chicago)	100.0%	456,466
17.	Wrentham Village Premium Outlets		MA	Wrentham (Boston)	100.0%	615,713
18.	Kittery Premium Outlets		ME	Kittery (Boston)	100.0%	150,491
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%	439,445
22.	Liberty Village Premium Outlets		NJ	Flemington (New York-Philadelphia)	100.0%	173,067
23.	Jackson Premium Outlets		NJ	Jackson	100.0%	285,775
24.	Las Vegas Outlet Center		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%	417,577
27.	Woodbury Common Premium Outlets		NY	Central Valley (New York City)	100.0%	844,553
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%	411,774
31.	Allen Premium Outlets		TX	Allen (Dallas)	100.0%	412,792
32.	Rio Grande Valley Premium Outlets		TX	Mercedes	100.0%	403,207
33.	Round Rock Premium Outlets		TX	Round Rock (Austin)	100.0%	431,621
34.	Leesburg Corner Premium Outlets		VA	Leesburg (Washington DC)	100.0%	463,288
35.	Seattle Premium Outlets		WA	Seattle	100.0%	402,668
36.	Johnson Creek Premium Outlets		WI	Johnson Creek	100.0%	277,585
	Total U.S. Premium Outlet Centers GLA					13,925,335

32

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

	As of or for the Twelve Months Ended December 31,
	2006				2005
Total Number of Community/Lifestyle Centers		69				71
Total Community/Lifestyle Center GLA (in millions of square feet)		19.1				19.4
Occupancy(1)
Consolidated Assets		91.5		%		89.5		%
Unconsolidated Assets		96.5		%		96.1		%
Total Portfolio		93.2		%		91.6		%
Comparable sales per square foot(1)
Consolidated Assets		$	233			$	228
Unconsolidated Assets		$	202			$	204
Total Portfolio		$	222			$	220
Average rent per square foot(1)
Consolidated Assets		$	11.90			$	11.70
Unconsolidated Assets		$	11.68			$	10.81
Total Portfolio		$	11.82			$	11.41

Average Base Rent Per Square Foot(1)

	Total		%
	Center		Change
12/31/06	$	11.82		3.6	%
12/31/05	11.41			4.6	%
12/31/04	10.91			3.0	%
12/31/03	10.59			4.6	%
12/31/02	10.12			3.0	%

Leasing Activity During the Period(1):

	Average Base Rent(2)
	Lease			Store Closings/			Amount of Change
	Signings			Lease Expirations			(Referred to as  “Leasing Spread”)
2006		$	12.47		$	10.49		$	1.98	18.9	%
2005		15.89			11.44			4.45		38.9	%
2004		12.01			11.16			0.85		7.6	%
2003		12.38			10.48			1.90		18.1	%
2002		10.19			8.39			1.80		21.5	%

(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.

33

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

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 12/31/06
Mall Stores & Freestanding
Month to Month Leases		36	107,923		$	15.79
2007		143	485,593		$	14.46
2008		210	782,732		$	14.18
2009		172	583,079		$	14.19
2010		218	896,575		$	16.62
2011		187	739,336		$	16.67
2012		57	268,759		$	15.31
2013		20	124,119		$	14.06
2014		30	188,400		$	18.64
2015		56	299,094		$	19.18
2016		37	187,290		$	19.69
2017		14	90,761		$	17.29
2018 and Thereafter		47	190,588		$	20.70
Specialty Leasing Agreements w/ terms in excess of 12 months		6	58,274		$	3.86
Anchor Tenants
Month to Month Leases		3	68,732		$	7.70
2007		11	371,496		$	6.35
2008		16	415,757		$	9.95
2009		22	768,432		$	7.35
2010		23	714,729		$	12.33
2011		20	819,598		$	7.13
2012		10	372,211		$	8.78
2013		14	440,539		$	7.79
2014		11	438,088		$	9.32
2015		18	635,271		$	11.14
2016		24	800,772		$	9.67
2017		15	653,207		$	8.47
2018 and Thereafter		29	1,369,900		$	11.09
Specialty Leasing Agreements w/ terms in excess of 12 months		4	156,999		$	0.87

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

34

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants
As of December 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		12		1,518		0.8	%		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.		18		738		0.4	%		0.3	%
TJX Companies, Inc.		22		690		0.3	%		0.2	%
Burlington Coat Factory		7		441		0.2	%		0.1	%
Bed Bath & Beyond, Inc.		13		398		0.2	%		0.2	%
Office Max, Inc.		13		336		0.2	%		0.1	%
Jo-Ann Stores, Inc.		12		320		0.2	%		0.1	%
Retail Ventures, Inc.		8		315		0.2	%		0.1	%

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

35

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

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (Metropolitan area)	Ownership			Anchor	Freestanding		Total
1.	Plaza at Buckland Hills, The			CT	Manchester		35.0	%(2)	252,179		82,348	334,527
2.	Gaitway Plaza			FL	Ocala		23.3	%(2)	123,027		85,713	208,740
3.	Highland Lakes Center			FL	Orlando		100.0	%	352,405		140,862	493,267
4.	Indian River Commons			FL	Vero Beach		50.0	%	233,358		19,396	252,754
5.	Royal Eagle Plaza			FL	Coral Springs (Miami-Ft. Lauderale)		35.0	%(2)	124,479		77,624	202,103
6.	Terrace at the Florida Mall			FL	Orlando		100.0	%	289,252		42,731	331,983
7.	Waterford Lakes Town Center			FL	Orlando		100.0	%	622,244		329,446	951,690
8.	West Town Corners			FL	Altamonte Springs		23.3	%(2)	263,782		121,477	385,259
9.	Westland Park Plaza			FL	Orange Park		23.3	%(2)	123,548		39,606	163,154
10.	Mall of Georgia Crossing			GA	Buford (Atlanta)		100.0	%	341,503		99,109	440,612
11.	Bloomingdale Court			IL	Bloomingdale		100.0	%	467,513		162,846	630,359
12.	Countryside Plaza			IL	Countryside		100.0	%	308,489		95,267	403,756
13.	Crystal Court			IL	Crystal Lake		35.0	%(2)	201,993		76,977	278,970
14.	Forest Plaza			IL	Rockford		100.0	%	324,794		100,584	425,378
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	%	230,885		40,070	270,955
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		336,375	497,656
24.	Eastland Convenience Center			IN	Evansville		50.0	%	126,699		48,940	175,639
25.	Greenwood Plus			IN	Greenwood		100.0	%	134,141		21,178	155,319
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	%	104,347		46,177	150,524
35.	Village Park Plaza			IN	Carmel (Indianapolis)		35.0	%(2)	414,593		134,923	549,516
36.	Washington Plaza			IN	Indianapolis		100.0	%	21,500		28,607	50,107
37.	West Ridge Plaza			KS	Topeka		100.0	%	182,161		59,226	241,387
38.	Park Plaza			KY	Hopkinsville		100.0	%	82,398		32,526	114,924
39.	St. Charles Towne Plaza			MD	Waldorf (Washington, D.C.)		100.0	%	286,081		108,690	394,771
40.	Regency Plaza			MO	St. Charles		100.0	%	210,627		76,846	287,473
41.	Ridgewood Court			MS	Jackson		35.0	%(2)	185,939		54,732	240,671
42.	Dare Centre			NC	Kill Devil Hills		100.0	%	127,172		41,391	168,563
43.	MacGregor Village			NC	Cary		100.0	%	0		143,563	143,563
44.	North Ridge Shopping Center			NC	Raleigh		100.0	%	43,247		122,906	166,153
45.	Rockaway Convenience Center			NJ	Rockaway (New York)		100.0	%	44,518		104,393	148,911
46.	Rockaway Town Plaza			NJ	Rockaway (New York)		100.0	%	407,501		51,316	458,817
47.	Cobblestone Court			NY	Victor		35.0	%(2)	206,680		58,781	265,461

