<SUBMISSION>
<ACCESSION-NUMBER>0000912057-01-542393
<TYPE>S-3
<PUBLIC-DOCUMENT-COUNT>4
<FILING-DATE>20011207
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SIMON PROPERTY GROUP INC /DE/
<CIK>0001063761
<ASSIGNED-SIC>6798
<IRS-NUMBER>046268599
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3
<ACT>33
<FILE-NUMBER>333-74722
<FILM-NUMBER>1808419
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>115 WEST WASHINGTON STREET
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204
<PHONE>3176361600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>CORPORATE PROPERTY INVESTORS INC
<STREET2>THRE DAG MANNARSKJOLD PLAZA 305 E. 47TH
<CITY>NEW YORK
<STATE>NY
<ZIP>10017
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CORPORATE PROPERTY INVESTORS INC
<DATE-CHANGED>19980610
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SPG REALTY CONSULTANTS INC
<CIK>0001067173
<ASSIGNED-SIC>6798
<IRS-NUMBER>132838638
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3
<ACT>33
<FILE-NUMBER>333-74722-01
<FILM-NUMBER>1808420
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>115 WEST WASHINGTON STREET
<STREET2>SUITE 15 EAST
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204
<PHONE>2124218200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>THREE DOG HAMMARSKJOLD PLAZA
<STREET2>305 EAST 47TH STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10017
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CORPORATE REALTY CONSULTANTS INC
<DATE-CHANGED>19980729
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>a2065357zs-3.htm
<DESCRIPTION>S-3
<TEXT>
<HTML>
<HEAD>
<TITLE> Prepared by MERRILL CORPORATION
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#01CHI5071_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on December&nbsp;7, 2001  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration Nos. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>FORM&nbsp;S-3<BR>
REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>SIMON PROPERTY GROUP,&nbsp;INC.<BR> </B></FONT><FONT SIZE=2>(Exact name of registrant as<BR>
specified in its charter)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>SPG REALTY CONSULTANTS,&nbsp;INC.<BR> </B></FONT><FONT SIZE=2>(Exact name of registrant as<BR>
specified in its charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware<BR> </B></FONT><FONT SIZE=2>(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware<BR> </B></FONT><FONT SIZE=2>(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>04-6268599<BR> </B></FONT><FONT SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>13-2838638<BR> </B></FONT><FONT SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><B>National City Center<BR>
115 West Washington Street, Suite&nbsp;15 East; Indianapolis, IN 46204; (317)&nbsp;636-1600<BR>  </B></FONT><FONT SIZE=2>(Address of Principal Executive Offices) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>James&nbsp;M. Barkley<BR>
Simon Property Group<BR>
National City Center 115 West Washington Street, Suite&nbsp;15 East; Indianapolis, IN 46204; (317)&nbsp;636-1600<BR>  </B></FONT><FONT SIZE=2>(Name, address, including zip code, and telephone number, including area code, of agent for service)
</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><I>Copies to:  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>David&nbsp;C. Worrell<BR>
Baker&nbsp;&amp; Daniels<BR>
300 North Meridian Street, Suite&nbsp;2700<BR>
Indianapolis, Indiana 46204<BR>
(317)&nbsp;237-1110  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B> Approximate date of commencement of proposed sale to the public:<BR>  </B></FONT><FONT SIZE=2>From time to time or at one time after the effective date of the Registration Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;If
the only securities being registered on this Form are to be offered pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;/&nbsp;/ </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box.&nbsp;/x/ </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;/&nbsp;/ </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;/&nbsp;/ </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;If
delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434, please check the following box.&nbsp;/&nbsp;/ </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="37%" ALIGN="CENTER"><FONT SIZE=1><B>Title of each class of securities to be registered(1)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to be registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed maximum offering price per unit(2)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed maximum aggregate offering price(2)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of registration fee</B></FONT><BR></TH>
</TR>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="37%"><FONT SIZE=2>Common Stock, par value, $.0001 per share</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>422,191</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$29.36</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$12,395,527</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$2,963</FONT></TD>
</TR>
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<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Each
share of common stock of Simon Property Group,&nbsp;Inc. is paired with a beneficial interest in 1/100th of a share of common stock of SPG Realty Consultants,&nbsp;Inc. </FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Represents
average of high and low prices reported on the NYSE as of December&nbsp;4, 2001, for purposes of calculating the amount of the registration fee pursuant to
Rule&nbsp;457(c) under the Securities Act of 1933. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Registrants hereby amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrants shall
file&nbsp;a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or
until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.  </B></FONT></P>

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<P ALIGN="CENTER"><FONT COLOR="#FF4040" SIZE=2><B>Subject to completion, dated December&nbsp;7, 2001</B></FONT></P>

<P><FONT COLOR="#FF4040" SIZE=2><B>The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with
the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted. </B></FONT></P>

<P><FONT SIZE=2><B>PROSPECTUS  </B></FONT></P>

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<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%" ALIGN="CENTER"><FONT SIZE=4><B>422,191 Paired Shares<BR>
Common Stock<BR>
SIMON PROPERTY GROUP,&nbsp;INC.<BR>
SPG REALTY CONSULTANTS,&nbsp;INC.</B></FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="CENTER"><FONT SIZE=4><B>
<IMG SRC="g320991.jpg" ALT="LOGO" WIDTH="144" HEIGHT="54">
</B></FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to resales of our shares of common stock by the selling stockholders named in this prospectus. We will not receive any
of the proceeds from the sale of the shares by the selling stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
selling stockholders, or their pledgees, donees, transferees or other successors in interest, may offer the shares through public or private transactions at prevailing market
prices, at prices related to prevailing market prices or at privately negotiated prices. Our common stock is traded on the New York Stock Exchange under the symbol "SPG." On
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 200&nbsp;, the closing sale price as reported by the NYSE was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You
should read carefully this prospectus before you invest. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Investing in our securities involves risk. See "Risk Factors" beginning on page&nbsp;3.  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>THE SECURITIES AND EXCHANGE COMMISSION AND STATE SECURITIES REGULATORS HAVE NOT APPROVED OR DISAPPROVED OF THESE SECURITIES OR
DETERMINED WHETHER THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at National City Center, Suite&nbsp;15 East, 115&nbsp;West Washington Street, Indianapolis, Indiana 46204 and
our telephone number is (317)&nbsp;636-1600. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>The
date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 200&nbsp;. </FONT></P>

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NAME="page_bg5071_1_2"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg5071_table_of_contents"> </A>
<A NAME="toc_bg5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>  </B></FONT></P>

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<TH WIDTH="92%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Who We Are</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Use Of Proceeds</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Risk Factors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Description Of Capital Stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Important Provisions Of Our Governing Documents And Delaware Law</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Restrictions On Ownership And Transfer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Important Federal Income Tax Considerations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Selling Stockholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Plan Of Distribution</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Legal Matters</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Experts</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Forward-Looking Statements May Prove Inaccurate</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Incorporation Of Information We File With The SEC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2>Where You Can Find More Information</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>34</FONT></TD>
</TR>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have not authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus. The selling stockholders are offering to
sell, and seeking offers to buy, our paired shares of common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the
date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg5071_who_we_are"> </A>
<A NAME="toc_bg5071_2"> </A>
<BR></FONT><FONT SIZE=2><B>WHO WE ARE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We own, operate, manage, lease, acquire, expand and develop real estate properties, primarily regional malls and community shopping centers. Simon Property
Group,&nbsp;Inc. or "SPG" has elected to be taxed as a "real estate investment trust" or "REIT" for federal income tax purposes. SPG Realty Consultants,&nbsp;Inc. or "SRC" is SPG's "paired share"
affiliate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
core of our business originated with the shopping center businesses of Melvin Simon, Herbert Simon, David Simon and other members and associates of the Simon family. We have grown
significantly by acquiring properties and merging with other real estate companies, including our merger with DeBartolo Realty Corporation in 1996 and our combination with Corporate Property
Investors,&nbsp;Inc. and its paired share affiliate in 1998. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2001, SPG and SPG's majority-owned subsidiary, Simon Property Group,&nbsp;L.P. or the "Operating Partnership," owned or held interests in 250
income-producing properties, consisting of 164 regional malls, 72 community shopping centers, five specialty retail centers, four office and mixed-use properties, and five value-oriented
super-regional malls located in a total of 36&nbsp;states. As of the same date, the Operating Partnership also owned interests in six retail real estate properties in Europe and Canada, one property
under construction and 11&nbsp;parcels of land held for future development. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
predecessor of SPG was organized as a Massachusetts business trust in 1971 and reorganized as a Delaware corporation on March&nbsp;10, 1998. SRC was organized as a Delaware
corporation in October&nbsp;1975. Our principal executive offices are located at National City Center, Suite&nbsp;15 East, 115&nbsp;West Washington Street, Indianapolis, Indiana 46204; our
telephone number is (317)&nbsp;636-1600. Our World Wide Web site address is www.shopsimon.com. The information in our web site is not incorporated by reference into this prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
you want to find more information about us, please see the sections entitled "Where You Can Find More Information" and "Incorporation of Information We File with the SEC" in this
prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;2&#150;</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
this prospectus, "we," "us," "our" and "the Companies" refer to Simon Property Group,&nbsp;Inc. and SPG Realty Consultants,&nbsp;Inc. and their subsidiaries. "SPG" refers
specifically to Simon Property Group,&nbsp;Inc., "SRC" refers specifically to SPG Realty Consultants,&nbsp;Inc., and the "Operating Partnership" refers specifically to SPG's majority-owned
subsidiary, Simon Property Group,&nbsp;L.P. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de5071_use_of_proceeds"> </A>
<A NAME="toc_de5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>USE OF PROCEEDS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale of the shares by the selling stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
selling stockholders will pay any underwriting discounts and commissions and expenses they incur for brokerage, accounting, tax or legal services or any other expenses they incur
in disposing of the shares. We will bear all other costs, fees and expenses incurred in effecting the registration of the shares covered by this prospectus, including, without limitation, all
registration and filing fees, NYSE listing fees, fees and expenses of our counsel, fees and expenses of our accountants, and blue sky fees and expenses. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de5071_risk_factors"> </A>
<A NAME="toc_de5071_2"> </A>
<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>You should consider carefully the following risks, along with the other information contained or incorporated by reference in this
prospectus before you decide to purchase any of our securities. The risks and uncertainties described below are not the only ones affecting us. Additional risks and uncertainties may also adversely
affect our business and operations. If any of the following events actually occurs, our business, financial condition and results of operations would likely suffer, possibly materially.  </I></FONT></P>

<P><FONT SIZE=2><B>WE HAVE A SUBSTANTIAL DEBT BURDEN THAT COULD AFFECT OUR FUTURE OPERATIONS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the risks normally associated with debt financing, including the risk that our cash flow from operations will be insufficient to meet
required payments of principal and interest, the risk that existing indebtedness will not be able to be refinanced or that the terms of such refinancing will not be as favorable as the terms of such
indebtedness and the risk that necessary capital expenditures for such purposes as renovations and other improvements will not be able to be financed on favorable terms or at all. Certain significant
expenditures associated with a property (such as mortgage payments)
generally will not be reduced when circumstances cause a reduction in income from such property. Should such events occur, our operations and ability to make expected distributions to stockholders may
be adversely affected. If a property is mortgaged to secure payment of indebtedness and we are unable to make payments on such indebtedness, the property could be transferred to the mortgagee with a
possible consequent loss of income and asset value to us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Certain
of our loans have floating interest rates. In certain cases, we will continue to be a party to existing interest rate protection agreements with financial institutions whereby
these institutions agree to indemnify us against the risk of increases in interest rates above certain levels. </FONT></P>

<P><FONT SIZE=2><B>RISING INTEREST RATES AND OTHER FACTORS COULD ADVERSELY AFFECT OUR STOCK PRICE AND BORROWING COSTS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any significant increase in market interest rates from their current levels could lead holders of our securities to seek higher yields through other
investments, which could adversely affect the market price of the shares. One of the factors that may influence the price of our stock in public markets is the annual distribution rate we pay as
compared with the yields on alternative investments. Numerous other factors, such as governmental regulatory action and tax laws, could have a significant impact on the future market price of our
shares. In addition, increases in market interest rates could result in increased borrowing costs for us, which may adversely affect our cash flow and the amounts available for distributions to our
stockholders. </FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;We employ standard risk management strategies to hedge exposures, primarily related to interest rate volatility. Interest rate cap agreements are used as a protection against interest
rate increases on variable rate debt. We also enter into hedging transactions based upon U.S. treasury bill rates to manage exposure to rising interest rates before anticipated bond offerings. We
intend to continue to enter into such arrangements if management determines they are in the best interest of the stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest
rate hedging arrangements may expose us to certain risks. Although we will try to minimize these risks, interest rate movements during the terms of interest rate hedging
agreements may result in a gain or loss on our investment in the hedging arrangement. Developing an effective strategy is complex and no strategy can completely insulate us from risks associated with
interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations or financial condition. Such hedging agreements
may involve certain costs, such as transaction fees or non-material breakage costs if they are terminated by us. In order to minimize counterparty credit risk, our policy is to enter into
hedging arrangements only with large creditworthy financial institutions. </FONT></P>

<P><FONT SIZE=2><B>THERE ARE FACTORS OUTSIDE OUR CONTROL THAT AFFECT THE REVENUES AND ECONOMIC VALUE OF SHOPPING CENTERS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The revenues and value of shopping centers may be adversely affected by a number of factors, including: the national, regional and local economic climate;
local real estate conditions; perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center; the proximity and quality of competing centers; trends in the
retail industry, including contraction in the number of retailers and the number of locations operated; the quality and philosophy of management; changes in market rental rates; the inability to
collect rent due to bankruptcy or insolvency of tenants or otherwise; the need periodically to renovate, repair and relet space and the costs thereof; the ability of an owner to provide adequate
maintenance and insurance and increased operating costs. In addition, shopping center values are affected by such factors as changes in interest rates, the availability of financing, changes in
governmental regulations, changes in tax laws or rates and potential environmental or other legal liabilities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our
concentration in the retail shopping center real estate market subjects our portfolio of properties to certain risks, including, among others, the following risks: demand for
shopping center space in our markets may decrease; we may be unable to relet space upon lease expirations or to pay related renovation and reletting costs; economic and other conditions may affect
shopping center property cash flows and values; tenants may be unable to make lease payments or may become bankrupt; and a property may not generate revenue sufficient to meet operating expenses,
including future debt service. </FONT></P>

<P><FONT SIZE=2><B>WE HAVE LIMITED CONTROL WITH RESPECT TO CERTAIN PROPERTIES PARTIALLY OWNED OR MANAGED BY THIRD PARTIES.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We own interests in a number of income-producing properties which were not, directly or indirectly, wholly owned by the Operating Partnership ("Joint Venture
Properties"). We do not have sole control of certain major decisions relating to many of the Joint Venture Properties, although we generally have a right of approval with respect to such matters. We
do not have day-to-day operational control of other of the Joint Venture Properties. These limitations may result in decisions by third parties with respect to such properties
that do not fully reflect our interests at such time, including decisions relating to the requirements with which we must comply in order to maintain SPG's status as a REIT for tax purposes. In
addition, the sale or transfer of interests in certain of the partnerships is subject to rights of first refusal and buy-sell or similar arrangements. These rights may be triggered at a
time when we will not desire to sell but may be forced to do so because we do not have the cash to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;4&#150;</FONT></P>

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<P><FONT SIZE=2>
purchase the other party's interest. We are contractually restricted from selling certain of these properties without the consent of certain unrelated parties. These limitations on sale may adversely
affect our ability to sell these properties at the most advantageous time for us. </FONT></P>

<P><FONT SIZE=2><B>OUR PROPERTIES FACE A WIDE RANGE OF COMPETITION.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Shopping malls compete with other retail properties for tenants on the basis of the rent charged and location. However, the principal competition for the
shopping malls may come from future shopping malls that will be located in the same market areas and from mail order and electronic commerce. There is also considerable competition to acquire equity
interests in desirable real estate. The competition is provided by other real estate investment trusts, insurance companies, private pension plans and private developers. Additionally, our credit
rating and leverage will affect our competitive position in the public debt and equity markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
face competition from other shopping mall developers for the acquisition of prime development sites and for tenants and are subject to the risks of real estate development,
including the lack of financing, construction delays, environmental requirements, budget overruns and lease-up. Numerous other developers, managers and owners of real estate compete with
us in seeking management, leasing revenues, land for development and properties for acquisition. In addition, retailers at our properties face increasing competition from discount shopping centers,
outlet malls, catalogues, discount shopping clubs and electronic commerce. With respect to many of our properties, there are similar properties within the same market area. The existence of
competitive properties could affect our ability to lease space and the level of rents we can obtain. Renovations and expansions at competing malls could negatively affect our properties. Increased
competition could adversely affect our revenues. </FONT></P>

<P><FONT SIZE=2><B>REAL ESTATE INVESTMENTS ARE RELATIVELY ILLIQUID.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Real property investments are relatively illiquid. Our ability to vary our portfolio of properties in response to changes in economic and other conditions is
limited. If we want to sell a property, there is no assurance that we will be able to dispose of it in the desired time period or that the sales price of a property will exceed our investment. </FONT></P>

