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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2008



SIMON PROPERTY GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation or organization)
  001-14469
(Commission File No.)
  04-6268599
(I.R.S. Employer
Identification No.)

225 West Washington Street
Indianapolis, Indiana 46204
(Address of principal executive offices) (ZIP Code)

(317) 636-1600
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:

Title of each class
 
Name of each exchange
on which registered
Common stock, $0.0001 par value   New York Stock Exchange
6% Series I Convertible Perpetual Preferred Stock, $0.0001 par value   New York Stock Exchange
83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value   New York Stock Exchange

Securities registered pursuant to Section 12 (g) of the Act: None



            Indicate by check mark if the Registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes ý    No o

            Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o    No ý

            Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

            Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

            Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý   Accelerated filer o   Non-accelerated filer o
(Do not check if a smaller reporting company)
  Smaller reporting company o

            Indicate by checkmark whether the Registrant is a shell company (as defined in rule 12-b of the Act). Yes o    No ý

            The aggregate market value of shares of common stock held by non-affiliates of the Registrant was approximately $19,730 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2008.

            As of January 31, 2009, Simon Property Group, Inc. had 231,303,288 and 8,000 shares of common stock and Class B common stock outstanding, respectively.



Documents Incorporated By Reference

            Portions of the Registrant's Annual Report to Stockholders are incorporated by reference into Parts I, II and IV; and portions of the Registrant's Proxy Statement in connection with its 2009 Annual Meeting of Stockholders are incorporated by reference in Part III.


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Annual Report on Form 10-K
December 31, 2008

TABLE OF CONTENTS


Item No.

 

 


 

Page No.
Part I

1.

 

Business

 

3
1A.   Risk Factors   8
1B.   Unresolved Staff Comments   13
2.   Properties   13
3.   Legal Proceedings   47
4.   Submission of Matters to a Vote of Security Holders   47

Part II

5.

 

Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

 

48
6.   Selected Financial Data   49
7.   Management's Discussion and Analysis of Financial Condition and Results of Operations   49
7A.   Quantitative and Qualitative Disclosure About Market Risk   49
8.   Financial Statements and Supplementary Data   49
9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure   49
9A.   Controls and Procedures   49
9B.   Other Information   50

Part III

10.

 

Directors, Executive Officers and Corporate Governance

 

51
11.   Executive Compensation   51
12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   51
13.   Certain Relationships and Related Transactions, and Director Independence   51
14.   Principal Accountant Fees and Services   51

Part IV

15.

 

Exhibits, and Financial Statement Schedules

 

52

Signatures

 

53

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Part I

Item 1. Business

            Simon Property Group, Inc., or Simon Property, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties. In this report, the terms "we", "us" and "our" refer to Simon Property Group, Inc. and its subsidiaries.

            We own, develop, and manage retail real estate properties in five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers, and international properties. As of December 31, 2008, we owned or held an interest in 324 income-producing properties in the United States, which consisted of 164 regional malls, 16 additional regional malls and four additional community centers acquired as a result of the 2007 acquisition of The Mills Corporation, or the Mills acquisition, 40 Premium Outlet Centers, 16 The Mills, 70 community/lifestyle centers, and 14 other shopping centers or outlet centers in 41 states and Puerto Rico. We also own interests in four parcels of land held for future development. In the United States, we have one new property currently under development aggregating approximately 0.4 million square feet which will open during 2009. Internationally, we have ownership interests in 52 European shopping centers (in France, Italy and Poland), seven Premium Outlet Centers in Japan, one Premium Outlet Center in Mexico, one Premium Outlet Center in Korea, and one shopping center in China. Also, through joint venture arrangements we have ownership interests in the following properties under development internationally: a 24% interest in two shopping centers in Italy, a 40% interest in a Premium Outlet Center in Japan, and a 32.5% interest in three additional shopping centers under construction in China.

            For a description of our operational strategies and developments in our business during 2008, see the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of the 2008 Annual Report to Shareholders filed as Exhibit 13.1 to this Form 10-K.

Other Policies

            The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities. One or more of these policies may be amended or rescinded from time to time without a stockholder vote.

            While we emphasize equity real estate investments, we may, at our discretion, invest in mortgages and other real estate interests consistent with our qualification as a REIT. We do not currently intend to invest to a significant extent in mortgages or deeds of trust; however, we hold a mortgage note which results in us receiving 100% of the economics of a property. We may invest in participating or convertible mortgages if we conclude that we may benefit from the cash flow or any appreciation in the value of the property.

            We may invest in securities of other entities engaged in real estate activities or securities of other issuers. However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that we cannot make an investment that would cause our real estate assets to be less than 75% of our total assets. In addition, at least 75% of our gross income must be derived directly or indirectly from investments relating to real property or mortgages on real property, including "rents from real property," dividends from other REIT's and, in certain circumstances, interest from certain types of temporary investments. At least 95% of our income must be derived from such real property investments, and from dividends, interest and gains from the sale or dispositions of stock or securities or from other combinations of the foregoing.

            Subject to REIT limitations, we may invest in the securities of other issuers in connection with acquisitions of indirect interests in real estate. Such an investment would normally be in the form of general or limited partnership or membership interests in special purpose partnerships and limited liability companies that own one or more properties. We may, in the future, acquire all or substantially all of the securities or assets of other REITs, management companies or similar entities where such investments would be consistent with our investment policies.

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            We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined. For example, the Operating Partnership's lines of credit and the indentures for the Operating Partnership's debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related arrangement, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for our equity securities and the debt securities of the Operating Partnership.

            If our Board of Directors determines to seek additional capital, we may raise such capital through additional equity offerings, debt financing, creating joint ventures with existing ownership interests in properties, retention of cash flows or a combination of these methods. Our ability to retain cash flows is limited by the requirement for REITs to distribute at least 90% of their taxable income. We must also take into account taxes that would be imposed on undistributed taxable income. If the Board of Directors determines to raise additional equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. The Board of Directors may issue a number of shares up to the amount of our authorized capital in any manner and on such terms and for such consideration as it deems appropriate. Such securities may be senior to the outstanding classes of common stock. Such securities also may include additional classes of preferred stock, which may be convertible into common stock. Existing stockholders have no preemptive right to purchase shares in any subsequent offering of our securities. Any such offering could dilute a stockholder's investment in us.

            We expect most future borrowings would be made through the Operating Partnership or its subsidiaries. We might, however, incur borrowings that would be reloaned to the Operating Partnership. Borrowings may be in the form of bank borrowings, publicly and privately placed debt instruments, or purchase money obligations to the sellers of properties. Any such indebtedness may be secured or unsecured. Any such indebtedness may also have full or limited recourse to the borrower or cross-collateralized with other debt, or may be fully or partially guaranteed by the Operating Partnership. Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly be required to do so.

            The Operating Partnership has a $3.5 billion revolving unsecured credit facility, or the Credit Facility. We issue debt securities through the Operating Partnership, but we may issue our debt securities which may be convertible into capital stock or be accompanied by warrants to purchase capital stock. We also may sell or securitize our lease receivables. The proceeds from any borrowings or financings may be used for one or more of the following:

            We may also finance acquisitions through the following:

            The ability of the Operating Partnership to issue units of limited partnership interest to transferors of properties or other partnership interests may defer gain recognition for tax purposes by the transferor. It may also be advantageous for us since there are ownership limits that restrict the number of shares of our capital stock that investors may own.

            We do not have a policy limiting the number or amount of mortgages that may be placed on any particular property. Mortgage financing instruments, however, usually limit additional indebtedness on such properties. We also have covenants on our unsecured debt that limit our total secured debt.

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            Typically, we invest in or form special purpose entities to assist us in obtaining permanent financing on attractive terms. Permanent financing may be structured as a mortgage loan on a single property, or on a group of properties, and generally requires us to provide a mortgage interest on the property in favor of an institutional third party, as a joint venture with a third party, or as a securitized financing. For securitized financings, we create special purpose entities to own the properties. These special purpose entities are structured so that they would not be consolidated with us in the event we would ever become subject to a bankruptcy proceeding. We decide upon the structure of the financing based upon the best terms then available to us and whether the proposed financing is consistent with our other business objectives. For accounting purposes, we include the outstanding securitized debt of special purpose entities owning consolidated properties as part of our consolidated indebtedness.

            We maintain policies and have entered into agreements designed to reduce or eliminate potential conflicts of interest. We have adopted governance principles governing our affairs and the Board of Directors, as well as written charters for each of the standing Committees of the Board of Directors. In addition, we have a Code of Business Conduct and Ethics, which applies to all of our officers, directors, and employees. At least a majority of the members of our Board of Directors must qualify as independent under the listing standards for New York Stock Exchange companies and cannot be affiliated with the Simon family who are significant stockholders. Any transaction between us and the Simons, including property acquisitions, service and property management agreements and retail space leases, must be approved by a majority of our non-affiliated directors.

            The sale by the Operating Partnership of any property that it owns may have an adverse tax impact on the Simons and the other limited partners of the Operating Partnership. In order to avoid any conflict of interest between Simon Property and the limited partners of the Operating Partnership, our charter requires that at least six of our independent directors must authorize and require the Operating Partnership to sell any property it owns. Any such sale is subject to applicable agreements with third parties. Noncompetition agreements executed by each of the Simons contain covenants limiting the ability of the Simons to participate in certain shopping center activities in North America.

            We intend to make investments which are consistent with our qualification as a REIT, unless the Board of Directors determines that it is no longer in our best interests to so qualify as a REIT. The Board of Directors may make such a determination because of changing circumstances or changes in the REIT requirements. We have authority to offer shares of our capital stock or other securities in exchange for property. We also have authority to repurchase or otherwise reacquire our shares or any other securities. We may issue shares of our common stock, or cash at our option, to holders of units of limited partnership interest in the Operating Partnership in future periods upon exercise of such holders' rights under the Operating Partnership agreement. Our policy prohibits us from making any loans to our directors or executive officers for any purpose. We may make loans to the joint ventures in which we participate.

Competition

            Our principal competitors are nine other major United States or internationally publicly-held companies that own or operate regional malls, outlet centers, and other shopping centers in the United States and abroad. We also compete with many commercial developers, real estate companies and other owners of retail real estate that operate in our trade areas. Some of our properties and investments are of the same type and are within the same market area as competitor properties. The existence of competitive properties could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the acquisition of prime sites (including land for development and operating properties) and for tenants to occupy the space that we and our competitors develop and manage. In addition, our properties compete against other forms of retailing, such as catalog and e-commerce websites, that offer retail products and services.

            We believe that we have a competitive advantage in the retail real estate business as a result of:

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            Our size reduces our dependence upon individual retail tenants. Approximately 4,300 different retailers occupy more than 28,600 stores in our properties and no retail tenant represents more than 2.0% of our properties' total minimum rents.

Certain Activities

            During the past three years, we have:

Employees

            At January 16, 2009, we and our affiliates employed approximately 5,300 persons at various properties and offices throughout the United States, of which approximately 1,800 were part-time. Approximately 1,100 of these employees were located at our corporate headquarters in Indianapolis, IN and 150 were located at our Chelsea offices in Roseland, NJ.

Corporate Headquarters

            Our corporate headquarters are located at 225 West Washington Street, Indianapolis, Indiana 46204, and our telephone number is (317) 636-1600.

Available Information

            We are a large accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or Exchange Act) and are required, pursuant to Item 101 of Regulation S-K, to provide certain information regarding our website and the availability of certain documents filed with or furnished to the SEC. Our Internet website address is www.simon.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available or may be accessed free of charge through the "About Simon/Investor Relations/Financial Information" section of our Internet website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our Internet website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.

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            The following corporate governance documents are also available through the About Simon/Investor Relations/Corporate Governance section of our Internet website or may be obtained in print form by request of our Investor Relations Department: Governance Principles, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, Nominating Committee Charter, Governance Committee Charter, and Executive Committee Charter.

            In addition, we intend to disclose on our internet website any amendments to, or waivers from, our Code of Business Conduct and Ethics that are required to be publicly disclosed pursuant to rules of the SEC and the New York Stock Exchange, or NYSE.

            As required by NYSE Rule 303A.12, in 2008 we filed with the NYSE the annual chief executive officer certificate with no qualifications, indicating that the chief executive officer is unaware of any violations of the NYSE corporate governance standards. In addition, we are filing certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to this Annual Report on Form 10-K.

Executive Officers of the Registrant

            The following table sets forth certain information with respect to our executive officers as of December 31, 2008.

Name   Age   Position
David Simon     47   Chairman and Chief Executive Officer
Richard S. Sokolov     59   President and Chief Operating Officer
Gary L. Lewis     50   Senior Executive Vice President — Leasing
Stephen E. Sterrett     53   Executive Vice President and Chief Financial Officer
John Rulli     52   Executive Vice President and President — Simon Management Group
James M. Barkley     57   General Counsel; Secretary
Andrew A. Juster     56   Executive Vice President and Treasurer

            The executive officers of Simon Property serve at the pleasure of the Board of Directors. For biographical information of David Simon, Richard S. Sokolov, Stephen E. Sterrett, and James M. Barkley, see Item 10 of this report.

            Mr. Lewis is the Senior Executive Vice President and President — Leasing of Simon Property. Mr. Lewis joined Melvin Simon & Associates, Inc., or MSA, in 1986 and held various positions with MSA and Simon Property prior to becoming Senior Executive Vice President and President — Leasing. In 2002 he was appointed to Executive Vice President — Leasing and in 2007 he became Senior Executive Vice President and President — Leasing.

            Mr. Rulli serves as Simon Property's Executive Vice President and President — Simon Management Group and previously served as Executive Vice President — Chief Operating Officer — Operating Properties and prior to that as Executive Vice President and Chief Administrative Officer. He joined MSA in 1988 and held various positions with MSA before becoming Simon Property's Executive Vice President in 1993 and Chief Administrative Officer in 2000. In December 2003, he was appointed to Executive Vice President — Chief Operating Officer — Operating Properties and in November 2007 to Executive Vice President and President — Simon Management Group.

            Mr. Juster serves as Simon Property's Executive Vice President and Treasurer. He joined MSA in 1989 and held various financial positions with MSA until 1993 and thereafter has held various positions with Simon Property. Mr. Juster became Treasurer in 2001 and was promoted to Executive Vice President in 2008.

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Item 1A. Risk Factors

            The following factors, among others, could cause our actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by our management from time to time. These factors, among others, may have a material adverse effect on our business, financial condition, operating results and cash flows, and you should carefully consider them. It is not possible to predict or identify all such factors. You should not consider this list to be a complete statement of all potential risks or uncertainties and we may update them in our future periodic reports.

Risks Relating to Debt and the Financial Markets

            As of December 31, 2008, our consolidated mortgages and other indebtedness, excluding the related premium and discount, totaled $18.0 billion, of which approximately $1.5 billion matures during 2009, including recurring principal amortization on mortgages maturing during 2009. We are subject to the risks normally associated with debt financing, including the risk that our cash flow from operations will be insufficient to meet required debt service. Our debt service costs generally will not be reduced if developments at the property, such as the entry of new competitors or the loss of major tenants, cause a reduction in the income from the property. Should such events occur, our operations may be adversely affected. If a property is mortgaged to secure payment of indebtedness and income from this is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value.

