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):  July 30, 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:

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

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

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

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

Item 2.02.   Results of Operation and Financial Condition

On July 30, 2007, Simon Property Group, Inc. (the “Registrant”) issued a press release containing information on earnings for the quarter ended June 30, 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 pages 62 and 72 furnished herewith in Exhibit 99.2. Reconciliations of net income to NOI on a historical basis are provided on page 14 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 July 30, 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 June 30, 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 June 30, 2007	5
99.2	Earnings Release for the quarter ended June 30, 2007	61

2

SIGNATURES

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

Dated: July 30, 2007

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

3

SIMON PROPERTY GROUP
Table of Contents
As of June 30, 2007

Description		Page
Exhibit 99.1	Supplemental Information	5
	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 Statements of Operations	10-12
	Unaudited Pro-Rata Balance Sheet	13
	Reconciliation of Net Income to NOI	14
	NOI Composition	15
	Analysis of Other Income and Other Expense	16
	Operational Data
	U.S. Portfolio GLA	17
	U.S. Regional Mall Operational Information	18
	U.S. Regional Mall Lease Expirations	19
	U.S. Regional Mall Top Tenants	20
	U.S. Regional Mall Anchor/Big Box Openings, 2007-2010	21-22
	U.S. Regional Mall Property Listing	23-27
	U.S. Premium Outlet Centers® Operational Information	28
	U.S. Premium Outlet Centers® Lease Expirations	29
	U.S. Premium Outlet Centers® Top Tenants	30
	U.S. Premium Outlet Centers® Property Listing	31
	U.S. Community/Lifestyle Centers Operational Information	32
	U.S. Community/Lifestyle Centers Lease Expirations	33
	U.S. Community/Lifestyle Centers Top Tenants	34
	U.S. Community/Lifestyle Centers Property Listing	35-36
	International Operational Information	37
	International Property Listing	38-40
	Mills Property Listing	41
	Development Activity
	Capital Expenditures in the U.S. Portfolio	42
	U.S. Development Activity Report	43-45
	International Development Activity Report	46
	Balance Sheet Information
	The Company’s Share of Total Debt Amortization and Maturities by Year	47
	Summary of Indebtedness	48
	Summary of Indebtedness by Maturity	49-55
	Unencumbered Assets	56-59
	Preferred Stock/Units Outstanding	60
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release	61-73

4

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. Simon Group operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. At June 30, 2007, the Company owned or had an interest in 383 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia.

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”), acquired all of the outstanding common stock of The Mills Corporation (“Mills”). As a result, the Company now holds an interest in an additional 38 joint venture properties with approximately 44 million square feet of GLA. A detailed listing of the names and locations of Mills properties acquired is included on page 41. The information in this supplemental information package reflects the ownership of the Mills properties with the exception of NOI composition; operational and statistical information; capital expenditures; and development activity. Prior to March 29, 2007, 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 June 30, 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 period 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.

5

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 two quarters will be announced according to the following approximate schedule:

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)
June 30, 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)An affiliate of one of the limited partners owns the Company's Class C common stock. 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.

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

7

SIMON PROPERTY GROUP
Changes in Common Shares and Unit Ownership
For the Period from December 31, 2006 through June 30, 2007

	Operating Partnership Units(1)		Company Common Shares(2)
Number Outstanding at December 31, 2006	59,113,438		221,431,071
Activity During the First Quarter 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
Activity During the Second Quarter of 2007:
Issuance of Stock for Stock Option Exercises	—		750
Conversion of Preferred Stock into Common Stock	—		18,379
Conversion of Units into Cash	(113,449	)	—
Conversion of Preferred Units into Units	56,288		—
Restricted Stock Awards (Stock Incentive Program), Net	—		(8,209	)
Number Outstanding at June 30, 2007	57,888,247		223,398,016
Details for Diluted Common Shares Outstanding(5):
Company Common Shares Outstanding at June 30, 2007			223,398,016
Number of Common Shares Issuable Assuming Conversion of:
Series I 6% Convertible Perpetual Preferred Stock(3)			11,071,602
Series C 7% Cumulative Convertible Preferred Units(3)			104,755
Series I 6% Convertible Perpetual Preferred Units(3)			2,415,935
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)			836,855
Diluted Common Shares Outstanding at June 30, 2007(5)			237,827,163

(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 60).

(3)Conversion terms provided on page 60 of this document.

(4)Based upon the weighted average stock price for the quarter ended June 30, 2007.

(5)For FFO purposes.

8

SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of June 30, 2007
Unaudited
(In thousands, except as noted)

	As of or for the				As of or for the
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Financial Highlights of the Company
Total Revenue—Consolidated Properties	$	855,932	$	798,738	$	1,708,073	$	1,586,387
Net Income Available to Common Stockholders	$	59,917	$	82,868	$	158,298	$	186,885
Basic Earnings per Common Share (EPS)	$	0.27	$	0.37	$	0.71	$	0.85
Diluted Earnings per Common Share (EPS)	$	0.27	$	0.37	$	0.71	$	0.84
FFO of the Simon Portfolio	$	373,034	$	358,440	$	765,434	$	717,297
Diluted FFO of the Simon Portfolio	$	386,106	$	372,561	$	791,322	$	745,612
Basic FFO per Share (FFOPS)	$	1.33	$	1.28	$	2.72	$	2.57
Diluted FFO per Share (FFOPS)	$	1.31	$	1.26	$	2.68	$	2.52
Distributions per Share	$	0.84	$	0.76	$	1.68	$	1.52

	June 30,		December 31,
	2007		2006
Stockholders’ Equity Information
Limited Partner Units Outstanding at End of Period	57,888		59,113
Common Shares Outstanding at End of Period	223,398		221,431
Total Common Shares and Units Outstanding at End of Period	281,286		280,544
Weighted Average Limited Partnership Units Outstanding	58,148		58,543
Weighted Average Common Shares Outstanding:
Basic—for purposes of EPS and FFOPS	222,936		221,024
Diluted—for purposes of EPS	223,783		221,927
Diluted—for purposes of FFOPS	237,540		236,885
Debt Information
Simon Group’s Share of Consolidated Debt	$	16,165,621	$	15,203,980
Simon Group’s Share of Joint Venture Debt	$	6,188,391	$	3,472,228
Market Capitalization
Common Stock Price at End of Period	$	93.04	$	101.29
Equity Market Capitalization(1)	$	27,750,556	$	30,103,637
Total Capitalization—Including Simon Group’s Share of JV Debt	$	50,104,568	$	48,779,845

	As of or for the Six Months Ended June 30,
	2007		2006
Miscellaneous Balance Sheet Data
Interest Capitalized during the Period:
Consolidated Properties	$	16,334	$	13,842
Joint Venture Properties	$	2,821	$	3,882
Simon Group’s Share of Joint Venture Properties	$	1,085	$	1,808

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

9

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

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

10

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Three Months Ended June 30, 2007

									The Company’s				The Company’s				Total
					Minority				Consolidated				Share of				Company’s
	Consolidated				Interest				Share				Joint Ventures				Share
REVENUE:
Minimum rent		$	522,086			$	(9,362	)		$	512,724			$	175,314			$	688,038
Overage rent		18,634				1				18,635				7,992				26,627
Tenant reimbursements		237,984				(5,776		)		232,208				84,280				316,488
Management fees and other revenues		17,542				—				17,542				—				17,542
Other income		59,686				(422		)		59,264				22,139				81,403
Total revenue		855,932				(15,559		)		840,373				289,725				1,130,098
EXPENSES:
Property operating		112,122				(3,444		)		108,678				60,630				169,308
Depreciation and amortization		230,611				(2,355		)		228,256				77,809				306,065
Real estate taxes		79,063				(1,387		)		77,676				24,572				102,248
Repairs and maintenance		28,744				(686		)		28,058				12,533				40,591
Advertising and promotion		20,410				(375		)		20,035				5,942				25,977
Provision for credit losses		1,424				95				1,519				2,462				3,981
Home and regional office costs		29,270				—				29,270				—				29,270
General & administrative		6,119				—				6,119				—				6,119
Other		14,618				(562		)		14,056				19,352				33,408
Total operating expenses		522,381				(8,714		)		513,667				203,300				716,967
OPERATING INCOME		333,551				(6,845		)		326,706				86,425				413,131
Interest expense		(243,654		)		3,709				(239,945		)		(81,346		)		(321,291		)
Minority interest in income of consolidated entities		(3,136		)		3,136				—				—				—
Income tax expense of taxable REIT subsidiaries		528				—				528				—				528
Income from unconsolidated entities		7,459				—				7,459				(7,459		)		—
Gain on sale of interests in unconsolidated entities, net		500				—				500				2,380				2,880
Limited partners’ interest in Operating Partnership		(15,448		)		—				(15,448		)		—				(15,448		)
Preferred distributions of Operating Partnership		(5,597		)		—				(5,597		)		—				(5,597		)
Income from continuing operations		74,203				—				74,203				—				74,203
Discontinued operations, net of limited partners’ interest		17				—				17				—				17
Gain on sale of discontinued operations, net of limited partners’ interest		—				—				—				—				—
NET INCOME		74,220				—				74,220				—				74,220
Preferred dividends		(14,303		)		—				(14,303		)		—				(14,303		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	59,917			$	—			$	59,917			$	—			$	59,917
RECONCILIATION OF NET INCOME TO FFO
Net Income										$	74,220			$	—			$	74,220
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership										21,045				—				21,045
Limited partners’ interest in results of operations from discontinued operations										3				—				3
Depreciation and amortization from consolidated properties and discontinued operations										226,853				—				226,853
Simon’s share of depreciation and amortization from unconsolidated entities										—				75,969				75,969
Income from unconsolidated entities										(7,459		)		7,459				—
(Gain) on sales of interests in other assets and unconsolidated entities, net of limited partners’ interest										(2,880		)		—				(2,880		)
Minority interest portion of depreciation and amortization										(2,276		)		—				(2,276		)
Preferred distributions and dividends										(19,900		)		—				(19,900		)
FFO of the Simon Portfolio										$	289,606			$	83,428			$	373,034
Percentage of FFO of the Simon Portfolio										77.64		%		22.36		%		100.00		%

11

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Six Months Ended June 30, 2007

									The Company’s				The Company’s				Total
					Minority				Consolidated				Share of				Company’s
	Consolidated				Interest				Share				Joint Ventures				Share
REVENUE:
Minimum rent		$	1,032,951			$	(17,378	)		$	1,015,573			$	295,586			$	1,311,159
Overage rent		36,526				(142		)		36,384				14,902				51,286
Tenant reimbursements		468,597				(10,734		)		457,863				140,082				597,945
Management fees and other revenues		38,417				—				38,417				—				38,417
Other income		131,582				(771		)		130,811				43,016				173,827
Total revenue		1,708,073				(29,025		)		1,679,048				493,586				2,172,634
EXPENSES:
Property operating		221,349				(6,278		)		215,071				98,150				313,221
Depreciation and amortization		445,882				(4,447		)		441,435				133,776				575,211
Real estate taxes		158,245				(2,772		)		155,473				38,392				193,865
Repairs and maintenance		57,751				(1,463		)		56,288				22,520				78,808
Advertising and promotion		39,294				(691		)		38,603				9,336				47,939
Provision for credit losses		1,966				53				2,019				2,591				4,610
Home and regional office costs		62,969				—				62,969				—				62,969
General & administrative		10,018				—				10,018				—				10,018
Other		28,082				(1,060		)		27,022				31,741				58,763
Total operating expenses		1,025,556				(16,658		)		1,008,898				336,506				1,345,404
OPERATING INCOME		682,517				(12,367		)		670,150				157,080				827,230
Interest expense		(466,132		)		6,321				(459,811		)		(127,848		)		(587,659		)
Minority interest in income of consolidated entities		(6,046		)		6,046				—				—				—
Income tax expense of taxable REIT subsidiaries		(757		)		—				(757		)		—				(757		)
Income from unconsolidated entities		29,232				—				29,232				(29,232		)		—
Gain on sale of interests in unconsolidated entities, net		500				—				500				—				500
Limited partners’ interest in Operating Partnership		(41,326		)		—				(41,326		)		—				(41,326		)
Preferred distributions of Operating Partnership		(10,836		)		—				(10,836		)		—				(10,836		)
Income from continuing operations		187,152				—				187,152				—				187,152
Discontinued operations, net of limited partners’ interest		(145		)		—				(145		)		—				(145		)
Gain on or sale of discontinued operations, net of limited partners’ interest		—				—				—				—				—
NET INCOME		187,007				—				187,007				—				187,007
Preferred dividends		(28,709		)		—				(28,709		)		—				(28,709		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	158,298			$	—			$	158,298			$	—			$	158,298
RECONCILIATION OF NET INCOME TO FFO
Net Income										$	187,007			$	—			$	187,007
Adjustments to Net Income to Arrive at FFO:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership										52,162				—				52,162
Limited partners’ interest in results of operations from discontinued operations										(38		)		—				(38		)
Depreciation and amortization from consolidated properties and discontinued operations										439,341				—				439,341
Simon’s share of depreciation and amortization from unconsolidated entities										—				131,300				131,300
Income from unconsolidated entities										(29,232		)		29,232				—
(Gain) on sales of interests in other assets and unconsolidated entities, net of limited partners’ interest										(500		)		—				(500		)
Minority interest portion of depreciation and amortization										(4,293		)		—				(4,293		)
Preferred distributions and dividends										(39,545		)		—				(39,545		)
FFO of the Simon Portfolio										$	604,902			$	160,532			$	765,434
Percentage of FFO of the Simon Portfolio										79.03		%		20.97		%		100.00		%

12

SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
As of June 30, 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		$	23,631,847		$	(208,037	)		$	23,423,810			$	8,759,633		$	32,183,443
Less—accumulated depreciation		4,971,424			(73,878		)		4,897,546				916,906			5,814,452
		18,660,423			(134,159		)		18,526,264				7,842,727			26,368,991
Cash and cash equivalents		381,175			(7,978		)		373,197				354,135			727,332
Tenant receivables and accrued revenue, net		324,776			(3,953		)		320,823				136,686			457,509
Investment in unconsolidated entities, at equity		1,852,819			—				1,852,819				(1,852,819		)	—
Deferred costs and other assets		1,132,490			(156,219		)		976,271				321,862			1,298,133
Loans to affiliated entities		532,580			—				532,580				—			532,580
Total assets		$	22,884,263		$	(302,309	)		$	22,581,954			$	6,802,591		$	29,384,545
LIABILITIES:
Mortgages and other indebtedness		$	16,438,845		$	(273,224	)		$	16,165,621			$	6,188,391		$	22,354,012
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,113,213			(8,649		)		1,104,564				425,281			1,529,845
Cash distributions and losses in partnerships and joint ventures, at equity		232,802			—				232,802				(232,802		)	—
Other liabilities, minority interest and accrued dividends		188,327			(20,436		)		167,891				421,721			589,612
Total liabilities		17,973,187			(302,309		)		17,670,878				6,802,591			24,473,469
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP		773,963			—				773,963				—			773,963
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP		310,241			—				310,241				—			310,241
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, 17,819,267 issued and outstanding, with a liquidation value of $890,963		897,255			—				897,255				—			897,255
Common stock, $.0001 par value, 400,000,000 shares authorized, 227,511,348 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		5,028,287			—				5,028,287				—			5,028,287
Accumulated deficit		(1,957,262		)	—				(1,957,262		)		—			(1,957,262		)
Accumulated other comprehensive income		22,906			—				22,906				—			22,906
Common stock held in treasury at cost, 4,125,332 shares		(164,337		)	—				(164,337		)		—			(164,337		)
Total stockholders’ equity		3,826,872			—				3,826,872				—			3,826,872
		$	22,884,263		$	(302,309	)		$	22,581,954			$	6,802,591		$	29,384,545

