SCHEDULE III

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Malls
Barton Creek Square	Austin, TX		—		2,903		20,929		7,983		71,575		10,886		92,504		103,390		58,843	1981
Battlefield Mall	Springfield, MO		122,131		3,919		27,231		3,000		64,291		6,919		91,522		98,441		67,333	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		26,112		10,464		51,735		62,199		30,309	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		—		48,624		39,500		257,826		297,326		127,932	1998	(4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		26,077		11,306		58,508		69,814		33,679	1994	(4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		19,600		103,748		66,200		407,366		473,566		199,546	1998	(4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		79,358		33,684		177,645		211,329		99,635	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		55,899		1,613		71,161		72,774		45,235	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		53,359		1,723		69,604		71,327		39,530	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		31,566		17,441		98,146		115,587		52,298	1987
Copley Place	Boston, MA		—		—		378,045		—		159,785		—		537,830		537,830		201,999	2002	(4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		22,661		13,556		116,291		129,847		82,854	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		65,397		25,947		138,488		164,435		62,510	1998	(4)
Domain, The	Austin, TX		191,842		40,436		197,010		—		142,088		40,436		339,098		379,534		125,788	2005
Empire Mall	Sioux Falls, SD		190,000		35,998		192,186		—		24,845		35,998		217,031		253,029		38,305	1998	(5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		93,330		29,145		213,909		243,054		102,416	1997	(4)
Firewheel Town Center	Garland (Dallas), TX		—		8,485		82,716		—		27,246		8,485		109,962		118,447		51,519	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		248,739		—		525,306		525,306		228,438	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		—		2,423		23,445		5,253		115,932		7,676		139,377		147,053		75,887	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		37,999		11,591		171,892		183,483		97,994	1998	(4)
Independence Center	Independence (Kansas City), MO		200,000		5,042		45,798		—		42,025		5,042		87,823		92,865		47,374	1994	(4)
Ingram Park Mall	San Antonio, TX		133,092		733		16,972		37		25,383		770		42,355		43,125		28,012	1979
King of Prussia	King of Prussia (Philadelphia), PA		—		175,063		1,128,200		—		317,329		175,063		1,445,529		1,620,592		243,296	2003	(5)
La Plaza Mall	McAllen, TX		—		87,912		9,828		6,569		107,393		94,481		117,221		211,702		35,041	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		16,818		10,102		98,386		108,488		54,544	1995

