8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):  April 27, 2007

SIMON PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

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

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

Registrant’s telephone number, including area code:  317.636.1600

Not Applicable

(Former name or former address, if changed since last report)

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

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

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

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

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

Item 2.02.   Results of Operation and Financial Condition

On April 27, 2007, Simon Property Group, Inc. (the “Registrant”) issued a press release containing information on earnings for the quarter ended March 31, 2007 and other matters. A copy of the press release is attached hereto as Exhibit 99.2 and the information in the press release is incorporated by reference into this report.

The press release and Supplemental Information package attached as Exhibit 99.1 use the non-GAAP financial measure of Funds from Operations (“FFO”). The Supplemental Information package also uses the non-GAAP measure of Net Operating Income (“NOI”). The Registrant considers FFO and NOI key measures of its operating performance that are not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Registrant believes that FFO and NOI are helpful to investors because they are widely recognized measures of the performance of real estate investment trusts and provide relevant bases for comparison among REITs. The Registrant also uses FFO and NOI internally to measure the operating performance of its portfolio. Reconciliations of net income to FFO on an estimated and historical basis are provided on page 72 furnished herewith in Exhibit 99.2. Reconciliations of net income to NOI on an estimated and historical basis are provided on page 13 furnished herewith in Exhibit 99.1.

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

Item 7.01.   Regulation FD Disclosure

On April 27, 2007, the Registrant made available additional ownership and operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of March 31, 2007 (excluding joint venture properties acquired from The Mills Corporation as a result of the closing of the tender offer on March 29, 2007), in the form of a Supplemental Information package, a copy of which is attached as Exhibit 99.1. The Supplemental Information package is also available upon request as specified therein.

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

Item 9.01.   Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

		Page Number in
Exhibit No.	Description	This Filing
99.1	Supplemental Information as of March 31, 2007	5
99.2	Earnings Release for the quarter ended March 31, 2007	61

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: April 27, 2007

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

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SIMON PROPERTY GROUP

Table of Contents

As of March 31, 2007

Description		Page
Exhibit 99.1	Supplemental Information
	Company Overview
	Overview (reporting calendar, stock information, and corporate ratings)	5-6
	Ownership Structure	7
	Changes in Common Shares and Unit Ownership	8
	Financial Data
	Selected Financial and Equity Information	9
	Unaudited Pro-Rata Statement of Operations	11
	Unaudited Pro-Rata Balance Sheet	12
	Reconciliation of Net Income to NOI	13
	NOI Composition	14
	Analysis of Other Income and Other Expense	15
	Operational Data
	U.S. Portfolio GLA	16
	U.S. Regional Mall Operational Information	17
	U.S. Regional Mall Lease Expirations	18
	U.S. Regional Mall Top Tenants	19
	U.S. Regional Mall Anchor/Big Box Openings, 2007-2010	20-21
	U.S. Regional Mall Property Listing	22-26
	U.S. Premium Outlet Centers® Operational Information	27
	U.S. Premium Outlet Centers® Lease Expirations	28
	U.S. Premium Outlet Centers® Top Tenants	29
	U.S. Premium Outlet Centers® Property Listing	30
	U.S. Community/Lifestyle Centers Operational Information	31
	U.S. Community/Lifestyle Centers Lease Expirations	32
	U.S. Community/Lifestyle Centers Top Tenants	33
	U.S. Community/Lifestyle Centers Property Listing	34-35
	International Operational Information	36
	International Property Listing	37-39
	Development Activity
	Capital Expenditures in the U.S. Portfolio	40
	U.S. Development Activity Report	41-43
	International Development Activity Report	44
	Balance Sheet Information
	The Company’s Share of Total Debt Amortization and Maturities by Year	45
	Summary of Indebtedness	46
	Summary of Indebtedness by Maturity	47-53
	Unencumbered Assets	54-58
	Preferred Stock/Units Outstanding	59
	Mills Property Listing	60
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release	61-73

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EX-99.1

Exhibit 99.1

SIMON PROPERTY GROUP

Overview

The Company

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

At March 31, 2007, the Company owned or had an interest in 285 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.

On March 29, 2007, SPG-FCM Ventures, LLC (“SPG-FCM”), a joint venture between an entity owned 50% by the Company and 50% by funds managed by Farallon Capital Management, L.L.C. (“Farallon”), successfully completed a tender offer to acquire all of the outstanding common stock of The Mills Corporation (“The Mills”). As a result the Company now holds an interest in an additional 38 joint venture properties with approximately 43 million square feet of GLA. A detailed listing of the names and locations of The Mills properties acquired is included on page 60. None of the other information in this supplemental information package reflects the ownership of The Mills properties. Operating statistics and other property fundamentals for The Mills 38 properties will be included in the Company’s Supplemental Information Package beginning in the second quarter of 2007. Prior to completion of the tender offer, the Company held a 50% interest in two properties in The Mills portfolio.

This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of March 31, 2007, 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 annual and quarterly periodic reports filed with the SEC 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 its periodic reports, but otherwise the Company undertakes no duty or obligation to update

5

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

Reporting Calendar

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

Second Quarter 2007	July 27, 2007
Third Quarter 2007	October 26, 2007
Fourth Quarter 2007	February 1, 2008

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

Credit Ratings

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

6

Simon Property Group Ownership Structure(1)March 31, 2007

(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.

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SIMON PROPERTY GROUP
Changes in Common Shares and Unit Ownership
For the Period from December 31, 2006 through March 31, 2007

	Operating		Company
	Partnership		Common
	Units(1)		Shares(2)
Number Outstanding at December 31, 2006	59,113,438		221,431,071
Activity During the First Three Months of 2007:
Issuance of Stock for Stock Option Exercises	—		25,025
Conversion of Preferred Stock into Common Stock	—		5,075
Conversion of Units into Common Stock	(1,692,474	)	1,692,474
Conversion of Units into Cash	(132,854	)	—
Conversion of Preferred Units into Units	510,057		—
Issuance of Units for Asset Acquisition	147,241		—
Restricted Stock Awards (Stock Incentive Program), Net	—		233,451
Number Outstanding at March 31, 2007	57,945,408		223,387,096
Details for Diluted Common Shares Outstanding(5):
Company Common Shares Outstanding at March 31, 2007			223,387,096
Number of Common Shares Issuable Assuming Conversion of:
Series I 6% Convertible Perpetual Preferred Stock(3)			11,074,430
Series C 7% Cumulative Convertible Preferred Units(3)			161,045
Series I 6% Convertible Perpetual Preferred Units(3)			2,416,480
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)			857,469
Diluted Common Shares Outstanding at March 31, 2007(5)			237,896,520

(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 59).

(3)Conversion terms provided on page 59 of this document.

(4)Based upon the weighted average stock price for the quarter ended March 31, 2007.

(5)For FFO purposes.

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SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of March 31, 2007
Unaudited
(In thousands, except as noted)

	As of or for the Three Months Ended March 31,
	2007		2006
Financial Highlights of the Company
Total Revenue—Consolidated Properties	$	852,141	$	787,649
Net Income Available to Common Stockholders	$	98,381	$	104,017
Basic Earnings per Common Share (EPS)	$	0.44	$	0.47
Diluted Earnings per Common Share (EPS)	$	0.44	$	0.47
FFO of the Simon Portfolio	$	392,400	$	358,857
Diluted FFO of the Simon Portfolio	$	405,216	$	373,051
Basic FFO per Share (FFOPS)	$	1.40	$	1.29
Diluted FFO per Share (FFOPS)	$	1.37	$	1.26
Distributions per Share	$	0.84	$	0.76

	March 31, 2007		December 31, 2006
Stockholders’ Equity Information
Limited Partner Units Outstanding at End of Period	57,945		59,113
Common Shares Outstanding at End of Period	223,387		221,431
Total Common Shares and Units Outstanding at End of Period	281,332		280,544
Weighted Average Limited Partnership Units Outstanding	58,415		58,543
Weighted Average Common Shares Outstanding:
Basic—for purposes of EPS and FFOPS	222,443		221,024
Diluted—for purposes of EPS	223,300		221,927
Diluted—for purposes of FFOPS	237,194		236,885
Debt Information
Simon Group’s Share of Consolidated Debt	$	16,954,296	$	15,203,980
Simon Group’s Share of Joint Venture Debt	$	3,449,906	$	3,472,228
Market Capitalization
Common Stock Price at End of Period	$	111.25	$	101.29
Equity Market Capitalization(1)	$	33,064,984	$	30,103,637
Total Capitalization—Including Simon Group’s Share of JV Debt	$	53,469,175	$	48,779,845

	As of or for the Three Months Ended March 31,
	2007		2006
Miscellaneous Balance Sheet Data
Interest Capitalized during the Period:
Consolidated Properties	$	10,259	$	5,021
Joint Venture Properties	$	896	$	1,565
Simon Group’s Share of Joint Venture Properties	$	373	$	771

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

9

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

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

Due to the closing of the tender offer on March 29, 2007 to acquire the common stock of The Mills, we have not included any amounts in our first quarter results for the three days of ownership. The investment in The Mills through SPG-FCM of $421,218 is included in our investments in unconsolidated entities. A preliminary purchase price allocation will be made during the second quarter of 2007. This will include allocations for our pro rata share of debt for properties held within the joint venture.

10

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Three Months Ended March 31, 2007

	Consolidated				Minority Interest				The Company’s Consolidated Share				The Company’s Share of Joint Ventures				Total Company’s Share
REVENUE:
Minimum rent		$	510,865			$	(8,016	)		$	502,849			$	120,272			$	623,121
Overage rent		17,892				(143		)		17,749				6,910				24,659
Tenant reimbursements		230,613				(4,958		)		225,655				55,802				281,457
Management fees and other revenues		20,875				—				20,875				—				20,875
Other income		71,896				(349		)		71,547				20,877				92,424
Total revenue		852,141				(13,466		)		838,675				203,861				1,042,536
EXPENSES:
Property operating		109,227				(2,834		)		106,393				37,520				143,913
Depreciation and amortization		215,271				(2,092		)		213,179				55,967				269,146
Real estate taxes		79,182				(1,385		)		77,797				13,820				91,617
Repairs and maintenance		29,007				(777		)		28,230				9,987				38,217
Advertising and promotion		18,884				(316		)		18,568				3,394				21,962
Provision for credit losses		542				(42		)		500				129				629
Home and regional office costs		33,699				—				33,699				—				33,699
General & administrative		3,899				—				3,899				—				3,899
Other		13,464				(498		)		12,966				12,389				25,355
Total operating expenses		503,175				(7,944		)		495,231				133,206				628,437
OPERATING INCOME		348,966				(5,522		)		343,444				70,655				414,099
Interest expense		(222,478		)		2,612				(219,866		)		(46,502		)		(266,368		)
Minority interest in income of consolidated entities		(2,910		)		2,910				—				—				—
Income tax expense of taxable REIT subsidiaries		(1,285		)		—				(1,285		)		—				(1,285		)
Income from unconsolidated entities		21,773				—				21,773				(21,773		)		—
Gain on sale of interests in unconsolidated entities, net		—				—				—				(2,380		)		(2,380		)
Limited partners’ interest in Operating Partnership		(25,878		)		—				(25,878		)		—				(25,878		)
Preferred distributions of Operating Partnership		(5,239		)		—				(5,239		)		—				(5,239		)
Income from continuing operations		112,949				—				112,949				—				112,949
Discontinued operations, net of Limited Partners’ interest		(162		)		—				(162		)		—				(162		)
Gain on sale of discontinued operations, net of Limited Partners’ interest		—				—				—				—				—
NET INCOME		112,787				—				112,787				—				112,787
Preferred dividends		(14,406		)		—				(14,406		)		—				(14,406		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	98,381			$	—			$	98,381			$	—			$	98,381
RECONCILIATION OF NET INCOME TO FFO
Net Income										$	112,787			$	—			$	112,787
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership										31,117				—				31,117
Limited partners’ interest in results of operations from discontinued operations										(42		)		—				(42		)
Depreciation and amortization from consolidated properties and discontinued operations										212,488				—				212,488
Simon’s share of depreciation and amortization from unconsolidated entities										—				57,711				57,711
Income from unconsolidated entities										(21,773		)		21,773				—
(Gain) on sales of interests in other assets and unconsolidated entities, net of limited partners’ interest										—				—				—
Minority interest portion of depreciation and amortization										(2,017		)		—				(2,017		)
Preferred distributions and dividends										(19,644		)		—				(19,644		)
FFO of the Simon Portfolio										$	312,916			$	79,484			$	392,400
Percentage of FFO of the Simon Portfolio										79.74		%		20.26		%		100.00		%

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SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
As of March 31, 2007

								The Company’s				The Company’s				Total
					Minority			Consolidated				Share of				Company’s
	Consolidated				Interest			Share				Joint Ventures				Share
ASSETS:
Investment properties, at cost		$	23,400,940		$	(171,450	)		$	23,229,490			$	5,396,804		$	28,626,294
Less—accumulated depreciation		4,800,439			(76,940		)		4,723,499				813,643			5,537,142
		18,600,501			(94,510		)		18,505,991				4,583,161			23,089,152
Cash and cash equivalents		339,953			(8,418		)		331,535				227,451			558,986
Tenant receivables and accrued revenue, net		339,341			(5,113		)		334,228				94,893			429,121
Investment in unconsolidated entities, at equity		1,874,255			—				1,874,255				(1,453,037		)	421,218
Deferred costs and other assets		1,116,000			(123,135		)		992,865				135,524			1,128,389
Notes receivable from related parties		1,473,540			—				1,473,540				—			1,473,540
Total assets		$	23,743,590		$	(231,176	)		$	23,512,414			$	3,587,992		$	27,100,406
LIABILITIES:
Mortgages and other indebtedness		$	17,152,418		$	(198,122	)		$	16,954,296			$	3,449,906		$	20,404,202
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,082,809			(9,685		)		1,073,124				211,485			1,284,609
Cash distributions and losses in partnerships and joint ventures, at equity		250,737			—				250,737				(250,737		)	—
Other liabilities, minority interest and accrued dividends		185,072			(23,369		)		161,703				177,338			339,041
Total liabilities		18,671,036			(231,176		)		18,439,860				3,587,992			22,027,852
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP		808,663			—				808,663				—			808,663
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP		312,574			—				312,574				—			312,574
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, 17,842,594 issued and outstanding, with a liquidation value of $892,130		898,119			—				898,119				—			898,119
Common stock, $.0001 par value, 400,000,000 shares authorized, 227,507,320 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		5,029,030			—				5,029,030				—			5,029,030
Accumulated deficit		(1,829,520		)	—				(1,829,520		)		—			(1,829,520		)
Accumulated other comprehensive income		18,790			—				18,790				—			18,790
Common stock held in treasury at cost, 4,132,224 shares		(165,125		)	—				(165,125		)		—			(165,125		)
Total stockholders’ equity		3,951,317			—				3,951,317				—			3,951,317
Total liabilities and stockholders’ equity		$	23,743,590		$	(231,176	)		$	23,512,414			$	3,587,992		$	27,100,406

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SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of March 31, 2007
(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 ended March 31, 2007.