36

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (Metropolitan area)	Ownership			Anchor	Freestanding		Total
48.	Boardman Plaza			OH	Youngstown		100.0	%	365,507		240,730	606,237
49.	Great Lakes Plaza			OH	Mentor (Cleveland)		100.0	%	142,229		21,875	164,104
50.	Lima Center			OH	Lima		100.0	%	189,584		47,294	236,878
51.	Eastland Plaza			OK	Tulsa		100.0	%	152,451		33,623	186,074
52.	DeKalb Plaza			PA	King of Prussia		50.3	%(3)	81,368		20,374	101,742
53.	Henderson Square			PA	King of Prussia		76.0	%(3)	72,683		34,690	107,373
54.	Lincoln Plaza			PA	King of Prussia		63.2	%(3)	143,649		123,582	267,231
55.	Whitehall Mall			PA	Whitehall		38.0	%(3)	444,916		143,168	588,084
56.	Charles Towne Square			SC	Charleston		100.0	%	71,794		0	71,794
57.	Empire East(1)			SD	Sioux Falls		50.0	%	248,181		49,097	297,278
58.	Knoxville Commons			TN	Knoxville		100.0	%	91,483		88,980	180,463
59.	Arboretum at Great Hills			TX	Austin		100.0	%	35,773		167,628	203,401
60.	Celina Plaza			TX	El Paso		100.0	%	0		8,695	8,695
61.	Gateway Shopping Centers			TX	Austin		95.0	%	329,576		182,790	512,366
62.	Ingram Plaza			TX	San Antonio		100.0	%	0		111,518	111,518
63.	Lakeline Plaza			TX	Austin		100.0	%	275,754		111,709	387,463
64.	Shops at Arbor Walk			TX	Austin		100.0	%	126,610		223,298	349,908
65.	Shops at North East Mall, The			TX	Hurst		100.0	%	265,595		99,148	364,743
66.	Wolf Ranch			TX	Georgetown (Austin)		100.0	%	395,071		218,908	613,979
67.	Chesapeake Center			VA	Chesapeake		100.0	%	213,651		92,284	305,935
68.	Fairfax Court			VA	Fairfax		26.3	%(2)	169,043		80,615	249,658
69.	Martinsville Plaza			VA	Martinsville		100.0	%	60,000		42,105	102,105
	Total Community/Lifestyle Center GLA								13,152,921		5,968,456	19,121,377

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.

37

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

	As of or for the Twelve Months Ended December 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 89,238			JPY 84,791
Average base rent per square foot	JPY 4,646			JPY 4,512
European Shopping Centers
Total Number of Shopping Centers	53			51
Total GLA (in millions of square feet)	12.2			11.1
Occupancy	97.1		%	98.1		%
Comparable sales per square foot	€	391		€	380
Average rent per square foot	€	26.29		€	25.72

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

38

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
5.	Wasquehal	Wasquehal (Lille)		50.0	%		129,200		102,100	231,300
	Subtotal France						514,600		1,014,800	1,529,400
	ITALY
	Ancona:
6.	Ancona	Ancona		49.0	%(3)		82,900		82,300	165,200
7.	Senigallia	Senigallia (Ancona)		49.0	%		41,200		41,600	82,800
	Ascoli Piceno:
8.	Grottammare	Grottammare (Ascoli Piceno)		49.0	%		38,900		55,900	94,800
9.	Porto Sant’Elpidio	Porto Sant’Elpidio (Ascoli Piceno)		49.0	%		48,000		114,300	162,300
	Bari:
10.	Casamassima	Casamassima (Bari)		49.0	%		159,000		388,800	547,800
11.	Modugno(5)	Modugno (Bari)		49.0	%		96,900		46,600	143,500
	Bergamo:
12.	Bergamo	Bergamo		49.0	%(3)		103,000		16,900	119,900
	Brescia:
13.	Concesio	Concesio (Brescia)		49.0	%(3)		89,900		27,600	117,500
14.	Mazzano	Mazzano (Brescia)		49.0	%(2)		103,300		127,400	230,700
	Brindisi:
15.	Mesagne	Mesagne (Brindisi)		49.0	%		88,000		140,600	228,600
	Cagliari:
16.	Marconi	Marconi (Cagliari)		49.0	%(3)		83,500		109,900	193,400
17.	Santa Gilla	Santa Gilla (Cagliari)		49.0	%(2)		75,900		114,800	190,700
	Catania:
18.	La Rena	La Rena (Catania)		49.0	%		124,100		22,100	146,200
19.	Misterbianco	Misterbianco (Catania)		49.0	%(3)		83,300		16,000	99,300
	Lecco:
20.	Merate	Merate (Lecco)		49.0	%(3)		73,500		88,500	162,000
	Milan (Milano):
21.	Cesano Boscone	Cescano Boscone (Milano)		49.0	%(3)		163,800		120,100	283,900
22.	Nerviano	Nerviano (Milano)		49.0	%(3)		83,800		27,800	111,600
23.	Rescaldina	Rescaldina (Milano)		49.0	%		165,100		212,000	377,100
24.	Vimodrone	Vimodrone (Milano)		49.0	%		110,400		80,200	190,600
	Naples (Napoli):
25.	Giugliano	Giugliano (Napoli)		19.6	%		130,000		618,300	748,300
26.	Mugnano di Napoli	Mugnano (Napoli)		49.0	%(3)		98,000		94,900	192,900
27.	Pompei	Pompei (Napoli)		49.0	%		74,300		17,100	91,400
	Olbia:
28.	Olbia	Olbia		49.0	%(3)		49,000		48,800	97,800
	Padova:
29.	Padova	Padova		49.0	%		73,300		32,500	105,800

39

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
	Palermo:
30.	Palermo	Palermo		49.0	%		73,100		9,800	82,900
	Pesaro:
31.	Fano	Fano (Pesaro)		49.0	%		56,300		56,000	112,300
	Pescara:
32.	Cepagatti	Cepagatti (Pescara)		49.0	%		80,200		189,600	269,800
33.	Pescara	Pescara		49.0	%		96,300		65,200	161,500
	Piacenza:
34.	San Rocco al Porto	San Rocco al Porto (Piacenza)		49.0	%		104,500		74,700	179,200
	Rome (Roma):
35.	Casalbertone	Roma		49.0	%(3)		62,700		84,900	147,600
36.	Collatina	Collatina (Roma)		49.0	%		59,500		4,100	63,600
	Sassari:
37.	Centro Azuni	Sassari		49.0	%(3)		—		35,600	35,600
38.	Predda Niedda	Predda Niedda (Sassari)		49.0	%(2)		79,500		154,200	233,700
	Taranto:
39.	Taranto	Taranto		49.0	%		75,200		126,500	201,700
	Turin (Torino):
40.	Cuneo	Cuneo (Torino)		49.0	%		80,700		201,500	282,200
41.	Rivoli	Rivoli (Torino)		49.0	%(3)		61,800		32,300	94,100
42.	Torino	Torino		49.0	%		105,100		66,700	171,800
43.	Venaria	Venaria (Torino)		49.0	%		101,600		64,000	165,600
	Venice (Venezia):
44.	Venezia—Mestre	Mestre (Venezia)		49.0	%		114,100		132,600	246,700
	Verona:
45.	Bussolengo	Bussolengo (Verona)		49.0	%(3)		89,300		75,300	164,600
	Vicenza:
46.	Vicenza	Vicenza		49.0	%		78,400		20,100	98,500
	Subtotal Italy						3,557,400		4,038,100	7,595,500
	POLAND
47.	Arkadia Shopping Center	Warsaw		50.0	%		202,100		902,200	1,104,300
48.	Borek Shopping Center	Wroclaw		50.0	%		119,900		129,300	249,200
49.	Dabrowka Shopping Center	Katowice		50.0	%		121,000		172,900	293,900
50.	Gliwice Shopping Center	Gliwice		50.0	%		140,700		239,000	379,700
51.	Turzyn Shopping Center	Szczecin		50.0	%		87,200		121,900	209,100
52.	Wilenska Station Shopping Center	Warsaw		50.0	%		92,700		215,900	308,600
53.	Zakopianka Shopping Center	Krakow		50.0	%		120,200		425,400	545,600
	Subtotal Poland						883,800		2,206,600	3,090,400
	JAPAN
54.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0	%		—		390,000	390,000
55.	Rinku Premium Outlets	Izumisano (Osaka)		40.0	%		—		321,000	321,000
56.	Sano Premium Outlets	Sano (Tokyo)		40.0	%		—		318,200	318,200
57.	Toki Premium Outlets	Toki (Nagoya)		40.0	%		—		231,200	231,200
58.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0	%		—		187,000	187,000
	Subtotal Japan						—		1,447,400	1,447,400

40

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
	MEXICO
59.	Premium Outlets Punta Norte	Mexico City		50.0	%		—		232,000	232,000
	Subtotal Mexico						—		232,000	232,000
	TOTAL INTERNATIONAL ASSETS						4,955,800		8,938,900	13,894,700

FOOTNOTES:

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

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

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

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

(5)We own our interest in the assets in France and Poland through our shareholdings in Simon Ivanhoe S.a.r.l. Our interest in the Italian assets is owned through Gallerie Commerciali Italia S.p.A., while our interest in the assets in Japan is owned through Chelsea Japan Co., Ltd. We own our interest in Mexico through Fideicomiso Trust No. F/315-5.

