SEC Filing | Simon Property Group, L.P.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): January 30, 2009

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


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


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

Registrant's telephone number, including area code: 317.636.1600

Not Applicable
(Former name or former address, if changed since last report)

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

o: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o: Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o: Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o: Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On January 30, 2009, Simon Property Group, Inc. (the "Registrant") issued a press release containing information on earnings for the quarter ended December 31, 2008 and other matters. A copy of the press release is attached hereto as Exhibit 99.2 and the information in the press release is incorporated by reference into this report.

The press release and Supplemental Information package attached as Exhibit 99.1 use the non-GAAP financial measure of Funds from Operations ("FFO"). The Supplemental Information package also uses the non-GAAP measure of Net Operating Income ("NOI"). The Registrant considers FFO and NOI key measures of its operating performance that are not specifically defined by accounting principles generally accepted in the United States ("GAAP"). The Registrant believes that FFO and NOI are helpful to investors because they are widely recognized measures of the performance of real estate investment trusts ("REITs") and provide relevant bases for comparison among REITs. The Registrant also uses FFO and NOI internally to measure the operating performance of its portfolio. Reconciliations of net income to FFO on an estimated and historical basis are provided on pages 63 and 72 furnished herewith in Exhibit 99.2. Reconciliations of net income to NOI on a historical basis are provided on page 14 furnished herewith in Exhibit 99.1.

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

Item 7.01. Regulation FD Disclosure

On January 30, 2009, the Registrant made available additional ownership and operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of December 31, 2008 in the form of a Supplemental Information package, a copy of which is attached as Exhibit 99.1. The Supplemental Information package is also available upon request as specified therein.

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

Item 9.01. Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

	Description

99.1	Supplemental Information as of December 31, 2008	5
99.2	Earnings Release for the quarter ended December 31, 2008	60

SIGNATURES

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


Dated: January 30, 2009
	SIMON PROPERTY GROUP, INC.
	By:	/s/ STEPHEN E. STERRETT Stephen E. Sterrett, Executive Vice President and Chief Financial Officer

SIMON PROPERTY GROUP
Table of Contents
As of December 31, 2008

Description

Exhibit 99.1	Supplemental Information	5
	Company Overview
	Overview (reporting calendar, stock information, and corporate ratings)	5-6
	Ownership Structure	7
	Changes in Common Shares and Unit Ownership	8
	Financial Data
	Selected Financial and Equity Information	9
	Unaudited Pro-Rata Statements of Operations	10-12
	Unaudited Pro-Rata Balance Sheet	13
	Reconciliation of Net Income to NOI	14
	NOI Composition	15
	Analysis of Other Income and Other Expense	16
	Operational Data
	U.S. Portfolio GLA	17
	U.S. Regional Mall Operational Information	18
	U.S. Regional Mall Lease Expirations	19
	U.S. Regional Mall Top Tenants	20
	U.S. Regional Mall Anchor/Big Box Openings, 2008-2010	21-22
	U.S. Regional Mall Property Listing	23-26
	U.S. Premium Outlet Centers® Operational Information	27
	U.S. Premium Outlet Centers® Lease Expirations	28
	U.S. Premium Outlet Centers® Top Tenants	29
	U.S. Premium Outlet Centers® Property Listing	30
	U.S. Community/Lifestyle Centers Operational Information	31
	U.S. Community/Lifestyle Centers Lease Expirations	32
	U.S. Community/Lifestyle Centers Top Tenants	33
	U.S. Community/Lifestyle Centers Property Listing	34-35
	Mills Operational Information	36
	Mills Property Listing	37
	International Operational Information	38
	International Property Listing	39-41
	Development Activity
	Capital Expenditures in the U.S. Portfolio	42
	U.S. Development Activity Report	43
	International Development Activity Report	44
	Balance Sheet Information
	The Company's Share of Total Debt Amortization and Maturities by Year	45
	Summary of Indebtedness	46
	Summary of Indebtedness by Maturity	47-53
	Unencumbered Assets	54-58
	Preferred Stock/Units Outstanding	59
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release	60-73

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Exhibit 99.1

SIMON PROPERTY GROUP
Overview

The Company

Simon Property Group, Inc., ("Simon," "we," "us," "our," or the "Company") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P. or the Operating Partnership is a majority-owned subsidiary partnership of the Company. Together, the Company and the Operating Partnership, or Simon Group, are engaged primarily in the ownership, development and management of retail real estate properties. Simon Group operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. At December 31, 2008, we owned or had an interest in 386 properties comprising 263 million square feet of gross leasable area in North America, Europe and Asia.

This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of December 31, 2008, for the Company and the Operating Partnership.

Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in our periodic reports, but otherwise we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

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

SIMON PROPERTY GROUP
Overview

Reporting Calendar

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


First Quarter 2009			April 30, 2009
Second Quarter 2009			July 31, 2009
Third Quarter 2009			November 2, 2009

Stock Information

The Company's common stock and two issues of preferred stock are traded on the New York Stock Exchange under the following symbols:


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

Credit Ratings


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

Simon Property Group Ownership Structure(1)
December 31, 2008

(1): Schedule excludes Company preferred stock (see "Preferred Stock/Units Outstanding") and Operating Partnership units not convertible into common stock.
(2): Consists of Melvin Simon, Herbert Simon, David Simon, and/or trusts established for the benefit of members of the Simon family and Melvin Simon & Associates, Inc.
(3): Holders of Class B common stock are entitled to elect 4 of the members of the Board of Directors and also have voting rights with common stock.
(4): Other executives includes directors and executive officers of the Company, other than Simon family members.

SIMON PROPERTY GROUP
Changes in Company Common Share and Operating Partnership Unit Ownership
For the Period from December 31, 2007 through December 31, 2008



Number Outstanding at December 31, 2007		57,913,250		223,034,282
Activity During the First Nine Months of 2008:
Issuance of Common Stock for Stock Option Exercises		—		182,106
Conversion of Preferred Stock into Common Stock		—		57,175
Conversion of Operating Partnership Units into Common Stock		(2,234,987	)	2,234,987
Conversion of Operating Partnership Units into Cash		(144,291	)	—
Conversion of Operating Partnership Preferred Units into Units		1,101,765		—
Restricted Stock Awards (Stock Incentive Program)(6)		—		301,455
Number Outstanding at September 30, 2008		56,635,737		225,810,005
Activity During the Fourth Quarter of 2008:
Issuance of Common Stock for Stock Option Exercises		—		100,000
Conversion of Preferred Stock into Common Stock		—		5,094,601
Conversion of Operating Partnership Units into Common Stock		(339,621	)	339,621
Conversion of Operating Partnership Units into Cash		(18,160	)	—
Conversion of Operating Partnership Preferred Units into Units		90,454		—
Restricted Stock Awards (Stock Incentive Program)(6)		—		(24,583	)
Number Outstanding at December 31, 2008		56,368,410		231,319,644
*Details for Diluted Common Shares Outstanding(5):*
Company Common Shares Outstanding at December 31, 2008				231,319,644
Number of Common Shares Issuable Assuming Conversion of:
	Series I 6% Convertible Perpetual Preferred Stock(3)			6,117,495
	Series C 7% Cumulative Convertible Preferred Units(3)			71,313
	Series I 6% Convertible Perpetual Preferred Units(3)			1,223,755
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)				397,177
Diluted Common Shares Outstanding at December 31, 2008(5)				239,129,384

(1): Excludes units owned by the Company (shown here as Company Common Shares) and Operating Partnership units not convertible into common shares.
(2): Excludes Operating Partnership preferred units relating to Company preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 59).
(3): Conversion terms provided on page 59 of this document.
(4): Based upon the weighted average stock price for the quarter ended December 31, 2008.
(5): For FFO purposes.
(6): Net of forfeitures.

SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of December 31, 2008
Unaudited
(In thousands, except as noted)

	As of or for the Three Months Ended December 31,				As of or for the Twelve Months Ended December 31,

	2008		2007		2008		2007
*Financial Highlights of the Company*
Total Revenue—Consolidated Properties	$	1,029,316	$	1,035,581	$	3,783,155	$	3,650,799
Net Income Available to Common Stockholders	$	145,203	$	112,929	$	422,517	$	436,164
Basic Earnings per Common Share (EPS)	$	0.64	$	0.51	$	1.88	$	1.96
Diluted Earnings per Common Share (EPS)	$	0.64	$	0.51	$	1.87	$	1.95
FFO of the Operating Partnership	$	540,527	$	507,742	$	1,852,331	$	1,691,887
Diluted FFO of the Operating Partnership	$	548,040	$	520,578	$	1,895,681	$	1,743,454
Basic FFO per Share (FFOPS)	$	1.90	$	1.81	$	6.56	$	6.02
Diluted FFO per Share (FFOPS)	$	1.86	$	1.76	$	6.42	$	5.90
Distributions per Share	$	0.90	$	0.84	$	3.60	$	3.36

		December 31, 2008		December 31, 2007

*Stockholders' Equity Information*
Limited Partner Units Outstanding at End of Period			56,368		57,913
Common Shares Outstanding at End of Period			231,320		223,035

Total Common Shares and Units Outstanding at End of Period			287,688		280,948

Weighted Average Limited Partnership Units Outstanding			57,175		58,036
Weighted Average Common Shares Outstanding:
	Basic—for purposes of EPS and FFOPS		225,333		222,998
	Diluted—for purposes of EPS		225,884		223,777
	Diluted—for purposes of FFOPS		238,263		237,448
*Simon Group's Debt Information*
Share of Consolidated Debt		$	17,766,316	$	16,933,771
Share of Joint Venture Debt			6,632,419		6,568,403

Share of Total Debt		$	24,398,735	$	23,502,174

*Simon Group's Market Capitalization*
Common Stock Price at End of Period		$	53.13	$	86.86
Common Equity Capitalization, including common operating partnership units		$	15,284,866	$	24,403,103
Preferred Equity Capitalization, including preferred operating partnership units			589,532		1,359,833

Total Equity Market Capitalization		$	15,874,398	$	25,762,936

Total Capitalization—Including Simon Group's Share of Total Debt		$	40,273,133	$	49,265,110

		As of or for the Twelve Months Ended December 31,

		2008		2007
*Miscellaneous Balance Sheet Data*
Interest Capitalized during the Period:
	Consolidated Properties	$	27,472	$	34,591
	Joint Venture Properties	$	4,127	$	4,922
	Simon Group's Share of Joint Venture Properties	$	2,019	$	2,106

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

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

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations

			For the Three Months Ended December 31, 2008

			For the Three Months Ended December 31, 2008															For the Three Months Ended December 31, 2007 Our Total Share
			Consolidated			Minority Interest			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
REVENUE:
	Minimum rent		$	607,100		$	(9,777	)	$	597,323		$	209,518		$	806,841		$	772,476
	Overage rent			39,440			(302	)		39,138			23,674			62,812			67,735
	Tenant reimbursements			289,290			(5,817	)		283,473			109,072			392,545			385,452
	Management fees and other revenues			31,222			—			31,222			—			31,222			40,371
	Other income			62,264			(757	)		61,507			30,380			91,887			95,325

		Total revenue		1,029,316			(16,653	)		1,012,663			372,644			1,385,307			1,361,359

EXPENSES:
	Property operating			103,687			(3,327	)		100,360			71,691			172,051			175,565
	Depreciation and amortization			268,902			(2,140	)		266,762			106,962			373,724			343,588
	Real estate taxes			80,586			(1,351	)		79,235			26,797			106,032			97,352
	Repairs and maintenance			32,621			(743	)		31,878			14,696			46,574			49,672
	Advertising and promotion			32,729			(467	)		32,262			9,363			41,625			41,647
	Provision for credit losses			6,668			(198	)		6,470			3,879			10,349			8,153
	Home and regional office costs			36,099			—			36,099			—			36,099			40,665
	General and administrative			5,555			—			5,555			—			5,555			4,682
	Other			16,651			(511	)		16,140			25,347			41,487			45,599

		Total operating expenses		583,498			(8,737	)		574,761			258,735			833,496			806,923

OPERATING INCOME				445,818			(7,916	)		437,902			113,909			551,811			554,436
Interest expense				(244,933	)		3,930			(241,003	)		(94,723	)		(335,726	)		(326,593	)
Loss on extinguishment of debt				—			—			—			—			—			—
Minority interest in income of consolidated entities				(3,986	)		3,986			—			—			—			—
Income tax (expense) benefit of taxable REIT subsidiaries				(2,005	)		—			(2,005	)		—			(2,005	)		12,727
Income from unconsolidated entities				19,186			—			19,186			(19,186	)		—			—
Impairment charge				(21,172	)		—			(21,172	)		—			(21,172	)		(55,061	)
Gain on sales of assets and interests in unconsolidated entities, net				—			—			—			—			—			409
Limited partners' interest in the Operating Partnership				(36,345	)		—			(36,345	)		—			(36,345	)		(34,749	)
Preferred distributions of the Operating Partnership				(4,201	)		—			(4,201	)		—			(4,201	)		(5,362	)

Income from continuing operations				152,362			—			152,362			—			152,362			145,807
Discontinued operations, net of limited partners' interest				(20	)		—			(20	)		—			(20	)		78
Loss on sale of discontinued operations, net of limited partners' interest				—			—			—			—			—			(20,880	)

NET INCOME				152,342			—			152,342			—			152,342			125,005
Preferred dividends				(7,139	)		—			(7,139	)		—			(7,139	)		(12,076	)

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	145,203		$	—		$	145,203		$	—		$	145,203			112,979

RECONCILIATION OF NET INCOME TO FFO
Net Income									$	152,342		$	—		$	152,342		$	125,005
Adjustments to Net Income to Arrive at FFO:
	Limited partners' interest in the Operating Partnership and preferred distributions of the Operating Partnership									40,546			—			40,546			40,111
	Limited partners' interest in Results of operations from discontinued operations									(5	)		—			(5	)		20
	Depreciation and amortization from consolidated properties and discontinued operations									264,465			—			264,465			232,162
	Simon's share of depreciation and amortization from unconsolidated entities									—			96,631			96,631			109,462
	Income from unconsolidated entities									(19,186	)		19,186			—			—
	Loss on sales of interests in other assets and unconsolidated entities, net of limited partners' interest									—			—			—			20,471
	Minority interest portion of depreciation and amortization									(2,112	)		—			(2,112	)		(2,051	)
	Preferred distributions and dividends									(11,340	)		—			(11,340	)		(17,438	)

	FFO of the Operating Partnership								$	424,710		$	115,817		$	540,527		$	507,742

		Percentage of FFO of the Operating Partnership								78.57	%		21.43	%		100.00	%		100.00	%

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations

			For the Twelve Months Ended December 31, 2008

			For the Twelve Months Ended December 31, 2008															For the Twelve Months Ended December 31, 2007 Our Total Share
			Consolidated			Minority Interest			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
REVENUE:
	Minimum rent		$	2,291,919		$	(37,037	)	$	2,254,882		$	779,679		$	3,034,561		$	2,792,483
	Overage rent			100,222			(474	)		99,748			52,556			152,304			156,263
	Tenant reimbursements			1,065,957			(22,617	)		1,043,340			397,547			1,440,887			1,324,035
	Management fees and other revenues			132,471			—			132,471			—			132,471			113,740
	Other income			192,586			(2,085	)		190,501			110,437			300,938			335,321

		Total revenue		3,783,155			(62,213	)		3,720,942			1,340,219			5,061,161			4,721,842

EXPENSES:
	Property operating			455,874			(13,297	)		442,577			266,242			708,819			671,665
	Depreciation and amortization			969,477			(8,622	)		960,855			402,690			1,363,545			1,217,101
	Real estate taxes			334,657			(5,480	)		329,177			100,017			429,194			390,563
	Repairs and maintenance			107,879			(2,561	)		105,318			51,652			156,970			164,405
	Advertising and promotion			96,783			(1,383	)		95,400			26,645			122,045			117,441
	Provision for credit losses			24,035			(691	)		23,344			9,609			32,953			18,895
	Home and regional office costs			144,865			—			144,865			—			144,865			136,610
	General and administrative			20,987			—			20,987			—			20,987			19,587
	Other			67,721			(1,993	)		65,728			81,662			147,390			134,511

		Total operating expenses		2,222,278			(34,027	)		2,188,251			938,517			3,126,768			2,870,778

OPERATING INCOME				1,560,877			(28,186	)		1,532,691			401,702			1,934,393			1,851,064
Interest expense				(947,140	)		15,755			(931,385	)		(369,456	)		(1,300,841	)		(1,237,667	)
Loss on extinguishment of debt				(20,330	)		—			(20,330	)		—			(20,330	)		—
Minority interest in income of consolidated entities				(12,431	)		12,431			—			—			—			—
Income tax (expense) benefit of taxable REIT subsidiaries				(3,581	)		—			(3,581	)		—			(3,581	)		11,322
Income from unconsolidated entities				32,246			—			32,246			(32,246	)		—			—
Impairment charge				(21,172	)		—			(21,172	)		—			(21,172	)		(55,061	)
Gain on sales of assets and interests in unconsolidated entities, net				—			—			—			—			—			92,044
Limited partners' interest in the Operating Partnership				(107,214	)		—			(107,214	)		—			(107,214	)		(120,818	)
Preferred distributions of the Operating Partnership				(17,599	)		—			(17,599	)		—			(17,599	)		(21,580	)

Income from continuing operations				463,656			—			463,656			—			463,656			519,304
Discontinued operations, net of limited partners' interest				(20	)		—			(20	)		—			(20	)		(93	)
Loss on sale of discontinued operations, net of limited partners' interest				—			—			—			—			—			(27,972	)

NET INCOME				463,636			—			463,636			—			463,636			491,239
Preferred dividends				(41,119	)		—			(41,119	)		—			(41,119	)		(55,075	)

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	422,517		$	—		$	422,517		$	—		$	422,517		$	436,164

RECONCILIATION OF NET INCOME TO FFO
Net Income									$	463,636		$	—		$	463,636		$	491,239
Adjustments to Net Income to Arrive at FFO:
	Limited partners' interest in the Operating Partnership and preferred distributions of the Operating Partnership									124,813			—			124,813			142,398
	Limited partners' interest in Results of operations from discontinued operations									(5	)		—			(5	)		(24	)
	Depreciation and amortization from consolidated properties and discontinued operations									954,494			—			954,494			892,488
	Simon's share of depreciation and amortization from unconsolidated entities									—			376,670			376,670			315,159
	Income from unconsolidated entities									(32,246	)		32,246			—			—
	Gain on sales of interests in other assets and unconsolidated entities, net of limited partners' interest									—			—			—			(64,072	)
	Minority interest portion of depreciation and amortization									(8,559	)		—			(8,559	)		(8,646	)
	Preferred distributions and dividends									(58,718	)		—			(58,718	)		(76,655	)

	FFO of the Operating Partnership								$	1,443,415		$	408,916		$	1,852,331		$	1,691,887

		Percentage of FFO of the Operating Partnership								77.92	%		22.08	%		100.00	%		100.00	%

SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet

				As of December 31, 2008

				Consolidated			Minority Interest			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share			As of December 31, 2007 Our Total Share
ASSETS:
	Investment properties, at cost			$	25,205,715		$	(204,291	)	$	25,001,424		$	9,320,620		$	34,322,044		$	33,335,281
		Less—accumulated depreciation			6,184,285			(80,395	)		6,103,890			1,324,389			7,428,279			6,256,587

					19,021,430			(123,896	)		18,897,534			7,996,231			26,893,765			27,078,694
	Cash and cash equivalents				773,544			(5,306	)		768,238			306,335			1,074,573			782,599
	Tenant receivables and accrued revenue, net				414,856			(5,205	)		409,651			165,220			574,871			608,413
	Investment in unconsolidated entities, at equity				1,663,886			—			1,663,886			(1,663,886	)		—			—
	Deferred costs and other assets				1,202,256			(177,488	)		1,024,768			243,263			1,268,031			1,227,788
	Notes receivable from related parties				520,700			—			520,700			—			520,700			548,000

			Total assets	$	23,596,672		$	(311,895	)	$	23,284,777		$	7,047,163		$	30,331,940		$	30,245,494

LIABILITIES:
	Mortgages and other indebtedness			$	18,042,532		$	(276,216	)	$	17,766,316		$	6,632,419		$	24,398,735		$	23,502,174
	Accounts payable, accrued expenses, intangibles, and deferred revenues				1,086,248			(9,804	)		1,076,444			453,346			1,529,790			1,647,163
	Cash distributions and losses in partnerships and joint ventures, at equity				380,730			—			380,730			(380,730	)		—			—
	Other liabilities, minority interest and accrued dividends				179,970			(25,875	)		154,095			342,128			496,223			493,655

			Total liabilities		19,689,480			(311,895	)		19,377,585			7,047,163			26,424,748			25,642,992

LIMITED PARTNERS' INTEREST IN THE OPERATING PARTNERSHIP					637,140			—			637,140			—			637,140			731,406
LIMITED PARTNERS' PREFERRED INTEREST IN THE OPERATING PARTNERSHIP					229,869			—			229,869			—			229,869			307,713
STOCKHOLDERS' EQUITY:
	CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock):
		All series of preferred stock, 100,000,000 shares authorized, 8,387,212 and 14,801,884 issued and outstanding, respectively with a liquidation value of $419,361 and $740,094, respectively			425,545			—			425,545			—			425,545			746,608
		Common stock, $.0001 par value, 400,000,000 shares authorized, 235,691,040 and 227,719,614 issued and outstanding			24			—			24			—			24			23
		Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding, respectively			—			—			—			—			—			—
		Class C common stock, $.0001 par value, 0 and 4,000 shares authorized, issued and outstanding			—			—			—			—			—			—
	Capital in excess of par value				5,410,147			—			5,410,147			—			5,410,147			5,067,718
	Accumulated deficit				(2,444,257	)		—			(2,444,257	)		—			(2,444,257	)		(2,055,447	)
	Accumulated other comprehensive income				(165,066	)		—			(165,066	)		—			(165,066	)		18,087
	Common stock held in treasury at cost, 4,379,396 shares and 4,697,332, respectively				(186,210	)		—			(186,210	)		—			(186,210	)		(213,606	)

			Total stockholders' equity		3,040,183			—			3,040,183			—			3,040,183			3,563,383

				$	23,596,672		$	(311,895	)	$	23,284,777		$	7,047,163		$	30,331,940		$	30,245,494

SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of December 31, 2008
(in thousands, except as noted)

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

However, you should understand that NOI:

•: does not represent cash flow from operations as defined by GAAP,
•: should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance,
•: is not an alternative to cash flows as a measure of liquidity, and
•: is not indicative of cash flows from operating, investing and financing activities.