            We depend primarily on external financings, principally debt financings, to fund the growth of our business and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on our credit rating, the willingness of banks to lend to us and conditions in the capital markets. The disruption in the capital markets that began in 2008 has continued into 2009, restricting access to capital markets for many companies. We cannot assure you that we will be able to obtain the financing we need for future growth or to meet our debt service as obligations mature, or that the financing available to us will be on acceptable terms.

            Our outstanding senior unsecured notes and preferred stock are periodically rated by nationally recognized credit rating agencies. The credit ratings are based on our operating performance, liquidity and leverage ratios, overall financial position, and other factors viewed by the credit rating agencies as relevant to our industry and the economic outlook in general. Our credit rating can affect the amount of capital we can access, as well as the terms of any financing we obtain. Since we depend primarily on debt financing to fund our growth, adverse changes in our credit rating could have a negative effect on our future growth.

            We manage our exposure to interest rate risk by a combination of interest rate protection agreements to effectively fix or cap a portion of our variable rate debt, or in the case of a fair value hedge, effectively convert fixed rate debt to variable rate debt. In addition, we refinance fixed rate debt at times when we believe rates and terms are appropriate. Our efforts to manage these exposures may not be successful.

            Our use of interest rate hedging arrangements to manage risk associated with interest rate volatility may expose us to additional risks, including a risk that a counterparty to a hedging arrangement may fail to honor its obligations. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations or financial condition. Termination of these hedging agreements typically involves costs, such as transaction fees or breakage costs.

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Factors Affecting Real Estate Investments and Operations

            We regularly acquire and develop new properties and expand and redevelop existing properties, and these activities are subject to various risks. We may not be successful in pursuing acquisition, development or redevelopment/expansion opportunities. In addition, newly acquired, developed or redeveloped/expanded properties may not perform as well as expected. We are subject to other risks in connection with any acquisition, development and redevelopment/expansion activities, including the following:

            If a development or redevelopment/expansion project is unsuccessful, either because it is not meeting our expectations when operational or was not completed according to the project planning, we could lose our investment in the project. Further, if we guarantee the property's financing, our loss could exceed our investment in the project.

            Our properties represent a substantial portion of our total consolidated assets. These investments are relatively illiquid. As a result, our ability to sell one or more of our properties or investments in real estate in response to any changes in economic or other conditions is limited. If we want to sell a property, we cannot assure you that we will be able to dispose of it in the desired time period or that the sales price of a property will exceed the cost of our investment.

Environmental Risks

            Federal, state and local laws and regulations relating to the protection of the environment may require us, as a current or previous owner or operator of real property, to investigate and clean up hazardous or toxic substances or petroleum product releases at a property or at impacted neighboring properties. These laws often impose liability regardless of whether the property owner or operator knew of, or was responsible for, the presence of hazardous or toxic substances. These laws and regulations may require the abatement or removal of asbestos containing materials in the event of damage, demolition or renovation, reconstruction or expansion of a property and also govern emissions of and exposure to asbestos fibers in the air. Those laws and regulations also govern the installation, maintenance and removal of underground storage tanks used to store waste oils or other petroleum products. Many of our properties contain, or at one time contained, asbestos containing materials or underground storage tanks (primarily related to auto service center establishments or emergency electrical generation equipment). The costs of investigation, removal or remediation of hazardous or toxic substances may be substantial and could adversely affect our results of operations or financial condition but is not estimable. The presence of contamination, or the failure to remediate contamination, may also adversely affect our ability to sell, lease or redevelop a property or to borrow using a property as collateral.

            Although we believe that our portfolio is in substantial compliance with Federal, state and local environmental laws, ordinances and regulations regarding hazardous or toxic substances, this belief is based on limited testing. Nearly all of our properties have been subjected to Phase I or similar environmental audits. These environmental audits have not revealed, nor are we aware of, any environmental liability that we believe will have a material adverse effect on our results of operations or financial condition. However, we cannot assure you that:

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Retail Operations Risks

            Our concentration in the retail real estate market means that we are subject to the risks that affect the retail environment generally, including the levels of consumer spending, seasonality, the willingness of retailers to lease space in our shopping centers, tenant bankruptcies, changes in economic conditions, consumer confidence and terrorist activities. A recession is currently affecting the economy and consumer spending in the United States has recently declined. The unemployment rate is rising and consumer confidence has decreased significantly. In addition, we derive our cash flow from operations primarily from retail tenants, many of whom are currently under considerable economic stress. A prolonged recession is likely to adversely affect our tenants and as a result this could affect our results of operations and financial condition. A significant deterioration in our cash flow from operations could require us to curtail planned capital expenditures or seek alternative sources of financing.

            We may not be able to lease new properties to an appropriate mix of tenants or for rents that are consistent with our projections. Also, when leases for our existing properties expire, the premises may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms. To the extent that our leasing plans are not achieved, our cash generated before debt repayments and capital expenditures could be adversely affected.

            Regional malls are typically anchored by department stores and other large nationally recognized tenants. The value of some of our properties could be adversely affected if these tenants fail to comply with their contractual obligations, seek concessions in order to continue operations, or cease their operations. Department store and larger store, also referred to as "big box", consolidations typically result in the closure of existing stores or duplicate or geographically overlapping store locations. We do not control the disposition of those department stores or larger stores that we do not own. We also may not control the vacant space that is not re-leased in those stores we do own. Other tenants may be entitled to modify the terms of their existing leases in the event of such closures. The modification could be unfavorable to us as the lessor and could decrease rents or expense recovery charges. Additionally, major tenant closures may result in decreased customer traffic which could lead to decreased sales at other stores. If the sales of stores operating in our properties were to decline significantly due to closing of anchors, economic conditions, or other reasons, tenants may be unable to pay their minimum rents or expense recovery charges. In the event of default by a tenant or anchor store, we may experience delays and costs in enforcing our rights as landlord to recover amounts due to us under the terms of our agreements with those parties.

            Although bankruptcy filings by retailers occur regularly in the course of our operations, the number of tenant bankruptcies has increased substantially in the past twelve months. We continually seek to re-lease vacant spaces resulting from tenant terminations. The bankruptcy of a tenant, particularly an anchor tenant, may make it more difficult to lease the remainder of the affected properties. Future tenant bankruptcies could adversely affect our properties or impact our ability to successfully execute our re-leasing strategy.

Risks Relating to Joint Venture Properties

            As of December 31, 2008, we owned interests in 183 income-producing properties with other parties. Of those, 18 properties are included in our consolidated financial statements. We account for the other 165 properties under the

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equity method of accounting, which we refer to as joint venture properties. We serve as general partner or property manager for 93 of these 165 properties; however, certain major decisions, such as selling or refinancing these properties, require the consent of the other owners. Of the properties for which we do not serve as general partner or property manager, 62 are in our international joint ventures. The other owners also have other participating rights that we consider substantive for purposes of determining control over the properties' assets. The remaining joint venture properties are managed by third parties. These limitations may adversely affect our ability to sell, refinance, or otherwise operate these properties.

            Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property. As of December 31, 2008, the Operating Partnership has loan guarantees and other guarantee obligations to support $71.9 million and $6.6 million, respectively, of our total $6.6 billion share of joint venture mortgage and other indebtedness. A default by a joint venture under its debt obligations may expose us to liability under a guaranty or letter of credit.

Other Factors Affecting Our Business

            CAM costs typically include allocable energy costs, repairs, maintenance and capital improvements to common areas, janitorial services, administrative, property and liability insurance costs, and security costs. We historically have used leases with variable CAM provisions that adjust to reflect inflationary increases. Recently, we have made a concerted effort to convert our leases to a fixed payment methodology which fixes our tenants' CAM contributions and should in turn reduce the volatility of and limitations on the recoveries we collect from our tenants for the reimbursement of our property operating expenses. However, with respect to both variable and fixed payment methodologies, the amount of CAM charges we bill to our tenants may not allow us to recover all of these operating costs.

            Our properties compete with other retail properties for tenants on the basis of the rent charged and location. The principal competition may come from existing or future developments in the same market areas and from discount shopping centers, outlet malls, catalogues, discount shopping clubs and electronic commerce. The presence of competitive properties also affects our ability to lease space and the level of rents we can obtain. Renovations and expansions at competing malls could also negatively affect our properties.

            We also compete with other retail property developers to acquire prime development sites. In addition, we compete with other retail property companies for tenants and qualified management.

            We hold interests in joint venture properties that are under operation in Italy, France, Poland, Japan, Korea, Mexico, and China and we have recently made an investment in a U.K. retail real estate company. We may pursue additional expansion opportunities outside the United States. International development and ownership activities carry risks that are different from those we face with our domestic properties and operations. These risks include:

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            Although our international activities currently are a relatively small portion of our business (international properties represented approximately 6.3% of the GLA of all of our properties at December 31, 2008), to the extent that we expand our international activities, these risks could increase in significance which in turn could adversely affect our results of operations and financial condition.

            We maintain commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States through wholly-owned captive insurance entities and other self-insurance mechanisms. Rosewood Indemnity, Ltd. and Bridgewood Insurance Company, Ltd. are our wholly-owned captive insurance subsidiaries, and have agreed to indemnify our general liability carrier for a specific layer of losses for the properties that are covered under these arrangements. The carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier's policy. A similar policy written through these captive insurance entities also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations.

            There are some types of losses, including lease and other contract claims that generally are not insured. If an uninsured loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenue from the property. If this happens, we may still remain obligated for any mortgage debt or other financial obligations related to the property.

            We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an "all risk" basis in the amount of up to $1 billion per occurrence for certified foreign acts of terrorism and $500 million per occurrence for non-certified domestic acts of terrorism. The current federal laws which provide this coverage are expected to operate through 2014. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks in high profile markets could adversely affect our property values, revenues, consumer traffic and tenant sales.

Risks Relating to Federal Income Taxes

            We have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We believe we have been organized and operated in a manner which allows us to qualify for taxation as a REIT under the Internal Revenue Code. We intend to continue to operate in this manner. However, our qualification and taxation as a REIT depend upon our ability to meet, through actual annual operating results, asset diversification, distribution levels and diversity of stock ownership, the various qualification tests imposed under the Internal Revenue Code. REIT qualification is governed by highly technical and complex provisions for which there are only limited judicial or administrative interpretations. Accordingly, there is no assurance that we have operated or will continue to operate in a manner so as to qualify or remain qualified as a REIT.

            If we fail to comply with those provisions, we may be subject to monetary penalties or ultimately to possible disqualification as a REIT. If such events occurs, and if available relief provisions do not apply:

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Item 1B. Unresolved Staff Comments

            None.


Item 2. Properties

            Our U.S. properties primarily consist of regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers, and other properties. These properties contain an aggregate of approximately 246 million square feet of gross leasable area, or GLA, of which we own approximately 152.8 million square feet. Total estimated retail sales at the properties in 2008 were approximately $62 billion.

            Regional malls typically contain at least one traditional department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Our 164 regional malls are generally enclosed centers and range in size from approximately 400,000 to 2.3 million square feet of GLA. Our regional malls contain in the aggregate more than 19,300 occupied stores, including approximately 740 anchors, which are mostly national retailers.

            Premium Outlet Centers generally contain a wide variety of designer and manufacturer stores located in an open-air center. Our 40 Premium Outlet Centers range in size from approximately 200,000 to 850,000 square feet of GLA. The Premium Outlet Centers are generally located near major metropolitan areas and tourist destinations including New York City, Los Angeles, Boston, Palm Springs, Orlando, Las Vegas, and Honolulu.

            The Mills generally range in size from 1.0 million to 2.3 million square feet of GLA and are located in major metropolitan areas. They have a combination of traditional mall, outlet center, and big box retailers and entertainment uses. The 16 regional malls acquired in the Mills acquisition are identified in this section as the Mills Regional Malls. These malls typically range in size from 700,000 to 1.3 million square feet of GLA and contain a wide variety of national retailers.

            Community/lifestyle centers are generally unenclosed and smaller than our regional malls. Our 70 community/lifestyle centers generally range in size from approximately 100,000 to 900,000 square feet of GLA. Community/lifestyle centers are designed to serve a larger trade area and typically contain anchor stores and other national retail tenants, which occupy a significant portion of the GLA of the center. We also own traditional community shopping centers that focus primarily on value-oriented and convenience goods and services. These centers are usually anchored by a supermarket, discount retailer, or drugstore and are designed to service a neighborhood area. Finally, we own open-air centers adjacent to our regional malls designed to take advantage of the drawing power of the mall.

            We also have interests in 14 other shopping centers or outlet centers. These properties range in size from approximately 85,000 to 1.0 million square feet of GLA and in total represent less than 1% of our total operating income before depreciation.

            The following table provides representative data for our U.S. properties on a gross basis as of December 31, 2008:

 
  Regional
Malls
  Premium
Outlet
Centers
  Mills Portfolio
(including The
Mills and Mills
Regional Malls)
  Community/
Lifestyle
Centers
  Other
Properties
 

% of total property annualized base rent

    64.5 %   13.0 %   16.8 %   5.2 %   0.5 %

% of total property GLA

    66.0 %   6.7 %   16.8 %   8.4 %   2.1 %

% of owned property GLA

    58.3 %   10.7 %   19.6 %   9.2 %   2.2 %

            As of December 31, 2008, approximately 92.4% of the owned GLA in regional malls and the retail space of the other properties was leased, approximately 98.9% of owned GLA in the Premium Outlet Centers was leased, approximately 94.5% of the owned GLA for The Mills and 87.4% of owned GLA for the Mills regional malls was leased, and approximately 90.7% of owned GLA in the community/lifestyle centers was leased.

            We own 100% of 203 of our properties, effectively control 18 properties in which we have a joint venture interest, and hold the remaining 103 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 314 properties. Substantially all of our joint venture properties are

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subject to rights of first refusal, buy-sell provisions, or other sale rights for all partners which are customary in real estate partnership agreements and the industry. Our partners in our joint ventures may initiate these provisions at any time, which will result in either the use of available cash or borrowings to acquire their partnership interest or the disposal of our partnership interest.

            The following property table summarizes certain data for our regional malls, Premium Outlet Centers, the properties acquired in the Mills acquisition, and community/lifestyle centers located in the United States, including Puerto Rico, as of December 31, 2008.

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
    Regional Malls

1.

