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): October 27, 2005

SIMON PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-14469	046268599
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	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 October 27, 2005, Simon Property Group, Inc. (the “Registrant”) issued a press release containing information on earnings for the quarter ended September 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 attached as Exhibit 99.1 use the non-GAAP financial measure of Funds from Operations (“FFO”). The Supplemental Information package also uses the non-GAAP measure of Net Operating Income (“NOI”). The Registrant considers FFO and NOI key measures of its operating performance that are not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Registrant believes that FFO and NOI are helpful to investors because they are widely recognized measures of the performance of real estate investment trusts (REITs) and provide relevant bases for comparison among REITs. The Registrant also uses FFO and NOI internally to measure the operating performance of its portfolio. Reconciliations of FFO to net income on an estimated and historical basis are provided on page 68 furnished herewith in Exhibit 99.2. Reconciliations of NOI to net income on an estimated and historical basis are provided on page 14 furnished herewith in Exhibit 99.1.

The Registrant is furnishing the information contained herein, including Exhibit 99.2, pursuant to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC. 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 October 27, 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 September 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 September 30, 2005	5
99.2		Earnings Release for the quarter ended September 30, 2005	61

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: October 27, 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 September 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	9-10
	Unaudited Pro-Rata Statement of Operations	11-12
	Unaudited Pro-Rata Balance Sheet	13
	Reconciliation of NOI to Net Income	14
	Analysis of Other Income and Other Expense	15
	NOI Composition	16
	Operational Data
	U.S. Portfolio GLA	17
	U.S. Regional Mall Operational Information	18
	U.S. Regional Mall Lease Expirations	19
	U.S. Regional Mall Top Tenants	22
	U.S. Regional Mall Anchor/Big Box Openings, 2005 - 2007	21-22
	U.S. Regional Mall Property Listing	23-27
	U.S. Premium Outlet^® Centers Operational Information	28
	U.S. Premium Outlet^® Centers Lease Expirations	29
	U.S. Premium Outlet^® Centers Top Tenants	30
	U.S. Premium Outlet^® Centers Property Listing	31
	U.S. Community/Lifestyle Centers Operational Information	32
	U.S. Community/Lifestyle Centers Lease Expirations	33
	U.S. Community/Lifestyle Centers Top Tenants	34
	U.S. Community/Lifestyle Centers Property Listing	35-36
	International Operational Information	37
	International Property Listing	38-40
	Development Activity
	Capital Expenditures in the U.S. Portfolio	41
	U.S. Development Activity Report	42-44
	International Development Activity Report	45
	Balance Sheet Information
	The Company’s Share of Total Debt Amortization and Maturities by Year	46
	Summary of Indebtedness	47
	Summary of Indebtedness by Maturity	48-54
	Unencumbered Assets	55-59
	Preferred Stock/Units Outstanding	60
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release	61-72

Exhibit 99.1

SIMON PROPERTY GROUP

Overview

The Company

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

At September 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 and Poland; 5 Premium Outlet centers in Japan; and one Premium Outlet center in Mexico.

This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of September 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 three quarters will be announced according to the following approximate schedule:

Fourth Quarter 2005	Early February 2006
First Quarter 2006	Late April 2006
Second Quarter 2006	Late July 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	Baa1	(Stable Outlook)(2)
Preferred Stock	Baa2	(Stable Outlook)(2)

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

(2) On September 28, 2005, Moody’s upgraded its rating on Simon Group’s senior unsecured debt from Baa2 to Baa1 with a Stable Outlook and upgraded its rating on Simon Group’s preferred stock from Baa3 to Baa2 with a Stable Outlook.

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

	Operating Partnership Units(1)		Company Common Shares(2)
Number Outstanding at December 31, 2004	60,943,415		220,306,495
Activity During the First Six Months of 2005:
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
Activity During the Third Quarter of 2005:
Purchase of Simon Property Common Stock in open market	—		(815,400	)
Issuance of Stock for Stock Option Exercises	—		14,625
Conversion of Units into Common Stock	(42,038	)	42,038
Conversion of Units into Cash	(42,114	)	—
Restricted Stock Awards (Stock Incentive Program), Net	—		(2,685	)
Number Outstanding at September 30, 2005	59,110,302		219,825,199
*Details for Diluted Common Shares Outstanding (5):*
Company Common Shares Outstanding at September 30, 2005			219,825,199
Number of Common Shares Issuable Assuming Conversion of:
Series I 6% Convertible Perpetual Preferred Stock(3)			10,803,935
Series C 7% Cumulative Convertible Preferred Units(3)			1,067,606
Series I 6% Convertible Perpetual Preferred Units(3)			3,302,203
Net Number of Common Shares Issuable Assuming Exercise of Stock Options (4)			932,289
Diluted Common Shares Outstanding at September 30, 2005			235,931,232

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

(2) Excludes preferred units relating to preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 60).

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

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

(5) For FFO purposes.

SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of September 30, 2005
Unaudited
(In thousands, except as noted)

	As of or for the				As of or for the
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2005		2004		2005		2004
*Financial Highlights of the Company*
Total Revenue—Consolidated Properties	$	786,769	$	613,326	$ 2,290,374		$	1,777,187
Net Income Available to Common Shareholders	$	74,358	$	74,141	$	286,236	$	193,203
Basic Earnings per Common Share	$	0.34	$	0.36	$	1.30	$	0.94
Diluted Earnings per Common Share	$	0.34	$	0.36	$	1.30	$	0.94
FFO of the Simon Portfolio	$	337,673	$	276,399	$	992,411	$	796,656
Diluted FFO of the Simon Portfolio	$	351,876	$	277,673	$	1,035,035	$	800,479
Basic FFO per Share	$	1.21	$	1.05	$	3.54	$	3.03
Diluted FFO per Share	$	1.19	$	1.04	$	3.49	$	3.01
Distributions per Share	$	0.70	$	0.65	$	2.10	$	1.95

	September 30,		December 31,
	2005		2004
*Shareholders’ Equity Information*
Limited Partner Units Outstanding at End of Period	59,111		60,943
Common Shares Outstanding at End of Period	219,825		220,307
Total Common Shares and Units Outstanding at End of Period	278,936		281,250
Weighted Average Limited Partnership Units Outstanding	59,704		59,086
Weighted Average Common Shares Outstanding—Basic(1)	220,391		207,990
Weighted Average Common Shares Outstanding—Diluted(1)	236,496		213,745
*Debt Information*
Consolidated Debt	$	14,330,200	$	14,586,393
Simon Group’s Share of Joint Venture Debt	$	2,905,061	$	2,750,327
*Market Capitalization*
Common Stock Price at End of Period	$	74.12	$	64.67
Equity Market Capitalization(2)	$	22,366,429	$	19,829,361
Total Capitalization—Including Simon Group’s Share of JV Debt	$	39,601,690	$	37,166,081

	As of or for the
	Nine Months Ended
	September 30,
	2005		2004
*Miscellaneous Balance Sheet Data*
Interest Capitalized during the Period:
Consolidated Properties	$	10,828	$	9,865
Joint Venture Properties	$	2,374	$	2,614
Simon Group’s Share of Joint Venture Properties	$	1,049	$	1,291

(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 September 30, 2005

									The Company’s				The Company’s				Total
					Minority				Consolidated				Share of				Company’s
	Consolidated				Interest				Share				Joint Ventures				Share
REVENUE:
Minimum rent		$	478,631			$	(8,143	)		$	470,488			$	113,278			$	583,766
Overage rent		18,506				(100		)		18,406				6,719				25,125
Tenant reimbursements		226,972				(4,994		)		221,978				54,678				276,656
Management fees and other revenues		19,746				—				19,746				—				19,746
Other income		42,914				(406		)		42,508				16,616				59,124
Total revenue		786,769				(13,643		)		773,126				191,291				964,417
EXPENSES:
Property operating		116,994				(3,004		)		113,990				40,927				154,917
Depreciation and amortization		204,106				(2,119		)		201,987				50,687				252,674
Real estate taxes		74,776				(1,289		)		73,487				13,437				86,924
Repairs and maintenance		22,877				(510		)		22,367				7,275				29,642
Advertising and promotion		21,003				(301		)		20,702				3,359				24,061
Provision for credit losses		2,868				(187		)		2,681				1,265				3,946
Home and regional office costs		27,068				—				27,068				—				27,068
General & administrative		4,993				—				4,993				—				4,993
Other		12,486				(479		)		12,007				12,632				24,639
Total operating expenses		487,171				(7,889		)		479,282				129,582				608,864
OPERATING INCOME		299,598				(5,754		)		293,844				61,709				355,553
Interest expense		202,530				(2,580		)		199,950				43,047				242,997
Income before minority interest		97,068				(3,174		)		93,894				18,662				112,556
Minority interest		(3,174		)		3,174				—				—				—
(Loss) gain on sales of assets and other, net		(55		)		—				(55		)		—				(55		)
Income tax expense of taxable REIT subsidiaries		(3,796		)		—				(3,796		)		—				(3,796		)
Income before unconsolidated entities		90,043				—				90,043				18,662				108,705
Income from other unconsolidated entities		18,662				—				18,662				(18,662		)		—
Income from continuing operations		108,705				—				108,705				—				108,705
Results of operations from discontinued operations		5,315				—				5,315				—				5,315
Gain on disposal or sale of discontinued operations		5,605				—				5,605				—				5,605
Income before allocation to limited partners		119,625				—				119,625				—				119,625
LESS:
Limited partners’ interest in the Operating Partnership		19,860				—				19,860				—				19,860
Preferred distributions of the Operating Partnership		6,882				—				6,882				—				6,882
NET INCOME		92,883				—				92,883				—				92,883
Preferred dividends		(18,525		)		—				(18,525		)		—				(18,525		)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	74,358			$	—			$	74,358			$	—			$	74,358
RECONCILIATION TO FFO:
Net Income										$	92,883			$	—			$	92,883
Less: Joint Venture Net Income										(18,662		)		18,662				—
Net Income										74,221				18,662				92,883
Plus:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership										26,742				—				26,742
Depreciation and amortization from consolidated properties and discontinued operations										202,021				—				202,021
Our share of depreciation and amortization from unconsolidated entities										—				49,136				49,136
Less:
Loss on sale of real estate and discontinued operations										(5,550		)		—				(5,550		)
Minority interest portion of depreciation and amortization										(2,152		)		—				(2,152		)
Preferred distributions and dividends										(25,407		)		—				(25,407		)
Our FFO										$	269,875			$	67,798			$	337,673
% of Total FFO:										79.92		%		20.08		%		100.00		%

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

				Minority			The Company’s Consolidated			The Company’s Share of			Total Company’s
	Consolidated			Interest			Share			Joint Ventures			Share
REVENUE:
Minimum rent		$ 1,415,183			$ (24,430	)		$ 1,390,753			$ 335,736			$ 1,726,489
Overage rent		46,237			(344	)		45,893			19,517			65,410
Tenant reimbursements		652,345			(14,619	)		637,726			160,422			798,148
Management fees and other revenues		56,931			—			56,931			—			56,931
Other income		119,678			(1,041	)		118,637			42,316			160,953
Total revenue		2,290,374			(40,434	)		2,249,940			557,991			2,807,931
EXPENSES:
Property operating		319,510			(8,436	)		311,074			112,844			423,918
Depreciation and amortization		621,990			(7,002	)		614,988			156,195			771,183
Real estate taxes		218,615			(3,937	)		214,678			39,966			254,644
Repairs and maintenance		76,101			(1,946	)		74,155			22,509			96,664
Advertising and promotion		57,861			(924	)		56,937			10,111			67,048
Provision for credit losses		3,697			(247	)		3,450			3,206			6,656
Home and regional office costs		85,060			—			85,060			—			85,060
General & administrative		13,243			—			13,243			—			13,243
Other		34,439			(1,496	)		32,943			37,264			70,207
Total operating expenses		1,430,516			(23,988	)		1,406,528			382,095			1,788,623
OPERATING INCOME		859,858			(16,446	)		843,412			175,896			1,019,308
Interest expense		598,238			(7,712	)		590,526			124,851			715,377
Income before minority interest		261,620			(8,734	)		252,886			51,045			303,931
Minority interest		(8,734	)		8,734			—			—			—
Gain (loss) on sales of assets and other, net		12,552			—			12,552			—			12,552
Income tax expense of taxable REIT subsidiaries		(11,216	)		—			(11,216	)		—			(11,216	)
Income before unconsolidated entities		254,222			—			254,222			51,045			305,267
Income from other unconsolidated entities		51,045			—			51,045			(51,045	)		—
Income from continuing operations		305,267			—			305,267			—			305,267
Results of operations from discontinued operations		9,610			—			9,610			—			9,610
Gain on disposal or sale of discontinued operations		125,385			—			125,385			—			125,385
Income before allocation to limited partners		440,262			—			440,262			—			440,262
LESS:
Limited partners’ interest in the Operating Partnership		77,541			—			77,541			—			77,541
Preferred distributions of the Operating Partnership		21,156			—			21,156			—			21,156
NET INCOME		341,565			—			341,565			—			341,565
Preferred dividends		(55,329	)		—			(55,329	)		—			(55,329	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$ 286,236			$ —			$ 286,236			$ —			$ 286,236
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$ 286,236			$ —			$ 286,236			$ —			$ 286,236
RECONCILIATION TO FFO:
Net Income								$ 341,565			$ —			$ 341,565
Less: Joint Venture Net Income								(51,045	)		51,045			—
Net Income								290,520			51,045			341,565
Plus:
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership								98,697			—			98,697
Depreciation and amortization from consolidated properties and discontinued operations								619,597			—			619,597
Our share of depreciation and amortization from unconsolidated entities								—			152,434			152,434
Tax provision related to sale								—			1,533			1,533
Less:
Loss on sale of real estate and discontinued operations								(137,937	)		—			(137,937	)
Minority interest portion of depreciation and amortization								(6,993	)		—			(6,993	)
Preferred distributions and dividends								(76,485	)		—			(76,485	)
Our FFO								$ 787,399			$ 205,012			$ 992,411
% of Total FFO:								79.34	%		20.66	%		100.00	%

SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
As of September 30, 2005

								The Company’s				The Company’s				Total
					Minority			Consolidated				Share of				Company’s
	Consolidated				Interest			Share				Joint Ventures				Share
ASSETS:
Investment properties, at cost		$	21,600,472		$	(210,055	)		$	21,390,417			$	4,976,953		$	26,367,370
Less—accumulated depreciation		3,638,179			(59,956		)		3,578,223				720,919			4,299,142
		17,962,293			(150,099		)		17,812,194				4,256,034			22,068,228
Cash and cash equivalents		422,791			(9,519		)		413,272				128,882			542,154
Tenant receivables and accrued revenue, net		306,897			(4,127		)		302,770				75,060			377,830
Investment in unconsolidated entities, at equity		1,598,391			—				1,598,391				(1,598,391		)	—
Deferred costs and other assets		1,049,512			(65,284		)		984,228				145,281			1,129,509
Total assets		$	21,339,884		$	(229,029	)		$	21,110,855			$	3,006,866		$	24,117,721
LIABILITIES:
Mortgages and other indebtedness		$	14,330,200		$	(194,063	)		$	14,136,137			$	2,905,061		$	17,041,198
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,098,773			(9,146		)		1,089,627				169,726			1,259,353
Cash distributions and losses in partnerships and joint ventures, at equity		116,213			—				116,213				(116,213		)	—
Other liabilities, minority interest and accrued dividends		178,367			(25,820		)		152,547				48,292			200,839
Total liabilities		15,723,553			(229,029		)		15,494,524				3,006,866			18,501,390
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP		883,728			—				883,728				—			883,728
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP		403,744			—				403,744				—			403,744
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, 25,595,077 and 25,434,967 issued and outstanding, respectively, with liquidation values of $1,079,754 and $1,071,748, respectively		1,078,147			—				1,078,147				—			1,078,147
Common stock, $.0001 par value, 400,000,000 shares authorized, 224,628,854 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		5,025,282			—				5,025,282				—			5,025,282
Accumulated deficit		(1,512,944		)	—				(1,512,944		)		—			(1,512,944		)
Accumulated other comprehensive income		4,217			—				4,217				—			4,217
Unamortized restricted stock award		(35,780		)	—				(35,780		)		—			(35,780		)
Common stock held in treasury at cost, 4,815,655 and 2,415,855 shares, respectively		(230,086		)	—				(230,086		)		—			(230,086		)
Total stockholders’ equity		4,328,859			—				4,328,859				—			4,328,859
		$	21,339,884		$	(229,029	)		$	21,110,855			$	3,006,866		$	24,117,721

SIMON PROPERTY GROUP
Reconciliation of NOI to Net Income
As of September 30, 2005
(in thousands, except as noted)

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 nine months ended September 30, 2005.

	For the Three Months Ended September 30,							For the Nine Months Ended September 30,
	2005				2004			2005			2004
Reconciliation of NOI of consolidated Properties:
Net Income		$	92,883		$	81,975		$	341,565		$	216,707
Add: Preferred distributions of the Operating Partnership		6,882			4,905			21,156			14,710
Limited partners’ interest in the Operating Partnership		19,860			20,792			77,541			55,568
Discontinued operations—Results of operations and loss on disposal or sale, net		(10,920		)	(1,933		)	(134,995		)	(6,339		)
Income tax expense of taxable REIT subsidiaries		3,796			2,196			11,216			10,838
Minority interest		3,174			2,209			8,734			6,890
Interest Expense		202,530			160,508			598,238			469,243
Income from unconsolidated entities		(18,662		)	(23,901		)	(51,045		)	(60,809		)
(Gain) Loss on sales of assets and other, net		55			(1,121		)	(12,552		)	760
Operating Income		299,598			245,630			859,858			707,568
Depreciation and amortization expense		204,106			143,428			621,990			420,953
NOI of consolidated Properties		$	503,704		$	389,058		$	1,481,848		$	1,128,521
Reconciliation of NOI of unconsolidated entities:
Net Income		$	74,433		$	78,206		$	323,241		$	213,208
Add: Minority interest		—			—			—			—
Interest Expense		104,633			92,123			301,598			277,740
Discontinued operations—Results of operations and loss on disposal or sale, net		28			(14,411		)	(99,335		)	(36,009		)
Income from unconsolidated entities		—			1,534			1,892			3,835
Operating Income		179,094			157,452			527,396			458,774
Depreciation and amortization expense		82,299			68,461			243,175			203,116
NOI of unconsolidated entities		$	261,393		$	225,913		$	770,571		$	661,890
Total consolidated and unconsolidated NOI from continuing operations		$	765,097		$	614,971		$	2,252,419		$	1,790,411
Adjustments to NOI:
NOI of discontinued consolidated and unconsolidated Properties		4,886			28,573			16,443			105,392
Total NOI of the Simon Group Portfolio		$	769,983		$	643,544		$	2,268,862		$	1,895,803
Increase in NOI from prior period		19.6		%	9.6		%	19.7		%	9.3		%
Less: Joint venture partner’s share of NOI		156,842			151,317			462,970			464,252
Simon Group’s Share of NOI		$	613,141		$	492,227		$	1,805,892		$	1,431,551
Increase in Simon Group’s Share of NOI from prior period		24.6		%	10.6		%	26.1		%	7.3		%
NOI of Regional Malls that are Comparable Properties(1)		$	590,387		$	567,650		$	1,734,299		$	1,669,553
Increase in NOI of Regional Malls that are Comparable Properties(1)		4.0		%				3.9		%

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

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2005		2004		2005		2004
*Consolidated Properties*
*Other Income*
Interest Income	$	4,844	$	2,976	$	13,849	$	8,011
Lease Settlement Income	922		2,957		8,052		10,515
Gains on Land Sales and Income from the Sale of Net Leases	428		7,321		16,256		22,195
Simon Brand Ventures/Simon Business Network Revenues(1)	25,121		18,235		58,043		44,600
Other	11,599		2,095		23,478		9,400
Totals	$	42,914	$	33,584	$	119,678	$	94,721
*Other Expense*
Ground Rent	$	6,820	$	4,936	$	19,296	$	14,136
Professional Fees	3,342		416		8,349		3,067
Simon Brand Ventures/Simon Business Network Expenses	703		701		2,025		2,053
Other	1,621		1,145		4,769		4,425
Totals	$	12,486	$	7,198	$	34,439	$	23,681

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

SIMON PROPERTY GROUP
NOI Composition
For the Nine Months Ended September 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
As of September 30, 2005

		Total	% of
Type of Property	GLA-Sq. Ft.	Owned GLA	Owned GLA
Regional Malls
Anchor	101,539,635	28,482,303		23.7	%
Specialty Store	58,730,188	58,580,921		48.8	%
Freestanding	4,336,005	2,205,024		1.8	%
Subtotal	63,066,193	60,785,945		50.6	%
Regional Mall Total	164,605,828	89,268,248		74.3	%
Premium Outlet Centers	12,416,541	12,416,541		10.3	%
Community/Lifestyle Centers
Anchor	13,467,052	8,440,731		7.1	%
Specialty Store	4,992,475	4,942,307		4.1	%
Freestanding	869,436	383,031		0.3	%
Community/Lifestyle Centers Total	19,328,963	13,766,069		11.5	%
Office Portion of Retail	1,763,530	1,763,530		1.5	%
Other(1)	2,896,844	2,896,844		2.4	%
Total U.S. Properties	201,011,706	120,111,232		100.0	%

(1) Other assets include 19 other properties that contribute approximately 1% of of Simon Group’s NOI.

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

	As of or for the Nine Months Ended September 30,
	2005			2004
Total Number of Regional Malls	172			175
Total Regional Mall GLA (in millions of square feet; includes office portion of retail)	166.4			169.0
Occupancy(1)
Consolidated Assets	92.6		%	91.7		%
Unconsolidated Assets	92.6		%	92.0		%
Total Portfolio	92.6		%	91.8		%
Comparable sales per square foot(2)
Consolidated Assets	$	429		$	407
Unconsolidated Assets	$	476		$	448
Total Portfolio	$	445		$	421
Average rent per square foot(1)
Consolidated Assets	$	33.79		$	32.30
Unconsolidated Assets	$	35.26		$	34.38
Total Portfolio	$	34.30		$	33.07

Average Base Rent Per Square Foot	Mall & Freestanding Stores			% Change
9/30/05		$	34.30		3.7	%
9/30/04		$	33.07
12/31/04		$	33.50		3.8	%
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	%

Leasing Activity During the Period:

	Average Base Rent(3)						Amount of Change
	Lease Signings			Store Closings/ Lease Expirations			(Referred to as “Leasing Spread”)
2005 (YTD)		$	42.71		$	35.45	$	7.26	20.5	%
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 September 30, 2005

Year	Number of Leases Expiring		Square Feet	Avg. Base Rent per Square Foot at 9/30/05
Mall Stores & Freestanding
Month to Month Leases		515	1,464,136		$	31.29
2005 (10/1-12/31)		467	740,000		$	37.04
2006		2,405	5,746,754		$	33.04
2007		2,539	5,994,226		$	34.52
2008		1,916	5,232,143		$	36.17
2009		1,805	5,289,160		$	33.30
2010		1,830	5,438,075		$	36.03
2011		1,459	4,619,423		$	34.57
2012		1,203	4,063,207		$	35.52
2013		1,122	3,625,487		$	38.45
2014		1,225	3,703,842		$	40.41
2015		1,006	3,505,289		$	40.15
2016 and Thereafter		412	3,156,344		$	26.17
Specialty Leasing Agreements w/terms in excess of 12 months		1,039	2,698,149		$	14.03
Anchor Tenants
Month to Month Leases		2	119,190		$	3.97
2005 (10/1-12/31)		2	328,588		$	2.32
2006		10	1,224,982		$	2.76
2007		16	1,634,891		$	2.27
2008		26	3,036,253		$	3.95
2009		31	3,279,500		$	3.41
2010		33	3,705,412		$	2.83
2011		18	1,870,519		$	4.27
2012		17	1,938,671		$	5.00
2013		10	1,638,346		$	6.28
2014		13	1,207,089		$	7.58
2015		12	1,079,456		$	6.84
2016 and Thereafter		50	5,111,565		$	5.79

(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 September 30, 2005
(Square Feet in 000’s)

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

Tenant	Number of Stores		Square Feet		Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Limited		531		3,429		1.7	%		4.0	%
Gap		334		3,523		1.8	%		2.7	%
Foot Locker		420		1,717		0.9	%		2.1	%
Zale Corporation		407		479		0.2	%		1.6	%
Luxottica Group S.P.A		521		893		0.4	%		1.6	%
Abercrombie & Fitch Co.		165		1,198		0.6	%		1.4	%
Sterling Jewelers, Inc.		203		292		0.1	%		1.0	%
Children’s Place Retail Stores		180		800		0.4	%		1.0	%
American Eagle Outfitters		125		679		0.3	%		0.8	%
Williams-Sonoma Stores		81		646		0.3	%		0.8	%

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

Tenant	Number of Stores		Square Feet	Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Federated Department Stores		181	31,683		15.8	%		0.7	%
Sears Roebuck & Co.		129	19,690		9.8	%		0.4	%
J.C. Penney Co., Inc.		116	16,802		8.4	%		0.9	%
Dillard’s Department Stores		79	11,910		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		13	1,631		0.8	%		0.0	%
The Neiman Marcus Group, Inc.		8	1,053		0.5	%		0.1	%
Mervyn’s Holdings LLC		9	793		0.4	%		0.0	%

(1) Includes space leased and 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 September 30, 2005*
Aurora Mall(1)	Aurora, CO	Foley’s (renovation & expansion)	N/A
Burlington Mall	Burlington, MA	Cheesecake Factory	N/A
College Mall	Bloomington, IN	Dick’s Sporting Goods	Lazarus
Cordova Mall	Pensacola, FL	Ross Dress for Less	N/A
Emerald Square	Attleboro, MA	Filene’s Men Store	Lord & Taylor
Irving Mall	Irving, TX	Burlington Coat Factory	JCPenney
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
Mall of New Hampshire	Manchester, NH	A.C. Moore	Kitchen Etc.
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*
Fashion Mall at Keystone	Indianapolis, IN	Landmark Cinema Crate & Barrel	N/A N/A
Roosevelt Field	Garden City, NY	Grand Luxe Café	N/A
Town Center at Boca Raton	Boca Raton, FL	Neiman Marcus	Lord & Taylor
Valley Mall	Harrisonburg, VA	Target	Wal-Mart

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

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

Property Name	Location	New Tenant	Former Tenant
*Openings Projected in 2006*
Apple Blossom Mall	Winchester, VA	Best Buy Dick’s Sporting Goods	N/A N/A
Aurora Mall	Aurora, CO	Dillard’s	Foley’s (relocated)
Boynton Beach Mall	Boynton Beach, FL	Muvico Theater	Macy’s
Cielo Vista Mall	El Paso, TX	Cinemark Theater	N/A
College Mall	Bloomington, IN	Bed Bath & Beyond	Target (relocated)
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
Lake Square Mall	Leesburg, FL	Best Buy	N/A
Melbourne Square	Melbourne, FL	Dick’s Sporting Goods Circuit City	Belk’s Belk’s
Northgate Mall	Seattle, WA	Barnes & Noble	N/A
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
The Source	Westbury, NY	Golf Galaxy Steve & Barry’s	N/A
*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