	For the Three Months Ended March 31,
	2007			2006
Reconciliation of NOI of consolidated Properties:
Net Income	$	112,787		$	122,590
Preferred distributions of the Operating Partnership	5,239			6,826
Limited partners’ interest in the Operating Partnership	25,878			27,588
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net of limited partners’ interest	162			(163		)
Income tax expense of taxable REIT subsidiaries	1,285			1,639
Minority interest in income of consolidated entities	2,910			925
Interest expense	222,478			204,072
Income from unconsolidated entities and beneficial interests, net	(21,773		)	(29,923		)
(Gain) loss on sales of interest in unconsolidated entities	—			(34,350		)
Operating Income	348,966			299,204
Depreciation and amortization	215,271			209,447
NOI of consolidated Properties	$	564,237		$	508,651
Reconciliation of NOI of unconsolidated entities:
Net Income	$	90,687		$	81,786
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net	(17		)	10
Interest expense	111,239			103,776
Income from unconsolidated entities	84			—
Gain on sale of asset	4,759			(94		)
Operating Income	206,752			185,478
Depreciation and amortization	84,083			73,136
NOI of unconsolidated entities	$	290,835		$	258,614
Total consolidated and unconsolidated NOI from continuing operations	$	855,072		$	767,265
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties	(187		)	7,813
Total NOI of the Simon Group Portfolio	$	854,885		$	775,078
Increase in NOI from prior period	10.3		%	5.5		%
Less:Joint venture partner’s share of NOI	171,845			156,878
Simon Group’s Share of NOI	$	683,040		$	618,200
Increase in Simon Group’s Share of NOI from prior period	10.5		%	5.2		%
NOI of Regional Malls that are Comparable Properties(1)	$	633,103		$	610,501
Increase in NOI of Regional Malls that are Comparable Properties(1)	3.7		%
NOI of Premium Outlet Centers that are Comparable Properties(1)	$	87,834		$	79,426
Increase in NOI of Premium Outlet Centers that are Comparable Properties(1)	10.6		%

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

13

SIMON PROPERTY GROUP
NOI Composition(1)
For the Three Months Ended March 31, 2007

	Percent of Total NOI
	of the Simon Portfolio
U.S. Portfolio NOI by State
Florida		15.0	%
Texas		10.8	%
Massachusetts		8.4	%
California		7.8	%
New York		7.7	%
Pennsylvania		6.7	%
Indiana		5.7	%
Georgia		4.8	%
Nevada		3.8	%
New Jersey		3.7	%
Top 10 Contributors by State		74.4	%
NOI by Asset Type
Regional Malls		77.0	%
Premium Outlet Centers		13.1	%
International(2)		5.3	%
Community/Lifestyle Centers		4.4	%
Other		0.2	%
Total		100.0	%

(1)Based on Total NOI of the Simon Group portfolio

(2)International includes five Premium Outlet Centers in Japan and one Premium Outlet Center in Mexico

14

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of March 31, 2007
(In thousands)

	For the Three Months Ended March 31,
	2007			2006
Consolidated Properties
Other Income
Interest Income	$	23,053	(1)	$	6,196
Lease Settlement Income	22,756		(2)	8,075
Gains on Land Sales	2,855			2,950
Other	23,232			25,077
Totals	$	71,896		$	42,298
Other Expense
Ground Rent	$	7,378		$	7,696
Professional Fees	3,026			1,564
Other	3,060			3,806
Totals	$	13,464		$	13,066

(1)Includes $11.9 million of income from a $1.187 billion mezzanine financing provided by the Company on February 13, 2007 to The Mills

(2)Includes $19 million related to two department store locations that are being redeveloped by the Company

15

SIMON PROPERTY GROUP
U.S. Portfolio GLA(1)
As of March 31, 2007

		Total	% of
Type of Property	GLA-Sq. Ft.	Owned GLA	Owned GLA
Regional Malls
Anchor	100,574,721	28,441,194		23.7	%
Specialty Store	59,394,632	59,167,666		49.2	%
Freestanding	4,323,164	1,697,957		1.4	%
Subtotal	63,717,796	60,865,623		50.6	%
Regional Mall Total	164,292,517	89,306,817		74.3	%
Premium Outlet
Centers	14,035,498	14,035,498		11.7	%
Community/Lifestyle Centers
Anchor	13,686,006	8,589,723		7.1	%
Specialty Store	4,702,041	4,646,873		3.9	%
Freestanding	767,912	124,248		0.1	%
Community/Lifestyle
Centers Total	19,155,959	13,360,844		11.1	%
Office Portion of Retail	1,943,589	1,943,589		1.6	%
Other(2)	1,591,675	1,591,675		1.3	%
Total U.S. Properties	201,019,238	120,238,423		100.0	%

(1)Does not include assets from The Mills portfolio in which the Company acquired an interest in as a result of the closing of the March 29, 2007 tender offer.

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

16

SIMON PROPERTY GROUP

U.S. Regional Mall Operational Information(1)

As of March 31, 2007

	As of or for the Three Months Ended March 31,
	2007			2006
Total Number of Regional Malls	171			171
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)	166.2			166.5
Occupancy(2)
Consolidated Assets	91.8		%	91.6		%
Unconsolidated Assets	91.7		%	91.7		%
Total Portfolio	91.8		%	91.6		%
Comparable sales per square foot(3)
Consolidated Assets	$	470		$	448
Unconsolidated Assets	$	522		$	487
Total Portfolio	$	487		$	461
Average rent per square foot(2)
Consolidated Assets	$	35.34		$	34.44
Unconsolidated Assets	$	37.78		$	35.53
Total Portfolio	$	36.18		$	34.83

	Mall &
	Freestanding			%
Average Base Rent Per Square Foot(2)	Stores			Change
3/31/07		$	36.18		3.9	%
3/31/06		34.83
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(2):

	Average Base Rent(4)						Amount of Change
	Lease			Store Closings/			(Referred to as
	Signings			Lease Expirations			“Leasing Spread”)
2007 (YTD)		$	45.54		$	37.55		$	7.99	21.3	%
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)Does not include operational information for the additional 18 regional malls in which the Company acquired an interest in as a result of the closing of the March 29, 2007 tender offer.

(2)Includes mall and freestanding stores

(3)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.

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

17

SIMON PROPERTY GROUP
U.S. Regional Mall Lease Expirations(1)
As of March 31, 2007

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 3/31/07
Mall Stores & Freestanding
Month to Month Leases		1,089	3,099,748		$	30.41
2007 (4/1-12/31)		858	1,753,260		$	43.42
2008		2,451	5,843,904		$	35.97
2009		2,019	5,715,751		$	35.14
2010		1,908	5,494,657		$	38.31
2011		2,043	5,120,999		$	35.90
2012		1,334	4,665,590		$	36.15
2013		1,160	3,639,634		$	40.57
2014		1,237	3,704,416		$	41.72
2015		1,209	4,017,177		$	41.51
2016		1,402	4,114,910		$	40.51
2017		739	2,827,760		$	37.97
2018 and Thereafter		361	2,528,066		$	30.09
Specialty Leasing Agreements w/ terms in excess of 12 months		1,138	2,959,568		$	13.81
Anchor Tenants
Month to Month Leases		3	246,538		$	2.41
2007 (4/1-12/31)		4	395,637		$	2.48
2008		19	2,108,947		$	4.02
2009		31	3,279,500		$	3.41
2010		36	4,271,191		$	2.75
2011		20	2,217,206		$	3.97
2012		26	2,826,377		$	4.15
2013		15	2,187,012		$	5.67
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		33	3,463,379		$	6.02

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

18

SIMON PROPERTY GROUP
U.S. Regional Mall Top Tenants
As of March 31, 2007

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

					Percent of			Percent of
	Number		Square		Total			Total Simon
	of		Feet		Simon Group			Group Base
Tenant	Stores		(000’s)		Sq. Ft.			Min. Rent
Limited		507		3,247		1.6	%		3.8	%
Gap		320		3,510		1.7	%		2.6	%
Foot Locker		432		1,726		0.9	%		2.0	%
Abercrombie & Fitch Co.		193		1,374		0.7	%		1.7	%
Zale Corporation		387		449		0.2	%		1.5	%
Luxottica Group S.P.A		351		721		0.4	%		1.2	%
Sterling Jewelers, Inc.		206		298		0.1	%		1.0	%
Children’s Place Retail Stores		185		818		0.4	%		1.0	%
American Eagle Outfitters		135		771		0.4	%		0.9	%
Genesco, Inc.		346		452		0.2	%		0.9	%

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

				Percent of			Percent of
	Number		Square	Total			Total Simon
	of		Feet	Simon Group			Group Base
Tenant	Stores		(000’s)	Sq. Ft.			Min. Rent
Federated Department Stores		157	27,933		13.9	%		0.6	%
Sears Roebuck & Co.		127	19,442		9.7	%		0.4	%
J.C. Penney Co., Inc.		116	16,778		8.3	%		0.9	%
Dillard’s Dept. Stores		80	12,119		6.0	%		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		14	1,802		0.9	%		0.0	%
Boscov’s Department Stores		7	1,279		0.6	%		0.1	%
The Neiman Marcus Group, Inc.		10	1,213		0.6	%		0.1	%
Lord & Taylor		8	1,074		0.5	%		0.0	%
Saks Incorporated		9	1,053		0.5	%		0.3	%

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

19

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings
2007-2010

Property Name		Location		New Tenant		Former Tenant
Openings through March 31, 2007
Circle Centre	Indianapolis, IN		Carson Pirie Scott		Parisian
Eastland Mall	Evansville, IN		Dillard’s		L.S. Ayres
Lakeline Mall	Austin, TX		Dillard’s		Mervyn’s
Orange Park Mall	Jacksonville, FL		Dick’s Sporting Goods		N/A
Openings Projected for the Remainder of 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
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
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
Markland Mall	Kokomo, IN		MC Sports		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
Phipps Plaza	Atlanta, GA		Belk		Parisian
River Oaks Mall	Calumet City, IL		Steve & Barry’s		N/A
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
Upper Valley Mall	Springfield, OH		MC Sports		N/A
			Steve & Barry’s		N/A
Woodland Hills Mall	Tulsa, OK		The Cheesecake Factory		N/A

20

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings
2007-2010

Property Name		Location		New Tenant		Former Tenant
Openings Projected for the Remainder of 2007
South Shore Plaza	Braintree, MA		The 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
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
Firewheel Town Center	Garland, TX		Dick’s Sporting Goods		N/A
Lake Square Mall	Leesburg, FL		Best Buy		N/A
Livingston Mall	Livingston, NJ		Barnes & Noble		N/A
Montgomery Mall	Montgomeryville, PA		Dick’s Sporting Goods		N/A
Northlake Mall	Atlanta, GA		Kohl’s		Parisian
Richardson Square	Richardson, TX		Lowe’s		N/A
Ross Park Mall	Pittsburgh, PA		Nordstrom		Macy’s
Springfield Mall	Springfield, PA		Target		Macy’s
Valle Vista Mall	Harlingen, TX		Circuit City		OfficeMax
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