 

Anderson Mall

 

SC

 

Anderson (Greenville)

 

Fee

 

 

100.0%

 

Built 1972

 

 

78.9

%

 

480,209

 

 

190,817

 

 

671,026

 

Belk Ladies Fashion Store, Belk Men's & Home Store, JCPenney, Sears, Dillard's
2.   Apple Blossom Mall   VA   Winchester   Fee     49.1% (4) Acquired 1999     87.0 %   229,011     211,193     440,204   Belk, JCPenney, Sears, Eastwynn Theatres
3.   Arsenal Mall   MA   Watertown (Boston)   Fee     100.0%   Acquired 1999     99.1 %   191,395     312,205 (18)   503,600   Marshalls, Filene's Basement, Old Navy
4.   Atrium Mall   MA   Chestnut Hill (Boston)   Fee     49.1% (4) Acquired 1999     95.8 %       205,058     205,058   Borders Books & Music
5.   Auburn Mall   MA   Auburn (Worcester)   Fee     49.1% (4) Acquired 1999     95.0 %   417,620     173,282     590,902   Macy's, Macy's Home Store, Sears
6.   Aventura Mall(1)   FL   Miami Beach   Fee     33.3% (4) Built 1983     96.1 %   1,283,938     815,416     2,099,354   Bloomingdale's, Macy's, Macy's Mens & Home Furniture, JCPenney, Sears, Nordstrom, Equinox Fitness Clubs, AMC Theatre
7.   Avenues, The   FL   Jacksonville   Fee     25.0% (4)(2) Built 1990     96.0 %   754,956     362,861     1,117,817   Belk, Dillard's, JCPenney, Belk Men and Kids, Sears
8.   Bangor Mall   ME   Bangor   Fee     67.4% (15) Acquired 2003     91.7 %   416,582     236,322     652,904   Macy's, JCPenney, Sears, Dick's Sporting Goods
9.   Barton Creek Square   TX   Austin   Fee     100.0%   Built 1981     97.7 %   922,266     506,721     1,428,987   Nordstrom, Macy's, Dillard's Women's & Home, Dillard's Men's & Children's, JCPenney, Sears, AMC Theatre
10.   Battlefield Mall   MO   Springfield   Fee and Ground Lease (2056)     100.0%   Built 1970     95.0 %   770,111     432,352     1,202,463   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears
11.   Bay Park Square   WI   Green Bay   Fee     100.0%   Built 1980     95.5 %   425,773     274,241     700,014   Younkers, Younkers Home Furniture Gallery, Kohl's, ShopKo, Bay Park Cinema
12.   Bowie Town Center   MD   Bowie (Washington, D.C.)   Fee     100.0%   Built 2001     98.1 %   355,557     328,829     684,386   Macy's, Sears, Barnes & Noble, Bed Bath & Beyond, Best Buy
13.   Boynton Beach Mall   FL   Boynton Beach (Miami-Fort Lauderdale)   Fee     100.0%   Built 1985     84.8 %   714,210     387,123     1,101,333   Macy's, Dillard's Men's & Home, Dillard's Women, JCPenney, Sears, Muvico Theatres
14.   Brea Mall   CA   Brea (Los Angeles)   Fee     100.0%   Acquired 1998     98.0 %   874,802     444,766     1,319,568   Nordstrom, Macy's, JCPenney, Sears, David's Bridal, Macy's Men's Children & Home.
15.   Broadway Square   TX   Tyler   Fee     100.0%   Acquired 1994     100.0 %   427,730     200,338     628,068   Dillard's, JCPenney, Sears
16.   Brunswick Square   NJ   East Brunswick (New York)   Fee     100.0%   Built 1973     98.2 %   467,626     297,365     764,991   Macy's, JCPenney, Barnes & Noble, Mega Movies
17.   Burlington Mall   MA   Burlington (Boston)   Ground Lease (2048)     100.0%   Acquired 1998     95.3 %   780,411     537,396     1,317,807   Macy's, Lord & Taylor, Sears, Nordstrom, Crate & Barrel
18.   Cape Cod Mall   MA   Hyannis   Ground Leases (2009-2073)(7)     49.1% (4) Acquired 1999     91.6 %   420,199     303,391     723,590   Macy's, Macy's Men's and Home, Sears, Best Buy, Marshalls, Barnes & Noble, Regal Cinema
19.   Castleton Square   IN   Indianapolis   Fee     100.0%   Built 1972     95.7 %   908,481     472,986     1,381,467   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Borders Books & Music, AMC Theatres
20.   Century III Mall   PA   West Mifflin (Pittsburgh)   Fee     100.0%   Built 1979     70.3 %   831,439     458,780 (18)   1,290,219   Macy's, JCPenney, Sears, Dick's Sporting Goods, Macy's Jr.
21.   Charlottesville Fashion Square   VA   Charlottesville   Ground Lease (2076)     100.0%   Acquired 1997     95.2 %   381,153     189,694     570,847   Belk Women's & Children's, Belk Men's & Home, JCPenney, Sears
22.   Chautauqua Mall   NY   Lakewood (Jamestown)   Fee     100.0%   Built 1971     79.8 %   213,320     218,794     432,114   Sears, JCPenney, Bon Ton, Office Max, Dipson Cinema

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Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
23.   Chesapeake Square   VA   Chesapeake (Virginia Beach-Norfolk)   Fee and Ground Lease (2062)     75.0% (12) Built 1989     86.5 %   534,760     268,873     803,633   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears, Target
24.   Cielo Vista Mall   TX   El Paso   Fee and Ground Lease (2010)(7)     100.0%   Built 1974     100.0 %   793,716     449,571     1,243,287   Macy's, Dillard's Women's & Furniture, Dillard's Men's, Children's & Home, JCPenney, Sears, Cinemark Theatres
25.   Circle Centre   IN   Indianapolis   Property Lease (2097)     14.7% (4)(2) Built 1995     83.4 %   350,000     432,196 (18)   782,196   Nordstrom, Carson Pirie Scott, United Artists Theatre
26.   Coconut Point   FL   Estero (Cape Coral-Fort Myers)   Fee     50.0% (4) Built 2006     98.3 %   691,785     504,554     1,196,339   Dillard's, Barnes & Noble, Bed Bath & Beyond, Best Buy, DSW, Office Max, Old Navy, PetsMart, Pier 1 Imports, Ross Dress for Less, Cost Plus World Market, T.J. Maxx, Muvico Theatres, Super Target
27.   Coddingtown Mall   CA   Santa Rosa   Fee     50.0% (4) Acquired 2005     83.7 %   547,090     262,821     809,911   Macy's, JCPenney, Gottschalk's, Whole Foods(6)
28.   College Mall   IN   Bloomington   Fee and Ground Lease (2048)(7)     100.0%   Built 1965     88.1 %   356,887     278,499     635,386   Macy's, Sears, Target, Dick's Sporting Goods, Bed Bath & Beyond, Old Navy
29.   Columbia Center   WA   Kennewick   Fee     100.0%   Acquired 1987     90.4 %   408,052     365,186     773,238   Macy's, Macy's Mens & Children, JCPenney, Sears, Barnes & Noble, Regal Cinema
30.   Copley Place   MA   Boston   Fee     98.1%   Acquired 2002     96.2 %   150,847     1,091,967 (18)   1,242,814   Nieman Marcus, Barneys New York
31.   Coral Square   FL   Coral Springs (Miami-Fort Lauderdale)   Fee     97.2%   Built 1984     98.0 %   648,144     296,014     944,158   Macy's Mens, Children & Home, Macy's Women, Dillard's, JCPenney, Sears
32.   Cordova Mall   FL   Pensacola   Fee     100.0%   Acquired 1998     95.4 %   395,875     459,212     855,087   Dillard's Men's, Dillard's Women's, Belk, Best Buy, Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less
33.   Cottonwood Mall   NM   Albuquerque   Fee     100.0%   Built 1996     97.7 %   631,556     409,270     1,040,826   Macy's, Dillard's, JCPenney, Sears, United Artists Theatre(8)
34.   Crossroads Mall   NE   Omaha   Fee     100.0%   Acquired 1994     68.4 %   522,119     188,403     710,522   Sears, Target, Barnes & Noble, Old Navy
35.   Crystal Mall   CT   Waterford   Fee     74.6% (4) Acquired 1998     88.7 %   419,405     350,390     769,795   Macy's, JCPenney, Sears, Bed Bath & Beyond, Christmas Tree Store(6)(17)
36.   Crystal River Mall   FL   Crystal River   Fee     100.0%   Built 1990     71.7 %   302,495     121,804     424,299   JCPenney, Sears, Belk, Kmart, Regal Cinema
37.   Dadeland Mall   FL   Miami   Fee     50.0% (4) Acquired 1997     98.2 %   1,132,072     342,700     1,474,772   Saks Fifth Avenue, Nordstrom, Macy's, Macy's Children & Home, JCPenney
38.   DeSoto Square   FL   Bradenton (Sarasota-Bradenton)   Fee     100.0%   Built 1973     93.5 %   435,467     253,949     689,416   Macy's, Dillard's, JCPenney, Sears
39.   Domain, The   TX   Austin   Fee     100.0%   Built 2006     90.9 %   220,000     411,101 (18)   631,101   Neiman Marcus, Macy's, Borders Books & Music, Village Roadshow(6), Dick's Sporting Goods(6), Dillard's(6)
40.   Eastland Mall   IN   Evansville   Fee     50.0% (4) Acquired 1998     95.7 %   489,144     375,323     864,467   Macy's, JCPenney, Dillard's
41.   Edison Mall   FL   Fort Myers   Fee     100.0%   Acquired 1997     95.0 %   742,667     308,844     1,051,511   Dillard's, Macy's Mens, Children & Home, Macy's Women, JCPenney, Sears
42.   Emerald Square   MA   North Attleboro (Providence—RI-New Bedford)   Fee     49.1% (4) Acquired 1999     91.1 %   647,372     375,129     1,022,501   Macy's, Macy's Mens & Home Store, JCPenney, Sears

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Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
43.   Empire Mall(1)(2)   SD   Sioux Falls   Fee and Ground Lease (2013)(7)     50.0% (4) Acquired 1998     89.6 %   497,341     576,797     1,074,138   Macy's, Younkers, JCPenney, Sears, Gordmans, Old Navy, Hy-Vee
44.   Fashion Centre at Pentagon City   VA   Arlington (Washington, DC)   Fee     42.5% (4) Built 1989     96.1 %   472,729     517,516 (18)   990,245   Nordstrom, Macy's
45.   Fashion Mall at Keystone at the Crossing   IN   Indianapolis   Ground Lease (2067)     100.0%   Acquired 1997     95.3 %   249,721     433,766 (18)   683,487   Saks Fifth Avenue, Crate & Barrel, Nordstrom, Keystone Art Cinema
46.   Fashion Valley   CA   San Diego   Fee     50.0% (4) Acquired 2001     99.4 %   1,053,305     668,485     1,721,790   Saks Fifth Avenue, Neiman-Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, Pottery Barn, AMC Theatres, Old Navy
47.   Firewheel Town Center   TX   Garland (Dallas-Fort Worth)   Fee     100.0%   Built 2005     89.0 %   295,532     705,571 (18)   1,001,103   Dillard's, Macy's, Barnes & Noble, Old Navy, Pier One, DSW, Cost Plus World Market, AMC Theatres, Dick's Sporting Goods
48.   Florida Mall, The   FL   Orlando   Fee     50.0% (4) Built 1986     97.9 %   1,092,465     616,803     1,709,268   Saks Fifth Avenue, Nordstrom, Macy's, Dillard's, JCPenney, Sears(8)
49.   Forest Mall   WI   Fond Du Lac   Fee     100.0%   Built 1973     89.2 %   327,260     172,914     500,174   JCPenney, Kohl's, Younkers, Sears, Cinema I & II
50.   Forum Shops at Caesars, The   NV   Las Vegas   Ground Lease (2050)     100.0%   Built 1992     99.6 %       635,410     635,410    
51.   Granite Run Mall   PA   Media (Philadelphia)   Fee     50.0% (4) Acquired 1998     85.5 %   500,809     535,889     1,036,698   JCPenney, Sears, Boscov's, Granite Run 8 Theatres, Acme, Kohl's
52.   Great Lakes Mall   OH   Mentor (Cleveland)   Fee     100.0%   Built 1961     88.0 %   869,454     378,492     1,247,946   Dillard's Men's, Dillard's Women's, Macy's, JCPenney, Sears, AMC Theatres
53.   Greendale Mall   MA   Worcester (Boston)   Fee and Ground Lease (2009)(7)     49.1% (4) Acquired 1999     94.2 %   132,634     298,247 (18)   430,881   T.J. Maxx 'N More, Best Buy, DSW(8)
54.   Greenwood Park Mall   IN   Greenwood (Indianapolis)   Fee     100.0%   Acquired 1979     96.8 %   754,928     525,162     1,280,090   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, AMC Theatres
55.   Gulf View Square   FL   Port Richey (Tampa-St. Pete)   Fee     100.0%   Built 1980     86.9 %   461,852     291,089     752,941   Macy's, Dillard's, JCPenney, Sears, Best Buy
56.   Gwinnett Place   GA   Duluth (Atlanta)   Fee     75.0%   Acquired 1998     88.3 %   843,609     436,181     1,279,790   Belk, JCPenney, Macy's, Sears
57.   Haywood Mall   SC   Greenville   Fee and Ground Lease (2017)(7)     100.0%   Acquired 1998     96.4 %   902,400     328,561     1,230,961   Macy's, Dillard's, JCPenney, Sears, Belk
58.   Highland Mall(1)   TX   Austin   Fee and Ground Lease (2070)     50.0% (4) Acquired 1998     60.5 %   718,741     355,213     1,073,954   Dillard's Women's & Home, Dillard's Men's & Children's, Macy's
59.   Houston Galleria   TX   Houston   Fee and Ground Lease (2029)     31.5% (4) Acquired 2002     95.0 %   1,233,802     1,116,505     2,350,307   Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy's (2 locations), Borders Books & Music, Galleria Tennis/Athletic Club
60.   Independence Center   MO   Independence (Kansas City)   Fee     100.0%   Acquired 1994     98.3 %   499,284     532,170     1,031,454   Dillard's, Macy's, Sears
61.   Indian River Mall   FL   Vero Beach   Fee     50.0% (4) Built 1996     88.9 %   445,552     302,604     748,156   Dillard's, Macy's, JCPenney, Sears, AMC Theatres

