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TABLE OF CONTENTS
Part IV

Table of Contents


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



FORM 10-K

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

For the fiscal year ended December 31, 2015



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

Delaware
(State or other jurisdiction
of incorporation or organization)
  001-14469
(Commission File No.)
  04-6268599
(I.R.S. Employer
Identification No.)
225 West Washington Street
Indianapolis, Indiana 46204

(Address of principal executive offices) (ZIP Code)

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each class   Name of each exchange on which registered
Common stock, $0.0001 par value   New York Stock Exchange
83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value   New York Stock Exchange

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



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

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

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

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

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

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

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

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

            The aggregate market value of shares of common stock held by non-affiliates of the Registrant was approximately $53,152 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2015.

            As of January 29, 2016, Simon Property Group, Inc. had 314,806,649 and 8,000 shares of common stock and Class B common stock outstanding, respectively.



Documents Incorporated By Reference

            Portions of the Registrant's Proxy Statement in connection with its 2016 Annual Meeting of Stockholders are incorporated by reference in Part III.


Table of Contents


Simon Property Group, Inc. and Subsidiaries
Annual Report on Form 10-K
December 31, 2015

TABLE OF CONTENTS

Item No.    
  Page No.  
Part I  

1.

 

Business

 

 

3

 
1A.   Risk Factors     9  
1B.   Unresolved Staff Comments     17  
2.   Properties     18  
3.   Legal Proceedings     44  
4.   Mine Safety Disclosures     44  

Part II

 

5.

 

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

 

 

45

 
6.   Selected Financial Data     47  
7.   Management's Discussion and Analysis of Financial Condition and Results of Operations     48  
7A.   Qualitative and Quantitative Disclosure About Market Risk     66  
8.   Financial Statements and Supplementary Data     67  
9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure     106  
9A.   Controls and Procedures     106  
9B.   Other Information     107  

Part III

 

10.

 

Directors, Executive Officers and Corporate Governance

 

 

108

 
11.   Executive Compensation     108  
12.   Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters     108  
13.   Certain Relationships and Related Transactions and Director Independence     108  
14.   Principal Accountant Fees and Services     108  

Part IV

 

15.

 

Exhibits, and Financial Statement Schedules

 

 

109

 

Signatures

 

 

110

 

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Part I

Item 1.    Business

            Simon Property Group, Inc., Simon or the Company, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. 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 discussion, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries.

            We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2015, we owned or held an interest in 209 income-producing properties in the United States, which consisted of 108 malls, 71 Premium Outlets, 14 Mills, four lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico. We opened four outlets in 2015 and have three outlets and two other significant retail projects under development. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at 29 properties in the U.S. and Europe. Internationally, as of December 31, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of December 31, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe and one outlet property in Canada. Of the five properties in Europe, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of December 31, 2015, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.

            For a description of our operational strategies and developments in our business during 2015, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K.

Other Policies

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

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

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

            Because our REIT qualification requires us to distribute at least 90% of our REIT taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt. We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined. For example, the Operating Partnership's line of credit and the indentures for the Operating Partnership's debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related agreements, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial

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ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for the debt securities of the Operating Partnership. We strive to maintain investment grade ratings at all times for various business reasons, including their effect on our ability to access attractive capital, but we cannot assure you that we will be able to do so in the future.

            If our Board of Directors determines to seek additional capital, we may raise such capital by offering equity or incurring debt, creating joint ventures with existing ownership interests in properties, entering into joint venture arrangements for new development projects, retaining cash flows or a combination of these methods. If our Board of Directors determines to raise equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. Our Board of Directors may issue a number of shares up to the amount of our authorized capital in any manner and on such terms and for such consideration as it deems appropriate. Such securities may be senior to our outstanding classes of common stock. Such securities also may include additional classes of preferred stock, which may be convertible into common stock. Existing stockholders have no preemptive right to purchase shares in any subsequent offering of our securities. Any such offering could dilute a stockholder's investment in us.

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

            The Operating Partnership has a $4.0 billion unsecured revolving credit facility, or Credit Facility. The Credit Facility's initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option, subject to our continued compliance with the terms thereof. The Operating Partnership also has a $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. On March 2, 2015, the Operating Partnership amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion was increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on each of the Credit Facility and the Supplemental Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. The Credit Facilities provide for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars.

            On March 2, 2015, the Operating Partnership increased the maximum aggregate program size of its global unsecured commercial paper note program, or the Commercial Paper program, from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. These notes are sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program.

            We may also finance our business through the following:

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            The Operating Partnership may also issue units to contributors of properties or other partnership interests which may permit the contributor to defer tax gain recognition under the Internal Revenue Code.

            We do not have a policy limiting the number or amount of mortgages that may be placed on any particular property. Mortgage financing instruments, however, typically limit additional indebtedness on such properties. Additionally, the Credit Facilities, our unsecured note indentures and other contracts may limit our ability to borrow and contain limits on mortgage indebtedness we may incur as well as certain financial covenants we must maintain.

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

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

            The sale by the Operating Partnership of any property that it owns may have an adverse tax impact on the Simons or other limited partners of the Operating Partnership. In order to avoid any conflict of interest between us and the Simons, our charter requires that at least three-fourths of our independent directors must authorize and require the Operating Partnership to sell any property it owns. Any such sale is subject to applicable agreements with third parties. Noncompetition agreements executed by David Simon, our Chairman and Chief Executive Officer, and Herbert Simon, our Chairman Emeritus, as well as David Simon's employment agreement contain covenants limiting their ability to participate in certain shopping center activities.

            We intend to make investments which are consistent with our qualification as a REIT, unless our Board of Directors determines that it is no longer in our best interests to so qualify as a REIT. Our Board of Directors may make such a determination because of changing circumstances or changes in the REIT requirements. We have authority to issue shares of our capital stock or other securities in exchange for property. We also have authority to repurchase or otherwise reacquire our shares or any other securities. On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over a twenty-four month period as market conditions warrant, or the Repurchase Program. Under the Repurchase Program, we may repurchase the shares in the open market or in privately negotiated transactions. We may also issue shares of our common stock, or pay cash at our option, to holders of units in future periods upon exercise of such holders' rights under the partnership agreement of the Operating Partnership. Our policy prohibits us from making any loans to our directors or executive officers for any purpose. We may make loans to the joint ventures in which we participate. Additionally, we may make or buy interests in loans secured by real estate properties owned by others or make investments in companies that own real estate assets.

Competition

            The retail industry is dynamic and competitive. We compete with numerous merchandise distribution channels including malls, outlet centers, community/lifestyle centers, and other shopping centers in the United States and abroad. We also compete with internet retailing sites and catalogs which provide retailers with distribution options beyond existing

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brick and mortar retail properties. The existence of competitive alternatives could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the tenants to occupy the properties that we develop and manage as well as for the acquisition of prime sites (including land for development and operating properties). We believe that there are numerous factors that make our properties highly desirable to retailers including:

Certain Activities

            During the past three years, we have:

Employees

            At December 31, 2015, we and our affiliates employed approximately 5,000 persons at various properties and offices throughout the United States, of which approximately 1,850 were part-time. Approximately 1,100 of these employees were located at our corporate headquarters in Indianapolis, Indiana.

Corporate Headquarters

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

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Available Information

            We are a large accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or Exchange Act) and are required, pursuant to Item 101 of Regulation S-K, to provide certain information regarding our website and the availability of certain documents filed with or furnished to the Securities and Exchange Commission, or SEC. Our Internet website address is www.simon.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available or may be accessed free of charge through the "About Simon/Investor Relations/Financial Information" section of our Internet website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our Internet website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.

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

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

Executive Officers of the Registrant

            The following table sets forth certain information with respect to our executive officers as of February 26, 2016.

Name
  Age   Position

David Simon

    54  

Chairman and Chief Executive Officer

Richard S. Sokolov

    66  

President and Chief Operating Officer

Andrew Juster

    63  

Executive Vice President and Chief Financial Officer

David J. Contis

    57  

Senior Executive Vice President — President, Simon Malls

John Rulli

    59  

Senior Executive Vice President and Chief Administrative Officer

James M. Barkley

    64  

General Counsel and Secretary

Steven E. Fivel

    55  

Assistant General Counsel and Assistant Secretary

Steven K. Broadwater

    49  

Senior Vice President and Chief Accounting Officer

Brian J. McDade

    36  

Senior Vice President and Treasurer

            The executive officers of Simon serve at the pleasure of our Board of Directors except for David Simon and Richard S. Sokolov who are subject to employment agreements which may call for certain payments upon termination.

            Mr. Simon has served as the Chairman of our Board of Simon since 2007 and Chief Executive Officer of Simon or its predecessor since 1995. Mr. Simon has also been a director of Simon or its predecessor since its incorporation in 1993. Mr. Simon was the President of Simon's predecessor from 1993 to 1996. From 1988 to 1990, Mr. Simon was Vice President of Wasserstein Perella & Company. From 1985 to 1988, he was an Associate at First Boston Corp. He is the son of the late Melvin Simon and the nephew of Herbert Simon.

            Mr. Sokolov has served as President and Chief Operating Officer of Simon or its predecessor since 1996. Mr. Sokolov has also been a director of Simon or its predecessor since 1996. Mr. Sokolov was President and Chief Executive Officer of DeBartolo Realty Corporation from its incorporation in 1994 until it merged with our predecessors in 1996. Mr. Sokolov joined its predecessor, The Edward J. DeBartolo Corporation, in 1982 as Vice President and General Counsel and was named Senior Vice President, Development and General Counsel in 1986.

            Mr. Juster serves as Simon's Executive Vice President and Chief Financial Officer. Mr. Juster joined Melvin Simon & Associates, Inc., or MSA, in 1989 and held various financial positions with MSA until 1993 and thereafter has held various positions with Simon. Mr. Juster became Treasurer in 2001 and was promoted to Executive Vice President in 2008 and Chief Financial Officer in 2014.

            Mr. Contis serves as Simon's Senior Executive Vice President and President of Simon Malls. Mr. Contis joined Simon in 2011. Prior to joining Simon, Mr. Contis served as the President of Real Estate at Equity Group Investments, LLC. Mr. Contis has over 35 years of domestic and international real estate experience including 25 years overseeing both public and private mall portfolios.

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            Mr. Rulli serves as Simon's Senior Executive Vice President and Chief Administrative Officer. Mr. Rulli joined MSA in 1988 and held various positions with MSA and Simon thereafter. Mr. Rulli became Chief Administrative Officer in 2007 and was promoted to Senior Executive Vice President in 2011.

            Mr. Barkley serves as Simon's General Counsel and Secretary. Mr. Barkley joined MSA in 1978 as a staff attorney and was named Assistant General Counsel in 1984. He was named General Counsel in 1992 and Secretary in 1993.

            Mr. Fivel serves as Simon's Assistant General Counsel and Assistant Secretary. Prior to rejoining Simon in 2011, Mr. Fivel served in a similar capacity with a large public registrant. Mr. Fivel was previously employed by MSA from 1988 until 1993 and then by Simon from 1993 to 1996.

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

            Mr. McDade serves as Simon's Senior Vice President and Treasurer. Mr. McDade joined Simon in 2007 as the Director of Capital Markets and was promoted to Senior Vice President of Capital Markets in 2013. Mr. McDade was promoted to Treasurer in 2014.

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Item 1A.    Risk Factors

            The following factors, among others, could cause our actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by our management from time to time. These factors may have a material adverse effect on our business, financial condition, liquidity, results of operations, funds from operations, or FFO, and prospects, which we refer to herein as a material adverse effect on us or as materially and adversely affecting us, and you should carefully consider them. Additional risks and uncertainties not presently known to us or which are currently not believed to be material may also affect our actual results. We may update these factors in our future periodic reports.

Risks Relating to Retail Operations

             Overall economic and market conditions may adversely affect the general retail environment.

            Our concentration in the retail real estate market means that we are subject to a number of factors that could adversely affect the retail environment generally, including, without limitation:

            We derive our operating results primarily from retail tenants, many of whom have been and continue to be under some degree of economic stress. A significant deterioration in the creditworthiness of our retail tenants could have a material adverse effect on us.

             We may not be able to lease newly developed properties and renew leases and relet space at existing properties.

            We may not be able to lease new properties to an appropriate mix of tenants. Also, when leases for our existing properties expire, the premises may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms. To the extent that our leasing goals are not achieved, we could be materially and adversely affected.

             Some of our properties depend on anchor stores or other major tenants to attract shoppers and could be adversely affected by the loss of one or more of these anchor stores or major tenants.

            Our properties are typically anchored by department stores and other large nationally recognized tenants. The value of some of our properties could be materially and adversely affected if these anchors or other major tenants fail to comply with their contractual obligations or cease their operations.

            For example, among department stores and other large stores — often referred to as "big box" stores — corporate merger activity typically results in the closure of duplicate or geographically overlapping store locations. Further, sustained adverse pressure on the results of our department stores and major tenants may have a similarly sustained adverse impact upon our own results. Certain department stores and other national retailers have experienced, and may continue to experience for the foreseeable future given current macroeconomic uncertainty and less-than-desirable levels of consumer

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confidence, considerable decreases in customer traffic in their retail stores, increased competition from alternative retail options such as those accessible via the Internet and other forms of pressure on their business models. As pressure on these department stores and national retailers increases, their ability to maintain their stores, meet their obligations both to us and to their external lenders and suppliers, withstand takeover attempts by investors or rivals or avoid bankruptcy and/or liquidation may be impaired and result in closures of their stores or their seeking of a lease modification with us. Any lease modification could be unfavorable to us as the lessor and could decrease rents or expense recovery charges. Other tenants may be entitled to modify the economic or other terms of, or terminate, their existing leases with us in the event of such closures.

            If a department store or major tenant were to close its stores at our properties, we may experience difficulty and delay and incur significant expense in replacing the tenant, as well as in leasing spaces in areas adjacent to the vacant department store or major tenant, at attractive rates, or at all. Additionally, department store or major tenant closures may result in decreased customer traffic, which could lead to decreased sales at our properties. If the sales of stores operating in our properties were to decline significantly due to the closing of anchor stores or other national retailers, adverse economic conditions, or other reasons, tenants may be unable to pay their minimum rents or expense recovery charges. In the event of any default by a tenant, we may not be able to fully recover, and/or may experience delays and costs in enforcing our rights as landlord to recover, amounts due to us under the terms of our agreements with such parties.

             We face potential adverse effects from tenant bankruptcies.

            Bankruptcy filings by retailers can occur regularly in the course of our operations. If a tenant files for bankruptcy, the tenant may have the right to reject and terminate one or more of its leases with us, and we cannot be sure that it will affirm one or more of its leases and continue to make rental payments to us in a timely manner. A bankruptcy filing by, or relating to, one of our tenants would bar all efforts by us to collect pre-bankruptcy debts from that tenant, or from their property, unless we receive an order permitting us to do so from the bankruptcy court. In addition, we cannot evict a tenant solely because of its bankruptcy. If a lease is assumed by the tenant in bankruptcy, all pre-bankruptcy balances due under the lease must be paid to us in full. However, if a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages in connection with such balances. If a bankrupt tenant vacates a space, it might not do so in a timely manner, and we might be unable to re-lease the vacated space during that time at attractive rates, or at all. Furthermore, we may be required to incur significant expense in replacing the bankrupt tenant. Any unsecured claim we hold against a bankrupt tenant might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims, and there are restrictions under bankruptcy laws that limit the amount of the claim we can make if a lease is rejected. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold. We continually seek to re-lease vacant spaces resulting from tenant terminations. The bankruptcy of a tenant, particularly an anchor tenant or a national tenant with multiple locations, may make the re-leasing of their space difficult and costly, and it also may be more difficult to lease the remainder of the space at the affected properties. Future tenant bankruptcies may impact our ability to successfully execute our re-leasing strategy and could materially and adversely affect us.

