<SUBMISSION>
<ACCESSION-NUMBER>0001047469-09-009591
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>16
<PERIOD>20090930
<FILING-DATE>20091105
<DATE-OF-FILING-DATE-CHANGE>20091105
<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>10-Q
<ACT>34
<FILE-NUMBER>001-14469
<FILM-NUMBER>091160926
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>225 WEST WASHINGTON STREET
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204-3438
<PHONE>317-636-1600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>225 WEST WASHINGTON STREET
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204-3438
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CORPORATE PROPERTY INVESTORS INC
<DATE-CHANGED>19980610
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>a2195218z10-q.htm
<DESCRIPTION>10-Q
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>  </B></FONT><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> FORM&nbsp;10-Q  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>QUARTERLY REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>For the quarterly period ended September&nbsp;30, 2009 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>SIMON PROPERTY GROUP, INC.<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Delaware<BR>
(State of incorporation or organization) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>001-14469<BR>
(Commission File No.) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>046-268599<BR>
(I.R.S. Employer Identification No.) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>225
West Washington Street<BR>
Indianapolis, Indiana 46204<BR>
(Address of principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(317)&nbsp;636-1600<BR>
(Registrant's telephone number, including area code) </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Indicate
by check mark whether the Registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12&nbsp;months (or for such shorter period that the Registrant was required to file such reports), and (2)&nbsp;has been subject to such filing requirements for the past
90&nbsp;days.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Yes</B></FONT><FONT SIZE=2>&nbsp;<FONT
FACE="WINGDINGS">&#253;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>No</B></FONT><FONT SIZE=2>&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&sect;&nbsp;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the
Registrant was required to submit and post such
files).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Yes</B></FONT><FONT SIZE=2>&nbsp;<FONT
FACE="WINGDINGS">&#253;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>No</B></FONT><FONT SIZE=2>&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the
definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule&nbsp;12b-2 of the Exchange Act (check one): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


</FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="145pt" style="font-family:times;"></TD>
<TD WIDTH="1%" style="font-family:times;"></TD>
<TD WIDTH="111pt" style="font-family:times;"></TD>
<TD WIDTH="1%" style="font-family:times;"></TD>
<TD WIDTH="135pt" style="font-family:times;"></TD>
<TD WIDTH="1%" style="font-family:times;"></TD>
<TD WIDTH="169pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Large&nbsp;accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2> Accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2> Non-accelerated&nbsp;filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT><BR></FONT> <FONT SIZE=1>(Do not check if a smaller reporting company)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> Smaller&nbsp;reporting&nbsp;company&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>Indicate
by check mark whether Registrant is a shell company (as defined by Rule&nbsp;12b-2 of the Exchange
Act).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Yes</B></FONT><FONT SIZE=2>&nbsp;<FONT
FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>No</B></FONT><FONT SIZE=2>&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>As of September&nbsp;30, 2009, Simon Property Group, Inc. had 283,301,181&nbsp;shares of common stock, par value $0.0001 per share and 8,000&nbsp;shares of Class&nbsp;B
common stock, par value $0.0001 per share outstanding. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=727534,FOLIO='blank',FILE='DISK128:[09ZDV1.09ZDV15801]BA15801A.;2',USER='EYOUNG',CD=';3-NOV-2009;08:59' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_bg15801_1_2"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>
<A NAME="BG15801A_main_toc"></A> </FONT> <FONT SIZE=2><B>Simon Property Group, Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Form&nbsp;10-Q  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B> INDEX  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="BG15801_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2><B>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


  </B></FONT></P>
<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>

<!-- COMMAND=ADD_START_LINKTABLE -->

 </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Page</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:times;"><FONT SIZE=2><B> Part&nbsp;I&nbsp;&#151; Financial Information</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> Item&nbsp;1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> Consolidated Financial Statements (Unaudited)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#balance"><BR><FONT SIZE=2> Consolidated Balance Sheets as of September&nbsp;30, 2009 and December&nbsp;31, 2008</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#balance"><BR><FONT SIZE=2> 3</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#operations"><BR><FONT SIZE=2> Consolidated Statements of Operations and Comprehensive Income for the three months and nine months ended September&nbsp;30, 2009 and 2008</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#operations"><BR><FONT SIZE=2> 4</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#cash_flows"><BR><FONT SIZE=2> Consolidated Statements of Cash Flows for the nine months ended September&nbsp;30, 2009 and 2008</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#cash_flows"><BR><FONT SIZE=2> 5</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#notes"><BR><FONT SIZE=2> Condensed Notes to Consolidated Financial Statements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#notes"><BR><FONT SIZE=2> 6</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#item_2"><BR><FONT SIZE=2> Item&nbsp;2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#item_2"><BR><FONT SIZE=2> Management's Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#item_2"><BR><FONT SIZE=2> 18</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#item_3"><BR><FONT SIZE=2> Item&nbsp;3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#item_3"><BR><FONT SIZE=2> Qualitative and Quantitative Disclosures About Market Risk</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#item_3"><BR><FONT SIZE=2> 29</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#item_4"><BR><FONT SIZE=2> Item&nbsp;4.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#item_4"><BR><FONT SIZE=2> Controls and Procedures</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#item_4"><BR><FONT SIZE=2> 29</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:times;"><FONT SIZE=2><B><BR>
Part&nbsp;II&nbsp;&#151; Other Information</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_1"><BR><FONT SIZE=2> Item&nbsp;1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_1"><BR><FONT SIZE=2> Legal Proceedings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#p2_item_1"><BR><FONT SIZE=2> 31</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_1a"><BR><FONT SIZE=2> Item&nbsp;1A.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_1a"><BR><FONT SIZE=2> Risk Factors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#p2_item_1a"><BR><FONT SIZE=2> 31</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_2"><BR><FONT SIZE=2> Item&nbsp;2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_2"><BR><FONT SIZE=2> Unregistered Sales of Equity Securities and Use of Proceeds</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#p2_item_2"><BR><FONT SIZE=2> 31</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_5"><BR><FONT SIZE=2> Item&nbsp;5.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_5"><BR><FONT SIZE=2> Other Information</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#p2_item_5"><BR><FONT SIZE=2> 31</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_6"><BR><FONT SIZE=2> Item&nbsp;6.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#p2_item_6"><BR><FONT SIZE=2> Exhibits</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#p2_item_6"><BR><FONT SIZE=2> 32</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><A HREF="#jc15801_signatures"><BR><FONT SIZE=2><B> Signatures</B></FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#jc15801_signatures"><BR><FONT SIZE=2> 33</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=635163,FOLIO='2',FILE='DISK128:[09ZDV1.09ZDV15801]BG15801A.;6',USER='EYOUNG',CD=';3-NOV-2009;08:59' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_da15801_1_3"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="balance"></A>Simon Property Group, Inc. and Subsidiaries<BR>  </B></FONT><FONT SIZE=2><I>Consolidated Balance Sheets<BR>
(Dollars in thousands, except per share amounts)  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=4 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>Unaudited</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>As&nbsp;Adjusted</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>ASSETS:  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment properties, at cost</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>25,405,801</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,205,715</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less&nbsp;&#151; accumulated depreciation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 6,837,803</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 6,184,285</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 18,567,998</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 19,021,430</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 3,745,693</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 773,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tenant receivables and accrued revenue, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 352,638</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 414,856</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in unconsolidated entities, at equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,507,483</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,663,886</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred costs and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,166,792</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,028,333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Note receivable from related party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 636,000</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 520,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total assets  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>25,976,604</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,422,749</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>LIABILITIES:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mortgages and other indebtedness</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>18,669,121</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,042,532</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable, accrued expenses, intangibles, and deferred revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,050,269</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,086,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash distributions and losses in partnerships and joint ventures, at equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 443,081</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 380,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other liabilities and accrued dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 182,722</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 155,151</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total liabilities  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 20,345,193</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 19,664,661</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Commitments and contingencies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><BR>
150,261</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
276,608</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Series&nbsp;I 6% convertible perpetual preferred stock, 19,000,000&nbsp;shares authorized, 7,603,537 and 7,590,264 issued and outstanding,
respectively, at liquidation value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><BR>
380,177</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
379,513</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EQUITY:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital stock (750,000,000 total shares authorized, $.0001 par value, 237,996,000&nbsp;shares of excess common stock, 100,000,000 authorized shares of
preferred stock):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Series&nbsp;J 8<SUP>3</SUP>/<SMALL>8</SMALL>% cumulative redeemable preferred stock, 1,000,000&nbsp;shares authorized, 796,948 issued and outstanding, with a
liquidation value of $39,847</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 45,786</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 46,032</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock, $.0001 par value, 400,004,000&nbsp;shares authorized, 287,424,297 and 235,691,040 issued, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 29</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Class&nbsp;B common stock, $.0001 par value, 12,000,000&nbsp;shares authorized, 8,000 issued and outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital in excess of par value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 7,391,338</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 5,410,147</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated deficit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (2,872,685</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (2,491,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (15,158</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (165,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock held in treasury at cost, 4,123,116 and 4,379,396&nbsp;shares, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (176,885</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (186,210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 4,372,425</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,612,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 728,548</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 488,969</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total equity  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 5,100,973</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,101,967</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total liabilities and equity  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>25,976,604</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,422,749</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=4 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=368800,FOLIO='3',FILE='DISK128:[09ZDV1.09ZDV15801]DA15801A.;12',USER='EYOUNG',CD=';3-NOV-2009;08:59' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dc15801_1_4"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="operations"></A>Simon Property Group, Inc. and Subsidiaries<BR>  </B></FONT><FONT SIZE=2><I>Unaudited Consolidated Statements of Operations and Comprehensive Income<BR>
(Dollars in thousands, except per share amounts)  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Three Months<BR>
Ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Nine Months<BR>
Ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>As&nbsp;Adjusted</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>As&nbsp;Adjusted</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>REVENUE:  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minimum rent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>570,100</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>567,938</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,709,147</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,684,819</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Overage rent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 19,806</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 26,295</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 45,799</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 60,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tenant reimbursements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 268,611</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 266,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 784,905</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 776,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management fees and other revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 29,988</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 33,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 90,694</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 101,249</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 36,427</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 41,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 116,491</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 130,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total revenue  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 924,932</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 935,594</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,747,036</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,753,839</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EXPENSES:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property operating</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 113,815</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 127,515</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 326,798</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 352,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 250,151</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 235,915</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 758,173</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 700,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Real estate taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 79,854</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 84,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 251,173</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 254,071</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Repairs and maintenance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 19,151</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 20,392</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 61,925</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 75,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Advertising and promotion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 23,226</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 22,942</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 61,555</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 64,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Recovery of) provision for credit losses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (745</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,004</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 19,336</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 17,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Home and regional office costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 26,899</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 34,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 79,732</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 108,766</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 4,509</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 5,035</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 13,867</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 15,432</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment charge</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 140,478</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 15,895</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 18,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 52,908</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 51,964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total operating expenses  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 532,755</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 552,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,765,945</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,639,674</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>OPERATING INCOME  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 392,177</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 383,352</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 981,091</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,114,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (257,881</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (239,955</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (728,360</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (702,207</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on extinguishment of debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (20,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax benefit (expense) of taxable REIT subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 238</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (972</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,904</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (1,576</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from unconsolidated entities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 4,655</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 17,312</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 15,694</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 13,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>CONSOLIDATED NET INCOME  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 139,189</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 159,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 271,329</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 403,112</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 27,103</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 35,644</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 60,177</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 91,818</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 6,539</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 11,284</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 19,597</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 33,980</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>105,547</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>112,809</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>191,555</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>277,314</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>BASIC EARNINGS PER COMMON SHARE:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income attributable to common stockholders  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.38</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.73</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>DILUTED EARNINGS PER COMMON SHARE:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income attributable to common stockholders  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.38</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.73</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated net income  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>139,189</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>271,329</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>403,112</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized (loss) income on interest rate hedge agreements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 4,883</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (6,346</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3,781</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (loss) on derivative instruments reclassified from accumulated other comprehensive income (loss) into interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (3,769</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (6,739</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (10,816</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3,514</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 5,928</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 695</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (11,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes in available-for-sale securities and other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 38,362</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 13,185</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 204,965</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 184,593</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 165,381</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 459,827</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 392,332</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comprehensive income attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 35,549</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 37,681</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 98,767</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 90,448</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive income attributable to common stockholders  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>149,044</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>127,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>361,060</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>301,884</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=602716,FOLIO='4',FILE='DISK128:[09ZDV1.09ZDV15801]DC15801A.;3',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_de15801_1_5"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="cash_flows"></A>Simon Property Group, Inc. and Subsidiaries<BR>  </B></FONT><FONT SIZE=2><I>Unaudited Consolidated Statements of Cash Flows<BR>
(Dollars in thousands)  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=5 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Nine Months<BR>
Ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=5 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=5 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>As&nbsp;Adjusted</I></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>CASH FLOWS FROM OPERATING ACTIVITIES:  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated net income  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>271,329</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>403,112</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to reconcile consolidated net income to net cash provided by operating activities&nbsp;&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 765,325</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 686,852</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment charge</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 140,478</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Straight-line rent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (20,376</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (26,050</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in income of unconsolidated entities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (15,694</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (13,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions of income from unconsolidated entities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 75,883</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 84,296</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Changes in assets and liabilities&nbsp;&#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tenant receivables and accrued revenue, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 83,518</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 24,195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred costs and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (38,415</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (26,901</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 79,236</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 82,920</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net cash provided by operating activities  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,341,284</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,215,364</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>CASH FLOWS FROM INVESTING ACTIVITIES:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Funding of loans to related parties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (120,000</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (8,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Repayments on loans to related parties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 4,700</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 25,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital expenditures, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (313,124</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (668,239</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investments in unconsolidated entities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (16,569</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (66,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of marketable and non-marketable securities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (132,984</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (355,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sale of marketable and non-marketable securities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 44,446</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 8,459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions of capital from unconsolidated entities and other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 162,827</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 191,508</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net cash used in investing activities  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (370,704</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (873,281</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>CASH FLOWS FROM FINANCING ACTIVITIES:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from sales of common stock and other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,639,376</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 9,452</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of limited partner units</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (14,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred stock redemptions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (87,689</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (1,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions to noncontrolling interest holders in properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (21,668</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (18,131</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contributions from noncontrolling interest holders in properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,798</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,835</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred distributions of the Operating Partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (10,451</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (13,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred dividends and distributions to stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (107,692</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (640,210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions to limited partners</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (18,737</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (154,932</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mortgage and other indebtedness proceeds, net of transaction costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 3,121,880</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,109,078</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=4 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mortgage and other indebtedness principal payments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (2,516,248</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3,475,437</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net cash provided by (used in) financing activities  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,001,569</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (197,949</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>INCREASE IN CASH AND CASH EQUIVALENTS  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><BR>
2,972,149</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
144,134</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>CASH AND CASH EQUIVALENTS, beginning of period  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><BR>
773,544</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
501,982</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>CASH AND CASH EQUIVALENTS, end of period  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2><B><BR>$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><BR>
3,745,693</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2><BR>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
646,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=584074,FOLIO='5',FILE='DISK128:[09ZDV1.09ZDV15801]DE15801A.;5',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dg15801_1_6"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Simon Property Group, Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="notes"></A>Condensed Notes to Consolidated Financial Statements  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Unaudited)  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(Dollars
in thousands, except share and per share amounts and where indicated in millions or billions) </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT,
under the Internal Revenue Code. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties. In these condensed
notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon Property Group, Inc. and its subsidiaries. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
own, develop and manage retail real estate properties, which consist primarily of regional malls, Premium Outlet&reg; centers, The Mills&reg;, and community/lifestyle
centers. As of September&nbsp;30, 2009, we owned or held an interest in 325 income-producing properties in the United States, which consisted of 163 regional malls, 41 Premium Outlet centers, 70
community/lifestyle centers, 36&nbsp;properties acquired in the 2007 acquisition of The Mills Corporation, or the Mills acquisition, and 15 other shopping centers or outlet centers in
41&nbsp;states and Puerto Rico. Of the 36&nbsp;properties acquired in the Mills portfolio, 16 of these properties are The Mills, 16 are regional malls, and four are community centers. We also own
an interest in one parcel of land held in the United States for future development. Internationally, as of September&nbsp;30, 2009, we had ownership interests in 51&nbsp;European shopping centers
(France, Italy and Poland), eight Premium Outlet centers in Japan, one Premium Outlet center in Mexico, one Premium Outlet center in South Korea, and three shopping centers in China. Also, through
joint venture arrangements we have ownership interest in the following properties under development internationally: a 24% interest in two shopping centers in Italy and a 32.5% interest in one
additional shopping center under construction in China. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying unaudited consolidated financial statements of Simon Property Group, Inc. include the accounts of all majority-owned
subsidiaries, and all significant inter-company amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended
September&nbsp;30, 2009 are not necessarily indicative of the results to be expected for the full year. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
consolidated financial statements have been prepared in accordance with the instructions to Form&nbsp;10-Q and include all of the information and disclosures
required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial
statements. In the opinion of management, all adjustments
necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form&nbsp;10-Q should be read in conjunction with
the audited consolidated financial statements and related notes contained in our 2008 Annual Report on Form&nbsp;10-K. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2009, we consolidated 204 wholly-owned properties and 18 additional properties that are less than wholly-owned, but which we control or for which we are the
primary beneficiary. We account for the remaining 167&nbsp;properties, or the joint venture properties, using the equity method of accounting. We manage the day-to-day
operations of 93 of the 167 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint
venture properties. Our investments in joint ventures in Japan, Europe, and Asia comprise 64 of the remaining 74&nbsp;properties. The international properties are managed locally by joint ventures
in which we share oversight responsibility with our partner. Additionally, we account for our investment in SPG-FCM Ventures, LLC, or SPG-FCM, which acquired The Mills
Corporation and its majority-owned subsidiary, The Mills Limited Partnership, collectively Mills, in April 2007, using the equity method of accounting. We have determined that SPG-FCM is
not a variable interest entity (VIE) and that Farallon Capital Management, L.L.C., or Farallon, our joint venture partner, has substantive participating rights with respect to the assets and
operations of SPG-FCM pursuant to the applicable partnership agreements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
allocate net operating results of the Operating Partnership after preferred distributions to third parties and to us based on the partners' respective weighted average ownership
interests in the Operating Partnership. Net operating results of the Operating Partnership attributed to third parties are reflected in net income attributable to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=6,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=399582,FOLIO='6',FILE='DISK128:[09ZDV1.09ZDV15801]DG15801A.;12',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_dg15801_1_7"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>noncontrolling
interests. Our weighted average ownership interest in the Operating Partnership was 82.1% and 79.7% for the nine months ended September&nbsp;30, 2009 and 2008, respectively. As of
September&nbsp;30, 2009 and December&nbsp;31, 2008, our ownership interest in the Operating Partnership was 83.0% and 80.4%, respectively. We adjust the limited partners' interests at the end of
each period to reflect their respective interests in the Operating Partnership. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
distributions of the Operating Partnership in the accompanying statements of operations and cash flows represent distributions on outstanding preferred units at the time of
declaration of partnership interests held by limited partners, or preferred units, and are included in net income attributable to noncontrolling interests. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Reclassifications  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the
2009 presentation. The reclassifications were to reflect the retrospective adoption of a newly issued accounting standard related to noncontrolling interests in consolidated financial statements and
the reassessment of the classification and measurement of redeemable securities, as further described in Note&nbsp;3. These reclassifications had no impact on previously reported net income
available to common stockholders or earnings per share. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Subsequent Events  </I></B></FONT></P>

</UL>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have evaluated the financial statements for subsequent events through the time of the filing of this
Form&nbsp;10-Q. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Accounting Policies  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Cash and Cash Equivalents  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider all highly liquid investments purchased with an original maturity of 90&nbsp;days or less to be cash and
cash equivalents. Cash equivalents are carried at cost, which approximates market value. Cash equivalents generally consist of commercial paper, bankers acceptances, Eurodollars, repurchase agreements
and money market funds or accounts. Cash and cash equivalents, as of September&nbsp;30, 2009, include a balance of $30.9&nbsp;million related to our co-branded gift card programs which
we do not consider available for general working capital purposes. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our
tenant receivables. We place our cash and cash equivalents with high credit quality institutions. However, at certain times, the cash and cash equivalents deposited with any institution may be in
excess of FDIC and SIPC insurance limits. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Marketable and Non-Marketable Securities  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities consist primarily of the investments of our captive insurance subsidiaries, our investment in
shares of common stock of Liberty International PLC, or Liberty, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously
secured by investment properties that have been sold. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as
corporate debt securities with maturities ranging from 1 to 10&nbsp;years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable
inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of
premiums and accretion of discounts to maturity. Our investment in Liberty is also accounted for as an available-for-sale security. Liberty operates regional shopping centers and is the owner of other
retail assets throughout the United
Kingdom, as well as certain real estate assets in the U.S. Liberty is a U.K. FTSE&nbsp;100 listed company. Liberty elected to be treated as a U.K. Real Estate Investment Trust on January&nbsp;1,
2007. Our interest in Liberty is adjusted to their quoted market price, including a related foreign exchange component. Changes in the values of these securities are recognized in accumulated other
comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the quarterly period ended June&nbsp;30, 2009, we recognized a non-cash charge of $140.5&nbsp;million, or $0.42 per diluted share, representing an
other-than-temporary impairment in fair value below the carrying value of our investment in Liberty. As of June&nbsp;30 and September&nbsp;30, 2009, we owned 35.4&nbsp;million shares at a