<P><FONT SIZE=2><B>WE DEPEND ON OUR ANCHORS AND TENANTS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our cash available for distribution would be adversely affected if the space in our properties could not be leased, or if tenants or anchors failed to meet
their contractual obligations or seek concessions in order to continue operations. If the sales of stores operating in our properties were to decline significantly due to economic conditions, closing
of anchors or for other reasons, tenants may be unable to pay their minimum rents or expense recovery charges. In the event of default by a tenant or anchor, we may experience delays and costs in
enforcing our rights as landlord. </FONT></P>

<P><FONT SIZE=2><B>WE MAY NOT BE ABLE TO RENEW LEASES AND RELET SPACE.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the risks that, upon expiration of leases for space in our properties, the premises may not be relet or the terms of reletting (including the
cost of concessions to tenants) may be less favorable than current lease terms. If we were unable promptly to relet all or a substantial portion of this space or if the rental rates upon such
reletting were significantly lower than expected rates, our cash generated before debt repayments and capital expenditures and ability to make expected distributions to stockholders may be adversely
affected. </FONT></P>

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<P><FONT SIZE=2><B>RECENT EVENTS AND TENANT BANKRUPTCIES MAY ADVERSELY EFFECT THE RETAIL CLIMATE.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of our earnings are derived from tenant occupancy and retail sales during the holiday season. The deterioration recently experienced in
the national economy and the tragic events of September&nbsp;11, 2001 have negatively affected the retail climate. In addition, a number of local, regional and national retailers have closed
locations or filed for bankruptcy within the last two years. We are unable to determine what effect these developments may have on the 2001 holiday season and beyond. </FONT></P>

<P><FONT SIZE=2><B>WE COULD BE ADVERSELY AFFECTED BY ENRON'S BANKRUPTCY.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Operating Partnership has a five year contract with a subsidiary of Enron Corp. to supply or manage all of the energy commodity requirements of the
portfolio of properties. The contract includes electricity, natural gas and maintenance of assets and electrical systems, including lighting. The recent filing of a Chapter&nbsp;11 bankruptcy
petition by Enron may require the Operating Partnership to make alternative arrangements that may not be as favorable to the Operating Partnership as the existing contract with Enron. </FONT></P>

<P><FONT SIZE=2><B>OUR FUTURE INSURANCE COVERAGE MAY NOT INCLUDE COVERAGE FOR ACTS OF TERRORISM.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The property insurance maintained by the Operating Partnership for its properties has historically been on an all risk basis, including losses caused by acts
of terrorism. The property insurance will be renewed January&nbsp;1, 2002. At this point it is uncertain whether future coverage will include losses attributable to acts of terrorism. </FONT></P>

<P><FONT SIZE=2><B>A LARGE NUMBER OF SECURITIES AVAILABLE FOR FUTURE SALE COULD ADVERSELY AFFECT THE MARKET PRICE OF OUR SECURITIES.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Sale of substantial numbers of our securities or units of limited partnership interests of the Operating Partnership which are exchangeable for our securities,
or the perception that such sales could occur, could adversely affect the prevailing market price for our securities. If such sales reduce our market price, our ability to raise additional capital in
the equity markets could be adversely affected. The existence of registration rights contained in various registration rights agreements also may adversely affect the terms upon which we can obtain
additional capital in the equity markets in the future. </FONT></P>


<P><FONT SIZE=2><B>SPG'S CHARTER AND BYLAWS COULD PREVENT A CHANGE OF CONTROL.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG's Charter places restrictions on the accumulation of shares in excess of 8% of the capital stock (18% in the case of the Simons and 11% in the case of one
institutional stockholder) (calculated based on the lower of outstanding shares, voting power or value), subject to certain exceptions permitted with the approval of the SPG Board of Directors to
allow (i)&nbsp;underwritten offerings or (ii)&nbsp;the sale of equity securities in circumstances where the SPG Board of Directors determines SPG's ability to qualify as a REIT will not be
jeopardized. These restrictions on ownership and transferability may have the effect of delaying, deferring or preventing a transaction or change in control of SPG that might involve a premium price
for SPG securities or that otherwise might be in the best interest of SPG's stockholders. Certain other provisions of SPG's Charter and By-laws could have the effect of delaying or
preventing a change of control even if some of SPG's stockholders deem such a change to be in SPG's and their best interest. These include provisions preventing holders of SPG common stock from acting
by written consent and requiring that up to six directors in the aggregate may be elected by holders of SPG Class&nbsp;B Common Stock and SPG Class&nbsp;C Common Stock. </FONT></P>

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<P><FONT SIZE=2><B>FAILURE TO QUALIFY AS A REIT WOULD HAVE SERIOUS ADVERSE CONSEQUENCES ON OUR STOCKHOLDERS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG and a subsidiary of the Operating Partnership have elected to be taxed as REITs (the "REIT Members"). We believe that the REIT Members are organized and
operated so as to qualify as REITs under the Internal Revenue Code. We intend to continue to operate them in a manner to maintain their status as REITs, but we cannot assure you that we will succeed
in this. Qualification as a REIT requires us to satisfy numerous requirements (some on an annual and quarterly basis) established under highly technical and complex Internal Revenue Code provisions
for which there are only limited judicial and administrative interpretations, and involves the determination of various factual matters and circumstances that are not entirely within our control. For
example, at least 95% of our gross
income in any year must be derived from qualifying sources, and we must pay dividends to stockholders aggregating annually at least 90% of REIT taxable income (determined without regard to the
dividends paid deduction and by excluding capital gains). These provisions and the applicable treasury regulations are more complicated in our case because we hold our assets in partnership form.
Legislation, new regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to qualification as a REIT or the federal income tax consequences
of such qualification. However, we are not aware of any pending tax legislation that would adversely affect the ability of either of the REIT Members to qualify as a REIT. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
either of the REIT Members fail to qualify as a REIT in any taxable year, the nonqualifying entity will be subject to federal income tax (including any applicable alternative
minimum tax) on its taxable income at regular corporate rates. Unless the nonqualifying entity is entitled to relief under certain statutory provisions, it would be disqualified from treatment as a
REIT for the four taxable years following the year during which it lost qualification. If SPG loses its REIT status, its net earnings available for investment or distribution to stockholders would be
significantly reduced for each of the years involved. In addition, SPG would no longer be required to make distributions to stockholders. </FONT></P>

<P><FONT SIZE=2><B>THERE ARE UNCERTAINTIES THAT EXIST WITH REGARD TO OUR "PAIRED REIT" STATUS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The securities of SPG are paired with beneficial interests in SRC common stock. This structure is referred to as a "paired REIT." Legislation enacted in 1984
required that paired entities be treated as one entity for purposes of determining whether either entity meets the REIT requirements unless the paired entities qualified for a "grandfathering" rule as
SPG and SRC did. Later legislation enacted in 1998 terminated this "grandfathering" rule with respect to "non-grandfathered assets" acquired (or substantially improved) by either paired
entity after March&nbsp;26, 1998. As a result, SPG and SRC are treated as one entity with respect to "non-grandfathered assets" for purposes of determining whether either entity
qualifies as a REIT. Consequently, the benefits of the "grandfathering" rule have been eliminated for any "non-grandfathered assets" acquired by SPG or SRC. More recent legislation which
permits REITs to own taxable REIT subsidiaries has further reduced the advantages of our paired REIT status. We are considering whether maintaining our paired REIT status structure is in the best
interests of our shareholders. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF CAPITAL STOCK    <BR>  </B></FONT></P>


<P><FONT SIZE=2><B>Authorized Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of all classes of capital stock that SPG has authority to issue is 750,000,000&nbsp;shares, par value $0.0001 per share,
consisting of 400,000,000&nbsp;shares of Common Stock, 12,000,000&nbsp;shares of Class&nbsp;B Common Stock, 4,000&nbsp;shares of Class&nbsp;C Common Stock, 237,996,000&nbsp;shares of
Excess Common Stock, par value $0.0001 per share ("Excess Common Stock"), of which 209,249&nbsp;shares have been designated Series&nbsp;A Excess Preferred Stock and 5,000,000&nbsp;shares have
been designated Series&nbsp;B Excess Preferred Stock and 100,000,000 shares of Preferred Stock, par value $0.0001 per share ("SPG Preferred Stock"), of which 209,249&nbsp;shares have been
designated as 6.50% Series&nbsp;A Convertible Preferred Stock (the "Series&nbsp;A Preferred Stock"), 5,000,000&nbsp;shares have been designated as 6.50% Series&nbsp;B Convertible Preferred
Stock (the "Series&nbsp;B Preferred Stock"), 2,700,000&nbsp;shares have been designated as 7% Series&nbsp;C Convertible Preferred Stock (the "Series&nbsp;C Preferred Stock"),
2,700,000&nbsp;shares have been designated as 8% Series&nbsp;D Cumulative Redeemable Preferred Stock (the "Series&nbsp;D Preferred Stock"), 1,000,000&nbsp;shares have been designated as 8%
Series&nbsp;E Cumulative Redeemable Preferred Stock (the "Series&nbsp;E Preferred Stock"), 8,000,000&nbsp;shares have been designated as 8<SUP>3</SUP>/<SMALL>4</SMALL>% Series&nbsp;F Cumulative
Redeemable Preferred Stock (the "Series&nbsp;F Preferred Stock") and 3,000,000&nbsp;shares have been designated as 7.89% Series&nbsp;G Cumulative Step-Up Premium Rate Preferred Stock
(the "Series&nbsp;G Preferred Stock"). As of November&nbsp;30, 2001, there were no shares of Series&nbsp;C Preferred Stock or Series&nbsp;D Preferred Stock outstanding. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SRC
has authority to issue 7,500,000&nbsp;shares of Common Stock par value $0.0001 per share ("SRC Common Stock"). </FONT></P>

<P><FONT SIZE=2><B>Description of Common Stock  </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms of SPG Common Stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The holders of shares of SPG Common Stock are entitled to one vote
per share on all matters to be voted on by stockholders. The holders of shares of SPG Common Stock are not entitled to cumulate their votes in the election of directors, which means that holders of
more than half the outstanding shares of SPG Common Stock (including SPG Class&nbsp;B Common Stock and SPG
Class&nbsp;C Common Stock which vote with the SPG Common Stock) can elect all of the directors of SPG who are to be elected by the holders of SPG Common Stock. The holders of shares of SPG Common
Stock are entitled to receive such dividends as may be declared from time to time by the SPG Board of Directors, in its discretion, from any assets legally available therefor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
holders of SPG Common Stock are not entitled to preemptive, subscription or conversion rights, and there are no redemption or sinking fund provisions applicable to the SPG Common
Stock. The holders of SPG Common Stock are not subject to further calls or assessments by SPG. The SPG Common Stock currently outstanding is, and the SPG Common Stock to be sold from time to time in
one offering or a series of offerings pursuant to this prospectus will be, validly issued, fully paid and non-assessable. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms of SPG Class&nbsp;B Common Stock and SPG Class&nbsp;C Common Stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;As of
November&nbsp;30, 2001, SPG had 3,200,000&nbsp;shares of SPG Class&nbsp;B Common Stock outstanding and 4,000&nbsp;shares of SPG Class&nbsp;C Common Stock outstanding. Holders of SPG Common
Stock, SPG Class&nbsp;B Common Stock and SPG Class&nbsp;C Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, other than the
election of directors elected exclusively by the holders of SPG Class&nbsp;B Common Stock and the election of directors elected exclusively by the holders of SPG Class&nbsp;C Common Stock. Holders
of SPG Common Stock, SPG Class&nbsp;B Common Stock and SPG Class&nbsp;C Common Stock have no right to cumulative voting for the election of directors. Subject to preferential rights of holders of
SPG Preferred Stock, the holders of SPG Common Stock, SPG Class&nbsp;B Common Stock and SPG Class&nbsp;C Common Stock are entitled to receive ratably such dividends as may be declared by the SPG
Board of Directors out of funds legally available therefor. If SPG is liquidated, </FONT></P>

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subject to the right of the holders of SPG Preferred Stock (including any Excess Preferred Stock (as defined below) into which shares such series has been converted) to receive preferential
distributions, each outstanding share of SPG Common Stock, SPG Class&nbsp;B Common Stock and SPG Class&nbsp;C Common Stock, including shares of Excess Common Stock, if any, will be entitled to
participate </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> in the assets remaining after payment of, or adequate provision for, all known debts and liabilities of SPG. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
outstanding shares of SPG Class&nbsp;B Common Stock are held by the Simons. The holders of SPG Class&nbsp;B Common Stock are entitled to elect four of the 13&nbsp;directors
of SPG, unless their portion of the aggregate equity interest of SPG (including SPG Common Stock, SPG Class&nbsp;B Common Stock and units of limited partnership interests of the Operating
Partnership considered on an as-converted basis) decreases to less than 50% of the amount that they owned as of August&nbsp;9, 1996, in which case they will be entitled to elect only two
directors of SPG. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Shares
of SPG Class&nbsp;B Common Stock may be converted at the holder's option into an equal number of shares of SPG Common Stock. If the aggregate equity interest of the Simons in
SPG on a fully diluted basis has been reduced to less than 5%, the outstanding shares of SPG Class&nbsp;B Common Stock convert automatically into an equal number of shares of SPG Common Stock.
Shares of SPG Class&nbsp;B
Common Stock also convert automatically into an equal number of shares of SPG Common Stock upon the sale or transfer thereof to a person not affiliated with the Simons. Holders of shares of SPG Common
Stock and SPG Class&nbsp;B Common Stock have no sinking fund rights, redemption rights or preemptive rights to subscribe for any securities of SPG. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
outstanding shares of SPG Class&nbsp;C Common Stock are held by the DeBartolos. Except with respect to the right to elect directors, as summarized below, each share of SPG
Class&nbsp;C Common Stock has the same rights and restrictions as a share of SPG Class&nbsp;B Common Stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
holders of SPG Class&nbsp;C Common Stock are entitled to elect two of the 13&nbsp;directors of SPG, unless their portion of the aggregate equity interest of SPG (including SPG
Common Stock, SPG Class&nbsp;B Common Stock and Units considered on an as-converted basis) decreases to less than 50% of the amount that they owned as of August&nbsp;9, 1996, in which
case they will be entitled to elect only one director of SPG. Shares of SPG Class&nbsp;C Common Stock may be converted at the holder's option into an equal number of shares of SPG Common Stock. If
the aggregate equity interest of the DeBartolos in SPG on a fully diluted basis is reduced to less than 5%, the outstanding shares of SPG Class&nbsp;C Common Stock convert automatically into an
equal number of shares of SPG Common Stock. Shares of SPG Class&nbsp;C Common Stock also convert automatically into an equal number of shares of SPG Common Stock upon the sale or transfer thereof to
a person not affiliated with the DeBartolos. Holders of shares of SPG Class&nbsp;C Common Stock have no sinking fund rights, redemption rights or preemptive rights to subscribe for any securities of
SPG. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under
the SPG Charter, so long as any shares of both SPG Class&nbsp;B Common Stock and SPG Class&nbsp;C Common Stock are outstanding, the number of members of the SPG Board of
Directors shall be 13, so long as any shares of SPG Class&nbsp;B Common Stock (but no SPG Class&nbsp;C Common Stock) are outstanding, or if any shares of SPG Class&nbsp;C Common Stock (but no
shares of SPG Class&nbsp;B Common Stock) are outstanding, the number of members of the SPG Board of Directors' shall be nine, and if no shares of SPG Class&nbsp;B Common Stock or SPG
Class&nbsp;C Common Stock are outstanding, the number of members of the SPG Board of Directors shall be fixed by the SPG Board of Directors from time to time. Under the SPG Charter, at least a
majority of the directors shall be Independent Directors. The SPG Charter further provides that, subject to any separate rights of holders of SPG Preferred Stock or as described below, any vacancies
on the SPG Board of Directors resulting from death, disability, resignation, retirement, disqualification, removal from office, or other cause of a director shall be filled by a vote of the
stockholders or a majority of the directors then in office. </FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;Any vacancies on the SPG Board of Directors with respect to a director elected by the holders of SPG Class&nbsp;C Common Stock are to be elected as provided in the SPG Charter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
SPG Charter provides that, subject to the right of holders of any class or series separately entitled to elect one or more directors, if any such right has been granted, directors
may be removed with or without cause upon the affirmative vote of holders of at least a majority of the voting power of all the then outstanding shares entitled to vote generally in the election of
directors, voting together as a single class. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms of SRC Common Stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;All of the outstanding stock of SRC is owned by trusts for the
benefit of SPG's stockholders (the "SRC Trusts"), pursuant to a Trust Agreement, dated as of October&nbsp;30, 1979 (the "Common Stock Trust Agreement"), and a Trust Agreement, dated as of
August&nbsp;26, 1994 (the "Preference Shares Trust Agreement" and, together with the Common Stock Trust Agreement, the "Trust Agreements"). The Trust Agreements provide, and any similar trusts
created in the future will provide, that all cash dividends and other assets received by the trustee for the relevant trust, exclusive of shares of stock, warrants and rights to purchase shares of
stock, of SRC, will be distributed currently by such trustee to the beneficiaries of the SRC Trust in proportion to the respective number of shares of SPG equity stock held by them. Each of the Trust
Agreements provides that the beneficial interest of the shares of SRC Common Stock held in trust are not transferable separately but only by and as part of a transfer of shares of SPG equity stock,
and every sale or transfer of SPG equity stock shall include all or a proportionate part of such transferor's beneficial interest in the shares of stock of SRC or in any other assets held in the SRC
Trust. Each of the Trust Agreements provides that the SRC Trusts shall terminate upon the earlier to occur of (i)&nbsp;the dissolution of SPG or (ii)&nbsp;upon notification to the trustee under
the Trust Agreements of the vote to that effect, at a meeting or by proxy, of beneficiaries of the respective SRC Trust holding two-thirds of the outstanding shares of SPG equity stock. In
addition, the Preference Shares Trust Agreement provides that shares held by the trustee thereunder will be transferred to the trustee under the Common Stock Trust Agreement as SPG Series&nbsp;A
Preferred Stock and SPG Series&nbsp;B Preferred Stock is converted into SPG Common Stock. Upon termination of any SRC Trust, the assets of such trust will be transferred and assigned to the
beneficiaries of such SRC Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under
the SRC Charter, the number of members of the SRC Board of Directors, which is currently 13, may be fixed by the SRC Board of Directors in the future. The SRC Charter further
provides that only directors of SPG may serve as directors of SRC. Under the SRC Charter, at least a majority of the directors shall be Independent Directors. Any vacancies on the SRC Board of
Directors resulting from death, disability, resignation, retirement, disqualification, removal from office, or other cause shall be filled by a vote of the stockholders or a majority of the directors
then in office. The SRC Charter provides that directors may be removed with or without cause upon the affirmative vote of holders of at least a majority of the voting power of all of the then
outstanding shares entitled to vote generally in the election of directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
trustee under each Trust Agreement is obligated under the Trust Agreement to which it is a party to vote the SRC Common Stock held by it so that each member of the Board of
Directors of SRC is also a director of SPG. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Mellon Investor Services&nbsp;LLC is the transfer agent for the paired shares
of SPG Common Stock and SRC Common Stock. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;10&#150;</FONT></P>