             We face a wide range of competition that could affect our ability to operate profitably.

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

            We also compete with other major real estate investors and developers for attractive investment opportunities and prime development sites. Competition for the acquisition of existing properties and development sites may result in increased purchase prices and may adversely affect our ability to make attractive investments on favorable terms, or at all. In addition, we compete with other retail property companies for tenants and qualified management.

Risks Relating to Real Estate Investments and Operations

             We face risks associated with the acquisition, development, redevelopment and expansion of properties.

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

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expected, impacting our anticipated return on investment. We are subject to other risks in connection with any acquisition, development and redevelopment/expansion activities, including the following:

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

             Real estate investments are relatively illiquid.

            Our properties represent a substantial portion of our total consolidated assets. These investments are relatively illiquid. As a result, our ability to sell one or more of our properties or investments in real estate in response to any changes in economic, industry, or other conditions may be limited. The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. If we want to sell a property, we cannot assure you that we will be able to dispose of it in the desired time period or at all or that the sales price of a property will be attractive at the relevant time or even exceed the carrying value of our investment. Moreover, if a property is mortgaged, we may not be able to obtain a release of the lien on that property without the payment of the associated debt and/or a substantial prepayment penalty, which could restrict our ability to dispose of the property, even though the sale might otherwise be desirable.

             Our international activities may subject us to different or greater risk from those associated with our domestic operations.

            As of December 31, 2015, we held interests in joint venture properties that operate in Austria, Italy, Japan, Malaysia, Mexico, the Netherlands, South Korea, Canada, and the United Kingdom. We also have an equity stake in Klépierre, a publicly-traded European real estate company which operates in 16 countries in Europe. Accordingly, our operating results and the value of our international operations may be impacted by any unhedged movements in the foreign currencies in which those operations transact and in which our net investment in the international operation is held. We may pursue additional investment, development and redevelopment/expansion opportunities outside the United States. International investment, ownership, development and redevelopment/expansion activities carry risks that are different from those we face with our domestic properties and operations. These risks include, but are not limited to:

            Our international activities represented approximately 7.9% of our net operating income, or NOI, for the year ended December 31, 2015. To the extent that we expand our international activities, the above risks could increase in significance, which in turn could have a material adverse effect on us.

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Risks Relating to Debt and the Financial Markets

             We have a substantial debt burden that could affect our future operations.

            As of December 31, 2015, our consolidated mortgages and unsecured indebtedness, excluding related premium and discount, totaled $22.5 billion. As a result of this indebtedness, we are required to use a substantial portion of our cash flows for debt service, including selected repayment at scheduled maturities, which limits our ability to use those cash flows to fund the growth of our business. We are also subject to the risks normally associated with debt financing, including the risk that our cash flows from operations will be insufficient to meet required debt service or that we will be able to refinance such indebtedness on acceptable terms, or at all. Our debt service costs generally will not be reduced if developments at the applicable property, such as the entry of new competitors or the loss of major tenants, cause a reduction in the income from the property. Our indebtedness could also have other adverse consequences on us, including reducing our access to capital or increasing our vulnerability to general adverse economic, industry and market conditions. In addition, if a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value. If any of the foregoing occurs, we could be materially and adversely affected.

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

            We depend on external financings, principally debt financings, to fund the growth of our business and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on the willingness of lending institutions and other debt investors to grant credit to us and conditions in the capital markets in general. An economic recession may cause extreme volatility and disruption in the capital and credit markets. We rely upon the Credit Facilities as sources of funding for numerous transactions. Our access to these funds is dependent upon the ability of each of the participants to the Credit Facilities to meet their funding commitments to us. When markets are volatile, access to capital and credit markets could be disrupted over an extended period of time and one or more financial institutions may not have the available capital to meet their previous commitments to us. The failure of one or more participants to the Credit Facilities to meet their funding commitments to us could have a material adverse effect on us, including as a result of making it difficult to obtain the financing we may need for future growth and/or meeting our debt service requirements. We cannot assure you that we will be able to obtain the financing we need for the future growth of our business or to meet our debt service requirements, or that a sufficient amount of financing will be available to us on favorable terms, or at all.

             Adverse changes in our credit rating could affect our borrowing capacity and borrowing terms.

            The Operating Partnership's outstanding senior unsecured notes, Credit Facilities, the Commercial Paper program, and Simon's preferred stock are periodically rated by nationally recognized credit rating agencies. The credit ratings are based on our operating performance, liquidity and leverage ratios, financial condition and prospects, and other factors viewed by the credit rating agencies as relevant to our industry and the economic outlook in general. Our credit rating can affect the amount of capital we can access, as well as the terms of any financing we obtain. Since we depend primarily on debt financing to fund the growth of our business, an adverse change in our credit rating, including actual changes and changes in outlook, or even the initiation of a review of our credit rating that could result in an adverse change, could have a material adverse effect on us.

             The agreements that govern our indebtedness contain various covenants that impose restrictions on us that might affect our ability to operate freely.

            We have a variety of unsecured debt, including the Credit Facilities, and secured property-level debt. Certain of the agreements that govern our indebtedness contain covenants, including, among other things, limitations on our ability to incur secured and unsecured indebtedness, sell all or substantially all of our assets and engage in mergers and certain acquisitions. In addition, certain of the agreements that govern our indebtedness contain financial covenants that require us to maintain certain financial ratios, including certain coverage ratios. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous to us. In addition, our ability to comply with these provisions might be affected by events beyond our control. Failure to comply with any of our financing covenants could result in an event of default, which, if not cured or waived, could accelerate the related indebtedness as well as other of our indebtedness, which could have a material adverse effect on us.

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             Our hedging interest rate protection arrangements may not effectively limit our interest rate risk.

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

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

Risks Relating to Income Taxes

             We have elected to be taxed as a REIT in the United States and certain of our international operations currently receive favorable tax treatment.

            We are subject to certain income-based taxes, both domestically and internationally, and other taxes, including state and local taxes, franchise taxes, and withholding taxes on dividends from certain of our international investments. We currently receive favorable tax treatment in various domestic and international jurisdictions through tax rules and regulations or through international treaties. Should we no longer receive such benefits, the amount of taxes we pay may increase.

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

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

             REIT distribution requirements could adversely affect our liquidity and our ability to execute our business plan.

            In order for us to qualify to be taxed as a REIT, and assuming that certain other requirements are also satisfied, we generally must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, to our stockholders each year, so that federal corporate income tax does not apply to earnings that we distribute. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT, but distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains, we will be subject to federal corporate income tax on our undistributed net taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we distribute to our stockholders in a calendar year is less than "the required minimum distribution amount" specified under federal income tax laws. We intend to make distributions to our stockholders to comply with the REIT requirements of the Internal Revenue Code.

            From time to time, we might generate taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves, or required debt or amortization payments. If we do not have other funds available in these situations, we could be required to access capital on unfavorable terms (the receipt of which cannot be assured), sell assets at disadvantageous prices, distribute amounts that would otherwise be invested in future acquisitions, capital

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expenditures or repayment of debt, or make taxable distributions of our capital stock or debt securities to make distributions sufficient to enable us to pay out enough of our taxable income to satisfy the REIT distribution requirement and avoid corporate income tax and the 4% excise tax in a particular year. These alternatives could increase our costs or reduce our equity. Further, amounts distributed will not be available to fund the growth of our business. Thus, compliance with the REIT requirements may adversely affect our ability to execute our business plan.

             Complying with REIT requirements might cause us to forego otherwise attractive acquisition opportunities or liquidate otherwise attractive investments.

            To qualify to be taxed as a REIT for federal income tax purposes, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our assets consist of cash, cash items, government securities and "real estate assets" (as defined in the Internal Revenue Code), including certain mortgage loans and securities. The remainder of our investments (other than government securities, qualified real estate assets and securities issued by a taxable REIT subsidiary, or TRS) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer.

            Additionally, in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, and no more than 25% (20% for taxable years beginning after December 31, 2017) of the value of our total assets can be represented by securities of one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we might be required to liquidate or forego otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.

            In addition to the asset tests set forth above, to qualify to be taxed as a REIT, we must continually satisfy tests concerning, among other things, the sources of our income, the amounts we distribute to our stockholders and the ownership of our shares. We might be unable to pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying as a REIT. Thus, compliance with the REIT requirements may hinder our ability to make certain attractive investments.

             New partnership tax audit rules could have a material adverse effect on us.

            The recently enacted Bipartisan Budget Act of 2015 changes the rules applicable to federal income tax audits of partnerships. Under the new rules (which are generally effective for taxable years beginning after December 31, 2017), among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner's distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto are assessed and collected, at the partnership level. Although it is uncertain how these new rules will be implemented, it is possible that they could result in partnerships in which we directly or indirect invest being required to pay additional taxes, interest and penalties as a result of an audit adjustment, and we, as a direct or indirect partner of these partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though we, as a REIT, may not otherwise have been required to pay additional corporate-level taxes had we owned the assets of the partnership directly. The new partnership tax audit rules will apply to the Operating Partnership and its subsidiaries that are classified as partnerships for federal income tax purposes. The changes created by these new rules are sweeping and in many respects dependent on the promulgation of future regulations or other guidance by the U.S. Department of the Treasury, or the Treasury, and, accordingly, there can be no assurance that these rules will not have a material adverse effect on us.

             Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us or our investors.

            The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process, and by the IRS and the Treasury. Changes to the tax laws or interpretations thereof by the IRS and the Treasury, with or without retroactive application, could materially and adversely affect us or our investors. New legislation, Treasury regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify to be taxed as a REIT and/or the federal income tax consequences to us and our investors of such qualification.

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Risks Relating to Joint Ventures

             We have limited control with respect to some properties that are partially owned or managed by third parties, which may adversely affect our ability to sell or refinance them.

            As of December 31, 2015, we owned interests in 94 income-producing properties with other parties. Of those, 13 properties are included in our consolidated financial statements. We account for the other 81 properties, or the joint venture properties, as well as our investment in Klépierre and our joint ventures with Seritage Growth Properties, or Seritage, and Hudson's Bay Company, or HBC, using the equity method of accounting. We serve as general partner or property manager for 58 of these 81 properties; however, certain major decisions, such as approving the operating budget and selling, refinancing and redeveloping the properties require the consent of the other owners. Of the properties for which we do not serve as general partner or property manager, 20 are in our international joint ventures. The international properties are managed locally by joint ventures in which we share control of the properties with our partner. The other owners have participating rights that we consider substantive for purposes of determining control over the properties' assets. The remaining joint venture properties, Klépierre (a publicly traded, Paris-based real estate company), and our joint venture with HBC are managed by third parties.

            These investments, and other future similar investments could involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. Partners or other owners could have economic or other business interests or goals that are inconsistent with our own business interests or goals, and could be in a position to take actions contrary to our policies or objectives.

            These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale or financing, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes between us and partners or other owners might result in litigation or arbitration that could increase our expenses and prevent our officers and/or directors from focusing their time and efforts on our business. Consequently, actions by, or disputes with, partners or other owners might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we risk the possibility of being liable for the actions of our partners or other owners.

             The Operating Partnership guarantees debt or otherwise provides support for a number of joint venture properties.

            Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property, which is non-recourse to us. Nevertheless, the joint venture's failure to satisfy its debt obligations could result in the loss of our investment therein. As of December 31, 2015, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $353.7 million (of which we have a right of recovery from our venture partners of $112.8 million). A default by a joint venture under its debt obligations may expose us to liability under a guaranty. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise.

Risks Relating to Environmental Matters

             As owners of real estate, we can face liabilities for environmental contamination.

            Federal, state and local laws and regulations relating to the protection of the environment may require us, as a current or previous owner or operator of real property, to investigate and clean up hazardous or toxic substances or petroleum product releases at a property or at impacted neighboring properties. These laws often impose liability regardless of whether the property owner or operator knew of, or was responsible for, the presence of hazardous or toxic substances. These laws and regulations may require the abatement or removal of asbestos containing materials in the event of damage, demolition or renovation, reconstruction or expansion of a property and also govern emissions of and exposure to asbestos fibers in the air. Those laws and regulations also govern the installation, maintenance and removal of underground storage tanks used to store waste oils or other petroleum products. Many of our properties contain, or at one time contained, asbestos containing materials or underground storage tanks (primarily related to auto service center establishments or emergency electrical generation equipment). We may be subject to regulatory action and may also be held liable to third parties for personal injury or property damage incurred by the parties in connection with any such laws and regulations or hazardous or toxic substances. The costs of investigation, removal or remediation of hazardous or toxic substances, and related liabilities, may be substantial and could materially and adversely affect us. The presence of hazardous or toxic substances, or the failure to remediate the related contamination, may also adversely affect our ability to sell, lease or redevelop a property or to borrow money using a property as collateral.

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             Our efforts to identify environmental liabilities may not be successful.

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

             We face possible risks associated with climate change.

            We cannot determine with certainty whether global warming or cooling is occurring and, if so, at what rate. To the extent climate change causes changes in weather patterns, our properties in certain markets could experience increases in storm intensity and rising sea-levels. Over time, these conditions could result in volatile or decreased demand for retail space at certain of our properties or, in extreme cases, our inability to operate the properties at all. Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) insurance on favorable terms, or at all, and increasing the cost of energy and snow removal at our properties. Moreover, compliance with new laws or regulations related to climate change, including compliance with "green" building codes, may require us to make improvements to our existing properties or increase taxes and fees assessed on us or our properties. At this time, there can be no assurance that climate change will not have a material adverse effect on us.

Other Factors Affecting Our Business

             Some of our potential losses may not be covered by insurance.

            We maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third-party carriers is either insured through our wholly-owned captive insurance companies or other financial arrangements controlled by us. A third-party carrier has, in turn, agreed, if required, to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier's policy. A similar policy written through our captive insurance companies also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations.

            There are some types of losses, including lease and other contract claims, that generally are not insured or are subject to large insurance deductibles. If an uninsured loss or a loss in excess of insured limits occurs, or a loss for which a large deductible occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenue it could generate, but may remain obligated for any mortgage debt or other financial obligation related to the property.

            We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an "all risk" basis in the amount of up to $1 billion. The current federal laws which provide this coverage are expected to operate through 2020. However, the U.S. government could in the future terminate its reinsurance of terrorism, which would increase the risk of uninsured losses for terrorist acts. Despite the existence of this insurance coverage, or actual or threatened terrorist attacks or other activity where we operate could materially and adversely affect us.

             We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.

            We face risks associated with security breaches, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, attachments to e-mails, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems. The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign

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governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations (including managing our building systems). Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.

            A breach or significant and extended disruption in the functioning of our systems, including our primary website, could damage our reputation and cause us to lose customers, tenants and revenues, generate third party claims, result in the unintended and/or unauthorized public disclosure or the misappropriation of proprietary, personal identifying and confidential information, and require us to incur significant expenses to address and remediate or otherwise resolve these kinds of issues, and we may not be able to recover these expenses in whole or in any part from our service providers or responsible parties, or their or our insurers.

             Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.

            The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, and our ability to attract, retain and motivate talented employees could significantly impact our future performance. Competition for these individuals is intense, and we cannot assure you that we will retain our key executive management team and employees or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any one or more of these persons could have a material adverse effect on us.