weighted average cost per share of &pound;5.74. As of June&nbsp;30, and September&nbsp;30, 2009, Liberty's quoted market price was &pound;3.97 and &pound;4.79 per </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=7,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=146373,FOLIO='7',FILE='DISK128:[09ZDV1.09ZDV15801]DG15801A.;12',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_dg15801_1_8"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>share,
respectively. As a result of the significance and duration of the decline in the total share price at June&nbsp;30, 2009, including currency revaluations, the decline in value was deemed an
other-than-temporary impairment, which established a new cost basis of our investment in Liberty. As a result, changes in available-for-sale securities and other in the consolidated statement of
operations and comprehensive income include the reclassification of $140.5&nbsp;million from accumulated other comprehensive income to earnings related to this non-cash charge. Prior to
the quarter ending June&nbsp;30, 2009, the changes in value of our Liberty investment were reflected in other comprehensive income.For the quarter ending September&nbsp;30, 2009, we resumed
marking our Liberty investment to market through other comprehensive income. The resulting mark-to-market adjustment for the quarterly period ended September&nbsp;30, 2009 was an increase in the
value of Liberty of $37.7&nbsp;million with a corresponding adjustment in other comprehensive income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to this investment
portfolio may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability
recorded as the amounts are fully payable to the employees who earned the compensation and who are in the deferred compensation plan. Changes in the values of these securities are recognized in
earnings, but because of the matching liability the impact to net income is zero. In addition, as of September&nbsp;30, 2009 and December&nbsp;31, 2008, we had investments of $52.3&nbsp;million
and $53.4&nbsp;million, respectively, which must be used to fund the debt service requirements of previously secured by investment properties sold. These investments are classified as
held-to-maturity and are recorded at amortized cost as we have the ability and intent to hold these investments to maturity. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2008, we made an investment of $70&nbsp;million in a non-marketable security that we account for under the cost method. To the extent an other-than-temporary decline in fair
value is deemed to have occurred, we would adjust this investment to its estimated fair value. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
net unrealized gains as of September&nbsp;30, 2009 were approximately $39.6&nbsp;million and represented the valuation and related currency adjustments for our marketable
securities. As of September&nbsp;30, 2009, other than the adjustment related to our investment in Liberty recorded during the second quarter, we do not consider the decline in value of any of our
other marketable and non-marketable securities to be an other-than-temporary impairment, as these market value declines, if any, have existed for a short period of time, and, in the case of debt
securities, we have the ability and intent to hold these securities to maturity. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Fair Value Measurements  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hold marketable securities that total $476.0&nbsp;million at September&nbsp;30, 2009, and are considered to have
Level&nbsp;1 fair value inputs. In addition, we have derivative instruments which are classified as having Level&nbsp;2 inputs which consist primarily of interest rate swap agreements with a gross
liability balance of $16.7&nbsp;million and interest rate cap agreements with a gross asset value of $3&nbsp;million, which are offset by a corresponding counter position cap liability of the same
amount. Level&nbsp;1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges, and Level&nbsp;2 fair value inputs are observable
information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. See Note&nbsp;6 for a discussion of fair value of debt. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Retrospective Adjustments Related to Noncontrolling Interests and Temporary Equity  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2009, we adopted a newly issued accounting standard for noncontrolling interests, which
requires a noncontrolling interest in a subsidiary to be reported as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest to be included within
consolidated net income. This standard also requires consistency in the manner of reporting changes in the parent's ownership interest and requires fair value measurement of any noncontrolling equity
investment retained in a deconsolidation. In connection with our adoption, we also reviewed and retrospectively adopted the measurement and classification provisions for redeemable securities as
further discussed below. As a result, we adjusted the carrying amounts of noncontrolling redeemable interests held by third parties in certain of our properties to redemption values at each reporting
date. Because holders of the noncontrolling redeemable interests in properties can require us to redeem these interests for cash, we have classified these noncontrolling redeemable interests outside
of permanent equity. These adjustments increased the December&nbsp;31, 2007 carrying value of these noncontrolling redeemable interests by $41.5&nbsp;million, with a corresponding increase to
accumulated deficit in consolidated equity. Subsequent adjustments to the carrying amounts of these </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=8,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=313127,FOLIO='8',FILE='DISK128:[09ZDV1.09ZDV15801]DG15801A.;12',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_dg15801_1_9"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>noncontrolling
redeemable interests in properties, to reflect the change in redemption value at the end of each reporting period, are recorded to accumulated deficit. Additionally, due to certain cash
redemption features that may be deemed outside of our control, we have retained temporary equity classification for certain preferred units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
reassessment of the measurement and classification provisions for redeemable securities also resulted in the reclassification of our Series&nbsp;I 6% Convertible Perpetual
Preferred Stock (Series&nbsp;I Preferred Stock) from permanent equity to temporary equity due to the possibility that we could be required to redeem the security for cash upon the occurrence of a
change in control event, which would include a change in the majority of our directors that occurs over a two year period. The carrying amount of the Series&nbsp;I Preferred Stock is equal to its
liquidation value, which is the amount payable upon the occurrence of such event. Lastly, the adoption also resulted in the reclassification to equity as noncontrolling nonredeemable interests the
limited partners' interests in the Operating Partnership, or units, and nonredeemable noncontrolling interests in properties. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details
of the carrying amount of our noncontrolling interests that have been reclassified to permanent equity are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:60%;margin-left:20%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


</FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>As of<BR>
September&nbsp;30,<BR>
2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>As of<BR>
December&nbsp;31,<BR>
2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Limited partners' common interests in the Operating Partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>885,149</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>639,779</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nonredeemable noncontrolling deficit interests in properties, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (156,601</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (150,810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total noncontrolling interests reflected in equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>728,548</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>488,969</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of these reclassifications, total equity at December&nbsp;31, 2008 increased by $61.8&nbsp;million from the $3.0&nbsp;billion
previously reported. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
as a result of the adoption, net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited
partners' interests in the Operating
Partnership and preferred distributions of the Operating Partnership) is now excluded from the determination of consolidated net income. In addition, the individual components of other comprehensive
income are now presented in the aggregate, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. Corresponding changes have
also been made to the accompanying consolidated statements of cash flows. Such changes resulted in a net increase to cash flows provided by operating activities with an offsetting increase to cash
flows used in financing activities related to distributions to noncontrolling interest holders in properties. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=9,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=252464,FOLIO='9',FILE='DISK128:[09ZDV1.09ZDV15801]DG15801A.;12',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_dg15801_1_10"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
rollforward of noncontrolling interests is as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Three Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Nine Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interest, beginning of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>696,063</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>528,366</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>488,969</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>592,978</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 24,980</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 31,378</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 49,726</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 78,420</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions to noncontrolling interestholders(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (42,878</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (55,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (140,574</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (171,085</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive income (loss) allocable to noncontrolling interests:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized gain (loss) on interest rate hedge agreements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,136</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 571</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (205</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (816</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (loss) on derivative instruments reclassified from accumulated other comprehensive income (loss) into interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (636</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (1,374</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (1,932</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (715</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,100</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (738</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 184</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (2,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes in available-for-sale securities and other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 6,846</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,685</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 40,543</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 8,446</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,144</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 38,590</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (2,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment to limited partners' interests from increased ownership in the Operating Partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (26,214</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,683</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 161,851</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (28,074</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Units issued to limited partners</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 71,162</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 145,992</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 69,043</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Units converted to common shares</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (3,106</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7,927</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (16,079</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (27,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 95</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,180</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 73</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (9,290</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interest, end of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>728,548</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>502,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>728,548</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>502,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
2009 activity for the three and nine-month periods ended September&nbsp;30, 2009 includes non-cash distributions of
$30.4&nbsp;million and $105.3&nbsp;million related to distributions paid in units, respectively. </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Derivative Instruments and Hedging Activities  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1, 2009, we adopted newly issued accounting guidance on disclosures about derivative instruments and
hedging activities which amends and expands previous disclosure requirements. The guidance requires qualitative disclosures about objectives and strategies for using derivatives and quantitative
disclosures about the fair value of and gains and losses on derivative instruments. We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of
derivatives depends on the intended use
of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to
apply hedge accounting. We use a variety of derivative financial instruments in the normal course of business to manage or hedge the risks associated with our indebtedness and interest payments. Our
objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest
rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there was no significant
ineffectiveness from any of our derivative activities during the period. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2009, we had the following outstanding interest rate derivatives related to interest rate risk: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="115" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="82" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:72pt;"><FONT SIZE=1><B><I>Interest&nbsp;Rate&nbsp;Derivative

<!-- COMMAND=ADD_SCROPPEDRULE,72pt -->

 </I></B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Number of<BR>
Instruments </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Notional&nbsp;Amount </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Interest&nbsp;Rate&nbsp;Swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>695.0&nbsp;million</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Interest Rate Caps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>390.0&nbsp;million</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of our interest rate swap agreements, at fair value, is included with other liabilities and was $15.3&nbsp;million as of
September&nbsp;30, 2009. The interest rate cap agreements were of no net value at September&nbsp;30, 2009 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=10,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=64578,FOLIO='10',FILE='DISK128:[09ZDV1.09ZDV15801]DG15801A.;12',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_dg15801_1_11"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<BR>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>and
we generally do not apply hedge accounting to these arrangements. The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other
comprehensive loss from joint venture properties, approximated $56.3&nbsp;million as of September&nbsp;30, 2009. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also exposed to fluctuations in foreign exchange rates on investments denominated in a foreign currency that we hold, primarily in Japan and Europe. We use currency forward
agreements to manage our exposure to changes in foreign exchange rates on certain Yen-denominated receivables. Currency forward agreements involve fixing the USD-Yen exchange
rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their
settlement date. We entered into USD-Yen forwards during 2009 for approximately &yen;3&nbsp;billion that we expect to receive through April 2011 at an average exchange rate of
97.1&nbsp;USD:Yen, of which approximately &yen;1.6&nbsp;billion remains as of September&nbsp;30, 2009. The September&nbsp;30, 2009 liability balance related to these forwards was
$1.4&nbsp;million and is included in other liabilities. We have reflected the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the
foreign-denominated receivables are also reflected in income and generally offset the amounts in earnings for these forward contracts. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have no credit-risk-related hedging or derivative activities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per Share Data  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period. We determine
diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming
all potentially dilutive common shares were converted into shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Three Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Nine Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net Income attributable to Common Stockholders&nbsp;&#151; Basic  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>105,547</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>112,809</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>191,555</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>277,314</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Effect of dilutive securities:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impact to General Partner's interest in Operating Partnership from all dilutive securities and options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 669</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 32</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 149</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net Income attributable to Common Stockholders&nbsp;&#151; Diluted</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>106,216</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>112,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>191,587</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>277,463</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Weighted Average Shares Outstanding&nbsp;&#151; Basic</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 281,430,338</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 225,356,074</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 261,355,448</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 224,600,761</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 336,896</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 569,458</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 291,433</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 592,850</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of contingently issuable shares from stock dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 707,058</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,260,822</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Weighted Average Shares Outstanding&nbsp;&#151; Diluted</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 282,474,292</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 225,925,532</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 262,907,703</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 225,193,611</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=11,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=262255,FOLIO='11',FILE='DISK128:[09ZDV1.09ZDV15801]DG15801A.;12',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_di15801_1_12"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended September&nbsp;30, 2009, potentially dilutive securities include stock options, convertible preferred stock, contingently issuable
shares from stock dividends, units that are exchangeable for common stock and preferred units that are convertible into common units or exchangeable for our preferred stock. The only securities that
had a dilutive effect for the three and nine months ended September&nbsp;30, 2009 were stock options and contingently issuable shares from stock dividends. For the three and nine months ended
September&nbsp;30, 2008, the only securities that had a dilutive effect were stock options. We accrue dividends when they are declared. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Unconsolidated Entities  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Real Estate Joint Ventures  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new
properties, and diversify our risk in a particular property or portfolio. We held joint venture ownership interests in 103&nbsp;properties in the United States as of September&nbsp;30, 2009 and
December&nbsp;31, 2008. We also held interests in two joint ventures which owned 51&nbsp;European shopping centers as of September&nbsp;30, 2009 and December&nbsp;31, 2008. At
September&nbsp;30, 2009, we also held interests in eight joint venture properties under operation in Japan, three joint venture properties in China, one joint venture property in Mexico, and one
joint venture property in South Korea. We account for these joint venture properties using the equity method of accounting. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially
all of our joint venture properties are subject to rights of first refusal, buy-sell provisions, or other sale or marketing rights for partners which are
customary in real estate joint venture agreements and the industry. Our partners in these joint ventures may initiate these provisions at any time (subject to any applicable lock up or similar
restrictions), which could result in either the sale of our interest or the use of available cash or borrowings to acquire a joint venture interest from our partner. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Loans to SPG-FCM  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the Mills acquisition, the Operating Partnership made loans to SPG-FCM and Mills primarily at
rates of LIBOR plus 270-275 basis points. These funds were used by SPG-FCM and Mills to repay loans and other obligations, including the redemption of Mills' preferred stock.
As of September&nbsp;30, 2009 and December&nbsp;31, 2008, the outstanding balance of our remaining loan to SPG-FCM was $636.0&nbsp;million and $520.7&nbsp;million, respectively.
During the first nine months of 2009 and 2008, we recorded approximately $6.9&nbsp;million and $11.7&nbsp;million in interest income (net of inter-entity eliminations), respectively, related to
this loan. The loan facility bears interest at a rate of LIBOR plus 275 basis points and matures on June&nbsp;8, 2010, with two available one-year extensions. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> International Joint Venture Investments  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Joint Ventures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We conduct our international operations in Europe through two European joint
ventures: Simon Ivanhoe
S.&agrave;.r.l., or Simon Ivanhoe, and Gallerie Commerciali Italia, or GCI. The carrying amount of our total combined investment in these two joint venture investments was
$226.8&nbsp;million and $224.2&nbsp;million as of September&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including all related components of accumulated other
comprehensive income. The Operating Partnership has a 50% ownership in Simon Ivanhoe and a 49% ownership in GCI. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Joint Ventures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We conduct our investment in the eight international Premium Outlet operations in
Japan through joint ventures
in which we hold a 40% ownership interest. The carrying amount of our investment in these joint ventures was $310.6&nbsp;million and $312.6&nbsp;million as of September&nbsp;30, 2009 and
December&nbsp;31, 2008, respectively, including all related components of accumulated other comprehensive income. On June&nbsp;1, 2007, we opened Yeoju Premium Outlets, our first Premium Outlet
center in South Korea, in which we hold a 50% ownership interest. Our investment in this property was $22.5&nbsp;million and $18.0&nbsp;million as of September&nbsp;30, 2009 and
December&nbsp;31, 2008, respectively, including all related components of accumulated other comprehensive income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also own a 32.5% interest shopping center joint venture arrangements located in China, and a 32.5% ownership in the management operation overseeing these projects, collectively
referred to as Great Mall Investments, Ltd., or GMI. Currently three of the centers are open and operational, and one additional center is under construction and due for completion in late 2009. Our
combined investment in GMI was approximately $57.6&nbsp;million and $53.9&nbsp;million as of September&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including the related cumulative
translation adjustments. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
account for all of our international joint venture investments using the equity method of accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=12,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=373130,FOLIO='12',FILE='DISK128:[09ZDV1.09ZDV15801]DI15801A.;6',USER='EYOUNG',CD=';3-NOV-2009;09:08' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dk15801_1_13"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Summary Financial Information  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary financial information (in thousands) of all of our joint ventures and a summary of our investment in and share
of income from such joint ventures follow. We condensed into separate line items major captions of the statements of operations for joint venture interests sold or consolidated. Consolidation occurs
when we acquire an additional interest in the joint venture and, as a result, gain unilateral control of the property or are determined to be the primary beneficiary. We reclassify these line items
into "Discontinued Joint Venture Interests" and "Consolidated Joint Venture Interests" on the following balance sheets and statements of operations, if material, so that we may present comparative
results of operations for these joint venture properties held as of September&nbsp;30, 2009. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>September&nbsp;30, 2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>December&nbsp;31, 2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>BALANCE SHEETS  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment properties, at cost</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>21,803,214</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,472,490</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less&nbsp;&#151; accumulated depreciation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 4,390,644</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,892,956</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 17,412,570</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 17,579,534</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 825,816</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 805,411</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tenant receivables and accrued revenue, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 374,028</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 428,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in unconsolidated entities, at equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 243,347</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 230,497</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred costs and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 600,125</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 594,578</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>19,455,886</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,638,342</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities and Partners' Equity:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mortgages and other indebtedness</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>16,896,737</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,686,701</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable, accrued expenses, intangibles, and deferred revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 926,516</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,070,958</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,107,457</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 982,254</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 18,930,710</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 18,739,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred units</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 67,450</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 67,450</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Partners' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 457,726</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 830,979</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities and partners' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>19,455,886</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,638,342</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Our Share of:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>7,994,929</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,056,873</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Partners' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>369,166</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>533,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Add: Excess Investment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 695,236</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 749,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our net Investment in Joint Ventures</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,064,402</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,283,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mortgages and other indebtedness</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>6,649,168</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,632,419</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=13,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=506164,FOLIO='13',FILE='DISK128:[09ZDV1.09ZDV15801]DK15801A.;23',USER='EYOUNG',CD=';3-NOV-2009;09:11' -->
<A NAME="page_dk15801_1_14"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint
ventures acquired. We amortize excess investment over the life of the related properties, typically no greater than 40&nbsp;years, and the amortization is included in the reported amount of income
from unconsolidated entities. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Three Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Nine Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>STATEMENTS OF OPERATIONS  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Revenue:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minimum rent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>488,052</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>486,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,445,618</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,435,067</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Overage rent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 34,204</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 26,910</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 85,141</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 72,439</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tenant reimbursements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 243,201</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 257,259</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 719,845</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 730,597</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 37,039</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 61,862</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 115,946</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 145,380</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 802,496</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 832,617</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,366,550</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,383,483</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property operating</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 178,291</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 177,761</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 489,616</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 494,498</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 194,727</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 192,787</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 580,215</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 572,256</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Real estate taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 57,262</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 63,254</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 190,036</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 195,627</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Repairs and maintenance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 26,413</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 28,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 77,048</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 89,085</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Advertising and promotion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 16,005</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 16,119</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 44,936</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 45,241</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for credit losses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 3,523</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 6,244</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 18,910</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 14,072</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 43,487</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 37,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 131,680</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 123,245</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 519,708</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 522,387</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,532,441</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,534,024</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating Income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 282,788</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 310,230</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 834,109</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 849,459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (221,166</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (243,569</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (661,586</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (727,279</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) income from unconsolidated entities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (3,170</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (2,383</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Income from Continuing Operations</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 58,452</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 67,007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 170,140</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 118,397</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued joint venture interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net Income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>58,452</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>170,140</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>118,444</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Third-Party Investors' Share of Net Income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>39,710</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,846</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>112,600</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>71,403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Our Share of Net Income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 18,742</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 29,161</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 57,540</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 47,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Amortization of Excess Investment</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (14,087</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (11,849</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (41,846</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (33,981</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Income from Unconsolidated Entities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>4,655</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,312</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>15,694</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Unsecured Debt  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our unsecured debt currently consists of $11.6&nbsp;billion of senior unsecured notes of the Operating Partnership
and our $3.5&nbsp;billion unsecured credit facility, or Credit Facility. The Credit Facility bears interest at LIBOR plus 37.5 basis points and an additional facility fee of 12.5 basis points. The
Credit Facility matures January&nbsp;11, 2010 and may be extended one year at our option. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the nine months ended September&nbsp;30, 2009, the Operating Partnership repaid five series of unsecured notes totaling $900.0&nbsp;million, which had fixed rates ranging
from 3.50% to 8.63%. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;25, 2009, the Operating Partnership issued $650.0&nbsp;million of senior unsecured notes at a fixed interest rate of 10.35% due April&nbsp;1, 2019. We used the
proceeds from the offering to reduce borrowings on the Credit Facility and for general working capital purposes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=14,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=46755,FOLIO='14',FILE='DISK128:[09ZDV1.09ZDV15801]DK15801A.;23',USER='EYOUNG',CD=';3-NOV-2009;09:11' -->
<A NAME="page_dk15801_1_15"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;15, 2009, the Operating Partnership issued $600.0&nbsp;million of senior unsecured notes at a fixed interest rate of 6.75% due May&nbsp;15, 2014. On August&nbsp;11,
2009, we issued an additional $500.0&nbsp;million of the same series of senior unsecured notes in a re-opening of the initial offering. We used the proceeds from the offerings for
general working capital purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the nine months ended September&nbsp;30, 2009, we drew amounts from the Credit Facility to fund the repayment of $600.0&nbsp;million of maturing unsecured notes. We repaid a
total of $1.2&nbsp;billion on the Credit Facility during the nine months ended September&nbsp;30, 2009. The total outstanding balance of the Credit Facility as of September&nbsp;30, 2009 was
$456.2&nbsp;million, all related to the U.S. dollar equivalent of Euro and Yen-denominated borrowings, and the maximum amount outstanding during the nine months ended
September&nbsp;30, 2009 was approximately $1.6&nbsp;billion. During the nine months ended September&nbsp;30, 2009, the weighted average outstanding balance was approximately
$739.8&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Secured Debt  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured indebtedness was $6.6&nbsp;billion and $6.3&nbsp;billion at September&nbsp;30, 2009 and
December&nbsp;31, 2008, respectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;30, 2009, we borrowed $400.0&nbsp;million on a loan which matures on August&nbsp;1, 2016 and bears interest at a fixed rate of 8.00%. This loan is secured by
cross-collateralized, cross-defaulted mortgages on Greenwood Park Mall, South Park Mall, and Walt Whitman Mall. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Fair Value of Debt  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of our variable-rate mortgages and other loans approximates their fair values. We
estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows at current market rates. We
estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities
with similar terms
and maturities. The fair values of our fixed-rate debt at September&nbsp;30, 2009 and December&nbsp;31, 2008 was $16.5&nbsp;billion and $12.4&nbsp;billion, respectively, compared
to carrying values at those dates of $16.2&nbsp;billion and $14.9&nbsp;billion, respectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of our Board of Directors, or the Board, awarded 242,183&nbsp;shares of restricted stock to employees on
February&nbsp;27, 2009 as part of the 2008 stock incentive program created under The Simon Property Group, L.P. 1998 Stock Incentive Plan at a fair market value of $33.10 per share,
19,315&nbsp;shares of restricted stock on March&nbsp;2, 2009 at a fair market value of $29.96 per share, and 764&nbsp;shares of restricted stock on April&nbsp;13, 2009 at a fair market value
of $42.65 per share. On May&nbsp;8, 2009, our non-employee Directors were awarded 11,178&nbsp;shares of restricted stock under this plan at a fair market value of $53.93 per share, and
3,250&nbsp;shares of restricted stock on June&nbsp;1, 2009 at a fair market value of $56.39 per share. The fair market value of the restricted stock awarded on February&nbsp;27, 2009,
March&nbsp;2, 2009 and April&nbsp;13, 2009 is being recognized as expense over the four-year vesting service period. The fair market value of the restricted stock awarded on
May&nbsp;8, 2009 and June&nbsp;1, 2009, is being recognized as expense over a one-year vesting service period. We issued shares held in treasury to make the awards. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the first nine months of 2009, we issued 1,345,567&nbsp;shares of common stock to 58 limited partners in exchange for an equal number of units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;18, 2009, we issued 2,029,044&nbsp;shares of common stock as part of the quarterly dividend to common stockholders at an average closing price of $73.97 per share.
