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Simon Property Group 10-K 2010

Table of Contents

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



FORM 10-K

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

For the fiscal year ended December 31, 2009



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

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

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

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

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

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

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



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

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

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

            Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o

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

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

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

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

            The aggregate market value of shares of common stock held by non-affiliates of the Registrant was approximately $14,157 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2009.

            As of January 31, 2010, Simon Property Group, Inc. had 289,976,654 and 8,000 shares of common stock and Class B common stock outstanding, respectively.



Documents Incorporated By Reference

            Portions of the Registrant's Annual Report to Stockholders are incorporated by reference into Parts I, II and IV; and portions of the Registrant's Proxy Statement in connection with its 2010 Annual Meeting of Stockholders are incorporated by reference in Part III.


Simon Property Group, Inc. and Subsidiaries
Annual Report on Form 10-K
December 31, 2009

TABLE OF CONTENTS

Item No.
   
  Page No.  

Part I

 

1.

 

Business

 

 

3

 
1A.   Risk Factors     8  
1B.   Unresolved Staff Comments     12  
2.   Properties     12  
3.   Legal Proceedings     48  
4.   Submission of Matters to a Vote of Security Holders     48  

Part II

 

5.

 

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

 

 

49

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

Part III

 

10.

 

Directors, Executive Officers and Corporate Governance

 

 

51

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

Part IV

 

15.

 

Exhibits, and Financial Statement Schedules

 

 

52

 

Signatures

 

 

53

 

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Part I

Item 1. Business

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

            We own, develop and manage retail real estate properties, which consist primarily of regional malls, Premium Outlet® Centers, The Mills®, and community/lifestyle centers. As of December 31, 2009, we owned or held an interest in 321 income-producing properties in the United States, which consisted of 162 regional malls, 41 Premium Outlet Centers, 67 community/lifestyle centers, 36 properties acquired in the 2007 acquisition of The Mills Corporation, or the Mills acquisition, and 15 other shopping centers or outlet centers in 41 states and Puerto Rico. Of the 36 properties acquired in The Mills portfolio, 16 of these properties are The Mills, 16 are regional malls, and four are community centers. We also own an interest in one parcel of land held in the United States for future development. Internationally, as of December 31, 2009, we had ownership interests in 51 European shopping centers (France, Italy and Poland), eight Premium Outlet Centers in Japan, one Premium Outlet Center in Mexico, and one Premium Outlet Center in South Korea. Also, through joint venture arrangements we have a 24% interest in two shopping centers in Italy currently under development. On February 4, 2010, we and our partner entered into a definitive agreement to sell all of the interests in Simon Ivanhoe S.à.r.l, or Simon Ivanhoe, which owns seven shopping centers located in France and Poland.

            For a description of our operational strategies and developments in our business during 2009, see the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of the 2009 Annual Report to Shareholders filed as Exhibit 13.1 to this Form 10-K.

Other Policies

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

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

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

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

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

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

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

            On December 8, 2009, the Operating Partnership entered into a new $3.565 billion unsecured revolving corporate credit facility which replaced its $3.5 billion unsecured credit facility, or the Credit Facility, which expired on January 11, 2010. The new credit facility contains an accordion feature allowing the maximum borrowing capacity to expand to $4.0 billion. The new credit facility matures on March 31, 2013. We issue debt securities through the Operating Partnership, but we may issue our debt securities which may be convertible into capital stock or be accompanied by warrants to purchase capital stock. We also may sell or securitize our lease receivables. The proceeds from any borrowings or financings may be used for one or more of the following:

    financing acquisitions;
    developing or redeveloping properties;
    refinancing existing indebtedness;
    working capital or capital improvements; or
    meeting the income distribution requirements applicable to REITs, if we have income without the receipt of cash sufficient to enable us to meet such distribution requirements.

            We may also finance acquisitions through the following:

    issuance of shares of common stock or preferred stock;
    issuance of additional units of limited partnership interest in the Operating Partnership;
    issuance of preferred units of the Operating Partnership;
    issuance of other securities; or
    sale or exchange of ownership interests in properties.

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

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

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

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

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

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

Competition

            The retail industry is dynamic and competitive. We compete with numerous merchandise distribution channels including regional malls, outlet centers, community/lifestyle centers, and other shopping centers in the United States and abroad. Internet retailing sites and catalogs also provide retailers with distribution options beyond existing brick and mortar retail properties and the numerous projects in development by commercial developers, real estate companies and other owners of retail real estate. The existence of competitive alternatives could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the tenants to occupy the properties that we develop and manage as well as for the acquisition of prime sites (including

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land for development and operating properties). We believe that there are numerous factors that make our properties highly desirable to retailers including:

    the quality and diversity of our properties;
    our management and operational expertise;
    our extensive experience and relationships with retailers and lenders;
    our mall marketing initiatives and consumer focused strategic corporate alliances; and
    our ability to reduce the total occupancy cost of our tenants.

Certain Activities

            During the past three years, we have:

    issued 6,133,556 shares of common stock upon the exchange of units of limited partnership interest of the Operating Partnership, or units;
    issued 753,824 restricted shares of common stock, net of forfeitures, under The Simon Property Group 1998 Stock Incentive Plan, or the 1998 Plan;
    issued 694,981 shares of common stock upon exercise of stock options under the 1998 Plan;
    purchased 595,000 shares of common stock;
    issued 5,203,763 shares of common stock upon the conversion of 6,502,979 shares of Series I 6% Convertible Perpetual Preferred Stock, or Series I preferred stock;
    issued 11,876,076 shares of common stock as part of the quarterly dividends to common stockholders;
    issued 23,000,000 shares of common stock in a public offering at a public offering price of $50.00 per share;
    issued 17,250,000 shares of common stock in a public offering at a public offering price of $31.50 per share;
    redeemed all of the outstanding 3,000,000 shares of Series G preferred stock;
    issued 812,381 shares of Series I preferred stock upon the exchange of Series I 6% Convertible Perpetual Preferred Units;
    issued 4,000 shares of common stock upon conversion and retirement of all 4,000 shares of Class C common stock;
    borrowed a maximum amount of $2.6 billion under the prior Credit Facility; the outstanding amount of borrowings under this facility as of December 31, 2009 was $446.1 million, all related to the U.S. dollar equivalent of Euro and Yen-denominated borrowings;
    entered into our new $3.565 billion credit facility on December 8, 2009;
    provided annual reports containing financial statements certified by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders;
    not made loans to other entities or persons, including our officers and directors, other than to certain joint venture properties;
    not invested in the securities of other issuers for the purpose of exercising control, other than the Operating Partnership, certain wholly-owned subsidiaries and to acquire interests in real estate;
    not underwritten securities of other issuers; and
    not engaged in the purchase and sale or turnover of investments for the purpose of trading.

Employees

            At January 5, 2010, we and our affiliates employed approximately 5,200 persons at various properties and offices throughout the United States, of which approximately 1,900 were part-time. Approximately 1,000 of these employees were located at our corporate headquarters in Indianapolis, Indiana and 100 were located at our Chelsea offices in Roseland, New Jersey.

Corporate Headquarters

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

Available Information

            We are a large accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or Exchange Act) and are required, pursuant to Item 101 of Regulation S-K, to provide certain information regarding

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

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

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

Executive Officers of the Registrant

            The following table sets forth certain information with respect to our executive officers as of December 31, 2009.

Name   Age   Position
David Simon     48   Chairman and Chief Executive Officer
Richard S. Sokolov     60   President and Chief Operating Officer
Gary L. Lewis     51   Senior Executive Vice President and President of Leasing
Stephen E. Sterrett     54   Executive Vice President and Chief Financial Officer
John Rulli     53   Executive Vice President and President — Simon Management Group
James M. Barkley     58   General Counsel; Secretary
Andrew A. Juster     57   Executive Vice President and Treasurer
Steven K. Broadwater     43   Senior Vice President and Chief Accounting Officer

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

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

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

            Mr. Broadwater serves as Simon Property's Senior Vice President and Chief Accounting Officer and prior to that as Vice President and Corporate Controller. Mr. Broadwater joined Simon Property in 2004 and was promoted to Chief Accounting Officer in 2009.

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Item 1A. Risk Factors

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

Risks Relating to Debt and the Financial Markets

            As of December 31, 2009, our consolidated mortgages and other indebtedness, excluding the related premium and discount, totaled $18.6 billion. We are subject to the risks normally associated with debt financing, including the risk that our cash flow from operations will be insufficient to meet required debt service. Our debt service costs generally will not be reduced if developments at the property, such as the entry of new competitors or the loss of major tenants, cause a reduction in the income from the property. Should such events occur, our operations may be adversely affected. If a property is mortgaged to secure payment of indebtedness and income from this is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value.

    Disruption in the credit markets or downgrades in our credit ratings may adversely affect our ability to access external financings for our growth and ongoing debt service requirements.

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

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

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

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

Factors Affecting Real Estate Investments and Operations

            We regularly acquire and develop new properties and expand and redevelop existing properties, and these activities are subject to various risks. We may not be successful in pursuing acquisition, development or redevelopment/expansion opportunities. In addition, newly acquired, developed or redeveloped/expanded properties may not perform

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as well as expected. We are subject to other risks in connection with any acquisition, development and redevelopment/expansion activities, including the following:

    construction costs of a project may be higher than projected, potentially making the project unfeasible or unprofitable;
    we may not be able to obtain financing or to refinance construction loans on favorable terms, if at all;
    we may be unable to obtain zoning, occupancy or other governmental approvals;
    occupancy rates and rents may not meet our projections and the project may not be profitable; and
    we may need the consent of third parties such as anchor tenants, mortgage lenders and joint venture partners, and those consents may be withheld.

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

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

Environmental Risks

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

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

    existing environmental studies with respect to the portfolio reveal all potential environmental liabilities;
    any previous owner, occupant or tenant of a property did not create any material environmental condition not known to us;
    the current environmental condition of the portfolio will not be affected by tenants and occupants, by the condition of nearby properties, or by other unrelated third parties; or
    future uses or conditions (including, without limitation, changes in applicable environmental laws and regulations or the interpretation thereof) will not result in environmental liabilities.

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Retail Operations Risks

    Ongoing economic conditions are adversely affecting the general retail environment.

            Our concentration in the retail real estate market means that we are subject to the risks that affect the retail environment generally, including the levels of consumer spending, seasonality, the willingness of retailers to lease space in our shopping centers, tenant bankruptcies, changes in economic conditions, consumer confidence and terrorist activities. The economy appears to be recovering from the recent recession during which consumer spending in the United States declined significantly. The unemployment rate remains relatively high and consumer confidence remains relatively depressed. We derive our cash flow from operations primarily from retail tenants, many of whom are currently under considerable economic stress. A significant deterioration in our cash flow from operations could require us to curtail planned capital expenditures or seek alternative sources of financing.

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

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

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

Risks Relating to Joint Venture Properties

            As of December 31, 2009, we owned interests in 182 income-producing properties with other parties. Of those, 18 properties are included in our consolidated financial statements. We account for the other 164 properties under the equity method of accounting, which we refer to as joint venture properties. We serve as general partner or property manager for 93 of these 164 properties; however, certain major decisions, such as selling or refinancing these properties, require the consent of the other owners. Of the properties for which we do not serve as general partner or property manager, 61 are in our international joint ventures. The other owners also have other participating rights that we consider substantive for purposes of determining control over the properties' assets. The remaining joint venture

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properties are managed by third parties. These limitations may adversely affect our ability to sell, refinance, or otherwise operate these properties.

            Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property. As of December 31, 2009, the Operating Partnership has loan guarantees to support $47.2 million of our total $6.5 billion share of joint venture mortgage and other indebtedness. A default by a joint venture under its debt obligations may expose us to liability under a guaranty or letter of credit.

Other Factors Affecting Our Business

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

            Our properties compete with other retail properties and other forms of retailing such as catalogs and e-commerce websites. Competition may come from regional malls, outlet centers, community/lifestyle centers, and other shopping centers, both existing as well as future development projects. The presence of competitive alternatives affects our ability to lease space and the level of rents we can obtain. Renovations and expansions at competing sites could also negatively affect our properties.

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

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

    adverse effects of changes in exchange rates for foreign currencies;
    changes in foreign political and economic environments, regionally, nationally, and locally;
    challenges of complying with a wide variety of foreign laws including corporate governance, operations, taxes, and litigation;
    differing lending practices;
    differences in cultures;
    changes in applicable laws and regulations in the United States that affect foreign operations;
    difficulties in managing international operations; and
    obstacles to the repatriation of earnings and cash.

            Although our international activities currently are a relatively small portion of our business (international properties represented approximately 6.3% of the GLA of all of our properties at December 31, 2009), to the extent that we expand our international activities, these risks could increase in significance which in turn could adversely affect our results of operations and financial condition.

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

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

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

Risks Relating to Federal Income Taxes

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

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

    we will not be allowed a deduction for distributions to stockholders in computing our taxable income;
    we will be subject to corporate level income tax, including any applicable alternative minimum tax, on our taxable income at regular corporate rates; and
    unless entitled to relief under relevant statutory provisions, we will also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost.