41

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

					Unconsolidated Entities
	Consolidated Properties				Total		Simon Group’s Share
New development projects(1)		$	343,690		$	305,852	$	147,452
Redevelopment projects with incremental GLA and/or Anchor Replacement		265,108			91,586		31,603
Renovations with no incremental GLA		30,924			28,196		10,226
Tenant allowances:
Retail		46,937			39,376		14,799
Office portion of retail		1,502			—		—
Operational capital expenditures at properties:
CAM expenditures(2)		86,220			34,468		13,440
Non-CAM expenditures		24,223			13,873		5,306
Totals		$	798,604		$	513,351	$	222,826
Plus (Less): Conversion from accrual to cash basis		(30,894		)	18,158
Capital Expenditures for the Twelve Months Ended 12/31/06(3)		$	767,710		$	531,509
Capital Expenditures for the Twelve Months Ended 12/31/05(3)		$	726,386		$	186,284

(1)Includes $26.9 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.

42

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

								Construction-in-Progress
		The				The			Unconsolidated Entities
		Company’s		Projected	Projected	Company’s	Stabilized			The
Property/Location	Project Description	Ownership Percentage	Projected Opening	Gross Cost(1) (in millions)	Net Cost (in millions)	Share of Net Cost	Rate of Return	Consolidated Properties	Total	Company’s Share
New Development Projects:

Domain, The Austin, TX	700,000 square foot open-air town center anchored by Neiman Marcus and Macy’s and includes 75,000 sf of office space. Contains separate residential component.	.	100%	3/07	$	245	$	195	$	195	10%	$	179.1	—		—
Hamilton Town Center Noblesville (Indianapolis), IN	950,000 square foot town center with village and community center components anchored by JCPenney and Goodrich Theaters		50%	3/08	$	132	$	118	$	59	10%	—		$	14.0	$	7.0
Palms Crossing McAllen, TX	385,000 square foot community center anchored by Beall’s, DSW, Barnes & Noble, Babies “R” Us, Sports Authority, Guitar Center and Cavendar’s Boot City		100%	11/07	$	76	$	65	$	65	8%	$	22.3	—		—
Philadelphia Premium Outlets Limerick, PA	430,000 square foot upscale outlet center		100%	11/07	$	114	$	114	$	114	12%	$	33.6	—		—
Pier Park Panama City Beach, FL	920,000 square foot hybrid community/lifestyle center anchored by Target, Dillard’s, JCPenney, Southern Theaters’ Grand Theater, Borders Books & Music, Old Navy		100%	10/06 (Target) 5/07 (Theater) 3/08 (All other)	$	155	$	127	$	127	9%	$	43.0	—		—
Village at SouthPark, The Charlotte, NC	Street-level retail project comprised of 48,000 square feet of small shops along with a 33,000 square foot Crate & Barrel. Contains separate residential component.	.	100%	11/06 (Crate & Barrel) 3/07 (Other retail)	$	33	$	26	$	26	11%	$	14.5	—		—
Significant Redevelopment Projects with Incremental GLA
Burlington Mall Burlington (Boston), MA	Acquisition of former Filene’s building and addition of Nordstrom and small shops; Crate & Barrel relocation		100%	9/07 (Crate & Barrel) 3/08 (Nordstrom & shops)	$	78	$	78	$	78	11%	$	32.4	—		—
Castleton Square Indianapolis, IN	Acquisition of former L.S. Ayres building and addition of lifestyle component with AMC Theatres and Borders		100%	11/07	$	40	$	40	$	40	8%	$	9.7	—		—
Greenwood Park Mall Greenwood (Indianapolis), IN	Acquisition of former L.S. Ayres building and addition of lifestyle component with Barnes & Noble and small shops		100%	11/07	$	42	$	42	$	42	7%	$	8.3	—		—
Las Vegas Premium Outlets Las Vegas, NV	104,000 square foot phase II of upscale outlet center, including the addition of two five-level parking garages		100%	12/07	$	56	$	53	$	53	12%	$	20.6	—		—
Lehigh Valley Mall Whitehall, PA	Addition of a lifestyle component consisting of Barnes & Noble, Pottery Barn, Williams-Sonoma, Bonefish Grill and Bravo; includes renovation and addition of outlots		38%	8/07	$	43	$	42	$	16	9%	—		$	3.8	$	1.4

43

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

								Construction-in-Progress
		The Company’s		Projected	Projected	The Company’s	Stabilized		Unconsolidated Entities
		Ownership	Projected	Gross Cost(1)	Net Cost	Share of	Rate of	Consolidated		The Company’s
Property/Location	Project Description	Percentage	Opening	(in millions)	(in millions)	Net Cost	Return	Properties	Total	Share
Significant Redevelopment Projects with Incremental GLA

Lenox SquareAtlanta, GA	Neiman Marcus expansion; addition of second level of small shops and renovation of the atrium area	100	%	10/07	$	53	$	46	$	46	8	%	$	23.1	—		—
Northgate MallSeattle, WA	Addition of Barnes & Noble, Panera Bread, Macaroni Grill, Starbucks and Gene Juarez Spa in a lifestyle component; creation of two outparcels	100	%	8/07	$	49	$	44	$	44	8	%	$	20.1	—		—
Smith Haven Mall Lake Grove (New York), NY	Mall renovation and addition of lifestyle component consisting of Dick’s Sporting Goods, Barnes & Noble, California Pizza Kitchen, The Cheesecake Factory and small shops; addition of Macy’s Furniture	25	%	11/06 (renovation & Cheesecake) 6/07(all other)	$	72	$	65	$	16	10	%	—		$	46.7	$	11.7
St. Johns Town Center - Phase II Jacksonville, FL	200,000 square foot upscale expansion	50	%	10/07	$	78	$	75	$	38	10	%	—		$	18.6	$	9.3
Town Center at Boca RatonBoca Raton, FL	Lifestyle addition anchored by Crate & Barrel	100	%	11/07	$	69	$	69	$	69	7	%	$	2.4	—		—
Other Redevelopment Projects with Incremental GLA
Allen Premium OutletsAllen (Dallas), TX	28,000 square foot expansion adding Neiman Marcus Last Call	100	%	6/07
Columbia CenterKennewick, WA	Lifestyle addition	100	%	11/07
Lakeline MallAustin, TX	Reconfiguration of center court, add or expand tenant spaces	100	%	12/07
Livingston MallLivingston, NJ	Addition of Barnes & Noble, expansion of Modell’s and food court addition	100	%	3/08
	Subtotal Other Redevelopment Projects with Incremental GLA				$	38	$	37	$	37	7	%	$	7.2	—		—
Renovations
Aventura MallMiami Beach, FL	Mall renovation	33	%	1/07
Edison MallFt. Myers, FL	Mall renovation	100	%	2/07
Orange Park MallOrange Park (Jacksonville), FL	Mall renovation and addition of Dick’s Sporting Goods	100	%	3/07
	Subtotal Renovations				$	47	$	45	$	31	8	%	$	12.1	$	24.8	$	8.3

44

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

																Construction-in-Progress
		The Company’s					Projected		Projected		The Company’s		Stabilized					Unconsolidated Entities
		Ownership			Projected		Gross Cost(1)		Net Cost		Share of		Rate of			Consolidated			The Company’s
Property/Location	Project Description	Percentage			Opening		(in millions)		(in millions)		Net Cost		Return			Properties		Total	Share
Anchor/Big Box/Theater Activity
Boynton Beach Mall Boynton Beach, FL	Addition of Muvico Theater		100	%		5/07
Northgate Mall Seattle, WA	Addition of Bed Bath & Beyond and DSW		100	%		10/07
Square One Mall Saugus (Boston), MA	Addition of Dick’s Sporting Goods		49	%		5/07
	Subtotal Anchor/Big Box/Theater Activity							$ 44		$ 38		$ 32		10	%		$ 11.3	$    9.4		$    4.6
Asset Intensification
Castleton Square Indianapolis, IN	Self-storage		50	%		9/07
Firewheel Town Center Garland, TX	Residential		50	%		7/07
The Domain Austin, TX	Residential		50	%		3/07
University Mall Pensacola, FL	Self-storage		50	%		3/07
Village at SouthPark, The Charlotte, NC	Residential		40	%		6/07
	Subtotal Asset Intensification							$ 143		$ 135		$ 60		8	%		—	$ 77.4		$ 35.3
Miscellaneous																	$ 13.0	$ 11.7		$    5.6
Total Construction in Progress (2)																	$ 452.7	$ 206.4		$ 83.2
Land Held for Development																	$ 113.3	$ 365.7		$ 148.4

*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.

