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Exhibit 99.1

SIMON PROPERTY GROUP
Overview

The Company

    Simon Property Group, Inc. ("SPG") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P. (the "Operating Partnership") is a subsidiary partnership of SPG. Shares of SPG are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. ("SRC", and together with SPG, the "Company"). The Company and the Operating Partnership (collectively the "Simon Group") are engaged primarily in the ownership, operation, management, leasing, acquisition, expansion and development of real estate properties, primarily regional malls and community shopping centers.

    At March 31, 2001, the Company, directly or through the Operating Partnership, owned or had an interest in 250 properties which consisted of regional malls, community shopping centers, and specialty and mixed-use properties containing an aggregate of 185 million square feet of gross leasable area (GLA) in 36 states and five assets in Europe. The Company, together with its affiliated management companies, owned or managed approximately 191 million square feet of GLA in retail and mixed-use properties.

    This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) debt information as of March 31, 2001, for the Company and the Operating Partnership.

    Certain statements contained in this Supplemental Package may constitute "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that forward-looking statements involve risks and uncertainties, which may affect the business and prospects of the Company and the Operating Partnership. We direct you to the Company's various filings with the Securities and Exchange Commission including Form 10-K and Form 10-Q for a detailed discussion of risks and uncertainties.

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

5

Simon Property Group Economic Ownership Structure (1)

March 31, 2001

(1)

Schedule excludes preferred stock (see "Preferred Stock—Units Outstanding") and units not convertible into common stock.

(2)

Managing general partner of Simon Property Group, L.P.

(3)

Shares of Simon Property Group, Inc. ("SPG") are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc.

(4)

The number of outstanding shares of common stock of SPG exceeds the number of Simon Property Group, L.P. units owned by SPG by 1,670,944. This is the result of the direct ownership of Ocean County Mall by SPG, partially offset by units issued to SPG in exchange for North Shore Mall.

(5)

Executive management excludes Simon family members.

6

SIMON PROPERTY GROUP

Changes in Common Shares and Unit Ownership

For the Period from December 31, 2000 through March 31, 2001

			Operating Partnership Units(1)		Company Common Shares(2)
Number Outstanding at December 31, 2000			64,966,226		171,945,760
Restricted Stock Awards (Stock Incentive Program), Net			—		463,130
Issuance of Stock for Stock Option Exercises			—		27,000
Conversion of Units into Cash			(41,851	)	—
Issuance of Units in Connection with Liberty Tree Mall			8,185		—
Number Outstanding at March 31, 2001			64,932,560		172,435,890
Total Common Shares and Units Outstanding at March 31, 2001: 237,368,450(2)
Details for Diluted FFO Calculation:
Company Common Shares Outstanding at March 31, 2001					172,435,890
Number of Common Shares Issuable Assuming Conversion of:
	Series A Preferred 6.5% Convertible(3)				1,940,005
	Series B Preferred 6.5% Convertible(3)				12,490,773
Net Number of Common Shares Issuable Assuming Exercise of Stock Options					176,860
Diluted Common Shares Outstanding at March 31, 2001					187,043,528
Fully Diluted Common Shares and Units Outstanding at March 31, 2001: 251,976,088

(1)

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

(2)

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

(3)

Conversion terms provided in footnotes (1) and (2) on page 8 of this document.

7

SIMON PROPERTY GROUP

Preferred Stock/Units Outstanding

As of March 31, 2001

($ in 000's)

Issuer		Description		Number of Shares/Units		Per Share Liquidation Preference			Aggregate Liquidation Preference			Ticker Symbol
Preferred Shares:
Convertible
Simon Property Group, Inc.		Series A Preferred 6.5% Convertible(1)		51,059		$	1,000		$	51,059		N/A
Simon Property Group, Inc.		Series B Preferred 6.5% Convertible(2)		4,830,057		$	100		$	483,006		SPGPrB
Perpetual
SPG Properties, Inc.		Series B Preferred 83/4% Perpetual(3)		8,000,000		$	25		$	200,000		SGVPrB
SPG Properties, Inc.		Series C Preferred 7.89% Perpetual(4)		3,000,000		$	50		$	150,000		N/A
Simon Property Group, Inc.		Series E Preferred 8% Cumulative Redeemable(5)		1,000,000		$	25		$	25,000		N/A
Preferred Units:
Simon Property Group, L.P.		Series C 7% Cumulative Convertible Preferred(6)		2,600,893		$	28		$	72,825		N/A
Simon Property Group, L.P.		Series D 8% Cumulative Redeemable Preferred(7)		2,600,893		$	30		$	78,027		N/A

(1)

Assumed in connection with the CPI merger. Each share is convertible into a number of shares of common stock obtained by dividing $1,000 by $26.319 (conversion price), which is subject to adjustment as outlined below. The stock is not redeemable, except as needed to maintain or bring the direct or indirect ownership of the capital stock of the Company into conformity with the requirements of Section 856(a)(6) of the Code.

(2)

Issued as part of the consideration for the CPI merger. Each share is convertible into a number of shares of common stock of the Company obtained by dividing $100 by $38.669 (the conversion price), which is subject to adjustment as outlined below. The Company may redeem the stock on or after September 24, 2003 at a price beginning at 105% of the liquidation preference plus accrued dividends and declining to 100% of the liquidation preference plus accrued dividends any time on or after September 24, 2008. The shares are traded on the New York Stock Exchange. The closing price on March 30, 2001, was $72.50 per share.

The conversion prices of the Series A and Series B Convertible Preferred Stock are subject to adjustment by the Company in connection with certain events.

(3)

SPG Properties, Inc. may redeem the stock on or after September 29, 2006. The shares are not convertible into any other securities of SPG Properties, Inc. or the Company. The shares are traded on the New York Stock Exchange. The closing price on March 30, 2001, was $25.36 per share.

(4)

The Cumulative Step-Up Premium Rate Preferred Stock was issued at 7.89%. The shares are redeemable after September 30, 2007. Beginning October 1, 2012, the rate increases to 9.89%.

(5)

Issued in connection with the acquisition of Mall of America. Simon Property Group, Inc. Series E Preferred 8% Cumulative Redeemable Stock is not redeemable prior to August 27, 2004.

(6)

Issued in connection with the New England Development Acquisition. Each unit/share is convertible into 0.75676 shares of common stock on or after August 27, 2004 if certain conditions are met. Each unit/share is not redeemable prior to August 27, 2009.

(7)

Issued in connection with the New England Development Acquisition. Each unit/share is not redeemable prior to August 27, 2009.