Item 1B. Unresolved Staff Comments

            None.


Item 2. Properties

    United States Properties

            Our U.S. properties primarily consist of regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers, and other properties. These properties contain an aggregate of approximately 244.8 million square feet of gross leasable area, or GLA, of which we own approximately 152.3 million square feet. Total estimated retail sales at the properties in 2009 were approximately $58 billion.

            Regional malls typically contain at least one traditional department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Our 162 regional malls are generally enclosed centers and range in size from

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approximately 400,000 to 2.3 million square feet of GLA. Our regional malls contain in the aggregate more than 18,600 occupied stores, including approximately 710 anchors, which are mostly national retailers. For comparative purposes, we separate the information in this section on the 16 regional malls acquired from The Mills Corporation in 2007, or the Mills Regional Malls, from the information on our other regional malls.

            Premium Outlet Centers generally contain a wide variety of designer and manufacturer stores located in an open-air center. Our 41 Premium Outlet Centers range in size from approximately 200,000 to 850,000 square feet of GLA. The Premium Outlet Centers are generally located near major metropolitan areas and tourist destinations including New York City, Los Angeles, Boston, Palm Springs, Orlando, Las Vegas, and Honolulu.

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

            Community/lifestyle centers are generally unenclosed and smaller than our regional malls. Our 67 community/lifestyle centers generally range in size from approximately 100,000 to 900,000 square feet of GLA. Community/lifestyle centers are designed to serve a larger trade area and typically contain anchor stores and other national retail tenants, which occupy a significant portion of the GLA of the center. We also own traditional community shopping centers that focus primarily on value-oriented and convenience goods and services. These centers are usually anchored by a supermarket, discount retailer, or drugstore and are designed to service a neighborhood area. Finally, we own open-air centers adjacent to our regional malls designed to take advantage of the drawing power of the mall.

            We also have interests in 15 other shopping centers or outlet centers. These properties range in size from approximately 85,000 to 1.0 million square feet of GLA, are considered non-core to our business model, and in total represent less than 1% of our total operating income before depreciation.

            The following table provides representative data for our U.S. properties on a gross basis as of December 31, 2009:

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

% of total property annualized base rent

    62.7 %   15.2 %   16.2 %   5.1 %   0.8 %

% of total property GLA

    65.4 %   7.0 %   16.8 %   8.3 %   2.5 %

% of owned property GLA

    57.7 %   11.1 %   19.5 %   9.1 %   2.6 %

            As of December 31, 2009, approximately 92.1% of the owned GLA in regional malls and the retail space of the other properties was leased, approximately 97.9% of owned GLA in the Premium Outlet Centers was leased, approximately 93.9% of the owned GLA for The Mills and 89.3% of owned GLA for the Mills Regional Malls was leased, and approximately 90.7% of owned GLA in the community/lifestyle centers was leased.

            We hold a 100% interest in 200 of our properties, effectively control 18 properties in which we have a joint venture interest, and hold the remaining 103 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 311 properties. Substantially all of our joint venture properties are subject to rights of first refusal, buy-sell provisions, or other sale rights for all partners which are customary in real estate partnership agreements and the industry. Our partners in our joint ventures may initiate these provisions at any time, which will result in either the use of available cash or borrowings to acquire their partnership interest or the disposal of our partnership interest.

            The following property table summarizes certain data for our regional malls, Premium Outlet Centers, The Mills, the Mills Regional Malls and community/lifestyle centers located in the United States, including Puerto Rico, as of December 31, 2009.

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
 
  Regional Malls

1.

 

Anderson Mall

 

SC

 

Anderson (Greenville)

 

Fee

 

 

100.0%

 

Built 1972

 

 

83.0

%

 

671,881

 

Belk Ladies Fashion Store, Belk Men's & Home Store, JCPenney, Sears, Dillard's, Books A Million(6)
2.   Apple Blossom Mall   VA   Winchester   Fee     49.1% (4) Acquired 1999     89.8 %   440,042   Belk, JCPenney, Sears, Eastwynn Theatres
3.   Arsenal Mall   MA   Watertown (Boston)   Fee     100.0%   Acquired 1999     95.4 %(17)   504,334   Marshalls, Filene's Basement
4.   Atrium Mall   MA   Chestnut Hill (Boston)   Fee     49.1% (4) Acquired 1999     95.0 %   205,461   Borders Books & Music
5.   Auburn Mall   MA   Auburn (Worcester)   Fee     49.1% (4) Acquired 1999     99.4 %   588,330   Macy's, Macy's Home Store, Sears
6.   Aventura Mall(1)   FL   Miami Beach   Fee     33.3% (4) Built 1983     96.0 %   2,099,768   Bloomingdale's, Macy's, Macy's Mens & Home Furniture, JCPenney, Sears, Nordstrom, Equinox Fitness Clubs, AMC Theatre
7.   Avenues, The   FL   Jacksonville   Fee     25.0% (4)(2) Built 1990     94.0 %   1,117,396   Belk, Dillard's, JCPenney, Belk Men and Kids, Sears
8.   Bangor Mall   ME   Bangor   Fee     67.4% (15) Acquired 2003     91.6 %   652,842   Macy's, JCPenney, Sears, Dick's Sporting Goods
9.   Barton Creek Square   TX   Austin   Fee     100.0%   Built 1981     98.0 %   1,429,623   Nordstrom, Macy's, Dillard's Women's & Home, Dillard's Men's & Children's, JCPenney, Sears, AMC Theatre
10.   Battlefield Mall   MO   Springfield   Fee and Ground Lease (2056)     100.0%   Built 1970     95.1 %   1,198,568   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Sears
11.   Bay Park Square   WI   Green Bay   Fee     100.0%   Built 1980     93.0 %   710,973   Younkers, Younkers Home Furniture Gallery, Kohl's, ShopKo, Marcus Cinema 16
12.   Bowie Town Center   MD   Bowie (Washington, D.C.)   Fee     100.0%   Built 2001     97.9 %   684,297   Macy's, Sears, Barnes & Noble, Bed Bath & Beyond, Best Buy, Safeway
13.   Boynton Beach Mall   FL   Boynton Beach (Miami)   Fee     100.0%   Built 1985     84.7 %   1,100,250   Macy's, Dillard's Men's & Home, Dillard's Women, JCPenney, Sears, Cinemark Theatres
14.   Brea Mall   CA   Brea (Los Angeles)   Fee     100.0%   Acquired 1998     96.8 %   1,319,678   Nordstrom, Macy's, JCPenney, Sears, Macy's Men's Children & Home.
15.   Broadway Square   TX   Tyler   Fee     100.0%   Acquired 1994     98.5 %   628,103   Dillard's, JCPenney, Sears
16.   Brunswick Square   NJ   East Brunswick (New York)   Fee     100.0%   Built 1973     95.8 %   765,149   Macy's, JCPenney, Barnes & Noble, Mega Movies
17.   Burlington Mall   MA   Burlington (Boston)   Ground Lease (2048)     100.0%   Acquired 1998     96.6 %   1,317,842   Macy's, Lord & Taylor, Sears, Nordstrom, Crate & Barrel
18.   Cape Cod Mall   MA   Hyannis   Ground Leases (2029-2073)(7)     49.1% (4) Acquired 1999     94.5 %   725,595   Macy's, Macy's Men's and Home, Sears, Best Buy, Marshalls, Barnes & Noble, Regal Cinema
19.   Castleton Square   IN   Indianapolis   Fee     100.0%   Built 1972     94.3 %   1,381,405   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Borders Books & Music, AMC Theatres
20.   Century III Mall   PA   West Mifflin (Pittsburgh)   Fee     100.0%   Built 1979     76.1 %(17)   1,225,538   Macy's, JCPenney, Sears, Dick's Sporting Goods, Macy's Jr.,(8)
21.   Charlottesville Fashion Square   VA   Charlottesville   Ground Lease (2076)     100.0%   Acquired 1997     94.3 %   569,861   Belk Women's & Children's, Belk Men's & Home, JCPenney, Sears
22.   Chautauqua Mall   NY   Lakewood (Jamestown)   Fee     100.0%   Built 1971     82.3 %   425,291   Sears, JCPenney, Bon Ton, Office Max, Dipson Cinema
23.   Chesapeake Square   VA   Chesapeake (Virginia Beach)   Fee and Ground Lease (2062)     75.0% (12) Built 1989     86.5 %   792,428   Macy's, JCPenney, Sears, Target, Burlington Coat Factory(6),(11)

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
24.   Cielo Vista Mall   TX   El Paso   Fee and Ground Lease (2022)(7)     100.0%   Built 1974     98.0 %   1,244,020   Macy's, Dillard's Women's & Furniture, Dillard's Men's, Children's & Home, JCPenney, Sears, Cinemark Theatres
25.   Circle Centre   IN   Indianapolis   Property Lease (2097)     14.7% (4)(2) Built 1995     96.7 %   735,922   Nordstrom, Carson Pirie Scott, United Artists Theatre
26.   Coconut Point   FL   Estero (Cape Coral)   Fee     50.0% (4) Built 2006     96.2 %(17)   1,196,150   Dillard's, Barnes & Noble, Bed Bath & Beyond, Best Buy, DSW, Office Max, PetsMart, Ross Dress for Less, Cost Plus World Market, T.J. Maxx, Hollywood Theatres, Super Target
27.   Coddingtown Mall   CA   Santa Rosa   Fee     50.0% (4) Acquired 2005     86.2 %   791,943   Macy's, JCPenney, Whole Foods(6),(8)
28.   College Mall   IN   Bloomington   Fee and Ground Lease (2048)(7)     100.0%   Built 1965     86.2 %   636,563   Macy's, Sears, Target, Dick's Sporting Goods, Bed Bath & Beyond
29.   Columbia Center   WA   Kennewick   Fee     100.0%   Acquired 1987     92.6 %   768,430   Macy's, Macy's Mens & Children, JCPenney, Sears, Barnes & Noble, Regal Cinema
30.   Copley Place   MA   Boston   Fee     98.1%   Acquired 2002     95.6 %(17)   1,243,500   Neiman Marcus, Barneys New York
31.   Coral Square   FL   Coral Springs (Miami)   Fee     97.2%   Built 1984     95.9 %   941,339   Macy's Mens, Children & Home, Macy's Women, Dillard's, JCPenney, Sears
32.   Cordova Mall   FL   Pensacola   Fee     100.0%   Acquired 1998     98.3 %   851,563   Dillard's Men's, Dillard's Women's, Belk, Best Buy, Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less
33.   Cottonwood Mall   NM   Albuquerque   Fee     100.0%   Built 1996     96.5 %   1,040,700   Macy's, Dillard's, JCPenney, Sears, United Artists Theatre,(11)
34.   Crossroads Mall   NE   Omaha   Fee     100.0%   Acquired 1994     59.7 %   677,320   Sears, Target, Barnes & Noble,(11)
35.   Crystal Mall   CT   Waterford   Fee     74.6% (4) Acquired 1998     89.2 %   782,829   Macy's, JC Penney, Sears, Bed Bath & Beyond, Christmas Tree Store
36.   Crystal River Mall   FL   Crystal River   Fee     100.0%   Built 1990     77.2 %   420,109   JCPenney, Sears, Belk, Kmart, Regal Cinema
37.   Dadeland Mall   FL   Miami   Fee     50.0% (4) Acquired 1997     100.0 %   1,487,689   Saks Fifth Avenue, Nordstrom, Macy's, Macy's Children & Home, JCPenney
38.   DeSoto Square   FL   Bradenton   Fee     100.0%   Built 1973     78.2 %   678,310   Macy's, JCPenney, Sears,(8)
39.   Domain, The   TX   Austin   Fee     100.0%   Built 2006     92.8 %(17)   674,588   Neiman Marcus, Macy's, Borders Books & Music, Dick's Sporting Goods, Gold Class Cinemas(6), Dillard's(6)
40.   Eastland Mall   IN   Evansville   Fee     50.0% (4) Acquired 1998     95.6 %   865,310   Macy's, JCPenney, Dillard's
41.   Edison Mall   FL   Fort Myers   Fee     100.0%   Acquired 1997     96.8 %   1,050,922   Dillard's, Macy's Mens, Children & Home, Macy's Women, JCPenney, Sears
42.   Emerald Square   MA   North Attleboro (Providence—RI)   Fee     49.1% (4) Acquired 1999     89.9 %   1,022,545   Macy's, Macy's Mens & Home Store, JCPenney, Sears
43.   Empire Mall(1)   SD   Sioux Falls   Fee and Ground Lease (2033)(7)     50.0% (4) Acquired 1998     94.5 %   1,074,085   Macy's, Younkers, JCPenney, Sears, Gordmans, Hy-Vee
44.   Fashion Centre at Pentagon City, The   VA   Arlington (Washington, DC)   Fee     42.5% (4) Built 1989     99.3 %(17)   988,904   Nordstrom, Macy's
45.   Fashion Mall at Keystone, The   IN   Indianapolis   Ground Lease (2067)     100.0%   Acquired 1997     92.8 %   683,490   Saks Fifth Avenue, Crate & Barrel, Nordstrom, Keystone Art Cinema

