SIMON PROPERTY GROUP INC /DE/ - FORM 8-K - EX-99.1

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TABLE OF CONTENTS

Table of Contents

Exhibit 99.1

SIMON PROPERTY GROUP

EARNINGS RELEASE & SUPPLEMENTAL INFORMATION
UNAUDITED FIRST QUARTER 2016

Table of Contents

TABLE OF CONTENTS


EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED MARCH 31, 2016			PAGE

Earnings Release ⁽¹⁾			2-13
Overview
The Company and Reporting Calendar			14
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants			15
Financial Data
Selected Financial and Equity Information			16
Non-GAAP Pro Rata Statements of Operations and Balance Sheets			17
Non-GAAP Pro-Rata Statements of Operations			18
Non-GAAP Pro-Rata Balance Sheets			19
Net Operating Income (NOI) Composition			20
Net Operating Income Overview			21
Reconciliations of Non-GAAP Financial Measures			22
Consolidated Net Income to NOI			22
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)			23
Other Income, Other Expense and Capitalized Interest			24
Operational Data
U.S. Malls and Premium Outlets Operating Information			25
The Mills and International Operating Information			26
U.S. Malls and Premium Outlets Lease Expirations			27
U.S. Malls and Premium Outlets Top Tenants			28
Development Activity
Capital Expenditures			29
Development Activity Summary			30
Development Activity Report			31-32
U.S. Anchor/Big Box Openings			33-34
Balance Sheet Information
Common and Preferred Stock Information
Changes in Common Share and Limited Partnership Unit Ownership			35
Preferred Stock/Units Outstanding			35
Credit Profile			36
Summary of Indebtedness			37
Total Debt Amortization and Maturities by Year (Our Share)			38
Property and Debt Information			39-48

(1): Includes reconciliation of consolidated net income to funds from operations.


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EARNINGS RELEASE


Contacts:		FOR IMMEDIATE RELEASE
Tom Ward	317-685-7330 Investors
Les Morris	317-263-7711 Media

SIMON PROPERTY GROUP REPORTS FIRST QUARTER 2016 RESULTS

INDIANAPOLIS, April 26, 2016 - Simon, a global leader in retail real estate, today reported results for the quarter ended March 31, 2016.

RESULTS FOR THE QUARTER

•: Funds from Operations ("FFO") was $951.8 million, or $2.63 per diluted share, as compared to $830.7 million, or $2.28 per diluted share, in the prior year period, an increase of 15.4%.
•: Net income attributable to common stockholders was $481.0 million, or $1.55 per diluted share, as compared to $539.1 million, or $1.73 per diluted share, in the prior year period. Net income attributable to common stockholders in the prior year period included a non-cash gain of $206.9 million, or $0.57 per diluted share, solely related to Klépierre's issuance of additional shares of its common stock to complete its acquisition of Corio N.V.

"We continue to deliver strong results," said David Simon, Chairman and Chief Executive Officer. "FFO per share increased 15.4% over the prior year, driven by growth in operating income from our comparable properties and the accretive impact of our new developments and expansions."


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EARNINGS RELEASE

U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS

	AS OF MARCH 31,

	2016		2015
Occupancy ⁽¹⁾		95.6%		95.8%
Base Minimum Rent per sq. ft. ⁽¹⁾	$	49.70	$	47.59
Releasing Spread per sq. ft. ⁽¹⁾⁽²⁾	$	10.24	$	11.19
Releasing Spread (percentage change) ⁽¹⁾⁽²⁾		17.5%		18.9%
Total Sales per sq. ft.⁽³⁾	$	613	$	621

(1): Represents mall stores in Malls and all owned square footage in Premium Outlets.
(2): Same space measure that compares opening and closing rates on individual spaces leased during trailing 12-month period.
(3): Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and stores less than 20,000 square feet in Premium Outlets for 2016.

PORTFOLIO NET OPERATING INCOME ("NOI") AND COMPARABLE PROPERTY NOI

Total portfolio NOI growth for the three months ended March 31, 2016 was 7.8%. Total portfolio NOI includes comparable property NOI, NOI from new developments, redevelopments, expansions and acquisitions, NOI from international properties and our share of NOI from investments. Comparable property NOI growth for the three months ended March 31, 2016 was 5.1%.

DIVIDENDS

Today Simon's Board of Directors declared a quarterly common stock dividend of $1.60 per share. This is a 6.7% increase year-over-year. The dividend will be payable on May 31, 2016 to stockholders of record on May 17, 2016.

Simon's Board of Directors also declared the quarterly dividend on its 8³/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 30, 2016 to stockholders of record on June 16, 2016.


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EARNINGS RELEASE

DEVELOPMENT ACTIVITY

During the quarter, we completed the transformation of Roosevelt Field in Garden City, New York, which included a spectacular new Dining District, a 50,000 square foot expansion and the addition of Long Island's first Neiman Marcus store.

We started construction on a new development project, the Premium Outlet Collection — Edmonton International Airport, a 428,000 square foot center in Edmonton, Alberta, Canada scheduled to open in October 2017. Simon owns a 50% interest in this project.

Construction continues on three new development projects scheduled to open in 2016:

•: The 500,000 square foot retail component to Brickell City Centre in Miami, Florida scheduled to open in the fall of 2016. Simon owns a 25% interest in this project.
•: A 355,000 square foot outlet center located in Columbus, Ohio scheduled to open in June of 2016. Simon owns a 50% interest in this project.
•: Clarksburg Premium Outlets, a 392,000 square foot center in Clarksburg, Maryland scheduled to open in October of 2016. Simon owns a 66% interest in this project.

Construction also continues on three other new development projects scheduled to open in 2017, including The Shops at Clearfork (Fort Worth, Texas), Siheung Premium Outlets (Siheung (Seoul), South Korea) and Provence Designer Outlet (Miramas, France).

During the first quarter, we started construction on significant redevelopment and expansion projects including a 60,000 square foot expansion at The Outlets at Orange in Orange (Los Angeles), California that will include additional small shops and a Bloomingdale's Outlet.

Construction continues on other significant expansion projects including The Fashion Centre at Pentagon City, King of Prussia, The Galleria in Houston, and Woodbury Common Premium Outlets.

At quarter-end, redevelopment and expansion projects, including the addition of new anchors, were underway at 33 properties in the U.S. and Europe. Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was approximately $2.0 billion.


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EARNINGS RELEASE

ACQUISITIONS AND DISPOSITIONS

In April 2016, we completed the acquisition of The Shops at Crystals in Las Vegas, Nevada in a 50:50 joint venture with Invesco Real Estate. The purchase price was approximately $1.1 billion. Simon will lease and manage the center for the joint venture. During the first quarter, the Company sold two residential assets and one non-core retail asset.

FINANCING ACTIVITY

The Company was active in both the unsecured and secured credit markets in the first quarter continuing to lower our effective borrowing costs and extend our maturity profile.

The Company completed a two tranche senior notes offering totaling $1.35 billion with a weighted average coupon rate of 2.97% and weighted average term of 8.2 years.

With regard to secured debt activity, we completed four new loans totaling approximately $600 million, of which Simon's share is $500 million. The weighted average interest rate and term on these loans is 3.58% and 8.4 years, respectively.

As of March 31, 2016, Simon had over $6.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.

2016 GUIDANCE

The Company currently estimates that FFO will be within a range of $10.72 to $10.82 per diluted share for the year ending December 31, 2016, with net income to be within a range of $6.01 to $6.11 per diluted share.

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

For the year ending December 31, 2016

	LOW END			HIGH END

Estimated net income available to common stockholders per diluted share	$	6.01		$	6.11
Depreciation and amortization including Simon's share of unconsolidated entities		4.77			4.77
Gain upon acquisition of controlling interest, sale or disposal of assets and interests in unconsolidated entities, net		(0.06	)		(0.06	)

Estimated FFO per diluted share	$	10.72		$	10.82


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EARNINGS RELEASE

CONFERENCE CALL

Simon will hold a conference call to discuss the quarterly financial results today at 11:00 a.m. Eastern Time, Tuesday, April 26, 2016. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until May 3, 2016. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 75916181.

SUPPLEMENTAL MATERIALS AND WEBSITE

Supplemental information on our first quarter 2016 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

NON-GAAP FINANCIAL MEASURES

This press release includes FFO, FFO per share, portfolio net operating income growth and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.


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EARNINGS RELEASE

FORWARD-LOOKING STATEMENTS

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

ABOUT SIMON

Simon is a global leader in retail real estate ownership, management and development and an S&P100 company (Simon Property Group) (NYSE:SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.


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EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

	FOR THE THREE MONTHS ENDED MARCH 31,

	2016		2015
REVENUE:
Minimum rent	$	818,536	$	753,445
Overage rent		28,916		38,957
Tenant reimbursements		371,613		340,170
Management fees and other revenues		33,400		35,078
Other income		84,250		48,585

Total revenue		1,336,715		1,216,235

EXPENSES:
Property operating		103,060		99,757
Depreciation and amortization		300,614		288,106
Real estate taxes		109,423		106,888
Repairs and maintenance		26,065		29,734
Advertising and promotion		35,038		18,756
Provision for credit losses		3,664		3,847
Home and regional office costs		38,607		35,903
General and administrative		14,864		14,999
Other		20,479		19,074

Total operating expenses		651,814		617,064

OPERATING INCOME		684,901		599,171
Interest expense		(219,190)		(232,173)
Income and other taxes		(15,186)		(6,362)
Income from unconsolidated entities		90,626		64,872
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		22,688		206,927

CONSOLIDATED NET INCOME		563,839		632,435
Net income attributable to noncontrolling interests		82,010		92,467
Preferred dividends		834		834

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	480,995	$	539,134



BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders	$	1.55	$	1.73


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EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)

	MARCH 31, 2016		DECEMBER 31, 2015

ASSETS:
Investment properties at cost	$	34,192,700	$	33,463,124
Less – accumulated depreciation		10,109,531		9,915,386

		24,083,169		23,547,738
Cash and cash equivalents		805,076		701,134
Tenant receivables and accrued revenue, net		573,255		624,605
Investment in unconsolidated entities, at equity		2,442,442		2,481,574
Investment in Klépierre, at equity		2,026,942		1,943,363
Deferred costs and other assets		1,467,614		1,266,768

Total assets	$	31,398,498	$	30,565,182



LIABILITIES:
Mortgages and unsecured indebtedness	$	22,975,821	$	22,416,682
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,167,101		1,323,801
Cash distributions and losses in partnerships and joint ventures, at equity		1,371,741		1,368,544
Other liabilities		365,764		214,249

Total liabilities		25,880,427		25,323,276

Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		155,530		25,537
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8³/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847		43,651		43,733
Common stock, $0.0001 par value, 511,990,000 shares authorized, 314,807,744 and 314,806,914 issued and outstanding, respectively		31		31
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		–		–
Capital in excess of par value		9,391,274		9,384,450
Accumulated deficit		(4,288,650)		(4,266,930)
Accumulated other comprehensive loss		(117,717)		(252,686)
Common stock held in treasury at cost, 5,398,908 and 5,394,345 shares, respectively		(438,005)		(437,134)

Total stockholders' equity		4,590,584		4,471,464
Noncontrolling interests		771,957		744,905

Total equity		5,362,541		5,216,369

Total liabilities and equity	$	31,398,498	$	30,565,182


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EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Statements of Operations
(Dollars in thousands)

	FOR THE THREE MONTHS ENDED MARCH 31,

	2016		2015
REVENUE:
Minimum rent	$	438,847	$	433,781
Overage rent		49,624		51,180
Tenant reimbursements		210,941		194,487
Other income		58,680		53,995

Total revenue		758,092		733,443
OPERATING EXPENSES:
Property operating		131,081		130,804
Depreciation and amortization		131,480		141,659
Real estate taxes		61,509		58,574
Repairs and maintenance		19,754		20,361
Advertising and promotion		22,529		16,702
Provision for credit losses		2,690		1,853
Other		45,053		44,428

Total operating expenses		414,096		414,381

OPERATING INCOME		343,996		319,062
Interest expense		(143,758)		(147,020)
Gain on sale or disposal of assets and interests in unconsolidated entities		54,473		—

NET INCOME	$	254,711	$	172,042



THIRD-PARTY INVESTORS' SHARE OF NET INCOME	$	118,809	$	89,114



OUR SHARE OF NET INCOME		135,902		82,928
AMORTIZATION OF EXCESS INVESTMENT (A)		(23,213)		(24,154)
OUR SHARE OF GAIN ON SALE OR DISPOSAL OF ASSETS AND INTERESTS		(36,153)		–

INCOME FROM UNCONSOLIDATED ENTITIES (B)	$	76,536	$	58,774

Note:: The above financial presentation does not include any information related to our investments in Klépierre S.A.
("Klépierre") and HBS Global Properties ("HBS"). For additional information, see footnote B.