The Reconciliation of Net Income to NOI provides net income, which we believe is the most directly comparable GAAP financial measure, and reconciles the amounts to "Total NOI of the Simon Group Portfolio." This schedule also provides the increase in NOI of regional malls and Premium Outlet Centers that are comparable properties for the twelve months ended December 31, 2008.

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

	2008			2007			2008			2007
Reconciliation of NOI of consolidated Properties:
Net Income	$	152,342		$	125,005		$	463,636		$	491,239
Preferred distributions of the Operating Partnership		4,201			5,362			17,599			21,580
Limited partners' interest in the Operating Partnership		36,345			34,749			107,214			120,818
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net of limited partners' interest		20			20,802			20			28,065
Income tax expense (benefit) of taxable REIT subsidiaries		2,005			(12,727	)		3,581			(11,322	)
Minority interest in income of consolidated entities		3,986			4,838			12,431			13,936
Interest expense		244,933			241,565			947,140			945,852
Income from unconsolidated entities		(19,186	)		(397	)		(32,246	)		(38,120	)
Loss on extinguishment of debt		—			—			20,330			—
Impairment charge		21,172			55,061			21,172			55,061
Gain on sale of interest in unconsolidated entities		—			(409	)		—			(92,044	)

Operating Income		445,818			473,849			1,560,877			1,535,065
Depreciation and amortization		268,902			235,092			969,477			905,636

NOI of consolidated Properties	$	714,720		$	708,941		$	2,530,354		$	2,440,701

Reconciliation of NOI of unconsolidated entities:
Net Income	$	92,893		$	49,482		$	211,337		$	407,841
Discontinued operations—Results of operations and gain on disposal or sale, net		—			(11	)		(47	)		(201,720	)
Interest expense		242,141			259,214			969,420			853,307
Loss (income) from unconsolidated entities		1,340			(207	)		5,123			(665	)
Gain on sale of asset		—			823			—			6,399

Operating Income		336,374			309,301			1,185,833			1,065,162
Depreciation and amortization		203,631			227,695			775,887			627,929

NOI of unconsolidated entities	$	540,005		$	536,996		$	1,961,720		$	1,693,091

Total consolidated and unconsolidated NOI from continuing operations	$	1,254,725		$	1,245,937		$	4,492,074		$	4,133,792

Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties		(25	)		124			22			8,105

Total NOI of the Simon Group Portfolio	$	1,254,700		$	1,246,061		$	4,492,096		$	4,141,897

Increase in NOI from prior period		0.7	%		32.9	%		8.5	%		24.7	%
Less: Joint venture partner's share of NOI		329,190			347,937			1,194,183			1,073,849

Simon Group's Share of NOI	$	925,510		$	898,124		$	3,297,913		$	3,068,048

Increase in Simon Group's Share of NOI from prior period		3.0	%		20.9	%		7.5	%		16.2	%
NOI of Regional Malls that are Comparable Properties (1)							$	2,530,515		$	2,511,121

Increase in NOI of Regional Malls that are Comparable Properties (1)								0.8	%

NOI of Premium Outlet Centers that are Comparable Properties (1)							$	456,540		$	424,073

Increase in NOI of Premium Outlet Centers that are Comparable Properties (1)								7.7	%

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

SIMON PROPERTY GROUP
NOI Composition(1)
For the Twelve Months Ended December 31, 2008



*U.S. Portfolio NOI by State*
Florida	13.2	%
Texas	10.8	%
California	10.3	%
New York	7.4	%
Massachusetts	7.2	%
Georgia	5.0	%
Indiana	4.7	%
Nevada	4.6	%
Pennsylvania	4.4	%
New Jersey	4.1	%

Top 10 Contributors by State	71.7	%

*NOI by Asset Type*
Regional Malls	66.8	%
Premium Outlet Centers	17.9	%
Mills Portfolio (2)	7.3	%
Community/Lifestyle Centers	3.8	%
International (3)	4.0	%
Other	0.2	%

Total	100.0	%

(1): Based on Simon Group's share of total NOI and does not reflect any property, entity or corporate-level debt.
(2): Mills Portfolio includes The Mills®, Mills regional malls and Mills community centers.
(3): International includes seven Premium Outlet Centers in Japan and one Premium Outlet Center in both Mexico and South Korea, plus the shopping centers in France, Italy, Poland, and China.

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of December 31, 2008
(In thousands)

	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,

	2008		2007		2008		2007
*Consolidated Properties*
*Other Income*
Interest Income	$	11,239	$	14,076	$	46,884	$	73,647
Lease Settlement Income		1,514		5,000		15,438		34,137	(1)
Gains on Land Sales		3,581		4,982		11,285		11,376
Other		45,930		46,955		118,979		130,019

Totals	$	62,264	$	71,013	$	192,586	$	249,179

*Other Expense*
Ground Rent	$	8,026	$	8,773	$	30,683	$	31,012
Professional Fees		6,315		8,937		20,423		18,054
Other		2,310		1,526		16,615		12,888

Totals	$	16,651	$	19,236	$	67,721	$	61,954

(1): 2007 includes $19 million related to two department store locations that have been redeveloped.

SIMON PROPERTY GROUP
U.S. Portfolio GLA
As of December 31, 2008

Type of Property

Regional Malls
	Mall Stores	59,146,030	58,861,653	38.5	%
	Freestanding	4,321,845	1,673,748	1.1	%
	Anchors	96,727,572	26,361,240	17.3	%

Regional Mall Total		160,195,447	86,896,641	56.9	%
Premium Outlet Centers		16,383,378	16,383,378	10.7	%
Community/Lifestyle Centers		20,822,340	14,050,830	9.2	%
	The Mills®	22,803,081	20,284,535	13.3	%
	Mills Regional Malls	17,483,816	8,653,232	5.7	%
	Mills Community Centers	1,013,832	962,278	0.6	%

Mills Portfolio Total		41,300,729	29,900,045	19.6	%
Office Portion of Retail		2,120,523	2,120,523	1.4	%
Other(1)		5,216,742	3,450,421	2.2	%

Total U.S. Properties		246,039,159	152,801,838	100.0	%

(1): Consists of: 1) ten other shopping centers and non-Premium outlet centers, and 2) four regional malls (Nanuet Mall, Palm Beach Mall, Raleigh Springs Mall, University Mall (FL)) which are in the process of being redeveloped. These properties contribute 0.2% of Simon Group's share of total NOI.

SIMON PROPERTY GROUP
U.S. Regional Mall Operational Information(1)
As of December 31, 2008

		As of or for the Twelve Months Ended December 31,

		2008			2007
Total Number of Regional Malls			164			168
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)			162.2			164.0
Occupancy(2)
	Consolidated Assets		92.6	%		93.9	%
	Unconsolidated Assets		91.9	%		92.7	%
	Total Portfolio		92.4	%		93.5	%
Comparable sales per square foot(3)
	Consolidated Assets	$	445		$	472
	Unconsolidated Assets	$	523		$	530
	Total Portfolio	$	470		$	491
Average rent per square foot(2)
	Consolidated Assets	$	38.21		$	36.24
	Unconsolidated Assets	$	42.03		$	38.73
	Total Portfolio	$	39.49		$	37.09

Average Base Rent Per Square Foot(2)	Mall & Freestanding Stores

12/31/08	$	39.49	6.5	%
12/31/07		37.09	4.8	%
12/31/06		35.38	2.6	%
12/31/05		34.49	3.0	%
12/31/04		33.50	3.8	%
12/31/03		32.26	5.1	%

Leasing Activity During the Period(2):

	Average Base Rent(4)

	Lease Signings		Store Closings/ Lease Expirations		Amount of Change (Referred to as "Leasing Spread")
2008	$	45.74	$	37.72	$	8.02	21.3	%
2007		44.76		39.12		5.64	14.4	%
2006		43.21		36.73		6.48	17.6	%
2005		43.18		35.78		7.40	20.7	%
2004		39.33		33.59		5.74	17.1	%
2003		41.28		32.99		8.29	25.1	%

(1): Does not include information for the regional malls in the Mills portfolio.
(2): Includes mall stores.
(3): Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than 10,000 square feet.
(4): Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.

SIMON PROPERTY GROUP
U.S. Regional Mall Lease Expirations(1)(2)
As of December 31, 2008

Year			Avg. Base Rent per Square Foot at 12/31/08

Mall Stores & Freestanding
Month to Month Leases	538	1,277,545	$	38.47
2009	1,776	4,802,566	$	37.70
2010	2,212	6,374,978	$	37.45
2011	2,218	5,671,427	$	35.70
2012	1,563	5,274,736	$	36.19
2013	1,445	4,291,127	$	41.97
2014	1,297	3,985,264	$	42.36
2015	1,210	4,088,851	$	43.46
2016	1,369	3,962,654	$	42.08
2017	1,363	4,544,236	$	43.72
2018	1,201	4,646,413	$	45.76
2019 and Thereafter	587	3,712,254	$	36.99
Specialty Leasing Agreements w/ terms in excess of 12 months	1,087	2,722,383	$	15.28
Anchor Tenants
Month to Month Leases	1	75,930	$	1.90
2009	14	1,487,792	$	3.60
2010	34	4,055,343	$	2.66
2011	21	2,261,008	$	4.22
2012	28	3,248,412	$	4.06
2013	25	3,334,115	$	4.78
2014	28	2,655,555	$	5.31
2015	9	752,170	$	7.11
2016	10	1,090,349	$	7.68
2017	6	816,723	$	2.79
2018	7	687,836	$	7.16
2019 and Thereafter	39	4,049,524	$	6.24

(1): Does not include information for the regional malls in the Mills portfolio.
(2): Does not consider the impact of renewal options that may be contained in leases.

SIMON PROPERTY GROUP
U.S. Regional Mall Top Tenants(1)
As of December 31, 2008

Top Mall Store Retail Tenants (sorted by percentage of total Simon Group base minimum rent)

Tenant

The Gap, Inc.	297	3,385	1.4	%	2.0	%
Limited Brands, Inc.	321	1,802	0.7	%	2.0	%
Abercrombie & Fitch Co.	232	1,666	0.7	%	1.7	%
Foot Locker, Inc.	407	1,596	0.6	%	1.5	%
Zale Corporation	347	343	0.1	%	1.0	%
Luxottica Group S.P.A	365	729	0.3	%	1.0	%
Express LLC	116	1,045	0.4	%	0.9	%
American Eagle Outfitters, Inc.	160	908	0.4	%	0.9	%
Sterling Jewelers, Inc.	205	315	0.1	%	0.8	%
Genesco, Inc.	368	506	0.2	%	0.8	%

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

Tenant

Macy's, Inc.	152	26,982	11.0	%	0.4	%
Sears Roebuck & Co.	121	18,411	7.5	%	0.2	%
J.C. Penney Co., Inc.	112	16,068	6.5	%	0.7	%
Dillard's Dept. Stores	80	12,065	4.9	%	0.1	%
Nordstrom, Inc.	25	4,301	1.7	%	0.1	%
Belk, Inc.	22	2,792	1.1	%	0.3	%
The Bon-Ton Stores, Inc.	22	2,180	0.9	%	0.2	%
Target Corporation	14	1,802	0.7	%	0.0	%
The Neiman Marcus Group, Inc.	10	1,265	0.5	%	0.1	%
Dick's Sporting Goods, Inc.	18	1,170	0.5	%	0.3	%
Saks Incorporated	9	1,053	0.4	%	0.2	%
Boscov's Department Stores	3	594	0.2	%	0.0	%

(1): Does not include information for the regional malls in the Mills portfolio.
(2): Includes space leased and owned by the anchor.

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings(1)
2008-2010

Property Name	Location	New Tenant	Former Tenant

*Opened in 2008*
Anderson Mall	Anderson, SC	Dillard's	Belk Mens (relocated)
Aventura Mall	Miami Beach, FL	Nordstrom	Lord & Taylor
Burlington Mall	Burlington (Boston), MA	Nordstrom	Filene's
Crystal Mall	Waterford, CT	Bed Bath & Beyond	Macy's
		Christmas Tree Shop	Macy's
Fashion Mall at Keystone	Indianapolis, IN	Nordstrom	Parisian
Firewheel Town Center	Garland, TX	Dick's Sporting Goods	N/A
Laguna Hills Mall	Laguna Hills, CA	Nordstrom Rack	WOW/Good Guys
Liberty Tree Mall	Danvers, MA	Nordstrom Rack	Stop and Shop
		Off Broadway Shoes	Stop and Shop
Livingston Mall	Livingston, NJ	Barnes & Noble	N/A
Markland Mall	Kokomo, IN	MC Sports	N/A
Montgomery Mall	Montgomeryville, PA	Dick's Sporting Goods	N/A
Northgate Mall	Seattle, WA	Bed Bath & Beyond	Gottschalks
Northlake Mall	Atlanta, GA	Kohl's	Parisian
Northshore Mall	Peabody, MA	Macy's Furniture	Lord & Taylor
		Macy's Mens	Lord & Taylor
		P.F. Chang's	N/A
Richardson Square	Richardson, TX	Lowe's	N/A
		Ross Dress for Less (relocated)	N/A
Ross Park Mall	Pittsburgh, PA	Nordstrom	Macy's
		L.L. Bean	N/A
Shops at Sunset Place, The	Miami, FL	Splitsville	N/A
Smith Haven Mall	Lake Grove, NY	Barnes & Noble	Stern's
Tacoma Mall	Seattle, WA	Nordstrom (relocated)	Mervyn's
		B.J.'s Brewery & Restaurant	N/A
Upper Valley Mall	Springfield, OH	MC Sports	N/A

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings(1)
2008-2010

Property Name	Location	New Tenant	Former Tenant

*Openings Projected in 2009*
Gwinnett Place	Duluth, GA	M Mart	Macy's
Midland Park Mall	Midland, TX	Ulta	Party City
Northshore Mall	Peabody (Boston), MA	Nordstrom	Macy's
Plaza Carolina	Carolina (San Juan), PR	Tiendas Capri (relocated)	N/A
		Best Buy	Tiendas Capri
Springfield Mall	Springfield, PA	Target	Macy's
University Park Mall	South Bend, IN	Barnes & Noble	Marshall Field's
Valley Mall	Harrisonburg, VA	Books-A-Million	N/A
*Openings Projected in 2010*
Coddingtown Mall	Santa Rosa, CA	Whole Foods	Ralph's Grocery
South Shore Plaza	Braintree (Boston), MA	Nordstrom	Macy's

(1): Does not include information for the regional malls in the Mills portfolio.

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area

	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
1.	McCain Mall		AR	N. Little Rock		100.0	%		554,156		221,043			775,199
2.	Brea Mall		CA	Brea (Los Angeles)		100.0	%		874,802		444,766			1,319,568
3.	Coddingtown Mall		CA	Santa Rosa		50.0	%		547,090		262,821			809,911
4.	Fashion Valley		CA	San Diego		50.0	%		1,053,305		668,485			1,721,790
5.	Laguna Hills Mall		CA	Laguna Hills (Los Angeles)		100.0	%		536,500		330,061			866,561
6.	Santa Rosa Plaza		CA	Santa Rosa		100.0	%		428,258		270,535			698,793
7.	Shops at Mission Viejo, The		CA	Mission Viejo (Los Angeles)		100.0	%		677,215		473,376			1,150,591
8.	Stanford Shopping Center		CA	Palo Alto (San Francisco)		100.0	%		849,153		528,198	(7)		1,377,351
9.	Westminster Mall		CA	Westminster (Los Angeles)		100.0	%		716,939		495,092			1,212,031
10.	Mesa Mall(2)		CO	Grand Junction		50.0	%		441,208		441,129			882,337
11.	Town Center at Aurora		CO	Aurora (Denver)		100.0	%		682,169		402,375			1,084,544
12.	Crystal Mall		CT	Waterford		74.6	%		419,405		350,390			769,795
13.	Aventura Mall(2)		FL	Miami Beach (Miami)		33.3	%		1,283,938		815,416			2,099,354
14.	Avenues, The		FL	Jacksonville		25.0%	(3)		754,956		362,861			1,117,817
15.	Boynton Beach Mall		FL	Boynton Beach (Miami)		100.0	%		714,210		387,123			1,101,333
16.	Coconut Point		FL	Estero		50.0	%		691,785		504,554			1,196,339
17.	Coral Square		FL	Coral Springs (Miami)		97.2	%		648,144		296,014			944,158
18.	Cordova Mall		FL	Pensacola		100.0	%		395,875		459,212			855,087
19.	Crystal River Mall		FL	Crystal River		100.0	%		302,495		121,804			424,299
20.	Dadeland Mall		FL	Miami		50.0	%		1,132,072		342,700			1,474,772
21.	DeSoto Square		FL	Bradenton		100.0	%		435,467		253,949			689,416
22.	Edison Mall		FL	Fort Myers		100.0	%		742,667		308,844			1,051,511
23.	Florida Mall, The		FL	Orlando		50.0	%		1,092,465		616,803			1,709,268
24.	Gulf View Square		FL	Port Richey (Tampa)		100.0	%		461,852		291,089			752,941
25.	Indian River Mall		FL	Vero Beach		50.0	%		445,552		302,604			748,156
26.	Lake Square Mall		FL	Leesburg (Orlando)		50.0	%		296,037		262,287			558,324
27.	Melbourne Square		FL	Melbourne		100.0	%		416,167		293,886			710,053
28.	Miami International Mall		FL	Miami		47.8	%		778,784		294,792			1,073,576
29.	Orange Park Mall		FL	Orange Park (Jacksonville)		100.0	%		576,051		379,174			955,225
30.	Paddock Mall		FL	Ocala		100.0	%		387,378		169,501			556,879
31.	Port Charlotte Town Center		FL	Port Charlotte		80.0%	(4)		458,251		322,059			780,310
32.	Seminole Towne Center		FL	Sanford (Orlando)		45.0%	(3)		768,798		369,499			1,138,297
33.	Shops at Sunset Place, The		FL	S. Miami		37.5%	(3)		0		514,559			514,559
34.	St. Johns Town Center		FL	Jacksonville		100.0	%		653,291		568,751			1,222,042
35.	Town Center at Boca Raton		FL	Boca Raton (Miami)		100.0	%		1,164,658		589,410			1,754,068
36.	Treasure Coast Square		FL	Jensen Beach		100.0	%		508,176		372,968			881,144
37.	Tyrone Square		FL	St. Petersburg (Tampa)		100.0	%		725,298		370,270			1,095,568
38.	Gwinnett Place		GA	Duluth (Atlanta)		75.0	%		843,609		436,181	(7)		1,279,790
39.	Lenox Square		GA	Atlanta		100.0	%		873,580		671,433			1,545,013
40.	Mall of Georgia		GA	Buford (Atlanta)		100.0	%		1,069,590		727,248			1,796,838
41.	Northlake Mall		GA	Atlanta		100.0	%		665,745		296,235			961,980
42.	Phipps Plaza		GA	Atlanta		100.0	%		472,385		345,490			817,875
43.	Town Center at Cobb		GA	Kennesaw (Atlanta)		75.0	%		851,346		422,808			1,274,154
44.	Lindale Mall(2)		IA	Cedar Rapids		50.0	%		305,563		382,869			688,432
45.	NorthPark Mall		IA	Davenport		50.0	%		650,456		422,332			1,072,788
46.	Southern Hills Mall(2)		IA	Sioux City		50.0	%		387,553		409,172			796,725
47.	SouthRidge Mall(2)		IA	Des Moines		50.0	%		388,752		500,676			889,428
48.	Lincolnwood Town Center		IL	Lincolnwood (Chicago)		100.0	%		220,830		201,911			422,741
49.	Northfield Square Mall		IL	Bourbonnais		31.6%	(4)		310,994		246,180			557,174
50.	Northwoods Mall		IL	Peoria		100.0	%		472,969		221,021			693,990
51.	Orland Square		IL	Orland Park (Chicago)		100.0	%		773,295		436,561			1,209,856