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
46.   Fashion Valley   CA   San Diego   Fee     50.0% (4) Acquired 2001     99.0 %   1,723,143   Saks Fifth Avenue, Neiman-Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres
47.   Firewheel Town Center   TX   Garland (Dallas)   Fee     100.0%   Built 2005     81.0 %(17)   1,004,241   Dillard's, Macy's, Barnes & Noble, DSW, Cost Plus World Market, AMC Theatres, Dick's Sporting Goods, Ethan Allen
48.   Florida Mall, The   FL   Orlando   Fee     50.0% (4) Built 1986     96.4 %   1,769,207   Saks Fifth Avenue, Nordstrom, Macy's, Dillard's, JCPenney, Sears, H&M
49.   Forest Mall   WI   Fond Du Lac   Fee     100.0%   Built 1973     92.7 %   500,174   JCPenney, Kohl's, Younkers, Sears, Cinema I & II
50.   Forum Shops at Caesars, The   NV   Las Vegas   Ground Lease (2050)     100.0%   Built 1992     98.5 %   620,431    
51.   Galleria, The   TX   Houston   Fee and Ground Lease (2029)     31.5% (4) Acquired 2002     94.0 %   2,298,144   Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy's (2 locations), Borders Books & Music, Galleria Tennis/Athletic Club
52.   Granite Run Mall   PA   Media (Philadelphia)   Fee     50.0% (4) Acquired 1998     83.4 %   1,032,675   JCPenney, Sears, Boscov's, Granite Run 8 Theatres, Acme, Kohl's
53.   Great Lakes Mall   OH   Mentor (Cleveland)   Fee     100.0%   Built 1961     87.2 %(17)   1,234,588   Dillard's Men's, Dillard's Women's, Macy's, JCPenney, Sears, AMC Theatres
54.   Greendale Mall   MA   Worcester (Boston)   Fee and Ground Lease (2009)(7)     49.1% (4) Acquired 1999     92.4 %(17)   430,819   T.J. Maxx 'N More, Best Buy, DSW,(8)
55.   Greenwood Park Mall   IN   Greenwood (Indianapolis)   Fee     100.0%   Acquired 1979     97.8 %   1,280,183   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, AMC Theatres
56.   Gulf View Square   FL   Port Richey (Tampa)   Fee     100.0%   Built 1980     82.4 %   753,572   Macy's, Dillard's, JCPenney, Sears, Best Buy
57.   Gwinnett Place   GA   Duluth (Atlanta)   Fee     75.0%   Acquired 1998     81.4 %(17)   1,279,516   Belk, JCPenney, Macy's, Sears, Eastern Wells Market(6)
58.   Haywood Mall   SC   Greenville   Fee and Ground Lease (2017)(7)     100.0%   Acquired 1998     97.9 %   1,231,469   Macy's, Dillard's, JCPenney, Sears, Belk
59.   Independence Center   MO   Independence (Kansas City)   Fee     100.0%   Acquired 1994     97.2 %   1,032,630   Dillard's, Macy's, Sears
60.   Indian River Mall   FL   Vero Beach   Fee     50.0% (4) Built 1996     82.1 %   737,007   Dillard's, Macy's, JCPenney, Sears, AMC Theatres
61.   Ingram Park Mall   TX   San Antonio   Fee     100.0%   Built 1979     93.4 %   1,125,708   Dillard's, Dillard's Home Store, Macy's, JCPenney, Sears, Bealls
62.   Irving Mall   TX   Irving (Dallas)   Fee     100.0%   Built 1971     84.1 %   1,053,052   Macy's, Dillard's, Sears, Burlington Coat Factory, La Vida Fashion and Home Décor, General Cinema
63.   Jefferson Valley Mall   NY   Yorktown Heights (New York)   Fee     100.0%   Built 1983     93.9 %   580,100   Macy's, Sears, H&M, Movies at Jefferson Valley
64.   King of Prussia   PA   King of Prussia (Philadelphia)   Fee     12.4% (4)(15) Acquired 2003     93.0 %(17)   2,615,101   Neiman Marcus, Bloomingdale's (Court), Nordstrom, Lord & Taylor, Macy's (Court), JCPenney, Sears, Crate & Barrel,(8)
65.   Knoxville Center   TN   Knoxville   Fee     100.0%   Built 1984     79.6 %(17)   978,027   JCPenney, Belk, Sears, The Rush Fitness Center, Regal Cinema,(11)
66.   La Plaza Mall   TX   McAllen   Fee and Ground Lease (2040)(7)     100.0%   Built 1976     98.6 %   1,199,643   Macy's, Macy's Home Store, Dillard's, JCPenney, Sears, Joe Brand

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Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
67.   Laguna Hills Mall   CA   Laguna Hills (Los Angeles)   Fee     100.0%   Acquired 1997     92.4 %   865,170   Macy's, JCPenney, Sears, Laguna Hills Cinema, Nordstrom Rack, Total Woman Gym & Spa
68.   Lake Square Mall   FL   Leesburg (Orlando)   Fee     50.0% (4) Acquired 1998     73.4 %   559,088   JCPenney, Sears, Belk, Target, AMC Theatres, Books-A-Million
69.   Lakeline Mall   TX   Cedar Park (Austin)   Fee     100.0%   Built 1995     97.3 %   1,097,944   Dillard's, Macy's, JCPenney, Sears, Regal Cinema
70.   Lehigh Valley Mall   PA   Whitehall   Fee     37.6% (4)(15) Acquired 2003     96.8 %(17)   1,169,188   Macy's, JCPenney, Boscov's, Barnes & Noble, HH Gregg(6), Babies R Us
71.   Lenox Square   GA   Atlanta   Fee     100.0%   Acquired 1998     96.5 %   1,544,793   Neiman Marcus, Bloomingdale's, Macy's
72.   Liberty Tree Mall   MA   Danvers (Boston)   Fee     49.1% (4) Acquired 1999     91.2 %   858,165   Marshalls, The Sports Authority, Target, Bed, Bath & Beyond, Kohl's, Best Buy, Staples, AC Moore, K&G Fashion Superstore, AMC Theatres, Nordstrom Rack, Off Broadway Shoes
73.   Lima Mall   OH   Lima   Fee     100.0%   Built 1965     90.7 %   737,679   Macy's, JCPenney, Elder-Beerman, Sears
74.   Lincolnwood Town Center   IL   Lincolnwood (Chicago)   Fee     100.0%   Built 1990     95.0 %   421,382   Kohl's, Carson Pirie Scott
75.   Lindale Mall(1)   IA   Cedar Rapids   Fee     50.0% (4) Acquired 1998     86.5 %   688,593   Von Maur, Sears, Younkers
76.   Livingston Mall   NJ   Livingston (New York)   Fee     100.0%   Acquired 1998     94.5 %   984,599   Macy's, Lord & Taylor, Sears, Barnes & Noble
77.   Longview Mall   TX   Longview   Fee     100.0%   Built 1978     90.3 %   638,605   Dillard's, JCPenney, Sears, Bealls,(11)
78.   Mall at Chestnut Hill, The   MA   Chestnut Hill (Boston)   Lease (2039)(9)     47.2% (4) Acquired 2002     89.9 %   474,929   Bloomingdale's, Bloomingdale's Home Furnishing and Men's Store
79.   Mall at Rockingham Park, The   NH   Salem (Boston)   Fee     24.6% (4) Acquired 1999     98.7 %   1,020,232   JCPenney, Sears, Macy's,(11)
80.   Mall of Georgia   GA   Buford (Atlanta)   Fee     100.0%   Built 1999     95.8 %   1,795,702   Nordstrom, Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Haverty's Furniture, Bed Bath & Beyond(16), Regal Cinema
81.   Mall of New Hampshire, The   NH   Manchester   Fee     49.1% (4) Acquired 1999     97.8 %   811,290   Macy's, JCPenney, Sears, Best Buy, A.C. Moore
82.   Maplewood Mall   MN   Minneapolis   Fee     100.0%   Acquired 2002     91.0 %   929,788   Macy's, JCPenney, Sears, Kohl's, Barnes & Noble
83.   Markland Mall   IN   Kokomo   Ground Lease (2041)     100.0%   Built 1968     96.4 %   416,092   Sears, Target, MC Sporting Goods,(8)
84.   McCain Mall   AR   N. Little Rock   Fee     100.0%   Built 1973     92.5 %   775,281   Dillard's, JCPenney, Sears,(11)
85.   Melbourne Square   FL   Melbourne   Fee     100.0%   Built 1982     81.5 %   665,119   Macy's, Dillard's Men's, Children's & Home, Dillard's Women's, JCPenney, Dick's Sporting Goods,(8)
86.   Menlo Park Mall   NJ   Edison (New York)   Fee     100.0%   Acquired 1997     96.9 %(17)   1,322,885   Nordstrom, Macy's, Barnes & Noble, Cineplex Odeon, WOW! Work Out World, Fortunoff Backyard Store(6)
87.   Mesa Mall(1)   CO   Grand Junction   Fee     50.0% (4) Acquired 1998     87.9 %   882,172   Sears, Herberger's, JCPenney, Target, Cabela's(6)
88.   Miami International Mall   FL   Miami   Fee     47.8% (4) Built 1982     92.1 %   1,071,449   Macy's Mens & Home, Macy's Women & Children, Dillard's, JCPenney, Sears
89.   Midland Park Mall   TX   Midland   Fee     100.0%   Built 1980     92.9 %   617,576   Dillard's, Dillard's Mens & Juniors, JCPenney, Sears, Bealls, Ross Dress for Less
90.   Miller Hill Mall   MN   Duluth   Ground Lease (2013)     100.0%   Built 1973     96.6 %   805,552   JCPenney, Sears, Younkers, Barnes & Noble, DSW

17


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
91.   Montgomery Mall   PA   North Wales (Philadelphia)   Fee     60.0% (15) Acquired 2003     85.8 %   1,147,480   Macy's, JCPenney, Sears, Dick's Sporting Goods,(11)
92.   Muncie Mall   IN   Muncie   Fee     100.0%   Built 1970     92.9 %   634,997   Macy's, JCPenney, Sears, Elder Beerman
93.   North East Mall   TX   Hurst (Dallas)   Fee     100.0%   Built 1971     96.7 %   1,670,157   Nordstrom, Dillard's, Macy's, JCPenney, Sears, Dick's Sporting Goods, Rave Theatre
94.   Northfield Square   IL   Bourbonnais   Fee     31.6% (12) Built 1990     90.4 %   530,011   Carson Pirie Scott Women's, Carson Pirie Scott Men's, Children's & Home, JCPenney, Sears, Cinemark Movies 10
95.   Northgate Mall   WA   Seattle   Fee     100.0%   Acquired 1987     94.1 %   1,058,542   Nordstrom, Macy's, JCPenney, Toys 'R Us, Barnes & Noble, Bed Bath & Beyond, DSW
96.   Northlake Mall   GA   Atlanta   Fee     100.0%   Acquired 1998     86.8 %   961,104   Macy's, JCPenney, Sears, Kohl's
97.   NorthPark Mall   IA   Davenport   Fee     50.0% (4) Acquired 1998     90.6 %   1,073,101   Dillard's, Von Maur, Younkers, JCPenney, Sears, Barnes & Noble
98.   Northshore Mall   MA   Peabody (Boston)   Fee     49.1% (4) Acquired 1999     93.6 %(17)   1,581,213   JCPenney, Sears, Filene's Basement, Nordstrom, Macy's Mens/Furniture, Macys, H&M, Barnes & Noble, Toys 'R Us, Shaw's Grocery
99.   Northwoods Mall   IL   Peoria   Fee     100.0%   Acquired 1983     95.0 %   693,963   Macy's, JCPenney, Sears
100.   Oak Court Mall   TN   Memphis   Fee     100.0%   Acquired 1997     94.5 %(17)   848,974   Dillard's, Dillard's Mens, Macy's
101.   Ocean County Mall   NJ   Toms River (New York)   Fee     100.0%   Acquired 1998     98.8 %   890,133   Macy's, Boscov's, JCPenney, Sears
102.   Orange Park Mall   FL   Orange Park (Jacksonville)   Fee     100.0%   Acquired 1994     98.6 %   954,994   Dillard's, JCPenney, Sears, Belk, Dick's Sporting Goods, AMC Theatres
103.   Orland Square   IL   Orland Park (Chicago)   Fee     100.0%   Acquired 1997     98.5 %   1,210,124   Macy's, Carson Pirie Scott, JCPenney, Sears
104.   Oxford Valley Mall   PA   Langhorne (Philadelphia)   Fee     65.0% (15) Acquired 2003     91.9 %(17)   1,332,202   Macy's, JCPenney, Sears, United Artists Theatre,(11)
105.   Paddock Mall   FL   Ocala   Fee     100.0%   Built 1980     95.4 %   554,029   Macy's, JCPenney, Sears, Belk
106.   Penn Square Mall   OK   Oklahoma City   Ground Lease (2060)     94.5%   Acquired 2002     98.6 %   1,050,684   Macy's, Dillard's Women's, Dillard's Men's, Children's & Home, JCPenney, Dickinson Theatre
107.   Pheasant Lane Mall   NH   Nashua (Manchester)       (14) Acquired 2002     94.7 %   869,722   JCPenney, Sears, Target, Macy's,(8)
108.   Phipps Plaza   GA   Atlanta   Fee     100.0%   Acquired 1998     93.7 %   818,137   Saks Fifth Avenue, Nordstrom, Belk, AMC Theatres
109.   Plaza Carolina   PR   Carolina (San Juan)   Fee     100.0%   Acquired 2004     92.5 %(17)   1,077,281   JCPenney, Sears, Tiendas Capri, Pueblo Xtra, Best Buy
110.   Port Charlotte Town Center   FL   Port Charlotte (Punta Gorda)   Fee     80.0% (12) Built 1989     90.3 %   766,723   Dillard's, Macy's, JCPenney, Bealls, Sears, DSW, Regal Cinema
111.   Prien Lake Mall   LA   Lake Charles   Fee and Ground Lease (2025)(7)     100.0%   Built 1972     95.3 %   791,249   Dillard's, JCPenney, Sears, Cinemark Theatres, Kohl's
112.   Quaker Bridge Mall   NJ   Lawrenceville (Trenton)   Fee     38.0% (4)(15) Acquired 2003     93.0 %   1,098,559   Macy's, Lord & Taylor, JCPenney, Sears
113.   Richmond Town Square   OH   Richmond Heights (Cleveland)   Fee     100.0%   Built 1966     93.7 %   1,016,028   Macy's, JCPenney, Sears, Barnes & Noble, Regal Cinemas
114.   River Oaks Center   IL   Calumet City (Chicago)   Fee     100.0%   Acquired 1997     90.2 %(17)   1,356,960   Macy's, Carson Pirie Scott, JCPenney, Sears