The Operating Partnership also issued 411,489&nbsp;units to limited partners related to its distribution. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;19, 2009, we issued 2,525,204&nbsp;shares of common stock as part of the quarterly dividend to common stockholders at an average closing price of $52.92 per share. The
Operating Partnership also issued 514,720&nbsp;units to limited partners related to its distribution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;12, 2009, we issued 23,000,000&nbsp;shares of common stock in a public offering at a public offering price of $50.00 per share. Proceeds from the offering were used for
general working capital purposes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=15,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=570225,FOLIO='15',FILE='DISK128:[09ZDV1.09ZDV15801]DK15801A.;23',USER='EYOUNG',CD=';3-NOV-2009;09:11' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dm15801_1_16"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;25, 2009, we issued 17,250,000&nbsp;shares of common stock in a public offering at a public offering price of $31.50 per share. Proceeds from
the offering were used to repay amounts drawn on the Credit Facility and for general working capital purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;18, 2009, we issued 5,519,765&nbsp;shares of common stock as part of the quarterly dividend to common stockholders at an average closing price of $35.38 per share. The
Operating Partnership also issued 1,345,151&nbsp;units to limited partners related to its distribution. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board had authorized the repurchase of up to $1.0&nbsp;billion of common stock through July 2009. No purchases were made as part of this program in 2009. The program was not
renewed and has now expired. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Temporary Equity  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the quarter ending September&nbsp;30, 2009, holders of our Series&nbsp;I Preferred Stock were not eligible to
convert their shares during the quarter into shares of our common stock as the triggering price of $77.07 was not met as of June&nbsp;30, 2009. As of September&nbsp;30, 2009, the conversion
trigger price of $75.34 had again not been met. On June&nbsp;30, 2009, the Operating Partnership redeemed all outstanding 7.75%/8.00% Cumulative Redeemable Preferred Units for cash in the aggregate
amount of $85,070. The redemption price was the liquidation value of the preferred units which was also its carrying value. On August&nbsp;27, 2009, the Operating Partnership redeemed all
outstanding 7.50% Cumulative Redeemable Preferred Units and 7.00% Cumulative Redeemable Preferred Units for units. The redemption price was the liquidation values of $25,537 and $1,875, respectively,
which were also their carrying values. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Changes in Equity  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity
attributable to common stockholders and equity attributable to noncontrolling interests: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


</FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Preferred<BR>
Stock </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Common<BR>
Stock </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Accumulated<BR>
Other<BR>
Comprehensive<BR>
Income (Loss) </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Capital&nbsp;in<BR>
Excess of<BR>
Par Value </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Accumulated<BR>
Deficit </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Common<BR>
Stock<BR>
Held in<BR>
Treasury </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Noncontrolling<BR>
interests </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Total<BR>
Equity </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>January&nbsp;1, 2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>46,032</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>(165,066</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,410,147</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>(2,491,929</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(186,210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>488,969</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,101,967</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Conversion of limited partner units</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 16,079</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> (16,079</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Issuance of limited partner units</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 40,724</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 40,724</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Public offering of common stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 1,638,336</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 1,638,340</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> (246</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 8,585</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> (4,175</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 9,325</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 73</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 13,562</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Adjustment to limited partners' interest from increased ownership in the Operating Partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> (161,851</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 161,851</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Distributions (and stock issued) to common shareholders and limited partners, excluding Operating Partnership preferred interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 480,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> (587,733</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> (18,737</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> (126,427</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Distributions to other noncontrolling interest partners</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> (16,569</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> (16,569</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Comprehensive income, excluding preferred distributions on temporary equity preferred units of $10,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 149,908</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 211,152</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 88,316</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1> 449,376</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>September&nbsp;30, 2009</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>45,786</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>(15,158</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,391,338</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>(2,872,685</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(176,885</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>728,548</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,100,973</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Litigation  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no material developments with respect to the pending litigation disclosed in our 2008 Annual Report on
Form&nbsp;10-K and no new material developments or litigation have arisen since those disclosures were made. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are involved in various other legal proceedings that arise in the ordinary course of our business. We believe that such routine litigation, claims and administrative proceedings will
not have a material adverse impact on our financial position, results of operations or cash flows. We record a contingent liability when a loss is considered probable and the amount can be reasonably
estimated. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=16,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=970536,FOLIO='16',FILE='DISK128:[09ZDV1.09ZDV15801]DM15801A.;10',USER='SLYUBOM',CD=';3-NOV-2009;10:31' -->
<A NAME="page_dm15801_1_17"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Guarantees of Indebtedness  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint venture debt is the liability of the joint venture, and is typically secured by the joint venture property, which
is non-recourse to us. As of September&nbsp;30, 2009, we have loan guarantees of $48.2&nbsp;million to support our total $6.6&nbsp;billion share of joint venture mortgage and other indebtedness
in the event that the joint venture borrower defaults under the terms of the underlying arrangement. Mortgages which are guaranteed by us are secured by the property of the joint venture and that
property may be sold in order to satisfy the outstanding obligation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Acquisitions and Dispositions  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We had no consolidated property acquisitions or dispositions during the nine months ended September&nbsp;30, 2009. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Financial Accounting Standards  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2007, the Financial Accounting Standards Board (FASB) issued new accounting guidance on business combinations and noncontrolling
interests in consolidated financial statements which requires an acquirer to measure the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their
fair values on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. The guidance is effective for financial statements issued for fiscal years
beginning after December&nbsp;15, 2008. On January&nbsp;1, 2009, we adopted the guidance which did not have a significant impact on our financial position, results of operations or cash flows. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2008, the FASB issued a staff position which permitted a one-year deferral for the implementation of previously issued guidance related to fair value
measurements with regard to nonfinancial assets and liabilities that are not recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). On
January&nbsp;1, 2009, we adopted the fair value measurement guidance as it relates to nonfinancial assets and nonfinancial liabilities that are not recognized or disclosed at fair value in the
financial statements on at least an annual basis. The adoption had no impact on our financial position, results of operations or cash flows. The provisions of the guidance are applied at such time as
a fair value measurement of a nonfinancial asset or nonfinancial liability is required, which may result in a fair value that is materially different than would have been calculated prior to adoption. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2008, the FASB ratified guidance which provides an entity use a two step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to
its own stock, including evaluating the instrument's contingent exercise and settlement provisions. On January&nbsp;1, 2009, we adopted the guidance which had no impact on our financial position,
results of operations or cash flows. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;1, 2009, we adopted guidance on determining whether instruments granted in share-based payment transactions are participating securities. Under this guidance, unvested
share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings
per share pursuant to the two-class method. The adoption of the guidance did not have a significant impact on reported earnings per share. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2009, the FASB issued guidance which established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial
statements are issued or are available to be issued. The statement introduces new terminology but is based on the same principles that previously existed in the accounting standards. The guidance
requires disclosure of the date through which management has evaluated subsequent events and whether that date represents the date the financial statements were issued or the date the financial
statements were available to be issued. The guidance was effective for interim and annual periods ending after June&nbsp;15, 2009. The adoption of this statement did not have any impact on our
financial position, results of operations or cash flows. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2009, the FASB issued the FASB Accounting Standards Codification (Codification) which is effective for interim and annual periods ending after September&nbsp;15, 2009. The
Codification defines a new hierarchy for U.S.&nbsp;GAAP and establishes the Codification as the sole source for authoritative guidance to be applied by nongovernmental entities. The adoption of the
Codification changed the manner in which U.S.&nbsp;GAAP guidance is referenced, but did not have any impact on our financial position, results of operations or cash flows. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=17,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=584192,FOLIO='17',FILE='DISK128:[09ZDV1.09ZDV15801]DM15801A.;10',USER='SLYUBOM',CD=';3-NOV-2009;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dq15801_1_18"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2009, the FASB also issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs). This
amendment requires an enterprise to perform a qualitative analysis when determining whether or not it must consolidate a VIE. The amendment also requires an enterprise to continuously reassess whether
it must consolidate a VIE. Additionally, the amendment requires enhanced disclosures about an enterprise's involvement with VIEs and any significant change in risk exposure due to that involvement, as
well as how its involvement with VIEs impacts the enterprise's financial statements. Finally, an enterprise will be required to disclose significant judgments and assumptions used to determine whether
or not to consolidate a VIE. This amendment is effective for financial statements issued for fiscal years beginning after November&nbsp;15, 2009. Management is in the process of determining the
impact of adopting this amendment.  </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dq15801_item_2._management_s_discussio__ite03663"> </A>
<A NAME="toc_dq15801_1"> </A></FONT> <FONT SIZE=2><B>  <A NAME="item_2"></A>Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read the following discussion in conjunction with the financial statements and notes thereto included in
this report. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Overview  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc., or Simon Property, is a Delaware corporation that operates as a self-administered and
self-managed real estate investment trust, or REIT, under the Internal Revenue Code. To qualify as a REIT, among other things, a company must distribute at least 90&nbsp;percent of its taxable
income to its stockholders annually. Taxes are paid by stockholders on ordinary dividends received and any capital gains distributed. Most states also follow this federal treatment and do not require
REITs to pay state income tax. Simon Property Group, L.P., or the Operating Partnership, is a majority-owned partnership subsidiary of Simon Property that, directly or indirectly, owns all of our real
estate properties. In this discussion, the terms "we", "us" and "our" refer to Simon Property, the Operating Partnership, and their subsidiaries. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
own, develop, and manage retail real estate properties, primarily regional malls, Premium Outlet&reg; centers, The Mills&reg;, and community/lifestyle centers. As of
September&nbsp;30, 2009, we owned or held an interest in 325 income-producing properties in the United States, which consisted of 163 regional malls, 41 Premium Outlet centers, 70
community/lifestyle centers, 36&nbsp;properties acquired in the 2007 acquisition of The Mills Corporation, or Mills, and 15 other shopping centers or outlet centers in 41&nbsp;states plus Puerto
Rico. Of the 36&nbsp;properties in the Mills portfolio, 16 of these properties are The Mills, 16 are regional malls, and four are community centers. We also own an interest in one parcel of land
held in the United States for future development. Internationally, we have ownership interests in 51 European shopping centers (France, Italy and Poland), eight Premium Outlet centers in Japan, one
Premium Outlet center in Mexico, one Premium Outlet center in South Korea, and three shopping centers in China. Also, through joint venture arrangements we have ownership interests in the following
properties under development internationally: a 24% interest in two shopping centers in Italy and a 32.5% interest in one additional shopping center under construction in China. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generate the majority of our revenues from leases with retail tenants including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Base minimum rents,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Overage and percentage rents based on tenants' sales volume, and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Recoveries of substantially all of our recoverable expenditures, which consist of property operating, real estate taxes,
repair and maintenance, and advertising and promotional expenditures. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
seek growth in earnings, funds from operations, or FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this
growth through the following: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Focusing on leasing to increase revenues and utilization of economies of scale to reduce operating expenses, </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Expanding and
re-tenanting existing franchise locations at competitive market rates, </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Adding mixed-use elements to properties,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT
SIZE=2>Selectively acquiring high quality real estate assets or portfolios of assets, and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Selling non-core assets. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also grow by generating supplemental revenues from the following activities: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused
corporate alliances, including: payment systems (including handling fees relating to the sales of </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=18,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=861809,FOLIO='18',FILE='DISK128:[09ZDV1.09ZDV15801]DQ15801A.;15',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_dq15801_1_19"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>bank-issued
prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Offering property operating services to our tenants and others, including waste handling and facility services, and the
sale of energy, and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Selling or leasing land adjacent to our shopping center properties, commonly referred to as "outlots" or "outparcels." </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
focus on high quality real estate across the retail real estate spectrum. We expand or renovate to enhance existing assets' profitability and market share when we believe the
investment of our capital meets our risk-reward criteria. We selectively develop new properties in metropolitan areas that exhibit strong population and economic growth. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
routinely review and evaluate acquisition opportunities based on their ability to complement our portfolio. Our international strategy includes partnering with established real
estate companies and financing international investments with local currency to minimize foreign exchange risk. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
support our growth, we employ a three-fold capital strategy: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Provide the capital necessary to fund growth,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Maintain sufficient flexibility to access capital in many forms, both public and
private, and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Manage our overall financial structure in a fashion that preserves our investment grade credit ratings. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Results Overview  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share decreased $0.50 during the first nine months of 2009, or 40.7%, to $0.73 from $1.23
for the same period last year. The decrease in diluted earnings per share was attributable to a $140.5&nbsp;million, or $0.45 per diluted share, other-than-temporary impairment charge related to our
investment in Liberty International, PLC, or Liberty, a U.K. REIT. We recorded the other-than-temporary charge in the second quarter of 2009 due to the significance and duration of the decline in
quoted fair value, including related currency exchange component, below the carrying value of the securities. During the nine months ended September&nbsp;30, 2008, we recorded a $20.3&nbsp;million
loss on extinguishment of debt related to our redemption of the 7% MandatOry Par Put Remarketed Securities, or MOPPRS. For the three and nine month periods, we also had additional dilution to earnings
per share from our 2009 equity offerings of approximately $0.06 and $0.12 per diluted share, respectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core
business fundamentals were affected by the difficult economic environment during the first nine months of 2009. Regional mall comparable sales per square foot, or psf, declined
11.2% during the first nine months of 2009 to $438&nbsp;psf from $493&nbsp;psf for the same period in 2008. However, our regional mall average base rents increased 2.0% to $40.05&nbsp;psf as of
September&nbsp;30, 2009, from $39.26&nbsp;psf as of September&nbsp;30, 2008 due to releasing of space at higher rents. We were able to lease available square feet at higher rents than the
expiring rental rates in the regional mall portfolio resulting in a leasing spread of $4.04&nbsp;psf as of September&nbsp;30, 2009, representing a 10.6% increase over expiring rents. Regional mall
occupancy was 91.4% as of September&nbsp;30, 2009, as compared to 92.5% as of September&nbsp;30, 2008 driven by higher bankruptcies and lease terminations. The more stable operating fundamentals
of the Premium Outlet centers contributed to the positive operating results for the nine month period as occupancy of the portfolio remained high at 97.5% while comparable sales psf decreased 4.5% to
$492 as consumers continued to prefer retail value, offset by the impact of the economic downturn. Premium Outlet leasing spreads were $9.25, or 32.0% above expiring rents. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2009, our effective overall borrowing rate decreased two basis points to 5.62% as compared to September&nbsp;30, 2008. This is a result of a significant
decrease in the base LIBOR rate applicable to a majority of our floating rate debt (0.25% at September&nbsp;30, 2009, versus 3.93% at September&nbsp;30, 2008). This decrease was partially offset
by an increase of our fixed rate debt of $1.4&nbsp;billion ($16.9&nbsp;billion at September&nbsp;30, 2009 versus $15.4&nbsp;billion at September&nbsp;30, 2008), which increased the weighted
average rate 34 basis points as compared to September&nbsp;30, 2008. Financing activities for the nine months ended September&nbsp;30, 2009 included: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>decreasing borrowings on the Operating Partnership's $3.5&nbsp;billion unsecured credit facility, or Credit Facility, to
approximately $456.2&nbsp;million as of September&nbsp;30, 2009. The ending balance is entirely comprised of the U.S. dollar equivalent of Euro and Yen-denominated borrowings. </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>issuing
$650.0&nbsp;million in 10.35% senior unsecured notes due 2019. We used the proceeds of the offering to reduce
borrowings on the Credit Facility.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>issuing $1.1&nbsp;billion in 6.75% senior unsecured notes due 2014. We used the proceeds of the offering for general
corporate purposes. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=19,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=110652,FOLIO='19',FILE='DISK128:[09ZDV1.09ZDV15801]DQ15801A.;15',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_dq15801_1_20"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>redeeming five series of maturing unsecured notes totaling $900.0&nbsp;million which had fixed rates ranging from 3.50%
to 8.63%.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>borrowing $400.0&nbsp;million on a loan which matures on August&nbsp;1, 2016 and bears interest at a fixed rate of
8.00%. This loan is secured by cross-collateralized, cross-defaulted mortgages on Greenwood Park Mall, South Park Mall, and Walt Whitman Mall. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> United States Portfolio Data  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portfolio data discussed in this overview includes the following key operating statistics: occupancy, average base
rent per square foot, and comparable sales per square foot for our domestic asset platforms. We include acquired properties in this data beginning in the year of acquisition and remove properties sold
in the year disposed. We do not include any properties located outside of the United States. The following table sets forth these key operating statistics for: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>properties that are consolidated in our consolidated financial statements,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>properties we account for under the equity method of
accounting as joint ventures, and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the foregoing two categories of properties on a total portfolio basis. </FONT></DD></DL>
</UL>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>September&nbsp;30,<BR>
2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>September&nbsp;30,<BR>
2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>%/basis&nbsp;point<BR>
Change(1) </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><U>Regional Malls:</U>  </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Occupancy</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 91.6%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 92.9%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -130&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unconsolidated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 90.9%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 91.7%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -80&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Portfolio</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 91.4%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 92.5%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -110&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Average Base Rent per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>38.51</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38.09</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1.1%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unconsolidated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>43.18</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41.58</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 3.8%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Portfolio</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>40.05</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.26</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 2.0%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Comparable Sales Per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>418</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>466</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -10.3%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unconsolidated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>481</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -13.0%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Portfolio</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>438</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>493</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -11.2%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><U>Premium Outlet Centers:</U></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Occupancy</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 97.5%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 98.8%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -130&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Average Base Rent per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>32.95</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 21.5%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Comparable Sales per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>492</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>515</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -4.5%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><U>The Mills&reg;:</U></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Occupancy</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 92.4%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 94.4%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -200&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Average Base Rent per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>19.66</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1.0%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Comparable Sales per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>369</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>378</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -2.4%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><U>Mills Regional Malls:</U></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Occupancy</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 88.9%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 87.6%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> +130&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Average Base Rent per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>35.64</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37.19</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -4.2%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Comparable Sales per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>388</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>442</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -12.2%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><U>Community/Lifestyle Centers:</U></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Occupancy</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 88.9%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 91.5%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -260&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Average Base Rent per Square Foot</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>13.34</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 2.6%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Percentages
may not recalculate due to rounding. Percentages and basis point changes are representative of the change from the comparable prior period. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=20,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=725585,FOLIO='20',FILE='DISK128:[09ZDV1.09ZDV15801]DQ15801A.;15',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ds15801_1_21"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy Levels and Average Base Rent Per Square Foot.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Occupancy and average base rent are based on
mall gross leasable area, or
GLA, owned by us in the regional malls, all tenants at the Premium Outlet centers, all tenants in the Mills portfolio, and all tenants at community/lifestyle centers. Our portfolio has maintained
stable occupancy and increased average base rents. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparable Sales Per Square Foot.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Comparable sales include total reported retail tenant sales at owned
GLA (for mall and freestanding
stores with less than 10,000 square feet) in the regional malls and all reporting tenants at the Premium Outlet centers and the Mills portfolio. Retail sales at Owned GLA affect revenue and
profitability levels because sales determine the amount of minimum rent that can be charged, the percentage rent realized, and the recoverable expenses (common area maintenance, real estate taxes,
etc.) that tenants can afford to pay. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> International Property Data  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following key operating statistics are provided for our international properties, which we account for using the
equity method of accounting. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>September&nbsp;30,<BR>
2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>September&nbsp;30,<BR>
2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>%/basis&nbsp;point<BR>
Change </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><U>European Shopping Centers:</U>  </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Occupancy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 95.8%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 98.1%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -230&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comparable Sales per Square Foot</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> &euro;</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>409</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &euro;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>429</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -5.4%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Average Base Rent per Square Foot</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> &euro;</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>32.56</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &euro;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.11</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 5.1%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>International Premium Outlets</B></FONT><FONT SIZE=2></U>(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Occupancy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 99.7%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 98.9%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> +80&nbsp;bps</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comparable Sales per Square Foot</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> &yen;</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>93,930</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &yen;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>94,387</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> -0.5%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Average Base Rent per Square Foot</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> &yen;</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>4,711</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &yen;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,651</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1.3%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Does
not include our centers in Mexico (Premium Outlets Punta Norte), South Korea (Yeoju Premium Outlets), or China (Changshu In City Plaza). </FONT></DD></DL>
 </DIV>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Results of Operations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the activity discussed above in the "Results Overview" section, the following property openings and
other activity affected our consolidated results from continuing operations in the comparative periods: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On August&nbsp;6, 2009, we opened Cincinnati Premium Outlets, a 400,000 square foot outlet center located in Warren
County, Ohio, north of Cincinnati.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On April&nbsp;23, 2009, we opened The Promenade at Camarillo Premium Outlets, a 220,000 square foot expansion located in
Ventura County, north of Los Angeles.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On November&nbsp;13, 2008, we opened Jersey Shore Premium Outlets, a 435,000 square foot outlet center located in Tinton
Falls, New Jersey.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On November&nbsp;6, 2008, we opened the second phase of Orlando Premium Outlets, a 114,000 square foot expansion, located
in Orlando, Florida.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On May&nbsp;1, 2008, we opened Pier Park, a 900,000 square foot, open-air lifestyle center located in Panama
City, Florida.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On March&nbsp;27, 2008, we opened Houston Premium Outlets, a 427,000 square foot outlet center located approximately
30&nbsp;miles west of Houston in Cypress, Texas. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the activities discussed in "Results Overview," the following dispositions and property openings affected our income from unconsolidated entities in the comparative
periods: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On September&nbsp;28, 2009, we opened Suzhou In City Plaza, a 750,000 square foot center located in Suzhou, China. We
hold a 32.5% ownership interest in this center.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On September&nbsp;25, 2009, we opened Zhengzhou In City Plaza, a 465,000 square foot center located in Zhengzhou, China.