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<A NAME="toc_di5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>IMPORTANT PROVISIONS OF OUR GOVERNING DOCUMENTS AND DELAWARE LAW    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>The Operating Partnership Agreement and the SRC Operating Partnership Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The limited partnership agreement of the Operating Partnership provides that SPG may not merge, consolidate or engage in any combination with another person
other than a general partner of the Operating Partnership or sell all or substantially all of its assets without the approval of the holders of a majority of the units of limited partnership interests
held by the limited partners. These voting requirements limit the possibility for the acquisition or change in control of SPG, even if some of SPG's stockholders believe that a change would be in
SPG's and their best interests. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
limited partnership agreement of the majority owned partnership subsidiary of SRC (the "SRC Operating Partnership") provides that SRC may not merge, consolidate or engage in any
combination with another person or sell all or substantially all of its assets without the approval of the holders of a majority of the units held by the limited partners of the SRC Operating
Partnership. These voting requirements limit the possibility for the acquisition or change in control of SRC, even if some of the holders of beneficial interests in SRC believe that a change would be
in SRC's and their best interests. </FONT></P>

<P><FONT SIZE=2><B>Delaware Law and Certain SPG Charter, SRC Charter, SPG By-law and SRC By-law Provisions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The SPG Charter and SPG By-laws and certain provisions of the Delaware General Corporation Law (the "DGCL") may have an
anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that a stockholder would consider in its best interest, including an attempt that might result in a
premium over the market price for the shares held by stockholders. These provisions are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and to
encourage persons seeking to acquire control of SPG to negotiate first with its Board of Directors. We believe that the benefits of these provisions outweigh the potential disadvantages of
discouraging such proposals because, among other things, negotiation of such proposals might result in an improvement of their terms. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Delaware Anti-Takeover Law.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;SPG and SRC, Delaware corporations, are subject to the
provisions of Section&nbsp;203 of the DGCL ("Section&nbsp;203"). In general, Section&nbsp;203 prohibits a public Delaware
corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the time at which such person became an interested stockholder unless:
(1)&nbsp;prior to such time, the Board of Directors approved either the business combination or transaction in which the stockholder became an interested stockholder; or (2)&nbsp;upon becoming an
interested stockholder, the stockholder owned at least 85% of the corporation's outstanding voting stock other than shares held by directors who are also officers and certain employee benefit plans;
or (3)&nbsp;the business combination is approved by both the Board of Directors and by holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the corporation's outstanding voting stock (at a meeting and not
by written consent), excluding shares owned by the interested stockholder. For these purposes, the terms "business combination" includes mergers, asset sales and other similar transactions with an
"interested stockholder," and "interested stockholder" means a person who, together with its affiliates and associates, owns (or, under certain circumstances, has owned within the prior three years)
more than 15% of the outstanding voting stock. Although Section&nbsp;203 permits a corporation to elect not to be governed by its provisions, neither SPG nor SRC have made this election. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The SPG
By-laws and the SRC By-laws establish an advance notice procedure for stockholders to make nominations of candidates for election as directors or bring other business before an
annual meeting of stockholders of SPG or SRC, as applicable. This procedure provides that (1)&nbsp;only persons who are nominated by, or at the direction of, the Board of Directors, or by a
stockholder who has given timely written notice containing specified information to the Secretary prior to the meeting at which directors are to be elected, will be eligible for election as directors
of SPG or SRC, as applicable, and (2)&nbsp;at an annual </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;11&#150;</FONT></P>

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<P><FONT SIZE=2>
meeting only such business may be conducted as has been brought before the meeting by, or at the direction of, the Chairman of the Board of Directors or by a stockholder who has given timely written
notice to the Secretary of such stockholder's intention to bring such business before such meeting. In general, for notice of stockholder nominations or business to be made at an annual meeting to be
timely, such notice must be received by SPG or SRC, as applicable, not less than 60&nbsp;days nor more than 90&nbsp;days prior to the first anniversary of the previous year's annual meeting. Such
notice must contain information concerning the person or persons to be nominated or the matters to be brought before the meeting and concerning the stockholder submitting the proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of requiring stockholders to give SPG or SRC advance notice of nominations and other business is to afford the Board of Directors a meaningful opportunity to consider the
qualifications of the proposed nominees or the advisability of the other proposed business and, to the extent deemed necessary or desirable by the Board of Directors, to inform stockholders and make
recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although neither the SPG By-laws nor the SRC
By-laws give the applicable Board of Directors any power to disapprove stockholder nominations for the election of directors or proposals for action, they may have the affect of precluding
a contest for the election of directors or the consideration of stockholder proposals if the proper procedures are not followed, and of discouraging or deterring a third party from conducting a
solicitation of proxies to elect its own slate of directors or to approve its own proposal, without regard to whether consideration of such nominees or proposals might be harmful or beneficial to SPG
and SRC and their stockholders. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Director Action.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The SPG Charter, SRC Charter, SPG By-laws, SRC By-laws
and the DGCL generally require that a majority of a quorum is necessary to approve any matter to come before the SPG or SRC Board of Directors; however, certain matters including sales of property,
transactions with the Simons or the DeBartolos and certain affiliates and certain other matters will also require approval of a majority of the Independent Directors on the SPG and SRC Boards of
Directors. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Director Liability Limitation and Indemnification.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Both the SPG Charter and the SRC Charter
provide that no director of SPG or SRC will be personally liable to the corporation or to its stockholders for monetary damages for breach of fiduciary duty as a director; provided, however, that such
provision will not eliminate or limit the liability of a director for: (1)&nbsp;any breach of the director's duty of loyalty to the corporation and its stockholders; (2)&nbsp;acts or omissions not
in good faith; (3)&nbsp;any transaction from which the director derived an improper personal benefit; or (4)&nbsp;any matter in respect of which such director would be liable under
Section&nbsp;174 of the DGCL. These provisions may have the effect of discouraging stockholders' actions against directors. The personal liability of a director for violation of the federal
securities laws is not limited or otherwise affected. In addition, these provisions do not affect the ability of stockholders to obtain injunctive or other equitable relief from the courts with
respect to a transaction involving gross negligence on the part of a director. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
SPG Charter and the SRC Charter provide that SPG or SRC shall indemnify to the fullest extent permitted under and in accordance with the laws of the State of Delaware any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the
fact that he is or was a director or officer of SPG or SRC, as applicable, or is or was serving at the request of SPG or SRC, as applicable, as a director, officer or trustee of or in any other
capacity with another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of SPG or
SRC, as applicable, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The DGCL provides that indemnification is mandatory where a
director or officer has been successful on the merits or otherwise in the defense of any proceeding covered by the indemnification statute. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;12&#150;</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;The DGCL generally permits indemnification for expenses incurred in the defense or settlement of third-party actions or action by or in right of the corporation, and for judgments in
third-party actions, provided there is a determination by directors who were not parties to the action, or if directed by such directors, by independent legal counsel or by a majority vote of a quorum
of the stockholders, that the person seeking indemnification acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation, or in a
criminal proceeding that the person had no reason to believe his or her conduct to be unlawful. Without court approval, however, no indemnification may be made in respect of any action by or in right
of the corporation in which such person is adjudged liable. The DGCL states that the indemnification provided by statue shall not be
deemed exclusive of any rights under any by-law, agreement, vote of stockholders or disinterested directors or otherwise. In addition, the liability of officers may not be eliminated or
limited under Delaware law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
right of indemnification, including the right to receive payment in advance of expenses, conferred by each of the SPG Charter and the SRC Charter is not exclusive of any other
rights to which any person seeking indemnification may otherwise be entitled. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;13&#150;</FONT></P>

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<A NAME="toc_dk5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>RESTRICTIONS ON OWNERSHIP AND TRANSFER    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The SPG Charter contains certain restrictions on the number of shares of capital stock of SPG that individual stockholders may own. For SPG to maintain its
status as a REIT, in addition to other requirements, not more than 50% in value of the outstanding capital stock of SPG may be owned, directly or indirectly, by five or fewer individuals (as defined
in the Internal Revenue Code to include certain entities) during the last half of a taxable year (other than the first year) and the capital stock also must be beneficially owned by 100 or more
persons during at least 335&nbsp;days of a taxable year of 12&nbsp;months or during a proportionate part of a shorter taxable year. In part because we currently believe it is essential for SPG to
maintain its status as a REIT, the provisions of the SPG Charter with respect to Excess Stock (as defined below) contain restrictions on the acquisition of its capital stock intended to ensure
compliance with these requirements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
SPG Charter provides that, subject to certain specified exceptions, no stockholder may own, or be deemed to own by virtue of the attribution provisions of the Internal Revenue
Code, more than the ownership limit (the "Ownership Limit"), which is equal to 8% (18% in the case of the Simons) of any class of capital stock of SPG (calculated based on the lower of outstanding
shares, voting power or value). In the event of a purported transfer or other event that would, if effective, result in the ownership of shares of stock in violation of the Ownership Limit, such
transfer or other event with respect to that number of shares that would be owned by the transferee in excess of the Ownership Limit would be deemed void </FONT><FONT SIZE=2><I>ab
initio</I></FONT><FONT SIZE=2> and the intended transferee would acquire no rights in such shares of stock. Such shares of stock would automatically be converted into shares of Excess Stock according
to rules set forth in the SPG Charter, to the extent necessary to ensure that the purported transfer or other event does not result in ownership of shares of stock in violation of the Ownership Limit.
The SPG Board of Directors may exempt a person from the Ownership Limit if they receive a ruling from the IRS or an opinion of tax counsel that such ownership will not jeopardize SPG's status as a
REIT. Stock of SPG that is held by a "qualified trust" within the meaning of Section&nbsp;856(h)(3) of the Internal Revenue Code is treated as held proportionately by the beneficiaries of such
trust. SPG has waived its charter provisions such that the Telephone Real Estate Equity Trust may own up to 11% of the capital stock of SPG, provided that it remains treated as a "qualified trust,"
but will become subject to the 8% limitation if it fails to be so treated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon
a purported transfer or other event that results in either Excess Common Stock or Excess Preferred Stock (collectively, "Excess Stock"), the Excess Stock will be deemed to have
been transferred to a trustee to be held in trust for the exclusive benefit of a qualifying charitable organization designated by SPG. Such Excess Stock will be issued and outstanding stock of SPG,
and it will be entitled to dividends equal to any dividends which are declared and paid on such stock. Any dividend or distribution paid prior to the discovery by SPG that stock has been converted
into Excess Stock is to be repaid upon demand. The recipient of such dividend will be personally liable to the trust. Any dividend or distribution declared but unpaid will be rescinded as void </FONT> <FONT SIZE=2><I>ab initio</I></FONT><FONT SIZE=2>
with respect to such shares of stock and will automatically be deemed to have been declared and paid with respect to the
shares of Excess Stock into which such shares were converted. Such Excess Stock will also be entitled to such voting rights as are ascribed to the stock from which such shares of Excess Stock were
converted. Any voting rights exercised prior to discovery by SPG that shares of stock were converted to Excess Stock will be rescinded and recast as determined by the trustee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;While
Excess Stock is held in trust, an interest in that trust may be transferred by the purported transferee, or other purported holder with respect to such Excess Stock only to a
person whose ownership of the shares of stock would not violate the Ownership Limit, at which time the Excess Stock will be automatically exchanged for the same number of shares of stock of the same
type and class as the shares of stock for which the Excess Stock was originally exchanged. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;14&#150;</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;The SPG Charter contains provisions that are designed to ensure that the purported transferee or other purported holder of the Excess Stock may not receive in return for such a
transfer an amount that reflects any appreciation in the shares of stock for which such Excess Stock was exchanged during the period that such Excess Stock was outstanding. Any amount received by a
purported transferee or other purported holder in excess of the amount permitted to be received must be paid over to the trust. If the foregoing restrictions are determined to be void or invalid by
virtue of any legal decision, statute, rule or regulation, then the intended transferee or holder of any Excess Stock may be deemed, at the option of SPG, to have acted as an agent on behalf of the
trust in acquiring or holding such Excess Stock and to hold such Excess Stock on behalf of the trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
SPG Charter further provides that SPG may purchase, for a period of 90&nbsp;days during the time the Excess Stock is held by the trustee in trust, all or any portion of the
Excess Stock from the original transferee-stockholder at the lesser of the price paid for the stock by the purported transferee (or if no notice of such purchase price is given, at a price to be
determined by the SPG Board of Directors, in its sole discretion, but no lower than the lowest market price of such stock at any time prior to the date SPG exercises its purchase option) and the
closing market price for the stock on the date SPG exercises its option to purchase. The 90-day period begins on the date of the violative transfer or other event if the original
transferee-stockholder gives notice to SPG of the transfer or (if no notice is given) the date the SPG Board of Directors determines that a violative transfer or other event has been made. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
SPG Charter further provides that in the event of a purported issuance or transfer that would, if effective, result in SPG being beneficially owned by fewer than 100 persons, such
issuance or transfer would be deemed null and void </FONT><FONT SIZE=2><I>ab initio</I></FONT><FONT SIZE=2>, and the intended transferee would acquire no rights to the stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
certificates representing shares of any class of stock of SPG bear a legend referring to the restrictions described above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
persons who own, directly or by virtue of the attribution provisions of the Internal Revenue Code, more than 5% (or such other percentage as may be required by the Internal
Revenue Code or regulations promulgated thereunder) of the outstanding stock must file an affidavit with SPG containing the information specified in the SPG Charter before January&nbsp;30 of each
year. In addition, each stockholder shall, upon demand, be required to disclose to SPG in writing such information with respect to the direct, indirect and constructive ownership of shares as the
Board of Directors deems necessary to comply with the provisions of the SPG Charter or the Internal Revenue Code applicable to a REIT. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Excess Stock provision will not be removed automatically even if the REIT provisions of the Internal Revenue Code are changed so as to no longer contain any ownership
concentration limitation or if the ownership concentration limitation is increased. In addition to preserving SPG's status as a REIT, the Ownership Limit may have the effect of precluding an
acquisition of control of SPG without the approval of the SPG Board of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
interests in the SRC Common Stock are not certificated and are not separately transferable from SPG securities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;15&#150;</FONT></P>