8

SIMON PROPERTY GROUP

Reconciliation of Income to Funds From Operations ("FFO")

As of March 31, 2001

(Amounts in thousands, except per share data)

			Three Months Ended March 31,
			2001			2000
Income Before Extraordinary Items and Cumulative Effect of Accounting Change(1)(2)			$	63,775		$	71,136
Plus: Depreciation and Amortization from Combined Consolidated Properties				106,166			98,236
Plus: Simon's Share of Depreciation and Amortization from Unconsolidated Entities				31,257			28,801
Less: Gain on Sales of Real Estate				(2,711	)		(7,096	)
Less: Minority Interest Portion of Depreciation, Amortization and Extraordinary Items				(1,487	)		(1,480	)
Less: Preferred Distributions (including those of subsidiary)				(19,431	)		(19,372	)
FFO of the Simon Portfolio			$	177,569		$	170,225
	Percent Increase			4.3	%
FFO of the Simon Portfolio			$	177,569		$	170,225
Basic FFO per Paired Share:
Basic FFO Allocable to the Company			$	128,766		$	123,506
Basic Weighted Average Paired Shares Outstanding				172,001			173,223
Basic FFO per Paired Share			$	0.75		$	0.71
	Percent Increase			5.6	%
Diluted FFO per Paired Share:
Diluted FFO Allocable to the Company			$	138,047		$	132,667
Diluted Weighted Average Number of Equivalent Paired Shares				186,609			187,807
Diluted FFO per Paired Share			$	0.74		$	0.71
	Percent Increase			4.2	%

(1)

Includes gains on land sales of $1.2 million and $1.8 million for the three months ended March 31, 2001 and 2000, respectively.

(2)

Includes straight-line adjustments to minimum rent of $4.3 million and $5.0 million for the three months ended March 31, 2001 and 2000, respectively.

9

SIMON PROPERTY GROUP

Selected Financial Information

As of March 31, 2001

(In thousands, except as noted)

			As of or for the Three Months Ended March 31,
									% Change
			2001			2000
Financial Highlights of the Company
Total Revenue—Consolidated Properties			$	490,676		$	477,851		2.7	%
Total EBITDA of the Simon Group Portfolio			$	511,582		$	484,785		5.5	%
Simon Group's Share of EBITDA			$	388,867		$	375,224		3.6	%
Net Income Available to Common Shareholders			$	30,939		$	28,243		9.5	%
Basic Net Income per Paired Share			$	0.18		$	0.16		12.5	%
Diluted Net Income per Paired Share			$	0.18		$	0.16		12.5	%
FFO of the Simon Group Portfolio			$	177,569		$	170,225		4.3	%
Basic FFO Allocable to the Company			$	128,766		$	123,506		4.3	%
Diluted FFO Allocable to the Company			$	138,047		$	132,667		4.1	%
Basic FFO per Paired Share			$	0.75		$	0.71		5.6	%
Diluted FFO per Paired Share			$	0.74		$	0.71		4.2	%
Distributions per Paired Share			$	0.5050		$	0.5050		0.0	%
Operational Statistics
Occupancy at End of Period:
	Regional Malls(1)			90.2	%		89.5	%	0.7	%
	Community Shopping Centers(2)			90.7	%		88.6	%	2.1	%
Average Base Rent per Square Foot:
	Regional Malls(1)		$	28.60		$	27.52		3.9	%
	Community Shopping Centers(2)		$	9.54		$	8.59		11.1	%
Releasing Spread, Regional Malls:
	Opening Base Rent per Square Foot		$	35.06		$	30.77		13.9	%
	Closing Base Rent per Square Foot		$	28.95		$	28.77		0.6	%
	Releasing Spread per Square Foot		$	6.11		$	2.00		205.5	%
Regional Malls:
	Total Tenant Sales Volume, in millions(3)(4)		$	3,658		$	3,422		6.9	%
	Comparable Sales per Square Foot(4)		$	389		$	385		1.0	%
	Total Sales per Square Foot(4)		$	381		$	370		3.0	%
Number of U.S. Properties Open at End of Period				250			257		-2.7	%
Total U.S. GLA at End of Period, in millions of square feet				184.9			184.2		0.4	%

(1)

Includes mall and freestanding stores.

(2)

Includes all Owned GLA.

(3)

Represents only those tenants who report sales.

(4)

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

10

SIMON PROPERTY GROUP

Selected Financial Information

As of March 31, 2001

(In thousands, except as noted)

		March 31, 2001			March 31, 2000
Equity Information
Limited Partner Units Outstanding at End of Period			64,933			65,442
Paired Shares Outstanding at End of Period			172,436			173,656
Total Common Shares and Units Outstanding at End of Period			237,368			239,098
Basic Weighted Average Paired Shares Outstanding			172,001			173,223
Diluted Weighted Average Number of Equivalent Paired Shares(1)			186,609			187,807
		March 31, 2001			December 31, 2000
Debt Information
Consolidated Debt		$	8,747,219		$	8,728,582
Simon Group's Share of Joint Venture Debt		$	2,179,390		$	2,186,197
Debt-to-Market Capitalization
Common Stock Price at End of Period		$	25.60		$	24.00
Equity Market Capitalization(2)		$	7,020,504		$	6,596,008
Total Consolidated Capitalization		$	15,767,723		$	15,324,590
Total Capitalization—Including Simon Group's Share of JV Debt		$	17,947,113		$	17,510,787

(1)

Diluted for purposes of computing FFO per share.

(2)

Market value of Common Stock, Units and all issues of Preferred Stock of SPG and SPG Properties, Inc.

11

SIMON PROPERTY GROUP

Portfolio GLA, Occupancy & Rent Data

As of March 31, 2001

Type of Property			GLA Sq. Ft.		Total Owned GLA		% of Owned GLA		% of Owned GLA Which is Leased		Avg. Annualized Base Rent Per Leased Sq. Ft. of Owned GLA
Regional Malls
—Anchor			96,985,725		29,457,434		26.7	%	97.8	%	$	3.88
—Mall Store			56,288,197		56,240,300		51.1	%	90.2	%	$	29.29
—Freestanding			3,684,911		1,901,032		1.7	%	91.4	%	$	9.27
	Subtotal		59,973,108		58,141,332		52.8	%	90.2	%	$	28.60
Regional Mall Total			156,958,833		87,598,766		79.5	%	92.8	%	$	19.74
Community Shopping Centers
—Anchor			12,857,777		8,170,780		7.4	%	93.6	%	$	7.77
—Mall Store			4,358,232		4,272,474		3.9	%	85.1	%		13.30
—Freestanding			793,350		327,098		.3	%	90.9	%		9.17
Community Ctr. Total			18,009,359		12,770,352		11.6	%	90.7	%	$	9.54
Office Portion of Mixed-Use Properties			2,543,948		2,543,948		2.3	%	87.2	%	$	18.75
Value-Oriented Super-Regional Malls			6,509,839		6,384,839		5.8	%	93.3	%	$	17.43
Other			843,107		832,131		.8	%
GRAND TOTAL			184,865,086		110,130,036		100.00	%

Occupancy History

As of		Regional Malls(1)		Community Shopping Centers(2)
3/31/01		90.2	%	90.7	%
3/31/00		89.5	%	88.6	%
12/31/00		91.8	%	91.5	%
12/31/99		90.6	%	88.6	%
12/31/98		90.0	%	91.4	%
12/31/97		87.3	%	91.3	%
12/31/96		84.7	%	91.6	%

(1)

Includes mall and freestanding stores.