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	221,749		775,905
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	442,844		1,317,646
5.	Fashion Valley Mall		CA	San Diego	50.0	%	1,053,305	654,731		1,708,036
6.	Laguna Hills Mall		CA	Laguna Hills (Orange County)	100.0	%	536,500	330,805		867,305
7.	Santa Rosa Plaza		CA	Santa Rosa	100.0	%	428,258	270,076		698,334
8.	Shops at Mission Viejo, The		CA	Mission Viejo (Orange County)	100.0	%	677,215	472,491		1,149,706
9.	Stanford Shopping Center		CA	Palo Alto (San Francisco)	100.0	%	849,153	529,381	(6)	1,378,534
10.	Westminster Mall		CA	Westminster (Orange County)	100.0	%	716,939	507,720		1,224,659
11.	Aurora Mall		CO	Aurora (Denver)	100.0	%	496,637	408,096		904,733
12.	Mesa Mall(1)		CO	Grand Junction	50.0	%	441,208	442,965		884,173
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	662,471		1,904,569
15.	Avenues, The		FL	Jacksonville	25.0	%(2)	754,956	362,398		1,117,354
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	296,977		945,121
18.	Cordova Mall		FL	Pensacola	100.0	%	395,875	454,602		850,477
19.	Crystal River Mall		FL	Crystal River	100.0	%	302,495	121,843		424,338
20.	Dadeland Mall		FL	N. Miami Beach	50.0	%	1,132,072	335,568		1,467,640
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	296,187		1,038,854
23.	Florida Mall, The		FL	Orlando	50.0	%	1,232,416	616,490		1,848,906
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	264,745		560,782
27.	Melbourne Square		FL	Melbourne	100.0	%	371,167	259,007		630,174
28.	Miami International Mall		FL	South Miami	47.8	%	778,784	293,413		1,072,197
29.	Orange Park Mall		FL	Orange Park (Jacksonville)	100.0	%	528,551	389,093		917,644
30.	Paddock Mall		FL	Ocala	100.0	%	387,378	166,925		554,303
31.	Palm Beach Mall		FL	West Palm Beach	100.0	%	749,288	335,229		1,084,517
32.	Port Charlotte Town Center		FL	Port Charlotte (Punta Gorda)	80.0	%(3)	458,251	324,129		782,380
33.	Seminole Towne Center		FL	Sanford (Orlando)	45.0	%(2)	768,798	383,533		1,152,331
34.	Shops at Sunset Place, The		FL	Miami	37.5	%(2)	—	506,785		506,785
35.	St. Johns Town Center		FL	Jacksonville	50.0	%	650,982	379,212		1,030,194
36.	Town Center at Boca Raton		FL	Boca Raton (W. Palm Beach)	100.0	%	1,085,312	492,959		1,578,271
37.	Treasure Coast Square		FL	Jensen Beach (Ft. Pierce)	100.0	%	511,372	349,197		860,569
38.	Tyrone Square		FL	St. Petersburg (Tampa-St. Pete)	100.0	%	748,269	342,582		1,090,851
39.	University Mall		FL	Pensacola	100.0	%	478,449	230,582		709,031
40.	Gwinnett Place		GA	Duluth (Atlanta)	50.0	%	843,609	435,028		1,278,637
41.	Lenox Square		GA	Atlanta	100.0	%	821,356	654,499		1,475,855

42.	Mall of Georgia	GA	Mill Creek (Atlanta)	50.0	%	1,069,590	716,074		1,785,664
43.	Northlake Mall	GA	Atlanta	100.0	%	665,745	296,908		962,653
44.	Phipps Plaza	GA	Atlanta	100.0	%	472,385	346,392		818,777
45.	Town Center at Cobb	GA	Kennesaw (Atlanta)	50.0	%	851,346	407,636		1,258,982
46.	Lindale Mall(1)	IA	Cedar Rapids	50.0	%	305,563	387,825		693,388
47.	NorthPark Mall	IA	Davenport	50.0	%	651,533	424,131		1,075,664
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	213,142		639,457
51.	Lincolnwood Town Center	IL	Lincolnwood (Chicago)	100.0	%	220,830	200,719		421,549
52.	Northfield Square Mall	IL	Bourbonnais (Chicago)	31.6	%(3)	310,994	247,640		558,634
53.	Northwoods Mall	IL	Peoria	100.0	%	472,969	221,015		693,984
54.	Orland Square	IL	Orland Park (Chicago)	100.0	%	773,295	434,168		1,207,463
55.	River Oaks Center	IL	Calumet City (Chicago)	100.0	%	834,588	545,192	(6)	1,379,780
56.	Southpark Mall	IL	Moline (Davenport-Moline)	50.0	%	578,056	447,630		1,025,686
57.	White Oaks Mall	IL	Springfield	77.5	%	556,831	380,095		936,926
58.	Castleton Square	IN	Indianapolis	100.0	%	1,105,913	365,328		1,471,241
59.	Circle Centre	IN	Indianapolis	14.7	%	350,000	432,896	(6)	782,896
60.	College Mall	IN	Bloomington	100.0	%	356,887	255,644		612,531
61.	Eastland Mall	IN	Evansville	50.0	%	489,144	360,565		849,709
62.	Fashion Mall at Keystone, The	IN	Indianapolis	100.0	%	249,721	431,406	(6)	681,127
63.	Greenwood Park Mall	IN	Greenwood (Indianapolis)	100.0	%	909,928	412,757		1,322,685
64.	Lafayette Square	IN	Indianapolis	100.0	%	937,223	269,759		1,206,982
65.	Markland Mall	IN	Kokomo	100.0	%	273,094	141,558		414,652
66.	Muncie Mall	IN	Muncie	100.0	%	435,756	205,806		641,562
67.	Tippecanoe Mall	IN	Lafayette	100.0	%	537,790	319,748		857,538
68.	University Park Mall	IN	Mishawaka (South Bend)	60.0	%	622,508	320,395		942,903
69.	Washington Square	IN	Indianapolis	100.0	%	616,109	352,252		968,361
70.	Towne East Square	KS	Wichita	100.0	%	779,490	389,677		1,169,167
71.	Towne West Square	KS	Wichita	100.0	%	619,269	332,083		951,352
72.	West Ridge Mall	KS	Topeka	100.0	%	716,811	299,856		1,016,667
73.	Prien Lake Mall	LA	Lake Charles	100.0	%	644,124	176,139		820,263
74.	Arsenal Mall	MA	Watertown (Boston)	100.0	%	244,355	257,628	(6)	501,983
75.	Atrium Mall	MA	Chestnut Hill (Boston)	49.1	%	—	206,673		206,673
76.	Auburn Mall	MA	Auburn (Boston)	49.1	%	417,620	174,087		591,707
77.	Burlington Mall	MA	Burlington (Boston)	100.0	%	836,236	423,150		1,259,386
78.	Cape Cod Mall	MA	Hyannis (Barnstable-Yarmouth)	49.1	%	420,199	304,372		724,571
79.	Copley Place	MA	Boston	98.1	%	104,332	1,116,139	(6)	1,220,471
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	298,802	(6)	431,436
82.	Liberty Tree Mall	MA	Danvers (Boston)	49.1	%	498,000	359,272		857,272
83.	Mall at Chestnut Hill, The	MA	Newton (Boston)	47.2	%	297,253	180,943		478,196
84.	Northshore Mall	MA	Peabody (Boston)	49.1	%	979,755	695,304		1,675,059
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	614,813		1,462,416
87.	Square One Mall	MA	Saugus (Boston)	49.1	%	540,101	324,659		864,760
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	349,871		981,473
90.	Bangor Mall	ME	Bangor	66.4	%(5)	416,582	236,923		653,505

91.	Maplewood Mall	MN	Minneapolis	100.0	%	588,822	341,257		930,079
92.	Miller Hill Mall	MN	Duluth	100.0	%	429,508	379,488		808,996
93.	Battlefield Mall	MO	Springfield	100.0	%	770,111	420,651		1,190,762
94.	Independence Center	MO	Independence (Kansas City)	100.0	%	499,284	524,493		1,023,777
95.	Biltmore Square	NC	Asheville	100.0	%	242,576	251,056		493,632
96.	SouthPark Mall	NC	Charlotte	100.0	%	964,742	483,880		1,448,622
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	382,047		1,020,158
99.	Mall of New Hampshire	NH	Manchester (Boston)	49.1	%	444,889	363,253		808,142
100.	Pheasant Lane Mall	NH	Nashua (Boston)		(4)	675,759	313,485		989,244
101.	Brunswick Square	NJ	East Brunswick (New York)	100.0	%	467,626	302,443		770,069
102.	Livingston Mall	NJ	Livingston (New York)	100.0	%	616,128	363,693		979,821
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	275,735		892,178
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	462,798		1,249,424
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	%	—	633,131		633,131
109.	Chautauqua Mall	NY	Lakewood (Jamestown)	100.0	%	213,320	218,349		431,669
110.	Jefferson Valley Mall	NY	Yorktown Heights (New York)	100.0	%	310,095	275,987		586,082
111.	Nanuet Mall	NY	Nanuet (New York)	100.0	%	583,711	333,825		917,536
112.	Roosevelt Field	NY	Garden City (New York)	100.0	%	1,430,425	771,550	(6)	2,201,975
113.	Smith Haven Mall	NY	Lake Grove (New York)	25.0	%	666,283	425,478		1,091,761
114.	Source, The	NY	Westbury (New York)	25.5	%(2)	210,798	516,952		727,750
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	478,417	(6)	827,810
117.	Great Lakes Mall	OH	Mentor (Cleveland)	100.0	%	879,300	389,127		1,268,427
118.	Lima Mall	OH	Lima	100.0	%	541,861	204,090		745,951
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	383,395		1,195,253
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	263,011		742,429
123.	Eastland Mall	OK	Tulsa	100.0	%	435,843	264,590		700,433
124.	Penn Square Mall	OK	Oklahoma City	94.5	%	588,137	444,030		1,032,167
125.	Woodland Hills Mall	OK	Tulsa	94.5	%	709,447	382,756		1,092,203
126.	Century III Mall	PA	West Mifflin (Pittsburgh)	100.0	%	831,439	459,183	(6)	1,290,622
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	494,877	(6)	1,059,230
130.	Montgomery Mall	PA	Montgomeryville (Philadelphia)	53.5	%(5)	684,855	434,750		1,119,605
131.	Oxford Valley Mall	PA	Langhorne (Philadelphia)	63.2	%(5)	762,558	559,513	(6)	1,322,071
132.	Plaza & Court at King of Prussia, The	PA	King of Prussia (Philadelphia)	12.4	%(5)	1,545,812	1,062,399	(6)	2,608,211

133.	Ross Park Mall	PA	Pittsburgh	100.0	%	827,015	406,458		1,233,473
134.	South Hills Village	PA	Pittsburgh	100.0	%	655,987	486,703		1,142,690
135.	Plaza Carolina	PR	Carolina (San Juan)	100.0	%	504,796	607,277	(6)	1,112,073
136.	Anderson Mall	SC	Anderson (Greenville)	100.0	%	404,394	230,472		634,866
137.	Haywood Mall	SC	Greenville	100.0	%	902,400	327,514		1,229,914
138.	Empire Mall(1)	SD	Sioux Falls	50.0	%	497,341	547,535		1,044,876
139.	Rushmore Mall(1)	SD	Rapid City	50.0	%	470,660	360,123		830,783
140.	Knoxville Center	TN	Knoxville	100.0	%	597,028	384,140		981,168
141.	Oak Court Mall	TN	Memphis	100.0	%	532,817	313,524	(6)	846,341
142.	Raleigh Springs Mall	TN	Memphis	100.0	%	691,230	226,173		917,403
143.	West Town Mall	TN	Knoxville	50.0	%	878,311	446,529		1,324,840
144.	Wolfchase Galleria	TN	Memphis	94.5	%	761,648	505,776		1,267,424
145.	Barton Creek Square	TX	Austin	100.0	%	922,266	508,230		1,430,496
146.	Broadway Square	TX	Tyler	100.0	%	427,730	191,703		619,433
147.	Cielo Vista Mall	TX	El Paso	100.0	%	793,716	399,458		1,193,174
148.	Galleria, The	TX	Houston	31.5	%	1,300,466	1,098,251		2,398,717
149.	Highland Mall(1)	TX	Austin	50.0	%	732,000	359,681		1,091,681
150.	Ingram Park Mall	TX	San Antonio	100.0	%	751,704	378,271		1,129,975
151.	Irving Mall	TX	Irving (Dallas-Ft. Worth)	100.0	%	637,415	408,601		1,046,016
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	209,932		612,775
155.	Midland Park Mall	TX	Midland	100.0	%	339,113	278,861		617,974
156.	North East Mall	TX	Hurst (Dallas-Ft. Worth)	100.0	%	1,194,589	467,735		1,662,324
157.	Richardson Square Mall	TX	Richardson (Dallas-Ft. Worth)	100.0	%	460,055	284,171		744,226
158.	Rolling Oaks Mall	TX	San Antonio	100.0	%	596,984	286,262		883,246
159.	Sunland Park Mall	TX	El Paso	100.0	%	575,837	342,401		918,238
160.	Valle Vista Mall	TX	Harlingen	100.0	%	389,781	265,767		655,548
161.	Trolley Square	UT	Salt Lake City	90.0	%	—	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)	534,760	271,716		806,476
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	190,425		505,503
167.	Virginia Center Commons	VA	Glen Allen (Richmond)	100.0	%	506,639	281,513		788,152
168.	Columbia Center	WA	Kennewick	100.0	%	408,052	333,775		741,827
169.	Northgate Mall	WA	Seattle	100.0	%	688,391	297,947		986,338
170.	Tacoma Mall	WA	Tacoma	100.0	%	924,045	409,620		1,333,665
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	173,418		500,678
	*Total Regional Mall GLA*					101,594,560	64,774,798		166,369,358

(Footnotes for preceeding pages)

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—105,807 sq. ft.
Century III Mall—35,909 sq. ft.
Circle Centre Mall—9,123 sq. ft.
Copley Place—845,672 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.
Fashion Mall at Keystone, The—10,927 sq. ft.
Greendale Mall—119,860 sq. ft.
The Plaza & Court at King of Prussia—13,696 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.
Menlo Park Mall—50,285 sq. ft.
Oak Court Mall—125,928 sq. ft.
Oxford Valley Mall—110,985 sq. ft.
Plaza Carolina—28,098 sq. ft.
River Oaks Center—118,219 sq. ft.
Roosevelt Field—1,610 sq. ft.
Stanford Shopping Center—5,748 sq. ft.
The Westchester—820 sq. ft.