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
Mall of Georgia	Buford (Atlanta), GA		—	47,492	326,633	—	5,700	47,492	332,333	379,825	149,660	1999	(5)
McCain Mall	N. Little Rock, AR		—	—	9,515	10,530	28,945	10,530	38,460	48,990	12,808	1973
Menlo Park Mall	Edison (New York), NJ		—	65,684	223,252	—	71,007	65,684	294,259	359,943	154,740	1997	(4)
Midland Park Mall	Midland, TX		78,807	687	9,213	—	24,849	687	34,062	34,749	20,276	1980
Miller Hill Mall	Duluth, MN		—	2,965	18,092	1,811	42,181	4,776	60,273	65,049	38,865	1973
Montgomery Mall	North Wales (Philadelphia), PA		100,000	27,105	86,915	—	62,597	27,105	149,512	176,617	59,216	2004	(5)
North East Mall	Hurst (Dallas), TX		—	128	12,966	19,010	149,629	19,138	162,595	181,733	102,679	1971
Northgate Mall	Seattle, WA		—	23,586	115,992	—	121,976	23,586	237,968	261,554	113,611	1987
Ocean County Mall	Toms River (New York), NJ		—	20,404	124,945	—	32,116	20,404	157,061	177,465	81,367	1998	(4)
Orland Square	Orland Park (Chicago), IL		—	35,514	129,906	—	52,261	35,514	182,167	217,681	95,615	1997	(4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		63,931	24,544	100,287	—	18,942	24,544	119,229	143,773	72,372	2003	(4)
Penn Square Mall	Oklahoma City, OK		310,000	2,043	155,958	—	50,801	2,043	206,759	208,802	109,149	2002	(4)
Pheasant Lane Mall	Nashua, NH		—	3,902	155,068	550	47,192	4,452	202,260	206,712	93,096	2004	(5)
Phipps Plaza	Atlanta, GA		—	15,005	210,610	—	65,446	15,005	276,056	291,061	131,792	1998	(4)
Plaza Carolina	Carolina (San Juan), PR		225,000	15,493	279,560	—	63,728	15,493	343,288	358,781	135,962	2004	(4)
Prien Lake Mall	Lake Charles, LA		—	1,842	2,813	3,053	49,380	4,895	52,193	57,088	26,045	1972
Rockaway Townsquare	Rockaway (New York), NJ		—	41,918	212,257	—	46,283	41,918	258,540	300,458	128,446	1998	(4)
Roosevelt Field	Garden City (New York), NY		—	163,160	702,008	1,246	344,459	164,406	1,046,467	1,210,873	402,839	1998	(4)
Ross Park Mall	Pittsburgh, PA		—	23,541	90,203	—	90,762	23,541	180,965	204,506	107,322	1986
Santa Rosa Plaza	Santa Rosa, CA		—	10,400	87,864	—	27,312	10,400	115,176	125,576	56,048	1998	(4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000	449	25,102	43,257	103,027	43,706	128,129	171,835	22,434	2002	(5)
Shops at Nanuet, The	Nanuet, NY		—	28,125	142,860	—	11,351	28,125	154,211	182,336	20,843	2013
Shops at Riverside, The	Hackensack (New York), NJ		130,000	13,521	238,746	—	44,174	13,521	282,920	296,441	43,357	2007	(4) (5)
South Hills Village	Pittsburgh, PA		—	23,445	125,840	1,472	58,731	24,917	184,571	209,488	86,316	1997	(4)
South Shore Plaza	Braintree (Boston), MA		—	101,200	301,495	959	162,436	102,159	463,931	566,090	210,327	1998	(4)
Southdale Center	Edina (Minneapolis), MN		150,206	40,172	184,967	—	45,675	40,172	230,642	270,814	39,374	2007	(4) (5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
St. Charles Towne Center	Waldorf (Washington, DC), MD		—	7,710	52,934	1,180	30,267	8,890	83,201	92,091	53,925	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		—	—	339,537	—	123,251	—	462,788	462,788	148,063	2003	(4)
Summit Mall	Akron, OH		85,000	15,374	51,137	—	49,423	15,374	100,560	115,934	53,872	1965
Tacoma Mall	Tacoma (Seattle), WA		—	37,803	125,826	—	91,857	37,803	217,683	255,486	114,404	1987
Tippecanoe Mall	Lafayette, IN		—	2,897	8,439	5,517	47,804	8,414	56,243	64,657	41,595	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—	64,200	307,317	—	180,708	64,200	488,025	552,225	244,795	1998	(4)
Town Center at Cobb	Kennesaw (Atlanta), GA		191,885	32,355	158,225	—	19,686	32,355	177,911	210,266	101,821	1998	(5)
Towne East Square	Wichita, KS		—	8,525	18,479	4,108	45,486	12,633	63,965	76,598	44,430	1975
Treasure Coast Square	Jensen Beach, FL		—	11,124	72,990	3,067	38,213	14,191	111,203	125,394	64,440	1987
Tyrone Square	St. Petersburg (Tampa), FL		—	15,638	120,962	1,459	51,092	17,097	172,054	189,151	90,365	1972
University Park Mall	Mishawaka, IN		—	16,768	112,158	7,000	57,526	23,768	169,684	193,452	139,214	1996	(4)
Walt Whitman Shops	Huntington Station (New York), NY		—	51,700	111,258	3,789	127,103	55,489	238,361	293,850	101,692	1998	(4)
White Oaks Mall	Springfield, IL		51,500	3,024	35,692	2,102	63,561	5,126	99,253	104,379	48,180	1977
Wolfchase Galleria	Memphis, TN		164,555	15,881	128,276	—	16,757	15,881	145,033	160,914	81,285	2002	(4)
Woodland Hills Mall	Tulsa, OK		88,943	34,211	187,123	—	28,499	34,211	215,622	249,833	114,697	2004	(5)

Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		—	3,900	97,059	—	8,138	3,900	105,197	109,097	44,086	2004	(4)
Allen Premium Outlets	Allen (Dallas), TX		0	13855	43687	9137	26102	22992	69789	92781	28265	2004	(4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—	2,370	24,326	—	5,796	2,370	30,122	32,492	20,649	2004	(4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		123,000	11,477	77,856	—	6,288	11,477	84,144	95,621	25,000	2010	(4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—	16,670	224,721	395	66,193	17,065	290,914	307,979	113,760	2004	(4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—	12,890	184,990	96	6,431	12,986	191,421	204,407	69,030	2004	(4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		46,338	3,175	59,863	5,311	6,006	8,486	65,869	74,355	31,820	2004	(4)
Chicago Premium Outlets	Aurora (Chicago), IL		—	659	118,005	13,050	104,688	13,709	222,693	236,402	60,147	2004	(4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—	14,117	71,520	—	4,934	14,117	76,454	90,571	27,685	2008
Clinton Crossing Premium Outlets	Clinton, CT		—	2,060	107,556	1,532	4,863	3,592	112,419	116,011	47,581	2004	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
Ellenton Premium Outlets	Ellenton (Tampa), FL		178,000	15,807	182,412	—	5,295	15,807	187,707	203,514	66,763	2010	(4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—	9,060	50,281	—	4,667	9,060	54,948	64,008	27,564	2004	(4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—	9,630	194,122	—	11,038	9,630	205,160	214,790	84,512	2004	(4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		118,388	9,497	195,117	—	—	9,497	195,117	204,614	29,311	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		140,000	6,421	121,880	—	5,506	6,421	127,386	133,807	46,129	2010	(4)
Gulfport Premium Outlets	Gulfport, MS		50,000	—	27,949	—	2,935	—	30,884	30,884	11,117	2010	(4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		77,000	3,576	85,883	—	2,388	3,576	88,271	91,847	26,509	2010	(4)
Houston Premium Outlets	Cypress (Houston), TX		—	8,695	69,350	—	44,184	8,695	113,534	122,229	39,090	2007
Jackson Premium Outlets	Jackson (New York), NJ		—	6,413	104,013	3	6,502	6,416	110,515	116,931	40,932	2004	(4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		—	15,390	50,979	—	75,435	15,390	126,414	141,804	46,191	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—	2,800	39,546	—	7,361	2,800	46,907	49,707	19,114	2004	(4)
Kittery Premium Outlets	Kittery, ME		—	11,832	94,994	—	8,888	11,832	103,882	115,714	36,365	2004	(4)
Las Americas Premium Outlets	San Diego, CA		—	45,168	251,878	—	8,010	45,168	259,888	305,056	71,448	2007	(4)
Las Vegas North Premium Outlets	Las Vegas, NV		—	25,435	134,973	16,536	147,906	41,971	282,879	324,850	91,466	2004	(4)
Las Vegas South Premium Outlets	Las Vegas, NV		—	13,085	160,777	—	31,173	13,085	191,950	205,035	65,281	2004	(4)
Lee Premium Outlets	Lee, MA		53,491	9,167	52,212	—	2,031	9,167	54,243	63,410	19,333	2010	(4)
Leesburg Corner Premium Outlets	Leesburg (Washington, DC), VA		—	7,190	162,023	—	5,647	7,190	167,670	174,860	71,037	2004	(4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—	6,630	94,138	—	9,442	6,630	103,580	110,210	48,259	2004	(4)
Merrimack Premium Outlets	Merrimack, NH		126,534	17,028	118,428	—	1,807	17,028	120,235	137,263	24,654	2012
Napa Premium Outlets	Napa, CA		—	11,400	45,023	—	4,740	11,400	49,763	61,163	21,443	2004	(4)
North Bend Premium Outlets	North Bend (Seattle), WA		—	2,143	36,197	—	4,125	2,143	40,322	42,465	15,146	2004	(4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—	4,300	132,325	—	4,696	4,300	137,021	141,321	54,887	2004	(4)
Orlando International Premium Outlets	Orlando, FL		—	31,998	472,815	—	3,563	31,998	476,378	508,376	117,299	2010	(4)
Orlando Vineland Premium Outlets	Orlando, FL		—	14,040	304,410	36,023	80,156	50,063	384,566	434,629	133,643	2004	(4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—	13,322	13,710	—	3,267	13,322	16,977	30,299	9,971	2004	(4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—	16,676	105,249	—	17,906	16,676	123,155	139,831	53,886	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—	—	63,448	—	—	—	63,448	63,448	12,969	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		36,823	4,317	19,044	—	1,944	4,317	20,988	25,305	8,821	2010	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