(2)

Includes all Owned GLA.

12

SIMON PROPERTY GROUP

Rent Information

As of March 31, 2001

Average Base Rent

As of		Mall & Freestanding Stores at Regional Malls			% Change		Community Shopping Centers			% Change
3/31/01		$	28.60		3.9	%	$	9.54		11.1	%
3/31/00			27.52		—			8.59		—
12/31/00		$	28.31		3.6	%	$	9.36		12.0	%
12/31/99			27.33		6.3			8.36		8.9
12/31/98			25.70		8.7			7.68		3.2
12/31/97			23.65		14.4			7.44		-2.7
12/31/96			20.68		7.8			7.65		4.9

Rental Rates

		Base Rent(1)
								Amount of Change
Year		Store Openings During Period			Store Closings During Period
								Dollar			Percentage
Regional Malls:
2001 (YTD)		$	35.06		$	28.95		$	6.11		21.1	%
2000			35.13			29.24			5.89		20.1
1999			31.25			24.55			6.70		27.3
1998			27.33			23.63			3.70		15.7
1997			29.66			21.26			8.40		39.5
1996			23.59			18.73			4.86		25.9
Community Shopping Centers:
2001 (YTD)		$	13.02		$	10.47		$	2.55		24.4	%
2000			14.21			11.51		$	2.70		23.5
1999			10.26			7.44			2.82		37.9
1998			10.43			10.95			(0.52	)	(4.7	)
1997			8.63			9.44			(0.81	)	(8.6	)
1996			8.18			6.16			2.02		32.8

(1)

Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.

13

SIMON PROPERTY GROUP

Lease Expirations(1)

As of March 31, 2001

Year		Number of Leases Expiring		Square Feet		Avg. Base Rent per Square Foot at 3/31/01
Regional Malls—Mall & Freestanding Stores
2001 (4/1 - 12/31)		673		1,395,341		$	27.79
2002		1,887		3,676,963			28.19
2003		2,004		4,527,516			30.32
2004		1,747		4,554,585			29.48
2005		1,735		5,388,660			28.31
2006		1,648		4,708,255			30.12
2007		1,423		4,162,186			31.83
2008		1,302		4,479,287			30.59
2009		1,361		4,449,038			28.54
2010		1,565		4,723,149			32.56
TOTALS		15,345		42,064,980		$	29.95
Regional Malls—Anchor Tenants
2001 (4/1 - 12/31)		6		750,230		$	1.64
2002		14		1,604,579			1.91
2003		17		2,089,403			2.21
2004		25		2,462,680			3.31
2005		23		3,030,767			2.26
2006		19		2,182,652			3.22
2007		8		1,109,740			1.71
2008		15		1,467,310			4.81
2009		16		1,986,791			2.82
2010		15		1,505,476			4.27
TOTALS		158		18,189,628		$	2.86
Community Centers—Mall Stores & Freestanding Stores
2001 (4/1 - 12/31)		67		158,676		$	12.68
2002		227		568,938			11.62
2003		159		537,107			12.24
2004		146		491,550			13.68
2005		179		658,433			14.18
2006		73		317,568			13.02
2007		20		179,368			11.08
2008		15		117,334			13.40
2009		14		84,118			16.25
2010		25		192,020			14.76
TOTALS		925		3,305,112		$	13.06

(1)

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

14

SIMON PROPERTY GROUP

Lease Expirations(1)

As of March 31, 2001

Year		Number of Leases Expiring		Square Feet		Avg. Base Rent per Square Foot at 3/31/01
Community Centers—Anchor Tenants
2001 (4/1 - 12/31)		3		158,077		$	3.10
2002		8		234,940			6.89
2003		14		570,752			4.81
2004		12		410,586			5.09
2005		17		751,911			6.71
2006		15		597,674			5.82
2007		11		466,173			6.28
2008		9		237,172			10.94
2009		15		689,636			6.92
2010		19		719,935			9.62
TOTALS		123		4,836,856		$	6.81

(1)

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

15

SIMON PROPERTY GROUP

SPG's Share of Total Debt Amortization and Maturities by Year

As of March 31, 2001

(In thousands)

Year				SPG's Share of Secured Consolidated Debt			SPG's Share of Unsecured Consolidated Debt			SPG's Share of Unconsolidated Joint Venture Debt			SPG's Share of Total Debt
2001		1			149,937			435,000			113,810			698,747
2002		2			382,803			422,929			60,795			866,527
2003		3			581,446			1,220,000			286,251			2,087,697
2004		4			693,490			798,192			199,666			1,691,348
2005		5			163,157			960,000			323,800			1,446,957
2006		6			133,049			250,000			333,321			716,370
2007		7			270,380			180,000			140,340			590,720
2008		8			44,798			200,000			301,319			546,117
2009		9			330,318			650,000			42,974			1,023,292
2010		10			98,990			0			369,108			468,097
Thereafter					105,888			525,000			0			630,888
Subtotal Face Amounts				$	2,954,256		$	5,641,121		$	2,171,385		$	10,766,762
Premiums and Discounts on Indebtedness, Net					(1,895	)		(2,653	)		8,003			3,455
SPG's Share of Total Indebtedness				$	2,952,361		$	5,638,468		$	2,179,388		$	10,770,218

16

SIMON PROPERTY GROUP

Summary of Indebtedness

As of March 31, 2001

(In thousands)

			Total Indebtedness		SPG's Share of Indebtedness		Weighted Avg. Interest Rate		Weighted Avg. Years to Maturity
Consolidated Indebtedness
Mortgage Debt
	Fixed Rate(1)		2,475,409		2,325,862		7.47	%	5.4
	Other Hedged Debt		51,000		51,000		8.12	%	1.0
	Floating Rate Debt		585,152		577,393		6.47	%	2.8
Total Mortgage Debt			3,111,561		2,954,255		7.28	%	4.8
Unsecured Debt
	Fixed Rate(1)		4,318,200		4,318,200		7.21	%	6.0
	Floating Rate Debt		177,921		177,921		5.97	%	1.0
Subtotal			4,496,121		4,496,121		7.16	%	5.8
	Acquisition Facility		435,000		435,000		5.80	%	0.5
	Revolving Corporate Credit Facility		505,000		505,000		5.80	%	2.4
	Revolving Corporate Credit Facility (Hedged)		140,000		140,000		5.80	%	2.4
	Unsecured Term Loan		65,000		65,000		5.95	%	2.4
Total Unsecured Debt			5,641,121		5,641,121		6.68	%	4.9
Adjustment to Fair Market Value—Fixed Rate			(5,734	)	(4,819	)	N/A		N/A
Adjustment to Fair Market Value—Variable Rate			271		271		N/A		N/A
Consolidated Mortgages and Other Indebtedness			8,747,219		8,590,828		7.03	%
Joint Venture Indebtedness
Mortgage Debt
	Fixed Rate		3,478,990		1,527,265		7.59	%	6.2
	Other Hedged Debt		973,094		349,934		6.00	%	4.2
	Floating Rate Debt		696,444		290,883		6.45	%	2.3
	Subtotal		5,148,528		2,168,082		7.18	%	5.4
Unsecured Fixed Rate Debt			6,609		3,305		7.93	%	4.8
Total Unsecured Debt			6,609		3,305		7.93	%	4.8
Adjustment to Fair Market Value—Fixed Rate			16,015		8,003		N/A		N/A
Joint Venture Mortgages and Other Indebtedness			5,171,152		2,179,390		7.18	%	5.4
SPG's Share of Total Indebtedness					10,770,218		7.06	%	5.0