21

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

									Gross Leasable Area
		Property Name	State		City (CBSA)	Legal Ownership			Anchor	Mall & Freestanding			Total
1.	McCain Mall			AR	N. Little Rock		100.0%		554,156		221,394		775,550
2.	University Mall			AR	Little Rock		100.0%		364,992		153,620		518,612
3.	Brea Mall			CA	Brea (Los Angeles)		100.0%		874,802		443,669		1,318,471
4.	Coddingtown Mall			CA	Santa Rosa		50.0%		547,090		309,767		856,857
5.	Fashion Valley Mall			CA	San Diego		50.0%		1,053,305		655,810		1,709,115
6.	Laguna Hills Mall			CA	Laguna Hills (Los Angeles)		100.0%		536,500		329,227		865,727
7.	Santa Rosa Plaza			CA	Santa Rosa		100.0%		428,258		270,468		698,726
8.	Shops at Mission Viejo, The			CA	Mission Viejo (Los Angeles)		100.0%		677,215		472,775		1,149,990
9.	Stanford Shopping Center			CA	Palo Alto (San Francisco)		100.0%		849,153		528,773	(6)	1,377,926
10.	Westminster Mall			CA	Westminster (Los Angeles)		100.0%		716,939		491,683		1,208,622
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%		682,169		402,362		1,084,531
13.	Crystal Mall			CT	Waterford		74.6%		442,311		351,074		793,385
14.	Aventura Mall (1)			FL	Miami Beach		33.3%		1,257,638		662,246		1,919,884
15.	Avenues, The			FL	Jacksonville		25.0%	(2)	754,956		363,002		1,117,958
16.	Boynton Beach Mall			FL	Boynton Beach (Miami-Fort Lauderdale)		100.0%		714,210		300,299		1,014,509
17.	Coconut Point			FL	Estero (Cape Coral-Fort Myers)		50.0%		503,832		498,687		1,002,519
18.	Coral Square			FL	Coral Springs (Miami-Fort Lauderdale)		97.2%		648,144		297,715		945,859
19.	Cordova Mall			FL	Pensacola		100.0%		395,875		462,963		858,838
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		337,925		1,469,997
22.	DeSoto Square			FL	Bradenton (Sarasota-Bradenton)		100.0%		435,467		244,349		679,816
23.	Edison Mall			FL	Fort Myers		100.0%		742,667		309,860		1,052,527
24.	Florida Mall, The			FL	Orlando		50.0%		1,232,465		617,064		1,849,529
25.	Gulf View Square			FL	Port Richey (Tampa-St. Pete)		100.0%		461,852		291,977		753,829
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		263,150		559,187
28.	Melbourne Square			FL	Melbourne		100.0%		416,167		294,461		710,628
29.	Miami International Mall			FL	Miami		47.8%		778,784		295,466		1,074,250
30.	Orange Park Mall			FL	Orange Park (Jacksonville)		100.0%		576,051		380,150		956,201
31.	Paddock Mall			FL	Ocala		100.0%		387,378		167,733		555,111
32.	Palm Beach Mall			FL	West Palm Beach (Miami-Fort Lauderdale)		100.0%		749,288		335,073		1,084,361
33.	Port Charlotte Town Center			FL	Port Charlotte (Punta Gorda)		80.0%	(3)	458,251		323,694		781,945
34.	Seminole Towne Center			FL	Sanford (Orlando)		45.0%	(2)	768,798		367,618		1,136,416
35.	Shops at Sunset Place, The			FL	S. Miami		37.5%	(2)	0		510,056		510,056
36.	St. Johns Town Center			FL	Jacksonville		50.0%		653,291		379,230		1,032,521
37.	Town Center at Boca Raton			FL	Boca Raton (Miami-Fort Lauderdale)		100.0%		1,085,312		493,652		1,578,964
38.	Treasure Coast Square			FL	Jensen Beach		100.0%		511,372		350,808		862,180
39.	Tyrone Square			FL	St. Petersburg (Tampa-St. Pete)		100.0%		748,269		373,705		1,121,974
40.	University Mall			FL	Pensacola		100.0%		478,449		230,832		709,281
41.	Gwinnett Place			GA	Duluth (Atlanta)		68.9%		843,609		433,954		1,277,563
42.	Lenox Square			GA	Atlanta		100.0%		821,356		632,474	(6)	1,453,830
43.	Mall of Georgia			GA	Buford (Atlanta)		100.0%		1,069,590		716,491		1,786,081
44.	Northlake Mall			GA	Atlanta		100.0%		665,745		296,474		962,219

22

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing

									Gross Leasable Area
		Property Name	State		City (CBSA)	Legal Ownership			Anchor	Mall & Freestanding			Total
45.	Phipps Plaza			GA	Atlanta		100.0%		472,385		346,555		818,940
46.	Town Center at Cobb			GA	Kennesaw (Atlanta)		68.9%		866,381		405,754		1,272,135
47.	Lindale Mall (1)			IA	Cedar Rapids		50.0%		305,563		387,824		693,387
48.	NorthPark Mall			IA	Davenport		50.0%		650,456		423,131		1,073,587
49.	Southern Hills Mall (1)			IA	Sioux City		50.0%		372,937		432,096		805,033
50.	SouthRidge Mall (1)			IA	Des Moines		50.0%		388,752		513,836		902,588
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		201,085		421,915
53.	Northfield Square Mall			IL	Bourbonnais		31.6%	(3)	310,994		246,652		557,646
54.	Northwoods Mall			IL	Peoria		100.0%		472,969		221,136		694,105
55.	Orland Square			IL	Orland Park (Chicago)		100.0%		773,295		437,717		1,211,012
56.	River Oaks Center			IL	Calumet City (Chicago)		100.0%		807,871		559,829	(6)	1,367,700
57.	SouthPark Mall			IL	Moline (Davenport - IA-Moline)		50.0%		578,056		447,509		1,025,565
58.	White Oaks Mall			IL	Springfield		77.5%		556,831		379,688		936,519
59.	Castleton Square			IN	Indianapolis		100.0%		908,481		351,510		1,259,991
60.	Circle Centre			IN	Indianapolis		14.7%		350,000		435,963	(6)	785,963
61.	College Mall			IN	Bloomington		100.0%		356,887		286,064		642,951
62.	Eastland Mall			IN	Evansville		50.0%		489,144		375,152		864,296
63.	Fashion Mall at Keystone			IN	Indianapolis		100.0%		249,721		434,366	(6)	684,087
64.	Greenwood Park Mall			IN	Greenwood (Indianapolis)		100.0%		754,928		409,092		1,164,020
65.	Lafayette Square			IN	Indianapolis		100.0%		937,223		269,512		1,206,735
66.	Markland Mall			IN	Kokomo		100.0%		273,094		141,601		414,695
67.	Muncie Mall			IN	Muncie		100.0%		435,756		204,744		640,500
68.	Tippecanoe Mall			IN	Lafayette		100.0%		537,790		322,557		860,347
69.	University Park Mall			IN	Mishawaka (South Bend)		100.0%		499,876		319,433		819,309
70.	Washington Square			IN	Indianapolis		100.0%		616,109		348,772		964,881
71.	Towne East Square			KS	Wichita		100.0%		779,490		350,561		1,130,051
72.	Towne West Square			KS	Wichita		100.0%		619,269		332,702		951,971
73.	West Ridge Mall			KS	Topeka		100.0%		716,811		281,378		998,189
74.	Prien Lake Mall			LA	Lake Charles		100.0%		644,124		177,528		821,652
75.	Arsenal Mall			MA	Watertown (Boston)		100.0%		191,395		309,978	(6)	501,373
76.	Atrium Mall			MA	Chestnut Hill (Boston)		49.1%		0		205,751		205,751
77.	Auburn Mall			MA	Auburn (Worcester)		49.1%		417,620		174,350		591,970
78.	Burlington Mall			MA	Burlington (Boston)		100.0%		642,411		423,624		1,066,035
79.	Cape Cod Mall			MA	Hyannis		49.1%		420,199		303,618		723,817
80.	Copley Place			MA	Boston		98.1%		150,847		1,081,559	(6)	1,232,406
81.	Emerald Square			MA	North Attleboro (Providence - RI-New Bedford)		49.1%		647,372		375,108		1,022,480
82.	Greendale Mall			MA	Worcester (Boston)		49.1%		132,634		298,653	(6)	431,287
83.	Liberty Tree Mall			MA	Danvers (Boston)		49.1%		498,000		359,317		857,317
84.	Mall at Chestnut Hill			MA	Chestnut Hill (Boston)		47.2%		297,253		180,117		477,370
85.	Northshore Mall			MA	Peabody (Boston)		49.1%		677,433		688,871		1,366,304
86.	Solomon Pond Mall			MA	Marlborough (Boston)		49.1%		538,843		371,477		910,320
87.	South Shore Plaza			MA	Braintree (Boston)		100.0%		547,287		613,687		1,160,974
88.	Square One Mall			MA	Saugus (Boston)		49.1%		608,601		324,529		933,130
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		350,966		982,568
91.	Bangor Mall			ME	Bangor		66.4%	(5)	416,582		237,528		654,110

23

SIMON PROPERTY GROUPU.S. Regional Mall Property Listing

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding			Total
92.	Maplewood Mall			MN	Minneapolis		100.0	%	588,822		341,772		930,594
93.	Miller Hill Mall			MN	Duluth		100.0	%	429,508		379,858		809,366
94.	Battlefield Mall			MO	Springfield		100.0	%	770,111		432,615		1,202,726
95.	Independence Center			MO	Independence (Kansas City)		100.0	%	499,284		526,027		1,025,311
96.	SouthPark			NC	Charlotte		100.0	%	1,044,742		533,052		1,577,794
97.	Crossroads Mall			NE	Omaha		100.0	%	522,119		231,290		753,409
98.	Mall at Rockingham Park, The			NH	Salem (Boston)		24.6	%	638,111		381,976		1,020,087
99.	Mall of New Hampshire, The			NH	Manchester		49.1	%	444,889		362,842		807,731
100.	Pheasant Lane Mall			NH	Nashua (Manchester)		(4	)	675,759		313,757		989,516
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		364,293		980,421
103.	Menlo Park Mall			NJ	Edison (New York)		100.0	%	527,591		800,749	(6)	1,328,340
104.	Ocean County Mall			NJ	Toms River (New York)		100.0	%	616,443		275,250		891,693
105.	Quaker Bridge Mall			NJ	Lawrenceville (Trenton)		38.0	%(5)	686,760		413,252		1,100,012
106.	Rockaway Townsquare			NJ	Rockaway (New York)		100.0	%	786,626		462,755		1,249,381
107.	Cottonwood Mall			NM	Albuquerque		100.0	%	631,556		409,425		1,040,981
108.	Forum Shops at Caesars, The			NV	Las Vegas		100.0	%	0		635,880		635,880
109.	Chautauqua Mall			NY	Lakewood (Jamestown)		100.0	%	213,320		218,887		432,207
110.	Jefferson Valley Mall			NY	Yorktown Heights (New York)		100.0	%	310,095		277,828		587,923
111.	Mall at The Source, The			NY	Westbury (New York)		25.5	%(2)	210,798		515,098		725,896
112.	Nanuet Mall			NY	Nanuet (New York)		100.0	%	583,711		331,592		915,303
113.	Roosevelt Field			NY	Garden City (New York)		100.0	%	1,430,425		778,689	(6)	2,209,114
114.	Smith Haven Mall			NY	Lake Grove (New York)		25.0	%	743,868		449,421		1,193,289
115.	Walt Whitman Mall			NY	Huntington Station (New York)		100.0	%	742,214		294,513		1,036,727
116.	Westchester, The			NY	White Plains (New York)		40.0	%	349,393		478,255	(6)	827,648
117.	Great Lakes Mall			OH	Mentor (Cleveland)		100.0	%	879,300		378,779		1,258,079
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		383,769		1,195,627
121.	Summit Mall			OH	Akron		100.0	%	432,936		329,964		762,900
122.	Upper Valley Mall			OH	Springfield (Dayton-Springfield)		100.0	%	479,418		263,062		742,480
123.	Penn Square Mall			OK	Oklahoma City		94.5	%	588,137		462,581		1,050,718
124.	Woodland Hills Mall			OK	Tulsa		94.5	%	706,159		381,996		1,088,155
125.	Century III Mall			PA	West Mifflin (Pittsburgh)		100.0	%	831,439		459,189	(6)	1,290,628
126.	Granite Run Mall			PA	Media (Philadelphia)		50.0	%	500,809		535,400		1,036,209
127.	King of Prussia Mall			PA	King of Prussia (Philadelphia)		12.4	%(5)	1,545,812		1,065,062	(6)	2,610,874
128.	Lehigh Valley Mall			PA	Whitehall (Allentown-Bethlehem)		37.6	%(5)	564,353		483,054	(6)	1,047,407
129.	Montgomery Mall			PA	North Wales (Philadelphia)		53.5	%(5)	684,855		434,389		1,119,244
130.	Oxford Valley Mall			PA	Langhorne (Philadelphia)		63.2	%(5)	762,558		558,040	(6)	1,320,598
131.	Ross Park Mall			PA	Pittsburgh		100.0	%	622,215		407,219		1,029,434

24

SIMON PROPERTY GROUPU.S. Regional Mall Property Listing

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding			Total
132.	South Hills Village			PA	Pittsburgh		100.0	%	655,987		485,724		1,141,711
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		609,304	(6)	1,114,100
135.	Anderson Mall			SC	Anderson (Greenville)		100.0	%	404,394		218,240		622,634
136.	Haywood Mall			SC	Greenville		100.0	%	902,400		328,200		1,230,600
137.	Empire Mall (1)			SD	Sioux Falls		50.0	%	497,341		547,704		1,045,045
138.	Rushmore Mall (1)			SD	Rapid City		50.0	%	470,660		363,187		833,847
139.	Knoxville Center			TN	Knoxville		100.0	%	597,028		383,981		981,009
140.	Oak Court Mall			TN	Memphis		100.0	%	532,817		313,933	(6)	846,750
141.	Raleigh Springs Mall			TN	Memphis		100.0	%	691,230		225,950		917,180
142.	West Town Mall			TN	Knoxville		50.0	%	878,311		451,156		1,329,467
143.	Wolfchase Galleria			TN	Memphis		94.5	%	761,648		505,415		1,267,063
144.	Barton Creek Square			TX	Austin		100.0	%	922,266		508,311		1,430,577
145.	Broadway Square			TX	Tyler		100.0	%	427,730		201,898		629,628
146.	Cielo Vista Mall			TX	El Paso		100.0	%	793,716		449,859		1,243,575
147.	Domain, The			TX	Austin		100.0	%	220,000		415,265		635,265
148.	Firewheel Town Center			TX	Garland (Dallas-Forth Worth)		100.0	%	298,857		618,649	(6)	917,506
149.	Galleria, The			TX	Houston		31.5	%	1,233,802		1,120,243		2,354,045
150.	Highland Mall (1)			TX	Austin		50.0	%	732,000		359,126		1,091,126
151.	Ingram Park Mall			TX	San Antonio		100.0	%	750,888		375,334		1,126,222
152.	Irving Mall			TX	Irving (Dallas-Fort Worth)		100.0	%	637,415		406,687		1,044,102
153.	La Plaza Mall			TX	McAllen		100.0	%	776,397		427,221		1,203,618
154.	Lakeline Mall			TX	Cedar Park (Austin)		100.0	%	745,179		339,209		1,084,388
155.	Longview Mall			TX	Longview		100.0	%	402,843		209,321		612,164
156.	Midland Park Mall			TX	Midland		100.0	%	339,113		279,429		618,542
157.	North East Mall			TX	Hurst (Dallas-Fort Worth)		100.0	%	1,094,589		452,473		1,547,062
158.	Rolling Oaks Mall			TX	San Antonio		100.0	%	596,308		285,809		882,117
159.	Sunland Park Mall			TX	El Paso		100.0	%	575,837		342,163		918,000
160.	Valle Vista Mall			TX	Harlingen		100.0	%	389,781		265,975		655,756
161.	Apple Blossom Mall			VA	Winchester		49.1	%	229,011		213,778		442,789
162.	Charlottesville Fashion Square			VA	Charlottesville		100.0	%	381,153		190,575		571,728
163.	Chesapeake Square			VA	Chesapeake (Virginia Beach-Norfolk)		75.0	%(3)	534,760		271,701		806,461
164.	Fashion Centre at Pentagon City, The			VA	Arlington (Washington, DC)		42.5	%	472,729		517,499	(6)	990,228
165.	Valley Mall			VA	Harrisonburg		50.0	%	315,078		190,679		505,757
166.	Virginia Center Commons			VA	Glen Allen (Richmond)		100.0	%	506,639		280,958		787,597
167.	Columbia Center			WA	Kennewick		100.0	%	408,052		346,062		754,114
168.	Northgate Mall			WA	Seattle		100.0	%	612,073		290,883		902,956
169.	Tacoma Mall			WA	Tacoma (Seattle)		100.0	%	924,045		406,990		1,331,035
170.	Bay Park Square			WI	Green Bay		100.0	%	447,508		267,576		715,084
171.	Forest Mall			WI	Fond Du Lac		100.0	%	327,260		174,031		501,291
	Total Regional Mall GLA								100,574,721		65,661,385		166,236,106

25

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—50,482 sq. ft.
Oak Court Mall—126,067 sq. ft.
Oxford Valley Mall—109,832 sq. ft.
Plaza Carolina—28,192 sq. ft.
River Oaks Center—117,507 sq. ft.
Roosevelt Field—1,610 sq. ft.
Stanford Shopping Center—5,748 sq. ft.
The Domain—92,955 sq. ft.
The Westchester—820 sq. ft.