             Provisions in our charter and by-laws and in the Operating Partnership's partnership agreement could prevent a change of control.

            Our charter contains a general restriction on the accumulation of shares in excess of 8% of our capital stock. The charter permits the members of the Simon family and related persons to own up to 18% of our capital stock. Ownership is determined by the lower of the number of outstanding shares, voting power or value controlled. Our Board of Directors may, by majority vote, permit exceptions to those levels in circumstances where our Board of Directors determines our ability to qualify as a REIT will not be jeopardized. These restrictions on ownership may have the effect of delaying, deferring or preventing a transaction or a change in control that might otherwise be in the best interest of our stockholders. Other provisions of our charter and by-laws could have the effect of delaying or preventing a change of control even if some stockholders deem such a change to be in their best interests. These include provisions preventing holders of our common stock from acting by written consent and requiring that up to four directors in the aggregate may be elected by holders of Class B common stock. In addition, certain provisions of the Operating Partnership's partnership agreement could have the effect of delaying or preventing a change of control. These include a provision requiring the consent of a majority in interest of units in order for us, as general partner of the Operating Partnership, to, among other matters, engage in a merger transaction or sell all or substantially all of our assets.

Item 1B.    Unresolved Staff Comments

            None.

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Item 2.    Properties

            Our U.S. properties primarily consist of malls, Premium Outlets, The Mills, lifestyle centers and other retail properties. These properties contain an aggregate of approximately 184.2 million square feet of gross leasable area, or GLA.

            Malls typically contain at least one traditional department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Our 108 malls are generally enclosed centers and range in size from approximately 465,000 to 2.6 million square feet of GLA. Our malls contain in the aggregate more than 13,700 occupied stores, including approximately 517 anchors, which are predominately national retailers.

            Premium Outlets generally contain a wide variety of designer and manufacturer stores located in open-air centers. Our 71 Premium Outlets range in size from approximately 150,000 to 870,000 square feet of GLA. The Premium Outlets are generally located within a close proximity to major metropolitan areas and/or tourist destinations.

            The 14 properties in The Mills generally range in size from 1.2 million to 2.3 million square feet of GLA and are located in major metropolitan areas. They have a combination of traditional mall, outlet center, and big box retailers and entertainment uses.

            We also have interests in four lifestyle centers and 12 other retail properties. The lifestyle centers range in size from 160,000 to 900,000 square feet of GLA. The other retail properties range in size from approximately 150,000 to 730,000 square feet of GLA and are considered non-core to our business model. In total, the lifestyle centers and other retail properties represent approximately 1.0% of our total operating income before depreciation and amortization.

            As of December 31, 2015, approximately 96.1% of the owned GLA in malls and Premium Outlets was leased and approximately 98.5% of the owned GLA for The Mills was leased.

            We wholly own 137 of our properties, effectively control 13 properties in which we have a joint venture interest, and hold the remaining 59 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 206 properties in the United States. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate partnership agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions) which may result in either the sale of our interest or the use of available cash or borrowings, or the use of Operating Partnership units, to acquire the joint venture interest from our partner.

            On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. Seritage Growth Properties, or Seritage, a public REIT recently formed by Sears, now holds Sears' interest in the joint venture.

            The following property table summarizes certain data for our malls, Premium Outlets, The Mills, lifestyle centers and other retail properties located in the United States, including Puerto Rico, as of December 31, 2015.

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Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership Interest
(Expiration if
Lease) (3)
  Legal Ownership   Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
    Malls                                      
1.    Apple Blossom Mall   VA   Winchester   Fee     49.1 % (4) Acquired 1999     92.4%     473,103   Belk, JCPenney, Sears, Carmike Cinemas
2.   Auburn Mall   MA   Auburn   Fee     56.4 % (4) Acquired 1999     99.4%     586,242   Macy's (9), Sears
3.   Aventura Mall (1)   FL   Miami Beach (Miami)   Fee     33.3 % (4) Built 1983     96.8%     2,105,023   Bloomingdale's, Macy's (9), JCPenney, Sears, Nordstrom, Equinox Fitness Clubs, AMC Theatres
4.   Avenues, The   FL   Jacksonville   Fee     25.0 % (4)(2) Built 1990     94.1%     1,113,547   Belk, Dillard's, JCPenney, Sears, Forever 21
5.   Bangor Mall   ME   Bangor   Fee     87.6 % Acquired 2003     92.0%     652,622   Macy's, JCPenney, Sears, Dick's Sporting Goods
6.   Barton Creek Square   TX   Austin   Fee     100.0 % Built 1981     99.9%     1,429,521   Nordstrom, Macy's, Dillard's (9), JCPenney, Sears, AMC Theatre
7.   Battlefield Mall   MO   Springfield   Fee and Ground Lease (2056)     100.0 % Built 1970     94.1%     1,201,628   Macy's, Dillard's (9), JCPenney, Sears, MC Sporting Goods
8.   Bay Park Square   WI   Green Bay   Fee     100.0 % Built 1980     91.4%     711,732   Younkers (9), Kohl's, ShopKo, Marcus Cinema 16
9.   Brea Mall   CA   Brea (Los Angeles)   Fee     100.0 % Acquired 1998     97.2%     1,319,477   Nordstrom, Macy's (9), JCPenney, Sears
10.   Briarwood Mall   MI   Ann Arbor   Fee     50.0 % (4) Acquired 2007     99.4%     979,005   Macy's, JCPenney, Sears, Von Maur, MC Sporting Goods
11.   Broadway Square   TX   Tyler   Fee     100.0 % Acquired 1994     97.6%     627,562   Dillard's, JCPenney, Sears
12.   Burlington Mall   MA   Burlington (Boston)   Fee and Ground Lease (2048) (7)     100.0 % Acquired 1998     95.6%     1,317,293   Macy's, Lord & Taylor, Sears, Nordstrom, Crate & Barrel, Primark (6)
13.   Cape Cod Mall   MA   Hyannis   Fee and Ground Leases (2029-2073) (7)     56.4 % (4) Acquired 1999     93.5%     722,482   Macy's (9), Sears, Best Buy, Marshalls, Barnes & Noble, Regal Cinema
14.   Castleton Square   IN   Indianapolis   Fee     100.0 % Built 1972     96.8%     1,381,813   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, AMC Theatres
15.   Cielo Vista Mall   TX   El Paso   Fee and Ground Lease (2022) (7)     100.0 % Built 1974     99.4%     1,245,876   Macy's, Dillard's (9), JCPenney, Sears, Cinemark Theatres
16.   Coconut Point   FL   Estero   Fee     50.0 % (4) Built 2006     96.8%     1,205,033   Dillard's, Barnes & Noble, Bed Bath & Beyond, Best Buy, DSW, Office Max, PetsMart, Ross, Cost Plus World Market, T.J. Maxx, Hollywood Theatres, Super Target, Michael's, Sports Authority
17.   Coddingtown Mall   CA   Santa Rosa   Fee     50.0 % (4) Acquired 2005     74.2%     823,563   Macy's, JCPenney, Whole Foods, Target, Nordstrom Rack (6)
18.   College Mall   IN   Bloomington   Fee and Ground Lease (2048) (7)     100.0 % Built 1965     96.0%     636,593   Macy's, Sears (15), Target, Dick's Sporting Goods, Bed Bath & Beyond, 365 by Whole Foods (6)
19.   Columbia Center   WA   Kennewick   Fee     100.0 % Acquired 1987     98.2%     772,469   Macy's (9), JCPenney, Sears, Barnes & Noble, Regal Cinema, DSW, Home Goods (6)
20.   Copley Place   MA   Boston   Fee     94.4 % (12) Acquired 2002     86.3%     1,253,074   Neiman Marcus, Barneys New York
21.   Coral Square   FL   Coral Springs (Miami)   Fee     97.2 % Built 1984     100.0 %   943,791   Macy's (9), JCPenney, Sears, Kohl's
22.   Cordova Mall   FL   Pensacola   Fee     100.0 % Acquired 1998     98.7%     922,209   Dillard's, Belk, Best Buy, Bed Bath & Beyond, Cost Plus World Market, Ross, Dick's Sporting Goods
23.   Crystal Mall   CT   Waterford   Fee     78.2 % (4) Acquired 1998     90.1%     783,502   Macy's, JCPenney, Sears, Bed Bath & Beyond, Christmas Tree Shops
24.   Dadeland Mall   FL   Miami   Fee     50.0 % (4) Acquired 1997     99.4%     1,498,534   Saks Fifth Avenue, Nordstrom, Macy's (9), JCPenney
25.   Del Amo Fashion Center   CA   Torrance (Los Angeles)   Fee     50.0 % (4) Acquired 2007     88.5%     2,576,164   Nordstrom, Macy's (9), JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, AMC Theatres, (8)
26.   Domain, The   TX   Austin   Fee     100.0 % Built 2006     97.5%     1,233,550   Neiman Marcus, Macy's, Dillard's, Dick's Sporting Goods, iPic Theaters, Arhaus Furniture, Punch Bowl Social
27.    Dover Mall   DE   Dover   Fee and Ground Lease (2041) (7)     68.1 % (4) Acquired 2007     93.3%     928,241   Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas, Dick's Sporting Goods

19


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership Interest
(Expiration if
Lease) (3)
  Legal Ownership   Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
28.    Emerald Square   MA   North Attleboro (Providence, RI)   Fee     56.4 % (4) Acquired 1999     88.9%     1,022,439   Macy's (9), JCPenney, Sears
29.   Empire Mall   SD   Sioux Falls   Fee and Ground Lease (2033) (7)     100.0 % Acquired 1998     92.7%     1,125,435   Macy's, Younkers, JCPenney, Sears, Gordmans, Hy-Vee, Dick's Sporting Goods
30.   Falls, The   FL   Miami   Fee     50.0 % (4) Acquired 2007     96.8%     837,621   Bloomingdale's, Macy's, Regal Cinema, The Fresh Market
31.   Fashion Centre at Pentagon City, The   VA   Arlington (Washington, DC)   Fee     42.5 % (4) Built 1989     99.5%     985,407   Nordstrom, Macy's
32.   Fashion Mall at Keystone, The   IN   Indianapolis   Fee and Ground Lease (2067) (7)     100.0 % Acquired 1997     94.5%     711,985   Saks Fifth Avenue, Crate & Barrel, Nordstrom, Keystone Art Cinema
33.   Fashion Valley   CA   San Diego   Fee     50.0 % (4) Acquired 2001     97.5%     1,720,549   Forever 21, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres, The Container Store
34.   Firewheel Town Center   TX   Garland (Dallas)   Fee     100.0 % Built 2005     94.2%     999,496   Dillard's, Macy's, Barnes & Noble, DSW, Cost Plus World Market, AMC Theatres, Dick's Sporting Goods, Ethan Allen, Toys 'R Us/Babies 'R Us
35.   Florida Mall, The   FL   Orlando   Fee     50.0 % (4) Built 1986     96.3%     1,702,549   Macy's, Dillard's, JCPenney, Sears, H&M, Forever 21, Zara, American Girl, Dick's Sporting Goods, Crayola Experience
36.   Forum Shops at Caesars, The   NV   Las Vegas   Ground Lease (2050)     100.0 % Built 1992     97.2%     679,665    
37.   Galleria, The   TX   Houston   Fee     50.4 % (4) Acquired 2002     98.3%     1,896,781   Saks Fifth Avenue (11), Neiman Marcus, Nordstrom, Macy's
38.   Greenwood Park Mall   IN   Greenwood (Indianapolis)   Fee     100.0 % Acquired 1979     94.9%     1,288,128   Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, Regal Cinema
39.   Haywood Mall   SC   Greenville   Fee and Ground Lease (2067) (7)     100.0 % Acquired 1998     98.5%     1,237,008   Macy's, Dillard's, JCPenney, Sears, Belk
40.   Independence Center   MO   Independence (Kansas City)   Fee     100.0 % Acquired 1994     94.3%     831,338   Dillard's, Macy's, Sears, Dick's Sporting Goods (6)
41.   Ingram Park Mall   TX   San Antonio   Fee     100.0 % Built 1979     96.8%     1,120,324   Dillard's, Macy's, JCPenney, Sears, Bealls, (8)
42.   King of Prussia   PA   King of Prussia (Philadelphia)   Fee     100.0 % Acquired 2003     95.6%     2,467,133   Neiman Marcus, Bloomingdale's, Nordstrom, Lord & Taylor, Macy's, JCPenney, Crate & Barrel, Arhaus Furniture, The Container Store, Dick's Sporting Goods, Primark
43.   La Plaza Mall   TX   McAllen   Fee and Ground Lease (2040) (7)     100.0 % Built 1976     99.1%     1,224,444   Macy's (9), Dillard's, JCPenney, Joe Brand
44.   Lakeline Mall   TX   Cedar Park (Austin)   Fee     100.0 % Built 1995     96.5%     1,097,549   Dillard's (9), Macy's, JCPenney, Sears, Regal Cinema
45.   Lehigh Valley Mall   PA   Whitehall   Fee     50.0 % (4) Acquired 2003     98.4%     1,180,561   Macy's, JCPenney, Boscov's, Barnes & Noble, hhgregg, Babies 'R Us
46.   Lenox Square   GA   Atlanta   Fee     100.0 % Acquired 1998     99.0%     1,559,575   Neiman Marcus, Bloomingdale's, Macy's
47.   Liberty Tree Mall   MA   Danvers (Boston)   Fee     49.1 % (4) Acquired 1999     80.5%     856,043   Marshalls, Sports Authority, Target, Kohl's, Best Buy, Staples, AC Moore, AMC Theatres, Nordstrom Rack, Off Broadway Shoes, Sky Zone
48.   Livingston Mall   NJ   Livingston (New York)   Fee     100.0 % Acquired 1998     94.2%     969,192   Macy's, Lord & Taylor, Sears, Barnes & Noble
49.   Mall at Rockingham Park, The   NH   Salem (Boston)   Fee     28.2 % (4) Acquired 1999     97.8%     1,025,432   JCPenney, Sears, Macy's, Lord & Taylor, Dick's Sporting Goods
50.   Mall at Tuttle Crossing, The   OH   Dublin (Columbus)   Fee     50.0 % (4) Acquired 2007     96.3%     1,125,111   Macy's (9), JCPenney, Sears
51.   Mall of Georgia   GA   Buford (Atlanta)   Fee     100.0 % Built 1999     97.8%     1,818,410   Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Haverty's Furniture, Regal Cinema, Von Maur (6)
52.   Mall of New Hampshire, The   NH   Manchester   Fee     56.4 % (4) Acquired 1999     94.8%     812,279   Macy's, JCPenney, Sears, Best Buy, AC Moore (15)
53.   McCain Mall   AR   N. Little Rock   Fee     100.0 % Built 1973     94.6%     795,778   Dillard's, JCPenney, Sears, Regal Cinema
54.    Meadowood Mall   NV   Reno   Fee     50.0 % (4) Acquired 2007     94.6%     844,614   Macy's (9), Sears, JCPenney, Dick's Sporting Goods (6)