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Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
62.   Ingram Park Mall   TX   San Antonio   Fee     100.0%   Built 1979     94.9 %   750,888     374,818     1,125,706   Dillard's, Dillard's Home Store, Macy's, JCPenney, Sears, Bealls
63.   Irving Mall   TX   Irving (Dallas-Fort Worth)   Fee     100.0%   Built 1971     98.0 %   637,415     405,299     1,042,714   Macy's, Dillard's (1 level Clearance store), Sears, Burlington Coat Factory, General Cinema(20)
64.   Jefferson Valley Mall   NY   Yorktown Heights (New York)   Fee     100.0%   Built 1983     90.1 %   310,095     277,309     587,404   Macy's, Sears, H&M, Movies at Jefferson Valley
65.   King of Prussia   PA   King of Prussia (Philadelphia)   Fee     12.4% (4)(15) Acquired 2003     95.6 %   1,545,812     1,067,674 (18)   2,613,486   Neiman Marcus, Bloomingdale's, Nordstrom, Lord & Taylor, Macy's (Court), JCPenney, Sears, Crate & Barrel(8)
66.   Knoxville Center   TN   Knoxville   Fee     100.0%   Built 1984     79.7 %   597,028     383,212     980,240   JCPenney, Belk, Sears, The Rush Fitness Center, Regal Cinema(8)
67.   La Plaza Mall   TX   McAllen   Fee and Ground Lease (2040)(7)     100.0%   Built 1976     98.4 %   776,397     422,987     1,199,384   Macy's, Macy's Home Store, Dillard's, JCPenney, Sears, Joe Brand
68.   Laguna Hills Mall   CA   Laguna Hills (Los Angeles)   Fee     100.0%   Acquired 1997     92.9 %   536,500     330,061     866,561   Macy's, JCPenney, Sears, Laguna Hills Cinema, Nordstrom Rack, Total Woman Gym & Spa
69.   Lake Square Mall   FL   Leesburg (Orlando)   Fee     50.0% (4) Acquired 1998     74.2 %   296,037     262,287     558,324   JCPenney, Sears, Belk, Target, AMC Theatres, Books-A-Million
70.   Lakeline Mall   TX   Cedar Park (Austin)   Fee     100.0%   Built 1995     94.6 %   745,179     352,627     1,097,806   Dillard's, Macy's, JCPenney, Sears, Regal Cinema
71.   Lehigh Valley Mall   PA   Whitehall (Allentown—Bethlehem)   Fee     37.6% (4)(15) Acquired 2003     96.1 %   564,353     604,338 (18)   1,168,691   Macy's, JCPenney, Boscov's, Barnes & Noble(8)
72.   Lenox Square   GA   Atlanta   Fee     100.0%   Acquired 1998     95.5 %   873,580     671,433 (18)   1,545,013   Neiman Marcus, Bloomingdale's, Macy's, Crate & Barrel, Pottery Barn, Pottery Barn Kids
73.   Liberty Tree Mall   MA   Danvers (Boston)   Fee     49.1% (4) Acquired 1999     94.4 %   498,000     359,835     857,835   Marshalls, The Sports Authority, Target, Bed, Bath & Beyond, Kohl's, Best Buy, Staples, AC Moore, Old Navy, Pier 1 Imports, K&G Fashion Superstore, AMC Theatres, Nordstrom Rack, Off Broadway Shoes
74.   Lima Mall   OH   Lima   Fee     100.0%   Built 1965     93.6 %   541,861     203,650     745,511   Macy's, JCPenney, Elder-Beerman, Sears
75.   Lincolnwood Town Center   IL   Lincolnwood (Chicago)   Fee     100.0%   Built 1990     95.4 %   220,830     201,911     422,741   Kohl's, Carson Pirie Scott
76.   Lindale Mall(1)   IA   Cedar Rapids   Fee     50.0% (4) Acquired 1998     82.5 %   305,563     382,869     688,432   Von Maur, Sears, Younkers
77.   Livingston Mall   NJ   Livingston (New York)   Fee     100.0%   Acquired 1998     88.1 %   616,128     368,275     984,403   Macy's, Lord & Taylor, Sears, Modell's Sporting Goods, Barnes & Noble
78.   Longview Mall   TX   Longview   Fee     100.0%   Built 1978     83.4 %   440,917     209,282     650,199   Dillard's, JCPenney, Sears, Bealls(17)
79.   Mall at Chestnut Hill, The   MA   Chestnut Hill (Boston)   Lease (2039) (9)     47.2% (4) Acquired 2002     94.7 %   297,253     178,093     475,346   Bloomingdale's, Bloomingdale's Home Furnishing and Men's Store
80.   Mall at Rockingham, The   NH   Salem (Boston)   Fee     24.6% (4) Acquired 1999     95.4 %   638,111     382,133     1,020,244   JCPenney, Sears, Macy's(8)
81.   Mall at The Source, The   NY   Westbury (New York)   Fee     25.5% (4)(2) Built 1997     94.3 %   210,798     515,580     726,378   Fortunoff, Off 5th-Saks Fifth Avenue, Nordstrom Rack, David's Bridal, Golf Galaxy

18


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
82.   Mall of Georgia   GA   Buford (Atlanta)   Fee     100.0%   Built 1999     95.6 %   1,069,590     727,248     1,796,838   Nordstrom, Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Haverty's Furniture, Bed Bath & Beyond, Regal Cinema
83.   Mall of New Hampshire, The   NH   Manchester   Fee     49.1% (4) Acquired 1999     94.0 %   447,887     363,127     811,014   Macy's, JCPenney, Sears, Best Buy, Old Navy, A.C. Moore
84.   Maplewood Mall   MN   Minneapolis   Fee     100.0%   Acquired 2002     93.1 %   588,822     342,278     931,100   Macy's, JCPenney, Sears, Kohl's, Barnes & Noble
85.   Markland Mall   IN   Kokomo   Ground Lease (2041)     100.0%   Built 1968     98.5 %   273,094     141,811     414,905   Sears, Target, MC Sporting Goods(8)
86.   McCain Mall   AR   N. Little Rock   Fee     100.0%   Built 1973     92.9 %   554,156     221,043     775,199   Dillard's, JCPenney, Sears(8)
87.   Melbourne Square   FL   Melbourne   Fee     100.0%   Built 1982     84.5 %   416,167     293,886     710,053   Macy's, Dillard's Men's, Children's & Home, Dillard's Women's, JCPenney, Dick's Sporting Goods
88.   Menlo Park Mall   NJ   Edison (New York)   Fee     100.0%   Acquired 1997     97.0 %   527,591     796,382 (18)   1,323,973   Nordstrom, Macy's, Barnes & Noble, Cineplex Odeon, WOW! Work Out World
89.   Mesa Mall(1)   CO   Grand Junction   Fee     50.0% (4) Acquired 1998     90.4 %   441,208     441,129     882,337   Sears, Herberger's, JCPenney, Target(8)
90.   Miami International Mall   FL   Miami   Fee     47.8% (4) Built 1982     98.2 %   778,784     294,792     1,073,576   Macy's Mens & Home, Macy's Women & Children, Dillard's, JCPenney, Sears
91.   Midland Park Mall   TX   Midland   Fee     100.0%   Built 1980     91.5 %   339,113     280,088     619,201   Dillard's, Dillard's Mens & Juniors, JCPenney, Sears, Bealls, Ross Dress for Less
92.   Miller Hill Mall   MN   Duluth   Ground Lease (2013)     100.0%   Built 1973     93.1 %   429,508     376,119     805,627   JCPenney, Sears, Younkers, Barnes & Noble, Old Navy, DSW
93.   Montgomery Mall   PA   North Wales (Philadelphia)   Fee     60.0% (15) Acquired 2003     85.2 %   734,855     413,531     1,148,386   Macy's, JCPenney, Sears, Dick's Sporting Goods(8)
94.   Muncie Mall   IN   Muncie   Fee     100.0%   Built 1970     92.0 %   435,756     204,085     639,841   Macy's, JCPenney, Sears, Elder Beerman
95.   North East Mall   TX   Hurst (Dallas-Fort Worth)   Fee     100.0%   Built 1971     97.1 %   1,191,930     452,253     1,644,183   Nordstrom, Dillard's, Macy's, JCPenney, Sears, Dick's Sporting Goods, Rave Theatre
96.   Northfield Square   IL   Bourbonnais   Fee     31.6% (12) Built 1990     77.4 %   310,994     246,180     557,174   Carson Pirie Scott Women's, Carson Pirie Scott Men's, Children's & Home, JCPenney, Sears, Cinemark Movies 10
97.   Northgate Mall   WA   Seattle   Fee     100.0%   Acquired 1987     96.0 %   612,073     446,815     1,058,888   Nordstrom, Macy's, JCPenney, Toys 'R Us, Barnes & Noble, Bed Bath & Beyond, DSW
98.   Northlake Mall   GA   Atlanta   Fee     100.0%   Acquired 1998     88.8 %   665,745     296,235     961,980   Macy's, JCPenney, Sears, Kohl's
99.   NorthPark Mall   IA   Davenport   Fee     50.0% (4) Acquired 1998     93.0 %   650,456     422,332     1,072,788   Dillard's, Von Maur, Younkers, JCPenney, Sears, Barnes & Noble
100.   Northshore Mall   MA   Peabody (Boston)   Fee     49.1% (4) Acquired 1999     90.0 %   677,433     743,622     1,421,055   JCPenney, Sears, Filene's Basement, Nordstrom(19), Macy's Mens/Furniture, Macys, H&M, XXI Forever(6), Barnes & Noble, Toys 'R Us, Shaw's Grocery
101.   Northwoods Mall   IL   Peoria   Fee     100.0%   Acquired 1983     92.9 %   472,969     221,021     693,990   Macy's, JCPenney, Sears
102.   Oak Court Mall   TN   Memphis   Fee     100.0%   Acquired 1997     89.9 %   532,817     317,713 (18)   850,530   Dillard's, Dillard's Mens, Macy's
103.   Ocean County Mall   NJ   Toms River (New York)   Fee     100.0%   Acquired 1998     99.7 %   616,443     273,778     890,221   Macy's, Boscov's, JCPenney, Sears
104.   Orange Park Mall   FL   Orange Park (Jacksonville)   Fee     100.0%   Acquired 1994     99.3 %   576,051     379,174     955,225   Dillard's, JCPenney, Sears, Belk, Dick's Sporting Goods, AMC Theatres
105.   Orland Square   IL   Orland Park (Chicago)   Fee     100.0%   Acquired 1997     98.6 %   773,295     436,561     1,209,856   Macy's, Carson Pirie Scott, JCPenney, Sears

19


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
106.   Oxford Valley Mall   PA   Langhorne (Philadelphia)   Fee     65.0% (15) Acquired 2003     93.4 %   762,558     556,708 (18)   1,319,266   Macy's, JCPenney, Sears, United Artists Theatre(8)
107.   Paddock Mall   FL   Ocala   Fee     100.0%   Built 1980     96.1 %   387,378     169,501     556,879   Macy's, JCPenney, Sears, Belk
108.   Penn Square Mall   OK   Oklahoma City   Ground Lease (2060)     94.5%   Acquired 2002     98.1 %   588,137     462,654     1,050,791   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Dickinson Theatre
109.   Pheasant Lane Mall   NH   Nashua (Manchester)       (14) Acquired 2002     96.9 %   555,474     314,194     869,668   JCPenney, Sears, Target, Macy's
110.   Phipps Plaza   GA   Atlanta   Fee     100.0%   Acquired 1998     96.3 %   472,385     345,490     817,875   Saks Fifth Avenue, Nordstrom, Belk, AMC Theatres
111.   Plaza Carolina   PR   Carolina (San Juan)   Fee     100.0%   Acquired 2004     87.7 %   504,796     588,878 (18)   1,093,674   JCPenney, Sears, Tiendas Capri, Pueblo Xtra, Best Buy(6)
112.   Port Charlotte Town Center   FL   Port Charlotte (Punta Gorda)   Fee     80.0% (12) Built 1989     82.0 %   458,251     322,059     780,310   Dillard's, Macy's, JCPenney, Bealls, Sears, DSW, Regal Cinema
113.   Prien Lake Mall   LA   Lake Charles   Fee and Ground Lease (2025)(7)     100.0%   Built 1972     98.4 %   644,124     177,244     821,368   Dillard's, JCPenney, Sears, Cinemark Theatres(8)
114.   Quaker Bridge   NJ   Lawrenceville (Trenton)   Fee     38.0% (4)(15) Acquired 2003     95.0 %   686,760     412,070     1,098,830   Macy's, Lord & Taylor, JCPenney, Sears
115.   Richmond Town Square   OH   Richmond Heights (Cleveland)   Fee     100.0%   Built 1966     97.5 %   685,251     331,498     1,016,749   Macy's, JCPenney, Sears, Barnes & Noble, Regal Cinemas
116.   River Oaks Center   IL   Calumet City (Chicago)   Fee     100.0%   Acquired 1997     88.0 %   807,871     557,412 (18)   1,365,283   Macy's, Carson Pirie Scott, JCPenney, Sears
117.   Rockaway Townsquare   NJ   Rockaway (New York)   Fee     100.0%   Acquired 1998     97.0 %   786,626     456,927     1,243,553   Macy's, Lord & Taylor, JCPenney, Sears
118.   Rolling Oaks Mall   TX   San Antonio   Fee     100.0%   Built 1988     88.8 %   596,308     292,169     888,477   Dillard's, Macy's, JCPenney, Sears
119.   Roosevelt Field   NY   Garden City (New York)   Fee and Ground Lease (2090)(7)     100.0%   Acquired 1998     96.4 %   1,430,425     778,892 (18)   2,209,317   Bloomingdale's, Bloomingdale's Furniture Gallery, Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, Loews Theatre, Sport Fitness, Paul Mitchell The School
120.   Ross Park Mall   PA   Pittsburgh   Fee     100.0%   Built 1986     92.8 %   701,477     510,243     1,211,720   JCPenney, Sears, Nordstrom, Old Navy, H&M, L.L. Bean, XXI Forever, Macy's
121.   Rushmore Mall(1)   SD   Rapid City   Fee     50.0% (4) Acquired 1998     89.5 %   470,660     364,935     835,595   JCPenney, Herberger's, Sears, Carmike Cinemas(8)
122.   Santa Rosa Plaza   CA   Santa Rosa   Fee     100.0%   Acquired 1998     95.1 %   428,258     270,535     698,793   Macy's, Sears(8)
123.   Seminole Towne Center   FL   Sanford (Orlando)   Fee     45.0% (4)(2) Built 1995     87.2 %   768,798     369,499     1,138,297   Macy's, Dillard's, Belk, JCPenney, Sears, United Artists Theatre
124.   Shops at Mission Viejo, The   CA   Mission Viejo (Los Angeles)   Fee     100.0%   Built 1979     97.5 %   677,215     473,376     1,150,591   Saks Fifth Avenue, Nordstrom, Macy's (2 locations)
125.   Shops at Sunset Place, The   FL   S. Miami   Fee     37.5% (4)(2) Built 1999     90.9 %       514,559     514,559   NikeTown, Barnes & Noble, GameWorks, Z Gallerie, L.A. Fitness, AMC Theatres, Splitsville
126.   Smith Haven Mall   NY   Lake Grove (New York)   Fee     25.0% (4) Acquired 1995     92.6 %   794,310     513,192     1,307,502   Macy's, Macy's Furniture Gallery, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, H&M
127.   Solomon Pond Mall   MA   Marlborough (Boston)   Fee     49.1% (4) Acquired 1999     91.9 %   538,812     370,420     909,232   Macy's, JCPenney, Sears, Regal Cinema
128.   South Hills Village   PA   Pittsburgh   Fee     100.0%   Acquired 1997     96.3 %   655,987     481,287     1,137,274   Macy's, Sears, Barnes & Noble, Carmike Cinemas(8)
129.   South Shore Plaza   MA   Braintree (Boston)   Fee     100.0%   Acquired 1998     96.5 %   547,287     618,678     1,165,965   Macy's, Lord & Taylor, Sears, Filene's Basement, Nordstrom(19)