We hold a 32.5% ownership interest in this center.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On July&nbsp;9, 2009, Chelsea Japan Company, Ltd., or Chelsea Japan, the joint venture which operates the Japanese
Premium Outlet Centers in which we have a 40% ownership interest, opened Ami Premium Outlets located in Ami, Japan. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=21,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=49652,FOLIO='21',FILE='DISK128:[09ZDV1.09ZDV15801]DS15801A.;17',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_ds15801_1_22"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On December&nbsp;30, 2008, Cincinnati Mills, one of the properties we acquired in the Mills acquisition, was sold. We
held a 50% interest the shopping center.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On October&nbsp;16, 2008, Chelsea Japan, opened Sendai-Izumi Premium Outlets located in Izumi Park Town, Japan. We hold a
40% ownership interest in Chelsea Japan.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On August&nbsp;25, 2008, Gallerie Commerciali Italia, or GCI, one of our European joint ventures in which we hold a 49%
ownership interest, opened Monza, a 211,600 square foot shopping center in Monza, Italy.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On June&nbsp;5, 2008, we opened Changshu In City Plaza, a 487,000 square foot retail center
located in Changshu, China.
We hold a 32.5% ownership interest in this center.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On May&nbsp;2, 2008, we opened Hamilton Town Center, a 950,000 square foot open-air retail center in
Noblesville, Indiana. We hold a 50% ownership interest in this center. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the following comparison between the nine months ended September&nbsp;30, 2009, and 2008, the above transactions are referred to as the "property transactions". In
the following discussions of our results of operations, "comparable" refers to properties open and operating throughout the periods in both 2009 and 2008. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Three Months Ended September&nbsp;30, 2009 vs. Three Months Ended September&nbsp;30, 2008  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum rents increased $2.2&nbsp;million during the period. The property transactions accounted for a
$6.9&nbsp;million increase offset by a decrease in comparable minimum rents of $4.7&nbsp;million, or 0.9%. The decrease in comparable minimum rents was primarily attributable to a
$2.7&nbsp;million decline in the fair market value of in-place lease amortization, a $2.9&nbsp;million decrease in straight-line rents, and a $0.8&nbsp;million decrease
in base minimum rents, offset by a $1.7&nbsp;million increase in comparable rents from carts, kiosks, and other temporary tenants. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overage
rents decreased $6.5&nbsp;million, or 25%, as a result of a reduction in tenant sales for the period as compared to the prior year. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant
reimbursements increased $2.0&nbsp;million, due to a $3.1&nbsp;million increase attributable to the property transactions offset by a $1.1&nbsp;million, or 0.4%, decrease
in the comparable properties as a result of a decrease in expenditures allocable to tenants paying common area maintenance on a proportionate basis. We continue to migrate our tenants' payments of
common area maintenance contributions to a fixed-payment methodology, which serves to offset the variability of this revenue in relation to variability in the underlying expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
fees and other revenues decreased $3.4&nbsp;million principally as a result of decreased earned premiums of our wholly-owned captive insurance entities and lower fee
revenue due to the reduction in development, leasing and joint venture property refinancing activity. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
other income decreased $5.0&nbsp;million, and was principally the result of a $5.8&nbsp;million net decrease in interest income, primarily attributable to lower reinvestment
rates and the lower rate applicable to our loan facility with SPG-FCM (the joint venture that acquired Mills in 2007). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property
operating costs decreased $13.7&nbsp;million, or 10.7%, primarily related to our cost control and cost reduction initiatives. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization expense increased $14.2&nbsp;million due to the impact of our prior year openings and expansion activity and acceleration of depreciation for certain
properties scheduled for redevelopment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provision for bad debts, net of recoveries, decreased $4.7&nbsp;million primarily due to the recovery of receivables which had been previously reserved. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home
and regional office expense decreased $7.4&nbsp;million primarily due to decreased personnel costs attributable to our cost control initiatives and lower incentive compensation
levels. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
expense increased $17.9&nbsp;million primarily related to the Operating Partnership's issuance of $500&nbsp;million of unsecured notes on August&nbsp;11, 2009,
$600&nbsp;million of senior unsecured notes on May&nbsp;15, 2009 and $650&nbsp;million of senior unsecured notes on March&nbsp;25, 2009, offset by decreased interest expense on our Credit
Facility due to the payoff of the US tranche. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from unconsolidated entities decreased $12.7&nbsp;million primarily due to the gain recognized in 2008 from our disposition of an investment in a 50% owned multi-family
residential facility adjacent to one of our regional mall operating properties. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
income attributable to noncontrolling interests decreased $8.5&nbsp;million primarily due to a decrease in the income of the Operating Partnership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=22,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=119067,FOLIO='22',FILE='DISK128:[09ZDV1.09ZDV15801]DS15801A.;17',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_ds15801_1_23"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
dividends decreased $4.7&nbsp;million as a result of the conversion of approximately 6.4&nbsp;million shares of our Series&nbsp;I 6% Convertible Perpetual Preferred
Stock, or Series&nbsp;I preferred stock, into common shares during 2008. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Nine Months Ended September&nbsp;30, 2009 vs. Nine Months Ended September&nbsp;30, 2008  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum rents increased $24.3&nbsp;million during the period, of which the property transactions accounted for
$22.5&nbsp;million of the increase. Comparable minimum rents increased $1.8&nbsp;million, or 0.1%. This was primarily due to a $11.5&nbsp;million increase in minimum rents due to releasing of
space, a $3.2&nbsp;million increase in rents from carts, kiosks, and other temporary tenants, offset by a $12.9&nbsp;million decrease in comparable property activity, primarily attributable to a
decline in the fair market value of in-place lease amortization. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overage
rents decreased $15.0&nbsp;million, or 25%, as a result of a reduction in tenant sales for the period as compared to the prior year. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant
reimbursements increased $8.2&nbsp;million, due to a $9.2&nbsp;million increase attributable to the property transactions offset by a $1.0&nbsp;million decrease in the
comparable properties as a result of a decrease in expenditures allocable to tenants paying common area maintenance on a proportionate basis. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
fees and other revenues decreased $10.6&nbsp;million principally as a result of decreased earned premiums of our wholly-owned captive insurance entities and lower fee
revenue due to the reduction in development, leasing and joint venture property refinancing activity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
other income decreased $13.7&nbsp;million, and was the result of a $14.6&nbsp;million net decrease in interest income primarily attributable to lower reinvestment rates and
the lower rate applicable to our loan facility with SPG-FCM offset by an increase of net other activity of $0.9&nbsp;million. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property
operating costs decreased $25.4&nbsp;million, or 7.2%, primarily related to our cost control and cost reduction initiatives. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization expense increased $57.6&nbsp;million due to the impact of our prior year openings and expansion activity and acceleration of depreciation for certain
properties scheduled for redevelopment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs
and maintenance decreased $13.3&nbsp;million primarily due to our cost savings efforts. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home
and regional office expense decreased $29.0&nbsp;million primarily due to decreased personnel costs attributable to our cost control initiatives and lower incentive compensation
levels. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the quarter ended June&nbsp;30, 2009, we recognized a non-cash charge of $140.5&nbsp;million representing the other-than-temporary impairment in the fair value
below the carrying value of our investment in Liberty. We recorded the charge to earnings due to the significance and duration of the decline in the total share price, including currency revaluations.
As a result, the decline in value was deemed an other-than-temporary impairment, which established a new cost basis of our investment in Liberty. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
expense increased $26.2&nbsp;million primarily related to the Operating Partnership's issuance of $500&nbsp;million of unsecured notes on August&nbsp;11, 2009,
$600&nbsp;million senior unsecured notes on May&nbsp;15, 2009 and $650&nbsp;million senior unsecured notes on March&nbsp;25, 2009, offset by decreased interest expense on our Credit Facility
due to the payoff of the US tranche and other property debt refinancings. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recognized a loss on extinguishment of debt of $20.3&nbsp;million in the second quarter of 2008 related to the redemption of the $200&nbsp;million outstanding principal amount of
MOPPRS. We extinguished this debt because the remarketing reset base rate of the MOPPRS was above the rate for 30-year U.S. Treasury securities at the time of redemption. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from unconsolidated entities increased $2.6&nbsp;million as a result of our 2008 joint venture openings and expansion activity, interest rate savings from favorable interest
rates and debt refinancings, and additional depreciation provisions related to the finalization of purchase accounting on asset basis step-ups in the 2008 period associated with the
acquisition of Mills, offset by the gain recognized in 2008 from our disposition of an investment in a 50% owned multi-family residential facility adjacent to one of our regional mall operating
properties. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
income attributable to noncontrolling interests decreased $31.6&nbsp;million primarily due to a decrease in the income of the Operating Partnership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=23,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=418144,FOLIO='23',FILE='DISK128:[09ZDV1.09ZDV15801]DS15801A.;17',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<A NAME="page_ds15801_1_24"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
dividends decreased $14.4&nbsp;million as a result of the conversion of approximately 6.4&nbsp;million shares of our Series&nbsp;I preferred stock into common shares
during 2008. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Liquidity and Capital Resources  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we generate revenues primarily from long-term leases, our financing strategy relies primarily on
long-term fixed rate debt. We manage our floating rate debt to be at or below 15-25% of total outstanding indebtedness. Floating rate debt currently comprises only
approximately 9.7% of our total consolidated debt. We also enter into interest rate protection agreements as appropriate to assist in managing our interest rate risk. We derive most of our liquidity
from leases that generate positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $1.5&nbsp;billion during the first nine months of 2009. In
addition, the Credit Facility provides an alternative source of liquidity as our cash needs vary from time to time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
balance of cash and cash equivalents increased $3.0&nbsp;billion during the first nine months of 2009 to $3.7&nbsp;billion as of September&nbsp;30, 2009. Our balance of cash
and cash equivalents as of September&nbsp;30, 2009, and December&nbsp;31, 2008, includes $30.9&nbsp;million and $29.8&nbsp;million, respectively, related to our co-branded gift
card programs, which we do not consider available for general working capital purposes. The excess cash is held in a number of financial institutions and is generally invested in overnight investment
funds and is available to us as an immediate source of liquidity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business model requires us to regularly access the debt and equity capital markets to raise funds for acquisition and development activity, redevelopment capital, and to refinance
maturing debt. The turmoil in the capital markets that began in 2008 and which now shows signs of abating had an impact on many businesses', including ours, ability to access debt and equity capital.
We raised approximately $3.4&nbsp;billion in the public capital markets in the first nine months of 2009; however, there is no assurance we will be able to continue to do so in future periods or on
similar terms or conditions. We believe we have sufficient cash on hand and availability under our corporate Credit Facility to address our debt maturities and capital needs through 2010. </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Loans to SPG-FCM  </I></B></FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the Mills acquisition, the Operating Partnership made loans to SPG-FCM and Mills primarily at
rates of LIBOR plus 270-275 basis points. These funds were used by SPG-FCM and Mills to repay loans and other obligations of Mills, including the redemption of Mills' preferred
stock. As of September&nbsp;30, 2009 and December&nbsp;31, 2008, the outstanding balance of our remaining loan to SPG-FCM was $636.0&nbsp;million and $520.7&nbsp;million,
respectively. During the first nine months of 2009 and 2008, we recorded approximately $6.9&nbsp;million and $11.7&nbsp;million in interest income (net of inter-entity eliminations), respectively,
related to this loan. The loan facility bears interest at a rate of LIBOR plus 275 basis points and matures on June&nbsp;8, 2010, with two available one-year extensions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Cash Flows  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the nine
months ended September&nbsp;30, 2009, totaled $1.5&nbsp;billion. In addition, we received net proceeds from all of our debt financing and repayment activities in this period of
$605.6&nbsp;million. These activities are further discussed below in "Financing and Debt." During the 2009 period we or the Operating Partnership also: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>sold 40,250,000&nbsp;shares of common stock resulting in total proceeds of $1.6&nbsp;billion, </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>paid stockholder dividends and
unitholder distributions of $106.8&nbsp;million in cash and $585.3&nbsp;million in
common stock and units,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>paid preferred stock dividends and preferred unit distributions totaling $30.1&nbsp;million,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT
SIZE=2>redeemed $85.1&nbsp;million aggregate liquidation preference of 7.75%/8% cumulative redeemable preferred units, </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>funded consolidated capital expenditures of $313.1&nbsp;million
(these capital expenditures include development costs of
$134.5&nbsp;million, renovation and expansion costs of $136.5&nbsp;million, and tenant costs and other operational capital expenditures of $42.1&nbsp;million), and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>funded investments in
unconsolidated entities of $16.6&nbsp;million. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=24,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=772763,FOLIO='24',FILE='DISK128:[09ZDV1.09ZDV15801]DS15801A.;17',USER='SLYUBOM',CD=';4-NOV-2009;10:39' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_du15801_1_25"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures,
and the cash portion of distributions to stockholders necessary to maintain our REIT qualification for 2009. In addition, we expect to be able to obtain capital for nonrecurring capital expenditures,
such as acquisitions, major building renovations and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from excess cash generated from operations and working
capital reserves, and from borrowings on our Credit Facility. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Financing and Debt  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Unsecured Debt  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our unsecured debt currently consists of $11.6&nbsp;billion of senior unsecured notes of the Operating Partnership
and the Credit Facility. The Credit Facility bears interest at LIBOR plus 37.5 basis points and an additional facility fee of 12.5 basis points. The Credit Facility matures January&nbsp;11, 2010 and
may be extended one year at our option. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the nine months ended September&nbsp;30, 2009, we drew amounts from our $3.5&nbsp;billion Credit Facility to fund the redemption of $600.0&nbsp;million in maturing series
of unsecured notes. We repaid a total of $1.2&nbsp;billion on our Credit Facility during the nine months ended September&nbsp;30, 2009. The total outstanding balance of the Credit Facility as of
September&nbsp;30, 2009 was $456.2&nbsp;million, all of which was comprised of the U.S. dollar equivalent of Euro and Yen-denominated borrowings. The maximum outstanding balance during
the nine months ended September&nbsp;30, 2009 was approximately $1.6&nbsp;billion. During the nine months ended September&nbsp;30, 2009, the weighted average outstanding balance on the Credit
Facility was approximately $739.8&nbsp;million. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Secured Debt  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured indebtedness was $6.6&nbsp;billion and $6.3&nbsp;billion at September&nbsp;30, 2009 and
December&nbsp;31, 2008, respectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> Summary of Financing  </I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average
interest rates as of September&nbsp;30, 2009, and December&nbsp;31, 2008, consisted of the following (dollars in thousands): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="84pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2><B>Debt Subject to</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Adjusted&nbsp;Balance<BR>
as of<BR>
September&nbsp;30,&nbsp;2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Effective<BR>
Weighted&nbsp;Average<BR>
Interest Rate </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Adjusted&nbsp;Balance<BR>
as of<BR>
December&nbsp;31,&nbsp;2008 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Effective<BR>
Weighted&nbsp;Average<BR>
Interest Rate </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Fixed Rate  </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>16,877,970</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 6.10</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,424,318</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 5.76</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Variable Rate</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1,791,151</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1.11</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 2,618,214</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 1.31</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>18,669,121</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 5.62</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>%</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,042,532</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> 5.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2009, we had $695.0&nbsp;million of notional amount fixed rate swap agreements that have a weighted average fixed pay rate of 2.91% and a weighted average
variable receive rate of 0.60%. As of September&nbsp;30, 2009, the net effect of these agreements effectively converted $695.0&nbsp;million of variable rate debt to fixed rate debt. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual Obligations and Off-Balance Sheet Arrangements.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There have been no material changes to our
outstanding
capital expenditure commitments previously disclosed in our 2008 Annual Report on Form&nbsp;10-K. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=25,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=747656,FOLIO='25',FILE='DISK128:[09ZDV1.09ZDV15801]DU15801A.;15',USER='SLYUBOM',CD=';4-NOV-2009;15:53' -->
<A NAME="page_du15801_1_26"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations as of September&nbsp;30, 2009, for the remainder
of 2009 and subsequent years thereafter (dollars in thousands): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2009 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2010-2011 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>2012-2014 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>After 2014 </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Total </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Long-Term Debt  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>162,738</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,778,374</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,637,183</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,078,153</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,656,448</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Pro rata share of Long-Term Debt:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>162,008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,730,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,467,812</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,019,743</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,379,821</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Joint Ventures(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 262,349</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,497,879</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,638,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,241,936</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 6,640,518</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Pro Rata Share of Long-Term Debt</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>424,357</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,228,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,106,166</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,261,679</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,020,339</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Represents
principal maturities only and therefore, excludes net premiums and discounts of $12,673 and all required interest payments. We incurred interest
expense of $728.4&nbsp;million, net of capitalized interest of $11.7&nbsp;million, for the nine months ended September&nbsp;30, 2009.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Represents
our pro rata share of principal maturities and excludes net premiums and discounts. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
off-balance sheet arrangements consist primarily of our investments in real estate joint ventures which are common in the real estate industry and are described in Note&nbsp;5 of
the notes to the accompanying financial statements. Joint venture debt is the liability of the joint venture, is typically secured by the joint venture property, and is non-recourse to us. As of
September&nbsp;30, 2009, we had loan guarantees of $48.2&nbsp;million to support our total $6.6&nbsp;billion share of joint venture mortgage and other indebtedness presented in the table above. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Acquisitions and Dispositions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy-sell provisions are common in real estate partnership agreements. Most of our partners are
institutional investors who have a history of direct investment in retail real estate. Our partners in our joint venture properties may initiate these provisions at any time. If we determine it is in
our stockholders' best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate
these provisions or elect to buy. If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development,
redevelopment, or expansion opportunities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Although the acquisition of high quality individual properties or portfolios of properties
remains an integral
component of our growth strategies, we did not acquire any properties during the first nine months of 2009. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We continue to pursue the disposal of properties that no longer meet our strategic criteria
or that are not the primary
retail venue within their trade area. However, we did not dispose of any operating properties during the first nine months of 2009. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Development Activity  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Domestic Development.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Given the significant downturn in the economy, we have substantially reduced
our development spending.
During the third quarter of 2009, we opened Cincinnati Premium Outlets, a 400,000 square foot upscale manufacturers' outlet center located in Monroe, OH. The estimated total cost to complete this
project was $93.0&nbsp;million which was funded with available cash from operations. Other than this new property, we do not expect our share of any other 2009 new developments to be significant. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Expansions and Renovations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition to new development, we incur costs related to
construction for significant
renovation and/or expansion projects at our properties. Included in these projects are the renovation and addition of Nordstrom at Northshore Mall, Ross Park Mall and South Shore Plaza; a
life-style addition at Tacoma Mall; and Phase&nbsp;II expansions at The Domain, Orlando Premium Outlets, and The Promenade at Camarillo. We expect to fund these capital projects with
cash flow from operations. Our share of the cost of other renovation or expansion projects that we expect to initiate or complete in 2009 is approximately $300.0&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=26,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=892706,FOLIO='26',FILE='DISK128:[09ZDV1.09ZDV15801]DU15801A.;15',USER='SLYUBOM',CD=';4-NOV-2009;15:53' -->
<A NAME="page_du15801_1_27"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Development Activity.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We typically reinvest net cash flow from our international
investments to fund future
international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded our European
investments with Euro-denominated borrowings that act as a natural hedge against local currency fluctuations. This has also been the case with our Premium Outlet Centers in Japan and
Mexico where we use Yen and Peso denominated financing, respectively. We expect our share of international development costs for 2009 will be approximately $140&nbsp;million. International
development and redevelopment/expansion activity for 2009 includes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>completing and opening of Ami Premium Outlets Phase&nbsp;1, a 227,000 square foot Premium Outlet Center located in Japan
in which we hold a 40% ownership interest  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>completing and opening of Gotemba Premium Outlets Phase&nbsp;2, a 176,000 square foot expansion of Gotemba Premium Outlet
Center located in Japan in which we hold a 40% ownership interest and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>completing and opening three additional shopping centers, all located in China, in which we hold a 32.5% ownership
interest. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently,
our net income exposure to changes in the volatility of the Euro, Yen, Peso and other foreign currencies is not material. In addition, since cash flows from international
operations are currently being reinvested in other development projects, we do not expect to repatriate foreign denominated earnings in the near term. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
carrying amount of our total combined investment in Simon Ivanhoe S.&agrave;.r.l., or Simon Ivanhoe, and GCI, as of September&nbsp;30, 2009, including all related
components of accumulated other comprehensive income, was $226.8&nbsp;million. Our investments in Simon Ivanhoe and GCI are accounted for using the equity method of accounting. The total net cost of
the 942,000 square feet of GLA under construction in Europe is approximately &euro;221&nbsp;million, of which our share is approximately &euro;53&nbsp;million, or
$77.4&nbsp;million based on current Euro:USD exchange rates. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2009, the carrying amount of our 40% joint venture investment in the eight Japanese Premium Outlet Centers including all related components of accumulated
other comprehensive income was $310.6&nbsp;million. To date in 2009, Ami Premium Outlets completed construction and opened in Japan adding approximately 226,700 square feet of GLA at a total net
cost of approximately JPY&nbsp;15.4&nbsp;billion, of which our share is approximately JPY&nbsp;6.2&nbsp;billion, or $68.5&nbsp;million based on applicable Yen:USD exchange rates. There is
currently one project under construction in Japan, an expansion to Kobe-Sanda Premium Outlets, that will add approximately 176,100 square feet of GLA at a total net cost of approximately
JPY&nbsp;7.6&nbsp;billion, of which our share is approximately JPY&nbsp;3.0&nbsp;billion, or $33.8&nbsp;million based on applicable Yen:USD exchange rates. In addition, GCI is continuing
construction on two shopping centers scheduled for 2010 opening: one in Naples, and one in Sicily with a total gross leasable area, or GLA, of 942,000 square feet. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2009, the carrying amount of our 32.5% joint venture investment in Great Mall Investments, Ltd. including all related components of accumulated other
comprehensive income was $57.6&nbsp;million. As of September&nbsp;30, 2009, three centers are open in China and one additional center is under development. To date in 2009, two centers completed
construction and opened in China adding approximately 1.2&nbsp;million square feet of GLA with an estimated total cost of CNY&nbsp;1.6&nbsp;billion, of which our share is approximately
CNY&nbsp;527&nbsp;million, or $77.3&nbsp;million based on applicable CNY:USD exchange rates. There is currently one center under development that will add approximately 310,000 square feet of
GLA for a total net cost of approximately CNY&nbsp;513&nbsp;million, of which our share is approximately CNY&nbsp;167&nbsp;million, or $24.4&nbsp;million based on applicable CNY:USD exchange
rates. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2008 and 2009, we acquired approximately 35.4&nbsp;million shares of stock of Liberty. Liberty operates regional shopping centers and is the owner of other prime retail assets
throughout the U.K. Liberty is a U.K. FTSE&nbsp;100 listed company, with shareholders' funds of &pound;4.7&nbsp;billion and property investments of &pound;8.6&nbsp;billion, of which
its U.K. regional shopping centers comprise 75%. Assets of the group under control or joint control amount to &pound;11.0&nbsp;billion. Liberty converted into a U.K. Real Estate
Investment Trust on January&nbsp;1, 2007. Our interest in Liberty is approximately 6% of their shares and is adjusted to their quoted market price, including a related foreign exchange component.