20


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership Interest
(Expiration if
Lease) (3)
  Legal Ownership   Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
55.    Menlo Park Mall   NJ   Edison (New York)   Fee     100.0 % Acquired 1997     97.1%     1,334,285   Nordstrom, Macy's, Barnes & Noble, AMC Dine-In Theatre
56.   Miami International Mall   FL   Miami   Fee     47.8 % (4) Built 1982     95.9%     1,083,419   Macy's (9), JCPenney, Sears, Kohl's
57.   Midland Park Mall   TX   Midland   Fee     100.0 % Built 1980     98.7%     622,024   Dillard's (9), JCPenney, Sears, Bealls, Ross
58.   Miller Hill Mall   MN   Duluth   Fee     100.0 % Built 1973     97.9%     832,509   JCPenney, Sears, Younkers, Barnes & Noble, DSW, Dick's Sporting Goods
59.   Montgomery Mall   PA   North Wales (Philadelphia)   Fee     79.4 % Acquired 2003     87.8%     1,102,982   Macy's, JCPenney, Sears, Dick's Sporting Goods, Wegmans
60.   North East Mall   TX   Hurst (Dallas)   Fee     100.0 % Built 1971     97.4%     1,669,001   Nordstrom, Dillard's, Macy's, JCPenney, Sears, Dick's Sporting Goods, Rave Theatre
61.   Northgate Mall   WA   Seattle   Fee     100.0 % Acquired 1987     97.5%     1,046,088   Nordstrom, Macy's, JCPenney, Barnes & Noble, Bed Bath & Beyond, DSW, Nordstrom Rack
62.   Northshore Mall   MA   Peabody (Boston)   Fee     56.4 % (4) Acquired 1999     92.0%     1,591,263   JCPenney, Sears, Nordstrom, Macy's (9), Barnes & Noble, Toys 'R Us, Shaw's Grocery, The Container Store, DSW
63.   Ocean County Mall   NJ   Toms River (New York)   Fee     100.0 % Acquired 1998     94.6%     898,150   Macy's, Boscov's, JCPenney, Sears
64.   Orland Square   IL   Orland Park (Chicago)   Fee     100.0 % Acquired 1997     97.8%     1,231,807   Macy's, Carson's, JCPenney, Sears, Dave & Buster's
65.   Oxford Valley Mall   PA   Langhorne (Philadelphia)   Fee     85.5 % Acquired 2003     94.5%     1,331,501   Macy's, JCPenney, Sears, United Artists Theatre, (8)
66.   Penn Square Mall   OK   Oklahoma City   Ground Lease (2060)     94.5 % Acquired 2002     99.0%     1,063,417   Macy's, Dillard's (9), JCPenney, AMC Theatres
67.   Pheasant Lane Mall   NH   Nashua       0.0 % (14) Acquired 2002     95.5%     979,338   JCPenney, Sears, Target, Macy's, Dick's Sporting Goods
68.   Phipps Plaza   GA   Atlanta   Fee     100.0 % Acquired 1998     92.0%     829,430   Saks Fifth Avenue, Nordstrom, Belk, AMC Theatres, Arhaus Furniture, Legoland Discovery Center
69.   Plaza Carolina   PR   Carolina (San Juan)   Fee     100.0 % Acquired 2004     93.0%     1,157,878   JCPenney, Sears, Tiendas Capri, Econo, Best Buy, T.J. Maxx, DSW, Sports Authority
70.   Prien Lake Mall   LA   Lake Charles   Fee and Ground Lease (2040) (7)     100.0 % Built 1972     98.9%     848,573   Dillard's, JCPenney, Sears, Cinemark Theatres, Kohl's, Dick's Sporting Goods
71.   Quaker Bridge Mall   NJ   Lawrenceville   Fee     50.0 % (4) Acquired 2003     90.8%     1,083,990   Macy's, Lord & Taylor, JCPenney, Sears
72.   Rockaway Townsquare   NJ   Rockaway (New York)   Fee     100.0 % Acquired 1998     94.6%     1,245,671   Macy's, Lord & Taylor, JCPenney, Sears, Raymour & Flanigan (6)
73.   Roosevelt Field   NY   Garden City (New York)   Fee and Ground Lease (2090) (7)     100.0 % Acquired 1998     94.3%     2,266,455   Bloomingdale's (9), Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, AMC Entertainment, XSport Fitness, Neiman Marcus (6)
74.   Ross Park Mall   PA   Pittsburgh   Fee     100.0 % Built 1986     99.0%     1,245,828   JCPenney, Sears, Nordstrom, L.L. Bean, Macy's, Crate & Barrel
75.   Santa Rosa Plaza   CA   Santa Rosa   Fee     100.0 % Acquired 1998     93.2%     692,405   Macy's, Sears, Forever 21
76.   Shops at Chestnut Hill, The   MA   Chestnut Hill (Boston)   Fee     94.4 % Acquired 2002     98.0%     468,492   Bloomingdale's (9)
77.   Shops at Nanuet, The   NY   Nanuet   Fee     100.0 % Redeveloped 2013     99.6%     757,928   Macy's, Sears, Fairway Market, Regal Cinema, 24 Hour Fitness
78.   Shops at Mission Viejo, The   CA   Mission Viejo (Los Angeles)   Fee     51.0 % (4) Built 1979     96.7%     1,151,720   Nordstrom, Macy's (9), Forever 21
79.   Shops at Riverside, The   NJ   Hackensack (New York)   Fee     100.0 % Acquired 2007     95.9%     659,665   Bloomingdale's, Barnes & Noble, Arhaus Furniture, AMC Theatre (6)
80.   Smith Haven Mall   NY   Lake Grove (New York)   Fee     25.0 % (4)(2) Acquired 1995     94.2%     1,300,230   Macy's (9), JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble
81.   Solomon Pond Mall   MA   Marlborough (Boston)   Fee     56.4 % (4) Acquired 1999     95.5%     886,479   Macy's, JCPenney, Sears, Regal Cinema
82.   South Hills Village   PA   Pittsburgh   Fee     100.0 % Acquired 1997     97.1%     1,120,615   Macy's (9), Sears, Barnes & Noble, Carmike Cinemas, Dick's Sporting Goods, Target, DSW, Ulta
83.   South Shore Plaza   MA   Braintree (Boston)   Fee     100.0 % Acquired 1998     95.3%     1,588,916   Macy's, Lord & Taylor, Sears, Nordstrom, Target, DSW, Primark (6)

21


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership Interest
(Expiration if
Lease) (3)
  Legal Ownership   Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
84.    Southdale Center   MN   Edina (Minneapolis)   Fee     100.0 % Acquired 2007     91.2%     1,297,421   Macy's, JCPenney, AMC Theatres, Herberger's, Gordmans, Dave & Buster's
85.   SouthPark   NC   Charlotte   Fee and Ground Lease (2040) (10)     100.0 % Acquired 2002     99.2%     1,676,152   Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Crate & Barrel, The Container Store
86.   Southridge Mall   WI   Greendale (Milwaukee)   Fee     100.0 % Acquired 2007     97.8%     1,177,109   JCPenney, Sears, Kohl's, Boston Store, Macy's
87.   Springfield Mall (1)   PA   Springfield (Philadelphia)   Fee     50.0 % (4) Acquired 2005     88.1%     610,576   Macy's, Target
88.   Square One Mall   MA   Saugus (Boston)   Fee     56.4 % (4) Acquired 1999     95.0%     929,848   Macy's, Sears, Best Buy, T.J. Maxx N More, Dick's Sporting Goods, WOW! Work Out World
89.   St. Charles Towne Center   MD   Waldorf (Washington, DC)   Fee     100.0 % Built 1990     98.5%     980,618   Macy's (9), JCPenney, Sears, Kohl's, Dick Sporting Goods, AMC Theatres
90.   St. Johns Town Center   FL   Jacksonville   Fee     50.0 % (4) Built 2005     100.0 %   1,390,791   Nordstrom, Dillard's, Arhaus Furniture, Dick's Sporting Goods, Barnes & Noble,
Target, Ashley Furniture Home Store, Ross, Staples, DSW, JoAnn Fabrics, PetsMart
91.   Stanford Shopping Center (13)   CA   Palo Alto (San Jose)   Ground Lease (2054)     94.4 % (12) Acquired 2003     99.4%     1,230,537   Neiman Marcus, Bloomingdale's, Nordstrom, Macy's (9), Crate and Barrel, The Container Store
92.   Stoneridge Shopping Center   CA   Pleasanton (San Francisco)   Fee     49.9 % (4) Acquired 2007     99.7%     1,299,419   Macy's (9), Nordstrom, Sears, JCPenney
93.   Summit Mall   OH   Akron   Fee     100.0 % Built 1965     89.2%     777,669   Dillard's (9), Macy's
94.   Tacoma Mall   WA   Tacoma (Seattle)   Fee     100.0 % Acquired 1987     93.3%     1,334,694   Nordstrom, Macy's, JCPenney, Sears, Dick's Sporting Goods (6)
95.   Tippecanoe Mall   IN   Lafayette   Fee     100.0 % Built 1973     93.5%     862,740   Macy's, JCPenney, Sears, Kohl's, Dick's Sporting Goods, hhgregg
96.   Town Center at Boca Raton   FL   Boca Raton (Miami)   Fee     100.0 % Acquired 1998     99.8%     1,779,736   Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Sears, Crate & Barrel, The Container Store
97.   Town Center at Cobb   GA   Kennesaw (Atlanta)   Fee     100.0 % Acquired 1998     95.8%     1,280,866   Belk, Macy's (9), JCPenney, Sears
98.   Towne East Square   KS   Wichita   Fee     100.0 % Built 1975     93.1%     1,134,758   Dillard's, Von Maur, JCPenney, Sears
99.   Treasure Coast Square   FL   Jensen Beach   Fee     100.0 % Built 1987     93.3%     876,257   Macy's, Dillard's, JCPenney, Sears, hhgregg, Regal Cinema
100.   Tyrone Square   FL   St. Petersburg (Tampa)   Fee     100.0 % Built 1972     98.9%     1,100,081   Macy's, Dillard's, JCPenney, Sears, DSW, Cobb 10 Luxury Theatres (6)
101.   University Park Mall   IN   Mishawaka   Fee     100.0 % Built 1979     97.2%     918,929   Macy's, JCPenney, Sears, Barnes & Noble
102.   Walt Whitman Shops   NY   Huntington Station (New York)   Fee and Ground Lease (2032) (7)     100.0 % Acquired 1998     98.5%     1,089,488   Saks Fifth Avenue, Bloomingdale's, Lord & Taylor, Macy's, Zara
103.   West Town Mall   TN   Knoxville   Ground Lease (2042)     50.0 % (4) Acquired 1991     99.1%     1,341,351   Belk (9), Dillard's, JCPenney, Sears, Regal Cinema
104.   Westchester, The   NY   White Plains (New York)   Fee     40.0 % (4) Acquired 1997     99.5%     820,643   Neiman Marcus, Nordstrom, Crate and Barrel
105.   White Oaks Mall   IL   Springfield   Fee     80.7 % Built 1977     88.7%     930,118   Macy's, Bergner's, Sears, Dick's Sporting Goods, hhgregg, LA Fitness
106.   Wolfchase Galleria   TN   Memphis   Fee     94.5 % Acquired 2002     97.5%     1,151,673   Macy's, Dillard's, JCPenney, Sears, Malco Theatres
107.   Woodfield Mall   IL   Schaumburg (Chicago)   Fee     50.0 % (4) Acquired 2012     95.8%     2,172,176   Nordstrom, Macy's, Lord & Taylor, JCPenney, Sears, Arhaus Furniture, Level 257
108.   Woodland Hills Mall   OK   Tulsa   Fee     94.5 % Acquired 2002     97.0%     1,091,346   Macy's, Dillard's, JCPenney, Sears
    Total Mall GLA                                 122,723,550 (16)  

22


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease) (3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
    Premium Outlets                                      
1.    Albertville Premium Outlets   MN   Albertville (Minneapolis)   Fee     100.0 % Acquired 2004     94.9%     429,061   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kenneth Cole, Loft Outlet, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, The North Face, Under Armour
2.   Allen Premium Outlets   TX   Allen (Dallas)   Fee     100.0 % Acquired 2004     97.0%     441,781   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Lacoste, Last Call by Neiman Marcus, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger
3.   Aurora Farms Premium Outlets   OH   Aurora (Cleveland)   Fee     100.0 % Acquired 2004     94.7%     285,309   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour
4.   Birch Run Premium Outlets   MI   Birch Run (Detroit)   Fee     100.0 % Acquired 2010     90.6%     680,612   Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Guess, J.Crew, Lacoste, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger, The North Face
5.   Calhoun Premium Outlets   GA   Calhoun   Fee     100.0 % Acquired 2010     94.1%     254,062   Ann Taylor, Carter's, Coach, Gap Outlet, Gymboree, Nike, Polo Ralph Lauren, Tommy Hilfiger
6.   Camarillo Premium Outlets   CA   Camarillo (Los Angeles)   Fee     100.0 % Acquired 2004     100.0%     675,334   Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Hugo Boss, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch
7.   Carlsbad Premium Outlets   CA   Carlsbad (San Diego)   Fee     100.0 % Acquired 2004     100.0%     289,412   Adidas, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Theory, Under Armour, Vince
8.   Carolina Premium Outlets   NC   Smithfield (Raleigh)   Fee     100.0 % Acquired 2004     97.7%     438,815   Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, J.Crew, Levi's, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour
9.   Charlotte Premium Outlets   NC   Charlotte   Fee     50.0 % (4) Built 2014     98.7%     398,692   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Cole Haan, Gap Outlet, Kate Spade, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Under Armour
10.   Chicago Premium Outlets   IL   Aurora (Chicago)   Fee     100.0 % Built 2004     87.1%     688,447   Abercrombie & Fitch, Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Diesel, Gap Outlet, J.Crew, Kate Spade New York, Lacoste, Max Mara, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tag Heuer, Theory, Under Armour, Vera Bradley
11.   Cincinnati Premium Outlets   OH   Monroe (Cincinnati)   Fee     100.0 % Built 2009     98.5%     398,729   Adidas, Banana Republic, Brooks Brothers, Coach, Cole Haan, Gap Outlet, J.Crew, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, The North Face
12.   Clinton Crossing Premium Outlets   CT   Clinton   Fee     100.0 % Acquired 2004     98.4%     276,227   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, DKNY, Gap Outlet, J.Crew, Lucky Brand, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Tumi, Under Armour, Vera Bradley
13.   Columbia Gorge Premium Outlets   OR   Troutdale (Portland)   Fee     100.0 % Acquired 2004     88.8%     163,741   Adidas, Carter's, Coach, Eddie Bauer, Gap Outlet, Gymboree, Levi's, Tommy Hilfiger
14.   Desert Hills Premium Outlets (13)   CA   Cabazon (Palm Springs)   Fee     100.0 % Acquired 2004     99.7%     651,065   Alexander McQueen, Armani Outlet, Burberry, Coach, Gucci, Lacoste, Last Call by Neiman Marcus, Marc Jocobs, Nike, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tory Burch, True Religion, Yves Saint Laurent, Zegna
15.   Edinburgh Premium Outlets   IN   Edinburgh (Indianapolis)   Fee     100.0 % Acquired 2004     98.0%     377,734   Abercrombie & Fitch, Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Coach, Express, Gap Outlet, J.Crew, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, White House Black Market