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area

	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
52.	River Oaks Center		IL	Calumet City (Chicago)		100.0	%		807,871		557,412	(7)		1,365,283
53.	SouthPark Mall		IL	Moline		50.0	%		578,056		440,798			1,018,854
54.	White Oaks Mall		IL	Springfield		80.7	%		556,831		375,516			932,347
55.	Castleton Square		IN	Indianapolis		100.0	%		908,481		472,986			1,381,467
56.	Circle Centre		IN	Indianapolis		14.7%	(3)		350,000		432,196			782,196
57.	College Mall		IN	Bloomington		100.0	%		356,887		278,499			635,386
58.	Eastland Mall		IN	Evansville		50.0	%		489,144		375,323			864,467
59.	Fashion Mall at Keystone		IN	Indianapolis		100.0	%		249,721		433,766			683,487
60.	Greenwood Park Mall		IN	Greenwood (Indianapolis)		100.0	%		754,928		525,162			1,280,090
61.	Markland Mall		IN	Kokomo		100.0	%		273,094		141,811			414,905
62.	Muncie Mall		IN	Muncie		100.0	%		435,756		204,085			639,841
63.	Tippecanoe Mall		IN	Lafayette		100.0	%		537,790		323,632			861,422
64.	University Park Mall		IN	Mishawaka		100.0	%		499,876		361,446			861,322
65.	Washington Square		IN	Indianapolis		100.0	%		616,109		347,167			963,276
66.	Towne East Square		KS	Wichita		100.0	%		779,490		357,310			1,136,800
67.	Towne West Square		KS	Wichita		100.0	%		619,269		333,237			952,506
68.	West Ridge Mall		KS	Topeka		100.0	%		716,811		280,991			997,802
69.	Prien Lake Mall		LA	Lake Charles		100.0	%		644,124		177,244			821,368
70.	Arsenal Mall		MA	Watertown (Boston)		100.0	%		191,395		312,205	(7)		503,600
71.	Atrium Mall		MA	Chestnut Hill (Boston)		49.1	%		0		205,058			205,058
72.	Auburn Mall		MA	Auburn		49.1	%		417,620		173,282			590,902
73.	Burlington Mall		MA	Burlington (Boston)		100.0	%		780,411		537,396			1,317,807
74.	Cape Cod Mall		MA	Hyannis		49.1	%		420,199		303,391			723,590
75.	Copley Place		MA	Boston		98.1	%		150,847		1,091,967	(7)		1,242,814
76.	Emerald Square		MA	North Attleboro (Providence, RI)		49.1	%		647,372		375,129			1,022,501
77.	Greendale Mall		MA	Worcester (Boston)		49.1	%		132,634		298,247	(7)		430,881
78.	Liberty Tree Mall		MA	Danvers (Boston)		49.1	%		498,000		359,835			857,835
79.	Mall at Chestnut Hill		MA	Chestnut Hill (Boston)		47.2	%		297,253		178,093			475,346
80.	Northshore Mall		MA	Peabody (Boston)		49.1	%		677,433		743,622			1,421,055
81.	Solomon Pond Mall		MA	Marlborough (Boston)		49.1	%		538,812		370,420			909,232
82.	South Shore Plaza		MA	Braintree (Boston)		100.0	%		547,287		618,678			1,165,965
83.	Square One Mall		MA	Saugus (Boston)		49.1	%		608,601		321,524			930,125
84.	Bowie Town Center		MD	Bowie (Washington, D.C.)		100.0	%		355,557		328,829			684,386
85.	St. Charles Towne Center		MD	Waldorf (Washington, D.C.)		100.0	%		631,602		348,307			979,909
86.	Bangor Mall		ME	Bangor		67.4%	(6)		416,582		236,322			652,904
87.	Maplewood Mall		MN	St. Paul (Minneapolis)		100.0	%		588,822		342,278			931,100
88.	Miller Hill Mall		MN	Duluth		100.0	%		429,508		376,119			805,627
89.	Battlefield Mall		MO	Springfield		100.0	%		770,111		432,352			1,202,463
90.	Independence Center		MO	Independence (Kansas City)		100.0	%		499,284		532,170			1,031,454
91.	SouthPark		NC	Charlotte		100.0	%		1,044,742		580,866			1,625,608
92.	Crossroads Mall		NE	Omaha		100.0	%		522,119		188,403			710,522
93.	Mall at Rockingham Park, The		NH	Salem (Boston)		24.6	%		638,111		382,133			1,020,244
94.	Mall of New Hampshire, The		NH	Manchester		49.1	%		447,887		363,127			811,014
95.	Pheasant Lane Mall		NH	Nashua			(5)		555,474		314,194			869,668
96.	Brunswick Square		NJ	East Brunswick (New York)		100.0	%		467,626		297,365			764,991
97.	Livingston Mall		NJ	Livingston (New York)		100.0	%		616,128		368,275			984,403
98.	Menlo Park Mall		NJ	Edison (New York)		100.0	%		527,591		796,382	(7)		1,323,973
99.	Ocean County Mall		NJ	Toms River (New York)		100.0	%		616,443		273,778			890,221

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area

	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
100.	Quaker Bridge Mall		NJ	Lawrenceville		38.0%	(6)		686,760		412,070			1,098,830
101.	Rockaway Townsquare		NJ	Rockaway (New York)		100.0	%		786,626		456,927			1,243,553
102.	Cottonwood Mall		NM	Albuquerque		100.0	%		631,556		409,270			1,040,826
103.	Forum Shops at Caesars, The		NV	Las Vegas		100.0	%		0		635,410			635,410
104.	Chautauqua Mall		NY	Lakewood		100.0	%		213,320		218,794			432,114
105.	Jefferson Valley Mall		NY	Yorktown Heights (New York)		100.0	%		310,095		277,309			587,404
106.	Mall at The Source, The		NY	Westbury (New York)		25.5%	(3)		210,798		515,580			726,378
107.	Roosevelt Field		NY	Garden City (New York)		100.0	%		1,430,425		778,892	(7)		2,209,317
108.	Smith Haven Mall		NY	Lake Grove (New York)		25.0	%		794,310		513,192			1,307,502
109.	Walt Whitman Mall		NY	Huntington Station (New York)		100.0	%		742,214		284,871			1,027,085
110.	Westchester, The		NY	White Plains (New York)		40.0	%		349,393		477,979	(7)		827,372
111.	Great Lakes Mall		OH	Mentor (Cleveland)		100.0	%		869,454		378,492			1,247,946
112.	Lima Mall		OH	Lima		100.0	%		541,861		203,650			745,511
113.	Richmond Town Square		OH	Richmond Heights (Cleveland)		100.0	%		685,251		331,498			1,016,749
114.	Southern Park Mall		OH	Youngstown		100.0	%		811,858		382,235			1,194,093
115.	Summit Mall		OH	Akron		100.0	%		432,936		337,198			770,134
116.	Upper Valley Mall		OH	Springfield		100.0	%		479,418		264,686			744,104
117.	Penn Square Mall		OK	Oklahoma City		94.5	%		588,137		462,654			1,050,791
118.	Woodland Hills Mall		OK	Tulsa		94.5	%		700,235		391,539			1,091,774
119.	Century III Mall		PA	West Mifflin (Pittsburgh)		100.0	%		831,439		458,780	(7)		1,290,219
120.	Granite Run Mall		PA	Media (Philadelphia)		50.0	%		500,809		535,889			1,036,698
121.	King of Prussia Mall		PA	King of Prussia (Philadelphia)		12.4%	(6)		1,545,812		1,067,674	(7)		2,613,486
122.	Lehigh Valley Mall		PA	Whitehall		37.6%	(6)		564,353		604,338	(7)		1,168,691
123.	Montgomery Mall		PA	North Wales (Philadelphia)		60.0%	(6)		734,855		413,531			1,148,386
124.	Oxford Valley Mall		PA	Langhorne		65.0%	(6)		762,558		556,708	(7)		1,319,266
125.	Ross Park Mall		PA	Pittsburgh		100.0	%		701,477		510,243			1,211,720
126.	South Hills Village		PA	Pittsburgh		100.0	%		655,987		481,287	(7)		1,137,274
127.	Springfield Mall(2)		PA	Springfield (Philadelphia)		38.0%	(6)		367,176		220,803			587,979
128.	Plaza Carolina		PR	Carolina (San Juan)		100.0	%		504,796		588,878	(7)		1,093,674
129.	Anderson Mall		SC	Anderson		100.0	%		480,209		190,817			671,026
130.	Haywood Mall		SC	Greenville		100.0	%		902,400		328,561			1,230,961
131.	Empire Mall(2)		SD	Sioux Falls		50.0	%		497,341		576,797			1,074,138
132.	Rushmore Mall(2)		SD	Rapid City		50.0	%		470,660		364,935			835,595
133.	Knoxville Center		TN	Knoxville		100.0	%		597,028		383,212			980,240
134.	Oak Court Mall		TN	Memphis		100.0	%		532,817		317,713	(7)		850,530
135.	West Town Mall		TN	Knoxville		50.0	%		868,295		468,455			1,336,750
136.	Wolfchase Galleria		TN	Memphis		94.5	%		761,648		505,572			1,267,220
137.	Barton Creek Square		TX	Austin		100.0	%		922,266		506,721			1,428,987
138.	Broadway Square		TX	Tyler		100.0	%		427,730		200,338			628,068
139.	Cielo Vista Mall		TX	El Paso		100.0	%		793,716		449,571			1,243,287
140.	Domain, The		TX	Austin		100.0	%		220,000		411,101	(7)		631,101
141.	Firewheel Town Center		TX	Garland (Dallas)		100.0	%		295,532		705,571	(7)		1,001,103
142.	Galleria, The		TX	Houston		31.5	%		1,233,802		1,116,505			2,350,307
143.	Highland Mall(2)		TX	Austin		50.0	%		718,741		355,213			1,073,954
144.	Ingram Park Mall		TX	San Antonio		100.0	%		750,888		374,818			1,125,706
145.	Irving Mall		TX	Irving (Dallas)		100.0	%		637,415		405,299			1,042,714
146.	La Plaza Mall		TX	McAllen		100.0	%		776,397		422,987			1,199,384
147.	Lakeline Mall		TX	Cedar Park (Austin)		100.0	%		745,179		352,627			1,097,806
148.	Longview Mall		TX	Longview		100.0	%		440,917		209,282			650,199

SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)

								Gross Leasable Area

	Property Name	State		City (CBSA)	Legal Ownership			Anchor		Mall & Freestanding			Total
149.	Midland Park Mall		TX	Midland		100.0	%		339,113		280,088			619,201
150.	North East Mall		TX	Hurst (Dallas)		100.0	%		1,191,930		452,253			1,644,183
151.	Rolling Oaks Mall		TX	San Antonio		100.0	%		596,308		292,169	(7)		888,477
152.	Sunland Park Mall		TX	El Paso		100.0	%		575,837		341,829			917,666
153.	Valle Vista Mall		TX	Harlingen		100.0	%		389,781		262,863			652,644
154.	Apple Blossom Mall		VA	Winchester		49.1	%		229,011		211,193			440,204
155.	Charlottesville Fashion Square		VA	Charlottesville		100.0	%		381,153		189,694			570,847
156.	Chesapeake Square		VA	Chesapeake (Virginia Beach)		75.0%	(4)		534,760		268,873			803,633
157.	Fashion Centre at Pentagon City, The		VA	Arlington (Washington, DC)		42.5	%		472,729		517,516	(7)		990,245
158.	Valley Mall		VA	Harrisonburg		50.0	%		315,078		191,738			506,816
159.	Virginia Center Commons		VA	Glen Allen		100.0	%		506,639		280,964			787,603
160.	Columbia Center		WA	Kennewick		100.0	%		408,052		365,186			773,238
161.	Northgate Mall		WA	Seattle		100.0	%		612,073		446,815			1,058,888
162.	Tacoma Mall		WA	Tacoma (Seattle)		100.0	%		804,262		443,450			1,247,712
163.	Bay Park Square		WI	Green Bay		100.0	%		425,773		274,241			700,014
164.	Forest Mall		WI	Fond Du Lac		100.0	%		327,260		172,914			500,174

	Total Regional Mall GLA								96,727,572		65,455,103			162,182,675

FOOTNOTES:

(1): Does not include the regional malls in the Mills portfolio or four regional malls (Nanuet Mall, Palm Beach Mall, Raleigh Springs Mall, University Mall (FL)) which are in the process of being redeveloped.
(2): This property is managed by a third party.
(3): The Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or the Operating Partnership.
(4): The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(5): The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(6): The Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.
(7): Mall & Freestanding GLA includes office space as follows:
Arsenal Mall—107,188 sq. ft.
Century III Mall—39,119 sq. ft.
Copley Place—867,500 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.
Firewheel Town Center—74,999 sq. ft.
Granite Run—4,000 sq. ft.
Greendale Mall—119,860 sq. ft.
Gwinnett Place—32,603 sq. ft.
King of Prussia Mall—13,646 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.
Menlo Park Mall—52,424 sq. ft.
Oak Court Mall—127,411 sq. ft.
Oxford Valley Mall—111,160 sq. ft.
Plaza Carolina—28,436 sq. ft.
River Oaks Center—116,162 sq. ft.
Rolling Oaks Mall—6,383 sq. ft.
Roosevelt Field—1,610 sq. ft.
South Hills Village—4,361 sq. ft.
Stanford Shopping Center—5,748 sq. ft.
The Domain—92,955 sq. ft.
The Westchester—820 sq. ft.

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of December 31, 2008

	As of or for the Twelve Months Ended December 31,

	2008			2007
Total Number of U.S. Premium Outlet Centers		40			38
Total U.S. Premium Outlet Centers GLA (in millions of square feet)		16.4			15.0
Occupancy(1)		98.9	%		99.7	%
Comparable sales per square foot(1)	$	513		$	504
Average base rent per square foot(1)	$	27.65		$	25.67
Average Base Rent Per Square Foot(1)	Total Center			% Change
12/31/08	$	27.65			7.7	%
12/31/07		25.67			5.9	%
12/31/06		24.23			4.6	%
12/31/05		23.16			6.0	%
12/31/04		21.85			7.3	%
12/31/03		20.36			n/a

Leasing Activity During the Period(1):

	Average Base Rent(2)

	Lease Signings		Store Closings/ Lease Expirations		Amount of Change (Referred to as "Leasing Spread")
2008	$	38.07	$	25.59	$	12.48	48.8%
2007		31.43		23.64		7.79	33.0%
2006		29.95		22.87		7.08	31.0%
2005		26.48		21.91		4.57	20.9%
2004		22.78		20.02		2.76	13.8%
2003		25.41		22.62		2.79	12.3%

(1): For all owned gross leasable area.
(2): Represents the average base rent for tenants who signed leases as compared to the average base rent in effect for tenants whose leases terminated or expired in the same space.

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)
As of December 31, 2008

Year			Avg. Base Rent per Square Foot at 12/31/08

2009	437	1,555,695	$	22.21
2010	483	2,118,948	$	25.26
2011	462	2,016,767	$	24.98
2012	469	1,967,357	$	27.34
2013	461	2,187,855	$	28.09
2014	322	1,271,798	$	30.03
2015	238	845,429	$	33.68
2016	238	775,587	$	36.76
2017	279	906,732	$	37.79
2018	390	1,411,003	$	45.03
2019 and Thereafter	281	1,054,696	$	46.39

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

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of December 31, 2008

(Sorted by percentage of total Simon Group base minimum rent)

Tenant

Phillips—Van Heusen Corporation	194	926	0.4	%	0.7	%
The Gap, Inc.	90	869	0.4	%	0.6	%
Adidas Promotional Retail Operations, Inc.	66	545	0.2	%	0.4	%
Nike Retail Services, Inc.	85	685	0.3	%	0.4	%
Jones Retail Corporation	153	474	0.2	%	0.4	%
Tommy Hilfiger Retail Operations, Inc.	45	320	0.1	%	0.3	%
The William Carter Company, Inc.	73	348	0.1	%	0.3	%
Brown Group Retail, Inc.	72	309	0.1	%	0.3	%
Coach, Inc.	36	167	0.1	%	0.2	%
LCI Holdings, Inc.	63	400	0.2	%	0.2	%

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

	Property Name		City (CBSA)

1.	Camarillo Premium Outlets	CA	Camarillo	100.0%	454,119
2.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	100.0%	287,931
3.	Desert Hills Premium Outlets	CA	Cabazon (Riverside)	100.0%	498,848
4.	Folsom Premium Outlets	CA	Folsom (Sacramento)	100.0%	298,848
5.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	100.0%	577,287
6.	Las Americas Premium Outlets	CA	San Diego	100.0%	525,262
7.	Napa Premium Outlets	CA	Napa	100.0%	179,348
8.	Petaluma Village Premium Outlets	CA	Petaluma	100.0%	195,982
9.	Vacaville Premium Outlets	CA	Vacaville	100.0%	442,042
10.	Clinton Crossing Premium Outlets	CT	Clinton	100.0%	276,163
11.	Orlando Premium Outlets	FL	Orlando	100.0%	549,379
12.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonsville)	100.0%	328,632
13.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	100.0%	539,757
14.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	100.0%	209,846
15.	Chicago Premium Outlets	IL	Aurora (Chicago)	100.0%	437,800
16.	Edinburgh Premium Outlets	IN	Edinburgh	100.0%	377,772
17.	Lighthouse Place Premium Outlets	IN	Michigan City	100.0%	454,314
18.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	100.0%	615,713
19.	Kittery Premium Outlets	ME	Kittery	100.0%	264,425
20.	Albertville Premium Outlets	MN	Albertville (Minneapolis)	100.0%	429,534
21.	Osage Beach Premium Outlets	MO	Osage Beach	100.0%	391,309
22.	Carolina Premium Outlets	NC	Smithfield	100.0%	439,445
23.	Liberty Village Premium Outlets	NJ	Flemington (New York)	100.0%	168,466
24.	Jackson Premium Outlets	NJ	Jackson (New York)	100.0%	285,779
25.	Jersey Shore Premium Outlets	NJ	Tinton Falls	100.0%	434,204
26.	Las Vegas Outlet Center	NV	Las Vegas	100.0%	474,828
27.	Las Vegas Premium Outlets	NV	Las Vegas	100.0%	538,660
28.	Waterloo Premium Outlets	NY	Waterloo	100.0%	417,577
29.	Woodbury Common Premium Outlets	NY	Central Valley	100.0%	844,246
30.	Aurora Farms Premium Outlets	OH	Aurora	100.0%	300,218
31.	Columbia Gorge Premium Outlets	OR	Troutdale (Portland)	100.0%	163,815
32.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	100.0%	549,070
33.	The Crossings Premium Outlets	PA	Tannersville	100.0%	411,731
34.	Allen Premium Outlets	TX	Allen (Dallas)	100.0%	441,492
35.	Houston Premium Outlets	TX	Cypress (Houston)	100.0%	425,484
36.	Rio Grande Valley Premium Outlets	TX	Mercedes	100.0%	578,890
37.	Round Rock Premium Outlets	TX	Round Rock (Austin)	100.0%	431,621
38.	Leesburg Corner Premium Outlets	VA	Leesburg (Washington D.C.)	100.0%	463,288
39.	Seattle Premium Outlets	WA	Tulalip (Seattle)	100.0%	402,668
40.	Johnson Creek Premium Outlets	WI	Johnson Creek	100.0%	277,585