						Cost Capitalized
						Subsequent to		Gross Amounts At Which				Date of
				Initial Cost (3)		Acquisition (3)		Carried At Close of Period				Construction
					Buildings and		Buildings and		Buildings and		Accumulated	or
Name	Location	Encumbrances (6)		Land	Improvements	Land	Improvements	Land	Improvements	Total (1)	Depreciation (2)	Acquisition
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		—	16,823	126,686	—	5,407	16,823	132,093	148,916	36,143	2010	(4)
Puerto Rico Premium Outlets	Barceloneta, PR		125,000	20,586	114,021	—	5,188	20,586	119,209	139,795	32,768	2010	(4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		64,689	8,129	61,950	—	4,424	8,129	66,374	74,503	19,697	2010	(4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—	12,229	41,547	—	31,760	12,229	73,307	85,536	36,098	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—	14,706	82,252	—	3,564	14,706	85,816	100,522	42,310	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—	21,925	308,694	40,046	51,642	61,971	360,336	422,307	47,062	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		—	13,180	287,179	—	8,831	13,180	296,010	309,190	73,112	2010	(4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—	—	103,722	—	55,046	—	158,768	158,768	58,507	2004	(4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—	6,090	57,670	2	10,954	6,092	68,624	74,716	31,332	2004	(4)
Tampa Premium Outlets	Lutz (Tampa), FL		—	14,298	97,188	121	3,230	14,419	100,418	114,837	5,518	2015
The Crossings Premium Outlets	Tannersville, PA		112,647	7,720	172,931	—	15,841	7,720	188,772	196,492	69,205	2004	(4)
Tucson Premium Outlets	Marana (Tucson), AZ		—	12,508	69,677	—	5,259	12,508	74,936	87,444	4,196	2015
Vacaville Premium Outlets	Vacaville, CA		—	9,420	84,850	—	14,879	9,420	99,729	109,149	46,555	2004	(4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—	22,630	77,316	—	19,727	22,630	97,043	119,673	36,337	2004	(4)
Waterloo Premium Outlets	Waterloo, NY		—	3,230	75,277	—	9,062	3,230	84,339	87,569	38,852	2004	(4)
Williamsburg Premium Outlets	Williamsburg, VA		185,000	10,323	223,789	—	5,858	10,323	229,647	239,970	55,852	2010	(4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—	9,414	150,414	—	1,341	9,414	151,755	161,169	23,870	2013	(4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—	11,110	862,559	1,658	224,253	12,768	1,086,812	1,099,580	326,600	2004	(4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—	4,900	282,031	—	10,709	4,900	292,740	297,640	113,849	2004	(4)

The Mills
Arizona Mills	Tempe (Phoenix), AZ		158,966	41,936	297,289	—	12,295	41,936	309,584	351,520	33,739	2007	(4) (5)
Great Mall	Milpitas (San Jose), CA		—	70,496	463,101	—	35,224	70,496	498,325	568,821	81,692	2007	(4) (5)
Gurnee Mills	Gurnee (Chicago), IL		273,866	41,133	297,911	—	12,043	41,133	309,954	351,087	54,403	2007	(4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		350,000	120,417	865,605	—	7,414	120,417	873,019	993,436	66,837	2015	(4)
Opry Mills	Nashville, TN		375,000	51,000	327,503	—	14,567	51,000	342,070	393,070	57,811	2007	(4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		416,000	61,755	425,370	—	35,791	61,755	461,161	522,916	81,498	2007	(4) (5)
Sawgrass Mills	Sunrise (Miami), FL		—	194,002	1,641,153	5,395	114,530	199,397	1,755,683	1,955,080	278,169	2007	(4) (5)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2016