18


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
115.   Rockaway Townsquare   NJ   Rockaway (New York)   Fee     100.0%   Acquired 1998     96.3 %   1,243,848   Macy's, Lord & Taylor, JCPenney, Sears
116.   Rolling Oaks Mall   TX   San Antonio   Fee     100.0%   Built 1988     86.7 %(17)   883,369   Dillard's, Macy's, JCPenney, Sears
117.   Roosevelt Field   NY   Garden City (New York)   Fee and Ground Lease (2090)(7)     100.0%   Acquired 1998     96.1 %(17)   2,225,748   Bloomingdale's, Bloomingdale's Furniture Gallery, Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, Loews Theatre, Xsport Fitness
118.   Ross Park Mall   PA   Pittsburgh   Fee     100.0%   Built 1986     94.8 %   1,208,241   JCPenney, Sears, Nordstrom, L.L. Bean, Macy's
119.   Rushmore Mall(1)   SD   Rapid City   Fee     50.0% (4) Acquired 1998     76.2 %   835,097   JCPenney, Herberger's, Sears, Carmike Cinemas, Hobby Lobby, Toys R Us,(11)
120.   Santa Rosa Plaza   CA   Santa Rosa   Fee     100.0%   Acquired 1998     97.4 %   692,275   Macy's, Sears,(11)
121.   Seminole Towne Center   FL   Sanford (Orlando)   Fee     45.0% (4)(2) Built 1995     89.2 %   1,125,976   Macy's, Dillard's, Belk, JCPenney, Sears, United Artists Theatre, H&M
122.   Shops at Mission Viejo, The   CA   Mission Viejo (Los Angeles)   Fee     100.0%   Built 1979     97.7 %   1,148,957   Saks Fifth Avenue, Nordstrom, Macy's (2 locations)
123.   Shops at Sunset Place, The   FL   S. Miami   Fee     37.5% (4)(2) Built 1999     90.8 %   514,429   NikeTown, Barnes & Noble, GameWorks, Z Gallerie, LA Fitness, AMC Theatres, Splitsville
124.   Smith Haven Mall   NY   Lake Grove (New York)   Fee     25.0% (4) Acquired 1995     95.3 %   1,287,415   Macy's, Macy's Furniture Gallery, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble
125.   Solomon Pond Mall   MA   Marlborough (Boston)   Fee     49.1% (4) Acquired 1999     99.2 %   886,327   Macy's, JCPenney, Sears, Regal Cinema
126.   South Hills Village   PA   Pittsburgh   Fee     100.0%   Acquired 1997     94.2 %(17)   1,141,179   Macy's, Sears, Barnes & Noble, Carmike Cinemas,(11)
127.   South Shore Plaza   MA   Braintree (Boston)   Fee     100.0%   Acquired 1998     97.4 %   1,160,760   Macy's, Lord & Taylor, Sears, Filene's Basement, Nordstrom(6), Target(6)
128.   Southern Hills Mall(1)   IA   Sioux City   Fee     50.0% (4) Acquired 1998     81.9 %   796,680   Younkers, JCPenney, Sears, Scheel's Sporting Goods, Barnes & Noble, Carmike Cinemas
129.   Southern Park Mall   OH   Youngstown   Fee     100.0%   Built 1970     94.0 %   1,190,065   Macy's, Dillard's, JCPenney, Sears, Cinemark Theatres
130.   SouthPark   NC   Charlotte   Fee & Ground Lease (2040)(10)     100.0%   Acquired 2002     94.0 %   1,625,365   Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Crate & Barrel, Joseph Beth Booksellers
131.   SouthPark Mall   IL   Moline   Fee     50.0% (4) Acquired 1998     76.1 %   1,017,116   Dillard's, Von Maur, Younkers, JCPenney, Sears
132.   SouthRidge Mall(1)   IA   Des Moines   Fee     50.0% (4) Acquired 1998     53.4 %   889,046   JCPenney, Younkers, Sears, Target
133.   Springfield Mall(1)   PA   Springfield (Philadelphia)   Fee     38.0% (4)(15) Acquired 2005     84.6 %   589,263   Macy's, Target
134.   Square One Mall   MA   Saugus (Boston)   Fee     49.1% (4) Acquired 1999     97.2 %   929,330   Macy's, Sears, Best Buy, T.J. Maxx N More, Best Buy, Dick's Sporting Goods, Filene's Basement
135.   St. Charles Towne Center   MD   Waldorf (Washington, D.C.)   Fee     100.0%   Built 1990     96.4 %   979,904   Macy's, Macy's Home Store, JCPenney, Sears, Kohl's, Dick Sporting Goods, AMC Theatres

19


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
136.   St. Johns Town Center   FL   Jacksonville   Fee     50.0% (4) Built 2005     99.1 %   1,222,579   Dillard's, Target, Ashley Furniture Home Store, Barnes & Noble, Dick's Clothing & Sporting Goods, Ross Dress for Less, Staples, DSW, JoAnn Fabrics, PetsMart
137.   Stanford Shopping Center   CA   Palo Alto (San Francisco)   Ground Lease (2054)     100.0%   Acquired 2003     98.0 %(17)   1,364,356   Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Macy's Mens Store
138.   Summit Mall   OH   Akron   Fee     100.0%   Built 1965     94.7 %   770,221   Dillard's Women's & Children's, Dillard's Men's & Home, Macy's
139.   Sunland Park Mall   TX   El Paso   Fee     100.0%   Built 1988     94.1 %   917,642   Macy's, Dillard's Women's & Children's, Dillard's Men's & Home, Sears, Forever 21,(8)
140.   Tacoma Mall   WA   Tacoma (Seattle)   Fee     100.0%   Acquired 1987     87.5 %   1,248,990   Nordstrom, Macy's, JCPenney, Sears, David's Bridal, Forever 21(6)
141.   Tippecanoe Mall   IN   Lafayette   Fee     100.0%   Built 1973     90.2 %   862,773   Macy's, JCPenney, Sears, Kohl's, Dick's Sporting Goods, H.H. Gregg
142.   Town Center at Aurora   CO   Aurora (Denver)   Fee     100.0%   Acquired 1998     83.2 %   1,081,725   Macy's, Dillard's, JCPenney, Sears, Century Theatres
143.   Town Center at Boca Raton   FL   Boca Raton (Miami)   Fee     100.0%   Acquired 1998     98.7 %   1,753,585   Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Sears, Crate & Barrel
144.   Town Center at Cobb   GA   Kennesaw (Atlanta)   Fee     75.0%   Acquired 1998     95.5 %   1,275,928   Belk, Macy's, JCPenney, Sears, Macy's Furniture
145.   Towne East Square   KS   Wichita   Fee     100.0%   Built 1975     93.8 %   1,120,581   Dillard's, Von Maur, JCPenney, Sears
146.   Towne West Square   KS   Wichita   Fee     100.0%   Built 1980     85.4 %   941,485   Dillard's Women's & Home, Dillard's Men's & Children, JCPenney, Sears, Dick's Sporting Goods, The Movie Machine
147.   Treasure Coast Square   FL   Jensen Beach   Fee     100.0%   Built 1987     89.7 %   878,213   Macy's, Dillard's, JCPenney, Sears, Borders Books & Music, Regal Cinema
148.   Tyrone Square   FL   St. Petersburg (Tampa)   Fee     100.0%   Built 1972     93.1 %   1,095,029   Macy's, Dillard's, JCPenney, Sears, Borders Books & Music
149.   University Park Mall   IN   Mishawaka   Fee     100.0%   Built 1979     91.3 %   922,625   Macy's, JCPenney, Sears, Barnes & Noble
150.   Upper Valley Mall   OH   Springfield   Fee     100.0%   Built 1971     80.4 %   739,469   Macy's, JCPenney, Sears, Elder-Beerman, MC Sporting Goods, Chakeres Theatres
151.   Valle Vista Mall   TX   Harlingen   Fee     100.0%   Built 1983     50.7 %   651,110   Dillard's, JCPenney, Sears, Big Lots(6), Forever 21
152.   Valley Mall   VA   Harrisonburg   Fee     50.0% (4) Acquired 1998     82.8 %   506,333   JCPenney, Belk, Target, Books A Million,(8)
153.   Virginia Center Commons   VA   Glen Allen (Richmond)   Fee     100.0%   Built 1991     89.3 %   784,830   Macy's, Dillard's Men's, Dillard's Women's, Children's & Home, JCPenney, Sears
154.   Walt Whitman Mall   NY   Huntington Station (New York)   Ground Lease (2022)     100.0%   Acquired 1998     95.5 %   1,027,405   Saks Fifth Avenue, Bloomingdale's, Lord & Taylor, Macy's
155.   Washington Square   IN   Indianapolis   Fee     100.0%   Built 1974     74.2 %   963,220   Sears, Target, Dick's Sporting Goods, Burlington Coat Factory, Kerasotes Theatres,(11)
156.   West Ridge Mall   KS   Topeka   Fee     100.0%   Built 1988     92.3 %   992,403   Macy's, Dillard's, JCPenney, Sears, Burlington Coat Factory
157.   West Town Mall   TN   Knoxville   Ground Lease (2042)     50.0% (4) Acquired 1991     98.0 %   1,335,164   Belk Women, Dillard's, JCPenney, Belk Men, Home and Kids, Sears, Regal Cinema

20


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
158.   Westchester, The   NY   White Plains (New York)   Fee     40.0% (4) Acquired 1997     94.0 %(17)   827,393   Neiman Marcus, Nordstrom
159.   Westminster Mall   CA   Westminster (Los Angeles)   Fee     100.0%   Acquired 1998     86.5 %   1,186,978   Macy's, JCPenney, Sears, Target
160.   White Oaks Mall   IL   Springfield   Fee     80.7%   Built 1977     81.2 %(17)   919,871   Macy's, Bergner's, Sears, Dick's Sporting Goods,(8)
161.   Wolfchase Galleria   TN   Memphis   Fee     94.5%   Acquired 2002     94.4 %   1,152,554   Macy's, Dillard's, JCPenney, Sears, Malco Theatres
162.   Woodland Hills Mall   OK   Tulsa   Fee     94.5%   Acquired 2002     98.7 %   1,092,057   Macy's, Dillard's, JCPenney, Sears
                                         
    Total Regional Mall GLA               160,034,865    
                                         

 

 

Premium Outlet Centers

1.

