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): July 28, 2005

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.)
115 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 Operation and Financial Condition

On July 28, 2005, Simon Property Group, Inc. (the “Registrant”) issued a press release containing information on earnings for the quarter ended June 30, 2005 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 use the non-GAAP financial measures Funds from Operations (“FFO”) and Net Operating Income (“NOI”). The Registrant considers FFO and NOI key measures of its operating performance that are not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Registrant believes that FFO and NOI are helpful to investors because they are widely recognized measures of the performance of real estate investment trusts and provide relevant bases for comparison among REITs. The Registrant also uses FFO and NOI internally to measure the operating performance of its portfolio. The reconciliation of FFO to net income is provided on page 69 furnished herewith in Exhibit 99.2. The reconciliation of NOI to net income is 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. By furnishing this information, the Registrant makes no admission as to the materiality of any information in this Item 2.02, including the Exhibit 99.2.

Item 7.01. Regulation FD Disclosure

On July 28, 2005, the Registrant made available additional ownership and operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of June 30, 2005, 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:

Exhibit No.	Description	Page Number in This Filing
99.1	Supplemental Information as of June 30, 2005		4
99.2	Earnings Release for the quarter ended June 30, 2005		62

SIGNATURES

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

Dated: July 28, 2005
	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 June 30, 2005

Description		Page
Exhibit 99.1	Supplemental Information
	Company Overview
	Overview (reporting calendar, stock information, and corporate ratings)	5-6
	Ownership Structure	7
	Changes in Common Shares and Unit Ownership	8
	Financial Data
	Selected Financial and Equity Information	9
	Unaudited Pro-Rata Statement of Operations	11-12
	Unaudited Pro-Rata Balance Sheet	13
	Reconciliation of NOI to Net Income	14
	Computation of Comparable Property NOI Growth	15
	Analysis of Other Income and Other Expense	16
	NOI Composition	17
	Operational Data
	U.S. Portfolio GLA, Occupancy & Rent Data	18
	U.S. Regional Mall Operational Information	19
	U.S. Regional Mall Lease Expirations	20
	U.S. Regional Mall Top Tenants	21
	U.S. Regional Mall Anchor/Big Box Openings, 2005 - 2007	22-23
	U.S. Regional Mall Property Listing	24-28
	U.S. Premium Outlet^® Centers Operational Information	29
	U.S. Premium Outlet^® Centers Lease Expirations	30
	U.S. Premium Outlet^® Centers Top Tenants	31
	U.S. Premium Outlet^® Centers Property Listing	32
	U.S. Community/Lifestyle Centers Operational Information	33
	U.S. Community/Lifestyle Centers Lease Expirations	34
	U.S. Community/Lifestyle Centers Top Tenants	35
	U.S. Community/Lifestyle Centers Property Listing	36-37
	International Operational Information	38
	International Property Listing	39-41
	Development Activity
	Capital Expenditures in the U.S. Portfolio	42
	U.S. Development Activity Report	43-45
	International Development Activity Report	46
	Balance Sheet Information
	The Company’s Share of Total Debt Amortization and Maturities by Year	47
	Summary of Indebtedness	48
	Summary of Indebtedness by Maturity	49-55
	Unencumbered Assets	56-60
	Preferred Stock/Units Outstanding	61
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release	62-73

Exhibit 99.1

SIMON PROPERTY GROUP

Overview

The Company

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

At June 30, 2005, the Company owned or had an interest in 295 properties in the United States containing an aggregate of 201 million square feet of gross leasable area (GLA) in 40 states plus Puerto Rico. The Company also holds interests in 51 European shopping centers in France, Italy, Poland and Portugal; 5 Premium Outlet centers in Japan; one Premium Outlet center in Mexico; and one shopping center in Canada.

This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of June 30, 2005, for the Company and the Operating Partnership.

Certain statements contained in this Supplemental Package may constitute “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that forward-looking statements involve risks and uncertainties, which may affect the business and prospects of the Company and the Operating Partnership. We direct you to the description of risks and uncertainties contained in the earnings release which accompanies this supplemental package as well as in the Company’s various filings with the Securities and Exchange Commission including Form 10-K and Form 10-Q.

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

Reporting Calendar

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

Third Quarter 2005		Late October 2005
Fourth Quarter 2005		Early February 2006

Stock Information

Simon Property common stock and four issues of preferred stock are traded on the New York Stock Exchange under the following symbols:

Common Stock		SPG
8.75% Series F Cumulative Preferred		SPGPrF
7.89% Series G Cumulative Preferred		SPGPrG
6% Series I Convertible Perpetual Preferred		SPGPrI
8.375% Series J Cumulative Redeemable Preferred		SPGPrJ

Credit Ratings

Standard & Poor’s
Corporate	BBB+	(Stable)
Senior Unsecured	BBB+	(Stable)(1)
Preferred Stock	BBB	(Stable)
Moody’s
Senior Unsecured	Baa2	(Positive Outlook)(2)
Preferred Stock	Baa3	(Positive Outlook)(2)

(1) Standard & Poor’s upgraded its rating on Simon Group’s senior unsecured debt from BBB to BBB+ on December 29, 2004.

(2) Moody’s changed its rating on Simon Group’s senior unsecured debt and preferred stock to Positive Outlook from Stable on May 17, 2005.

Simon Property Group Ownership Structure(1)
June 30, 2005

(1) Schedule excludes preferred stock (see “Preferred Stock/Units Outstanding”) and units not convertible into common stock.

(2) Consists of Melvin Simon, Herbert Simon, David Simon, and/or trusts established for the benefit of members of the Simon family and Melvin Simon & Associates, Inc.

(3) Holders of Class B common stock are entitled to elect 4 of the 13 members of the Board of Directors and also have voting rights with common stock.

(4) Consists of NID Corporation, directly or indirectly, members of the DeBartolo family, including Edward J. DeBartolo, Jr. and M. Denise DeBartolo York, or trusts established for the benefit of members of the DeBartolo family or entities in which the foregoing persons hold interests.

(5) Holders of Class C common stock are entitled to elect 2 of the 13 members of the Board of Directors and also have voting rights with common stock.

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

SIMON PROPERTY GROUP

Changes in Common Shares and Unit Ownership

For the Period from December 31, 2004 through June 30, 2005

	Operating		Company
	Partnership		Common
	Units(1)		Shares(2)
Number Outstanding at December 31, 2004	60,943,415		220,306,495
Purchase of Simon Property Common Stock in open market	—		(2,000,000	)
Issuance of Stock for Stock Option Exercises	—		168,539
Conversion of Units into Common Stock	(1,643,448	)	1,643,448
Conversion of Units into Cash	(41,126	)	—
Conversion of Preferred Units into Common Stock	—		76,289
Conversion of Preferred Units into Units	3,736		—
Shares Retired	—		(18,000	)
Reversal of Unit Issuance for Debt Refinancing	(68,123	)	—
Restricted Stock Awards (Stock Incentive Program), Net	—		409,850
Number Outstanding at June 30, 2005	59,194,454		220,586,621

Total Common Shares and Units Outstanding at June 30, 2005:
279,781,075(2)

*Details for Diluted Common Shares Outstanding(5):*
Company Common Shares Outstanding at June 30, 2005		220,586,621
Number of Common Shares Issuable Assuming Conversion of:
Series I 6% Convertible Perpetual Preferred Stock(3)		10,713,800
Series C 7% Cumulative Convertible Preferred Units(3)		1,067,606
Series I 6% Convertible Perpetual Preferred Units(3)		3,392,337
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)		883,274
Diluted Common Shares Outstanding at June 30, 2005		236,643,638

Fully Diluted Common Shares and Units Outstanding(5) at June 30, 2005:
295,838,092

(1) Excludes units owned by the Company (shown here as Company Common Shares) and units not convertible into common shares.

(2) Excludes preferred units relating to preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 61).

(3) Conversion terms provided on page 61 of this document.

(4) Based upon the weighted average stock price for the quarter ended June 30, 2005.

(5) For FFO purposes.

SIMON PROPERTY GROUP

Selected Financial and Equity Information

As of June 30, 2005

Unaudited

(In thousands, except as noted)

	As of or for the				As of or for the
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2005		2004		2005		2004
*Financial Highlights of the Company*
Total Revenue—Consolidated Properties	$	756,262	$	591,563	$	1,504,181	$	1,164,520
Net Income Available to Common Shareholders	$	154,811	$	70,711	$	211,878	$	119,062
Basic Earnings per Common Share	$	0.70	$	0.34	$	0.96	$	0.58
Diluted Earnings per Common Share	$	0.70	$	0.34	$	0.96	$	0.58
FFO of the Simon Portfolio	$	335,169	$	267,260	$	654,738	$	520,257
Diluted FFO of the Simon Portfolio	$	349,378	$	268,535	$	683,159	$	522,806
Basic FFO per Share	$	1.20	$	1.01	$	2.34	$	1.98
Diluted FFO per Share	$	1.18	$	1.01	$	2.31	$	1.97
Distributions per Share	$	0.70	$	0.65	$	1.40	$	1.30

	June 30, 2005		December 31, 2004
*Shareholders’ Equity Information*
Limited Partner Units Outstanding at End of Period	59,194		60,943
Common Shares Outstanding at End of Period	220,587		220,307
Total Common Shares and Units Outstanding at End of Period	279,781		281,250
Weighted Average Limited Partnership Units Outstanding	59,975		59,086
Weighted Average Common Shares Outstanding—Basic(1)	220,306		207,990
Weighted Average Common Shares Outstanding—Diluted(1)	236,404		213,745
*Debt Information*
Consolidated Debt	$	14,247,220	$	14,586,393
Simon Group’s Share of Joint Venture Debt	$	2,903,088	$	2,750,327
*Market Capitalization*
Common Stock Price at End of Period	$	72.49	$	64.67
Equity Market Capitalization(2)	$	21,962,161	$	19,829,361
Total Capitalization—Including Simon Group’s Share of JV Debt	$	39,112,469	$	37,166,081

	As of or for the
	Six Months Ended
	June 30,
	2005		2004
*Miscellaneous Balance Sheet Data*
Interest Capitalized during the Period:
Consolidated Properties	$	6,862	$	6,515
Joint Venture Properties	$	1,475	$	981
Simon Group’s Share of Joint Venture Properties	$	639	$	477

(1) For purposes of computing FFO per share.

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

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

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

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Three Months Ended June 30, 2005

								The				The
								Company’s				Company’s
					Minority			Consolidated				Share of
	Consolidated				Interest			Share				Joint Ventures				Total
REVENUE:
Minimum rent		$	470,387		$	(8,063	)		$	462,324			$	113,671		$	575,995
Overage rent		14,423			(110		)		14,313				7,993			22,306
Tenant reimbursements		213,873			(4,753		)		209,120				53,742			262,862
Management fees and other revenues		17,505			—				17,505				—			17,505
Other income		40,074			(338		)		39,736				13,956			53,692
Total revenue		756,262			(13,264		)		742,998				189,362			932,360
EXPENSES:
Property operating		100,916			(2,735		)		98,181				38,116			136,297
Depreciation and amortization		206,444			(2,832		)		203,612				57,199			260,811
Real estate taxes		71,783			(1,296		)		70,487				13,684			84,171
Repairs and maintenance		24,904			(648		)		24,256				6,854			31,110
Advertising and promotion		18,687			(336		)		18,351				3,476			21,827
Provision for credit losses		(1,688		)	(51		)		(1,739		)		727			(1,012		)
Home and regional office costs		30,802			—				30,802				—			30,802
General & administrative		4,459			—				4,459				—			4,459
Other		11,107			(568		)		10,539				13,303			23,842
Total operating expenses		467,414			(8,466		)		458,948				133,359			592,307
OPERATING INCOME		288,848			(4,798		)		284,050				56,003			340,053
Interest expense		199,153			(2,545		)		196,608				41,547			238,155
Income before minority interest		89,695			(2,253		)		87,442				14,456			101,898
Minority interest		(2,253		)	2,253				—				—			—
Gain on sales of assets and other, net		2,134			—				2,134				—			2,134
Income tax expense of taxable REIT subsidiaries		(2,734		)	—				(2,734		)		—			(2,734		)
Income before unconsolidated entities		86,842			—				86,842				14,456			101,298
Income from other unconsolidated entities		14,456			—				14,456				(14,456		)	—
Income from continuing operations		101,298			—				101,298				—			101,298
Results of operations from discontinued operations		1,596			—				1,596				—			1,596
Gain on disposal or sale of discontinued operations		119,692			—				119,692				—			119,692
Income before allocation to limited partners		222,586			—				222,586				—			222,586
LESS:
Limited partners’ interest in the Operating Partnership		42,018			—				42,018				—			42,018
Preferred distributions of the Operating Partnership		7,350			—				7,350				—			7,350
NET INCOME		173,218			—				173,218				—			173,218
Preferred dividends		(18,407		)	—				(18,407		)		—			(18,407		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	154,811		$	—			154,811				$	—		$	154,811
RECONCILIATION TO FFO:
Net Income									173,218				—			173,218
Less:
Joint Venture Net Income									(14,456		)		14,456			—
Net Income									158,762				14,456			173,218
Plus:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership									49,368				—			49,368
Depreciation and amortization from combined consolidated properties and discontinued operations									205,858				—			205,858
Our share of depreciation and amortization from unconsolidated affiliates									—				55,567			55,567
Tax provision related to gain on sale									—				1,533			1,533
Less:
Loss on sale of real estate and discontinued operations									(121,826		)		—			(121,826		)
Minority interest portion of depreciation and amortization									(2,792		)		—			(2,792		)
Preferred distributions and dividends (Including those of subsidiaries)									(25,757		)		—			(25,757		)
Our FFO									$	263,613			$	71,556		$	335,169
% of Total FFO:									78.65		%		21.35		%	100.00		%

SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Six Months Ended June 30, 2005

								The				The
								Company’s				Company’s				Total
					Minority			Consolidated				Share of				Company’s
	Consolidated				Interest			Share				Joint Ventures				Share
REVENUE:
Minimum rent		$	937,026		$	(16,287	)		$	920,739			$	222,458		$	1,143,197
Overage rent		27,731			(244		)		27,487				12,798			40,285
Tenant reimbursements		425,470			(9,625		)		415,845				105,744			521,589
Management fees and other revenues		37,185			—				37,185				—			37,185
Other income		76,769			(635		)		76,134				25,700			101,834
Total revenue		1,504,181			(26,791		)		1,477,390				366,700			1,844,090
EXPENSES:
Property operating		202,567			(5,432		)		197,135				71,917			269,052
Depreciation and amortization		418,070			(4,883		)		413,187				105,508			518,695
Real estate taxes		143,892			(2,648		)		141,244				26,529			167,773
Repairs and maintenance		53,230			(1,436		)		51,794				15,234			67,028
Advertising and promotion		36,860			(623		)		36,237				6,752			42,989
Provision for credit losses		824			(60		)		764				1,941			2,705
Home and regional office costs		57,992			—				57,992				—			57,992
General & administrative		8,251			—				8,251				—			8,251
Other		21,958			(1,017		)		20,941				24,632			45,573
Total operating expenses		943,644			(16,099		)		927,545				252,513			1,180,058
OPERATING INCOME		560,537			(10,692		)		549,845				114,187			664,032
Interest expense		395,763			(5,132		)		390,631				81,804			472,435
Income before minority interest		164,774			(5,560		)		159,214				32,383			191,597
Minority interest		(5,560		)	5,560				—				—			—
Gain (loss) on sales of assets and other, net		12,607			—				12,607				—			12,607
Income tax expense of taxable REIT subsidiaries		(7,420		)	—				(7,420		)		—			(7,420		)
Income before unconsolidated entities		164,401			—				164,401				32,383			196,784
Income from other unconsolidated entities		32,383			—				32,383				(32,383		)	—
Income from continuing operations		196,784			—				196,784				—			196,784
Results of operations from discontinued operations		4,073			—				4,073				—			4,073
Gain on disposal or sale of discontinued operations		119,780			—				119,780				—			119,780
Income before allocation to limited partners		320,637			—				320,637				—			320,637
LESS:
Limited partners’ interest in the Operating Partnership		57,681			—				57,681				—			57,681
Preferred distributions of the Operating Partnership		14,274			—				14,274				—			14,274
NET INCOME		248,682			—				248,682				—			248,682
Preferred dividends		(36,804		)	—				(36,804		)		—			(36,804		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	211,878		$	—			$	211,878			$	—		$	211,878
RECONCILIATION TO FFO:
Net Income									$	248,682			$	—		$	248,682
Less:
Joint Venture Net Income									(32,383		)		32,383			—
Net Income									216,299				32,383			248,682
Plus:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership									71,955				—			71,955
Depreciation and amortization from consolidated properties and discontinued operations									417,576				—			417,576
Our share of depreciation and amortization from unconsolidated entities									—				103,298			103,298
Tax provision related to gain on sale									—				1,533			1,533
Less:
Loss on sale of real estate and discontinued operations									(132,387		)		—			(132,387		)
Minority interest portion of depreciation and amortization									(4,841		)		—			(4,841		)
Preferred distributions and dividends (Including those of subsidiaries)									(51,078		)		—			(51,078		)
Our FFO									$	517,524			$	137,214		$	654,738
% of Total FFO:									79.04		%		20.96		%	100.00		%

SIMON PROPERTY GROUP

Unaudited Pro-Rata Balance Sheet

As of June 30, 2005

						The			The
						Company’s			Company’s			Total
				Minority		Consolidated			Share of			Company’s
	Consolidated			Interest		Share			Joint Ventures			Share
ASSETS:
Investment properties, at cost		$ 21,161,935		$ (209,548	)		$ 20,952,387			$ 5,059,865		$ 26,012,252
Less—accumulated depreciation		3,440,838		(57,582	)		3,383,256			688,883		4,072,139
		17,721,097		(151,966	)		17,569,131			4,370,982		21,940,113
Cash and cash equivalents		375,575		(8,743	)		366,832			110,412		477,244
Tenant receivables and accrued revenue, net		310,606		(5,007	)		305,599			72,263		377,862
Investment in unconsolidated entities, at equity		1,709,899		—			1,709,899			(1,709,899	)	—
Deferred costs and other assets		1,200,889		(64,186	)		1,136,703			142,946		1,279,649
Total assets		$ 21,318,066		$ (229,902	)		$ 21,088,164			$ 2,986,704		$ 24,074,868
LIABILITIES:
Mortgages and other indebtedness		$ 14,247,220		$ (194,925	)		$ 14,052,295			$ 2,903,088		$ 16,955,383
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,016,179		(7,983	)		1,008,196			145,029		1,153,225
Cash distributions and losses in partnerships and joint ventures, at equity		111,694		—			111,694			(111,694	)	—
Other liabilities, minority interest and accrued dividends		163,755		(26,994	)		136,761			50,281		187,042
Total liabilities		15,538,848		(229,902	)		15,308,946			2,986,704		18,295,650
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP		917,598		—			917,598			—		917,598
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP		409,340		—			409,340			—		409,340
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, 25,479,963 issued and outstanding, with Liquidation values of $1,073,998		1,072,392		—			1,072,392			—		1,072,392
Common stock, $.0001 par value, 400,000,000 shares authorized, 224,574,876 and 222,710,350 issued and outstanding, respectively		23		—			23			—		23
Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding		—		—			—			—		—
Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding		—		—			—			—		—
Capital in excess of par value		5,016,631		—			5,016,631			—		5,016,631
Accumulated deficit		(1,432,864	)	—			(1,432,864	)		—		(1,432,864	)
Accumulated other comprehensive income		7,053		—			7,053			—		7,053
Unamortized restricted stock award		(39,517	)	—			(39,517	)		—		(39,517	)
Common stock held in treasury at cost, 4,000,255 and 2,415,855 shares, respectively		(171,438	)	—			(171,438	)		—		(171,438	)
Total stockholders’ equity		4,452,280		—			4,452,280			—		4,452,280
		$ 21,318,066		$ (229,902	)		$ 21,088,164			$ 2,986,704		$ 24,074,868

SIMON PROPERTY GROUP
Reconciliation of NOI to Net Income
As of June 30, 2005

Industry practice is to evaluate real estate properties on an unleveraged basis. 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 NOI to Net Income provides “Total NOI of the Simon Group Portfolio” and reconciles the amounts to net income, which we believe is the most directly comparable GAAP financial measure. The Computation of Comparable Property NOI Growth provides the increase in the comparable regional mall NOI for the quarter and six months ended June 30, 2005.