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

	As of or for the Nine Months Ended September 30,
	2005			2004(2)
Total Number of U.S. Premium Outlet Centers	33			32
Total U.S. Premium Outlet Centers GLA (in millions of square feet)	12.4			11.7
Occupancy	99.6		%	99.1		%
Comparable sales per square foot	$	436		$	403
Average base rent per square foot	$	22.99		$	21.33

Average Base Rent Per Square Foot	Total Center		% Change
9/30/05	$	22.99		7.8	%
9/30/04	$	21.33
12/31/04	$	21.85		7.3	%
12/31/03	20.36			n/a

Leasing Activity During the Period:

	Average Base Rent(1)						Amount of Change
	Lease Signings			Store Closings/ Lease Expirations			(Referred to as “Leasing Spread”)
2005 (YTD)		$	26.99		$	22.40	$	4.59	20.5	%
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 32 Premium Outlet centers owned by Chelsea on September 30, 2004.

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

				Weighted
				Avg. Base Rent
	Number of		Square	per Square Foot
Year	Leases Expiring		Feet	at 9/30/05
2005 (10/1-12/31)		52	133,733		$	14.30
2006		327	1,094,079		$	20.09
2007		406	1,519,560		$	21.63
2008		408	1,631,394		$	24.13
2009		382	1,630,055		$	21.91
2010		492	2,160,577		$	22.40
2011		224	1,054,931		$	22.85
2012		176	748,053		$	26.66
2013		194	841,539		$	25.25
2014		180	571,530		$	30.14
2015		189	634,183		$	29.04
2016 and Thereafter		70	292,229		$	24.04

(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 September 30, 2005
(Square Feet in 000’s)

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

					Percent of			Percent of
	Number				Total			Total Simon
	of		Square		Simon Group			Group Base
Tenant	Stores		Feet		Sq. Ft.			Min. Rent
Phillips—Van Heusen Corporation		153		725		0.4	%		0.7	%
Jones Retail Corporation		142		487		0.2	%		0.5	%
Retail Brand Alliance, Inc.		60		365		0.2	%		0.3	%
The GAP, Inc.		60		543		0.3	%		0.3	%
Brown Group Retail, Inc.		61		262		0.1	%		0.3	%
Nike Retail Services, Inc		33		349		0.2	%		0.3	%
LCI Holdings, Inc.		52		379		0.2	%		0.2	%
VF Outlet		53		316		0.2	%		0.2	%
Tommy Hilfiger Retail, LLC		34		205		0.1	%		0.2	%
Reebok International LTD		26		206		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%		437,800
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%		439,398
22.	Liberty Village Premium Outlets		NJ			Flemington (New York-Philadelphia)	100.0%		173,645
23.	Jackson Premium Outlets		NJ			Jackson	100.0%		285,540
24.	Las Vegas Premium Outlets		NV			Las Vegas	100.0%		434,978
25.	Waterloo Premium Outlets		NY			Waterloo	100.0%		391,519
26.	Woodbury Common Premium Outlets		NY			Central Valley (New York City)	100.0%		844,364
27.	Aurora Farms Premium Outlets		OH			Aurora (Cleveland)	100.0%		300,181
28.	Columbia Gorge Premium Outlets		OR			Troutdale (Portland-Vancouver)	100.0%		163,815
29.	The Crossings Premium Outlets		PA			Tannersville	100.0%		411,391
30.	Allen Premium Outlets		TX			Allen (Dallas)	100.0%		348,549
31.	Leesburg Corner Premium Outlets		VA			Leesburg (Washington DC)	100.0%		463,288
32.	Seattle Premium Outlets		WA			Seattle	100.0%		381,154
33.	Johnson Creek Premium Outlets		WI			Johnson Creek	100.0%		277,585
	Total U.S. Premium Outlet Centers GLA								12,416,541

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

	As of or for the
	Nine Months Ended
	September 30,
	2005			2004
Total Number of Community/Lifestyle Centers	71			66
Total Community/Lifestyle Center GLA (in millions of square feet)	19.3			17.8
Occupancy(1)
Consolidated Assets	89.5		%	90.3		%
Unconsolidated Assets	95.5		%	96.2		%
Total Portfolio	91.3		%	92.2		%
Comparable sales per square foot(2)
Consolidated Assets	$	229		$	219
Unconsolidated Assets	$	203		$	201
Total Portfolio	$	221		$	213
Average rent per square foot(1)
Consolidated Assets	$	11.58		$	11.11
Unconsolidated Assets	$	10.49		$	10.08
Total Portfolio	$	11.23		$	10.79

	Total		%
Average Base Rent Per Square Foot	Center		Change
9/30/2005	$	11.23		4.1	%
9/30/2004	$	10.79
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	%

Leasing Activity During the Period:

	Average Base Rent(3)						Amount of Change
	Lease Signings			Store Closings/ Lease Expirations			(Referred to as “Leasing Spread”)
2005 (YTD)		$	17.82		$	14.11	$	3.71	26.3	%
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 September 30, 2005

Year	Number of Leases Expiring		Square Feet	Avg. Base Rent per Square Foot at 9/30/05
Mall Stores & Freestanding
Month to Month Leases		37	91,882		$	12.49
2005 (10/1-12/31)		25	53,967		$	14.81
2006		217	558,908		$	15.01
2007		172	646,353		$	13.47
2008		185	718,724		$	14.17
2009		127	497,229		$	14.20
2010		172	763,226		$	15.98
2011		61	347,985		$	14.02
2012		24	114,293		$	15.81
2013		17	106,822		$	13.76
2014		32	200,218		$	18.06
2015		41	218,330		$	19.14
2016 and Thereafter		13	100,877		$	17.42
Specialty Leasing Agreements w/ terms in excess of 12 months		4	84,213		$	0.62
Anchor Tenants
Month to Month Leases		1	13,000		$	6.30
2005 (10/1-12/31)		4	100,020		$	6.85
2006		11	442,311		$	6.00
2007		15	524,396		$	5.67
2008		16	415,757		$	9.95
2009		25	831,160		$	7.58
2010		23	764,884		$	11.56
2011		14	585,600		$	6.78
2012		8	350,244		$	8.85
2013		14	450,381		$	8.23
2014		11	438,088		$	8.98
2015		14	522,810		$	11.34
2016 and Thereafter		39	2,150,124		$	9.60
Specialty Leasing Agreements w/ terms in excess of 12 months		3	16,750		$	6.65

(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 September 30, 2005
(Square Feet in 000’s)

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

Tenant	Number of Stores		Square Feet		Percent of Total Simon Group Sq. Ft.			Percent of Total Simon Group Base Min. Rent
Target Corporation		9		1,134		0.6	%		0.0	%
Wal-Mart Stores, Inc.		9		1,009		0.5	%		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.		2		450		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 owned by the anchor.

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

								Gross Leasable Area
		Property Name	State	City (Metropolitan area)		Legal Ownership		Anchor	Mall & Freestanding		Total
1.	Plaza at Buckland Hills, The		CT	Manchester	35.0		%(2)	252,179		82,834	335,013
2.	Gaitway Plaza		FL	Ocala	23.3		%(2)	123,027		93,360	216,387
3.	Highland Lakes Center		FL	Orlando	100.0		%	352,277		140,808	493,085
4.	Indian River Commons		FL	Vero Beach	50.0		%	233,358		27,510	260,868
5.	Royal Eagle Plaza		FL	Coral Springs (Miami-Ft. Lauderale)	35.0		%(2)	124,479		77,593	202,072
6.	Terrace at the Florida Mall		FL	Orlando	100.0		%	281,252		47,531	328,783
7.	Waterford Lakes Town Center		FL	Orlando	100.0		%	622,244		329,427	951,671
8.	West Town Corners		FL	Altamonte Springs	23.3		%(2)	263,782		121,455	385,237
9.	Westland Park Plaza		FL	Orange Park	23.3		%(2)	123,548		39,606	163,154
10.	Mall of Georgia Crossing		GA	Mill Creek (Atlanta)	100.0		%	341,503		99,109	440,612
11.	Bloomingdale Court		IL	Bloomingdale	100.0		%	417,513		160,769	578,282
12.	Countryside Plaza		IL	Countryside	100.0		%	308,489		116,525	425,014
13.	Crystal Court		IL	Crystal Lake	35.0		%(2)	201,993		76,977	278,970
14.	Forest Plaza		IL	Rockford	100.0		%	325,170		100,587	425,757
15.	Lake Plaza		IL	Waukegan	100.0		%	170,789		44,673	215,462
16.	Lake View Plaza		IL	Orland Park (Chicago)	100.0		%	261,810		109,022	370,832
17.	Lincoln Crossing		IL	O’Fallon	100.0		%	229,820		13,446	243,266
18.	Matteson Plaza		IL	Matteson	100.0		%	230,959		40,070	271,029
19.	North Ridge Plaza		IL	Joliet	100.0		%	190,323		114,747	305,070
20.	White Oaks Plaza		IL	Springfield	100.0		%	275,703		115,723	391,426
21.	Willow Knolls Court		IL	Peoria	35.0		%(2)	309,440		72,937	382,377
22.	Brightwood Plaza		IN	Indianapolis	100.0		%	—		38,493	38,493
23.	Clay Terrace		IN	Carmel (Indianapolis)	50.0		%	161,281		327,790	489,071
24.	Eastland Convenience Center		IN	Evansville	50.0		%	126,699		48,940	175,639
25.	Greenwood Plus		IN	Greenwood	100.0		%	134,141		15,146	149,287
26.	Griffith Park Plaza		IN	Griffith	100.0		%	175,595		88,455	264,050
27.	Keystone Shoppes		IN	Indianapolis	100.0		%	—		29,140	29,140
28.	Markland Plaza		IN	Kokomo	100.0		%	49,051		41,675	90,726
29.	Muncie Plaza		IN	Muncie	100.0		%	271,626		27,195	298,821
30.	New Castle Plaza		IN	New Castle	100.0		%	24,912		66,736	91,648
31.	Northwood Plaza		IN	Fort Wayne	100.0		%	136,404		71,841	208,245
32.	Teal Plaza		IN	Lafayette	100.0		%	98,337		2,750	101,087
33.	Tippecanoe Plaza		IN	Lafayette	100.0		%	85,811		4,711	90,522
34.	University Center		IN	Mishawaka	60.0		%	98,264		46,177	144,441
35.	Village Park Plaza		IN	Carmel (Indianapolis)	35.0		%(2)	430,368		112,419	542,787
36.	Wabash Village		IN	West Lafayette	100.0		%	109,388		15,148	124,536
37.	Washington Plaza		IN	Indianapolis	100.0		%	21,500		28,607	50,107
38.	West Ridge Plaza		KS	Topeka	100.0		%	182,161		59,226	241,387
39.	Park Plaza		KY	Hopkinsville	100.0		%	82,398		32,626	115,024
40.	St. Charles Towne Plaza		MD	Waldorf (Washington, D.C.)	100.0		%	285,716		117,972	403,688
41.	Regency Plaza		MO	St. Charles	100.0		%	210,627		76,846	287,473
42.	Ridgewood Court		MS	Jackson	35.0		%(2)	185,939		54,723	240,662
43.	Dare Centre		NC	Kill Devil Hills	100.0		%	127,172		41,473	168,645
44.	MacGregor Village		NC	Cary	100.0		%	—		143,138	143,138
45.	North Ridge Shopping Center		NC	Raleigh	100.0		%	43,247		126,654	169,901
46.	Rockaway Convenience Center		NJ	Rockaway (New York)	100.0		%	44,518		104,393	148,911
47.	Rockaway Plaza		NJ	Rockaway (New York)	100.0		%	320,202		70,583	390,785

48.	Cobblestone Court	NY	Victor	35.0	%(2)	206,680	58,819	265,499
49.	Boardman Plaza	OH	Youngstown	100.0	%	366,975	267,639	634,614
50.	Great Lakes Plaza	OH	Mentor (Cleveland)	100.0	%	142,229	21,875	164,104
51.	Lima Center	OH	Lima	100.0	%	189,584	47,294	236,878
52.	Northland Plaza	OH	Columbus	100.0	%	118,304	91,230	209,534
53.	Eastland Plaza	OK	Tulsa	100.0	%	152,451	33,695	186,146
54.	DeKalb Plaza	PA	King of Prussia	50.3	%(3)	81,368	20,345	101,713
55.	Great Northeast Plaza	PA	Philadelphia	50.0	%	237,151	57,600	294,751
56.	Henderson Square	PA	King of Prussia	76.0	%(3)	72,683	34,661	107,344
57.	Lincoln Plaza	PA	King of Prussia	63.2	%(3)	143,649	123,582	267,231
58.	Whitehall Mall	PA	Whitehall	38.0	%(3)	436,920	148,163	585,083
59.	Charles Towne Square	SC	Charleston	100.0	%	71,794	—	71,794
60.	Empire East(1)	SD	Sioux Falls	50.0	%	248,181	48,580	296,761
61.	Knoxville Commons	TN	Knoxville	100.0	%	91,483	88,980	180,463
62.	Arboretum, The	TX	Austin	100.0	%	35,773	169,237	205,010
63.	Celina Plaza	TX	El Paso	100.0	%	—	8,695	8,695
64.	Gateway Shopping Center	TX	Austin	95.0	%	396,494	116,057	512,551
65.	Ingram Plaza	TX	San Antonio	100.0	%	—	111,518	111,518
66.	Lakeline Plaza	TX	Austin	100.0	%	307,966	79,483	387,449
67.	Shops at North East Mall, The	TX	Hurst	100.0	%	265,595	99,097	364,692
68.	Wolf Ranch	TX	Georgetown (Austin)	100.0	%	394,998	221,898	616,896
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*					13,447,945	5,881,018	19,328,963

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.