26

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of March 31, 2007

	As of or for the Three Months Ended March 31,
	2007				2006
Total Number of U.S. Premium Outlet Centers		36				34
Total U.S. Premium Outlet Centers GLA (in millions of square feet)		14.0				13.1
Occupancy(1)		99.1		%		99.3		%
Comparable sales per square foot(1)		$	485			$	444
Average base rent per square foot(1)		$	24.84			$	23.85

	Total		%
Average Base Rent Per Square Foot(1)	Center		Change
3/31/07	$	24.84		4.2	%
3/31/06	23.85
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”)
2007 (YTD)		$	29.19		$	22.59	$	6.60	29.2%
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.

27

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)As of March 31, 2007

				Weighted
				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 3/31/07
2007 (4/1-12/31)		204	737,383		$	20.64
2008		395	1,589,491		$	24.60
2009		400	1,671,545		$	22.56
2010		504	2,260,162		$	23.91
2011		447	1,940,793		$	24.41
2012		368	1,553,631		$	24.16
2013		248	1,118,754		$	25.20
2014		208	664,483		$	29.76
2015		195	668,913		$	30.83
2016		226	698,407		$	36.37
2017		218	712,232		$	29.87
2018 and Thereafter		52	177,774		$	31.62

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

28

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of March 31, 2007

(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		171		805		0.4	%		0.8	%
Jones Retail Corporation		148		498		0.2	%		0.5	%
Adidas Promotional Retail Operations, Inc.		53		438		0.2	%		0.4	%
The Gap, Inc.		72		655		0.3	%		0.4	%
Nike Retail Services, Inc.		51		488		0.2	%		0.3	%
The William Carter Company, Inc.		66		319		0.2	%		0.3	%
Brown Group Retail, Inc.		65		282		0.1	%		0.3	%
LCI Holdings, Inc.		58		402		0.2	%		0.3	%
Tommy Hilfiger Retail Operations, Inc.		40		250		0.1	%		0.2	%
VF Outlet		60		368		0.2	%		0.2	%

29

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

		Property Name	State		City (CBSA)	Legal Ownership			Total Gross Leasable Area
1.	Camarillo Premium Outlets			CA	Camarillo		100.0	%	454,089
2.	Carlsbad Premium Outlets			CA	Carlsbad (San Diego)		100.0	%	287,936
3.	Desert Hills Premium Outlets			CA	Cabazon (Riverside)		100.0	%	498,837
4.	Folsom Premium Outlets			CA	Folsom (Sacramento)		100.0	%	299,328
5.	Gilroy Premium Outlets			CA	Gilroy (San Jose)		100.0	%	577,305
6.	Napa Premium Outlets			CA	Napa		100.0	%	179,348
7.	Petaluma Village Premium Outlets			CA	Petaluma (Santa Rosa)		100.0	%	195,837
8.	Vacaville Premium Outlets			CA	Vacaville		100.0	%	444,212
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 (Columbus)		100.0	%	377,717
16.	Lighthouse Place Premium Outlets			IN	Michigan City		100.0	%	454,314
17.	Wrentham Village Premium Outlets			MA	Wrentham (Boston)		100.0	%	615,713
18.	Kittery Premium Outlets			ME	Kittery (Portland)		100.0	%	262,506
19.	Albertville Premium Outlets			MN	Albertville (Minneapolis)		100.0	%	429,534
20.	Osage Beach Premium Outlets			MO	Osage Beach		100.0	%	391,381
21.	Carolina Premium Outlets			NC	Smithfield (Raleigh)		100.0	%	439,445
22.	Liberty Village Premium Outlets			NJ	Flemington (New York)		100.0	%	173,067
23.	Jackson Premium Outlets			NJ	Jackson (New York)		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		100.0	%	844,179
28.	Aurora Farms Premium Outlets			OH	Aurora (Akron)		100.0	%	300,218
29.	Columbia Gorge Premium Outlets			OR	Troutdale (Portland)		100.0	%	163,815
30.	The Crossings Premium Outlets			PA	Tannersville		100.0	%	411,774
31.	Allen Premium Outlets			TX	Allen (Dallas-Ft. Worth)		100.0	%	413,492
32.	Rio Grande Valley Premium Outlets			TX	Mercedes (McAllen)		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 D.C.)		100.0	%	463,288
35.	Seattle Premium Outlets			WA	Tulalip (Seattle)		100.0	%	402,668
36.	Johnson Creek Premium Outlets			WI	Johnson Creek		100.0	%	277,585
	Total U.S. Premium Outlet Centers GLA								14,035,498

30

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Operational Information
As of March 31, 2007

	As of or for the
	Three Months Ended
	March 31,
	2007			2006
Total Number of Community/Lifestyle Centers	68			71
Total Community/Lifestyle Center GLA (in millions of square feet)	19.2			19.4
Occupancy(1)
Consolidated Assets	91.4		%	87.6		%
Unconsolidated Assets	96.4		%	96.0		%
Total Portfolio	93.1		%	90.3		%
Average rent per square foot(1)
Consolidated Assets	$	12.06		$	11.77
Unconsolidated Assets	$	11.70		$	10.89
Total Portfolio	$	11.94		$	11.47

Average Base Rent Per Square Foot(1)

	Total		%
	Center		Change
3/31/07	$	11.94		4.1	%
3/31/06	11.47
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)						Amount of Change
	Lease			Store Closings/			(Referred to as
	Signings			Lease Expirations			“Leasing Spread”)
2007 (YTD)		$	15.79		$	16.10	$	(0.31	)	-1.9	%
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.

31

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)As of March 31, 2007

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 3/31/07
Mall Stores & Freestanding
Month to Month Leases		44	117,091		$	13.45
2007 (4/1-12/31)		91	260,126		$	16.20
2008		241	713,375		$	14.81
2009		174	529,860		$	15.43
2010		214	704,859		$	18.66
2011		200	685,908		$	18.57
2012		75	318,776		$	16.80
2013		21	115,121		$	16.04
2014		30	172,120		$	18.77
2015		55	274,159		$	21.05
2016		39	189,523		$	19.83
2017		19	79,499		$	20.80
2018 and Thereafter		27	128,590		$	23.60
Specialty Leasing Agreements w/ terms in excess of 12 months		8	40,591		$	4.41
Anchor Tenants
Month to Month Leases		5	148,229		$	6.59
2007 (4/1-12/31)		7	259,241		$	6.03
2008		18	469,977		$	9.24
2009		25	859,447		$	7.16
2010		31	920,017		$	11.80
2011		22	900,299		$	7.00
2012		13	438,372		$	9.21
2013		15	463,039		$	7.75
2014		12	464,768		$	9.58
2015		19	681,271		$	10.51
2016		24	800,772		$	9.99
2017		17	730,115		$	8.86
2018 and Thereafter		32	1,460,741		$	11.19
Specialty Leasing Agreements w/ terms in excess of 12 months		4	156,999		$	0.82

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

32

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants
As of March 31, 2007

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

					Percent of			Percent of
	Number		Square		Total			Total Simon
	of		Feet		Simon Group			Group Base
Tenant	Stores		(000’s)		Sq. Ft.			Min. Rent
Target Corporation		11		1,382		0.7	%		0.0	%
Wal-Mart Stores, Inc.		9		1,009		0.5	%		0.0	%
Kohl’s Department Stores, Inc.		10		913		0.5	%		0.2	%
Best Buy Company, Inc.		18		738		0.4	%		0.3	%
TJX Companies, Inc.		22		690		0.3	%		0.2	%
Schottenstein Stores Corp.		14		674		0.3	%		0.1	%
Burlington Coat Factory		7		441		0.2	%		0.1	%
Bed Bath & Beyond, Inc.		13		398		0.2	%		0.2	%
Dick’s Sporting Goods, Inc.		7		344		0.2	%		0.1	%
Office Max, Inc.		13		336		0.2	%		0.1	%

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

33

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

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding		Total
1.	Plaza at Buckland Hills, The			CT	Manchester (Hartford)		35.0	%(2)	252,179		82,214	334,393
2.	Gaitway Plaza			FL	Ocala		23.3	%(2)	123,027		85,713	208,740
3.	Highland Lakes Center			FL	Orlando		100.0	%	352,405		140,871	493,276
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 (Orlando)		23.3	%(2)	263,782		121,477	385,259
9.	Westland Park Plaza			FL	Orange Park (Jacksonville)		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 (Chicago)		100.0	%	467,513		162,846	630,359
12.	Countryside Plaza			IL	Countryside (Chicago)		100.0	%	327,418		76,338	403,756
13.	Crystal Court			IL	Crystal Lake (Chicago)		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 (Chicago)		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 (St. Louis)		100.0	%	229,820		13,446	243,266
18.	Matteson Plaza			IL	Matteson (Chicago)		100.0	%	230,885		40,070	270,955
19.	North Ridge Plaza			IL	Joliet (Chicago)		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)	341,328		41,049	382,377
22.	Brightwood Plaza			IN	Indianapolis		100.0	%	20,450		18,043	38,493
23.	Clay Terrace			IN	Carmel (Indianapolis)		50.0	%	161,281		336,375	497,656
24.	Eastland Convenience Center			IN	Evansville		50.0	%	161,849		13,790	175,639
25.	Greenwood Plus			IN	Greenwood (Indianapolis)		100.0	%	134,141		21,178	155,319
26.	Griffith Park Plaza			IN	Griffith (Chicago)		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 (South Bend)		100.0	%	104,347		46,177	150,524
35.	Village Park Plaza			IN	Carmel (Indianapolis)		35.0	%(2)	414,593		134,956	549,549
36.	Washington Plaza			IN	Indianapolis		100.0	%	21,500		28,607	50,107
37.	West Ridge Plaza			KS	Topeka		100.0	%	182,161		71,459	253,620
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 (St. Louis)		100.0	%	235,642		51,831	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 (Raleigh)		100.0	%	0		144,119	144,119
44.	North Ridge Shopping Center			NC	Raleigh		100.0	%	43,247		123,330	166,577
45.	Rockaway Convenience Center			NJ	Rockaway (New York)		100.0	%	99,556		49,355	148,911
46.	Rockaway Plaza			NJ	Rockaway (New York)		100.0	%	320,581		138,236	458,817
47.	Cobblestone Court			NY	Victor (Rochester)		35.0	%(2)	206,680		58,781	265,461

34

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding		Total
48.	Boardman Plaza			OH	Youngstown		100.0	%	408,007		198,230	606,237
49.	Great Lakes Plaza			OH	Mentor (Cleveland)		100.0	%	159,194		4,910	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 (Philadelphia)		50.3	%(3)	81,368		20,374	101,742
53.	Henderson Square			PA	King of Prussia (Philadelphia)		76.0	%(3)	72,683		34,690	107,373
54.	Lincoln Plaza			PA	King of Prussia (Philadelphia)		63.2	%(3)	251,224		16,007	267,231
55.	Whitehall Mall			PA	Whitehall		38.0	%(3)	493,475		94,609	588,084
56.	Charles Towne Square			SC	Charleston		100.0	%	71,794		0	71,794
57.	Empire East(1)			SD	Sioux Falls		50.0	%	275,089		22,189	297,278
58.	Knoxville Commons			TN	Knoxville		100.0	%	171,563		8,900	180,463
59.	Arboretum at Great Hills			TX	Austin		100.0	%	35,773		167,628	203,401
60.	Gateway Shopping Centers			TX	Austin		95.0	%	329,576		182,699	512,275
61.	Ingram Plaza			TX	San Antonio		100.0	%	52,231		59,287	111,518
62.	Lakeline Plaza			TX	Cedar Park (Austin)		100.0	%	275,754		111,709	387,463
63.	Shops at Arbor Walk, The			TX	Austin		100.0	%	156,857		223,298	380,155
64.	Shops at North East Mall, The			TX	Hurst (Dallas-Ft. Worth)		100.0	%	265,595		99,148	364,743
65.	Wolf Ranch			TX	Georgetown (Austin)		100.0	%	395,071		218,908	613,979
66.	Chesapeake Center			VA	Chesapeake (Virginia Beach-Norfolk)		100.0	%	213,651		92,284	305,935
67.	Fairfax Court			VA	Fairfax (Washington, D.C.)		26.3	%(2)	169,043		80,615	249,658
68.	Martinsville Plaza			VA	Martinsville		100.0	%	88,470		13,635	102,105
	Total Community/Lifestyle Center GLA								13,686,006		5,469,953	19,155,959

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.