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2005				2004				2005				2004
	(in thousands)
Reconciliation of NOI of consolidated Properties:
Net Income		$	173,218			$	78,545			$	248,682			$	134,732
Add: Preferred distributions of the Operating Partnership		7,350				4,900				14,274				9,805
Limited partners’ interest in the Operating Partnership		42,018				20,201				57,681				34,776
Discontinued operations—Results of operations and loss on disposal or sale, net		(121,288		)		(1,884		)		(123,853		)		(4,177		)
Income tax expense of taxable REIT subsidiaries		2,734				6,632				7,420				8,642
Minority interest		2,253				3,820				5,560				4,681
Interest Expense		199,153				156,218				395,763				308,879
Income from unconsolidated entities		(14,456		)		(19,836		)		(32,383		)		(36,908		)
(Gain) Loss on sales of assets and other, net		(2,134		)		(11,619		)		(12,607		)		1,881
Operating Income		288,848				236,977				560,537				462,311
Depreciation and amortization expense		206,444				142,905				418,070				277,697
NOI of consolidated Properties		$	495,292			$	379,882			$	978,607			$	740,008
Reconciliation of NOI of unconsolidated entities:
Net Income		$	79,647			$	78,741			$	248,808			$	135,002
Add: Minority interest		—				—				—				—
Interest Expense		99,458				92,622				196,965				185,617
Discontinued operations—Results of operations and loss on disposal or sale, net		(508		)		(18,771		)		(99,363		)		(21,598		)
Income from unconsolidated entities		637				1,612				1,892				2,301
Operating Income		179,234				154,204				348,302				301,322
Depreciation and amortization expense		84,707				67,508				160,876				134,655
NOI of unconsolidated entities		$	263,941			$	221,712			$	509,178			$	435,977
Total consolidated and unconsolidated NOI from continuing
operations		$	759,233			$	601,594			$	1,487,785			$	1,175,985
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties		4,821				34,496				11,095				76,275
Total NOI of the Simon Group Portfolio		$	764,054			$	636,090			$	1,498,880			$	1,252,260
Increase in NOI from prior period		20.1		%		8.2		%		19.7		%		9.2		%
Less: Joint venture partner’s share of NOI		158,911				157,193				306,128				312,934
Simon Group’s Share of NOI		$	605,143			$	478,897			$	1,192,752			$	939,326
Increase in Simon Group’s Share of NOI from prior period		26.4		%		5.0		%		27.0		%		5.7		%

SIMON PROPERTY GROUP
Computation of Comparable Property NOI Growth
As of June 30, 2005

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
	2005			2004				2005			2004
	(in thousands)
Total NOI of the Simon Group Portfolio	$	764,054			$	636,090		$	1,498,880		$	1,252,260
Reconciliation of NOI of Simon Group Portfolio to Comparable NOI of Regional Malls:
NOI from noncomparable Regional Malls	$	(144,854	)		$	(17,268	)	$	(271,199	)	$	(30,651	)
NOI from Community/Lifestyle Centers and Office Buildings	(37,397		)		(37,730		)	(70,858		)	(66,496		)
NOI from Home and Regional Office cost allocations, Corporate, and Other	5,184				5,851			5,675			15,658
NOI from disposition Properties	(4,783		)		(28,631		)	(11,055		)	(61,395		)
Peripheral land sales at Regional Mall Properties	(2,250		)		(989		)	(6,835		)	(5,400		)
	—				—
Comparable NOI of Regional Malls	$	579,954			$	557,323		$	1,144,608		$	1,103,976
Increase in Comparable Regional Mall NOI from
prior period	4.1		%					3.7		%

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of June 30, 2005
(In thousands)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2005		2004		2005		2004
*Consolidated Properties*
*Other Income*
Interest Income	$	4,683	$	1,026	$	9,005	$	5,035
Lease Settlement Income	4,211		5,166		7,129		7,557
Gains on Land Sales and Income from the Sale of Net Leases	8,219		10,600		15,829		14,874
Simon Brand Ventures/Simon Business Network Revenues(1)	17,363		12,776		32,922		26,365
Other	5,598		4,565		11,884		7,306
Totals	$	40,074	$	34,133	$	76,769	$	61,137
*Other Expense*
Ground Rent	$	6,354	$	4,621	$	12,476	$	9,200
Professional Fees	2,424		1,335		4,874		2,551
Simon Brand Ventures/Simon Business Network Expenses	635		656		1,322		1,352
Other	1,694		1,015		3,286		3,379
Totals	$	11,107	$	7,627	$	21,958	$	16,482

(1) Additional Simon Brand Ventures and Simon Business Network revenues are recorded in minimum rent.

SIMON PROPERTY GROUP
NOI Composition
For the Six Months Ended June 30, 2005

U.S. Portfolio NOI by Geographic
Diversification⁽¹⁾

NOI by Asset Type⁽²⁾

(1)	U.S. regions:
	Northeast—PA, NY, VT, NH, ME, MA, NJ, CT and RI	West North Central—ND, SD, NE, KS, MN, IA and MO
	Mideast—KY, WV, MD, DE, VA, NC and SC	East North Central—WI, MI, OH, IN and IL
	Southeast—TN, MS, AL, GA, FL and Puerto Rico	Mountain—NV, AZ, NM, UT, CO, ID, MT and WY
	Southwest—TX, OK, LA and AR	Pacific—CA, OR and WA
(2)	International includes five Premium Outlet centers in Japan.

SIMON PROPERTY GROUP
U.S. Portfolio GLA, Occupancy & Rent Data
As of June 30, 2005

						% of Owned			Average
		Total	% of			GLA Which			Base Rent
Type of Property	GLA-Sq. Ft.	Owned GLA	Owned GLA			is Leased			Per Square Foot
Regional Malls
Anchor	101,132,540	28,562,417		23.8	%		95.2	%		$	4.42
Specialty Store	58,270,599	58,121,330		48.5	%		92.3	%		$	34.96
Freestanding	4,231,320	2,118,328		1.7	%		90.0	%		$	11.78
Subtotal	62,501,919	60,239,658		50.2	%		92.2	%		$	34.16
Regional Mall Total	163,634,459	88,802,075		74.0	%
Premium Outlet Centers	12,130,851	12,130,851		10.1	%		99.2	%		$	22.83
Community/Lifestyle Centers
Anchor	13,519,537	8,421,534		7.0	%		92.9	%		$	8.89
Specialty Store	4,933,183	4,890,541		4.1	%		89.0	%		$	15.40
Freestanding	951,900	462,495		0.4	%		92.3	%		$	8.22
Community/Lifestyle Centers Total	19,404,620	13,774,570		11.5	%		91.5	%		$	11.13
Office Portion of Retail	1,765,591	1,765,591		1.5	%		73.9	%		$	29.22
Other(1)	3,882,817	3,446,974		2.9	%
Total U.S. Properties	200,818,338	119,920,061		100.0	%

(1) Other assets include 21 other properties that contribute approximately 1% of Simon Group’s NOI.

SIMON PROPERTY GROUP
U.S. Regional Mall Operational Information
As of June 30, 2005
Unaudited
(In thousands, except as noted)

	As of or for the
	Six Months Ended
	June 30,
	2005			2004
Total Number of Regional Malls	172			177
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)	166.7			172.5
Occupancy(1)
Consolidated Assets	92.3		%	90.9		%
Unconsolidated Assets	92.0		%	91.8		%
Total Portfolio	92.2		%	91.3		%
Comparable sales per square foot(2)
Consolidated Assets	$	427		$	404
Unconsolidated Assets	$	474		$	448
Total Portfolio	$	442		$	419
Average rent per square foot(1)
Consolidated Assets	$	33.53		$	32.01
Unconsolidated Assets	$	35.31		$	34.38
Total Portfolio	$	34.16		$	32.92

	Mall &
	Freestanding			%
Average Base Rent Per Square Foot	Stores			Change
6/30/05		$	34.16		3.8	%
6/30/04		$	32.92
12/31/04		$	33.90		5.9	%
12/31/03		32.26			5.1	%
12/31/02		30.70			4.8	%
12/31/01		29.28			3.4	%
12/31/00		28.31			3.6	%

Rental Rates

	Average Base Rent(3)						Amount of Change
				Store Closings/
	Lease Signings			Lease Expirations			$			%
	During Period			During Period			Change			Change
2005 (YTD)		$	42.52		$	35.19		$	7.33		20.8	%
2004		39.33			33.59			5.74			17.1	%
2003		41.28			32.99			8.29			25.1	%
2002		40.35			32.58			7.77			23.8	%
2001		34.88			29.10			5.78			19.9	%
2000		35.13			29.24			5.89			20.1	%

(1) Includes mall and freestanding stores

(2) Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes only mall and freestanding stores less than 10,000 square feet.

(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. Regional Mall Lease Expirations(1)
As of June 30, 2005

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 6/30/05
Mall Stores & Freestanding
Month to Month Leases		711	1,919,483		$	32.48
2005 (7/1-12/31)		701	1,149,513		$	37.64
2006		2,489	6,280,705		$	32.54
2007		2,484	5,854,088		$	34.55
2008		1,822	5,129,104		$	35.73
2009		1,781	5,249,801		$	33.19
2010		1,734	5,232,783		$	36.00
2011		1,416	4,234,932		$	35.05
2012		1,196	4,044,438		$	35.64
2013		1,124	3,623,612		$	38.39
2014		1,225	3,686,580		$	40.62
2015		818	3,007,603		$	39.40
2016 and Thereafter		265	2,519,243		$	24.29
Specialty Leasing Agreements w/terms in excess of 12 months		1,130	2,797,224		$	14.03
Anchor Tenants
2005 (7/1-12/31)		4	447,778		$	2.76
2006		17	2,162,776		$	2.59
2007		16	1,634,891		$	2.27
2008		26	3,036,253		$	3.95
2009		30	3,174,317		$	3.44
2010		32	3,690,978		$	2.78
2011		12	1,037,908		$	5.81
2012		17	1,938,671		$	5.57
2013		10	1,638,346		$	6.86
2014		13	1,207,089		$	7.58
2015		11	1,005,585		$	6.85
2016 and Thereafter		44	4,911,271		$	5.51

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

SIMON PROPERTY GROUP
U.S. Regional Mall Top Tenants
As of June 30, 2005
(Square Feet in 000’s)

Top 10 In-Line Retail Tenants (sorted by percentage of total base minimum rent)

	Number			Percent of			Percent of
	of		Square	Total			Total Base
Tenant	Stores		Feet	Sq. Ft.			Min. Rent
Limited		535	3,450		1.7	%		4.1	%
Gap		338	3,513		1.7	%		2.7	%
Foot Locker		421	1,708		0.9	%		2.1	%
Zale Corporation		409	477		0.2	%		1.6	%
Luxottica Group S.P.A		523	899		0.4	%		1.6	%
Abercrombie & Fitch Co.		163	1,184		0.6	%		1.4	%
Sterling Jewelers, Inc.		202	288		0.1	%		1.0	%
Children’s Place Retail Stores		181	804		0.4	%		1.0	%
American Eagle Outfitters		126	680		0.3	%		0.8	%
Williams-Sonoma Stores		86	643		0.3	%		0.8	%

Top 10 Anchors (sorted by percentage of total square footage)(1)

	Number			Percent of			Percent of
	of		Square	Total			Total Base
Tenant	Stores		Feet	Sq. Ft.			Min. Rent
Sears Roebuck & Co.		129	19,690		9.8	%		0.4	%
Federated Department Stores		91	17,885		8.9	%		0.6	%
J.C. Penney Co., Inc.		116	16,805		8.4	%		0.9	%
The May Department Stores		92	13,918		6.9	%		0.1	%
Dillard’s Department Stores		79	11,923		5.9	%		0.1	%
Saks Incorporated		40	4,562		2.3	%		0.9	%
Nordstrom, Inc.		21	3,722		1.9	%		0.0	%
Belk, Inc.		14	1,647		0.8	%		0.1	%
Target Corporation		12	1,507		0.8	%		0.0	%
The Neiman Marcus Group, Inc.		8	1,053		0.5	%		0.1	%

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

SIMON PROPERTY GROUP
U.S. Regional Mall Anchor/Big Box Openings
2005-2007

Property Name

Location

New Tenant

Former Tenant

Openings through June 30, 2005

Burlington Mall

Burlington, MA

Cheesecake Factory

N/A

College Mall

Bloomington, IN

Dick’s Sporting Goods

Lazarus

Emerald Square

Attleboro, MA

Filene’s Men Store

Lord & Taylor

Lehigh Valley Mall

Whitehall, PA

Linens ’n Things

Lehigh Valley Cinema

Livingston Mall

Livingston, NJ

Steve & Barry’s

N/A

Longview Mall

Longview, TX

Beall’s

Service Merchandise

Maplewood Mall

St. Paul, MN

JCPenney

Mervyn’s

Phipps Plaza

Atlanta, GA

Nordstrom

Lord & Taylor

South Hills Village

Pittsburgh, PA

Barnes & Noble

N/A

SouthPark Mall

Charlotte, NC

Joseph Beth Booksellers

Sears

The Source

Westbury, NY

David’s Bridal

N/A

Washington Square

Indianapolis, IN

Kerasotes Theatre

N/A

White Oaks Mall

Springfield, IL

Linens ’n Things
Cost Plus World Market

Montgomery Ward
Montgomery Ward

Openings Projected for the Remainder of 2005

Cielo Vista Mall

El Paso, TX

Cinemark Theater

N/A

Cordova Mall

Pensacola, FL

Ross Dress for Less

N/A

Fashion Mall at Keystone

Indianapolis, IN

Landmark Cinema
Crate & Barrel

N/A
N/A

Irving Mall

Irving, TX

Burlington Coat Factory

JCPenney

Mall of New Hampshire

Manchester, NH

A.C. Moore

Kitchen Etc.

Roosevelt Field

Garden City, NY

Grand Luxe Cafe

N/A

Town Center at Boca Raton

Boca Raton, FL

Neiman Marcus

Lord & Taylor

Valley Mall

Harrisonburg, VA

Target

Wal-Mart

Openings Projected in 2006

Aurora Mall(1)

Aurora, CO

Dillard’s
Foley’s (renov & expan)

Foley’s (relocated)
N/A

Boynton Beach Mall

Boynton Beach, FL

Muvico Theater

Macy’s

Copley Place

Boston, MA

Barneys New York

Lowes Theatre

Crossroads Mall

Omaha, NE

Target

Younkers

The Galleria

Houston, TX

Borders, Del Frisco,
Kona Grill & Oceanaire

Lord & Taylor

Melbourne Square

Melbourne, FL

Dick’s Sporting Goods
Circuit City

Belk’s
Belk’s

Orange Park Mall

Jacksonville, FL

Dick’s Sporting Goods

N/A

SouthPark Mall

Charlotte, NC

Neiman Marcus

N/A

Square One Mall

Saugus, MA

Dick’s Sporting Goods

N/A

Property Name

Location

New Tenant

Former Tenant

Openings Projected in 2007

Aventura Mall

Miami Beach, FL

Nordstrom

Lord & Taylor

Lenox Square

Atlanta, GA

Neiman Marcus expansion and small shop addition

N/A

(1) Aurora Mall redevelopment will consolidate two Foley’s locations into one and add Dillard’s.