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<A NAME="toc_dm5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>IMPORTANT FEDERAL INCOME TAX CONSIDERATIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following summary of important federal income tax considerations associated with an investment in the securities we are registering is based on current
law, is for general information only and is not tax advice. The tax treatment will vary depending on a holder's particular situation, and this discussion does not purport to deal with all aspects of
taxation that may be relevant to a holder in light of his or her personal investments or tax circumstances, or to certain types of stockholders subject to special treatment under the federal income
tax laws, except to the extent discussed under the headings "&#151;Taxation of Tax-Exempt U.S. Stockholders" and "&#151;Special Tax Considerations for Foreign Stockholders."
Stockholders subject to special treatment include, without limitation: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>insurance
companies;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>financial
institutions or broker-dealers;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>tax-exempt
organizations;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>stockholders
holding securities as part of a conversion transaction, or a hedge or hedging transaction, or as a position in a straddle for tax purposes;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>foreign
corporations or partnerships; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>persons
who are not citizens or residents of the United States. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the summary below does not consider the effect of any foreign, state, local or other tax laws that may be applicable to holders of our common stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
information in this section is based on: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Internal Revenue Code,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>current,
temporary and proposed Treasury Regulations promulgated under the Internal Revenue Code,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
legislative history of the Internal Revenue Code,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>current
administrative interpretations and practices of the Internal Revenue Service (including its practices and policies as expressed in certain private
letter rulings which are not binding on the Internal Revenue Service except with respect to the particular taxpayers who requested and received such rulings), and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>court
decisions, </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>all
as of the date of this prospectus. Future legislation, Treasury Regulations, administrative interpretations and practices and/or court decisions may adversely affect, perhaps retroactively, the
tax considerations described herein. The statements in this prospectus are not binding on the Internal Revenue Service or any court. Thus, we can provide no assurance that these statements will not be
challenged by the Internal Revenue Service or sustained by a court if challenged by the Internal Revenue Service. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>YOU SHOULD CONSULT YOUR OWN TAX ADVISOR REGARDING THE SPECIFIC TAX CONSEQUENCES TO YOU OF BUYING, OWNING OR SELLING OUR SECURITIES.</B></FONT></P>

<P><FONT SIZE=2><B>Taxation of SPG  </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;SPG has elected to be taxed as a REIT under Sections 856 through 860 of the Internal
Revenue Code. We believe SPG has been organized and operated in a manner which allows it to qualify for taxation as a REIT under the Internal Revenue Code. SPG intends to continue to operate in this
manner. However, SPG's qualification and taxation as a REIT depend upon its ability to meet </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;16&#150;</FONT></P>

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<P><FONT SIZE=2>
(through actual annual operating results, asset diversification, distribution levels and diversity of stock ownership) the various qualification tests imposed under the Internal Revenue Code.
Accordingly, there is no assurance that SPG has operated or will continue to operate in a manner so as to qualify or remain qualified as a REIT. See "&#151;Failure to Qualify." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
sections of the Internal Revenue Code that relate to the qualification and operation as a REIT are highly technical and complex. The following sets forth the material aspects of
the sections of the Internal Revenue Code that govern the federal income tax treatment of a REIT and its stockholders. This summary is qualified in its entirety by the applicable Internal Revenue Code
provisions, relevant rules and regulations promulgated under the Internal Revenue Code, and administrative and judicial interpretations of the Internal Revenue Code. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
SPG qualifies for taxation as a REIT, it generally will not be subject to federal corporate income taxes on its net income that is currently distributed to its stockholders. This
treatment substantially eliminates the "double taxation" (once at the corporate level when earned and once again at the stockholder level when distributed) that generally results from investment in a
corporation. However, SPG will be subject to federal income tax as follows: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>SPG
will be taxed at regular corporate rates on any undistributed REIT taxable income, including undistributed net capital gains.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>SPG
may be subject to the "alternative minimum tax" on its items of tax preference under certain circumstances.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>If
SPG has (a)&nbsp;net income from the sale or other disposition of "foreclosure property" (defined generally as property acquired through foreclosure
or after a default on a loan secured by the property or a lease of the property) which is held primarily for sale to customers in the ordinary course of business; or (b)&nbsp;other nonqualifying
income from foreclosure property, SPG will be subject to tax at the highest corporate rate on this income.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>SPG
will be subject to a 100% tax on any net income from prohibited transactions (which are, in general, certain sales or other dispositions of property
held primarily for sale to customers in the ordinary course of business other than foreclosure property).
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>If
SPG fails to satisfy the 75% gross income test or the 95% gross income test but has maintained its qualification as a REIT because it satisfied certain
other requirements, SPG will be subject to a 100%
tax on an amount equal to (a)&nbsp;the gross income attributable to the greater of (i)&nbsp;the amount by which it fails the 75% gross income test (discussed below) and (ii)&nbsp;the excess of
90% of the gross income of SPG over the amount of such income attributable to sources which qualify under the 95% income test (discussed below) (b)&nbsp;multiplied by a fraction intended to reflect
its profitability.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>SPG
will be subject to a 4% excise tax on the excess of the required distribution over the amounts actually distributed if it fails to distribute during
each calendar year at least the sum of (i)&nbsp;85% of its REIT ordinary income for the year, (ii)&nbsp;95% of its REIT capital gain net income for the year, and (iii)&nbsp;any undistributed
taxable income from prior periods.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>If
SPG acquires any asset (a "Built-In Gain Asset") from a corporation which is or has been a C corporation
(</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, generally a corporation subject to full corporate-level tax) in a transaction in which the basis of the Built-In Gain Asset in its
hands is determined by reference to the basis of the asset in the hands of the C corporation, and SPG subsequently recognizes gain on the disposition of the asset during the ten-year
period (the "Recognition Period") beginning on the date on which SPG acquired the asset, then SPG will be subject to tax at the highest regular corporate tax rate on this gain to the extent of the
Built-In Gain (</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, the excess of (a)&nbsp;the fair market value of the asset over (b)&nbsp;SPG's adjusted basis in the asset, in each
case determined as </FONT></DD></DL>
</UL>
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<UL>

<P><FONT SIZE=2>of
the beginning of the Recognition Period). The results described in this paragraph with respect to the recognition of Built-In Gain assume that SPG will make an election pursuant to
section&nbsp;1.337(d)-5T(b)(3) of the Treasury Regulations. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Requirements for Qualification as a REIT.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The Internal Revenue Code defines a REIT as a
corporation, trust or association that: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>is
managed by one or more trustees or directors;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>issues
transferable shares or transferable certificates to evidence its beneficial ownership;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>would
be taxable as a domestic corporation, but for Sections 856 through 859 of the Internal Revenue Code;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>is
not a financial institution or an insurance company within the meaning of certain provisions of the Internal Revenue Code;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>is
beneficially owned by 100 or more persons;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>not
more than 50% in value of the outstanding stock of which is owned, actually or constructively, by five or fewer individuals (as defined in the Internal
Revenue Code to include certain entities) during the last half of each taxable year; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>meets
certain other tests, described below, regarding the nature of its income and assets and the amount of its distributions. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Internal Revenue Code provides that the first four conditions must be met during the entire taxable year and that the fifth condition must be met during at least 335&nbsp;days
of a taxable year of twelve months, or during a proportionate part of a taxable year of less than twelve months. The fifth and sixth conditions do not apply until after the first taxable year for
which an election is made to be taxed as a REIT. For purposes of the sixth condition, pension funds and certain other tax-exempt entities are treated as individuals, subject to a
"look-through" exception with respect to pension funds. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
believe that SPG has satisfied each of the above conditions. In addition, SPG's charter provides for restrictions regarding ownership and transfer of shares. These restrictions are
intended to assist SPG in continuing to satisfy the share ownership requirements described above. These ownership and transfer restrictions are described in "Restrictions on Ownership and Transfer."
These restrictions, however, may not ensure that SPG will, in all cases, be able to satisfy the share ownership requirements. If SPG fails to satisfy these share ownership requirements, its status as
a REIT will terminate. However, if SPG complies with the rules contained in applicable Treasury Regulations that require SPG to ascertain the actual ownership of our shares and we do not know, or
would not have known through the exercise of reasonable diligence, that SPG failed to meet the requirement described in the sixth condition, SPG will be treated as having met this requirement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
addition, a corporation may not elect to become a REIT unless its taxable year is the calendar year. SPG has and will continue to have a calendar taxable year. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Ownership of Interests in Partnerships and Qualified REIT Subsidiaries.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;In the case of a REIT
which is a partner in a partnership, the Treasury Regulations provide that the REIT will be deemed to own its proportionate share of the assets of the partnership. Also, the REIT will be deemed to be
entitled to the income of the partnership attributable to its proportionate share. The character of the assets and gross income of the partnership retain the same character in the hands of the REIT
for purposes of Section&nbsp;856 of the Internal Revenue Code, including satisfying the gross income tests and the asset tests. Thus, SPG's proportionate share of the assets and items of income of
the Operating Partnership (including the Operating Partnership's share of these items for any partnership in which it owns an interest) are treated as SPG's assets and items of income for purposes of
applying the requirements described in this prospectus (including the income and asset tests described below). We have included a </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;18&#150;</FONT></P>

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<P><FONT SIZE=2>
brief summary of the rules governing the federal income taxation of partnerships and their partners below in "&#151;Tax Aspects of the Operating Partnership and the Joint Ventures." SPG has
direct control of the Operating Partnership and will continue to operate it consistent with the requirements for qualification as a REIT. However, the Operating Partnership has
non-managing ownership interests in certain joint ventures. If a joint venture takes or expects to take actions which could jeopardize SPG's status as a REIT or subject SPG to tax, we may
be forced to dispose of our interest in such joint venture. In addition, it is possible that a joint venture could take an action which could cause SPG to fail a REIT income or asset test, and that we
would not become aware of such action in a time frame which would allow us to dispose of our interest in the joint venture or take other corrective action on a timely basis. In such a case, SPG could
fail to qualify as a REIT. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG
owns 100% of the stock of several subsidiaries that are qualified REIT subsidiaries (each, a "QRS") and may acquire stock of one or more new subsidiaries. A corporation will
qualify as a QRS if 100% of its stock is held by SPG and SPG does not elect to treat the subsidiary as a taxable REIT subsidiary. A QRS will not be treated as a separate corporation, and all assets,
liabilities and items of income, deduction and credit of a QRS will be treated as assets, liabilities and such items (as the case may be) of SPG for all purposes of the Internal Revenue Code,
including the REIT qualification tests. For this reason, references under "Certain Federal Income Tax Considerations" to SPG's income and assets include the income and assets of each QRS. A QRS will
not be subject to federal income tax, and our ownership of the voting stock of a QRS will not violate the restrictions against ownership of securities of any one issuer which constitute more than 10%
of the value or total voting power of such issuer or more than 5% of the value of our total assets, as described below under "&#151;Asset Tests." </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Ownership of Interests in Taxable REIT Subsidiaries.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The Internal Revenue Code provides that
for taxable years beginning after December&nbsp;31, 2000, REITs may own more than ten percent (10%) of the voting power and value of securities in taxable REIT subsidiaries. A corporation is treated
as a taxable REIT subsidiary if a REIT owns stock in the corporation and the REIT and the corporation jointly elect such treatment. In the event such an election is made, any corporation of which the
taxable REIT subsidiary owns 35% of the total voting power or value of the outstanding securities is also treated as a taxable REIT subsidiary. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Although
the activities and income of taxable REIT subsidiaries are subject to tax, taxable REIT subsidiaries are permitted to engage in activities that the REIT could not engage in
itself. Additionally, under certain limited conditions, a REIT may receive income from a taxable REIT subsidiary that would be treated as rent. See the discussion under "&#151;Income Tests"
below. As discussed more fully under "&#151;Asset Tests" below, not more than 20% of the fair market value of a REIT's assets can be composed of securities of taxable REIT subsidiaries and
stock of a taxable REIT subsidiary is not a qualified asset for purposes of the 75% asset test. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
amount of interest on related party debt a taxable REIT subsidiary may deduct is limited. Further, a 100% excise tax applies to any interest payments by a taxable REIT subsidiary
to its affiliated REIT to the extent the interest rate is set above a commercially reasonable level. A taxable REIT subsidiary is permitted to deduct interest payments to unrelated parties without
restriction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Internal Revenue Code allows the Internal Revenue Service to reallocate costs between a REIT and its taxable REIT subsidiary. Any deductible expenses allocated away from a taxable
REIT subsidiary would increase its tax liability, and the amount of such increase would be subject to interest charges. Further, any amount by which a REIT understates its deductions and overstates
those of its taxable REIT subsidiary will, subject to certain exceptions, be subject to a 100% excise tax. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Affiliated REIT.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;SPG owns, indirectly through the Operating Partnership, more than 99% of the
outstanding stock of the other REIT Member. This REIT Member must meet the tests discussed above with respect to SPG. The other REIT Member may be subject to tax on certain of its income as discussed
below. See, "&#151;Taxation of SPG&#151;General." The failure of the other REIT Member to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;19&#150;</FONT></P>

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<P><FONT SIZE=2>
qualify as a REIT would cause SPG to fail to qualify as a REIT because it would own more than 10% of the voting securities of an issuer that was not a REIT, a qualified REIT subsidiary or a taxable
REIT subsidiary. We believe that the other REIT Member has been organized and operated in a manner that will permit it to qualify as a REIT. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Income Tests.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;SPG must satisfy two gross income requirements annually to maintain qualification
as a REIT. First, in each taxable year SPG must derive directly or indirectly at least 75% of its gross income (excluding gross income from prohibited transactions) from investments relating to real
property or mortgages on real property (including "rents from real property," dividends from other REITs (but not taxable REIT subsidiaries) and, in certain circumstances, interest) or from certain
types of temporary investments. Second, each taxable year SPG must derive at least 95% of its gross income (excluding gross income from prohibited transactions) from these real property investments,
dividends (including dividends from taxable REIT subsidiaries), interest and gain from the sale or disposition of stock or securities (or from any combination of the foregoing). The term "interest"
generally does not include any amount received or accrued (directly or indirectly) if the determination of the amount depends in whole or in part on the income or profits of any person. However, an
amount received or accrued generally will not be excluded from the term "interest" solely by reason of being based on a fixed percentage or percentages of receipts or sales. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Rents
SPG receives will qualify as "rents from real property" in satisfying the gross income requirements for a REIT described above only if the following conditions are met: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
amount of rent must not be based in whole or in part on the income or profits of any person. However, an amount received or accrued generally will not
be excluded from the term "rents from real property" solely by reason of being based on a fixed percentage or percentages of receipts or sales;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>except
for rents received from a taxable REIT subsidiary as discussed below, rents received from a tenant will not qualify as "rents from real property" in
satisfying the gross income tests if the REIT, or an actual or constructive owner of 10% or more of the REIT, actually or constructively owns 10% or more of the profits or capital of such tenant (a
"Related Party Tenant");
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
such rent is received from a taxable REIT subsidiary with respect to any property, no more than 10% of the leased space at the property may be leased to
taxable REIT subsidiaries and Related Party Tenants and rents received from such property (except from Related Party Tenants) must be substantially comparable to rents paid by other tenants of the
REIT's property for comparable space;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
rent attributable to personal property, leased in connection with a lease of real property, is greater than 15% of the total rent received under the
lease, then the portion of rent attributable to personal property will not qualify as "rents from real property;" and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
rents received to qualify as "rents from real property," the REIT generally must not furnish or render services to the tenants of the property (subject
to a 1% de minimis exception), other than through an independent contractor from whom the REIT derives no revenue or through a taxable REIT subsidiary. The REIT may, however, directly perform certain
services that are "usually or customarily rendered" in connection with the rental of space for occupancy only and are not otherwise considered "rendered to the occupant" of the property. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG
does not and will not, and as the general partner of the Operating Partnership, will not permit the Operating Partnership to: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>charge
rent for any property that is based in whole or in part on the income or profits of any person (except by reason of being based on a percentage of
receipts or sales, as described above); </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;20&#150;</FONT></P>

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<UL>
</UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>lease
any property to a Related Party Tenant unless we determine that the income from such lease would not jeopardize SPG's status as a REIT;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>lease
any property to a taxable REIT subsidiary, unless we determine not more than 10% of the leased space at such property is leased to Related Party
Tenants and SPG's taxable REIT subsidiaries and the rents received from such lease are substantially comparable to those received from other tenants (except rent from Related Party Tenants) of SPG for
comparable space;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>derive
rental income attributable to personal property (other than personal property leased in connection with the lease of real property, the amount of
which is less than 15% of the total rent received under the lease); or
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>perform
services considered to be rendered to the occupant of the property, other than through an independent contractor from whom we derive no revenue or
through a taxable REIT subsidiary, unless we determine that the income from such services would not jeopardize SPG's status as a REIT. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Although
the Operating Partnership and other affiliates of SPG will perform all development, construction and leasing services for, and will operate and manage, wholly-owned
properties directly without using an "independent contractor," we believe that, in almost all instances, the only services to be provided to lessees of these properties will be those usually or
customarily rendered in connection with the rental of space for occupancy only. To the extent any noncustomary services are provided, such services shall generally, but not necessarily in all cases,
be performed by a taxable REIT subsidiary. In any event, SPG intends that the amounts received by SPG for noncustomary services that may constitute "impermissible tenant service income" from any one
property will not exceed 1% of the total amount collected from such property during the taxable year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
REIT is subject to a 100% excise tax on any rents it receives from tenants receiving services from the REIT's taxable REIT subsidiary to the extent such rents are above the amount
that would be charged to tenants not receiving such services, unless: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
taxable REIT subsidiary provides a substantial amount of services to third parties at the same prices offered to tenants of the REIT;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>rents
for comparable leased space at the REIT's property received from tenants not receiving such services and leasing at least 25% of the REIT's net
leasable space are comparable to rents charged to tenants who receive services from the taxable REIT subsidiary and charges for such services are separately stated; or
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>income
from the taxable REIT subsidiary providing services to the REIT's tenants is at least 150% of the direct costs of providing the services. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
SPG fails to satisfy one or both of the 75% or 95% gross income tests for any taxable year, it may nevertheless qualify as a REIT for the year if it is entitled to relief under
certain provisions of the Internal Revenue Code. Generally, SPG may avail itself of the relief provisions if: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
failure to meet these tests was due to reasonable cause and not due to willful neglect;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>SPG
attaches a schedule of the sources of its income to its federal income tax return; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
incorrect information on the schedule was not due to fraud with intent to evade tax. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;It
is not possible, however, to state whether in all circumstances SPG would be entitled to the benefit of these relief provisions. If these relief provisions do not apply to a
particular set of circumstances, SPG will not qualify as a REIT. As discussed above in "&#151;Taxation of SPG&#151;General," even if these relief provisions apply, and we retain our
status as a REIT, a tax would be imposed with </FONT></P>