35

SIMON PROPERTY GROUP
International Operational Information(1)
As of March 31, 2007

	As of or for the Three Months Ended March 31,
	2007			2006
International Premium Outlets (Japan)
Total Number of Premium Outlets	5			5
Total GLA (in millions of square feet)	1.4			1.4
Occupancy	100		%	100		%
Comparable sales per square foot	¥	89,554		¥	87,994
Average base rent per square foot	¥	4,654		¥	4,634
European Shopping Centers
Total Number of Shopping Centers	53			51
Total GLA (in millions of square feet)	12.2			11.1
Occupancy	97.6		%	97.2		%
Comparable sales per square foot	€	395		€	379
Average rent per square foot	€	26.55		€	26.52

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

36

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		105,300	234,500
	Subtotal France						514,600		1,018,000	1,532,600
	ITALY
	Ancona:
6.	Ancona	Ancona		49.0	%(3)		82,900		82,300	165,200
7.	Senigallia	Senigallia (Ancona)		49.0	%		41,200		41,600	82,800
	Ascoli Piceno:
8.	Grottammare	Grottammare (Ascoli Piceno)		49.0	%		38,900		55,900	94,800
9.	Porto Sant’Elpidio	Porto Sant’Elpidio (Ascoli Piceno)		49.0	%		48,000		114,300	162,300
	Bari:
10.	Casamassima	Casamassima (Bari)		49.0	%		159,000		388,800	547,800
11.	Modugno	Modugno (Bari)		49.0	%		96,900		46,600	143,500
	Bergamo:
12.	Bergamo	Bergamo		49.0	%(3)		103,000		16,900	119,900
	Brescia:
13.	Concesio	Concesio (Brescia)		49.0	%(3)		89,900		27,600	117,500
14.	Mazzano	Mazzano (Brescia)		49.0	%(2)		103,300		127,400	230,700
	Brindisi:
15.	Mesagne	Mesagne (Brindisi)		49.0	%		88,000		140,600	228,600
	Cagliari:
16.	Marconi	Marconi (Cagliari)		49.0	%(3)		83,500		109,900	193,400
17.	Santa Gilla	Santa Gilla (Cagliari)		49.0	%(2)		75,900		114,800	190,700
	Catania:
18.	La Rena	La Rena (Catania)		49.0	%		124,100		22,100	146,200
19.	Misterbianco	Misterbianco (Catania)		49.0	%(3)		83,300		16,000	99,300
	Lecco:
20.	Merate	Merate (Lecco)		49.0	%(3)		73,500		88,500	162,000
	Milan (Milano):
21.	Cesano Boscone	Cescano Boscone (Milano)		49.0	%(3)		163,800		120,100	283,900
22.	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	%(5)		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

37

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(6)	Wroclaw		50.0	%		119,900		129,300	249,200
49.	Dabrowka Shopping Center(6)	Katowice		50.0	%		121,000		172,900	293,900
50.	Arena Shopping Center(6)	Gliwice		50.0	%		140,700		239,000	379,700
51.	Turzyn Shopping Center(6)	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(6)	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	%		—		385,500	385,500
55.	Rinku Premium Outlets	Izumisano (Osaka)		40.0	%		—		320,600	320,600
56.	Sano Premium Outlets	Sano (Tokyo)		40.0	%		—		316,500	316,500
57.	Toki Premium Outlets	Toki (Nagoya)		40.0	%		—		228,800	228,800
58.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0	%		—		187,000	187,000
	Subtotal Japan						—		1,438,400	1,438,400

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
	MEXICO
59.	Premium Outlets Punta Norte	Mexico City		50.0	%		—		231,900	231,900
	Subtotal Mexico						—		231,900	231,900
	TOTAL INTERNATIONAL ASSETS						4,955,800		8,933,000	13,888,800

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)        On April 4, 2007, Gallerie Commerciali Italia (the Italian joint venture in which the Company owns a 49% interest) acquired the remaining 60% interest in this center.

(6)        On April 17, 2007, the Company’s Simon Ivankoe joint venture signed a definitive agreement to sell five non-cash assets in Poland.  The transaction is expected to close within the next 60 days, after customary regulatory approvals are obtained.

39

SIMON PROPERTY GROUP
Capital Expenditures in the U.S. Portfolio
For the Three Months Ended March 31, 2007
(In thousands)

					Unconsolidated Entities
								Simon
	Consolidated							Group’s
	Properties				Total			Share
New development projects		$	114,752		$	104,414		$	49,123
Redevelopment projects with incremental GLA and/or Anchor Replacement		69,928			34,221			13,487
Renovations with no incremental GLA		221			—			—
Tenant allowances:
Retail		24,138			5,429			2,056
Office portion of retail		842			—			—
Operational capital expenditures at properties:
CAM expenditures(1)		2,105			849			384
Non-CAM expenditures		3,508			2,104			1,037
Totals		$	215,494		$	147,017		$	66,087
Plus (Less): Conversion from accrual to cash basis		(9,816		)	(19,396		)
Capital Expenditures for the Three Months Ended 3/31/07(2)		$	205,678		$	127,621
Capital Expenditures for the Three Months Ended 3/31/06(2)		$	136,293		$	77,275

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

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

40

SIMON PROPERTY GROUP
U.S. Development Activity Report*
Project Overview, Construction-in-Progress and Land Held for Development
As of March 31, 2007

															Construction-in-Progress
		The								The							Unconsolidated Entities
Property/ Location	Project Description	Company’s Ownership Percentage			Projected Opening	Projected Gross Cost(1) (in millions)		Projected Net Cost (in millions)		Company’s Share of Net Cost		Stabilized Rate of Return			Consolidated Properties		Total		The Company’s Share
New Development Projects:
Hamilton Town Center Noblesville (Indianapolis), IN	950,000 square foot center with a town center component anchored by Hamilton 16 IMAX, Borders Books & Music, Dick’s Sporting Goods and Old Navy and a community center component anchored by JCPenney, Bed Bath & Beyond, DSW and Ulta		50	%	5/08		$ 126		$ 118		$ 59		10	%		—		$ 16.8		$ 8.4
Houston Premium Outlets Houston, TX	433,000 square foot upscale outlet center		100	%	5/08		$ 135		$ 96		$ 96		14	%		$ 24.3		—		—
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	%		$ 24.7		—		—
Philadelphia Premium Outlets Limerick, PA	430,000 square foot upscale outlet center		100	%	11/07		$ 119		$ 119		$ 119		12	%		$ 47.9		—		—
Pier Park Panama City Beach, FL	920,000 square foot hybrid community/lifestyle center anchored by Target, Dillard’s, JCPenney, Grand 16 Theatre, Borders Books & Music, Old Navy, Ron Jon Surf Shop and Jimmy Buffett’s Margaritaville		100	%	10/06 (Target) 5/07 (Theatre) 3/08 (All other)		$ 155		$ 126		$ 126		9	%		$ 49.0		—		—
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) Summer 2007 (Other retail)		$ 33		$ 26		$ 26		11	%		$ 17.2		—		—
Significant Redevelopment Projects with Incremental GLA
Aventura Mall N. Miami Beach, FL	Addition of Nordstrom in former Lord & Taylor building; addition of small shops and parking deck		33	%	3/08		$ 124		$ 124		$ 41		8	%		—		$ 4.8		$ 1.6
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	%		$ 43.9		—		—
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	%		$ 13.5		—		—
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	%		$ 12.2		—		—
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	%	11/07		$ 59		$ 56		$ 56		13	%		$ 20.8		—		—
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	%	10/07		$ 43		$ 42		$ 16		9	%		—		$ 17.3		$ 6.5

41

SIMON PROPERTY GROUP
U.S. Development Activity Report*
Project Overview, Construction-in-Progress and Land Held for Development
As of March 31, 2007

															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 Square Atlanta, GA	Neiman Marcus expansion; addition of second level of small shops and renovation of the atrium area		100	%	10/07		$ 53		$ 46		$ 46		8	%		$ 28.0	—			—
Northgate Mall Seattle, 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	%		$ 28.2	—			—
Ross Park Mall Pittsburgh, PA	Addition of Nordstrom and small shops		100	%	10/08		$ 32		$ 25		$ 25		8	%		$   1.9	—			—
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 (renov & Cheesecake) 6/07 (all other)		$ 72		$ 65		$ 16		10	%		—	$ 37.7	(3)		$   9.4	(3)
St. Johns Town Center - Phase II Jacksonville, FL	200,000 square foot small shop expansion including the addition of Mitchell’s Fish Market and The Capital Grille		50	%	10/07		$ 79		$ 75		$ 38		10	%		—	$ 30.6			$ 15.3
Town Center at Boca Raton Boca Raton, FL	Lifestyle addition anchored by Crate & Barrel		100	%	11/07		$ 69		$ 69		$ 69		7	%		$ 13.8	—			—
Other Redevelopment Projects with Incremental GLA
Allen Premium Outlets Allen (Dallas), TX	28,000 square foot expansion adding Neiman Marcus Last Call		100	%	5/07
Columbia Center Kennewick, WA	Lifestyle addition		100	%	11/07
Lakeline Mall Austin, TX	Reconfiguration of center court, add or expand tenant spaces		100	%	12/07
Livingston Mall Livingston, NJ	Addition of Barnes & Noble, expansion of Modell’s and food court addition		100	%	3/08
	Subtotal Other Redevelopment Projects with Incremental GLA						$ 40		$ 39		$ 39		7	%		$   9.6	—			—

42

SIMON PROPERTY GROUP
U.S. Development Activity Report*
Project Overview, Construction-in-Progress and Land Held for Development
As of March 31, 2007

Construction-in-Progress

The

The

Unconsolidated

Company’s

Projected

Projected

Company’s

Stabilized

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

Arsenal Mall Watertown (Boston), PA

Expansion of Filene’s Basement

100

%

12/07

Boynton Beach Mall Boynton Beach, FL

Addition of Muvico Theater

100

%

5/07

Montgomery Mall North Wales (Philadelphia), PA

Addition of Dick’s Sporting Goods

54

%

4/08

North East Mall Hurst, TX

Redevelopment of former Saks Fifth Avenue building into Dick’s Sporting Goods

100

%

12/07

Northgate Mall Seattle, WA

Addition of Bed Bath & Beyond and DSW

100

%

10/07

Northshore Mall Peabody (Boston), MA

Expansion of Filene’s Basement

49

%

12/07

South Shore Plaza Braintree, MA

Addition of The Cheesecake Factory

100

%

7/07

Square One Mall Saugus (Boston), MA

Addition of Dick’s Sporting Goods

49

%

5/07

	Subtotal Anchor/Big Box/Theater Activity				$	81	$	62	$	49	11	%	$	21.7	$	10.1	$	5.0
Asset Intensification
Castleton Square Indianapolis, IN	Self-storage	50	%	12/07
Firewheel Town Center Garland, TX	Residential	50	%	7/07
University Mall Pensacola, FL	Self-storage	50	%	4/07
Village at SouthPark, The Charlotte, NC	Residential	40	%	6/07
	Subtotal Asset Intensification				$	102	$	95	$	40	8	%	—		$	57.9	$	24.9
Miscellaneous													$	15.6	$	23.6	$	8.2
Total Construction in Progress(2)													$	372.3	$	198.8	$	79.3
Land Held for Development													$	83.9	$	371.7	$	150.8

*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.

(3)Excludes costs transferred to fixed asset accounts (Total = $16.2 million; SPG’s share = $4.0 million)

43

SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of March 31, 2007

			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	€	64
Cinisello—Milano, Italy	400,000 square foot center anchored by a hypermarket with approximately 100 shops	Auchan		49.0	%	Fall 2007	€	129
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	€	235
Asia:
Changshu, China	470,000 square foot center anchored by a hypermarket with approximately 140 shops	Wal-Mart		32.5	%	Winter (Q1) 2008	CNY        517
Hangzhou, China	300,000 square foot center anchored by a hypermarket with approximately 85 shops	Wal-Mart		32.5	%	Fall (Q3) 2008	CNY        435
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	%	July 2007	JPY      5,900
Suzhou, China	750,000 square foot center anchored by a hypermarket and theater with approximately 200 shops	Wal-Mart		32.5	%	Spring (Q1) 2009	CNY        889
Yeoju Premium Outlets—Yeoju, South Korea	253,000 square foot upscale outlet center	Armani, Burberry, Dunhill, Ermenegildo Zegna, Salvatore Ferragamo		50.0	%	June 2007	KRW  64,745
Zhengzhou, China	440,000 square foot center anchored by a hypermarket and theater with approximately 90 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.

44

SIMON PROPERTY GROUP
The Company’s Share of Total Debt Amortization and Maturities by Year(1)
As of March 31, 2007
(In thousands)

Year	The Company’s Share of Secured Consolidated Debt		The Company’s Share of Unsecured Consolidated Debt			The Company’s Share of Unconsolidated Joint Venture Debt			The Company’s Share of Total Debt
2007		605,143		1,055,000			70,825			1,730,968
2008		456,867		350,000			358,001			1,164,868
2009		742,682		900,000			187,432			1,830,114
2010		885,818		1,100,000			538,374			2,524,192
2011		520,951		3,280,850			567,207			4,369,008
2012		355,679		1,450,000			289,965			2,095,644
2013		199,750		425,000			204,652			829,402
2014		399,207		700,000			151,389			1,250,596
2015		1,697		1,200,000			433,592			1,635,289
2016		40,416		1,300,000			585,265			1,925,681
2017		214,403		500,000			63,880			778,283
Thereafter		22,045		200,000			0			222,045
Face Amounts of Indebtedness		4,444,658		12,460,850			3,450,582			20,356,090
Premiums (Discounts) on Indebtedness, Net		36,206		19,939			(676	)		55,469
Fair Value of Interest Rate Swaps Agreements		0		(7,368	)		0			(7,368	)
The Company’s Share of Total Indebtedness		4,480,864		12,473,421			3,449,906			20,404,191

Debt Covenant Compliance Ratios

Senior Unsecured Notes Covenant(2)	Required	Actual	Compliance
Total Debt to Total Assets	≤65%	51%		Yes
Total Secured Debt to Total Assets	≤50%	20%		Yes
Fixed Charge Coverage Ratio	>1.50X	2.40X		Yes
Total Unencumbered Assets to Unsecured Debt	≥125%	193%		Yes

(1)Does not include property level debt of The Mills as a result of the closing of the March 29, 2007 tender offer

(2)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.