	Total U.S. Premium Outlet Centers GLA				16,383,378

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Operational Information(1)
As of December 31, 2008

		As of or for the Twelve Months Ended December 31,

		2008			2007
Total Number of Community/Lifestyle Centers			70			67
Total Community/Lifestyle Center GLA (in millions of square feet)			20.8			18.6
Occupancy(2)
	Consolidated Assets		89.3	%		92.9	%
	Unconsolidated Assets		93.3	%		96.6	%
	Total Portfolio		90.7	%		94.1	%
Average rent per square foot(2)
	Consolidated Assets	$	13.70		$	12.73
	Unconsolidated Assets	$	12.41		$	11.85
	Total Portfolio	$	13.25		$	12.43

Average Base Rent Per Square Foot(2)	Total Center

12/31/08	$	13.25	6.6	%
12/31/07		12.43	5.2	%
12/31/06		11.82	3.6	%
12/31/05		11.41	4.6	%
12/31/04		10.91	3.0	%
12/31/03		10.59	4.6	%

Leasing Activity During the Period(2):

	Average Base Rent(3)

	Lease Signings		Store Closings/ Lease Expirations		Amount of Change (Referred to as "Leasing Spread")
2008	$	14.77	$	13.10	$	1.67	12.7	%
2007		18.43		14.56		3.87	26.6	%
2006		12.47		10.49		1.98	18.9	%
2005		15.89		11.44		4.45	38.9	%
2004		12.01		11.16		0.85	7.6	%
2003		12.38		10.48		1.90	18.1	%

(1): Does not include information for the community centers in the Mills portfolio.
(2): For all owned gross leasable area.
(3): Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)(2)
As of December 31, 2008

Year			Avg. Base Rent per Square Foot at 12/31/08

Mall Stores & Freestanding
Month to Month Leases	30	72,554	$	14.77
2009	131	426,336	$	16.10
2010	234	753,908	$	18.93
2011	236	747,954	$	18.92
2012	161	538,251	$	18.22
2013	196	691,904	$	18.96
2014	60	246,031	$	18.94
2015	57	250,530	$	22.36
2016	45	188,059	$	21.44
2017	41	192,388	$	24.10
2018	79	381,801	$	21.61
2019 and Thereafter	59	373,417	$	21.73
Specialty Leasing Agreements w/ terms in excess of 12 months	8	20,018	$	7.80
Anchor Tenants
Month to Month Leases	2	57,720	$	6.03
2009	9	310,602	$	7.75
2010	29	882,277	$	11.43
2011	17	715,385	$	6.59
2012	18	638,994	$	8.20
2013	25	756,122	$	8.99
2014	27	993,319	$	8.35
2015	18	615,576	$	10.88
2016	21	678,067	$	10.53
2017	21	864,405	$	9.45
2018	20	754,789	$	11.35
2019 and Thereafter	25	1,156,883	$	11.83
Specialty Leasing Agreements w/ terms in excess of 12 months	1	25,321	$	1.04

(1): Does not include information for the community centers in the Mills portfolio.
(2): Does not consider the impact of renewal options that may be contained in leases.

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants(1)
As of December 31, 2008

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

Tenant

Target Corporation	14	1,878	0.8	%	0.0	%
Wal-Mart Stores, Inc.	9	1,052	0.4	%	0.0	%
Kohl's Department Stores, Inc.	10	913	0.4	%	0.1	%
Best Buy Company, Inc.	20	866	0.4	%	0.2	%
TJX Companies, Inc.	20	640	0.3	%	0.2	%
Retail Ventures, Inc.	12	478	0.2	%	0.1	%
Toys R Us, Inc.	11	442	0.2	%	0.1	%
Bed Bath & Beyond, Inc.	14	423	0.2	%	0.1	%
Dick's Sporting Goods, Inc.	8	389	0.2	%	0.1	%
Burlington Coat Factory	6	374	0.2	%	0.1	%

(1): Does not include information for the community centers in the Mills portfolio.
(2): Includes space leased and owned by the anchor.

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

	Property Name		City (CBSA)

1.	Plaza at Buckland Hills, The	CT	Manchester	35.0	%(3)	334,546
2.	Gaitway Plaza	FL	Ocala	23.3	%(3)	208,873
3.	Highland Lakes Center	FL	Orlando	100.0	%	493,378
4.	Indian River Commons	FL	Vero Beach	50.0	%	255,882
5.	Pier Park	FL	Panama City Beach	100.0	%	815,706
6.	Royal Eagle Plaza	FL	Coral Springs (Miami)	35.0	%(3)	199,059
7.	Terrace at the Florida Mall	FL	Orlando	100.0	%	346,693
8.	Waterford Lakes Town Center	FL	Orlando	100.0	%	949,779
9.	West Town Corners	FL	Altamonte Springs (Orlando)	23.3	%(3)	385,643
10.	Westland Park Plaza	FL	Orange Park (Jacksonville)	23.3	%(3)	163,154
11.	Mall of Georgia Crossing	GA	Buford (Atlanta)	100.0	%	440,612
12.	Bloomingdale Court	IL	Bloomingdale (Chicago)	100.0	%	630,359
13.	Countryside Plaza	IL	Countryside (Chicago)	100.0	%	403,756
14.	Crystal Court	IL	Crystal Lake (Chicago)	35.0	%(3)	278,970
15.	Forest Plaza	IL	Rockford	100.0	%	428,039
16.	Lake Plaza	IL	Waukegan (Chicago)	100.0	%	215,462
17.	Lake View Plaza	IL	Orland Park (Chicago)	100.0	%	368,007
18.	Lincoln Crossing	IL	O'Fallon (St. Louis)	100.0	%	243,266
19.	Matteson Plaza	IL	Matteson (Chicago)	100.0	%	270,955
20.	North Ridge Plaza	IL	Joliet (Chicago)	100.0	%	305,070
21.	White Oaks Plaza	IL	Springfield	100.0	%	391,474
22.	Willow Knolls Court	IL	Peoria	35.0	%(3)	382,377
23.	Brightwood Plaza	IN	Indianapolis	100.0	%	38,493
24.	Clay Terrace	IN	Carmel (Indianapolis)	50.0	%	503,693
25.	Eastland Convenience Center	IN	Evansville	50.0	%	175,639
26.	Greenwood Plus	IN	Greenwood (Indianapolis)	100.0	%	155,319
27.	Hamilton Town Center	IN	Noblesville (Indianapolis)	50.0	%	649,576
28.	Keystone Shoppes	IN	Indianapolis	100.0	%	29,140
29.	Markland Plaza	IN	Kokomo	100.0	%	90,527
30.	Muncie Plaza	IN	Muncie	100.0	%	298,821
31.	New Castle Plaza	IN	New Castle	100.0	%	91,648
32.	Northwood Plaza	IN	Fort Wayne	100.0	%	208,245
33.	Teal Plaza	IN	Lafayette	100.0	%	101,087
34.	Tippecanoe Plaza	IN	Lafayette	100.0	%	90,522
35.	University Center	IN	Mishawaka	100.0	%	150,524
36.	Village Park Plaza	IN	Carmel (Indianapolis)	35.0	%(3)	549,576
37.	Washington Plaza	IN	Indianapolis	100.0	%	50,107
38.	West Ridge Plaza	KS	Topeka	100.0	%	254,519
39.	Park Plaza	KY	Hopkinsville	100.0	%	114,924
40.	St. Charles Towne Plaza	MD	Waldorf (Washington, D.C.)	100.0	%	394,873
41.	Regency Plaza	MO	St. Charles (St. Louis)	100.0	%	287,473
42.	Ridgewood Court	MS	Jackson	35.0	%(3)	369,501
43.	Dare Centre	NC	Kill Devil Hills	100.0	%	168,838
44.	MacGregor Village	NC	Cary	100.0	%	144,859
45.	North Ridge Shopping Center	NC	Raleigh	100.0	%	166,619
46.	Rockaway Convenience Center	NJ	Rockaway (New York)	100.0	%	149,570
47.	Rockaway Plaza	NJ	Rockaway (New York)	100.0	%	458,828

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

	Property Name		City (CBSA)

48.	Cobblestone Court	NY	Victor	35.0	%(3)	265,445
49.	Great Lakes Plaza	OH	Mentor (Cleveland)	100.0	%	164,104
50.	Lima Center	OH	Lima	100.0	%	236,878
51.	Eastland Plaza	OK	Tulsa	100.0	%	190,261
52.	DeKalb Plaza	PA	King of Prussia (Philadelphia)	50.3	%(4)	101,742
53.	Henderson Square	PA	King of Prussia (Philadelphia)	76.0	%(4)	107,383
54.	Lincoln Plaza	PA	King of Prussia (Philadelphia)	65.0	%(4)	267,231
55.	Whitehall Mall	PA	Whitehall	38.0	%(4)	588,143
56.	Charles Towne Square	SC	Charleston	100.0	%	71,794
57.	Empire East(2)	SD	Sioux Falls	50.0	%	297,278
58.	Knoxville Commons	TN	Knoxville	100.0	%	180,463
59.	Arboretum at Great Hills	TX	Austin	100.0	%	206,827
60.	Gateway Shopping Centers	TX	Austin	100.0	%	512,625
61.	Ingram Plaza	TX	San Antonio	100.0	%	111,518
62.	Lakeline Plaza	TX	Cedar Park (Austin)	100.0	%	387,445
63.	Palms Crossing	TX	McAllen	100.0	%	337,249
64.	Richardson Square	TX	Richardson	100.0	%	512,845
65.	Shops at Arbor Walk, The	TX	Austin	100.0	%	442,585
66.	Shops at North East Mall, The	TX	Hurst (Dallas)	100.0	%	364,833
67.	Wolf Ranch Town Center	TX	Georgetown (Austin)	100.0	%	614,012
68.	Chesapeake Center	VA	Chesapeake (Virginia Beach)	100.0	%	305,935
69.	Fairfax Court	VA	Fairfax (Washington, D.C.)	41.3	%(3)	249,658
70.	Martinsville Plaza	VA	Martinsville	100.0	%	102,105

	Total Community/Lifestyle Center GLA					20,822,340

FOOTNOTES:

(1): Does not include the community centers in Mills portfolio.
(2): This property is managed by a third party.
(3): Outside partner receives substantially all of the economic benefit due to a partner preference.
(4): The Operating Partnership's indirect ownership interest is through an approximate 76% ownership interest in Kravco Simon Investments.

SIMON PROPERTY GROUP
U.S. Mills Portfolio Operational Information
As of December 31, 2008

	As of or for the Twelve Months Ended December 31,

	2008			2007
*The Mills®*
Total Number of The Mills®		16			17
Total GLA (in millions of square feet)		22.8			24.3
Occupancy(1)		94.5	%		94.1	%
Comparable sales per square foot(2)	$	372		$	372
Average base rent per square foot(1)	$	19.51		$	19.06
*Mills Regional Malls(3)*
Total Number of Regional Malls		16			16
Total GLA (in millions of square feet)		17.6			17.6
Occupancy(4)		87.4	%		89.5	%
Comparable sales per square foot(2)	$	418		$	444
Average rent per square foot(4)	$	36.99		$	35.63
*Mills Community Centers*
Total Number of Community Centers		4			4
Total GLA (in millions of square feet)		1.0			1.0
Occupancy(1)		96.9	%		97.1	%
Average rent per square foot(1)	$	11.52		$	10.84

(1): For all owned gross leasable area.
(2): Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than 10,000 square feet.
(3): Does not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which The Company held a 50% interest prior to the Mills acquisition.
(4): Includes mall stores.

SIMON PROPERTY GROUP
U.S. Mills Portfolio Property Listing

	Property Name		City (CBSA)

	The Mills®
1.	Arizona Mills	AZ	Tempe (Phoenix)	25.0	%	1,250,934
2.	Arundel Mills	MD	Hanover (Baltimore)	29.6	%	1,291,849
3.	Colorado Mills	CO	Lakewood (Denver)	18.8	%(1)	1,106,368
4.	Concord Mills	NC	Concord (Charlotte)	29.6	%(1)	1,347,377
5.	Discover Mills	GA	Lawrenceville (Atlanta)	25.0	%(1)	1,183,562
6.	Franklin Mills	PA	Philadelphia	50.0	%	1,753,021
7.	Grapevine Mills	TX	Grapevine (Dallas)	29.6	%	1,775,656
8.	Great Mall of the Bay Area	CA	Milpitas (San Jose)	24.5	%(1)	1,380,741
9.	Gurnee Mills	IL	Gurnee (Chicago)	50.0	%	1,821,704
10.	Katy Mills	TX	Katy (Houston)	31.3	%(1)	1,574,216
11.	Ontario Mills	CA	Ontario (Riverside)	25.0	%	1,481,954
12.	Opry Mills	TN	Nashville	24.5	%(1)	1,158,952
13.	Potomac Mills	VA	Prince William (Washington, D.C.)	50.0	%	1,515,731
14.	Sawgrass Mills	FL	Sunrise (Miami)	50.0	%	2,252,117
15.	St. Louis Mills	MO	Hazelwood (St. Louis)	25.0	%(1)	1,191,207
16.	The Block at Orange	CA	Orange (Los Angeles)	25.0	%	717,692

	Subtotal The Mills®					22,803,081
	Regional Malls(3)
17.	Briarwood Mall	MI	Ann Arbor	25.0	%	975,908
18.	Del Amo Fashion Center	CA	Torrance (Los Angeles)	25.0	%(1)	2,403,663	(2)
19.	Dover Mall	DE	Dover	34.1	%	887,196
20.	Esplanade, The	LA	Kenner (New Orleans)	50.0	%	899,534
21.	Falls, The	FL	Miami	25.0	%	808,753
22.	Galleria at White Plains, The	NY	White Plains (New York)	50.0	%	878,388
23.	Hilltop Mall	CA	Richmond (San Francisco)	25.0	%	1,069,693
24.	Lakeforest Mall	MD	Gaithersburg (Washington, D.C.)	25.0	%	1,045,525
25.	Mall at Tuttle Crossing, The	OH	Dublin (Columbus)	25.0	%	1,124,752
26.	Marley Station	MD	Glen Burnie (Baltimore)	25.0	%	1,069,865
27.	Meadowood Mall	NV	Reno	25.0	%	884,282
28.	Northpark Mall	MS	Ridgeland	50.0	%	957,998
29.	Shops at Riverside, The	NJ	Hackensack (New York)	50.0	%	745,329
30.	Southdale Center	MN	Edina (Minneapolis)	50.0	%	1,341,627	(2)
31.	Southridge Mall	WI	Greendale (Milwaukee)	50.0	%	1,223,106
32.	Stoneridge Mall	CA	Pleasanton (San Francisco)	25.0	%	1,301,492

	Subtotal Regional Malls					17,617,111
	Community Centers
33.	Denver West Village	CO	Lakewood (Denver)	18.8	%	310,090
34.	Arundel Mills Marketplace	MD	Hanover (Baltimore)	29.6	%	101,613
35.	Concord Mills Marketplace	NC	Concord (Charlotte)	50.0	%	230,683
36.	Liberty Plaza	PA	Philadelphia	50.0	%	371,446

	Subtotal Community Centers					1,013,832

	Total Mills Properties					41,434,024

(1): 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.
(2): Includes office space as follows:

Del Amo Fashion Center—113,000 sq. ft.
Southdale Center—20,295 sq. ft.
(3): Does not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which we already held a 50% interest prior to the Mills acquisition.

SIMON PROPERTY GROUP
International Operational Information(1)
As of December 31, 2008

	As of or for the Twelve Months Ended December 31,

	2008			2007
*European Shopping Centers*
Total Number of Shopping Centers		52			51
Total GLA (in millions of square feet)		13.5			13.3
Occupancy		98.4	%		98.7	%
Comparable sales per square foot	€	411		€	421
Average rent per square foot	€	30.11		€	29.58
*International Premium Outlets—Japan*
Total Number of Premium Outlets		7			6
Total GLA (in millions of square feet)		2.0			1.7
Occupancy		99.9	%		100.0	%
Comparable sales per square foot	¥	92,000		¥	93,169
Average base rent per square foot	¥	4,685		¥	4,626

(1): Does not include Premium Outlets Punta Norte in Mexico, Yeoju Premium Outlets in South Korea and Changshu In City Plaza in Changshu, China.