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<P><FONT SIZE=2>
respect to our excess net income. SPG may not always be able to maintain compliance with the gross income tests for REIT qualification despite periodic monitoring of its income. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Asset Tests.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;At the close of each quarter of SPG's taxable year, SPG also must satisfy three
tests relating to the nature and diversification of its assets. First, at least 75% of the value of its total assets must be represented by real estate assets (including stock of other REITs), cash,
cash items and government securities. For purposes of this test, real estate assets include stock or debt instruments that are purchased with the proceeds of a stock offering or a
long-term (at least five years) public debt offering, but only for the one-year period beginning on the date SPG receives such proceeds. Second, not more than 25% of SPG's
total assets may be represented by securities, other than those securities includable in the 75% asset test. Third, except with respect to taxable REIT subsidiaries, of the investments included in the
25% asset class, the value of any one issuer's securities may not exceed 5% of the value of SPG's total assets, SPG may not own more than 10% of any one issuer's outstanding voting securities and SPG
may not own more than 10% of the total value of any one issuer's outstanding securities (other than certain securities qualifying as "straight debt.") </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Substantially
all of the nonvoting stock and 5% of the voting stock of M.S. Management Associates,&nbsp;Inc. ("Management Company") is owned by the Operating Partnership or its
subsidiaries. The value of the securities of the Management Company (including the value of its subsidiaries) does not exceed 20% of the value of the total assets of SPG. SPG and the Management
Company elected to have the
Management Company and the subsidiaries in which it owns more than 35% of the value or voting power treated as taxable REIT subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After
initially meeting the asset tests at the close of any quarter, SPG will not lose its status as a REIT for failure to satisfy the asset tests at the end of a later quarter solely
by reason of changes in asset values. If SPG fails to satisfy the asset tests because it acquires securities or other property during a quarter (including an increase in SPG's interests in assets
held, directly or indirectly, by the Operating Partnership), SPG can cure this failure by disposing of sufficient nonqualifying assets within 30&nbsp;days after the close of that quarter. We believe
we have maintained and will continue to maintain adequate records of the value of SPG's assets to ensure compliance with the asset tests and to take such other actions within the 30&nbsp;days after
the close of any quarter as may be required to cure any noncompliance. If we fail to cure noncompliance with the asset tests within this time period, SPG would cease to qualify as a REIT. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Annual Distribution Requirements.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;To maintain qualification as a REIT, SPG is required to
distribute dividends (other than capital gain dividends) to its stockholders in an amount at least equal to the difference between (1)&nbsp;the sum of 90% of its "REIT taxable income" (computed
without regard to the dividends paid deduction and net capital gain) and 90% of its net income (after tax), if any, from foreclosure property, and (2)&nbsp;the amount of certain items of noncash
income (</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, income attributable to leveled stepped rents, original issue discount on purchase money debt, or a like-kind exchange that is
later determined to be taxable) in excess of 5% of "REIT taxable income." In addition, if SPG is allocated any Built-in Gain as a result of the disposition during the restriction period of
any asset subject to the Built-in Gain rules, then SPG will be required to distribute at least 90% of such Built-in Gain less the amount of tax incurred by SPG as a result of
such gain. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;These
distributions must be paid in the taxable year to which they relate, or in the following taxable year if they are declared before SPG timely files its tax return for such year
and if paid on or before the first regular dividend payment after such declaration. The amount distributed must not be preferential &#151;</FONT><FONT SIZE=2><I>e.g.</I></FONT><FONT SIZE=2>,
every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated otherwise than in
accordance with its dividend rights as a class. We believe SPG has made and will continue to make timely distributions sufficient to satisfy these annual distribution requirements. </FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;We expect that SPG's REIT taxable income will be less than its cash flow due to the allowance of depreciation and other non-cash charges in computing REIT taxable income.
Accordingly, we anticipate that SPG will generally have sufficient cash or liquid assets to satisfy the distribution requirements described above. However, from time to time, SPG may not have
sufficient cash or other liquid assets to meet these distribution requirements due to timing differences between the actual receipt of income and actual payment of deductible expenses, and the
inclusion of income and deduction of expenses in arriving at its taxable income. If these timing differences occur, in order to meet the distribution requirements, SPG may need to arrange for
short-term, or possibly long-term, borrowings or need to pay
dividends in the form of taxable stock dividends. To the extent SPG satisfies the distribution requirements but distributes less than 100% of the net capital gain or 100% of its REIT taxable income,
SPG will be subject to tax on such income at regular corporate rates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under
certain circumstances, we may be able to rectify a failure to meet the distribution requirement for a year by paying "deficiency dividends" to stockholders in a later year,
which may be included in SPG's deduction for dividends paid for the earlier year. Thus, SPG may be able to avoid being taxed on amounts distributed as deficiency dividends. However, SPG will be
required to pay interest based upon the amount of any deduction taken for deficiency dividends. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
SPG would be subject to a 4% excise tax on the excess of the required distribution over the amounts actually distributed if we should fail to distribute during each
calendar year (or in the case of distributions with declaration and record dates falling in the last three months of the calendar year, by the end of January immediately following such year) at least
the sum of 85% of SPG's REIT ordinary income for such year, 95% of its REIT capital gain income for the year and any undistributed taxable income from prior periods. Any REIT taxable income and net
capital gain on which corporate income tax is imposed for any year is treated as an amount distributed during that year for purposes of calculating such tax. </FONT></P>


<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Property Transfers.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Any gain realized by SPG on the sale of any property held as inventory or
other property held primarily for sale to customers in the ordinary course of business (including SPG's share of any such gain realized by the Operating Partnership, either directly or through its
subsidiaries) will be treated as income from a prohibited transaction that is subject to a 100% penalty tax. This prohibited transaction income may also adversely affect SPG's ability to satisfy the
income tests for qualification as a REIT. Under existing law, whether property is held as inventory or primarily for sale to customers in the ordinary course of a trade or business is a question of
fact that depends on all the facts and circumstances surrounding the particular transaction. The Operating Partnership intends to hold its properties for investment with a view to
long-term appreciation, to engage in the business of acquiring, developing and owning its properties and to make occasional sales of the properties as are consistent with the Operating
Partnership's investment objectives. However, the Internal Revenue Service may successfully contend that some or all of the sales made by the Operating Partnership or its subsidiaries are prohibited
transactions. We would be subject to the 100% penalty tax on our allocable share of the gains resulting from any such sales. </FONT></P>

<P><FONT SIZE=2><B>Failure to Qualify  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If SPG fails to qualify for taxation as a REIT in any taxable year, and the relief provisions do not apply, SPG will be subject to tax (including any
applicable alternative minimum tax) on its taxable income at regular corporate rates. Distributions to stockholders in any year in which SPG fails to qualify will not be deductible by SPG and SPG will
not be required to distribute any amounts to its stockholders. As a result, SPG's failure to qualify as a REIT would reduce the cash available for distribution to SPG stockholders. In addition, if SPG
fails to qualify as a REIT, all distributions to stockholders will be taxable as ordinary income to the extent of SPG's current and accumulated
earnings and profits, and subject to certain limitations of the Internal Revenue Code, corporate distributees may be eligible for the dividends received deduction. Unless entitled to relief under
specific </FONT></P>

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<P><FONT SIZE=2>
statutory provisions, SPG will also be disqualified from taxation as a REIT for the four taxable years following the year during which it lost its qualification. It is not possible to state whether in
all circumstances we would be entitled to this statutory relief. </FONT></P>

<P><FONT SIZE=2><B>Tax Aspects of the Operating Partnership and the Joint Ventures  </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Substantially all of our income-producing properties are held directly or indirectly
through the Operating Partnership. In addition, the Operating Partnership holds certain of its investments indirectly through joint ventures. In general, partnerships are "pass-through"
entities which are not subject to federal income tax. Rather, partners are allocated their proportionate shares of the items of income, gain, loss, deduction and credit of a partnership, and are
potentially subject to tax thereon, without regard to whether the partners receive a distribution from the partnership. SPG includes in its income its proportionate share of the foregoing partnership
items for purposes of the various REIT income tests and in the computation of SPG's REIT taxable income. Moreover, for purposes of the REIT asset tests, we will include our proportionate share of
assets held by the Operating Partnership and joint ventures. See "&#151;Taxation of SPG." </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Entity Classification.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;SPG's interests in the Operating Partnership and the subsidiary
partnerships (including joint ventures) involve special tax considerations, including the possibility of a challenge by the Internal Revenue Service of the status of the Operating Partnership or a
subsidiary partnership as a partnership (as opposed to an association taxable as a corporation) for federal income tax purposes. If the Operating Partnership or a subsidiary partnership were treated
as an association, it would be taxable as a corporation and therefore be subject to an entity-level tax on its income. In such a situation, the character of SPG's assets and items of gross income
would change and preclude SPG from satisfying the asset tests and possibly the income tests (see "&#151;Taxation of SPG&#151;Asset Tests" and "&#151;Income Tests"). This, in turn,
would prevent SPG from qualifying as a REIT. See "&#151;Failure to Qualify" for a discussion of the effect of our failure to meet these tests for a taxable year. In addition, a change in the
Operating Partnership's or a partnership's status for tax purposes might be treated as a taxable event. If so, SPG might incur a tax liability without any related cash distributions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Treasury
Regulations that apply for tax periods beginning on or after January&nbsp;1, 1997 provide that a domestic business entity not otherwise classified as a corporation and
which has at least two members (an "Eligible Entity") will be taxed as a partnership for federal income tax purposes unless it elects to be treated as a corporation or it was in existence prior to
January&nbsp;1, 1997, and it reported its income as a corporation under the entity classification Treasury Regulations in effect prior to this date. In
addition, an Eligible Entity which did not exist, or did not claim a classification, prior to January&nbsp;1, 1997, will be classified as a partnership for federal income tax purposes unless it
elects otherwise. The Operating Partnership and each of the subsidiary partnerships have claimed classification as a partnership under the final Treasury Regulations, and, as a result, we believe such
partnerships will be classified as partnerships for federal income tax purposes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Treasury Regulations also provide that certain specified foreign entities are taxed as corporations. Foreign entities with two or more members are taxed as partnerships if
(a)&nbsp;at least one of the members has unlimited liability for the liabilities of the entity or (b)&nbsp;the entity elects to be taxed as a partnership. Each foreign entity in which SPG is
treated as an owner for tax purposes has elected to be taxed as a partnership. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Allocations of Operating Partnership Income, Gain, Loss and Deduction.</I></B></FONT><FONT SIZE=2> A partnership is not a taxable entity for federal income tax
purposes. Rather, a partner is required to take into account its allocable share of a partnership's income, gains, losses, deductions and credits for any taxable year of the partnership ending within
or with the taxable year of the partner, without regard to whether the partner has received or will receive any distributions from the partnership. Although a partnership agreement will generally
determine the allocation of income and losses among partners, such </FONT></P>

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<P><FONT SIZE=2>
allocations will be disregarded for tax purposes under section&nbsp;704(b) of the Internal Revenue Code if they do not comply with the provisions of section&nbsp;704(b) of the Internal Revenue
Code and the Treasury Regulations promulgated thereunder as to substantial economic effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
an allocation is not recognized for federal income tax purposes, the item subject to the allocation will be reallocated in accordance with the partners' interests in the
partnership, which will be determined by taking into account all of the facts and circumstances relating to the economic arrangement of the partners with respect to such item. The allocations of
taxable income and loss of the Operating Partnership and subsidiary partnerships are intended to comply with the requirements of section&nbsp;704(b) of the Internal Revenue Code and the Treasury
Regulations promulgated thereunder. </FONT></P>

<P><FONT SIZE=2><B>Taxation of Taxable U.S. Stockholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As used below, the term "U.S. Stockholder" means a holder of shares of common stock who (for United States federal income tax purposes) is: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
citizen or resident of the United States;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
corporation, partnership, or other entity created or organized in or under the laws of the United States or of any state thereof or in the District of
Columbia, unless, in the case of a partnership, Treasury Regulations provide otherwise;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
estate the income of which is subject to United States federal income taxation regardless of its source; or
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
trust whose administration is subject to the primary supervision of a United States court and which has one or more United States persons who have the
authority to control all substantial decisions of the trust. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the preceding sentence, to the extent provided in Treasury Regulations, certain trusts in existence on August&nbsp;20, 1996, and treated as United States persons
prior to this date that elect to continue to be treated as United States persons, shall also be considered U.S. Stockholders. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Distributions Generally.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;As long as SPG qualifies as a REIT, distributions out of its current
or accumulated earnings and profits, other than capital gain dividends discussed below, will constitute dividends taxable to its taxable U.S. Stockholders as ordinary income. These distributions will
not be eligible for the dividends-received deduction in the case of U.S. Stockholders that are corporations. For purposes of determining whether distributions to holders of common stock are out of
current or accumulated earnings and profits, SPG's earnings and profits will be allocated first to the outstanding preferred stock and then to the common stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that SPG makes distributions in excess of its current and accumulated earnings and profits, these distributions will be treated first as a tax-free return of
capital to each U.S. Stockholder. This treatment will reduce the adjusted basis (but not below zero) which each U.S. Stockholder has in his shares of stock for tax purposes by the amount of the
distribution in excess of current and accumulated earnings and profits. Distributions in excess of a U.S. Stockholder's adjusted basis in his shares will be taxable as capital gains (provided that the
shares have been held as a capital asset) and will be taxable as long-term capital gain if the shares have been held for more than one year. Dividends declared in October, November, or
December of any year and payable to a stockholder of record on a specified date in any of these months shall be treated as both paid by SPG and received by the stockholder on December&nbsp;31 of
that year, provided SPG actually pays the dividend on or before January&nbsp;31 of the following calendar year. Stockholders may not include in their own income tax returns any of SPG's net
operating losses or capital losses. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Capital Gain Dividends.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Dividends to U.S. Stockholders that are properly designated by SPG as
capital gain dividends will be treated as long-term capital gain (to the extent they do not exceed SPG's </FONT></P>

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<P><FONT SIZE=2>
actual net capital gain) for the taxable year without regard to the period for which the stockholder has held his stock. Dividends designated as capital gains will be taxed to individuals at a 20%,
25% or, in certain cases, 28% rate depending on the tax characteristics of the assets which produced such gain. Corporate stockholders, however, may be required to treat up to 20% of certain capital
gain dividends as ordinary income. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG
may elect to retain and pay income tax on some or all of its undistributed net capital gains, in which case SPG's stockholders will include such retained amount in their income.
In that event, the stockholders would be entitled to a tax credit or refund in the amount of the tax paid by SPG on the undistributed gain allocated to the stockholders, and the stockholders would be
entitled to increase their tax basis by the amount of undistributed capital gains allocated to such stockholders reduced by the amount of the credit. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Passive Activity Losses and Investment Interest Limitations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Dividends that SPG pays and gain
arising from the sale or exchange by a U.S. Stockholder of shares will not be treated as passive activity income. As a result, U.S. Stockholders generally will not be able to apply any "passive
losses" against this income or gain. Dividends (to the extent they do not constitute a return of capital) generally will be treated as investment income for purposes of computing the investment
interest limitation. Gain arising from the sale or other disposition of shares, however, will not be treated as investment income under certain circumstances. </FONT></P>

<P><FONT SIZE=2><B>Dispositions of Paired Shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Stockholder will recognize gain or loss on the sale or exchange of paired shares to the extent of the difference between the amount realized on such
sale or exchange and the holders' adjusted tax basis in such shares. Such gain or loss generally will constitute long-term capital gain or loss if the holder has held such shares for more
than one year. Individual taxpayers are generally subject to a maximum tax rate of 20% on long-term capital gain from the sale of securities, but shareholders subject to the alternative
minimum tax may be taxed at a rate of 28% on some or all of their long-term capital gain. Losses incurred on the sale or exchange of shares of common stock held for six months or less
(after applying certain holding period rules), however, will generally be deemed long-term capital loss to the extent of any long-term capital gain dividends received by the
U.S. Stockholder and undistributed capital gains allocated to such U.S. Stockholder with respect to such shares. </FONT></P>