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

	As of or for the Nine Months Ended September 30,
	2005			2004
*International Premium Outlets (Japan)*
Total Number of Premium Outlets	5			4
Total GLA (in millions of square feet)	1.3			1.1
Occupancy	100.0		%	100.0		%
Comparable sales per square foot(2)	$	842		$	820
Average base rent per square foot(2)	$	41.82		$	39.82
*European Shopping Centers*
Total Number of Shopping Centers	51			48
Total GLA (in millions of square feet)	11.1			9.1
Occupancy	97.7		%	99.2		%
Comparable sales per square foot(3)	$	467		n/a
Average rent per square foot(3)	$	31.32		$	30.96

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

(2) Based upon a conversion factor of 107.2 yen to 1 U.S. dollar at September 30, 2005 and 108.9 yen to 1 U.S. dollar at September 30, 2004.

(3) Based upon a conversion factor of 1.2048 euros to 1 U.S. dollar at September 30, 2005 and 1.2331 euros to 1 U.S. dollar at September 30, 2004.

SIMON PROPERTY GROUP
International Property Listing

						Gross Leasable Area(1)
	Property Name	City (Metropolitan area)	SPG Effective Ownership(6)			Hypermarket/ Anchor(4)		Mall & 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
	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	121,900	209,100
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	1,967,600	2,710,700
	PORTUGAL
51.	Minho Center	Braga (Porto)	34.7	%(3)	120,000	101,600	221,600
					120,000	101,600	221,600
	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
	MEXICO
57.	Premium Outlets Punta Norte	Mexico City	50.0	%	—	232,000	232,000
	Subtotal Mexico				—	232,000	232,000

CANADA

58.

Forum Entertainment Centre

Montreal

38.1

—

247,000

TOTAL INTERNATIONAL ASSETS

4,675,900

8,185,700

12,861,600

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.

(6) We own our interest in the assets in France, Portugal and Poland through our shareholdings in European Retail Enterprises B.V. Our interest in the Italian assets is owned through Galleria Commerciali Italia S.p.A., while our interest in the assets in Japan is owned through Chelsea Japan Co., Ltd. We own our interest in Mexico through Fideicomiso Trust No. F/315-5.

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

					Unconsolidated Entities
	Consolidated Properties				Total			Simon Group’s Share
New development projects		$	134.6		$	60.5			$	30.2
Redevelopment projects with incremental
GLA and/or Anchor Replacement		159.6			30.2				11.6
Renovations with no incremental GLA		30.1			2.4				0.4
Tenant allowances:
Retail		45.5			22.4				9.9
Office		13.7			—				—
Operational capital expenditures at properties:
CAM expenditures(1)		26.6			9.1				3.3
Non-CAM expenditures		11.0			4.2				1.7
Totals		$	421.1		$	128.8			$	57.1
Plus (Less): Conversion from accrual to cash basis		(0.7		)	(16.9		)
Capital expenditures(2)		$	420.4		$	111.9

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

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

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

Construction-in-Progress

The Company’s

Projected

The Company’s

Stabilized

Unconsolidated Entities

Mall/Location

Project Description

Ownership
Percentage

Opening

Gross Cost(1)
(in millions)

Net Cost
(in millions)

Share of
Net Cost

Rate of
Return

Consolidated
Properties

Total

The Company’s
Share

New Development Projects:

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%	$	91.7	—		—
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%	$	14.5	—		—
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, T.J. Maxx, Sports Authority and Party City	50%	3/06 (Comm Ctr) 11/06 (All other)	$	267	$	210	$	105	10%	—		$	83.9	$	42.0
Round Rock Premium Outlets(3) Round Rock, TX (Austin)	433,000 square foot upscale outlet center with complimentary uses on adjacent outparcels	100%	Fall 2006	$	126	$	106	$	106	13%	$	34.5	—		—
The Domain(3) Austin, TX	700,000 sf open-air town center anchored by Neiman Marcus and Foley’s and includes 75,000 sf of office space	100%	3/07	$	246	$	195	$	195	10%	$	68.0	—		—
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 33,000 sf freestanding building. Residential consists of five levels (150 units) over a 225 car residential parking structure.	100% (Retail only)	3/07 (Retail only)	$	26	$	26	$	26	11%	$	1.1	—		—
Rio Grande Valley Premium Outlets(3) Mercedes, TX	404,000 square foot upscale outlet center	100%	Fall 2006	$	68	$	59	$	59	13%	$	13.1	—		—
*Significant Redevelopment Projects with Incremental GLA*
Town Center at Aurora 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%	$	30.0	—		—
*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

Construction-in-Progress

The Company’s

Projected

The Company’s

Stabilized

Unconsolidated Entities

Mall/Location

Project Description

Ownership
Percentage

Opening

Gross Cost(1)
(in millions)

Net Cost
(in millions)

Share of
Net Cost

Rate of
Return

Consolidated
Properties

Total

The Company’s
Share

Edinburgh Premium Outlets
Edinburgh, IN

Phase II expansion of upscale outlet center

100%

12/05

Edison Mall
Fort Myers, FL

Lifestyle addition

100%

7/06

Rushmore Mall
Rapid City, SD

New building with Coldwater Creek and Chico’s

50%

4/06

Seattle Premium Outlets
Tulalip, WA

Phase II expansion of upscale outlet center

100%

5/06

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			$	54	$	53	$	52	10%	$	21.8	—	—
*Renovations*
Cielo Vista Mall El Paso, TX	Mall renovation and new Cinemark Theatre	100%	10/05 (renovation) 2/06 (Cinemark)
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
	Subtotal Renovations			$	60	$	56	$	56	8%	$	25.4	—	—
*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
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
Galleria, The Houston, TX	Addition of Borders, Del Frisco, Kona Grill, Oceanaire and small shops in former Lord & Taylor space	32%	4/06
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

Construction-in-Progress

The Company’s

Projected

The Company’s

Stabilized

Unconsolidated Entities

Mall/Location

Project Description

Ownership
Percentage

Opening

Gross Cost(1)
(in millions)

Net Cost
(in millions)

Share of
Net Cost

Rate of
Return

Consolidated
Properties

Total

The Company’s
Share

SouthPark
Charlotte, NC

Addition of Neiman Marcus

100%

10/06

Square One Mall
Saugus (Boston), MA

Addition of Dick’s Sporting Goods

49%

11/06

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	$	151	$	144	$	116	7%	$	51.7	$	25.1	$	19.2
Other Miscellaneous									$	32.3	$	41.9	$	15.6
Total Construction in Progress(2)									$	384.1	$	150.9	$	76.8
Land Held for Development									$	101.4	$	20.4	$	10.2

* 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) Does not include the Company’s international properties.

(3) 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 September 30, 2005


Shopping center/ Location (Metropolitan area)	Project Description	Anchors	The Company’s Ownership Percentage of Project	Opening	Projected Net Cost (in millions)
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, UGC Theatres, Ikea (opened 6/05), Media World, Decathlon	19.6%	Spring 2007	€218
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
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
Other projects (1 leasehold development)					€1
Redevelopment Projects with Incremental GLA: Sano Premium Outlets—Sano, Japan	90,6000 square foot phase II expansion of outdoor upscale outlet center	Cole-Haan, Giorgio Armani, St. John Knits, Theory, Tommy Hilfiger	40%	4/06	$23

* 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 September 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		24,571			150,000				86,406				260,977
2006		261,261			1,984,935				439,078				2,685,274
2007		562,825			1,055,000				203,430				1,821,255
2008		581,957			350,000				334,210				1,266,167
2009		742,673			1,931,365				196,065				2,870,103
2010		731,735			1,159,275				469,933				2,360,943
2011		442,312			350,000				451,032				1,243,344
2012		361,696			450,000				214,137				1,025,833
2013		202,406			425,000				230,419				857,825
2014		453,081			700,000				158,220				1,311,301
Thereafter		72,249			1,050,000				122,726				1,244,975
Face Amount of Indebtedness		$	4,436,766		$	9,605,575			$	2,905,656			$	16,947,997
Premiums (Discounts) on Indebtedness, Net		55,165			49,079				(595		)		103,649
Fair Value of Interest Rate Swap Agreements		—			(10,448		)		—				(10,448		)
The Company’s Share of Total Indebtedness		$	4,491,931		$	9,644,206			$	2,905,061			$	17,041,198

SIMON PROPERTY GROUP
Summary of Indebtedness
As of September 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		$	4,116,383			$	3,934,821			6.47	%		5.4
Floating Rate Debt (Hedged)(1)		97,965				97,965				4.76	%		3.6
Floating Rate Debt		414,168				403,980				4.83	%		1.8
Total Mortgage Debt		4,628,516				4,436,766				6.29	%		5.1
Unsecured Debt
Fixed Rate		6,839,275				6,839,275				6.19	%		5.2
Floating Rate Debt		1,734,936				1,734,936				4.15	%		1.1
Subtotal		8,574,211				8,574,211				5.57	%		4.4
Revolving Corporate Credit Facility		1,031,364				1,031,364				3.89	%		3.3
Subtotal		1,031,364				1,031,364				3.89	%		3.3
Total Unsecured Debt		9,605,575				9,605,575				5.57	%		4.4
Premium		129,881				127,536				N/A			N/A
Discount		(23,324		)		(23,292		)		N/A			N/A
Fair Value Interest Rate Swaps		(10,448		)		(10,448		)		N/A			N/A
Consolidated Mortgages and Other Indebtedness (2)		$	14,330,200			$	14,136,137			5.80	%		4.6
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate		$	5,695,506			$	2,471,125			5.98	%		5.1
Floating Rate Debt (Hedged)(1)		472,784				218,032				4.38	%		1.8
Floating Rate Debt		558,331				213,541				4.45	%		4.2
Total Mortgage Debt		6,726,621				2,902,698				5.75	%		4.8
Unsecured Floating Rate Debt		6,037				2,958				2.77	%		3.2
Total Unsecured Debt		6,037				2,958				2.77	%		3.2
Premium		2,182				1,091				N/A			N/A
Discount		(3,432		)		(1,686		)		N/A			N/A
Joint Venture Mortgages and Other Indebtedness		$	6,731,408			$	2,905,061			5.75	%		4.8

*The Company’s Share of Total Indebtedness*						$	17,041,198			5.78	%		4.7

Summary of Fixed and Variable Rate Debt:

	The Company’s
	Share of
	Total Debt
Consolidated:
Fixed		63.9	%	$	10,878,340	6.29	%	5.3
Variable		19.1	%	3,257,797		4.17	%	2.0
		83.0	%	14,136,137		5.80	%	4.6
Joint Venture:
Fixed		14.5	%	2,470,530		5.98	%	5.1
Variable		2.5	%	434,531		4.42	%	3.3
		17.0	%	2,905,061		5.75	%	4.8
Total Debt		100.0	%	$	17,041,198


Total Fixed Rate Debt		78.3	%	$	13,348,870	6.16	%	5.3

Total Variable Rate Debt		21.7	%	$	3,692,328	4.21	%	2.2

(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 September 30, 2005
(In thousands)

								Interest						The Company’s
			Maturity		Interest			Rate	Secured or			Total		Share of
Property Name			Date		Rate (1)			Type	Unsecured			Indebtedness		Indebtedness
Consolidated Indebtedness:
Simon Property Group, LP (Sr. Notes)				10/27/05		6.88	%	Fixed	Unsecured				150,000		150,000
Raleigh Springs Mall				12/09/05		5.86	%	Variable	Secured				10,827		10,827
Simon Property Group, LP (Sr. Notes)				01/20/06		7.38	%	Fixed	Unsecured				300,000		300,000
North East Mall				05/20/06		5.24	%	Variable	Secured				140,000		140,000
Gulf View Square				10/01/06		8.25	%	Fixed	Secured				32,711		32,711
Paddock Mall				10/01/06		8.25	%	Fixed	Secured				26,016		26,016
Simon Property Group, LP (Acquisition Facility)				10/14/06		4.41	%	Variable	Unsecured				1,200,000		1,200,000
Simon Property Group, LP (Sr. Notes)				11/15/06		6.88	%	Fixed	Unsecured				250,000		250,000
Simon Property Group, LP (Euro Term Loan)	(2	)		12/16/06		2.72	%	Variable	Unsecured	(13	)		234,936		234,936
Cielo Vista Mall—1	(4	)		05/01/07		9.38	%	Fixed	Secured				49,056		49,056
Cielo Vista Mall—3	(4	)		05/01/07		6.76	%	Fixed	Secured				35,571		35,571
Lakeline Mall				05/01/07		7.65	%	Fixed	Secured				66,578		66,578
McCain Mall—1	(4	)		05/01/07		9.38	%	Fixed	Secured				22,906		22,906
McCain Mall—2	(4	)		05/01/07		6.76	%	Fixed	Secured				16,419		16,419
Valle Vista Mall—1	(4	)		05/01/07		9.38	%	Fixed	Secured				30,339		30,339
Valle Vista Mall—2	(4	)		05/01/07		6.81	%	Fixed	Secured				7,303		7,303
Wolfchase Galleria				06/30/07		7.80	%	Fixed	Secured				72,373		68,390
Copley Place				08/01/07		7.44	%	Fixed	Secured				175,331		172,082
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				57,701		34,621
CPG Partners, LP (Sr. Notes)				10/21/07		7.25	%	Fixed	Unsecured				125,000		125,000
Simon Property Group, LP (Sr. Notes)				11/15/07		6.38	%	Fixed	Unsecured				750,000		750,000
Bangor Mall				12/01/07		7.06	%	Fixed	Secured				22,929		15,213
White Oaks Mall	(2	)		02/25/08		4.96	%	Variable	Secured				48,563		41,125
Gateway Shopping Center	(2	)		03/31/08		4.81	%	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	(10	)		07/11/08		6.99	%	Fixed	Secured				66,134		66,134
Kittery Premium Outlets	(10	)		07/11/08		6.99	%	Fixed	Secured				10,949		10,949