20


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
130.   Southern Hills Mall(1)   IA   Sioux City   Fee     50.0% (4) Acquired 1998     83.9 %   387,553     409,172     796,725   Younkers, JCPenney, Sears, Scheel's Sporting Goods, Barnes & Noble, Carmike Cinemas
131.   Southern Park Mall   OH   Boardman (Youngstown)   Fee     100.0%   Built 1970     90.4 %   811,858     382,235     1,194,093   Macy's, Dillard's, JCPenney, Sears, Cinemark Theatres
132.   SouthPark   NC   Charlotte   Fee & Ground Lease (2040)(11)     100.0%   Acquired 2002     99.2 %   1,044,742     580,866     1,625,608   Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Crate & Barrel, Joseph Beth Booksellers
133.   SouthPark Mall   IL   Moline (Davenport—IA-Moline)   Fee     50.0% (4) Acquired 1998     81.6 %   578,056     440,798     1,018,854   Dillard's, Von Maur, Younkers, JCPenney, Sears, Old Navy
134.   SouthRidge Mall(1)   IA   Des Moines   Fee     50.0% (4) Acquired 1998     70.6 %   388,752     500,676     889,428   JCPenney, Younkers, Sears, Target(8)
135.   Springfield Mall(1)   PA   Springfield (Philadelphia)   Fee     38.0% (4)(15) Acquired 2005     88.5 %   367,176     220,803     587,979   Macy's, Target(6)
136.   Square One Mall   MA   Saugus (Boston)   Fee     49.1% (4) Acquired 1999     93.5 %   608,601     321,524     930,125   Macy's, Sears, Best Buy, T.J. Maxx N More, Best Buy, Old Navy, Dick's Sporting Goods, Filene's Basement
137.   St. Charles Towne Center   MD   Waldorf (Washington, D.C.)   Fee     100.0%   Built 1990     95.8 %   631,602     348,307     979,909   Macy's, Macy's Home Store, JCPenney, Sears, Kohl's, Dick Sporting Goods, AMC Theatres
138.   St. John's Town Center   FL   Jacksonville   Fee     50.0% (4) Built 2005     97.0 %   653,291     568,751     1,222,042   Dillard's, Target, Ashley Furniture Home Store, Barnes & Noble, Dick's Clothing & Sporting Goods, Ross Dress for Less, Staples, DSW, JoAnn Fabrics, PetsMart, Old Navy
139.   Stanford Shopping Center   CA   Palo Alto (San Francisco)   Ground Lease (2054)     100.0%   Acquired 2003     94.5 %   849,153     528,198 (18)   1,377,351   Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Macy's Mens Store
140.   Summit Mall   OH   Akron   Fee     100.0%   Built 1965     93.7 %   432,936     337,198     770,134   Dillard's Women's & Children's, Dillard's Men's & Home, Macy's
141.   Sunland Park Mall   TX   El Paso   Fee     100.0%   Built 1988     93.6 %   575,837     341,829     917,666   Macy's, Dillard's Women's & Children's, Dillard's Men's & Home, Sears(8)
142.   Tacoma Mall   WA   Tacoma (Seattle)   Fee     100.0%   Acquired 1987     89.3 %   804,262     443,450     1,247,712   Nordstrom, Macy's, JCPenney, Sears, David's Bridal
143.   Tippecanoe Mall   IN   Lafayette   Fee     100.0%   Built 1973     91.8 %   537,790     323,632     861,422   Macy's, JCPenney, Sears, Kohl's, Dick's Sporting Goods, H.H. Gregg
144.   Town Center at Aurora   CO   Aurora (Denver)   Fee     100.0%   Acquired 1998     83.2 %   682,169     402,375     1,084,544   Macy's, Dillard's, JCPenney, Sears, Century Theatres
145.   Town Center at Boca Raton   FL   Boca Raton (Miami-Fort Lauderdale)   Fee     100.0%   Acquired 1998     98.1 %   1,164,658     589,410     1,754,068   Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Sears, Crate & Barrel
146.   Town Center at Cobb   GA   Kennesaw (Atlanta)   Fee     75.0%   Acquired 1998     93.2 %   851,346     422,808     1,274,154   Belk, Macy's, JCPenney, Sears, Macy's Furniture
147.   Towne East Square   KS   Wichita   Fee     100.0%   Built 1975     89.6 %   779,490     357,310     1,136,800   Dillard's, Von Maur, JCPenney, Sears
148.   Towne West Square   KS   Wichita   Fee     100.0%   Built 1980     80.4 %   619,269     333,237     952,506   Dillard's Women's & Home, Dillard's Men's & Children, JCPenney, Sears, Dick's Sporting Goods, The Movie Machine
149.   Treasure Coast Square   FL   Jensen Beach   Fee     100.0%   Built 1987     89.9 %   508,176     372,968     881,144   Macy's, Dillard's, JCPenney, Sears, Borders Books & Music, Regal Cinema
150.   Tyrone Square   FL   St. Petersburg (Tampa-St. Pete)   Fee     100.0%   Built 1972     97.4 %   725,298     370,270     1,095,568   Macy's, Dillard's, JCPenney, Sears, Borders Books & Music, Old Navy
151.   University Park Mall   IN   Mishawaka (South Bend)   Fee     100.0%   Built 1979     91.4 %   499,876     361,446     861,322   Macy's, JCPenney, Sears, Barnes & Noble(6)

21


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
152.   Upper Valley Mall   OH   Springfield (Dayton—Springfield)   Fee     100.0%   Built 1971     90.9 %   479,418     264,686     744,104   Macy's, JCPenney, Sears, Elder-Beerman, MC Sporting Goods, Chakeres Theatres
153.   Valle Vista Mall   TX   Harlingen   Fee     100.0%   Built 1983     79.2 %   389,781     262,863     652,644   Dillard's, JCPenney, Sears(8)
154.   Valley Mall   VA   Harrisonburg   Fee     50.0% (4) Acquired 1998     91.7 %   315,078     191,738     506,816   JCPenney, Belk, Target, Old Navy(8)
155.   Virginia Center Commons   VA   Glen Allen (Richmond)   Fee     100.0%   Built 1991     84.8 %   506,639     280,964     787,603   Macy's, Dillard's Men's, Dillard's Women's, Children's & Home, JCPenney, Sears
156.   Walt Whitman Mall   NY   Huntington Station (New York)   Ground Lease (2012)     100.0%   Acquired 1998     95.1 %   742,214     284,871     1,027,085   Saks Fifth Avenue, Bloomingdale's, Lord & Taylor, Macy's
157.   Washington Square   IN   Indianapolis   Fee     100.0%   Built 1974     86.0 %   616,109     347,167     963,276   Sears, Target, Dick's Sporting Goods, Burlington Coat Factory, Kerasotes Theatres(8)
158.   West Ridge Mall   KS   Topeka   Fee     100.0%   Built 1988     90.3 %   716,811     280,991     997,802   Macy's, Dillard's, JCPenney, Sears, Burlington Coat Factory
159.   West Town Mall   TN   Knoxville   Ground Lease (2042)     50.0% (4) Acquired 1991     95.0 %   868,295     468,455     1,336,750   Belk Women, Dillard's, JCPenney, Belk Men, Home and Kids, Sears, Regal Cinema
160.   Westchester, The   NY   White Plains (New York)   Fee     40.0% (4) Acquired 1997     96.2 %   349,393     477,979 (18)   827,372   Neiman Marcus, Nordstrom
161.   Westminster Mall   CA   Westminster (Los Angeles)   Fee     100.0%   Acquired 1998     88.2 %   716,939     495,092     1,212,031   Macy's, JCPenney, Sears, Target
162.   White Oaks Mall   IL   Springfield   Fee     80.7%   Built 1977     77.3 %   556,831     375,516     932,347   Macy's, Bergner's, Sears, Dick's Sporting Goods(8)
163.   Wolfchase Galleria   TN   Memphis   Fee     94.5%   Acquired 2002     98.5 %   761,648     505,572     1,267,220   Macy's, Dillard's, JCPenney, Sears, Malco Theatres
164.   Woodland Hills Mall   OK   Tulsa   Fee     94.5%   Acquired 2002     97.0 %   700,235     391,539     1,091,774   Macy's, Dillard's, JCPenney, Sears
                                                 
    Total Regional Mall GLA     96,727,572     65,455,103     162,182,675    
                                                 

 

 

Premium Outlet Centers

1.

 

Albertville Premium Outlets

 

MN

 

Albertville (Minneapolis)

 

Fee

 

 

100.0%

 

Acquired 2004

 

 

99.3

%

 

 

 

 

 

 

 

429,534

 

Banana Republic, Calvin Klein, Coach, Gap Outlet, Kenneth Cole, Lucky Brand Jeans, Nike, Polo Ralph Lauren, Tommy Hilfiger
2.   Allen Premium Outlets   TX   Allen (Dallas-Ft. Worth)   Fee     100.0%   Acquired 2004     100.0 %               441,492   Ann Taylor, Brooks Brothers, Calvin Klein, Coach, Cole Haan, J.Crew, Kenneth Cole, Michael Kors, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Tommy Hilfiger
3.   Aurora Farms Premium Outlets   OH   Aurora (Cleveland)   Fee     100.0%   Acquired 2004     97.1 %               300,218   Ann Taylor, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Liz Claiborne, Michael Kors, Nautica, Polo Ralph Lauren, Saks Fifth Avenue Off 5th,Tommy Hilfiger
4.   Camarillo Premium Outlets   CA   Camarillo   Fee     100.0%   Acquired 2004     99.3 %               454,119   Ann Taylor, Banana Republic, Barneys New York, Coach, Diesel, Giorgio Armani, Hugo Boss, Kenneth Cole, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony
5.   Carlsbad Premium Outlets   CA   Carlsbad (San Diego)   Fee     100.0%   Acquired 2004     100.0 %               287,931   Adidas, Banana Republic, Barneys New York, BCBG Max Azria, Calvin Klein, Coach, Gap Outlet, Guess, Kenneth Cole, Lacoste, Polo Ralph Lauren, Theory

22


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
6.   Carolina Premium Outlets   NC   Smithfield (Raleigh)   Ground Lease (2029)     100.0%   Acquired 2004     100.0 %               439,445   Banana Republic, Brooks Brothers, Coach, Gap Outlet, Liz Claiborne, Nike, Polo Ralph Lauren, Timberland, Tommy Hilfiger
7.   Chicago Premium Outlets   IL   Aurora (Chicago)   Fee     100.0%   Built 2004     98.2 %               437,800   Ann Taylor, Banana Republic, Calvin Klein, Coach, Diesel, Dooney & Bourke, Elie Tahari, Gap Outlet, Giorgio Armani, Kate Spade, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Sony
8.   Clinton Crossing Premium Outlets   CT   Clinton (New Haven)   Fee     100.0%   Acquired 2004     100.0 %               276,163   Banana Republic, Barneys New York, Calvin Klein, Coach, Dooney & Bourke, Gap Outlet, Kenneth Cole, Liz Claiborne, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th
9.   Columbia Gorge Premium Outlets   OR   Troutdale (Portland)   Fee     100.0%   Acquired 2004     98.0 %               163,815   Adidas, Bass, Carter's, Gap Outlet, Liz Claiborne, Samsonite, Van Heusen
10.   Desert Hills Premium Outlets   CA   Cabazon (Palm Springs)   Fee     100.0%   Acquired 2004     99.9 %               498,848   Burberry, Coach, Dior, Giorgio Armani, Gucci, Nike, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Yves Saint Laurent Rive Gauche, Zegna
11.   Edinburgh Premium Outlets   IN   Edinburgh (Indianapolis)   Fee     100.0%   Acquired 2004     100.0 %               377,772   Adidas, Ann Taylor, Anne Klein, Banana Republic, Calvin Klein, Coach, Gap Outlet, J.Crew, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger
12.   Folsom Premium Outlets   CA   Folsom (Sacramento)   Fee     100.0%   Acquired 2004     99.8 %               298,848   BCBG Max Azria, Bebe, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Kenneth Cole, Nautica, Nike, Saks Fifth Avenue Off 5th
13.   Gilroy Premium Outlets   CA   Gilroy (San Jose)   Fee     100.0%   Acquired 2004     98.6 %               577,287   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Hugo Boss, Michael Kors, Nike, Polo Ralph Lauren, Sony, Timberland, Tommy Hilfiger
14.   Houston Premium Outlets   TX   Houston   Fee     100.0%   Built 2008     100.0 %               425,484   Adidas, Banana Republic, Burberry, Coach, Cole Haan, Elie Tahari, Juicy Couture, Michael Kors, Nike, True Religion, Tommy Hilfiger
15.   Jackson Premium Outlets   NJ   Jackson   Fee     100.0%   Acquired 2004     100.0 %               285,779   Banana Republic, Brooks Brothers, Calvin Klein, Gap Outlet, J.Crew, Liz Claiborne, Nike, Polo Ralph Lauren, Tommy Hilfiger
16.   Jersey Shore Premium Outlets   NJ   Tinton Falls   Fee     100.0%   Built 2008     87.3 %               434,204   Burberry, Brooks Brothers, Elie Tahari, Guess, J. Crew, Kate Spade, Kenneth Cole, Michael Kors, Theory, Nike, Timberland, Tommy Hilfiger
17.   Johnson Creek Premium Outlets   WI   Johnson Creek (Milwaukee)   Fee     100.0%   Acquired 2004     92.0 %               277,585   Adidas, Banana Republic, Calvin Klein, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger

23


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
18.   Kittery Premium Outlets   ME   Kittery   Ground Lease (2009)     100.0%   Acquired 2004     95.4 %               264,425   Anne Klein, Banana Republic, Calvin Klein, Coach, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Puma, Reebok, Timberland, Tommy Hilfiger
19.   Las Americas Premium Outlets   CA   San Diego   Fee     100.0%   Acquired 2007     98.2 %               525,262   Ann Taylor, Banana Republic, Calvin Klein, Coach, Gap Outlet, J.Crew, Kenneth Cole, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Sony
20.   Las Vegas Outlet Center   NV   Las Vegas   Fee     100.0%   Acquired 2004     100.0 %               474,828   Adidas, Calvin Klein, Coach, Gymboree, Liz Claiborne, Nautica, Nike, Reebok, Timberland, Tommy Hilfiger, VF Outlet, Zales
21.   Las Vegas Premium Outlets   NV   Las Vegas   Fee     100.0%   Built 2003     100.0 %               538,660   A/X Armani Exchange, Ann Taylor, Banana Republic, Coach, Diesel, Dolce & Gabbana, Elie Tahari, Kenneth Cole, Lacoste, Polo Ralph Lauren, Salvatore Ferragamo
22.   Leesburg Corner Premium Outlets   VA   Leesburg (Washington D.C.)   Fee     100.0%   Acquired 2004     100.0 %               463,288   Ann Taylor, Barneys New York, Burberry, Coach, Crate & Barrel, Diesel, DKNY, Kenneth Cole, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Williams-Sonoma
23.   Liberty Village Premium Outlets   NJ   Flemington   Fee     100.0%   Acquired 2004     99.3 %               168,466   Ann Taylor, Brooks Brothers, Calvin Klein, Cole Haan, J.Crew, Liz Claiborne, Michael Kors, Polo Ralph Lauren, Tommy Hilfiger
24.   Lighthouse Place Premium Outlets   IN   Michigan City   Fee     100.0%   Acquired 2004     99.4 %               454,314   Ann Taylor, Banana Republic, Burberry, Coach, Coldwater Creek, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger
25.   Napa Premium Outlets   CA   Napa   Fee     100.0%   Acquired 2004     99.4 %               179,348   Ann Taylor, Banana Republic, Barneys New York, Calvin Klein, Coach, Cole Haan, J.Crew, Kenneth Cole, Nautica, Tommy Hilfiger
26.   North Georgia Premium Outlets   GA   Dawsonville (Atlanta)   Fee     100.0%   Acquired 2004     98.6 %               539,757   Ann Taylor, Banana Republic, Calvin Klein, Coach, Hugo Boss, J.Crew, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Williams-Sonoma
27.   Orlando Premium Outlets   FL   Orlando   Fee     100.0%   Acquired 2004     100.0 %               549,379   Barneys New York, Burberry, Coach, Diesel, Dior, Fendi, Giorgio Armani, Hugo Boss, J. Crew, Lacoste, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory
28.   Osage Beach Premium Outlets   MO   Osage Beach   Fee     100.0%   Acquired 2004     99.0 %               391,309   Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Polo Ralph Lauren, Tommy Hilfiger
29.   Petaluma Village Premium Outlets   CA   Petaluma (Santa Rosa)   Fee     100.0%   Acquired 2004     100.0 %               195,982   BCBG Max Azria, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Nike, Puma, Saks Fifth Avenue Off 5th, Tommy Hilfiger