 

Albertville Premium Outlets

 

MN

 

Albertville (Minneapolis)

 

Fee

 

 

100.0%

 

Acquired 2004

 

 

92.8

%

 

429,563

 

Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Lucky Brand, Nautica, Nike, Old Navy, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
2.   Allen Premium Outlets   TX   Allen (Dallas)   Fee     100.0%   Acquired 2004     99.8 %   441,542   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Michael Kors, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Tommy Hilfiger
3.   Aurora Farms Premium Outlets   OH   Aurora (Cleveland)   Fee     100.0%   Acquired 2004     93.7 %   300,383   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Liz Claiborne, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger
4.   Camarillo Premium Outlets   CA   Camarillo (Los Angeles)   Fee     100.0%   Acquired 2004     98.0 %   673,912   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Giorgio Armani, Hugo Boss, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger
5.   Carlsbad Premium Outlets   CA   Carlsbad (San Diego)   Fee     100.0%   Acquired 2004     99.7 %   288,029   Adidas, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Crate & Barrel, Gap Outlet, Guess, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger
6.   Carolina Premium Outlets   NC   Smithfield (Raleigh)   Ground Lease (2029)     100.0%   Acquired 2004     99.1 %   438,981   Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Liz Claiborne, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
7.   Chicago Premium Outlets   IL   Aurora (Chicago)   Fee     100.0%   Built 2004     100.0 %   437,342   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Elie Tahari, Gap Outlet, Giorgio Armani, J.Crew, Kate Spade, Lacoste, Michael Kors, Polo Ralph Lauren, Salvatore Ferragamo, Sony, Theory
8.   Cincinnati Premium Outlets   OH   Monroe (Cincinnati)   Fee     100.0%   Built 2009     98.7 %   338,327   Adidas, Banana Republic, Brooks Brothers, Coach, Cole Haan, Columbia Sportswear Company, Gap Outlet, Hanes Brands, J.Crew, Nike, Polo Ralph Lauren, Saks 5th Avenue Off 5th, Tommy Hilfiger, The North Face

21


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
9.   Clinton Crossing Premium Outlets   CT   Clinton (New Haven)   Fee     100.0%   Acquired 2004     98.4 %   276,164   Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Liz Claiborne, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger
10.   Columbia Gorge Premium Outlets   OR   Troutdale (Portland)   Fee     100.0%   Acquired 2004     95.8 %   163,885   Adidas, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Levi's, Liz Claiborne, Tommy Hilfiger
11.   Desert Hills Premium Outlets   CA   Cabazon (Palm Springs)   Fee     100.0%   Acquired 2004     99.9 %   501,771   Burberry, Coach, Dior, Elie Tahari, Giorgio Armani, Gucci, Lacoste, Nike, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, True Religion, Yves Saint Laurent, Zegna
12.   Edinburgh Premium Outlets   IN   Edinburgh (Indianapolis)   Fee     100.0%   Acquired 2004     98.0 %   377,784   Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Coldwater Creek, Columbia Sportswear, Gap Outlet, J.Crew, Levi's, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger
13.   Folsom Premium Outlets   CA   Folsom (Sacramento)   Fee     100.0%   Acquired 2004     98.8 %   296,035   BCBG Max Azria, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Nautica, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger
14.   Gilroy Premium Outlets   CA   Gilroy (San Jose)   Fee     100.0%   Acquired 2004     96.1 %   577,909   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, J.Crew, Hugo Boss, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger, True Religion
15.   Houston Premium Outlets   TX   Houston   Fee     100.0%   Built 2008     99.4 %   425,500   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, DKNY, Elie Tahari, Gap Outlet, Juicy Couture, Lucky Brand, Michael Kors, Nike, True Religion, Tommy Hilfiger
16.   Jackson Premium Outlets   NJ   Jackson   Fee     100.0%   Acquired 2004     98.9 %   285,833   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Liz Claiborne, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Under Armour
17.   Jersey Shore Premium Outlets   NJ   Tinton Falls   Fee     100.0%   Built 2008     97.0 %   434,367   Adidas, Ann Taylor, Banana Republic, Burberry, Brooks Brothers, DKNY, Elie Tahari, Guess, J. Crew, Kate Spade, Michael Kors, Theory, Nike, Tommy Hilfiger, True Religion, Under Armour
18.   Johnson Creek Premium Outlets   WI   Johnson Creek (Milwaukee)   Fee     100.0%   Acquired 2004     89.4 %   277,672   Adidas, Ann Taylor, Banana Republic, Calvin Klein, Columbia Sportswear, Eddie Bauer, Gap Outlet, Nike, Old Navy, Polo Ralph Lauren, Tommy Hilfiger
19.   Kittery Premium Outlets   ME   Kittery   Ground Lease (2014)     100.0%   Acquired 2004     97.4 %   264,771   Adidas, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Puma, Reebok, Tommy Hilfiger
20.   Las Americas Premium Outlets   CA   San Diego   Fee     100.0%   Acquired 2007     98.3 %   560,873   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Hugo Boss, J.Crew, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Sony, Tommy Bahama, True Religion

22


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
21.   Las Vegas Outlet Center   NV   Las Vegas   Fee     100.0%   Acquired 2004     100.0 %   469,046   Adidas, Aeropostale, Ann Taylor, Bose, Calvin Klein, Coach, DKNY, Gymboree, Levi's, Liz Claiborne, Nautica, Nike, Reebok, Tommy Hilfiger
22.   Las Vegas Premium Outlets   NV   Las Vegas   Fee     100.0%   Built 2003     100.0 %   538,681   A/X Armani Exchange, Ann Taylor, Banana Republic, Burberry, Coach, David Yurman, Diesel, Dolce & Gabbana, Elie Tahari, Etro, Hugo Boss, Lacoste, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Tag Heuer, Ted Baker, True Religion
23.   Leesburg Corner Premium Outlets   VA   Leesburg (Washington D.C.)   Fee     100.0%   Acquired 2004     97.1 %   517,700   Ann Taylor, Brooks Brothers, Burberry, Coach, Crate & Barrel, Diesel, DKNY, Juicy Couture, Lacoste, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Under Armour, Williams-Sonoma
24.   Liberty Village Premium Outlets   NJ   Flemington   Fee     100.0%   Acquired 2004     94.1 %   164,260   Ann Taylor, Brooks Brothers, Calvin Klein, Coach, J.Crew, Liz Claiborne, Michael Kors, Nautica, Nike, Polo Ralph Lauren, Tommy Hilfiger
25.   Lighthouse Place Premium Outlets   IN   Michigan City   Fee     100.0%   Acquired 2004     96.0 %   454,315   Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Coldwater Creek, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Movado, Nike, Polo Ralph Lauren, Tommy Hilfiger
26.   Napa Premium Outlets   CA   Napa   Fee     100.0%   Acquired 2004     99.6 %   179,386   Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Lucky Brand, Nautica, Tommy Hilfiger
27.   North Georgia Premium Outlets   GA   Dawsonville (Atlanta)   Fee     100.0%   Acquired 2004     98.2 %   539,982   Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Hugo Boss, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Williams-Sonoma
28.   Orlando Premium Outlets   FL   Orlando   Fee     100.0%   Acquired 2004     100.0 %   549,434   Burberry, Calvin Klein, Coach, Cole Haan, Diesel, Dior, Fendi, Giorgio Armani, Hugo Boss, J. Crew, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Tag Heuer, Theory
29.   Osage Beach Premium Outlets   MO   Osage Beach   Fee     100.0%   Acquired 2004     91.6 %   393,051   Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Coldwater Creek, Eddie Bauer, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger
30.   Petaluma Village Premium Outlets   CA   Petaluma (Santa Rosa)   Fee     100.0%   Acquired 2004     96.6 %   195,968   Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Coach, Gap Outlet, Nike, Puma, Saks Fifth Avenue Off 5th, Tommy Hilfiger
31.   Philadelphia Premium Outlets   PA   Limerick (Philadelphia)   Fee     100.0%   Built 2007     96.9 %   549,106   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, Guess, J.Crew, Michael Kors, Neiman Marcus Last Call, Nike, Polo Ralph Lauren, Restoration Hardware, Sony

23


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
32.   Rio Grande Valley Premium Outlets   TX   Mercedes (McAllen)   Fee     100.0%   Built 2006     96.9 %   584,790   Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Gap Outlet, Guess, Hugo Boss, Loft Outlet, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Sony, Tommy Hilfiger
33.   Round Rock Premium Outlets   TX   Round Rock (Austin)   Fee     100.0%   Built 2006     98.0 %   488,903   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Theory, Tommy Hilfiger
34.   Seattle Premium Outlets   WA   Tulalip (Seattle)   Ground Lease (2034)     100.0%   Built 2005     99.1 %   443,760   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Hugo Boss, J. Crew, Juicy Couture, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Sony, Tommy Hilfiger
35.   St. Augustine Premium Outlets   FL   St. Augustine (Jacksonville)   Fee     100.0%   Acquired 2004     97.0 %   328,557   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Reebok, Tommy Bahama, Tommy Hilfiger, Under Armour
36.   The Crossings Premium Outlets   PA   Tannersville   Fee and Ground Lease (2019)(7)     100.0%   Acquired 2004     99.3 %   411,114   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Coldwater Creek, Guess, J.Crew, Liz Claiborne, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Under Armour
37.   Vacaville Premium Outlets   CA   Vacaville   Fee     100.0%   Acquired 2004     98.3 %   437,650   Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, DKNY, Gucci, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Tommy Bahama, Tommy Hilfiger
38.   Waikele Premium Outlets   HI   Waipahu (Honolulu)   Fee     100.0%   Acquired 2004     99.5 %   209,937   A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Guess, Michael Kors,Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, True Religion
39.   Waterloo Premium Outlets   NY   Waterloo   Fee     100.0%   Acquired 2004     96.5 %   417,549   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, VF Outlet
40.   Woodbury Commons Premium Outlets   NY   Central Valley (New York)   Fee     100.0%   Acquired 2004     100.0 %   844,734   Banana Republic, Burberry, Chanel, Chloe, Coach, Dior, Dolce & Gabbana, Fendi, Giorgio Armani, Gucci, Lacoste, Neiman Marcus Last Call, Nike, Oscar de la Renta, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragmo, Theory, Tory Burch, Versace, Yves St. Laurent
41.   Wrentham Village Premium Outlets   MA   Wrentham (Boston)   Fee     100.0%   Acquired 2004     99.7 %   635,997   Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Elie Tahari, Hugo Boss, J. Crew, Lacoste, Movado, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragmo, Sony, Williams-Sonoma, Theory, Tommy Hilfiger, True Religion, Under Armour
                                         
    Total U.S. Premium Outlet Centers GLA               17,144,563    
                                         

24


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
 
  Community/Lifestyle Centers

1.

 

Arboretum at Great Hills

 

TX

 

Austin

 

Fee

 

 

100.0%

 

Acquired 1998

 

 

87.4

%

 

206,827

 

Barnes & Noble, Pottery Barn
2.   Bloomingdale Court   IL   Bloomingdale (Chicago)   Fee     100.0%   Built 1987     96.2 %   630,359   Best Buy, T.J. Maxx N More, Office Max, Old Navy, Wal-Mart, Dick's Sporting Goods, Jo-Ann Fabrics, Picture Show,(8)
3.   Brightwood Plaza   IN   Indianapolis   Fee     100.0%   Built 1965     100.0 %   38,493    
4.   Charles Towne Square   SC   Charleston   Fee     100.0%   Built 1976     100.0 %   71,794   Regal Cinema
5.   Chesapeake Center   VA   Chesapeake (Virginia Beach)   Fee     100.0%   Built 1989     96.1 %   305,935   K-Mart, Movies 10, Petsmart, Michaels, Value City Furniture
6.   Clay Terrace   IN   Carmel (Indianapolis)   Fee     50.0% (4) Built 2004     94.7 %(17)   614,458   Dick's Sporting Goods, Whole Foods, DSW, Bouncertown
7.   Cobblestone Court   NY   Victor   Fee     35.7% (4)(13) Built 1993     98.8 %   265,477   Dick's Sporting Goods, Kmart, Office Max
8.   Countryside Plaza   IL   Countryside (Chicago)   Fee     100.0%   Built 1977     87.7 %   403,756   Best Buy, Home Depot, PetsMart, Jo-Ann Fabrics, Office Depot, Value City Furniture
9.   Crystal Court   IL   Crystal Lake (Chicago)   Fee     37.9% (4)(13) Built 1989     58.8 %   278,978   (8)
10.   Dare Centre   NC   Kill Devil Hills   Ground Lease (2058)     100.0%   Acquired 2004     100.0 %   168,707   Belk, Food Lion
11.   DeKalb Plaza   PA   King of Prussia (Philadelphia)   Fee     50.3% (15) Acquired 2003     100.0 %   101,742   Changed property name from Dekalb; ACME Grocery,(11)
12.   Eastland Convenience Center   IN   Evansville   Ground Lease (2075)     50.0% (4) Acquired 1998     96.1 %   175,639   Toys 'R Us, Bed Bath & Beyond, Marshalls,(8)
13.   Empire East(1)   SD   Sioux Falls   Fee     50.0% (4) Acquired 1998     98.1 %   297,278   Kohl's, Target, Bed Bath & Beyond
14.   Fairfax Court   VA   Fairfax (Washington, D.C.)   Fee     41.3% (4)(13) Built 1992     85.8 %   254,301   Burlington Coat Factory, Offenbacher's,(8)
15.   Forest Plaza   IL   Rockford   Fee     100.0%   Built 1985     93.2 %   428,039   Kohl's, Marshalls, Michaels, Factory Card Outlet, Office Max, Bed Bath & Beyond, Petco, Babies R' Us, Toys R' Us,(8)
16.   Gaitway Plaza   FL   Ocala   Fee     32.2% (4)(13) Built 1989     100.0 %   208,755   Books-A-Million, Office Depot, T.J. Maxx, Ross Dress for Less, Bed Bath & Beyond
17.   Gateway Shopping Center   TX   Austin   Fee     100.0%   2004     89.2 %   513,017   Star Furniture, Best Buy, Recreational Equipment, Inc., Whole Foods, Crate & Barrel, The Container Store, Old Navy, Regal Cinema, Nordstrom Rack,(8)
18.   Great Lakes Plaza   OH   Mentor (Cleveland)   Fee     100.0%   Built 1976     89.6 %   164,104   Michael's, Best Buy, HH Gregg,(8)
19.   Greenwood Plus   IN   Greenwood (Indianapolis)   Fee     100.0%   Built 1979     100.0 %   155,319   Best Buy, Kohl's
20.   Hamilton Town Center   IN   Noblesville (Indianapolis)   Fee     50.0% (4) Built 2008     88.5 %   655,490   JCPenney, Borders, Dick's Sporting Goods, Old Navy, Stein Mart, Bed Bath & Beyond, DSW, Hamilton 16 IMAX
21.   Henderson Square   PA   King of Prussia (Philadelphia)   Fee     76.0% (15) Acquired 2003     96.0 %   107,383   Genuardi's Family Market,(8)
22.   Highland Lakes Center   FL   Orlando   Fee     100.0%   Built 1991     75.0 %   492,321   Marshalls, Bed Bath & Beyond, American Signature Furniture, Ross Dress for Less, Burlington Coat Factory,(8)