<P><FONT SIZE=2><B>Taxation of Tax-Exempt U.S. Stockholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Internal Revenue Service has ruled that amounts distributed as dividends by a qualified REIT do not constitute unrelated business taxable income ("UBTI")
when received by a tax-exempt pension trust
and certain other tax-exempt entities. Based on that ruling, provided that a tax-exempt stockholder (except certain tax-exempt stockholders described below) has not
held its shares as "debt financed property" within the meaning of the Internal Revenue Code (generally, shares of common stock, the acquisition of which was financed through a borrowing by the
tax-exempt stockholder) and the shares are not otherwise used in a trade or business, dividend income from us will not be UBTI to a tax-exempt stockholder. Similarly, income
from the sale of shares will not constitute UBTI unless a tax-exempt stockholder has held its shares as "debt financed property" within the meaning of the Internal Revenue Code or has used
the shares in its trade or business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For
tax-exempt stockholders which are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services
plans exempt from federal income taxation under Internal Revenue Code Section&nbsp;501(c)(7), (c)(9), (c)(17) and (c)(20), respectively, income from an investment in SPG's shares will constitute
UBTI unless the organization is able to properly deduct amounts set aside or placed in reserve for certain purposes so as to offset its </FONT></P>

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<P><FONT SIZE=2>
dividend income. These prospective investors should consult their own tax advisors concerning these "set aside" and reserve requirements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the above, however, a portion of the dividends paid by a "pension held REIT" are treated as UBTI as to certain types of trusts which hold more than 10% (by value) of
the interests in the REIT. A REIT will not be a "pension held REIT" if it is not "predominantly held" by tax-exempt pension trusts. We do not anticipate that SPG will be predominantly held
by tax-exempt pension trusts and accordingly, believe that dividends paid by SPG to tax-exempt pension trusts should not be treated as UBTI. </FONT></P>

<P><FONT SIZE=2><B>Special Tax Considerations For Foreign Stockholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The rules governing United States federal income taxation of non-resident alien individuals, foreign corporations, foreign partnerships and foreign
trusts and estates (collectively, "Non-U.S. Stockholders") are complex, and the following discussion is intended only as a summary of such rules. Prospective Non-U.S.
Stockholders should consult with their own tax advisors to determine the impact of federal, state and local income tax laws on an investment in SPG, including any reporting requirements, as well as
the tax treatment of such an investment under their home country laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
general, Non-U.S. Stockholders will be subject to regular United States federal income tax with respect to their investment in SPG if such investment is "effectively
connected" with the Non-U.S. Stockholder's conduct of a trade or business in the United States. A corporate Non-U.S. Stockholder that receives income that is (or is treated as)
effectively connected with a United States trade or business may also be subject to the branch profits tax under section&nbsp;884 of the Internal Revenue Code,
which is payable in addition to regular United States corporate income tax. The following discussion will apply to Non-U.S. Stockholders whose investment in SPG is not so effectively
connected. SPG expects to withhold United States income tax, as described below, on the gross amount of any distributions paid to a Non-U.S. Stockholder unless (i)&nbsp;the
Non-U.S. Stockholder files an IRS Form&nbsp;4224 with SPG claiming that the distribution is "effectively connected" or (ii)&nbsp;certain other exceptions apply. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
distribution by SPG that is not attributable to gain from the sale or exchange by SPG of a United States real property interest and that is not designated by SPG as a capital gain
dividend will be treated as an ordinary income dividend to the extent made out of current or accumulated earnings and profits. Generally, an ordinary income dividend will be subject to tax at the rate
of 30% of the gross amount of the distribution unless such tax is reduced or eliminated by an applicable tax treaty. A distribution in cash in excess of SPG's earnings and profits will be treated
first as a return of capital that will reduce a Non-U.S. Stockholder's basis in its shares of SPG stock (but not below zero) and then as gain from the disposition of such shares, the tax
treatment of which is described under the rules discussed below with respect to dispositions of shares. SPG is required to withhold from distributions to Non-U.S. Stockholders, and to
remit to the IRS, 30% of the amount of ordinary dividends. A distribution in excess of SPG's earnings and profits may be subject to 30% dividend withholding if, at the time of the distribution, it
cannot be determined whether the distribution will be in an amount in excess of SPG's current or accumulated earnings and profits. Any amount not designated as a capital gain dividend or return of
basis will be subject to the tax treatment and withholding described below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Distributions
by SPG that are attributable to gain from the sale or exchange of a United States real property interest will be taxed to a Non-U.S. Stockholder under the
Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"). Under FIRPTA, distribution amounts not subject to the tax treatment described in the preceding paragraph are taxed to a
Non-U.S. Stockholder as if such distributions were gains "effectively connected" with a United States trade or business. Accordingly, a Non-U.S. Stockholder will be taxed at
the normal capital gain rates applicable to a U.S. Stockholder on </FONT></P>

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<P><FONT SIZE=2>
such amounts (subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). Distributions subject to FIRPTA may also be subject
to a 30% branch profits tax in the hands of a foreign corporate stockholder that is not entitled to treaty exemption. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG
will be required to withhold from distributions subject to FIRPTA, and remit to the IRS, 35% of designated capital gain dividends (or, if greater, 35% of the amount of any
distributions that could be designated as capital gain dividends). In addition, if SPG designates prior distributions as capital gain dividends, subsequent distributions, up to the amount of such
prior distributions not withheld against, will be treated as capital gain dividends for purposes of withholding. It should be noted that the 35% withholding tax rate on capital gain dividends
currently corresponds to the maximum income tax rate applicable to corporations, but it is higher than the maximum rate on capital gains of individuals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Tax
treaties may reduce SPG's withholding obligations. If the amount withheld by SPG with respect to a distribution exceeds the Non-U.S. Stockholder's tax liability, the
Non-U.S. Stockholder may file for a refund of such excess from the IRS. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless
SPG shares constitute a "United States real property interest" within the meaning of FIRPTA or are effectively connected with a U.S. trade or business, a sale of such shares by
a Non-U.S. Stockholder generally will not be subject to United States taxation. SPG shares will not constitute a United States real property interest if SPG is a "domestically controlled
REIT." A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its shares is held directly or indirectly by Non-U.S.
Stockholders. We believe that SPG is a domestically controlled REIT, and therefore that the sale of shares in SPG will not be subject to taxation under FIRPTA. However, because SPG shares are publicly
traded, no assurance can be given that SPG will continue to be a domestically controlled REIT. Notwithstanding the foregoing, capital gain not subject to FIRPTA will be taxable to a
Non-U.S. Stockholder if the Non-U.S. Stockholder is a nonresident alien individual who is present in the United States for 183&nbsp;days or more during the taxable year and
certain other conditions apply, in which case the nonresident alien individual will be subject to a 30% tax on such individual's capital gains. If SPG did not constitute a domestically controlled
REIT, whether a Non-U.S. Stockholder's sale of shares of SPG would be subject to tax under FIRPTA as a sale of a United States real property interest would depend on whether the shares
were "regularly traded" (as defined by applicable Treasury Regulations) on an established securities market (</FONT><FONT SIZE=2><I>e.g.</I></FONT><FONT SIZE=2>, the NYSE, on which the shares of SPG
Common Stock are listed) and on the size of the selling stockholder's interest in SPG (</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, 5% or less ownership). If the gain on the sale of SPG's
shares were subject to taxation under FIRPTA, the Non-U.S. Stockholder would be subject to the same treatment as a U.S. Stockholder with respect to such gain (subject to applicable
alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). In any event, a purchaser of shares of SPG Common Stock from a Non-U.S.
Stockholder will not be required under FIRPTA to withhold on the purchase price if the purchased shares are "regularly traded" on an established securities market or if SPG is a domestically
controlled REIT. Otherwise, under FIRPTA, the purchaser of shares of SPG Common Stock may be required to withhold ten percent of the purchase price and remit such amount to the IRS. </FONT></P>

<P><FONT SIZE=2><B>Information Reporting Requirement And Backup Withholding Tax  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG will report to its U.S. Stockholders and the IRS the amount of distributions paid during each calendar year and the amount of tax withheld, if any. Under
certain circumstances, U.S. Stockholders may be subject to backup withholding. Backup withholding will apply only if the holder </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>fails
to furnish its taxpayer identification number ("TIN") (which, for an individual, would be his Social Security number), </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;28&#150;</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>furnishes
an incorrect TIN,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>is
notified by the IRS that it has failed properly to report payments of interest and dividends, or
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>under
certain circumstances, fails to certify, under penalty of perjury, that is has furnished a correct TIN and has not been notified by the IRS that it
is subject to backup withholding for failure to report interest and dividend payments. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding will not apply with respect to payments made to certain exempt recipients, such as corporations and tax-exempt organizations. U.S. Stockholders should
consult their own tax advisors regarding their qualification for exemption from backup withholding and the procedure for obtaining such an exemption. Backup withholding is not an additional tax.
Rather, the amount of any backup withholding with respect to a payment to a U.S. Stockholder will be allowed as a credit against such U.S. Stockholder's United States federal income tax liability and
may entitle such U.S. Stockholder to a refund, provided that the required information is furnished to the IRS. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Additional
issues may arise pertaining to information reporting and backup withholding with respect to Non-U.S. Stockholders. For example, we may be required to withhold a
portion of capital gain distributions to any stockholders who fail to certify their foreign status to us on Form&nbsp;W-8BEN. Non-U.S. Stockholders should consult their tax
advisors with respect to any such information reporting and backup withholding requirements. </FONT></P>

<P><FONT SIZE=2><B>Additional Federal Income Taxation Considerations Relating to "Paired REIT" Status  </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Separate Taxation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Although the common stock of SPG and SRC may only be transferred as a unit,
holders of paired shares will be treated for U.S. federal income tax purposes as holding shares of SPG common stock and SRC common stock. Although holders of paired shares own beneficial interests in
SRC shares through the SRC Trusts, for federal income tax purposes such holders will be treated as owning the SRC shares underlying the SRC Trusts. The tax treatment of distributions to stockholders
and of any gain or loss upon the sale or other disposition of the paired shares (as well as the amount of gain or loss) must therefore be determined separately with respect to each share of SPG Common
Stock and each share of SRC Common Stock contained within each paired share. The tax basis and holding period for each share of SPG Common Stock and SRC Common Stock also must be determined
separately. Upon a taxable sale of a paired share, the amount realized should be allocated between the SPG and SRC stock based on their then-relative values. Since SRC is not a REIT but is
instead a regular C corporation, it will be subject to corporate level tax, without the benefit of the dividend paid deduction available to REITs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Distributions
from SRC up to the amount of SRC's current or accumulated earnings and profits (less any earnings and profits allocable to distributions on any preferred stock of SRC)
will be taken into account by U.S. Stockholders as ordinary income and generally will be eligible for the dividends-received deduction for corporations (subject to certain limitations). Distributions
in excess of SRC's current and accumulated earnings and profits will not be taxable to a holder to the extent that they do not exceed the adjusted tax basis of the holder's SRC Common Stock, but
rather will reduce the adjusted tax basis of such SRC Common Stock. To the extent such distributions exceed the adjusted tax basis of a holder's SRC Common Stock, they will be included in income as
long-term capital gain (or short-term capital gain if the SRC Common Stock has been held for one year or less), assuming the shares are a capital asset in the hands of the
stockholder. Individual taxpayers are subject to a minimum tax rate of 20% on long-term capital gain and all or a portion of such gain may be taxed at a higher rate if the individual is
subject to the alternative minimum tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
sale of SRC Common Stock, if considered a sale or exchange of a United States real property interest, will be taxed to a Non-U.S. Stockholder under FIRPTA. It is unclear
whether the assets of SRC cause SRC to constitute a real property holding company, thereby causing SRC Common Stock to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;29&#150;</FONT></P>

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<P><FONT SIZE=2>
be United States real property interests. Even if SRC is considered a real property holding company, whether a Non-U.S. Stockholder's sale of shares of SRC would be subject to tax under
FIRPTA as a sale of a United States real property interest would depend on whether the shares are "regularly traded" (as defined by applicable Treasury Regulations) on an established securities market
and on whether the selling stockholder owns or owned 5% or less of the SRC Common Stock. See "&#151;Special Tax Consideration for Foreign Stockholders." </FONT></P>

<P><FONT SIZE=2><B>State And Local Tax Considerations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG is, and its stockholders may be, subject to state or local taxation in various state or local jurisdictions where SPG, its affiliates and its stockholders
transact business or reside. The state and local tax treatment of SPG and its stockholders may not conform to the federal income tax consequences discussed above. Consequently, prospective
stockholders should consult their own tax advisors regarding the effect of state and local tax laws on their investment in paired shares. </FONT></P>