13

SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of June 30, 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 and six months ended June 30, 2007.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2007			2006			2007			2006
Reconciliation of NOI of consolidated Properties:
Net Income	$	74,220		$	101,263		$	187,007		$	223,853
Preferred distributions of the Operating Partnership	5,597			6,928			10,836			13,754
Limited partners’ interest in the Operating Partnership	15,448			21,924			41,326			49,478
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net of limited partners’ interest	(17		)	19			145			(110		)
Income tax expense of taxable REIT subsidiaries	(528		)	3,220			757			4,859
Minority interest in income of consolidated entities	3,136			3,433			6,046			4,358
Interest expense	243,654			200,743			466,132			404,815
Income from unconsolidated entities and beneficial interests, net	(7,459		)	(19,882		)	(29,232		)	(49,805		)
Gain on sales of interest in unconsolidated entities	(500		)	(7,599		)	(500		)	(41,949		)
Operating Income	333,551			310,049			682,517			609,253
Depreciation and amortization	230,611			211,363			445,882			420,810
NOI of consolidated Properties	$	564,162		$	521,412		$	1,128,399		$	1,030,063
Reconciliation of NOI of unconsolidated entities:
Net Income	$	24,239		$	101,650		$	114,926		$	183,436
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net	(178		)	(23,997		)	(2,876		)	(26,794		)
Interest expense	238,349			102,117			345,505			201,733
Income from unconsolidated entities	3			(145		)	87			(239		)
(Gain) loss on sale of asset	—			(94		)	4,759			(94		)
Operating Income	262,413			179,531			462,401			358,042
Depreciation and amortization	157,095			79,185			239,914			151,066
NOI of unconsolidated entities	$	419,508		$	258,716		$	702,315		$	509,108
Total consolidated and unconsolidated NOI from continuing operations	$	983,670		$	780,128		$	1,830,714		$	1,539,171
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties	181			14,842			8,021			30,877
Total NOI of the Simon Group Portfolio	$	983,851		$	794,970		$	1,838,735		$	1,570,048
Increase in NOI from prior period	23.8		%	4.0		%	17.1		%	4.7		%
Less:Joint venture partner’s share of NOI	264,633			164,228			436,478			321,106
Simon Group’s Share of NOI	$	719,218		$	630,742		$	1,402,257		$	1,248,942
Increase in Simon Group’s Share of NOI from prior period	14.0		%	4.2		%	12.3		%	4.7		%
NOI of Regional Malls that are Comparable Properties(1)	$	617,758		$	607,770		$	1,249,499		$	1,215,473
Increase in NOI of Regional Malls that are Comparable Properties(1)	1.6		%				2.8		%
NOI of Premium Outlet Centers that are Comparable Properties(1)	$	91,036		$	84,207		$	178,968		$	163,635
Increase in NOI of Premium Outlet Centers that are Comparable Properties(1)	8.1		%				9.4		%

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

14

SIMON PROPERTY GROUP
NOI Composition(1)(2)
For the Six Months Ended June 30, 2007

	Percent of Total NOI
	of the Simon Portfolio
U.S. Portfolio NOI by State
Florida		15.1	%
Texas		10.6	%
California		8.2	%
Massachusetts		8.1	%
New York		8.0	%
Pennsylvania		6.3	%
Indiana		5.3	%
Georgia		4.9	%
Nevada		3.8	%
New Jersey		3.7	%
Top 10 Contributors by State		74.0	%
NOI by Asset Type
Regional Malls		76.1	%
Premium Outlet Centers		13.5	%
International (2)		5.7	%
Community/Lifestyle Centers		4.5	%
Other		0.2	%
Total		100.0	%

(1)Does not include the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

(3)International includes five Premium Outlet Centers in Japan and one Premium Outlet Center in both Mexico and South Korea

15

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of June 30, 2007
(In thousands)

	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
	2007			2006		2007			2006
Consolidated Properties
Other Income
Interest Income	$	21,209	(1)	$	6,133	$	44,262	(1)	$	12,330
Lease Settlement Income	2,189			4,076		24,946		(2)	12,152
Gains on Land Sales	3,020			16,279		5,874			19,228
Other	33,268			24,951		56,500			50,027
Totals	$	59,686		$	51,439	$	131,582		$	93,737
Other Expense
Ground Rent	$	7,719		$	6,817	$	15,097		$	14,513
Professional Fees	2,998			2,848		6,025			4,412
Other	3,901			2,497		6,960			6,303
Totals	$	14,618		$	12,162	$	28,082		$	25,228

(1)Includes $13.4 million and $25.2 million for the three and six months, respectively, of income from a mezzanine financing provided by the Company on February 13, 2007 in connection with the Mills acquisition.

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

16

SIMON PROPERTY GROUP
U.S. Portfolio GLA
As of June 30, 2007

		Total	% of
Type of Property	GLA-Sq. Ft.	Owned GLA	Owned GLA
Regional Malls
Anchor	100,277,826	27,967,624		20.1	%
Specialty Store	59,237,934	59,010,967		42.5	%
Freestanding	4,371,598	1,738,991		1.3	%
Subtotal	63,609,532	60,749,958		43.8	%
Regional Mall Total	163,887,358	88,717,582		63.9	%
Premium Outlet Centers	14,061,395	14,061,395		10.1	%
Community/Lifestyle Centers
Anchor	13,897,281	8,800,998		6.3	%
Specialty Store	4,525,518	4,470,350		3.2	%
Freestanding	767,912	117,574		0.1	%
Community/Lifestyle Centers Total	19,190,711	13,388,922		9.6	%
Mills Portfolio(1)	43,613,425	19,287,238		13.9	%
Office Portion of Retail	1,955,341	1,955,341		1.4	%
Other(2)	1,591,675	1,591,675		1.1	%
Total U.S. Properties	244,299,905	139,002,153		100.0	%

(1)The Mills portfolio includes regional malls, The Mills® and community centers.

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

17

SIMON PROPERTY GROUP
U.S. Regional Mall Operational Information(1)
As of June 30, 2007

	As of or for the
	Six Months Ended
	June 30,
	2007			2006
Total Number of Regional Malls	171			171
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)	165.8			166.5
Occupancy(2)
Consolidated Assets	92.2		%	91.3		%
Unconsolidated Assets	91.7		%	92.1		%
Total Portfolio	92.0		%	91.6		%
Comparable sales per square foot(3)
Consolidated Assets	$	470		$	454
Unconsolidated Assets	$	527		$	495
Total Portfolio	$	489		$	468
Average rent per square foot(2)
Consolidated Assets	$	35.60		$	34.64
Unconsolidated Assets	$	38.25		$	35.93
Total Portfolio	$	36.51		$	35.10

	Mall &
	Freestanding			%
Average Base Rent Per Square Foot(2)	Stores			Change
6/30/07		$	36.51		4.0	%
6/30/06		35.10
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)		$	47.20		$	38.17	$	9.03	23.7	%
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 from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

(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.

18

SIMON PROPERTY GROUP
U.S. Regional Mall Lease Expirations(1)(2)
As of June 30, 2007

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 6/30/07
Mall Stores & Freestanding
Month to Month Leases		870	2,360,484		$	33.46
2007 (7/1-12/31)		583	1,151,047		$	43.73
2008		2,484	5,895,980		$	35.48
2009		2,062	5,804,528		$	35.13
2010		1,949	5,551,880		$	38.44
2011		2,052	5,282,136		$	35.21
2012		1,369	4,743,958		$	36.27
2013		1,165	3,687,675		$	40.37
2014		1,250	3,695,745		$	42.31
2015		1,205	3,993,135		$	41.91
2016		1,410	4,130,892		$	40.56
2017		931	3,282,397		$	39.97
2018 and Thereafter		474	2,880,539		$	33.03
Specialty Leasing Agreements w/ terms in excess of 12 months		1,145	2,972,953		$	14.03
Anchor Tenants
Month to Month Leases		3	246,538		$	2.41
2007 (7/1-12/31)		1	30,950		$	9.50
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		29	3,191,064		$	3.89
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		34	3,576,079		$	6.01

(1)Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

19

SIMON PROPERTY GROUP
U.S. Regional Mall Top Tenants(1)
As of June 30, 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		501		3,185		1.6	%		3.7	%
Gap		317		3,495		1.7	%		2.5	%
Foot Locker		432		1,722		0.9	%		2.0	%
Abercrombie & Fitch Co.		194		1,384		0.7	%		1.7	%
Zale Corporation		382		439		0.2	%		1.5	%
Luxottica Group S.P.A		350		722		0.4	%		1.2	%
Sterling Jewelers, Inc.		206		299		0.1	%		1.0	%
Children’s Place Retail Stores		185		818		0.4	%		1.0	%
American Eagle Outfitters		137		787		0.4	%		0.9	%
Genesco, Inc.		355		468		0.2	%		0.9	%

Top Anchors (sorted by percentage of total Simon Group square footage)(2)

				Percent of			Percent of
	Number		Square	Total			Total Simon
	of		Feet	Simon Group			Group Base
Tenant	Stores		(000’s)	Sq. Ft.			Min. Rent
Macy’s, Inc.		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		8.4	%		0.9	%
Dillard’s Dept. Stores		81	12,295		6.1	%		0.1	%
Nordstrom, Inc.		21	3,722		1.9	%		0.0	%
Belk, Inc.		27	3,217		1.6	%		0.4	%
The Bon-Ton Stores, Inc.		22	2,202		1.1	%		0.3	%
Target Corporation		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 and Taylor		8	1,074		0.5	%		0.0	%
Saks Incorporated		9	1,053		0.5	%		0.3	%

(1)Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

20

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings(1)
2007-2010

Property Name		Location		New Tenant		Former Tenant
Openings through June 30, 2007
Boynton Beach Mall	Boynton Beach, FL		Muvico Theater		Macy’s
Circle Centre	Indianapolis, IN		Carson Pirie Scott		Parisian
Eastland Mall	Evansville, IN		Dillard’s		L.S. Ayres
Firewheel Town Center	Garland, TX		Ethan Allen		N/A
Lakeline Mall	Austin, TX		Dillard’s		Mervyn’s
Orange Park Mall	Jacksonville, FL		Dick’s Sporting Goods		N/A
Smith Haven Mall	Lake Grove, NY		Dick’s Sporting Goods		Stern’s
			Macy’s Furniture		N/A
South Shore Plaza	Braintree, MA		The Cheesecake Factory		N/A
Square One Mall	Saugus, MA		Dick’s Sporting Goods		N/A
Openings Projected for the Remainder of 2007
Avenues, The	Jacksonville, FL		Belk		Parisian
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
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
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
Northshore Mall	Peabody (Boston), MA		The Cheesecake Factory		N/A
Phipps Plaza	Atlanta, GA		Belk		Parisian
Richmond Town Square	Cleveland, OH		Regal Cinema		AMC Theatre
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
South Ridge Mall	Des Moines, IA		Steve & Barry’s		N/A
Town Center at Boca Raton	Boca Raton, FL		Crate & Barrel		N/A
Town Center at Cobb	Kennesaw, GA		Belk		Parisian
Upper Valley Mall	Springfield, OH		MC Sports		N/A
			Steve & Barry’s		N/A
Walt Whitman Mall	Huntington Station, NY		The Cheesecake Factory		Organized Living
West Town Mall	Knoxville, TN		Belk		Parisian
Westminster Mall	Westminster, CA		Target		Macy’s
Woodland Hills Mall	Tulsa, OK		The Cheesecake Factory		N/A

21

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings(1)
2007-2010

Property Name		Location		New Tenant		Former Tenant
Openings Projected in 2008
Anderson Mall	Anderson, SC		Dillard’s		Belk Mens
Aventura Mall	Miami Beach, FL		Nordstrom		Lord & Taylor
Burlington Mall	Burlington (Boston), MA		Nordstrom		Filene’s
Crystal Mall	Waterford, CT		Bed Bath & Beyond		Macy’s
			Christmas Tree Shop		Macy’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
Markland Mall	Kokomo, IN		MC Sports		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
White Oaks Mall	Springfield, IL		Barnes & Noble		N/A
Openings Projected in 2009
Coddingtown Mall	Santa Rosa, CA		Whole Foods		Ralph’s Grocery
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

(1)   Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

22

SIMON PROPERTY GROUP

U.S. Regional Mall Property Listing(1)