(1)

Includes $213,200 of variable rate debt, of which $177,169 is SPG's share, that is effectively fixed to maturity through the use of interest rate hedges.

17

SIMON PROPERTY GROUP
Summary of Indebtedness By Maturity
As of March 31, 2001
(In thousands)

Property Name						Maturity Date		Interest Rate		Total Indebtedness		SPG's Share of Indebtedness		Weighted Avg Interest Rate by Year
Consolidated Indebtedness
Fixed Rate Mortgage Debt:
	Windsor Park Mall—1			(1)		3/1/01		8.00	%	5,589		5,589
	Chesapeake Square					7/1/01		7.28	%	44,921		33,691
	Orland Square					9/1/01		7.74	%	50,000		50,000
		Subtotal 2001								100,510		89,280		7.58	%
	Lima Mall—1					3/1/02		7.12	%	14,180		14,180
	Lima Mall—2					3/1/02		7.12	%	4,723		4,723
	Columbia Center					3/15/02		7.62	%	42,326		42,326
	Northgate Shopping Center					3/15/02		7.62	%	79,035		79,035
	Tacoma Mall					3/15/02		7.62	%	92,474		92,474
	River Oaks Center					6/1/02		8.67	%	32,500		32,500
	North Riverside Park Plaza—1					9/1/02		9.38	%	3,655		3,655
	North Riverside Park Plaza—2					9/1/02		10.00	%	3,523		3,523
	Hutchinson Mall—2					9/15/02		6.81	%	4,500		4,500
	Hutchinson Mall—1					11/1/02		8.44	%	11,188		11,188
	Palm Beach Mall					12/15/02		7.50	%	47,985		47,985
	Other					5/31/02		6.80	%	326		326
	Other					12/1/02		8.00	%	614		614
		Subtotal 2002								337,029		337,029		7.74	%
	Principal Mutual Mortgages—Pool 1			(8)		3/15/03		6.79	%	102,841		102,841
	Principal Mutual Mortgages—Pool 2			(9)		2/11/03		6.62	%	121,800		121,800
	Century III Mall					7/1/03		6.78	%	66,000		66,000
	Miami International Mall					12/21/03		6.91	%	45,158		27,095
		Subtotal 2003								335,799		317,736		6.73	%
	Battlefield Mall—1					1/1/04		7.50	%	46,050		46,050
	Battlefield Mall—2					1/1/04		6.81	%	43,921		43,921
	Forum Phase I—Class A-2					5/15/04		6.19	%	44,386		26,632
	Forum Phase II—Class A-2					5/15/04		6.19	%	40,614		22,338
	Forum Phase I—Class A-1					5/15/04		7.13	%	46,996		28,198
	Forum Phase II—Class A-1					5/15/04		7.13	%	43,004		23,652
	CMBS Loan—Variable Component			(5)		12/15/04		6.16	%	50,000		50,000
	CMBS Loan—Fixed Component					12/15/04		7.31	%	175,000		175,000
		Subtotal 2004								489,971		415,790		6.98	%
	Tippecanoe Mall—1			(3)		1/1/05		8.45	%	44,429		44,429
	Tippecanoe Mall—2			(3)		1/1/05		6.81	%	15,619		15,619
	Melbourne Square					2/1/05		7.42	%	38,229		38,229
	Cielo Vista Mall—2					11/1/05		8.13	%	1,441		1,441
		Subtotal 2005								99,718		99,718		7.79	%
	Treasure Coast Square—1					1/1/06		7.42	%	51,352		51,352
	Treasure Coast Square—2					1/1/06		8.06	%	11,866		11,866
	Gulf View Square					10/1/06		8.25	%	36,285		36,285
	Paddock Mall					10/1/06		8.25	%	28,859		28,859
		Subtotal 2006								128,362		128,362		7.90	%

18

	Lakeline Mall					5/1/07		7.65	%	71,162		71,162
	Cielo Vista Mall—1			(4)		5/1/07		9.38	%	53,554		53,554
	Cielo Vista Mall—3			(4)		5/1/07		6.76	%	38,024		38,024
	McCain Mall—1			(4)		5/1/07		9.38	%	25,007		25,007
	McCain Mall—2			(4)		5/1/07		6.76	%	17,551		17,551
	Valle Vista Mall—1			(4)		5/1/07		9.38	%	33,120		33,120
	Valle Vista Mall—2			(4)		5/1/07		6.81	%	7,802		7,802
	University Park Mall					10/1/07		7.43	%	59,500		35,700
		Subtotal 2007								305,720		281,920		8.11	%
	Arsenal Mall—1					9/28/08		6.75	%	34,138		34,138
		Subtotal 2008								34,138		34,138		6.75	%
	College Mall—1			(3)		1/1/09		7.00	%	40,299		40,299
	College Mall—2			(3)		1/1/09		6.76	%	11,712		11,712
	Greenwood Park Mall—1			(3)		1/1/09		7.00	%	33,752		33,752
	Greenwood Park Mall—2			(3)		1/1/09		6.76	%	60,513		60,513
	Towne East Square—1			(3)		1/1/09		7.00	%	53,283		53,283
	Towne East Square—2			(3)		1/1/09		6.81	%	24,405		24,405
	Bloomingdale Court					10/1/09		7.78	%	29,548		29,548
	Forest Plaza					10/1/09		7.78	%	16,206		16,206
	Lake View Plaza					10/1/09		7.78	%	21,543		21,543
	Lakeline Plaza					10/1/09		7.78	%	23,618		23,618
	Lincoln Crossing					10/1/09		7.78	%	3,261		3,261
	Matteson Plaza					10/1/09		7.78	%	9,487		9,487
	Muncie Plaza					10/1/09		7.78	%	8,202		8,202
	Regency Plaza					10/1/09		7.78	%	4,447		4,447
	St. Charles Towne Plaza					10/1/09		7.78	%	28,461		28,461
	West Ridge Plaza					10/1/09		7.78	%	5,732		5,732
	White Oaks Plaza					10/1/09		7.78	%	17,491		17,491
		Subtotal 2009								391,960		391,960		7.28	%
	Trolley Square					8/1/10		9.03	%	29,650		26,685
	Crystal River					11/11/10		7.63	%	16,252		16,252
	Biltmore Square					12/11/10		7.95	%	26,000		17,342
	Port Charlotte Town Center					12/11/10		7.98	%	53,250		42,600
		Subtotal 2010								125,152		102,879		8.19	%
	Windsor Park Mall—2			(1)		5/1/12		8.00	%	8,592		8,592
		Subtotal 2012								8,592		8,592		8.00	%
	Chesapeake Center					5/15/15		8.44	%	6,563		6,563
	Grove at Lakeland Square, The					5/15/15		8.44	%	3,750		3,750
	Terrace at Florida Mall, The					5/15/15		8.44	%	4,688		4,688
		Subtotal 2015								15,001		15,001		8.44	%
	Arsenal Mall—2					5/15/16		8.20	%	2,139		2,139
		Subtotal 2016								2,139		2,139		8.20	%
	Sunland Park Mall					1/1/26		8.63	%	38,601		38,601
		Subtotal 2026								38,601		38,601		8.63	%