SIMON PROPERTY GROUP

Summary of Indebtedness by Maturity
As of September 30, 2005
(In thousands)

										Interest						The Company’s
			Maturity				Interest			Rate	Secured or			Total		Share of
Property Name			Date				Rate (1)			Type	Unsecured			Indebtedness		Indebtedness
Lighthouse Place Premium Outlets	(10	)		07/11/08				6.99	%	Fixed	Secured				45,635		45,635
Waterloo Premium Outlets	(10	)		07/11/08				6.99	%	Fixed	Secured				36,754		36,754
Simon Property Group, LP (Sr. Notes)				08/28/08				5.38	%	Fixed	Unsecured				150,000		150,000
Stanford Shopping Center				09/11/08	(12	)		3.60	%	Fixed	Secured				220,000		220,000
Arsenal Mall—1				09/28/08				6.75	%	Fixed	Secured				32,118		32,118
College Mall—1	(3	)		01/01/09				7.00	%	Fixed	Secured				34,569		34,569
College Mall—2	(3	)		01/01/09				6.76	%	Fixed	Secured				10,962		10,962
Greenwood Park Mall—1	(3	)		01/01/09				7.00	%	Fixed	Secured				28,953		28,953
Greenwood Park Mall—2	(3	)		01/01/09				6.76	%	Fixed	Secured				56,634		56,634
Towne East Square—1				01/01/09				7.00	%	Fixed	Secured				46,256		46,256
Towne East Square—2				01/01/09				6.81	%	Fixed	Secured				22,852		22,852
Woodland Hills Mall				01/01/09				7.00	%	Fixed	Secured				83,254		78,648
Revolving Credit Facility	(2	)		01/11/09				3.89	%	Variable	Unsecured	(21	)		1,031,364		1,031,364
Simon Property Group, LP (Sr. Notes)				01/30/09	(20	)		3.75	%	Fixed	Unsecured				300,000		300,000
Simon Property Group, LP (Sr. Notes)				02/09/09				7.13	%	Fixed	Unsecured				300,000		300,000
Penn Square Mall				03/01/09				7.03	%	Fixed	Secured				69,530		65,703
CPG Partners, LP (Sr. Notes)				03/15/09				3.50	%	Fixed	Unsecured				100,000		100,000
Plaza Carolina—Fixed				05/09/09				5.10	%	Fixed	Secured				97,441		97,441
Plaza Carolina—Variable Capped	(2	)		05/09/09				4.76	%	Variable	Secured				97,965		97,965
Plaza Carolina—Variable Floating	(2	)		05/09/09				4.76	%	Variable	Secured				58,778		58,778
Simon Property Group, LP (Sr. Notes)				07/15/09				7.00	%	Fixed	Unsecured				150,000		150,000
CPG Partners, LP (Sr. Notes)				08/17/09				8.63	%	Fixed	Unsecured				50,000		50,000
Bloomingdale Court	(9	)		11/01/09				7.78	%	Fixed	Secured				28,050		28,050
Forest Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				15,384		15,384
Lake View Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				20,450		20,450
Lakeline Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				22,421		22,421
Lincoln Crossing	(9	)		11/01/09				7.78	%	Fixed	Secured				3,095		3,095
Matteson Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				9,006		9,006
Muncie Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				7,786		7,786
Regency Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				4,221		4,221
St. Charles Towne Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				27,017		27,017
West Ridge Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				5,442		5,442
White Oaks Plaza	(9	)		11/01/09				7.78	%	Fixed	Secured				16,605		16,605
Simon Property Group, LP (Sr. Notes)				03/18/10				4.88	%	Fixed	Unsecured				300,000		300,000
CPG Partners, LP (Term Loan)				04/27/10	(19	)		7.26	%	Fixed	Unsecured				59,275		59,275
Simon Property Group, LP (Sr. Notes)				06/15/10				4.60	%	Fixed	Unsecured				400,000		400,000
Trolley Square				08/01/10				9.03	%	Fixed	Secured				28,732		25,859
Simon Property Group, LP (Sr. Notes)				08/15/10				4.88	%	Fixed	Unsecured				400,000		400,000
Coral Square				10/01/10				8.00	%	Fixed	Secured				87,170		84,747
Crystal River				11/11/10				7.63	%	Fixed	Secured				15,577		15,577
Forum Shops at Caesars, The				12/01/10				4.78	%	Fixed	Secured				550,000		550,000

SIMON PROPERTY GROUP

Summary of Indebtedness by Maturity
As of September 30, 2005
(In thousands)

								Interest					The Company’s
			Maturity		Interest			Rate		Secured or	Total		Share of
Property Name			Date		Rate (1)			Type		Unsecured	Indebtedness		Indebtedness
Biltmore Square				12/11/10		7.95	%		Fixed	Secured		26,000		26,000
Port Charlotte Town Center				12/11/10		7.98	%		Fixed	Secured		52,570		42,056
Oxford Valley Mall				01/10/11		6.76	%		Fixed	Secured		82,790		52,290
Simon Property Group, LP (Sr. Notes)				01/20/11		7.75	%		Fixed	Unsecured		200,000		200,000
CPG Partners, LP (Sr. Notes)				02/01/11		8.25	%		Fixed	Unsecured		150,000		150,000
Henderson Square				07/01/11		6.94	%		Fixed	Secured		15,314		11,634
Ingram Park Mall	(8	)		08/11/11		6.99	%		Fixed	Secured		80,804		80,804
Knoxville Center	(8	)		08/11/11		6.99	%		Fixed	Secured		61,189		61,189
Northlake Mall	(8	)		08/11/11		6.99	%		Fixed	Secured		70,589		70,589
Towne West Square	(8	)		08/11/11		6.99	%		Fixed	Secured		52,893		52,893
Tacoma Mall				10/01/11		7.00	%		Fixed	Secured		129,036		129,036
CPG Partners, LP (Sr. Notes)				06/15/12		6.88	%		Fixed	Unsecured		100,000		100,000
Simon Property Group, LP (Sr. Notes)				08/28/12		6.35	%		Fixed	Unsecured		350,000		350,000
Anderson Mall				10/10/12		6.20	%		Fixed	Secured		29,135		29,135
Century III Mall	(6	)		10/10/12		6.20	%		Fixed	Secured		86,001		86,001
Crossroads Mall				10/10/12		6.20	%		Fixed	Secured		43,193		43,193
Forest Mall	(7	)		10/10/12		6.20	%		Fixed	Secured		17,297		17,297
Highland Lakes Center	(6	)		10/10/12		6.20	%		Fixed	Secured		15,944		15,944
Longview Mall	(6	)		10/10/12		6.20	%		Fixed	Secured		32,370		32,370
Markland Mall	(7	)		10/10/12		6.20	%		Fixed	Secured		22,902		22,902
Midland Park Mall	(7	)		10/10/12		6.20	%		Fixed	Secured		33,435		33,435
Palm Beach Mall				10/10/12		6.20	%		Fixed	Secured		53,485		53,485
Richmond Towne Square	(7	)		10/10/12		6.20	%		Fixed	Secured		46,962		46,962
Las Vegas Outlet Center				12/10/12		8.12	%		Fixed	Secured		20,292		20,292
CPG Partners, LP (Sr. Notes)				01/15/13		6.00	%		Fixed	Unsecured		150,000		150,000
Factory Stores of America—Boaz	(11	)		03/10/13		9.10	%		Fixed	Secured		2,792		2,792
The Factory Shoppes at Branson Meadows	(11	)		03/10/13		9.10	%		Fixed	Secured		9,545		9,545
MacGregor Village	(11	)		03/10/13		9.10	%		Fixed	Secured		6,873		6,873
Factory Stores of America—Georgetown	(11	)		03/10/13		9.10	%		Fixed	Secured		6,615		6,615
Factory Stores of America—Graceville	(11	)		03/10/13		9.10	%		Fixed	Secured		1,966		1,966
Dare Centre	(11	)		03/10/13		9.10	%		Fixed	Secured		1,709		1,709
Factory Stores of America—Lebanon	(11	)		03/10/13		9.10	%		Fixed	Secured		1,651		1,651
Factory Stores of America—Nebraska City	(11	)		03/10/13		9.10	%		Fixed	Secured		1,551		1,551
North Ridge Shopping Center	(11	)		03/10/13		9.10	%		Fixed	Secured		8,394		8,394
Factory Stores of America—Story City	(11	)		03/10/13		9.10	%		Fixed	Secured		1,918		1,918
Carolina Premium Outlets—Smithfield	(11	)		03/10/13		9.10	%		Fixed	Secured		20,523		20,523
The Crossings Premium Outlets				03/13/13		5.85	%		Fixed	Secured		58,255		58,255
Simon Property Group, LP (Sr. Notes)				03/15/13		5.45	%		Fixed	Unsecured		200,000		200,000
Battlefield Mall				07/01/13		4.60	%		Fixed	Secured		99,767		99,767
Retail Property Trust (Sr. Notes)				09/01/13		7.18	%		Fixed	Unsecured		75,000		75,000

SIMON PROPERTY GROUP

Summary of Indebtedness by Maturity
As of September 30, 2005
(In thousands)

								Interest							The Company’s
			Maturity		Interest			Rate	Secured or			Total			Share of
Property Name			Date		Rate (1)			Type	Unsecured			Indebtedness			Indebtedness
Simon Property Group, LP (Sr. Notes)				01/30/14		4.90	%	Fixed	Unsecured				200,000			200,000
Northfield Square				02/11/14		6.05	%	Fixed	Secured				31,132			9,838
Montgomery Mall				05/11/14		5.17	%	Fixed	Secured				94,267			50,405
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 (Sr. Notes)				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				3,433			1,728
Simon Property Group, LP (Sr. Notes)				06/15/15		5.10	%	Fixed	Unsecured				600,000			600,000
Retail Property Trust (Sr. Notes)				03/15/16		7.88	%	Fixed	Unsecured				250,000			250,000
Arsenal Mall—2				05/05/16		8.20	%	Fixed	Secured				1,536			1,536
Simon Property Group, LP (Sr. Notes)				06/15/18		7.38	%	Fixed	Unsecured				200,000			200,000
Sunland Park Mall				01/01/26		8.63	%	Fixed	Secured				36,174			36,174
Keystone at the Crossing				07/01/27		7.85	%	Fixed	Secured				58,851			58,851
Total Consolidated Indebtedness at Face Value													14,234,091			14,042,341
Premium on Fixed-Rate Indebtedness													129,881			127,536
Discount on Fixed-Rate Indebtedness													(23,324	)		(23,292	)
Fair Value Interest Rate Swaps													(10,448	)		(10,448	)
*Total Consolidated Indebtedness*													14,330,200			14,136,137
Joint Venture Indebtedness
Houston Galleria—1				12/01/05		7.93	%	Fixed	Secured				213,568			67,242
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		4.27	%	Variable	Secured				186,500			93,250
CMBS Loan—2 Floating (encumbers 13 Properties)	(5	)		05/15/06		4.23	%	Variable	Secured				81,400			40,700
Great Northeast Plaza				06/01/06		9.04	%	Fixed	Secured				16,274			8,137
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	(16	)		47,012			16,748
Lehigh Valley Mall				10/10/06		7.90	%	Fixed	Secured				45,077			16,953
Greendale Mall				12/10/06		8.23	%	Fixed	Secured				40,008			19,659
Houston Galleria—2	(2	)		12/31/06		5.36	%	Variable	Secured				84,711			26,671
Gwinnett Place—1				04/01/07		7.54	%	Fixed	Secured				36,441			18,221
Gwinnett Place—2				04/01/07		7.25	%	Fixed	Secured				80,728			40,364
Town Center at Cobb—1				04/01/07		7.54	%	Fixed	Secured				46,428			23,214
Town Center at Cobb—2				04/01/07		7.25	%	Fixed	Secured				61,435			30,718
Gotemba Premium Outlets—Variable				09/30/07		1.77	%	Variable	Secured	(18	)		23,078			9,231
Mall at Rockingham				09/01/07		7.88	%	Fixed	Secured				94,838			23,301

SIMON PROPERTY GROUP

Summary of Indebtedness by Maturity
As of September 30, 2005
(In thousands)