45

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

			The Company’s
			Ownership				Projected
Shopping center/			Percentage				Net Cost*
Location (Metropolitan area)	Project Description	Anchors/ Major Tenants	of Project			Opening	(in millions)
New Development Projects:
Europe:
Argine—Napoli, Italy	300,000 square foot center anchored by a hypermarket with approximately 75 shops	Auchan		24.0	%	Summer 2008	€	55
Cinisello—Milano, Italy	400,000 square foot center anchored by a hypermarket with approximately 100 shops	Auchan		49.0	%	Fall 2007	€	127
Nola—Napoli, Italy	1.0 million square foot center including a hypermarket and department store	Auchan, Coin, Holiday Inn, Media World		22.1	%	Fall 2007	€	165		(1)
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
Asia:
Changshu, China	470,000 square foot center anchored by a hypermarket with approximately 150 shops	Wal-Mart		32.5	%	Winter (Q1) 2008	CNY		517
Hangzhou, China	300,000 square foot center anchored by a hypermarket with approximately 90 shops	Wal-Mart		32.5	%	Fall (Q3) 2008	CNY		430
Kobe Sanda Premium Outlets—Kobe, Japan	185,000 square foot upscale outlet center	Banana Republic, GAP, Gucci, Hugo Boss, Lora Piana, Salvatore Ferragamo		40.0	%	7/07	JPY		5,900
Suzhou, China	720,000 square foot center anchored by a hypermarket and theater with approximately 200 shops	Wal-Mart		32.5	%	Fall (Q4) 2008	CNY		841
Yeoju Premium Outlets—Yeoju, South Korea	253,000 square foot upscale outlet center	Armani, Burberry, Dunhill, Ermenegildo Zegna, Salvatore Ferragamo		50.0	%	Spring 2007	KRW		78,680
Zhengzhou, China	440,000 square foot center anchored by a hypermarket and theater with approximately 125 shops	Wal-Mart		32.5	%	Spring 2008	CNY		506
Other projects (1 leasehold development, 1 leasehold extension)							€	1

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

(1)The Company is not obligated to fund its share of €22 million increase in project costs from €143 million to €165 million.

46

SIMON PROPERTY GROUP
The Company’s Share of Total Debt Amortization and Maturities by Year
As of December 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
2007		589,109		1,055,000			208,137			1,852,246
2008		456,867		350,000			316,460			1,123,327
2009		742,682		900,000			183,939			1,826,621
2010		885,818		1,100,000			652,019			2,637,837
2011		520,951		1,755,132			561,538			2,837,621
2012		355,679		1,450,000			283,013			2,088,692
2013		199,750		425,000			203,261			828,011
2014		399,207		700,000			150,082			1,249,289
2015		1,697		1,200,000			431,910			1,633,607
2016		40,416		1,300,000			482,417			1,822,833
2017		1,787		500,000			241			502,028
Thereafter		22,045		200,000			0			222,045
Face Amounts of Indebtedness		4,216,008		10,935,132			3,473,017			18,624,157
Premiums (Discounts) on Indebtedness, Net		40,087		22,181			(789	)		61,479
Fair Value of Interest Rate Swaps Agreements		0		(9,428	)		0			(9,428	)
The Company’s Share of Total Indebtedness		4,256,095		10,947,885			3,472,228			18,676,208

Debt Covenant Compliance Ratios

Senior Unsecured Notes Covenant(1)	Required		Actual			Compliance
Total Debt to Total Assets		≤65%		47	%		Yes
Total Secured Debt to Total Assets		≤50%		19	%		Yes
Fixed Charge Coverage Ratio		>1.50X		2.6X			Yes
Total Unencumbered Assets to Unsecured Debt		≥125%		217	%		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.

47

SIMON PROPERTY GROUP
Summary of Indebtedness
As of December 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		$	4,154,466			$	3,965,450			6.44	%		4.0
Floating Rate Debt (Hedged)(1)		95,744				95,744				6.22	%		2.4
Floating Rate Debt		154,814				154,814				5.83	%		3.3
Total Mortgage Debt		4,405,024				4,216,008				6.41	%		3.9
Unsecured Debt
Fixed Rate		10,330,000				10,330,000				5.86	%		5.7
Floating Rate Debt		300,000				300,000				5.37	%		2.1
		10,630,000				10,630,000				5.79	%		5.6
Revolving Corporate Credit Facility		0				0				5.70	%		4.0
Revolving Credit Facility—Yen Currency		14,673				14,673				0.85	%		4.0
Revolving Credit Facility—Euro Currency		290,459				290,459				4.01	%		4.0
		305,132				305,132				3.86	%		4.0
Total Unsecured Debt		10,935,133				10,935,132				5.79	%		5.6
Premium		93,732				92,226
Discount		(29,971		)		(29,958		)
Fair Value Interest Rate Swaps		(9,428		)		(9,428		)
Consolidated Mortgages and Other Indebtedness(2)		$	15,394,489			$	15,203,980			5.96	%		5.1
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate		$	7,419,338			$	3,201,021			5.89	%		5.9
Floating Rate Debt (Hedged)(1)		200,867				82,575				6.03	%		2.5
Floating Rate Debt		376,127				159,468				5.39	%		2.4
Total Mortgage Debt		7,996,332				3,443,064				5.86	%		5.6
Unsecured Floating Rate Debt		61,129				29,953				4.28	%		2.0
Total Unsecured Debt		61,129				29,953				4.28	%		2.0
Premium		0				0
Discount		(1,606		)		(789		)
Joint Venture Mortgages and Other Indebtedness		$	8,055,855			$	3,472,228			5.86	%		5.6
The Company’s Share of Total Indebtedness						$	18,676,208			5.91	%		5.2
Summary of the Company’s share of Fixed and Variable Rate Debt
Consolidated
Fixed		94.4		%		14,357,718				6.02	%		5.2
Variable		5.6		%		846,262				5.01	%		3.3
		100.0		%		15,203,980				5.96	%		5.1
Joint Venture
Fixed		92.2		%		3,200,232				5.89	%		5.9
Variable		7.8		%		271,996				5.59	%		2.5
		100.0		%		$	3,472,228			5.86	%		5.6
Total Debt						18,676,208
Total Fixed Debt		94.0		%		17,557,950				5.95	%		5.3
Total Variable Debt		6.0		%		1,118,258				5.04	%		3.0

(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.