19

	Keystone at the Crossing					7/1/27		7.85	%	62,717		62,717
		Subtotal 2027								62,717		62,717		7.85	%
	Total Consolidated Fixed Rate Mortgage Debt									2,475,409		2,325,862		7.47	%
Variable Rate Mortgage Debt:
	Randall Park Mall—1					12/11/01		8.25	%	35,000		35,000
	Randall Park Mall—2					12/11/01		10.15	%	5,000		5,000
		Subtotal 2001								40,000		40,000		8.49	%
	White Oaks Mall					3/1/02		8.39	%	16,500		9,062
	Highland Lakes Center					3/1/02		6.65	%	12,877		12,877
	Mainland Crossing					3/31/02		6.65	%	1,603		1,282
	Bowie Mall -1			(1)		12/14/02		6.65	%	4,500		4,500
		Subtotal 2002								35,480		27,721		7.22	%
	Raleigh Springs Mall					2/23/03		6.80	%	11,000		11,000
	Richmond Towne Square			(6)		7/15/03		6.15	%	57,410		57,410
	Shops @ Mission Viejo			(6)		8/31/03		6.30	%	142,228		142,228
	Arboretum			(6)		11/30/03		6.65	%	34,000		34,000
		Subtotal 2003								244,638		244,638		6.34	%
	Jefferson Valley Mall			(6)		1/11/04		6.40	%	60,000		60,000
	North East Mall			(6)		5/20/04		6.53	%	142,572		142,572
	Waterford Lakes			(6)		8/15/04		6.55	%	60,820		60,820
		Subtotal 2004								263,392		263,392		6.50	%
	Brunswick Square			(6)		6/12/05		6.65	%	45,000		45,000
	Bowie Mall -2			(1)		12/14/05		6.65	%	7,642		7,642
		Subtotal 2005								52,642		52,642		6.65	%
	Total Variable Rate Mortgage Debt									636,152		628,393		6.61	%
	Total Consolidated Mortgage Debt									3,111,561		2,954,255		7.28	%
Fixed Rate Unsecured Debt:
	Unsecured Notes—CPI 1					3/15/02		9.00	%	250,000		250,000
		Subtotal 2002								250,000		250,000		9.00	%
	Unsecured Notes—CPI 2					4/1/03		7.05	%	100,000		100,000
	SPG, LP (Bonds)					6/15/03		6.63	%	375,000		375,000
	SPG, LP (PATS)					11/15/03		6.75	%	100,000		100,000
		Subtotal 2003								575,000		575,000		6.72	%
	SCA (Bonds)					1/15/04		6.75	%	150,000		150,000
	SPG, LP (Bonds)					2/9/04		6.75	%	300,000		300,000
	SPG, LP (Bonds)					7/15/04		6.75	%	100,000		100,000

20

	Simon ERE Facility			(6)		7/31/04		7.75	%	28,200		28,200
	Unsecured Notes—CPI 3					8/15/04		7.75	%	150,000		150,000
		Subtotal 2004								728,200		728,200		6.99	%
	SCA (Bonds)					5/15/05		7.63	%	110,000		110,000
	SPG, LP (Bonds)					6/15/05		6.75	%	300,000		300,000
	SPG, LP (MTN)					6/24/05		7.13	%	100,000		100,000
	SPG, LP (Bonds)					10/27/05		6.88	%	150,000		150,000
		Subtotal 2005								660,000		660,000		6.98	%
	SPG, LP (Notes)					1/20/06		7.38	%	300,000		300,000
	SPG, LP (Bonds)					11/15/06		6.88	%	250,000		250,000
		Subtotal 2006								550,000		550,000		7.15	%
	SPG, LP (MTN)					9/20/07		7.13	%	180,000		180,000
		Subtotal 2007								180,000		180,000		7.13	%
	SPG, LP (MOPPRS)					6/15/08		7.00	%	200,000		200,000
		Subtotal 2008								200,000		200,000		7.00	%
	SPG, LP (Bonds)					2/9/09		7.13	%	300,000		300,000
	SPG, LP (Bonds)					7/15/09		7.00	%	150,000		150,000
		Subtotal 2009								450,000		450,000		7.08	%
	SPG, LP (Notes)					1/20/11		7.75	%	200,000		200,000
		Subtotal 2011								200,000		200,000		7.75	%
	Unsecured Notes—CPI 4					9/1/13		7.18	%	75,000		75,000
		Subtotal 2013								75,000		75,000		7.18	%
	Unsecured Notes—CPI 5					3/15/16		7.88	%	250,000		250,000
		Subtotal 2016								250,000		250,000		7.88	%
	SPG, LP (Bonds)					6/15/18		7.38	%	200,000		200,000
		Subtotal 2018								200,000		200,000		7.38	%
	Total Unsecured Fixed Rate Debt									4,318,200		4,318,200		7.21	%
Variable Rate Unsecured Debt:
	Acquisition Facility—3					9/24/01		5.80	%	435,000		435,000
		Subtotal 2001								435,000		435,000		5.80	%
	SPG, L.P. Unsecured Loan—1			(6)		2/28/02		5.95	%	150,000		150,000
	SPG, L.P. Unsecured Loan—3			(2)		3/30/02		6.15	%	22,929		22,929
		Subtotal 2002								172,929		172,929		5.98	%
	Corporate Revolving Credit Facility			(6)		8/25/03		5.80	%	645,000		645,000
		Subtotal 2003								645,000		645,000		5.80	%
	Unsecured Notes -7					3/14/04		5.95	%	65,000		65,000
	Simon ERE Facility			(6)		7/31/04		5.75	%	4,992		4,992
		Subtotal 2004								69,992		69,992		5.94	%