25


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
23.   Indian River Commons   FL   Vero Beach   Fee     50.0%   Built 1997     100.0 %   255,942   Lowe's, Best Buy, Ross Dress for Less, Bed Bath & Beyond, Michael's
24.   Ingram Plaza   TX   San Antonio   Fee     100.0%   Built 1980     100.0 %   111,518   Sheplers, Macy's Home Store
25.   Keystone Shoppes   IN   Indianapolis   Ground Lease (2067)     100.0%   Acquired 1997     93.9 %   29,140    
26.   Lake Plaza   IL   Waukegan (Chicago)   Fee     100.0%   Built 1986     93.6 %   215,568   Home Owners Bargain Outlet,(8)
27.   Lake View Plaza   IL   Orland Park (Chicago)   Fee     100.0%   Built 1986     83.8 %   367,843   Factory Card Outlet, Best Buy, Petco, Jo-Ann Fabrics, Golf Galaxy, Value City Furniture,(11)
28.   Lakeline Plaza   TX   Cedar Park (Austin)   Fee     100.0%   Built 1998     88.2 %   387,430   T.J. Maxx, Old Navy, Best Buy, Ross Dress for Less, Office Max, PetsMart, Party City, Cost Plus World Market, Toys 'R Us,(8)
29.   Lima Center   OH   Lima   Fee     100.0%   Built 1978     88.2 %   236,878   Kohl's, Hobby Lobby, T.J. Maxx
30.   Lincoln Crossing   IL   O'Fallon (St. Louis)   Fee     100.0%   Built 1990     95.5 %   243,326   Wal-Mart, PetsMart, The Home Depot
31.   Lincoln Plaza   PA   King of Prussia (Philadelphia)   Fee     65.0% (15) Acquired 2003     98.6 %   267,965   Burlington Coat Factory, AC Moore, Michaels, T.J. Maxx, Home Goods, HH Gregg(6),(8)
32.   MacGregor Village   NC   Cary   Fee     100.0%   Acquired 2004     58.6 %   144,042    
33.   Mall of Georgia Crossing   GA   Buford (Atlanta)   Fee     100.0%   Built 1999     98.1 %   440,610   Best Buy, American Signature Furniture, T.J. Maxx 'n More, Nordstrom Rack, Staples, Target
34.   Markland Plaza   IN   Kokomo   Fee     100.0%   Built 1974     100.0 %   90,527   Best Buy, Bed Bath & Beyond
35.   Martinsville Plaza   VA   Martinsville   Ground Lease (2046)     100.0%   Built 1967     97.1 %   102,105   Rose's, Food Lion
36.   Matteson Plaza   IL   Matteson (Chicago)   Fee     100.0%   Built 1988     69.7 %   270,892   Dominick's,(8)
37.   Muncie Plaza   IN   Muncie   Fee     100.0%   Built 1998     98.6 %   172,621   Kohl's, Target, Shoe Carnival, T.J. Maxx, MC Sporting Goods, Kerasotes Theatres
38.   New Castle Plaza   IN   New Castle   Fee     100.0%   Built 1966     72.8 %   91,648   Ace Hardware(6), Aaron's Rents(6)
39.   North Ridge Plaza   IL   Joliet (Chicago)   Fee     100.0%   Built 1985     84.3 %   305,070   Hobby Lobby, Office Max, Minnesota Fabrics, Burlington Coat Factory, Ultra Foods Grocery
40.   North Ridge Shopping Center   NC   Raleigh   Fee     100.0%   Acquired 2004     95.8 %   166,667   Ace Hardware, Kerr Drugs, Harris-Teeter Grocery
41.   Northwood Plaza   IN   Fort Wayne   Fee     100.0%   Built 1974     83.8 %   208,076   Target, Cinema Grill
42.   Palms Crossing   TX   McAllen   Fee     100.0%   Built 2007     100.0 %   337,249   Bealls, DSW, Barnes & Noble, Babies 'R Us, Sports Authority, Guitar Center, Cavendar's Boot City, Best Buy
43.   Pier Park   FL   Panama City Beach   Fee     100.0%   Built 2008     95.1 %   815,670   Dillard's, JCPenney, Target, Old Navy, Borders, Grand Theatres, Ron Jon Surf Shop
44.   Plaza at Buckland Hills, The   CT   Manchester   Fee     41.3% (4)(13) Built 1993     62.5 %   334,885   Jo-Ann Fabrics, Party City, Toys 'R Us, Michaels, PetsMart,(11)

26


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
45.   Regency Plaza   MO   St. Charles (St. Louis)   Fee     100.0%   Built 1988     95.5 %   287,473   Wal-Mart, Sam's Wholesale Club, PetSmart
46.   Richardson Square   TX   Richardson (Dallas)   Fee     100.0%   Built 2008     100.0 %   517,265   Lowe's, Ross Dress for Less, Sears, Super Target, Anna's Linens
47.   Ridgewood Court   MS   Jackson   Fee     35.7% (4)(13) Built 1993     99.3 %   369,500   T.J. Maxx, Lifeway Christian Bookstore, Bed Bath & Beyond, Best Buy, Michaels, Marshalls
48.   Rockaway Commons   NJ   Rockaway (New York)   Fee     100.0%   Acquired 1998     90.9 %   149,570   Best Buy, Acme Grocery,(8)
49.   Rockaway Town Plaza   NJ   Rockaway (New York)   Fee     100.0%   Acquired 1998     100.0 %   459,241   Target, PetsMart, Dick's Sporting Goods, AMC Theatres
50.   Royal Eagle Plaza   FL   Coral Springs (Miami)   Fee     42.0% (4)(13) Built 1989     98.4 %   199,059   Stein Mart,(11)
51.   Shops at Arbor Walk, The   TX   Austin   Ground Lease (2056)     100.0%   Built 2006     89.0 %   442,585   Home Depot, Marshall's, DSW, Golf Galaxy, Jo-Ann Fabrics, Ethan Allen
52.   Shops at North East Mall, The   TX   Hurst (Dallas)   Fee     100.0%   Built 1999     97.8 %   365,008   Michael's, PetsMart, Old Navy, T.J. Maxx, Bed Bath & Beyond, Best Buy, Barnes & Noble
53.   St. Charles Towne Plaza   MD   Waldorf (Washington, D.C.)   Fee     100.0%   Built 1987     75.3 %   394,604   K & G Menswear, CVS, Shoppers Food Warehouse, Dollar Tree, Value City Furniture, Big Lots,(8)
54.   Teal Plaza   IN   Lafayette   Fee     100.0%   Built 1962     22.4 %   101,087   Pep Boys,(8)
55.   Terrace at the Florida Mall   FL   Orlando   Fee     100.0%   Built 1989     80.2 %   346,693   Marshalls, American Signature Furniture, Global Import, Target, Bed Bath & Beyond,(8)
56.   Tippecanoe Plaza   IN   Lafayette   Fee     100.0%   Built 1974     100.0 %   90,522   Best Buy, Barnes & Noble
57.   University Center   IN   Mishawaka   Fee     100.0%   Built 1980     52.5 %   150,524   Michael's, Best Buy
58.   Village Park Plaza   IN   Carmel (Indianapolis)   Fee     35.7% (4)(13) Built 1990     98.6 %   549,623   Bed Bath & Beyond, Ashley Furniture HomeStore(16), Kohl's, Wal-Mart, Marsh, Menards, Regal Cinema
59.   Washington Plaza   IN   Indianapolis   Fee     100.0%   Built 1976     57.1 %   50,107    
60.   Waterford Lakes Town Center   FL   Orlando   Fee     100.0%   Built 1999     100.0 %   949,678   Ross Dress for Less, T.J. Maxx, Bed Bath & Beyond, Old Navy, Barnes & Noble, Best Buy, Jo-Ann Fabrics, Office Max, PetsMart, Target, Ashley Furniture HomeStore, L.A. Fitness, Regal Cinema
61.   West Ridge Plaza   KS   Topeka   Fee     100.0%   Built 1988     86.6 %   254,519   T.J. Maxx, Toys 'R Us, Target
62.   West Town Corners   FL   Altamonte Springs (Orlando)   Fee     32.2% (4)(13) Built 1989     96.9 %   385,643   Sports Authority, PetsMart, Winn-Dixie Marketplace, American Signature Furniture, Wal-Mart, Lowes Home Improvement
63.   Westland Park Plaza   FL   Orange Park (Jacksonville)   Fee     32.2% (4)(13) Built 1989     81.9 %   163,254   Sports Authority, PetsMart, Burlington Coat Factory
64.   White Oaks Plaza   IL   Springfield   Fee     100.0%   Built 1986     93.2 %   391,474   T.J. Maxx, Office Max, Kohl's, Babies 'R Us, Country Market
65.   Whitehall Mall   PA   Whitehall   Fee     38.0% (15)(4) Acquired 2003     92.6 %   588,566   Sears, Kohl's, Bed Bath & Beyond, Borders Books & Music, Gold's Gym, Buy Buy Baby
66.   Willow Knolls Court   IL   Peoria   Fee     35.7% (4)(13) Built 1990     96.7 %   382,377   Burlington Coat Factory, Kohl's, Sam's Wholesale Club, Willow Knolls 14, Office Max
67.   Wolf Ranch Town Center   TX   Georgetown (Austin)   Fee     100.0%   Built 2005     79.8 %   626,457   Kohl's, Target, Michaels, Best Buy, Office Depot, Old Navy, PetsMart, T.J. Maxx, DSW
                                         
    Total Community/Lifestyle Center GLA     20,348,673    
                                         

27


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
   
 
   
   
   
  Legal
Ownership
  Year Built
or
Acquired
   
   
   
 
  Other Properties
  State   City (CBSA)   Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
 
 
Property Name

1.

 

Crossville Outlet Center

 

TN

 

Crossville

 

Fee

 

 

100.0%

 

Acquired 2004

 

 

94.4

%

 

151,205

 

Bass, Dressbarn, Kasper, L'eggs Hanes Bali Playtex, Liz Claiborne, Rack Room Shoes, Van Heusen, VF Outlet
2.   Factory Merchants Branson   MO   Branson   Ground Lease (2021)     100.0%   Acquired 2004     60.3 %   273,657   Carter's, Crocs, Izod, Jones New York, Pendleton, Reebok, Tuesday Morning
3.   Factory Stores of America-Boaz   AL   Boaz   Ground Lease (2027)     100.0%   Acquired 2004     77.5 %   111,636   Bon Worth, Easy Spirit, Rue21, VF Outlet
4.   Factory Stores of America—Georgetown   KY   Georgetown   Fee     100.0%   Acquired 2004     95.9 %   173,330   Bass, Dressbarn, Rack Room Shoes, Rue 21, Van Heusen
5.   Factory Stores of America—Graceville   FL   Graceville   Fee     100.0%   Acquired 2004     100.0 %   84,066   Factory Brand Shoes, Van Heusen, VF Outlet
6.   Factory Stores of America—Lebanon   MO   Lebanon   Fee     100.0%   Acquired 2004     100.0 %   85,930   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
7.   Factory Stores of America—Nebraska City   NE   Nebraska City   Fee     100.0%   Acquired 2004     97.8 %   89,615   Bass, Easy Spirit, Van Heusen, VF Outlet
8.   Factory Stores of America—Story City   IA   Story City   Fee     100.0%   Acquired 2004     78.6 %   112,510   Dressbarn, Factory Brand Shoes, Van Heusen, VF Outlet
9.   Factory Stores of North Bend   WA   North Bend   Fee     100.0%   Acquired 2004     94.7 %   223,611   Adidas, Bass, Carter's, Coach, Eddie Bauer, Gap Outlet, Izod, Nike, Nine West, PacSun, Tommy Hilfiger, Van Heusen, VF Outlet
10.   The Shoppes at Branson Meadows   MO   Branson   Ground Lease (2021)     100.0%   Acquired 2004     73.2 %   286,489   Branson Meadows Cinemas, Dressbarn, VF Outlet
11.   Highland Mall(1)   TX   Austin   Fee and Ground Lease (2070)     50.0% (4) Acquired 1998     51.1 %   1,077,898   Dillard's Men's and Women's, Macy's,(8)
12.   Mall at The Source, The   NY   Westbury (New York)   Fee     25.5% (4)(2) Built 1997     76.2 %   722,883   Fortunoff Backyard Store(6), Off 5th-Saks Fifth Avenue, Nordstrom Rack, David's Bridal, Golf Galaxy,(8)
13.   Nanuet Mall   NY   Nanuet (New York)   Fee     100.0%   Acquired 1998     36.3 %   912,615   Macy's, Sears,(8)
14.   Palm Beach Mall   FL   West Palm Beach (Miami)   Fee     100.0%   Built 1967     16.8 %   1,082,909   JCPenney, Sears(16),(8)
15.   University Mall   FL   Pensacola   Fee     100.0%   Acquired 1994     0.0 %   709,711   JCPenney, Sears, Belk
                                         
    Total Other GLA     6,098,065    
                                         

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Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
   
   
   
  Ownership
Interest
(Expiration if
Lease)(3)
   
   
   
   
   
 
  Mills Properties
   
   
  Legal
Ownership
  Year Built
or
Acquired
   
   
   
 
  The Mills®
  State   City (CBSA)   Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
 
 
Property Name

1.