48

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 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
Consolidated Indebtedness:
Cielo Vista Mall	(4)		05/01/07			9.38	%	Fixed	Secured		47,433		47,433
Lakeline Mall			05/01/07			7.65	%	Fixed	Secured		64,999		64,999
McCain Mall	(4)		05/01/07			9.38	%	Fixed	Secured		22,148		22,148
Valle Vista Mall	(4)		05/01/07			9.38	%	Fixed	Secured		29,335		29,335
Wolfchase Galleria			06/30/07			7.80	%	Fixed	Secured		70,716		66,824
Keystone at the Crossing			07/31/07			7.85	%	Fixed	Secured		57,513		57,513
Copley Place			08/01/07			7.44	%	Fixed	Secured		171,126		167,955
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		56,825		34,095
CPG Partners, LP (Sr. Notes)			10/21/07			7.25	%	Fixed	Unsecured		125,000		125,000
Aventura Mall Credit Facility			10/27/07			6.32	%	Variable	Secured		27,369		27,369
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		22,038		14,622
Simon Property Group, LP (MOPPRS)			06/15/08			7.00	%	Fixed	Unsecured		200,000		200,000
Gilroy Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		64,144		64,144
Kittery Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		10,619		10,619
Lighthouse Place Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		44,261		44,261
Waterloo Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		35,649		35,649
Simon Property Group, LP (Sr. Notes)			08/28/08			5.38	%	Fixed	Unsecured		150,000		150,000
Stanford Shopping Center			09/11/08	(11)		3.60	%	Fixed	Secured		220,000		220,000
Arsenal Mall—1			09/28/08			6.75	%	Fixed	Secured		31,433		31,433
College Mall—1	(3)		01/01/09			7.00	%	Fixed	Secured		32,630		32,630
College Mall—2	(3)		01/01/09			6.76	%	Fixed	Secured		10,710		10,710
Greenwood Park Mall—1	(3)		01/01/09			7.00	%	Fixed	Secured		27,329		27,329
Greenwood Park Mall—2	(3)		01/01/09			6.76	%	Fixed	Secured		55,331		55,331
Towne East Square—1			01/01/09			7.00	%	Fixed	Secured		44,339		44,339
Towne East Square—2			01/01/09			6.81	%	Fixed	Secured		22,330		22,330
Woodland Hills Mall			01/01/09			7.00	%	Fixed	Secured		81,586		77,072
Simon Property Group, LP (Sr. Notes)			01/30/09	(16)		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		68,258		64,501
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		94,714		94,714
Plaza Carolina—Variable Capped	(2)		05/09/09			6.22	%	Variable	Secured		95,744		95,744
Plaza Carolina—Variable Floating	(2)		05/09/09			6.22	%	Variable	Secured		57,445		57,445
Simon Property Group, LP (Sr. Notes)			07/15/09			7.00	%	Fixed	Unsecured		150,000		150,000
CPG Partners, LP (Sr. Notes)			08/17/09			8.63	%	Fixed	Unsecured		50,000		50,000
Bloomingdale Court	(8)		11/01/09			7.78	%	Fixed	Secured		27,532		27,532
Forest Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		15,101		15,101
Lake View Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		20,073		20,073
Lakeline Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		22,008		22,008

49

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 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
Lincoln Crossing	(8)		11/01/09		7.78	%	Fixed	Secured			3,038		3,038
Matteson Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			8,840		8,840
Muncie Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			7,643		7,643
Regency Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			4,143		4,143
St. Charles Towne Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			26,518		26,518
West Ridge Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			5,342		5,342
White Oaks Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			16,298		16,298
Simon Property Group, LP (Sr. Notes)			03/18/10		4.88	%	Fixed	Unsecured			300,000		300,000
Simon Property Group, LP (Sr. Notes)			06/15/10		4.60	%	Fixed	Unsecured			400,000		400,000
Mall of Georgia			07/01/10		7.09	%	Fixed	Secured			191,520		191,520
SB Trolley Square Holding			08/01/10		9.03	%	Fixed	Secured			28,408		28,408
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			85,740		83,356
Crystal River			11/11/10		7.63	%	Fixed	Secured			15,341		15,341
Forum Shops at Caesars, The			12/01/10		4.78	%	Fixed	Secured			541,935		541,935
Port Charlotte Town Center			12/11/10		7.98	%	Fixed	Secured			52,007		41,606
Oxford Valley Mall			01/10/11		6.76	%	Fixed	Secured			79,924		50,480
Revolving Credit Facility-USD	(2)		01/11/11		5.70	%	Variable	Unsecured			0		0
Revolving Credit Facility—Yen Currency	(2)		01/11/11		0.85	%	Variable	Unsecured	(17)		14,673		14,673
Revolving Credit Facility—Euro Currency	(2)		01/11/11		4.01	%	Variable	Unsecured	(18)		290,459		290,459
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			15,063		11,443
Ingram Park Mall	(7)		08/11/11		6.99	%	Fixed	Secured			79,499		79,499
Knoxville Center	(7)		08/11/11		6.99	%	Fixed	Secured			60,201		60,201
Northlake Mall	(7)		08/11/11		6.99	%	Fixed	Secured			69,450		69,450
Towne West Square	(7)		08/11/11		6.99	%	Fixed	Secured			52,039		52,039
Simon Property Group, LP (Sr. Notes)			09/01/11		5.60	%	Fixed	Unsecured			600,000		600,000
Gateway Shopping Center			10/01/11		5.89	%	Fixed	Secured			87,000		84,213
Tacoma Mall			10/01/11		7.00	%	Fixed	Secured			126,763		126,763
Simon Property Group, LP (Sr. Notes)			03/01/12		5.00	%	Fixed	Unsecured			600,000		600,000
Simon Property Group, LP (Sr. Notes)			05/01/12		5.75	%	Fixed	Unsecured			400,000		400,000
CPG Partners, LP (Sr. Notes)			06/15/12		6.88	%	Fixed	Unsecured			100,000		100,000
Simon Property Group, LP (Sr. Notes)			08/28/12		6.35	%	Fixed	Unsecured			350,000		350,000
Anderson Mall			10/10/12		6.20	%	Fixed	Secured			28,635		28,635
Century III Mall	(5)		10/10/12		6.20	%	Fixed	Secured			84,525		84,525
Crossroads Mall			10/10/12		6.20	%	Fixed	Secured			42,451		42,451
Forest Mall	(6)		10/10/12		6.20	%	Fixed	Secured			17,000		17,000
Highland Lakes Center	(5)		10/10/12		6.20	%	Fixed	Secured			15,670		15,670
Longview Mall	(5)		10/10/12		6.20	%	Fixed	Secured			31,814		31,814
Markland Mall	(6)		10/10/12		6.20	%	Fixed	Secured			22,509		22,509

50

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 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
Midwest Park Mall	(6	)	10/10/12		6.20	%		Fixed	Secured		32,860		32,860
Palm Beach Mall			10/10/12		6.20	%		Fixed	Secured		52,567		52,567
Richmond Towne Square	(6	)	10/10/12		6.20	%		Fixed	Secured		46,156		46,156
CPG Partners, LP (Sr. Notes)			01/15/13		6.00	%		Fixed	Unsecured		150,000		150,000
Factory Stores of America—Boaz	(10	)	03/10/13		9.10	%		Fixed	Secured		2,752		2,752
The Factory Shoppes at Branson Meadows	(10	)	03/10/13		9.10	%		Fixed	Secured		9,409		9,409
MacGregor Village	(10	)	03/10/13		9.10	%		Fixed	Secured		6,775		6,775
Factory Stores of America—Georgetown	(10	)	03/10/13		9.10	%		Fixed	Secured		6,521		6,521
Factory Stores of America—Graceville	(10	)	03/10/13		9.10	%		Fixed	Secured		1,937		1,937
Dare Centre	(10	)	03/10/13		9.10	%		Fixed	Secured		1,684		1,684
Factory Stores of America—Lebanon	(10	)	03/10/13		9.10	%		Fixed	Secured		1,628		1,628
Factory Stores of America—Nebraska City	(10	)	03/10/13		9.10	%		Fixed	Secured		1,529		1,529
North Ridge Shopping Center	(10	)	03/10/13		9.10	%		Fixed	Secured		8,275		8,275
Factory Stores of America—Story City	(10	)	03/10/13		9.10	%		Fixed	Secured		1,891		1,891
Carolina Premium Outlets—Smithfield	(10	)	03/10/13		9.10	%		Fixed	Secured		20,231		20,231
The Crossings Premium Outlets			03/13/13		5.85	%		Fixed	Secured		56,707		56,707
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		97,839		97,839
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		30,382		9,601
Montgomery Mall			05/11/14		5.17	%		Fixed	Secured		92,508		49,464
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		72,658		54,494
Brunswick Square			08/11/14		5.65	%		Fixed	Secured		85,659		85,659
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		3,301		1,661
Simon Property Group, LP (Sr. Notes)			06/15/15		5.10	%		Fixed	Unsecured		600,000		600,000
Simon Property Group, LP (Sr. Notes)			12/01/15		5.75	%		Fixed	Unsecured		600,000		600,000
Retail Property Trust (Sr. Notes)			03/15/16		7.88	%		Fixed	Unsecured		250,000		250,000
Simon Property Group, LP (Sr. Notes)			05/01/16		6.10	%		Fixed	Unsecured		400,000		400,000
Arsenal Mall—2			05/05/16		8.20	%		Fixed	Secured		1,326		1,326
White Oaks Mall			11/01/16		5.54	%		Fixed	Secured		50,000		38,730
Simon Property Group, LP (Sr. Notes)			12/01/16		5.25	%		Fixed	Unsecured		650,000		650,000
Simon Property Group, LP (Sr. Notes)			03/01/17		5.88	%		Fixed	Unsecured		500,000		500,000
Simon Property Group, LP (Sr. Notes)			06/15/18		7.38	%		Fixed	Unsecured		200,000		200,000