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding			Total
1.	McCain Mall			AR	N. Little Rock		100.0	%	554,156		221,353		775,509
2.	University Mall			AR	Little Rock		100.0	%	364,992		153,603		518,595
3.	Brea Mall			CA	Brea (Los Angeles)		100.0	%	874,802		443,665		1,318,467
4.	Coddingtown Mall			CA	Santa Rosa		50.0	%	547,090		265,402		812,492
5.	Fashion Valley Mall			CA	San Diego		50.0	%	1,053,305		653,993		1,707,298
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		529,586	(7)	1,378,739
10.	Westminster Mall			CA	Westminster (Los Angeles)		100.0	%	716,939		493,611		1,210,550
11.	Mesa Mall(2)			CO	Grand Junction		50.0	%	441,208		443,015		884,223
12.	Town Center at Aurora			CO	Aurora (Denver)		100.0	%	682,169		402,135		1,084,304
13.	Crystal Mall			CT	Waterford		74.6	%	442,311		351,069		793,380
14.	Aventura Mall(2)			FL	Miami Beach		33.3	%	1,116,938		662,246		1,779,184
15.	Avenues, The			FL	Jacksonville		25.0	%(3)	754,956		363,011		1,117,967
16.	Boynton Beach Mall			FL	Boynton Beach (Miami-Fort Lauderdale)		100.0	%	714,210		317,794		1,032,004
17.	Coconut Point			FL	Estero (Cape Coral-Fort Myers)		50.0	%	503,819		498,411		1,002,230
18.	Coral Square			FL	Coral Springs (Miami-Fort Lauderdale)		97.2	%	648,144		297,393		945,537
19.	Cordova Mall			FL	Pensacola		100.0	%	395,875		451,265		847,140
20.	Crystal River Mall			FL	Crystal River		100.0	%	302,495		121,964		424,459
21.	Dadeland Mall			FL	Miami		50.0	%	1,132,072		338,170		1,470,242
22.	DeSoto Square			FL	Bradenton (Sarasota-Bradenton)		100.0	%	435,467		243,092		678,559
23.	Edison Mall			FL	Fort Myers		100.0	%	742,667		309,124		1,051,791
24.	Florida Mall, The			FL	Orlando		50.0	%	1,232,465		617,083		1,849,548
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		239,992		536,029
28.	Melbourne Square			FL	Melbourne		100.0	%	416,167		294,482		710,649
29.	Miami International Mall			FL	Miami		47.8	%	778,784		295,350		1,074,134
30.	Orange Park Mall			FL	Orange Park (Jacksonville)		100.0	%	576,051		383,076		959,127
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	%(4)	458,251		323,694		781,945
34.	Seminole Towne Center			FL	Sanford (Orlando)		45.0	%(3)	768,798		368,618		1,137,416
35.	Shops at Sunset Place, The			FL	S. Miami		37.5	%(3)	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		493,848		1,579,160
38.	Treasure Coast Square			FL	Jensen Beach		100.0	%	511,372		350,830		862,202
39.	Tyrone Square			FL	St. Petersburg (Tampa-St. Pete)		100.0	%	748,269		372,022		1,120,291
40.	University Mall			FL	Pensacola		100.0	%	478,449		230,652		709,101
41.	Gwinnett Place			GA	Duluth (Atlanta)		75.0	%	843,609		434,180		1,277,789
42.	Lenox Square			GA	Atlanta		100.0	%	821,356		633,260	(7)	1,454,616
43.	Mall of Georgia			GA	Buford (Atlanta)		100.0	%	1,069,590		723,888		1,793,478
44.	Northlake Mall			GA	Atlanta		100.0	%	665,745		296,474		962,219
45.	Phipps Plaza			GA	Atlanta		100.0	%	472,385		346,555		818,940
46.	Town Center at Cobb			GA	Kennesaw (Atlanta)		75.0	%	866,381		406,082		1,272,463
47.	Lindale Mall(2)			IA	Cedar Rapids		50.0	%	305,563		387,878		693,441
48.	NorthPark Mall			IA	Davenport		50.0	%	650,456		422,921		1,073,377

23

SIMON PROPERTY GROUP

U.S. Regional Mall Property Listing(1)

									Gross Leasable Are
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding			Total
49.	Southern Hills Mall(2)			IA	Sioux City		50.0	%	372,937		431,874		804,811
50.	SouthRidge Mall(2)			IA	Des Moines		50.0	%	388,752		513,590		902,342
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	%(4)	310,994		246,540		557,534
54.	Northwoods Mall			IL	Peoria		100.0	%	472,969		220,986		693,955
55.	Orland Square			IL	Orland Park (Chicago)		100.0	%	773,295		437,867		1,211,162
56.	River Oaks Center			IL	Calumet City (Chicago)		100.0	%	807,871		559,859	(7)	1,367,730
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		379,603		936,434
59.	Castleton Square			IN	Indianapolis		100.0	%	908,481		410,175		1,318,656
60.	Circle Centre			IN	Indianapolis		14.7	%	350,000		433,016	(7)	783,016
61.	College Mall			IN	Bloomington		100.0	%	356,887		275,101		631,988
62.	Eastland Mall			IN	Evansville		50.0	%	489,144		375,118		864,262
63.	Fashion Mall at Keystone			IN	Indianapolis		100.0	%	249,721		434,399	(7)	684,120
64.	Greenwood Park Mall			IN	Greenwood (Indianapolis)		100.0	%	754,928		409,314		1,164,242
65.	Lafayette Square			IN	Indianapolis		100.0	%	937,223		269,835		1,207,058
66.	Markland Mall			IN	Kokomo		100.0	%	273,094		141,969		415,063
67.	Muncie Mall			IN	Muncie		100.0	%	435,756		204,728		640,484
68.	Tippecanoe Mall			IN	Lafayette		100.0	%	537,790		322,553		860,343
69.	University Park Mall			IN	Mishawaka (South Bend)		100.0	%	499,876		320,449		820,325
70.	Washington Square			IN	Indianapolis		100.0	%	616,109		348,740		964,849
71.	Towne East Square			KS	Wichita		100.0	%	779,490		351,080		1,130,570
72.	Towne West Square			KS	Wichita		100.0	%	619,269		332,484		951,753
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		309,982	(7)	501,377
76.	Atrium Mall			MA	Chestnut Hill (Boston)		49.1	%	0		205,751		205,751
77.	Auburn Mall			MA	Auburn (Worcester)		49.1	%	417,620		174,250		591,870
78.	Burlington Mall			MA	Burlington (Boston)		100.0	%	642,411		423,627		1,066,038
79.	Cape Cod Mall			MA	Hyannis		49.1	%	420,199		303,658		723,857
80.	Copley Place			MA	Boston		98.1	%	150,847		1,090,921	(7)	1,241,768
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		298,680	(7)	431,314
83.	Liberty Tree Mall			MA	Danvers (Boston)		49.1	%	498,000		358,417		856,417
84.	Mall at Chestnut Hill			MA	Chestnut Hill (Boston)		47.2	%	297,253		180,133		477,386
85.	Northshore Mall			MA	Peabody (Boston)		49.1	%	677,433		680,176		1,357,609
86.	Solomon Pond Mall			MA	Marlborough (Boston)		49.1	%	538,843		370,742		909,585
87.	South Shore Plaza			MA	Braintree (Boston)		100.0	%	547,287		613,683		1,160,970
88.	Square One Mall			MA	Saugus (Boston)		49.1	%	608,601		321,446		930,047
89.	Bowie Town Center			MD	Bowie (Washington, D.C.)		100.0	%	355,557		328,589		684,146
90.	St. Charles Towne Center			MD	Waldorf (Washington, D.C.)		100.0	%	631,602		350,903		982,505
91.	Bangor Mall			ME	Bangor		66.4	%(6)	416,582		237,528		654,110
92.	Maplewood Mall			MN	Minneapolis		100.0	%	588,822		341,893		930,715
93.	Miller Hill Mall			MN	Duluth		100.0	%	429,508		379,427		808,935
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		532,647		1,031,931
96.	SouthPark			NC	Charlotte		100.0	%	1,044,742		566,219		1,610,961

24

SIMON PROPERTY GROUPU.S. Regional Mall Property Listing(1)

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding			Total
97.	Crossroads Mall			NE	Omaha		100.0	%	522,119		188,553		710,672
98.	Mall at Rockingham Park, The			NH	Salem (Boston)		24.6	%	638,111		381,954		1,020,065
99.	Mall of New Hampshire, The			NH	Manchester		49.1	%	444,889		362,861		807,750
100.	Pheasant Lane Mall			NH	Nashua (Manchester)		(5	)	555,474		313,849		869,323
101.	Brunswick Square			NJ	East Brunswick (New York)		100.0	%	467,626		299,836		767,462
102.	Livingston Mall			NJ	Livingston (New York)		100.0	%	616,128		337,198		953,326
103.	Menlo Park Mall			NJ	Edison (New York)		100.0	%	527,591		797,581	(7)	1,325,172
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	%(6)	686,760		413,189		1,099,949
106.	Rockaway Townsquare			NJ	Rockaway (New York)		100.0	%	786,626		455,766		1,242,392
107.	Cottonwood Mall			NM	Albuquerque		100.0	%	631,556		408,570		1,040,126
108.	Forum Shops at Caesars, The			NV	Las Vegas		100.0	%	0		635,258		635,258
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		277,860		587,955
111.	Mall at The Source, The			NY	Westbury (New York)		25.5	%(3)	210,798		515,098		725,896
112.	Nanuet Mall			NY	Nanuet (New York)		100.0	%	583,711		331,394		915,105
113.	Roosevelt Field			NY	Garden City (New York)		100.0	%	1,430,425		779,730	(7)	2,210,155
114.	Smith Haven Mall			NY	Lake Grove (New York)		25.0	%	743,868		473,095		1,216,963
115.	Walt Whitman Mall			NY	Huntington Station (New York)		100.0	%	742,214		294,206		1,036,420
116.	Westchester, The			NY	White Plains (New York)		40.0	%	349,393		478,192	(7)	827,585
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		316,129		749,065
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		461,698		1,049,835
124.	Woodland Hills Mall			OK	Tulsa		94.5	%	706,159		382,178		1,088,337
125.	Century III Mall			PA	West Mifflin (Pittsburgh)		100.0	%	831,439		459,122	(7)	1,290,561
126.	Granite Run Mall			PA	Media (Philadelphia)		50.0	%	500,809		535,458		1,036,267
127.	King of Prussia Mall			PA	King of Prussia (Philadelphia)		12.4	%(6)	1,545,812		1,065,284	(7)	2,611,096
128.	Lehigh Valley Mall			PA	Whitehall (Allentown-Bethlehem)		37.6	%(6)	564,353		482,967	(7)	1,047,320
129.	Montgomery Mall			PA	North Wales (Philadelphia)		53.5	%(6)	684,855		410,758		1,095,613
130.	Oxford Valley Mall			PA	Langhorne (Philadelphia)		63.2	%(6)	762,558		557,455	(7)	1,320,013

25

SIMON PROPERTY GROUPU.S. Regional Mall Property Listing(1)

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding			Total
131.	Ross Park Mall			PA	Pittsburgh		100.0	%	589,644		423,938		1,013,582
132.	South Hills Village			PA	Pittsburgh		100.0	%	655,987		484,906		1,140,893
133.	Springfield Mall(2)			PA	Springfield (Philadelphia)		38.0	%(6)	367,176		221,489		588,665
134.	Plaza Carolina			PR	Carolina (San Juan)		100.0	%	504,796		609,185	(7)	1,113,981
135.	Anderson Mall			SC	Anderson (Greenville)		100.0	%	404,394		179,745		584,139
136.	Haywood Mall			SC	Greenville		100.0	%	902,400		328,344		1,230,744
137.	Empire Mall(2)			SD	Sioux Falls		50.0	%	497,341		547,704		1,045,045
138.	Rushmore Mall(2)			SD	Rapid City		50.0	%	470,660		363,218		833,878
139.	Knoxville Center			TN	Knoxville		100.0	%	597,028		383,981		981,009
140.	Oak Court Mall			TN	Memphis		100.0	%	532,817		313,926	(7)	846,743
141.	Raleigh Springs Mall			TN	Memphis		100.0	%	691,230		225,965		917,195
142.	West Town Mall			TN	Knoxville		50.0	%	878,311		451,156		1,329,467
143.	Wolfchase Galleria			TN	Memphis		94.5	%	761,648		510,560		1,272,208
144.	Barton Creek Square			TX	Austin		100.0	%	922,266		507,491		1,429,757
145.	Broadway Square			TX	Tyler		100.0	%	427,730		201,898		629,628
146.	Cielo Vista Mall			TX	El Paso		100.0	%	793,716		449,848		1,243,564
147.	Domain, The			TX	Austin		100.0	%	220,000		411,866	(7)	631,866
148.	Firewheel Town Center			TX	Garland (Dallas-Forth Worth)		100.0	%	295,532		618,921	(7)	914,453
149.	Galleria, The			TX	Houston		31.5	%	1,233,802		1,114,583		2,348,385
150.	Highland Mall(2)			TX	Austin		50.0	%	732,000		359,126		1,091,126
151.	Ingram Park Mall			TX	San Antonio		100.0	%	750,888		376,351		1,127,239
152.	Irving Mall			TX	Irving (Dallas-Fort Worth)		100.0	%	637,415		406,696		1,044,111
153.	La Plaza Mall			TX	McAllen		100.0	%	776,397		427,071		1,203,468
154.	Lakeline Mall			TX	Cedar Park (Austin)		100.0	%	745,179		339,359		1,084,538
155.	Longview Mall			TX	Longview		100.0	%	402,843		209,321		612,164
156.	Midland Park Mall			TX	Midland		100.0	%	339,113		279,405		618,518
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		242,237		632,018
161.	Apple Blossom Mall			VA	Winchester		49.1	%	229,011		213,778		442,789
162.	Charlottesville Fashion Square			VA	Charlottesville		100.0	%	381,153		190,383		571,536
163.	Chesapeake Square			VA	Chesapeake (Virginia Beach-Norfolk)		75.0	%(4)	534,760		271,705		806,465
164.	Fashion Centre at Pentagon City, The			VA	Arlington (Washington, DC)		42.5	%	472,729		517,499	(7)	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		280,960		787,599
167.	Columbia Center			WA	Kennewick		100.0	%	408,052		367,130		775,182
168.	Northgate Mall			WA	Seattle		100.0	%	612,073		291,487		903,560
169.	Tacoma Mall			WA	Tacoma (Seattle)		100.0	%	924,045		406,992		1,331,037
170.	Bay Park Square			WI	Green Bay		100.0	%	447,508		267,592		715,100
171.	Forest Mall			WI	Fond Du Lac		100.0	%	327,260		172,476		499,736
	Total Regional Mall GLA								100,277,827		65,564,872		165,842,699

26

FOOTNOTES:

(1)Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

(3)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.

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

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

(6)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.

(7)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—867,007 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—111,160 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.

27

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of June 30, 2007

	As of or for the
	Six Months Ended
	June 30,
	2007				2006
Total Number of U.S. Premium Outlet Centers		36				34
Total U.S. Premium Outlet Centers GLA (in millions of square feet)		14.1				13.1
Occupancy(1)		99.4		%		99.4		%
Comparable sales per square foot(1)		$	492			$	453
Average base rent per square foot(1)		$	25.11			$	23.78

Average Base Rent Per Square Foot(1)	Total Center		% Change
6/30/07	$	25.11		5.6	%
6/30/06	23.78
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)		$	31.07		$	23.76	$	7.31	30.8	%
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.