45

SIMON PROPERTY GROUP
Summary of Indebtedness
As of March 31, 2007
(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		$	4,389,813			$	4,193,129			6.38	%		4.0
Floating Rate Debt (Hedged)(1)		95,259				95,259				6.22	%		2.1
Floating Rate Debt		156,270				156,270				5.83	%		2.8
Total Mortgage Debt		4,641,342				4,444,658				6.36	%		3.9
Unsecured Debt
Fixed Rate		10,330,000				10,330,000				5.86	%		5.5
Floating Rate Debt		300,000				300,000				5.37	%		1.8
		10,630,000				10,630,000				5.78	%		5.4
Revolving Corporate Credit Facility		1,520,000				1,520,000				5.70	%		3.8
Revolving Credit Facility—Yen Currency		14,811				14,811				1.04	%		3.8
Revolving Credit Facility—Euro Currency		296,039				296,039				4.24	%		3.8
		1,830,851				1,830,850				5.42	%		3.8
Total Unsecured Debt		12,460,851				12,460,850				5.78	%		5.1
Premium		85,740				84,293
Discount		(28,147		)		(28,148		)
Fair Value Interest Rate Swaps		(7,368		)		(7,368		)
Consolidated Mortgages and Other Indebtedness(2)		$	17,152,418			$	16,954,285			5.93	%		4.8
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate		$	7,377,178			$	3,137,201			5.83	%		6.0
Floating Rate Debt (Hedged)(1)		200,033				82,262				6.03	%		2.2
Floating Rate Debt		415,362				178,257				5.37	%		2.0
Total Mortgage Debt		7,992,573				3,397,720				5.81	%		5.6
Unsecured Floating Rate Debt		107,881				52,862				4.52	%		1.7
Total Unsecured Debt		107,881				52,862				4.52	%		1.7
Premium		0				0
Discount		(1,377		)		(676		)
Joint Venture Mortgages and Other Indebtedness		$	8,099,077			$	3,449,906			5.81	%		5.6
The Company’s Share of Total Indebtedness						$	20,404,191			5.88	%		4.9
Summary of the Company’s share of Fixed and Variable Rate Debt
Consolidated
Fixed		86.0		%		14,579,274				6.01	%		5.0
Variable		14.0		%		2,375,011				5.47	%		3.6
		100.0		%		16,954,285				5.93	%		4.8
Joint Venture
Fixed		90.9		%		3,136,525				5.83	%		6.0
Variable		9.1		%		313,381				5.54	%		2.2
		100.0		%		$	3,449,906			5.81	%		5.6
Total Debt						20,404,191
Total Fixed Debt		86.8		%		17,715,799				5.93	%		5.1
Total Variable Debt		13.2		%		2,688,392				5.50	%		3.4

(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.

46

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2007
(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:
Gwinnett Place—1			04/01/07			7.54	%	Fixed	Secured		35,439		35,439
Gwinnett Place—2			04/01/07			7.25	%	Fixed	Secured		78,906		78,906
Town Center at Cobb—1			04/01/07			7.54	%	Fixed	Secured		45,151		45,151
Town Center at Cobb—2			04/01/07			7.25	%	Fixed	Secured		60,050		60,050
Cielo Vista Mall	(4)		05/01/07			9.38	%	Fixed	Secured		47,085		47,085
McCain Mall	(4)		05/01/07			9.38	%	Fixed	Secured		21,985		21,985
Valle Vista Mall	(4)		05/01/07			9.38	%	Fixed	Secured		29,120		29,120
Copley Place			08/01/07			7.44	%	Fixed	Secured		170,237		167,083
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		56,640		33,984
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		29,116		29,116
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		21,850		14,497
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		63,710		63,710
Kittery Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		10,547		10,547
Lighthouse Place Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		43,961		43,961
Waterloo Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		35,408		35,408
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		31,280		31,280
College Mall—1	(3)		01/01/09			7.00	%	Fixed	Secured		32,222		32,222
College Mall—2	(3)		01/01/09			6.76	%	Fixed	Secured		10,657		10,657
Greenwood Park Mall—1	(3)		01/01/09			7.00	%	Fixed	Secured		26,987		26,987
Greenwood Park Mall—2	(3)		01/01/09			6.76	%	Fixed	Secured		55,057		55,057
Towne East Square—1			01/01/09			7.00	%	Fixed	Secured		43,935		43,935
Towne East Square—2			01/01/09			6.81	%	Fixed	Secured		22,220		22,220
Woodland Hills Mall			01/01/09			7.00	%	Fixed	Secured		81,216		76,723
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		67,955		64,215
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		94,148		94,148
Plaza Carolina—Variable Capped	(2)		05/09/09			6.22	%	Variable	Secured		95,259		95,259
Plaza Carolina—Variable Floating	(2)		05/09/09			6.22	%	Variable	Secured		57,154		57,154
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		27,422		27,422
Forest Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		15,041		15,041
Lake View Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		19,993		19,993

47

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2007
(In thousands)

							Interest					The Company’s
		Maturity		Interest			Rate	Secured or		Total		Share of
Property Name		Date		Rate(1)			Type	Unsecured		Indebtedness		Indebtedness
Lakeline Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			21,920		21,920
Lincoln Crossing	(8)		11/01/09		7.78	%	Fixed	Secured			3,026		3,026
Matteson Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			8,805		8,805
Muncie Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			7,613		7,613
Regency Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			4,126		4,126
St. Charles Towne Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			26,412		26,412
West Ridge Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			5,321		5,321
White Oaks Plaza	(8)		11/01/09		7.78	%	Fixed	Secured			16,233		16,233
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			190,748		190,748
SB Trolley Square Holding			08/01/10		9.03	%	Fixed	Secured			28,329		28,329
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			85,436		83,061
Crystal River			11/11/10		7.63	%	Fixed	Secured			15,287		15,287
Forum Shops at Caesars, The			12/01/10		4.78	%	Fixed	Secured			539,768		539,768
Port Charlotte Town Center			12/11/10		7.98	%	Fixed	Secured			51,874		41,499
Oxford Valley Mall			01/10/11		6.76	%	Fixed	Secured			79,321		50,099
Revolving Credit Facility—USD	(2)		01/11/11		5.70	%	Variable	Unsecured			1,520,000		1,520,000
Revolving Credit Facility—Yen Currency	(2)		01/11/11		1.04	%	Variable	Unsecured	(17)		14,811		14,811
Revolving Credit Facility—Euro Currency	(2)		01/11/11		4.24	%	Variable	Unsecured	(18)		296,039		296,039
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			15,007		11,401
Ingram Park Mall	(7)		08/11/11		6.99	%	Fixed	Secured			79,206		79,206
Knoxville Center	(7)		08/11/11		6.99	%	Fixed	Secured			59,979		59,979
Northlake Mall	(7)		08/11/11		6.99	%	Fixed	Secured			69,194		69,194
Towne West Square	(7)		08/11/11		6.99	%	Fixed	Secured			51,847		51,847
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			126,284		126,284
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			28,524		28,524
Century III Mall	(5)		10/10/12		6.20	%	Fixed	Secured			84,198		84,198
Crossroads Mall			10/10/12		6.20	%	Fixed	Secured			42,287		42,287
Forest Mall	(6)		10/10/12		6.20	%	Fixed	Secured			16,934		16,934
Highland Lakes Center	(5)		10/10/12		6.20	%	Fixed	Secured			15,609		15,609
Longview Mall	(5)		10/10/12		6.20	%	Fixed	Secured			31,691		31,691

48

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2007
(In thousands)

							Interest				The Company’s
		Maturity		Interest			Rate	Secured or	Total		Share of
Property Name		Date		Rate(1)			Type	Unsecured	Indebtedness		Indebtedness
Markland Mall	(6)		10/10/12		6.20	%	Fixed	Secured		22,422		22,422
Midland Park Mall	(6)		10/10/12		6.20	%	Fixed	Secured		32,733		32,733
Palm Beach Mall			10/10/12		6.20	%	Fixed	Secured		52,364		52,364
Richmond Towne Square	(6)		10/10/12		6.20	%	Fixed	Secured		45,978		45,978
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		2,743		2,743
The Factory Shoppes at Branson Meadows	(10)		03/10/13		9.10	%	Fixed	Secured		9,377		9,377
MacGregor Village	(10)		03/10/13		9.10	%	Fixed	Secured		6,752		6,752
Factory Stores of America—Georgetown	(10)		03/10/13		9.10	%	Fixed	Secured		6,499		6,499
Factory Stores of America—Graceville	(10)		03/10/13		9.10	%	Fixed	Secured		1,930		1,930
Dare Centre	(10)		03/10/13		9.10	%	Fixed	Secured		1,678		1,678
Factory Stores of America—Lebanon	(10)		03/10/13		9.10	%	Fixed	Secured		1,622		1,622
Factory Stores of America—Nebraska City	(10)		03/10/13		9.10	%	Fixed	Secured		1,524		1,524
North Ridge Shopping Center	(10)		03/10/13		9.10	%	Fixed	Secured		8,247		8,247
Factory Stores of America—Story City	(10)		03/10/13		9.10	%	Fixed	Secured		1,885		1,885
Carolina Premium Outlets—Smithfield	(10)		03/10/13		9.10	%	Fixed	Secured		20,162		20,162
The Crossings Premium Outlets			03/13/13		5.85	%	Fixed	Secured		56,373		56,373
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		97,425		97,425
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		30,219		9,549
Montgomery Mall			05/11/14		5.17	%	Fixed	Secured		92,126		49,260
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		72,427		54,320
Brunswick Square			08/11/14		5.65	%	Fixed	Secured		85,379		85,379
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		3,274		1,648
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		1,281		1,281
White Oaks Mall			11/01/16		5.54	%	Fixed	Secured		50,000		38,730
Simon Property Group, LP (Sr. Notes)			12/01/16		5.25	%	Fixed	Unsecured		650,000		650,000
Simon Property Group, LP (Sr. Notes)			03/01/17		5.88	%	Fixed	Unsecured		500,000		500,000
Wolfchase Galleria			04/01/17		5.64	%	Fixed	Secured		225,000		212,616

49

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2007
(In thousands)

							Interest						The Company’s
		Maturity		Interest			Rate	Secured or		Total			Share of
Property Name		Date		Rate(1)			Type	Unsecured		Indebtedness			Indebtedness
Simon Property Group, LP (Sr. Notes)			06/15/18		7.38	%	Fixed	Unsecured			200,000			200,000
Sunland Park Mall			01/01/26		8.63	%	Fixed	Secured			35,132			35,132
Total Consolidated Indebtedness at Face Value											17,102,193			16,905,508
Premium on Fixed-Rate Indebtedness											85,740			84,293
Discount on Fixed-Rate Indebtedness											(28,147	)		(28,148	)
Fair Value Interest Rate Swaps											(7,368	)		(7,368	)
Total Consolidated Indebtedness											17,152,418			16,954,285
Joint Venture Indebtedness
Galleria Commerciali Italia—Cinisello			06/20/07		4.33	%	Variable	Secured	(13)		44,655			21,881
Coddingtown Mall			07/14/07		6.57	%	Variable	Secured			10,500			10,500
Hamilton Town Center			07/31/07		6.32	%	Variable	Secured			8,300			4,150
Gotemba Premium Outlets—Variable			09/30/07		2.49	%	Variable	Secured	(15)		16,277			6,511
St. John’s Town Center Phase II			02/12/08		5.97	%	Variable	Secured			27,300			13,650
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			95,786			47,067
Mall of New Hampshire—2			10/01/08		8.53	%	Fixed	Secured			7,963			3,913
Fashion Valley Mall—1			10/11/08		6.49	%	Fixed	Secured			157,977			78,989
Fashion Valley Mall—2			10/11/08		6.58	%	Fixed	Secured			29,124			14,562
SouthPark Residential			10/31/08		6.72	%	Variable	Secured			26,944			10,778
Whitehall Mall			11/01/08		6.77	%	Fixed	Secured			12,970			4,927
Galleria Commerciali Italia—Facility C			12/22/08		4.52	%	Variable	Unsecured	(13)		107,881			52,862
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			90,033			33,762
Firewheel Residential			06/20/09		7.17	%	Variable	Secured			4,320			2,160
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			3,927			1,964
Castleton Storage	(2)		07/31/09		7.37	%	Variable	Secured			460			230
Apple Blossom Mall			09/10/09		7.99	%	Fixed	Secured			38,080			18,712
Auburn Mall			09/10/09		7.99	%	Fixed	Secured			44,581			21,906
Toki Premium Outlets			10/30/09		1.42	%	Variable	Secured	(15)		21,339			8,536
Mall at Chestnut Hill			02/02/10		8.45	%	Fixed	Secured			14,122			6,668
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

50

SIMSON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2007
(In thousands)