24


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
30.   Philadelphia Premium Outlets   PA   Limerick (Philadelphia)   Fee     100.0%   Built 2007     98.8 %               549,070   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, Guess, J.Crew, Michael Kors, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Restoration Hardware, Sony
31.   Rio Grande Valley Premium Outlets   TX   Mercedes (McAllen)   Fee     100.0%   Built 2006     97.9 %               578,890   Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Gap Outlet, Guess, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger
32.   Round Rock Premium Outlets   TX   Round Rock (Austin)   Fee     100.0%   Built 2006     100.0 %               431,621   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Theory, Tommy Hilfiger
33.   Seattle Premium Outlets   WA   Tulalip (Seattle)   Ground Lease (2035)     100.0%   Built 2005     100.0 %               402,668   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Juicy Couture, Kenneth Cole, Nike, Polo Ralph Lauren, Restoration Hardware, Sony
34.   St. Augustine Premium Outlets   FL   St. Augustine (Jacksonville)   Fee     100.0%   Acquired 2004     99.6 %               328,632   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Reebok, Tommy Bahama
35.   The Crossings Premium Outlets   PA   Tannersville   Fee and Ground Lease (2009)(7)     100.0%   Acquired 2004     100.0 %               411,731   Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Coldwater Creek, J.Crew, Liz Claiborne, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger
36.   Vacaville Premium Outlets   CA   Vacaville   Fee     100.0%   Acquired 2004     100.0 %               442,042   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, J.Crew, Nike, Polo Ralph Lauren, Restoration Hardware
37.   Waikele Premium Outlets   HI   Waipahu (Honolulu)   Fee     100.0%   Acquired 2004     99.7 %               209,846   A/X Armani Exchange, Banana Republic, Barneys New York, Calvin Klein, Coach, Guess, Kenneth Cole, Polo Ralph Lauren, Saks Fifth Avenue Off 5th
38.   Waterloo Premium Outlets   NY   Waterloo   Fee     100.0%   Acquired 2004     98.2 %               417,577   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger, VF Outlet
39.   Woodbury Common Premium Outlets   NY   Central Valley (New York)   Fee     100.0%   Acquired 2004     100.0 %               844,246   Banana Republic, Burberry, Chanel, Chloe, Coach, Dior, Dolce & Gabbana, Giorgio Armani, Gucci, Lacoste, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th
40.   Wrentham Village Premium Outlets   MA   Wrentham (Boston)   Fee     100.0%   Acquired 2004     100.0 %               615,713   Banana Republic, Barneys New York, Burberry, Coach, Hugo Boss, Kenneth Cole, Lacoste, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragmo, Sony, Williams-Sonoma
                                                     
    Total U.S. Premium Outlet Centers GLA                 16,383,378    
                                                     

25


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
    Community/Lifestyle Centers

1.

 

Arboretum

 

TX

 

Austin

 

Fee

 

 

100.0%

 

Acquired 1998

 

 

86.0

%

 

 

 

 

 

 

 

206,827

 

Barnes & Noble, Pottery Barn
2.   Bloomingdale Court   IL   Bloomingdale (Chicago)   Fee     100.0%   Built 1987     81.5 %               630,359   Best Buy, T.J. Maxx N More, Office Max, Old Navy, Wal-Mart, Dick's Sporting Goods, Jo-Ann Fabrics
3.   Brightwood Plaza   IN   Indianapolis   Fee     100.0%   Built 1965     100.0 %               38,493    
4.   Charles Towne Square   SC   Charleston   Fee     100.0%   Built 1976     100.0 %               71,794   Regal Cinema
5.   Chesapeake Center   VA   Chesapeake (Virginia Beach-Norfolk)   Fee     100.0%   Built 1989     93.4 %               305,935   K-Mart, Movies 10, Petsmart, Michaels, Value City Furniture
6.   Clay Terrace   IN   Carmel (Indianapolis)   Fee     50.0% (4)(18) Built 2004     93.8 %               503,693   Dick's Sporting Goods, Whole Foods, DSW(8)
7.   Cobblestone Court   NY   Victor (Rochester)   Fee and Ground Lease (2038)(7)     35.0% (4)(13) Built 1993     99.4 %               265,445   Dick's Sporting Goods, Kmart, Office Max
8.   Countryside Plaza   IL   Countryside (Chicago)   Fee     100.0%   Built 1977     85.0 %               403,756   Best Buy, Home Depot, PetsMart, Jo-Ann Fabrics, Office Depot, Value City Furniture
9.   Crystal Court   IL   Crystal Lake (Chicago)   Fee     35.0% (4)(13) Built 1989     52.8 %               278,970   (8)
10.   Dare Centre   NC   Kill Devil Hills   Ground Lease (2058)     100.0%   Acquired 2004     98.7 %               168,838   Belk, Food Lion
11.   DeKalb Plaza   PA   King of Prussia (Philadelphia)   Fee     50.3% (15) Acquired 2003     100.0 %               101,742   ACME Grocery
12.   Eastland Convenience Center   IN   Evansville   Ground Lease (2075)     50.0% (4) Acquired 1998     96.1 %               175,639   Toys 'R Us, Kids 'R Us, Bed Bath & Beyond(8)
13.   Eastland Plaza   OK   Tulsa   Fee     100.0%   Built 1986     41.7 %               190,261   Marshalls, Toys 'R Us(8)(17)
14.   Empire East(1)   SD   Sioux Falls   Fee     50.0% (4) Acquired 1998     98.1 %               297,278   Kohl's, Target, Bed Bath & Beyond
15.   Fairfax Court   VA   Fairfax (Washington, D.C.)   Fee     41.3% (4)(13) Built 1992     100.0 %               249,658   Burlington Coat Factory, Offenbacher's(8)
16.   Forest Plaza   IL   Rockford   Fee     100.0%   Built 1985     93.2 %               428,039   Kohl's, Marshalls, Michaels, Factory Card Outlet, Office Max, Bed Bath & Beyond, Petco, Babies 'R Us, Toys 'R Us(8)
17.   Gaitway Plaza   FL   Ocala   Fee     23.3% (4)(13) Built 1989     95.1 %               208,873   Books-A-Million, Office Depot, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond
18.   Gateway Center   TX   Austin   Fee     100.0%   2004     81.2 %               512,625   Star Furniture, Best Buy, Recreational Equipment, Inc., Whole Foods, Crate & Barrel, The Container Store, Old Navy, Regal Cinema(17)
19.   Great Lakes Plaza   OH   Mentor (Cleveland)   Fee     100.0%   Built 1976     100.0 %               164,104   Michael's, Best Buy, Cost Plus World Market(8)
20.   Greenwood Plus   IN   Greenwood (Indianapolis)   Fee     100.0%   Built 1979     100.0 %               155,319   Best Buy, Kohl's
21.   Hamilton Town Center   IN   Noblesville (Indianapolis)   Fee     50.0% (4) Built 2008     80.4 %               649,576   JCPenney, Borders, Dick's Sporting Goods, Old Navy, Stein Mart, Bed Bath & Beyond, DSW, Ulta, Hamilton 16 IMAX
22.   Henderson Square   PA   King of Prussia (Philadelphia)   Fee     76.0% (15) Acquired 2003     96.0 %               107,383   Genuardi's Family Market(8)
23.   Highland Lakes Center   FL   Orlando   Fee     100.0%   Built 1991     75.6 %               493,378   Marshalls, Bed Bath & Beyond, American Signature Furniture, Ross Dress for Less, Burlington Coat Factory(8)
24.   Indian River Commons   FL   Vero Beach   Fee     50.0%   Built 1997     100.0 %               255,882   Lowe's, Best Buy, Ross Dress for Less, Bed Bath & Beyond, Michael's

26


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
25.   Ingram Plaza   TX   San Antonio   Fee     100.0%   Built 1980     100.0 %               111,518   Sheplers, Macy's Home Store
26.   Keystone Shoppes   IN   Indianapolis   Ground Lease (2067)     100.0%   Acquired 1997     89.8 %               29,140    
27.   Knoxville Commons   TN   Knoxville   Fee     100.0%   Built 1987     100.0 %               180,463   Office Max, Home Emporium(17)
28.   Lake Plaza   IL   Waukegan (Chicago)   Fee     100.0%   Built 1986     90.3 %               215,462   Home Owners Bargain Outlet(8)
29.   Lake View Plaza   IL   Orland Park (Chicago)   Fee     100.0%   Built 1986     95.0 %               368,007   Factory Card Outlet, Best Buy, Petco, Jo-Ann Fabrics, Golf Galaxy, Value City Furniture, Loehmann's
30.   Lakeline Plaza   TX   Cedar Park (Austin)   Fee     100.0%   Built 1998     98.2 %               387,445   T.J. Maxx, Old Navy, Best Buy, Ross Dress for Less, Office Max, PetsMart, Party City, Cost Plus World Market, Toys 'R Us(8)
31.   Lima Center   OH   Lima   Fee     100.0%   Built 1978     85.6 %               236,878   Kohl's, Hobby Lobby, T.J. Maxx
32.   Lincoln Crossing   IL   O'Fallon (St. Louis)   Fee     100.0%   Built 1990     95.5 %               243,266   Wal-Mart, PetsMart, The Home Depot
33.   Lincoln Plaza   PA   King of Prussia (Philadelphia)   Fee     65.0% (15) Acquired 2003     100.0 %               267,231   Burlington Coat Factory, AC Moore, Michaels, T.J. Maxx, Home Goods(8)
34.   MacGregor Village   NC   Cary (Raleigh)   Fee     100.0%   Acquired 2004     82.2 %               144,859    
35.   Mall of Georgia Crossing   GA   Buford (Atlanta)   Fee     100.0%   Built 1999     98.7 %               440,612   Best Buy, American Signature Furniture, T.J. Maxx 'n More, Nordstrom Rack, Staples, Target
36.   Markland Plaza   IN   Kokomo   Fee     100.0%   Built 1974     100.0 %               90,527   Best Buy, Bed Bath & Beyond
37.   Martinsville Plaza   VA   Martinsville   Space Lease (2046)     100.0%   Built 1967     97.1 %               102,105   Rose's
38.   Matteson Plaza   IL   Matteson (Chicago)   Fee     100.0%   Built 1988     47.4 %               270,955   Dominick's(8)
39.   Muncie Towne Plaza   IN   Muncie   Fee     100.0%   Built 1998     98.6 %               298,821   Kohl's, Target, Shoe Carnival, T.J. Maxx, MC Sporting Goods, Kerasotes Theatres
40.   New Castle Plaza   IN   New Castle   Fee     100.0%   Built 1966     71.6 %               91,648    
41.   North Ridge Plaza   IL   Joliet (Chicago)   Fee     100.0%   Built 1985     85.5 %               305,070   Hobby Lobby, Office Max, Minnesota Fabrics, Burlington Coat Factory, Ultra Foods Grocery
42.   North Ridge Shopping Center   NC   Raleigh   Fee     100.0%   Acquired 2004     98.2 %               166,619   Ace Hardware, Kerr Drugs, Harris-Teeter Grocery
43.   Northwood Plaza   IN   Fort Wayne   Fee     100.0%   Built 1974     78.8 %               208,245   Target, Cinema Grill
44.   Palms Crossing   TX   McAllen   Fee     100.0%   Built 2007     99.5 %               337,249   Bealls, DSW, Barnes & Noble, Babies 'R Us, Sports Authority, Guitar Center, Cavendar's Boot City, Best Buy
45.   Park Plaza   KY   Hopkinsville   Fee     100.0%   Built 1968     91.8 %               114,924   Big Lots!
46.   Pier Park   FL   Panama City Beach   Fee     100.0%   Built 2008     89.8 %               815,706   Dillard's, JCPenney, Target, Old Navy, Borders, Grand Theatres
47.   Plaza at Buckland Hills, The   CT   Manchester (Hartford)   Fee     35.0% (4)(13) Built 1993     77.4 %               334,546   Jo-Ann Fabrics, Party City, Toys 'R Us, Michaels, PetsMart(17)
48.   Regency Plaza   MO   St. Charles (St. Louis)   Fee     100.0%   Built 1988     95.5 %               287,473   Wal-Mart, Sam's Wholesale Club
49.   Richardson Square   TX   Richardson   Fee     100.0%   Built 2008     100.0 %               512,845   Lowe's, Ross Dress for Less, Sears, Super Target
50.   Ridgewood Court   MS   Jackson   Fee     35.0% (4)(13) Built 1993     97.8 %               369,501   T.J. Maxx, Lifeway Christian Bookstore, Bed Bath & Beyond, Best Buy, Michaels, Marshalls
51.   Rockaway Commons   NJ   Rockaway (New York)   Fee     100.0%   Acquired 1998     90.9 %               149,570   Best Buy, Acme, Office Depot
52.   Rockaway Town Plaza   NJ   Rockaway (New York)   Fee     100.0%   Acquired 1998     100.0 %               458,828   Target, Pier 1 Imports, PetsMart, Dick's Sporting Goods, AMC Theatres

27


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
53.   Royal Eagle Plaza   FL   Coral Springs (Miami-Ft. Lauderdale)   Fee     35.0% (4)(13) Built 1989     100.0 %               199,059   K Mart, Stein Mart
54.   Shops at Arbor Walk, The   TX   Austin   Ground Lease (2055)     100.0%   Built 2006     97.7 %               442,585   Home Depot, Marshall's, DSW, Golf Galaxy, Jo-Ann Fabrics
55.   Shops at North East Mall, The   TX   Hurst (Dallas-Ft. Worth)   Fee     100.0%   Built 1999     98.2 %               364,833   Michael's, PetsMart, Old Navy, Pier 1 Imports, T.J. Maxx, Bed Bath & Beyond, Best Buy, Barnes & Noble
56.   St. Charles Towne Plaza   MD   Waldorf (Washington, D.C.)   Fee     100.0%   Built 1987     72.3 %               394,873   K & G Menswear, CVS, Shoppers Food Warehouse, Dollar Tree, Value City Furniture, Gallo(8)
57.   Teal Plaza   IN   Lafayette   Fee     100.0%   Built 1962     43.4 %               101,087   Pep Boys(8)
58.   Terrace at the Florida Mall   FL   Orlando   Fee     100.0%   Built 1989     87.6 %               346,693   Marshalls, American Signature Furniture, Global Import, Target, Bed Bath & Beyond(8)
59.   Tippecanoe Plaza   IN   Lafayette   Fee     100.0%   Built 1974     100.0 %               90,522   Best Buy, Barnes & Noble
60.   University Center   IN   Mishawaka (South Bend)   Fee     100.0%   Built 1980     57.5 %               150,524   Michael's, Best Buy
61   Village Park Plaza   IN   Camel (Indianapolis)   Fee     35.0% (4)(13) Built 1990     97.4 %               549,576   Bed Bath & Beyond, Ashley Furniture HomeStore, Kohl's, Wal-Mart, Marsh, Menards, Regal Cinema
62.   Washington Plaza   IN   Indianapolis   Fee     100.0%   Built 1976     100.0 %               50,107    
63.   Waterford Lakes Town Center   FL   Orlando   Fee     100.0%   Built 1999     100.0 %               949,779   Ross Dress for Less, T.J. Maxx, Bed Bath & Beyond, Old Navy, Barnes & Noble, Best Buy, Jo-Ann Fabrics, Office Max, PetsMart, Target, Ashley Furniture HomeStore, L.A. Fitness, Regal Cinema
64.   West Ridge Plaza   KS   Topeka   Fee     100.0%   Built 1988     89.5 %               254,519   T.J. Maxx, Toys 'R Us, Target
65.   West Town Corners   FL   Altamonte Springs (Orlando)   Fee     23.3% (4)(13) Built 1989     95.9 %               385,643   Sports Authority, PetsMart, Winn-Dixie Marketplace, American Signature Furniture, Wal-Mart
66.   Westland Park Plaza   FL   Orange Park (Jacksonville)   Fee     23.3% (4)(13) Built 1989     96.1 %               163,154   Sports Authority, PetsMart, Burlington Coat Factory
67.   White Oaks Plaza   IL   Springfield   Fee     100.0%   Built 1986     93.9 %               391,474   T.J. Maxx, Office Max, Kohl's Babies 'R Us, Kids 'R Us, Country Market
68.   Whitehall Mall   PA   Whitehall   Fee     38.0% (15)(4) Acquired 2003     89.3 %               588,143   Sears, Kohl's, Bed Bath & Beyond, Borders Books & Music, Gold's Gym
69.   Willow Knolls Court   IL   Peoria   Fee     35.0% (4)(13) Built 1990     96.9 %               382,377   Burlington Coat Factory, Kohl's, Sam's Wholesale Club, Willow Knolls 14
70.   Wolf Ranch   TX   Georgetown (Austin)   Fee     100.0%   Built 2005     77.1 %               614,012   Kohl's, Target, Michaels, Best Buy, Office Depot, Old Navy, Pier 1 Imports, PetsMart, T.J. Maxx, DSW
                                                     
    Total Community/Lifestyle Center GLA                 20,822,340    
                                                     

 

 

Other Properties

1.