21

	Total Unsecured Variable Rate Debt									1,322,921		1,322,921		5.83	%
	Total Unsecured Debt									5,641,121		5,641,121		6.89	%
	Net Premium on Fixed-Rate Indebtedness									(5,734	)	(4,819	)	N/A
	Net Premium on Variable-Rate Indebtedness									271		271		N/A
	Total Consolidated Debt									8,747,219		8,590,828		7.03	%
Joint Venture Indebtedness
Fixed Rate Mortgage Debt:
	Seminole Towne Center					6/30/01		8.00	%	70,377		31,670
	Highland Mall—2					10/1/01		8.50	%	83		42
	Highland Mall—3					11/1/01		9.50	%	869		435
	Square One					12/1/01		8.40	%	104,184		51,193
		Subtotal 2001								175,513		83,339		8.25	%
	Crystal Mall					2/1/03		8.66	%	47,760		35,614
	Avenues, The					5/15/03		8.36	%	55,892		13,973
		Subtotal 2003								103,652		49,587		8.58	%
	Solomon Pond					2/1/04		7.83	%	94,905		46,634
	Northshore Mall					5/14/04		9.05	%	161,000		79,111
	Indian River Commons					11/1/04		7.58	%	8,367		4,184
	Indian River Mall					11/1/04		7.58	%	46,429		23,215
		Subtotal 2004								310,701		153,143		8.42	%
	Westchester, The—1					9/1/05		8.74	%	149,170		74,585
	Westchester, The—2					9/1/05		7.20	%	52,954		26,477
		Subtotal 2005								202,124		101,062		8.34	%
	Cobblestone Court					1/1/06		7.64	%	6,180		2,163
	Crystal Court					1/1/06		7.64	%	3,570		1,250
	Fairfax Court					1/1/06		7.64	%	10,320		2,709
	Gaitway Plaza					1/1/06		7.64	%	7,350		1,715
	Plaza at Buckland Hills, The					1/1/06		7.64	%	17,422		5,967
	Ridgewood Court					1/1/06		7.64	%	8,365		2,928
	Royal Eagle Plaza					1/1/06		7.64	%	7,920		2,772
	Village Park Plaza					1/1/06		7.64	%	8,834		3,092
	West Town Corners					1/1/06		7.64	%	10,330		2,411
	Westland Park Plaza					1/1/06		7.64	%	4,950		1,155
	Willow Knolls Court					1/1/06		7.64	%	6,490		2,272
	Yards Plaza, The					1/1/06		7.64	%	8,270		2,895
	CMBS Loan—Fixed Component (IBM)			(7)		5/1/06		7.41	%	300,000		150,000
	CMBS Loan—Fixed Component—2 (IBM)			(7)		5/15/06		8.13	%	57,100		28,550
	Great Northeast Plaza					6/1/06		9.04	%	17,309		8,655
	Smith Haven Mall					6/1/06		7.86	%	115,000		28,750
	Mall of Georgia Crossing					6/9/06		7.25	%	34,380		17,190
	Greendale Mall					11/1/06		8.23	%	41,638		20,460

22

		Subtotal 2006								665,428		284,932		7.65	%
	Town Center at Cobb—1					4/1/07		7.54	%	49,534		24,767
	Town Center at Cobb—2					4/1/07		7.25	%	64,713		32,357
	Gwinnett Place—1					4/1/07		7.54	%	38,875		19,438
	Gwinnett Place—2					4/1/07		7.25	%	85,034		42,517
	Mall at Rockingham					8/1/07		7.88	%	99,542		24,456
		Subtotal 2007								337,698		143,534		7.45	%
	Metrocenter					2/28/08		8.45	%	30,243		15,122
	Aventura Mall—A					4/6/08		6.55	%	141,000		47,000
	Aventura Mall—B					4/6/08		6.60	%	25,400		8,467
	Aventura Mall—C					4/6/08		6.89	%	33,600		11,200
	West Town Mall					5/1/08		6.90	%	76,000		38,000
	Mall of New Hampshire—1					10/1/08		6.96	%	103,528		50,871
	Mall of New Hampshire—2					10/1/08		8.53	%	8,414		4,134
	Grapevine Mills—1					10/1/08		6.47	%	155,000		58,125
	Ontario Mills—5					11/2/08		6.75	%	141,883		35,471
	Source, The					11/6/08		6.65	%	124,000		31,000
	Ontario Mills—6					12/5/08		8.00	%	10,500		2,625
	Grapevine Mills—2					11/5/08		8.39	%	14,480		5,430
		Subtotal 2008								864,048		307,444		6.86	%
	Apple Blossom Mall					9/10/09		7.99	%	40,543		19,922
	Auburn Mall					9/10/09		7.99	%	47,464		23,323
	Highland Mall—1					12/1/09		9.75	%	6,714		3,357
	Ontario Mills—4					12/28/09		6.00	%	4,198		1,050
		Subtotal 2009								98,919		47,651		8.07	%
	Mall of Georgia					7/1/10		7.09	%	200,000		100,000
	Coral Square					10/1/10		8.00	%	90,000		45,000
	Florida Mall, The					11/13/10		7.55	%	269,402		134,701
		Subtotal 2010								559,402		279,701		7.46	%
	Atrium at Chestnut Hill					3/11/11		6.89	%	49,150		24,151
	Cape Cod					3/11/11		6.80	%	100,000		49,138
	Polska Shopping Mall					12/31/11		6.49	%	12,355		3,583
		Subtotal 2011								161,505		76,872		6.81	%
	Total Joint Venture Fixed Rate Mortgage Debt									3,478,990		1,527,265		7.59	%
Variable Rate Mortgage Debt:
	Liberty Tree Mall					10/1/01		6.65	%	46,509		22,853
		Subtotal 2001								46,509		22,853		6.65	%
	Montreal Forum					1/31/02		7.50	%	24,931		8,882
	Shops at Sunset Place, The			(6)		6/30/02		6.30	%	113,829		42,686
		Subtotal 2002								138,760		51,568		6.51	%
	Dadeland Mall			(6)		2/1/03		5.95	%	140,000		70,000