51

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 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
Sunland Park Mall		01/01/26		8.63	%	Fixed	Secured			35,315			35,315
Total Consolidated Indebtedness at Face Value										15,340,156			15,151,140
Premium on Fixed-Rate Indebtedness										93,732			92,226
Discount on Fixed-Rate Indebtedness										(29,971	)		(29,958	)
Fair Value Interest Rate Swaps										(9,428	)		(9,428	)
Total Consolidated Indebtedness										15,394,489			15,203,980
Joint Venture Indebtedness
St. John’s Town Center Phase II		02/27/07		6.17	%	Variable	Secured			17,530			8,765
Hamilton Town Center		03/31/07		6.32	%	Variable	Secured			9,398			4,699
Gwinnett Place—1		04/01/07		7.54	%	Fixed	Secured			35,621			17,811
Gwinnett Place—2		04/01/07		7.25	%	Fixed	Secured			79,239			39,620
Town Center at Cobb—1		04/01/07		7.54	%	Fixed	Secured			45,383			22,692
Town Center at Cobb—2		04/01/07		7.25	%	Fixed	Secured			60,303			30,152
Gallerie Commerciali Italia—Cinisello		06/20/07		4.12	%	Variable	Secured	(13)		29,545			14,477
Coddingtown Mall		07/14/07		6.57	%	Variable	Secured			10,500			10,500
Mall at Rockingham		09/01/07		7.88	%	Fixed	Secured			93,242			22,908
Gotemba Premium Outlets—Variable		09/30/07		2.30	%	Variable	Secured	(15)		16,208			6,483
Aventura Mall		04/06/08		6.61	%	Fixed	Secured			200,000			66,667
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			96,202			47,271
Mall of New Hampshire—2		10/01/08		8.53	%	Fixed	Secured			7,989			3,926
Fashion Valley Mall—1		10/11/08		6.49	%	Fixed	Secured			158,720			79,360
Fashion Valley Mall—2		10/11/08		6.58	%	Fixed	Secured			29,124			14,562
SouthPark Residential		10/31/08		6.72	%	Variable	Secured			20,319			8,128
Whitehall Mall		11/01/08		6.77	%	Fixed	Secured			13,073			4,966
Gallerie Commerciali Italia—Facility C		12/22/08		4.28	%	Variable	Unsecured	(13)		61,129			29,953
Source, The		03/11/09		6.65	%	Fixed	Secured			124,000			31,000
Shops at Sunset Place, The	(2)	05/09/09		6.07	%	Variable	Secured			90,867			34,075
Firewheel Residential		06/20/09		7.17	%	Variable	Secured			606			303
Seminole Towne Center	(2)	07/09/09		5.97	%	Variable	Secured			70,000			31,500
Fashion Centre Pentagon Office	(2)	07/09/09		6.07	%	Variable	Secured			40,000			17,000
University Storage	(2)	07/31/09		7.37	%	Variable	Secured			2,344			1,172
Castleton Storage	(2)	07/31/09		7.37	%	Variable	Secured			256			128
Apple Blossom Mall		09/10/09		7.99	%	Fixed	Secured			38,219			18,780
Auburn Mall		09/10/09		7.99	%	Fixed	Secured			44,744			21,986
Toki Premium Outlets		10/30/09		1.22	%	Variable	Secured	(15)		21,248			8,499

52

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 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
Mall at Chestnut Hill			02/02/10			8.45	%	Fixed		Secured			14,172		6,692
Westchester, The			06/01/10			4.86	%	Fixed		Secured			500,000		200,000
Lehigh Valley Mall			08/09/10			5.88	%	Variable		Secured			150,000		56,415
Springfield Mall	(2)		12/01/10			6.42	%	Variable		Secured			76,500		29,062
Florida Mall, The			12/10/10			7.55	%	Fixed		Secured			254,151		127,076
Surprise Grand Vista			12/28/10	(19)		10.61	%	Fixed		Secured			249,306		99,722
Domain Residential	(2)		03/03/11			6.47	%	Variable		Secured			21,673		10,837
Atrium at Chestnut Hill			03/11/11			6.89	%	Fixed		Secured			46,025		22,616
Cape Cod Mall			03/11/11			6.80	%	Fixed		Secured			93,520		45,953
Bay 1 (Torcy)			05/31/11			4.42	%	Fixed		Secured	(14)		18,575		9,287
Bay 2 (Torcy)			06/30/11			4.42	%	Fixed		Secured	(14)		69,290		34,645
Highland Mall			07/11/11			6.83	%	Fixed		Secured			66,744		33,372
Villabe A6—Bel’Est			08/31/11			4.72	%	Fixed		Secured	(14)		11,577		5,788
Wilenska Station Shopping Center			08/31/11			5.12	%	Fixed		Secured	(14)		39,524		19,762
Fashion Centre Pentagon Retail			09/11/11			6.63	%	Fixed		Secured			156,904		66,684
Gallerie Commerciali Italia—Facility A			12/22/11			4.77	%	Fixed		Secured	(13)		328,859		161,141
Gallerie Commerciali Italia—Facility B			12/22/11			4.87	%	Fixed		Secured	(13)		324,885		159,194
Zakopianka Shopping Center			12/28/11			6.60	%	Fixed		Secured	(12)		14,865		7,432
Borek Shopping Center			02/06/12			5.93	%	Fixed		Secured	(12)		16,396		8,198
Dadeland Mall			02/11/12			6.75	%	Fixed		Secured			189,252		94,626
Square One			03/11/12			6.73	%	Fixed		Secured			90,038		44,242
Arkadia Shopping Center			05/31/12			4.67	%	Fixed		Secured	(14)		135,062		67,531
Crystal Mall			09/11/12			5.62	%	Fixed		Secured			99,883		74,482
Emerald Square Mall			03/01/13			5.13	%	Fixed		Secured			137,050		67,343
Avenues, The			04/01/13			5.29	%	Fixed		Secured			75,588		18,897
Circle Centre Mall			04/11/13			5.02	%	Fixed		Secured			75,624		11,094
Solomon Pond			08/01/13			3.97	%	Fixed		Secured			113,206		55,627
Tosu Premium Outlets			08/24/13			2.60	%	Fixed		Secured	(15)		10,617		4,247
Miami International Mall			10/01/13			5.35	%	Fixed		Secured			97,198		46,437
Liberty Tree Mall			10/11/13			5.22	%	Fixed		Secured			35,000		17,198
Northshore Mall			03/11/14			5.03	%	Fixed		Secured			210,000		103,189

53

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 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
Turzyn Shopping Center		06/06/14		6.32	%		Fixed		Secured	(12)		24,162			12,081
Dabrowka Shopping Center		07/03/14		6.04	%		Fixed		Secured	(12)		4,978			2,489
Gotemba Premium Outlets—Fixed		10/25/14		2.00	%		Fixed		Secured	(15)		8,398			3,359
Rinku Premium Outlets		10/25/14		2.34	%		Fixed		Secured	(15)		31,276			12,510
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		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			21,627			8,216
Sano Premium Outlets		05/31/16		2.39	%		Fixed		Secured	(15)		46,214			18,486
Eastland Mall		06/01/16		5.79	%		Fixed		Secured			168,000			84,000
Empire Mall		06/01/16		5.79	%		Fixed		Secured			176,300			88,150
Granite Run Mall		06/01/16		5.83	%		Fixed		Secured			121,189			60,595
Mesa Mall		06/01/16		5.79	%		Fixed		Secured			87,250			43,625
Rushmore Mall		06/01/16		5.79	%		Fixed		Secured			94,000			47,000
Southern Hills Mall		06/01/16		5.79	%		Fixed		Secured			101,500			50,750
Valley Mall		06/01/16		5.83	%		Fixed		Secured			47,184			23,592
Greendale Mall		10/01/16		6.00	%		Fixed		Secured			45,000			22,112
Coconut Point		12/10/16		5.83	%		Fixed		Secured			230,000			115,000
King of Prussia Mall—1		01/01/17		7.49	%		Fixed		Secured			162,777			20,103
King of Prussia Mall—2		01/01/17		8.53	%		Fixed		Secured			11,314			1,397
Total Joint Venture Indebtedness at Face Value												8,057,461			3,473,017
Premium on JV Fixed-Rate Indebtedness												0			0
Discount on JV Fixed-Rate Indebtedness												(1,606	)		(789	)
Total Joint Venture Indebtedness												8,055,855			3,472,228	(20)
The Company’s Share of Total Indebtedness															18,676,208

(Footnotes on following page)

54

(Footnotes for preceeding pages)

Footnotes:

(1)    Variable rate debt interest rates are based on the following base rates as of December  31, 2006:  LIBOR at 5.32%; EURIBOR at 3.63%; and YEN LIBOR at .47%.