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)

	Property Name	City (Metropolitan area)	SPG Effective Ownership(5)			Hypermarket/ Anchor(4)		Mall & Freestanding		Total
	FRANCE
1.	Bay 2	Torcy (Paris)		50.0	%		159,900		416,900		576,800
2.	Bay 1	Torcy (Paris)		50.0	%		—		348,900		348,900
3.	Bel'Est	Bagnolet (Paris)		17.5	%		109,800		63,300		173,100
4.	Villabé A6	Villabé (Paris)		7.5	%		124,900		159,400		284,300
5.	Wasquehal	Wasquehal (Lille)		50.0	%		131,300		123,400		254,700

	Subtotal France						525,900		1,111,900		1,637,800
	ITALY
	Ancona:
6.	Ancona	Ancona		49.0	%(3)		82,900		82,300		165,200
7.	Senigallia	Senigallia (Ancona)		49.0	%		41,200		41,600		82,800
	Ascoli Piceno:
8.	Grottammare	Grottammare (Ascoli Piceno)		49.0	%		38,900		55,900		94,800
9.	Porto Sant'Elpidio	Porto Sant'Elpidio (Ascoli Piceno)		49.0	%		48,000		114,300		162,300
	Bari:
10.	Casamassima	Casamassima (Bari)		49.0	%		159,000		388,800		547,800
11.	Modugno	Modugno (Bari)		49.0	%		96,900		46,600		143,500
	Bergamo:
12.	Bergamo	Bergamo		49.0	%(3)		103,000		16,900		119,900
	Brescia:
13.	Concesio	Concesio (Brescia)		49.0	%(3)		89,900		27,600		117,500
14.	Mazzano	Mazzano (Brescia)		49.0	%(2)		103,300		127,400		230,700
	Brindisi:
15.	Mesagne	Mesagne (Brindisi)		49.0	%		88,000		140,600		228,600
	Cagliari:
16.	Marconi	Marconi (Cagliari)		49.0	%(3)		83,500		109,900		193,400
17.	Santa Gilla	Santa Gilla (Cagliari)		49.0	%(2)		75,900		114,800		190,700
	Catania:
18.	La Rena	La Rena (Catania)		49.0	%		124,100		22,100		146,200
19.	Misterbianco	Misterbianco (Catania)		49.0	%(3)		83,300		16,000		99,300
	Lecco:
20.	Merate	Merate (Lecco)		49.0	%(3)		73,500		88,500		162,000
	Milan (Milano):
21.	Cesano Boscone	Cescano Boscone (Milano)		49.0	%(3)		163,800		120,100		283,900
22.	Cinisello	Cinisello (Milano)		49.0	%		125,000		250,600		375,600
23.	Nerviano	Nerviano (Milano)		49.0	%(3)		83,800		27,800		111,600
24.	Rescaldina	Rescaldina (Milano)		49.0	%		165,100		212,000		377,100
25.	Vimodrone	Vimodrone (Milano)		49.0	%		110,400		80,200		190,600
	Monza:
26.	Monza	Monza		49.0	%(3)		59,200		152,500		211,700
	Naples (Napoli):
27.	Giugliano	Giugliano (Napoli)		49.0	%(6)		130,000		624,500		754,500
28.	Mugnano di Napoli	Mugnano (Napoli)		49.0	%(3)		98,000		94,900		192,900
29.	Pompei	Pompei (Napoli)		49.0	%		74,300		17,100		91,400
30.	Vulcano Buono	Nola (Napoli)		22.1	%		142,900		733,100		876,000

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)

	Property Name	City (Metropolitan area)	SPG Effective Ownership(5)			Hypermarket/ Anchor(4)		Mall & Freestanding		Total
	Olbia:
31.	Olbia	Olbia		49.0	%(3)		74,600		133,000		207,600
	Padova:
32.	Padova	Padova		49.0	%		73,300		32,500		105,800
	Palermo:
33.	Palermo	Palermo		49.0	%		73,100		9,800		82,900
	Pesaro:
34.	Fano	Fano (Pesaro)		49.0	%		56,300		56,000		112,300
	Pescara:
35.	Cepagatti	Cepagatti (Pescara)		49.0	%		80,200		189,600		269,800
36.	Pescara	Pescara		49.0	%		96,300		65,200		161,500
	Piacenza:
37.	San Rocco al Porto	San Rocco al Porto (Piacenza)		49.0	%		104,500		74,700		179,200
	Rome (Roma):
38.	Casalbertone	Roma		49.0	%(3)		62,700		84,900		147,600
39.	Collatina	Collatina (Roma)		49.0	%		59,500		4,100		63,600
40.	Porta Di Roma	Roma		19.6	%		624,800		630,600		1,255,400
	Sassari:
41.	Centro Azuni	Sassari		49.0	%(3)		—		35,600		35,600
42.	Predda Niedda	Predda Niedda (Sassari)		49.0	%(2)		79,500		154,200		233,700
	Taranto:
43.	Taranto	Taranto		49.0	%		75,200		126,500		201,700
	Turin (Torino):
44.	Cuneo	Cuneo (Torino)		49.0	%		80,700		201,500		282,200
45.	Rivoli	Rivoli (Torino)		49.0	%(3)		61,800		32,300		94,100
46.	Torino	Torino		49.0	%		105,100		66,700		171,800
47.	Venaria	Venaria (Torino)		49.0	%		101,600		64,000		165,600
	Venice (Venezia):
48.	Venezia—Mestre	Mestre (Venezia)		49.0	%		114,100		132,600		246,700
	Verona:
49.	Bussolengo	Bussolengo (Verona)		49.0	%(3)		89,300		75,300		164,600
	Vicenza:
50.	Vicenza	Vicenza		49.0	%		78,400		20,100		98,500

	Subtotal Italy						4,534,900		5,895,300		10,430,200
	POLAND
51.	Arkadia Shopping Center	Warsaw		50.0	%		202,200		900,800		1,103,000
52.	Wilenska Station Shopping Center	Warsaw		50.0	%		92,700		215,900		308,600

	Subtotal Poland						294,900		1,116,700		1,411,600
	JAPAN
53.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0	%		—		479,000		479,000
54.	Kobe-Sanda Premium Outlets	Hyougo-ken (Osaka)		40.0	%		—		193,500		193,500
55.	Rinku Premium Outlets	Izumisano (Osaka)		40.0	%		—		320,600		320,600
56.	Sano Premium Outlets	Sano (Tokyo)		40.0	%		—		389,900		389,900
57.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)		40.0	%		—		164,200		164,200
58.	Toki Premium Outlets	Toki (Nagoya)		40.0	%		—		230,300		230,300
59.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0	%		—		239,900		239,900

	Subtotal Japan						—		2,017,400		2,017,400

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)

	Property Name	City (Metropolitan area)	SPG Effective Ownership(5)			Hypermarket/ Anchor(4)		Mall & Freestanding		Total
	MEXICO
60.	Premium Outlets Punta Norte	Mexico City		50.0	%		—		231,900		231,900

	Subtotal Mexico						—		231,900		231,900
	SOUTH KOREA
61.	Yeoju Premium Outlets	Seoul		50.0	%		—		249,900		249,900

	Subtotal South Korea						—		249,900		249,900
	CHINA
62.	Changshu IN CITY Plaza	Changshu		32.5	%		180,800		302,800		483,600

	Subtotal China						180,800		302,800		483,600

	TOTAL INTERNATIONAL ASSETS						5,536,500		10,925,900		16,462,400

FOOTNOTES:

(1): All gross leasable area listed in square feet.
(2): This property is held partially in fee and partially encumbered by a leasehold on the premise which entitles the lessor to the majority of the economics of the portion of the property subject to the leasehold.
(3): This property is encumbered by a leasehold on the entire premises which entitles the lessor the majority of the economics of the property.
(4): Represents the sales area of the anchor and excludes any warehouse/storage areas.
(5): We own our interest in the assets in France and Poland through our shareholdings in Simon Ivanhoe S.a.r.l. Our interest in the Italian assets is owned through Gallerie Commerciali Italia S.p.A., while our interest in the assets in Japan is owned through Chelsea Japan Co., Ltd. We own our interest in Mexico through Fideicomiso Trust No. F/315-5 and our interest in South Korea through Shinsegae Chelsea Co., Ltd. We own our interest in the shopping center in Changshu, Jiangsu Province, China, through our shareholdings in Great Mall Investments Limited.
(6): On April 4, 2007, Gallerie Commerciali Italia acquired the remaining 60% interest in the shopping gallery at this center, which consists of 177,600 sf of leasable area. We own a 19.6% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.

SIMON PROPERTY GROUP
Capital Expenditures
For the Twelve Months Ended December 31, 2008
(In thousands)

				Unconsolidated Entities

		Consolidated Properties		Total		Simon Group's Share
New development projects		$	322,677	$	503,525	$	204,704
Redevelopment projects with incremental GLA and/or anchor replacement		$	247,016	$	275,638	$	121,024
Renovations with no incremental GLA		$	133,669	$	—	$	—
Tenant allowances:
	Retail	$	65,864	$	69,349	$	25,095
	Office	$	8,243	$	—	$	—
Operational capital expenditures at properties:
	CAM expenditures(1)	$	48,097	$	33,020	$	12,611
	Non-CAM expenditures	$	9,697	$	54,870	$	23,592

Totals		$	835,263	$	936,402	$	387,026

Plus (Less): Conversion from accrual to cash basis		$	39,023	$	30,036

Capital Expenditures for the Twelve Months Ended 12/31/08(2)		$	874,286	$	966,438

Capital Expenditures for the Twelve Months Ended 12/31/07(2)		$	1,017,472	$	915,657

(1): Expenditures included in the pool of expenses allocated to tenants as common area maintenance or CAM.
(2): Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties as this is not required by the SEC or GAAP; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

SIMON PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview and Construction-in-Progress
As of December 31, 2008

															Construction-in-Progress

																	Unconsolidated Entities
		The Company's Ownership Percentage								The Company's Share of Net Cost							Unconsolidated Entities
Property/Location	Project Description	The Company's Ownership Percentage			Projected Opening	Projected Gross Cost(3) (in millions)		Projected Net Cost (in millions)		The Company's Share of Net Cost		Stabilized Rate of Return			Consolidated Properties		Total		The Company's Share
*New Development Projects*
Cincinnati Premium Outlets	400,000 square foot upscale outlet center		100	%	8/09	$	98	$	92	$	92		11	%	$	42.9		—		—
Monroe, OH
*Significant Redevelopment and Expansion Projects with Incremental GLA*
Domain, The (Phase II)	600,000 square foot expansion of upscale main street center		100	%	11/09	$	164	$	141	$	141		7	%	$	75.5		—		—
Austin, TX	anchored by Dillard's, Dick's Sporting Goods and Village Road Show Theaters
Camarillo Premium Outlets	220,000 square foot expansion of upscale outlet center anchored		100	%	4/09	$	81	$	77	$	77		13	%	$	51.1		—		—
—The Promenade Camarillo, CA	by Saks Fifth Avenue Off 5th and Neiman Marcus Last Call
South Shore Plaza Braintree (Boston), MA	Addition of Nordstrom and small shops		100	%	3/10	$	129	$	129	$	129		11	%	$	40.7		—		—
*Renovations*
Coral Square	Mall renovation		97	%	3/09
Coral Springs (Miami), FL
Town Center at Cobb	Mall renovation		75	%	3/09
Kennesaw (Atlanta), GA
Towne East Square	Mall renovation		100	%	3/09
Wichita, KS
West Ridge Mall	Mall renovation		100	%	2/09
Topeka, KS
	Subtotal Renovations					$	49	$	49	$	46		9	%	$	13.6	$	16.8	$	14.5
*Anchor/Big Box/Theater Activity*
Plaza Carolina	Relocation of Tiendas Capri and addition of Best Buy		100	%	11/09	$	13	$	13	$	13		9	%	$	2.5		—		—
Carolina (San Juan), PR
*Other Projects*
Coconut Point	Addition of Hyatt Place Hotel (108 rooms)		50	%	2/09
Estero, FL
Domain, The (Phase II)	Addition of residential component (411 units)		50	%	11/09
Austin, TX
Domain, The	Addition of The Westin (340 rooms)		50	%	3/10
Austin, TX
	Subtotal Asset Intensification					$	142	$	141	$	70		10	%		—	$	40.1	$	20.0
Miscellaneous															$	21.2	$	35.0	$	17.4

Total Construction in Progress(4)															$	247.5	$	91.9	$	51.9

(1): Does not include the Mills portfolio in which we acquired an interest on March 29, 2007.
(2): Cost and return are based upon current budget assumptions. Actual results may vary.
(3): Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.
(4): Does not include our international properties.

SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of December 31, 2008

Shopping center/ Location (Metropolitan area)	Project Description	Anchors/Major Tenants			Opening	Projected Net Cost* (in millions)

*New Development Projects:*
Europe:
Argine—Napoli, Italy	300,000 square foot center anchored by a hypermarket with approximately 75 shops	Auchan	24.0	%	December 2009	€	64
Catania—Sicily, Italy	642,000 square foot center anchored by a hypermarket with approximately 120 shops	Auchan	24.0	%	June 2010	€	157
Asia:
Ami Premium Outlets—Ami (Tokyo), Japan	225,000 square foot upscale outlet center		40.0	%	July 2009		JPY 6,193
Hangzhou, China	310,000 square foot center anchored by a hypermarket with approximately 85 shops	Wal-Mart, Forever 21, Sephora, Vero Moda, C&A	32.5	%	July 2009		CNY 500
Suzhou, China	750,000 square foot center anchored by a hypermarket and theater with approximately 200 shops	Wal-Mart, Best Buy, Golden Harvest Cinemas, Forever 21, C&A, Sephora, Starbucks, Vero Moda, Sport 100, H&M	32.5	%	September 2009		CNY 1,019
Zhengzhou, China	464,000 square foot center anchored by a hypermarket and theater with approximately 90 shops	Wal-Mart, China Film Cinemas, Forever 21, Sephora, Vero Moda, Sport 100	32.5	%	June 2009		CNY 591

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

SIMON PROPERTY GROUP
Total Debt Amortization and Maturities by Year (Our Share)
As of December 31, 2008
(In thousands)

Year	Our Share of Secured Consolidated Debt		Our Share of Unsecured Consolidated Debt		Our Share of Unconsolidated Joint Venture Debt		Our Share of Total Debt

2009	$	564,866	$	900,000	$	437,040	$	1,901,906
2010		1,182,936		1,100,000		689,539		2,972,475
2011		525,122		2,496,288		702,124		3,723,534
2012		1,387,919		1,450,000		1,146,944		3,984,863
2013		907,898		1,125,000		532,302		2,565,200
2014		593,960		700,000		889,717		2,183,677
2015		4,032		1,200,000		699,379		1,903,411
2016		216,279		1,300,000		586,256		2,102,535
2017		573,283		500,000		849,689		1,922,972
2018		1,948		1,000,000		4,030		1,005,978
Thereafter		20,096		—		84,276		104,372

Face Amounts of Indebtedness	$	5,978,339	$	11,771,288	$	6,621,296	$	24,370,923
Premiums (Discounts) on Indebtedness, Net		14,802		1,887		11,123		27,812

Our Share of Total Indebtedness	$	5,993,141	$	11,773,175	$	6,632,419	$	24,398,735

Debt Covenant Compliance Ratios

Senior Unsecured Notes Covenant (1)		Actual

Total Debt to Total Assets	£65%	48%	Yes
Total Secured Debt to Total Assets	£50%	25%	Yes
Fixed Charge Coverage Ratio	>1.5X	2.6X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	234%	Yes

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

SIMON PROPERTY GROUP
Summary of Indebtedness
As of December 31, 2008
(In thousands)

				Total Indebtedness			Our Share of Indebtedness

Consolidated Indebtedness
	Mortgage Debt
		Fixed Rate		$	4,382,119		$	4,110,119		6.09	%	4.1
		Floating Rate Debt (Swapped to Fixed)			300,000			300,000		2.81	%	0.1
		Floating Rate Debt (Hedged)(1)			281,829			281,829		1.98	%	3.9
		Floating Rate Debt			1,290,097			1,286,391		1.50	%	3.2

	Total Mortgage Debt				6,254,045			5,978,339		4.70	%	3.8
	Unsecured Debt
		Fixed Rate			10,725,000			10,725,000		5.69	%	4.7
		Revolving Credit Facility—US Tranche			600,000			600,000		0.81	%	2.0
		Revolving Credit Facility—Yen Currency			243,990			243,990		1.07	%	2.0
		Revolving Credit Facility—Euro Currency			202,298			202,298		2.96	%	2.0

			Total Revolving Credit Facility		1,046,288			1,046,288		1.29	%	2.0
	Total Unsecured Debt				11,771,288			11,771,288		5.31	%	4.5
	Premium				38,737			38,227
	Discount				(21,538	)		(21,538	)

Consolidated Mortgages and Other Indebtedness(2)				$	18,042,532		$	17,766,316		5.10	%	4.2

Joint Venture Indebtedness
	Mortgage Debt
		Fixed Rate		$	13,692,667		$	5,293,575		5.57	%	5.3
		Floating Rate Debt (Swapped to Fixed)			450,000			225,000		2.50	%	1.6
		Floating Rate Debt (Hedged)(1)			733,898			318,014		1.83	%	2.2
		Floating Rate Debt			1,686,924			734,707		1.86	%	5.0

	Total Mortgage Debt				16,563,489			6,571,296		4.87	%	4.9
	Unsecured Fixed Rate Debt				100,000			50,000		7.38	%	27.2
	Premium				26,805			12,914
	Discount				(3,592	)		(1,791	)

Joint Venture Mortgages and Other Indebtedness				$	16,686,702		$	6,632,419		4.89	%	5.1

*Our Share of Total Indebtedness*							$	24,398,735		5.06	%	4.5
Summary of our share of Fixed and Variable Rate Debt
		Consolidated
			Fixed		85.3	%	$	15,151,808		5.76	%	4.5
			Variable		14.7	%		2,614,508		1.31	%	2.9

					100.0	%		17,766,316		5.10	%	4.2
		Joint Venture
			Fixed		84.1	%		5,579,698		5.58	%	5.5
			Variable		15.9	%		1,052,721		2.00	%	3.7

					100.0	%	$	6,632,419		4.89	%	5.1

Total Debt							$	24,398,735

			Total Fixed Debt		85.0	%	$	20,731,506		5.74	%	4.8

			Total Variable Debt		15.0	%	$	3,667,229		1.66	%	3.1

(1): These debt obligations are hedged by interest rate cap agreements.
(2): Amounts give effect to outstanding derivative instruments as footnoted on the Summary of Indebtedness by Maturity.

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2008
(In thousands)

Property Name									Total Indebtedness		Our Share of Indebtedness

Consolidated Indebtedness:
	Woodland Hills Mall		01/01/09	7.00	%	Fixed	Secured		$	78,612	$	74,263
	Simon Property Group, LP (Sr. Notes)		01/30/09	3.75	%	Fixed	Unsecured			300,000		300,000
	Simon Property Group, LP (Sr. Notes)		02/09/09	7.13	%	Fixed	Unsecured			300,000		300,000
	Penn Square Mall		03/01/09	7.03	%	Fixed	Secured			65,828		62,205
	CPG Partners, LP (Sr. Notes)		03/15/09	3.50	%	Fixed	Unsecured			100,000		100,000
	Plaza Carolina—Fixed		05/09/09	5.10	%	Fixed	Secured			89,975		89,975
	Plaza Carolina—Variable Capped	(2)	05/09/09	1.34	%	Variable	Secured			91,829		91,829
	Plaza Carolina—Variable Floating	(2)	05/09/09	1.34	%	Variable	Secured			55,097		55,097
	Simon Property Group, LP (Sr. Notes)		07/15/09	7.00	%	Fixed	Unsecured			150,000		150,000
	CPG Partners, LP (Sr. Notes)		08/17/09	8.63	%	Fixed	Unsecured			50,000		50,000
	Bloomingdale Court	(7)	11/01/09	7.78	%	Fixed	Secured			26,592		26,592
	Forest Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			14,585		14,585
	Lake View Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			19,388		19,388
	Lakeline Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			21,256		21,256
	Lincoln Crossing	(7)	11/01/09	7.78	%	Fixed	Secured			2,935		2,935
	Matteson Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			8,537		8,537
	Muncie Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			7,381		7,381
	Regency Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			4,003		4,003
	St. Charles Towne Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			25,613		25,613
	West Ridge Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			5,158		5,158
	White Oaks Plaza	(7)	11/01/09	7.78	%	Fixed	Secured			15,741		15,741
	Simon Property Group, LP (Sr. Notes)		03/18/10	4.88	%	Fixed	Unsecured			300,000		300,000
	Simon Property Group, LP (Sr. Notes)		06/15/10	4.60	%	Fixed	Unsecured			400,000		400,000
	Mall of Georgia		07/01/10	7.09	%	Fixed	Secured			185,238		185,238
	University Park Mall	(2)	07/09/10	1.29	%	Variable	Secured			100,000		100,000
	SB Trolley Square Holding		08/01/10	9.03	%	Fixed	Secured			27,803		27,803
	Copley Place	(2)	08/01/10	1.09	%	Variable	Secured			200,000		196,294
	Simon Property Group, LP (Sr. Notes)		08/15/10	4.88	%	Fixed	Unsecured			400,000		400,000
	Coral Square		10/01/10	8.00	%	Fixed	Secured			83,134		80,823
	Crystal River		11/11/10	7.63	%	Fixed	Secured			14,916		14,916
	Forum Shops at Caesars, The		12/01/10	4.78	%	Fixed	Secured			524,657		524,657
	Port Charlotte Town Center		12/11/10	7.98	%	Fixed	Secured			50,998		40,798
	Oxford Valley Mall		01/10/11	6.76	%	Fixed	Secured			74,805		48,616
	Revolving Credit Facility—USD	(2)	01/11/11	0.81	%	Variable	Unsecured			600,000		600,000
	Revolving Credit Facility—Yen Currency	(2)	01/11/11	1.07	%	Variable	Unsecured	(13)		243,990		243,990
	Revolving Credit Facility—Euro Currency	(2)	01/11/11	2.96	%	Variable	Unsecured	(14)		202,298		202,298
	Simon Property Group, LP (Sr. Notes)		01/20/11	7.75	%	Fixed	Unsecured			200,000		200,000
	CPG Partners, LP (Sr. Notes)		02/01/11	8.25	%	Fixed	Unsecured			150,000		150,000
	Simon Property Group, LP (Sr. Notes)		06/01/11	5.38	%	Fixed	Unsecured			500,000		500,000
	Henderson Square		07/01/11	6.94	%	Fixed	Secured			14,616		11,104
	Ingram Park Mall	(6)	08/11/11	6.99	%	Fixed	Secured			77,180		77,180

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2008
(In thousands)