														The
								Interest						Company’s
		Maturity			Interest			Rate	Secured or			Total		Share of
Property Name		Date			Rate (1)			Type	Unsecured			Indebtedness		Indebtedness
Springfield Mall	(2)		12/01/10			6.42	%	Variable		Secured			76,500		29,062
Florida Mall, The			12/10/10			7.55	%	Fixed		Secured			253,252		126,626
Surprise Grand Vista			12/28/10	(19)		10.61	%	Fixed		Secured			249,536		99,814
Domain Residential	(2)		03/03/11			6.47	%	Variable		Secured			24,840		12,420
Atrium at Chestnut Hill			03/11/11			6.89	%	Fixed		Secured			45,847		22,528
Cape Cod Mall			03/11/11			6.80	%	Fixed		Secured			93,152		45,773
Bay 1 (Torcy)			05/31/11			4.63	%	Fixed		Secured	(14)		18,761		9,380
Bay 2 (Torcy)			06/30/11			4.63	%	Fixed		Secured	(14)		69,985		34,993
Highland Mall			07/11/11			6.83	%	Fixed		Secured			66,600		33,300
Villabe A6—Bel’Est			08/31/11			4.93	%	Fixed		Secured	(14)		12,918		6,459
Wilenska Station Shopping Center			08/31/11			5.33	%	Fixed		Secured	(14)		39,641		19,821
Fashion Centre Pentagon Retail			09/11/11			6.63	%	Fixed		Secured			156,292		66,424
Galleria Commerciali Italia—Facility A			12/22/11			4.98	%	Fixed		Secured	(13)		330,364		161,878
Galleria Commerciali Italia—Facility B			12/22/11			5.08	%	Fixed		Secured	(13)		326,443		159,957
Zakopianka Shopping Center			12/28/11			6.60	%	Fixed		Secured	(12)		15,014		7,507
Borek Shopping Center			02/06/12			5.93	%	Fixed		Secured	(12)		16,561		8,280
Dadeland Mall			02/11/12			6.75	%	Fixed		Secured			188,551		94,276
Square One			03/11/12			6.73	%	Fixed		Secured			89,707		44,080
Arkadia Shopping Center			05/31/12			4.88	%	Fixed		Secured	(14)		135,458		67,729
Crystal Mall			09/11/12			5.62	%	Fixed		Secured			99,455		74,162
Kobe Premium Outlets			12/31/12			1.32	%	Fixed		Secured			17,713		7,085
Emerald Square Mall			03/01/13			5.13	%	Fixed		Secured			136,436		67,041
Avenues, The			04/01/13			5.29	%	Fixed		Secured			75,255		18,814
Circle Centre Mall			04/11/13			5.02	%	Fixed		Secured			75,281		11,044
Solomon Pond			08/01/13			3.97	%	Fixed		Secured			112,701		55,378
Tosu Premium Outlets			08/24/13			2.62	%	Fixed		Secured	(15)		10,382		4,153
Miami International Mall			10/01/13			5.35	%	Fixed		Secured			96,863		46,277
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

51

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2007
(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)		24,404			12,202
Dabrowka Shopping Center		07/03/14		6.04	%	Fixed	Secured	(12)		5,028			2,514
Gotemba Premium Outlets—Fixed		10/25/14		2.00	%	Fixed	Secured	(15)		8,435			3,374
Rinku Premium Outlets		10/25/14		2.33	%	Fixed	Secured	(15)		30,326			12,130
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			21,479			8,160
Sano Premium Outlets		05/31/16		2.39	%	Fixed	Secured	(15)		45,755			18,302
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			120,799			60,400
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			47,032			23,516
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			159,970			19,756
King of Prussia Mall—2		01/01/17		8.53	%	Fixed	Secured			11,129			1,374
Mall at Rockingham		03/10/17		5.61	%	Fixed	Secured			260,000			63,879
Total Joint Venture Indebtedness at Face Value										8,100,454			3,450,582
Premium on JV Fixed-Rate Indebtedness										0			0
Discount on JV Fixed-Rate Indebtedness										(1,377	)		(676	)
Total Joint Venture Indebtedness										8,099,077			3,449,906	(20)
The Company’s Share of Total Indebtedness													20,404,191

(Footnotes on following page)

52

(Footnotes for preceeding pages)

Footnotes:

(1)Variable rate debt interest rates are based on the following base rates as of March 31, 2007: LIBOR at 5.32%; EURIBOR at 3.87%; and YEN LIBOR at .67%.

(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 March 31, 2007, 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 5.33%.

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

(13)Amounts shown in USD Equivalent. Euro equivalent is 606.9 million. Associated with Facility A and B are interest rate swap agreements with a total combined 492.5 million euros notional amount that effectively fixes Facility A and B at 4.02%.

(14)Amounts shown in USD Equivalent. Euro equivalent is 207.5 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 4.67%.

(15)Amounts shown in USD Equivalent. Yen equivalent is 17,810.9 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 222.0 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 venture excludes our share of indebtedness of $87.9 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. This amount also excludes our share of debt for our recent acquisition of the The Mills Corporation through a newly formed joint venture, SPG-FCM Venture, LLC. Our share of debt for this acquisition will be included in our second quarter reporting after completion of our initial purchase accounting allocations.

53

SIMON PROPERTY GROUP
Unencumbered Assets
As of March 31, 2007

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
Fashion Mall at Keystone, The	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

54

SIMON PROPERTY GROUP
Unencumbered Assets
As of March 31, 2007

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
Lakeline Mall	Cedar Park	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

55

SIMON PROPERTY GROUP
Unencumbered Assets
As of March 31, 2007

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

56

SIMON PROPERTY GROUP
Unencumbered Assets
As of March 31, 2007

Property Name	City	State
Allen Premium Outlets	Allen	TX
Rio Grande Valley Premium Outlets	Mercedes	TX
Round Rock Premium Outlets	Round Rock	TX
Leesburg Corner Premium Outlets	Leesburg	VA
Seattle Premium Outlets	Tulalip	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

57

SIMON PROPERTY GROUP
Unencumbered Assets
As of March 31, 2007

Property Name	City	State
Eastland Plaza	Tulsa	OK
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

58

SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding(9)
As of March 31, 2007
($ in 000’s, except per share amounts)

			Per Share			Aggregate
		Number of	Liquidation			Liquidation			Ticker
Issuer	Description	Shares/Units	Preference			Preference			Symbol
Preferred Stock:
Simon Property Group, Inc.	Series 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)	14,045,646		$	50		$	702,282	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)	212,809		$	28		$	5,959	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)	3,064,811		$	50		$	153,241	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 March 30, 2007 was $51.25 per share.

(2)Each share was 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 share is convertible into 0.78957 of a share of common stock during the period beginning on April 2, 2007 and ending on June 29, 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 March 30, 2007 was $88.50 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 March 30, 2007 was $72.00 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 0.78846 of a share of common stock during the period beginning on January 2, 2007 and ending on March 30, 2007. Each unit is convertible into 0.78957 of a share of common stock during the period beginning on April 2, 2007 and ending on June 29, 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.

(9)Does not include The Mills preferred stock as a result of the closing of the March 29, 2007 tender offer.

59

SIMON PROPERTY GROUP
The Mills Property Listing

					Total Gross
		Property Name	State	City (CBSA)	Leasable Area
	Mills
1.	Arizona Mills		AZ	Tempe (Phoenix)	1,231,000
2.	Arundel Mills		MD	Hanover (Baltimore)	1,243,000
3.	Cincinnati Mills		OH	Cincinnati	1,457,000
4.	Colorado Mills		CO	Lakewood (Denver)	1,100,000
5.	Concord Mills		NC	Concord (Charlotte)	1,303,000
6.	Discover Mills		GA	Lawrenceville (Atlanta)	1,184,000
7.	Franklin Mills		PA	Philadelphia	1,726,000
8.	Grapevine Mills		TX	Grapevine (Dallas-Ft. Worth)	1,615,000
9.	Great Mall of the Bay Area		CA	Milpitas (Silicon Valley)	1,290,000
10.	Gurnee Mills		IL	Gurnee (Chicago)	1,827,000
11.	Katy Mills		TX	Katy (Houston)	1,218,000
12.	Ontario Mills		CA	Ontario (Los Angeles)	1,479,000
13.	Opry Mills		TN	Nashville	1,151,000
14.	Potomac Mills		VA	Prince William (Washington, D.C.)	1,596,000
15.	Sawgrass Mills		FL	Sunrise (Ft. Lauderdale)	2,171,000
16.	St. Louis Mills		MO	Hazelwood (St. Louis)	1,085,000
17.	The Block at Orange		CA	Orange (Los Angeles)	703,000
	Subtotal Mills				23,379,000
	Regional Malls
18.	Briarwood Mall		MI	Ann Arbor	968,000
19.	Broward Mall		FL	Plantation (Ft. Lauderdale)	992,000
20.	Del Amo Fashion Center		CA	Torrance (Los Angeles)	2,095,000
21.	Dover Mall		DE	Dover (Wilmington)	886,000
22.	Galleria at White Plains		NY	White Plains	878,000
23.	Gwinnett Place(1)		GA	Duluth (Atlanta)	1,278,000
24.	Hilltop Mall		CA	Richmond	1,072,000
25.	Lakeforest Mall		MD	Gaithersburg	1,076,000
26.	Marley Station		MD	Glen Burnie	1,066,000
27.	Meadwood Mall		NV	Reno	887,000
28.	Northpark Mall		MS	Ridgeland (Jackson)	961,000
29.	Riverside Square		NJ	Hackensack	672,000
30.	Southdale Center		MN	Edina	1,333,000
31.	Southridge Mall		WI	Greendale (Milwaukee)	1,227,000
32.	Stoneridge Mall		CA	Pleasanton	1,285,000
33.	The Esplanade		LA	Kenner (New Orleans)	901,000
34.	The Falls		FL	Miami	803,000
35.	Town Center at Cobb(1)		GA	Kennesaw (Atlanta)	1,272,000
36.	Tuttle Crossing		OH	Dublin (Columbus)	1,133,000
37.	Westland Mall		FL	Hialeah (Miami)	818,000
	Subtotal Regional Malls				21,603,000
	Community Centers
38.	Arundel Mills Marketplace		MD	Hanover (Baltimore)	101,000
39.	Concord Mills Marketplace		NC	Concord (Charlotte)	246,000
40.	Liberty Plaza		PA	Philadelphia	372,000
	Subtotal Community Centers				719,000
	Total Properties				45,701,000

(1)    Prior to the closing of the tender offer on March 29, 2007, the Company held a 50% interest in this asset.

60

EX-99.2

Exhibit 99.2

CONTACTS:

Shelly Doran	317.685.7330	Investors
Les Morris	317.263.7711	Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP ANNOUNCES FIRST QUARTER RESULTS
AND QUARTERLY DIVIDENDS

Indianapolis, Indiana—April 27, 2007...Simon Property Group, Inc. (the “Company” or “Simon”) (NYSE:SPG) today announced results for the quarter ended March 31, 2007:

·Funds from operations (“FFO”) of the Simon portfolio for the quarter increased 9.3% to $392.4 million from $358.9 million in the first quarter of 2006. On a diluted per share basis the increase was 8.7% to $1.37 from $1.26 in 2006.

·Net income available to common stockholders for the quarter decreased 5.4% to $98.4 million from $104.0 million in the first quarter of 2006. On a diluted per share basis the decrease was 6.4% to $0.44 from $0.47 in 2006. The decrease in net income is primarily the result of gains recognized in 2006 on the sale of interests in unconsolidated entities. Gains from real estate transactions do not impact FFO.

U.S. Portfolio Statistics

	As of				As of
	March 31, 2007				March 31, 2006				Change
Occupancy
Regional Malls(1)		91.8		%		91.6		%	20 basis point increase
Premium Outlet® Centers(2)		99.1		%		99.3		%	20 basis point decrease
Community/Lifestyle Centers(2)		93.1		%		90.3		%	280 basis point increase
Comparable Sales per Sq. Ft.
Regional Malls(3)		$	487			$	461		5.6% increase
Premium Outlet Centers(2)		$	485			$	444		9.2% increase
Average Rent per Sq. Ft.
Regional Malls(1)		$	36.18			$	34.83		3.9% increase
Premium Outlet Centers(2)		$	24.84			$	23.85		4.1% increase
Community/Lifestyle Centers(2)		$	11.94			$	11.47		4.1% increase

(1)For mall and freestanding stores.

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

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

61

Dividends

Today the Company announced a quarterly common stock dividend of $0.­­84 per share. This dividend will be paid on May 31, 2007 to stockholders of record on May 17, 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 June 29, 2007 to stockholders of record on June 15, 2007.

·6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on May 31, 2007 to stockholders of record on May 17, 2007.

·8 3/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on June 29, 2007 to stockholders of record on June 15, 2007.

U.S. Development Activity

On March 9th, the Company opened The Domain, an open-air town center which combines 700,000 square feet of luxury fashion, retail and restaurant space; 75,000 square feet of Class A office space; and 390 high-end apartments in Austin, Texas.

The Domain is anchored by Macy’s and the first Neiman Marcus in central Texas. Of The Domain’s 75 retailers, more than 30 high-end retailers and restaurants make their Austin-area debuts at the property. Stores range from innovative home décor retailers such as Z Gallerie to fashion retailers Lilly Pulitzer and Juicy Couture. Other exclusive retailers include Tiffany, Intermix and Louis Vuitton. New restaurants include Kona Grill, North, Daily Grill, Jasper’s, Joe DiMaggio’s Italian Chophouse, Fleming’s Prime Steakhouse and California Pizza Kitchen.

On March 15th, the Company announced the start of construction on Houston Premium Outlets. This 430,000 square-foot outlet center will bring upscale outlet shopping to the Houston market. The 75 acre property is located in northwest Houston off of U.S. Highway 290 between Mason Road and Fairfield Drive in Cypress, Texas. The center will be a single-level, village-style project with a Southwest architectural theme. Houston Premium Outlets will house 120 outlet stores and will feature high-quality designer and name brands serving the area’s permanent population as well as visitors to the area.

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, with the remaining retail and the residential component of 150 luxury apartments scheduled to open this summer.

·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, 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 May 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.

62

International Activity

On April 4th, GCI (the Italian joint venture in which the Company owns a 49% interest) acquired the remaining 60% interest in the venture’s shopping center in Giugliano (a suburb of Naples).