								Interest						The Company’s
			Maturity		Interest			Rate	Secured or			Total		Share of
Property Name			Date		Rate (1)			Type	Unsecured			Indebtedness		Indebtedness
Clay Terrace Partners	(2	)		01/20/08		5.36	%	Variable	Secured				89,762		44,881
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
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				98,051		48,180
Mall of New Hampshire—2				10/01/08		8.53	%	Fixed	Secured				8,102		3,981
Fashion Valley Mall—1				10/11/08		6.49	%	Fixed	Secured				162,068		81,034
Fashion Valley Mall—2				10/11/08		6.58	%	Fixed	Secured				29,124		14,562
Whitehall Mall				11/01/08		6.77	%	Fixed	Secured				13,550		5,148
Galleria Commerciali Italia—Facility C				12/22/08		2.77	%	Variable	Unsecured	(15	)		6,037		2,958
Source, The				03/11/09		6.65	%	Fixed	Secured				124,000		31,000
Shops at Sunset Place, The	(2	)		05/09/09		4.61	%	Variable	Secured				94,884		35,582
Seminole Towne Center	(2	)		06/30/09		4.51	%	Variable	Secured				70,000		31,500
Fashion Centre Pentagon Office	(2	)		07/09/09		4.61	%	Variable	Secured				40,000		17,000
Sano Premium Outlets				08/31/09		2.45	%	Fixed	Secured	(18	)		43,128		17,251
Apple Blossom Mall				09/10/09		7.99	%	Fixed	Secured				38,826		19,078
Auburn Mall				09/10/09		7.99	%	Fixed	Secured				45,455		22,335
Toki Premium Outlets				10/30/09		0.79	%	Variable	Secured	(18	)		14,425		5,770
Mall at Chestnut Hill				02/02/10		8.45	%	Fixed	Secured				14,407		6,803
Coconut Point	(2	)		05/19/10		4.96	%	Variable	Secured				41,611		20,806
Westchester, The				06/01/10		4.86	%	Fixed	Secured				500,000		200,000
Mall of Georgia				07/01/10		7.09	%	Fixed	Secured				195,415		97,708
Florida Mall, The				12/10/10		7.55	%	Fixed	Secured				258,100		129,050
Atrium at Chestnut Hill				03/11/11		6.89	%	Fixed	Secured				46,822		23,007
Cape Cod Mall				03/11/11		6.80	%	Fixed	Secured				95,168		46,763
Highland Mall				07/11/11		6.83	%	Fixed	Secured				67,946		33,973
Villabe A6—Bel’Est				08/01/11		3.12	%	Variable	Secured	(17	)		12,094		4,197
Fashion Centre Pentagon Retail				09/11/11		6.63	%	Fixed	Secured				159,651		67,852
Bay 1 (Torcy)				12/01/11		3.92	%	Variable	Secured	(17	)		17,208		5,971
Zakopianka Shopping Center				12/01/11		6.82	%	Fixed	Secured	(14	)		14,876		5,162
Galleria Commerciali Italia—Facility A				12/22/11		3.22	%	Fixed	Secured	(15	)		291,935		143,048
Galleria Commerciali Italia—Facility B				12/22/11		3.32	%	Fixed	Secured	(15	)		304,152		149,034
Borek Shopping Center				02/01/12		6.19	%	Fixed	Secured	(14	)		16,198		5,621
Dadeland Mall				02/11/12		6.75	%	Fixed	Secured				192,385		96,193
Square One				03/11/12		6.73	%	Fixed	Secured				91,518		44,970
Crystal Mall				09/11/12		5.62	%	Fixed	Secured				101,847		75,946
Emerald Square Mall				03/01/13		5.13	%	Fixed	Secured				139,894		68,740
Avenues, The				04/01/13		5.29	%	Fixed	Secured				77,189		19,297
Circle Centre Mall				04/11/13		5.02	%	Fixed	Secured				77,217		11,328
Bay 2 (Torcy)				06/01/13		3.32	%	Variable	Secured	(17	)		64,261		22,299

SIMON PROPERTY GROUP

Summary of Indebtedness by Maturity
As of September 30, 2005
(In thousands)

						Interest								The Company’s
	Maturity		Interest			Rate	Secured or				Total			Share of
Property Name	Date		Rate (1)			Type	Unsecured				Indebtedness			Indebtedness
Solomon Pond		08/01/13		3.97	%	Fixed		Secured				114,000			56,017
Tosu Premium Outlets		08/24/13		2.62	%	Fixed		Secured	(18	)		13,635			5,454
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
Wilenska Station Shopping Center		11/01/13		4.07	%	Variable		Secured	(17	)		37,545			13,028
Northshore Mall		03/11/14		5.03	%	Fixed		Secured				210,000			103,189
Turzyn Shopping Center		06/01/14		6.56	%	Fixed		Secured	(14	)		23,193			8,048
Dabrowka Shopping Center		07/01/14		6.22	%	Fixed		Secured	(14	)		4,818			1,672
Gotemba Premium Outlets—Fixed		10/25/14		2.00	%	Fixed		Secured	(18	)		10,638			4,255
Rinku Premium Outlets		10/25/14		2.33	%	Fixed		Secured	(18	)		39,056			15,622
Arkadia Shopping Center		11/01/14		4.27	%	Variable		Secured	(17	)		126,624			43,939
Indian River Commons		11/01/14		5.21	%	Fixed		Secured				9,645			4,823
Indian River Mall		11/01/14		5.21	%	Fixed		Secured				65,355			32,678
St. Johns Town Center		03/11/15		5.06	%	Fixed		Secured				170,000			85,000
Gaitway Plaza		07/01/15		4.60	%	Fixed		Secured				13,900			3,243
Plaza at Buckland Hills, The		07/01/15		4.60	%	Fixed		Secured				24,800			8,680
Ridgewood Court		07/01/15		4.60	%	Fixed		Secured				14,650			5,128
Village Park Plaza		07/01/15		4.60	%	Fixed		Secured				29,850			10,448
West Town Corners		07/01/15		4.60	%	Fixed		Secured				18,800			4,388
Quaker Bridge Mall		04/01/16		7.03	%	Fixed		Secured				22,751			8,643
King of Prussia Mall—1		01/01/17		7.49	%	Fixed		Secured				175,831			21,715
King of Prussia Mall—2		01/01/17		8.53	%	Fixed		Secured				12,163			1,502
Total Joint Venture Indebtedness at Face Value												6,732,658			2,905,656
Premium on JV Fixed-Rate Indebtedness												2,182			1,091
Discount on JV Fixed-Rate Indebtedness												(3,432	)		(1,686	)
*Total Joint Venture Indebtedness*												6,731,408			2,905,061
*The Company’s Share of Total Indebtedness*															17,041,198

(Footnotes on following page)

SIMON PROPERTY GROUP

Summary of Indebtedness by Maturity
As of September 30, 2005
(In thousands)

(Footnotes for preceeding pages)

Footnotes:

(1) Variable rate debt interest rates are based on the following base rates as of September 30, 2005: LIBOR at 3.86%; EURIBOR at 2.12%.

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

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

(12) 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 September 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 3.72%.

(13) Amounts shown in USD Equivalent. Euro equivalent is 195.0 million.

(14) Amounts shown in USD Equivalent. Euro equivalent is 49.0 million.

(15) Amounts shown in USD Equivalent. Euro equivalent is 499.8 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%.

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

(17) Amounts shown in USD Equivalent. Euro equivalent is 213.9 million. Associated with these loans are interest rate swap agreements with a total combined 197.4 million euros notional amount that effectively fix these loans at a combined 5.05%.

(18) Amounts shown in USD Equivalent. Yen equivalent is 15,967.8 million.

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

(20) 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.

(21) Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen $1,790.8 million and Euro $5.4 million

SIMON PROPERTY GROUP
Unencumbered Assets
As of September 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
Treasure Coast Square	Jensen Beach	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
Jackson Premium Outlets	Jackson	NJ
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:*
Royal Eagle Plaza	Coral Springs	FL
Terrace at Florida Mall	Orlando	FL
Waterford Lakes Town Center	Orlando	FL
Westland Park Plaza	Orange Park	FL
Mall of Georgia Crossing	Atlanta	GA
Countryside Plaza	Countryside	IL
Crystal Court	Crystal Lake	IL
Lake Plaza	Waukegan	IL
North Ridge Plaza	Joliet	IL
Willow Knolls Court	Peoria	IL
Brightwood Plaza	Indianapolis	IN
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
Cobblestone Court	Victor	NY
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
Fairfax Court	Fairfax	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
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 September 30, 2005

($ in 000’s, except per share amounts)

Issuer	Description	Number of Shares.Units	Per Share Liquidition Preference			Aggregate Liquidation Preference			Ticker 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)	13,798,129		$	50		$	689,906	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)	4,217,373		$	50		$	210,869	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 September 30, 2005, was $25.81 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 September 30, 2005 was $52.35 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 September 30, 2005 was $63.10 per share.

(4) Each share is redeemable on or after October 15, 2027. The closing price on September 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 STRONG THIRD QUARTER RESULTS
AND DECLARES QUARTERLY DIVIDENDS

Indianapolis, Indiana—October 27, 2005...Simon Property Group, Inc. (the “Company” or “Simon”) (NYSE:SPG) today announced results for the quarter and nine months ended September 30, 2005:

· Diluted funds from operations (“FFO”) of the Simon portfolio for the quarter increased 26.7% to $351.9 million from $277.7 million in 2004. On a per share basis the increase to $1.19 from $1.04 in the third quarter of 2004 was 14.4%. Diluted FFO of the Simon portfolio for the nine months increased 29.3% to $1.035 billion from $800.5 million in 2004. On a per share basis the increase was 15.9% to $3.49 per share from $3.01 per share in 2004.

· Net income available to common stockholders for the quarter was $74.4 million as compared to $74.1 million in 2004. On a diluted per share basis, earnings decreased 5.6% to $0.34 from $0.36 in the third quarter of 2004. Net income available to common stockholders for the nine months increased 48.1% to $286.2 million from $193.2 million in 2004. On a diluted per share basis the increase was 38.3% to $1.30 per share from $0.94 per share in 2004. The increase in net income for the nine months is primarily attributable to net gains on the sale of two Chicago office building complexes.

The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Company believes that FFO is helpful to investors because it is a widely recognized measure of the performance of real estate investment trusts (“REITs”) and provides a relevant basis for comparison among REITs. 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 strong operating metrics within its three domestic business platforms:

	As of				As of
	September 30, 2005				September 30, 2004				Change
Occupancy
Regional Malls(1)		92.6		%		91.8		%	80 basis point increase
Premium Outlet® Centers(2)		99.6		%		99.1		%(3)	50 basis point increase
Community/Lifestyle Centers(2)		91.3		%		92.2		%	90 basis point decrease
Comparable Sales per Sq. Ft.
Regional Malls(4)		$	445			$	421		5.7% increase
Premium Outlet® Centers(2)		$	436			$	403	(3)	8.2% increase
Community/Lifestyle Centers(2)		$	221			$	213		3.8% increase
Average Rent per Sq. Ft.
Regional Malls(1)		$	34.30			$	33.07		3.7% increase
Premium Outlet® Centers(2)		$	22.99			$	21.33	(3)	7.8% increase
Community/Lifestyle Centers(2)		$	11.23			$	10.79		4.1% increase

(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 are pleased to report another quarter of strong financial and operational results,” said David Simon, Chief Executive Officer. “Our growth in FFO can be attributed to the productivity of our high quality portfolio, the 2004 acquisition of Chelsea Property Group, and the completion and opening of several new development projects. During the first ten months of 2005, we opened two open-air regional shopping centers, one community center and two Premium Outlet centers—one in the U.S. and one in Japan. Our development pipeline continues to be robust with five additional projects comprising nearly 3 million square feet of gross leasable area under construction and projected to open over the next 12 to 18 months.”

Dividends

Today the Company announced a quarterly common stock dividend of $0.70 per share to be paid on November 30, 2005 to stockholders of record on November 16, 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 December 30, 2005 to stockholders of record on December 16, 2005.

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

· 6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on November 30, 2005 to stockholders of record on November 16, 2005.

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

U.S. Development Activity

Wolf Ranch, a 670,000 square foot community center located north of Austin, Texas in Georgetown, opened in July of 2005. It is an open-air, mixed-use shopping center containing a mix of anchor stores, specialty retail stores and restaurants. Wolf Ranch is anchored by Kohl’s, Target, DSW, Linens ‘n Things, Michaels, Office Depot, Old Navy, Pier One Imports, PetsMart and T.J. Maxx. Best Buy is under construction and scheduled to open during the first week of November. Gross costs are expected to approximate $98 million. The Company owns 100% of this project.

On October 7, 2005, the Company opened Firewheel Town Center, a 785,000 square foot open-air regional shopping center located 15 miles northeast of downtown Dallas in Garland, Texas. Firewheel features Foley’s, Dillard’s, Barnes & Noble, Circuit City, Linens ‘n Things, Old Navy, DSW, and Pier One Imports. An 18-screen AMC Theater is scheduled to open in December of 2005. Restaurants complementing the retail offerings include T.G.I. Friday’s, Rice Boxx Asian Café, San Francisco Oven, and Fish City Grill.

Firewheel Town Center offers shoppers an exciting mix of retailers including American Eagle Outfitters, Ann Taylor Loft, Bath & Body Works, Brighton Collectibles, Charlotte Russe, Chico’s, Eddie Bauer, Fossil, Jos. A. Bank, J. Jill, Victoria’s Secret, White House|Black Market and Yankee Candle. The center is 99% leased and committed.

Firewheel Town Center offers pedestrian amenities and a compelling mixture of retail, office, and entertainment uses. The Company owns 100% of the project. Gross costs for Firewheel were approximately $132 million.

On September 29, 2005, the Company commenced construction on Rio Grande Valley Premium Outlets®, a 404,000 square foot upscale, fashion-oriented manufacturers’ outlet center located at the southwest corner of U.S. Expressway 83 and Mile 1-1/2 East Road in Mercedes, Texas. The project will be the first outlet center in The Valley and will position Mercedes as a destination for upscale outlet shopping.

The center, to be built in one phase, will be a single-level, village style project with a Southwest architectural theme. The 54-acre property will include the outlet center and several parcels for complementary uses. Rio Grande Valley Premium Outlets will house over 100 outlet stores and will feature high-quality national brands serving the area's permanent population as well as visitors to the area. The center is scheduled to open in fall of 2006.

The Company continues construction on:

· Coconut Point—a 1.2 million square foot 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 November 2006.

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

International Activity

On October 21, 2005, the Company announced that Ivanhoe Cambridge Inc. acquired an ownership interest in European Retail Enterprises (“ERE”), a European joint venture in which Simon has an interest. ERE owns Groupe B.E.G., a Paris-based developer, owner and manager of retail properties with over 40 years of experience in France, Italy, Poland, Portugal, Spain and Turkey.

Ivanhoe Cambridge is a recognized leader in the Canadian real estate industry. It is one of Canada’s pre-eminent property owners, managers, developers and investors, and its focus is on high-quality shopping centers located in urban areas. Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec, the leading institutional fund manager in Canada.

Ivanhoe Cambridge acquired the 39.5% interest in ERE previously held by another institutional investor. Simon currently owns a 34.7% interest in ERE, with the remaining interest owned by founders of Groupe B.E.G. In the future, Simon and Ivanhoe Cambridge will equalize their ownership positions in ERE through the purchase of additional interests from the company’s founders.