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

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

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

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

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

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

(11)    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 December 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 5.37%.

(12)    Amounts shown in USD Equivalent. Euro equivalent is 45.8 million.

(13)    Amounts shown in USD Equivalent. Euro equivalent is 563.8 million. Associated with Facility A and B are interest rate swap agreements with a total combined 484.0 million euros notional amount that effectively fixes Facility A and B at 4.04%.

(14)    Amounts shown in USD Equivalent. Euro equivalent is 207.6 million. Associated with these loans are interest rate swap agreements with a total combined 199.3 million euros notional amount that effectively fix these loans at a combined 4.66%.

(15)    Amounts shown in USD Equivalent. Yen equivalent is 15,950.7 million.

(16)    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.

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

(18)    Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 220.0 million.

(19)    Property debt consists of three components; fixed loans at 9.80% and 13.80% (pay rate of 10.36%), 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 10.61%

(20)    The Company’s share of indebtedness for joint ventures excludes our share of indebtedness of $79.5 million in joint venture entities in which a non-controlling interest is held by Gallerie Commerciali Italia, an entity in which we have a 49% interest.

55

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 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
Gulf View Square	Port Richey	FL
Melbourne Square	Melbourne	FL
Orange Park Mall	Orange Park	FL
Paddock Mall	Ocala	FL
Town Center at Boca Raton	Boca Raton	FL
Treasure Coast Square	Jensen Beach	FL
Tyrone Square	St. Petersburg	FL
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

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SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2006

Property Name	City	State
Maplewood Mall	Minneapolis	MN
Miller Hill Mall	Duluth	MN
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

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SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2006

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

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SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2006

Property Name	City	State
Rio Grande Valley Premium Outlets	Mercedes	TX
Round Rock Premium Outlets	Austin	TX
Leesburg Corner Premium Outlets	Leesburg	VA
Seattle Premium Outlets	Seattle	WA
Johnson Creek Premium Outlets	Johnson Creek	WI
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
Keystone Shoppes	Indianapolis	IN
Markland Plaza	Kokomo	IN
New Castle Plaza	New Castle	IN
Northwood Plaza	Fort Wayne	IN
Teal Plaza	Lafayette	IN
Tippecanoe Plaza	Lafayette	IN
University Center	Mishawaka	IN
Washington Plaza	Indianapolis	IN
Park Plaza	Hopkinsville	KY
Rockaway Convenience Center	Rockaway	NJ
Rockaway Town Plaza	Rockaway	NJ
Cobblestone Court	Victor	NY
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Eastland Plaza	Tulsa	OK

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SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2006

Property Name	City	State
Lincoln Plaza	Langhorne	PA
Charles Towne Square	Charleston	SC
Knoxville Commons	Knoxville	TN
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

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

Issuer	Description	Number of Shares/Units	Per Share Liquidation Preference			Aggregate Liquidation Preference			Ticker Symbol
Preferred Stock:
Simon Property Group, Inc.	Series G 7.89% Cumulative Step-Up Premium Rate(1)	3,000,000		$	50		$	150,000	SPGPrG
Simon Property Group, Inc.	Series I 6% Convertible Perpetual Preferred(2)	13,781,753		$	50		$	689,088	SPGPrI
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable(3)	796,948		$	50		$	39,847	SPGPrJ
Preferred Units:
Simon Property Group, L.P.	Series C 7% Cumulative Convertible(4)	261,683		$	28		$	7,327	N/A
Simon Property Group, L.P.	Series D 8% Cumulative Redeemable(5)	1,425,573		$	30		$	42,767	N/A
Simon Property Group, L.P.	Series I 6% Convertible Perpetual(6)	3,935,165		$	50		$	196,758	N/A
Simon Property Group, L.P.	7.50% Cumulative Redeemable(7)	255,373		$	100		$	25,537	N/A
Simon Property Group, L.P.	7.75%/8.00% Cumulative Redeemable(8)	850,698		$	100		$	85,070	N/A

(1)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 December 29, 2006 was $51.00 per share.

(2)Each share was convertible into 0.78745 of a share of common stock during the period beginning on October 2, 2006 and ending on December 29, 2006. Each share is convertible into 0.78846 of a share of common stock during the period beginning on January 2, 2007 and ending on March 30, 2007. The shares are redeemable on or after October 14, 2009, in whole or in part, for cash only at a liquidation preference of $50 per share, if the closing price per share of common stock exceeds 130% of the applicable conversion price for 20 trading days within a period of 30 consecutive trading days ending on the trading day before notice of redemption is issued. The shares are traded on the New York Stock Exchange. The closing price on December 29, 2006 was $81.40 per share.

(3)Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on December 29, 2006 was $69.00 per share.

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

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

(6)Each unit was convertible into 0.78745 of a share of common stock during the period beginning on October 2, 2006 and ending on December 29, 2006. Each unit is convertible into 0.78846 of a share of common stock during the period beginning on January 2, 2007 and ending on March 30, 2007. Each unit may be exchanged for a share of Series I 6% Convertible Perpetual Preferred stock or cash, at Simon Group’s option.

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

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

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Exhibit 99.2

CONTACTS:
Shelly Doran	317.685.7330	Investors
Les Morris	317.263.7711	Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP ANNOUNCES FOURTH QUARTER RESULTS
AND DECLARES 10.5% INCREASE IN COMMON STOCK DIVIDEND

Indianapolis, Indiana—February 2, 2007...Simon Property Group, Inc. (the “Company” or “Simon”) (NYSE:SPG) today announced results for the quarter and twelve months ended December 31, 2006:

·Funds from operations (“FFO”) of the Simon portfolio for the quarter increased 7.5% to $450.4 million from $419.0 million in the fourth quarter of 2005. On a diluted per share basis the increase was 6.8% to $1.57 from $1.47 in 2005. FFO of the Simon portfolio for the twelve months increased 8.9% to $1.537 billion from $1.411 billion in 2005. On a diluted per share basis the increase was 8.7% to $5.39 per share from $4.96 per share in 2005. Included in FFO for the quarter and the twelve months was a non-cash charge of $7 million, or two cents per share, related to the redemption of a preferred security.

·Net income available to common stockholders for the quarter increased 76.9% to $204.7 million from $115.7 million in the fourth quarter of 2005. On a diluted per share basis the increase was also 76.9% to $0.92 from $0.52 in 2005. Net income available to common stockholders for the twelve months increased 21.0% to $486.1 million from $401.9 million in 2005. On a diluted per share basis the increase was 20.3% to $2.19 per share from $1.82 per share in 2005.

“2006 was a productive year for Simon Property Group,” said David Simon, Chief Executive Officer. “We generated strong financial results, exceeding the midpoint of our initial guidance range provided in January of 2006 by thirteen cents per share; strengthened our balance sheet; and delivered a total return to our shareholders of 37%. We opened four new retail projects in the U.S. and three abroad, and continued to cultivate a development and redevelopment pipeline of over $5 billion. The strength of our unique retail platforms and our solid balance sheet position us well for 2007. We are also pleased to announce today a 10.5% increase in our common stock dividend.”

U.S. Portfolio Statistics

	As of	As of
	Dec. 31, 2006	Dec. 31, 2005	Change
Occupancy
Regional Malls(1)	93.2%	93.1%	10 basis point increase
Premium Outlet® Centers(2)	99.4%	99.6%	20 basis point decrease
Community/Lifestyle Centers(2)	93.2%	91.6%	160 basis point increase
Comparable Sales per Sq. Ft.
Regional Malls(3)	$476	$450	5.8% increase
Premium Outlet Centers(2)	$471	$444	6.1% increase
Community/Lifestyle Centers(2)	$222	$220	0.9% increase
Average Rent per Sq. Ft.
Regional Malls(1)	$35.38	$34.49	2.6% increase
Premium Outlet Centers(2)	$24.23	$23.16	4.6% increase
Community/Lifestyle Centers(2)	$11.82	$11.41	3.6% increase

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(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.