28

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)
As of June 30, 2007

				Weighted
				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 6/30/07
2007 (7/1-12/31)		122	408,819		$	19.88
2008		389	1,558,119		$	25.06
2009		400	1,653,582		$	22.85
2010		510	2,268,046		$	24.11
2011		443	1,928,460		$	24.38
2012		422	1,798,846		$	24.59
2013		256	1,147,879		$	25.78
2014		227	772,021		$	29.39
2015		198	685,609		$	30.85
2016		224	687,733		$	36.68
2017		247	806,036		$	31.89
2018 and Thereafter		83	304,623		$	24.40

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

29

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of June 30, 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		810		0.4	%		0.8	%
Jones Retail Corporation		151		509		0.3	%		0.5	%
The Gap, Inc.		75		681		0.3	%		0.4	%
Adidas Promotional Retail Operations, Inc.		54		446		0.2	%		0.4	%
Nike Retail Services, Inc.		58		520		0.3	%		0.4	%
The William Carter Company, Inc.		66		319		0.2	%		0.3	%
LCI Holdings, Inc.		58		402		0.2	%		0.3	%
Brown Group Retail, Inc.		62		271		0.1	%		0.3	%
Tommy Hilfiger Retail Operations, Inc.		41		261		0.1	%		0.3	%
VF Outlet		60		370		0.2	%		0.2	%

30

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

						Legal			Total Gross
		Property Name	State		City (CBSA)	Ownership			Leasable Area
1.	Camarillo Premium Outlets			CA	Camarillo		100.0	%		454,091
2.	Carlsbad Premium Outlets			CA	Carlsbad (San Diego)		100.0	%		287,936
3.	Desert Hills Premium Outlets			CA	Cabazon (Riverside)		100.0	%		498,838
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	%		195,982
8.	Vacaville Premium Outlets			CA	Vacaville		100.0	%		442,041
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	%		262,420
19.	Albertville Premium Outlets			MN	Albertville (Minneapolis)		100.0	%		429,534
20.	Osage Beach Premium Outlets			MO	Osage Beach		100.0	%		391,435
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	%		844,131
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	%		441,492
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									14,061,395

31

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Operational Information(1)
As of June 30, 2007

	As of or for the
	Six Months Ended
	June 30,
	2007			2006
Total Number of Community/Lifestyle Centers	68			70
Total Community/Lifestyle Center GLA (in millions of square feet)	19.2			19.1
Occupancy(2)
Consolidated Assets	91.2		%	86.9		%
Unconsolidated Assets	96.7		%	96.2		%
Total Portfolio	92.9		%	89.7		%
Average rent per square foot(2)
Consolidated Assets	$	12.18		$	11.92
Unconsolidated Assets	$	11.74		$	11.08
Total Portfolio	$	12.03		$	11.65

Average Base Rent Per Square Foot(2)	Total Center		% Change
6/30/07	$	12.03		3.3	%
6/30/06	11.65
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(2):

	Average Base Rent(3)						Amount of Change
	Lease Signings			Store Closings/ Lease Expirations			(Referred to as “Leasing Spread”)
2007 (YTD)		$	17.50		$	13.96	$	3.54	25.4	%
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)Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

(2)For all owned gross leasable area.

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

32

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)(2)
As of June 30, 2007

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 6/30/07
Mall Stores & Freestanding
Month to Month Leases		57	122,307		$	15.49
2007 (7/1-12/31)		44	148,835		$	16.33
2008		243	729,114		$	14.86
2009		175	531,455		$	15.52
2010		220	714,910		$	18.50
2011		202	695,419		$	18.52
2012		93	380,515		$	16.86
2013		21	115,121		$	16.04
2014		29	170,066		$	18.86
2015		55	274,159		$	21.05
2016		42	189,523		$	19.56
2017		25	98,708		$	23.51
2018 and Thereafter		51	212,662		$	23.89
Specialty Leasing Agreements w/ terms in excess of 12 months		9	42,573		$	5.31
Anchor Tenants
Month to Month Leases		3	68,732		$	7.70
2007 (7/1-12/31)		5	196,226		$	5.89
2008		17	444,965		$	9.24
2009		25	859,447		$	7.16
2010		31	920,017		$	11.80
2011		22	900,299		$	6.98
2012		16	526,387		$	8.79
2013		15	463,039		$	7.70
2014		12	464,768		$	9.58
2015		19	681,271		$	10.51
2016		24	800,772		$	9.99
2017		19	801,001		$	9.12
2018 and Thereafter		33	1,487,787		$	11.28
Specialty Leasing Agreements w/ terms in excess of 12 months		4	156,999		$	0.82

(1)Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

33

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants(1)
As of June 30, 2007

(Sorted by percentage of total Simon Group square footage)(2)

					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	%
Schottenstein Stores Corp.		14		674		0.3	%		0.1	%
TJX Companies, Inc.		21		665		0.3	%		0.2	%
Burlington Coat Factory		7		441		0.2	%		0.1	%
Bed Bath & Beyond, Inc.		13		398		0.2	%		0.1	%
Dick’s Sporting Goods, Inc.		7		344		0.2	%		0.1	%
Office Max, Inc.		13		336		0.2	%		0.1	%

(1)Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

34

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Property Listing(1)

									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	%(3)	252,179		82,214	334,393
2.	Gaitway Plaza			FL	Ocala		23.3	%(3)	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	%(3)	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	%(3)	263,782		121,477	385,259
9.	Westland Park Plaza			FL	Orange Park (Jacksonville)		23.3	%(3)	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	%(3)	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	%(3)	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		337,751	499,032
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	%(3)	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	%	286,306		108,690	394,996
40.	Regency Plaza			MO	St. Charles (St. Louis)		100.0	%	235,642		51,831	287,473
41.	Ridgewood Court			MS	Jackson		35.0	%(3)	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		123,308	166,555
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	%	407,501		51,316	458,817
47.	Cobblestone Court			NY	Victor (Rochester)		35.0	%(3)	206,680		58,781	265,461

35

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Property Listing(1)

									Gross Leasable Area
						Legal				Mall &
		Property Name	State		City (CBSA)	Ownership			Anchor	Freestanding		Total
48.	Boardman Plaza			OH	Youngstown		100.0	%	408,007		198,231	606,238
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	%(4)	81,368		20,374	101,742
53.	Henderson Square			PA	King of Prussia (Philadelphia)		76.0	%(4)	72,683		34,690	107,373
54.	Lincoln Plaza			PA	King of Prussia (Philadelphia)		63.2	%(4)	251,224		16,007	267,231
55.	Whitehall Mall			PA	Whitehall		38.0	%(4)	493,475		94,609	588,084
56.	Charles Towne Square			SC	Charleston		100.0	%	71,794		0	71,794
57.	Empire East(2)			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		167,446	203,219
60.	Gateway Shopping Centers			TX	Austin		95.0	%	396,494		115,781	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	%	307,966		79,497	387,463
63.	Shops at Arbor Walk, The			TX	Austin		100.0	%	181,857		231,652	413,509
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	%(3)	169,043		80,615	249,658
68.	Martinsville Plaza			VA	Martinsville		100.0	%	88,470		13,635	102,105
	Total Community/Lifestyle Center GLA								13,897,281		5,293,430	19,190,711

FOOTNOTES:

(1)Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

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

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

36

SIMON PROPERTY GROUP
International Operational Information(1)
As of June 30, 2007

	As of or for the Six Months Ended June 30,
	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	¥	91,101		¥	88,752
Average base rent per square foot	¥	4,654		¥	4,645
European Shopping Centers
Total Number of Shopping Centers	53			52
Total GLA (in millions of square feet)	12.2			11.8
Occupancy	97.1		%	97.1		%
Comparable sales per square foot	€	399		€	378
Average rent per square foot	€	26.65		€	26.01

(1)Does not include Premium Outlets Punta Norte in Mexico and Yeoju Premium Outlets in South Korea.

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
	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)		49.0	%(6)		130,000		624,500	754,500
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

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
	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		4,044,300	7,601,700
	POLAND
47.	Arkadia Shopping Center	Warsaw		50.0	%		202,100		902,200	1,104,300
48.	Borek Shopping Center(7)	Wroclaw		50.0	%		119,900		129,300	249,200
49.	Dabrowka Shopping Center(7)	Katowice		50.0	%		121,000		172,900	293,900
50.	Arena Shopping Center(7)	Gliwice		50.0	%		140,700		239,000	379,700
51.	Turzyn Shopping Center(7)	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(7)	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

39

SIMON PROPERTY GROUP
International Property Listing

			SPG			Gross Leasable Area(1)
			Effective			Hypermarket/		Mall &
	Property Name	City (Metropolitan area)	Ownership(5)			Anchor(4)		Freestanding		Total
	MEXICO
59.	Premium Outlets Punta Norte	Mexico City		50.0	%		—		231,900	231,900
	Subtotal Mexico						—		231,900	231,900
	SOUTH KOREA
60.	Yeoju Premium Outlets	Seoul		50.0	%		—		249,500	249,500
	Subtotal South Korea						—		249,500	249,500
	TOTAL INTERNATIONAL ASSETS						4,955,800		9,188,700	14,144,500

FOOTNOTES:

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

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

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

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

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

(6)        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 the shopping gallery at this center, which consists of 177,600 sf of leasable area. The Company owns a 19.6% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.

(7)        On July 4, 2007, the Company’s Simon Ivanhoe joint venture sold five assets in Poland.

40

SIMON PROPERTY GROUP
Mills Property Listing

						Total Gross
		Property Name	State		City (CBSA)	Leasable Area
	The Mills®
1.	Arizona Mills			AZ	Tempe (Phoenix)		1,228,770
2.	Arundel Mills			MD	Hanover (Baltimore)		1,283,074
3.	Cincinnati Mills			OH	Cincinnati		1,442,399
4.	Colorado Mills			CO	Lakewood (Denver)		1,097,466
5.	Concord Mills			NC	Concord (Charlotte)		1,288,901
6.	Discover Mills			GA	Lawrenceville (Atlanta)		1,191,924
7.	Franklin Mills			PA	Philadelphia		1,722,954
8.	Grapevine Mills			TX	Grapevine (Dallas-Ft. Worth)		1,619,900
9.	Great Mall of the Bay Area			CA	Milpitas (Silicon Valley)		1,284,629
10.	Gurnee Mills			IL	Gurnee (Chicago)		1,817,042
11.	Katy Mills			TX	Katy (Houston)		1,245,070
12.	Ontario Mills			CA	Ontario (Los Angeles)		1,488,466
13.	Opry Mills			TN	Nashville		1,153,588
14.	Potomac Mills			VA	Prince William (Washington, D.C.)		1,418,085
15.	Sawgrass Mills			FL	Sunrise (Ft. Lauderdale)		2,285,479
16.	St. Louis Mills			MO	Hazelwood (St. Louis)		1,085,393
17.	The Block at Orange			CA	Orange (Los Angeles)		702,721
	Subtotal The Mills®						23,355,861
	Regional Malls
18.	Briarwood Mall			MI	Ann Arbor		1,013,591
19.	Broward Mall			FL	Plantation (Ft. Lauderdale)		994,838
20.	Del Amo Fashion Center			CA	Torrance (Los Angeles)		2,370,027
21.	Dover Mall			DE	Dover (Wilmington)		886,881
22.	Galleria at White Plains			NY	White Plains		871,544
23.	Gwinnett Place(1)			GA	Duluth (Atlanta)		1,277,789
24.	Hilltop Mall			CA	Richmond		1,129,679
25.	Lakeforest Mall			MD	Gaithersburg		1,069,119
26.	Marley Station			MD	Glen Burnie		1,066,897
27.	Meadwood Mall			NV	Reno		887,550
28.	Northpark Mall			MS	Ridgeland (Jackson)		958,320
29.	Riverside Square			NJ	Hackensack		764,950
30.	Southdale Center			MN	Edina (Minneapolis)		1,336,725
31.	Southridge Mall			WI	Greendale (Milwaukee)		1,227,007
32.	Stoneridge Mall			CA	Pleasanton		1,301,027
33.	The Esplanade			LA	Kenner (New Orleans)		901,213
34.	The Falls			FL	Miami		812,741
35.	Town Center at Cobb(1)			GA	Kennesaw (Atlanta)		1,272,463
36.	Tuttle Crossing			OH	Dublin (Columbus)		1,127,897
37.	Westland Mall			FL	Hialeah (Miami)		833,795
	Subtotal Regional Malls						22,104,053
	Community Centers
38.	Arundel Mills Marketplace			MD	Hanover (Baltimore)		101,613
39.	Concord Mills Marketplace			NC	Concord (Charlotte)		230,683
40.	Liberty Plaza			PA	Philadelphia		371,467
	Subtotal Community Centers						703,763
	Total Mills Properties						46,163,677

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

41

SIMON PROPERTY GROUP
Capital Expenditures in the U.S. Portfolio(1)
For the Six Months Ended June 30, 2007
(In thousands)

					Unconsolidated Entities
								Simon
	Consolidated							Group’s
	Properties				Total			Share
New development projects		$	228,306		$	69,880		$	30,699
Redevelopment projects with incremental GLA and/or Anchor Replacement		151,924			76,660			29,090
Renovations with no incremental GLA		8,828			—			—
Tenant allowances:
Retail		43,666			14,279			5,571
Office		11,721			—			—
Operational capital expenditures at properties:
CAM expenditures(2)		9,332			4,307			1,672
Non-CAM expenditures		6,289			6,892			3,100
Totals		$	460,066		$	172,018		$	70,132
Plus (Less): Conversion from accrual to cash basis		$	(47,451	)	$	(22,750	)
Capital Expenditures for the Six Months Ended 6/30/07(3)		$	412,615		$	149,268
Capital Expenditures for the Six Months Ended 6/30/06(3)		$	276,412		$	195,852

(1)Does not include the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

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

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

42

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2007

															Construction-in-Progress
		The Company’s				Projected		Projected		The Company’s		Stabilized					Unconsolidated Entities
		Ownership			Projected	Gross Cost(3)		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
New Development Projects:
Hamilton Town Center Noblesville (Indianapolis), IN	950,000 square foot center with a town center  component anchored by Hamilton 16 Theatre (with  IMAX), Borders Books & Music, Dick’s Sporting Goods  and Old Navy and community center components  anchored by JCPenney, Bed Bath & Beyond, DSW and Ulta		50	%	5/08		$ 126		$ 118		$ 59		10	%		—		$ 25.6		$ 12.8
Houston Premium Outlets Houston, TX	433,000 square foot upscale outlet center		100	%	5/08		$ 135		$ 96		$ 96		15	%		$ 38.5		—		—
Palms Crossing McAllen, TX	396,000 square foot community center anchored by  Beall’s, DSW, Barnes & Noble, Babies “R” Us, Sports  Authority, Ulta, Guitar Center and Cavendar’s Boot City		100	%	11/07		$ 76		$ 65		$ 65		8	%		$ 34.2		—		—
Philadelphia Premium Outlets Limerick, PA	425,000 square foot upscale outlet center		100	%	11/07		$ 119		$ 119		$ 119		12	%		$ 80.4		—		—
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,  The Fresh Market and Jimmy Buffett’s Margaritaville		100	%	10/06 (Target) 5/07 (Theater) 3/08 (All other)		$ 155		$ 127		$ 127		9	%		$ 64.6		—		—
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	%		—		$ 17.2		$ 5.7
Burlington Mall Burlington (Boston), MA	Acquisition of former Filene’s building and addition of Nordstrom and small shops; Crate & Barrel relocation		100	%	8/07 (Crate & Barrel) 3/08 (Nordstrom & shops)		$ 78		$ 78		$ 78		11	%		$ 53.1		—		—
Castleton Square Indianapolis, IN	Acquisition of former L.S. Ayres building and addition of lifestyle component with AMC Theatres and Borders		100	%	11/07		$ 42		$ 42		$ 42		8	%		$ 15.9		—		—
Greenwood Park Mall Greenwood (Indianapolis), IN	Acquisition of former L.S. Ayres building and addition of lifestyle component with Barnes & Noble and small shops, The Cheesecake Factory, Stir Crazy, and B.J.’s Brewhouse		100	%	11/07		$ 42		$ 42		$ 42		7	%		$ 16.0		—		—
Las Vegas Premium Outlets —Phase II Las Vegas, NV	104,000 square foot expansion of upscale outlet center, including the addition of two five-level parking garages		100	%	12/07		$ 59		$ 56		$ 56		13	%		$ 31.1		—		—
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		$ 45		$ 44		$ 16		9	%		—		$ 24.3		$ 9.1
Lenox Square Atlanta, GA	Neiman Marcus expansion; addition of second level of small shops and renovation of the atrium area		100	%	7/07 (Neiman expan) 10/07 (small shops)		$ 53		$ 46		$ 46		8	%		$ 32.8		—		—