During the quarterly period ended June&nbsp;30, 2009, we recognized a $140.5&nbsp;million charge related to this investment as the significance and duration of the decline in fair value below its
carrying value was deemed to be an other-than-temporary impairment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=27,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=955024,FOLIO='27',FILE='DISK128:[09ZDV1.09ZDV15801]DU15801A.;15',USER='SLYUBOM',CD=';4-NOV-2009;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dw15801_1_28"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Dividends  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We paid a common stock dividend of $0.60 per share in the third quarter of 2009. The dividend was paid 20% in cash and
80% in stock subject to election by the stockholders. We issued 2,029,044&nbsp;shares of common stock on September&nbsp;18, 2009 at a closing price of $73.97 per share. We are required to pay a
minimum level of dividends to maintain our status as a REIT. Our dividends and the Operating Partnership's limited partner distributions typically exceed our net income generated in any given year
primarily because of depreciation, which is a "non-cash" expense. Future dividends and distributions of the Operating Partnership will be determined by our Board of Directors based on
actual results of operations, cash available for dividends and limited partner distributions, and what may be required to maintain our status as a REIT. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recently announced that we intend to pay a quarterly common stock dividend for the fourth quarter of 2009 of $0.60 per share, consisting of a combination of cash and shares of common
stock. The cash component of this dividend will not exceed 20% in the aggregate, or $0.12 per share. We reserve the right to pay the dividend entirely in cash. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Forward-Looking Statements  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain statements made in this section or elsewhere in this report may be deemed "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give
no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks
and uncertainties. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability of financing, changes in our credit rating, changes in market rates of
interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development and expansion of properties, general risks
related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates,
trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties,
costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions
and maintenance of our status as a real estate investment trust. We discussed these and other risks and uncertainties under the heading "Risk Factors" in our most recent Annual Report on
Form&nbsp;10-K. We may update that discussion in our Quarterly Reports on Form&nbsp;10-Q, but otherwise we undertake no duty or obligation to update or revise these
forward-looking statements, whether as a result of new information, future developments, or otherwise. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Non-GAAP Financial Measure&nbsp;&#151; Funds from Operations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry practice is to evaluate real estate properties in part based on funds from operations, or FFO. We consider FFO
to be a key measure of our operating performance that is not specifically defined by accounting principles generally accepted in the United States, or GAAP. We believe that FFO is helpful to investors
because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. We also use FFO to internally measure the operating performance of our
portfolio. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
determine FFO based on the definition set forth by the National Association of Real Estate Investment Trusts, or NAREIT, as consolidated net income computed in accordance with
GAAP: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>excluding real estate related depreciation and amortization,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>excluding gains and losses from extraordinary items and cumulative
effects of accounting changes, </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>excluding gains and losses from the sales of previously depreciated operating properties,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT>
<DD style="font-family:times;text-align:justify"><FONT SIZE=2>plus the allocable portion of FFO of unconsolidated entities accounted for under the equity method of accounting, based
upon economic ownership interest, and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all determined on a consistent basis in accordance with GAAP. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have adopted NAREIT's clarification of the definition of FFO that requires us to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of
accounting changes, or a gain or loss resulting from the sale of previously depreciated operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings,
marketable and non-marketable securities, and investment holdings of non-retail real estate. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=692370,FOLIO='28',FILE='DISK128:[09ZDV1.09ZDV15801]DW15801A.;12',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<A NAME="page_dw15801_1_29"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
you should understand that our computation of FFO might not be comparable to FFO reported by other REITs and that FFO: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>does not represent cash flow from operations as defined by GAAP,  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>should not be considered as an alternative to net income determined
in accordance with GAAP as a measure of operating
performance, and  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>is not an alternative to cash flows as a measure of liquidity. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following schedule sets forth total FFO before allocation to the limited partners of the Operating Partnership. This schedule also reconciles consolidated net income, which we
believe is the most directly comparable GAAP financial measure, to FFO for the periods presented. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="9pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Three Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>For the Nine Months<BR>
Ended September&nbsp;30, </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=15 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B><I>(in thousands)</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Funds from Operations  </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>473,073</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>463,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,263,054</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,311,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Increase (decrease) in FFO from prior period</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2.0</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>%</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> -3.7</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>%</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Reconciliation:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated Net Income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>139,189</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>271,329</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>403,112</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization from consolidated properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 247,236</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 232,524</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 748,191</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 690,029</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Simon's share of depreciation and amortization from unconsolidated entities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 100,027</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 91,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 287,901</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 280,039</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to noncontrolling interest holders in properties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (2,700</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (2,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (8,064</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7,551</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interests portion of depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (2,017</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (1,980</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (6,253</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (6,447</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred distributions and dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (8,662</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (15,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (30,050</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (47,378</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Funds from Operations</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>473,073</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>463,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,263,054</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,311,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FFO Allocable to Simon Property</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>392,714</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>370,157</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1,037,423</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,044,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Diluted net income per share to diluted FFO per share reconciliation:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Diluted net income per share</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.38</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.73</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization from consolidated Properties and our share of depreciation and amortization from unconsolidated affiliates, net of
noncontrolling interests portion of depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1.02</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1.14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 3.24</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3.42</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impact of additional dilutive securities for FFO per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (0.02</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (0.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (0.05</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (0.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Diluted FFO per share</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>1.38</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>3.92</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> $</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=3 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decline in FFO per share is attributable to the impairment charge recorded in the quarter ended June&nbsp;30, 2009 of $140.5&nbsp;million and the dilutive impact
per share (FFO) of our March and May equity offerings of approximately $0.18 and $0.35 in the three and nine month periods ended September&nbsp;30, 2009, respectively.  </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dw15801_item_3._qualitative_and_quanti__ite02633"> </A>
<A NAME="toc_dw15801_1"> </A></FONT> <FONT SIZE=2><B>  <A NAME="item_3"></A>Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Qualitative and Quantitative Disclosures About Market Risk    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensitivity Analysis.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We disclosed a comprehensive qualitative and quantitative analysis regarding
market risk in the Management's
Discussion and Analysis of Financial Condition and Results of Operations included in our 2008 Annual Report on Form&nbsp;10-K. There have been no material changes in the assumptions used
or results obtained regarding market risk since December&nbsp;31, 2008.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="dw15801_item_4._controls_and_procedures"> </A>
<A NAME="toc_dw15801_2"> </A></FONT> <FONT SIZE=2><B>  <A NAME="item_4"></A>Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluation of Disclosure Controls and Procedures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We carried out an evaluation under the supervision and
with participation of
management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in
Rule&nbsp;13a-15(e) under the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=29,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=793647,FOLIO='29',FILE='DISK128:[09ZDV1.09ZDV15801]DW15801A.;12',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<A NAME="page_dw15801_1_30"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Securities
Exchange Act of 1934 (the "Exchange Act")) as of the end of the period covered by this Quarterly Report on Form&nbsp;10-Q. Based upon that evaluation, the Chief Executive
Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of September&nbsp;30, 2009. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Internal Control Over Financial Reporting.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There have not been any changes in our internal
control over financial
reporting (as defined in Rule&nbsp;13a-15(f)) that occurred during the quarter ended September&nbsp;30, 2009 that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=30,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=796253,FOLIO='30',FILE='DISK128:[09ZDV1.09ZDV15801]DW15801A.;12',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ja15801_1_31"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Part&nbsp;II&nbsp;&#151; Other Information  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja15801_item_1._legal_proceedings"> </A>
<A NAME="toc_ja15801_1"> </A></FONT> <FONT SIZE=2><B>  <A NAME="p2_item_1"></A>Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no material developments with respect to the pending litigation disclosed in our 2008 Annual Report on
Form&nbsp;10-K and no new material developments or litigation have arisen since those disclosures were made. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are involved in various other legal proceedings that arise in the ordinary course of our business. We believe that such routine litigation, claims and administrative proceedings will
not have a material adverse impact on our financial position or our results of operations. We record a contingent liability when a loss is considered probable and the amount can be reasonably
estimated.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja15801_item_1a._risk_factors"> </A>
<A NAME="toc_ja15801_2"> </A></FONT> <FONT SIZE=2><B>  <A NAME="p2_item_1a"></A>Item&nbsp;1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through the period covered by this report, there were no significant changes to the Risk Factors disclosed in
"Part&nbsp;1: Business" of our 2008 Annual Report on Form&nbsp;10-K.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja15801_item_2._unregistered_sales_of___ite02635"> </A>
<A NAME="toc_ja15801_3"> </A></FONT> <FONT SIZE=2><B>  <A NAME="p2_item_2"></A>Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter ended September&nbsp;30, 2009, we issued a total of 208,619 shares of our common stock to limited
partners of the Operating Partnership in exchange for an equal number of units in reliance on the exemption from registration provided by Section&nbsp;4(2) of the Securities Act of 1933, as amended. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were no reportable purchases of equity securities during the quarter ended September&nbsp;30, 2009.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja15801_item_5._other_information"> </A>
<A NAME="toc_ja15801_4"> </A></FONT> <FONT SIZE=2><B>  <A NAME="p2_item_5"></A>Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter covered by this report, no services were pre-approved by the Audit Committee of Simon
Property Group, Inc.'s Board of Directors related to Ernst&nbsp;&amp; Young, LLP, our independent registered public accounting firm. This disclosure is made pursuant to Section&nbsp;10A(i)(2) of the
Securities Exchange Act of 1934, as added by Section&nbsp;202 of the Sarbanes-Oxley Act of 2002. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=31,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=237241,FOLIO='31',FILE='DISK128:[09ZDV1.09ZDV15801]JA15801A.;5',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<A NAME="page_ja15801_1_32"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg15801a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja15801_item_6._exhibits"> </A>
<A NAME="toc_ja15801_5"> </A></FONT> <FONT SIZE=2><B>  <A NAME="p2_item_6"></A>Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="4pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Exhibit<BR>
Number </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B><I>Exhibit Descriptions </I></B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.1*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> Non-Qualified Deferred Compensation Plan dated as of December&nbsp;31, 2008.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2> 10.2*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> Amendment&nbsp;&#151; 2008 Performance Based Restricted Stock Agreement dated as of March&nbsp;6, 2009.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2> 31.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> Certification by the Chief Executive Officer pursuant to rule&nbsp;13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2> 31.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> Certification by the Chief Financial Officer pursuant to rule&nbsp;13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2> 32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18&nbsp;U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2> 101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> The following materials from Simon Property Group, Inc.'s Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2009, formatted in XBRL (Extensible Business Reporting Language): (1)&nbsp;the
Consolidated Balance Sheets, (2)&nbsp;the Consolidated Statements of Operations and Comprehensive Income, (3)&nbsp;the Consolidated Statements of Cash Flows, and (4)&nbsp;Notes to Consolidated Financial Statements, tagged as blocks of
text.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Represents
a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Registration&nbsp;S-K. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=32,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=653003,FOLIO='32',FILE='DISK128:[09ZDV1.09ZDV15801]JA15801A.;5',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_jc15801_1_33"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg15801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc15801_signatures"> </A>
<A NAME="toc_jc15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES  <BR>  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> SIMON PROPERTY GROUP, INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2> /s/&nbsp;STEPHEN E. STERRETT<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Stephen&nbsp;E. Sterrett<BR>
Executive Vice President and Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2> Date: November&nbsp;5, 2009</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=33,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=263322,FOLIO='33',FILE='DISK128:[09ZDV1.09ZDV15801]JC15801A.;5',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>2
<FILENAME>a2195218zf1_10-q.pdf
<DESCRIPTION>10-Q
<TEXT>
<PDF>
begin 644 a2195218zf1_10-q.pdf
M)5!$1BTQ+C,-)>+CS],-"C$Q-R`P(&]B:@T\/"`-+TQI;F5A<FEZ960@,2`-
M+T\@,3$Y(`TO2"!;(#@R.2`V,S,@72`-+TP@,3(Q,#DW(`TO12`R,CDU,R`-
M+TX@,S,@#2]4(#$Q.#8S."`-/CX@#65N9&]B:@T@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("!X<F5F#3$Q
M-R`R,"`-,#`P,#`P,#`Q-B`P,#`P,"!N#0HP,#`P,#`P-S4Q(#`P,#`P(&X-
M"C`P,#`P,#$T-C(@,#`P,#`@;@T*,#`P,#`P,38R,"`P,#`P,"!N#0HP,#`P
M,#`Q-S4P(#`P,#`P(&X-"C`P,#`P,#(R-#@@,#`P,#`@;@T*,#`P,#`P,CDX
M-B`P,#`P,"!N#0HP,#`P,#`S-38X(#`P,#`P(&X-"C`P,#`P,#,W-C@@,#`P
M,#`@;@T*,#`P,#`P-#0W,R`P,#`P,"!N#0HP,#`P,#`V,CDR(#`P,#`P(&X-
M"C`P,#`P,#<Q,#<@,#`P,#`@;@T*,#`P,#`P-S(Q,2`P,#`P,"!N#0HP,#`P
M,#`W-#@Q(#`P,#`P(&X-"C`P,#`P,#<W,#D@,#`P,#`@;@T*,#`P,#`P.#`P
M."`P,#`P,"!N#0HP,#`P,#$V,3`Y(#`P,#`P(&X-"C`P,#`P,38Q.#@@,#`P
M,#`@;@T*,#`P,#`P,#@R.2`P,#`P,"!N#0HP,#`P,#`Q-#0P(#`P,#`P(&X-
M"G1R86EL97(-/#P-+U-I>F4@,3,W#2]);F9O(#$Q,2`P(%(@#2]2;V]T(#$Q
M."`P(%(@#2]0<F5V(#$Q.#8R-R`-+TE$6SQE93)E96(R,V5C-3!E,V8U8V1E
M-S,W-F4W8C1B,V8S-3X\964R965B,C-E8S4P93-F-6-D93<S-S9E-V(T8C-F
M,S4^70T^/@US=&%R='AR968-,`TE)45/1@T@("`@#3$Q."`P(&]B:@T\/"`-
M+U1Y<&4@+T-A=&%L;V<@#2]086=E<R`Q,3,@,"!2(`TO4&%G94QA8F5L<R`Q
M,3`@,"!2(`T^/B`-96YD;V)J#3$S-2`P(&]B:@T\/"`O4R`V,#@@+TP@-C@P
M("]&:6QT97(@+T9L871E1&5C;V1E("],96YG=&@@,3,V(#`@4B`^/B`-<W1R
M96%M#0I(B6)@8&`&(EL&%B!9PL#/@`#\#*Q`R,+`<8$!#<P_Q\I@/6/7AG>,
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M%F^.>R229#SK`S"$C8T[&A@%.QH8@$2'H*"@!)#)P-#1P0`4``D+*@'9S!9`
M;&P!XH)4"9MX@%2!-0AI=#0*@D09&(7!"HQ!>ADXP$R@%@8F#2"?24D)9`Z8
M5E+2`$F"3`!AD'I&$0^HV6`E8*E&09A28ZA21K`\1P=ED0T$B0R,$^*`M``0
M2X-%7!AXF2[P-\=H/F1D$O!?=ET\@I-Q"A=#\=\6QLJ)8B>V.XH(1;BVOF8Y
ML$0$Z(XGT*21P\!X$D0#TRM#/4"``0#?K-KX#65N9'-T<F5A;0UE;F1O8FH-
M,3,V(#`@;V)J#34Q-R`-96YD;V)J#3$Q.2`P(&]B:@T\/"`-+U1Y<&4@+U!A
M9V4@#2]087)E;G0@,3$R(#`@4B`-+U)E<V]U<F-E<R`Q,C`@,"!2(`TO0V]N
M=&5N=',@,3(V(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R
M;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH-
M,3(P(#`@;V)J#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-+T9O;G0@
M/#P@+T8S(#$R,B`P(%(@+T8U(#$S,"`P(%(@+T8V(#$R-2`P(%(@/CX@#2]%
M>'1'4W1A=&4@/#P@+T=3,2`Q,S,@,"!2(#X^(`T^/B`-96YD;V)J#3$R,2`P
M(&]B:@T\/"`-+U1Y<&4@+T9O;G1$97-C<FEP=&]R(`TO07-C96YT(#<Q,B`-
M+T-A<$AE:6=H="`W,3(@#2]$97-C96YT("TR,S(@#2]&;&%G<R`S-"`-+T9O
M;G1"0F]X(%L@+3$V-R`M,C,V(#$Q-#0@.30W(%T@#2]&;VYT3F%M92`O1TQ/
M3TY'*T1U=&-H.#`Q0E0M0F]L9"`-+TET86QI8T%N9VQE(#`@#2]3=&5M5B`Q
M-#(@#2]82&5I9VAT(#0W,B`-+T-H87)3970@*"]Y96XO:2]D+TPO<&5R8V5N
M="].+WDO>F5R;R]J+TTO>B]N+V]N92]!+VLO3R]T=V\O;2]Q=6]T97)I9VAT
M+U$O>"]T:')E95P-+V\O<&%R96YL969T+U(O2R]F;W5R+T4O4R]P87)E;G)I
M9VAT+W`O5"]F:79E+W$O52]G+V5M9&%S:"]"+W(O<W!A8V4O<VEX7`TO8B]6
M+T,O<R]A+U<O8R]S979E;B]$+V-O;6UA+VPO="]E:6=H="]8+V4O1R]H>7!H
M96XO=2](+VYI;F4O62])+V8O<&5R:6]<#60O=B]C;VQO;B]H+U`O9&]L;&%R
M+T8O=R]S;&%S:"D-+T9O;G1&:6QE,R`Q,S0@,"!2(`T^/B`-96YD;V)J#3$R
M,B`P(&]B:@T\/"`-+U1Y<&4@+T9O;G0@#2]3=6)T>7!E("]4>7!E,2`-+T9I
M<G-T0VAA<B`R,B`-+TQA<W1#:&%R(#$X,2`-+U=I9'1H<R!;(#$V-R`P(#`@
M,"`P(#`@,"`P(#`@,"`R-3`@,S(V(#,S-2`W-CD@-3`P(#DT,"`X,C`@,3<R
M(#,X,R`S.#,@-3`P(`TX,S,@,C4P(#,S,"`R-3`@,C<R(#4P,"`U,#`@-3`P
M(#4P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`R-S,@#3(W,R`X,S,@.#,S
M(#@S,R`T.3(@.3@V(#<V.2`V.#,@-S`X(#@P-R`V.3<@-C(P(#@Q,"`X,3D@
M,S@Q(#0S.2`--S0P(#8T,B`Y-#<@-S8Y(#@Q,"`V,#0@.#$P(#<V.2`U-#<@
M-C4X(#@R,"`W-C8@.3@U(#<V.2`W-C8@-S$R(`TS,C<@,C<R(#,R-R`Q,#`P
M(#4P,"`U,#`@-#DS(#4S,2`T,SD@-30W(#0Y-"`S,C@@-#@X(#4T."`R-S0@
M,C8W(`TU,C`@,C<R(#@R,2`U-#@@-30U(#4T-R`U-#$@,S@S(#,X,B`S,C8@
M-30Y(#0U,R`V-S8@-#0R(#0T-B`T,S8@#34P,"`U,#`@-3`P(#@S,R`U.3`@
M,"`U.3`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#4Y,"`P(#4Y,"`U.3`@,C4P
M(`TR-3`@,"`P(#4Y,"`P(#$P,#`@,"`P(#`@,"`P(#4Y,"`P(#`@,C4P(#`@
M-3`P(#4P,"`P(#8V."`P(#4P,"`P(`TX,C(@,"`P(#`@,S,P(#`@,"`P(#@S
M,R`P(#`@,"`U-S$@72`-+T5N8V]D:6YG(#$R-"`P(%(@#2]"87-E1F]N="`O
M1TQ/3TY)*T1U=&-H.#`Q0E0M4F]M86X@#2]&;VYT1&5S8W)I<'1O<B`Q,C,@
M,"!2(`T^/B`-96YD;V)J#3$R,R`P(&]B:@T\/"`-+U1Y<&4@+T9O;G1$97-C
M<FEP=&]R(`TO07-C96YT(#<Q,B`-+T-A<$AE:6=H="`W,3(@#2]$97-C96YT
M("TR,S(@#2]&;&%G<R`S-"`-+T9O;G1"0F]X(%L@+3$V-R`M,C4V(#$R.#D@
M.38S(%T@#2]&;VYT3F%M92`O1TQ/3TY)*T1U=&-H.#`Q0E0M4F]M86X@#2])
M=&%L:6-!;F=L92`P(`TO4W1E;58@.#<@#2]82&5I9VAT(#0W,B`-+T-H87)3
M970@*"]D;VQL87(O1B]F:79E+W<O<75O=&5L969T+TPO<&5R8V5N="]D+WDO
M96UD87-H+W-I>"]-+V(O86UP97)S86YD+WHO<V5V95P-;B]/+V,O<75O=&5R
M:6=H="]E:6=H="]1+V4O<&%R96YL969T+VYI;F4O4B]G<F%V92]F+V-O;&]N
M+U,O<&%R96YR:6=H="]H7`TO<V5M:6-O;&]N+VDO52]A<W1E<FES:R]G+VHO
M5B]K+TLO5R]C;VUM82]M+VPO6"]S=&5R;&EN9R]H>7!H96XO;R]9+V9R86-<
M#71I;VXO<&5R:6]D+W`O;B]:+U`O>65N+W-L87-H+W$O5"]B=6QL970O0B]Z
M97)O+W(O<W!A8V4O02]#+V]N92]S96-T:6]N+UP-<R]$+V$O='=O+W0O1R]T
M:')E92]X+W4O3B](+TDO12]F;W5R+W8O2BD-+T9O;G1&:6QE,R`Q,S(@,"!2
M(`T^/B`-96YD;V)J#3$R-"`P(&]B:@T\/"`-+U1Y<&4@+T5N8V]D:6YG(`TO
M0F%S945N8V]D:6YG("]7:6Y!;G-I16YC;V1I;F<@#2]$:69F97)E;F-E<R!;
M(#$Y("],<VQA<V@@+VQS;&%S:"`O;6EN=7,@+V9R86-T:6]N("]B<F5V92`O
M8V%R;VX@+V1O=&QE<W-I("]D;W1A8V-E;G0@#2]H=6YG87)U;6QA=70@+V]G
M;VYE:R`O<FEN9R`O9FD@+V9L(%T@#3X^(`UE;F1O8FH-,3(U(#`@;V)J#3P\
M(`TO5'EP92`O1F]N="`-+U-U8G1Y<&4@+U1Y<&4Q(`TO1FER<W1#:&%R(#,R
M(`TO3&%S=$-H87(@,3@Q(`TO5VED=&AS(%L@,C4P(#,R-B`S-#4@-S8Y(#4P
M,"`W.#<@-S@U(#$W."`S.#0@,S@T(#4P,"`X,S,@,C4P(#,R-R`R-3`@,C8Y
M(#4P,"`--3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@,C<S
M(#(W,R`X,S,@.#,S(#@S,R`T.#8@.3@V(`TV-3`@-C4Y(#8Y-R`W,S@@-C4X
M(#8P,B`W-38@-S<Y(#,X."`T.3(@-S8P(#8S-2`Y-#0@-S,U(#<X,B`V,C(@
M#3<X,B`W,#0@-3@Q(#8S,"`W,S,@-C,W(#DQ,"`W,#$@-C,T(#8U."`T,S$@
M,C8Y(#0S,2`Q,#`P(#4P,"`U,#`@#34Q,B`U,S<@-#,W(#4U,2`T-#@@,S$X
M(#0X-R`U-C<@,CDU(#,Q,B`U,S0@,CDW(#@R-2`U-C<@-3`Q(#4U,R`--30R
M(#0R."`T,CD@,S0P(#4U."`T-38@-C0W(#0W-2`T-#<@-#,V(#4P,"`U,#`@
M-3`P(#@S,R`P(#`@,"`P(`TP(#`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#`@
M,"`R-3`@,"`P(#`@,"`Q,#`P(#`@,"`P(#`@,"`P(#`@,"`R-3`@#3`@-3`P
M(#4P,"`P(#8T.2`P(#`@,"`X,C(@,"`P(#`@,S(W(#`@,"`P(#@S,R`P(#`@
M,"`U.#<@72`-+T5N8V]D:6YG("]7:6Y!;G-I16YC;V1I;F<@#2]"87-E1F]N
M="`O1TQ/3TY'*T1U=&-H.#`Q0E0M0F]L9"`-+T9O;G1$97-C<FEP=&]R(#$R
M,2`P(%(@#3X^(`UE;F1O8FH-,3(V(#`@;V)J#3P\("],96YG=&@@,3<T,R`O
M1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B<17RW+;1A:M>,FO
MN(LL@"FRC<8;V2D2Y3`3B0H!5<9E9@$!+1$V"#``:%GS%_)/S&_.Z6Z0A"@I
MKUE,J50%L+O/?9U[^L(B"W^<_CFRZ$<\?22'[HE;=$$??K4H'[U]%W.Z:T><
M"AKY$056Q#R?UB//]G8OY2C&^GV_[C'WL*Y>Y/KWR>CMN0]+R>V(N]JJ2[;+
MF1^2']K,]BE9CZS>GT]X2K*1Q7#@?O3!N+Z<)=,SBA/3Q6_&B6E;1C*-S5^3
M'T<3GX4!P":<<8^2,VR/IZ?7BUDRF\9T<GE&TW]A/[.-TQ].+M]-Z71^<3&+
MS0F/6&3$L_FE@N&];0M>N2QTR?=<9OD6EWY],'XQ`\M(VU51W75U-:8STXM8
M8+!31K;EN9'&.$3FA3(UONWO,8SS^>("^).?S>3CP!QW/>:3%X4#:S]?FYYE
MG"QTG(N?3%_Z^IX6TZOYPH3CH9'0U?4BOC9=^7)RF5`R)\2=(![B#LT7Q+VE
MD2]-FI\KYUP6."I+MDY2\L.4!HE"DH#K[9)T<IK@(/'(<=7IM^>.KM[$8J$'
M')NY&N<<-3'JAKJ5H-^V:=.)IGR@C6B*.B=1Y2*G6&PZL;X1#3G6&/FRHAZS
M9X3#W#`<0,:S"T1QM9A?356TOI&\IW>+^?65R4.9]C'-+D_9D6,.\P<!&DMC
M^B7-.JK2M:#ZEAIQ5[1=DU8=I2VU&Y$5MP6<*RHJNI:RE7)]:<KJ1,SQ]OY8
MDH/&F2C3^[01<AF4\VU[;ZJG*2S&7=HI8T65U<VF;M*NJ"M"=NKF+JV*?ZMW
M;<-G'K>/C%@6GW#7]2-EQ6:A\X*1TWJ]+MI6`I\7I:#+FFE$FWGA,:#K3VP_
M]"*-B'Z,PA<@9VS!8D;3]::L'U"F62ZJ#NG)M/]["YP%H3\HE(TN1V=(<HJV
MPR.WY/.^3RCN&B$Z52A8LPZVC5F5%VF5;NJR:%%._4:N;UMN'[PWV/X!3JJN
MS_-&M*U,\:9!DHM-6I+X(K)M5WR6F8?/HH6STJ+''.O`5"`X/$`_^(X_X;YE
M*3,A<X_,+"2?]USYVE(G2K%9U96@:BM)/);5+;<Y0B00(J6LSD5O<L*A0OZ@
M"@QDUQHF0\PD/6X>0#:1?:)UVGRB^Y5`Y^CV69A.!'D[$'5I<#B\`E]O4>F<
MTK($C\$K$+81OVV+!C]V-=V(?@.P8Y&IHD$$ZD9G?E!Q*Y`B*?W9R0-2*6WC
MV+8IND*T-/V"9JCN!)W(YK,--!$V22F@''L0MCRP:40F5!)`XW5==:L6_H+J
MM_AOM]F*VE4M6ZK7`N5*\@_I`RX%Y4*W2KM#X.$@\/OT:8`R.@W:A[\TQY16
M.2S:?89NA*BPY>8CXI='U&Z<DQ[V4&NPNCWXH=E_VVO7)@6#(UQZZ4/+)#<.