Dividends

Today the Company announced a quarterly common stock dividend of $0.84 per share, an increase of 10.5%. This dividend will be paid on February 28, 2007 to stockholders of record on February 14, 2007.

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

·7.89% Series G Cumulative Preferred (NYSE:SPGPrG) dividend of $0.98625 per share is payable on March 30, 2007 to stockholders of record on March 16, 2007.

·6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on February 28, 2007 to stockholders of record on February 14, 2007.

·8 3/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on March 30, 2007 to stockholders of record on March 16, 2007.

U.S. Development Activity

On November 2, 2006, the Company opened Rio Grande Valley Premium Outlets,  a 403,000 square foot upscale outlet center in Mercedes, Texas. Located 20 miles east of McAllen and 10 miles from the U.S. border with Mexico, the 100% owned center features 100 designer and name-brand outlet stores including Adidas, Ann Taylor, Anne Klein, Banana Republic, BCBG Max Azria, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Guess, Nike, Tommy Hilfiger and Sony. Rio Grande Valley is 97% leased and sales are exceeding expectations.

On November 10, 2006,  the Company opened Coconut Point, a 1.2 million square foot open-air shopping center complex containing village, lakefront and community center components. Located in Estero/Bonita Springs, Florida, Coconut Point, 50% owned by Simon, comprises 135 small shops and restaurants, more than 40 of which are new to the market. Fashion retailers at Coconut Point include bebe, Coldwater Creek, Guess, J. Crew, Lucky Brand Jeans, Marciano, Sigrid Olsen, Talbots and Tommy Bahama. Restaurants include Ruth’s Chris Steak House, California Pizza Kitchen, Bice Grand Café, Ted’s Montana Grill, The Grillroom, and Blue Water Bistro. Anchors in the main street village at Coconut Point include Dillard’s, Muvico and Barnes and Noble. Anchoring the community center portion of the center are Bed Bath & Beyond, Best Buy, DSW Shoe Warehouse, Old Navy, OfficeMax, Party City, PetsMart, Pier 1 Imports, Ross Dress for Less, Sports Authority, T.J. Maxx, Ulta and World Market. Coconut Point is 95% leased and sales are exceeding expectations. The Coconut Point complex will also include residential, hotel and office components.

The Shops at Arbor Walk also opened during November of 2006. Arbor Walk is a 460,000 square foot 100% owned community center in Austin, Texas anchored by Home Depot, Marshall’s, DSW Shoe Warehouse, Golf Galaxy, JoAnn Fabrics and Circuit City.

The Company continues construction on:

·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 opened in November of 2006, to be followed by the remaining retail in March of 2007 and the residential component of 150 luxury apartments in June of 2007.

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·The Domain—a 700,000 square foot open-air center in Austin, Texas, anchored by Neiman Marcus and Macy’s and including office, hotel and residential components. The Domain is scheduled to open on March 9, 2007.

·Palms Crossing—a community center in McAllen, Texas. The 385,000 square foot first phase of the center is scheduled to open in November of 2007.

·Philadelphia Premium Outlets—a 430,000 square foot upscale manufacturers’ outlet center located in Limerick Township, Pennsylvania, 35 miles northwest of Philadelphia. The center is scheduled to open in November of 2007.

·Hamilton Town Center—a 950,000 square foot open-air retail center located in Noblesville, Indiana. The center is scheduled to open in March of 2008.

·Pier Park—a 920,000 square foot community/lifestyle center located in Panama City Beach, Florida. Target has already opened at the center and a 16-screen theater is scheduled to open in May of 2007. The remainder of the project is scheduled to open in March of 2008.

International Activity

On October 26, 2006, Simon Ivanhoe opened the 200,000 square foot expansion of a Carrefour-anchored shopping center in Wasquehal, France. The Company owns 50% of this project.

Development Projects:

·Construction continues on four shopping center projects in Italy, fully or partially owned by GCI, the Italian joint venture in which the Company owns a 49% interest. The shopping centers are located in Argine (Naples), Cinisello (Milan), Nola (Naples) and Porta di Roma (Rome).  All are expected to open in 2007, with the exception of Argine which is scheduled to open in 2008.

·Yeoju Premium Outlets is a 253,000 square foot upscale outlet center that will serve the greater Seoul, South Korea market. The Company owns 50% of this project, which is scheduled to open in spring 2007.

·During the fourth quarter of 2006, construction started on the Company’s sixth Premium Outlet in Japan - Kobe Sanda Premium Outlets—located in the Kobe/Osaka market, 22 miles north of downtown Kobe. The Company owns 40% of this project which is scheduled to open in July of 2007.

·Construction continues on four projects in China—Changshu, Hangzhou, Suzhou, and Zhengzhou—all scheduled to open in 2008 and all to be anchored by Wal-Mart. Simon owns 32.5% of these projects through its partnership with Morgan Stanley Real Estate Fund and Shenzhen International Trust and Investment Company CP.

Disposition Activity

During the fourth quarter of 2006, the Company received proceeds from a capital transaction related to a mall in which it held a beneficial interest, and also sold a community center. The net gain from these transactions was approximately $81 million.

Acquisition Activity

On November 1, 2006, the Company acquired the remaining 50% ownership interest in Mall of Georgia for $252.6 million, including the assumption of debt. Mall of Georgia is a 1.8 million square foot regional mall in Buford, Georgia (north of Atlanta in Gwinnett County) anchored by Nordstrom, Dillard’s, Belk, JCPenney, Macy’s, Regal Mall of Georgia 20, IMAX, and Barnes & Noble.

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Financing Activity

On December 12, 2006, the Company announced the completion of an offering of $1.25 billion of senior notes by its operating partnership subsidiary, Simon Property Group, L.P. (the “Operating Partnership”). The offering consisted of $600 million of 5.00% notes due 2012 and $650 million of 5.25% notes due 2016. The Operating Partnership used the proceeds to pay off the $660 million U.S. dollar balance of its $3 billion unsecured credit facility with the remainder available for general working capital purposes.

On October 4, 2006, the Company announced the completion of the redemption of all 8,000,000 of the outstanding shares of its 8 ¾% Series F Cumulative Redeemable Preferred Stock (NYSE: SPGPrF) (CUSIP 828806604). The Series F Preferred Stock was redeemed at a redemption price of $25.00 per share plus accrued and unpaid distributions to the redemption date, or a total of $25.01823 per share. The Company sold a new issue of preferred stock to an institutional investor in a private transaction and used the proceeds to pay the aggregate redemption price.

A $7.0 million charge to net income related to this redemption was recorded during the fourth quarter of 2006, impacting both diluted earnings and diluted funds from operations by approximately $0.02 per share. The newly issued preferred stock was redeemed at par during December of 2006.

2007 Guidance

On January 12, 2007, the Company provided guidance that diluted FFO will be within a range of $5.70 to $5.80 per share for the year ending December 31, 2007, and diluted net income per share will be within a range of $1.82 to $1.92.

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

For the year ending December 31, 2007

	Low End			High End
Estimated diluted net income available to common stockholders per share	$	1.82		$	1.92
Depreciation and amortization including our share of joint ventures	3.99			3.99
Impact of additional dilutive securities	(0.11		)	(0.11		)
Estimated diluted FFO per share	$	5.70		$	5.80

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 11:00 a.m. Eastern Standard Time today, February 2, 2007. An online replay will be available for approximately 90 days at www.simon.com, www.earnings.com and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com shortly after completion of the call.

Supplemental Materials

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.

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Forward-Looking Statements

Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to:  the Company’s ability to meet debt service requirements, the availability of financing, changes in the Company’s credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development and expansion of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, impact of terrorist activities, inflation and maintenance of REIT status. The Company discusses these and other risks and uncertainties that could cause the Company’s actual results to differ materially from the forward-looking statements that the Company makes under the heading “Risk Factors” in its most recent Annual Report on Form 10-K. The Company may update that discussion in subsequent periodic reports filed with the Securities and Exchange Commission, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Funds from Operations (“FFO”)

The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States (“GAAP”). 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. The Company determines FFO in accordance with the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”).

About Simon

Simon Property Group, Inc., an S&P 500 company 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 OutletCenters® and community/lifestyle centers. The Company’s current total market capitalization is approximately $52 billion. Through its subsidiary partnership, it currently owns or has an interest in 286 properties in the United States containing an aggregate of 201 million square feet of gross leasable area in 38 states plus Puerto Rico. Simon also owns interests in 53 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. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.

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