23


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease) (3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
16.    Ellenton Premium Outlets   FL   Ellenton (Tampa)   Fee     100.0 % Acquired 2010     98.8%     476,481   Ann Taylor, Adidas, Banana Republic, Calvin Klein, Coach, DKNY, J.Crew, Kate Spade New York, Kenneth Cole, Lacoste, Lucky Brand, Michael Kors, Movado, Nike, Puma, Saks Fifth Avenue Off 5th
17.   Folsom Premium Outlets   CA   Folsom (Sacramento)   Fee     100.0 % Acquired 2004     97.3%     297,778   Adidas, BCBG Max Azria, Banana Republic, Calvin Klein, Coach, Eddie Bauer, Gap Outlet, Guess, Kenneth Cole, Loft Outlet, Nike, Tommy Hilfiger
18.   Gaffney Premium Outlets   SC   Gaffney (Greenville/Charlotte)   Fee     100.0 % Acquired 2010     95.0%     359,839   Adidas, Ann Taylor, Banana Republic, Azria, Brooks Brothers, Coach, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Under Armour
19.   Gilroy Premium Outlets   CA   Gilroy (San Jose)   Fee     100.0 % Acquired 2004     97.0%     578,172   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Elie Tahari, Hugo Boss, J.Crew, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, True Religion
20.   Gloucester Premium Outlets   NJ   Blackwood (Philadelphia)   Fee     50.0 % (4) Built 2015     90.2%     369,652   Adidas, American Eagle Outfitters, Armani Outlet, A/X Armani Exchange, Banana Republic, Calvin Klein, Columbia Sportswear, Express, Gap Outlet, Guess, Levi's, J. Crew, Loft Outlet, Nautica, Nike, Puma, Reebok, Tommy Hilfiger, Under Armour
21.   Grand Prairie Premium Outlets   TX   Grand Prairie (Dallas)   Fee     100.0 % Built 2012     97.5%     417,177   Bloomingdale's The Outlet Store, Coach, Cole Haan, Hugo Boss, Kate Spade New York, J.Crew, Lucky Brand, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Under Armour
22.   Grove City Premium Outlets   PA   Grove City (Pittsburgh)   Fee     100.0 % Acquired 2010     100.0 %   531,289   American Eagle Outfitters, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Nike, Polo Ralph Lauren, The North Face, Under Armour, Vera Bradley
23.   Gulfport Premium Outlets   MS   Gulfport   Ground Lease (2059)     100.0 % Acquired 2010     96.3%     300,238   Ann Taylor, Banana Republic, BCBG Max Azria, Coach, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour
24.   Hagerstown Premium Outlets   MD   Hagerstown (Baltimore/Washington, DC)   Fee     100.0 % Acquired 2010     91.4%     485,004   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Kate Spade New York, Loft Outlet, Nike, The North Face, Tommy Hilfiger, Under Armour
25.   Houston Premium Outlets   TX   Cypress (Houston)   Fee     100.0 % Built 2008     98.9%     541,832   Ann Taylor, A/X Armani Exchange, Banana Republic, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, J.Crew, Lucky Brand, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch, Vera Bradley
26.   Jackson Premium Outlets   NJ   Jackson (New York)   Fee     100.0 % Acquired 2004     98.1%     285,498   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Loft Outlet, Lucky Brand, Nike, Polo Ralph Lauren, Reebok, Talbots, Timberland, Tommy Hilfiger, Under Armour
27.   Jersey Shore Premium Outlets   NJ   Tinton Falls (New York)   Fee     100.0 % Built 2008     100.0 %   434,389   Adidas, American Eagle Outfitters, Ann Taylor, A/X Armani Exchange, Banana Republic, Burberry, Brooks Brothers, Coach, Cole Haan, Columbia Sportswear, Diesel, DKNY, Eddie Bauer, Elie Tahari, Guess, J.Crew, Kate Spade New York, Lacoste, Lucky Brand, Michael Kors, Nike, Talbots, Theory, Tommy Hilfiger, True Religion, Under Armour, Ugg
28.   Johnson Creek Premium Outlets   WI   Johnson Creek   Fee     100.0 % Acquired 2004     95.1%     276,373   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Columbia Sportswear, Eddie Bauer, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
29.   Kittery Premium Outlets   ME   Kittery   Fee and Ground Lease (2049) (7)     100.0 % Acquired 2004     92.3%     259,174   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Chico's, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger
30.    Las Americas Premium Outlets   CA   San Diego   Fee     100.0 % Acquired 2007     97.5%     555,800   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Hugo Boss, J.Crew, Nike, Polo Ralph Lauren, Reebok, Tommy Bahama, Tommy Hilfiger, True Religion, Under Armour

24


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease) (3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
31.    Las Vegas North Premium Outlets   NV   Las Vegas   Fee     100.0 % Built 2003     99.3%     675,616   Armani Outlet, A/X Armani Exchange, Ann Taylor, Banana Republic, Burberry, Coach, David Yurman, Diesel, Dolce & Gabbana, Elie Tahari, Etro, Hugo Boss, Lacoste, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, St. John, TAG Heuer, Ted Baker, True Religion
32.   Las Vegas South Premium Outlets   NV   Las Vegas   Fee     100.0 % Acquired 2004     100.0 %   535,407   Adidas, Ann Taylor, Banana Republic, Bose, Brooks Brothers, Calvin Klein, Coach, DKNY, Gap Outlet, Kenneth Cole, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Under Armour, Vera Bradley
33.   Lebanon Premium Outlets   TN   Lebanon (Nashville)   Fee     100.0 % Acquired 2010     93.3%     227,283   Ann Taylor, Brooks Brothers, Coach, Eddie Bauer, Gap Outlet, Loft Outlet, Nike, Polo Ralph Lauren, Reebok, Samsonite
34.   Lee Premium Outlets   MA   Lee   Fee     100.0 % Acquired 2010     96.4%     224,825   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Chico's, Coach, Cole Haan, J.Crew, Lacoste, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour
35.   Leesburg Corner Premium Outlets   VA   Leesburg (Washington, DC)   Fee     100.0 % Acquired 2004     97.6%     478,217   Ann Taylor, Armani Outlet, Brooks Brothers, Burberry, Coach, Columbia Sportswear, Diesel, DKNY, Elie Tahari, Hugo Boss, Lacoste, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Under Armour, Vera Bradley, Williams-Sonoma
36.   Liberty Village Premium Outlets   NJ   Flemington (New York)   Fee     100.0 % Acquired 2004     77.8%     162,239   American Eagle Outfitters, Ann Taylor, Brooks Brothers, Calvin Klein, Coach, G.H. Bass & Co., J.Crew, Michael Kors, Polo Ralph Lauren, Timberland
37.   Lighthouse Place Premium Outlets   IN   Michigan City (Chicago, IL)   Fee     100.0 % Acquired 2004     99.0%     454,730   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Hollister, J.Crew, Movado, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour
38.   Merrimack Premium Outlets   NH   Merrimack   Fee     100.0 % Built 2012     98.6%     408,996   Ann Taylor, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Under Armour, White House Black Market
39.   Napa Premium Outlets   CA   Napa   Fee     100.0 % Acquired 2004     96.5%     179,176   Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Lucky Brand, Michael Kors, Polo Ralph Lauren, Tommy Hilfiger
40.   North Bend Premium Outlets   WA   North Bend (Seattle)   Fee     100.0 % Acquired 2004     96.4%     223,561   Banana Republic, Carter's, Coach, Eddie Bauer, Gap Outlet, Nike, PacSun, Under Armour, Van Heusen, VF Outlet
41.   North Georgia Premium Outlets   GA   Dawsonville (Atlanta)   Fee     100.0 % Acquired 2004     97.9%     540,310   Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Elie Tahari, Hugo Boss, J.Crew, Kate Spade, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Talbots, The North Face, Tommy Hilfiger, Williams-Sonoma
42.   Orlando International Premium Outlets   FL   Orlando   Fee     100.0 % Acquired 2010     99.7%     773,455   7 For All Mankind, Adidas, Banana Republic, Calvin Klein, Coach, DKNY, J.Crew, Kate Spade, Kenneth Cole, Lacoste, Last Call by Neiman Marcus, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, True Religion, Victoria's Secret
43.   Orlando Vineland Premium Outlets   FL   Orlando   Fee     100.0 % Acquired 2004     97.0%     656,610   Adidas, Armani Outlet, A/X Armani Exchange, Brunello Cucinelli, Burberry, Calvin Klein, Carolina Herrera, Coach, Cole Haan, Diesel, Fendi, Hugo Boss, J.Crew, Lacoste, Michael Kors, Nike, Prada, Polo Ralph Lauren, Roberto Cavalli, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, TAG Heuer, The North Face, Tod's, Tory Burch, Vera Bradley, Zegna

25


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease) (3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
44.   Osage Beach Premium Outlets   MO   Osage Beach   Fee     100.0 % Acquired 2004     86.6%     390,311   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Eddie Bauer, Gap Outlet, Levi's, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
45.   Petaluma Village Premium Outlets   CA   Petaluma (San Francisco)   Fee     100.0 % Acquired 2004     100.0 %   201,666   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Nike, Puma, Saks Fifth Avenue Off 5th, Tommy Hilfiger
46.   Philadelphia Premium Outlets   PA   Limerick (Philadelphia)   Fee     100.0 % Built 2007     99.1%     549,137   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Diesel, Elie Tahari, Gap Outlet, Guess, J.Crew, Last Call by Neiman Marcus, Loft Outlet, Michael Kors, Movado, Nike, Polo Ralph Lauren, Puma, Restoration Hardware, Theory, Under Armour, Vera Bradley, Ugg
47.   Phoenix Premium Outlets   AZ   Chandler (Phoenix)   Ground Lease (2077)     100.0 % Built 2013     97.7%     356,497   Banana Republic, Brooks Brothers, Calvin Klein, Coach, Elie Tahari, Gap Factory Store, Hugo Boss, Lucky Brand, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, Under Armour
48.   Pismo Beach Premium Outlets   CA   Pismo Beach   Fee     100.0 % Acquired 2010     100.0 %   147,416   Calvin Klein, Carter's, Coach, Guess, Levi's, Nike, Nine West, Quiksilver, Skechers, Tommy Hilfiger, Van Heusen
49.   Pleasant Prairie Premium Outlets   WI   Pleasant Prairie (Chicago, IL/Milwaukee)   Fee     100.0 % Acquired 2010     96.3%     402,537   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, Hugo Boss, Kate Spade, J.Crew, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, The North Face, Under Armour, Ugg
50.   Puerto Rico Premium Outlets   PR   Barceloneta   Fee     100.0 % Acquired 2010     97.3%     350,005   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Disney Store Outlet, Gap Outlet, Guess, Kenneth Cole, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger
51.   Queenstown Premium Outlets   MD   Queenstown (Baltimore)   Fee     100.0 % Acquired 2010     95.4%     289,547   Adidas, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, Talbots, Tommy Bahama, Under Armour
52.   Rio Grande Valley Premium Outlets   TX   Mercedes (McAllen)   Fee     100.0 % Built 2006     98.9%     604,105   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, DKNY, Express, Gap Outlet, Guess, Hugo Boss, Loft Outlet, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, True Religion, Under Armour, VF Outlet
53.   Round Rock Premium Outlets   TX   Round Rock (Austin)   Fee     100.0 % Built 2006     98.0%     488,678   Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour
54.   San Francisco Premium Outlets   CA   Livermore (San Francisco)   Fee and Ground Lease (2021) (10)     100.0 % Built 2012     96.3%     696,980   All Saints, A/X Armani Exchange, Bloomingdale's The Outlet Store, CH Carolina Herrera, Coach, Gucci, Kate Spade New York, J.Crew, Lacoste, Last Call by Neiman Marcus, MaxMara, Michael Kors, Prada, Saks Fifth Avenue Off 5th, Ted Baker, The North Face, Tommy Hilfiger, Tory Burch, Versace, Vince
55.   San Marcos Premium Outlets   TX   San Marcos (Austin/San Antonio)   Fee     100.0 % Acquired 2010     99.4%     732,273   Banana Republic, Cole Haan, Diane Von Furstenberg, Gucci, Hugo Boss, J. Crew, Kate Spade, Lacoste, Last Call by Neiman Marcus, Michael Kors, Pottery Barn, Prada, Restoration Hardware, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, The North Face, Tommy Bahama, Ugg, Victoria's Secret

26


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease) (3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
56.    Seattle Premium Outlets   WA   Tulalip (Seattle)   Ground Lease (2079)     100.0 % Built 2005     98.7%     554,809   Abercrombie, Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Elie Tahari, Hugo Boss, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, The North Face, Tommy Bahama, Tommy Hilfiger, Under Armour
57.   Silver Sands Premium Outlets   FL   Destin   Fee     50.0 % (4) Acquired 2012     93.7%     451,219   Adidas, American Eagle Outfitters, Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Coach, Cole Haan, Columbia Sportswear, Dooney & Bourke, J.Crew, Michael Kors, Movado, Nike, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Under Armour
58.   St. Augustine Premium Outlets   FL   St. Augustine (Jacksonville)   Fee     100.0 % Acquired 2004     96.3%     329,059   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Puma, Reebok, Tommy Bahama, Tommy Hilfiger, Under Armour
59.   St. Louis Premium Outlets   MO   St. Louis (Chesterfield)   Fee     60.0 % (4) Built 2013     99.0%     351,513   Ann Taylor, BCBG Max Azria, Coach, Columbia Sportswear, Crabtree & Evelyn, Elie Tahari, J. Crew, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, St. John, Tommy Hilfiger, Ugg, Under Armour, Vera Bradley
60.   Tampa Premium Outlets   FL   Lutz (Tampa)   Fee     100.0 % Built 2015     90.7%     441,248   Adidas, American Eagle Outfitters, Ann Taylor, Banana Rebublic, Brooks Brothers, Calvin Klein, Coach, Cole Hahn, Columbia Sportswear, Gap Outlet, Guess, J. Crew, Lucky Brand, Michael Kors, Nike, Polo Ralph Lauren, Puma, Reebok, Saks 5th Avenue Off 5th, Tommy Hilfiger, Under Armour, Vera Bradley
61.   Tanger Outlets — Galveston/Houston (1)   TX   Texas City   Fee     50.0 % (4) Built 2012     96.3%     352,705   Banana Republic, Brooks Brothers, Coach, Gap Outlet, J. Crew, Kenneth Cole, Michael Kors, Nike, Reebok, Tommy Hilfiger, White House Black Market
62.   The Crossings Premium Outlets   PA   Tannersville   Fee and Ground Lease (2019) (7)     100.0 % Acquired 2004     98.3%     411,717   Abercrombie & Fitch, Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Guess, J.Crew, Kate Spade, Nike, Polo Ralph Lauren, The North Face, Timberland, Tommy Hilfiger, Under Armour
63.   Tucson Premium Outlets   AZ   Marana (Tucson)   Fee     100.0 % Built 2015     84.6%     367,192   Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Express, Forever 21, Gap Outlet, Guess, J. Crew, Levi's, Michael Kors, Nike, Saks 5th Avenue Off 5th, Skechers, Tommy Hilfiger, Under Armour
64.   Twin Cities Premium Outlets   MN   Eagan   Fee     35.0 % (4) Built 2014     99.2%     408,944   Adidas, Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J. Crew, Michael Kors, Movado, Nike, Robert Graham, Saks Fifth Avenue Off 5th, Talbots, True Religion, Under Armour, Vera Bradley
65.   Vacaville Premium Outlets   CA   Vacaville   Fee     100.0 % Acquired 2004     99.0%     440,113   Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, DKNY, Gucci, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Tommy Bahama, Tommy Hilfiger
66.   Waikele Premium Outlets (13)   HI   Waipahu (Honolulu)   Fee     100.0 % Acquired 2004     95.5%     219,144   A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Guess, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, True Religion