 

Arizona Mills

 

AZ

 

Tempe (Phoenix)

 

Fee

 

 

25.0%

(4)

Acquired 2007

 

 

93.8

%

 

1,244,726

 

Marshalls, Last Call Neiman Marcus, Off 5th Saks Fifth Avenue, Burlington Coat Factory, Sears Appliance Outlet, Gameworks, Sports Authority, Ross Dress for Less, JCPenney Outlet, Group USA, Harkins Cinemas, IMAX Theatre, F.Y.E., Sea Life Center(6)
2.   Arundel Mills   MD   Hanover (Baltimore)   Fee     29.6% (4) Acquired 2007     99.7 %   1,293,011   Bass Pro Shops, Bed Bath & Beyond, Best Buy, Books-A-Million, Burlington Coat Factory, The Children's Place, Dave & Buster's, F.Y.E., H&M, Medieval Times, Modell's, Neiman Marcus Last Call, OFF 5TH Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, Old Navy, T.J. MAXX, Cinemark Egyptian 24 Theatres
3.   Colorado Mills   CO   Lakewood (Denver)   Fee     18.8% (4)(2) Acquired 2007     83.1 %   1,098,098   Borders Books Music Café, Eddie Bauer Outlet, Last Call Clearance Center from Neiman Marcus, Off Broadway Shoe Warehouse, OFF 5TH Saks Fifth Avenue Outlet, Sports Authority, Super Target, United Artists Theatre
4.   Concord Mills   NC   Concord (Charlotte)   Fee     29.6% (4)(2) Acquired 2007     99.3 %   1,333,923   Bass Pro Shops Outdoor World, Books-A-Million, Burlington Coat Factory, Off 5th Saks Fifth Avenue, FYE, The Children's Place Outlet, Dave & Buster's, NIKE, TJ Maxx, Group USA, Sun & Ski, AC Moore, Off Broadway Shoes, Old Navy, Bed Bath & Beyond, NASCAR Speedpark, AMC Theatres, Best Buy(6)
5.   Discover Mills   GA   Lawrenceville (Atlanta)   Fee     25.0% (4)(2) Acquired 2007     94.5 %   1,183,079   Bass Pro Shops, Books-A-Million, Burlington Coat Factory, Neiman Marcus Last Call, Medieval Times, Off 5th Saks Fifth Avenue Outlet, Off Broadway Shoe Warehouse, ROSS Dress for Less, Sears Appliance Outlet, Sun & Ski Sports, Urban Behavior, Spaha Skatepark, Dave & Buster's, AMC Theatres
6.   Franklin Mills   PA   Philadelphia   Fee     50.0% (4) Acquired 2007     87.0 %   1,719,292   Dave & Buster's, JC Penney Outlet Store, Burlington Coat Factory, Marshalls HomeGoods, Modell's Sporting Goods, Group USA, Bed Bath & Beyond, Sam Ash Music, Off 5th Saks Fifth Avenue, Last Call Neiman Marcus, Off Broadway Shores, Sears Appliance Outlet, H&M, Spaha Skatepark, AMC Theatres
7.   Grapevine Mills   TX   Grapevine (Dallas)   Fee     29.6% (4) Acquired 2007     96.3 %   1,776,870   Bed, Bath & Beyond, Books-A-Million, Burlington Coat Factory, The Children's Place, Forever 21, Group USA—The Clothing Co. JCPenney Outlet, Marshalls, NIKE, OFF 5th Saks Fifth Avenue, Old Navy, Virgin Megastore, Gameworks, AMC Theatres, Dr. Pepper Star Center, Sun & Ski Sports, Last Call Neiman Marcus, Sears Appliance Outlet, Bass Pro Outdoor World, Spaha Skatepark, Off Broadway Shoes(6)
8.   Great Mall   CA   Milpitas (San Jose)   Fee     24.5% (4)(2) Acquired 2007     94.9 %   1,355,734   Last Call Neiman Marcus, Sports Authority, Group USA, Old Navy, Kohl's, Dave & Busters, H&M, Sears Appliance Outlet, Burlington Coat Factory, Marshalls, Off 5th Saks Fifth Avenue, NIKE, Century Theatres, Bed Bath & Beyond, XXI Forever
9.   Gurnee Mills   IL   Gurnee (Chicago)   Fee     50.0% (4) Acquired 2007     95.7 %   1,810,682   Bass Pro Shops Outdoor World, Bed Bath & Beyond, Burlington Coat Factory, H & M, Kohl's, Marshall's Home Goods, Off 5th—Saks Fifth Avenue Outlet, Nickles & Dimes, Sears Grand, The Sports Authority, TJ Maxx, VF Outlet, Marcus Cinemas, Last Call Neiman Marcus, Value City Furniture

29


Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
10.   Katy Mills   TX   Katy (Houston)   Fee     31.3% (4)(2) Acquired 2007     89.9 %   1,554,899   Bass Pro Shops Outdoor World, Bed Bath and Beyond, Books-A-Million, Burlington Coat Factory, F.Y.E.-For Your Entertainment, Marshalls, Neiman Marcus Last Call Clearance Center, Nike Factory Store, Off 5th Saks Fifth Avenue Outlet, Sun & Ski Sports, AMC Theatres, Old Navy, Off Broadway Shoes, XXI Forever
11.   Ontario Mills   CA   Ontario   Fee     25.0% (4) Acquired 2007     93.2 %   1,476,974   Burlington Coat Factory, Totally for Kids, NIKE, Gameworks, The Children's Place Outlet, Marshalls, JCPenney Outlet, Off 5th Saks Fifth Avenue Outlet, Bed Bath & Beyond, Nordstrom Rack, Dave & Busters, Group USA, Sam Ash Music, Off Broadway Shoes, AMC Theatres, H&M, F.Y.E., Second Spin
12.   Opry Mills   TN   Nashville   Fee     24.5% (4)(2) Acquired 2007     97.6 %   1,159,314   Bass Pro Shops Outdoor World, Dave & Buster's, The Gibson Showcase, Bed Bath & Beyond, Off 5th Saks Fifth Avenue Outlet, Barnes & Noble, Old Navy, Off Broadway Shoe Warehouse, Nike Factory Store, Sun & Ski Sports, BLACKLION, Regal Cinemas, XXI Forever, VF Outlet
13.   Potomac Mills   VA   Prince William (Washington, D.C.)   Fee     50.0% (4) Acquired 2007     98.1 %   1,550,514   Group USA, Marshall's, TJ Maxx, Sears Appliance Outlet, Old Navy, JCPenney Outlet, Urban Behavior, Burlington Coat Factory, Off Broadway Shoe Warehouse, Nordstrom Rack, Off 5th Saks Fifth Avenue Outlet, Costco Warehouse, The Children's Place, AMC Theatres, Modell's Sporting Goods, Books-A-Million, H&M, Last Call Neiman Marcus, XXI Forever
14.   Sawgrass Mills   FL   Sunrise (Miami)   Fee     50.0% (4) Acquired 2007     99.8 %   2,251,047   American Signature Home, Beall's Outlet, Bed Bath & Beyond, Brandsmart USA, Burlington Coat Factory, Gameworks, JCPenney Outlet Store, Marshalls, Neiman Marcus Last Call Clearance Center, Nike Factory Store, Nordstrom Rack, Off 5th Saks Fifth Avenue Outlet, Ron Jon Surf Shop, The Sports Authority, Super Target, TJ Maxx, VF Factory Outlet, Wannado City, FYE, Off Broadway Shoes, Regal Cinemas, GAP Outlet, Books-A-Million
15.   St. Louis Mills   MO   Hazelwood (St. Louis)   Fee     25.0% (4)(2) Acquired 2007     80.8 %   1,174,876   Bed Bath & Beyond, Books-A-Million, Burlington Coat Factory, Cabela's, iceZONE, Marshalls MegaStore, NASCAR SpeedPark, Off Broadway Shoe Warehouse, Sears Appliance Outlet, The Children's Place Outlet, Regal Cinemas, Plan 9 Skatepark
16.   The Block at Orange   CA   Orange (Los Angeles)   Fee     25.0% (4) Acquired 2007     92.1 %   720,973   Dave & Buster's, Vans Skatepark, Lucky Strike Lanes, Borders Books & Music, Hilo Hattie, Off 5th Saks Fifth Avenue, AMC Theatres, Nike Factory Store, Last Call Neiman Marcus, Off Broadway Shoes, H&M(6)
                                         
    Subtotal The Mills®     22,704,012    
                                         

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Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
    Mills Regional Malls                                      

17.

 

Briarwood Mall

 

MI

 

Ann Arbor

 

Fee

 

 

25.0%

(4)

Acquired 2007

 

 

95.5

%

 

970,429

 

Macy's, JCPenney, Sears, Von Maur
18.   Del Amo Fashion Center   CA   Torrance (Los Angeles)   Fee     25.0% (4)(2) Acquired 2007     89.6 %(17)   2,381,128   Macy's, Macy's, Macy's Home & Furnishings, JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, Burlington Coat Factory, AMC Theatres
19.   Dover Mall   DE   Dover   Fee     34.1% (4) Acquired 2007     94.6 %   885,622   Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas
20.   Esplanade, The   LA   Kenner (New Orleans)   Fee     50.0% (4) Acquired 2007     83.9 %   899,407   Dillard's, Dillard's Men's, Macy's,(11)
21.   Falls, The   FL   Miami   Fee     25.0% (4) Acquired 2007     93.3 %   807,255   Bloomingdale's, Macy's, Regal Cinema
22.   Galleria at White Plains, The   NY   White Plains (New York)   Fee     50.0% (4) Acquired 2007     79.0 %   863,293   Macy's, Sears, H&M
23.   Hilltop Mall   CA   Richmond (San Francisco)   Fee     25.0% (4) Acquired 2007     75.8 %   1,077,326   JCPenney, Sears, Macy's, Wal-Mart, 24 Hour Fitness
24.   Lakeforest Mall   MD   Gaithersburg (Washington, D.C.)   Fee     25.0% (4) Acquired 2007     84.5 %   1,045,387   Macy's, Lord & Taylor, JCPenney, Sears, H&M
25.   Mall at Tuttle Crossing, The   OH   Dublin (Columbus)   Fee     25.0% (4) Acquired 2007     97.4 %   1,107,706   Macy's, Macy's, Sears, JCPenney
26.   Marley Station   MD   Glen Burnie (Baltimore)   Fee     25.0% (4) Acquired 2007     82.1 %   1,069,106   Macy's, JCPenney, Sears, The Movies at Marley Station, Gold's Gym,(11)
27.   Meadowood Mall   NV   Reno   Fee     25.0% (4) Acquired 2007     89.1 %(17)   876,391   Macy's Men's, Macy's, Sears, JCPenney, Sports Authority
28.   Northpark Mall   MS   Ridgeland   Fee     50.0% (4) Acquired 2007     97.2 %   955,735   Dillard's, JCPenney, Belk, Regal Cinema
29.   Shops at Riverside, The   NJ   Hackensack (New York)   Fee     50.0% (4) Acquired 2007     86.8 %   762,197   Bloomingdale's, Saks Fifth Avenue, Barnes & Noble, Pottery Barn
30.   Southdale Center   MN   Edina (Minneapolis)   Fee     50.0% (4) Acquired 2007     91.0 %(17)   1,338,840   Macy's, JCPenney, Marshall's, AMC Theatres,(8)
31.   Southridge Mall   WI   Greendale (Milwaukee)   Fee     50.0% (4) Acquired 2007     90.5 %   1,211,830   JC Penney, Sears, Kohl's, Boston Store, Cost Plus World Market,(8)
32.   Stoneridge Shopping Center   CA   Pleasanton (San Francisco)   Fee     25.0% (4) Acquired 2007     97.1 %   1,301,273   Macy's Women's, Macy's Men's, Nordstrom, Sears, JCPenney, H&M
                                         
    Subtotal Mills Regional Malls     17,552,925    
                                         

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Table of Contents

Simon Property Group, Inc. and Subsidiaries

Property Table

U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease)(3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy(5)   Total GLA   Retail Anchors and Selected Major Tenants
    Mills Community Centers                                  

33.