Knoxville Center	(6)	08/11/11		6.99	%	Fixed	Secured	58,446	58,446
Northlake Mall	(6)	08/11/11		6.99	%	Fixed	Secured	67,423	67,423
Towne West Square	(6)	08/11/11		6.99	%	Fixed	Secured	50,520	50,520
Simon Property Group, LP (Sr. Notes)		09/01/11		5.60	%	Fixed	Unsecured	600,000	600,000
Gateway Shopping Center		10/01/11		5.89	%	Fixed	Secured	87,000	87,000
Tacoma Mall		10/01/11		7.00	%	Fixed	Secured	122,687	122,687
Simon Property Group, LP (Sr. Notes)		03/01/12		5.00	%	Fixed	Unsecured	600,000	600,000
Secured Term Loan	(2)	03/05/12		1.14	%	Variable	Secured	735,000	735,000
Simon Property Group, LP (Sr. Notes)		05/01/12		5.75	%	Fixed	Unsecured	400,000	400,000
Gwinnett Place		06/08/12		5.68	%	Fixed	Secured	115,000	86,250
Town Center at Cobb		06/08/12		5.74	%	Fixed	Secured	280,000	210,000
CPG Partners, LP (Sr. Notes)		06/15/12		6.88	%	Fixed	Unsecured	100,000	100,000
Simon Property Group, LP (Sr. Notes)		08/28/12		6.35	%	Fixed	Unsecured	350,000	350,000
Anderson Mall		10/10/12		6.20	%	Fixed	Secured	27,755	27,755
Century III Mall	(4)	10/10/12		6.20	%	Fixed	Secured	81,930	81,930
Crossroads Mall		10/10/12		6.20	%	Fixed	Secured	41,150	41,150
Forest Mall	(5)	10/10/12		6.20	%	Fixed	Secured	16,478	16,478
Highland Lakes Center	(4)	10/10/12		6.20	%	Fixed	Secured	15,189	15,189
Longview Mall	(4)	10/10/12		6.20	%	Fixed	Secured	30,839	30,839
Markland Mall	(5)	10/10/12		6.20	%	Fixed	Secured	21,818	21,818
Midland Park Mall	(5)	10/10/12		6.20	%	Fixed	Secured	31,852	31,852
Palm Beach Mall		10/10/12		6.20	%	Fixed	Secured	50,953	50,953
Richmond Towne Square	(5)	10/10/12		6.20	%	Fixed	Secured	44,739	44,739
CPG Partners, LP (Sr. Notes)		01/15/13		6.00	%	Fixed	Unsecured	150,000	150,000
Factory Stores of America—Boaz	(9)	03/10/13		9.10	%	Fixed	Secured	2,678	2,678
The Factory Shoppes at Branson Meadows	(9)	03/10/13		9.10	%	Fixed	Secured	9,160	9,160
MacGregor Village	(9)	03/10/13		9.10	%	Fixed	Secured	6,596	6,596
Factory Stores of America—Georgetown	(9)	03/10/13		9.10	%	Fixed	Secured	6,349	6,349
Factory Stores of America—Graceville	(9)	03/10/13		9.10	%	Fixed	Secured	1,886	1,886
Dare Centre	(9)	03/10/13		9.10	%	Fixed	Secured	1,640	1,640
Factory Stores of America—Lebanon	(9)	03/10/13		9.10	%	Fixed	Secured	1,586	1,586
Factory Stores of America—Nebraska City	(9)	03/10/13		9.10	%	Fixed	Secured	1,488	1,488
North Ridge Shopping Center	(9)	03/10/13		9.10	%	Fixed	Secured	8,056	8,056
Factory Stores of America—Story City	(9)	03/10/13		9.10	%	Fixed	Secured	1,841	1,841
Carolina Premium Outlets—Smithfield	(9)	03/10/13		9.10	%	Fixed	Secured	19,696	19,696
The Crossings Premium Outlets		03/13/13		5.85	%	Fixed	Secured	53,992	53,992
Simon Property Group, LP (Sr. Notes)		03/15/13		5.45	%	Fixed	Unsecured	200,000	200,000
Simon Property Group, LP (Sr. Notes)		05/30/13		5.30	%	Fixed	Unsecured	700,000	700,000
Stanford Shopping Center	(2)	07/01/13		2.59	%	Variable	Secured	240,000	240,000
Battlefield Mall		07/01/13		4.60	%	Fixed	Secured	94,530	94,530
Kittery Premium Outlets	(2)(8)	07/10/13	(16)	5.39	%	Fixed	Secured	43,556	43,556
Lighthouse Place Premium Outlets	(2)(8)	07/10/13	(16)	5.39	%	Fixed	Secured	88,623	88,623
Waterloo Premium Outlets	(2)(8)	07/10/13	(16)	5.39	%	Fixed	Secured	72,822	72,822

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2008
(In thousands)

							Total Indebtedness			Our Share of Indebtedness

Retail Property Trust (Sr. Notes)		09/01/13	7.18	%	Fixed	Unsecured		75,000			75,000
Texas Lifestyle Center Secured Loan	(2)	09/23/13	2.39	%	Variable	Secured		260,000			260,000
Simon Property Group, LP (Sr. Notes)		01/30/14	4.90	%	Fixed	Unsecured		200,000			200,000
Northfield Square		02/11/14	6.05	%	Fixed	Secured		29,067			9,185
Montgomery Mall		05/11/14	5.17	%	Fixed	Secured		89,460			53,676
SB Boardman Plaza Holdings		07/01/14	5.94	%	Fixed	Secured		23,213			23,213
Desoto Square		07/01/14	5.89	%	Fixed	Secured		64,153			64,153
Upper Valley Mall		07/01/14	5.89	%	Fixed	Secured		47,904			47,904
Washington Square		07/01/14	5.94	%	Fixed	Secured		30,194			30,194
West Ridge Mall		07/01/14	5.89	%	Fixed	Secured		68,711			68,711
Philadelphia Premium Outlets	(2)	07/30/14	2.29	%	Variable	Secured		190,000			190,000
Chesapeake Square		08/01/14	5.84	%	Fixed	Secured		70,841			53,131
Brunswick Square		08/11/14	5.65	%	Fixed	Secured		83,452			83,452
Simon Property Group, LP (Sr. Notes)		08/15/14	5.63	%	Fixed	Unsecured		500,000			500,000
DeKalb Plaza		01/01/15	5.28	%	Fixed	Secured		3,071			1,546
Simon Property Group, LP (Sr. Notes)		06/15/15	5.10	%	Fixed	Unsecured		600,000			600,000
Simon Property Group, LP (Sr. Notes)		12/01/15	5.75	%	Fixed	Unsecured		600,000			600,000
Retail Property Trust (Sr. Notes)		03/15/16	7.88	%	Fixed	Unsecured		250,000			250,000
Simon Property Group, LP (Sr. Notes)		05/01/16	6.10	%	Fixed	Unsecured		400,000			400,000
Arsenal Mall HCHP Office		05/05/16	8.20	%	Fixed	Secured		1,090			1,090
Las Americas Premium Outlets		06/11/16	5.84	%	Fixed	Secured		180,000			180,000
White Oaks Mall		11/01/16	5.54	%	Fixed	Secured		50,000			40,339
Simon Property Group, LP (Sr. Notes)		12/01/16	5.25	%	Fixed	Unsecured		650,000			650,000
Simon Property Group, LP (Sr. Notes)		03/01/17	5.88	%	Fixed	Unsecured		500,000			500,000
Wolfchase Galleria		04/01/17	5.64	%	Fixed	Secured		225,000			212,616
Valle Vista Mall		05/10/17	5.35	%	Fixed	Secured		40,000			40,000
Summit Mall		06/10/17	5.42	%	Fixed	Secured		65,000			65,000
Independence Center		07/10/17	5.94	%	Fixed	Secured		200,000			200,000
Bangor Mall		10/01/17	6.15	%	Fixed	Secured		80,000			53,880
Simon Property Group, LP (Sr. Notes)		05/30/18	6.13	%	Fixed	Unsecured		800,000			800,000
Simon Property Group, LP (Sr. Notes)		06/15/18	7.38	%	Fixed	Unsecured		200,000			200,000
Sunland Park Mall		01/01/26	8.63	%	Fixed	Secured		33,734			33,734

Total Consolidated Indebtedness at Face Value							$	18,025,333		$	17,749,627

Premium on Fixed-Rate Indebtedness								38,737			38,227
Discount on Fixed-Rate Indebtedness								(21,538	)		(21,538	)

*Total Consolidated Indebtedness*							$	18,042,532		$	17,766,316

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2008
(In thousands)

Property Name									Total Indebtedness		Our Share of Indebtedness

Joint Venture Indebtedness
	Source, The		03/11/09	6.65	%	Fixed	Secured		$	124,000	$	31,000
	Shops at Sunset Place, The	(2)	05/09/09	1.19	%	Variable	Secured			83,897		31,461
	Seminole Towne Center	(2)	07/09/09	1.09	%	Variable	Secured			70,000		31,500
	Fashion Centre Pentagon Office	(2)	07/09/09	1.19	%	Variable	Secured			40,000		17,000
	Briarwood Mall—2		09/01/09	5.47	%	Fixed	Secured			530		133
	Apple Blossom Mall		09/10/09	7.99	%	Fixed	Secured			37,123		18,241
	Auburn Mall		09/10/09	7.99	%	Fixed	Secured			43,462		21,356
	Toki Premium Outlets—Variable		10/30/09	1.44	%	Variable	Secured	(12)		10,697		4,279
	Falls, The		11/01/09	4.34	%	Fixed	Secured			148,200		37,050
	Stoneridge Shopping Center	(16)	11/01/09	4.63	%	Fixed	Secured			293,800		73,450
	Briarwood Mall—1		11/01/09	4.45	%	Fixed	Secured			192,402		48,101
	Meadowood Mall	(2)(16)	11/09/09	5.13	%	Fixed	Secured			182,000		45,500
	Colorado Mills	(2)(16)	11/12/09	6.12	%	Fixed	Secured			170,000		33,057
	Mall at Chestnut Hill		02/01/10	8.45	%	Fixed	Secured			13,742		6,489
	Southdale Center		04/01/10	5.18	%	Fixed	Secured			186,550		93,275
	Cobblestone Court		04/16/10	1.44	%	Variable	Secured			2,669		1,335
	Westchester, The		06/01/10	4.86	%	Fixed	Secured			500,000		200,000
	Lakeforest Mall		07/08/10	4.90	%	Fixed	Secured			141,050		35,263
	Coddingtown Mall		07/14/10	1.59	%	Variable	Secured			15,500		15,500
	Lehigh Valley Mall	(2)	08/09/10	1.00	%	Variable	Secured			150,000		56,415
	Arizona Mills		10/05/10	7.90	%	Fixed	Secured			134,138		33,535
	Net Leases I		10/10/10	7.96	%	Fixed	Secured			26,501		13,250
	Springfield Mall	(2)	12/01/10	1.54	%	Variable	Secured			72,300		27,467
	Florida Mall, The		12/10/10	7.55	%	Fixed	Secured			247,073		123,537
	Galleria Commerciali Italia—Catania		12/17/10	3.63	%	Variable	Secured	(10)		37,961		18,601
	SouthPark Residential	(2)	12/31/10	1.84	%	Variable	Secured			41,568		16,627
	Atrium at Chestnut Hill		03/11/11	6.89	%	Fixed	Secured			44,610		21,920
	Cape Cod Mall		03/11/11	6.80	%	Fixed	Secured			90,597		44,517
	Bay 1 (Torcy)		05/31/11	3.59	%	Fixed	Secured	(11)		19,832		9,916
	Firewheel Residential	(2)	06/20/11	2.29	%	Variable	Secured			22,985		11,493
	Bay 2 (Torcy)		06/30/11	3.59	%	Fixed	Secured	(11)		73,987		36,993
	Highland Mall		07/10/11	6.83	%	Fixed	Secured			64,821		32,411
	Villabe A6—Bel'Est		08/31/11	3.89	%	Fixed	Secured	(11)		12,363		6,182
	Wilenska Station Shopping Center		08/31/11	4.29	%	Fixed	Secured	(11)		42,199		21,100
	Hyatt Coconut	(2)	09/09/11	2.06	%	Variable	Secured			8,530		4,265
	Fashion Centre Pentagon Retail		09/11/11	6.63	%	Fixed	Secured			152,042		64,618
	Denver West Village		10/01/11	8.15	%	Fixed	Secured			22,184		4,160
	Toki Premium Outlets—Fixed		10/31/11	1.80	%	Fixed	Secured	(12)		10,587		4,235
	Domain Residential Building P	(2)	11/07/11	2.44	%	Variable	Secured			1,193		597
	Shops at Riverside, The	(2)	11/14/11	1.24	%	Variable	Secured			150,000		75,000

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2008
(In thousands)



Discover Mills—1		12/11/11	7.32	%	Fixed	Secured		23,700	1,684
Discover Mills—2		12/11/11	6.08	%	Fixed	Secured		135,000	9,592
Galleria Commerciali Italia—Facility A	(2)	12/22/11	3.94	%	Fixed	Secured	(10)	335,967	164,624
Galleria Commerciali Italia—Facility B		12/22/11	4.04	%	Fixed	Secured	(10)	332,513	162,931
St. Louis Mills		01/08/12	6.39	%	Fixed	Secured		90,000	26,829
Kobe Premium Outlets		01/31/12	1.42	%	Fixed	Secured	(12)	20,721	8,288
Tosu Premium Outlets—Variable		01/31/12	1.85	%	Variable	Secured	(12)	11,910	4,764
Dover Mall & Commons	(2)(3)	02/01/12	2.39	%	Variable	Secured		83,756	28,515
Esplanade, The	(2)(3)	02/01/12	2.39	%	Variable	Secured		75,136	37,568
Galleria at White Plains	(2)(3)	02/01/12	2.39	%	Variable	Secured		125,566	62,783
Northpark Mall—Mills	(2)(3)	02/01/12	2.39	%	Variable	Secured		105,543	52,772
Dadeland Mall		02/11/12	6.75	%	Fixed	Secured		183,700	91,850
Square One		03/11/12	6.73	%	Fixed	Secured		87,416	42,954
Southridge Mall		04/01/12	5.23	%	Fixed	Secured		124,000	62,000
Hamilton Town Center	(2)	05/29/12	2.04	%	Variable	Secured		93,314	46,657
Arkadia Shopping Center		05/31/12	3.84	%	Fixed	Secured	(11)	144,208	72,104
Arkadia Shopping Center—2		05/31/12	4.69	%	Fixed	Secured	(11)	168,741	84,371
Gotemba Premium Outlets—Variable		05/31/12	1.19	%	Variable	Secured	(12)	9,352	3,741
Mills Senior Loan Facility	(2)	06/07/12	1.69	%	Variable	Secured		711,000	355,500
Marley Station		07/01/12	4.89	%	Fixed	Secured		114,400	28,600
Hilltop Mall		07/08/12	4.99	%	Fixed	Secured		64,350	16,088
Crystal Mall		09/11/12	5.62	%	Fixed	Secured		96,461	71,930
Concord Mills Mall		12/07/12	6.13	%	Fixed	Secured		166,903	32,963
Katy Mills		01/09/13	6.69	%	Fixed	Secured		145,971	18,246
Del Amo	(2)	01/23/13	1.94	%	Variable	Secured		335,000	83,750
Emerald Square Mall		03/01/13	5.13	%	Fixed	Secured		132,124	64,922
Avenues, The		04/01/13	5.29	%	Fixed	Secured		72,796	18,199
Circle Centre Mall		04/11/13	5.02	%	Fixed	Secured		72,869	10,690
Domain Residential Phase II	(2)	07/22/13	2.44	%	Variable	Secured		4,001	2,001
Solomon Pond		08/01/13	3.97	%	Fixed	Secured		109,329	53,722
Tosu Premium Outlets—Fixed		08/24/13	1.50	%	Fixed	Secured	(12)	9,802	3,921
Miami International Mall		10/01/13	5.35	%	Fixed	Secured		94,554	45,174
Fashion Valley Mall		10/09/13	2.44	%	Variable	Secured		200,000	100,000
Liberty Tree Mall		10/11/13	5.22	%	Fixed	Secured		35,000	17,198
Galleria Commerciali Italia—Giugliano A		10/20/13	3.69	%	Variable	Secured	(10)	36,968	18,114
Galleria Commerciali Italia—Giugliano B		10/20/13	3.69	%	Variable	Secured	(10)	38,062	18,650
Galleria Commerciali Italia—Giugliano C		10/20/13	4.09	%	Variable	Secured	(10)	16,071	7,875
Mall at Tuttle Crossing		11/05/13	5.05	%	Fixed	Secured		116,434	29,109
Ontario Mills	(2)(16)	12/05/13	5.13	%	Fixed	Secured		75,000	18,750
Arundel Marketplace		01/01/14	5.92	%	Fixed	Secured		11,588	2,289
Concord Marketplace		02/01/14	5.76	%	Fixed	Secured		13,499	6,750
Northshore Mall		03/11/14	5.03	%	Fixed	Secured		204,832	100,649
Sawgrass Mills		07/01/14	5.82	%	Fixed	Secured		820,000	410,000
Arundel Mills		08/01/14	6.14	%	Fixed	Secured		385,000	114,056

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2008
(In thousands)



Grapevine Mills	(2)(16)	09/22/14	6.26	%	Fixed	Secured		300,000	88,890
Block at Orange		10/01/14	6.25	%	Fixed	Secured		220,000	55,000
Opry Mills		10/10/14	6.16	%	Fixed	Secured		280,000	68,600
Gotemba Premium Outlets—Fixed		10/25/14	1.54	%	Fixed	Secured	(12)	81,874	32,750
Indian River Commons		11/01/14	5.21	%	Fixed	Secured		9,645	4,823
Indian River Mall		11/01/14	5.21	%	Fixed	Secured		65,355	32,678
Rinku Premium Outlets		11/25/14	1.84	%	Fixed	Secured	(12)	38,752	15,501
St. Johns Town Center		03/11/15	5.06	%	Fixed	Secured		170,000	85,000
Galleria Commerciali Italia—Cinisello		03/31/15	3.64	%	Variable	Secured	(10)	181,710	89,038
St. John's Town Center Phase II	(2)(16)	05/10/15	5.50	%	Fixed	Secured		77,500	38,750
Gaitway Plaza		07/01/15	4.60	%	Fixed	Secured		13,900	3,243
Plaza at Buckland Hills, The		07/01/15	4.60	%	Fixed	Secured		24,800	8,680
Ridgewood Court		07/01/15	4.60	%	Fixed	Secured		14,650	5,128
Village Park Plaza		07/01/15	4.60	%	Fixed	Secured		29,850	10,448
West Town Corners		07/01/15	4.60	%	Fixed	Secured		18,800	4,388
Great Mall of the Bay Area	(2)	08/28/15	6.01	%	Fixed	Secured		270,000	66,150
Clay Terrace		10/01/15	5.08	%	Fixed	Secured		115,000	57,500
Mall of New Hampshire		10/05/15	6.23	%	Fixed	Secured		136,439	67,043
Houston Galleria—1		12/01/15	5.44	%	Fixed	Secured		643,583	202,632
Houston Galleria—2		12/01/15	5.44	%	Fixed	Secured		177,417	55,860
Smith Haven Mall		03/01/16	5.16	%	Fixed	Secured		180,000	45,000
Quaker Bridge Mall		04/01/16	7.03	%	Fixed	Secured		19,814	7,527
Eastland Mall		06/01/16	5.79	%	Fixed	Secured		168,000	84,000
Empire Mall		06/01/16	5.79	%	Fixed	Secured		176,300	88,150
Granite Run Mall		06/01/16	5.83	%	Fixed	Secured		118,250	59,125
Mesa Mall		06/01/16	5.79	%	Fixed	Secured		87,250	43,625
Rushmore Mall		06/01/16	5.79	%	Fixed	Secured		94,000	47,000
Southern Hills Mall		06/01/16	5.79	%	Fixed	Secured		101,500	50,750
Valley Mall		06/01/16	5.83	%	Fixed	Secured		45,994	22,997
Greendale Mall		10/01/16	6.00	%	Fixed	Secured		45,000	22,112
Coconut Point		12/10/16	5.83	%	Fixed	Secured		230,000	115,000
King of Prussia Mall—1		01/01/17	7.49	%	Fixed	Secured		140,179	17,312
King of Prussia Mall—2		01/01/17	8.53	%	Fixed	Secured		9,818	1,213
Mall at Rockingham		03/10/17	5.61	%	Fixed	Secured		260,000	63,879
Liberty Plaza		06/01/17	5.68	%	Fixed	Secured		43,000	21,500
Franklin Mills		06/01/17	5.65	%	Fixed	Secured		290,000	145,000
Gurnee Mills		07/01/17	5.77	%	Fixed	Secured		321,000	160,500
Potomac Mills		07/11/17	5.83	%	Fixed	Secured		410,000	205,000
West Town Mall		12/01/17	6.34	%	Fixed	Secured		210,000	105,000
Changshu SZITIC		12/01/17	6.73	%	Fixed	Secured	(15)	45,477	14,780
Aventura Mall		12/11/17	5.91	%	Fixed	Secured		430,000	143,333