43

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2007

								Construction-in-Progress
		The Company’s		Projected	Projected	The Company’s	Stabilized		Unconsolidated Entities
		Ownership	Projected	Gross Cost(3)	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

Northgate Mall Seattle, WA	Addition of Barnes & Noble, Panera Bread, Macaroni Grill, Stanford’s Steak House and Gene Juarez Spa in a lifestyle component; creation of two outparcels	100	%	9/07	$	49	$	44	$	44	8	%	$	40.5	—		—
Northshore Mall Peabody (Boston), MA	Addition of Nordstrom and small shops, The Cheesecake Factory, P.F. Chang’s, and mall renovation	49	%	11/07  (Cheesecake) 6/08 (P.F. Chang’s) 11/08  (shops/renov) 4/09 (Nordstrom)	$	113	$	113	$	55	7	%	—		$	2.0	$	1.0
Orlando Premium Outlets—Phase II Orlando, FL	144,000 square foot expansion of upscale outlet center, including the addition of a four-level parking garage	100	%	11/08	$	69	$	69	$	69	15	%	$	25.2	—		—
Rio Grande Valley Premium Outlets —Phase II Mercedes, TX	144,000 square foot expansion of upscale outlet center	100	%	Spring 2008	$	27	$	23	$	23	18	%	$	0.4	—		—
Ross Park Mall Pittsburgh, PA	Addition of Nordstrom and small shops	100	%	10/08	$	32	$	25	$	25	8	%	$	3.6	—		—
St. Johns Town Center—Phase II Jacksonville, FL	192,000 square foot upscale expansion including the addition of a restaurant cluster with Mitchell’s Fish Market, J. Alexanders, Cantina Laredo and The Capital Grille	50	%	10/07	$	79	$	76	$	38	10	%	—		$	42.1	$	21.0
Tacoma Mall Tacoma (Seattle), WA	Relocation of Nordstrom and two-phase lifestyle addition	100	%	5/08 (Phase I) 2009 (Nordstrom & Phase II)	$	77	$	77	$	77	8	%	$	4.0	—		—
Town Center at Boca Raton Boca Raton, FL	Lifestyle addition anchored by Crate & Barrel	100	%	11/07	$	70	$	64	$	64	79	%	$	20.9	—		—
University Park Mall Mishawaka (South Bend), IN	Demolition of former Marshall Field’s and replacement with lifestyle addition including Barnes & Noble, Ulta, Granite City Food & Brewery, Bar Louie and ParadiseCafé	100	%	6/08	$	45	$	45	$	45	6	%	$	8.8	—		—
Other Redevelopment Projects with Incremental GLA
College Mall Bloomington, IN	Addition of food court and Dress Barn	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	%	8/08
Richardson Square Richardson, TX	Redevelopment of existing mall into community center with the addition of Lowe’s Home Improvement	100	%	5/08
Summit Mall Akron, OH	Addition of lifestyle component	100	%	4/08
	Subtotal Other Redevelopment Projects with Incremental GLA				$	64	$	64	$	64	7	%	$	8.4	—		—
Renovations
The Forum Shops at Caesars Las Vegas, NV	Mall renovation	100	%	12/07
Rockaway Townsquare Rockaway (New York), NY	Mall renovation	100	%	7/08
St. Charles Towne Center Waldorf (Washington, D.C.), MD	Mall renovation	100	%	2/08
	Subtotal Renovations				$	49	$	49	$	49	3	%	$	5.0	—		—

44

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2007

Construction-in-Progress

The Company’s

Projected

Projected

The Company’s

Stabilized

Unconsolidated Entities

Ownership

Projected

Gross Cost(3)

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

Anderson Mall

Addition of Dillard’s and expansion of Belk

100

%

10/08

Anderson, SC

Crystal Mall Waterford, CT

Addition of Bed Bath & Beyond and Christmas Tree Shop

75

%

5/08

Firewheel Town Center

Addition of Dick’s Sporting Goods

100

%

5/08

Garland, TX

Montgomery Mall

Addition of Dick’s Sporting Goods

54

%

4/08

North Wales (Philadelphia), PA

North East Mall Hurst, TX

Addition of Dick’s Sporting Goods

100

%

11/07

Northgate Mall

Addition of Bed Bath & Beyond and DSW

100

%

12/07

Seattle, WA

Northshore Mall Peabody (Boston), MA

Expansion of Filene’s Basement

49

%

11/07

West Ridge Mall Topeka, KS

Addition of Burlington Coat Factory

100

%

10/07

Woodland Hills Mall

Addition of The Cheesecake Factory

95

%

8/07

Tulsa, OK

Subtotal Anchor/Big Box/Theater Activity

$ 82

$ 70

$ 60

9

%

$ 31.7

$   5.7

$   4.8

Asset Intensification

Castleton Square

Self-storage

50

%

10/07

Indianapolis, IN

Firewheel Town Center

Residential

50

%

7/07

Garland, TX

Ingram Park Mall

Self-storage

50

%

12/07

San Antonio, TX

Rolling Oaks Mall

Self-storage

50

%

12/07

San Antonio, TX

Village at SouthPark, The Charlotte, NC

Residential

40

%

7/07

Subtotal Asset Intensification

$ 109

$ 102

$ 39

8

%

—

$ 66.8

$ 28.6

Miscellaneous

$ 21.9

$ 46.5

$ 12.6

Total Construction in Progress(4)

$ 537.0

$ 230.2

$ 95.6

Land Held for Development

$ 67.9

$ 380.7

$ 161.0

(1)Does not include the Mills portfolio in which the Company acquired an interest in on March 29, 2007.

(2)Cost and return are based upon current budget assumptions. Actual results may vary.

(3)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.

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

45

SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of June 30, 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	%	December 2008		€     64
Cinisello—Milano, Italy		400,000 square foot center anchored by a hypermarket with approximately 100 shops	Auchan		49.0	%	September 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	%	November 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	%	July 2007		€    235
Asia:
Changshu, China		470,000 square foot center anchored by a hypermarket with approximately 140 shops	Wal-Mart, Forever 21, Sephora, Starbucks, Vero Moda, Sport 100		32.5	%	March 2008	CNY	527
Hangzhou, China		300,000 square foot center anchored by a hypermarket with approximately 85 shops	Wal-Mart, Forever 21, Sephora, Vero Moda		32.5	%	Winter (Q4) 2008	CNY	452
Kobe Sanda Premium Outlets—Kobe, Japan		195,000 square foot upscale outlet center	Banana Republic, Coach, 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, Golden Harvest Cinemas, Forever 21, C&A, Sephora, Starbucks, Vero Moda, Sport 100		32.5	%	Fall (Q3) 2009	CNY	903
Zhengzhou, China		440,000 square foot center anchored by a hypermarket and theater with approximately 90 shops	Wal-Mart, China Film Cinemas, Forever 21, Sephora, Vero Moda, Sport 100		32.5	%	Winter (Q4) 2008	CNY	515
Redevelopment Projects:
Gotemba Premium Outlets—Gotemba, Japan		95,000 square foot phase III expansion of upscale outlet center			40.0	%	April 2008	JPY	6,096
Tosu Premium Outlets—Fukuoka, Japan		53,000 square foot phase II expansion of upscale outlet center			40.0	%	December 2007	JPY	2,800
Other projects (1 leasehold development, 1 leasehold extension)									€       1

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

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

46

SIMON PROPERTY GROUP
The Company’s Share of Total Debt Amortization and Maturities by Year
As of June 30, 2007
(In thousands)

	The Company’s			The Company’s				The Company’s
	Share of			Share of				Share of
	Secured			Unsecured				Unconsolidated			The Company’s
	Consolidated			Consolidated				Joint Venture			Share of Total
Year	Debt			Debt				Debt			Debt
2007		301,551			1,055,000				117,348			1,473,899
2008		456,867			350,000				765,349			1,572,216
2009		742,683			900,000				516,969			2,159,652
2010		885,818			1,100,000				788,020			2,773,838
2011		520,951			2,402,013				610,445			3,533,409
2012		651,929			1,450,000				826,002			2,927,931
2013		199,750			425,000				321,088			945,838
2014		399,206			700,000				583,553			1,682,759
2015		1,697			1,200,000				433,052			1,634,749
2016		40,417			1,300,000				587,327			1,927,744
2017		319,403			500,000				600,153			1,419,556
Thereafter		22,044			200,000				10,525			232,569
Face Amounts of Indebtedness		$	4,542,316		$	11,582,013			$	6,159,831		$	22,284,160
Premiums (Discounts) on Indebtedness, Net		32,211			17,710				28,560			78,481
Fair Value of Interest Rate Swaps Agreements		—			(8,629		)		—			(8,629		)
The Company’s Share of Total Indebtedness		$	4,574,527		$	11,591,094			$	6,188,391		$	22,354,012

Debt Covenant Compliance Ratios

Senior Unsecured Notes Covenant (1)	Required	Actual			Compliance
Total Debt to Total Assets	£65%		48	%		Yes
Total Secured Debt to Total Assets	£50%		23	%		Yes
Fixed Charge Coverage Ratio	>1.5X		2.5	X		Yes
Total Unencumbered Assets to Unsecured Debt	>125%		217	%		Yes

(1)Covenants for indentures dated June 7, 2005 and later. Covenants and other provisions of prior supplemental indentures apply to all unsecured debt for as long as any securities issued under prior supplemental indentures remain outstanding or until the covenants in the prior supplemental indentures have been amended. For a complete listing of all debt covenants related to the Company’s senior unsecured notes, as well as definitions of the above terms, please refer to Simon Property Group, L.P. filings with the Securities and Exchange Commission.

47

SIMON PROPERTY GROUP
Summary of Indebtedness
As of June 30, 2007
(In thousands)

	Total Indebtedness			The Company’s Share of Indebtedness			Weighted Average Interest Rate			Weighted Average Years to Maturity
Consolidated Indebtedness
Mortgage Debt
Fixed Rate		$ 4,557,297			$ 4,285,247			6.20	%		4.3
Floating Rate Debt (Hedged)(1)		94,799			94,799			6.22	%		1.9
Floating Rate Debt		162,270			162,270			5.85	%		2.2
Total Mortgage Debt		4,814,366			4,542,316			6.19	%		4.1
Unsecured Debt
Fixed Rate		10,330,000			10,330,000			5.86	%		5.2
Floating Rate Debt		300,000			300,000			5.39	%		1.6
		10,630,000			10,630,000			5.79	%		5.1
Revolving Corporate Credit Facility		636,000			636,000			5.70	%		3.5
Revolving Credit Facility—Yen Currency		14,164			14,164			1.02	%		3.5
Revolving Credit Facility—Euro Currency		301,849			301,849			4.49	%		3.5
		952,013			952,013			5.24	%		3.5
Total Unsecured Debt		11,582,013			11,582,013			5.79	%		5.0
Premium		77,442			76,268
Discount		(26,347	)		(26,347	)
Fair Value Interest Rate Swaps		(8,629	)		(8,629	)
Consolidated Mortgages and Other Indebtedness(2)		$ 16,438,845			$ 16,165,621			5.91	%		4.7
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate		$ 11,900,955			$ 4,817,949			5.84	%		6.0
Floating Rate Debt (Hedged)(1)		199,189			81,946			6.03	%		2.0
Floating Rate Debt		2,534,104			840,936			6.22	%		1.7
Total Mortgage Debt		14,634,248			5,740,831			5.96	%		5.3
Unsecured Fixed Rate Debt		100,000			50,000			7.80	%		1.7
Unsecured Floating Rate Debt		738,000			369,000			4.76	%		1.5
Total Unsecured Debt		838,000			419,000			6.21	%		4.3
Premium		(1,147	)		(564	)
Discount		58,246			29,124
Joint Venture Mortgages and Other Indebtedness		$ 15,529,347			$ 6,188,391			5.96	%		5.3
The Company’s Share of Total Indebtedness					$ 22,354,012			5.89	%		4.9
Summary of the Company’s share of Fixed and Variable Rate Debt
Consolidated
Fixed		90.7	%		14,665,168			5.96	%		4.9
Variable		9.3	%		1,500,453			5.40	%		3.2
		100.0	%		16,165,621			5.91	%		4.7
Joint Venture
Fixed		78.3	%		4,846,509			5.86	%		6.0
Variable		21.7	%		1,341,882			6.31	%		2.7
		100.0	%		$ 6,188,391			5.96	%		5.3
Total Debt					22,354,012
Total Fixed Debt		87.3	%		19,511,677			5.89	%		5.1
Total Variable Debt		12.7	%		2,842,335			5.89	%		2.9

(1)These debt obligations are hedged by interest rate cap agreements.

(2)Amounts give effect to outstanding derivative instruments as footnoted on the Summary of Indebtedness by Maturity.