27


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership
Interest
(Expiration if
Lease) (3)
  Legal
Ownership
  Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
67.   Waterloo Premium Outlets   NY   Waterloo   Fee     100.0 % Acquired 2004     96.8%     417,823   Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Chico's, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Levi's, Loft Outlet, Nike, Polo Ralph Lauren, Puma, Talbots, Timberland, Tommy Hilfiger, Under Armour, VF Outlet
68.    Williamsburg Premium Outlets   VA   Williamsburg   Fee     100.0 % Acquired 2010     96.6%     522,201   Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Dooney & Bourke, Hugo Boss, J.Crew, Kate Spade New York, Loft Outlet, Lucky Brand, Michael Kors, Nike, Polo Ralph Lauren, Talbots, The North Face, Tommy Bahama, Tommy Hilfiger, True Religion, Under Armour
69.   Woodburn Premium Outlets   OR   Woodburn (Portland)   Fee     100.0 % Acquired 2013     98.7%     389,732   Adidas, Ann Taylor, Banana Republic, Cole Haan, Eddie Bauer, Fossil, Gap Outlet, J. Crew, Max Studio, Nike, The North Face, Polo Ralph Lauren, Puma, Tommy Hilfiger
70.   Woodbury Common Premium Outlets (13)   NY   Central Valley (New York)   Fee     100.0 % Acquired 2004     97.5%     869,143   Armani Outlet, Balenciega, Brioni, Brunello Cucinelli, Burberry, Canali, Chloe, Coach, Dior, Dolce & Gabbana, Dunhill, Fendi, Gucci, Hugo Boss, Lacoste, Last Call by Neiman Marcus, Moncler, Nike, Oscar de la Renta, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tod's, Tom Ford, Tory Burch, Valentino, Versace, Yves St. Laurent
71.   Wrentham Village Premium Outlets   MA   Wrentham (Boston)   Fee     100.0 % Acquired 2004     99.6%     660,091   All Saints, Ann Taylor, Armani Outlet, Banana Republic, Barneys New York, Bloomingdale's The Outlet Store, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Hugo Boss, J.Crew, Kate Spade, Lacoste, Michael Kors, Movado, Nike, Polo Ralph Lauren, Restoration Hardware, Robert Graham, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Ted Baker, Theory, Tommy Hilfiger, Tory Burch, True Religion, Under Armour, Vineyard Vines
    Total U.S. Premium Outlets GLA                         30,553,947    

28


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership Interest
(Expiration if
Lease) (3)
  Legal Ownership   Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
    The Mills                                      
1.   Arizona Mills   AZ   Tempe (Phoenix)   Fee     100.0 % Acquired 2007     98.5%     1,239,488   Marshalls, Last Call by Neiman Marcus, Burlington Coat Factory, Sears Appliance Outlet, Gameworks (15), Sports Authority, Ross, At Home, Group USA, Harkins Cinemas & IMAX, Sea Life Center, Conn's, Legoland (6)
2.   Arundel Mills   MD   Hanover (Baltimore)   Fee     59.3 % (4) Acquired 2007     100.0%     1,662,860   Bass Pro Shops Outdoor World, Bed Bath & Beyond, Best Buy, Books-A-Million, Burlington Coat Factory, The Children's Place, Dave & Buster's, F.Y.E., H&M, Medieval Times, Modell's, Last Call by Neiman Marcus, Saks Fifth Avenue Off 5th, Off Broadway Shoe Warehouse, T.J. Maxx, Cinemark Egyptian 24 Theatres, Maryland Live! Casino, Forever 21
3.   Colorado Mills   CO   Lakewood (Denver)   Fee     37.5 % (4) Acquired 2007     96.5%     1,410,712   Forever 21, Jumpstreet, Last Call by Neiman Marcus, Off Broadway Shoe Warehouse, Saks Fifth Avenue Off 5th, Sports Authority, Super Target, United Artists Theatre, Burlington Coat Factory, H&M
4.   Concord Mills   NC   Concord (Charlotte)   Fee     59.3 % (4) Acquired 2007     99.7%     1,344,807   Bass Pro Shops Outdoor World, Books-A-Million, Burlington Coat Factory, Saks Fifth Avenue Off 5th (15), The Children's Place Outlet, Dave & Buster's, Nike Factory Store, T.J. Maxx, Group USA, Sun & Ski, VF Outlet, Off Broadway Shoes, Bed Bath & Beyond, AMC Theatres, Best Buy, Forever 21, Sea Life Center, H&M (6)
5.   Grapevine Mills   TX   Grapevine (Dallas)   Fee     59.3 % (4) Acquired 2007     98.9%     1,780,928   Bed Bath & Beyond, Burlington Coat Factory, The Children's Place, Group USA, Marshalls, Nike Factory Store, Saks Fifth Avenue Off 5th, AMC Theatres, Sun & Ski Sports, Last Call by Neiman Marcus, Sears Appliance Outlet, Bass Pro Shops Outdoor World, Off Broadway Shoes, VF Outlet, Legoland Discovery Center, Sea Life Center, Ross, H&M, Round 1 Entertainment (6)
6.   Great Mall   CA   Milpitas (San Jose)   Fee     100.0 % Acquired 2007     99.8%     1,365,129   Last Call by Neiman Marcus, Sports Authority, Group USA, Kohl's, Dave & Busters, Sears Appliance Outlet, Burlington Coat Factory, Marshalls, Saks Fifth Avenue Off 5th, Nike Factory Store, Century Theatres, Bed Bath & Beyond, Off Broadway Shoes, Uniqlo
7.   Gurnee Mills   IL   Gurnee (Chicago)   Fee     100.0 % Acquired 2007     97.6%     1,935,843   Bass Pro Shops Outdoor World, Bed Bath & Beyond/Buy Buy Baby, Burlington Coat Factory, Kohl's, Marshalls Home Goods, Saks Fifth Avenue Off 5th, Rinkside, Sears Grand, Sports Authority, T.J. Maxx, VF Outlet, Marcus Cinemas, Last Call by Neiman Marcus, Value City Furniture, Shoppers World, Off Broadway Shoe Warehouse, Macy's
8.   Katy Mills   TX   Katy (Houston)   Fee     62.5 % (4) (2) Acquired 2007     98.9%     1,789,953   Bass Pro Shops Outdoor World, Bed Bath and Beyond, Books-A-Million, Burlington Coat Factory, Jumpstreet, Marshalls, Last Call by Neiman Marcus, Nike Factory Store, Saks Fifth Avenue Off 5th, Sun & Ski Sports, AMC Theatres, Off Broadway Shoes, Tilt, Ross, H&M
9.   Mills at Jersey Gardens, The   NJ   Elizabeth   Fee     100.0 % Acquired 2015     98.8%     1,304,142   Bed Bath & Beyond, Burlington Coat Factory, Century 21 Department Store, Cohoes, Forever 21, Group USA, Last Call Neiman Marcus, Loews Theatres, Marshalls, Modell's, Nike Factory Store, Saks 5th Avenue Off 5th, Tommy Hilfiger, VF Outlet
10.   Ontario Mills   CA   Ontario (Riverside)   Fee     50.0 % (4) Acquired 2007     99.5%     1,366,633   Burlington Coat Factory, Nike Factory Store, Gameworks, The Children's Place Outlet, Marshalls, Saks Fifth Avenue Off 5th, Nordstrom Rack, Dave & Busters, Group USA, Sam Ash Music, Off Broadway Shoes, AMC Theatres, Sports Authority, Forever 21, Last Call by Neiman Marcus (15), Uniqlo (6), (8)

29


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties

 
 
Property Name
  State   City (CBSA)   Ownership Interest
(Expiration if
Lease) (3)
  Legal Ownership   Year Built
or
Acquired
  Occupancy (5)   Total GLA   Retail Anchors and Selected Major Tenants
11.    Opry Mills   TN   Nashville   Fee     100.0 % Acquired 2007     96.9%     1,153,697   Regal Cinema & IMAX, Dave & Busters, VF Outlet, Sun & Ski, Bass Pro Shops Outdoor World, Forever 21, Bed Bath & Beyond, Saks Fifth Avenue Off 5th, Off Broadway Shoes, H&M
12.   Outlets at Orange, The   CA   Orange (Los Angeles)   Fee     50.0 % (4) Acquired 2007     99.4%     806,295   Dave & Buster's, Vans Skatepark, Lucky Strike Lanes, Saks Fifth Avenue Off 5th, AMC Theatres, Nike Factory Store, Last Call by Neiman Marcus, Off Broadway Shoes, Nordstrom Rack, Sports Authority, H&M, Forever 21
13.   Potomac Mills   VA   Woodbridge (Washington, DC)   Fee     100.0 % Acquired 2007     98.8%     1,530,314   Group USA, Marshalls, T.J. Maxx, Sears Appliance Outlet, JCPenney, Burlington Coat Factory, Off Broadway Shoe Warehouse, Nordstrom Rack, Saks Fifth Avenue Off 5th Outlet, Costco Warehouse, The Children's Place, AMC Theatres, Modell's Sporting Goods, Books-A-Million, H&M, Last Call by Neiman Marcus, XXI Forever, Bloomingdale's Outlet, Buy Buy Baby/and That!
14.   Sawgrass Mills   FL   Sunrise (Miami)   Fee     100.0 % Acquired 2007     96.5%     2,252,947   American Signature Home (15), Bed Bath & Beyond, Brandsmart USA, Burlington Coat Factory, Gameworks, Marshalls, Last Call by Neiman Marcus, Nike Factory Store, Nordstrom Rack, Saks Fifth Avenue Off 5th, Ron Jon Surf Shop, Sports Authority, Super Target, T.J. Maxx (11), Urban Planet, VF Factory Outlet (15), F.Y.E., Off Broadway Shoes, Regal Cinema, Bloomingdale's Outlet, Forever 21, Century 21 Department Store (6), H&M (6)
    Total Mills Properties GLA                         20,943,748    
    Lifestyle Centers                                  
1.   ABQ Uptown   NM   Albuquerque   Fee     100.0 % Acquired 2011     98.9%     230,026    
2.   Hamilton Town Center   IN   Noblesville (Indianapolis)   Fee     50.0 % (4) Built 2008     91.1%     672,896   JCPenney, Dick's Sporting Goods, Stein Mart, Bed Bath & Beyond, DSW, Hamilton 16 IMAX, Earth Fare
3.   Pier Park   FL   Panama City Beach   Fee     65.6 % (4) Built 2008     96.4%     895,790   Dillard's, JCPenney, Target, Grand Theatres, Ron Jon Surf Shop, Margaritaville, Marshalls, Dave & Buster's
4.   University Park Village   TX   Fort Worth   Fee     100.0 % Acquired 2015     100.0 %   160,077   Anthropologie, Pottery Barn
    Total Lifestyle Centers GLA                         1,958,789    
    Other Properties                                  
1.   Circle Centre   IN   Indianapolis   Property Lease (2097)     14.7 % (4) (2) Built 1995     89.7%     729,398   Carson's, United Artists Theatre, Indianapolis Star, Nada (6), Punch Bowl Social (6)
2.   Florida Keys Outlet Center   FL   Florida City   Fee     100.0 % Acquired 2010     92.8%     206,325   American Eagle, Carter's, Coach, Gap Outlet, Guess, Nike, Nine West, OshKosh B'gosh, Skechers, Tommy Hilfiger
3.   Greendale Mall   MA   Worcester   Fee and Ground Lease (2019) (7)     56.4 % (4) Acquired 1999     80.1%     428,864   T.J. Maxx 'N More, Best Buy, DSW, Big Lots
4.   Huntley Outlet Center   IL   Huntley   Fee     100.0 % Acquired 2010     56.2%     278,909   Ann Taylor, Banana Republic, Bose, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Reebok, Tommy Hilfiger
5.   Lincoln Plaza   PA   King of Prussia (Philadelphia)   Fee     85.5%   Acquired 2003     100.0 %   264,835   AC Moore, Michaels, T.J. Maxx, Home Goods, hhgregg, American Signature Furniture, DSW, Nordstrom Rack (6)
6.   Naples Outlet Center   FL   Naples   Fee     100.0 % Acquired 2010     66.5%     146,047   Ann Taylor, Bass, Coach, L'eggs/Hanes/Bali/Playtex, Loft Outlet, Samsonite, Van Heusen
7.   Outlet Marketplace   FL   Orlando   Fee     100.0 % Acquired 2010     90.4%     199,316   American Eagle, Calvin Klein, Nike, Nine West, Reebok, Skechers
8 - 12.   The Mills Limited Partnership (TMLP)                     Acquired 2007           5,748,472    
    Total Other GLA                         8,002,166    
    Total U.S. Properties GLA                         184,182,200    

30


Table of Contents

FOOTNOTES:

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

(2)
Our direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on distributions in favor of other partners or us.

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

interest under an option, right of first refusal or other provision. Unless otherwise indicated, each ground lease listed in this column covers at least 50% of its respective property.

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

(5)
Malls — Executed leases for all company-owned GLA in mall stores, excluding major tenants and anchors. Premium Outlets and The Mills — Executed leases for all company-owned GLA (or total center GLA).

(6)
Indicates anchor or major tenant that is currently under development or has announced plans for development.

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

(8)
Indicates vacant anchor space(s).

(9)
Tenant has multiple locations at this center.

(10)
Indicates ground lease covers outparcel only.

(11)
Tenant has an existing store at this center but will move to a new location.

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

(13)
Property is undergoing an expansion.

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

(15)
Indicates anchor has announced its intent to close this location.

(16)
Mall & Freestanding GLA includes office space. Centers with more than 20,000 square feet of office space are listed below:

Circle Centre — 129,944 sq. ft.

Copley Place — 884,142 sq. ft.

Domain, The — 156,240 sq. ft.

Fashion Centre at Pentagon City, The — 169,089 sq. ft.

Firewheel Town Center — 75,303 sq. ft.

  Menlo Park Mall — 49,481 sq. ft.

Oxford Valley Mall — 133,876 sq. ft.

Plaza Carolina — 27,398 sq. ft.

Southdale Center — 20,393 sq. ft.

31


Table of Contents

            The following table summarizes lease expiration data for our malls and Premium Outlets located in the United States, including Puerto Rico, as of December 31, 2015. The data presented does not consider the impact of renewal options that may be contained in leases.

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

Year
  Number of
Leases Expiring
  Square Feet   Avg. Base
Minimum Rent
PSF at 12/31/15
  Percentage of Gross
Annual Rental
Revenues (2)
 

Inline Stores and Freestanding

                         

Month to Month Leases

   
445
   
1,222,938
 
$

52.63
   
1.3

%

2016

    2,170     7,096,525   $ 43.78     6.1 %

2017

    2,588     8,667,329   $ 45.95     7.8 %

2018

    2,404     8,629,006   $ 48.53     8.2 %

2019

    1,894     7,256,147   $ 46.96     6.7 %

2020

    1,696     6,306,093   $ 48.16     5.9 %

2021

    1,356     5,615,580   $ 47.66     5.3 %

2022

    1,490     5,667,409   $ 50.94     5.7 %

2023

    1,699     6,478,381   $ 52.93     6.8 %

2024

    1,529     5,885,487   $ 55.17     6.3 %

2025

    1,492     5,463,717   $ 59.63     6.3 %

2026 and Thereafter

    622     3,314,870   $ 43.42     2.9 %

Specialty Leasing Agreements w/ terms in excess of 12 months

    921     2,385,008   $ 19.73     0.9 %

Anchors

   
 
   
 
   
 
   
 
 

2016

   
2
   
191,285
 
$

1.80
   
0.0

%

2017

    19     2,590,032   $ 3.04     0.1 %

2018

    17     2,177,984   $ 4.60     0.2 %

2019

    20     2,203,190   $ 5.14     0.2 %

2020

    24     2,835,524   $ 4.77     0.3 %

2021

    14     1,611,894   $ 5.19     0.2 %

2022

    8     957,917   $ 9.67     0.2 %

2023

    9     1,119,371   $ 10.29     0.2 %

2024

    12     703,770   $ 11.67     0.2 %

2025

    18     2,095,999   $ 9.56     0.4 %

2026 and Thereafter

    21     2,652,151   $ 5.52     0.3 %

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

(2)
Annual rental revenues represent domestic 2015 consolidated and joint venture combined base rental revenue.