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of December 31, 2008
(In thousands)

							Total Indebtedness			Our Share of Indebtedness

Sano Premium Outlets	05/31/18	1.08	%	Variable	Secured	(12)		61,144			24,458
Zhengzhou	09/01/18	8.61	%	Fixed	Secured	(15)		42,543			13,826
Hangzhou	10/01/18	8.61	%	Fixed	Secured	(15)		36,675			11,919
Sendai Premium Outlets	10/31/18	1.04	%	Variable	Secured	(12)		41,906			16,762
Whitehall Mall	11/01/18	7.00	%	Fixed	Secured			12,325			4,682
Suzhou	01/01/21	8.38	%	Fixed	Secured	(15)		73,350			23,839
Net Leases II	01/10/23	9.35	%	Fixed	Secured			20,873			10,436
AMI Premium Outlets—Fixed	09/25/23	2.22	%	Fixed	Secured	(12)		33,083			13,234
AMI Premium Outlets—Variable	09/25/23	1.04	%	Variable	Secured	(12)		33,083			13,233
TMLP Trust Preferred Unsecured Securities	03/30/36	7.38	%	Fixed	Unsecured			100,000			50,000

Total Joint Venture Indebtedness at Face Value							$	16,663,489		$	6,621,296

Premium on JV Fixed-Rate Indebtedness								26,805			12,914
Discount on JV Fixed-Rate Indebtedness								(3,592	)		(1,791	)

*Total Joint Venture Indebtedness*							$	16,686,702		$	6,632,419	(17)

*Our Share of Total Indebtedness*										$	24,398,735

Footnotes:

(1): Variable rate debt interest rates are based on the following base rates as of December 31, 2008: LIBOR at .44%; EURIBOR at 2.59%; YEN LIBOR at .69%; and PRIME at 3.25%.
(2): Includes applicable extensions available at our option.
(3): These four properties are secured by cross-collateralized and cross-defaulted mortgages.
(4): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(5): These four properties are secured by cross-collateralized and cross-defaulted mortgages.
(6): These four properties are secured by cross-collateralized and cross-defaulted mortgages.
(7): These eleven properties are secured by cross-collateralized and cross-defaulted mortgages.
(8): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(9): These eleven properties are secured by cross-collateralized and cross-defaulted mortgages.
(10): Amounts shown in USD Equivalent. Euro equivalent is 694.7 million. Associated with Facility A and B and Giugliano are interest rate swap agreements with a total combined 615.1 million euros notional amount that effectively fixes Facility A and B and Giugliano at 5.21%.
(11): Amounts shown in USD Equivalent. Euro equivalent is 327.3 million. Associated with these loans are interest rate swap agreements with a total combined 319.0 million euros notional amount that effectively fix these loans at a combined 4.77%.
(12): Amounts shown in USD Equivalent. Yen equivalent is 32,908.8 million.
(13): Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 22,125.0 million.
(14): Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 143.5 million.
(15): Amounts shown in USD Equivalent. Yuan equivalent is 1,350.0 million.
(16): Through an interest rate swap agreement, interest is essentially fixed at the all-in rate presented.
(17): Our share of indebtedness for joint ventures excludes our share of indebtedness of $143.9 million in joint venture entities in which Gallerie Commerciali Italia holds a non-controlling interest.

SIMON PROPERTY GROUP

Unencumbered Assets

As of December 31, 2008

Property Name	City	State

*Regional Malls:*
McCain Mall	N. Little Rock	AR
Brea Mall	Brea	CA
Laguna Hills Mall	Laguna Hills	CA
Santa Rosa Plaza	Santa Rosa	CA
Shops at Mission Viejo, The	Mission Viejo	CA
Westminster Mall	Westminster	CA
Town Center at Aurora	Aurora	CO
Boynton Beach Mall	Boynton Beach	FL
Cordova Mall	Pensacola	FL
Edison Mall	Fort Meyers	FL
Gulf View Square	Port Richey	FL
Lake Square Mall	Leesburg	FL
Melbourne Square	Melbourne	FL
Orange Park Mall	Orange Park	FL
Paddock Mall	Ocala	FL
Town Center at Boca Raton	Boca Raton	FL
Treasure Coast Square	Jensen Beach	FL
Tyrone Square	St. Petersburg	FL
Lenox Square	Atlanta	GA
Phipps Plaza	Atlanta	GA
Lindale Mall	Cedar Rapids	IA
NorthPark Mall	Davenport	IA
SouthRidge Mall	Des Moines	IA
Lincolnwood Town Center	Lincolnwood	IL
Northwoods Shopping Center	Peoria	IL
Orland Square	Orland Park	IL
River Oaks Center	Calumet City	IL
SouthPark Mall	Moline	IL
Castleton Square Mall	Indianapolis	IN
College Mall	Bloomington	IN
Fashion Mall at Keystone, The	Indianapolis	IN
Greenwood Park Mall	Greenwood	IN
Muncie Mall	Muncie	IN
Tippecanoe Mall	Lafayette	IN
Towne East Square	Wichita	KS
Prien Lake Mall	Lake Charles	LA

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2008

Property Name	City	State

Arsenal Mall	Watertown	MA
Burlington Mall	Burlington	MA
South Shore Plaza	Braintree	MA
Bowie Town Center	Bowie	MD
St. Charles Towne Center	Waldorf	MD
Maplewood Mall	Minneapolis	MN
Miller Hill Mall	Duluth	MN
SouthPark	Charlotte	NC
Pheasant Lane(1)	Nashua	NH
Livingston Mall	Livingston	NJ
Menlo Park Mall	Edison	NJ
Ocean County Mall	Toms River	NJ
Rockaway Townsquare	Rockaway	NJ
Cottonwood Mall	Albuquerque	NM
Chautauqua Mall	Lakewood	NY
Nanuet Mall	Nanuet	NY
Jefferson Valley Mall	Yorktown Heights	NY
Roosevelt Field	Garden City	NY
Walt Whitman Mall	Huntington Station	NY
Great Lakes Mall	Mentor	OH
Lima Mall	Lima	OH
Southern Park Mall	Boardman	OH
Ross Park Mall	Pittsburgh	PA
South Hills Village	Pittsburgh	PA
Haywood Mall	Greenville	SC
Oak Court Mall	Memphis	TN
Barton Creek Square	Austin	TX
Broadway Square	Tyler	TX
Cielo Vista	El Paso	TX
Firewheel Town Center	Garland	TX
Irving Mall	Irving	TX
La Plaza Mall	McAllen	TX
Lakeline Mall	Cedar Park	TX
North East Mall	Hurst	TX

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2008

Property Name	City	State

Richardson Square Mall	Richardson	TX
Rolling Oaks Mall	San Antonio	TX
Charlottesville Fashion Square	Charlottesville	VA
Virginia Center Commons	Glen Allen	VA
Columbia Center	Kennewick	WA
Northgate Mall	Seattle	WA
Bay Park Square	Green Bay	WI
*Premium Outlet Centers:*
Camarillo Premium Outlets	Camarillo	CA
Carlsbad Premium Outlets	Carlsbad	CA
Desert Hills Premium Outlets	Cabazon	CA
Folsom Premium Outlets	Folsom	CA
Gilroy Premium Outlets	Gilroy	CA
Napa Premium Outlets	Napa	CA
Petaluma Village Premium Outlets	Petaluma	CA
Vacaville Premium Outlets	Vacaville	CA
Clinton Crossing Premium Outlets	Clinton	CT
Orlando Premium Outlets	Orlando	FL
St. Augustine Premium Outlets	St. Augustine	FL
North Georgia Premium Outlets	Dawsonville	GA
Waikele Premium Outlets	Waipahu	HI
Chicago Premium Outlets	Aurora	IL
Edinburgh Premium Outlets	Edinburgh	IN
Wrentham Village Premium Outlets	Wrentham	MA
Albertville Premium Outlets	Albertville	MN
Osage Beach Premium Outlets	Osage Beach	MO
Jackson Premium Outlets	Jackson	NJ
Jersey Shore Premium Outlets	Tinton Falls	NJ
Liberty Village Premium Outlets	Flemington	NJ
Las Vegas Outlet Center	Las Vegas	NV
Las Vegas Premium Outlets	Las Vegas	NV

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2008

Property Name	City	State

Woodbury Common Premium Outlets	Central Valley	NY
Aurora Farms Premium Outlets	Aurora	OH
Columbia Gorge Premium Outlets	Troutdale	OR
Allen Premium Outlets	Allen	TX
Houston Premium Outlets	Cypress	TX
Rio Grande Valley Premium Outlets	Mercedes	TX
Round Rock Premium Outlets	Austin	TX
Leesburg Corner Premium Outlets	Leesburg	VA
Seattle Premium Outlets	Seattle	WA
Johnson Creek Premium Outlets	Johnson Creek	WI
*Community/Lifestyle Centers:*
Pier Park	Panama City Beach	FL
Royal Eagle Plaza	Coral Springs	FL
Terrace at Florida Mall	Orlando	FL
Waterford Lakes Town Center	Orlando	FL
Westland Park Plaza	Orange Park	FL
Mall of Georgia Crossing	Atlanta	GA
Countryside Plaza	Countryside	IL
Crystal Court	Crystal Lake	IL
Lake Plaza	Waukegan	IL
North Ridge Plaza	Joliet	IL
Willow Knolls Court	Peoria	IL
Brightwood Plaza	Indianapolis	IN
Eastland Convenience Center	Evansville	IN
Greenwood Plus	Greenwood	IN
Keystone Shoppes	Indianapolis	IN
Markland Plaza	Kokomo	IN
New Castle Plaza	New Castle	IN
Northwood Plaza	Fort Wayne	IN
Teal Plaza	Lafayette	IN
Tippecanoe Plaza	Lafayette	IN
University Center	Mishawaka	IN
Washington Plaza	Indianapolis	IN
Park Plaza	Hopkinsville	KY

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2008

Property Name	City	State

Rockaway Convenience Center	Rockaway	NJ
Rockaway Town Plaza	Rockaway	NJ
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Eastland Plaza	Tulsa	OK
Lincoln Plaza	Langhorne	PA
Charles Towne Square	Charleston	SC
Empire East	Sioux Falls	SD
Knoxville Commons	Knoxville	TN
The Arboretum	Austin	TX
Ingram Plaza	San Antonio	TX
Shops at North East Mall	Hurst	TX
Wolf Ranch Town Center	Georgetown	TX
Chesapeake Center	Chesapeake	VA
Fairfax Court	Fairfax	VA
Martinsville Plaza	Martinsville	VA
*Other:*
University Mall	Pensacola	FL
Factory Merchants Branson	Branson	MO
Crossville Outlet Center	Crossville	TN
Raleigh Springs Mall	Memphis	TN
Factory Stores at North Bend	North Bend	WA

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

SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of December 31, 2008
($ in 000's, except per share amounts)

Issuer	Description		Per Share Liquidation Preference		Aggregate Liquidation Preference

Preferred Stock:
Simon Property Group, Inc.	Series I 6% Convertible Perpetual Preferred(1)	7,590,264	$	50	$	379,513	SPGPrI
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable(2)	796,948	$	50	$	39,847	SPGPrJ
Preferred Units:
Simon Property Group, L.P.	Series C 7% Cumulative Convertible(3)	94,235	$	28	$	2,639	N/A
Simon Property Group, L.P.	Series D 8% Cumulative Redeemable(4)	1,356,814	$	30	$	40,704	N/A
Simon Property Group, L.P.	Series I 6% Convertible Perpetual(5)	1,518,371	$	50	$	75,919	N/A
Simon Property Group, L.P.	7.50% Cumulative Redeemable(6)	255,373	$	100	$	25,537	N/A
Simon Property Group, L.P.	7.75%/8.00% Cumulative Redeemable(7)	850,698	$	100	$	85,070	N/A

(1): Each share was convertible into common stock through December 31, 2008, as certain conversion conditions were met as of September 30, 2008. Each share was convertible into 0.800295 of a share of common stock during the period beginning on October 1, 2008 and ending on December 31, 2008. As of January 1, 2009, each share would be convertible into 0.805966 of a share of common stock if certain conditions had been met, however, these certain conditions (the conversion triggering price) during the quarter ended December 31, 2008 were not met, and as a result, the Series I Preferred Stock is not convertible for the quarterly period January 1, 2009 through March 31, 2009. The applicable conversion triggering calculation is made on a quarterly basis. The shares are redeemable on or after October 14, 2009, in whole or in part, for cash only at a liquidation preference of $50 per share, if the closing price per share of common stock exceeds 130% of the applicable conversion price for 20 trading days within a period of 30 consecutive trading days ending on the trading day before notice of redemption is issued. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2008 was $42.87 per share.
(2): Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2008 was $43.00 per share.
(3): Each unit is convertible into 0.75676 of a share of common stock. Each unit is redeemable on or after August 27, 2009.
(4): Each unit is redeemable on or after August 27, 2009.
(5): Each unit may be exchanged for a share of Series I 6% Convertible Perpetual Preferred stock or cash, at our option. These units are not currently convertible as the certain conditions described in footnote 1 were not met.
(6): Each unit is redeemable on or after November 10, 2013 or earlier upon the occurrence of certain tax triggering events.
(7): Each unit is redeemable on or after January 1, 2011 or earlier upon the occurrence of certain tax triggering events.

QuickLinks

Exhibit 99.1
Overview
The Company
Reporting Calendar
Stock Information
Credit Ratings
Ownership Structure
Changes in Common Shares and Unit Ownership
Selected Financial and Equity Information
Unaudited Pro–Rata Statements of Operations
Unaudited Pro–Rata Balance Sheet
Reconciliation of Net Income to NOI
NOI Composition
Analysis of Other Income and Other Expense
U.S. Portfolio GLA
U.S. Regional Mall Operational Information
U.S. Regional Mall Lease Expirations
U.S. Regional Mall Top Tenants
U.S. Regional Mall Big Box Openings
U.S. Regional Mall Property Listing
U.S. Premium Outlet Centers Operational Information
U.S. Premium Outlet Centers Lease Expirations
U.S. Premium Outlet Centers Top Tenants
U.S. Premium Outlet Centers Property Listing
U.S. Community Centers Operational Information
U.S. Community Centers Lease Expirations
U.S. Community Centers Top Tenants
U.S. Community Centers Property Listing
U.S. Mills Portfolio Operational Information
U.S. Mills Portfolio Property Listing
International Operational Information
International Property Listing
Capital Expenditures
U.S. Development Activity Report
International Development Activity Report
Total Debt Amortization and Maturities by Year
Summary of Indebtedness
Summary of Indebtedness by Maturity
Unencumbered Assets
Preferred Stock Outstanding

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Exhibit 99.2


CONTACTS:
Shelly Doran		317.685.7330 Investors
Les Morris		317.263.7711 Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP ANNOUNCES FOURTH QUARTER RESULTS AND
QUARTERLY DIVIDENDS AND PROVIDES 2009 GUIDANCE

Indianapolis, Indiana—January 30, 2009...Simon Property Group, Inc. (the "Company" or "Simon") (NYSE:SPG) today announced results for the quarter and twelve months ended December 31, 2008:

•: Funds from operations ("FFO") for the quarter increased 6.5% to $540.5 million from $507.7 million in the fourth quarter of 2007. On a diluted per share basis the increase was 5.7% to $1.86 from $1.76 in 2007. Included in fourth quarter 2008 FFO was an impairment charge of $21.2 million, or $0.07 per share, related to the write-off of certain predevelopment projects that have been abandoned and the write-down of an operating asset to its estimated net realizable value.
•: FFO for the twelve months increased 9.5% to $1.852 billion from $1.692 billion in 2007. On a diluted per share basis the increase was 8.8% to $6.42 from $5.90 in 2007.
•: Net income available to common stockholders for the quarter increased 28.6% to $145.2 million from $112.9 million in the fourth quarter of 2007. On a diluted per share basis the increase was 25.5% to $0.64 from $0.51 in 2007.
•: Net income available to common stockholders for the twelve months decreased 3.1% to $422.5 million from $436.2 million in 2007. On a diluted per share basis the decrease was 4.1% to $1.87 from $1.95 in 2007.

U.S. Portfolio Statistics(1)

	As of December 31, 2008			As of December 31, 2007			Change

Occupancy
Regional Malls(2)		92.4	%		93.5	%	110 basis point decrease
Premium Outlet Centers®(3)		98.9	%		99.7	%	80 basis point decrease
Comparable Sales per Sq. Ft.
Regional Malls(4)	$	470		$	491		4.3% decrease
Premium Outlet Centers(3)	$	513		$	504		1.8% increase
Average Rent per Sq. Ft.
Regional Malls(2)	$	39.49		$	37.09		6.5% increase
Premium Outlet Centers(3)	$	27.65		$	25.67		7.7% increase

(1): Statistics do not include the community/lifestyle center properties or the Mills portfolio of assets.
(2): For mall stores.
(3): For all owned gross leasable area (GLA).
(4): For mall stores with less than 10,000 square feet.

"We are very pleased to report such strong performance, especially in these difficult economic times. It is a testament to our high quality portfolio and strong balance sheet that we delivered FFO growth of 8.8% for the year," said David Simon, Chairman and Chief Executive Officer. "We recognized well over a year ago that the economy was deteriorating and adopted aggressive cost control measures, significantly reduced our development spending, and enhanced our liquidity position. The retail environment has been and will continue to be challenging in the upcoming months, however, we are experienced in working through difficult economic cycles. We believe we are positioned to deliver earnings and FFO growth in 2009.

Our Board of Directors has made the prudent decision to pay our quarterly dividend of $0.90 per share in a combination of 10% cash and 90% common stock. We believe this change in composition will fortify one of the industry's strongest balance sheets (rated A-/A3) as it will permit us to retain over $925 million of cash if adopted for all of 2009. This decision is a reflection of our conservative stance on capital allocation and liability management and is not in response to the current retail operating environment."

Dividends

Today the Company announced that its Board of Directors approved the declaration of a quarterly common stock dividend of $0.90 per share, consisting of a combination of cash and shares of the Company's common stock. The Company intends that the aggregate cash component of the dividend will not exceed 10% in the aggregate, or $0.09 per share. The dividend is payable on March 18, 2009 to stockholders of record on February 12, 2009.

Paying 90% of the 2009 dividend in shares of SPG common stock allows SPG to satisfy its REIT taxable income distribution requirement while enhancing its already considerable financial flexibility and balance sheet strength.

In accordance with the provisions of IRS Revenue Procedure 2008-68, stockholders may elect to receive payment of the dividend all in cash or all in common shares. To the extent that more than 10% of cash is elected, the cash portion will be prorated. Stockholders who elect to receive the dividend in

cash will receive a cash payment of at least $0.09 per share. Stockholders who do not make an election will receive 10% in cash and 90% in common stock.

The Company expects the dividend to be a taxable dividend to its stockholders, without regard to whether a particular stockholder receives the dividend in the form of cash or shares, and reserves the right to pay the dividend entirely in cash.

The number of shares issued as a result of the dividend will be calculated based on the volume weighted average trading prices of the Company's common stock on March 11, March 12 and March 13, 2009.

An information letter and election form will be mailed to stockholders of record promptly after February 12, 2009. The properly completed election form to receive cash or common shares must be received by the Company's transfer agent prior to 5:00 p.m. Eastern Standard Time on March 10, 2009. Registered stockholders with questions regarding the dividend election may call BNY Mellon Shareowner Services, the Company's transfer agent, at (800) 454-9768. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election please contact such bank, broker or nominee, who will also be responsible for distributing to you the letter and election form and submitting the election form on your behalf.