Construction also continues on three development projects in Italy, partially owned by Gallerie Commerciali Italia, the Italian joint venture in which the Company owns a 49% interest.

2005 Guidance

Today the Company updated its guidance for 2005. The Company expects diluted FFO to be within a range of $4.90 to $4.92 per share for the year ending December 31, 2005, and diluted net income to be within a range of $1.88 to $1.90 per share. This compares to the original guidance provided in January 2005 of $4.70 to $4.82 for estimated diluted FFO per share and $1.96 to $2.08 for estimated diluted net income per share.

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

For the twelve months ended December 31, 2005	Low			High
Estimated diluted net income per share	$	1.88		$	1.90
Depreciation and amortization including joint ventures	3.62			3.62
Gain on sales of real estate and discontinued operations, net of tax	(0.53		)	(0.53		)
Impact of additional dilutive securities for FFO per share	(0.07		)	(0.07		)
Estimated diluted FFO per share	$	4.90		$	4.92

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 11:00 a.m. Eastern Daylight Time (New York) tomorrow, October 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 $38 billion. Through its subsidiary partnership, it currently owns or has an interest in 296 properties in the United States containing an aggregate of 202 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 and Poland; 5 Premium Outlet centers in Japan; and one Premium Outlet center in Mexico. Additional Simon Property Group information is available at www.simon.com.

SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2005			2004			2005			2004
REVENUE:
Minimum rent	$	478,631		$	363,132		$	1,415,183		$	1,066,364
Overage rent	18,506			11,921			46,237			29,940
Tenant reimbursements	226,972			186,757			652,345			531,827
Management fees and other revenues	19,746			17,932			56,931			54,335
Other income	42,914			33,584			119,678			94,721
Total revenue	786,769			613,326			2,290,374			1,777,187
EXPENSES:
Property operating	116,994			93,775			319,510			261,553
Depreciation and amortization	204,106			143,428			621,990			420,953
Real estate taxes	74,776			60,692			218,615			177,776
Repairs and maintenance	22,877			24,316			76,101			66,137
Advertising and promotion	21,003			11,683			57,861			37,006
Provision for credit losses	2,868			3,410			3,697			10,067
Home and regional office costs	27,068			19,579			85,060			61,811
General and administrative	4,993			3,615			13,243			10,635
Other	12,486			7,198			34,439			23,681
Total operating expenses	487,171			367,696			1,430,516			1,069,619
OPERATING INCOME	299,598			245,630			859,858			707,568
Interest expense	202,530			160,508			598,238			469,243
Income before minority interest	97,068			85,122			261,620			238,325
Minority interest	(3,174		)	(2,209		)	(8,734		)	(6,890		)
(Loss) gain on sales of assets and other, net	(55		)	1,121			12,552			(760		)
Income tax expense of taxable REIT subsidiaries	(3,796		)	(2,196		)	(11,216		)	(10,838		)
Income before unconsolidated entities	90,043			81,838			254,222			219,837
Income from unconsolidated entities	18,662			23,901			51,045			60,809
Income from continuing operations	108,705			105,739			305,267			280,646
Results of operations from discontinued operations	5,315			2,436			9,610			6,554
Gain (loss) on disposal or sale of discontinued operations, net	5,605			(503		)	125,385			(215		)
Income before allocation to limited partners	119,625			107,672			440,262			286,985
LESS:
Limited partners’ interest in the Operating Partnership	19,860			20,792			77,541			55,568
Preferred distributions of the Operating Partnership	6,882			4,905			21,156			14,710
NET INCOME	92,883			81,975			341,565			216,707
Preferred dividends	(18,525		)	(7,834		)	(55,329		)	(23,504		)
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS	$	74,358		$	74,141		$	286,236		$	193,203

SIMON
Per Share Data
Unaudited

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2005			2004		2005			2004
*PER SHARE DATA:*
Basic Earnings Per Common Share:
Income from continuing operations	$	0.30		$	0.35	$	0.82		$	0.92
Discontinued operations—results of operations and gain on
disposal or sale, net	0.04			0.01		0.48			0.02
Net income available to common stockholders	$	0.34		$	0.36	$	1.30		$	0.94
Percentage Change	-5.6		%			38.3		%
Diluted Earnings Per Common Share:
Income from continuing operations	$	0.30		$	0.35	$	0.82		$	0.92
Discontinued operations—results of operations and gain on
disposal or sale, net	0.04			0.01		0.48			0.02
Net income available to common stockholders	$	0.34		$	0.36	$	1.30		$	0.94
Percentage Change	-5.6		%			38.3		%

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

		For the Three Months						For the Nine Months
		Ended September 30,						Ended September 30,
		2005			2004			2005			2004
Net Income(B)(C)(D)(E)		$	92,883		$	81,975		$	341,565		$	216,707
Plus:	Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership	26,742			25,697			98,697			70,278
Plus:	Depreciation and amortization from consolidated properties and discontinued operations	202,021			143,820			619,597			423,618
Plus:	Simon’s share of depreciation and amortization from unconsolidated entities	49,136			39,712			152,434			123,344
Plus:	(Gain)/loss on sales of real estate and other assets and discontinued operations, net	(5,550		)	(618		)	(137,937		)	975
Plus:	Tax provision related to sale	—			369			1,533			4,784
Less:	Minority interest portion of depreciation and amortization	(2,152		)	(1,817		)	(6,993		)	(4,836		)
Less:	Preferred distributions and dividends	(25,407		)	(12,739		)	(76,485		)	(38,214		)
FFO of the Simon Portfolio		$	337,673		$	276,399		$	992,411		$	796,656
*Per Share Reconciliation:*
Diluted net income per share		$	0.34		$	0.36		$	1.30		$	0.94
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	0.89			0.69			2.72			2.05
Plus:	(Gain)/loss on sales of real estate and other assets and discontinued operations	(0.02		)	—			(0.49		)	—
Plus:	Tax provision related to sale	—			—			0.01			0.02
Less:	Impact of additional dilutive securities for FFO per share	(0.02		)	(0.01		)	(0.05		)	—
Diluted FFO per share		$	1.19		$	1.04		$	3.49		$	3.01
*Details for per share calculations:*
FFO of the Simon Portfolio		$	337,673		$	276,399		$	992,411		$	796,656
Adjustments for dilution calculation:
Impact of preferred stock and preferred unit conversions and
option exercises(F)		14,203			1,274			42,624			3,823
Diluted FFO of the Simon Portfolio		351,876			277,673			1,035,035			800,479
Diluted FFO allocable to unitholders		(70,378		)	(59,731		)	(208,627		)	(176,209		)
Diluted FFO allocable to common stockholders		$	281,498		$	217,942		$	826,408		$	624,270
Basic weighted average shares outstanding		220,559			206,057			220,391			204,625
Adjustments for dilution calculation:
Effect of stock options		932			841			907			854
Impact of Series C preferred unit conversion		1,068			1,968			1,092			1,968
Impact of Series I preferred unit conversion		3,335			—			3,395			—
Impact of Series I preferred stock conversion		10,771			—			10,711			—
Diluted weighted average shares outstanding		236,665			208,866			236,496			207,447
Weighted average limited partnership units outstanding		59,169			57,146			59,704			58,441
Diluted weighted average shares and units outstanding		295,834			266,012			296,200			265,888
Basic FFO per share		$	1.21		$	1.05		$	3.54		$	3.03
Percent Increase		15.2		%				16.8		%
Diluted FFO per share		$	1.19		$	1.04		$	3.49		$	3.01
Percent Increase		14.4		%				15.9		%

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

	September 30,			December 31,
	2005			2004
ASSETS:
Investment properties, at cost	$	21,600,472		$	21,253,761
Less—accumulated depreciation	3,638,179			3,162,523
	17,962,293			18,091,238
Cash and cash equivalents	422,791			520,084
Tenant receivables and accrued revenue, net	306,897			361,590
Investment in unconsolidated entities, at equity	1,598,391			1,920,983
Deferred costs and other assets	1,049,512			1,176,124
Total assets	$	21,339,884		$	22,070,019
LIABILITIES:
Mortgages and other indebtedness	$	14,330,200		$	14,586,393
Accounts payable, accrued expenses, intangibles, and deferred revenue	1,098,773			1,113,645
Cash distributions and losses in partnerships and joint ventures, at equity	116,213			37,739
Other liabilities, minority interest and accrued dividends	178,367			311,592
Total liabilities	15,723,553			16,049,369
COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP	883,728			965,204
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP	403,744			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, 25,595,077 and 25,434,967 issued and outstanding, respectively, and with liquidation values of $1,079,754 and $1,071,748, respectively	1,078,147			1,062,687
Common stock, $.0001 par value, 400,000,000 shares authorized, 224,628,854 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	5,025,282			4,993,698
Accumulated deficit	(1,512,944		)	(1,335,436		)
Accumulated other comprehensive income	4,217			16,365
Unamortized restricted stock award	(35,780		)	(21,813		)
Common stock held in treasury at cost, 4,815,655 and 2,415,855 shares, respectively	(230,086		)	(72,918		)
Total stockholders’ equity	4,328,859			4,642,606
Total liabilities and stockholders’ equity	$	21,339,884		$	22,070,019

SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)

	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,
	2005			2004			2005			2004
REVENUE:
Minimum rent	$	264,315		$	231,848		$	779,602		$	684,819
Overage rent	17,072			6,315			48,693			15,074
Tenant reimbursements	135,181			118,827			393,364			351,484
Other income	38,992			14,363			96,655			43,101
Total revenue	455,560			371,353			1,318,314			1,094,478
EXPENSES:
Property operating	101,145			70,417			273,929			206,541
Depreciation and amortization	82,299			68,461			243,175			203,116
Real estate taxes	33,625			31,801			99,718			95,334
Repairs and maintenance	19,199			15,662			59,071			49,577
Advertising and promotion	7,957			7,316			23,793			23,830
Provision for credit losses	2,924			1,852			8,024			6,481
Other	29,317			18,392			83,208			50,825
Total operating expenses	276,466			213,901			790,918			635,704
OPERATING INCOME	179,094			157,452			527,396			458,774
Interest expense	104,633			92,123			301,598			277,740
Income Before Minority Interest
and Unconsolidated Entities	74,461			65,329			225,798			181,034
Loss from unconsolidated entities	—			(1,534		)	(1,892		)	(3,835		)
Income from Continuing Operations	74,461			63,795			223,906			177,199
Income from consolidated joint venture interests(G)	—			7,956			—			18,290
(Loss)/income from discontinued joint venture interests(G)	(28		)(H)	6,455			976		(H)	13,015
Gain on disposal or sale of discontinued operations, net	—			—			98,359		(H)	4,704
NET INCOME	$	74,433		$	78,206		$	323,241		$	213,208
Third-party investors’ share of net income	$	45,578		$	48,174		$	186,617		$	134,025
Our share of net income	28,855			30,032			136,624			79,183
Amortization of excess investment	10,221			6,131			36,400			18,374
Write-off of investment related to property sold	(14		)(H)	—			37,764		(H)	—
Our share of net gain related to property sold	(14		)(H)	—			11,415		(H)	—
Income from unconsolidated joint ventures	$	18,662		$	23,901		$	51,045		$	60,809

SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)

	September 30,			December 31,
	2005			2004
ASSETS:
Investment properties, at cost		$	9,505,099		$	9,429,465
Less—accumulated depreciation		1,913,878			1,745,498
		7,591,221			7,683,967
Cash and cash equivalents		334,733			292,770
Tenant receivables		193,625			209,040
Investment in unconsolidated entities		134,394			167,182
Deferred costs and other assets		346,002			322,660
Total assets		$	8,599,975		$	8,675,619
LIABILITIES AND PARTNERS’ EQUITY:
Mortgages and other indebtedness		$	6,731,408		$	6,398,312
Accounts payable, accrued expenses and deferred revenue		416,301			373,887
Other liabilities		204,404			179,443
Total liabilities		7,352,113			6,951,642
Preferred units		67,450			67,450
Partners’ equity		1,180,412			1,656,527
Total liabilities and partners’ equity		$	8,599,975		$	8,675,619
Our Share of:
Total assets		$	3,601,577		$	3,619,969
Partners’ equity		555,119			779,252
Add: Excess Investment(I)		927,059			1,103,992
Our net investment in joint ventures		$	1,482,178		$	1,883,244
Mortgages and other indebtedness		$	2,905,061		$	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 and believes that FFO is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. The Company also uses this measure internally to measure the operating performance of the portfolio. The Company’s computation of FFO may not be comparable to FFO reported by other REITs.
		As defined by NAREIT, FFO is consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales of real estate, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. The Company has adopted NAREIT’s clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting change or resulting from the sale of depreciable real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(B)		Includes the Company’s share of gains on land sales of $7.4 million and $9.8 million for the three months ended September 30, 2005 and 2004, respectively, and $25.3 million and $24.4 million for the nine months ended September 30, 2005 and 2004, respectively.
(C)		Includes the Company’s share of straight-line adjustments to minimum rent of $6.2 million and $2.1 million for the three months ended September 30, 2005 and 2004, respectively, and $15.7 million and $5.1 million for the nine months ended September 30, 2005 and 2004, respectively.
(D)		Includes the Company’s share of the fair market value of leases from acquisitions of $14.1 million and $8.4 million for the three months ended September 30, 2005 and 2004, respectively, and $41.2 million and $25.5 million for the nine months ended September 30, 2005 and 2004, respectively.
(E)		Includes the Company’s share of debt premium amortization of $6.5 million and $2.4 million for the three months ended September 30, 2005 and 2004, respectively, and $22.7 million and $6.1 million for the nine months ended September 30, 2005 and 2004, respectively.
(F)		Includes dividends and distributions of Series I preferred stock and Series C and Series 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 September 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 unamoritized difference of the Company’s investment over equity in the underlying net assets of the partnerships and joint ventures acquired. The Company generally amortizes excess investment over the life of the related properties, typically no greater than 35 years, and the amortization is included is included in income from unconsolidated entities.