23

	CMBS Loan—Floating Component (IBM)			(7)		5/1/03		5.65	%	184,500		92,250
	Concord Mills			(6)		12/2/03		6.50	%	179,883		67,456
		Subtotal 2003								504,383		229,706		5.99	%
	Circle Centre Mall—1			(6)		1/31/04		5.59	%	60,000		8,802
	Circle Centre Mall—2			(6)		1/31/04		6.65	%	7,500		1,100
	Orlando Premium Outlets			(6)		2/12/04		6.65	%	58,173		29,087
		Subtotal 2004								125,673		38,989		6.41	%
	Mall of America			(6)		3/10/05		5.66	%	312,000		85,800
	Emerald Square Mall			(6)		3/31/05		6.64	%	145,000		71,249
	Arundel Mills			(6)		4/30/05		6.80	%	133,119		49,920
	Northfield Square			(6)		4/30/05		7.65	%	37,000		11,692
		Subtotal 2005								627,119		218,661		6.35	%
	CMBS Loan—Floating Component—2 (IBM)			(7)		5/15/06		5.52	%	81,400		40,700
		Subtotal 2006								81,400		40,700		5.52	%
	Arizona Mills			(6)		10/10/10		6.45	%	145,694		38,341
		Subtotal 2010								145,694		38,341
	Total Joint Venture Variable Rate Debt									1,669,538		640,817		6.20	%
Unsecured Debt:
	Merchantwired					12/31/05		7.93	%	6,609		3,305
		Subtotal 2005								6,609		3,305		7.93	%
	Total Unsecured Debt									6,609		3,305		7.93	%
	CMBS Loan—Fixed Premium (IBM)									15,478		7,739
	Net Premium on NED Fixed-Rate Indebtedness									537		264
	Total Joint Venture Debt									5,171,153		2,179,390		7.18	%
	SPG's Share of Total Indebtedness									13,918,371		10,770,218		7.06	%

(1)

These Notes are cross-collateralized.

(2)

This unsecured loan was previously secured by a mortgage of Eastgate Consumer Mall. The maturity date includes all applicable extensions available at Simon Group's option.

(3)

This Pool is secured by cross-collateralized and cross-defaulted mortgages encumbering these four Properties.

(4)

This Pool is secured by cross-collateralized and cross-defaulted mortgages encumbering these three Properties.

(5)

Through an interest rate protection agreement, effectively fixed at an all-in-one rate of 6.16%.

(6)

Includes applicable extensions available at Simon Group's option.

(7)

These Commercial Mortgage Notes are secured by cross-collateralized mortgages encumbering thirteen Properties. A weighted average rate is used.

(8)

This Principal Mutual Pool 1 loan is secured by cross-collateralized and cross-defaulted mortgages encumbering four of the Properties (Anderson, Forest Village Park, Longview, and South Park). A weighted average rate is used for these Pool 1 Properties. Includes applicable extensions available at Simon Group's option.

(9)

This Principal Mutual Pool 2 loan is secured by cross-collateralized and cross-defaulted mortgages encumbering seven of the Properties (Eastland, Forest Mall, Golden Ring, Hutchinson, Markland, Midland, and North Towne). A weighted average rate is used for these Pool 2 Properties. Includes applicable extensions available at Simon Group's option.

24

SIMON PROPERTY GROUP
Summary of Variable Rate Debt and Interest Rate Protection Agreements
As of March 31, 2001
(In thousands)

Property Name		Maturity Date		Principal Balance 03/31/01		SPG Ownership %		SPG's Share of Loan Balance		Interest Rate 03/31/01		Terms of Variable Rate		Terms of Interest Rate Protection Agreement
Consolidated Indebtedness:
Variable Rate Debt Effectively Fixed to Maturity:
Orland Square		9/1/01		50,000		100.00	%	50,000		7.742%		LIBOR + 0.500%		LIBOR Swapped at 7.24% through maturity.
Forum Phase I—Class A-2		5/15/04		44,386		60.00	%	26,632		6.190%		LIBOR + 0.300%		Through an interest rate protection agreement, effectively fixed at an all-in-one rate of 6.19%.
Forum Phase II—Class A-2		5/15/04		40,614		55.00	%	22,338		6.190%		LIBOR + 0.300%		Through an interest rate protection agreement, effectively fixed at an all-in-one rate of 6.19%.
Simon ERE Facility—Swap component		7/31/04		28,200		100.00	%	28,200		7.750%		EURIBOR + 0.600%		Through a cross-currency swap, effectively fixed at an all-in-one rate of 7.75%
CMBS Loan—Variable Component		12/15/04		50,000		100.00	%	50,000		6.155%		LIBOR + 0.365%		Through an interest rate protection agreement, effectively fixed at an all-in-one rate of 6.16%.
				213,200				177,169
Other Hedged Debt:
Randall Park Mall—1		12/11/01		35,000		100.00	%	35,000		8.251%		LIBOR + 3.100%		LIBOR Capped at a rate of 7.40% through maturity.
Randall Park Mall—2		12/11/01		5,000		100.00	%	5,000		10.151%		LIBOR + 5.000%		LIBOR Capped at a rate of 7.40% through maturity.
Raleigh Springs Mall		2/23/03		11,000		100.00	%	11,000		6.801%		LIBOR + 1.650%		LIBOR Capped at a rate of 8.35% through September 10, 2001.
Unsecured Revolving Credit Facility—(1.25B—capped)		8/25/03		140,000		100.00	%	140,000		5.151%		LIBOR + 0.650%		LIBOR Capped at a rate Subject to an 11.53% LIBOR cap on $90M and a 16.77% LIBOR cap on $50M.
				191,000				191,000
Floating Rate Debt:
Unsecured Notes—7		3/14/04		65,000		100.00	%	65,000		5.951%		LIBOR + 0.800%
White Oaks Mall		3/1/02		16,500		54.92	%	9,062		8.391%		LIBOR + 1.300%		90-day LIBOR set on August 31, 2000.
CPI Merger Facility—3 (1.4B)		9/24/01		435,000		100.00	%	435,000		5.801%		LIBOR + 0.650%
SPG, L.P. Unsecured Loan—1		2/28/02		150,000		100.00	%	150,000		5.951%		LIBOR + 0.650%
Highland Lakes Center		3/1/02		12,877		100.00	%	12,877		6.651%		LIBOR + 1.500%
SPG, L.P. Unsecured Loan—3		3/30/02		22,929		100.00	%	22,929		6.151%		LIBOR + 0.650%
Mainland Crossing		3/31/02		1,603		80.00	%	1,282		6.651%		LIBOR + 1.500%
Jefferson Valley Mall		1/11/04		60,000		100.00	%	60,000		6.401%		LIBOR + 1.250%
Richmond Towne Square		7/15/03		57,410		100.00	%	57,410		6.151%		LIBOR + 1.000%
Unsecured Revolving Credit Facility		8/25/03		505,000		100.00	%	505,000		5.801%		LIBOR + 0.650%
Shops @ Mission Viejo		8/31/03		142,228		100.00	%	142,228		6.301%		LIBOR + 1.150%
Arboretum		11/30/03		34,000		100.00	%	34,000		6.651%		LIBOR + 1.500%
Bowie Mall -1		12/14/02		4,500		100.00	%	4,500		6.651%		LIBOR + 1.500%
Bowie Mall -2		12/14/05		7,642		100.00	%	7,642		6.651%		LIBOR + 1.500%
North East Mall		5/20/04		142,572		100.00	%	142,572		6.526%		LIBOR + 1.375%
Waterford Lakes		8/15/04		60,820		100.00	%	60,820		6.551%		LIBOR + 1.400%
Simon ERE Facility—Variable component		7/31/04		4,992		100.00	%	4,992		5.751%		EURIBOR + 0.600%
Brunswick Square		6/12/05		45,000		100.00	%	45,000		6.651%		LIBOR + 1.500%
				1,768,073				1,760,314