48

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)

Property Name		Maturity Date			Interest Rate(1)			Interest Rate Type	Secured or Unsecured	Total Indebtedness		The Company’s Share of Indebtedness
Consolidated Indebtedness:
Copley Place			08/01/07			7.44	%	Fixed	Secured		169,331		166,193
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		56,451		56,451
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		35,392		35,392
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		21,659		14,371
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		63,292		63,292
Kittery Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		10,501		10,501
Lighthouse Place Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		43,673		43,673
Waterloo Premium Outlets	(9)		07/11/08			6.99	%	Fixed	Secured		35,176		35,176
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		31,139		31,139
College Mall—1	(3)		01/01/09			7.00	%	Fixed	Secured		31,806		31,806
College Mall—2	(3)		01/01/09			6.76	%	Fixed	Secured		10,603		10,603
Greenwood Park Mall—1	(3)		01/01/09			7.00	%	Fixed	Secured		26,639		26,639
Greenwood Park Mall—2	(3)		01/01/09			6.76	%	Fixed	Secured		54,778		54,778
Towne East Square—1			01/01/09			7.00	%	Fixed	Secured		43,524		43,524
Towne East Square—2			01/01/09			6.81	%	Fixed	Secured		22,108		22,108
Woodland Hills Mall			01/01/09			7.00	%	Fixed	Secured		80,870		76,396
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		67,660		63,936
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		93,574		93,574
Plaza Carolina—Variable Capped	(2)		05/09/09			6.22	%	Variable	Secured		94,799		94,799
Plaza Carolina—Variable Floating	(2)		05/09/09			6.22	%	Variable	Secured		56,878		56,878
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		27,310		27,310
Forest Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		14,979		14,979
Lake View Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		19,911		19,911
Lakeline Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		21,831		21,831
Lincoln Crossing	(8)		11/01/09			7.78	%	Fixed	Secured		3,014		3,014
Matteson Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		8,769		8,769
Muncie Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		7,582		7,582
Regency Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		4,110		4,110
St. Charles Towne Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		26,305		26,305
West Ridge Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		5,299		5,299
White Oaks Plaza	(8)		11/01/09			7.78	%	Fixed	Secured		16,167		16,167

49

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)

Property Name		Maturity Date		Interest Rate(1)			Interest Rate Type	Secured or Unsecured		Total Indebtedness		The Company’s Share of Indebtedness
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			189,962		189,962
SB Trolley Square Holding			08/01/10		9.03	%	Fixed	Secured			28,255		28,255
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			85,127		82,760
Crystal River			11/11/10		7.63	%	Fixed	Secured			15,239		15,239
Forum Shops at Caesars, The			12/01/10		4.78	%	Fixed	Secured			537,718		537,718
Port Charlotte Town Center			12/11/10		7.98	%	Fixed	Secured			51,761		41,409
Oxford Valley Mall			01/10/11		6.76	%	Fixed	Secured			78,708		49,712
Revolving Credit Facility-USD	(2)		01/11/11		5.70	%	Variable	Unsecured			636,000		636,000
Revolving Credit Facility—Yen Currency	(2)		01/11/11		1.02	%	Variable	Unsecured	(17)		14,164		14,164
Revolving Credit Facility—Euro Currency	(2)		01/11/11		4.49	%	Variable	Unsecured	(18)		301,849		301,849
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			14,955		11,361
Ingram Park Mall	(7)		08/11/11		6.99	%	Fixed	Secured			78,938		78,938
Knoxville Center	(7)		08/11/11		6.99	%	Fixed	Secured			59,776		59,776
Northlake Mall	(7)		08/11/11		6.99	%	Fixed	Secured			68,960		68,960
Towne West Square	(7)		08/11/11		6.99	%	Fixed	Secured			51,672		51,672
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			125,797		125,797
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
Gwinnett Place			06/08/12		5.68	%	Fixed	Secured			115,000		86,250
Town Center at Cobb			06/08/12		5.74	%	Fixed	Secured			280,000		210,000
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			28,421		28,421
Century III Mall	(5)		10/10/12		6.20	%	Fixed	Secured			83,896		83,896
Crossroads Mall			10/10/12		6.20	%	Fixed	Secured			42,135		42,135
Forest Mall	(6)		10/10/12		6.20	%	Fixed	Secured			16,873		16,873
Highland Lakes Center	(5)		10/10/12		6.20	%	Fixed	Secured			15,553		15,553
Longview Mall	(5)		10/10/12		6.20	%	Fixed	Secured			31,577		31,577
Markland Mall	(6)		10/10/12		6.20	%	Fixed	Secured			22,341		22,341
Midland Park Mall	(6)		10/10/12		6.20	%	Fixed	Secured			32,615		32,615
Palm Beach Mall			10/10/12		6.20	%	Fixed	Secured			52,176		52,176
Richmond Towne Square	(6)		10/10/12		6.20	%	Fixed	Secured			45,812		45,812
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			2,735		2,735

50

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)

Property Name		Maturity Date		Interest Rate(1)			Interest Rate Type	Secured or Unsecured	Total Indebtedness		The Company’s Share of Indebtedness
The Factory Shoppes at Branson Meadows	(10)		03/10/13		9.10	%	Fixed	Secured		9,349		9,349
MacGregor Village	(10)		03/10/13		9.10	%	Fixed	Secured		6,732		6,732
Factory Stores of America—Georgetown	(10)		03/10/13		9.10	%	Fixed	Secured		6,480		6,480
Factory Stores of America— Graceville	(10)		03/10/13		9.10	%	Fixed	Secured		1,925		1,925
Dare Centre	(10)		03/10/13		9.10	%	Fixed	Secured		1,673		1,673
Factory Stores of America— Lebanon	(10)		03/10/13		9.10	%	Fixed	Secured		1,618		1,618
Factory Stores of America— Nebraska City	(10)		03/10/13		9.10	%	Fixed	Secured		1,519		1,519
North Ridge Shopping Center	(10)		03/10/13		9.10	%	Fixed	Secured		8,222		8,222
Factory Stores of America— Story City	(10)		03/10/13		9.10	%	Fixed	Secured		1,879		1,879
Carolina Premium Outlets—Smithfield	(10)		03/10/13		9.10	%	Fixed	Secured		20,102		20,102
The Crossings Premium Outlets			03/13/13		5.85	%	Fixed	Secured		56,051		56,051
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		97,031		97,031
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		30,064		9,500
Montgomery Mall			05/11/14		5.17	%	Fixed	Secured		91,766		49,067
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		72,205		54,154
Brunswick Square			08/11/14		5.65	%	Fixed	Secured		85,120		85,120
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		3,246		1,634
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		1,250		1,250
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
Valle Vista Mall			05/10/17		5.35	%	Fixed	Secured		40,000		40,000
Summit Mall			06/10/17		5.42	%	Fixed	Secured		65,000		65,000

51

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)

Property Name		Maturity Date		Interest Rate(1)			Interest Rate Type	Secured or Unsecured		Total Indebtedness			The Company’s Share of 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			34,943			34,943
Total Consolidated Indebtedness at Face Value											16,396,379			16,124,329
Premium on Fixed-Rate Indebtedness											77,442			76,268
Discount on Fixed-Rate Indebtedness											(26,347	)		(26,347	)
Fair Value Interest Rate Swaps											(8,629	)		(8,629	)
Total Consolidated Indebtedness											16,438,845			16,165,621
Joint Venture Indebtedness
Coddingtown Mall			07/14/07		6.57	%	Variable	Secured			10,500			10,500
Hamilton Town Center			07/31/07		6.32	%	Variable	Secured			13,615			6,808
Opry Mills			10/10/07		6.56	%	Variable	Secured			175,000			42,875
Del Amo			01/10/08		7.72	%	Variable	Secured			320,488			80,122
Dover Mall & Commons	(4)		02/10/08		7.27	%	Variable	Secured			83,756			41,878
The Esplanade	(4)		02/10/08		7.27	%	Variable	Secured			75,136			37,568
Galleria at White Plains	(4)		02/10/08		7.27	%	Variable	Secured			125,566			62,783
Northpark Mall—Mills	(4)		02/10/08		7.27	%	Variable	Secured			105,543			52,771
Galleria Commerciali Italia— Cinisello			03/31/08		4.57	%	Variable	Secured	(13)		71,756			35,160
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
Great Mall of the Bay Area			09/01/08		4.80	%	Fixed	Secured			175,000			41,843
Grapevine Mills			10/01/08		6.47	%	Fixed	Secured			146,546			28,943
Mall of New Hampshire—1			10/01/08		6.96	%	Fixed	Secured			95,382			46,868
Mall of New Hampshire—2			10/01/08		8.53	%	Fixed	Secured			7,939			3,901
Fashion Valley Mall—1			10/11/08		6.49	%	Fixed	Secured			157,288			78,644
Fashion Valley Mall—2			10/11/08		6.58	%	Fixed	Secured			29,124			14,562
SouthPark Residential			10/31/08		6.72	%	Variable	Secured			32,650			13,060
Whitehall Mall			11/01/08		6.77	%	Fixed	Secured			12,870			4,889
Grapevine Mills II			11/05/08		8.39	%	Fixed	Secured			13,713			2,708
Ontario Mills			12/01/08		6.75	%	Fixed	Secured			129,598			32,400
Galleria Commerciali Italia—Facility C			12/22/08		4.76	%	Variable	Unsecured	(13)		185,961			91,121
Block at Orange			01/01/09		6.64	%	Variable	Secured			135,000			8,134
Ontario Mills II			01/05/09		8.01	%	Fixed	Secured			9,899			2,475
Source, The			03/11/09		6.65	%	Fixed	Secured			124,000			31,000
Broward Mall			03/18/09		6.90	%	Fixed	Secured			54,774			27,387
Trust Preferred Unsecured Securities			03/30/09		7.80	%	Fixed	Unsecured			100,000			50,000
Shops at Sunset Place, The	(2)		05/09/09		6.07	%	Variable	Secured			89,189			33,446
Firewheel Residential			06/20/09		7.17	%	Variable	Secured			9,206			4,603
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			4,567			2,284
Castleton Storage	(2)		07/31/09		7.37	%	Variable	Secured			1,454			727
Apple Blossom Mall			09/10/09		7.99	%	Fixed	Secured			37,955			18,650
Auburn Mall			09/10/09		7.99	%	Fixed	Secured			44,435			21,834
Toki Premium Outlets			10/30/09		1.39	%	Variable	Secured	(15)		19,551			7,820

52

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)

Property Name		Maturity Date			Interest Rate(1)			Interest Rate Type	Secured or Unsecured		Total Indebtedness		The Company’s Share of Indebtedness
Briarwood Mall			11/01/09			4.48	%	Fixed	Secured			194,522		48,630
The Falls			11/01/09			4.34	%	Fixed	Secured			148,200		37,050
Meadowood Mall			11/01/09			6.25	%	Variable	Secured			182,000		45,500
Stoneridge Shopping Center			11/01/09			6.27	%	Variable	Secured			293,800		73,450
Colorado Mills			11/12/09			7.10	%	Variable	Secured			170,000		33,057
Mall at Chestnut Hill			02/02/10			8.45	%	Fixed	Secured			14,071		6,644
St. John’s Town Center Phase II			02/12/10			5.97	%	Variable	Secured			34,500		17,250
Southdale Center			04/01/10			5.18	%	Fixed	Secured			186,550		93,275
Cobblestone Court			04/16/10			6.32	%	Fixed	Secured			2,700		1,350
Westchester, The			06/01/10			4.86	%	Fixed	Secured			500,000		200,000
Arundel Mills			06/09/10			4.61	%	Fixed	Secured			187,000		36,933
Lakeforest Mall			07/08/10			5.36	%	Variable	Secured			141,050		35,263
Lehigh Valley Mall			08/09/10			5.88	%	Variable	Secured			150,000		56,415
Arizona Mills			10/05/10			7.90	%	Fixed	Secured			136,901		34,225
Net Leases I			10/10/10			7.96	%	Fixed	Secured			26,325		13,163
Springfield Mall	(2)		12/01/10			6.42	%	Variable	Secured			76,500		29,062
Florida Mall, The			12/10/10			7.55	%	Fixed	Secured			252,442		126,221
Surprise Grand Vista			12/28/10	(19)		10.61	%	Fixed	Secured			295,682		118,273
Westland Mall			02/01/11			4.95	%	Fixed	Secured			58,513		29,256
Domain Residential	(2)		03/03/11			6.47	%	Variable	Secured			27,274		13,637
Atrium at Chestnut Hill			03/11/11			6.89	%	Fixed	Secured			45,683		22,447
Cape Cod Mall			03/11/11			6.80	%	Fixed	Secured			92,813		45,606
Bay 1 (Torcy)			05/31/11			4.87	%	Fixed	Secured	(14)		18,958		9,479
Bay 2 (Torcy)			06/30/11			4.87	%	Fixed	Secured	(14)		70,721		35,361
Highland Mall			07/11/11			6.83	%	Fixed	Secured			66,330		33,165
Villabe A6—Bel’Est			08/31/11			5.17	%	Fixed	Secured	(14)		13,041		6,520
Wilenska Station Shopping Center			08/31/11			5.57	%	Fixed	Secured	(14)		40,061		20,031
Fashion Centre Pentagon Retail			09/11/11			6.63	%	Fixed	Secured			155,728		66,184
Discover Mills—1			12/11/11			7.32	%	Fixed	Secured			23,700		1,684
Discover Mills—2			12/11/11			6.08	%	Fixed	Secured			135,000		9,592
Galleria Commerciali Italia—Facility A			12/22/11			5.22	%	Fixed	Secured	(13)		332,027		162,693
Galleria Commerciali Italia—Facility B			12/22/11			5.32	%	Fixed	Secured	(13)		328,160		160,798
Zakopianka Shopping Center			12/28/11			6.60	%	Fixed	Secured	(12)		15,172		7,586
St. Louis Mills			01/08/12			6.39	%	Fixed	Secured	(12)		90,000		26,829
Borek Shopping Center			02/06/12			5.93	%	Fixed	Secured	(12)		16,735		8,367
Dadeland Mall			02/11/12			6.75	%	Fixed	Secured			187,908		93,954
Square One			03/11/12			6.73	%	Fixed	Secured			89,403		43,930
Southridge Mall			04/01/12			5.23	%	Fixed	Secured			124,000		62,000
Arkadia Shopping Center			05/31/12			5.12	%	Fixed	Secured	(14)		136,893		68,446
Mills Senior Loan Facility			06/07/12			6.57	%	Variable	Unsecured			738,000		369,000
Marley Station			07/01/12			4.89	%	Fixed	Secured			114,400		28,600
Hilltop Mall			07/08/12			4.99	%	Fixed	Secured			64,350		16,088
Crystal Mall			09/11/12			5.62	%	Fixed	Secured			99,052		73,862
Concord Mills Mall			12/07/12			6.13	%	Fixed	Secured			170,905		33,754
Kobe Premium Outlets			12/31/12			1.29	%	Fixed	Secured			17,251		6,900
Katy Mills			01/09/13			6.69	%	Fixed	Secured			148,000		18,500
The Shops at Riverside			01/11/13			5.77	%	Fixed	Secured			62,957		31,479
Gotemba Premium Outlets— Variable			02/28/13			1.65	%	Variable	Secured	(15)		51,501		20,600
Emerald Square Mall			03/01/13			5.13	%	Fixed	Secured			135,852		66,754

53

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)