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EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Balance Sheets
(Dollars in thousands)

	MARCH 31, 2016		DECEMBER 31, 2015

ASSETS:
Investment properties, at cost	$	16,642,365	$	17,186,884
Less – accumulated depreciation		5,819,381		5,780,261

		10,822,984		11,406,623
Cash and cash equivalents		759,262		818,805
Tenant receivables and accrued revenue, net		319,204		354,133
Investment in unconsolidated entities, at equity		–		–
Deferred costs and other assets		332,540		482,024

Total assets	$	12,233,990	$	13,061,585



LIABILITIES AND PARTNERS' DEFICIT:
Mortgages	$	13,526,185	$	13,827,215
Accounts payable, accrued expenses, intangibles, and deferred revenue		736,613		985,159
Other liabilities		464,432		468,005

Total liabilities		14,727,230		15,280,379
Preferred units		67,450		67,450
Partners' deficit		(2,560,690)		(2,286,244)

Total liabilities and partners' deficit	$	12,233,990	$	13,061,585



OUR SHARE OF:
Partners' deficit	$	(1,136,585)	$	(854,562)
Add: Excess Investment (A)		2,026,390		1,788,749

Our net Investment in unconsolidated entities, at equity	$	889,805	$	934,187

Note:: The above financial presentation does not include any information related to our investments in Klépierre and
HBS Global Properties. For additional information, see footnote B attached hereto.


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EARNINGS RELEASE

Simon Property Group, Inc. and Subsidiaries
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)

Reconciliation of Consolidated Net Income to FFO

	FOR THE THREE MONTHS ENDED MARCH 31,
	2016		2015
Consolidated Net Income (D)	$	563,839	$	632,435
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties		297,196		284,227
Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS		118,242		123,884
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(22,688)		(206,927)
Net income attributable to noncontrolling interest holders in properties		(729)		(690)
Noncontrolling interests portion of depreciation and amortization		(2,714)		(885)
Preferred distributions and dividends		(1,313)		(1,313)

FFO of the Operating Partnership	$	951,833	$	830,731



Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share	$	1.55	$	1.73
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS, net of noncontrolling interests portion of depreciation and amortization		1.14		1.12
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(0.06)		(0.57)

Diluted FFO per share	$	2.63	$	2.28




Details for per share calculations:
FFO of the Operating Partnership	$	951,833	$	830,731
Diluted FFO allocable to unitholders		(136,899)		(120,305)

Diluted FFO allocable to common stockholders	$	814,934	$	710,426



Basic and Diluted weighted average shares outstanding		309,416		311,101
Weighted average limited partnership units outstanding		51,979		52,683

Basic and Diluted weighted average shares and units outstanding		361,395		363,784



Basic and Diluted FFO per Share	$	2.63	$	2.28
Percent Change		15.4%


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Simon Property Group, Inc. and Subsidiaries
Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related properties.

(B)

The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre and HBS Global Properties. Amounts included in Footnotes D below exclude our share of related activity for our investments in Klépierre and HBS Global Properties. For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-Q.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO and FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any impairment charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.

We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment charges relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

-: Gains on land sales of $1.6 million and $0.1 million for the three months ended March 31, 2016 and 2015, respectively.
-: Straight-line adjustments to minimum rent of $15.1 million and $16.4 million for the three months ended March 31, 2016 and 2015, respectively.
-: Amortization of fair market value of leases from acquisitions of $2.6 million and $3.4 million for the three months ended March 31, 2016 and 2015, respectively.
-: Debt premium amortization of $4.2 million and $7.2 million for the three months ended March 31, 2016 and 2015, respectively.


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OVERVIEW

THE COMPANY

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We are engaged primarily in the ownership, development and management of retail real estate properties including Malls, Premium Outlets®, The Mills®, and International Properties. At March 31, 2016, we owned or had an interest in 231 properties comprising 191 million square feet in North America, Asia and Europe. Additionally, at March 31, 2016, we had a 20.3% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 16 European countries.

This package was prepared to provide operational and balance sheet information as of March 31, 2016 for the Company and the Operating Partnership.

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

Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).

REPORTING CALENDAR

Below is a list of estimated dates for future announcements of results. Dates are subject to change.


Second Quarter 2016		July 27, 2016
Third Quarter 2016		October 26, 2016
Fourth Quarter 2016		January 31, 2017


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OVERVIEW

STOCK INFORMATION

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


	Common Stock	SPG
	8.375% Series J Cumulative Redeemable Preferred	SPGPrJ
CREDIT RATINGS
	Standard & Poor's
	Corporate	A	(Stable Outlook)
	Senior Unsecured	A	(Stable Outlook)
	Preferred Stock	BBB+	(Stable Outlook)
	Commercial Paper	A1	(Stable Outlook)
	Moody's
	Senior Unsecured	A2	(Stable Outlook)
	Preferred Stock	A3	(Stable Outlook)
	Commercial Paper	P1	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS⁽¹⁾


	Required	Actual	Compliance

Total Debt to Total Assets ⁽¹⁾	£65%	40%	Yes
Total Secured Debt to Total Assets ⁽¹⁾	£50%	18%	Yes
Fixed Charge Coverage Ratio	>1.5X	4.7X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	274%	Yes

(1): Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.

OTHER INFORMATION

Commencing with our periodic filings for the quarter ended March 31, 2016, we anticipate filing quarterly reports on Form 10-Q for Simon Property Group, Inc. and Simon Property Group, L.P. on a combined basis as allowed under SEC rules.


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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)


		THREE MONTHS ENDED MARCH 31,

		2016		2015
Financial Highlights
Total Revenue - Consolidated Properties	$	1,336,715	$	1,216,235
Consolidated Net Income	$	563,839	$	632,435
Net Income Attributable to Common Stockholders	$	480,995	$	539,134
Basic and Diluted Earnings per Common Share (EPS)	$	1.55	$	1.73
Funds from Operations (FFO) of the Operating Partnership	$	951,833	$	830,731
Basic and Diluted FFO per Share (FFOPS)	$	2.63	$	2.28
Dividends/Distributions per Share/Unit	$	1.60	$	1.40


Stockholders' Equity Information		AS OF MARCH 31, 2016		AS OF DECEMBER 31, 2015
Limited Partners' Units Outstanding at end of period		52,296		51,814
Common Shares Outstanding at end of period		309,417		309,421

Total Common Shares and Limited Partnership Units Outstanding at end of period		361,713		361,235



Weighted Average Limited Partnership Units Outstanding		51,979		52,141
Weighted Average Common Shares Outstanding:
Basic and Diluted - for purposes of EPS and FFOPS		309,416		310,103

Debt Information
Share of Consolidated Debt	$	22,854,736	$	22,411,398
Share of Joint Venture Debt		6,403,921		6,692,809

Share of Total Debt	$	29,258,657	$	29,104,207




Market Capitalization
Common Stock Price at end of period	$	207.69	$	194.44
Common Equity Capitalization, including Limited Partnership Units	$	75,124,122	$	70,238,495
Preferred Equity Capitalization, including Limited Partnership Preferred Units		82,718		82,918

Total Equity Market Capitalization	$	75,206,840	$	70,321,413



Total Market Capitalization - Including Share of Total Debt	$	104,465,497	$	99,425,620

Debt to Total Market Capitalization		28.0%		29.3%


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NON-GAAP PRO RATA STATEMENTS OF OPERATIONS AND BALANCE SHEETS

The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The Pro-Rata Statements of Operations and Balance Sheets reflect our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts shown in the column labeled "Consolidated" reflect the amounts contained in the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable. The amounts in the column labeled "Our Share of Joint Ventures" were derived on a property-by-property basis by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled "Noncontrolling Interests," which represents the share of consolidated assets attributable to noncontrolling interests.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide pro rata statements of operations and balance sheets information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. The presentation of pro rata financial statements has limitations as an analytical tool. Some of these limitations include:

•: The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
•: Other companies in our industry may calculate their pro rata interest differently than we do, limiting the usefulness as a comparative measure.

Because of these limitations, the pro rata statements of operations and balance sheets should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro rata statements of operations and balance sheets only supplementally.


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NON-GAAP PRO-RATA STATEMENTS OF OPERATIONS
(In thousands)

FOR THE THREE MONTHS ENDED MARCH 31, 2016

CONSOLIDATED

NONCONTROLLING
INTERESTS (1)

OUR
CONSOLIDATED
SHARE

OUR
SHARE OF
JOINT VENTURES

NON-GAAP
PRO-RATA
OUR TOTAL SHARE

THREE MONTHS ENDED
MARCH 31, 2015
NON-GAAP PRO-RATA
OUR TOTAL SHARE

REVENUE:

Minimum rent

818,536

(4,798)

813,738

205,329

1,019,067

958,392

Overage rent

28,916

(31)

28,885

21,003

49,888

60,592

Tenant reimbursements

371,613

(2,324)

369,289

98,610

467,899

429,458

Management fees and other revenues

33,400

—

33,400

—

33,400

35,078

Other income

84,250

(230)

84,020

27,957

111,977

74,472

Total revenue

1,336,715

(7,383)

1,329,332

352,899

1,682,231

1,557,992

EXPENSES:

Property operating

103,060

(1,206)

101,854

57,172

159,026

157,283

Depreciation and amortization

300,614

(2,183)

298,431

84,074

382,505

382,951

Real estate taxes

109,423

(572)

108,851

28,302

137,153

133,520

Repairs and maintenance

26,065

(254)

25,811

9,230

35,041

39,335

Advertising and promotion

35,038

(200)

34,838

10,890

45,728

26,348

Provision for credit losses

3,664

(41)

3,623

1,341

4,964

4,718

Home and regional office costs

38,607

—

38,607

—

38,607

35,903

General and administrative

14,864

—

14,864

—

14,864

14,998

Other

20,479

(1,066)

19,413

20,285

39,698

39,212

Total operating expenses

651,814

(5,522)

646,292

211,294

857,586

834,268

OPERATING INCOME

684,901

(1,861)

683,040

141,605

824,645

723,724

Interest expense

(219,190)

1,294

(217,896)

(65,231)

(283,127)

(298,642)

Income and other taxes

(15,186)

—

(15,186)

—

(15,186)

(6,362)

Income from unconsolidated entities

90,626

(162)

90,464

(76,374)

14,090

(2)

6,098

Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net

22,688

—

22,688

—

22,688

—

CONSOLIDATED NET INCOME

563,839

(729)

563,110

—

563,110

424,818

Net income attributable to noncontrolling interests

82,010

(729)

81,281

—

81,281

(3)

61,810

Preferred dividends

834

—

834

—

834

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

480,995

—

480,995

—

480,995

362,174

RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO:

Consolidated Net Income

563,839

—

563,839

425,508

Adjustments to Consolidated Net Income to Arrive at FFO:

Depreciation and amortization from consolidated properties

297,196

284,227

Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS

118,242

118,242

123,884

Income from unconsolidated entities

(90,626)

90,626

—

Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net

(22,688)

—

Net income attributable to noncontrolling interest holders in properties

(729)

(690)

Noncontrolling interests portion of depreciation and amortization

(2,714)

(885)

Preferred distributions and dividends

(1,313)

FFO of the Operating Partnership

742,965

208,868

951,833

830,731

Percentage of FFO of the Operating Partnership

78.06%

21.94%

100.00%

(1): Represents our venture partners' share of operations from consolidated properties.
(2): Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre and HBS Global Properties (HBS).
(3): Represents limited partners' interest in the Operating Partnership.