SIMON PROPERTY GROUP

U.S. Regional Mall Property Listing

									Gross Leasable Area
		Property Name	State	City (Metropolitan area)	Legal Ownership				Anchor	Mall & Freestanding			Total
1.	McCain Mall		AR	N. Little Rock		100.0	%		554,156		222,316		776,472
2.	University Mall		AR	Little Rock		100.0	%		364,992		153,010		518,002
3.	Southgate Mall		AZ	Yuma		100.0	%		253,162		68,850		322,012
4.	Brea Mall		CA	Brea (Orange County)		100.0	%		874,802		442,720		1,317,522
5.	Fashion Valley Mall		CA	San Diego		50.0	%		1,053,305		654,649		1,707,954
6.	Laguna Hills Mall		CA	Laguna Hills (Orange County)		100.0	%		536,500		330,940		867,440
7.	Santa Rosa Plaza		CA	Santa Rosa		100.0	%		428,258		269,956		698,214
8.	Shops at Mission Viejo Mall, The		CA	Mission Viejo (Orange County)		100.0	%		677,215		472,248		1,149,463
9.	Stanford Shopping Center		CA	Palo Alto (San Francisco)		100.0	%		849,153		529,400	(6)	1,378,553
10.	Westminster Mall		CA	Westminster (Orange County)		100.0	%		716,939		502,948		1,219,887
11.	Aurora Mall		CO	Aurora (Denver)		100.0	%		611,637		412,976		1,024,613
12.	Mesa Mall(1)		CO	Grand Junction		50.0	%		441,208		440,411		881,619
13.	Crystal Mall		CT	Waterford (New London-Norwich)		74.6	%		442,311		351,686		793,997
14.	Aventura Mall(1)		FL	Miami Beach		33.3	%		1,242,098		662,423		1,904,521
15.	Avenues, The		FL	Jacksonville		25.0	%	(2)	754,956		362,349		1,117,305
16.	Boynton Beach Mall		FL	Boynton Beach (W. Palm Beach)		100.0	%		714,210		301,580		1,015,790
17.	Coral Square		FL	Coral Springs (Miami-Ft. Lauderdale)		97.2	%		648,144		296,968		945,112
18.	Cordova Mall		FL	Pensacola		100.0	%		395,875		454,442		850,317
19.	Crystal River Mall		FL	Crystal River		100.0	%		302,495		121,847		424,342
20.	Dadeland Mall		FL	N. Miami Beach		50.0	%		1,132,072		335,692		1,467,764
21.	DeSoto Square		FL	Bradenton (Sarasota-Bradenton)		100.0	%		435,467		254,996		690,463
22.	Edison Mall		FL	Fort Myers		100.0	%		742,667		296,109		1,038,776
23.	Florida Mall, The		FL	Orlando		50.0	%		1,232,416		615,957		1,848,373
24.	Gulf View Square		FL	Port Richey (Tampa-St. Pete)		100.0	%		461,852		292,098		753,950
25.	Indian River Mall		FL	Vero Beach		50.0	%		445,552		302,657		748,209
26.	Lake Square Mall		FL	Leesburg (Orlando)		50.0	%		296,037		264,909		560,946
27.	Melbourne Square		FL	Melbourne		100.0	%		371,167		258,820		629,987
28.	Miami International Mall		FL	South Miami		47.8	%		783,308		293,404		1,076,712
29.	Orange Park Mall		FL	Orange Park (Jacksonville)		100.0	%		528,551		388,933		917,484
30.	Paddock Mall		FL	Ocala		100.0	%		387,378		166,907		554,285
31.	Palm Beach Mall		FL	West Palm Beach		100.0	%		749,288		335,156		1,084,444
32.	Port Charlotte Town Center		FL	Port Charlotte (Punta Gorda)		80.0	%	(3)	458,251		324,182		782,433
33.	Seminole Towne Center		FL	Sanford (Orlando)		45.0	%	(2)	768,798		383,765		1,152,563
34.	Shops at Sunset Place, The		FL	Miami		37.5	%	(2)	0		515,030		515,030
35.	St. Johns Town Center		FL	Jacksonville		50.0	%		650,982		378,285		1,029,267
36.	Town Center at Boca Raton		FL	Boca Raton (W. Palm Beach)		100.0	%		1,085,312		493,230		1,578,542
37.	Treasure Coast Square		FL	Jensen Beach (Ft. Pierce)		100.0	%		511,372		349,172		860,544
38.	Tyrone Square		FL	St. Petersburg (Tampa St. Pete)		100.0	%		748,269		341,188		1,089,457
39.	University Mall		FL	Pensacola		100.0	%		478,449		230,519		708,968
40.	Gwinnett Place		GA	Duluth (Atlanta)		50.0	%		843,609		434,645		1,278,254
41.	Lenox Square		GA	Atlanta		100.0	%		821,356		654,539		1,475,895
42.	Mall of Georgia		GA	Mill Creek (Atlanta)		50.0	%		1,069,590		716,074		1,785,664

									Gross Leasable Area
		Property Name	State	City (Metropolitan area)	Legal Ownership				Anchor	Mall & Freestanding			Total
43.	Northlake Mall		GA	Atlanta		100.0	%		665,745		297,061		962,806
44.	Phipps Plaza		GA	Atlanta		100.0	%		472,385		346,463		818,848
45.	Town Center at Cobb		GA	Kennesaw (Atlanta)		50.0	%		851,346		422,549		1,273,895
46.	Lindale Mall(1)		IA	Cedar Rapids		50.0	%		305,563		387,525		693,088
47.	NorthPark Mall		IA	Davenport		50.0	%		651,533		425,640		1,077,173
48.	Southern Hills Mall(1)		IA	Sioux City		50.0	%		372,937		431,254		804,191
49.	SouthRidge Mall(1)		IA	Des Moines		50.0	%		497,806		504,332		1,002,138
50.	Alton Square		IL	Alton (St. Louis)		100.0	%		426,315		213,042		639,357
51.	Lincolnwood Town Center		IL	Lincolnwood (Chicago)		100.0	%		220,830		200,716		421,546
52.	Northfield Square Mall		IL	Bourbonnais (Chicago)		31.6	%	(3)	310,994		247,523		558,517
53.	Northwoods Mall		IL	Peoria		100.0	%		472,969		221,231		694,200
54.	Orland Square		IL	Orland Park (Chicago)		100.0	%		773,295		436,890		1,210,185
55.	River Oaks Center		IL	Calumet City (Chicago)		100.0	%		834,588		545,452	(6)	1,380,040
56.	Southpark Mall		IL	Moline (Davenport-Moline)		50.0	%		578,056		447,676		1,025,732
57.	White Oaks Mall		IL	Springfield		77.5	%		597,339		380,095		977,434
58.	Castleton Square		IN	Indianapolis		100.0	%		1,105,913		362,992		1,468,905
59.	Circle Centre		IN	Indianapolis		14.7	%		350,000		438,371	(6)	788,371
60.	College Mall		IN	Bloomington		100.0	%		356,887		248,071		604,958
61.	Eastland Mall		IN	Evansville		50.0	%		489,144		354,668		843,812
62.	Fashion Mall at Keystone, The		IN	Indianapolis		100.0	%		249,721		367,937	(6)	617,658
63.	Greenwood Park Mall		IN	Greenwood (Indianapolis)		100.0	%		909,928		412,818		1,322,746
64.	Lafayette Square		IN	Indianapolis		100.0	%		937,223		269,955		1,207,178
65.	Markland Mall		IN	Kokomo		100.0	%		273,094		141,558		414,652
66.	Muncie Mall		IN	Muncie		100.0	%		435,756		215,701		651,457
67.	Tippecanoe Mall		IN	Lafayette		100.0	%		537,790		322,291		860,081
68.	University Park Mall		IN	Mishawaka (South Bend)		60.0	%		622,508		319,815		942,323
69.	Washington Square		IN	Indianapolis		100.0	%		616,109		306,702		922,811
70.	Towne East Square		KS	Wichita		100.0	%		779,490		389,766		1,169,256
71.	Towne West Square		KS	Wichita		100.0	%		619,269		332,076		951,345
72.	West Ridge Mall		KS	Topeka		100.0	%		716,811		299,882		1,016,693
73.	Prien Lake Mall		LA	Lake Charles		100.0	%		644,124		178,715		822,839
74.	Arsenal Mall		MA	Watertown (Boston)		100.0	%		191,395		310,423	(6)	501,818
75.	Atrium Mall		MA	Chestnut Hill (Boston)		49.1	%		0		206,673		206,673
76.	Auburn Mall		MA	Auburn (Boston)		49.1	%		417,620		174,584		592,204
77.	Burlington Mall		MA	Burlington (Boston)		100.0	%		836,236		423,433		1,259,669
78.	Cape Cod Mall		MA	Hyannis (Barnstable-Yarmouth)		49.1	%		420,199		304,049		724,248
79.	Copley Place		MA	Boston		98.1	%		104,332		1,114,608	(6)	1,218,940
80.	Emerald Square		MA	North Attleboro (Providence-Fall River)		49.1	%		647,372		375,186		1,022,558
81.	Greendale Mall		MA	Worcester (Boston)		49.1	%		132,634		298,717	(6)	431,351
82.	Liberty Tree Mall		MA	Danvers (Boston)		49.1	%		498,000		359,035		857,035
83.	Mall at Chestnut Hill, The		MA	Newton (Boston)		47.2	%		297,253		180,946		478,199
84.	Northshore Mall		MA	Peabody (Boston)		49.1	%		979,755		695,298		1,675,053
85.	Solomon Pond Mall		MA	Marlborough (Boston)		49.1	%		538,843		371,205		910,048
86.	South Shore Plaza		MA	Braintree (Boston)		100.0	%		847,603		615,218		1,462,821
87.	Square One Mall		MA	Saugus (Boston)		49.1	%		540,101		324,997		865,098
88.	Bowie Town Center		MD	Bowie (Washington, D.C.)		100.0	%		338,567		328,670		667,237
89.	St. Charles Towne Center		MD	Waldorf (Washington, D.C.)		100.0	%		631,602		349,874		981,476
90.	Bangor Mall		ME	Bangor		66.4	%	(5)	416,582		236,923		653,505

									Gross Leasable Area
		Property Name	State	City (Metropolitan area)	Legal Ownership				Anchor	Mall & Freestanding			Total
91.	Maplewood Mall		MN	Minneapolis		100.0	%		588,822		341,255		930,077
92.	Miller Hill Mall		MN	Duluth		100.0	%		429,508		379,488		808,996
93.	Battlefield Mall		MO	Springfield		100.0	%		770,111		420,675		1,190,786
94.	Independence Center		MO	Independence (Kansas City)		100.0	%		499,284		524,673		1,023,957
95.	Biltmore Square		NC	Asheville		100.0	%		242,576		251,056		493,632
96.	SouthPark Mall		NC	Charlotte		100.0	%		964,742		483,533		1,448,275
97.	Crossroads Mall		NE	Omaha		100.0	%		405,669		232,839		638,508
98.	Mall at Rockingham Park		NH	Salem (Boston)		24.6	%		638,111		382,046		1,020,157
99.	Mall of New Hampshire		NH	Manchester (Boston)		49.1	%		444,889		363,307		808,196
100.	Pheasant Lane Mall		NH	Nashua (Boston)			(4)		675,759		313,510		989,269
101.	Brunswick Square		NJ	East Brunswick (New York)		100.0	%		467,626		302,380		770,006
102.	Livingston Mall		NJ	Livingston (New York)		100.0	%		616,128		363,380		979,508
103.	Menlo Park Mall		NJ	Edison (New York)		100.0	%		527,591		756,360	(6)	1,283,951
104.	Ocean County Mall		NJ	Toms River (New York)		100.0	%		616,443		275,620		892,063
105.	Quaker Bridge Mall		NJ	Lawrenceville		38.0	%	(5)	686,760		419,319		1,106,079
106.	Rockaway Townsquare		NJ	Rockaway (New York)		100.0	%		786,626		462,752		1,249,378
107.	Cottonwood Mall		NM	Albuquerque		100.0	%		631,556		410,195		1,041,751
108.	Forum Shops at Caesars, The		NV	Las Vegas		100.0	%		0		633,667		633,667
109.	Chautauqua Mall		NY	Lakewood (Jamestown)		100.0	%		213,320		218,346		431,666
110.	Jefferson Valley Mall		NY	Yorktown Heights (New York)		100.0	%		310,095		276,137		586,232
111.	Nanuet Mall		NY	Nanuet (New York)		100.0	%		583,711		333,831		917,542
112.	Roosevelt Field		NY	Garden City (New York)		100.0	%		1,430,425		759,661		2,190,086
113.	Smith Haven Mall		NY	Lake Grove (New York)		25.0	%		902,595		455,269		1,357,864
114.	Source, The		NY	Westbury (New York)		25.5	%	(2)	210,798		516,909		727,707
115.	Walt Whitman Mall		NY	Huntington Station (New York)		100.0	%		742,214		292,606		1,034,820
116.	Westchester, The		NY	White Plains (New York)		40.0	%		349,393		478,321		827,714
117.	Great Lakes Mall		OH	Mentor (Cleveland)		100.0	%		879,300		422,626		1,301,926
118.	Lima Mall		OH	Lima		100.0	%		541,861		204,038		745,899
119.	Richmond Town Square		OH	Richmond Heights (Cleveland)		100.0	%		685,251		331,713		1,016,964
120.	Southern Park Mall		OH	Boardman (Youngstown)		100.0	%		811,858		386,347		1,198,205
121.	Summit Mall		OH	Akron		100.0	%		432,936		330,513		763,449
122.	Upper Valley Mall		OH	Springfield (Dayton-Springfield)		100.0	%		479,418		262,965		742,383
123.	Eastland Mall		OK	Tulsa		100.0	%		435,843		264,590		700,433
124.	Penn Square Mall		OK	Oklahoma City		94.5	%		588,137		444,104		1,032,241
125.	Woodland Hills Mall		OK	Tulsa		94.5	%		709,447		382,991		1,092,438
126.	Century III Mall		PA	West Mifflin(Pittsburgh)		100.0	%		831,439		458,724	(6)	1,290,163
127.	Cheltenham Square		PA	Philadelphia		100.0	%		368,266		271,847		640,113
128.	Granite Run Mall		PA	Media (Philadelphia)		50.0	%		500,809		545,517		1,046,326
129.	Lehigh Valley Mall		PA	Whitehall (Allentown- Bethlehem)		37.6	%	(5)	564,353		494,802	(6)	1,059,155
130.	Montgomery Mall		PA	Montgomeryville (Philadelphia)		53.5	%	(5)	684,855		434,681		1,119,536
131.	Oxford Valley Mall		PA	Langhorne (Philadelphia)		63.2	%	(5)	762,558		558,590	(6)	1,321,148

									Gross Leasable Area
		Property Name	State	City (Metropolitan area)	Legal Ownership				Anchor	Mall & Freestanding			Total
132.	Plaza & Court at King of Prussia, The		PA	King of Prussia (Philadelphia)		12.4	%	(5)	1,545,812		1,064,520	(6)	2,610,332
133.	Ross Park Mall		PA	Pittsburgh		100.0	%		827,015		407,162		1,234,177
134.	South Hills Village		PA	Pittsburgh		100.0	%		655,987		485,160		1,141,147
135.	Plaza Carolina		PR	Carolina (San Juan)		100.0	%		504,796		608,024	(6)	1,112,820
136.	Anderson Mall		SC	Anderson (Greenville)		100.0	%		404,394		230,471		634,865
137.	Haywood Mall		SC	Greenville		100.0	%		902,400		327,696		1,230,096
138.	Empire Mall(1)		SD	Sioux Falls		50.0	%		497,341		548,828		1,046,169
139.	Rushmore Mall(1)		SD	Rapid City		50.0	%		470,660		360,073		830,733
140.	Knoxville Center		TN	Knoxville		100.0	%		597,028		384,044		981,072
141.	Oak Court Mall		TN	Memphis		100.0	%		535,000		318,335	(6)	853,335
142.	Raleigh Springs Mall		TN	Memphis		100.0	%		691,230		226,173		917,403
143.	West Town Mall		TN	Knoxville		50.0	%		878,311		448,802		1,327,113
144.	Wolfchase Galleria		TN	Memphis		94.5	%		761,648		505,846		1,267,494
145.	Barton Creek Square		TX	Austin		100.0	%		922,266		508,232		1,430,498
146.	Broadway Square		TX	Tyler		100.0	%		427,730		185,154		612,884
147.	Cielo Vista Mall		TX	El Paso		100.0	%		793,716		397,975		1,191,691
148.	Galleria, The		TX	Houston		31.5	%		1,300,466		1,103,322		2,403,788
149.	Highland Mall(1)		TX	Austin		50.0	%		732,000		359,671		1,091,671
150.	Ingram Park Mall		TX	San Antonio		100.0	%		751,704		378,284		1,129,988
151.	Irving Mall		TX	Irving (Dallas-Ft. Worth)		100.0	%		637,415		408,769		1,046,184
152.	La Plaza Mall		TX	McAllen		100.0	%		776,397		426,769		1,203,166
153.	Lakeline Mall		TX	Austin		100.0	%		745,179		355,486		1,100,665
154.	Longview Mall		TX	Longview		100.0	%		402,843		209,431		612,274
155.	Midland Park Mall		TX	Midland		100.0	%		339,113		278,800		617,913
156.	North East Mall		TX	Hurst (Dallas-Ft. Worth)		100.0	%		1,194,589		467,528		1,662,117
157.	Richardson Square Mall		TX	Richardson (Dallas-Ft. Worth)		100.0	%		471,436		284,171		755,607
158.	Rolling Oaks Mall		TX	San Antonio		100.0	%		596,984		286,226		883,210
159.	Sunland Park Mall		TX	El Paso		100.0	%		575,837		342,416		918,253
160.	Valle Vista Mall		TX	Harlingen		100.0	%		389,781		265,764		655,545
161.	Trolley Square		UT	Salt Lake City		90.0	%		0		225,143		225,143
162.	Apple Blossom Mall		VA	Winchester		49.1	%		229,011		213,363		442,374
163.	Charlottesville Fashion Square		VA	Charlottesville		100.0	%		381,153		191,388		572,541
164.	Chesapeake Square		VA	Chesapeake (Norfolk-VA Beach)		75.0	%	(3)	537,279		271,591		808,870
165.	Fashion Centre at Pentagon City, The		VA	Arlington (Washington, DC)		42.5	%		472,729		517,145	(6)	989,874
166.	Valley Mall		VA	Harrisonburg		50.0	%		315,078		173,477		488,555
167.	Virginia Center Commons		VA	Glen Allen (Richmond)		100.0	%		506,639		281,533		788,172
168.	Columbia Center		WA	Kennewick		100.0	%		408,052		333,611		741,663
169.	Northgate Mall		WA	Seattle		100.0	%		688,391		297,947		986,338
170.	Tacoma Mall		WA	Tacoma		100.0	%		924,045		410,180		1,334,225
171.	Bay Park Square		WI	Green Bay		100.0	%		447,508		268,036		715,544
172.	Forest Mall		WI	Fond Du Lac		100.0	%		327,260		173,408		500,668
	*Total Regional Mall GLA*								101,954,027		64,787,729		166,741,756

FOOTNOTES:

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

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

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

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

(5) The Company’s indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(6) Mall & Freestanding GLA includes office space as follows:

Arsenal Mall—approx. 106,000 sq. ft.

Century III Mall—approx. 36,000 sq. ft.

Circle Centre Mall—approx. 9,000 sq. ft.

Copley Place—approx. 847,000 sq. ft.

Fashion Centre at Pentagon City, The—approx. 169,000 sq. ft.

Fashion Mall at Keystone, The—approx. 11,000 sq. ft.

Greendale Mall—approx. 120,000 sq. ft.

The Plaza & Court at King of Prussia—approx. 14,000 sq. ft.

Lehigh Valley Mall—approx. 12,000 sq. ft.

Menlo Park Mall—approx. 50,000 sq. ft.

Oak Court Mall—approx. 131,000 sq. ft.

Oxford Valley Mall—approx. 111,000 sq. ft.

Plaza Carolina—approx. 28,000 sq. ft.

River Oaks Center—approx. 118,000 sq. ft.

Stanford Shopping Center—approx. 6,000 sq. ft.

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of June 30, 2005
Unaudited
(In thousands, except as noted)

	As of or for the
	Six Months
	Ended June 30,
	2005			2004(2)
Total Number of U.S. Premium Outlet Centers	32			31
Total U.S. Premium Outlet Centers GLA (in millions of square feet)	12.1			11.4
Occupancy	99.2		%	98.0		%
Comparable sales per square foot	$	426		$	397
Average base rent per square foot	$	22.83		$	21.16

	Total		%
Average Base Rent Per Square Foot	Center		Change
6/30/05	$	22.83		7.9	%
6/30/04	$	21.16
12/31/04	$	21.85		7.3	%
12/31/03	20.36			n/a

Rental Rates

	Average Base Rent(1)						Amount of Change
	Lease			Store Closings/
	Signings			Lease Expirations			$			%
	During Period			During Period			Change			Change
2005 (YTD)		$	25.97		$	21.93		$	4.04		18.4	%
2004		22.78			20.02			2.76			13.8	%
2003		25.41			22.62			2.79			12.3	%

(1) Represents the average base rent for tenants who signed leases compared to the average base rent in effect for tenants whose leases terminated or expired in the same space.