On April 17th, the Company’s Simon Ivanhoe joint venture signed a definitive agreement to sell five non-core assets in Poland. Proceeds are expected to approximate 183 million euros, net of debt and transaction costs. The transaction is expected to close within the next 60 days, after customary regulatory approvals are obtained.

Development Projects:

·Construction continues on four shopping center projects in Italy, fully or partially owned by GCI. Three of the shopping centers are expected to open in 2007 and are located in Cinisello (Milan), Nola (Naples) and Porta di Roma (Rome). Our project in Argine (Naples) 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 on June 1, 2007.

·Construction continues 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 also continues on four projects in China located in Changshu, Hangzhou, Suzhou, and Zhengzhou. The centers range in size from 300,000 to 720,000 square feet and will be anchored by Wal-Mart. 2008 openings are scheduled for Changshu, Hangzhou and Zhengzhou, followed by an anticipated early 2009 opening for Suzhou. Simon owns 32.5% of these projects through its partnership with Morgan Stanley Real Estate Fund and Shenzhen International Trust and Investment Company CP.

Acquisition Activity

On March 1st, the Company acquired the remaining 40% ownership interest in University Park Mall and University Center. University Park Mall is an 819,000 square foot regional mall located in Mishawaka, Indiana, anchored by Macy’s, JCPenney and Sears. The mall is 94% occupied and generates sales of approximately $400 per square foot. University Center is a 150,000 square foot community center located adjacent to the mall.

The Mills Corporation

On March 29th, the Company announced the successful completion of the $25.25 per share cash tender offer for all outstanding shares of common stock of The Mills Corporation (NYSE: MLS) (“The Mills”) by SPG-FCM Ventures, LLC, a joint venture between an entity owned by Simon and funds managed by Farallon Capital Management, L.L.C. On April 3rd, the acquisition of The Mills by SPG-FCM Ventures, LLC was completed by means of a merger of a subsidiary of SPG-FCM Ventures and The Mills.

As of March 31st, the Company and its partner had each invested $475 million to acquire 75.38% of The Mills’ common equity. The Company and its partner will each invest an additional $175 million during the second quarter to acquire the remaining equity of The Mills. The Company also provided a $1.187 billion mezzanine loan to The Mills that bears interest at LIBOR plus 270 basis points and also funded a $286 million loan to SPG-FCM Ventures, LLC. The Mills portfolio of 40 assets consists primarily of two distinctive types of assets—regional malls and Mills properties. A Mills property typically comprises over one million square feet of gross leasable area with a combination of traditional mall, outlet center and big box retailers and entertainment uses, all focused on delivering value for the consumer.

63

2007 Guidance

Today the Company increased its guidance for 2007. The Company expects diluted FFO to be within a range of $5.75 to $5.85 per share for the year ending December 31, 2007, and diluted net income available to common stockholders to be within a range of $1.87 to $1.97 per share.

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			High
	End			End
Estimated diluted net income available to common stockholders per share	$	1.87		$	1.97
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	$	5.75		$	5.85

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 Daylight Time today, April 27, 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.

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 under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC 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 its periodic reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

64

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 Property Group

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 Outlet Centers® and community/lifestyle centers. The Company’s current total market capitalization is approximately $56 billion. Through its subsidiary partnership, it currently owns or has an interest in 323 properties in the United States containing an aggregate of 244 million square feet of gross leasable area in 41 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.

65

SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended March 31,
	2007			2006
REVENUE:
Minimum rent	$	510,865		$	488,088
Overage rent	17,892			16,059
Tenant reimbursements	230,613			221,035
Management fees and other revenues	20,875			20,169
Other income	71,896			42,298
Total revenue	852,141			787,649
EXPENSES:
Property operating	109,227			105,947
Depreciation and amortization	215,271			209,447
Real estate taxes	79,182			81,805
Repairs and maintenance	29,007			25,955
Advertising and promotion	18,884			17,402
Provision for (recovery of) credit losses	542			(6		)
Home and regional office costs	33,699			30,336
General and administrative	3,899			4,493
Other	13,464			13,066
Total operating expenses	503,175			488,445
OPERATING INCOME	348,966			299,204
Interest expense	(222,478		)	(204,072		)
Minority interest in income of consolidated entities	(2,910		)	(925		)
Income tax expense of taxable REIT subsidiaries	(1,285		)	(1,639		)
Income from unconsolidated entities, net	21,773			29,923
Gain on sale of interests in unconsolidated entities, net	—			34,350
Limited partners’ interest in the Operating Partnership	(25,878		)	(27,588		)
Preferred distributions of the Operating Partnership	(5,239		)	(6,826		)
Income from continuing operations	112,949			122,427
Discontinued operations, net of Limited Partners’ interest	(162		)	191
Loss on sale of discontinued operations, net of Limited Partners’ interest	—			(28		)
NET INCOME	112,787			122,590
Preferred dividends	(14,406		)	(18,573		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	98,381		$	104,017

66

SIMON
Per Share Data
Unaudited

	For the Three Months Ended
	March 31,
	2007			2006
Basic Earnings Per Common Share:
Income from continuing operations	$	0.44		$	0.47
Discontinued operations—results of operations and gain on sale, net	—			—
Net income available to common stockholders	$	0.44		$	0.47
Percentage Change	-6.4		%
Diluted Earnings Per Common Share:
Income from continuing operations	$	0.44		$	0.47
Discontinued operations—results of operations and gain on sale, net	—			—
Net income available to common stockholders	$	0.44		$	0.47
Percentage Change	-6.4		%

67

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

	March 31,			December 31,
	2007			2006
ASSETS:
Investment properties, at cost	$	23,400,940		$	22,863,963
Less—accumulated depreciation	4,800,439			4,606,130
	18,600,501			18,257,833
Cash and cash equivalents	339,953			929,360
Tenant receivables and accrued revenue, net	339,341			380,128
Investment in unconsolidated entities, at equity	1,874,255			1,526,235
Deferred costs and other assets	1,116,000			990,899
Notes receivable from related parties	1,473,540			—
Total assets	$	23,743,590		$	22,084,455
LIABILITIES:
Mortgages and other indebtedness	$	17,152,418		$	15,394,489
Accounts payable, accrued expenses, intangibles, and deferred revenue	1,082,809			1,109,190
Cash distributions and losses in partnerships and joint ventures, at equity	250,737			227,588
Other liabilities, minority interest and accrued dividends	185,072			178,250
Total liabilities	18,671,036			16,909,517
COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP	808,663			837,836
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP	312,574			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, 17,842,594 and 17,578,701 issued and outstanding, respectively, and with liquidation values of $892,130 and $878,935, respectively	898,119			884,620
Common stock, $.0001 par value, 400,000,000 shares authorized, 227,507,320 and 225,797,566 issued and outstanding, respectively	23			23
Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding	—			—
Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding	—			—
Capital in excess of par value	5,029,030			5,010,256
Accumulated deficit	(1,829,520		)	(1,740,897		)
Accumulated other comprehensive income	18,790			19,239
Common stock held in treasury at cost, 4,132,224 and 4,378,495 shares, respectively	(165,125		)	(193,599		)
Total stockholders’ equity	3,951,317			3,979,642
Total liabilities and stockholders’ equity	$	23,743,590		$	22,084,455

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SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended  March 31,
STATEMENTS OF OPERATIONS	2007				2006
Revenue:
Minimum rent		$	277,972			$	257,703
Overage rent		17,341				14,159
Tenant reimbursements		135,283				125,558
Other income		41,745				32,098
Total revenue		472,341				429,518
Operating Expenses:
Property operating		89,151				85,767
Depreciation and amortization		84,083				73,136
Real estate taxes		35,111				33,342
Repairs and maintenance		23,214				20,680
Advertising and promotion		8,102				6,929
Provision for credit losses		165				431
Other		25,763				23,755
Total operating expenses		265,589				244,040
Operating Income		206,752				185,478
Interest expense		(111,239		)		(103,776		)
Loss from unconsolidated entities		(84		)		—
(Loss) gain on sale of assets		(4,759		)		94
Income from Continuing Operations		90,670				81,796
Income from consolidated joint venture interests(A)		—				110		(C)
Income from discontinued joint venture interests(A)		17		(B)		327		(B)
Loss on disposal or sale of discontinued operations, net		—				(447		)
Net Income		$	90,687			$	81,786
Third-Party Investors’ Share of Net Income		$	54,645			$	49,576
Our Share of Net Income		36,042				32,210
Amortization of Excess Investment		(14,269		)		(12,518		)
Income from Beneficial Interests		—				10,231
Income from Unconsolidated Entities, Net		$	21,773			$	29,923

69

SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)

	March 31,		December 31,
BALANCE SHEETS	2007		2006
Assets:
Investment properties, at cost	$	10,645,934	$	10,669,967
Less—accumulated depreciation	2,190,574		2,206,399
	8,455,360		8,463,568
Cash and cash equivalents	372,964		354,620
Tenant receivables	229,421		258,185
Investment in unconsolidated entities	170,301		176,400
Deferred costs and other assets	321,864		307,468
Total assets	$	9,549,910	$	9,560,241
Liabilities and Partners’ Equity:
Mortgages and other indebtedness	$	8,099,076	$	8,055,855
Accounts payable, accrued expenses, and deferred revenue	487,180		513,472
Other liabilities	256,501		255,633
Total liabilities	8,842,757		8,824,960
Preferred units	67,450		67,450
Partners’ equity	639,703		667,831
Total liabilities and partners’ equity	$	9,549,910	$	9,560,241
Our Share of:
Total assets	$	4,572,229	$	4,113,051
Partners’ equity	$	402,005	$	380,150
Add: Investment in SPG-FCM Ventures, LLC	421,218		—
Add: Excess Investment(D)	800,295		918,497
Our net Investment in Joint Ventures	$	1,623,518	$	1,298,647
Mortgages and other indebtedness	$	3,449,906	$	3,472,228

70

SIMON
Footnotes to Financial Statements
Unaudited

Notes:

(A)Consolidation occurs when the Company acquires an additional ownership interest in a joint venture and, as a result, gains control of the joint venture. These interests have been separated from operational interests to present comparative results of operations for those joint ventures held as of March 31, 2007.

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

(B)Relates to the sale of Great Northeast Plaza, a community center, on April 25, 2006.

(C)As a result of the consolidation of Mall of Georgia during the fourth quarter of 2006, we reclassified our share of the pre-consolidation earnings from this property.

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

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SIMON

Reconciliation of Net Income to FFO (1)

Unaudited

(In thousands, except as noted)

	For the Three
	Months Ended
	March 31,
	2007				2006
Net Income(2)(3)(4)(5)		$	112,787			$	122,590
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership		31,117				34,380
Limited partners’ interest in discontinued operations		(41		)		34
Depreciation and amortization from consolidated properties, and discontinued operations		212,488				213,542
Simon’s share of depreciation and amortization from unconsolidated entities		55,331				50,132
(Gain) loss on sales of assets and interests in unconsolidated entities and discontinued operations, net of limited partners’ interest		2,380				(34,322		)
Minority interest portion of depreciation and amortization		(2,017		)		(2,100		)
Preferred distributions and dividends		(19,645		)		(25,399		)
FFO of the Simon Portfolio		$	392,400			$	358,857
Per Share Reconciliation:
Diluted net income available to common stockholders per share		$	0.44			$	0.47
Adjustments to net income to arrive at FFO:
Depreciation and amortization from consolidated properties and Simon’s share of depreciation and amortization from unconsolidated entities, net of minority interest portion of depreciation and amortization		0.95				0.94
(Gain) loss on sales of assets and interests in unconsolidated entities and discontinued operations, net of limited partners’ interest		0.01				(0.12		)
Impact of additional dilutive securities for FFO per share		(0.03		)		(0.03		)
Diluted FFO per share		$	1.37			$	1.26

Details for per share calculations:
FFO of the Simon Portfolio	$	392,400		$	358,857
Adjustments for dilution calculation:
Impact of preferred stock and preferred unit conversions and option exercises(6)	12,816			14,194
Diluted FFO of the Simon Portfolio	405,216			373,051
Diluted FFO allocable to unitholders	(80,076		)	(73,925		)
Diluted FFO allocable to common stockholders	$	325,140		$	299,126
Basic weighted average shares outstanding	222,443			220,580
Adjustments for dilution calculation:
Effect of stock options	857			973
Impact of Series C preferred unit conversion	191			1,061
Impact of Series I preferred unit conversion	2,701			3,268
Impact of Series I preferred stock conversion	11,002			10,835
Diluted weighted average shares outstanding	237,194			236,717
Weighted average limited partnership units outstanding	58,415			58,503
Diluted weighted average shares and units outstanding	295,609			295,220
Basic FFO per share	$	1.40		$	1.29
Percent Increase	8.5		%
Diluted FFO per share	$	1.37		$	1.26
Percent Increase	8.7		%

72

SIMON
Footnotes to Reconciliation of Net Income to FFO
Unaudited

Notes:

(1)The Company considers FFO a key measure of its operating performance that is not specifically defined by GAAP and believes that FFO is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. The Company also uses this measure internally to measure the operating performance of the portfolio. The Company’s computation of FFO may not be comparable to FFO reported by other REITs.

As defined by NAREIT, FFO is consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales of real estate, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. The Company has adopted NAREIT’s clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting change or resulting from the sale of depreciable real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(2)Includes the Company’s share of gains on land sales of $7.6 million and $6.6 million for the three months ended March 31, 2007 and 2006, respectively.

(3)Includes the Company’s share of straight-line adjustments to minimum rent of $5.1 million and $3.8 million for the three months ended March 31, 2007 and 2006, respectively.

(4)Includes the Company’s share of the fair market value of leases from acquisitions of $13.9 million and $17.4 million for the three months ended March 31, 2007 and 2006, respectively.

(5)Includes the Company’s share of debt premium amortization of $7.0 million and $6.7 million for the three months ended March 31, 2007 and 2006, respectively.

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

73