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NON-GAAP PRO-RATA BALANCE SHEETS
(In thousands)

AS OF MARCH 31, 2016

CONSOLIDATED

NONCONTROLLING
INTERESTS

OUR
CONSOLIDATED
SHARE

OUR
SHARE OF
JOINT VENTURES

NON-GAAP
PRO-RATA
OUR TOTAL SHARE

AS OF
DECEMBER 31, 2015
OUR TOTAL SHARE

ASSETS:

Investment properties, at cost

34,192,700

(259,211)

33,933,489

10,010,991

43,944,480

43,697,587

Less - accumulated depreciation

10,109,531

(63,108)

10,046,423

2,682,664

12,729,087

12,537,102

24,083,169

(196,103)

23,887,066

7,328,327

31,215,393

31,160,485

Cash and cash equivalents

805,076

(7,202)

797,874

353,085

1,150,959

1,083,296

Tenant receivables and accrued revenue, net

573,255

(3,428)

569,827

150,802

720,629

791,031

Investment in unconsolidated entities, at equity

2,442,442

(47,719)

2,394,723

(2,394,723)

–

Investment in Klépierre, at equity

2,026,942

–

2,026,942

–

2,026,942

1,943,363

Deferred costs and other assets

1,467,614

(33,529)

1,434,085

142,960

1,577,045

1,534,276

Total assets

31,398,498

(287,981)

31,110,517

5,580,451

36,690,968

36,512,451

LIABILITIES:

Mortgages and unsecured indebtedness

22,975,821

(121,085)

22,854,736

6,403,921

29,258,657

28,989,974

Accounts payable, accrued expenses, intangibles, and deferred revenues

1,167,101

(7,263)

1,159,838

344,692

1,504,530

1,869,587

Cash distributions and losses in partnerships and joint ventures, at equity

1,371,741

–

1,371,741

(1,371,741)

–

Other liabilities

365,764

(26,181)

339,583

203,579

543,162

414,440

Total liabilities

25,880,427

(154,529)

25,725,898

5,580,451

31,306,349

31,274,001

Commitments and contingencies

Limited partners' preferred interest in the Operating Partnership

155,530

(129,993)

25,537

–

25,537

EQUITY:

Stockholders' equity

Capital stock

Series J 83/8% cumulative redeemable preferred stock

43,651

–

43,651

–

43,651

43,733

Common stock, $.0001 par value

–

Class B common stock, $.0001 par value

–

Capital in excess of par value

9,391,274

–

9,391,274

–

9,391,274

9,384,450

Accumulated deficit

(4,288,650)

–

(4,288,650)

–

(4,288,650)

(4,266,930)

Accumulated other comprehensive income (loss)

(117,717)

–

(117,717)

–

(117,717)

(252,686)

Common stock held in treasury at cost

(438,005)

–

(438,005)

–

(438,005)

(437,134)

Total stockholders' equity

4,590,584

–

4,590,584

–

4,590,584

4,471,464

Noncontrolling interests

771,957

(3,459)

768,498

–

768,498

741,449

Total equity

5,362,541

(3,459)

5,359,082

–

5,359,082

5,212,913

Total liabilities and equity

31,398,498

(287,981)

31,110,517

5,580,451

36,690,968

36,512,451


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NET OPERATING INCOME (NOI) COMPOSITION ⁽¹⁾
For the Three Months Ended March 31, 2016

(1): Based on our share of total NOI and does not reflect any property, entity or corporate-level debt.
(2): Includes Klépierre, international Premium Outlets and international Designer Outlets.
(3): Includes Lifestyle Centers.


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NET OPERATING INCOME OVERVIEW ⁽¹⁾
(In thousands)


		FOR THE THREE MONTHS ENDED MARCH 31,			% GROWTH

		2016		2015

Comparable Property NOI ⁽²⁾	$	1,256,433	$	1,196,008	5.1%
NOI from New Development, Redevelopment, Expansion and Acquisitions ⁽³⁾		42,530		16,793
International Properties ⁽⁴⁾		90,723		83,548
Our share of NOI from Investments ⁽⁵⁾		54,711		43,297

Portfolio NOI	$	1,444,397	$	1,339,646	7.8%
Corporate and Other NOI Sources ⁽⁶⁾		71,305		51,649

Total Simon NOI — See reconciliation on following page	$	1,515,702	$	1,391,295



Less: Joint Venture Partners' Share of NOI		253,841		241,323

Our Share of Total NOI	$	1,261,861	$	1,149,972

(1): All amounts are presented at gross values unless otherwise indicated as our share.
(2): Includes Malls, Premium Outlets, The Mills and Lifestyle Centers held as of the beginning of the prior year.
(3): Includes total property NOI for properties undergoing redevelopment as well as incremental NOI for expansion properties not yet included in comparable properties.
(4): Includes International Premium Outlets and International Designer Outlets.
(5): Includes our share of NOI of Klépierre and HBS.
(6): Includes income components excluded from Portfolio NOI and Comparable NOI (domestic lease termination income, interest income, land sale gains, straight line rent, above/below market lease adjustments), gains on sale of marketable securities, Simon management company operations, and our TMLP interests and other assets.


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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)


RECONCILIATION OF NET INCOME TO NOI

		THREE MONTHS ENDED MARCH 31,

		2016		2015
Reconciliation of NOI of consolidated entities:
Consolidated Net Income	$	563,839	$	632,435
Income and other taxes		15,186		6,362
Interest expense		219,190		232,173
Income from unconsolidated entities		(90,626)		(64,872)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(22,688)		(206,927)

Operating Income		684,901		599,171
Depreciation and amortization		300,614		288,106

NOI of consolidated properties	$	985,515	$	887,277



Reconciliation of NOI of unconsolidated entities:
Net Income	$	254,711	$	172,042
Interest expense		143,758		147,020
Gain on sale or disposal of assets and interests in unconsolidated entities		(54,473)		–

Operating Income		343,996		319,062
Depreciation and amortization		131,480		141,659

NOI of unconsolidated entities	$	475,476	$	460,721



Add: Our share of NOI from Klépierre and HBS		54,711		43,297

Total Simon NOI	$	1,515,702	$	1,391,295



		8.9%


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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)


RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)

		THREE MONTHS ENDED MARCH 31, 2016		PER SHARE AMOUNT
FFO of the Operating Partnership	$	951,833	$	2.63
Non-cash impacts to FFO ⁽¹⁾		1,432		0.01

FFO of the Operating Partnership excluding non-cash impacts		953,265	$	2.64
Tenant allowances		(34,417)		(0.10)
Operational capital expenditures		(17,535)		(0.05)

Funds available for distribution	$	901,313	$	2.49

(1): Non-cash impacts to FFO of the Operating Partnership include:


		THREE MONTHS ENDED MARCH 31, 2016
Deductions:
Straight-line rent	$	(15,115)
Fair value of debt amortization		(4,176)
Fair market value of lease amortization		(2,627)
Additions:
Stock based compensation expense		12,666
Mortgage, financing fee and terminated swap amortization expense		10,684

	$	1,432

This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, diluted FFO per share, funds available for distribution, net operating income (NOI), portfolio NOI, and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on pages 18-19, 22 and 23 and in the Earnings Release for the latest period.


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OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)


		THREE MONTHS ENDED MARCH 31,

		2016		2015
Consolidated Properties
Other Income
Interest and dividend income	$	3,128	$	6,665
Lease settlement income		6,590		3,785
Gains on land sales		1,669		726
Other ⁽¹⁾		72,863		37,409

Totals	$	84,250	$	48,585




Other Expense
Ground leases	$	9,601	$	9,117
Professional fees and other		10,878		9,957

Totals	$	20,479	$	19,074


Capitalized Interest		THREE MONTHS ENDED MARCH 31,

		2016		2015
Interest Capitalized during the Period:
Our Share of Consolidated Properties	$	6,946	$	7,076
Our Share of Joint Venture Properties	$	648	$	559

(1): Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues and other miscellaneous income items.


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U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION ⁽¹⁾


		AS OF MARCH 31,

		2016		2015
Total Number of Properties		177		178
Total Square Footage of Properties (in millions)		152.2		151.6
Ending Occupancy ⁽¹⁾:
Consolidated Assets		95.9%		96.1%
Unconsolidated Assets		94.6%		94.9%
Total Portfolio		95.6%		95.8%
Total Sales per Square Foot (PSF) ⁽²⁾:
Consolidated Assets	$	600	$	607
Unconsolidated Assets	$	655	$	670
Total Portfolio	$	613	$	621
Base Minimum Rent PSF ⁽³⁾:
Consolidated Assets	$	48.16	$	45.87
Unconsolidated Assets	$	54.34	$	52.64
Total Portfolio	$	49.70	$	47.59

Releasing Activity for the Trailing Twelve Month Period Ended:


			TOTAL RENT PSF

	SQUARE FOOTAGE OF OPENINGS		OPENING RATE PSF (4)		CLOSING RATE PSF (4)		RELEASING SPREAD (4)
3/31/16	8,037,800	$	68.84	$	58.60	$	10.24	17.5%
12/31/15	7,384,864	$	69.64	$	59.02	$	10.62	18.0%
9/30/15	7,469,197	$	70.78	$	59.78	$	11.00	18.4%
6/30/15	7,323,872	$	69.90	$	59.03	$	10.87	18.4%
3/31/15	7,378,694	$	70.54	$	59.35	$	11.19	18.9%
12/31/14	7,560,601	$	67.51	$	57.92	$	9.59	16.6%
Occupancy Cost as a Percentage of Sales ⁽⁵⁾:
3/31/16	12.5%
12/31/15	12.3%
9/30/15	12.1%
6/30/15	11.9%
3/31/15	11.7%

(1): Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
(2): Total Sales PSF is defined as total sales of the tenants open and operating in the center during the reporting period divided by the associated company owned and occupied GLA on a trailing 12-month basis. Includes tenant sales activity for all months a tenant is open within the trailing 12-month period. In accordance with the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, stores with less than 10,000 square feet are included for malls and stores with less than 20,000 square feet are included for Premium Outlets for 2016.
(3): Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
(4): Releasing Spread is a "same space" measure that compares opening and closing rates on individual spaces, including spaces greater than 10,000 square feet. The Opening Rate is the average of the initial cash Total Rent PSF for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals, amendments and relocations (including expansions and downsizings). The Closing Rate is the average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants that would qualify to be included in Ending Occupancy as defined above as long as the opening and closing dates are within 24 months of one another.
(5): Occupancy Cost as a Percentage of Sales is the trailing 12-month Base Minimum Rent, plus all applicable ancillary charges, plus overage rent, if applicable (based on last 12 months of sales), divided by the trailing 12-month Total Sales PSF for the same tenants.


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THE MILLS AND INTERNATIONAL OPERATING INFORMATION


		AS OF MARCH 31,

		2016		2015
The Mills
Total Number of Properties		14		14
Total Square Footage of Properties (in millions)		20.9		20.9
Ending Occupancy ⁽¹⁾		98.4%		98.0%
Total Sales PSF ⁽²⁾	$	566	$	570
Base Minimum Rent PSF ⁽³⁾	$	27.76	$	26.18
Releasing Spread PSF ⁽⁴⁾	$	10.34	$	10.57
Releasing Spread (Percentage Change) ⁽⁴⁾		26.3%		30.3%

International Properties
Premium Outlets
Total Number of Properties		16		16
Total Square Footage of Properties (in millions)		5.9		5.8
Designer Outlets
Total Number of Properties		7		5
Total Square Footage of Properties (in millions)		1.5		1.0
Statistics for Premium Outlets in Japan ⁽⁵⁾
Ending Occupancy		99.8%		99.2%
Total Sales PSF		¥ 101,885		¥ 96,311
Base Minimum Rent PSF		¥ 4,978		¥ 4,938

(1): See footnote 1 on page 25 for definition, except Ending Occupancy is calculated on all company owned space.
(2): See footnote 2 on page 25 for definition; calculation methodology is the same as for malls.
(3): See footnote 3 on page 25 for definition.
(4): See footnote 4 on page 25 for definition.
(5): Information supplied by the managing venture partner; includes 9 properties.