Property Name	Maturity Date		Interest Rate(1)			Interest Rate Type	Secured or Unsecured		Total Indebtedness		The Company’s Share of Indebtedness
Avenues, The		04/01/13		5.29	%	Fixed	Secured			74,918		18,730
Circle Centre Mall		04/11/13		5.02	%	Fixed	Secured			74,954		10,996
Solomon Pond		08/01/13		3.97	%	Fixed	Secured			112,203		55,134
Tosu Premium Outlets		08/24/13		2.62	%	Fixed	Secured	(15)		10,111		4,044
Miami International Mall		10/01/13		5.35	%	Fixed	Secured			96,538		46,122
Liberty Tree Mall		10/11/13		5.22	%	Fixed	Secured			35,000		17,198
Galleria Commerciali Italia—Giugliano		10/20/13		4.82	%	Variable	Secured	(13)		37,731		18,488
Mall at Tuttle Crossing		11/05/13		5.05	%	Fixed	Secured			119,021		29,755
Arundel Marketplace		01/01/14		5.92	%	Fixed	Secured			11,883		2,347
Concord Marketplace		02/01/14		5.76	%	Fixed	Secured			13,834		6,917
Northshore Mall		03/11/14		5.03	%	Fixed	Secured			209,302		102,846
Turzyn Shopping Center		06/06/14		6.32	%	Fixed	Secured	(12)		24,661		12,330
Sawgrass Mills II		07/01/14		5.82	%	Fixed	Secured			850,000		425,000
Dabrowka Shopping Center		07/03/14		6.04	%	Fixed	Secured	(12)		5,081		2,541
Gotemba Premium Outlets—Fixed		10/25/14		2.00	%	Fixed	Secured	(15)		7,722		3,089
Rinku Premium Outlets		10/25/14		2.35	%	Fixed	Secured	(15)		28,576		11,430
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			21,253		8,074
Sano Premium Outlets		05/31/16		2.39	%	Fixed	Secured	(15)		34,723		13,889
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			120,424		60,212
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			46,886		23,443
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			157,144		19,407
King of Prussia Mall—2		01/01/17		8.53	%	Fixed	Secured			10,943		1,351
Mall at Rockingham		03/10/17		5.61	%	Fixed	Secured			260,000		63,879
Changshu SZITIC		04/10/17		6.24	%	Fixed	Secured			13,150		4,274
Liberty Plaza		06/01/17		5.68	%	Fixed	Secured			43,000		21,500
Franklin Mills		06/01/17		5.65	%	Fixed	Secured			290,000		145,000
Gurnee Mills		07/01/17		5.77	%	Fixed	Secured			321,000		160,500
Potomac Mills		07/11/17		5.83	%	Fixed	Secured			410,000		205,000
Net Leases II		01/10/23		9.35	%	Fixed	Secured			21,049		10,524
Total Joint Venture Indebtedness at Face Value										15,472,248		6,159,831

54

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)

Property Name	Maturity Date	Interest Rate(1)	Interest Rate Type	Secured or Unsecured	Total Indebtedness			The Company’s Share of Indebtedness
Premium on JV Fixed-Rate Indebtedness						(1,147	)		(564	)
Discount on JV Fixed-Rate Indebtedness						58,246			29,124
Total Joint Venture Indebtedness						15,529,347			6,188,391	(20)
The Company’s Share of Total Indebtedness									22,354,012

Footnotes:

(1)Variable rate debt interest rates are based on the following base rates as of June  30, 2007:  LIBOR at 5.32%; EURIBOR at 5.36%; and YEN LIBOR at .64%.

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

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

(4)     These four 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 June 30, 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 5.39%.

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

(13)     Amounts shown in USD Equivalent. Euro equivalent is 709.2 million. Associated with Facility A and B are interest rate swap agreements with a total combined 517.9 million euros notional amount that effectively fixes Facility A and B and Giugliano 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 4.69%.

(15)     Amounts shown in USD Equivalent. Yen equivalent is 20,625.4 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 224.0 million.

(19)     Property debt consists of three components; fixed loans at 9.80% and 13.80%(pay rate of 10.36%), and a variable rate loan at LIBOR plus 500 basis points. The variable component has LIBOR capped at 7.50%, which effectively fixes the three components at a weighted average rate of 10.61%

(20)     The Company’s share of indebtedness for joint ventures excludes our share of indebtedness of $78.7 million in joint venture entities in which a non-controlling interest is held by Gallerie Commerciali Italia, an entity in which we have a 49% interest.

55

SIMON PROPERTY GROUP
Unencumbered Assets

As of June 30, 2007

Property Name	City	State
Regional Malls:
McCain Mall	N. Little Rock	AR
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
Lake Square Mall	Leesburg	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
Lindale Mall	Cedar Rapits	IA
North Park Mall	Davenport	IA
South Ridge Mall	Des Moines	IA
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
South Park Mall	Moline	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

56

SIMON PROPERTY GROUP
Unencumbered Assets

As of June 30, 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
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
Cielo Vista	El Paso	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
Columbia Center	Kennewick	WA
Northgate Mall	Seattle	WA
Bay Park Square	Green Bay	WI

57

SIMON PROPERTY GROUP
Unencumbered Assets

As of June 30, 2007

Property Name	City	State
Premium Outlet Centers:
Camarillo Premium Outlets	Camarillo	CA
Carlsbad Premium Outlets	Carlsbad	CA
Desert Hills Premium Outlets	Cabazon	CA
Folsom Premium Outlets	Folsom	CA
Napa Premium Outlets	Napa	CA
Petaluma Village Premium Outlets	Petaluma	CA
Vacaville Premium Outlets	Vacaville	CA
Clinton Crossing Premium Outlets	Clinton	CT
Orlando Premium Outlets	Orlando	FL
St. Augustine Premium Outlets	St. Augustine	FL
North Georgia Premium Outlets	Dawsonville	GA
Waikele Premium Outlets	Waipahu	HI
Chicago Premium Outlets	Aurora	IL
Edinburgh Premium Outlets	Edinburgh	IN
Wrentham Village Premium Outlets	Wrentham	MA
Albertville Premium Outlets	Albertville	MN
Osage Beach Premium Outlets	Osage Beach	MO
Jackson Premium Outlets	Jackson	NJ
Liberty Village Premium Outlets	Flemington	NJ
Las Vegas Outlet Center	Las Vegas	NV
Las Vegas Premium Outlets	Las Vegas	NV
Woodbury Common Premium Outlets	Central Valley	NY
Aurora Farms Premium Outlets	Aurora	OH
Columbia Gorge Premium Outlets	Troutdale	OR
Allen Premium Outlets	Allen	TX
Rio Grande Valley Premium Outlets	Mercedes	TX
Round Rock Premium Outlets	Austin	TX
Leesburg Corner Premium Outlets	Leesburg	VA
Seattle Premium Outlets	Seattle	WA
Johnson Creek Premium Outlets	Johnson Creek	WI
The Mills:
Cincinnati Mills	Cincinnati	OH
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

58

SIMON PROPERTY GROUP
Unencumbered Assets

As of June 30, 2007

Property Name	City	State
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
Eastland Convenience Center	Evansville	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
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Eastland Plaza	Tulsa	OK
Lincoln Plaza	Langhorne	PA
Charles Towne Square	Charleston	SC
Empire East	Sioux Falls	SD
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

59

SIMON PROPERTY GROUP

Preferred Stock/Units Outstanding

As of June 30, 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)	14,022,319		$	50		$	701,116	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)	138,426		$	28		$	3,876	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)	3,059,811		$	50		$	152,991	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 June 29, 2007 was $50.02 per share.

(2)Each share was 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 share is convertible into 0.790897 of a share of common stock during the period beginning on July 2, 2007 and ending on September 28, 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 June 29, 2007 was $75.99 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 June 29, 2007 was $67.50 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 0.78957 of a share of common stock during the period beginning on April 2, 2007 and ending on June 29, 2007. Each unit is convertible into 0.790897 of a share of common stock during the period beginning on July 2, 2007 and ending on September 28, 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.

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 SECOND QUARTER RESULTS

AND QUARTERLY DIVIDENDS

Indianapolis, Indiana—July 30, 2007...Simon Property Group, Inc. (the “Company” or “Simon”) (NYSE:SPG) today announced results for the quarter ended June 30, 2007:

·Funds from operations (“FFO”) of the Simon portfolio for the quarter increased 4.1% to $373.0 million from $358.4 million in the second quarter of 2006. On a diluted per share basis the increase was 4.0% to $1.31 from $1.26 in 2006. FFO of the Simon portfolio for the six months increased 6.7% to $765.4 million from $717.3 million in 2006. On a diluted per share basis the increase was 6.3% to $2.68 per share from $2.52 per share in 2006.

·Net income available to common stockholders for the quarter decreased 27.7% to $59.9 million from $82.9 million in the second quarter of 2006. On a diluted per share basis the decrease was 27.0% to $0.27 from $0.37 in 2006. Net income available to common stockholders for the six months decreased 15.3% to $158.3 million from $186.9 million in 2006. On a diluted per share basis the decrease was 15.5% to $0.71 per share from $0.84 per share in 2006. The decrease in net income for the quarter and six months is primarily attributable to higher gains recognized in 2006 on the sale of interests in unconsolidated entities than in 2007 and lower income from unconsolidated entities in 2007. Income from unconsolidated entities was lower in the second quarter of 2007 than the year earlier period primarily as a result of increased depreciation expense attributable to the acquisition of the Mills portfolio of assets.

	As of June 30, 2007				As of June 30, 2006				Change
Occupancy
Regional Malls(1)		92.0		%		91.6		%	40 basis point increase
Premium Outlet Centers®(2)		99.4		%		99.4		%	unchanged
Community/Lifestyle Centers(2)		92.9		%		89.7		%	320 basis point increase
Comparable Sales per Sq. Ft.
Regional Malls(3)		$	489			$	468		4.5% increase
Premium Outlet Centers(2)		$	492			$	453		8.6% increase
Average Rent per Sq. Ft.
Regional Malls(1)		$	36.51			$	35.10		4.0% increase
Premium Outlet Centers(2)		$	25.11			$	23.78		5.6% increase
Community/Lifestyle Centers(2)		$	12.03			$	11.65		3.3% 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 August 31, 2007 to stockholders of record on August 17, 2007.

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

·7.89% Series G Cumulative Preferred (NYSE:SPGPrG) dividend of $0.98625 per share is payable on September 28, 2007 to stockholders of record on September 14, 2007.

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

·8 3/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on September 28, 2007 to stockholders of record on September 14, 2007.

Common Stock Repurchase Program

On July 26, 2007, the Company announced that its Board of Directors had authorized a common stock repurchase program. Under the program, the Company may purchase up to $1 billion of its common stock over the next 24 months as market conditions warrant. The shares may be repurchased in the open market or in privately negotiated transactions.

2007 Guidance

Today the Company increased its guidance for 2007. The Company expects diluted FFO to be within a range of $5.83 to $5.88 per share for the year ending December 31, 2007, and diluted net income available to common stockholders to be within a range of $1.58 to $1.63 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  End			High  End
Estimated diluted net income available to common stockholders per share	$	1.58		$	1.63
Depreciation and amortization including our share of joint ventures	4.36			4.36
Impact of additional dilutive securities	(0.11		)	(0.11		)
Estimated diluted FFO per share	$	5.83		$	5.88

U.S. Development Activity

During June and July of 2007, the Company opened the 48,000 square foot small shop retail component and the residential component of 150 luxury apartments at The Village at SouthPark—a mixed-use project located adjacent to the highly successful SouthPark in Charlotte, North Carolina. Crate & Barrel opened in November of 2006.

In late July, the Company commenced construction on Jersey Shore Premium Outlets, a 435,000 square foot upscale manufacturers’ outlet center in Tinton Falls, New Jersey. The center is scheduled to open in the fall of 2008.

The Company continues construction on:

·Palms Crossing—a 396,000 square foot community center in McAllen, Texas. The first phase of the center is scheduled to open in November of 2007.

62

·Philadelphia Premium Outlets—a 425,000 square foot upscale manufacturers’ outlet center in Limerick, Pennsylvania, 35 miles northwest of Philadelphia. The center is scheduled to open in November of 2007.

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

·Hamilton Town Center—a 950,000 square foot open-air retail center in Noblesville, Indiana. The 690,000 square foot first phase of the center is scheduled to open in May of 2008.

·Houston Premium Outlets—a 433,000 square foot upscale manufacturers’ outlet center in Houston, Texas. The center is scheduled to open in May of 2008.

International Activity

Recent international activities include:

·On April 4th, Gallerie Commerciali Italia (“GCI”), Simon’s Italian joint venture partnership with Groupe Auchan, acquired the remaining 60% interest in the venture’s shopping center in Giugliano (a suburb of Naples).

·On June 1st, the Company’s Chelsea division opened Yeoju Premium Outlets, the first Premium Outlet Center in South Korea. The project is located on Expressway 50 approximately 36 miles southeast of Seoul in Gyeonggi Province. The 250,000 square-foot first phase of the project opened with 120 tenants. The center was 100% leased at opening, with approximately 90% of the center leased to international brands and the balance to Korean domestic brands. Population within a 40-mile radius of Yeoju Premium Outlets is approximately nine million people.

Yeoju Premium Outlets is the first project to be completed by Shinsegae Chelsea Co., Ltd., a joint venture between Simon (50%) and Shinsegae Co., Ltd. and Shinsegae International Co., Ltd. (together 50%). Shinsegae is one of Korea’s leading retailers.

·On July 5th, the Company’s Simon Ivanhoe joint venture completed the sale of five non-core assets in Poland. Proceeds approximated 183 million euros, net of debt and transaction costs. SPG’s share of the gain is expected to be in excess of $70 million.

·On July 5th, the Company’s Chelsea division opened Kobe-Sanda Premium Outlets, the sixth Premium Outlet Center in Japan and the second in the Kansai region. The project is located 22 miles north of downtown Kobe and 30 miles northwest of central Osaka. It is accessible via the region’s three most heavily traveled major highways—the Chugoku Expressway, the Sanyo Expressway and the Rokko-kita Toll Road. The 195,000 square-foot first phase of the project opened 100% leased to 90 tenants. Approximately 70% of the center has been leased to international brands and the balance to Japanese domestic brands. The population within a 30-mile radius is approximately 13 million people.

Kobe-Sanda Premium Outlets was developed by Chelsea Japan Co., Ltd., a joint venture of Simon Property Group (40% interest), Mitsubishi Estate Co., Ltd. and Sojitz Corporation (each 30%), and brings the joint venture’s operating portfolio of Premium Outlet Centers to 1.6 million square feet of gross leasable area.

·On July 26th, the Company announced that the Porta di Roma shopping center in Rome, Italy opened to the public. The center is located on the north side of Rome adjacent to the Grande Annulare, the peripheral highway which circles the city. The 1.3 million square foot center (Italy’s largest shopping center) opened 97% leased and is anchored by Auchan, LeRoy Merlin, IKEA and

63

a 14-screen UGC Movie Theatre. The center’s 210 small shops have been leased to significant national and international retailers. The trade area for Porta di Roma contains approximately 1.3 million people.