(2) The Company acquired Chelsea Property Group on October 14, 2004. 2004 statistics were calculated based upon the 31 Premium Outlet centers owned by Chelsea on June 30, 2004.

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)
As of June 30, 2005

				Weighted
				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 6/30/05
2005 (7/1-12/31)		99	286,052		$	17.56
2006		354	1,316,092		$	20.52
2007		369	1,382,726		$	21.63
2008		401	1,591,327		$	23.93
2009		369	1,575,031		$	21.77
2010		468	2,086,260		$	21.91
2011		184	830,864		$	23.28
2012		171	725,734		$	26.05
2013		192	833,409		$	25.11
2014		176	602,209		$	28.02
2015		178	629,974		$	25.36
2016 and Thereafter		53	239,238		$	22.85

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

SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of June 30, 2005
(Square Feet in 000’s)

(Sorted by percentage of total base minimum rent)

	Number				Percent of			Percent of
	of		Square		Total			Total Base
Tenant	Stores		Feet		Sq. Ft.			Min. Rent
Phillips—Van Heusen Corporation		146		694		0.3	%		0.6	%
Jones Retail Corporation		138		476		0.2	%		0.5	%
Retail Brand Alliance, Inc.		58		353		0.2	%		0.3	%
The GAP, Inc.		55		493		0.2	%		0.3	%
Nike Retail Services, Inc		31		321		0.2	%		0.2	%
LCI Holdings, Inc.		49		358		0.2	%		0.2	%
Brown Group Retail, Inc.		50		231		0.1	%		0.2	%
VF Outlet		51		309		0.2	%		0.2	%
Tommy Hilfiger Retail, LLC		33		199		0.1	%		0.2	%
Reebok International LTD		25		201		0.1	%		0.2	%

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

		Property Name	State	City (Metropolitan area)	Legal Ownership			Total Gross Leasable Area
1.	Camarillo Premium Outlets		CA	Camarillo (Los Angeles)		100.0	%	454,070
2.	Carlsbad Premium Outlets		CA	Carlsbad		100.0	%	287,936
3.	Desert Hills Premium Outlets		CA	Cabazon (Palm Springs-Los Angeles)		100.0	%	498,516
4.	Folsom Premium Outlets		CA	Folsom (Sacramento)		100.0	%	299,270
5.	Gilroy Premium Outlets		CA	Gilroy (San Jose)		100.0	%	577,265
6.	Napa Premium Outlets		CA	Napa (Napa Valley)		100.0	%	179,348
7.	Petaluma Village Premium Outlets		CA	Petaluma (San Francisco)		100.0	%	195,837
8.	Vacaville Premium Outlets		CA	Vacaville		100.0	%	444,212
9.	Clinton Crossing Premium Outlets		CT	Clinton (Hartford)		100.0	%	272,351
10.	Orlando Premium Outlets		FL	Orlando		100.0	%	427,743
11.	St. Augustine Premium Outlets		FL	St. Augustine (Jacksonsville)		100.0	%	329,003
12.	North Georgia Premium Outlets		GA	Dawsonville (Atlanta)		100.0	%	539,757
13.	Waikele Premium Outlets		HI	Waipahu (Honolulu)		100.0	%	209,846
14.	Chicago Premium Outlets		IL	Aurora (Chicago)		100.0	%	437,775
15.	Edinburgh Premium Outlets		IN	Edinburgh (Indianapolis)		100.0	%	303,432
16.	Lighthouse Place Premium Outlets		IN	Michigan City (Chicago)		100.0	%	472,489
17.	Wrentham Village Premium Outlets		MA	Wrentham (Boston)		100.0	%	600,613
18.	Kittery Premium Outlets		ME	Kittery (Boston)		100.0	%	150,564
19.	Albertville Premium Outlets		MN	Albertville (Minneapolis/ St. Paul)		100.0	%	429,701
20.	Osage Beach Premium Outlets		MO	Osage Beach		100.0	%	391,381
21.	Carolina Premium Outlets		NC	Smithfield (Raleigh-Durham- Chapel Hill)		100.0	%	439,303
22.	Liberty Village Premium Outlets		NJ	Flemington (New York- Philadelphia)		100.0	%	173,645
23.	Las Vegas Premium Outlets		NV	Las Vegas		100.0	%	434,978
24.	Waterloo Premium Outlets		NY	Waterloo		100.0	%	391,519
25.	Woodbury Common Premium Outlets		NY	Central Valley (New York City)		100.0	%	844,299
26.	Aurora Farms Premium Outlets		OH	Aurora (Cleveland)		100.0	%	300,181
27.	Columbia Gorge Premium Outlets		OR	Troutdale (Portland-Vancouver)		100.0	%	164,039
28.	The Crossings Premium Outlets		PA	Tannersville		100.0	%	411,391
29.	Allen Premium Outlets		TX	Allen (Dallas)		100.0	%	348,549
30.	Leesburg Corner Premium Outlets		VA	Leesburg (Washington DC)		100.0	%	463,288
31.	Seattle Premium Outlets		WA	Seattle		100.0	%	381,033
32.	Johnson Creek Premium Outlets		WI	Johnson Creek		100.0	%	277,517
	Total U.S. Premium Outlet Centers GLA							12,130,851

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Operational Information
As of June 30, 2005
Unaudited
(In thousands, except as noted)

	As of or for the
	Six Months Ended
	June 30,
	2005			2004
Total Number of Community/Lifestyle Centers	71			67
Total Community/Lifestyle Center GLA (in millions of square feet)	18.8			17.7
Occupancy(1)
Consolidated Assets	89.3		%	89.8		%
Unconsolidated Assets	96.1		%	95.1		%
Total Portfolio	91.5		%	91.5		%
Comparable sales per square foot(2)
Consolidated Assets	$	224		$	218
Unconsolidated Assets	$	203		$	204
Total Portfolio	$	218		$	213
Average rent per square foot(1)
Consolidated Assets	$	11.44		$	11.08
Unconsolidated Assets	$	10.51		$	10.07
Total Portfolio	$	11.13		$	10.77

	Total		%
Average Base Rent Per Square Foot	Center		Change
6/30/2005	$	11.13		3.3	%
6/30/2004	$	10.77
12/31/04	$	10.91		3.0	%
12/31/03	10.59			4.6	%
12/31/02	10.12			3.0	%
12/31/01	9.83			5.0	%
12/31/00	9.36			12.0	%

Rental Rates

	Average Base Rent(3)						Amount of Change
				Store Closings/
	Lease Signings			Lease Expirations			$			%
	During Period			During Period			Change			Change
2005 (YTD)		$	14.83		$	13.09		$	1.74		13.3	%
2004		12.01			11.16			0.85			7.6	%
2003		12.38			10.48			1.90			18.1	%
2002		10.19			8.39			1.80			21.5	%
2001		12.79			9.30			3.49			37.5	%
2000		14.21			11.51			2.70			23.5	%

(1) Includes total center.

(2) Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes stores less than 10,000 square feet.

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)
As of June 30, 2005

				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 6/30/05
Mall Stores & Freestanding
Month to Month Leases		53	146,300		$	11.01
2005 (7/1-12/31)		51	133,690		$	16.48
2006		237	676,499		$	14.47
2007		178	657,118		$	13.60
2008		176	700,494		$	14.07
2009		130	499,474		$	14.39
2010		156	742,778		$	15.44
2011		59	310,451		$	15.31
2012		25	125,632		$	15.96
2013		18	117,022		$	13.46
2014		32	200,218		$	18.06
2015		40	218,650		$	19.05
2016 and Thereafter		14	89,127		$	20.73
Specialty Leasing Agreements w/terms in excess of 12 months		10	32,767		$	4.19
Anchor Tenants
2005 (7/1-12/31)		6	121,560		$	7.60
2006		12	439,371		$	6.29
2007		14	513,806		$	5.71
2008		16	415,757		$	9.95
2009		24	815,160		$	7.44
2010		25	813,425		$	11.40
2011		12	539,260		$	6.68
2012		9	404,574		$	8.40
2013		14	450,381		$	8.23
2014		11	438,088		$	8.98
2015		12	464,524		$	11.48
2016 and Thereafter		45	2,316,630		$	9.79
Specialty Leasing Agreements w/terms in excess of 12 months		1	75,515		$	0.43

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

SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants
As of June 30, 2005
(Square Feet in 000’s)

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

	Number			Percent of			Percent of
	of		Square	Total			Total Base
Tenant	Stores		Feet	Sq. Ft.			Min. Rent
Target Corporation		10	1,258		0.6	%		0.0	%
Wal-Mart Stores, Inc.		10	1,120		0.6	%		0.0	%
Kohl’s Department Stores, Inc.		9	825		0.4	%		0.2	%
Best Buy Company, Inc.		16	679		0.3	%		0.3	%
TJX Companies, Inc.		22	660		0.3	%		0.2	%
Burlington Coat Factory		7	510		0.3	%		0.1	%
Sears Roebuck & Co.		4	469		0.2	%		0.1	%
Bed Bath & Beyond, Inc.		11	328		0.2	%		0.1	%
KRCV Corp.		3	325		0.2	%		0.0	%
Office Max, Inc.		12	316		0.2	%		0.1	%

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

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

								Gross Leasable Area
					Legal				Mall &
		Property Name	State	City (Metropolitan area)	Ownership			Anchor	Freestanding		Total
1.	Plaza at Buckland Hills, The		CT	Manchester		35.0	%(2)	252,179		82,675	334,854
2.	Gaitway Plaza		FL	Ocala		23.3	%(2)	123,027		93,361	216,388
3.	Grove at Lakeland Square(4)		FL	Lakeland		100.0	%	142,317		73,274	215,591
4.	Highland Lakes Center		FL	Orlando		100.0	%	352,277		140,799	493,076
5.	Indian River Commons		FL	Vero Beach		50.0	%	233,358		27,510	260,868
6.	Royal Eagle Plaza		FL	Coral Springs (Miami- Ft. Lauderale)		35.0	%(2)	124,479		77,593	202,072
7.	Terrace at the Florida Mall		FL	Orlando		100.0	%	281,252		47,531	328,783
8.	Waterford Lakes Town Center		FL	Orlando		100.0	%	622,244		329,427	951,671
9.	West Town Corners		FL	Altamonte Springs		23.3	%(2)	263,782		121,455	385,237
10.	Westland Park Plaza		FL	Orange Park		23.3	%(2)	123,548		39,606	163,154
11.	Mall of Georgia Crossing		GA	Mill Creek (Atlanta)		100.0	%	341,503		99,109	440,612
12.	Bloomingdale Court		IL	Bloomingdale		100.0	%	436,255		165,169	601,424
13.	Countryside Plaza		IL	Countryside		100.0	%	308,489		116,621	425,110
14.	Crystal Court		IL	Crystal Lake		35.0	%(2)	201,993		76,977	278,970
15.	Forest Plaza		IL	Rockford		100.0	%	325,170		100,581	425,751
16.	Lake Plaza		IL	Waukegan		100.0	%	170,789		44,673	215,462
17.	Lake View Plaza		IL	Orland Park (Chicago)		100.0	%	261,810		109,383	371,193
18.	Lincoln Crossing		IL	O’Fallon		100.0	%	229,820		13,446	243,266
19.	Matteson Plaza		IL	Matteson		100.0	%	230,959		44,570	275,529
20.	North Ridge Plaza		IL	Joliet		100.0	%	190,323		114,747	305,070
21.	White Oaks Plaza		IL	Springfield		100.0	%	275,703		115,723	391,426
22.	Willow Knolls Court		IL	Peoria		35.0	%(2)	309,440		72,937	382,377
23.	Brightwood Plaza		IN	Indianapolis		100.0	%	0		38,493	38,493
24.	Clay Terrace		IN	Carmel (Indianapolis)		50.0	%	161,281		285,334	446,615
25.	Eastland Convenience Center		IN	Evansville		50.0	%	126,699		48,940	175,639
26.	Greenwood Plus		IN	Greenwood		100.0	%	134,141		25,790	159,931
27.	Griffith Park Plaza		IN	Griffith		100.0	%	175,595		88,455	264,050
28.	Keystone Shoppes		IN	Indianapolis		100.0	%	0		29,140	29,140
29.	Markland Plaza		IN	Kokomo		100.0	%	49,051		41,675	90,726
30.	Muncie Plaza		IN	Muncie		100.0	%	271,626		27,195	298,821
31.	New Castle Plaza		IN	New Castle		100.0	%	24,912		66,736	91,648
32.	Northwood Plaza		IN	Fort Wayne		100.0	%	136,404		71,841	208,245
33.	Teal Plaza		IN	Lafayette		100.0	%	98,337		2,750	101,087
34.	Tippecanoe Plaza		IN	Lafayette		100.0	%	85,811		4,711	90,522
35.	University Center		IN	Mishawaka		60.0	%	98,264		46,177	144,441
36.	Village Park Plaza		IN	Carmel (Indianapolis)		35.0	%(2)	430,368		112,417	542,785
37.	Wabash Village		IN	West Lafayette		100.0	%	109,388		15,148	124,536
38.	Washington Plaza		IN	Indianapolis		100.0	%	21,500		28,607	50,107
39.	West Ridge Plaza		KS	Topeka		100.0	%	182,161		59,226	241,387
40.	Park Plaza		KY	Hopkinsville		100.0	%	82,398		32,626	115,024
41.	St. Charles Towne Plaza		MD	Waldorf (Washington, D.C.)		100.0	%	285,586		117,972	403,558
42.	Regency Plaza		MO	St. Charles		100.0	%	210,627		76,846	287,473
43.	Ridgewood Court		MS	Jackson		35.0	%(2)	185,939		54,723	240,662
44.	Dare Centre		NC	Kill Devil Hills		100.0	%	127,172		41,473	168,645
45.	MacGregor Village		NC	Cary		100.0	%	0		137,134	137,134
46.	North Ridge Shopping Center		NC	Raleigh		100.0	%	43,247		123,954	167,201
47.	Rockaway Convenience Center		NJ	Rockaway (New York)		100.0	%	131,438		103,934	235,372
48.	Rockaway Plaza		NJ	Rockaway (New York)		100.0	%	153,282		0	153,282

								Gross Leasable Area
					Legal				Mall &
		Property Name	State	City (Metropolitan area)	Ownership			Anchor	Freestanding		Total
49.	Cobblestone Court		NY	Victor		35.0	%(2)	206,680		58,819	265,499
50.	Boardman Plaza		OH	Youngstown		100.0	%	366,992		267,141	634,133
51.	Great Lakes Plaza		OH	Mentor (Cleveland)		100.0	%	142,229		21,875	164,104
52.	Lima Center		OH	Lima		100.0	%	189,584		47,294	236,878
53.	Northland Plaza		OH	Columbus		100.0	%	118,304		91,230	209,534
54.	Eastland Plaza		OK	Tulsa		100.0	%	152,451		33,695	186,146
55.	DeKalb Plaza		PA	King of Prussia		50.3	%(3)	81,368		20,345	101,713
56.	Great Northeast Plaza		PA	Philadelphia		50.0	%	237,151		57,600	294,751
57.	Henderson Square		PA	King of Prussia		76.0	%(3)	72,683		34,661	107,344
58.	Lincoln Plaza		PA	King of Prussia		63.2	%(3)	143,649		123,582	267,231
59.	Whitehall Mall		PA	Whitehall		38.0	%(3)	436,920		148,163	585,083
60.	Charles Towne Square		SC	Charleston		100.0	%	71,794		0	71,794
61.	Empire East (1)		SD	Sioux Falls		50.0	%	248,181		48,580	296,761
62.	Knoxville Commons		TN	Knoxville		100.0	%	91,483		88,980	180,463
63.	Arboretum, The		TX	Austin		100.0	%	35,773		169,237	205,010
64.	Celina Plaza		TX	El Paso		100.0	%	0		8,695	8,695
65.	Gateway Shopping Center		TX	Austin		95.0	%	396,494		116,057	512,551
66.	Ingram Plaza		TX	San Antonio		100.0	%	0		111,518	111,518
67.	Lakeline Plaza		TX	Austin		100.0	%	307,966		79,497	387,463
68.	Shops at North East Mall, The		TX	Hurst		100.0	%	265,595		99,017	364,612
69.	Chesapeake Center		VA	Chesapeake		100.0	%	213,609		92,284	305,893
70.	Fairfax Court		VA	Fairfax		26.3	%(2)	169,043		80,615	249,658
71.	Martinsville Plaza		VA	Martinsville		100.0	%	60,000		42,105	102,105
	*Total Community/Lifestyle Center GLA*							13,133,893		5,629,454	18,763,347

FOOTNOTES:

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

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

(3) The Company’s indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

(4) Asset was sold on July 1, 2005.

SIMON PROPERTY GROUP
International Operational Information(1)As of June 30, 2005
Unaudited
(In thousands, except as noted)

	As of or for the
	Six Months Ended
	June 30,
	2005			2004
*International Premium Outlets (Japan)*
Total Number of Premium Outlets	5			4
Total GLA (in millions of square feet)	1.3			1.0
Occupancy	100.0		%	100.0		%
Comparable sales per square foot	$	827		$	824
Average base rent per square foot	$	42.50		$	39.61
*European Shopping Centers*
Total Number of Shopping Centers	51			48
Total GLA (in millions of square feet)	11.1			9.1
Occupancy	97.9		%	99.3		%
Comparable sales per square foot(2)	$	444		n/a
Average rent per square foot(2)	$	31.10		$	30.58

(1) Does not include Premium Outlets Punta Norte in Mexico and Montreal Forum in Canada.

(2) Based upon a conversion factor of 1.2066 euros to 1 U.S. dollar at June 30, 2005 and 1.2085 euros to 1 U.S. dollar at June 30, 2004.