<P><FONT SIZE=2><B>Possible Federal Tax Developments  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The rules dealing with federal income taxation are constantly under review by the IRS, the Treasury Department and Congress. New federal tax legislation or
other provisions may be enacted into law or new interpretations, rulings or Treasury Regulations could be adopted, all of which could affect the
taxation of the Companies and their stockholders. No prediction can be made as to the likelihood of passage of any new tax legislation or other provisions either directly or indirectly affecting the
Companies or their stockholders. Consequently, the tax treatment described herein may be modified prospectively or retroactively by legislative action. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;30&#150;</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do5071_selling_stockholders"> </A>
<A NAME="toc_do5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>SELLING STOCKHOLDERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The shares covered by this prospectus are being registered pursuant to the registration rights agreements by and among SPG and the selling stockholders, copies
of which are filed as exhibits to the registration statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth, to our knowledge, certain information about the selling stockholders as of December&nbsp;3, 2001. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Name of Selling Stockholder</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares Beneficially Owned Prior to Offering(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of Shares Beneficially Owned Prior to Offering(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares Offered Hereby</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares Beneficially Owned After Offering(1)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of Shares Beneficially Owned After Offering(1)(2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="20%"><FONT SIZE=2>Brandywine Realty, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>247,191</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;(3)</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>*%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>247,191</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>-0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>*%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="20%"><FONT SIZE=2>O'Connor Retail Partners, L.P.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>734,821</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER"><FONT SIZE=2>*%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>175,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>559,821</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>*%</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Except
as otherwise indicated, the number of shares beneficially owned is determined under rules promulgated by the SEC, and the information may not represent beneficial ownership
for any other purpose. Each selling stockholder has sole voting power and investment power with respect to all shares listed as owned by such selling stockholder. Includes units of limited partnership
of the Operating Partnership which are exchangeable for shares on a one-for-one basis.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>We
do not know when or in what amounts the selling stockholders may offer shares for sale. The selling stockholders may elect not to sell any or all of the shares offered by this
prospectus. Because the selling stockholders may offer all or some of the shares pursuant to this offering, and because there are currently no agreements, arrangements or understandings with respect
to the sale of any of the shares that will be held by the selling stockholders after completion of the offering, we cannot estimate the number of the shares that will beheld by the selling
stockholders after completion of the offering. However, for purposes of this table, we have assumed that, after completion of the offering, none of the shares covered by the prospectus will be held by
the selling stockholders.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Does
not include 2,105,544 units of limited partnership of the Operating Partnership held by JCP Realty, an affiliate of the selling stockholder.
<BR><BR></FONT></DD><DT><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Less
than 0.1% </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do5071_plan_of_distribution"> </A>
<A NAME="toc_do5071_2"> </A>
<BR></FONT><FONT SIZE=2><B>PLAN OF DISTRIBUTION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The shares covered by this prospectus may be offered and sold from time to time by the selling stockholders. The term "selling stockholders" includes pledgees,
donees, transferees or other successors in interest selling shares received after the date of this prospectus from one of the selling stockholders as a pledge, gift or other non-sale
related transfer. To the extent required, this prospectus may be amended and supplemented from time to time to describe a specific plan of distribution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
selling stockholders will act independently of the Companies in making decisions with respect to the timing, manner and size of each sale. These sales may be made at a fixed price
or prices, which may be changed or at prices on the New York Stock Exchange and under terms then prevailing or at prices related to the then current market price. Sales may also be made in negotiated
transactions at negotiated prices, including pursuant to one or more of the following methods: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>purchases
by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;31&#150;</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>ordinary
brokerage transactions and transactions in which the broker solicits purchasers,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
exchange distribution in accordance with the rules of the New York Stock Exchange or other exchange or trading system on which the shares are admitted
for trading privileges,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>sales
"at the market" to or through a market maker or into an existing trading market, on an exchange or otherwise, for the shares,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>sales
in other ways not involving market makers or established trading markets
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
put or call transactions relating to the shares,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>block
trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to
facilitate the transaction, and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
privately negotiated transactions. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
connection with distributions of the shares or otherwise, the selling stockholders may: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enter
into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares in the course of
hedging the positions they assume,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>sell
the shares short and redeliver the shares to close out such short positions,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enter
into option or other transactions with broker-dealers or other financial institutions which require the delivery to them of shares offered by this
prospectus, which they may in turn resell, or
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>pledge
shares to a broker-dealer or other financial institution, which, upon a default, they may in turn resell. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
addition, any shares that qualify for sale pursuant to Rule&nbsp;144 may be sold under Rule&nbsp;144 rather than pursuant to this prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
effecting sales, broker-dealers or agents engaged by the selling stockholders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
discounts or concessions from the selling stockholders, in amounts to be negotiated immediately prior to the sale. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
offering the shares covered by this prospectus, the selling stockholders, and any broker-dealers and any other participating broker-dealers who execute sales for the selling
stockholders may be deemed to be "underwriters" within the meaning of the Securities Act in connection with these sales. Any profits realized by the selling stockholders and the compensation of such
broker-dealers may be deemed to be underwriting discounts and commissions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
order to comply with the securities laws of certain states, the shares must be sold in those states only through registered or licensed brokers or dealers. In addition, in certain
states the shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have advised the selling stockholders that the anti-manipulation rules of Regulation&nbsp;M under the Exchange Act may apply to sales of shares in the market and to
the activities of the selling stockholders and their affiliates. In addition, we will make copies of this prospectus available to the selling stockholders for the purpose of satisfying the prospectus
delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities,
including liabilities arising under the Securities Act. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;32&#150;</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;At the time a particular offer of shares is made, if required, a prospectus supplement will be distributed that will set forth: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of shares being offered,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
terms of the offering, including the name of any underwriter, dealer or agent,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
purchase price paid by any underwriter,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
discount, commission and other underwriter compensation,
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
discount, commission or concession allowed or reallowed or paid to any dealer, and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
proposed selling price to the public. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed to indemnify the selling stockholders against certain liabilities, including certain liabilities under the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed with the selling stockholders to keep the Registration Statement of which this prospectus constitutes a part effective until the earlier of (1)&nbsp;such time as all
of the shares covered by this prospectus have been disposed of pursuant to the Registration Statement or (2)&nbsp;one year from the date the shares were issued. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do5071_legal_matters"> </A>
<A NAME="toc_do5071_3"> </A>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The validity of the securities offered hereby and certain federal income tax matters have been passed upon for us by Baker&nbsp;&amp; Daniels, Indianapolis,
Indiana. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do5071_experts"> </A>
<A NAME="toc_do5071_4"> </A>
<BR></FONT><FONT SIZE=2><B>EXPERTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The audited financial statements and schedule incorporated by reference in this prospectus and elsewhere in the registration statement have been audited by
Arthur Andersen LLP, independent public accountants, as indicated in their reports with respect thereto, and are incorporated by reference herein in reliance upon the authority of said firm as experts
in giving said reports. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do5071_forward-looking_statements_may_prove_inaccurate"> </A>
<A NAME="toc_do5071_5"> </A>
<BR></FONT><FONT SIZE=2><B>FORWARD-LOOKING STATEMENTS MAY PROVE INACCURATE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains or incorporates forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933 and
Section&nbsp;21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by our use of the words "believes," "anticipates," "plans," "expects," "may," "will,"
"intends," "estimates" and similar expressions, whether in the negative or affirmative. We cannot guarantee that we actually will achieve the plans, intentions or expectations discussed in
these forward-looking statements. Our actual results could differ materially. We have included important factors in the cautionary statements contained or incorporated in this prospectus, particularly
under the heading "Risk Factors," that we believe would cause our actual results to differ materially from the forward-looking statements that we make. We do not intend to update information contained
in any forward-looking statement we make. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do5071_incorporation_of_information_we_file_with_the_sec"> </A>
<A NAME="toc_do5071_6"> </A>
<BR></FONT><FONT SIZE=2><B>INCORPORATION OF INFORMATION WE FILE WITH THE SEC    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to "incorporate by reference" the information we file with them, which means: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>incorporated
documents are considered part of the prospectus;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
can disclose important information to you by referring you to those documents; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>information
that we file with the SEC will automatically update and supersede this incorporated information. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;33&#150;</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
incorporate by reference the following documents that we have filed with the SEC: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2000;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Quarterly
Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2001, June&nbsp;30, 2001 and September&nbsp;30, 2001;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Current
Reports on Form&nbsp;8-K dated February&nbsp;16, 2001, May&nbsp;11, 2001, July&nbsp;1, 2001, August&nbsp;10, 2001 and
November&nbsp;14, 2001;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
definitive proxy statement for our 2001 annual meetings of stockholders; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
description of the paired shares of common stock contained in the Registration Statement on Form&nbsp;8-A/A filed on September&nbsp;24,
1998, including any amendment or report filed for the purpose of updating such description. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
also incorporate by reference each of the following documents that we will file with the SEC after the date of this prospectus until this offering is completed or after the date of
this initial registration statement and before the effectiveness of the registration statement: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reports
filed under Sections&nbsp;13(a) and (c)&nbsp;of the Exchange Act;
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>definitive
proxy or information statements filed under Section&nbsp;14 of the Exchange Act in connection with any subsequent stockholders' meeting; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
reports filed under Section&nbsp;15(d) of the Exchange Act. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on information contained or incorporated by reference in this prospectus. We have not authorized any other person to provide you with different information. If
anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not
permitted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You
should assume that the information appearing in this prospectus is accurate as of the date of this prospectus only. Our business, financial condition and results of operation may
have changed since that date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To
receive a free copy of any of the documents incorporated by reference in this prospectus (other than exhibits, unless they are specifically incorporated by reference in the
documents), call or write Simon Property Group, 115&nbsp;West Washington Street, Suite&nbsp;15 East, Indianapolis, IN, Attention: Investor Relations (317/685-7330). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do5071_where_you_can_find_more_information"> </A>
<A NAME="toc_do5071_7"> </A>
<BR></FONT><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We file reports, proxy statements and other information with the SEC. Our SEC filings are also available over the Internet at the SEC's web site at
https://www.sec.gov. You may also read and copy any document we file by visiting the SEC's public reference rooms in Washington, D.C., New York,
New York and Chicago, Illinois. The SEC's address in Washington, D.C. is 450&nbsp;Fifth Street, N.W., Washington, D.C. Please call the SEC at 1-800-SEC-0330 for
further information about the public reference room. You may also inspect our SEC reports and other information at the New York Stock Exchange,&nbsp;Inc., 20&nbsp;Broad Street, New York, New York
10005. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have filed a registration statement on Form&nbsp;S-3 with the SEC covering the securities that may be sold under this prospectus. For further information on SPG, SRC
and the securities, you should refer to our registration statement and its exhibits. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Because the
prospectus may not contain all the information that you may find important, you should review the full text of these documents. We have included copies of these documents as exhibits to our
registration statement of which this prospectus is a part. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;34&#150;</FONT></P>

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NAME="page_ja5071_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ja5071_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ja5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART&nbsp;II<BR>  INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><A
NAME="ja5071_item_14._other_expenses_of_issuance_and_distribution."> </A>
<A NAME="toc_ja5071_2"> </A></FONT> <FONT SIZE=2><B>Item&nbsp;14.&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Other Expenses of Issuance and Distribution.</I></B></FONT><FONT SIZE=2>*    <BR></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
expenses (not including underwriting commissions and fees) of issuance and distribution of the securities are estimated to be: </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Registration Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>2,963</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Printing Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Accounting Fees and Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Attorneys' Fees and Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Miscellaneous Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="85%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>To
be provided by amendment. </FONT></DD></DL>

<P><FONT SIZE=2><A
NAME="ja5071_item_15._indemnification_of_directors_and_officers."> </A>
<A NAME="toc_ja5071_3"> </A>
<BR></FONT><FONT SIZE=2><B>Item&nbsp;15.&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Indemnification of Directors and Officers.    <BR>  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Registrants' officers and directors are indemnified under Delaware law, the Registrants' Charters and the Partnership Agreement of Simon Property Group,
L.P. (the "Operating Partnership") against
certain liabilities. The Delaware General Corporation Law ("DGCL") generally permits a corporation to indemnify its directors and officers, among others, against expenses, judgments,
fines and amounts paid in settlement actually or reasonably incurred by them in the defense or settlement of third-party actions or action by or in right of the corporation, and for judgments in third
party actions provided there is a determination by directors who were not parties to the action, or if directed by such directors, by independent legal counsel or by a majority vote of a quorum of the
stockholders, that the person seeking indemnification acted in good faith and in a manner reasonably believed to be in, or not opposed to, the interests of the corporation, and in a criminal
proceeding, that the person had no reason to believe his or her conduct to be unlawful. Without court approval, however, no indemnification may be made in respect of any action by or in right of the
corporation in which such person is adjudged liable. The DGCL states that the indemnification provided by statute shall not be deemed exclusive of any rights under any by-law, agreement,
vote of stockholders or disinterested directors or otherwise. In addition, the liability of officers may not be eliminated or limited under Delaware law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Registrants' Charters contain a provision limiting the liability of directors and officers to the Registrants and their stockholders to the fullest extent permitted under and in
accordance with the laws of the State of Delaware. Each of the Registrants' Charters provides that the directors will not be personally liable to the corporation or to its stockholders for monetary
damages for breach of fiduciary duty as a director; provided, however, that such provision will not eliminate or limit the liability of a director for (i)&nbsp;any breach of the director's duty of
loyalty to the corporation and its stockholders; (ii)&nbsp;acts or omissions not in good faith; (iii)&nbsp;any transaction from which the director derived an improper personal benefit; or
(iv)&nbsp;any matter in respect of which such director would be liable under Section&nbsp;174 of the DGCL. The personal liability of a director for violation of the federal securities laws is not
limited or otherwise affected. In addition, these provisions do not affect the ability of stockholders to obtain injunctive or other equitable relief from the courts with respect to a transaction
involving gross negligence on the part of a director. No amendment of the Registrants' Charters shall limit or eliminate the right to indemnification provided with respect to acts or omissions
occurring prior to such amendment or repeal. The Registrants' By-Laws contain provisions which implement the indemnification provisions of the Registrants' Charters. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II&#150;1</FONT></P>

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<A NAME="page_ja5071_1_2"> </A>

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement of the Operating Partnership provides for indemnification of the officers and directors of each general partner of the Operating Partnership to the same
extent indemnification is provided to officers and directors of the Registrants in their Charters, and limits the liability of such general partners and their officers and directors to the Operating
Partnership and their partners to the same extent liability of officers and directors of the Registrants to the Registrants and their stockholders is limited under the Registrants' Charters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG
has entered into indemnification agreements with each of SPG's directors and officers. The indemnification agreements require, among other things, that SPG indemnify its directors
and officers to the fullest extent permitted by law, and advance to the directors and officers all related expenses, subject to reimbursement if it is subsequently determined that indemnification is
not permitted. SPG also must indemnify and advance all expenses incurred by directors and officers seeking to enforce
their rights under the indemnification agreements, and cover each director and officer if SPG obtains directors' and officers' liability insurance. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Registrants have a directors' and officers' liability and company reimbursement policy that insures against certain liabilities, including liabilities under the
Securities Act, subject to applicable retentions. </FONT></P>

<P><FONT SIZE=2><A
NAME="ja5071_item_16._exhibits."> </A>
<A NAME="toc_ja5071_4"> </A>
<BR></FONT><FONT SIZE=2><B>Item&nbsp;16.&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Exhibits.    <BR>  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The list of exhibits is incorporated by reference to the Exhibit Index on page&nbsp;E-1. </FONT></P>


<P><FONT SIZE=2><A
NAME="ja5071_item_17._undertakings."> </A>
<A NAME="toc_ja5071_5"> </A>
<BR></FONT><FONT SIZE=2><B>Item&nbsp;17.&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Undertakings.    <BR>  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Each
of the undersigned Registrants hereby undertakes: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
<BR><BR></FONT>
<DL compact>
<DT><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20&nbsp;percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the registration statement;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement. </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>Provided,
however, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the Registrants pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement. </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II&#150;2</FONT></P>

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<A NAME="page_ja5071_1_3"> </A>
<UL>
<UL>

<P><FONT SIZE=2>securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Each
of the undersigned Registrants hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of such
Registrant's annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrants of
expenses incurred or paid by a director, officer or controlling person of a Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, such Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II&#150;3</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc5071_signatures"> </A>
<A NAME="toc_jc5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrants certify that they have reasonable grounds to believe that they meet all of the
requirements for filing on Form&nbsp;S-3 and have duly caused this Registration Statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of
Indianapolis, State of Indiana, on December&nbsp;6, 2001. </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>SIMON PROPERTY GROUP,&nbsp;INC. and<BR>
SPG REALTY CONSULTANTS,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="48%"><BR><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>DAVID SIMON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> David Simon<BR>
Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc5071_power_of_attorney"> </A>
<A NAME="toc_jc5071_2"> </A>
<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby authorizes David Simon, Stephen E. Sterrett, James M. Barkley and John Dahl, or any of them, each with full
power of substitution, to execute in the name and on behalf of such person any amendment to this Registration Statement, including post-effective amendments, and any subsequent
registration statement filed pursuant to Rule&nbsp;462(b) under the Securities Act of 1933 and to file the same, with exhibits thereto, and other documents in connection therewith, making such
changes in this Registration Statement as the Registrant deems appropriate, and appoints David Simon, Stephen E. Sterrett, James M. Barkley and John Dahl, or any of them, each with full power of
substitution, attorney-in-fact to sign any amendment to this Registration Statement, including post-effective amendments, and any subsequent registration statement
filed pursuant to Rule&nbsp;462(b) under the Securities Act of 1933 and to file the same, with exhibits thereto, and other documents in connection therewith. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in their respective capacities and on
December&nbsp;6, 2001. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="41%" ALIGN="LEFT"><FONT SIZE=1><B>Signature<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="41%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>DAVID SIMON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> David Simon</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Chief Executive Officer and Director (Principal Executive Officer)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>HERBERT SIMON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Herbert Simon</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2><BR>
Co-Chairman of the Board of Directors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>MELVIN SIMON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Melvin Simon</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2><BR>
Co-Chairman of the Board of Directors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>HANS C. MAUTNER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Hans&nbsp;C. Mautner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2><BR>
Vice Chairman of the Board of Directors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>S&#150;1</FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>RICHARD S. SOKOLOV</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard&nbsp;S. Sokolov</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2><BR>
President, Chief Operating Officer and Director</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>BIRCH BAYH</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Birch Bayh</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><BR><HR NOSHADE><FONT SIZE=2> Melvyn&nbsp;E. Bergstein</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>PIETER S. VAN DEN BERG</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Pieter&nbsp;S. van den Berg</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>G. WILLIAM MILLER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> G.&nbsp;William Miller</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>FREDRICK W. PETRI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Fredrick&nbsp;W. Petri</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>J. ALBERT SMITH, JR.</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> J.&nbsp;Albert Smith,&nbsp;Jr.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>PHILIP J. WARD</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Philip&nbsp;J. Ward</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>M. DENISE DEBARTOLO YORK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> M.&nbsp;Denise DeBartolo York</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>STEPHEN E. STERRETT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Stephen&nbsp;E. Sterrett</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2><BR>
Executive Vice President and Chief Financial Officer (Principal Financial Officer)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>JOHN DAHL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John Dahl</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2><BR>
Senior Vice President (Principal Accounting Officer)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>S&#150;2</FONT></P>

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<A NAME="toc_je5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEX TO EXHIBITS    <BR>  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="1%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit No.</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="86%" ALIGN="CENTER"><FONT SIZE=1><B>Description of Exhibit</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Restated Certificate of Incorporation of Simon Property Group,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant's Current Report on Form&nbsp;8-K filed October&nbsp;9, 1998).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Restated By-laws of Simon Property Group,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant's Current Report on Form&nbsp;8-K filed October&nbsp;9, 1998).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Restated Certificate of Incorporation of SPG Realty Consultants,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.3 to the Registrant's Current Report on Form&nbsp;8-K filed October&nbsp;9, 1998).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Restated By-laws of SPG Realty Consultants,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.4 to the Registrant's Current Report on Form&nbsp;8-K filed October&nbsp;9, 1998).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Simon Property Group,&nbsp;Inc. Registration Rights Agreement, dated as of September&nbsp;24, 1998, by and among Simon Property Group,&nbsp;Inc. and the persons named therein (incorporated by reference to Exhibit&nbsp;4.4
to the Registrant's Current Report on Form&nbsp;8-K filed October&nbsp;9, 1998).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Issuance Agreement dated as of September&nbsp;23, 1998, between Simon Property Group,&nbsp;Inc. and SPG Realty Consultants,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;4.5 to the Registrant's Current Report on
Form&nbsp;8-K filed October&nbsp;9, 1998).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Trust Agreement, dated as of October&nbsp;30, 1979, among shareholders of predecessors in interest to Simon Property Group,&nbsp;Inc. and SPG Realty Consultants,&nbsp;Inc., and First Jersey National Bank, as Trustee
(incorporated by reference to Exhibit&nbsp;4.7 of the Form&nbsp;S-4 filed by Corporate Property Investors,&nbsp;Inc. (Reg.&nbsp;No.&nbsp;333-61399).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Registration Rights Agreement, dated as of November&nbsp;14, 1997, by and between O'Connor Retail Partners,&nbsp;L.P. and Simon DeBartolo Group,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Opinion of Baker&nbsp;&amp; Daniels.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>8*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Tax Opinion of Baker&nbsp;&amp; Daniels.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Consent of Arthur Andersen&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Consent of Baker&nbsp;&amp; Daniels will be contained in their opinions to be filed as Exhibits&nbsp;5 and 8.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="86%"><FONT SIZE=2>Power of Attorney (included on the Signature Page).</FONT></TD>
</TR>
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<DT><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>To
be filed by amendment. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>E&#150;1</FONT></P>