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Table of Contents

International Properties

            Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements.

            At December 31, 2015 we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.82 per share. Klépierre is a publicly traded, Paris-based real estate company, which owns, or has an interest in shopping centers located in 16 countries in Europe. On March 14, 2012, we completed our initial acquisition of a 28.7% interest in Klépierre for approximately $2.0 billion. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the transaction closed, which resulted in a dilution of our ownership to approximately 18.3%. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%.

            As of December 31, 2015, our joint venture in Europe had noncontrolling ownership interests in six outlet properties, as well as a property management and development company. Five of the outlet properties are located in Europe and one outlet property is located in Canada. Of the five properties in Europe, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. As of December 31, 2015, our legal percentage ownership interests in these entities ranged from 45% to 90%.

            We own a 13.3% interest in Value Retail PLC and affiliated entities, which own and operate nine luxury outlets throughout Europe. We also have a minority direct ownership in three of those outlets.

            We also hold a 40% interest in nine operating joint venture properties in Japan, a 50% interest in three operating joint venture properties in South Korea, a 50% interest in one operating joint venture property in Mexico, a 50% interest in one operating joint venture property in Malaysia, and a 50% interest in two operating joint venture properties in Canada. The nine Japanese Premium Outlets operate in various cities throughout Japan and comprise over 3.2 million square feet of GLA and were 99.8% leased as of December 31, 2015.

            The following property tables summarize certain data for our international properties as of December 31, 2015 and does not include our equity investment in Klépierre or our cost method investment in Value Retail PLC and affiliated entities.

33


Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
International Properties

 
 
COUNTRY/Property Name
  City
(Metropolitan area)
  Ownership
Interest
  SPG Effective
Ownership
  Year Built   Total Gross
Leasable Area
  Retail Anchors and Major Tenants
    JAPAN                            
1.   Ami Premium Outlets   Ami (Tokyo)   Fee     40.0 % 2009     315,000   Adidas, Banana Republic, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Gap Outlet, McGregor, MK Michel Klein, Nike, Tommy Hilfiger, Ralph Lauren
2.   Gotemba Premium Outlets   Gotemba City (Tokyo)   Fee     40.0 % 2000     481,500   Armani, Balenciaga, Bally, Banana Republic, Bottega Veneta, Burberry, Coach, Diesel, Dolce & Gabbana, Dunhill, Gap Outlet, Gucci, Jill Stuart, Loro Piana, Miu Miu, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's
3.   Kobe-Sanda Premium Outlets   Hyougo-ken (Osaka)   Ground Lease (2026)     40.0 % 2007     441,000   Adidas, Armani, Bally, Banana Republic, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Etro, Gap Outlet, Gucci, Harrod's, Hugo Boss, Loro Piana, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger, Valentino
4.   Rinku Premium Outlets   Izumisano (Osaka)   Ground Lease (2031)     40.0 % 2000     416,500   Adidas, Armani, Bally, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Dolce & Gabbana, Dunhill, Eddie Bauer, Etro, Furla, Gap Outlet, Hugo Boss, Kate Spade, Lacoste, Lanvin Collection, Nike, Ralph Lauren
5.   Sano Premium Outlets   Sano (Tokyo)   Ground Lease (2022)     40.0 % 2003     390,800   Adidas, Armani, Beams, Brooks Brothers, Coach, Diesel, Dunhill, Eddie Bauer, Etro, Furla, Gap Outlet, Gucci, Harrod's, Kate Spade, Miu Miu, Nike, Ralph Lauren, Prada
6.   Sendai-Izumi Premium Outlets   Izumi Park Town (Sendai)   Ground Lease (2027)     40.0 % 2008     164,200   Adidas. Beams, Brooks Brothers, Coach, Forever21, Jill Stuart, Levi's, Pleats Please Issey Miyake, Tasaki, TaylorMade, United Arrows
7.   Shisui Premium Outlets   Shisui (Chiba), Japan   Ground Lease (2032)     40.0 % 2013     365,900   Banana Republic, Brooks Brothers, Citizen, Coach, Gap, Marmot, Michael Kors, Samsonite, Tommy Hilfiger, United Arrows
8.   Toki Premium Outlets   Toki (Nagoya)   Ground Lease (2024)     40.0 % 2005     367,700   Adidas, BCBG Max Azria, Beams, Brooks Brothers, Coach, Diesel, Eddie Bauer, Furla, Gap Outlet, Nike, Olive des Olive, Ralph Lauren, Puma, Timberland, Tommy Hilfiger, United Arrows
9.   Tosu Premium Outlets   Fukuoka (Kyushu)   Ground Lease (2023)     40.0 % 2004     290,400   Adidas, Armani, Banana Republic, BCBG Max Azria, Beams, Bose, Brooks Brothers, Burberry, Coach, Cole Haan, Courreges, Dolce & Gabbana, Furla, Gap Outlet, Miki House, Nike, Puma, Theory, Tommy Hilfiger
   

Subtotal Japan

                      3,233,000    

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Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
International Properties

 
 
COUNTRY/Property Name
  City
(Metropolitan area)
  Ownership
Interest
  SPG Effective
Ownership
  Year Built   Total Gross
Leasable Area
  Retail Anchors and Major Tenants
    MEXICO                            
10.   Punta Norte Premium Outlets   Mexico City   Fee     50.0 % 2004     333,000   Adidas, Calvin Klein, CH Carolina Herrera, Coach, Kenneth Cole, Diesel, Lacoste, Levi's, MaxMara, Nautica, Nike, Palacio Outlet, Reebok, Rockport, Salvatore Ferragamo, Swarovski, Zegna
   

Subtotal Mexico

                      333,000    

 

 

SOUTH KOREA

 

 

 

 

 

 

 

 

 

 

 

 

 

 
11.   Yeoju Premium Outlets   Yeoju (Seoul)   Fee     50.0 % 2007     551,600   Adidas, Giorgio Armani, Burberry, Chloe, Coach, Diesel, Dolce & Gabbana, Escada, Fendi, Gucci, Lacoste, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tod's, Valentino, Vivienne Westwood
12.   Paju Premium Outlets   Paju (Seoul)   Fee     50.0 % 2011     442,900   Armani, Banana Republic, Calvin Klein, Coach, DKNY, Escada, Jill Stuart, Lacoste, Lanvin Collection, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Theory, Tory Burch, Vivienne Westwood
13.   Busan Premium Outlets   Busan   Fee     50.0 % 2013     360,200   Adidas, Armani, Banana Republic, Bean Pole, Calvin Klein, Coach, DKNY, Gap, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Theory, The North Face, Tommy Hilfiger
   

Subtotal South Korea

                      1,354,700    

 

 

MALAYSIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 
14.   Johor Premium Outlets   Johor (Singapore)   Fee     50.0 % 2011     264,400   Adidas, Armani, Brooks Brothers, Burberry, Calvin Klein, Canali, Coach, DKNY, Gap, Guess, Lacoste, Levi's, Michael Kors, Nike, Salvatore Ferragamo, Timberland, Tommy Hilfiger, Zegna
   

Subtotal Malaysia

                      264,400    

 

 

CANADA

 

 

 

 

 

 

 

 

 

 

 

 

 

 
15.   Toronto Premium Outlets   Toronto (Ontario)   Fee     50.0 % 2013     358,400   Adidas, Banana Republic, Burberry, Calvin Klein, Coach, Eddie Bauer, Gap, Michael Kors, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger
16.   Premium Outlets Montreal   Montreal (Quebec)   Fee     50.0 % 2014     365,700   Adidas, American Eagle Outfitters, Banana Republic, Calvin Klein, Gap, Lacoste, Michael Kors, Nike, Old Navy, Polo Ralph Lauren, Reebok, Tommy Hilfiger
   

Subtotal Canada

                      724,100    
    TOTAL INTERNATIONAL PREMIUM OUTLETS                   5,909,200    

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Table of Contents

Simon Property Group, Inc. and Subsidiaries
Property Table
International Properties

 
 
COUNTRY/Property Name
  City
(Metropolitan area)
  Ownership
Interest
  SPG Effective
Ownership
  Year Built   Total Gross
Leasable Area
  Retail Anchors and Major Tenants
INTERNATIONAL DESIGNER OUTLETS
    AUSTRIA                            
1.   Parndorf Designer Outlet   Vienna   Fee     90.0 % Phase 3 — 2005     118,000   Armani, Bally, Burberry, Calvin Klein, Diesel, Furla, Geox,
    Phases 3 & 4                 Phase 4 — 2011         Gucci, Hugo Boss, Joop! Windsor Strellson, Michael Kors, Porsche Design, Prada, Swarovski, Zegna
   

Subtotal Austria

                      118,000    

 

 

ITALY

 

 

 

 

 

 

 

 

 

 

 

 

 

 
2.   La Reggia Designer Outlet   Marcianise (Naples)   Fee     60.0 % Phase 1 — 2010     288,000   Adidas, Armani, Calvin Klein, Hugo Boss, Lacoste, Lui Jo,
    Phases 1 & 2                 Phase 2a — 2010         Michael Kors, Nike, Pinko, Polo Ralph Lauren, Prada,
                      Phase 2b — 2011         Roberto Cavalli, Timberland, Tommy Hilfiger, Valentino, Versace
3.   Noventa Di Piave Designer   Venice   Fee     60.0 % Phase 1 — 2008     280,000   Armani, Bally, Bottega Veneta, Brioni,
    Outlet Phases 1, 2, & 3                 Phase 2 — 2010         Burberry, Calvin Klein, Fendi, Gucci, Hugo Boss, Loro Piana,
                      Phase 3 — 2012         Michael Kors, Nike, Pinko, Paul Smith, Prada, Salvatore
                                Ferragamo, Sergio Rossi,Tommy Hilfiger, Valentino, Versace
   

Subtotal Italy

                      568,000    

 

 

NETHERLANDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 
4.   Roermond Designer Outlet   Roermond   Fee     90.0 % Phase 2 — 2005     173,000   Armani, Bally, Burberry, Calvin Klein Jeans, Escada, Furla,
    Phases 2 & 3                 Phase 3 — 2011         Gucci, Hugo Boss, Joop! Windsor Strellson, Loro Piana,
                                Michael Kors, Moncler, Mulberry, Prada,
                                Ralph Lauren Luxury, Swarovski,
                                Tod's, Tommy Hilfiger, UGG
   

Subtotal Netherlands

                      173,000    

 

 

UNITED KINGDOM

 

 

 

 

 

 

 

 

 

 

 

 

 

 
5.   Ashford Designer Outlet   Kent   Fee     45.0 % 2000     183,000   Abercrombie and Fitch, Adidas, CK Underwear, Clarks, Fossil, French Connection, Gap, Guess, Lacoste, Levis, Marks & Spencer, Next, Nike, Polo Ralph Lauren, Reiss, Superdry, Swarovski, Tommy Hilfiger
   

Subtotal England

                      183,000    

 

 

CANADA

 

 

 

 

 

 

 

 

 

 

 

 

 

 
6.   Vancouver Designer Outlets   Vancover   Ground Lease (2072)     45.0 % 2015     242,000   Armani, Banana Republic, Brooks Brother Factory, Calvin Klein, Cole Hann, Coach, Gap, Hugo Boss, J. Crew Factory, Levi's, Nike, Polo Ralph Lauren Factory, Tommy Hilfiger
   

Subtotal Canada

                      242,000    
    Total International Designer Outlets                   1,284,000    

FOOTNOTES:

(1)
All gross leasable area listed in square feet.

36


Table of Contents

            We have direct or indirect ownership interests in approximately 300 acres of land held in the United States and Canada for future development.

            We incorporate sustainable thinking into many of the areas of our business; from how we plan, develop and operate our properties, to how we do business with our customers, engage with our communities, and create a productive and positive work environment for our employees. Our sustainability framework has four key areas: Properties, Customers, Communities and Employees.

            Through our continued use of energy conservation practices, energy efficiency projects, and continuous monitoring and reporting, we have reduced our energy consumption at comparable properties every year since 2003. As a result, excluding new developments and expansions, we have reduced the electricity usage over which we have direct control by 337 million kWhs since 2003. This represents a 32% reduction in electricity usage across a portfolio of comparable properties. Our documented reduction in greenhouse gas emissions resulting from our energy management efforts is 213,741 metric tons of CO2e.

            We have been globally recognized for our energy efficiency programs and transparency in disclosure practices: in 2015, we were listed on the CDP, previously known as the Carbon Disclosure Project, A-List for the second consecutive year — identifying us as a leader in the retail real estate sector for driving significant reduction in emissions due to implementation of energy efficient initiatives. Additionally, in 2015 we received the highest designation of a Green Star rating from the Global Real Estate Sustainability Benchmark, or GRESB, for the second year.

            The following table sets forth certain information regarding the mortgages encumbering our properties, and the properties held by our domestic and international joint venture arrangements, and also our unsecured corporate debt. Substantially all of the mortgage and property related debt is nonrecourse to us.