 

Crossville Outlet Center

 

TN

 

Crossville

 

Fee

 

 

100.0%

 

Acquired 2004

 

 

100.0

%

 

 

 

 

 

 

 

151,256

 

Bass, Dressbarn, Kasper, L'eggs Hanes Bali Playtex, Liz Claiborne, Rack Room Shoes, Van Heusen, VF Outlet
2.   Factory Merchants Branson   MO   Branson   Ground Lease (2021)     100.0%   Acquired 2004     78.2 %               269,307   Carter's, Crocs, Izod, Jones New York, Pendleton, Reebok, Tuesday Morning
3.   Factory Stores of America-Boaz   AL   Boaz   Ground Lease (2012)     100.0%   Acquired 2004     81.6 %               111,909   Bon Worth, Easy Spirit, Rue21, VF Outlet
4.   Factory Stores of America—Georgetown   KY   Georgetown   Fee     100.0%   Acquired 2004     97.7 %               176,615   Bass, Dressbarn, Rack Room Shoes, Van Heusen

28


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
5.   Factory Stores of America—Graceville   FL   Graceville   Fee     100.0%   Acquired 2004     100.0 %               83,962   Factory Brand Shoes, Van Heusen, VF Outlet
6.   Factory Stores of America—Lebanon   MO   Lebanon   Fee     100.0%   Acquired 2004     100.0 %               86,249   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
7.   Factory Stores of America-Nebraska City   NE   Nebraska City   Fee     100.0%   Acquired 2004     97.8 %               89,646   Bass, Easy Spirit, Van Heusen, VF Outlet
8.   Factory Stores of America—Story City   IA   Story City   Fee     100.0%   Acquired 2004     85.3 %               112,405   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
9.   Factory Stores of North Bend   WA   North Bend   Fee     100.0%   Acquired 2004     100.0 %               223,402   Adidas, Bass, Carter's, Coach, Gap Outlet, Izod, Nike, Nine West, Samsonite, Van Heusen, VF Outlet
10.   The Factory Shoppes at Branson Meadows   MO   Branson   Ground Lease (2021)     100.0%   Acquired 2004     88.0 %               915,279   Branson Meadows Cinemas, Dressbarn, VF Outlet
11.   Nanuet Mall   NY   Nanuet (New York)   Fee     100.0%   Acquired 1998     66.7 %               1,083,373   Macy's, Sears(8)
12.   Palm Beach Mall   FL   West Palm Beach (Miami-Fort Lauderdale)   Fee     100.0%   Built 1967     82.3 %               917,195   Dillard's, Macy's, JCPenney, Sears, Borders Books & Music
13.   Raleigh Springs Mall   TN   Memphis   Fee and Ground Lease (2018)(7)     100.0%   Built 1971     59.1 %               286,924   Sears, Malco Theatres(8)(17)
14.   University Mall   FL   Pensacola   Fee     100.0%   Acquired 1994     73.5 %               709,220   JCPenney, Sears, Belk
                                                     
    Total Other GLA                 2,220,030    
                                                     

 

 

Mills Properties
    The Mills®

1.

 

Arizona Mills

 

AZ

 

Tempe (Phoenix)

 

Fee

 

 

25.0%

 

Acquired 2007

 

 

93.8

%

 

 

 

 

 

 

 

1,250,934

 

Marshalls, Last Call Nieman Marcus, Off 5th Saks Fifth Avenue, Burlington Coat Factory, Sears Appliance Outlet, Gameworks, Sports Authority, Ross Dress for Less, JCPenney Outlet, Group USA, Hi-Health, Harkins Cinemas, IMAX Theatre
2.   Arundel Mills   MD   Hanover (Baltimore)   Fee     29.6%   Acquired 2007     99.9 %               1,291,849   Bass Pro Shops, Bed Bath & Beyond, Best Buy, Books-A-Million, Burlington Coat Factory, The Children's Place, Dave & Buster's, F.Y.E., H&M, Medieval Times, Modell's, Neiman Marcus Last Call, OFF 5TH Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, Old Navy, T.J. Maxx, Muvico Theatres
3.   Colorado Mills   CO   Lakewood (Denver)   Fee     18.8% (2) Acquired 2007     83.1 %               1,106,368   Borders Books Music Café, Eddie Bauer Outlet, Last Call Clearance Center from Neiman Marcus, Off Broadway Shoe Warehouse, Off 5th Saks Fifth Avenue Outlet, Sports Authority, Super Target, United Artists Theatre

29


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
4.   Concord Mills   NC   Concord (Charlotte)   Fee     29.6% (2) Acquired 2007     97.0 %               1,347,377   Bass Pro Shops Outdoor World, Books-A-Million, Burlington Coat Factory, Off 5th Saks Fifth Avenue, FYE, The Children's Place Outlet, Dave & Buster's, NIKE, T.J. Maxx, Group USA, Sun & Ski, AC Moore, Off Broadway Shoes, Old Navy, Bed Bath & Beyond, NASCAR Speedpark, AMC Theatres
5.   Discover Mills   GA   Lawrenceville (Atlanta)   Fee     25.0% (2) Acquired 2007     95.2 %               1,183,562   Bass Pro Shops, Books-A-Million, Burlington Coat Factory, Neiman Marcus Last Call, Medieval Times, Off 5th Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, ROSS Dress for Less, Sears Appliance Outlet, Sun & Ski Sports, Urban Behavior, Woodward Skatepark, Dave & Buster's, AMC Theatres
6.   Franklin Mills   PA   Philadelphia   Fee     50.0%   Acquired 2007     94.9 %               1,753,021   Army Experience Center, Dave & Buster's, JCPenney Outlet Store, Burlington Coat Factory, Marshalls HomeGoods, Modell's Sporting Goods, Group USA, Bed Bath & Beyond, Sam Ash Music, Off 5th Saks Fifth Avenue, Last Call Neiman Marcus, Off Broadway Shores, Sears Appliance Outlet, H&M, Woodward Skatepark, AMC Theatres
7.   Grapevine Mills   TX   Grapevine (Dallas-Ft. Worth)   Fee     29.6%   Acquired 2007     97.3 %               1,775,656   Bed, Bath & Beyond, Books-A-Million, Burlington Coat Factory, The Children's Place, Forever 21, Group USA—The Clothing Co. JCPenney Outlet, Marshalls, NIKE, OFF 5th Saks Fifth Avenue, Old Navy, Virgin Megastore, Western Warehouse, Gameworks, AMC Theatres, Dr. Pepper Star Center, Sun & Ski Sports, Last Call Neiman Marcus, Sears Appliance Outlet, Bass Pro Outdoor World, Woodward Skate Park
8.   Great Mall   CA   Milpitas (San Jose)   Fee     24.5% (2) Acquired 2007     93.0 %               1,380,741   Last Call Nieman Marcus, Sports Authority, Group USA, Old Navy, Kohl's, Dave & Busters, H&M, Sears Appliance Outlet, Burlington Coat Factory, Marshalls, Off 5th Saks Fifth Avenue, NIKE, Century Theatres(8)
9.   Gurnee Mills   IL   Gurnee (Chicago)   Fee     50.0%   Acquired 2007     95.6 %               1,821,704   Bass Pro Shops Outdoor World, Bed Bath & Beyond, Burlington Coat Factory, H&M, JCPenney Outlet Store, Kohl's, Marshall's Home Goods, Off 5th—Saks Fifth Avenue Outlet, Nickles & Dimes, Sears Grand, The Sports Authority, T.J. Maxx, VF Outlet, Marcus Cinema, Last Call Neiman Marcus
10.   Katy Mills   TX   Katy (Houston)   Fee     31.3% (2) Acquired 2007     93.2 %               1,574,216   Bass Pro Shops Outdoor World, Bed Bath and Beyond, Books-A-Million, Burlington Coat Factory, F.Y.E.-For Your Entertainment, Marshalls, Neiman Marcus Last Call Clearance Center, Nike Factory Store, Off 5th Saks Fifth Avenue Outlet, Sun & Ski Sports, American Theatres, Old West Warehouse, Old Navy

30


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
11.   Ontario Mills   CA   Ontario   Fee     25.0%   Acquired 2007     94.5 %               1,481,954   Burlington Coat Factory, Totally for Kids, NIKE, Gameworks, The Children's Place Outlet, Cost Plus World Market, Marshalls, JCPenney Outlet, Off 5th Saks Fifth Avenue Outlet, Bed Bath & Beyond, Nordstrom Rack, Dave & Busters, Group USA, Sam Ash Music, Off Broadway Shoes, AMC Theatres(8)
12.   Opry Mills   TN   Nashville   Fee     24.5% (2) Acquired 2007     96.5 %               1,158,952   Bass Pro Shops Outdoor World, Dave & Buster's, The Gibson Showcase, Bed Bath & Beyond, Off 5th Saks Fifth Avenue Outlet, Barnes & Noble, Old Navy, Off Broadway Shoe Warehouse, Nike Factory Store, Sun & Ski Sports, BLACKLION, Regal Cinema, XXI Forever
13.   Potomac Mills   VA   Prince William (Washington, D.C.)   Fee     50.0%   Acquired 2007     96.7 %               1,515,731   Group USA, Marshall's, T.J. Maxx, Sears Appliance Outlet, Old Navy, JCPenney Outlet, Urban Behavior, Burlington Coat Factory, Off Broadway Shoe Warehouse, Nordstrom Rack and Off 5th Saks Fifth Avenue Outlet, Costco Warehouse, The Children's Place, AMC Theatres, Modell's Sporting Goods, Books-A-Million, The Sports Authority, H&M, Last Call Neiman Marcus(6)
14.   Sawgrass Mills   FL   Sunrise (Miami-Ft. Lauderdale)   Fee     50.0%   Acquired 2007     98.5 %               2,252,117   American Signature Home, Beall's Outlet, Bed Bath & Beyond, Brandsmart USA, Burlington Coat Factory, Gameworks, JCPenney Outlet Store, Marshalls, Neiman Marcus Last Call Clearance Center, Nike Factory Store, Nordstrom Rack, Off 5th Saks Fifth Avenue Outlet, Ron Jon Surf Shop, The Sports Authority, Super Target, T.J. Maxx, VF Factory Outlet, Wannado City, FYE, Off Broadway Shoes, Regal Cinema, GAP Outlet, Books-A-Million
15.   St. Louis Mills   MO   Hazelwood (St. Louis)   Fee     25.0% (2) Acquired 2007     81.1 %               1,191,207   Bed Bath & Beyond, Books-A-Million, Burlington Coat Factory, Cabela's, iceZONE, Marshalls MegaStore, NASCAR SpeedPark, Off Broadway Shoe Warehouse, Sears Appliance Outlet, The Children's Place Outlet, Regal Cinema
16.   The Block at Orange   CA   Orange (Los Angeles)   Fee     25.0%   Acquired 2007     96.8 %               717,692   Dave & Buster's, Vans Skatepark, Lucky Strike Lanes, Borders Books & Music, Hilo Hattie, Off 5th Saks Fifth Avenue, AMC Theatres, Nike Factory Store, Last Call Neiman Marcus
                                                     
    Subtotal The Mills®                 22,803,081    
                                                     

31


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
    Mills Regional Malls

17.

 

Briarwood Mall

 

MI

 

Ann Arbor

 

Fee

 

 

25.0%

 

Acquired 2007

 

 

95.9

%

 

608,118

 

 

367,790

 

 

975,908

 

Macy's, JCPenney, Sears, Von Maur
18.   Del Amo Fashion Center   CA   Torrance (Los Angeles)   Fee     25.0% (2) Acquired 2007     78.0 %   1,341,701     1,061,962 (18)   2,403,663   Macy's, Macy's, Macy's Home & Furnishings, JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, Burlington Coat Factory, AMC Theatres
19.   Dover Mall   DE   Dover   Fee     34.1%   Acquired 2007     95.1 %   583,696     303,500     887,196   Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas
20.   Esplanade, The   LA   Kenner (New Orleans)   Fee     50.0%   Acquired 2007     88.8 %   544,140     355,394     899,534   Dillard's, Dillard's Men's, Macy's(6)(20)
21.   Falls, The   FL   Miami   Fee     25.0%   Acquired 2007     95.0 %   455,000     353,753     808,753   Bloomingdale's, Macy's, Regal Cinema
22.   Galleria at White Plains, The   NY   White Plains (New York)   Fee     50.0%   Acquired 2007     83.4 %   556,067     322,321     878,388   Macy's, Sears, H&M
23.   Hilltop Mall   CA   Richmond (San Francisco)   Fee     25.0%   Acquired 2007     75.6 %   748,551     321,142     1,069,693   JCPenney, Sears, Macy's, Wal-Mart, 24 Hour Fitness
24.   Lakeforest Mall   MD   Gaithersburg (Washington, D.C.)   Fee     25.0%   Acquired 2007     81.3 %   639,289     406,236     1,045,525   Macy's, Lord & Taylor, JCPenney, Sears
25.   Mall at Tuttle Crossing, The   OH   Dublin (Columbus)   Fee     25.0%   Acquired 2007     91.1 %   744,128     380,624     1,124,752   Macy's, Macy's, Sears, JCPenney
26.   Marley Station   MD   Glen Burnie (Baltimore)   Fee     25.0%   Acquired 2007     80.8 %   735,682     334,183     1,069,865   Macy's, JCPenney, Sears, The Movies at Marley Station, Gold's Gym
27.   Meadowood Mall   NV   Reno   Fee     25.0%   Acquired 2007     89.4 %   609,840     274,442     884,282   Macy's Men's, Macy's, Sears, JCPenney, Sports Authority
28.   Northpark Mall   MS   Ridgeland (Jackson)   Fee     50.0%   Acquired 2007     90.2 %   646,725     311,273     957,998   Dillard's, JCPenney, Belk, Regal Cinema
29.   Shops at Riverside, The   NJ   Hackensack (New York)   Fee     50.0%   Acquired 2007     91.0 %   404,666     340,663     745,329   Bloomingdale's, Saks Fifth Avenue, Barnes & Noble
30.   Southdale Center   MN   Edina (Minneapolis)   Fee     50.0%   Acquired 2007     85.5 %   817,320     524,307     1,341,627   Macy's, JCPenney, Marshall's, AMC Theatres(8)
31.   Southridge Mall   WI   Greendale (Milwaukee)   Fee     50.0%   Acquired 2007     92.1 %   874,925     348,181     1,223,106   JCPenney, Sears, Kohl's, Boston Store, Cost Plus World Market(8)
32.   Stoneridge Shopping Center   CA   Pleasanton (San Francisco)   Fee     25.0%   Acquired 2007     96.7 %   841,454     460,038     1,301,492   Macy's Women's, Macy's Men's, Nordstrom, Sears, JCPenney, H&M
                                                 
    Subtotal Mills Regional Malls     11,151,302     6,465,809     17,617,111    
                                                 

32


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
   
   
   
   
  Gross Leasable Area    
 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
 
 
Property Name
  State   City (CBSA)   Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Anchor   Mall &
Freestanding
  Total   Retail Anchors and Selected Major Tenants
    Mills Community Centers

33.