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)
			SPG			Hypermarket/		Mall &
	Property Name	City (Metropolitan area)	Ownership			Anchor(4)		Freestanding		Total
	FRANCE
1.	Bay 2	Torcy (Paris)		34.7	%		132,400		408,900	541,300
2.	Bay 1	Torcy (Paris)		34.7	%		—		336,300	336,300
3.	Bel’Est	Bagnolet (Paris)		12.1	%		150,700		63,000	213,700
4.	Villabé A6	Villabé (Paris)		5.2	%		102,300		104,500	206,800
	Subtotal France						385,400		912,700	1,298,100
	ITALY
	Ancona:
5.	Ancona	Ancona		49.0	%(3)		82,900		82,300	165,200
6.	Senigallia	Senigallia (Ancona)		49.0	%		41,200		41,600	82,800
	Ascoli Piceno:
7.	Grottammare	Grottammare (Ascoli Piceno)		49.0	%		38,900		55,900	94,800
8.	Porto Sant’Elpidio	Porto Sant’Elpidio (Ascoli Piceno)		49.0	%		48,000		114,300	162,300
	Bari:
9.	Casamassima	Casamassima (Bari)		49.0	%		159,000		388,800	547,800
10.	Modugno(5)	Modugno (Bari)		49.0	%		96,900		46,600	143,500
	Bergamo:
11.	Bergamo	Bergamo		49.0	%(3)		103,000		16,900	119,900
	Brescia:
12.	Concesio	Concesio (Brescia)		49.0	%(3)		89,900		27,600	117,500
13.	Mazzano	Mazzano (Brescia)		49.0	%(2)		103,300		127,400	230,700
	Brindisi:
14.	Mesagne	Mesagne (Brindisi)		49.0	%		88,000		140,600	228,600
	Cagliari:
15.	Marconi	Marconi (Cagliari)		49.0	%(3)		83,500		109,900	193,400
16.	Santa Gilla	Santa Gilla (Cagliari)		49.0	%(2)		75,900		114,800	190,700
	Catania:
17.	La Rena	La Rena (Catania)		49.0	%		124,100		22,100	146,200
18.	Misterbianco	Misterbianco (Catania)		49.0	%(3)		83,300		16,000	99,300
	Lecco:
19.	Merate	Merate (Lecco)		49.0	%(3)		73,500		88,500	162,000
	Milan (Milano):
20.	Cesano Boscone	Cescano Boscone (Milano)		49.0	%		163,800		120,100	283,900
21.	Nerviano	Nerviano (Milano)		49.0	%(3)		83,800		27,800	111,600
22.	Rescaldina	Rescaldina (Milano)		49.0	%		165,100		212,000	377,100
23.	Vimodrone	Vimodrone (Milano)		49.0	%		110,400		80,200	190,600
	Naples (Napoli):
24.	Pompei	Pompei (Napoli)		49.0	%		74,300		17,100	91,400
25.	Mugnano di Napoli	Mugnano (Napoli)		49.0	%(3)		98,000		94,900	192,900
	Olbia:
26.	Olbia	Olbia		49.0	%(3)		49,000		48,800	97,800
	Padova:
27.	Padova	Padova		49.0	%		73,300		32,500	105,800

						Gross Leasable Area(1)
			SPG			Hypermarket/		Mall &
	Property Name	City (Metropolitan area)	Ownership			Anchor(4)		Freestanding		Total
	Palermo
28.	Palermo	Palermo		49.0	%		73,100		9,800	82,900
	Pesaro:
29.	Fano	Fano (Pesaro)		49.0	%		56,300		56,000	112,300
	Pescara:
30.	Cepagatti	Cepagatti (Pescara)		49.0	%		80,200		189,600	269,800
31.	Pescara	Pescara		49.0	%		96,300		65,200	161,500
	Piacenza:
32.	San Rocco al Porto	San Rocco al Porto (Piacenza)		49.0	%		104,500		74,700	179,200
	Rome (Roma):
33.	Casalbertone	Roma		49.0	%(3)		62,700		84,900	147,600
34.	Collatina	Collatina (Roma)		49.0	%		59,500		4,100	63,600
	Sassari:
35.	Centro Azuni	Sassari		49.0	%(3)		—		35,600	35,600
36.	Predda Niedda	Predda Niedda (Sassari)		49.0	%(2)		79,500		154,200	233,700
	Taranto:
37.	Taranto	Taranto		49.0	%		75,200		126,500	201,700
	Turin (Torino):
38.	Cuneo	Cuneo (Torino)		49.0	%		80,700		201,500	282,200
39.	Rivoli	Rivoli (Torino)		49.0	%(3)		61,800		32,300	94,100
40.	Torino	Torino		49.0	%		105,100		66,700	171,800
41.	Venaria	Venaria (Torino)		49.0	%		101,600		64,000	165,600
	Venice (Venezia):
42.	Venezia—Mestre	Mestre (Venezia)		49.0	%		114,100		132,600	246,700
	Verona:
43.	Bussolengo	Bussolengo (Verona)		49.0	%(3)		89,300		75,300	164,600
	Vicenza:
44.	Vicenza	Vicenza		49.0	%		78,400		20,100	98,500
	Subtotal Italy						3,427,400		3,419,800	6,847,200
	POLAND
45.	Arkadia Shopping Center	Warsaw		34.7	%		202,100		902,200	1,104,300
46.	Borek Shopping Center	Wroclaw		34.7	%		119,900		129,300	249,200
47.	Dabrowka Shopping Center	Katowice		34.7	%		121,000		172,900	293,900
48.	Turzyn Shopping Center	Szczecin		34.7	%		87,200		120,900	208,100
49.	Wilenska Station Shopping Center	Warsaw		34.7	%		92,700		215,900	308,600
50.	Zakopianka Shopping Center	Krakow		34.7	%		120,200		425,400	545,600
	Subtotal Poland						743,100		1,966,600	2,709,700
	PORTUGAL
51.	Minho Center	Braga (Porto)		34.7	%(3)		120,000		99,100	219,100
							120,000		99,100	219,100
	JAPAN
52.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0	%		—		390,000	390,000
53.	Rinku Premium Outlets	Izumisano (Osaka)		40.0	%		—		321,000	321,000
54.	Sano Premium Outlets	Sano (Tokyo)		40.0	%		—		229,000	229,000
55.	Toki Premium Outlets	Toki (Nagoya)		40.0	%		—		178,000	178,000
56.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0	%		—		187,000	187,000
	Subtotal Japan						—		1,305,000	1,305,000

Gross Leasable Area(1)

SPG

Hypermarket/

Mall &

Property Name

City (Metropolitan area)

Ownership

Anchor(4)

Freestanding

Total

MEXICO

57.

Premium Outlets Punta Norte

Mexico City

50.0

—

232,000

Subtotal Mexico

—

232,000

CANADA

58.

Forum Entertainment Centre

Montreal

38.1

—

247,000

TOTAL INTERNATIONAL ASSETS

4,675,900

8,182,200

12,858,100

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) The decision of the Italian court ruling that this project was not developed in accordance with the Modugno master plan has been reversed. There is a right to further appeal the decision to a higher level court, but the most recent decision confirms the validity of the permits issued for this development. The joint venture partner has indemnified the Company for the amount of its allocated investment in this project.

SIMON PROPERTY GROUP
Capital Expenditures in the U.S. Portfolio
For the Six Months Ended June 30, 2005
(In millions)

				Unconsolidated Entities
							Simon
	Consolidated						Group’s
	Properties			Total			Share
New development projects		$	90.2	$	42.1			$	21.0
Redevelopment projects with incremental GLA and/or Anchor Replacement		88.9		18.5				6.9
Renovations with no incremental GLA		21.9		2.4				0.4
Tenant allowances:
Retail		30.4		11.9				5.6
Office		13.5		—				—
Operational capital expenditures at properties:
CAM expenditures(1)		15.7		4.5				1.8
Non-CAM expenditures		7.7		2.4				1.1
Totals		$	268.3	$	81.8			$	36.8
Plus (Less): Conversion from accrual to cash basis		19.7		(16.7		)
Capital expenditures(2)		$	288.0	$	65.1

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

(2) Represents “Capital expenditures, net” reported on the Unaudited Consolidated Statements of Cash Flows for the period. 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*
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2005

																Construction-in-Progress
		The								The										Unconsolidated Entities
		Company’s		Projected			Projected			Company’s			Stabilized									The
		Ownership		Gross Cost(1)			Net Cost			Share of			Rate of			Consolidated						Company’s
Mall/Location	Project Description	Percentage	Opening	(in millions)			(in millions)			Net Cost			Return			Properties				Total		Share
*Projects Recently Opened:*
Seattle Premium Outlets Tulalip, WA	381,000 square foot upscale outlet center	100%	5/05		$	58		$	57		$	57		13	%				(2)	—			—
*New Development Projects:*
Wolf Ranch Georgetown, TX (Austin)	670,000 sf open-air retail shopping complex featuring Kohls, Target, Linens ‘n Things, Office Depot, Best Buy, T.J. Maxx, Michaels, Old Navy, Pier One Imports and PetsMart	100%	7/05		$	98		$	62		$	62		10	%		$	62.2		—			—
Firewheel Town Center Garland, TX	785,000 sf open-air regional shopping center featuring Foley’s, Dillard’s, AMC Theater, Barnes & Noble, Circuit City, Linens ‘n Things, Old Navy, Pier One Imports and DSW	100%	10/05		$	132		$	98		$	98		12	%		$	72.3		—			—
Rockaway Plaza Rockaway, NJ	370,000 sf community center featuring Dick’s Sporting Goods, Target, Loews Cineplex and PetsMart	100%	7/04 (Target) 11/05 (Petsmart and shops) 3/06 (Dick’s & Loews)		$	39		$	8		$	8		21	%		$	11.3		—			—
Coconut Point Estero/Bonita Springs, FL	1.2 million square foot open-air shopping complex with a village component anchored by Dillard’s, Muvico Theatres, and Barnes & Noble and a community center component anchored by Bed Bath & Beyond, Best Buy, DSW, Office Max, Old Navy, PetsMart, Pier One Imports, Ross Dress for Less, Ulta Cosmetics, Golfsmith, Sports Authority and Party City	50%	3/06 (Comm Ctr) 9/06 (All other)		$	267		$	209		$	105		10	%		—			$	72.4		$	36.2
Round Rock Premium Outlets(4) Round Rock, TX (Austin)	433,000 square foot upscale outlet center	100%	Fall 2006		$126			$106			$106			13	%		$	27.3		—			—
The Domain(4) Austin, TX	700,000 sf open-air town center anchored by Neiman Marcus and Foley’s and 75,000 sf of office space	100%	3/07		$	246		$	195		$	195		10	%		$	55.2		—			—
The Village at SouthPark Charlotte, NC	Mixed-use project with both retail and residential components. Retail comprises 47,000 sf including 7,000 sf restaurant and a separate 37,000 sf freestanding building. Residential consists of five levels (150 units) over a 225 car residential parking structure.	100% (Retail only)	3/07 (Retail only)		$	27		$	27		$	20		12	%		$	0.2		—			—
*Significant Redevelopment Projects with Incremental GLA*
Aurora Mall Aurora, CO	Consolidate Foley’s two locations into one state-of-the-art store, addition of Dillard’s; mall renovation and new food court	100%	7/05 (Foley’s & renov) 9/06 (Dillard’s)		$	62		$	45		$	45		10	%		$	28.6		—			—

SIMON PROPERTY GROUP
U.S. Development Activity Report*
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2005

Construction-in-Progress

The

Unconsolidated
Entities

Company’s

Projected

Company’s

Stabilized

The

Ownership

Gross Cost(1)

Net Cost

Share of

Rate of

Consolidated

Company’s

Mall/Location

Project Description

Percentage

Opening

(in millions)

Net Cost

Return

Properties

Total

Share

Other Redevelopment Projects with Incremental GLA

Allen Premium Outlets
Allen, TX

Phase III expansion of upscale outlet center

100%

12/05

Broadway Square
Tyler, TX

Lifestyle addition

100%

12/05

Cordova Mall
Pensacola, FL

Lifestyle addition

100%

10/05

Edinburgh Premium Outlets
Edinburgh, IN

Phase II expansion of upscale outlet center

100%

12/05

Rushmore Mall
Rapid City, SD

New building with Coldwater Creek and Chico’s

50%

4/06

Tyrone Square
St. Petersburg, FL

Lifestyle addition

100%

10/05

Waterloo Premium Outlets
Waterloo, NY

Addition of small shop GLA

100%

11/05

Subtotal Other Redevelopment Projects with Incremental GLA

10.8

—

Renovations

Cielo Vista Mall
El Paso, TX

Mall renovation and new Cinemark Theatre

100%

12/05

Haywood Mall
Greenville, SC

Mall renovation

100%

11/05

Northwoods Mall
Peoria, IL

Mall renovation and creation of food cluster

100%

10/05

Orange Park Mall
Orange Park (Jacksonville), FL

Mall renovation and addition of Dick’s Sporting Goods

100%

10/06

Treasure Coast Square
Jensen Beach, FL

Mall and food court renovation

100%

8/05

Subtotal Renovations

15.2

—

Anchor/Big Box/Theater Activity

Boynton Beach Mall
Boynton Beach, FL

Addition of Muvico Theater

100%

4/06

Copley Place
Boston, MA

Addition of Barneys New York

98%

3/06

Cordova Mall
Pensacola, FL

Addition of Ross Dress for Less

100%

10/05

Crossroads Mall
Omaha, NE

Addition of Target

100%

7/06

Fashion Mall at Keystone
Indianapolis, IN

Addition of Landmark Cinema and Crate & Barrel

100%

11/05

SIMON PROPERTY GROUP
U.S. Development Activity Report*
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2005

Construction-in-Progress

The

Unconsolidated
Entities

Company’s

Projected

Company’s

Stabilized

The

Ownership

Gross Cost(1)

Net Cost

Share of

Rate of

Consolidated

Company’s

Mall/Location

Project Description

Percentage

Opening

(in millions)

Net Cost

Return

Properties

Total

Share

Anchor/Big Box/Theater Activity

Galleria, The
Houston, TX

Addition of Borders, Del Frisco, Kona Grill, Oceanaire and small shops in former Lord & Taylor space

32%

4/06

Irving Mall
Irving, TX

Addition of Burlington Coat Factory

100%

9/05

Melbourne Square
Melbourne, FL

Addition of Dick’s Sporting Goods and Circuit City

100%

1st Qtr 2006

Roosevelt Field
Garden City (New York), NY

Addition of Grand Lux Café

100%

11/05

SouthPark
Charlotte, NC

Addition of Neiman Marcus

100%

10/06

Town Center at Boca Raton
Boca Raton, FL

Neiman Marcus in former Lord & Taylor space

100%

11/05

Valley Mall
Harrisonburg, VA

Addition of Target

50%

10/05

	Subtotal Anchor/Big Box/Theater Activity	$	174	$	167	$	141	7	%	$	42.3	$	8.3	$	5.8
*Other Miscellaneous*										$	3.4	$	35.7	$	13.0
Total Construction in Progress(3)										$	328.8	$	116.4	$	55.0
Land Held for Development										$	107.9	$	19.8	$	9.9

* Cost and return are based upon current budget assumptions. Actual results may vary.

(1) Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.

(2) Costs have been transferred to the fixed asset accounts.

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

(4) Project is being developed with proceeds from the Sale of Riverway and O’Hare International Center through a tax-free “like-kind” exchange pursuant to Section 1031 of the Internal Revenue Code.

SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of June 30, 2005

													Construction-
			The							The			in-Progress
Shopping center/			Company’s				Projected			Company’s						The
Location	Project		Ownership				Net Cost			Share of						Company’s
(Metropolitan area)	Description	Anchors	Percentage			Opening	(in millions)			Net Cost			Total			Share
*New Development Projects:*
Porta di Roma—Roma, Italy	Approx. 1.5 million of total GLA including a hypermarket, department store and do-it- yourself centers.	Auchan, Leroy Merlin, Ikea, La Rinascente		19.6	%	Fall 2006		€	213		€	42		€	56		€	11
Nola—Nola, Italy (Napoli)	Approx. 1.0 million of total GLA including a hypermarket and department store.	Auchan, Coin, La Rinascente, Holiday Inn, Media World		22.1	%	Fall 2006		€	155		€	34		€	61		€	13
Guigliano—Guigliano, Italy (Napoli)	Approx. 0.8 million of total GLA anchored by a hypermarket and includes a retail park.	Auchan, Leroy Merlin, Decathlon		19.6	%	Summer 2006		€	86		€	17		€	46		€	9
Other projects (1 leasehold development)								€	1		—			—			—

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

SIMON PROPERTY GROUP
The Company’s Share of Total Debt Amortization and Maturities by Year
As of June 30, 2005
(In thousands)

	The Company’s			The Company’s				The Company’s
	Share of			Share of				Share of
	Secured			Unsecured				Unconsolidated				The Company’s
	Consolidated			Consolidated				Joint Venture				Share of Total
Year	Debt			Debt				Debt				Debt
2005		37,378			200,000				91,437				328,815
2006		323,251			1,989,999				469,741				2,782,991
2007		562,824			1,055,000				203,696				1,821,520
2008		581,957			350,000				332,126				1,264,083
2009		742,673			1,705,798				197,006				2,645,477
2010		731,734			1,159,975				461,959				2,353,668
2011		442,313			350,000				452,000				1,244,313
2012		361,696			450,000				214,146				1,025,842
2013		202,406			425,000				231,139				858,545
2014		453,080			700,000				159,289				1,312,369
Thereafter		72,249			1,050,000				90,839				1,213,088
Subtotal Face Amounts		$	4,511,561		$	9,435,772			$	2,903,378			$	16,850,711
Premiums (Discounts) on Indebtedness, Net		58,489			51,198				(290		)		109,397
Fair Value Interest Rate Swaps		—			(4,725		)		—				(4,725		)
The Company’s Share of Total Indebtedness		$	4,570,050		$	9,482,245			$	2,903,088			$	16,955,383

SIMON PROPERTY GROUP
Summary of Indebtedness
As of June 30, 2005
(In thousands)

				The Company’s			Weighted			Weighted
	Total			Share of			Average			Average Years
	Indebtedness			Indebtedness			Interest Rate			to Maturity
Consolidated Indebtedness
Mortgage Debt
Fixed Rate	$	4,191,191		$	4,008,932			6.49	%		5.6
Floating Rate Debt (Hedged)(1)	98,375			98,375				4.24	%		3.9
Floating Rate Debt	414,441			404,253				4.31	%		2.1
Total Mortgage Debt	4,704,007			4,511,560				6.24	%		5.3
Unsecured Debt
Fixed Rate	6,889,975			6,889,975				6.20	%		5.4
Floating Rate Debt	1,740,000			1,740,000				3.59	%		1.3
Subtotal	8,629,975			8,629,975				5.49	%		4.7
Revolving Corporate Credit Facility	805,798			805,798				3.31	%		3.5
Subtotal	805,798			805,798				3.31	%		3.5
Total Unsecured Debt	9,435,773			9,435,773				5.49	%		4.7
Premium	137,838			135,324				N/A			N/A
Discount	(25,673		)	(25,637		)		N/A			N/A
Fair Value Interest Rate Swaps	(4,725		)	(4,725		)		N/A			N/A
Consolidated Mortgages and Other Indebtedness(2)	$	14,247,220		$	14,052,295			5.74	%		4.9
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	5,716,440		$	2,479,722			6.01	%		5.2
Floating Rate Debt (Hedged)(1)	473,557			218,321				3.86	%		2.1
Floating Rate Debt	543,492			202,372				4.20	%		4.5
Total Mortgage Debt	6,733,489			2,900,415				5.72	%		5.0
Unsecured Floating Rate Debt	6,046			2,963				2.75	%		3.5
Total Unsecured Debt	6,046			2,963				2.75	%		3.5
Premium	3,022			1,511				N/A			N/A
Discount	(3,666		)	(1,801		)		N/A			N/A
Joint Venture Mortgages and Other Indebtedness	$	6,738,891		$	2,903,088			5.72	%		5.0
*The Company’s Share of Total Indebtedness*				$	16,955,383			5.73	%		4.9