M%Q9G802Q1@*A?LBKO)IT!.\%[A'',MI>B[S^!+26ZQ/J(C.^>0+HL`AMI):-
MRUHO[4]Z^Z4W>F6G;Z@%:B!K&?;=R\._3RV9,F1K770=4@R*9UU35X`IH=XR
MLYNZE2MU+X^]G(GGC/(=[<4O9HC&N:&VZ`1ZY!8H#V,2GT7S@/X&$:#&LDG/
MTB[5RG5$X8,[`_N;;=-NI</8@R`"R,L61UW+`RD'G++#GM=]_VY+K5WQ1(E2
M@`MS:?R';`>=J<XB+862_8V2_?^%VB2)?,0KR>X^[='O$%O'O`]XSUHI8NSI
M+6F'N'7^_S1T/!;90QHZMNO]?1ZB!BF5:0.Y2;,,/)0DRU4*&MGB+_[ZC(0\
M"I0/1E57DQ=.H&XIM6N0&WYH"9'ES>KU!BQE4#^AW,O%;5$5DCCJCGE\?,VS
MKU]E5H;E?GQ\:9>J[./CJZ:Q`P,(LH+B*F)S^V9B[T3YJ1*[4HF7ALXL[J.E
M^=TA$:&^OWXR)[@E7W::CM@AT^;MZ7&_IX>SXT!H][*W#U+=P7^`&X`[?`C[
MY@@VL/D36)#OA:+1$T)B-.7!7P*-7TOY4V!NX[,A>ATY5'-Z2#8F5.[9D#OU
MH;(?G<YJJNJNI[L4O1W-]+SD2F).N&JD9Y[T0]7^4P`?4%Q],6@34-8_UUBJ
MJ>SCIFI7`N/"+N@EIC)-;STFR#.O$^ZXP8;5[YXID\>X&QPITY\7I3='HA0&
MP1^+TC='=Z/-')</1,GB09^[$]7)SS]!QA07T':ZTD-.4T/+NP=ZU]3;C1Q(
M,X8[,D?=G;%C\3$'IUM\(P@%AZS*LVU79Y_&&!T:^IR6V^>7HV;)MW(,Q+<=
M+&@,I0KA&#\.,$_+%)/M]Z]ATW.4>MNU':!`*36Q3),1*.2K3\_UR,-PKI_+
M43QRZ)[4JCM8=7>K_QT`L"UE5PIE;F1S=')E86T-96YD;V)J#3$R-R`P(&]B
M:@T\/"`O1FEL=&5R("]&;&%T941E8V]D92`O3&5N9W1H(#<R,R`O4W5B='EP
M92`O5'EP93%#(#X^(`US=')E86T-"DB)=%!K2%-A&#['Z4[..2]Y2B><?3."
M;L@DIZU_9651Y(_4("\QC],MMQT[FX::I>(%G4/3<#JDY65>"-1!RNR&0N#?
M?@0%_;`B@_:CS(3W'#_6.MIO>>'A>9_W>5]X7I*(CB)(DM3F7RLHN'[U9!YG
MLYEXUF*TUEHDPENLUNL<;S-:=TUGA01"0*2@C1(R9,*1Z#5EM*!5'FK'+3N<
MV!/#/"4C+M=_5%(02(3E!%A)6A/+DHE8DI3')=+J^K[Q&3;;D)/-YNCT.M:@
MTQM8O4ZG8\_D9.GSN-H&WE)M=J(L@T&'C`YDM*,Z>VU=A=7B,)LJT3V.KT$5
M#>B\Q>EP\B:C#5VQLYD(G;-:T=ZB`_$FAXFO-U5*:AYGK[)4FNQ.*4WFOL'V
M3TP0<G3,<"G?01)2=443E/0J0D;$$+>(AX2?>$.ZD`JI\(U7OWW"2]_F:W)Y
M=4OXN+6:HOHE(EJ<"L^%I^1%XF?Z;]).\DX2%:X+%]%S53`('AC`GOD%/`A#
MNUVUQ+`'#X#'7"5-AF)4PNCEH%@2)`-!L30H"X@\'5X4E\1%*MQ=3HNEX9)P
MJ5SE\D'G.G3X2*%P0R84@I?&W@WPPL"Z=&HD"X_@@5Q*]0S0QOHWT))0+(1D
M4`P_Z5PAM$ZIH!#:_!]&(-X#BN%W?G+!#P=?;*Z$)F70*GRB1[W]_OF)NU83
MYRSN:'?UMC-96$TW@WJ$ZNYQ=:=S+8-CFN_4HWZ7.WW)UU3=IRGO;[_]-GW^
MR>1SC=OE=JN;Y7?:&AMK`E_G3C#OA\;\\^H%=O8B@]7WY7WN7G?ZN*>U28-O
M4HZ6KIH>!E+@"PT'0J=P+([)/([CL"+S!\2"(B2A!K=A,XT/;VLA%=+^`"FY
MT]`VEB2DQ:F,ZL&P6/98SDRP+*>,9=!,9T3!7)A.B<3M<2;#?S2B5#*GIPT1
M)G&V+J*,9_P19<*./05$^I\``P!]OUMS"F5N9'-T<F5A;0UE;F1O8FH-,3(X
M(#`@;V)J#3P\(`TO5'EP92`O16YC;V1I;F<@#2]$:69F97)E;F-E<R!;(#$@
M+V,T.38T("]C-C`U,"`O8S@V,34@+W-P86-E("]C-3`P,"`O8SDP-3D@72`-
M/CX@#65N9&]B:@TQ,CD@,"!O8FH-/#P@#2]4>7!E("]&;VYT1&5S8W)I<'1O
M<B`-+T%S8V5N="`P(`TO0V%P2&5I9VAT(#`@#2]$97-C96YT(#`@#2]&;&%G
M<R`T(`TO1F]N=$)";W@@6R`M-R`M,C,V(#DX-R`W-3@@72`-+T9O;G1.86UE
M("]'3$]/3DLK0V]M;65R8VEA;'!I;65R<FEL;$YO<FUA;"`-+TET86QI8T%N
M9VQE(#`@#2]3=&5M5B`T-"XW,30@#2]#:&%R4V5T("@O8S0Y-C0O8S8P-3`O
M8SDP-3DO8S4P,#`O<W!A8V4O8S@V,34I#2]&;VYT1FEL93,@,3(W(#`@4B`-
M/CX@#65N9&]B:@TQ,S`@,"!O8FH-/#P@#2]4>7!E("]&;VYT(`TO4W5B='EP
M92`O5'EP93$@#2]&:7)S=$-H87(@,2`-+TQA<W1#:&%R(#8@#2]7:61T:',@
M6R`Y.#8@.#<W(#4T.2`R-3`@.3@V(#DX-B!=(`TO16YC;V1I;F<@,3(X(#`@
M4B`-+T)A<V5&;VYT("]'3$]/3DLK0V]M;65R8VEA;'!I;65R<FEL;$YO<FUA
M;"`-+T9O;G1$97-C<FEP=&]R(#$R.2`P(%(@#2]4;U5N:6-O9&4@,3,Q(#`@
M4B`-/CX@#65N9&]B:@TQ,S$@,"!O8FH-/#P@+T9I;'1E<B`O1FQA=&5$96-O
M9&4@+TQE;F=T:"`R,C0@/CX@#7-T<F5A;0T*2(ETD#V/PR`,AO?\"H^M;H!4
M-T99<DN&?JAI;Z?@1$A@D$.&_ON#].-TPPU8F->O_6#1]5\]V03BQ$$/F&"T
M9!CGL+!&N.%D">H=&*O3,UNC]BJ"R.;A/B?T/8T!FJ82YRS.B>^PZ8+WR-HJ
M%VV^L'7N$-@K]R&W((YLD"U-L+G4U^_\,"PQ.O1("22T+1@<*]'M53PHCWG2
M_]W6TOJ)%0S.46ED11-"(S_;1T`R?[67XS8^TM_21LJ=;*OL>&G%7/[[QM$+
M<R9=E[)"%@9+^-Y;#+&,+*?Z$6``5.9XQ0IE;F1S=')E86T-96YD;V)J#3$S
M,B`P(&]B:@T\/"`O1FEL=&5R("]&;&%T941E8V]D92`O3&5N9W1H(#@P,#@@
M+U-U8G1Y<&4@+U1Y<&4Q0R`^/B`-<W1R96%M#0I(B613>5`3>1;NINDD*D8E
MM$<W=K?4>JPHBC/>JRZ"B@<(B""4<H,FAL,D@(0`:@D!@X`*@J`)-PC$`X."
M>*#@BB**XNUXC+L>.^NQZJZOF1]3LUFG:OZ9>E6OZO=>?;_ZON^]AV.V-AB.
MXV-7K%F[UGNELT>B)G++O)FN2_VG^\7'AL?]O[=88##!$1?&VP@L(7"V:)@=
MT6EG*_!VH]%"5.A(#ODYD&3+\5\-AM^RG1@.C(#F4=6.3DOL,1&.2Z+4NEW[
M9[G,G.[J,M,]/B%%)=^\1<.[SI\_DP]7\^%Q?&)<0F*$4J[>$AW%)\>KMO(1
M*?Q2N4:M446'Q_(KXR)=>-Y-J>2_`=6\*EH=K4J*CK)6W>/C8N11T7$:>;C2
MY1M]WLJ?_\;^]Z=WO"HV7/D'<1AN#8P48<-'8$[C,#<:B[#!8C!,@V$Z#,O!
ML/56<S`"([%,7&'#VP38%-G<)0S$1:*?^&0KM0VT-=I^)L/(`O*MR%.4*/HH
M7BO.%#^1>$K^,631D(:AKD.KAHT;9AIVSXZQ:[+[=?CFX1W2T=+<$<2(@I'$
M2+^1EE'$J)WVX^US[*_8#\K4LEX'!X<\AS?4'.K3Z+#1;6/X,5UC!L<:QXT<
M%S#N`>U)ES(DLXRYX"AU+!P_87S1^#OL(=;">?+V_&P^C%?S4EZ::1X8WH!?
MNO?FY)>GQ(7CU%EUE^Y&MF3AR>=BD!3=OOV!_LFG%\GZ6<@7W\V\N*[466*"
M*2*_FH#BH#S)O6@W\<3,U:OGTK,O^8*M)XLNBI?EK_U;REM)D@@BD0L%E>([
MH4TA/O2*F%#/G6RT,)5:<RK.W$%?.M;<5<!*A2<9=7#V:%$CJ*M;S'C_+2BJ
M>]L'A?4$A"JI%I&P9R";#!=Y!7DHW!FYO/#(%LX<%UL:R03ZQ?MMX`)]MZWT
MI1>V!S^YVMET_0Q[NKOBZE6Z>$])3C&;7G<TT\Q<:"MM:.70$2V5K]V;JJ.#
MMP=L#F"](T)B0YB-ZLJ64U6W+]WG+IVLKVMD\O(->_*XLHR*M)H=$I`-EE(+
MSFY\<J6C]E(+>ZZGNJ^+?AC2YN'OI?#:P&[R4_OXTW``TBE+O=PW,,%]XWHN
M/"8R,8J)4%5;SE1VM-SD;K8TG&AGI$)D6N>Z?D%2#IIZ^_:/CY^#ZWE9NA#\
M@EIUO4M^GNEI/=Y_@<LH(V.42;HH)MRGJ<^+ZWW2T%=EJ6T[TG0Q5U*.0I/$
MENPC&7%T:.RR57-8[\>;[BEZ)8!?OMCQB+ZSR;+0>;F[\Z:2C:9`%CFM6.8V
ME9[2[PG$XT?F&[VLS)A<286%!FHBF/F>?6]N6#J>63CSO,MS[WXO<85'5&+7
MCG,6NONH^4)[G=+?+\QG020KY855)ICX!>\"GC@G!%$E.O)56VOW7;HKMC$H
M1I.X-;8\N9$M+LP[P)3MU>NB-F]R#^:D-:C0]/-:$W[M`P'/42%56D8B)Y"%
MP610T*!HA8G@!&(V]3")O!$]%SDC.8TB?D0S835BV-_AH/I`7!Q(IG2I)#@A
MV6DT&2EHI`A!?T).2,R6I9#@#?1SF`9R&B)FPPRT&JQP&#3!'9/]*^A'`7VR
M/M@M5%)9N5E9/MOD2;3J8$9E14E)!6O<UM2;;\@OH)4W#JUN9F2\\5"9L4);
M$E7`;<W?5A1GM%37Y)7F24[M+R^LIHVZP]KHG;XQ'NR>?8:"`EK6UUG;6$-7
M9!Q*TJ2G:]C$&H67WI"EIU.*$TM4C9(*[8[#VZR?:G5IV[>7II;KN=JL$SFM
ML7Z*S;G:;$F2/DVKI;>7ZHRLK.]$4=>)/D[*HR4F<`8;_!Q,)CK1$NI-6WO/
M`_JJ\MB&"+5&OK4\R<P6'_S-Z-3(S<%N09PT`4+NXZ=!3YR&$`KT]Y%>).4S
M0(KW@)3H.4?):Q/,YMI:LSFA5BY/2)"STCDNIH%<$[X36@G8-1!(H=Q?+.09
M$>0.6$AI>LW`C&J\_AWD?"3`'CY1H*G]^OZGZAG('Y7M0G;(=I+FOZ!EI^92
M:/<#-,(ZQ4F/P`'V@FH^#$/C$?,=LD<IK-10/N!JG5_L2^+5:/A[N6CW;D,F
M,RVS[#4G/!9_'_#7L-6*@\ECKS>1A<;2@F+F2*Y6SND-V7IZ<([8)3UM(JO7
M&_2,U/!8:+^/'ZV`\S\21T<+3J(K\.?M^\BEBNCL10P*$,%4F$U^^'KMAP\T
MV'C<0C9HR*)E:$P\6ZXG7]1WMO8S+R[[.2-B[G?(`4W@>#34JO$$W"L'4[\]
M/'@:]5#6#=/A/64]^CP&QMWV<YJU?)E'?/(AHXJKBE4=BF?46JTFIEWY#!;`
M$+`![G5(]ZPZ3I;0<[FQ[0I]>\W56=.6^B,LA#V<0?8U=YBO,;UM85[S5RUW
MVL')NJ4&$\R\)7B9\&K!E[@&V12DPV<2?1:C;-N'X/'NUE0A/$2$.@<WD(NA
M2BQ-.R4\?XS#P$WBLK"`@J`=_UF(1M$(\W1?$*VM,&YC#R>J#VQG5"FZI*BS
MRN<P&VRMX0SLI'^B]0U<Z[])2!*=?I]^@%2EIN6HL[.M-J)`D32]2G!LALP*
M_-1KR'I+P`3X0AVK:SQ\DOFA8S%BD3C<:\6\X&?@W)!W?'\S!YWPE4)%&NO%
MS4/%-')[.04<0?+R'3#`+GIAU1NJ4T:P9OC+^W_!G$J)--TDO'N!UPH;B%K!
M2%6*GIH;\GKW[3/L9V"=",E_P<CK(NN^K2<'QXBD:74#+M7VS?W!MR&SU_^A
MK!IBX/7_^*[VH*:N/`R&G,.*(FLV5.]M[RVKU.)C+;Y0>8N/^J:NHHBX"%+!
M)P@)!(2FO"201`/R$(5<0G#!%D6#J(#K6&`44%!4L#[P;=&QW;KN^KO,27?V
M@';&Z>[LW#\RD^2<W_F^W_=]YW?E8._7&KR`\0H)GN,1V/'@UO&.]AHNKDCN
M%KI^N2<S[GX`.(#\:1_8W%_=_'$W)UOWHO%,XRWF\8)F(B7VWO[C.)EYOF7M
M_37TI_Z_R3^]&%+?P5P^UW"M]\P&GQ7;@I:'<XZIY9!Y4F3-MK7]D/5,`O^&
MY_*H7=N2(MFY0;>``WSJ4E=?TQPR:7OVEHS-/&DF;^108**YY0%%#/C/^#OY
MD-C/F$A8PGT_"VS.G"XY6L=%$R^W2616O+VC!_4>:*G_>JC_>OZ'_T1D]]^>
M]"!^1AIBMJ"'D:/;8`+A8:2LZAKQD\L"?SC;<'DP!&IH""C>#P$]#8$O!T-`
M5G50O$XKQ=;45%;6U,3^NJOX6:X`$19QAM$V:\`LR7*&!`%I-+D:=EU<<571
M_M)",]\$PZ30A%K)!]+]:ITZC8E6?+TZAU/"*2/>G;2O>`^?4I1B3*DF?Q5?