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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS ⁽¹⁾


YEAR	NUMBER OF LEASES EXPIRING	SQUARE FEET		AVG. BASE MINIMUM RENT PSF AT 3/31/16	PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES ⁽²⁾

Inline Stores and Freestanding
Month to Month Leases	732	2,257,173	$	47.05	2.1%
2016 (4/1/16 - 12/31/16)	973	2,870,198	$	46.42	2.5%
2017	2,653	8,833,753	$	46.47	8.1%
2018	2,510	8,971,387	$	48.53	8.5%
2019	1,954	7,462,407	$	46.98	6.9%
2020	1,707	6,357,316	$	48.81	6.0%
2021	1,500	6,218,396	$	47.64	5.8%
2022	1,479	5,695,056	$	50.92	5.7%
2023	1,696	6,454,861	$	53.73	6.9%
2024	1,511	5,844,221	$	55.44	6.4%
2025	1,509	5,540,247	$	60.08	6.5%
2026	652	2,725,447	$	52.47	2.8%
2027 and Thereafter	380	1,871,193	$	46.00	1.7%
Specialty Leasing Agreements w/ terms in excess of 12 months	911	2,408,089	$	18.95	0.9%

Anchors
2016 (4/1/16 - 12/31/16)	1	103,785	$	1.20	0.0%
2017	16	2,105,404	$	2.82	0.1%
2018	17	2,177,984	$	4.60	0.2%
2019	19	2,156,292	$	5.03	0.2%
2020	24	2,835,524	$	4.77	0.3%
2021	14	1,611,894	$	5.24	0.2%
2022	11	1,442,545	$	7.76	0.2%
2023	8	1,085,762	$	9.90	0.2%
2024	11	659,968	$	11.82	0.2%
2025	18	2,095,999	$	9.56	0.4%
2026	4	413,455	$	5.95	0.1%
2027 and Thereafter	18	2,289,300	$	5.66	0.3%

(1): Does not consider the impact of renewal options that may be contained in leases.
(2): Annual rental revenues represent 2015 consolidated and joint venture combined base rental revenue.


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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS

Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)


TENANT	NUMBER OF STORES	SQUARE FEET (000's)	PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES	PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES

The Gap, Inc.	362	3,652	2.0%	3.5%
Ascena Retail Group Inc	493	2,763	1.5%	2.1%
L Brands, Inc.	298	1,783	1.0%	2.1%
Signet Jewelers, Ltd.	410	609	0.3%	1.6%
PVH Corporation	234	1,445	0.8%	1.5%
Abercrombie & Fitch Co.	175	1,254	0.7%	1.4%
Forever 21, Inc.	82	1,332	0.7%	1.3%
VF Corporation	256	1,296	0.7%	1.3%
Foot Locker, Inc.	253	1,066	0.6%	1.2%
Luxottica Group SPA	392	713	0.4%	1.2%

Top Anchors (sorted by percentage of total square footage in U.S. properties) ⁽¹⁾


TENANT	NUMBER OF STORES	SQUARE FEET (000's)	PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES	PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES

Macy's Inc.	122	23,250	12.6%	0.4%
Sears Holdings Corporation ⁽²⁾	72	11,954	6.5%	0.5%
J.C. Penney Co., Inc.	70	11,370	6.2%	0.4%
Dillard's, Inc.	38	6,839	3.7%	*
Nordstrom, Inc.	28	4,679	2.5%	0.1%
Hudson's Bay Company	15	2,004	1.1%	0.1%
Dick's Sporting Goods, Inc.	27	1,825	1.0%	0.5%
Belk, Inc.	10	1,674	0.9%	0.1%
The Neiman Marcus Group, Inc.	11	1,365	0.7%	*
The Bon-Ton Stores, Inc.	8	1,081	0.6%	*
Target Corporation	6	895	0.5%	*

(1): Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
(2): Includes 10 stores contributed to a joint venture with Seritage.
*: Less than one-tenth of one percent.


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CAPITAL EXPENDITURES
(In thousands)


				UNCONSOLIDATED PROPERTIES

		CONSOLIDATED PROPERTIES		TOTAL		OUR SHARE
New development projects	$	29,414	$	168,955	$	64,312
Redevelopment projects with incremental square footage and/or anchor replacement		40,979		26,720		13,107
Redevelopment projects with no incremental square footage		20,578		13,424		6,391


Subtotal new development and redevelopment projects		90,971		209,099		83,810
Tenant allowances		30,688		7,716		3,729
Operational capital expenditures at properties:
CAM expenditures ⁽¹⁾		4,742		7,194		3,095
Non-CAM expenditures		2,915		20,102		6,783


Totals	$	129,316	$	244,111	$	97,417



Conversion from accrual to cash basis		59,716		55,386		22,103


Capital Expenditures for the Three Months Ended 3/31/16 ⁽²⁾	$	189,032	$	299,497	$	119,520




Capital Expenditures for the Three Months Ended 3/31/15 ⁽²⁾	$	229,228	$	154,922	$	76,507

(1): Expenditures included in the pool of expenses allocated to tenants as CAM.
(2): Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.


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DEVELOPMENT ACTIVITY SUMMARY ⁽¹⁾
As of March 31, 2016
(in millions, except percent)


PLATFORM PROJECT TYPE		PROJECTED GROSS COST ⁽²⁾		PROJECTED NET COST ⁽³⁾		OUR SHARE OF NET COST ⁽⁴⁾	EXPECTED STABILIZED RATE OF RETURN ⁽⁴⁾		TOTAL CONSTRUCTION IN PROGRESS		OUR SHARE OF TOTAL CONSTRUCTION IN PROGRESS
Malls
New Developments	$	685	$	657	$	212	7%	$	522	$	152
Redevelopments	$	1,373	$	1,296	$	892	7%	$	679	$	502

Premium Outlets
New Developments	$	842	$	803	$	485	9%	$	267	$	161
Redevelopments	$	483	$	448	$	371	10%	$	294	$	282
The Mills
Redevelopments	$	142	$	75	$	53	8%	$	31	$	23
Totals	$	3,525	$	3,279	$	2,013	8%	$	1,793	$	1,120

Notes:

(1): Represents projects under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box/restaurant additions with budgeted gross costs in excess of $2 million. Includes both domestic and international properties.
(2): Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.
(3): Projected Net Cost includes cost recoveries such as land sales, tenant reimbursements, Tax Increment Financing (TIF), CAM, and other such recoveries.
(4): Costs and returns are based upon current budget assumptions; actual costs may vary and no assurance can be given that expected returns will be achieved.


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DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of March 31, 2016


PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE

Malls - New Developments
Brickell City Centre - Miami, FL	500,000 SF retail development	Fall 2016	25%
The Shops at Clearfork - Fort Worth, TX	545,000 SF retail/office development	2/17	45%

Malls - Redevelopments
Copley Place Office - Boston, MA	Wayfair expansion Phase II	4/16	94%
Dadeland Mall - Miami, FL	Dining pavilion redevelopment	4/16	50%
Stanford Shopping Center - Palo Alto (San Jose), CA	Relocation of Bloomingdale's (opened 10/14), redevelopment and 120,000 SF small shop expansion (4/16)	4/16	100%
Tyrone Square - St. Petersburg, FL	Cobb 10 Luxury Theatre	4/16	100%
Haywood Mall - Greenville, SC	The Cheesecake Factory	5/16	100%
Woodland Hills Mall - Tulsa, OK	Texas de Brazil	5/16	95%
Phipps Plaza - Atlanta, GA	166 room AC Hotel by Marriott	6/16	50%
Del Amo Fashion Center - Torrance (Los Angeles), CA	Phase III includes the redevelopment of the two-level and single level south mall	7/16	50%
Fashion Centre at Pentagon City, The - Arlington, VA	Redevelopment (opened 12/15) and 50,000 SF expansion (7/16)	7/16	43%
Montgomery Mall - North Wales (Philadelphia), PA	Redevelopment of the Wegmans wing	7/16	79%
Phipps Plaza - Atlanta, GA	319 residential units	7/16	50%
Rockaway Townsquare - Rockaway (New York), NJ	Maggie McFly's	7/16	100%
Columbia Center - Kennewick, WA	Home Goods	8/16	100%
King of Prussia - King of Prussia (Philadelphia), PA	150,000 SF small shop expansion including restaurants to connect The Plaza and The Court	8/16	100%
Coddingtown Mall - Santa Rosa, CA	Nordstrom Rack	9/16	50%
Mall of Georgia - Buford (Atlanta), GA	Von Maur	9/16	100%
Copley Place - Boston, MA	Southwest corridor redevelopment	10/16	94%
Galleria, The - Houston, TX	The Webster (opened 1/16) and Yauatcha Restaurant (10/16)	10/16	50%
Galleria, The - Houston, TX	Common area redevelopment	11/16	50%
Meadowood Mall - Reno, NV	Redevelopment	11/16	50%
Northgate Mall - Seattle, WA	Addition of two-level parking deck	11/16	100%
Westchester, The - White Plains (New York), NY	Redevelopment including dining pavilion	11/16	40%
Forum Shops at Caesars, The - Las Vegas, NV	Redevelopment	6/17	100%
Galleria, The - Houston, TX	Relocation of Saks Fifth Avenue (4/16), redevelopment (4/16) and 105,000 SF small shop expansion (6/17)	6/17	50%


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DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of March 31, 2016


PROPERTY/ LOCATION	PROJECT DESCRIPTION	ACTUAL/ PROJECTED OPENING	COMPANY'S OWNERSHIP PERCENTAGE

Copley Place - Boston, MA	Redevelopment	9/17	94%
Shops at Riverside, The - Hackensack (New York), NJ	Redevelopment of the Saks building to include an AMC Theatre	9/17	100%
College Mall - Bloomington, IN	Redevelopment including the addition of 365 by Whole Foods, Ulta and small shops	10/17	100%
Florida Mall, The - Orlando, FL	Redevelopment of the Saks building to an indoor/outdoor dining pavilion (opened 6/15) and small shops (11/17)	11/17	50%
Aventura Mall - Miami Beach (Miami), FL	175,000 SF expansion	11/17	33%

Premium Outlets - New Developments
Tanger Outlets - Columbus - Columbus, OH	355,000 SF upscale Outlet Center	6/16	50%
Clarksburg Premium Outlets - Clarksburg, MD	392,000 SF upscale Premium Outlet Center	10/16	66%
Siheung Premium Outlets - Siheung (Seoul), South Korea	399,000 SF upscale Premium Outlet Center	5/17	50%
Premium Outlet Collection Edmonton IA - Edmonton, Canada	428,000 SF upscale Premium Outlet Center	10/17	50%

Designer Outlets - New Developments
Provence Designer Outlet - Miramas, France	269,000 SF Designer Outlet Center	3/17	90%

Premium Outlets - Redevelopments
Chicago Premium Outlets - Aurora (Chicago), IL	260,000 SF expansion (opened 8/15) and Phase I redevelopment (6/16)	6/16	100%
Woodbury Common Premium Outlets - Central Valley (New York), NY	Redevelopment and 63,000 SF expansion	12/16	100%

Designer Outlets - Redevelopments
Noventa Di Piave Designer Outlet - Venice, Italy	67,000 SF Phase IV expansion	11/16	60%
Roermond Designer Outlet - Roermond, Holland	125,000 SF Phase IV expansion	4/17	29%

The Mills - Redevelopments
Arizona Mills - Tempe (Phoenix), AZ	Sports Authority relocation (opened 5/15) and addition of Legoland (4/16)	4/16	100%
Grapevine Mills - Grapevine (Dallas), TX	Round 1 Entertainment	5/16	59%
Ontario Mills - Ontario (Riverside), CA	Redevelopment including the addition of 80,000 SF of small shops and restaurants	9/16	50%
The Colonnade at Sawgrass Mills - Sunrise (Miami), FL	Matchbox Restaurant	9/16	100%
Outlets at Orange, The - Orange (Los Angeles), CA	60,000 SF expansion and addition of Bloomingdale's	11/16	50%
The Oasis at Sawgrass Mills - Sunrise (Miami), FL	Redevelopment	12/16	100%
Sawgrass Mills - Sunrise (Miami), FL	Addition of two parking decks	5/18	100%

(1): Projects listed represent projects that are under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box/restaurant additions with budgeted gross costs in excess of $2 million.