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

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

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2005
(In thousands)

Property Name		Maturity Date			Interest Rate (1)	Interest Rate Type	Secured or Unsecured		Total Indebtedness		The Company’s Share of Indebtedness
Consolidated Indebtedness:
CPG Partners, LP (Bonds)			08/17/05		8.38%	Fixed	Unsecured			50,000		50,000
Simon Property Group, LP (Bonds)			10/27/05		6.88%	Fixed	Unsecured			150,000		150,000
Raleigh Springs Mall			12/09/05		5.34%	Variable	Secured			10,853		10,853
Treasure Coast Square—1			01/01/06		7.13%	Fixed	Secured			50,254		50,254
Treasure Coast Square—2			01/01/06		7.77%	Fixed	Secured			11,736		11,736
Simon Property Group, LP (Bonds)			01/20/06		7.38%	Fixed	Unsecured			300,000		300,000
North East Mall			05/20/06		4.72%	Variable	Secured			140,000		140,000
Gulf View Square			10/01/06		8.25%	Fixed	Secured			32,946		32,946
Paddock Mall			10/01/06		8.25%	Fixed	Secured			26,203		26,203
Simon Property Group, LP (Acquisition Facility)			10/14/06		3.89%	Variable	Unsecured			1,200,000		1,200,000
Simon Property Group, LP (Bonds)			11/15/06		6.88%	Fixed	Unsecured			250,000		250,000
Simon Property Group, LP (Euro Term Loan)	(2)		12/16/06		2.71%	Variable	Unsecured	(14)		240,000		240,000
Cielo Vista Mall—1	(4)		05/01/07		9.38%	Fixed	Secured			49,359		49,359
Cielo Vista Mall—3	(4)		05/01/07		6.76%	Fixed	Secured			35,727		35,727
Lakeline Mall			05/01/07		7.65%	Fixed	Secured			66,876		66,876
McCain Mall—1	(4)		05/01/07		9.38%	Fixed	Secured			23,047		23,047
McCain Mall—2	(4)		05/01/07		6.76%	Fixed	Secured			16,491		16,491
Valle Vista Mall—1	(4)		05/01/07		9.38%	Fixed	Secured			30,526		30,526
Valle Vista Mall—2	(4)		05/01/07		6.81%	Fixed	Secured			7,335		7,335
Wolfchase Galleria			06/30/07		7.80%	Fixed	Secured			72,685		68,684
Copley Place			08/01/07		7.44%	Fixed	Secured			176,127		172,863
Simon Property Group, LP (Medium Term Notes)			09/20/07		7.13%	Fixed	Unsecured			180,000		180,000
University Park Mall			10/01/07		7.43%	Fixed	Secured			57,867		34,720
CPG Partners, LP (Bonds)			10/21/07		7.25%	Fixed	Unsecured			125,000		125,000
Simon Property Group, LP (Bonds)			11/15/07		6.38%	Fixed	Unsecured			750,000		750,000
Bangor Mall			12/01/07		7.06%	Fixed	Secured			23,098		15,326
White Oaks Mall	(2)		02/25/08		4.44%	Variable	Secured			48,563		41,125
Gateway Shopping Center	(2)		03/31/08		4.29%	Variable	Secured			86,000		83,250
Simon Property Group, LP (MOPPRS)			06/15/08		7.00%	Fixed	Unsecured			200,000		200,000
Gilroy Premium Outlets	(11)		07/11/08		6.99%	Fixed	Secured			66,502		66,502
Kittery Premium Outlets	(11)		07/11/08		6.99%	Fixed	Secured			11,009		11,009
Lighthouse Place Premium Outlets	(11)		07/11/08		6.99%	Fixed	Secured			45,888		45,888
Waterloo Premium Outlets	(11)		07/11/08		6.99%	Fixed	Secured			36,958		36,958
Simon Property Group, LP (Bonds)			08/28/08		5.38%	Fixed	Unsecured			150,000		150,000
Stanford Shopping Center			09/11/08	(13)	3.60%	Fixed	Secured			220,000		220,000
Arsenal Mall—1			09/28/08		6.75%	Fixed	Secured			32,244		32,244
College Mall—1	(3)		01/01/09		7.00%	Fixed	Secured			34,936		34,936
College Mall—2	(3)		01/01/09		6.76%	Fixed	Secured			11,009		11,009
Greenwood Park Mall—1	(3)		01/01/09		7.00%	Fixed	Secured			29,261		29,261
Greenwood Park Mall—2	(3)		01/01/09		6.76%	Fixed	Secured			56,882		56,882
Towne East Square—1			01/01/09		7.00%	Fixed	Secured			46,620		46,620

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2005
(In thousands)

Property Name		Maturity Date			Interest Rate (1)	Interest Rate Type	Secured or Unsecured		Total Indebtedness		The Company’s Share of Indebtedness
Towne East Square—2			01/01/09		6.81%	Fixed	Secured			22,952		22,952
Woodland Hills Mall			01/01/09		7.00%	Fixed	Secured			83,558		78,935
Revolving Credit Facility	(2)		01/11/09		3.31%	Variable	Unsecured	(22)		805,798		805,798
Simon Property Group, LP (Bonds)			01/30/09	(21)	3.75%	Fixed	Unsecured			300,000		300,000
Simon Property Group, LP (Bonds)			02/09/09		7.13%	Fixed	Unsecured			300,000		300,000
Penn Square Mall			03/01/09		7.03%	Fixed	Secured			69,870		66,024
CPG Partners, LP (Bonds)			03/15/09		3.50%	Fixed	Unsecured			100,000		100,000
Plaza Carolina—Fixed			05/09/09		5.10%	Fixed	Secured			97,966		97,966
Plaza Carolina—Variable Capped	(2)		05/09/09		4.24%	Variable	Secured			98,375		98,375
Plaza Carolina—Variable Floating	(2)		05/09/09		4.24%	Variable	Secured			59,025		59,025
Simon Property Group, LP (Bonds)			07/15/09		7.00%	Fixed	Unsecured			150,000		150,000
CPG Partners, LP (Bonds)			08/17/09		8.63%	Fixed	Unsecured			50,000		50,000
Bloomingdale Court	(9)		11/01/09		7.78%	Fixed	Secured			28,147		28,147
Forest Plaza	(9)		11/01/09		7.78%	Fixed	Secured			15,438		15,438
Lake View Plaza	(9)		11/01/09		7.78%	Fixed	Secured			20,522		20,522
Lakeline Plaza	(9)		11/01/09		7.78%	Fixed	Secured			22,501		22,501
Lincoln Crossing	(9)		11/01/09		7.78%	Fixed	Secured			3,106		3,106
Matteson Plaza	(9)		11/01/09		7.78%	Fixed	Secured			9,037		9,037
Muncie Plaza	(9)		11/01/09		7.78%	Fixed	Secured			7,813		7,813
Regency Plaza	(9)		11/01/09		7.78%	Fixed	Secured			4,235		4,235
St. Charles Towne Plaza	(9)		11/01/09		7.78%	Fixed	Secured			27,111		27,111
West Ridge Plaza	(9)		11/01/09		7.78%	Fixed	Secured			5,461		5,461
White Oaks Plaza	(9)		11/01/09		7.78%	Fixed	Secured			16,663		16,663
Simon Property Group, LP (Bonds)			03/18/10		4.88%	Fixed	Unsecured			300,000		300,000
CPG Partners, LP (Term Loan)			04/27/10	(20)	7.26%	Fixed	Unsecured			59,975		59,975
Simon Property Group, LP (Bonds)			06/15/10		4.60%	Fixed	Unsecured			400,000		400,000
Trolley Square			08/01/10		9.03%	Fixed	Secured			28,788		25,909
Simon Property Group, LP (Bonds)			08/15/10		4.88%	Fixed	Unsecured			400,000		400,000
Coral Square			10/01/10		8.00%	Fixed	Secured			87,439		85,008
Crystal River			11/11/10		7.63%	Fixed	Secured			15,619		15,619
Forum Shops at Caesars, The			12/01/10		4.78%	Fixed	Secured			550,000		550,000
Biltmore Square			12/11/10		7.95%	Fixed	Secured			26,000		26,000
Port Charlotte Town Center			12/11/10		7.98%	Fixed	Secured			52,667		42,134
Oxford Valley Mall			01/10/11		6.76%	Fixed	Secured			83,334		52,634
Simon Property Group, LP (Bonds)			01/20/11		7.75%	Fixed	Unsecured			200,000		200,000
CPG Partners, LP (Bonds)			02/01/11		8.25%	Fixed	Unsecured			150,000		150,000
Henderson Square			07/01/11		6.94%	Fixed	Secured			15,359		11,668
Ingram Park Mall	(8)		08/11/11		6.99%	Fixed	Secured			81,039		81,039
Knoxville Center	(8)		08/11/11		6.99%	Fixed	Secured			61,367		61,367
Northlake Mall	(8)		08/11/11		6.99%	Fixed	Secured			70,794		70,794
Towne West Square	(8)		08/11/11		6.99%	Fixed	Secured			53,046		53,046
Tacoma Mall			10/01/11		7.00%	Fixed	Secured			129,468		129,468
CPG Partners, LP (Bonds)			06/15/12		6.88%	Fixed	Unsecured			100,000		100,000
Simon Property Group, LP (Bonds)			08/28/12		6.35%	Fixed	Unsecured			350,000		350,000

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2005
(In thousands)

Property Name		Maturity Date		Interest Rate (1)	Interest Rate Type		Secured or Unsecured	Total Indebtedness		The Company’s Share of Indebtedness
Anderson Mall			10/10/12	6.20%		Fixed	Secured		29,227		29,227
Century III Mall	(6)		10/10/12	6.20%		Fixed	Secured		86,271		86,271
Crossroads Mall			10/10/12	6.20%		Fixed	Secured		43,329		43,329
Forest Mall	(7)		10/10/12	6.20%		Fixed	Secured		17,351		17,351
Highland Lakes Center	(6)		10/10/12	6.20%		Fixed	Secured		15,994		15,994
Longview Mall	(6)		10/10/12	6.20%		Fixed	Secured		32,472		32,472
Markland Mall	(7)		10/10/12	6.20%		Fixed	Secured		22,974		22,974
Midland Park Mall	(7)		10/10/12	6.20%		Fixed	Secured		33,540		33,540
Palm Beach Mall			10/10/12	6.20%		Fixed	Secured		53,653		53,653
Richmond Towne Square	(7)		10/10/12	6.20%		Fixed	Secured		47,109		47,109
Las Vegas Outlet Center			12/10/12	8.12%		Fixed	Secured		20,801		20,801
CPG Partners, LP (Bonds)			01/15/13	6.00%		Fixed	Unsecured		150,000		150,000
Factory Stores of America—Boaz	(12)		03/10/13	9.10%		Fixed	Secured		2,798		2,798
The Factory Shoppes at Branson Meadows	(12)		03/10/13	9.10%		Fixed	Secured		9,568		9,568
MacGregor Village	(12)		03/10/13	9.10%		Fixed	Secured		6,890		6,890
Factory Stores of America— Georgetown	(12)		03/10/13	9.10%		Fixed	Secured		6,631		6,631
Factory Stores of America— Graceville	(12)		03/10/13	9.10%		Fixed	Secured		1,971		1,971
Dare Centre	(12)		03/10/13	9.10%		Fixed	Secured		1,713		1,713
Factory Stores of America— Lebanon	(12)		03/10/13	9.10%		Fixed	Secured		1,655		1,655
Factory Stores of America—Nebraska City	(12)		03/10/13	9.10%		Fixed	Secured		1,555		1,555
North Ridge Shopping Center	(12)		03/10/13	9.10%		Fixed	Secured		8,415		8,415
Factory Stores of America—Story City	(12)		03/10/13	9.10%		Fixed	Secured		1,923		1,923
Carolina Premium Outlets— Smithfield	(12)		03/10/13	9.10%		Fixed	Secured		20,574		20,574
The Crossings Premium Outlets			03/13/13	5.85%		Fixed	Secured		58,544		58,544
Simon Property Group, LP (Bonds)			03/15/13	5.45%		Fixed	Unsecured		200,000		200,000
Battlefield Mall			07/01/13	4.60%		Fixed	Secured		100,000		100,000
Retail Property Trust (Bonds)			09/01/13	7.18%		Fixed	Unsecured		75,000		75,000
Simon Property Group, LP (Bonds)			01/30/14	4.90%		Fixed	Unsecured		200,000		200,000
Northfield Square			02/11/14	6.05%		Fixed	Secured		31,271		9,882
Montgomery Mall			05/11/14	5.17%		Fixed	Secured		94,595		50,580
Chesapeake Square			08/01/14	5.84%		Fixed	Secured		73,000		54,750
Brunswick Square			08/11/14	5.65%		Fixed	Secured		86,000		86,000
Simon Property Group, LP (Bonds)			08/15/14	5.63%		Fixed	Unsecured		500,000		500,000
Boardman Plaza			07/01/14	5.94%		Fixed	Secured		23,598		23,598
Cheltenham Square			07/01/14	5.89%		Fixed	Secured		54,941		54,941
Desoto Square			07/01/14	5.89%		Fixed	Secured		64,153		64,153
Upper Valley Mall			07/01/14	5.89%		Fixed	Secured		47,904		47,904
Washington Square			07/01/14	5.94%		Fixed	Secured		30,693		30,693
West Ridge Mall			07/01/14	5.89%		Fixed	Secured		68,711		68,711
DeKalb Plaza			01/01/15	5.28%		Fixed	Secured		3,458		1,740
Simon Property Group, LP (Bonds)			06/15/15	5.10%		Fixed	Unsecured		600,000		600,000
Retail Property Trust (Bonds)			03/15/16	7.88%		Fixed	Unsecured		250,000		250,000
Arsenal Mall—2			05/05/16	8.20%		Fixed	Secured		1,585		1,585

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2005
(In thousands)

Property Name		Maturity Date		Interest Rate (1)	Interest Rate Type	Secured or Unsecured		Total Indebtedness			The Company’s Share of Indebtedness
Simon Property Group, LP (Bonds)			06/15/18	7.38%	Fixed	Unsecured			200,000			200,000
Sunland Park Mall			01/01/26	8.63%	Fixed	Secured			36,335			36,335
Keystone at the Crossing			07/01/27	7.85%	Fixed	Secured			59,103			59,103
Total Consolidated Indebtedness at Face Value									14,139,780			13,947,333
Premium									137,838			135,324
Discount									(25,673	)		(25,637	)
Fair Value Interest Rate Swaps									(4,725	)		(4,725	)
*Total Consolidated Indebtedness*									14,247,220			14,052,295
Joint Venture Indebtedness
Houston Galleria—1			12/01/05	7.93%	Fixed	Secured			214,153			67,426
Cobblestone Court			01/01/06	7.64%	Fixed	Secured			10,596			3,709
Crystal Court			01/01/06	7.64%	Fixed	Secured			2,766			968
Fairfax Court			01/01/06	7.64%	Fixed	Secured			12,996			3,411
Gaitway Plaza			01/01/06	7.64%	Fixed	Secured			8,996			2,099
Plaza at Buckland Hills, The			01/01/06	7.64%	Fixed	Secured			17,071			5,975
Ridgewood Court			01/01/06	7.64%	Fixed	Secured			7,446			2,606
Village Park Plaza			01/01/06	7.64%	Fixed	Secured			18,376			6,432
West Town Corners			01/01/06	7.64%	Fixed	Secured			10,996			2,566
Willow Knolls Court			01/01/06	7.64%	Fixed	Secured			10,721			3,752
CMBS Loan—Fixed (encumbers 13 Properties)	(5)		05/15/06	7.52%	Fixed	Secured			357,100			178,550
CMBS Loan—1 Floating (encumbers 13 Properties)	(5)		05/15/06	3.75%	Variable	Secured			186,500			93,250
CMBS Loan—2 Floating (encumbers 13 Properties)	(5)		05/15/06	3.71%	Variable	Secured			81,400			40,700
Great Northeast Plaza			06/01/06	9.04%	Fixed	Secured			16,363			8,182
Smith Haven Mall			06/01/06	7.86%	Fixed	Secured			115,000			28,750
Montreal Forum—Canada	(2)		08/08/06	5.76%	Variable	Secured	(17)		44,587			15,884
Lehigh Valley Mall			10/10/06	7.90%	Fixed	Secured			45,422			17,083
Greendale Mall			12/10/06	8.23%	Fixed	Secured			40,110			19,709
Houston Galleria—2	(2)		12/31/06	4.84%	Variable	Secured			84,711			26,671
Gwinnett Place—1			04/01/07	7.54%	Fixed	Secured			36,590			18,295
Gwinnett Place—2			04/01/07	7.25%	Fixed	Secured			80,996			40,498
Town Center at Cobb—1			04/01/07	7.54%	Fixed	Secured			46,617			23,309
Town Center at Cobb—2			04/01/07	7.25%	Fixed	Secured			61,640			30,820
Gotemba Premium Outlets—Variable			09/30/07	1.77%	Variable	Secured	(19)		23,723			9,489
Mall at Rockingham			09/01/07	7.88%	Fixed	Secured			95,236			23,398
Clay Terrace Partners	(2)		01/20/08	4.84%	Variable	Secured			85,565			42,783
Aventura Mall—A			04/06/08	6.55%	Fixed	Secured			141,000			47,000
Aventura Mall—B			04/06/08	6.60%	Fixed	Secured			25,400			8,467

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2005
(In thousands)