25

Joint Venture Indebtedness:
Other Hedged Debt:
Arizona Mills		10/10/10		145,694		26.32	%	38,341		6.451%		LIBOR + 1.300%		LIBOR Capped at 9.50% through maturity.
CMBS Loan—Floating Component (IBM)		5/1/03		184,500		50.00	%	92,250		5.649%		See Footnote(1)		LIBOR Capped at 11.67% for $147,500 and LIBOR Capped at 10.95% for $37,000
CMBS Loan—Floating Component—2 (IBM)		5/15/06		81,400		50.00	%	40,700		5.520%		See Footnote(1)		LIBOR Capped at 11.83% through maturity.
Circle Centre Mall—1		1/31/04		60,000		14.67	%	8,802		5.591%		LIBOR + 0.440%		LIBOR Capped at 8.81% through maturity.
Circle Centre Mall—2		1/31/04		7,500		14.67	%	1,100		6.651%		LIBOR + 1.500%		LIBOR Capped at 7.75% through maturity.
Emerald Square Mall		3/31/05		145,000		49.14	%	71,249		6.639%		LIBOR + 1.490%		LIBOR Capped at 7.73% through maturity.
Mall of America		3/10/05		312,000		27.50	%	85,800		5.663%		LIBOR + 0.513%		LIBOR Capped at 8.7157% through March 12, 2003.
Northfield Square		4/30/05		37,000		31.60	%	11,692		7.651%		LIBOR + 2.500%		LIBOR Capped at 8.50% through maturity.
				973,094				349,934
Floating Rate Debt:
Arundel Mills		4/30/05		133,119		37.50	%	49,920		6.801%		LIBOR + 1.650%
Dadeland Mall		2/1/03		140,000		50.00	%	70,000		5.951%		LIBOR + 0.800%
Liberty Tree Mall		10/1/01		46,509		49.14	%	22,853		6.651%		LIBOR + 1.500%
Montreal Forum		1/31/02		24,931		35.63	%	8,882		7.500%		Canadian Prime
Shops at Sunset Place, The		6/30/02		113,829		37.50	%	42,686		6.301%		LIBOR + 1.150%		Rate can be reduced based upon project performance.
Concord Mills		12/2/03		179,883		37.50	%	67,456		6.501%		LIBOR + 1.350%
Orlando Premium Outlets		2/12/04		58,173		50.00	%	29,087		6.651%		LIBOR + 1.500%		Rate can be reduced based upon project performance.
				696,444				290,883

Footnote:

(1)

Represents the weighted average interest rate.

26

SIMON PROPERTY GROUP
New Development Activities
As of March 31, 2001

Mall/ Location		Simon Group's Ownership Percentage		Actual/ Projected Opening		Projected Cost (in millions) (1)			Non-Anchor Sq. Footage Leased/ Committed		GLA (sq. ft.)
Projects Under Construction
Bowie Town Center Annapolis, MD		100.0	%	Fall 2001		$	66		97	%	657,000

Anchors/Major Tenants: Hecht's, Sears, Old Navy, Barnes & Noble, Bed Bath & Beyond, Safeway

(1)

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

27

SIMON PROPERTY GROUP
Significant Renovation/Expansion Activities
As of March 31, 2001

Mall/ Location		Simon Group's Ownership Percentage		Actual/ Projected Opening		Projected Cost (in millions) (1)			GLA Before Renov/Expan (sq. ft.)		New or Incremental GLA (sq. ft.)
North East Mall Hurst, TX		100	%	10/01 & 2002		$	103		1,141,000		308,000
Project Description:		New Foley's (to open 10/01); new Lord & Taylor in existing Montgomery Ward space (to open 2002)
		Previously opened: New Nordstrom (3/01); new Saks Fifth Avenue, mall renovation and parking deck (9/00); JCPenney remodel and expansion and parking deck (11/99); new Dillard's, mall expansion and parking deck (9/99)
The Shops at Mission Viejo Mission Viejo, CA		100	%	Fall 2001		$	146		817,000		427,000
Project Description:		Macy's expansion (to open fall 2001)
		Previously opened: Old Navy, PF Chang's and California Café (12/00); Robinsons-May expansion and remodel and food court addition (10/00); New Nordstrom, small shop expansion and renovation, new parking structure; new Saks Fifth Avenue (9/99)

(1)

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

28

SIMON PROPERTY GROUP
Capital Expenditures
For the Three Months Ended March 31, 2001

     (In millions)

					Joint Venture Properties
		Consolidated Properties			Total			Simon Group's Share
New Developments		$	14.6		$	15.3		$	6.2
Renovations and Expansions			19.8			14.5			6.3
Tenant Allowances			8.6			4.4			1.9
Operational Capital Expenditures at Properties			2.6			(.2	)		.2
Other			—			—			(.2	)
Totals		$	45.6		$	34.0		$	14.4

29

QuickLinks

SIMON PROPERTY GROUP Overview
Simon Property Group Economic Ownership Structure (1) March 31, 2001
SIMON PROPERTY GROUP Changes in Common Shares and Unit Ownership For the Period from December 31, 2000 through March 31, 2001
SIMON PROPERTY GROUP Preferred Stock/Units Outstanding As of March 31, 2001 ($ in 000's)
SIMON PROPERTY GROUP Reconciliation of Income to Funds From Operations ("FFO") As of March 31, 2001 (Amounts in thousands, except per share data)
SIMON PROPERTY GROUP Selected Financial Information As of March 31, 2001 (In thousands, except as noted)
SIMON PROPERTY GROUP Selected Financial Information As of March 31, 2001 (In thousands, except as noted)
SIMON PROPERTY GROUP Portfolio GLA, Occupancy & Rent Data As of March 31, 2001
Occupancy History
SIMON PROPERTY GROUP Rent Information As of March 31, 2001
SIMON PROPERTY GROUP Lease Expirations(1) As of March 31, 2001
SIMON PROPERTY GROUP Lease Expirations(1) As of March 31, 2001
SIMON PROPERTY GROUP SPG's Share of Total Debt Amortization and Maturities by Year As of March 31, 2001 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness As of March 31, 2001 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness By Maturity As of March 31, 2001 (In thousands)
SIMON PROPERTY GROUP Summary of Variable Rate Debt and Interest Rate Protection Agreements As of March 31, 2001 (In thousands)
SIMON PROPERTY GROUP New Development Activities As of March 31, 2001
SIMON PROPERTY GROUP Significant Renovation/Expansion Activities As of March 31, 2001
SIMON PROPERTY GROUP Capital Expenditures For the Three Months Ended March 31, 2001