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U.S. ANCHOR/BIG BOX OPENINGS


PROPERTY NAME/LOCATION	PROPERTY TYPE	NEW TENANT	FORMER TENANT
Openings during the First Three Months of 2016
Galleria, The - Houston, TX	Mall	The Webster	N/A
Independence Center - Independence (Kansas City), MO	Mall	Dick's Sporting Goods	N/A
Roosevelt Field - Garden City (New York), NY	Mall	Neiman Marcus	N/A
Potomac Mills - Woodbridge (Washington, DC), VA	Mills	Matchbox Restaurant	N/A

Openings Projected for the Remainder of 2016
Arizona Mills - Tempe (Phoenix), AZ	Mills	Legoland	Sports Authority ⁽¹⁾
Burlington Mall - Burlington (Boston), MA	Mall	Primark	Sears ⁽²⁾
Coddingtown Mall - Santa Rosa, CA	Mall	Nordstrom Rack	N/A
Columbia Center - Kennewick, WA	Mall	Home Goods	N/A
Cordova Mall - Pensacola, FL	Mall	B.J.'s Restaurant & Brewhouse	N/A
Del Amo Fashion Center - Torrence (Los Angeles), CA	Mall	Brio Tuscan Grille	N/A
Domain, The - Austin, TX	Mall	Grand Lux Café	Jasper's Restaurant
Fashion Centre at Pentagon, The - Arlington (Washington, DC), VA	Mall	Matchbox Restaurant	N/A
		Shake Shack	N/A
		Zara	N/A
Galleria, The - Houston, TX	Mall	Yauatcha Restaurant	N/A
		Saks Fifth Avenue ⁽¹⁾	N/A
Grapevine Mills - Grapevine (Dallas), TX	Mills	Round 1 Entertainment	Polar Ice House
Haywood Mall - Greenville, SC	Mall	The Cheesecake Factory	Panera Bread ⁽¹⁾
Ingram Park Mall - San Antonio, TX	Mall	Macy's Backstage ⁽³⁾	Macy's ⁽³⁾
Mall of Georgia - Buford (Atlanta), GA	Mall	Von Maur	Nordstrom
Meadowood Mall - Reno, NV	Mall	Dick's Sporting Goods	N/A
Montgomery Mall - North Wales (Philadelphia), PA	Mall	Macy's Backstage ⁽³⁾	Macy's ⁽³⁾
Oasis at Sawgrass Mills - Sunrise (Miami), FL	Mills	Texas de Brazil	N/A


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U.S. ANCHOR/BIG BOX OPENINGS


PROPERTY NAME/LOCATION	PROPERTY TYPE	NEW TENANT	FORMER TENANT
Ontario Mills - Ontario (Riverside), CA	Mills	Uniqlo	JC Five Star
Outlets at Orange, The - Orange (Los Angeles), CA	Mills	Bloomingdale's Outlet	N/A
Penn Square - Oklahoma City, OK	Mall	Texas de Brazil	Cantina Laredo
Rockaway Townsquare - Rockaway (New York), NJ	Mall	Maggie McFly's	N/A
		Macy's Backstage ⁽³⁾	Macy's ⁽³⁾
Sawgrass Mills - Sunrise (Miami), FL	Mills	Century 21 Department Store	VF Outlet
		Matchbox Restaurant	N/A
Shops at Nanuet, The - Nanuet, NY	Mall	Macy's Backstage ⁽³⁾	Macy's ⁽³⁾
South Hills Village - Pittsburgh, PA	Mall	B.J.'s Restaurant & Brewhouse	N/A
Tucson Premium Outlets - Marana (Tucson), AZ	Premium Outlet	Saks Fifth Avenue Off 5th	N/A
Tyrone Square - St. Petersburg (Tampa), FL	Mall	Cobb 10 Luxury Theatre	N/A
Woodland Hills Mall - Tulsa, OK	Mall	Texas de Brazil	N/A

Openings Projected for 2017 and Beyond
College Mall - Bloomington, IN	Mall	Ulta	Sears
		365 by Whole Foods	Sears
Del Amo Fashion Center - Torrence (Los Angeles), CA	Mall	Dick's Sporting Goods	Macy's Home Store
Oasis at Sawgrass Mills - Sunrise (Miami), FL	Mills	Yard House	N/A
Opry Mills - Nashville, TN	Mills	Madame Tussauds	Barnes & Noble
Rockaway Townsquare - Rockaway (New York), NY	Mall	Raymour & Flanigan	Sears ⁽²⁾
Shops at Riverside, The - Hackensack (New York), NJ	Mall	AMC Theatre	Saks Fifth Avenue
South Shore Plaza - Braintree (Boston), MA	Mall	Primark	Sears ⁽²⁾
Southridge Mall - Greendale (Milwaukee), WI	Mall	Marcus Cinema	N/A
Tacoma Mall - Tacoma (Seattle), WA	Mall	Dick's Sporting Goods	Forever 21 ⁽¹⁾

(1): Tenant has an existing store at this center but will relocate to a new location.
(2): Tenant to remain in a portion of its existing space.
(3): Tenant to operate within the current open and operating Macy's store.


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COMMON AND PREFERRED STOCK INFORMATION

CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2015 through March 31, 2016


	COMMON SHARES (1)	LIMITED PARTNERSHIP UNITS (2)
Number Outstanding at December 31, 2015	309,420,569	51,814,235
Activity During the First Three Months of 2016:
Exchange of Limited Partnership Units for Common Stock	1,095	(1,095)
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other	(4,563)	–
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned ⁽³⁾	(265)	482,779

Number Outstanding at March 31, 2016	309,416,836	52,295,919



Number of Limited Partnership Units and Common Shares at March 31, 2016	361,712,755

PREFERRED STOCK/UNITS OUTSTANDING AS OF MARCH 31, 2016
($ in 000's, except per share amounts)


ISSUER	DESCRIPTION	NUMBER OF SHARES/UNITS		PER SHARE LIQUIDATION PREFERENCE		AGGREGATE LIQUIDATION PREFERENCE	TICKER SYMBOL
Preferred Stock:
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable ⁽⁴⁾	796,948	$	50.00	$	39,847	SPGPrJ
Preferred Units:
Simon Property Group, L.P.	7.50% Cumulative Redeemable ⁽⁵⁾	255,373	$	100.00	$	25,537	N/A

(1): Excludes Limited Partnership preferred units relating to preferred stock outstanding.
(2): Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
(3): Represents restricted stock awards and earned LTIP units issued pursuant to the Operating Partnership's 1998 Stock Incentive Plan, net of forfeitures.
(4): Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2016 was $71.75 per share.
(5): Each preferred unit is redeemable upon the occurrence of certain tax triggering events.


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CREDIT PROFILE
(As of March 31, unless otherwise indicated)

(1): Includes WPG properties NOI and FFO through the effective date of the WPG spin-off, net of transaction expenses related to the spin-off of WPG.
(2): Includes a $0.35 per share charge for loss on extinguishment of debt.
(3): Includes a $0.33 per share charge for loss on extinguishment of debt and $0.22 per share for gain upon sale of marketable securities.


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SUMMARY OF INDEBTEDNESS
As of March 31, 2016
(In thousands)


		TOTAL INDEBTEDNESS		OUR SHARE OF INDEBTEDNESS	WEIGHTED AVERAGE END OF PERIOD INTEREST RATE	WEIGHTED AVERAGE YEARS TO MATURITY
Consolidated Indebtedness
Mortgage Debt
Fixed Rate	$	5,963,492	$	5,841,954	4.68%	5.2
Variable Rate Debt		630,000		630,000	2.30%	1.1

Total Mortgage Debt		6,593,492		6,471,954	4.45%	4.8
Unsecured Debt
Fixed Rate		14,821,909		14,821,909	3.81%	7.2
Revolving Credit Facility - USD Currency		190,000		190,000	1.24%	3.2
Revolving Credit Facility - Euro Currency		246,526		246,526	0.80%	3.2
Supplemental Credit Facility - USD Currency		50,000		50,000	1.24%	4.2
Revolving Credit Facility - Yen Currency		198,147		198,147	0.80%	3.2

Total Revolving Credit Facilities		684,673		684,673	0.95%	3.3
Global Commercial Paper - USD		780,418		780,418	0.53%	0.2
Global Commercial Paper - Euro		194,954		194,954	0.02%	0.2

Total Unsecured Debt		16,481,954		16,481,954	3.49%	6.7
Premium		39,575		39,575
Discount		(48,314)		(48,314)
Debt Issue Costs		(90,886)		(90,433)



Consolidated Mortgages and Unsecured Indebtedness (1)	$	22,975,821	$	22,854,736	3.76%	6.1



Joint Venture Indebtedness
Mortgage Debt
Fixed Rate	$	11,259,488	$	5,389,652	4.43%	6.1
Variable Rate Debt		1,607,033		736,518	1.96%	3.6
TMLP Debt (2)		719,138		304,703	–	–

Total Mortgage Debt		13,585,659		6,430,873	4.14%	5.8
Premium		3,754		1,875
Discount		–		–
Debt Issue Costs		(63,228)		(28,827)



Joint Venture Mortgages and Other Indebtedness (1)	$	13,526,185	$	6,403,921	4.14%	5.8





Our Share of Total Indebtedness			$	29,258,657	3.84%	6.1


	TOTAL INDEBTEDNESS		OUR SHARE OF INDEBTEDNESS	WEIGHTED AVERAGE END OF PERIOD INTEREST RATE	WEIGHTED AVERAGE YEARS TO MATURITY
Summary of Our Share of Fixed and Variable Rate Debt
Consolidated
Fixed	94.3%	$	21,559,489	3.89%	6.4
Variable	5.7%		1,295,247	1.60%	2.2

	100.0%		22,854,736	3.76%	6.1
Joint Venture
Fixed	86.4%	$	5,531,580	4.43%	6.1
Variable	13.6%		872,341	1.96%	3.4

	100.0%		6,403,921	4.14%	5.8
Total Debt		$	29,258,657





Total Fixed Debt	92.6%	$	27,091,069	4.00%	6.3





Total Variable Debt	7.4%	$	2,167,588	1.72%	2.6

(1): Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(2): See footnote 23 on the Property and Debt information.


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TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of March 31, 2016
(In thousands)


Year		OUR SHARE OF UNSECURED CONSOLIDATED DEBT	WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT		OUR SHARE OF SECURED CONSOLIDATED DEBT	WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT		OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT	WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT		OUR SHARE OF TOTAL DEBT	TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT

2016		1,339,648	1.74%		842,015	4.74%		602,021	6.56%		2,783,684	3.41%
2017		1,307,453	2.99%		1,713,030	4.95%		345,726	5.03%		3,366,209	4.17%
2018		750,000	1.50%		35,020	–		149,440	1.69%		934,460	1.52%
2019		1,884,673	4.58%		119,240	7.79%		306,733	2.51%		2,310,646	4.56%
2020		2,650,090	3.92%		585,483	4.47%		1,255,501	3.80%		4,491,074	3.96%
2021		2,150,000	3.81%		511,682	4.14%		819,737	4.70%		3,481,419	4.08%
2022		1,450,090	2.20%		605,885	3.82%		711,588	4.14%		2,767,563	3.10%
2023		500,000	2.75%		700,833	3.85%		392,567	3.37%		1,593,400	3.41%
2024		1,500,000	3.53%		85,865	4.57%		1,075,760	4.18%		2,661,625	3.83%
2025		600,000	3.50%		557,429	4.31%		748,410	3.68%		1,905,839	3.81%
2026		800,000	3.30%		667,776	4.06%		4,024	–		1,471,800	3.65%
Thereafter		1,550,000	5.40%		47,696	3.85%		19,366	2.34%		1,617,062	5.23%

Face Amounts of Indebtedness	$	16,481,954	3.49%	$	6,471,954	4.45%	$	6,430,873	4.14%	$	29,384,781	3.84%
Premiums (Discounts) on Indebtedness, Net		(48,242)			39,503			1,875			(6,864)
Debt Issue Costs		(77,051)			(13,382)			(28,827)			(119,260)

Our Share of Total Indebtedness	$	16,356,661		$	6,498,075		$	6,403,921		$	29,258,657