Property Name		Maturity Date		Interest Rate (1)	Interest Rate Type	Secured or Unsecured		Total Indebtedness		The Company’s Share of Indebtedness
Aventura Mall—C			04/06/08	6.89%	Fixed	Secured			33,600		11,200
West Town Mall			05/01/08	6.90%	Fixed	Secured			76,000		38,000
Mall of New Hampshire—1			10/01/08	6.96%	Fixed	Secured			98,515		48,408
Mall of New Hampshire—2			10/01/08	8.53%	Fixed	Secured			8,122		3,991
Fashion Valley Mall—1			10/11/08	6.49%	Fixed	Secured			162,678		81,339
Fashion Valley Mall—2			10/11/08	6.58%	Fixed	Secured			29,124		14,562
Whitehall Mall			11/01/08	6.77%	Fixed	Secured			13,638		5,181
Galleria Commerciali Italia— Facility C			12/22/08	2.75%	Variable	Unsecured	(16)		6,046		2,963
Source, The			03/11/09	6.65%	Fixed	Secured			124,000		31,000
Shops at Sunset Place, The	(2)		05/09/09	4.09%	Variable	Secured			95,657		35,871
Seminole Towne Center	(2)		06/30/09	3.99%	Variable	Secured			70,000		31,500
Fashion Centre Pentagon Office			07/09/09	4.09%	Variable	Secured			40,000		17,000
Sano Premium Outlets			08/31/09	2.45%	Fixed	Secured	(19)		45,056		18,022
Apple Blossom Mall			09/10/09	7.99%	Fixed	Secured			38,934		19,131
Auburn Mall			09/10/09	7.99%	Fixed	Secured			45,581		22,397
Toki Premium Outlets			10/30/09	0.79%	Variable	Secured	(19)		14,828		5,931
Mall at Chestnut Hill			02/02/10	8.45%	Fixed	Secured			14,451		6,824
Shops at Coconut Pointe, The			05/19/10	4.44%	Variable	Secured			34,193		12,822
Westchester, The			06/01/10	4.86%	Fixed	Secured			500,000		200,000
Mall of Georgia			07/01/10	7.09%	Fixed	Secured			196,106		98,053
Florida Mall, The			12/10/10	7.55%	Fixed	Secured			258,802		129,401
Atrium at Chestnut Hill			03/11/11	6.89%	Fixed	Secured			46,966		23,078
Cape Cod Mall			03/11/11	6.80%	Fixed	Secured			95,467		46,910
Highland Mall			07/11/11	6.83%	Fixed	Secured			68,150		34,075
Villabe A6—Bel’Est			08/01/11	3.11%	Variable	Secured	(18)		11,835		4,107
Fashion Centre Pentagon Retail			09/11/11	6.63%	Fixed	Secured			160,150		68,064
Bay 1 (Torcy)			12/01/11	3.91%	Variable	Secured	(18)		14,526		5,041
Zakopianka Shopping Center			12/01/11	6.82%	Fixed	Secured	(15)		15,397		5,343
Galleria Commerciali Italia—Facility A			12/22/11	3.18%	Fixed	Secured	(16)		293,786		143,955
Galleria Commerciali Italia—Facility B			12/22/11	3.28%	Fixed	Secured	(16)		306,146		150,012
Borek Shopping Center			02/01/12	6.19%	Fixed	Secured	(15)		16,625		5,769
Dadeland Mall			02/11/12	6.75%	Fixed	Secured			192,952		96,476
Square One			03/11/12	6.73%	Fixed	Secured			91,786		45,101
Crystal Mall			09/11/12	5.62%	Fixed	Secured			102,210		76,217
Emerald Square Mall			03/01/13	5.13%	Fixed	Secured			140,426		69,002
Avenues, The			04/01/13	5.29%	Fixed	Secured			77,497		19,374
Circle Centre Mall			04/11/13	5.02%	Fixed	Secured			77,516		11,372
Bay 2 (Torcy)			06/01/13	3.31%	Variable	Secured	(18)		64,874		22,511
Solomon Pond			08/01/13	3.97%	Fixed	Secured			114,000		56,017
Tosu Premium Outlets			08/24/13	2.62%	Fixed	Secured	(19)		14,885		5,954
Miami International Mall			10/01/13	5.35%	Fixed	Secured			97,500		46,582
Liberty Tree Mall			10/11/13	5.22%	Fixed	Secured			35,000		17,198

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2005
(In thousands)

Property Name	Maturity Date	Interest Rate (1)			Interest Rate Type	Secured or Unsecured		Total Indebtedness			The Company’s Share of Indebtedness
Wilenska Station Shopping Center	11/01/13		4.06	%	Variable	Secured	(18)		37,837			13,129
Northshore Mall	03/11/14		5.03	%	Fixed	Secured			210,000			103,189
Turzyn Shopping Center	06/01/14		6.56	%	Fixed	Secured	(15)		23,227			8,060
Dabrowka Shopping Center	07/01/14		6.22	%	Fixed	Secured	(15)		4,853			1,684
Gotemba Premium Outlets—Fixed	10/25/14		2.00	%	Fixed	Secured	(19)		10,936			4,374
Rinku Premium Outlets	10/25/14		2.34	%	Fixed	Secured	(19)		41,338			16,535
Arkadia Shopping Center	11/01/14		4.26	%	Variable	Secured	(18)		126,813			44,004
Indian River Commons	11/01/14		5.21	%	Fixed	Secured			9,645			4,823
Indian River Mall	11/01/14		5.21	%	Fixed	Secured			65,355			32,678
St. Johns Town Center	03/11/15		5.06	%	Fixed	Secured			170,000			85,000
Quaker Bridge Mall	04/01/16		7.03	%	Fixed	Secured			22,950			8,719
King of Prussia Mall—1	01/01/17		7.49	%	Fixed	Secured			179,105			22,119
King of Prussia Mall—2	01/01/17		8.53	%	Fixed	Secured			12,374			1,528
Total Joint Venture Indebtedness at Face Value									6,739,535			2,903,378
Premium									3,022			1,511
Discount									(3,666	)		(1,801	)
*Total Joint Venture Indebtedness*									6,738,891			2,903,088
The Company’s Share of Total Indebtedness												16,955,383

(Footnotes on following page)

SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2005
(In thousands)

(Footnotes for preceeding pages)

Footnotes:

(1) Variable rate debt interest rates are based on the following base rates as of June 30, 2005: LIBOR at 3.34%; EURIBOR at 2.11%.

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

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

(4) These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(5) These Commercial Mortgage Notes are secured by cross-collateralized mortgages encumbering thirteen of the Properties (Eastland Mall, Southern Hills Mall, Lindale Mall, Southridge Mall, Granite Run Mall, Lake Square Mall, Northpark Mall, Southpark Mall, Valley Mall, Mesa Mall, Empire Mall, Empire East Mall and Rushmore Mall). A weighted average rate is used.

(6) These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(7) These four Properties are secured by cross-collateralized and cross-defaulted mortgages.

(8) These four Properties are secured by cross-collateralized and cross-defaulted mortgages.

(9) These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.

(10) These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

(11) These four Properties are secured by cross-collateralized and cross-defaulted mortgages.

(12) These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.

(13) Simultaneous with the issuance of this loan, the Company entered into a $70 million notional amount variable rate swap agreement which is designated as a hedge against this loan. As of June 30, 2005, after including the impacts of this swap, the terms of the loan are effectively $150 million fixed at 3.60% and $70 million variable rate at 3.34%.

(14) Amounts shown in USD Equivalent. Euro equivalent is 198.8 million.

(15) Amounts shown in USD Equivalent. Euro equivalent is 49.8 million.

(16) Amounts shown in USD Equivalent. Euro equivalent is 502.4 million. Associated with these loans are interest rate swap agreements with a total combined 490.8 million euros notional amount that effectively fixes this pool of loans at 3.97%.

(17) Amounts shown in USD Equivalent. Canadian Dollar equivalent is 56.0 million.

(18) Amounts shown in USD Equivalent. Euro equivalent is 212.1 million. Associated with these loans are interest rate swap agreements with a total combined 198.5 million euros notional amount that effectively fix these loans at a combined 5.05%.

(19) Amounts shown in USD Equivalent. Yen equivalent is 16,268.1 million.

(20) Through an interest rate swap agreement, effectively fixed through January 1, 2006 at the all-in interest rate presented.

(21) The Company has $300 million notional amount variable rate swap agreement which is a designated hedge against this unsecured note effectively converting to a six month LIBOR variable rate.

(22) Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen $1,856.8 million.

SIMON PROPERTY GROUP

Unencumbered Assets

As of June 30, 2005

Property Name	City	State
*Regional Malls:*
University Mall	Little Rock	AR
Southgate Mall	Yuma	AZ
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
Aurora Mall	Aurora	CO
Boynton Beach Mall	Boynton Beach	FL
Cordova Mall	Pensacola	FL
Edison Mall	Fort Meyers	FL
Melbourne Square	Melbourne	FL
Orange Park Mall	Orange Park	FL
Town Center at Boca Raton	Boca Raton	FL
Tyrone Square	St. Petersburg	FL
University Mall	Pensacola	FL
Lenox Square	Atlanta	GA
Phipps Plaza	Atlanta	GA
Alton Square	Alton	IL
Lincolnwood Town Center	Lincolnwood	IL
Northwoods Shopping Center	Peoria	IL
Orland Square	Orland Park	IL
River Oaks Center	Calumet City	IL
Castleton Square Mall	Indianapolis	IN
Lafayette Square	Indianapolis	IN
Muncie Mall	Muncie	IN
Tippecanoe Mall	Lafayette	IN
Prien Lake Mall	Lake Charles	LA
Burlington Mall	Burlington	MA
South Shore Plaza	Braintree	MA
Bowie Town Center	Bowie	MD
St. Charles Towne Center	Waldorf	MD

Property Name	City	State
Maplewood Mall	Minneapolis	MN
Miller Hill Mall	Duluth	MN
Independence Center	Independence	MO
SouthPark Mall	Charlotte	NC
Pheasant Lane	Nashua	NH
Livingston Mall	Livingston	NJ
Menlo Park Mall	Edison	NJ
Ocean County Mall	Toms River	NJ
Rockaway Townsquare	Rockaway	NJ
Cottonwood Mall	Albuquerque	NM
Chautauqua Mall	Lakewood	NY
Nanuet Mall	Nanuet	NY
Jefferson Valley Mall	Yorktown Heights	NY
Roosevelt Field	Garden City	NY
Walt Whitman Mall	Huntington Station	NY
Great Lakes Mall	Mentor	OH
Lima Mall	Lima	OH
Southern Park Mall	Boardman	OH
Summit Mall	Akron	OH
Eastland Mall	Tulsa	OK
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
Irving Mall	Irving	TX
La Plaza Mall	McAllen	TX
Richardson Square Mall	Richardson	TX
Rolling Oaks Mall	San Antonio	TX

Property Name	City	State
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
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
Liberty Village Premium Outlets	Flemington	NJ
Las Vegas Premium Outlets	Las Vegas	NV
Woodbury Common Premium Outlets	Central Valley	NY
Aurora Farms Premium Outlets	Aurora	OH

Property Name	City	State
Columbia Gorge Premium Outlets	Troutdale	OR
Allen Premium Outlets	Allen	TX
Leesburg Corner Premium Outlets	Leesburg	VA
Seattle Premium Outlets	Seattle	WA
Johnson Creek Premium Outlets	Johnson Creek	WI
*Community/Lifestyle Centers:*
Grove at Lakeland Square	Lakeland	FL
Terrace at Florida Mall	Orlando	FL
Waterford Lakes Town Center	Orlando	FL
Mall of Georgia Crossing	Atlanta	GA
Countryside Plaza	Countryside	IL
Lake Plaza	Waukegan	IL
North Ridge Plaza	Joliet	IL
Brightwood Plaza	Indianapolis	IN
Greenwood Plus	Greenwood	IN
Griffith Park Plaza	Griffith	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
Wabash Village	West Lafayette	IN
Washington Plaza	Indianapolis	IN
Park Plaza	Hopkinsville	KY
Rockaway Convenience Center	Rockaway	NJ
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Northland Plaza	Columbus	OH
Eastland Plaza	Tulsa	OK

Property Name	City	State
Lincoln Plaza	Langhorne	PA
Charles Towne Square	Charleston	SC
Knoxville Commons	Knoxville	TN
The Arboretum	Austin	TX
Celina Plaza	El Paso	TX
Ingram Plaza	San Antonio	TX
Shops at North East Mall	Hurst	TX
Chesapeake Center	Chesapeake	VA
Martinsville Plaza	Martinsville	VA
*Other:*
Factory Stores of America—West Frankfort	West Frankfort	IL
Factory Stores of America—Hanson	Hanson	KY
Factory Stores of America—Arcadia	Arcadia	LA
Factory Merchants Branson	Branson	MO
Factory Stores of America—Tupelo	Tupelo	MS
Jackson Outlet Village	Jackson	NJ
Crossville Outlet Center	Crossville	TN
Factory Stores of America—Tri-Cities	Blountville	TN
Factory Stores of America—Union City	Union City	TN
Factory Stores of America—Draper	Draper	UT
Patriot Plaza	Williamsburg	VA
Factory Stores at North Bend	North Bend	WA

SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of June 30, 2005
($ in 000’s, except per share amounts)

			Per Share			Aggregate
		Number of	Liquidation			Liquidation			Ticker
Issuer	Description	Shares/Units	Preference			Preference			Symbol
Preferred Stock:
Simon Property Group, Inc.	Series F 8.75% Cumulative Redeemable(1)	8,000,000		$	25		$	200,000	SPGPrF
Simon Property Group, Inc.	Series G 7.89% Cumulative Step-Up Premium Rate(2)	3,000,000		$	50		$	150,000	SPGPrG
Simon Property Group, Inc.	Series I 6% Convertible Perpetual Preferred(3)	13,683,015		$	50		$	684,151	SPGPrI
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable(4)	796,948		$	50		$	39,847	SPGPrJ
Preferred Units:
Simon Property Group, L.P.	Series C 7% Cumulative Convertible(5)	1,410,760		$	28		$	39,501	N/A
Simon Property Group, L.P.	Series D 8% Cumulative Redeemable(6)	1,425,573		$	30		$	42,767	N/A
Simon Property Group, L.P.	Series I 6% Convertible Perpetual(3)	4,332,487		$	50		$	216,624	N/A
Simon Property Group, L.P.	7.50% Cumulative Redeemable(7)	255,373		$	100		$	25,537	N/A
Simon Property Group, L.P.	7.75%/8.00% Cumulative Redeemable(8)	850,698		$	100		$	85,070	N/A

(1) The shares are redeemable on or after September 29, 2006. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2005, was $26.33 per share.

(2) The Cumulative Step-Up Premium Rate Preferred Stock was issued at 7.89%. The shares are redeemable after September 30, 2007. Beginning October 1, 2012, the rate increases to 9.89%. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2005 was $53.78 per share.

(3) Each unit/share is convertible into 0.783 of a share of common stock if certain conditions are met. The closing price for the preferred stock on June 30, 2005 was $62.00 per share.

(4) Each share is redeemable on or after October 15, 2027. The closing price on June 30, 2005 was $67.50 per share.

(5) Each unit/share is convertible into 0.75676 of a share of common stock on or after August 27, 2004 if certain conditions are met. Each unit/share is not redeemable prior to August 27, 2009.

(6) Each unit/share is not redeemable prior to August 27, 2009.

(7) Each unit/share is not redeemable prior to November 10, 2013.

(8) Each unit is redeemable on or after January 1, 2011 or earlier upon the occurrence of certain tax triggering events.

Exhibit 99.2

CONTACTS:
Shelly Doran	317.685.7330 Investors
Les Morris	317.263.7711 Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP ANNOUNCES SECOND QUARTER FFO PER SHARE GROWTH OF 16.8% AND DECLARES QUARTERLY DIVIDENDS

Indianapolis, Indiana—July 28, 2005...Simon Property Group, Inc. (the “Company” or “Simon”) (NYSE:SPG) today announced results for the quarter and six months ended June 30, 2005:

· Net income available to common stockholders for the quarter increased 119.0% to $154.8 million from $70.7 million in 2004. On a diluted per share basis the increase was 105.9% to $0.70 from $0.34 in the second quarter of 2004. Net income available to common stockholders for the six months increased 77.9% to $211.9 million from $119.1 million in 2004. On a diluted per share basis the increase was 65.5% to $0.96 per share from $0.58 per share in 2004. The increase in net income for the quarter and six months is primarily attributable to net gains on the sale of two Chicago office building complexes.

· Diluted funds from operations (“FFO”) of the Simon portfolio for the quarter increased 30.1% to $349.4 million from $268.5 million in 2004. On a per share basis the increase was 16.8% to $1.18 from $1.01 in the second quarter of 2004. Diluted FFO of the Simon portfolio for the six months increased 30.7% to $683.2 million from $522.8 million in 2004. On a per share basis the increase was 17.3% to $2.31 per share from $1.97 per share in 2004.

The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Company believes that FFO is helpful to investors because it is a widely recognized measure of the performance of real estate investment trusts and provides a relevant basis for comparison among REITs. A reconciliation of GAAP reported net income to FFO is provided in the financial statement section of this press release.

The Company’s core fundamentals continue to demonstrate strength as evidenced by growth in operating metrics for all three domestic business platforms:

	As of June 30, 2005				As of June 30, 2004				Increase
Occupancy
Regional Malls(1)		92.2		%		91.3		%	90 basis points
Premium Outlet® Centers(2)		99.2		%		98.0		%(3)	120 basis points
Community/Lifestyle Centers(2)		91.5		%		91.5		%	No change
Comparable Sales per Sq. Ft.
Regional Malls(4)		$	442			$	419		5.5%
Premium Outlet® Centers(2)		$	426			$	397	(3)	7.3%
Community/Lifestyle Centers(2)		$	218			$	213		2.3%
Average Rent per Sq. Ft.
Regional Malls(1)		$	34.16			$	32.92		3.8%
Premium Outlet® Centers(2)		$	22.83			$	21.16	(3)	7.9%
Community/Lifestyle Centers(2)		$	11.13			$	10.77		3.3%

(1) For mall and freestanding stores.

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

(3) The Company acquired Chelsea Property Group on October 14, 2004.

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

“We reported strong financial results and robust operating fundamentals for the second quarter,” said David Simon, Chief Executive Officer. “We also completed the efficient execution of a $1 billion unsecured notes offering, sold over $250 million of non-core assets, and announced additional international development initiatives.”

Dividends

Today the Company announced a quarterly common stock dividend of $0.70 per share to be paid on August 31, 2005 to stockholders of record on August 17, 2005.

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

· 8.75% Series F Cumulative Redeemable Preferred (NYSE:SPGPrF) dividend of $0.546875 per share is payable on September 30, 2005 to stockholders of record on September 16, 2005.

· 7.89% Series G Cumulative Preferred (NYSE:SPGPrG) dividend of $0.98625 per share is payable on September 30, 2005 to stockholders of record on September 16, 2005.

· 6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on August 31, 2005 to stockholders of record on August 17, 2005.

· 8 3/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on September 30, 2005 to stockholders of record on September 16, 2005.

Development Activity

On May 5, 2005, the Company opened Phase I of Seattle Premium Outlets®, a 381,000 square foot upscale outlet center in Tulalip, Washington, 35 miles north of Seattle. The center is located off I-5 on the Tulalip Tribes Reservation. Tenants include: Adidas, Adrienne Vittadini, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Crabtree & Evelyn, Coach, Gap, Guess, Izod, J.Crew, Le Creuset, Mikasa, Movado, Nike, Polo Ralph Lauren, Sony, Tommy Hilfiger, and Tumi. Gross costs were $58 million. The Company owns 100% of this project.

Wolf Ranch, a 670,000 square foot community center located north of Austin, Texas in Georgetown, opened earlier this month. It is an open-air, mixed-use shopping center containing a mix of anchor stores, specialty retail stores and unique restaurants. Wolf Ranch is anchored by Target, Linens ‘n Things, Michaels, Office Depot, Old Navy, Pier One Imports, PetsMart and T.J. Maxx. Three additional anchors—Kohl’s, Best Buy and DSW—are under construction and scheduled to open during October and November of this year. Gross costs are expected to approximate $98 million. The Company owns 100% of this project.