MC8E#I-;Z;.>*^)C@G+&0`+ER^`CJ04;JI8YP.U=06J"E!KXYIA1&T_`8!J5@
M-QT<9+H*9^A$L.GG-OCPZ:I68E?.RV8]/=+8<IUY-?T*\>;(`R33*7%?=EGB
M?,8:B><I5)XYG"P2HJ[*82?^UJ"OY0J*<P]1Z5T-_N33)6O(2#X](S>##53H
M&NE>T&<'2_'Y0ET7_*$UPFW\XDCR"9>9E9O%1FET%MX17B?7#WQ0:WL6'"0#
M?C!#/M77)]R%)6Y$`G)8!>LI\Z/!'=#=Q63T25Y`"1`O343*E)1$+GJYY8\L
MV48FTV<KV4JOH7&P"T:]./^O7MY1#**@3XB_U+Y#++I1N&8*]SR"D?U%%^_Q
M_9V-+\"!@4CB"L[D$$?N(EFQ$M_1E"=0J)LIU,1!J&;9=HAZ(Q<#\;6"X@Z(
MAN$TRM:3(#*<8!(R)[/@#KW5^FFQ>KA@`<$R6,^),MPBR+3ESN(_T`7P23P@
ME2F)76A(''%BR2RT*>-@`P\1^(C>4,4!CUY\HW8W\`*D*=',O5'J*53!:%>6
MOIJ'%=BR[\!9#@+0\QKEU!)*0!I,D5J?()E6B>]E&U4!@UT)4*D\-/08AZBJ
MKM6!N4Y1_K;->8+L)<7<(R`/;6Q9#P.K<46^P<3UHY='TB8.EM0HT>SH/9.X
MJ6AGMJ&*AY7X9$GA20XFH!]K8R8?H@75X"&U=E-N%/BV*6$>;XW`_LG),[,Y
MV4M',3CY!-POAS,6VT9P$!>!K60@A"HC%+?GE_;HN'+2I,`_[C5\[<N0E7CK
MEU\HE[%D#K&C#(7`NJ'>>H##E;5D=--0I6AI$MJ=^55J\K;`>F+'$@7YC#9W
M)XF$B60\J%Z]J&I^1'L;3G%VGH1S@NT0RG_",`E%>45`GCIEZ0T&OL"FO`,F
M#AJ1:5_&;IZLP@%4MQKJG4X!>^H49=<9<3/N+C/VZ3B!=-*F9Y=3)HD/CLG*
M4'"D@1XBS\R#'[XA'+ZCI_^Y\IXP_)6JN3F<8P6]2.G[$4U=B>1;9^@2T%R=
M\NW.-\K?KNIZ;U5`8N)LVJ-[R98!EJX*IV<69PQ\+J?ET</2>&_>FH0C]B1L
MC\DT'DWEJE,3#\:RNU2JN+5-X;U@?_DFN/`BQK?*3'>U-#]D[XI3^!*S,UP2
MD+<NL:R3@5BLUVMU[$%#1MH!'G:0W=+#205?I3)Q\9HU>RD!O0*.T$97A->1
M[Z!U#*R$U9?:FTQMVK$",2EQ@\:4'L\D*W=LVL01/^(G5:O3T_>PL`7W'J[H
MTU)([51V.:5QOHQU(UX4%[^(H]=8-NL()Z@#Z@:&4_'_'NQD:K.S>!6UP!*I
M$LEBW,*7AKFR9`1:EGFPF1<C<7=%Q4U.I\W5L4,</<TI4,YCK$%8IO92Q?IP
MFAP:A([BHU\Q-HF6-X,4IPMHMC;%_)@1EV$HL5Z7&A'0?)5:UV$?M=)C$-XY
M`<\TI!E[&7$5OI5O>C38WPV89%HK2;98*24;*=F9>?'>C-433TO:X9OS-HN'
MZHQH$I<V2<`;[.7B"BQNL7XG%<0;J+NP](F!;D,-]R2S0$6;.0);_R2JI62A
M$IW96Z6HW&AO3<3SU:IIF?0$.@%/,ZA+NYDA<PRP)VP;J#-VTWQK@)_D)`;H
M@`Q;Z3.>3F@Q$$-U[3(87W1P=B$Q'#@XPX;G,(J.X:[/R2BR@81.H1^NQ'4*
M_3*4FCR7BK_Q.#0/)=LH*G\E(-E+*H(.`4W3IAA_8,`#E^JU)9Q>G[N/_?Z*
MSM3*=QTYU7&7`?O9[6061YJ'DNYA=I'J<\:Z!KNGQ'M0-\-FT49.6WTZK^0\
M#&L)=INP=#49M2,MKY*2%)Q>_3X6.G+])/^_!Z6.?2-?^3-(=H`36U&MU1WC
M!4PF'/"N+6,*C;HZ(P=.;6U@`Y.9WY)`ECTC#K!PW;M[LN$XM`R!=7D#AP'+
M7AYWAAL"&A*>;WS%31Y\<5F^H8QK1_>(Y*'+,S=[<!=0Z+XI8$.FP5_L05K9
MVO:$`3R[@[ASY/40^GL:4_+"P?#T5\0M&)QILUA*012(<HC#YXKVM\"8]K#Q
M!'N'D>D)&?FEE/E5R<<'/CYFV]P/VM>2GA1Y*3JL+\POJVB,N<O"1P]NP^\>
MA36Y7^#)B&[I8LO68^>9BPVGK]ZY'$BPA1-0/$1*52A!DZ;>LS/LZ#R6.'GY
MN'K5!SU>RX/-$FE71$U8$+/@ST'^GEZ7P2F84R)'N$"UZ6"QA6KJ<_!SIN,Q
M<M7M-?<Q8BH^:LBM@[$-:41>S)7#PE\PRB0+I<)_**_2J*;.--P8DR_.J%4R
MH9Q[]5ZMHHAC+46ES)QVZBZ"@JPB;@C#(D$)8(`$$L*^!`.H@$!N$I9`V$5%
M614<U&*UCO98]U90.]69XYEV/.]E/N:<^:+.]G/^?]_S[L_SOF*05/588`[9
M\$KI,R6%A]BI++1*G?H)26>$NF_R5Z35B4#Q'H-"RZ2[['E%+)[&XA-H2;57
M_UXFM/]>TBL:_%_]!<)8:$/W3<VW[4-4H$0/B\P*3PKW(;S2TY,<%/-][L"G
M#/2AQ]66A_8W5]%L?H7:-+G2+*B>3!?R#FJ910Q5_(/FZZ:.WJ.$8GZO1'\H
ML&3%4=I<98:<P=Y3KB+L!-V;P*V%LM6573$0F%XENE1DC>SRD,R>E+R%J_A[
MF!`>J&5DX-UY'_C-E(\]SG#^?MT-8WNW@2![*5%OGEF72.GRD[0'&<Q,O8\7
M\PXB;6MN735E:2P?*270G4HTFF]4F8)/+W3"8GP9+^==1%GU!35EE-54-FCG
M[%HE&BJHB[&ND_R;&2HG<X65CJ`QBT/T267UE+G68FTC#0Y>0.$`D?E098J&
M.JPH\+,ST&TS"C8<;(P:PM%PS@F^@#VB@;.M3:,&<M`2NCM&X(OJ<E(H35;R
M$06#I43?I+!>E%F=75E%<77'^IB2H^3@>4.,;TZ?89O<KX>%#5B'8W&Y*#PF
M(6$G8<<5[UB+3)@0BM_HS^<EBIJK%$0A\(&6C@L-38/VG,<3BWGU.4I*HTE)
MB6?P`K(R>4*F*+,FJ[*&,EG+A^U)_T:)^@M;5=8H2,$WG7``VJHXLO$=$P,4
M]_!_/2>P3'H*+8Z3CN(.""+$CN?(MRGP$AJ7BOG$R?FBJ<=B#=YJ+\S,VGXC
MR&B()Q<OO_5G<#8)SL("(?@3O=-4B]SV[-V^CO*WQ0UVU5E:;4I3').I*\BF
MU86E)[L[>V\/D+UP7M8`O[I><'X<MCP1PM<CLGT57$H;W7[*?,;&:D^*-!FZ
M7!5])*>FE85T]%/H(!8[;PP.CN=2FZP<5\]4YU>644VMUKYKQO@-3!#"6W>L
MV?UK:G/O_C_V#YI[+C$%IV6QR@AE%+T[YM3@V.4>F'6&F%V7U<R[7H8OC(TF
MP8UQ*'XJO'%>=G!D6#E*@^MK<N6L`8?/QEW\]B3O"6)A%/DE!F>$YTC2T%<E
MR;]CQZ<.R*`<#?1;1QZ.K<5S\`<!GWOX[K;U$MW7WN6=V@1-WQ'5!P_9EOWA
M<A_:S>L!X4K)ES=OGJM-V7^,C2X_D=I.VSBC;=3W_,>87K8`K\#L]RXP_<GU
M89@V0ASTUYI4E_CES;"^NMGDT#TA'>#G:&47N'[C^4I)+<K-)3P6E5]YAN4Q
MBE8'JS:H)>G(8.^CH8J,,!:O0C;Y@=I=A'R6+\;NK#02+[JW"F9<[#.=[66D
M`]+(MND*>:SF(/V)UV-8!-,NW7HX=C$@A%B>K[T/JF:8VRKH^A:27PE!`O=E
M#X^?/W>='NW9NRTMMUC)DGE8)EN[+SC:FUZZ\1',9XD"&2BX*X9?Y&SX>C&-
M96[.V`TO?K(2)"]OC\),$M*A8C/OU@G1K8*?QX6<(W29Q:[Z])J[%-R&69UX
M%LQ$5XZWG&THSTP^SB14'%=9:7--3<.IJ!;?#[=_AI>Q:H_H[_!SY*O)6$_D
M'#[`VA'PO/?`!FU-#J:KRHE5M\!WW'A>NOH]<"&J]4U]^\C@V<WXE[X)!\,"
M(JZ!@)%>S0S#KV4A88=C(BCO*P>`<.WK%R][$CHB*YBPJHWZCPT2J?M[X24I
M)^JHZ@J3V<CDU7$%1OKUM[=^:LVRJ1O8[\_@&>*&F*B*_30QY+Q^[4*?QCT7
MY2SY%KKW<%P<16PD5JB;TIBF;!D<R'AF]*)V;0K"XD4![<.6&EM+`W$]H)CC
MEUZ!=9S5)/C3!`2/"\V.D,:)`_2:VDL4-*/.MJ[:;GK,$K&&Q5$H)#W=KXA)
M!26'=NG5U;T4Q"&0)E]V#@M1A`8P<!-M4NQ4Q^1)4M$;,>@[FK'3+@9^V2IO
MLHI^2JPY<XTFF`73'9[#](5/I4[/)UUE\H;$EI:&AI:6Q`9Y7%*BG)$^]?J'
MJ\SNR`Z]CCC"ST.;%2'I;X%+"?"`G@#CBG\!NV%=&P_&TR:8#4*'AS!]Z83T
M:2WO*M.7EQ>7T8-E*=XL$=X#F<HCJMR:QFS&F*LYD4(GIJN38SOBAQY_^<B^
M[.8CK_C`U/V9$JG3-=#)XJV)S;;&!IO=JWB%(IZDRX,$L($#G]H6D^"')\*3
MCI#!B8L*BXOH0)UIE`4G5*XW&,H,!7D&!J38752E+M=F4KKT_#A[VI(Y].:Q
M/-[2$\MB#XB\=T<T,'2FXRN]OEA/<S@N%746U>2E49G9&I6:P8*%HIR<G()"
M.K?8<)SEMZ*]J<%IOAED^O7'RXO+Z9ZRM%WL5!X*T:9M?T>=:XJYR;GV<OXP
M(33]5RTG9Z`MBA!U]']26/(_M>$C26P+N/0QE<GAV03XCX/_A+3C+<(.O:9B
M@()NU'ZJ@^NBAYKE@2RN0N'I6;X%)*P,#FW+JAIAH9T\:*GMI(=;Y"$L/H9"
M<W2;"\D#-8>VZ@NJKMF/!9@6/[QBUR[Y3F_F@BK<%DB'A28$^[/2NX_1ON2@
M-%\=\<]@UZ.14I6?'62G6AM4R$@[WC;K`DY[A7CXIE>E;?]_L\Y-NKH\<*<B
M-)"1WKV/O!4AJ?MRB472)J7T4(F&N%WV+B/2MMG@I[7Q/E9!ZPOH>B&$6JT,
M7'Y\!1_!LI4_8@8[NRS&+GC)RZ4PC\7SH5T&[P]>?S!^8SE>@V?O]W5?Y?5G
M^,B^Q>$L#B):>4<N>RS=Y/!H'$J?2>^<P%DRR.;$FTHR:T8I^"U*:NW6]M(@
M>_DW6`T?_I/H<@]JZLKC>--P[W7:V>SH;92]=^?>VKIMU6FGNSZFEJXO9NL4
M=9&GE&<5`1-`A(3DA@")(9"$2*A-`B;D_>*1T,A;#"@NJ#-+=1>MG;:VE2H[
M.]WMSNS:[9R+QS_V0-?IW^?,[W?.[_<[W_/]_/X^?#:GZ'1>#DO&OB&*Y+G*
MS(:GI9FRK[2.(S(TC:@!Y&=@&Y@5@P@Q/#SD':(_O[$/BN`+6?MW%9?ZQTXA
M(3VT>H`;_*O]:J3@2\#P@/R>)T"2N*[H1,;NPY\!,2"OW?EZ?KCB`$/:WGKR
MM1B<\>"Y3:X9=EE$9%1A)F/;JEOE)'U_H"&Y&0KA%KCISK;_SB2""60_RXA<
M94,&@X;;1),V41@UBO5$O8)_/T3?-SCGP0]85(XY"EB)L3Z_W^_IJ8G2`9>K
MKT_NEY275J<7L=\1)>KLAC3NZ71>L3;FL-!`I#=PAPV,**0-\4<B@O@"2%T0
M3K2*>_!NB[7S?&14<95>O'']J]F:L3_&V.V7L**0/!2G+@ST3LY-'-_C8#RX
M'KR,J7&M0=^J4U>ZWZ=W9>3LS8Z479>P2WG8Q=J0O(PJEE;F'CHZ_0\YP^&B
M*NUU?L/'X)>K+\C''Q#?AG_#]T5.SE^^$+HZQ#0[L'J%7".CR[6^*18L@*2/
M81)XF2.J4XNR#Y:M$8'L1J_Z.L]XM-YUBP]`[D/2QN>C6H/'!%D%M^LPCKCU
MH2J#A2ZB0EJA.D$?DH\LLJ0-3*^L;UM9/]N!U.!FASR-;3.WME)P)P')P)%'
MEQ.AZ5G4H'>(/X=GW!.V-6ZB7==B;J%+]8YQ5O1/C9=/]PCJ^5-"(-&@$H%=
M_";7J,T;[?B5!V[AB.%V5PLR9?H&G9S9#$TO`BO6ZC1VVZ@^M_4BXX$2E-F,
M,O>>5Q1[T=C<^2E@W?)!(<C2B%TX6`L2X'F8P%#LS?S&GM$N?]B"8F_DB)%V
MAU%&:=L4VFIF)ZQ]'=D]O<OHM%%!EWUPA0LM2-Y.<\1XN[W)61XYD+P3%FP%
M!DSO-CCM5-!F"S*6CM5-Z?^_?_B\LMS!BA97)5>@YLN$ZO5@EP<WFA"%U35;
MG?9SGAX_>_>'SZ$(^TC3V:2GN`9#*7KP-4AFS4AF3ZN\@PH6F=V"6W\?G>WO
M3YQ%9TWCB%A/BUS7IM:HV:P]1[[#]%T&NYUR.3OC':@(<HZXT.YI]$F!$.Y/
M1G2(E4CK956FE=$6+4'-5_Q_5FHL$8+R5O$K)0V%QQK4KBJZ5JFJJ0HJ1A<G
MO@"O767!2WPREG#;$8::5Y5]*T>L%J'?>8;3&U6Z6G8[M/X&=&(Z7YN[A_(Y
MK%'&LF+8/5"ZLO6LA0[;51)4@"_-PSQBP&[^-80$_`:\&[R(<?A^767-'AIN
MQ<%%/@6S/L&(%K@><^.?NL+^6S1(QN'(D]]BHC/]U=_VQD#!&+C2NZZK#P@>
MO'L?_.(+\K(6O/FMN$1=6U]!UZL=OGZ?)^KSMFK\+%G_S)!,7#@_77>)'AYT
M]OK88,S>[Z!LI@\-C%91L)N6Y-F"[[&!:UTW[]K;;78*K,4_&L/@KW$4U?!)
MZ]P4=7]@XDHL(*]B-$;M&4KF:`I$')[XE;S)?1`_O`/NEG7(+'+F=5QW#/L!