1Q 2016 SUPPLEMENTAL		38

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016


							DEBT INFORMATION

				LEGAL		TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
	Malls
1.	Apple Blossom Mall	VA	Winchester	49.1%		473,103	⁽²⁾
2.	Auburn Mall	MA	Auburn	56.4%		586,242	09/01/20		6.02%	Fixed	38,973	21,969
3.	Aventura Mall ⁽³⁾	FL	Miami Beach (Miami)	33.3%		2,094,752	12/01/20		3.75%	Fixed	1,200,000	400,000
							12/30/20		2.39%	Variable	19,322	6,440
4.	Avenues, The	FL	Jacksonville	25.0%	⁽⁴⁾	1,113,631	02/06/23		3.60%	Fixed	110,000	27,500
5.	Bangor Mall	ME	Bangor	87.6%		652,549	10/01/17		6.15%	Fixed	80,000	70,087
6.	Barton Creek Square	TX	Austin	100.0%		1,429,494	⁽²⁾
7.	Battlefield Mall	MO	Springfield	100.0%		1,201,628	09/01/22		3.95%	Fixed	123,928	123,928
8.	Bay Park Square	WI	Green Bay	100.0%		711,731	⁽²⁾
9.	Brea Mall	CA	Brea (Los Angeles)	100.0%		1,319,519	⁽²⁾
10.	Briarwood Mall	MI	Ann Arbor	50.0%		979,005	11/30/16	⁽⁶⁾	7.50%	Fixed	106,745	53,372
11.	Broadway Square	TX	Tyler	100.0%		627,562	⁽²⁾
12.	Burlington Mall	MA	Burlington (Boston)	100.0%		1,317,294	⁽²⁾
13.	Cape Cod Mall	MA	Hyannis	56.4%		722,297	03/06/21		5.75%	Fixed	93,251	52,566
14.	Castleton Square	IN	Indianapolis	100.0%		1,381,813	⁽²⁾
15.	Cielo Vista Mall	TX	El Paso	100.0%		1,245,912	⁽²⁾
16.	Coconut Point	FL	Estero	50.0%		1,205,015	12/10/16		5.83%	Fixed	230,000	115,000
17.	Coddingtown Mall	CA	Santa Rosa	50.0%		821,397	03/01/17		2.19%	Variable	11,100	11,100
18.	College Mall	IN	Bloomington	100.0%		636,413	⁽²⁾
19.	Columbia Center	WA	Kennewick	100.0%		772,369	⁽²⁾
20.	Copley Place	MA	Boston	94.4%	⁽⁷⁾	1,250,592	⁽²⁾
21.	Coral Square	FL	Coral Springs (Miami)	97.2%		943,791	⁽²⁾
22.	Cordova Mall	FL	Pensacola	100.0%		928,709	⁽²⁾
23.	Crystal Mall	CT	Waterford	78.2%		782,868	06/06/22		4.46%	Fixed	92,362	72,213
24.	Dadeland Mall	FL	Miami	50.0%		1,498,542	12/05/21		4.50%	Fixed	433,195	216,598
25.	Del Amo Fashion Center	CA	Torrance (Los Angeles)	50.0%		2,409,984	01/20/20	⁽⁸⁾	1.94%	Variable	510,000	255,000
26.	Domain, The	TX	Austin	100.0%		1,234,149	08/01/21		5.44%	Fixed	194,644	194,644
27.	Dover Mall	DE	Dover	68.1%		928,121	08/06/21		5.57%	Fixed	88,043	59,948
28.	Emerald Square	MA	North Attleboro (Providence, RI)	56.4%		1,022,435	08/11/22		4.71%	Fixed	108,475	61,147
29.	Empire Mall	SD	Sioux Falls	100.0%		1,125,724	12/01/25		4.31%	Fixed	190,000	190,000
30.	Falls, The	FL	Miami	50.0%		837,996	11/30/16	⁽⁶⁾	7.50%	Fixed	103,187	51,593
31.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)	42.5%		985,478	07/01/21		5.11%	Fixed	40,000	17,000
							07/01/21		4.87%	Fixed	410,000	174,250
32.	Fashion Mall at Keystone, The	IN	Indianapolis	100.0%		712,170	⁽²⁾
33.	Fashion Valley	CA	San Diego	50.0%		1,720,755	01/04/21		4.30%	Fixed	456,648	228,324
34.	Firewheel Town Center	TX	Garland (Dallas)	100.0%		999,492	⁽²⁾
35.	Florida Mall, The	FL	Orlando	50.0%		1,702,527	09/05/20		5.25%	Fixed	342,170	171,085
36.	Forum Shops at Caesars, The	NV	Las Vegas	100.0%		679,664	⁽²⁾
37.	Galleria, The	TX	Houston	50.4%		1,912,497	03/01/25		3.55%	Fixed	1,200,000	604,440


1Q 2016 SUPPLEMENTAL		39

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016


							DEBT INFORMATION

				LEGAL		TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
38.	Greenwood Park Mall	IN	Greenwood (Indianapolis)	100.0%		1,288,139	⁽²⁾
39.	Haywood Mall	SC	Greenville	100.0%		1,237,008	⁽²⁾
40.	Independence Center	MO	Independence (Kansas City)	100.0%		881,942	07/10/17		5.94%	Fixed	200,000	200,000
41.	Ingram Park Mall	TX	San Antonio	100.0%		1,120,324	06/01/21		5.38%	Fixed	135,080	135,080
42.	King of Prussia	PA	King of Prussia (Philadelphia)	100.0%		2,466,963	01/01/17		7.49%	Fixed	18,523	18,523
							01/01/17		8.53%	Fixed	1,348	1,348
							01/01/17		4.50%	Fixed	50,000	50,000
43.	La Plaza Mall	TX	McAllen	100.0%		1,077,201	⁽²⁾
44.	Lakeline Mall	TX	Cedar Park (Austin)	100.0%		1,097,449	⁽²⁾
45.	Lehigh Valley Mall	PA	Whitehall	50.0%		1,076,615	07/05/20		5.88%	Fixed	128,525	64,263
46.	Lenox Square	GA	Atlanta	100.0%		1,559,866	⁽²⁾
47.	Livingston Mall	NJ	Livingston (New York)	100.0%		969,032	⁽²⁾
48.	Mall at Rockingham Park, The	NH	Salem (Boston)	28.2%		1,025,432	03/10/17		5.61%	Fixed	260,000	73,282
49.	Mall at Tuttle Crossing, The	OH	Dublin (Columbus)	50.0%		1,125,102	05/01/23		3.56%	Fixed	125,000	62,500
50.	Mall of Georgia	GA	Buford (Atlanta)	100.0%		1,818,465	⁽²⁾
51.	Mall of New Hampshire, The	NH	Manchester	56.4%		916,473	07/01/25		4.11%	Fixed	150,000	84,555
52.	McCain Mall	AR	N. Little Rock	100.0%		795,778	⁽²⁾
53.	Meadowood Mall	NV	Reno	50.0%		844,597	11/06/21		5.82%	Fixed	117,894	58,947
54.	Menlo Park Mall	NJ	Edison (New York)	100.0%		1,334,285	⁽²⁾
55.	Miami International Mall	FL	Miami	47.8%		1,082,457	02/06/24		4.42%	Fixed	160,000	76,442
56.	Midland Park Mall	TX	Midland	100.0%		622,016	09/06/22		4.35%	Fixed	79,975	79,975
57.	Miller Hill Mall	MN	Duluth	100.0%		832,524	⁽²⁾
58.	Montgomery Mall	PA	North Wales (Philadelphia)	79.4%		1,103,056	05/01/24		4.57%	Fixed	100,000	79,351
59.	North East Mall	TX	Hurst (Dallas)	100.0%		1,669,001	⁽²⁾
60.	Northgate Mall	WA	Seattle	100.0%		1,045,668	⁽²⁾
61.	Northshore Mall	MA	Peabody (Boston)	56.4%		1,591,266	07/05/23		3.30%	Fixed	260,032	146,581
62.	Ocean County Mall	NJ	Toms River (New York)	100.0%		965,514	⁽²⁾
63.	Orland Square	IL	Orland Park (Chicago)	100.0%		1,231,947	⁽²⁾
64.	Oxford Valley Mall	PA	Langhorne (Philadelphia)	85.5%		1,331,743	12/07/20		4.77%	Fixed	64,922	55,536
65.	Penn Square Mall	OK	Oklahoma City	94.5%		1,063,652	01/01/26		3.84%	Fixed	310,000	292,938
66.	Pheasant Lane Mall	NH	Nashua		⁽¹⁰⁾	979,381	⁽²⁾
67.	Phipps Plaza	GA	Atlanta	100.0%		829,473	⁽²⁾
68.	Plaza Carolina	PR	Carolina (San Juan)	100.0%		1,157,878	09/30/17	⁽⁸⁾	1.79%	Variable	225,000	225,000
69.	Prien Lake Mall	LA	Lake Charles	100.0%		848,423	⁽²⁾
70.	Quaker Bridge Mall	NJ	Lawrenceville	50.0%		1,083,790	⁽²⁾ ⁽³⁴⁾
71.	Rockaway Townsquare	NJ	Rockaway (New York)	100.0%		1,245,769	⁽²⁾
72.	Roosevelt Field	NY	Garden City (New York)	100.0%		2,366,579	⁽²⁾
73.	Ross Park Mall	PA	Pittsburgh	100.0%		1,232,529	⁽²⁾


1Q 2016 SUPPLEMENTAL		40

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016


							DEBT INFORMATION

				LEGAL		TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ in 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
74.	Santa Rosa Plaza	CA	Santa Rosa	100.0%		713,644	⁽²⁾
75.	Shops at Chestnut Hill, The	MA	Chestnut Hill (Boston)	94.4%		470,030	11/01/23		4.69%	Fixed	120,000	113,328
76.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)	51.0%		1,149,606	02/01/23		3.61%	Fixed	295,000	150,450
77.	Shops at Nanuet, The	NY	Nanuet	100.0%		682,725	⁽²⁾
78.	Shops at Riverside, The	NJ	Hackensack (New York)	100.0%		659,630	02/01/23		3.37%	Fixed	130,000	130,000
79.	Smith Haven Mall	NY	Lake Grove (New York)	25.0%	⁽⁴⁾	1,300,288	05/29/20	⁽⁸⁾	1.64%	Variable	180,000	45,000
80.	Solomon Pond Mall	MA	Marlborough (Boston)	56.4%		886,455	11/01/22		4.01%	Fixed	103,444	58,312
81.	South Hills Village	PA	Pittsburgh	100.0%		1,120,615	⁽²⁾
82.	South Shore Plaza	MA	Braintree (Boston)	100.0%		1,588,724	⁽²⁾
83.	Southdale Center	MN	Edina (Minneapolis)	100.0%		1,297,609	04/01/23		3.84%	Fixed	152,517	152,517
84.	SouthPark	NC	Charlotte	100.0%		1,676,219	⁽²⁾
85.	Southridge Mall	WI	Greendale (Milwaukee)	100.0%		1,177,776	06/06/23		3.85%	Fixed	123,369	123,369
86.	Springfield Mall⁽³⁾	PA	Springfield (Philadelphia)	50.0%		610,576	10/06/25		4.45%	Fixed	64,677	32,338
87.	Square One Mall	MA	Saugus (Boston)	56.4%		929,844	01/06/22		5.47%	Fixed	94,186	53,093
88.	St. Charles Towne Center	MD	Waldorf (Washington, DC)	100.0%		980,618	⁽²⁾
89.	St. Johns Town Center	FL	Jacksonville	50.0%		1,390,845	09/11/24		3.82%	Fixed	350,000	175,000
90.	Stanford Shopping Center	CA	Palo Alto (San Jose)	94.4%	⁽⁷⁾	1,350,094	⁽²⁾
91.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)	49.9%		1,299,421	11/30/16	⁽⁶⁾	7.50%	Fixed	212,531	106,053
92.	Summit Mall	OH	Akron	100.0%		777,669	06/10/17		5.42%	Fixed	65,000	65,000
93.	Tacoma Mall	WA	Tacoma (Seattle)	100.0%		1,334,709	⁽²⁾
94.	Tippecanoe Mall	IN	Lafayette	100.0%		862,740	⁽²⁾
95.	Town Center at Boca Raton	FL	Boca Raton (Miami)	100.0%		1,779,353	⁽²⁾
96.	Town Center at Cobb	GA	Kennesaw (Atlanta)	100.0%		1,280,793	05/01/22		4.76%	Fixed	194,509	194,509
97.	Towne East Square	KS	Wichita	100.0%		1,134,926	⁽²⁾
98.	Treasure Coast Square	FL	Jensen Beach	100.0%		876,257	⁽²⁾
99.	Tyrone Square	FL	St. Petersburg (Tampa)	100.0%		1,100,089	⁽²⁾
100.	University Park Mall	IN	Mishawaka	100.0%		917,550	⁽²⁾
101.	Walt Whitman Shops	NY	Huntington Station (New York)	100.0%		1,089,624	⁽²⁾
102.	West Town Mall	TN	Knoxville	50.0%		1,341,519	12/01/17		6.34%	Fixed	210,000	105,000
103.	Westchester, The	NY	White Plains (New York)	40.0%		800,564	05/05/20		6.00%	Fixed	343,803	137,521
104.	White Oaks Mall	IL	Springfield	80.7%		930,057	11/01/16		5.54%	Fixed	50,000	40,339
105.	Wolfchase Galleria	TN	Memphis	94.5%		1,151,350	04/01/17		5.64%	Fixed	225,000	212,616
106.	Woodfield Mall	IL	Schaumburg (Chicago)	50.0%		2,171,474	03/05/24		4.50%	Fixed	425,000	212,500
107.	Woodland Hills Mall	OK	Tulsa	94.5%		1,091,383	04/05/19		7.79%	Fixed	90,022	85,043