During the quarter, the Company started construction on three new projects:

· Round Rock Premium Outlets—a 433,000 square foot upscale outlet center in Round Rock (Austin), Texas. The project is scheduled to open in the fall of 2006.

· The Domain—a master-planned urban village in Austin, Texas, that will include 700,000 square feet of retail and restaurants, 75,000 square feet of Class A office space and 390 multi-family residential units. The retail portion will be anchored by Neiman Marcus and Foley’s. The Domain is scheduled to open in March 2007.

· The Village at SouthPark—a mixed-use project comprised of residential and retail components located adjacent to Simon’s highly successful SouthPark Mall in Charlotte, North Carolina. The retail component is scheduled to open in March 2007, followed by the residential component in May 2007.

The Company continues construction on:

· Firewheel Town Center—a 785,000 square foot open-air regional shopping center in Garland, Texas. The project is scheduled to open on October 7, 2005.

· Coconut Point—an open-air, mixed-use mainstreet regional shopping center in Estero/Bonita Springs, Florida. The community center component is expected to open in March 2006, followed by the remainder of the project in September 2006.

Construction also continues on three development projects in Italy, partially owned by Gallerie Commerciali Italia, the Company’s Italian joint venture.

International Activity

On April 19, 2005, the Company announced that it signed an agreement with Seoul-based Shinsegae Co., Ltd. and Shinsegae International Co., Ltd. to jointly develop Premium Outlet centers in South Korea. The joint venture will adapt Chelsea’s Premium Outlet concept to the development of upscale, fashion-oriented outlet centers in South Korea. Chelsea will contribute leasing, design, marketing and operations expertise to the venture; Shinsegae will manage the venture’s entitlement, development and construction activities. The initial focus will be on the development of a Premium Outlet center to serve the greater Seoul market.

On May 23, 2005, the Company announced the opening of a regional office in Hong Kong. Operating as Simon/Chelsea International Ltd., a newly formed subsidiary, the office will be responsible for Simon’s retail real estate activities in Asia. Located in the Central district of Hong Kong, the new regional office will be headed by Renee Ting, Managing Director, a real estate professional with extensive experience in Hong Kong, Beijing and Shanghai.

On July 25, 2005, SPG announced the execution of a Cooperation Framework Agreement with the Morgan Stanley Real Estate Funds (“MSREF”) and SZITIC Commercial Property Co. Ltd. (“SZITIC CP”), retail property subsidiary of the Chinese state-owned trust and investment firm, Shenzhen International Trust & Investment Co., Ltd. (“SZITIC”), to develop retail shopping center projects in China. Simon and MSREF will each own 32.5% of the enterprise while SZITIC CP will own 35%. Each project will be an urban, multi-level, retail destination of between 40,000 sq. m and 70,000 sq. m (430,000 and 750,000 sq. ft.), anchored in all cases by a Wal-Mart store.

Disposition Activity

On June 1, 2005, the Company sold its Chicago office portfolio—three buildings at Riverway and two buildings at O’Hare International Center—for $257 million. In addition, the Company has completed or expects to complete the sale of land at Riverway underlying two additional buildings owned by the current ground lessees for $19 million during the third quarter. The Company recorded a gain of $119.7 million in the second quarter in conjunction with the sale of Riverway and O’Hare.

Financing Activity

On June 7, 2005, the Company announced the closing of a private offering of $1 billion of senior notes by its operating partnership subsidiary, Simon Property Group, L.P. (the “Operating Partnership”). The offering consisted of $400 million of 4.60% notes due 2010 and $600 million of 5.10% notes due 2015. The notes were offered within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. The five-year notes were issued at an offering price of 99.870% and the ten-year notes at 99.967%. The net proceeds of the offering were used to reduce outstanding borrowings on two credit facilities of the Operating Partnership. An offer to exchange these notes for registered notes is underway and is expected to be completed during the third quarter.

2005 Guidance

Today the Company updated its guidance for 2005. The Company expects diluted FFO to be within a range of $4.80 to $4.85 per share for the year ending December 31, 2005, and diluted net income to be within a range of $1.67 to $1.72 per share.

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

For the twelve months ended December 31, 2005	Low			High
Estimated diluted net income per share	$	1.67		$	1.72
Depreciation and amortization including joint ventures	3.65			3.65
Gain on sales of real estate and discontinued operations, net of tax effect	(0.46		)	(0.46		)
Impact of additional dilutive securities for FFO per share	(0.06		)	(0.06		)
Estimated diluted FFO per share	$	4.80		$	4.85

Forward-Looking Statements

Estimates of future net income and FFO per share, and other statements regarding future developments and operations, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements often contain words such as “estimated,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” Actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to, international, national, regional and local economic climates, competitive market forces, changes in market rental rates, trends in the retail industry, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks associated with acquisitions, the impact of terrorist activities, environmental liabilities, pending litigation, maintenance of REIT status, changes in applicable laws, rules and regulations, changes in market rates of interest and fluctuations in exchange rates of foreign currencies. The reader is directed to the Company’s various filings with the Securities and Exchange Commission for a discussion of such risks and uncertainties. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Conference Call

The Company will provide an online simulcast of its quarterly conference call at www.simon.com (in the About Simon section), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 4:00 p.m. Eastern Daylight Time (New York) today, July 28, 2005. An online replay will be available for approximately 90 days at www.simon.com.

Supplemental Materials

The Company will publish a supplemental information package which will be available at www.simon.com in the Investor Relations section, Other Financial Reports 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.

About Simon

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet® centers and community/lifestyle centers. The Company’s current total market capitalization is approximately $39 billion. Through its subsidiary partnership, it currently owns or has an interest in 294 properties in the United States containing an aggregate of 201 million square feet of gross leasable area in 40 states plus Puerto Rico. Simon also holds interests in 51 European shopping centers in France, Italy, Poland and Portugal; 5 Premium Outlet centers in Japan; one Premium Outlet center in Mexico; and one shopping center in Canada. Additional Simon Property Group information is available at www.simon.com.

SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)

	For the Three Months							For the Six Months
	Ended June 30,							Ended June 30,
	2005			2004				2005			2004
REVENUE:
Minimum rent	$	470,387			$	355,455		$	937,026		$	703,781
Overage rent	14,423				8,538			27,731			18,019
Tenant reimbursements	213,873				174,947			425,470			345,180
Management fees and other revenues	17,505				18,490			37,185			36,403
Other income	40,074				34,133			76,769			61,137
Total revenue	756,262				591,563			1,504,181			1,164,520
EXPENSES:
Property operating	100,916				84,821			202,567			167,824
Depreciation and amortization	206,444				142,906			418,070			277,697
Real estate taxes	71,783				58,687			143,892			117,139
Repairs and maintenance	24,904				19,886			53,230			41,833
Advertising and promotion	18,687				12,720			36,860			25,325
Provision for credit losses (recoveries)	(1,688		)		3,213			824			6,656
Home and regional office costs	30,802				21,267			57,992			42,232
General and administrative	4,459				3,460			8,251			7,021
Other	11,107				7,627			21,958			16,482
Total operating expenses	467,414				354,587			943,644			702,209
OPERATING INCOME	288,848				236,976			560,537			462,311
Interest expense	199,153				156,218			395,763			308,879
Income before minority interest	89,695				80,758			164,774			153,432
Minority interest	(2,253		)		(3,820		)	(5,560		)	(4,681		)
Gain (loss) on sales of assets and other, net	2,134				11,619			12,607			(1,881		)
Income tax expense of taxable REIT subsidiaries	(2,734		)		(6,632		)	(7,420		)	(8,642		)
Income before unconsolidated entities	86,842				81,925			164,401			138,228
Income from unconsolidated entities	14,456				19,836			32,383			36,908
Income from continuing operations	101,298				101,761			196,784			175,136
Results of operations from discontinued operations	1,596				1,688			4,073			3,889
Gain on disposal or sale of discontinued operations, net	119,692				197			119,780			288
Income before allocation to limited partners	222,586				103,646			320,637			179,313
LESS:
Limited partners’ interest in the Operating Partnership	42,018				20,201			57,681			34,776
Preferred distributions of the Operating Partnership	7,350				4,900			14,274			9,805
NET INCOME	173,218				78,545			248,682			134,732
Preferred dividends	(18,407		)		(7,834		)	(36,804		)	(15,670		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	154,811			$	70,711		$	211,878		$	119,062

SIMON
Per Share Data
Unaudited

	For the Three Months Ended June 30,							For the Six Months Ended June 30,
	2005				2004			2005				2004
*PER SHARE DATA:*
Basic Earnings Per Common Share:
Income from continuing operations		$	0.27			$	0.33		$	0.52			$	0.56
Discontinued operations—results of operations and gain on disposal or sale, net		0.43				0.01			0.44				0.02
Net income available to common stockholders		$	0.70			$	0.34		$	0.96			$	0.58
Percentage Change		105.9		%					65.5		%
Diluted Earnings Per Common Share:
Income from continuing operations		$	0.27			$	0.33		$	0.52			$	0.56
Discontinued operations—results of operations and gain on disposal or sale, net		0.43				0.01			0.44				0.02
Net income available to common stockholders		$	0.70			$	0.34		$	0.96			$	0.58
Percentage Change		105.9		%					65.5		%

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2005			2004			2005			2004
Net Income(B)(C)(D)(E)	$	173,218		$	78,545		$	248,682		$	134,732
Plus: Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership	49,368			25,101			71,955			44,581
Plus: Depreciation and amortization from consolidated properties and discontinued operations	205,858			143,547			417,576			279,798
Plus: Simon’s share of depreciation and amortization from unconsolidated entities	55,567			42,140			103,298			83,632
Plus: (Gain)/loss on sales of real estate and other assets and discontinued operations	(121,826		)	(11,816		)	(132,387		)	1,593
Plus: Tax provision related to sale	1,533			4,415			1,533			4,415
Less: Minority interest portion of depreciation and amortization	(2,792		)	(1,938		)	(4,841		)	(3,019		)
Less: Preferred distributions and dividends	(25,757		)	(12,734		)	(51,078		)	(25,475		)
FFO of the Simon Portfolio	$	335,169		$	267,260		$	654,738		$	520,257
*Per Share Reconciliation:*
Diluted net income per share	$	0.70		$	0.34		$	0.96		$	0.58
Plus: Depreciation and amortization from consolidated properties and the Company’s share of depreciation and amortization from unconsolidated affiliates, net of minority interest portion of depreciation and amortization	0.92			0.70			1.83			1.36
Plus: (Gain)/loss on sales of real estate and other assets and discontinued operations	(0.43		)	(0.04		)	(0.47		)	0.01
Plus: Tax provision related to sale	0.01			0.02			0.01			0.02
Less: Impact of additional dilutive securities for FFO per share	(0.02		)	(0.01		)	(0.02		)	0.00
Diluted FFO per share	$	1.18		$	1.01		$	2.31		$	1.97
*Details for per share calculations:*
FFO of the Simon Portfolio	$	335,169		$	267,260		$	654,738		$	520,257
Adjustments for dilution calculation:
Impact of preferred stock and preferred unit conversions and option exercises(F)	14,209			1,275			28,421			2,549
Diluted FFO of the Simon Portfolio	349,378			268,535			683,159			522,806
Diluted FFO allocable to unitholders	(70,309		)	(58,283		)	(138,244		)	(116,401		)
Diluted FFO allocable to common stockholders	$	279,069		$	210,252		$	544,915		$	406,405
Basic weighted average shares outstanding	220,228			205,553			220,306			203,901
Adjustments for dilution calculation:
Effect of stock options	883			808			887			888
Impact of Series C preferred unit conversion	1,078			1,968			1,105			1,968
Impact of Series I preferred unit conversion	3,424			0			3,426			0
Impact of Series I preferred stock conversion	10,682			0			10,680			0
Diluted weighted average shares outstanding	236,295			208,329			236,404			206,757
Weighted average limited partnership units outstanding	59,535			57,605			59,975			59,096
Diluted weighted average shares and units outstanding	295,830			265,934			296,379			265,853
Basic FFO per share	$	1.20		$	1.01		$	2.34		$	1.98
Percent Increase	18.8		%				18.2		%
Diluted FFO per share	$	1.18		$	1.01		$	2.31		$	1.97
Percent Increase	16.8		%				17.3		%

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

	June 30,			December 31,
	2005			2004
ASSETS:
Investment properties, at cost	$	21,161,935		$	21,253,761
Less—accumulated depreciation	3,440,838			3,162,523
	17,721,097			18,091,238
Cash and cash equivalents	375,575			520,084
Tenant receivables and accrued revenue, net	310,606			361,590
Investment in unconsolidated entities, at equity	1,709,899			1,920,983
Deferred costs and other assets	1,200,889			1,176,124
Total assets	$	21,318,066		$	22,070,019
LIABILITIES:
Mortgages and other indebtedness	$	14,247,220		$	14,586,393
Accounts payable, accrued expenses, intangibles, and deferred revenue	1,016,179			1,113,645
Cash distributions and losses in partnerships and joint ventures, at equity	111,694			37,739
Other liabilities, minority interest and accrued dividends	163,755			311,592
Total liabilities	15,538,848			16,049,369
COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP	917,598			965,204
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP	409,340			412,840
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, 25,479,963 and 25,434,967 issued and outstanding, respectively, and with liquidation values of $1,073,998 and $1,071,748, respectively	1,072,392			1,062,687
Common stock, $.0001 par value, 400,000,000 shares authorized, 224,574,876 and 222,710,350 issued and outstanding, respectively	23			23
Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding	—			—
Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding	—			—
Capital in excess of par value	5,016,631			4,993,698
Accumulated deficit	(1,432,864		)	(1,335,436		)
Accumulated other comprehensive income	7,053			16,365
Unamortized restricted stock award	(39,517		)	(21,813		)
Common stock held in treasury at cost, 4,000,255 and 2,415,855 shares, respectively	(171,438		)	(72,918		)
Total stockholders’ equity	4,452,280			4,642,606
Total liabilities and stockholders’ equity	$	21,318,066		$	22,070,019

SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
REVENUE:
Minimum rent	$	262,318		$	225,055		$	515,287		$	452,972
Overage rent	19,653			3,525			31,621			8,758
Tenant reimbursements	131,020			118,437			258,183			232,657
Other income	33,035			16,160			57,663			28,738
Total revenue	446,026			363,177			862,754			723,125
EXPENSES:
Property operating	91,552			66,918			172,784			136,124
Depreciation and amortization	84,707			67,508			160,876			134,655
Real estate taxes	33,013			30,742			66,093			63,533
Repairs and maintenance	18,276			16,920			39,872			33,915
Advertising and promotion	8,129			8,475			15,836			16,514
Provision for credit losses	1,725			2,446			5,100			4,629
Other	29,390			15,964			53,891			32,433
Total operating expenses	266,792			208,973			514,452			421,803
OPERATING INCOME	179,234			154,204			348,302			301,322
Interest expense	99,458			92,622			196,965			185,617
Income Before Minority Interest and Unconsolidated Entities	79,776			61,582			151,337			115,705
Loss from unconsolidated entities	(637		)	(1,612		)	(1,892		)	(2,301		)
Income from Continuing Operations	79,139			59,970			149,445			113,404
Income from consolidated joint venture interests(G)	—			4,363			—			10,334
Income from discontinued joint venture interests(G)	542		(H)	9,704			1,004		(H)	6,560
Gain on disposal or sale of discontinued operations, net	(34		)(H)	4,704			98,359		(H)	4,704
NET INCOME	$	79,647		$	78,741		$	248,808		$	135,002
Third-party investors’ share of net income	$	49,305		$	52,831		$	141,067		$	85,851
Simon’s share of net income	30,342			25,910			107,741			49,151
Amortization of excess investment	15,903			6,074			26,179			12,243
Write-off of investment related to property sold	(945		)(H)	—			37,778		(H)	—
Simon’s share of net gain related to property sold	928		(H)	—			11,401		(H)	—
Income from unconsolidated joint ventures	$	14,456		$	19,836		$	32,383		$	36,908

SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)

	June 30,		December 31,
	2005		2004
ASSETS:
Investment properties, at cost	$	9,454,830		$	9,429,465
Less—accumulated depreciation	1,833,801			1,745,498
	7,621,029			7,683,967
Cash and cash equivalents	285,919			292,770
Tenant receivables	185,988			209,040
Investment in unconsolidated entities	134,453			167,182
Deferred costs and other assets	337,460			322,660
Total assets	$	8,564,849		$	8,675,619
LIABILITIES AND PARTNERS’ EQUITY:
Mortgages and other indebtedness	$	6,738,891		$	6,398,312
Accounts payable, accrued expenses and deferred revenue	347,324			373,887
Other liabilities	207,941			179,443
Total liabilities	7,294,156			6,951,642
Preferred units	67,450			67,450
Partners’ equity	1,203,243			1,656,527
Total liabilities and partners’ equity	$	8,564,849		$	8,675,619
Simon’s Share of:
Total assets	$	3,589,234		$	3,619,969
Partners’ equity	564,620			779,252
Add: Excess Investment(I)	1,033,585			1,103,992
Simon’s net investment in joint ventures	$	1,598,205		$	1,883,244
Mortgages and other indebtedness	$	2,903,088		$	2,750,327

SIMON
Footnotes to Financial Statements
Unaudited

Notes:

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

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

(B) Includes our share of gains on land sales of $8.8 million and $10.3 million for the three months ended June 30, 2005 and 2004, respectively, and $17.9 million and $14.6 million for the six months ended June 30, 2005 and 2004, respectively.

(C) Includes our share of straight-line adjustments to minimum rent of $5.4 million and $0.8 million for the three months ended June 30, 2005 and 2004, respectively, and $9.5 million and $3.0 million for the six months ended June 30, 2005 and 2004, respectively.

(D) Includes our share of the fair market value of leases from acquisitions of $13.5 million and $9.7 million for the three months ended June 30, 2005 and 2004, respectively, and $27.1 million and $17.1 million for the six months ended June 30, 2005 and 2004, respectively.

(E) Includes our share of debt premium amortization of $8.1 million and $1.9 million for the three months ended June 30, 2005 and 2004, respectively, and $16.2 million and $3.7 million for the six months ended June 30, 2005 and 2004, respectively.

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

(G) Consolidation occurs when the Company acquires an additional ownership interest in a joint venture and has, as a result, gained control of the joint venture. These interests have been separated from operational interests to present comparative results of operations for those joint ventures held as of June 30, 2005. Discontinued joint venture interests represent those partnership interests that have been sold.

(H) Relates to Metrocenter, a regional mall in Phoenix, Arizona sold on January 11, 2005.

(I) Excess Investment represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the partnerships and joint ventures acquired. We generally amortize excess investment over the life of the related Properties, typically 35 years, and the amortization is included in income from unconsolidated entities.