37


Table of Contents


Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)

Property Name
  Interest
Rate
  Face
Amount
  Annual Debt
Service (1)
  Maturity
Date
 

Consolidated Indebtedness:

                         

Secured Indebtedness:

   
 
   
 
   
 
   
 
 

Arizona Mills

    5.76 %   161,834     12,268     07/01/20  

Bangor Mall

    6.15 %   80,000     4,918    (2)   10/01/17  

Battlefield Mall

    3.95 %   124,467     7,118     09/01/22  

Birch Run Premium Outlets

    5.95 %   100,460    (10) (28)   8,078     04/11/16  

Calhoun Premium Outlets

    5.79 %   19,309    (35)   1,519     09/01/16  

Carolina Premium Outlets

    3.36 %   47,409     2,675     12/01/22  

Domain, The

    5.44 %   195,224     14,085     08/01/21  

Ellenton Premium Outlets

    4.30 %   178,000     7,651    (2)   12/01/25  

Empire Mall

    4.31 %   190,000     8,197    (2)   12/01/25  

Florida Keys Outlet Center

    4.17 %   17,000     709    (2)   12/01/25  

Gaffney Premium Outlets

    5.79 %   35,042    (35)   2,757     09/01/16  

Grand Prairie Premium Outlets

    3.66 %   120,000     4,392    (2)   04/01/23  

Greenwood Park Mall

    8.00 %   74,710    (19)   7,044     08/01/16  

Grove City Premium Outlets

    4.31 %   140,000     6,032    (2)   12/01/25  

Gulfport Premium Outlets

    4.35 %   50,000     2,174    (2)   12/01/25  

Gurnee Mills

    5.77 %   321,000     18,512    (2)   07/01/17  

Hagerstown Premium Outlets

    5.95 %   84,410    (10) (28)   6,787     04/11/16  

Independence Center

    5.94 %   200,000     11,886    (2)   07/10/17  

Ingram Park Mall

    5.38 %   135,491     9,746     06/01/21  

King of Prussia — The Court & The Plaza — 1

    7.49 %   23,906     23,183     01/01/17  

King of Prussia — The Court & The Plaza — 2

    8.53 %   1,735     1,685     01/01/17  

King of Prussia — The Court & The Plaza — 3

    4.50 %   50,000     2,250    (2)   01/01/17  

Las Americas Premium Outlets

    5.84 %   174,269     12,728     06/11/16  

Lee Premium Outlets

    5.79 %   48,201    (35)   3,792     09/01/16  

Merrimack Premium Outlets

    3.78 %   128,876     7,247     07/01/23  

Midland Park Mall

    4.35 %   80,362     5,078     09/06/22  

Mills at Jersey Gardens, The

    3.83 %   350,000     13,405    (2)   11/01/20  

Montgomery Mall

    4.57 %   100,000     4,570    (2)   05/01/24  

Opry Mills — 1

    2.93 %   (1)   280,000     8,203    (2)   10/10/16  

Opry Mills — 2

    5.00 %   70,800     3,540    (2)   10/10/16  

Oxford Valley Mall

    4.77 %   65,249     4,456     12/07/20  

Penn Square Mall

    3.84 %   310,000     11,910    (2)   01/01/26  

Pismo Beach Premium Outlets

    5.84 %   33,850    (20)   1,978    (2)   11/06/16  

Plaza Carolina

    1.78 %   (1)   225,000     4,004    (2)   09/30/17    (3)

Pleasant Prairie Premium Outlets

    6.01 %   34,560     2,758     12/01/16  

Potomac Mills

    5.83 %   410,000     23,901    (2)   07/11/17  

Puerto Rico Premium Outlets

    1.78 %   (1)   125,000     2,224    (2)   09/30/17    (3)

Queenstown Premium Outlets

    5.84 %   66,150    (20)   3,864    (2)   11/06/16  

Shops at Chestnut Hill, The

    4.69 %   120,000     5,624    (2)   11/01/23  

Shops at Riverside, The

    3.37 %   130,000     4,382    (2)   02/01/23  

Southdale Center

    3.84 %   152,990     8,713     04/01/23  

SouthPark

    8.00 %   184,908    (19)   17,434     08/01/16  

Southridge Mall

    3.85 %   123,922     7,036     06/06/23  

Summit Mall

    5.42 %   65,000     3,526    (2)   06/10/17  

The Crossings Premium Outlets

    3.41 %   114,827     6,131     12/01/22  

Town Center at Cobb

    4.76 %   195,052     12,530     05/01/22  

University Park Village

    3.85 %   55,000     2,118    (2)   05/01/28  

Walt Whitman Shops

    8.00 %   113,933    (19)   10,742     08/01/16  

38


Table of Contents


Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)

Property Name
  Interest
Rate
  Face
Amount
  Annual Debt
Service (1)
  Maturity
Date
 

White Oaks Mall

    5.54 %   50,000     2,768    (2)   11/01/16  

Williamsburg Premium Outlets

    5.95 %   97,517    (10) (28)   7,841     04/11/16  

Wolfchase Galleria

    5.64 %   225,000     12,700    (2)   04/01/17  

Woodland Hills Mall

    7.79 %   90,370     8,414     04/05/19  

Total Consolidated Secured Indebtedness

        $ 6,570,833              

Unsecured Indebtedness:

   
 
   
 
   
 
   
 
 

Simon Property Group, LP:

                         

Global Commercial Paper — USD

    0.43 %   (34) $ 690,593   $ 2,970    (2)   03/24/16  

Global Commercial Paper — Euro

    0.03 %   (34) $ 188,064    (18)   56    (2)   04/18/16  

Revolving Credit Facility — Euro Currency

    0.80 %   (15) $ 237,814    (16)   1,903    (2)   06/30/19    (3)

Revolving Credit Facility — Yen Currency

    0.85 %   (15) $ 184,848    (23)   1,570    (2)   06/30/19    (3)

Revolving Credit Facility — USD Currency

    1.23 %   (15) $ 815,000    (32)   10,020    (2)   06/30/19    (3)

Unsecured Notes — 14B

    6.10 % $ 163,298    (33)   9,961    (14)   05/01/16  

Unsecured Notes — 15B

    5.88 % $ 207,453     12,188    (14)   03/01/17  

Unsecured Notes — 16B

    5.25 % $ 364,276     19,124    (14)   12/01/16  

Unsecured Notes — 20A

    10.35 % $ 650,000     67,275    (14)   04/01/19  

Unsecured Notes — 22B

    5.65 % $ 1,250,000     70,625    (14)   02/01/20  

Unsecured Notes — 22C

    6.75 % $ 600,000     40,500    (14)   02/01/40  

Unsecured Notes — 23A

    4.38 % $ 900,000     39,375    (14)   03/01/21  

Unsecured Notes — 24A

    2.80 % $ 500,000     14,000    (14)   01/30/17  

Unsecured Notes — 24B

    4.13 % $ 700,000     28,875    (14)   12/01/21  

Unsecured Notes — 25A

    2.15 % $ 600,000     12,900    (14)   09/15/17  

Unsecured Notes — 25B

    3.38 % $ 600,000     20,250    (14)   03/15/22  

Unsecured Notes — 25C

    4.75 % $ 550,000     26,125    (14)   03/15/42  

Unsecured Notes — 26A

    1.50 % $ 750,000     11,250    (14)   02/01/18  

Unsecured Notes — 26B

    2.75 % $ 500,000     13,750    (14)   02/01/23  

Unsecured Notes — Euro 1

    2.38 % $ 820,049    (8)   19,476    (6)   10/02/20  

Unsecured Notes — 27A

    2.20 % $ 600,000     13,200    (14)   02/01/19  

Unsecured Notes — 27B

    3.75 % $ 600,000     22,500    (14)   02/01/24  

Unsecured Notes — 28A

    3.38 % $ 900,000     30,375    (14)   10/01/24  

Unsecured Notes — 28B

    4.25 % $ 400,000     17,000    (14)   10/01/44  

Unsecured Notes — 29A

    2.50 % $ 500,000     12,500    (14)   09/01/20  

Unsecured Notes — 29B

    3.50 % $ 600,000     21,000    (14)   09/01/25  

Unsecured Notes — Euro 2

    1.38 % $ 820,049    (13)   11,276    (6)   11/18/22  

Unsecured Term Loan

    1.53 %   (1) $ 240,000     3,671    (2)   02/28/18    (3)

Total Consolidated Unsecured Indebtedness

        $ 15,931,444              

Total Consolidated Indebtedness at Face Amounts

        $ 22,502,277              

Net Premium on Indebtedness

          44,735              

Net Discount on Indebtedness

          (44,839 )            

Total Consolidated Indebtedness

        $ 22,502,173              

Our Share of Consolidated Indebtedness

        $ 22,411,398              

Joint Venture Indebtedness:

                         

Secured Indebtedness:

   
 
   
 
   
 
   
 
 

Ami Premium Outlets

    1.83 %   (12)   67,385    (26)   8,348     09/25/23  

Ashford Designer Outlet

    2.68 %   59,276    (21)   1,588    (2)   07/31/16  

Arundel Mills

    4.29 %   385,000     16,509    (2)   02/06/24  

39


Table of Contents


Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)

Property Name
  Interest
Rate
  Face
Amount
  Annual Debt
Service (1)
  Maturity
Date
 

Auburn Mall

    6.02 %   39,136     3,027     09/01/20  

Aventura Mall

    3.75 %   1,200,000     45,002    (2)   12/01/20  

Aventura Mall Expansion

    2.38 %   (1)   4,313     103    (2)   12/30/20  

Avenues, The

    3.60 %   110,000     3,960    (2)   02/06/23  

Briarwood Mall

    7.50 %   107,180    (22)   10,641     11/30/16  

Busan Premium Outlets — Fixed

    5.44 %   68,655    (17)   3,736    (2)   06/20/22  

Busan Premium Outlets — Variable

    3.96 %   (27)   48,067    (17)   1,902    (2)   02/13/17  

California Department Stores

    6.53 %   31,300     2,044    (2)   11/01/17  

Cape Cod Mall

    5.75 %   93,642     7,003     03/06/21  

Charlotte Premium Outlets

    1.88 %   (1)   90,000     1,692    (2)   11/24/19    (3)

Circle Centre

    3.33 %   (24)   66,000     3,076     01/28/20    (3)

Coconut Point

    5.83 %   230,000     13,409    (2)   12/10/16  

Coddingtown Mall

    2.18 %   (1)   11,250     839     03/01/17    (3)

Colorado Mills — 1

    4.28 %   136,000     5,824    (2)   11/01/24  

Colorado Mills — 2

    5.04 %   27,445     1,811     07/01/21  

Concord Mills

    3.84 %   235,000     9,015    (2)   11/01/22  

Crystal Mall

    4.46 %   92,755     5,749     06/06/22  

Dadeland Mall

    4.50 %   435,147     27,361     12/05/21  

Del Amo Fashion Center

    1.93 %   (1)   510,000     9,840    (2)   01/20/20    (3)

Domain Westin

    4.12 %   69,710     4,069     09/01/25  

Dover Mall

    5.57 %   88,413     6,455     08/06/21  

Emerald Square Mall

    4.71 %   108,970     7,165     08/11/22  

Falls, The

    7.50 %   103,607    (22)   10,287     11/30/16  

Fashion Centre Pentagon City Office

    5.11 %   40,000     2,043    (2)   07/01/21  

Fashion Centre Pentagon City Retail

    4.87 %   410,000     19,957    (2)   07/01/21  

Fashion Valley

    4.30 %   458,069     28,208     01/04/21  

Firewheel Residential

    2.74 %   (1)   21,388     1,123     12/01/16  

Firewheel Residential II

    2.43 %   (1)   24,000     583    (2)   11/14/18    (3)

Florida Mall, The

    5.25 %   343,876     24,849     09/05/20  

Galleria, The

    3.55 %   1,200,000     42,598    (2)   03/01/25  

Gloucester Premium Outlets

    1.93 %   (1)   72,926     1,407    (2)   06/19/19    (3)

Grapevine Mills

    3.83 %   268,000     10,272    (2)   10/01/24  

Greendale Mall

    6.00 %   45,000     2,699    (2)   10/01/16  

Gotemba Premium Outlets

    0.37 %   (12)   10,896    (26)   4,399     02/28/18  

Hamilton Town Center

    4.81 %   83,100     5,293     04/01/22  

Johor Premium Outlets

    5.32 %   (7)   17,575    (9)   5,212     10/14/20  

Katy Mills

    3.49 %   140,000     4,886    (2)   12/06/22  

Kobe-Sanda Premium Outlets

    0.44 %   (12)   31,333    (26)   1,633     01/31/20  

Lehigh Valley Mall

    5.88 %   129,116     9,943     07/05/20  

La Reggia Designer Outlets Phases 1 & 2

    1.31 %   (25)   63,335    (30)   5,441     03/31/27  

Liberty Tree Mall

    3.41 %   33,238     1,866     05/06/23  

Mall at Rockingham Park, The

    5.61 %   260,000     14,586    (2)   03/10/17  

Mall at Tuttle Crossing, The

    3.56 %   125,000     4,455    (2)   05/01/23  

Mall of New Hampshire, The

    4.11 %   150,000     6,162    (2)   07/01/25  

Meadowood Mall

    5.82 %   118,360     8,818     11/06/21  

Miami International Mall

    4.42 %   160,000     7,072    (2)   02/06/24  

Northshore Mall

    3.30 %   261,491     14,453     07/05/23  

Noventa Di Piave Designer Outlets

    2.00 %   (11)   87,471    (30)   1,749    (2)   06/30/20  

Ontario Mills

    4.25 %   326,521     20,661     03/05/22  

Outlets at Orange, The

    4.22 %   215,000     9,067    (2)   04/01/24  

Paju Premium Outlets

    4.08 %   92,221    (17)   3,764    (2)   11/28/19  

40


Table of Contents


Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)

Property Name
  Interest
Rate
  Face
Amount
  Annual Debt
Service (1)
  Maturity
Date
 

Parndorf Designer Outlet Phases 3 & 4

    1.95 %   100,593    (30)   1,962    (2)   05/20/22  

Phipps Plaza Residential

    2.18 %   (1)   5,610     122    (2)   10/16/19    (3)

Phipps Plaza Hotel

    2.43 %   (1)   4,832     117    (2)   12/17/19    (3)

Premium Outlets Montréal

    2.18 %   (4)   78,359    (5)   1,708    (2)   09/10/17    (3)

Quaker Bridge Mall — 1

    7.03 %   10,679     2,407     04/01/16  

Quaker Bridge Mall — 2

    2.95 %   62,000     1,829    (2)   04/01/16  

Rinku Premium Outlets

    0.39 %   (12)   11,623    (26)   1,706     07/31/17  

Roermond Designer Outlet Phases 2 & 3

    1.86 %   196,812    (30)   3,659    (2)   12/01/21  

Sano Premium Outlets

    0.45 %   (12)   4,193    (26)   2,759     05/31/18  

Sendai-Izumi Premium Outlets

    0.41 %   (12)   9,465    (26)   3,194     10/31/18  

Shisui Premium Outlets — Variable

    0.37 %   (12)   34,870    (26)   4,778     05/31/18  

Shisui Premium Outlets — Fixed

    0.38 %   41,511    (26)   158    (2)   05/29/22  

Shops at Mission Viejo, The

    3.61 %   295,000     10,650    (2)   02/01/23  

Silver Sands Premium Outlets

    3.93 %   100,000     3,930    (2)   06/01/22  

Smith Haven Mall

    1.63 %   (1)   180,000     2,933    (2)   05/29/20    (3)

Solomon Pond Mall

    4.01 %   103,803     6,309     11/01/22  

Southdale Residential

    4.46 %   41,689     2,530     10/15/35  

Springfield Mall

    4.45 %   64,835     3,928     10/06/25  

Square One Mall

    5.47 %   94,578     6,793     01/06/22  

Stoneridge Shopping Center

    7.50 %   213,072    (22)   19,214     11/30/16  

St. Johns Town Center

    3.82 %   350,000     13,367    (2)   09/11/24  

St. Louis Premium Outlets

    4.06 %   95,000     3,858    (2)   10/06/24  

Tanger Outlets — Galveston/Houston

    1.93 %   (1)   65,000     1,254    (2)   07/01/18    (3)

Toki Premium Outlets — Fixed

    0.38 %   24,907    (26)   93    (2)   11/30/19  

Toki Premium Outlets — Variable

    0.91 %   (12)   5,166    (26)   47    (2)   05/31/20  

Toronto Premium Outlets

    3.13 %   122,549    (5)   3,831    (2)   06/01/22  

Tosu Premium Outlets

    0.42 %   (12)   15,442    (26)   1,974     12/31/18  

Twin Cities Premium Outlets

    4.32 %   115,000     4,968    (2)   11/06/24  

Vancouver Designer Outlet

    2.73 %   (4)   59,556    (5)   1,626    (2)   04/01/18  

West Town Mall

    6.34 %   210,000     13,309    (2)   12/01/17  

Westchester, The

    6.00 %   345,376     26,980     05/05/20  

Woodfield Mall

    4.50 %   425,000     19,125    (2)   03/05/24  

Yeoju Premium Outlets

    4.69 %   73,423    (17)   3,441    (2)   09/06/20  

Total Joint Venture Secured Indebtedness at Face Value

        $ 13,166,111              

TMLP Indebtedness at Face Value

       
$

720,969

   (29)
           

Total Joint Venture and TMLP Indebtedness at Face Value

        $ 13,887,080              

Net Premium on Indebtedness

         
3,961
             

Total Joint Venture Indebtedness

        $ 13,891,041              

Our Share of Joint Venture Indebtedness

        $ 6,692,809    (31)            

41


Table of Contents


Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)