The center is the joint development of the Lamaro Group, a major Rome-based construction and development organization, and GCI. GCI owns 40% of this project.

Development projects:

·Construction continues on three shopping center projects in Italy, fully or partially owned by GCI. Two of the shopping centers are expected to open in 2007 and are located in Cinisello (Milan) and Nola (Naples). Another project, located in Argine (Naples), is scheduled to open in late 2008. After the opening of these three projects, GCI will own interests in 45 shopping centers in Italy comprising approximately 10.6 million square feet of gross leasable area.

·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 fall 2009 opening for Suzhou. The Company expects to begin construction on a 5th center, in Hefei, by year-end 2007 for a 2009 opening. Simon owns 32.5% of these projects through its partnership with Morgan Stanley Real Estate Fund and Shenzhen International Trust and Investment Company CP.

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 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 by SPG-FCM Ventures, LLC was completed by means of a merger of a subsidiary of SPG-FCM Ventures and The Mills Corporation.

The Mills portfolio of assets consists primarily of two distinctive types of assets—regional malls and The Mills®. The Mills® are centers that typically comprise 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. The Mills portfolio of assets is included in the Company’s financial statements as joint venture assets.

Recent and anticipated capital market activities related to the Mills transaction are as follows:

·Seven of the portfolio assets were refinanced, totaling $2.3 billion and generating $962 million of excess net loan proceeds at an average rate of 5.78%.

·A senior corporate credit facility was completed, raising $925 million at Libor plus 125 basis points.

·An announced liquidation of The Mills Corporation is expected to occur on August 1, 2007—this will include the concurrent liquidation of the five outstanding series’ of Mills’ preferred stock.

Effective July 1, 2007, Simon also completed the transfer of all accounting and financial operations related to the Mills portfolio to Simon’s Indianapolis headquarters.

Conference Call

The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investor Relations tab), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Daylight Time today, July 30, 2007. An

64

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.

Funds from Operations (“FFO”)

The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Company believes that FFO is helpful to investors because it is a widely recognized measure of the performance of real estate investment trusts (“REITs”) and provides a relevant basis for comparison among REITs. The Company determines FFO in accordance with the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”).

About Simon

Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 380 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 4,500 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG and has a current total market capitalization of approximately $50 billion. For further information, visit the Company’s website at www.simon.com.

65

SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
REVENUE:
Minimum rent	$	522,086		$	485,826		$	1,032,951		$	973,914
Overage rent	18,634			15,297			36,526			31,356
Tenant reimbursements	237,984			226,777			468,597			447,812
Management fees and other revenues	17,542			19,399			38,417			39,568
Other income	59,686			51,439			131,582			93,737
Total revenue	855,932			798,738			1,708,073			1,586,387
EXPENSES:
Property operating	112,122			107,257			221,349			213,204
Depreciation and amortization	230,611			211,363			445,882			420,810
Real estate taxes	79,063			70,404			158,245			152,209
Repairs and maintenance	28,744			24,839			57,751			50,794
Advertising and promotion	20,410			20,541			39,294			37,943
Provision for credit losses	1,424			4,466			1,966			4,460
Home and regional office costs	29,270			32,652			62,969			62,988
General and administrative	6,119			5,005			10,018			9,498
Other	14,618			12,162			28,082			25,228
Total operating expenses	522,381			488,689			1,025,556			977,134
OPERATING INCOME	333,551			310,049			682,517			609,253
Interest expense	(243,654		)	(200,743		)	(466,132		)	(404,815		)
Minority interest in income of consolidated entities	(3,136		)	(3,433		)	(6,046		)	(4,358		)
Income tax expense of taxable REIT subsidiaries	528			(3,220		)	(757		)	(4,859		)
Income from unconsolidated entities, net	7,459			19,882			29,232			49,805
Gain on sale of interests in unconsolidated entities, net	500			7,599			500			41,949
Limited Partners’ interest in the Operating Partnership	(15,448		)	(21,924		)	(41,326		)	(49,478		)
Preferred distributions of the Operating Partnership	(5,597		)	(6,928		)	(10,836		)	(13,754		)
Income from continuing operations	74,203			101,282			187,152			223,743
Discontinued operations, net of Limited Partners’ interest	17			(107		)	(145		)	44
Gain on sale of discontinued operations, net of Limited Partners’ interest	—			88			—			66
NET INCOME	74,220			101,263			187,007			223,853
Preferred dividends	(14,303		)	(18,395		)	(28,709		)	(36,968		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	59,917		$	82,868		$	158,298		$	186,885

66

SIMON
Per Share Data
Unaudited

	For the Three Months Ended					For the Six Months Ended
	June 30,					June 30,
	2007			2006		2007			2006
Basic Earnings Per Common Share:
Income from continuing operations	$	0.27		$	0.37	$	0.71		$	0.85
Discontinued operations—results of operations and gain on sale, net	—			—		—			—
Net income available to common stockholders	$	0.27		$	0.37	$	0.71		$	0.85
Percentage Change	-27.0		%			-16.5		%
Diluted Earnings Per Common Share:
Income from continuing operations	$	0.27		$	0.37	$	0.71		$	0.84
Discontinued operations—results of operations and gain on sale, net	—			—		—			—
Net income available to common stockholders	$	0.27		$	0.37	$	0.71		$	0.84
Percentage Change	-27.0		%			-15.5		%

67

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

	June 30,			December 31,
	2007			2006
ASSETS:
Investment properties, at cost	$	23,631,847		$	22,863,963
Less—accumulated depreciation	4,971,424			4,606,130
	18,660,423			18,257,833
Cash and cash equivalents	381,175			929,360
Tenant receivables and accrued revenue, net	324,776			380,128
Investment in unconsolidated entities, at equity	1,852,819			1,526,235
Deferred costs and other assets	1,132,490			990,899
Notes receivable from related parties	532,580			—
Total assets	$	22,884,263		$	22,084,455
LIABILITIES:
Mortgages and other indebtedness	$	16,438,845		$	15,394,489
Accounts payable, accrued expenses, intangibles, and deferred revenue	1,113,213			1,109,190
Cash distributions and losses in partnerships and joint ventures, at equity	232,802			227,588
Other liabilities, minority interest and accrued dividends	188,327			178,250
Total liabilities	17,973,187			16,909,517
COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP	773,963			837,836
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP	310,241			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, 17,819,267 and 17,578,701 issued and outstanding, respectively, and with liquidation values of $890,963 and $878,935, respectively	897,255			884,620
Common stock, $.0001 par value, 400,000,000 shares authorized, 227,511,348 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	5,028,287			5,010,256
Accumulated deficit	(1,957,262		)	(1,740,897		)
Accumulated other comprehensive income	22,906			19,239
Common stock held in treasury at cost, 4,125,332 and 4,378,495 shares, respectively	(164,337		)	(193,599		)
Total stockholders’ equity	3,826,872			3,979,642
Total liabilities and stockholders’ equity	$	22,884,263		$	22,084,455

68

SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended							For the Six Months Ended
	June 30,							June 30,
	2007			2006				2007			2006
Revenue:
Minimum rent	$	447,346			$	258,692		$	717,275		$	508,637
Overage rent	20,346				18,307			37,642			32,424
Tenant reimbursements	220,429				128,040			352,250			250,034
Other income	47,298				36,121			88,866			67,841
Total revenue	$	735,419			$	441,160		$	1,196,033		$	858,936
Operating Expenses:
Property operating	154,698				85,577			241,644			169,087
Depreciation and amortization	157,095				79,185			239,914			151,066
Real estate taxes	66,365				32,337			100,916			65,121
Repairs and maintenance	30,144				20,107			53,026			40,491
Advertising and promotion	15,341				6,952			23,045			13,541
Provision for credit losses	6,712				1,039			6,723			1,432
Other	42,651				36,432			68,364			60,156
Total operating expenses	473,006				261,629			733,632			500,894
Operating Income	$	262,413			$	179,531		$	462,401		$	358,042
Interest expense	(238,349		)		(102,117		)	(345,505		)	(201,733		)
Income (loss) from unconsolidated entities	(3		)		145			(87		)	239
Gain (loss) on sale of assets	—				94			(4,759		)	94
Income from Continuing Operations	$	24,061			$	77,653		$	112,050		$	156,642
Income from consolidated joint venture interests(A)	—				2,671		(C)	2,681		(C)	5,588		(C)
Income from discontinued joint venture interests(A)	159		(B)		175		(B)	176		(B)	502		(B)
Gain on disposal or sale of discontinued operations, net	19				21,151			19			20,704
Net Income	$	24,239			$	101,650		$	114,926		$	183,436
Third-Party Investors’ Share of Net Income	$	6,027			$	59,863		$	60,672		$	109,439
Our Share of Net Income	18,212				41,787			54,254			73,997
Amortization of Excess Investment	(10,753		)		(12,374		)	(25,022		)	(24,892		)
Income from Beneficial Interests and Other, Net	—				1,045			—			11,276
Write-off of Investment Related to Properties Sold	—				(2,977		)	—			(2,977		)
Our Share of Net Gain Related to Properties Sold	—				(7,599		)	—			(7,599		)
Income from Unconsolidated Entities and Beneficial Interests, Net	7,459				19,882			29,232			49,805

69

SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)

	June 30,		December 31,
	2007		2006
Assets:
Investment properties, at cost	$	20,638,350	$	10,669,967
Less—accumulated depreciation	2,918,983		2,206,399
	17,719,367		8,463,568
Cash and cash equivalents	839,368		354,620
Tenant receivables	350,855		258,185
Investment in unconsolidated entities	180,050		176,400
Deferred costs and other assets	815,404		307,468
Total assets	$	19,905,044	$	9,560,241
Liabilities and Partners’ Equity:
Mortgages and other indebtedness	$	15,529,347	$	8,055,855
Accounts payable, accrued expenses, and deferred revenue	970,302		513,472
Other liabilities	974,091		255,633
Total liabilities	17,473,740		8,824,960
Preferred units	67,450		67,450
Preferred stock	639,695		—
Partners’ equity	1,724,159		667,831
Total liabilities and partners’ equity	$	19,905,044	$	9,560,241
Our Share of:
Total assets	$	8,162,161	$	4,113,051
Partners’ equity	$	828,500	$	380,150
Add: Excess Investment(D)	791,517		918,497
Our net Investment in Joint Ventures	$	1,620,017	$	1,298,647
Mortgages and other indebtedness	$	6,188,391	$	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 June 30, 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, and Metrocenter, a regional mall, in January 2005.

(C)As a result of the consolidation of Mall of Georgia during the fourth quarter of 2006 and Town Center at Cobb and Gwinnett Mall as of March 31, 2007, we reclassified our share of the pre-consolidation earnings from these properties.

(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								For the Six Months Ended
	June 30,								June 30,
	2007				2006				2007				2006
Net Income(2)(3)(4)(5)		$	74,220			$	101,263			$	187,007			$	223,853
Adjustments to Net Income to Arrive at FFO:
Limited Partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership		21,045				28,852				52,162				63,232
Limited Partners’ interest in discontinued operations		3				(28		)		(38		)		12
Depreciation and amortization from consolidated properties and discontinued operations		226,853				210,448				439,341				423,990
Simon’s share of depreciation and amortization from unconsolidated entities		75,969				52,946				131,300				103,078
Gain on sales of assets and interests in unconsolidated entities and discontinued operations, net of Limited Partners’ interest		(2,880		)		(7,687		)		(500		)		(42,015		)
Minority interest portion of depreciation and amortization		(2,276		)		(2,031		)		(4,293		)		(4,131		)
Preferred distributions and dividends		(19,900		)		(25,323		)		(39,545		)		(50,722		)
FFO of the Simon Portfolio		$	373,034			$	358,440			$	765,434			$	717,297
Per Share Reconciliation:
Diluted net income available to common stockholders per share		$	0.27			$	0.37			$	0.71			$	0.84
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		1.07				0.94				2.01				1.88
Gain on sales of assets and interests in unconsolidated entities and discontinued operations, net of Limited Partners’ interest		(0.01		)		(0.03		)		0.00				(0.15		)
Impact of additional dilutive securities for FFO per share		(0.02		)		(0.02		)		(0.04		)		(0.05		)
Diluted FFO per share		$	1.31			$	1.26			$	2.68			$	2.52

Details for per share calculations:
FFO of the Simon Portfolio	$	373,034		$	358,440		$	765,434		$	717,297
Adjustments for dilution calculation:
Impact of preferred stock and preferred unit conversions and option exercises(6)	13,072			14,121			25,888			28,315
Diluted FFO of the Simon Portfolio	386,106			372,561			791,322			745,612
Diluted FFO allocable to unitholders	(75,568		)	(73,724		)	(155,615		)	(147,642		)
Diluted FFO allocable to common stockholders	$	310,538		$	298,837		$	635,707		$	597,970
Basic weighted average shares outstanding	223,399			220,990			222,936			220,787
Adjustments for dilution calculation:
Effect of stock options	837			885			847			930
Impact of Series C preferred unit conversion	135			1,047			160			1,054
Impact of Series I preferred unit conversion	2,419			3,278			2,559			3,276
Impact of Series I preferred stock conversion	11,073			10,826			11,038			10,839
Diluted weighted average shares outstanding	237,863			237,026			237,540			236,886
Weighted average limited partnership units outstanding	57,883			58,474			58,148			58,488
Diluted weighted average shares and units outstanding	295,746			295,500			295,688			295,374
Basic FFO per share	$	1.33		$	1.28		$	2.72		$	2.57
Percent Increase	3.9		%				5.8		%
Diluted FFO per share	$	1.31		$	1.26		$	2.68		$	2.52
Percent Increase	4.0		%				6.3		%

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 $3.7 million and $19.7 million for the three months ended June 30, 2007 and 2006, respectively, and $11.3 million and $26.3 million for the six months ended June 30, 2007 and 2006, respectively.

(3)Includes the Company’s share of straight-line adjustments to minimum rent of $5.6 million and $1.5 million for the three months ended June 30, 2007 and 2006, respectively and $10.7 million and $5.3 million for the six months ended June 30, 2007 and 2006, respectively.

(4)Includes the Company’s share of the fair market value of leases from acquisitions of $12.3 million and $17.8 million for the three months ended June 30, 2007 and 2006, respectively, and $26.2 million and $35.2 million for the six months ended June 20, 2007 and 2006, respectively.

(5)Includes the Company’s share of debt premium amortization of $15.0 million and $6.7 million for the three months ended June 30, 2007 and 2006, respectively, and $22.0 million and $13.4 million for the six months ended June 30, 2007 and 2006, respectively.

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

73