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

•: 6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on February 27, 2009 to stockholders of record on February 13, 2009.
•: 8³/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on March 31, 2009 to stockholders of record on March 17, 2009.

2009 Guidance

After giving effect to the estimated impact of paying up to 90% of the Company's 2009 common stock dividends in common stock, the Company estimates that diluted FFO will be within a range of $6.40 to $6.60 per share for the year ending December 31, 2009, and diluted net income will be within a range of $1.95 to $2.15 per share.

The Company's 2009 guidance estimates are based upon its internal budgeting and planning process and management's view of current market and economic conditions, including those in the retail real estate business. The Company's expectations also reflect the weaker retail environment and weakened state of the U.S. economy, as well as the current dislocation in the U.S. capital markets.

The 2009 guidance assumes comparable property NOI growth for the following operating portfolios:


Regional Malls		Flat to 1.0%
Premium Outlet Centers		3.0% to 5.0%

The 2009 guidance assumes an interest rate environment that is consistent with the current forward yield curves for one month LIBOR and the 10 Year U.S. Treasury note and makes certain assumptions on debt spreads. The guidance assumes no future acquisition or disposition activities other than the impact in 2009 from 2008 activity.

This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release.

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

For the year ending December 31, 2009

	Low End			High End

Estimated diluted net income available to common stockholders per share	$	1.95		$	2.15
Depreciation and amortization including our share of joint ventures		4.56			4.56
Impact of additional dilutive securities		(0.11	)		(0.11	)

Estimated diluted FFO per share	$	6.40		$	6.60

Capital Markets

During the fourth quarter, the Company completed seven asset financings, generating $583.9 million of proceeds (Simon's share of proceeds was $313.2 million). The financings were completed with a weighted average term of 5.7 years and at an average interest rate of 5.9% on the fixed rate financings and a rate at year-end of 2.4% on the floating rate loans.

As of December 31, 2008, the Company had approximately $1.1 billion of cash on hand, including its share of joint ventures, and over $2.4 billion of available capacity on its revolving credit facility.

U.S. New Development and Redevelopment Activity

On November 13^th, the Company announced the opening of Jersey Shore Premium Outlets. Located in Tinton Falls, Jersey Shore Premium Outlets contains 435,000 square feet of gross leasable area and 120 designer and name-brand outlet stores. The center is currently 92% leased to tenants including Ann Taylor, BCBG Max Azria, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Cole Haan, Elie Tahari, Geox, Guess, J.Crew, Juicy Couture, Kate Spade, Kenneth Cole, Lucky Brand, Michael Kors, Nike, Sony, Theory and Tommy Hilfiger.

The Company continues construction on the following development projects:

•: Cincinnati Premium Outlets, a 400,000 square foot upscale manufacturers' outlet center serving the greater Cincinnati and Dayton markets. The center is 100% owned by Simon and is scheduled to open in August of 2009.
•: A 600,000 square foot Phase II expansion of The Domain in Austin, Texas. The expansion will include Dillard's, a Village Road Show theater, Dick's Sporting Goods, 136,000 square feet of small shops and restaurants, and 78,000 square feet of office space. Restaurant offerings at Domain II will include Maggiano's and BJ's Restaurant and Brewhouse. The Company owns 100% of this project, slated for an opening in November of 2009.

During the fourth quarter, the Company completed significant redevelopment projects at Northshore Mall in the Boston suburb of Peabody (with Nordstrom opening this March), Ross Park Mall in Pittsburgh, and Tacoma Mall in Tacoma, Washington as well as the expansion of Orlando Premium Outlets in Orlando, Florida.

Construction continues on two significant redevelopment projects:

•: Camarillo Premium Outlets—The Promenade—220,000 square foot expansion of the upscale outlet center to be anchored by Saks Fifth Avenue Off 5^th and Neiman Marcus Last Call, opening in April of 2009.
•: South Shore Plaza—Addition of Nordstrom opening in March of 2010.

International Activity

On October 16^th, the Company opened Sendai-Izumi Premium Outlets, the seventh Premium Outlet Center in Japan. The 172,000 square foot first phase of the project is 100% leased to 80 tenants including Beams, Brooks Brothers, Bose, Coach, Hush Puppies, Jill Stuart, Kipling, Laundry, Levi's, Miss Sixty, OshKosh B'Gosh, Pleats Please Issey Miyake, St. John, T-Fal, Tasaki, United Arrows, as well as the first outlet stores in Japan for PLS+T and Ray Ban. Simon owns 40% of this property.

Construction continues on the following international development projects:

•: Ami Premium Outlets—an upscale manufacturers' outlet center located approximately 34 miles northeast of central Tokyo. Phase I, comprising 225,000 square feet, is scheduled to open in July of 2009 with approximately 100 tenants, including global brands, domestic brands and restaurants. The center is expandable to approximately 360,000 square feet. Simon owns 40% of this project.
•: Argine (Naples, Italy)—a 300,000 square foot shopping center scheduled to open in December of 2009. Simon owns a 24% interest in this project.
•: Catania (Sicily, Italy)—a 642,000 square foot shopping center scheduled to open in June of 2010. Simon owns a 24% interest in this project.
•: Three projects in China located in Hangzhou, Suzhou, and Zhengzhou. The centers range in size from 310,000 to 750,000 square feet, will be anchored by Wal-Mart, and are scheduled to open in 2009. Simon owns a 32.5% interest in each of these projects.

Conference Call

The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investor Relations tab), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Standard Time (New York time) today, January 30, 2009. An online replay will be available for approximately 90 days at www.simon.com, www.earnings.com, and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com shortly after completion of the call.

Supplemental Materials

The Company will publish a supplemental information package which will be available at www.simon.com in the Investor Relations section, Financial Information tab. It will also be furnished to the SEC as part of a current report on Form 8-K. If you wish to receive a copy via mail or email, please call 800-461-3439.

Forward-Looking Statements

Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity

of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its periodic reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Funds from Operations ("FFO")

The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States ("GAAP").

About Simon Property Group

Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 386 properties comprising 263 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.

SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)

		For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

		2008			2007			2008			2007
REVENUE:
Minimum rent		$	607,100		$	585,385		$	2,291,919		$	2,154,713
Overage rent			39,440			46,428			100,222			110,003
Tenant reimbursements			289,290			292,384			1,065,957			1,023,164
Management fees and other revenues			31,222			40,371			132,471			113,740
Other income			62,264			71,013			192,586			249,179

	Total revenue		1,029,316			1,035,581			3,783,155			3,650,799
EXPENSES:
Property operating			103,687			111,463			455,874			454,510
Depreciation and amortization			268,902			235,092			969,477			905,636
Real estate taxes			80,586			77,127			334,657			313,311
Repairs and maintenance			32,621			36,151			107,879			120,224
Advertising and promotion			32,729			32,854			96,783			94,340
Provision for credit losses			6,668			4,462			24,035			9,562
Home and regional office costs			36,099			40,665			144,865			136,610
General and administrative			5,555			4,682			20,987			19,587
Other			16,651			19,236			67,721			61,954

	Total operating expenses		583,498			561,732			2,222,278			2,115,734

OPERATING INCOME			445,818			473,849			1,560,877			1,535,065
Interest expense			(244,933	)		(241,565	)		(947,140	)		(945,852	)
Loss on extinguishment of debt			—			—			(20,330	)		—
Minority interest in income of consolidated entities			(3,986	)		(4,838	)		(12,431	)		(13,936	)
Income tax (expense) benefit of taxable REIT subsidiaries			(2,005	)		12,727			(3,581	)		11,322
Income from unconsolidated entities			19,186			397			32,246			38,120
Impairment charge			(21,172	)		(55,061	)		(21,172	)		(55,061	)
Gain on sale of assets and interests in unconsolidated entities			—			409			—			92,044
Limited partners' interest in the Operating Partnership			(36,345	)		(34,749	)		(107,214	)		(120,818	)
Preferred distributions of the Operating Partnership			(4,201	)		(5,362	)		(17,599	)		(21,580	)

Income from continuing operations			152,362			145,807			463,656			519,304
Discontinued operations, net of limited partners' interest			(20	)		78			(20	)		(93	)
Loss on sale of discontinued operations, net of limited partners' interest			—			(20,880	)		—			(27,972	)

NET INCOME			152,342			125,005			463,636			491,239
Preferred dividends			(7,139	)		(12,076	)		(41,119	)		(55,075	)

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	145,203		$	112,929		$	422,517		$	436,164

SIMON
Per Share Data
Unaudited

		For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

		2008			2007			2008			2007
Basic Earnings Per Common Share:
	Income from continuing operations	$	0.64		$	0.60		$	1.88		$	2.09
	Discontinued operations		—			(0.09	)		—			(0.13	)

	Net income available to common stockholders	$	0.64		$	0.51		$	1.88		$	1.96

	Percentage Change		25.5	%					-4.1	%
Diluted Earnings Per Common Share:
	Income from continuing operations	$	0.64		$	0.60		$	1.87		$	2.08
	Discontinued operations		—			(0.09	)		—			(0.13	)

	Net income available to common stockholders	$	0.64		$	0.51		$	1.87		$	1.95

	Percentage Change		25.5	%					-4.1	%

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

				December 31, 2008			December 31, 2007

ASSETS:
	Investment properties, at cost			$	25,205,715		$	24,415,025
		Less—accumulated depreciation			6,184,285			5,312,095

					19,021,430			19,102,930
	Cash and cash equivalents				773,544			501,982
	Tenant receivables and accrued revenue, net				414,856			447,224
	Investment in unconsolidated entities, at equity				1,663,886			1,886,891
	Deferred costs and other assets				1,202,256			1,118,635
	Note receivable from related party				520,700			548,000

			Total assets	$	23,596,672		$	23,605,662

LIABILITIES:
	Mortgages and other indebtedness			$	18,042,532		$	17,218,674
	Accounts payable, accrued expenses, intangibles, and deferred revenues				1,086,248			1,251,044
	Cash distributions and losses in partnerships and joint ventures, at equity				380,730			352,798
	Other liabilities, minority interest and accrued dividends				179,970			180,644

		Total liabilities			19,689,480			19,003,160

COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS' INTEREST IN THE OPERATING PARTNERSHIP					637,140			731,406
LIMITED PARTNERS' PREFERRED INTEREST IN THE OPERATING PARTNERSHIP					229,869			307,713
STOCKHOLDERS' EQUITY
	CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock):
		All series of preferred stock, 100,000,000 shares authorized, 8,387,212 and 14,801,884 issued and outstanding, respectively, and with liquidation values of $419,361 and $740,094, respectively			425,545			746,608
		Common stock, $.0001 par value, 400,000,000 shares authorized, 235,691,040 and 227,719,614 issued and outstanding, respectively			24			23
		Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding			—			—
		Class C common stock, $.0001 par value, 0 and 4,000 shares authorized, issued and outstanding			—			—
	Capital in excess of par value				5,410,147			5,067,718
	Accumulated deficit				(2,444,257	)		(2,055,447	)
	Accumulated other comprehensive income				(165,066	)		18,087
	Common stock held in treasury at cost, 4,379,396 and 4,697,332 shares, respectively				(186,210	)		(213,606	)

		Total stockholders' equity			3,040,183			3,563,383

		Total liabilities and stockholders' equity		$	23,596,672		$	23,605,662

SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)

			For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

			2008			2007			2008			2007
Revenue:
	Minimum rent		$	521,062		$	498,463		$	1,956,129		$	1,682,671
	Overage rent			58,110			55,044			130,549			119,134
	Tenant reimbursements			275,041			279,492			1,005,638			852,312
	Other income			54,394			64,368			199,774			201,075

		Total revenue		908,607			897,367			3,292,090			2,855,192
Operating Expenses:
	Property operating			176,770			173,889			671,268			580,910
	Depreciation and amortization			203,631			227,695			775,887			627,929
	Real estate taxes			67,427			59,485			263,054			220,474
	Repairs and maintenance			35,187			35,826			124,272			113,517
	Advertising and promotion			25,184			24,145			70,425			62,182
	Provision for credit losses			9,981			8,309			24,053			22,448
	Other			54,053			58,717			177,298			162,570

		Total operating expenses		572,233			588,066			2,106,257			1,790,030

Operating Income				336,374			309,301			1,185,833			1,065,162
Interest expense				(242,141	)		(259,214	)		(969,420	)		(853,307	)
(Loss) income from unconsolidated entities				(1,340	)		207			(5,123	)		665
Loss on sale of assets				—			(823	)		—			(6,399	)

Income from Continuing Operations				92,893			49,471			211,290			206,121
Income from consolidated joint venture interests(A)				—			—			—			2,562
Income from discontinued joint venture interests(B)				—			26			47			202
(Loss) gain on disposal or sale of discontinued operations, net				—			(15	)		—			198,956

Net Income			$	92,893		$	49,482		$	211,337		$	407,841

Third-Party Investors' Share of Net Income			$	60,708		$	38,209		$	132,111		$	232,586

Our Share of Net Income				32,185			11,273			79,226			175,255
Amortization of Excess Investment				(12,999	)		(10,467	)		(46,980	)		(46,503	)
Our Share of Net Gain Related to Properties Sold				—			(409	)		—			(90,632	)

Income from Unconsolidated Entities, Net			$	19,186		$	397		$	32,246		$	38,120

SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)

		December 31, 2008		December 31, 2007

Assets:
Investment properties, at cost		$	21,472,490	$	21,009,416
Less—accumulated depreciation			3,892,956		3,217,446

			17,579,534		17,791,970
Cash and cash equivalents			805,411		747,575
Tenant receivables and accrued revenue, net			428,322		435,093
Investment in unconsolidated entities, at equity			230,497		258,633
Deferred costs and other assets			594,578		713,180

	Total assets	$	19,638,342	$	19,946,451

Liabilities and Partners' Equity:
Mortgages and other indebtedness		$	16,686,701	$	16,507,076
Accounts payable, accrued expenses, intangibles and deferred revenue			1,070,958		972,699
Other liabilities			982,254		825,279

	Total liabilities		18,739,913		18,305,054
Preferred units			67,450		67,450
Partners' equity			830,979		1,573,947

	Total liabilities and partners' equity	$	19,638,342	$	19,946,451

Our Share of:
Total assets		$	8,056,873	$	8,040,987

Partners' equity		$	533,929	$	776,857
Add: Excess Investment(C)			749,227		757,236

Our net Investment in Joint Ventures			1,283,156		1,534,093

Mortgages and other indebtedness		$	6,632,419	$	6,568,403

SIMON
Footnotes to Financial Statements
Unaudited

Notes:

(A): Consolidation occurs when the Company acquires an additional ownership interest in a joint venture and, as a result, gains control of the joint venture. These interests have been separated from operational interests to present comparative results of operations.
(B): Discontinued joint venture interests represent assets and partnership interests that have been sold.
(C): Excess investment represents the unamortized difference of the Company's investment over equity in the underlying net assets of the partnerships and joint ventures. The Company generally amortizes excess investment over the life of the related properties, typically no greater than 40 years, and the amortization is included in income from unconsolidated entities.

SIMON
Reconciliation of Net Income to FFO(1)
Unaudited
(In thousands, except as noted)

		For the Three Months Ended December 31,						For the Twelve Months Ended December 31,

		2008			2007			2008			2007
Net Income(2)(3)(4)(5)		$	152,342		$	125,005		$	463,636		$	491,239
Adjustments to Net Income to Arrive at FFO:
	Limited partners' interest in the Operating Partnership and preferred distributions of the Operating Partnership		40,546			40,111			124,813			142,398
	Limited partners' interest in discontinued operations		(5	)		20			(5	)		(24	)
	Depreciation and amortization from consolidated properties and discontinued operations		264,465			232,162			954,494			892,488
	Simon's share of depreciation and amortization from unconsolidated entities		96,631			109,462			376,670			315,159
	Loss (gain) on sales of assets and interests in unconsolidated entities, net of limited partners' interest		—			20,471			—			(64,072	)
	Minority interest portion of depreciation and amortization		(2,112	)		(2,051	)		(8,559	)		(8,646	)
	Preferred distributions and dividends		(11,340	)		(17,438	)		(58,718	)		(76,655	)

FFO of the Operating Partnership		$	540,527		$	507,742		$	1,852,331		$	1,691,887

Per Share Reconciliation:
Diluted net income available to common stockholders per share		$	0.64		$	0.51		$	1.87		$	1.95
Adjustments to net income to arrive at FFO:
	Depreciation and amortization from consolidated properties and Simon's share of depreciation and amortization from unconsolidated entities, net of minority interest portion of depreciation and amortization		1.26			1.21			4.69			4.27
	Loss (gain) on sales of assets and interests in unconsolidated entities, net of limited partners' interest		—			0.09			—			(0.20	)
	Impact of additional dilutive securities for FFO per share		(0.04	)		(0.05	)		(0.14	)		(0.12	)

Diluted FFO per share		$	1.86		$	1.76		$	6.42		$	5.90

Details for per share calculations:
FFO of the Operating Partnership		$	540,527		$	507,742		$	1,852,331		$	1,691,887
Adjustments for dilution calculation:
Impact of preferred stock and preferred unit conversions and option exercises(6)			7,513			12,836			43,350			51,567

Diluted FFO of the Operating Partnership			548,040			520,578			1,895,681			1,743,454
Diluted FFO allocable to unitholders			(104,845	)		(102,155	)		(366,868	)		(342,434	)

Diluted FFO allocable to common stockholders		$	443,195		$	418,423		$	1,528,813		$	1,401,020

Basic weighted average shares outstanding			227,512			223,015			225,333			222,998
Adjustments for dilution calculation:
	Effect of stock options		397			673			551			778
	Impact of Series C preferred unit conversion		71			78			75			122
	Impact of Series I preferred unit conversion		1,254			2,408			1,531			2,485
	Impact of Series I preferred stock conversion		9,657			11,102			10,773			11,065

Diluted weighted average shares outstanding			238,891			237,276			238,263			237,448
Weighted average limited partnership units outstanding			56,514			57,929			57,175			58,036

Diluted weighted average shares and units outstanding			295,405			295,205			295,438			295,484

Basic FFO per share		$	1.90		$	1.81		$	6.56		$	6.02
	Percent Increase		5.0	%					9.0	%
Diluted FFO per share		$	1.86		$	1.76		$	6.42		$	5.90
	Percent Increase		5.7	%					8.8	%

SIMON
Footnotes to Reconciliation of Net Income to FFO
Unaudited

Notes:

(1): The Company considers FFO a key measure of its operating performance that is not specifically defined by GAAP and believes that FFO is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. The Company also uses this measure internally to measure the operating performance of the portfolio. The Company's computation of FFO may not be comparable to FFO reported by other REITs.
: The Company determines FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). The Company determines FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales of previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.
: The Company has adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale of previously depreciated operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(2): Includes the Company's share of gains upon the sale of land and other non-retail real estate investments of $3.0 million and $8.0 million for the three months ended December 31, 2008 and 2007, respectively and $21.6 million and $19.8 million for the twelve months ended December 31, 2008 and 2007, respectively.
(3): Includes the Company's share of straight-line adjustments to minimum rent of $8.6 million and $8.5 million for the three months ended December 31, 2008 and 2007, respectively and $39.6 million and $27.5 million for the twelve months ended December 31, 2008 and 2007, respectively.
(4): Includes the Company's share of the fair market value of leases from acquisitions of $8.6 million and $12.1 million for the three months ended December 31, 2008 and 2007, respectively and $45.1 million and $53.4 million for the twelve months ended December 31, 2008 and 2007, respectively.
(5): Includes the Company's share of debt premium amortization of $4.7 million and $6.0 million for the three months ended December 31, 2008 and 2007, respectively and $19.4 million and $32.1 million for the twelve months ended December 31, 2008 and 2007, respectively.
(6): Includes dividends and distributions of Series I preferred stock and Series C and Series I preferred units.

QuickLinks

Exhibit 99.2
U.S. Portfolio Statistics(1)
Dividends
2009 Guidance
Capital Markets
U.S. New Development and Redevelopment Activity
International Activity
Conference Call
Supplemental Materials
Forward-Looking Statements
Funds from Operations ("FFO")
About Simon Property Group