	Total Mall Square Footage					121,809,333



	Lifestyle Centers
1.	ABQ Uptown	NM	Albuquerque	100.0%	230,026	⁽²⁾
2.	Hamilton Town Center	IN	Noblesville (Indianapolis)	50.0%	672,896	04/01/22	4.81%	Fixed	82,883	41,442
3.	Pier Park	FL	Panama City Beach	65.6%	895,793	⁽²⁾
4.	University Park Village	TX	Fort Worth	100.0%	160,080	05/01/28	3.85%	Fixed	55,000	55,000

	Total Lifestyle Centers Square Footage				1,958,795


1Q 2016 SUPPLEMENTAL		41

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016


						DEBT INFORMATION

				LEGAL	TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ IN 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP	SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
	Premium Outlets
1.	Albertville Premium Outlets	MN	Albertville (Minneapolis)	100.0%	429,061	⁽²⁾
2.	Allen Premium Outlets	TX	Allen (Dallas)	100.0%	441,780	⁽²⁾
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	100.0%	285,309	⁽²⁾
4.	Birch Run Premium Outlets	MI	Birch Run (Detroit)	100.0%	680,756	02/06/26		4.21%	Fixed	123,000	123,000
5.	Calhoun Premium Outlets	GA	Calhoun	100.0%	254,062	09/01/16	⁽¹⁵⁾	5.79%	Fixed	19,242	19,242
6.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)	100.0%	675,257	⁽²⁾
7.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	100.0%	289,412	⁽²⁾
8.	Carolina Premium Outlets	NC	Smithfield (Raleigh)	100.0%	438,852	12/01/22		3.36%	Fixed	47,228	47,228
9.	Charlotte Premium Outlets	NC	Charlotte	50.0%	398,691	11/24/19	⁽⁸⁾	1.89%	Variable	90,000	45,000
10.	Chicago Premium Outlets	IL	Aurora (Chicago)	100.0%	688,500	⁽²⁾
11.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)	100.0%	398,717	⁽²⁾
12.	Clinton Crossing Premium Outlets	CT	Clinton	100.0%	276,212	⁽²⁾
13.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	100.0%	651,083	⁽²⁾
14.	Edinburgh Premium Outlets	IN	Edinburgh (Indianapolis)	100.0%	377,734	⁽²⁾
15.	Ellenton Premium Outlets	FL	Ellenton (Tampa)	100.0%	476,506	12/01/25		4.30%	Fixed	178,000	178,000
16.	Folsom Premium Outlets	CA	Folsom (Sacramento)	100.0%	297,726	⁽²⁾
17.	Gaffney Premium Outlets	SC	Gaffney (Greenville/Charlotte)	100.0%	359,877	09/01/16	⁽¹⁵⁾	5.79%	Fixed	34,920	34,920
18.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	100.0%	578,102	⁽²⁾
19.	Gloucester Premium Outlets	NJ	Blackwood (Philadelphia)	50.0%	369,652	06/19/19	⁽⁸⁾	1.94%	Variable	78,606	39,304
20.	Grand Prairie Premium Outlets	TX	Grand Prairie (Dallas)	100.0%	417,166	04/01/23		3.66%	Fixed	120,000	120,000
21.	Grove City Premium Outlets	PA	Grove City (Pittsburgh)	100.0%	531,293	12/01/25		4.31%	Fixed	140,000	140,000
22.	Gulfport Premium Outlets	MS	Gulfport	100.0%	300,252	12/01/25		4.35%	Fixed	50,000	50,000
23.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/Washington, DC)	100.0%	485,046	02/06/26		4.26%	Fixed	77,000	77,000
24.	Houston Premium Outlets	TX	Cypress (Houston)	100.0%	541,832	⁽²⁾
25.	Jackson Premium Outlets	NJ	Jackson (New York)	100.0%	285,498	⁽²⁾
26.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	100.0%	434,400	⁽²⁾
27.	Johnson Creek Premium Outlets	WI	Johnson Creek	100.0%	276,373	⁽²⁾
28.	Kittery Premium Outlets	ME	Kittery	100.0%	259,323	⁽²⁾
29.	Las Americas Premium Outlets	CA	San Diego	100.0%	555,803	06/11/16	⁽⁹⁾	5.84%	Fixed	173,657	173,657
30.	Las Vegas North Premium Outlets	NV	Las Vegas	100.0%	675,616	⁽²⁾
31.	Las Vegas South Premium Outlets	NV	Las Vegas	100.0%	535,407	⁽²⁾
32.	Lebanon Premium Outlets	TN	Lebanon (Nashville)	100.0%	227,289	⁽²⁾
33.	Lee Premium Outlets	MA	Lee	100.0%	224,825	09/01/16	⁽¹⁵⁾	5.79%	Fixed	48,033	48,033
34.	Leesburg Corner Premium Outlets	VA	Leesburg (Washington, DC)	100.0%	478,217	⁽²⁾
35.	Liberty Village Premium Outlets	NJ	Flemington (New York)	100.0%	162,239	⁽²⁾
36.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)	100.0%	454,730	⁽²⁾
37.	Merrimack Premium Outlets	NH	Merrimack	100.0%	408,996	07/01/23		3.78%	Fixed	128,478	128,478
38.	Napa Premium Outlets	CA	Napa	100.0%	179,175	⁽²⁾
39.	North Bend Premium Outlets	WA	North Bend (Seattle)	100.0%	223,560	⁽²⁾


1Q 2016 SUPPLEMENTAL		42

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016


						DEBT INFORMATION

				LEGAL	TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ IN 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP	SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
40.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	100.0%	540,428	⁽²⁾
41.	Orlando International Premium Outlets	FL	Orlando	100.0%	773,609	⁽²⁾
42.	Orlando Vineland Premium Outlets	FL	Orlando	100.0%	656,690	⁽²⁾
43.	Osage Beach Premium Outlets	MO	Osage Beach	100.0%	390,127	⁽²⁾
44.	Petaluma Village Premium Outlets	CA	Petaluma (San Francisco)	100.0%	201,781	⁽²⁾
45.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	100.0%	549,155	⁽²⁾
46.	Phoenix Premium Outlets	AZ	Chandler (Phoenix)	100.0%	356,498	⁽²⁾
47.	Pismo Beach Premium Outlets	CA	Pismo Beach	100.0%	147,416	11/06/16	⁽¹⁷⁾	5.84%	Fixed	33,850	33,850
48.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie (Chicago, IL/Milwaukee)	100.0%	402,537	12/01/16		6.01%	Fixed	34,446	34,446
49.	Puerto Rico Premium Outlets	PR	Barceloneta	100.0%	349,978	09/30/17	⁽⁸⁾	1.79%	Variable	125,000	125,000
50.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)	100.0%	289,547	11/06/16	⁽¹⁷⁾	5.84%	Fixed	66,150	66,150
51.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	100.0%	604,105	⁽²⁾
52.	Round Rock Premium Outlets	TX	Round Rock (Austin)	100.0%	488,608	⁽²⁾
53.	San Francisco Premium Outlets	CA	Livermore (San Francisco)	100.0%	696,968	⁽²⁾
54.	San Marcos Premium Outlets	TX	San Marcos (Austin/San Antonio)	100.0%	732,647	⁽²⁾
55.	Seattle Premium Outlets	WA	Tulalip (Seattle)	100.0%	554,814	⁽²⁾
56.	Silver Sands Premium Outlets	FL	Destin	50.0%	451,219	06/01/22		3.93%	Fixed	100,000	50,000
57.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonville)	100.0%	329,059	⁽²⁾
58.	St. Louis Premium Outlets	MO	St. Louis (Chesterfield)	60.0%	351,513	10/06/24		4.06%	Fixed	95,000	57,000
59.	Tampa Premium Outlets	FL	Lutz (Tampa)	100.0%	441,446	⁽²⁾
60.	Tanger Outlets - Galveston/Houston⁽³⁾	TX	Texas City	50.0%	352,705	07/01/18	⁽⁸⁾	1.94%	Variable	65,000	32,500
61.	The Crossings Premium Outlets	PA	Tannersville	100.0%	411,605	12/01/22		3.41%	Fixed	114,458	114,458
62.	Tucson Premium Outlets	AZ	Marana (Tucson)	100.0%	362,222	⁽²⁾
63.	Twin Cities Premium Outlets	MN	Eagan	35.0%	408,944	11/06/24		4.32%	Fixed	115,000	40,250
64.	Vacaville Premium Outlets	CA	Vacaville	100.0%	440,118	⁽²⁾
65.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	100.0%	219,145	⁽²⁾
66.	Waterloo Premium Outlets	NY	Waterloo	100.0%	417,823	⁽²⁾
67.	Williamsburg Premium Outlets	VA	Williamsburg	100.0%	522,225	02/06/26		4.23%	Fixed	185,000	185,000
68.	Woodburn Premium Outlets	OR	Woodburn (Portland)	100.0%	389,717	⁽²⁾
69.	Woodbury Common Premium Outlets	NY	Central Valley (New York)	100.0%	865,972	⁽²⁾
70.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	100.0%	660,091	⁽²⁾


	Total U.S. Premium Outlet Square Footage				30,383,041


1Q 2016 SUPPLEMENTAL		43

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016


							DEBT INFORMATION

				LEGAL		TOTAL	MATURITY	INTEREST		INDEBTEDNESS ($ IN 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP		SQUARE FEET	DATE	RATE (1)	TYPE	TOTAL	OUR SHARE
	The Mills
1.	Arizona Mills	AZ	Tempe (Phoenix)	100.0%		1,238,302	07/01/20	5.76%	Fixed	161,342	161,342
2.	Arundel Mills	MD	Hanover (Baltimore)	59.3%		1,662,985	02/06/24	4.29%	Fixed	385,000	228,113
3.	Colorado Mills	CO	Lakewood (Denver)	37.5%		1,410,712	11/01/24	4.28%	Fixed	136,000	51,000
							07/01/21	5.04%	Fixed	27,341	10,253
4.	Concord Mills	NC	Concord (Charlotte)	59.3%		1,344,808	11/01/22	3.84%	Fixed	235,000	139,261
5.	Grapevine Mills	TX	Grapevine (Dallas)	59.3%		1,781,224	10/01/24	3.83%	Fixed	268,000	158,817
6.	Great Mall	CA	Milpitas (San Jose)	100.0%		1,366,165	⁽²⁾
7.	Gurnee Mills	IL	Gurnee (Chicago)	100.0%		1,935,985	07/01/17	5.77%	Fixed	321,000	321,000
8.	Katy Mills	TX	Katy (Houston)	62.5%	⁽⁴⁾	1,790,195	12/06/22	3.49%	Fixed	140,000	35,000
9.	Mills at Jersey Gardens, The	NJ	Elizabeth	100.0%		1,304,033	11/01/20	3.83%	Fixed	350,000	350,000
10.	Ontario Mills	CA	Ontario (Riverside)	50.0%		1,357,415	03/05/22	4.25%	Fixed	324,819	162,409
11.	Opry Mills	TN	Nashville	100.0%		1,153,698	10/10/16	2.94%	Variable	280,000	280,000
							10/10/16	5.00%	Fixed	68,549	68,549
12.	Outlets at Orange, The	CA	Orange (Los Angeles)	50.0%		806,333	04/01/24	4.22%	Fixed	215,000	107,500
13.	Potomac Mills	VA	Woodbridge (Washington, DC)	100.0%		1,540,403	07/11/17	5.83%	Fixed	410,000	410,000
14.	Sawgrass Mills	FL	Sunrise (Miami)	100.0%		2,176,787	⁽²⁾

	Total The Mills Square Footage					20,869,045



	TMLP Properties
	The Esplanade, The Galleria at White Plains, Northpark Mall, Philadelphia Mills, and Sugarloaf Mills						⁽²³⁾			719,138	304,703

	Total TMLP Properties Square Footage					5,748,020



	Other Properties
	Circle Centre, Florida Keys Outlet Center, Greendale Mall, Huntley Outlet Center, Liberty Tree Mall, Lincoln Plaza, Naples Outlet Center, and Outlet Marketplace						^(21)(33)			160,808	68,250