 

Arundel Mills Marketplace

 

MD

 

Hanover (Baltimore)

 

Fee

 

 

29.6%

(4)

Acquired 2007

 

 

100.0

%

 

101,613

 

Michael's, Staples, HH Gregg(6)
34.   Concord Mills Marketplace   NC   Concord (Charlotte)   Fee     50.0% (4) Acquired 2007     100.0 %   230,683   BJ's Wholesale Club, Garden Ridge
35.   Denver West Village   CO   Lakewood   Fee     18.8% (4) Acquired 2007     98.5 %   310,160   Barnes & Noble, Bed Bath & Beyond, Office Max, Whole Foods, DSW, Ultimate Electronics, Christy Sports, United Artists
36.   Liberty Plaza   PA   Philadelphia   Fee     50.0% (4) Acquired 2007     99.0 %   371,618   Wal-Mart, Dick's Sporting Goods, Raymour & Flanigan, Pathmark Food Market
                                         
    Subtotal Mills Community Centers     1,014,074    
                                         
    Total Mills Properties               41,271,011    
                                         
    Total U.S. Properties GLA     244,897,177    
                                         

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Table of Contents

FOOTNOTES:


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

(2)
Our 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 us.

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

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

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

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

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

(8)
Indicates vacant anchor space(s).

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

(10)
Indicates ground lease covers outparcel only.

(11)
Indicates vacant anchor owned by another company, but we still collect rent and/or fees under an agreement.

(12)
We receive substantially all the economic benefit of the property due to a preference or advance.

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

(14)
We own a mortgage note that encumbers Pheasant Lane Mall that entitles us to 100% of the economics of this property.

(15)
Our indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.

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

(17)
Mall & Freestanding GLA includes office space as follows:

    Arsenal Mall—107,188 sq. ft.   Northshore Mall—12,367 sq. ft.
    Century III Mall—30,032 sq. ft.   Oak Court Mall—126,583 sq. ft.
    Coconut Point—1,325 sq. ft.   Oxford Valley Mall—110,324 sq. ft.
    Clay Terrace—110,754 sq. ft.   Plaza Carolina—28,436 sq. ft.
    The Domain—92,954 sq. ft.   River Oaks Center—116,912 sq. ft.
    Copley Place—867,601 sq. ft.   Rolling Oaks Mall—6,383 sq. ft.
    Fashion Centre at Pentagon City, The—169,089 sq. ft.   Roosevelt Field—1,610 sq. ft.
    Firewheel Town Center—74,999 sq. ft.   South Hills Village—4,361 sq. ft.
    Great Lakes Mall—2,051 sq. ft.   Stanford Shopping Center—5,748 sq. ft.
    Greendale Mall—119,860 sq. ft.   The Westchester—820 sq. ft.
    Gwinnett Place—32,603 sq. ft.   White Oaks Mall—7,807 sq. ft.
    King of Prussia Mall—13,100 sq. ft.   Del Amo Fashion Center—114,413 sq. ft.
    Knoxville Center—1,455 sq. ft.   Meadowood Mall—6,013 sq. ft.
    Lehigh Valley Mall—11,754 sq. ft.   Southdale Center—20,295 sq. ft.
    Menlo Park Mall—52,424 sq. ft.    

33


Table of Contents

International Properties

            Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements. However, we have a direct minority investment in Liberty International, PLC, or Liberty, as further described below.

            The following summarizes our joint venture investments in Europe and the underlying countries in which these joint ventures own and operate real estate properties as of December 31, 2009:

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

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

    49.0 %   44   Italy

Simon Ivanhoe

    50.0 %   7   France, Poland

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

            Our properties in Europe consist primarily of hypermarket-anchored shopping centers. Substantially all of our European properties are anchored by either the hypermarket retailer Auchan, primarily in Italy, who is also our partner in GCI, or are anchored by the hypermarket Carrefour in France and Poland. Certain of the properties in Italy are subject to leaseholds whereby GCI leases all or a portion of the premises from a third party who is entitled to receive substantially all the economic benefits of that portion of the properties. Auchan and Carrefour are the two largest hypermarket operators in Europe. These centers comprise over 13.4 million square feet of GLA and were 95.9% leased as of December 31, 2009.

            On February 4, 2010, we and our partner in Simon Ivanhoe, Ivanhoe Cambridge Inc., or Ivanhoe Cambridge, entered into a definitive agreement to sell all of the interests in Simon Ivanhoe which owns seven shopping centers located in France and Poland to Unibail-Rodamco. The joint venture partners will receive consideration of €715 million for their interests, subject to certain post-closing adjustments. We expect our share of the gain on sale of our interests in Simon Ivanhoe to be approximately $300 million. The transaction is scheduled to close during the first half of 2010, subject to customary closing conditions and regulatory approvals.

            We and Ivanhoe Cambridge have the right to participate with Unibail-Rodamco in the potential development of up to five new retail projects in the Simon Ivanhoe pipeline, subject to customary approval rights. We will own a 25% interest in any of these projects in which we agree to participate.

            We also hold real estate interests in eight joint venture properties in Japan, one joint venture property in Mexico, and one joint venture property in Korea. The eight Japanese Premium Outlet Centers operate in various cities throughout Japan and are held in a joint venture with Mitsubishi Estate Co., Ltd. These centers comprise over 2.4 million square feet of GLA and were 99.6% leased as of December 31, 2009.

            The following summarizes our holdings in these international joint ventures and the underlying countries in which these joint ventures own and operate real estate properties as of December 31, 2009:

Holdings
  Ownership
Interest
  Properties open
and operating
  Countries of Operation

Chelsea Japan Co. Ltd.

    40.0 %   8   Japan

Premium Outlets Punta Norte (Mexico City)

    50.0 %   1   Mexico

Yeoju Premium Outlets (Seoul)

    50.0 %   1   South Korea

            In 2009, we completed construction and opened Ami Premium Outlets, a 224,500 square foot center located outside Tokyo, Japan. We have a 40% interest in this property consistent with the ownership structure of our other Japanese investments. We also completed construction and opened a 171,800 square foot expansion at Kobe-Sanda Premium Outlets in Hyougo-ken, Japan. Also in December 2009, we recognized a loss on our joint venture interests in

34


Table of Contents


our shopping centers in China. We sold our interests to affiliates of our Chinese partner for approximately $29 million, resulting in a loss of approximately $20 million.

            We hold a minority interest in Liberty which is a U.K. Real Estate Investment Trust that operates regional shopping centers and owns other prime retail assets throughout the U.K. Liberty is a U.K. FTSE 100 listed company, with shareholders' funds of £3.2 billion and property investments of £6.1 billion, of which its U.K. regional shopping centers comprise 70%. Assets of the group under control or joint control amount to £9.3 billion. Our interest in Liberty is less than 6% of its outstanding shares. We adjust the carrying value of this investment quarterly using quoted market prices, including a related foreign exchange component.

            The following property table summarizes certain data for our properties located in Europe, Japan, Mexico, and Korea at December 31, 2009.

35


Table of Contents

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
  COUNTRY/Property Name   City (Metropolitan area)   Ownership
Interest
  SPG
Effective
Ownership
  Year
Built
  Total Gross
Leasable Area
  Retail Anchors and
Major Tenants
    FRANCE                            
1.   Bay 2   Torcy (Paris)   Fee     50.0 % 2003     576,800   Carrefour, Leroy Merlin
2.   Bay 1   Torcy (Paris)   Fee     50.0 % 2004     348,900   Conforama, Go Sport
3.   Bel'Est   Bagnolet (Paris)   Fee     17.5 % 1992     173,100   Auchan
4.   Villabé A6   Villabé (Paris)   Fee     7.5 % 1992     284,300   Carrefour
5.   Wasquehal   Wasquehal (Lille)   Fee     50.0 % 2006     254,700   Carrefour
                               
    Subtotal France                       1,637,800    
    ITALY                            
6.   Ancona — Senigallia   Senigallia (Ancona)   Fee     49.0 % 1995     82,800   Cityper
7.   Ascoli Piceno — Grottammare   Grottammare (Ascoli Piceno)   Fee     49.0 % 1995     94,800   Cityper
8.   Ascoli Piceno — Porto Sant'Elpidio   Porto Sant'Elpidio (Ascoli Piceno)   Fee     49.0 % 1999     162,300   Cityper
9.   Bari — Casamassima   Casamassima (Bari)   Fee     49.0 % 1995     547,800   Auchan, Coin, Eldo, Bata, Leroy Merlin, Decathlon
10.   Bari — Modugno   Modugno (Bari)   Fee     49.0 % 2004     143,500   Auchan, euronics, Decathlon
11.   Brescia — Mazzano   Mazzano (Brescia)   Fee / Leasehold (2)     49.0 %(2) 1994     230,700   Auchan, Bricocenter
12.   Brindisi-Mesagne   Mesagne (Brindisi)   Fee     49.0 % 2003     228,600   Auchan, Leroy Merlin, Piazza Italia, Euronics
13.   Cagliari — Santa Gilla   Cagliari   Fee / Leasehold (2)     49.0 %(2) 1992     190,700   Auchan, Bricocenter
14.   Catania — La Rena   Catania   Fee     49.0 % 1998     146,200   Auchan
15.   Cinisello   Cinisello (Milano)   Fee     49.0 % 2007     375,600   Auchan, Darty, Scarpe & Scarpe, H&M, Piazza Italia, Conbipel
16.   Cuneo   Cuneo (Torino)   Fee     49.0 % 2004     282,200   Auchan, Bricocenter, Decathlon, Euronics
17.   Giugliano   Giugliano (Napoli)   Fee     49.0 %(5) 2006     754,500   Auchan, Leroy Merlin, Decathlon, Conbipel, Scarpe & Scarpe, Euronics, Eldo
18.   Milano — Rescaldina   Rescaldina (Milano)   Fee     49.0 % 2000     377,100   Auchan, Bricocenter, Decathlon, Media World
19.   Milano — Vimodrone   Vimodrone (Milano)   Fee     49.0 % 1989     190,600   Auchan, Bricocenter
20.   Napoli — Pompei   Pompei (Napoli)   Fee     49.0 % 1990     91,400   Auchan
21.   Nola — Volcano Buono   Nola (Napoli)   Fee     22.1 % 2007     876,000   Auchan, Coin, Holiday Inn, Media World, Piazza Italia, H&M, Cisalfa, Zara
22.   Padova   Padova   Fee     49.0 % 1989     105,800   Auchan
23.   Palermo   Palermo   Fee     49.0 % 1990     82,900   Auchan
24.   Pesaro — Fano   Fano (Pesaro)   Fee     49.0 % 1994     112,300   Auchan
25.   Pescara   Pescara   Fee     49.0 % 1998     161,500   Auchan, Euronics
26.   Pescara — Cepagatti   Cepagatti (Pescara)   Fee     49.0 % 2001     269,800   Auchan, Bata
27.   Piacenza — San Rocco al Porto   San Rocco al Porto (Piacenza)   Fee     49.0 % 1992     179,200   Auchan, Darty
28.   Porta Di Roma   Roma   Fee     19.6 % 2007     1,255,400   Auchan, Leroy Merlin, UGC Theatres, Ikea, Media World, Decathlon, H&M, Zara
29.   Roma — Collatina   Collatina (Roma)   Fee     49.0 % 1999     63,600   Auchan
30.   Sassari — Predda Niedda   Predda Niedda (Sassari)   Fee / Leasehold (2)     49.0 %(2) 1990     233,700   Auchan, Bricocenter, Media World
31.   Taranto   Taranto   Fee     49.0 % 1997     201,700   Auchan, Bricocenter
32.   Torino   Torino   Fee     49.0 % 1989     171,800   Auchan
33.   Torino — Venaria   Venaria (Torino)   Fee     49.0 % 1982     165,600   Auchan, Bricocenter
34.   Venezia — Mestre   Mestre (Venezia)   Fee     49.0 % 1995     246,700   Auchan

36


Table of Contents

Simon Property Group, Inc. and Subsidiaries
International Property Table

 
  COUNTRY/Property Name   City (Metropolitan area)   Ownership
Interest
  SPG
Effective
Ownership
  Year
Built
  Total Gross
Leasable Area
  Retail Anchors and
Major Tenants
    ITALY (continued)                            
35.   Vicenza   Vicenza   Fee     49.0 % 1995     98,500   Auchan
36.   Ancona   Ancona   Leasehold (3)     49.0 %(3) 1993