 

Arundel Mills Marketplace

 

MD

 

Hanover (Baltimore)

 

Fee

 

 

29.6%

 

Acquired 2007

 

 

100.0

%

 

 

 

 

 

 

 

101,613

 

Michael's, Staples
34.   Concord Mills Marketplace   NC   Concord (Charlotte)   Fee     50.0%   Acquired 2007     100.0 %               230,683   BJ's Wholesale Club, Garden Ridge
35.   Denver West Village   CO   Lakewood   Fee     18.8%   Acquired 2007     99.6 %               310,090   Barnes & Noble, Bed Bath & Beyond, Office Max, Whole Foods, DSW, Ultimate Electronics, Christy Sports, United Artists
36.   Liberty Plaza   PA   Philadelphia   Fee     50.0%   Acquired 2007     94.2 %               371,446   Wal-Mart, Dick's Sporting Goods, Raymour & Flanigan, Super Fresh Food Market
                                                     
    Subtotal Mills Community Centers                 1,013,832    
                                                     
    Total Mills Properties                 41,434,024    
                                                     
    Total U.S. Properties GLA                 239,883,701    
                                                     

33


Table of Contents

FOOTNOTES:


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

(2)
The Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or the Operating Partnership.

(3)
The date listed is the expiration date of the last renewal option available to the operating entity under the ground lease. In a majority of the ground leases, we have a right of first refusal or the right to purchase the lessor's interest. Unless otherwise indicated, each ground lease listed in this column covers at least 50% of its respective property.

(4)
Joint venture properties accounted for under the equity method.

(5)
Regional Malls—Executed leases for all company-owned GLA in mall stores, excluding majors. Premium Outlet Centers—Executed leases for all company-owned GLA (or total center GLA). Community/Lifestyle Centers—Executed leases for all company-owned GLA including majors and mall stores.

(6)
Indicates anchor or major that is currently under development.

(7)
Indicates ground lease covers less than 50% of the acreage of this property.

(8)
Indicates vacant anchor space(s).

(9)
The lease at the Mall at Chestnut Hill includes the entire premises including land and building.

(10)
Indicates ground lease covers all of the property except for parcels owned in fee by anchors.

(11)
Indicates ground lease covers outparcel only.

(12)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(13)
Outside partner receives substantially all of the economic benefit due to a partner preference.

(14)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(15)
The Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(16)
Indicates anchor has announced its intent to close this location.

(17)
Indicates anchor has closed, but the Operating Partnership still collects rents and/or fees under an agreement.

(18)
Mall & Freestanding GLA includes office space as follows:
    Arsenal Mall—105,807 sq. ft.   Lenox Square—2,674 sq. ft.
    Century III Mall—35,929 sq. ft.   Menlo Park Mall—50,615 sq. ft.
    Circle Centre Mall—9,123 sq. ft.   Oak Court Mall—126,319 sq. ft.
    Copley Place—856,586 sq. ft.   Oxford Valley Mall—109,832 sq. ft.
    Fashion Centre at Pentagon City, The—169,089 sq. ft.   Plaza Carolina—28,192 sq. ft.
    Fashion Mall at Keystone, The—10,927 sq. ft.   River Oaks Center—118,311 sq. ft.
    Firewheel Town Center—75,000 sq. ft.   Roosevelt Field—1,610 sq. ft.
    Greendale Mall—119,860 sq. ft.   Stanford Shopping Center—5,748 sq. ft.
    The Plaza & Court at King of Prussia—13,627 sq. ft.   The Westchester—820 sq. ft.
    Lehigh Valley Mall—11,754 sq. ft.   Del Amo—113,000 sq. ft.
(19)
Nordstrom to open stores in locations previously operated by others at South Shore Plaza (2009) and Northshore Mall (2009).

(20)
Vacant anchor store owned by another company.

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International Properties

            Our ownership interests in entities that operate properties outside the United States are primarily owned through joint venture arrangements. However, during 2008, we acquired shares of stock of Liberty International, PLC, or Liberty, as further described below.

            The following summarizes our joint venture investments in Europe and the underlying countries in which these joint ventures own and operate real estate properties as of December 31, 2008:

Joint Venture Investment
  Ownership
Interest
  Properties
open and
operating
  Countries of
Operation

Gallerie Commerciali Italia, S.p.A., or GCI

    49.0 %   45   Italy

Simon Ivanhoe S.à.r.l., or Simon Ivanhoe

    50.0 %   7   France, Poland

            In addition, we jointly hold with a third party an interest in one parcel of land for development near Paris, France outside of these two joint ventures. Simon Ivanhoe and GCI are fully integrated European retail real estate developers, owners and managers.

            Our properties in Europe consist primarily of hypermarket-anchored shopping centers. Substantially all of our European properties are anchored by either the hypermarket retailer Auchan, primarily in Italy, who is also our partner in GCI, or are anchored by the hypermarket Carrefour in France and Poland. Certain of the properties in Italy are subject to leaseholds whereby GCI leases all or a portion of the premises from a third party who is entitled to receive substantially all the economic benefits of that portion of the properties. Auchan and Carrefour are the two largest hypermarket operators in Europe.

            We also hold real estate interests in seven joint venture properties in Japan, one property in Mexico, one property in Korea, and one property in China. The seven Japanese Premium Outlet Centers operate in various cities throughout Japan and are held in a joint venture with Mitsubishi Estate Co., Ltd. and Sojitz Corporation (formerly known as Nissho Iwai Corporation). These centers comprise over 2.0 million square feet of GLA and were 99.9% leased as of December 31, 2008. They contain 854 stores with approximately 380 different tenants. The Premium Outlet Center in Mexico was 92% leased as of December 31, 2008, and the Premium Outlet Center in Korea was 100% leased as of December 31, 2008. The center in Changshu, China was 98% occupied as of December 31, 2008.

            The following summarizes these nine Premium Outlet Centers in international joint ventures:

Joint Venture Investment Holdings
  Ownership Interest  

Gotemba Premium Outlets — Gotemba City (Tokyo), Japan

    40.0 %

Kobe-Sanda Premium Outlets — Hyougo-Ken (Osaka), Japan

    40.0 %

Rinku Premium Outlets — Izumisano (Osaka), Japan

    40.0 %

Sano Premium Outlets — Sano (Tokyo), Japan

    40.0 %

Sendai-Izumi Premium Outlets — Izumi Park Town (Sendai), Japan

    40.0 %

Toki Premium Outlets — Toki (Nagoya), Japan

    40.0 %

Tosu Premium Outlets — Fukuoka (Kyushu), Japan

    40.0 %

Premium Outlets Punta Norte — Mexico City, Mexico

    50.0 %

Yeoju Premium Outlets — Seoul, South Korea

    50.0 %

            In 2008, we completed construction on Sendai Izumi Premium Outlets, a 164,000 square foot center located in Sendai, Japan. We have a 40% interest in this property consistent with the ownership structure of our other Japanese investments. Also, through joint venture arrangements, we have a 32.5% interest in four shopping centers in China, one of which is open and three that are under construction, aggregating 2.0 million square feet of GLA.

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Table of Contents

            Liberty operates regional shopping centers and is the owner of other prime retail assets throughout the U.K. Liberty is a U.K. FTSE 100 listed company, with shareholders' funds of £4.7 billion and property investments of £8.6 billion, of which its U.K. regional shopping centers comprise 75%. Assets of the group under control or joint control amount to £11.0 billion. Liberty converted into a U.K. Real Estate Investment Trust (REIT) on January 1, 2007. Our interest in Liberty is less than 5% of their shares and is adjusted to their quoted market price, including a related foreign exchange component.

            The following property table summarizes certain data for our properties located in Europe, Japan, Mexico, Korea, and China at December 31, 2008.

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Table of Contents

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
   
   
   
   
   
  Gross Leasable Area (1)    
 
 
COUNTRY/Property Name
  City (Metropolitan area)   Ownership
Interest
  SPG
Effective
Ownership
  Year
Built
  Hypermarket/
Anchor (4)
  Mall &
Freestanding
  Total   Retail Anchors and
Major Tenants
    FRANCE                                        
1.   Bay 2   Torcy (Paris)   Fee     50.0 % 2003     159,900     416,900     576,800   Carrefour, Leroy Merlin
2.   Bay 1   Torcy (Paris)   Fee     50.0 % 2004         348,900     348,900   Conforama, Go Sport
3.   Bel'Est   Bagnolet (Paris)   Fee     17.5 % 1992     109,800     63,300     173,100   Auchan
4.   Villabé A6   Villabé (Paris)   Fee     7.5 % 1992     124,900     159,400     284,300   Carrefour
5.   Wasquehal   Wasquehal (Lille)   Fee     50.0 % 2006     131,300     123,400     254,700   Carrefour
                                       
    Subtotal France                       525,900     1,111,900     1,637,800    
    ITALY                                        
6.   Ancona — Senigallia   Senigallia (Ancona)   Fee     49.0 % 1995     41,200     41,600     82,800   Cityper
7.   Ascoli Piceno — Grottammare   Grottammare (Ascoli Piceno)   Fee     49.0 % 1995     38,900     55,900     94,800   Cityper
8.   Ascoli Piceno — Porto Sant'Elpidio   Porto Sant'Elpidio (Ascoli Piceno)   Fee     49.0 % 1999     48,000     114,300     162,300   Cityper
9.   Bari — Casamassima   Casamassima (Bari)   Fee     49.0 % 1995     159,000     388,800     547,800   Auchan, Coin, Eldo, Bata, Leroy Merlin, Decathlon
10.   Bari — Modugno   Modugno (Bari)   Fee     49.0 % 2004     96,900     46,600     143,500   Auchan, euronics, Decathlon
11.   Brescia — Mazzano   Mazzano (Brescia)   Fee / Leasehold (2)     49.0 %(2) 1994     103,300     127,400     230,700   Auchan, Bricocenter, Upim
12.   Brindisi-Mesagne   Mesagne (Brindisi)   Fee     49.0 % 2003     88,000     140,600     228,600   Auchan
13.   Cagliari — Santa Gilla   Cagliari   Fee / Leasehold (2)     49.0 %(2) 1992     75,900     114,800     190,700   Auchan, Bricocenter
14.   Catania — La Rena   Catania   Fee     49.0 % 1998     124,100     22,100     146,200   Auchan
15.   Cinisello   Cinisello (Milano)   Fee     49.0 % 2007     125,000     250,600     375,600   Auchan
16.   Cuneo   Cuneo (Torino)   Fee     49.0 % 2004     80,700     201,500     282,200   Auchan, Bricocenter
17.   Giugliano   Giugliano (Napoli)   Fee     49.0 %(5) 2006     130,000     624,500     754,500   Auchan
18.   Milano — Rescaldina   Rescaldina (Milano)   Fee     49.0 % 2000     165,100     212,000     377,100   Auchan, Bricocenter, Decathlon, Media World
19.   Milano — Vimodrone   Vimodrone (Milano)   Fee     49.0 % 1989     110,400     80,200     190,600   Auchan, Bricocenter
20.   Napoli — Pompei   Pompei (Napoli)   Fee     49.0 % 1990     74,300     17,100     91,400   Auchan
21.   Nola — Volcano Buono   Nola (Napoli)   Fee     22.1 % 2007     142,900     733,100     876,000   Auchan, Coin, Holiday Inn, Media World
22.   Padova   Padova   Fee     49.0 % 1989     73,300     32,500     105,800   Auchan
23.   Palermo   Palermo   Fee     49.0 % 1990     73,100     9,800     82,900   Auchan
24.   Pesaro — Fano   Fano (Pesaro)   Fee     49.0 % 1994     56,300     56,000     112,300   Auchan
25.   Pescara   Pescara   Fee     49.0 % 1998     96,300     65,200     161,500   Auchan
26.   Pescara — Cepagatti   Cepagatti (Pescara)   Fee     49.0 % 2001     80,200     189,600     269,800   Auchan, Bata
27.   Piacenza — San Rocco al Porto   San Rocco al Porto (Piacenza)   Fee     49.0 % 1992     104,500     74,700     179,200   Auchan, Darty
28.   Porta Di Roma   Roma   Fee     19.6 % 2007     624,800     630,600     1,255,400   Auchan, Leroy Merlin, UGC Theatres, Ikea, Media World, Decathlon
29.   Roma — Collatina   Collatina (Roma)   Fee     49.0 % 1999     59,500     4,100     63,600   Auchan
30.   Sassari — Predda Niedda   Predda Niedda (Sassari)   Fee / Leasehold (2)     49.0 %(2) 1990     79,500     154,200     233,700   Auchan, Bricocenter
31.   Taranto   Taranto   Fee     49.0 % 1997     75,200     126,500     201,700   Auchan, Bricocenter
32.   Torino   Torino   Fee     49.0 % 1989     105,100     66,700     171,800   Auchan
33.   Torino — Venaria   Venaria (Torino)   Fee     49.0 % 1982     101,600     64,000     165,600   Auchan, Bricocenter
34.   Venezia — Mestre   Mestre (Venezia)   Fee     49.0 % 1995     114,100     132,600     246,700   Auchan
35.   Vicenza   Vicenza   Fee     49.0 % 1995     78,400     20,100     98,500   Auchan
36.   Ancona   Ancona   Leasehold (3)     49.0 %(3) 1993     82,900     82,300     165,200   Auchan

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Table of Contents

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
   
   
   
   
   
  Gross Leasable Area (1)    
 
 
COUNTRY/Property Name
  City (Metropolitan area)   Ownership
Interest
  SPG
Effective
Ownership
  Year
Built
  Hypermarket/
Anchor (4)
  Mall &
Freestanding
  Total   Retail Anchors and
Major Tenants
    ITALY (continued)                                        
37.   Bergamo   Bergamo   Leasehold (3)     49.0 %(3) 1976     103,000     16,900     119,900   Auchan
38.   Brescia — Concesio   Concesio (Brescia)   Leasehold (3)     49.0 %(3) 1972     89,900     27,600     117,500   Auchan
39.   Cagliari — Marconi   Cagliari   Leasehold (3)     49.0 %(3) 1994     83,500     109,900     193,400   Auchan, Bricocenter, Bata
40.   Catania — Misterbianco   Misterbianco (Catania)