	Total Other Properties Square Footage					3,109,775




	TOTAL U.S. SQUARE FOOTAGE ^(11)(24)					183,878,009


1Q 2016 SUPPLEMENTAL		44

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016


						DEBT INFORMATION

				LEGAL	TOTAL	MATURITY		INTEREST		INDEBTEDNESS ($ IN 000's)
	PROPERTY NAME	STATE	CITY (CBSA)	OWNERSHIP	SQUARE FEET	DATE		RATE (1)	TYPE	TOTAL	OUR SHARE
	International Properties
	AUSTRIA
1.	Parndorf Designer Outlet Phases 3 & 4	Vienna		90.0%	118,000	05/20/22	⁽²⁰⁾	1.95%	Fixed	104,278	93,850

	Subtotal Austria Square Footage				118,000
	CANADA
2.	Premium Outlets Montréal	Montréal (Quebec)		50.0%	365,700	09/10/17	^(8)(29)	2.20%	Variable	83,766	41,883
3.	Toronto Premium Outlets	Toronto (Ontario)		50.0%	358,400	06/01/22	⁽²⁹⁾	3.13%	Fixed	131,005	65,503
4.	Vancouver Designer Outlet	Vancouver (British Columbia)		45.0%	242,000	04/01/18	⁽¹⁴⁾	2.75%	Variable	73,514	33,081

	Subtotal Canada Square Footage				966,100
	GERMANY
5.	Ochtrup Designer Outlet	Ochtrup		70.5%	191,500	06/30/21	⁽²⁰⁾	2.49%	Fixed	49,793	35,104

	Subtotal Germany Square Footage				191,500
	ITALY
6.	La Reggia Designer Outlet Phases 1 & 2	Marcianise (Naples)		60.0%	288,000	03/31/27	⁽²⁰⁾	1.22%	Variable	65,655	39,393
7.	Noventa Di Piave Designer Outlet Phases 1, 2 & 3	Venice		60.0%	280,000	06/30/20	⁽²⁰⁾	2.00%	Variable	90,675	54,405

	Subtotal Italy Square Footage				568,000
	JAPAN
8.	Ami Premium Outlets	Ami (Tokyo)		40.0%	315,000	09/25/23	⁽²⁵⁾	1.80%	Fixed	68,421	27,368
9.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0%	481,500	02/28/18	⁽²⁵⁾	0.27%	Variable	9,344	3,738
10.	Kobe-Sanda Premium Outlets	Kobe (Osaka)		40.0%	441,000	01/31/20	⁽²⁵⁾	0.35%	Variable	32,786	13,114
11.	Rinku Premium Outlets	Izumisano (Osaka)		40.0%	416,500	07/31/17	⁽²⁵⁾	0.30%	Variable	11,569	4,628
12.	Sano Premium Outlets	Sano (Tokyo)		40.0%	390,800	05/31/18	⁽²⁵⁾	0.34%	Variable	4,494	1,798
13.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)		40.0%	164,200	10/31/18	⁽²⁵⁾	0.31%	Variable	10,145	4,058
14.	Shisui Premium Outlets	Shisui (Chiba)		40.0%	365,900	05/31/18	⁽²⁵⁾	0.27%	Variable	37,379	14,952
						05/29/22	⁽²⁵⁾	0.38%	Fixed	44,497	17,799
15.	Toki Premium Outlets	Toki (Nagoya)		40.0%	367,700	05/31/20	⁽²⁵⁾	0.82%	Variable	5,538	2,215
						11/30/19	⁽²⁵⁾	0.38%	Fixed	26,699	10,680
16.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0%	290,400	12/31/18	⁽²⁵⁾	0.31%	Variable	15,530	6,212

	Subtotal Japan Square Footage				3,233,000


1Q 2016 SUPPLEMENTAL		45

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016

DEBT INFORMATION

LEGAL

TOTAL

MATURITY

INTEREST

INDEBTEDNESS ($ IN 000's)

PROPERTY NAME

STATE

CITY (CBSA)

OWNERSHIP

SQUARE FEET

DATE

RATE (1)

TYPE

TOTAL

OUR SHARE

KOREA

17.

Busan Premium Outlets

Busan

50.0%

360,200

06/20/22

⁽²⁶⁾

5.44%

Fixed

70,775

35,388

02/13/17

⁽²⁶⁾

3.63%

Variable

34,642

17,321

18.

Paju Premium Outlets

Paju (Seoul)

50.0%

442,900

11/28/19

⁽²⁶⁾

4.08%

Fixed

95,069

47,534

19.

Yeoju Premium Outlets

Yeoju (Seoul)

50.0%

551,600

09/06/20

⁽²⁶⁾

4.69%

Fixed

75,690

37,845

Subtotal South Korea Square Footage

1,354,700

MALAYSIA

20.

Johor Premium Outlets

Johor (Singapore)

50.0%

264,400

10/14/20

⁽²⁷⁾

5.37%

Variable

17,632

8,816

Subtotal Malaysia Square Footage

264,400

MEXICO

21.

Premium Outlets Punta Norte

Mexico City

50.0%

333,000

⁽²⁾

Subtotal Mexico Square Footage

333,000

NETHERLANDS

22.

Roermond Designer Outlet Phases 2 & 3

Roermond

90.0%

173,000

12/01/21

⁽²⁰⁾

1.86%

Fixed

204,022

183,620

Subtotal Netherlands Square Footage

173,000

UNITED KINGDOM

23.

Ashford Designer Outlet

Kent

45.0%

183,000

07/31/16

⁽⁵⁾

2.69%

Variable

57,495

25,872

Subtotal United Kingdom Square Footage

183,000

TOTAL INTERNATIONAL SQUARE FOOTAGE ^(11)(28)

7,384,700

TOTAL SQUARE FOOTAGE

191,262,709

Other Secured Indebtedness:

⁽³⁰⁾

179,387

86,982

TOTAL SECURED INDEBTEDNESS

12,902,827

⁽³¹⁾

Our Share of Consolidated Mortgage Debt

6,471,954

Our Share of Joint Venture Mortgage Debt

6,430,873


1Q 2016 SUPPLEMENTAL		46

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016

DEBT INFORMATION

UNSECURED INDEBTEDNESS:

MATURITY
DATE

INTEREST
RATE (1)

TYPE

INDEBTEDNESS
($ IN 000'S)
TOTAL

Global Commercial Paper - Euro

06/10/16

^(12)(32)

0.02%

Fixed

194,954

Global Commercial Paper - USD

06/24/16

⁽³²⁾

0.53%

Fixed

780,418

Simon Property Group, LP (Sr. Notes)

12/01/16

5.25%

Fixed

364,276

Simon Property Group, LP (Sr. Notes)

01/30/17

2.80%

Fixed

500,000

Simon Property Group, LP (Sr. Notes)

03/01/17

5.88%

Fixed

207,453

Simon Property Group, LP (Sr. Notes)

09/15/17

2.15%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

02/01/18

1.50%

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

02/01/19

2.20%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

04/01/19

10.35%

Fixed

650,000

Revolving Credit Facility - Euro Currency

06/30/19

^(8)(13)

0.80%

Variable

246,526

Revolving Credit Facility - USD Currency

06/30/19

⁽⁸⁾

1.24%

Variable

190,000

Revolving Credit Facility - Yen Currency

06/30/19

^(8)(19)

0.80%

Variable

198,147

Simon Property Group, LP (Sr. Notes)

02/01/20

5.65%

Fixed

1,250,000

Supplemental Credit Facility - USD Currency

06/30/20

⁽⁸⁾

1.24%

Variable

50,000

Simon Property Group, LP (Sr. Notes)

09/01/20

2.50%

Fixed

500,000

Simon Property Group, LP (Euro Sr. Notes)

10/02/20

⁽²²⁾

2.38%

Fixed

850,090

Simon Property Group, LP (Sr. Notes)

03/01/21

4.38%

Fixed

900,000

Simon Property Group, LP (Sr. Notes)

07/15/21

2.50%

Fixed

550,000

Simon Property Group, LP (Sr. Notes)

12/01/21

4.13%

Fixed

700,000

Simon Property Group, LP (Sr. Notes)

03/15/22

3.38%

Fixed

600,000

Simon Property Group, LP (Euro Sr. Notes)

11/18/22

⁽¹⁶⁾

1.38%

Fixed

850,090

Simon Property Group, LP (Sr. Notes)

02/01/23

2.75%

Fixed

500,000

Simon Property Group, LP (Sr. Notes)

02/01/24

3.75%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

10/01/24

3.38%

Fixed

900,000

Simon Property Group, LP (Sr. Notes)

09/01/25

3.50%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

01/15/26

3.30%

Fixed

800,000

Simon Property Group, LP (Sr. Notes)

02/01/40

6.75%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

03/15/42

4.75%

Fixed

550,000

Simon Property Group, LP (Sr. Notes)

10/01/44

4.25%

Fixed

400,000

Total Unsecured Indebtedness

16,481,954

⁽¹⁸⁾


1Q 2016 SUPPLEMENTAL		47

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2016

FOOTNOTES:
(1): Variable rate debt interest rates are based on the following base rates as of March 31, 2016: 1M LIBOR at .44%; 1M EUR LIBOR at -.33%; 1M EURIBOR at -.33%; 3M EURIBOR at -.24%; 6M EURIBOR at -.13%; 1M YEN LIBOR at -.06%; 6M YEN LIBOR at .02%; 1M CDOR at .90%; KLIBOR at 3.37% and 91 Day Korean CD rate at 1.61%.
(2): Unencumbered asset.
(3): This property is managed by a third party.
(4): The Operating Partnership's direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
(5): Amount shown in USD Equivalent; GBP equivalent is 40.0 million.
(6): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(7): The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(8): Includes applicable extensions available at our option.
(9): Mortgage was repaid on April 11, 2016.
(10): The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(11): Does not include any other spaces in joint ventures which are not listed above.
(12): Amount shown in USD Equivalent; Euro equivalent is 172.0 million.
(13): Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 217.5 million.
(14): Amount shown in USD Equivalent; CAD equivalent is 95.4 million.
(15): These three properties are secured by cross-collateralized and cross-defaulted mortgages.
(16): Amount shown in USD equivalent; Euro equivalent is 750.0 million.
(17): These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(18): Also represents our share of Total Unsecured Indebtedness.
(19): Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 22.3 billion.
(20): Amount shown in USD Equivalent; Euro equivalent is 453.9 million.
(21): Consists of four encumbered properties with interest rates ranging from 3.34% to 6.00% and maturities between 2016 and 2025.
(22): Amount shown in USD Equivalent; Euro equivalent is 750.0 million.
(23): Includes five properties with interest rates ranging from 4.50% to 7.32% and maturities between 2016 and 2023.
(24): Includes office space of 1,931,855 square feet including the following centers with more than 20,000 square feet of office space:


Circle Centre - 129,944 sq. ft.		Menlo Park Mall - 49,481 sq. ft.
Copley Place - 884,209 sq. ft.		Oxford Valley Mall - 134,024 sq. ft.
Domain, The - 156,240 sq. ft.		Plaza Carolina - 27,398 sq. ft.
Fashion Centre at Pentagon City - 169,089 sq. ft.		Southdale Center - 20,393 sq. ft.
Firewheel Town Center - 75,303 sq. ft.		Stanford Shopping Center - 39,474 sq. ft.
Greendale Mall - 119,860 sq. ft.

(25): Amounts shown in USD Equivalent; Yen equivalent is 29.9 billion.
(26): Amounts shown in USD Equivalent; Won equivalent is 314.9 billion.
(27): Amounts shown in USD Equivalent; Ringgit equivalent is 69.3 million.
(28): Does not include Klépierre.
(29): Amounts shown in USD Equivalent; CAD equivalent is 278.7 million.
(30): Consists of seven loans with interest rates ranging from 2.04% to 6.53% and maturities between 2017 and 2035.
(31): Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including TMLP. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $308.8 million of payment guarantees provided by the Operating Partnership (of which $76.5 million is recoverable from our venture partner under the partnership agreement).
(32): Reflects the latest maturity date and weighted average interest rate of all outstanding tranches of commercial paper at March 31, 2016.
(33): Huntley Outlet Center was sold after March 31, 2016.
(34): Property was encumbered on April 5, 2016.


1Q 2016 SUPPLEMENTAL		48

SIMON PROPERTY GROUP INC /DE/ - FORM 8-K - EX-99.1 - April 26, 2016

Attached files

SIMON PROPERTY GROUP INC /DE/ Reports