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<FONT SIZE=2><A HREF="#toc_bg5071_2">WHO WE ARE</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_de5071_1">USE OF PROCEEDS</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_do5071_5">FORWARD-LOOKING STATEMENTS MAY PROVE INACCURATE</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ja5071_1">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
<UL>
<FONT SIZE=2><A HREF="#toc_ja5071_2">Item 14. Other Expenses of Issuance and Distribution.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja5071_3">Item 15. Indemnification of Directors and Officers.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja5071_4">Item 16. Exhibits.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ja5071_5">Item 17. Undertakings.</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>3
<FILENAME>a2065357zex-4_8.htm
<DESCRIPTION>REGISTRATION RIGHTS AGR
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<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;4.8    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke5071_registration_rights_agreement"> </A>
<A NAME="toc_ke5071_2"> </A>
<BR></FONT><FONT SIZE=2><B>REGISTRATION RIGHTS AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THIS REGISTRATION RIGHTS AGREEMENT is made as of November&nbsp;14, 1997 by and between O'CONNOR RETAIL PARTNERS,&nbsp;L.P., a Delaware limited partnership
("ORP"), and together with any persons who hereafter join in and are made parties to this Agreement, the "Holders"), and SIMON DEBARTOLO GROUP,&nbsp;INC., a Maryland corporation ("SDG"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;WITNESSETH:
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Holders have been issued 841,114&nbsp;units of limited partnership interest ("Units") of Simon DeBartolo Group,&nbsp;L.P., a Delaware limited partnership (the "Operating
Partnership") which are exchangeable for shares of the common stock of SDG (the "Shares") pursuant to Article&nbsp;XI of the Fifth Amended and Restated Partnership Agreement of the Operating
Partnership dated August&nbsp;9, 1996 (the "Partnership Agreement"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the issuance of the Units to the Holders, the Operating Partnership agreed to cause SDG to enter into this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and of Ten Dollars ($10) and other good and valuable consideration by each party hereto to the other paid, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;At
any time after any of the Holders (including to the extent provided in Section&nbsp;8, a Permitted Transferee of any of the Holders) exercises the right to
exchange for Shares all or a portion of the Units originally issued to the Holders and upon ten (10)&nbsp;business days written notice from such Holders requesting registration, SDG shall amend an
existing registration statement or file&nbsp;a new registration
statement (the "Registration Statement") under the Securities Act of 1933, as amended, and the regulations promulgated thereunder (the "1933 Act"), with the Securities and Exchange Commission ("SEC")
covering resales of all of the Shares which may be obtained upon exchange of the Units and any other Registrable Securities (as hereinafter defined) and shall use all reasonable efforts to cause the
Registration Statement to become effective under the 1933 Act as soon as practicable after filing. Once the Registration Statement becomes effective, SDG shall keep the Registration Statement
continuously effective and available for resale of the Registrable Securities until the earliest to occur of (i)&nbsp;the sale of all of the Registrable Securities by the Holders; (ii)&nbsp;the
date on which all of the Registrable Securities become eligible for sale pursuant to Rule&nbsp;144(k) under the 1933 Act; or (iii)&nbsp;SDG provides Holders with an opinion of counsel to the
effect that all of the outstanding Registrable Securities may be resold by the Holders without registration under the 1933 Act. SDG agrees that it shall deliver to the Holders copies of the
Registration Statement as filed with the SEC and any amendments and supplements thereto (other than post-effective amendments) prior to the filing thereof. SDG shall bear all expenses
relating to filing the Registration Statement and keeping the Registration Statement current, effective and available during the period specified above; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that SDG shall not be responsible for any brokerage fees or underwriting commissions,
if any, incurred by Holders in connection with the resale of Registrable Securities or the fees and expenses of any counsel retained by a Holder in connection with resales of the Registrable
Securities. Notwithstanding the foregoing, if the Operating Partnership irrevocably elects or is required prior to the filing of the Registration Statement to issue cash in lieu of Shares upon
exchange of the Units held by Seller, SDG shall not be required to file the Registration Statement with respect to such Units not exchanged for Shares. The term "Registrable Securities" shall include
(i)&nbsp;any Shares that have been or may be issued from time to time upon the exchange of the Units (including any additional units of limited partnership interest of the Partnership or any
successor entity received in exchange for, or as a dividend or distribution on account of the Units) pursuant to Article&nbsp;XI of the Partnership Agreement and other securities issued by SDG in
exchange for the Shares and (ii)&nbsp;any securities issued by the Operating Partnership or SDG as a dividend or distribution on account of Registrable Securities or </FONT></P>

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<P><FONT SIZE=2>
resulting from a subdivision of outstanding Registrable Securities into a greater number of securities (by reclassification, stock split or otherwise). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;During
the time period that the Registration Statement is required to be current, effective and available under Section&nbsp;1 above, SDG shall also at its
expense: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;prepare
and file with the SEC such amendments and supplements to the Registration Statement and the prospectus constituting a part thereof, as amended or
supplemented (the "Prospectus"), as may be necessary to keep the Registration Statement effective and to comply with the provisions of the 1933 Act with respect to resales of Registrable Securities
whenever a Holder shall desire to sell or otherwise dispose of the same, or any portion thereof, but in no event beyond the period during which the Registration Statement is required to be kept in
effect under Section&nbsp;1 above; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2> that if SDG shall furnish to a Holder a
certificate signed by SDG's chief executive officer stating that in the good faith judgment of the directors of SDG it would be significantly disadvantageous to SDG and its stockholders for the
Registration Statement to be amended or supplemented, SDG may defer such amending or supplementing for a period of not more than 45&nbsp;days and in such event such Holder shall be required to
discontinue disposition of the Registrable Securities during such period; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;furnish
to a Holder, without charge, such number of authorized copies of the Prospectus, and any amendments or supplements to the Prospectus, in conformity with the
requirements of the 1933 Act and the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder (the "1934 Act"), and such other documents as a Holder may reasonably
request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such Holder; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;register
or qualify the Registrable Securities under state securities or blue sky laws of such jurisdictions as are reasonably required to effect a sale thereof and
do any and all other acts and things which may be necessary or appropriate under such state securities or blue sky laws to enable the Holders of the Registrable Securities to consummate the public
sale or other disposition in such jurisdictions of the Registrable Securities to be sold or otherwise disposed of by such Holders from time to time; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;before
filing with the SEC any amendments or supplements to the Registration Statement or the Prospectus, furnish copies of all such documents proposed to be filed
to Holders of the Registrable Securities, which shall have five (5)&nbsp;business days to review and comment thereon (and absent comment within such five (5)&nbsp;business day period such
documents shall be deemed approved by any Holder not commenting); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that all such
documents shall be subject to the approval of a Holder insofar as they relate to information concerning such Holder (including, without limitation, the proposed method of distribution of the
Registrable Securities); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;notify
the Holders promptly (and, if requested by a Holder, confirm in writing) (a)&nbsp;when the Registration Statement has become effective and when any
post-effective amendments and supplements thereto become effective, (b)&nbsp;of any request by the SEC or any state securities authority for amendments or supplements to the Registration
Statement and the Prospectus or for additional information, (c)&nbsp;of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose, (d)&nbsp;of the receipt by SDG of any notification with respect to the suspension of the qualification of the Registrable Securities
or the initiation of any proceeding for such purpose, and (e)&nbsp;of the happening of any event during the period the Registration Statement is effective which in the judgment of SDG makes any
statement made in the Registration Statement or the Prospectus untrue in any material respect or which requires the making of any changes in the Registration Statement or the Prospectus in order to
make the statements therein not misleading in any material respect; </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#150;2&#150;</FONT></P>

<HR NOSHADE>
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<UL>

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement at the earliest practicable time; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;cooperate
with a Holder to facilitate the timely preparation and delivery of certificates evidencing the Registrable Securities being sold, which certificates shall
not bear any restrictive legends provided the Registrable Securities evidenced thereby have been sold in a manner permitted by the Prospectus; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;upon
the occurrence of any event contemplated by subsection 2.5(e), promptly prepare and file&nbsp;a supplement or post-effective amendment to the
Registration Statement or the Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to purchasers of the Shares, the
Prospectus will not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the obligation to prepare and file any such supplement or
post-effective amendment shall be suspended if SDG, relying upon advice of counsel, determines that disclosure of any information required to be included therein would be adverse to its
interests, but such suspension shall not extend beyond thirty (30)&nbsp;days with respect to any such specified event or for more than an aggregate of sixty (60)&nbsp;days in any calendar year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;use
its reasonable efforts to cause the Registrable Securities to be listed on any securities exchange on which securities of the same class issued by SDG are then
listed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;Make
available for inspection by Holders of Registrable Securities and any counsel, accountants or other representatives retained by such Holders such financial
and other records and pertinent corporate documents of SDG and cause the officers, directors and employees of SDG to supply such records, documents or information reasonably requested by such Holders,
counsel, accountants or representatives in connection with the preparation of the registration statement that are reasonably required in order for such Holders to establish their "due diligence"
defense against liabilities under Section&nbsp;12(2) of the 1933 Act; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that such
records, documents or information are confidential and shall not be disclosed by such Holders, counsel, accountants or representatives unless (i)&nbsp;such disclosure is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction, or (ii)&nbsp;such records, documents or information become generally available to the public other than through a breach of this
Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;use
its reasonable efforts to make available to its security holders, as soon as reasonably practicable, an earning statement covering at least 12&nbsp;months,
commencing on the first day of the fiscal quarter next succeeding each sale of the Registrable Securities pursuant to the Registration Statement, in a manner which shall satisfy the provisions of
Section&nbsp;11(a) of the 1933 Act and Rule&nbsp;158 thereunder. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;SDG
hereby agrees to indemnify and hold harmless each Holder and each person or entity, if any, which controls a Holder (within the meaning of either
Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act), and its and their respective officers, directors, partners, agents and employees, from and against any and all losses, claims,
damages, costs and expenses (including reasonable attorneys' fees) to which such Holder or each such person may become subject under the 1933 Act or otherwise by reason of any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement or the Prospectus, or by reason of any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and shall reimburse each Holder for
any legal or other expenses reasonably incurred by such Holder in connection with investigating or defending any such loss, claim or damages as such expenses are incurred; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that SDG shall not be liable insofar as any such losses, claims, damages, costs and
expenses (including reasonable attorneys fees) are caused or incurred by reason of any such untrue statement or omission or alleged </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;3&#150;</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>
untrue statement or omission based upon information furnished in writing to SDG by such Holder expressly for use therein. In addition, upon request of a Holder, SDG shall enter into one or more
indemnification agreements with any broker or brokers engaged by such Holder to sell all or any portion of the Registrable Securities, each such agreement to indemnify the broker in question against
the same losses, claims, damages, costs and expenses as such Holder is indemnified against by SDG under this paragraph&nbsp;3. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;Each
Holder hereby (i)&nbsp;represents and warrants that the Units and the Registrable Securities are being acquired by it for investment and not with a view to
the distribution thereof (except as contemplated by and in accordance with this Agreement, the Registration Statement or otherwise in accordance with the requirements of the 1933 Act and the 1934 Act
and all applicable state securities laws), (ii)&nbsp;agrees that, upon receipt of any notice from SDG of the happening of any event of the kind described in subsection 2.5(e), such Holders will
forthwith discontinue disposition of the Registrable Securities pursuant to the Registration Statement until such Holder's receipt of the copies of the supplemented or amended Prospectus contemplated
by subsection 2.8 and (iii)&nbsp;agrees that the certificate or certificates representing the Registrable Securities shall bear the following legend: </FONT></P>

<UL>

<P><FONT SIZE=2>THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT
OF 1933 AND IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE WITH RESPECT THERETO, OR IN ACCORDANCE WITH AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER
THAT AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE; </FONT></P>

</UL>

<P><FONT SIZE=2>provided
that certificates representing Registrable Securities shall not be required to bear such legend (and SDG shall cooperate with the holders thereof in obtaining replacement certificates without
such legend) if (a)&nbsp;the resale of such Registrable Securities is not required to be registered hereunder or (b)&nbsp;the holder thereof delivers to SDG an opinion of counsel in form and
substance reasonably satisfactory to SDG that such Registrable Securities may be resold by the holder thereof without registration under the 1933 Act in reliance upon Section&nbsp;4(1) under the
1933 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;SDG
covenants and agrees that upon the issuance of the Shares by SDG to the Holders in exchange for the Units, each Holder shall have good and absolute title to the
Shares free and clear of all liens,
encumbrances and security interests except for restrictions under the 1933 Act and the 1934 Act, restrictions on transfer contemplated by Section&nbsp;4 above and any liens, encumbrances and
security interests arising out of such Holder's own acts. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;SDG
covenants that, so long as it is subject to the reporting requirements of the 1934 Act, it will file the reports required to be filed by it under the 1934 Act
so as to enable any Holder to sell the Registrable Securities pursuant to Rule&nbsp;144 under the 1933 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;In
connection with any sale, transfer or other disposition by any Holder of any Registrable Securities pursuant to Rule&nbsp;144 under the 1933 Act, SDG shall
cooperate with such Holder to facilitate the timely preparation and delivery of certificates evidencing the Registrable Securities to be sold and not bearing any 1933 Act legend, and enable
certificates for such Registrable Securities to be for such number of shares and registered in such names as the selling Holders may reasonably request. SDG's obligation set forth in the previous
sentence shall be subject to the delivery, if reasonably requested by SDG or its transfer agent, by counsel to such Holder, in form and substance reasonably satisfactory to SDG and its transfer agent,
of an opinion that such 1933 Act legend need not appear on such certificate. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;The
obligations of SDG under this Agreement shall expire upon the earliest to occur of: (i)&nbsp;such time as the Units, or after exchange of the Units, the
Registrable Securities, are no longer </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;4&#150;</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>
outstanding, (ii)&nbsp;SDG has kept the Registration Statement effective for the period set forth in Section&nbsp;1 above, or (iii)&nbsp;counsel for SDG has provided to a Holder a written
opinion to the effect that the subsequent disposition by such Holder of the Registrable Securities would not require registration under the 1933 Act or any similar state law then in effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;This
Agreement shall be binding upon and inure to the benefit of the parties hereto and, subject to the following sentence, their respective successors and assigns.
A transferee of Units and/or Registrable Securities who is a "Permitted Transferee" as hereinafter defined and who hereafter acquires the Units and/or Registrable Securities from a Holder in a
transaction other than pursuant to a registration statement under the 1933 Act may become a Holder for purposes of this Agreement by (i)&nbsp;taking and holding the record ownership of such Units
and/or Registrable Securities, (ii)&nbsp;notifying SDG in writing of such transfer and (iii)&nbsp;providing SDG with all information concerning such transferee that is necessary to amend or
supplement the Prospectus, whereupon such transferee shall be conclusively deemed to have agreed to be bound by and entitled to the benefit of all the terms and provisions hereof. "Permitted
Transferee" shall mean J.W. O'Connor&nbsp;&amp; Co. Incorporated, O'Connor Associates,&nbsp;L.P., any of the persons set forth on Schedule&nbsp;I hereto and any permitted transferee under the
Partnership Agreement. The provisions of the Agreement shall be construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within said state. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5><FONT SIZE=2>O'CONNOR RETAIL PARTNERS,&nbsp;L.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
J.W. O'CONNOR&nbsp;&amp; CO. INCORPORATED,<BR>
General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>BRUCE MACLEOD</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Bruce Macleod</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Executive Vice President</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD COLSPAN=5><FONT SIZE=2><BR>
SIMON DEBARTOLO GROUP,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
/s/&nbsp;</FONT><FONT SIZE=2>DAVID SIMON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>David Simon</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>Chief Executive Officer</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>
[Schedule&nbsp;I omitted] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&#150;5&#150;</FONT></P>

<HR NOSHADE>
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<BR>
<P><br><A NAME="01CHI5071_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ke5071_1">EXHIBIT 4.8</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_ke5071_2">REGISTRATION RIGHTS AGREEMENT</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>a2065357zex-23_1.htm
<DESCRIPTION>CONSENT OF ARTHUR ANDERSEN
<TEXT>
<HTML>
<HEAD>
<TITLE> Prepared by MERRILL CORPORATION
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#01CHI5071_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ki5071_exhibit_23.1"> </A>
<A NAME="toc_ki5071_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;23.1    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ki5071_consent_of_independent_public_accountants"> </A>
<A NAME="toc_ki5071_2"> </A>
<BR></FONT><FONT SIZE=2><B>CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As independent public accountants, we hereby consent to the incorporation by reference in this registration statement of our reports dated February&nbsp;7,
2001 and February&nbsp;16, 2000 included in Simon Property Group,&nbsp;Inc. and SPG Realty Consultants,&nbsp;Inc.'s Form&nbsp;10-K for the year ended December&nbsp;31, 2000 and
to all references to our Firm included in this registration statement. </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2>/s/&nbsp;</FONT><FONT SIZE=2>ARTHUR ANDERSEN LLP</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2>ARTHUR ANDERSEN LLP</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%"><FONT SIZE=2><BR>
Indianapolis, Indiana<BR>
December&nbsp;6, 2001</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
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<P><br><A NAME="01CHI5071_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ki5071_1">EXHIBIT 23.1</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_ki5071_2">CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS</A></FONT><BR>
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end

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</SUBMISSION>