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
					Initial Cost (3)			Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)			Land	Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Designer Outlets
La Reggia Designer Outlet	Marcianise (Naples), Italy		56,798		37,220		233,179		—		1,502		37,220		234,681		271,901		5,761	2013	(4) (5) (7)
Noventa Di Piave Designer Outlet	Venice, Italy		90,947		38,793		309,284		—		12,978		38,793		322,262		361,055		6,332	2013	(4) (5) (7)
Parndorf Designer Outlet	Vienna, Austria		97,293		14,903		221,442		—		1,048		14,903		222,490		237,393		10,565	2013	(4) (5) (7)
Roermond Designer Outlet	Roermond, Netherlands		243,232		15,035		400,094		—		1,111		15,035		401,205		416,240		16,803	2013	(4) (5) (7)

Community Centers
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		4,675		10,428		80,008		90,436		17,665	2011	(4)
University Park Village	Fort Worth, TX		55,000		18,031		100,523		—		3,271		18,031		103,794		121,825		7,244	2015	(4)

Other Properties
Bangor Mall	Bangor, ME		80,000		5,478		59,740		—		13,747		5,478		73,487		78,965		37,413	2004	(5)
Calhoun Outlet Marketplace	Calhoun, GA		19,316		1,745		12,529		—		1,625		1,745		14,154		15,899		7,464	2010	(4)
Florida Keys Outlet Marketplace	Florida City, FL		17,000		1,560		1,748		—		3,460		1,560		5,208		6,768		2,156	2010	(4)
Gaffney Outlet Marketplace	Gaffney (Greenville/Charlotte), SC		31,203		4,056		32,371		—		2,887		4,056		35,258		39,314		13,319	2010	(4)
Lebanon Outlet Marketplace	Lebanon (Nashville), TN		—		1,758		10,189		—		598		1,758		10,787		12,545		4,692	2010	(4)
Liberty Village Outlet Marketplace	Flemington (New York), NJ		—		5,670		28,904		—		2,000		5,670		30,904		36,574		23,429	2004	(4)
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		5,704		—		27,003		27,003		14,800	2003	(4)
Orlando Outlet Marketplace	Orlando, FL		—		3,367		1,557		—		2,171		3,367		3,728		7,095		1,550	2010	(4)
Osage Beach Outlet Marketplace	Osage Beach, MO		—		9,460		85,804		—		7,135		9,460		92,939		102,399		40,760	2004	(4)

Development Projects
Other pre-development costs			44,099		130,344		86,457		—		—		130,344		86,457		216,801		76
Other			—		2,615		14,047		—		—		2,615		14,047		16,662		7,094
Currency Translation Adjustment			—		(3,718)		(41,037)		—		—		(3,718)		(41,037)		(44,755)		(3,461)
		$	6,464,225	$	3,231,631	$	24,518,078	$	337,304	$	6,810,929	$	3,568,935	$	31,329,007	$	34,897,942	$	10,664,738

Simon Property Group, Inc.

Simon Property Group, L.P.

Notes to Schedule III as of December 31, 2016

(Dollars in thousands)

All periods presented exclude properties which were spun-off to Washington Prime as further discussed in Note 3 to the consolidated financial statements.

(1)

Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2016, 2015, and 2014 are as follows:


	2016		2015		2014
Balance, beginning of year	$	33,132,885	$	31,014,133	$	30,048,230
Acquisitions and consolidations (7)		1,331,511		1,190,944		393,351
Improvements		658,734		995,964		791,453
Disposals and deconsolidations		(180,433)		(68,156)		(218,901)
Currency Translation Adjustment		(44,755)		—		—
Balance, close of year	$	34,897,942	$	33,132,885	$	31,014,133

The unaudited aggregate cost of real estate assets for U.S. federal income tax purposes as of December 31, 2016 was $29,601,501.

(2)

Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2016, 2015, and 2014 are as follows:


	2016		2015		2014
Balance, beginning of year	$	9,696,420	$	8,740,928	$	7,896,614
Depreciation expense (7)		1,089,347		1,018,078		997,482
Disposals and deconsolidations		(117,568)		(62,586)		(153,168)
Currency Translation Adjustment		(3,461)		—		—
Balance, close of year	$	10,664,738	$	9,696,420	$	8,740,928

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

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

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

(3)

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

(4)

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

(5)

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

(6)

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

Represents the original cost and does not include subsequent currency translation adjustments.