M1PFMN9U'\ZEFD\HH9\XI51:.SCY145@6KAU)7`A,15D1S&SV+K_M%<`4WBB$
M*<WB29S/7SZ.%2)@G3?[P-C@HQC(\JU3+J<_V;!(+H',]6#\9SP!T4'832P\
MPD!&#*;@M\$S&,E%IP+1^8XU/BCY&5<X)4+$EV`U^IIU")!TW2[*&_X)5^)/
M<>5[2"?#5"G(Q_^Z"8->"8[2Q6$Q?JA6=I`Q&,P&6@37!H$I!-J"H#V\;NY6
MQ8^_^Q0\^V/J7<5?R,R]X$]@D_BA929QFTK43&8FF!UWL8SIBL%):JPO,CT4
M0O\^LG#JRJ93E,RO[(T%0K&YW$MOO9&>E9H7/7[C*$,:M3M,.7FI5'%?\5P^
M\W`/=NW]6$4Y=4Q2E5-4YW`SY)S6,=`5I2(*_RFIO*X\=ZYPZ5_S,PL,RIZH
MO'3X,D.>W`O?!27BV,#`2"Q>5S#%#)<%JB74B:J:4JDT.%[,?#!2VSM.B4`3
M4((Q`2+/,2'8PJ\1I\RGW;OWR<TO[Z7-OY.2=C`%&8>X%]!>`4@"<B%8XN-B
MN!&\@KE5S5UJNKZI4=ED;_8VLV#'JYAH>0,X.2LP/VX4`E]2UN/&64*D[N&E
M/>"X\YP-ASH+$7GNP?.\\06P+/[?`&=OLLP*96YD<W1R96%M#65N9&]B:@TQ
M,S,@,"!O8FH-/#P@#2]4>7!E("]%>'1'4W1A=&4@#2]302!F86QS92`-+U--
M(#`N,#(@#2]44C(@+T1E9F%U;'0@#3X^(`UE;F1O8FH-,3,T(#`@;V)J#3P\
M("]&:6QT97(@+T9L871E1&5C;V1E("],96YG=&@@-C4R,"`O4W5B='EP92`O
M5'EP93%#(#X^(`US=')E86T-"DB)9%0+4!-9%DVGTYT@&(30H-U,)Z(.6`CR
M66<0^0SXP?&+B#*@($C0!"%`""H((BHE$!`09Q1%PU]B^(V*@OP'7?SK(%IN
MJ:CK^BO7':U:O)UY6+L]3M7LUFZ]5Z_JW5OGWG/.N_4P@4@HP##,(63%ZM6K
M0EP79>CB53X>GL'A;L$I2<K?4OX<(^`<,>X+(<?BG)UHIA7^VDK$R:WLT0*T
MQU&T\]<0@JW&_J77_WY:B:'`&NIMZAP=\VT%!(9)E-I=15[N'FZ>[AX+4U(S
MM>JM*IW"<_Y\#T5<NB).H\C0I&9L3E*GJQ*4BATIVFV*S9F*8+4N7:=-B$M6
M?*N)=U<H@I*2%)^!Z0IM0GJ"=GN"DH\N3-%L42L3-#IU7)+[9^X*GKSB-^I_
MW/Y7D@#C%\]+(!$*)DL%3A+!'*D@>)J`SQ0*!,MX.P0B@5A0BD5@)=AE[)/0
M6[A,J!;F"Q_A%)Z`WQ()1:&B=M$8$4WT$>/D!O*M^!MQK40N*92,6\1;G)C$
M3%)-^MERCF6>Y5LKI=63R:LG'Y4*I&ND-ZT3K1].B9G2:R.VT=F,VLZV?2Y;
M)CLA0W:[[)JIQ50;]=$^T?Z.PW2'(H?K4^=-W3]U8MJ^:1SM35^E'Z,N*;]=
M#']IYL9;+QBPMG=/^M^```<-MX$*:TQM[*#[32W]Y>RG+%'_.Q+L*^_>`X(&
MT8H>)+_-@DI\)_=\1+VKI!9FD3$-ZZM6'I)<CU@J1F1NR&)GVOM2!-@L95&9
M>'E9Y&7-1XD.>9/MZ9<S1PHE_<T4I(FO;S-JUM%A6^/6[&>E4)#7"Q4]V;U0
MWF-['$@(:[L-$@AMDVV$@!QJ@.1H\UI"2<:$AF>L8[3;R[[?*3=N2ZU4,DB$
MQ,@:V?OT13X`_#U,!H]R?7E1A?S`L6-%QY@S9PZ?^%&.-NVGRK)+<K)IYV!D
MN21EAZ'55'W_PFVVMK7F9$/IR9S*O,HBB:P.\(E,*G@H]-Z-X;/WS[%-@\<N
M7:!'8KH7(PLD0%;H"Q8.0CQEJDG;-,,?B5=J=E:WF([V&8?E5XP-QE:&MQ3&
M#>`!\[$66(+WPC@%V+6!D;_1HW&=ZR,3MWRWL2FY@ZVH*"EGCI0>R([>$K\H
M2BY%WBC`8+YEP%X!@<,'\PH*^<WQ0FYH+8W6O$5>X+F`;1(CRWO;/X(_#=IB
M<(893]C_X""$![:@``K\WKP`=UA+PQI7\$*>#]D4,5@&52N0/XVTA6@VFN'#
MX[I0V'^Q1&'_Q_)4<A=[^%!Q*7/D8,$?+),@$*RP\Y"/GX=`"O+!"N63?+$<
M",`ZP!?O&*&^:U;W]+2V=?=N;8N.4FW9P/=J=#>8<PU8)K3B[>X4[#"?(L))
MM./3*4*:W6*V:<$:P`NF@A<.Q>:9U*WB+Y%&GJG/VD6CY05?KUI:]`MHV!/Z
MJN,T+#_X]`J+M.@NA9+^B1S!"BS&P0YTD.P$COSK6$Q'#DC+2O4U9H;W9"G,
MP>'I+Q3W+$N,2A1$NKC2V%A^DFDIS8Z73RP0AR9FS2MD,SBZ1CRO)+'JS[14
M#X[<2A!A<!X<\2/VG#O9`1IB.^FG41=X,6@:R;><3#S[Z]4K[VFP"+HY:Z:7
M'Y)JV'KR<DWGZ0'FSL6-\UV"W)`M4LC]YQ'2G`'NUD-;,(!S`(AD93`=)BBP
M4]\.FDL'Q6Z,5.D:V]1L?;KNF(J)3]6JPH:5K^!K<``+<'ZJ&O0[(Y?%]IJ:
M^KKI!ZL'G%U](UPB6,,>8NA,:\,`\]/9S:M6QL;X9,AE95*]@7=0R+GRJFMA
M!@ZU]C`#Y@R#<#47Z$>B&Q.!!!)"L1B$(A1+0BRT\^9?@V9@GH`=QI$/\$%X
M1$'</L!#9M*K8N/7LTNB7BQAXG7:K1&#\:_`%_`/?$EG1#Q#*^7[\HL+F.HQ
M`FIX@^P(=).4YACAURXH-O`3-1<8<,6Y)/,B"M5E\'^Z#]I+HX"W2``46+]^
M#7*P#!R;E9J2G[N-;0;G-Z^`,4A0(QJDBBLK3S$WJQ8A9[?<Z`T1NE%PN51V
MKK1>+LTQ<":@L68N#`>/'.HY";GFQ<0$__4@+5%+CC0T5`TSQ<5ZO1R6D9\'
MJ]GV-%@J^)9>P")[F"1KXG4/44\CSX4'T"NV**-#$P;&AFLNF4ZS*564LRHF
MTH>>_6@)3('I+Q^"W?.-0Z[76%GXB]/GSH[0CP-O($MD[^WKPLJ:?#O6OPSG
M4V#]COJJ+ZYKB.XSM?3T-\=^$[5[<UHR*\TV0$DG("/6#*Z\&7-QN`8WJ;S=
MNP]D,=]FW>4E'^GJ[J\-0B[1!9OSM\IY[;S[=36P`'Q@+PT!KH`A"EF[NR$Y
MLKP__T-C4_D1$[L-?>GFCAQW2*2H-@?\^-I^6"<LP#OO4%$F=?^`L;W[8E+;
MNJA$930+=T4;FE5]`\8?+W8EM?\>DW[4-T)`!Q=BP':;Y^'@#_NH-[#G[V@/
M,6&!5%0J;&H4%Q;J"YFH]*.F'TI/'JZ1&T<)T)+&0.)[;7EF'IV2EAM>Q*;"
MW49Q;+;IYV0YVLM=)5))E#OQF%BCTZ4K&2E(]`UI;7#E--29M/6V@,.?P`U\
MD1,LE'T%=9PE!?'BSH,GNT>;XCR=E&HGMJ!`7\#($I)$%8?T%0R(.N(0[I02
MZ1F3<[Q37J(O_X&6Y2$]DE`P1D+`/T;!^N6R(>10+Y<=!*QZL'>,?N_]$PIF
MT64M>;_H:%H`/1$H#LG6+BQ@97E2<-_59R::L7^S7>513=U96$S?^]%.F[:F
MH?HRDU"@E-:E1YU21ZM2$117%(^`HB`C6A!9`H0EB,B2``E!4`A[@.2!;((*
M"#J(&R@BBJ-U&]3C,FI;9^K2Z7W,+^?,7+2VSG'^RCG)R^_[??=^]_ONVP_N
MHI$I,%X:R3.SELT(FB6C'WH^AG6PY12,@7>>W9Q!W^I06"`EFHW(4*MC0GTZ
MG64TB#JB:P;14!2_(_B![8]''IU7B,%WE*3PKZ91AF/A"\A#=@'U=G"&A1UH
M$P1M*9Q^`._2=`4]_>):GIQU)9&D+DU-\-3*)0&2<,@<E@J;R+&"BF/PWJ`C
M#:!!RYRIW>J,BJ,8B41G4;9!QUZH:QT%>0/+.-4LT5?9"9?9-@AE(EF)BMKY
MSME`[64^R;N[%0:=P8#I0/2Y.KWLI]:-U+80Z=R/8>W5FX.G:32Z3!G&=F_1
MSGYP.A=,WRN5U\!ZZSE6HE>2*SG&J+F<U8,L2(R=)Q?WZ7@XM1=J6UXV<%*M
MY!&Z"N79:;EQ95<X""6&/)U!]EUK(&6,"AX>1K$.*1N#IFNU.JT,XLA?2G0G
M84)_%%58Y&:$Z6<EQ4IR-;TX?N$HC'M"G*=&+GDDAM#D9MAI%FR:;-I@/G3!
M%-'(I`XIN.!%*R\8Y&9Z-X;<RBI+6L9]25;$1LRA;\_#6FR$T-/8M;<?W'.C
MDBXY#]NCV/"4U)38Z,4''65T#76B+MBU;W#VG2#J]@/3OCO8M%2D=>(@-%EL
MGI-*@S^*D-3?>7:N(<5\CH,02*,AQ",E?JY6'@UW>;+`D&@9Y`1O<K:L\L).
MN87>10X:HWH!1WUH&OB006/EU3S\_IZ2#&JK5(LYJS>6,,8C&Y/O<QT_0A`*
M.R<2QHS,E-)'2O92=F7R<LZZD:Q4J^:F(\H_>3)S5XKI-"=L(*<J2RX9L/5;
M7_DG6."Q%,+_!RFK*G;);TC1R(#\PL"=6&I@'HUBRE6[U3LX58QV%?X./`G2
M)Q7'[J$'`)-"!"QS[<I@Z[&\G;H\F85V*$EO79HJ.24F,E(A?H#*;A.$%XV7
MM((9WI4*2\F%DHH[>L1__!Q?M>@5?.$BV0=):`,2;_K):H\-5"Z3M+IK2L\I
MQ,+'+ZET"N4P551E!VJ>G:-/K/HK)P01R+9>86I9T`OW&6L8^7I;PM<:O.\-
MGK@9TDS7.&$AZ2NS#.4CKH%0?^LFZB]L8FB^DKVF,:I6<%9?XA4?.S\+:[;J
M%R"F2YC5)8+I\*94<"'"4FLS4R=\RPX6U5PVX#'12G)=6QBWB*,#A#X1,!B#
MT=^TNU/*XAM"QELW$*_46+?1FD;SY*N\'=5G.3&DJYM'[)I1G^[P!#Q$0C\\
MD-*P%?844Q4W+Q1C6._/^#GV/&ZC(7)KE1T-A$_I)%@#@>C2DV$]!-%/82+*
M,I!.I%,H>O%UE&)3"QS]=<)FP#QT!#-\+X4\TE)4?.!&0X`#'1/RY\_D%7!/
M2@^QDN'71/9JZY?=(_#E[<O`7`SI]:Q72,)K?)?KW=&/TZE;#_RN\B6%IS!?
M))QYA8+GJQ2&GE.@;?2AE++'?E@),MG)7F--GT)3QV3$Q&CC9&[>;=<W*V#J
MX8<8KJX<4OL,J?F_I$:GWZ<?@K,_MN0+Y-C1"(=^Y>@%LY]S1$&KR/&"XA/7
M#JR=[+`NP$DN&3;!32GM4;+(,,'K_S/TVT,0;8B!S3R;DZ/+D84EES>J%'0>
M%#$_UO:<'.9`[-)+<>O<E]PZ\D&CS;?/1LU8-*"6UK+F_(+"ZOJNL%LRF/S#
M;9`\77W<H5LQL9-9V+BYH8<[?K#MW/`-=TKJY!:(C&156=M3U5M]&W'OLW6=
M3<6?]RP%6Q_%PW7,L6A^2P"W."#`S7'Q$#AMD4>PXCLZ7OA/DPTDCXXZ;J92
MH9H8#+I<#+,!;\J.^G"P]0'=@%(?6SC0_]-S[[16$X_X&#>D^(PG?])O,P^A
MUE8F](R,01G;8+G.=XK`1C@MI;<)G7UE)BP!\:W#M_?**SMU1_HXZ"*G2JO[
M=Z&HMZ*!:RKC4=37"?W]B@7TS8F!)^$MW)N-^1Q<>MVEQ-\EF$;L+3:JD5DB
MU<A'TB.99:&F=6"PWAS/LQ`OW*XZ7E;;HY]@H:'H#3F6'6$<+B^927(Z@3ZA
M'\-3)MVD*35RC;5%IT9=D8@%D=HT\@>+3>R_EXB@0"W=P\)R(0IF6:-&YWN5
M<*WB:%G=_@(\<:&2',XV;0_E$C.3,N/E+O0$?0.&F<SR+.-NKK:FN`L/'%22
M/FWQMN+@:L_QU)9VXQ-_8]+-6=6%7$-%8?NH#W4J24=.<5SI>ELQ3'LQ^^4C
MKJ)R.]#PK'],<9TQOZK$I/@9)CVB4Y@R94%""J>,V[%6GIV%&TXTW.-)3C9J
M*"*Q:I]20?VA'^7OR@QVM3?T8H+FHB_F*,FAG.I4)9>:'I<8)7>E[T^&3YC4
M\DQC$5=M*MY7LDNGPYM\CY&KQ\C=:XE8TZ@`-UJ!<["96?M-L#)8)KZ/=V-Y
M&T@?E88C2@,6$WR1:N+;:VKVYDW@Z99HDJM'O&Z+.D*=KDK&RXRC(70<Z)CT
M4FWQ;LY48VR1Y^7K"F0\'8XFW9FET>9`F$//C*?.KT^).'S;X*(S`M<\KAZ<
M<1.QEW3"D1YI4%YM;+>LO:6BM4F14L5DI*5K,V3J'&.]`J((B/RZ,3'?F>_C
M%6R):MN_Q]PB;XXLJN1,U<:.HS71J^1S"?7R<_6?SDG\EG:L'Y)+.H^?J.[H
M5$C\LMNE$;%;DQ-E8>J:GK-M'=<K%>+,Y!;!_B0L--L,@`-:L9-H($E:RE[M
M8T+:#R0<EL'[_WB&>[GBJ[O.:X(30L(44$)7QY!N36Z"KT:7D<F!@W6]%(I(
M<T%]38/L+.^-KW<NL9X>0;%U1Q7BCY(O"M*F_W)>I5%-G6E8#KWY''4REMMP
M]-[3>U46==!Q*9QJQV6Z(E7K(,BPJ!#"CFP)>Q(($"`DP0@$"4M(R`6"A"4*
MB""U6$<%7$K5=L12VMKIM(YZCC,]SG>G'[-\03LSY_3?_+C_WON\R_.^S_>^
M;EV0<>=W?"/*:R&24S/D$OK5L!GH_;?N2Q<[FXJD;&F52D4=L60/.+GV_JG@
MT0WH)6\OO!6P?UH'7YBYWC\]Q@CK%)>D'?RR2SA4CRY<KBW0"PO4EY`0Q10G
M9:31O\V=Q`<!V38UV=\M3:EAR;'YI2^0Q\S34Z9)FAQK!T=KRYO/4_P42I:!
M#[1F12R%]@!GNL1RA%Z]?3W:@MB9#4_&ASM&.UGA!L4,W'<&;G;@R+WQX;H,
M1P\7B7(L1,RQY!P)O3-Z"OY<RT*=`*N#@8+T&[-(@(A-&Y$OVOBE'P1S4X.?
MCS'(`-\1&74UU=1WUI&1T<:X;4RQ%J<J1#DZCE_Q/HQTN,W`->YMGM#."8+T
MJL;+U3H#UH%+<^]O@TO!A1/VLRW&"A6CR%<E4JFVW'Y'!S<T'C&\#1&!^[V8
MO8<B+J)+8*].$5+."$-0?#\4PN6?.6"]P\/Z]6[X,J+Q>KL6OBR>(0,6P5WP
MINA^\^#Y\TVQ_@&*F*@H^=FO&')"E37O)H(!@BOVXJ2H\$P?_QB[TWK2PC6S
MKI]F>;T(O2AH3$RHE=!HZ?;`+2SIM>BMT^'WTIA=R?&)D52"53J2Z\()E6=E
M)U,A-\7XM=GVQ\L/_Q+8@58SX0)L'YMOY#H[VOK8QN:J)OKI[6M?]:D<LB[V
MC@#[$'*X&LL_AD$V5S6@)ZY(IR<LYP3Q^I*600I:0+_-;NZF!^HR#[%(#>**
M\]*>:8,,JCD0]\Q*`9Z*QU\)B<B,2&1@+PK-!@.:^L)8:KX.Q*H*)5J\YNFQ
MGRWM=Z&?QZ?PEV@M[J#-G_(_B,0]*4.#O3U#0RF]XIC49#'.!?K.VT7\+]!!
MH)42YS3'%=$4.@?$)<I8#2/#H8&XXV5-@YA(.8KMXY]R]S#F''Y;6;B&W#S'
MSR]@#KDPDWO%L<D+F`W_"!*%5,1'YZOJ3$RCS62G>J1MB0DR6<+!#Z-F(9B>
M@(L9OAC%R,!%35W!44I8NA`O#.46N@1FSHG@ST!;ZU^1+U%7?+RT@I*7J+.?
MW60RJ.5`OKZHKLB,]D'3BID_.!RGFL]68Q6/DX)JUYW1:RY5*LJ*"@M9M`0M
M(?C=*!AH9<1PE4$>3<W7`+'J6785KNQ*%[+3ZKB_+W%Y]W*'67,B_EL4(@/#
M6D-!S,(//RD'[%M@,I'SF(&K(`D9_*TB9S&;)9P@H;JT96"!36N'V8'9S`AS
ML2E1%21H,8J2`PGZ$C.VL(%>6T?+J?_P_:.%B@/Q_\-UP,&(])!X9EP9[0BB
M(R,S?I?`DLZ/T$'9<^+1Z'/BR=GG';80UT*#D7?__PZ+S(I(8$CG-13Z4T]W
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M%@Z(]:7-0Q3RXO-$J`$DJ]-SCM&!LDGH`5=WW+AYUI89Q@H1T''P7_<3VG%:
MWN0TYL'""4*JY0WG*!@-)KH'[(RS)&2"=K9WG!E)=X1&AR?M3<+,WD?ON89Q
M6&-0'OWO,)+30B0H<O(!O6X?/H&>C]S'BT0V04M-@[')UIMUA7YP[?+#6VG.
MP!YV3P\1:\EM=5`.SC;TP=FX-VV,#?KD"93EI6I55HHUBMZT[X!_<(_X5A)[
M)X%P%K3DIE&2C.S(X+"Q+_*9+($012L_@7`4KK>XW79-Q!>/13(3D:+(*\BA
M,\NL@RP<>3"Z$>[,!IE'#NU_;=?B8T-H$KS6$W?OQH73GYQBA$V*Z<#6QG:>
MX3P^@EY8)=>0+?"[JZ+?`#+;>ONZZ0K=#@X;U(U#%/P!'9:!\]KZPG`*<8!L
M2<O-4&;0J7E80HVZ.B,%9US/\+"F-O\PA;+Q_UY]H=\R9,OEB_:1'E;HK[3P
M;W%NE?Q1=YBD%.%-<3V_S'RN@7/6K;0A/QDX;2[)5FM**HK9W2CL=1A)5#16
MUM=29I.QDS$8\*W)(;T4]%4992WBQ<+O,=R;[6YRO(/"=Q?@EL.KC]%5PB:`
M_OP:D\-HL1_'P"NS@:.R45U`55855Q0Q[Z#=(?!U0FO0U#=2K:8:NVL;E&,;
M38WZ9$K3D15!*.!M>`#[=BV49N.)3M?=)Y4":V6]LEZZ6!BH:^-?M;K5\,GN
MM9YP1YN@2HMG,DUIM-37F$PM[-5[X]N)AH(:I8J2*RN/N41"8P.Y^K*3Q:U8
MBS-7S'UO[VNW.FI76M$V&>C7-&H*J9)R54DQ<V!W^"RA;B@W&JDFTXDN/<.A
M*BFP5347M:;!I2AXQ6:T-"LY,R^U;*70#\5/\K/M;B7\87<U'R3".Z2.[:G+
MC3&S<-/\<F)K05RXC%:IZXRL05]32_5D6Y/BI:G)X<Z4"U_W7H7$(`-]^-7$
MA593NQUOJ]Y2T-^LSBFN+%3GL7O0NSNAF*BLUQCKJ#:3P5F-:Z`'PE4Z)T_W
MNK7RE'NK)[]<T`#]"9G@5^GBM*VT1`"E_"JB"_T3E*%51(?@GKFO\PY]18#D
M\WZ$\"F^YG3_WI;G6[XG`ENS$[^K,7^W%/M^?2D;M'.F^[UIR^\:]J//6;\[
M;?FMQ7;ON\S2;8L6K>\#-G%S@"UD4&6Q;VD5L(E;"FGBIOT6^=[+VCR[?>9D
MJ07SIVV2FSBQ>R+0'^<*V<%!L6%A<?AR^<N_15E_*R=]MV3;K\_Z.S?I>R-;
M?PLKO.'+]R/VN\\+QNY?-<S??5A^U;SX5\/&5S'O1]*,[_&SV7ZG]K*OX/JN
MQ/VC0^3'9E$`LL(%$PIE;F1S=')E86T-96YD;V)J#3$@,"!O8FH-/#P@#2]4
M>7!E("]086=E(`TO4&%R96YT(#$Q,B`P(%(@#2]297-O=7)C97,@,B`P(%(@
M#2]#;VYT96YT<R`S(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-
M+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O
M8FH-,B`P(&]B:@T\/"`-+U!R;V-3970@6R`O4$1&("]497AT(%T@#2]&;VYT
M(#P\("]&,R`Q,C(@,"!2("]&-B`Q,C4@,"!2(#X^(`TO17AT1U-T871E(#P\
M("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TS(#`@;V)J#3P\("],96YG
M=&@@.#8S("]&:6QT97(@+T9L871E1&5C;V1E(#X^(`US=')E86T-"DB)C%7;
M;MLX$'W75\RC5-0*+Y),/>;F(HMMF]8*4*#I`V,Q-C<RE16I=OL;^[*_NT/*
M%]EQ+S8,PQS.S#EGCD<7570V*X!"]1A1"@3?^$7%-*4P)3PE!<'8.B)#")ZB
MLS=S"DN+)]4B(GBM^A9]CN=ZW1JX32:,I"SNVF?5N>_PIFO[Y]=P8Q8I2%/#
MO'^PNM:RT\HF7ZH_HFE:D)+"A*93-N5076&I69*3N.W60,GD0[A%V="=`9MB
MAH"BR$;($$!\\^[J^E-2_34BD1.63J'@Y>[JY_@VR4@LERJ4G6`H\VVQ/154
M^/8[0L/-SL$-_`<S;:19:-D@E4>$)IUN3:AQ-N.#>&5H6R+H(D6@2&O4]L8I
MI).B.DR0E,>7K;%MHVOI5#TJ/G=XL%;&6;B/[XSL:XT7[I/0*4\SPIC'*H0H
M!ZD.ZES(!NLHF*^4P@K20OL(<_6,)1]4!YR\!D9(&09QI1:;4QI.13+)&>-I
M'O/0K'H5'18?0<.J[W&\00,;JEVVZ^=.K92Q^JORTV[7"E`G<"N%GTXI/QGB
ML3-\#=C1+VXUY!MM%&Q^*U/[=J=A#T@I$WF!+LL"5#*6Y&>@+Z5=P:QIO]D=
MME\T?H$Z/D2"8;10Z<="@GF"%7-_/MD&1N!VWD*0-8J%[=ZU3EEP+?S2$4@[
MS_,LI7$QF/>4'X+/V-YG;Z5!L_O\?RU<:;OHK<6I!0;G1C;?K0[2[!MZ:-IM
M[WQ,N$C+6-F^"1H>&7$KR\![;XJ-,-E.F)@&L299E@J292=%"=CY'ON'7C8:
MZ7M+>2SXV[CM@>?2M+;O4+WSA[9W\%9V3\K!1VV?@D,R@0YAY=;-F_K9P7_0
M=6TS./`VH64J<&\M5.V+XBU1$&2Z+7%B218E9"C/\7+Q*\/OC/=HL.ZW]T7&
MZ$_VQ9]^K\9JB0,*2,N`5-7:+!$JIUGAH7)ZQ):>I]XVE&+0"P.SI/#)<N':
M;EC`VXF,_(ME?FM6(Y_=F4XMM76J\W\AV:C@JNN_>XT/@;E:]!UZ2@U2WUGE
M@X$'V_"P861"8*D7)/)]FY>2(G=6EGYM':<5^[3K?U;Z0;L?$V:>\.D)<[Y_
MTN!#;FFD"_X("4>CS''G\^(PA?,@)JY6D153F'#4$%_#,O&AZRKZ7X`!`*>)
M"'L*96YD<W1R96%M#65N9&]B:@TT(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-
M+U!A<F5N="`Q,3(@,"!2(`TO4F5S;W5R8V5S(#4@,"!2(`TO0V]N=&5N=',@
M-B`P(%(@#2]-961I84)O>"!;(#`@,"`U.30@-S<T(%T@#2]#<F]P0F]X(%L@
M,"`P(#4Y-"`W-S0@72`-+U)O=&%T92`P(`T^/B`-96YD;V)J#34@,"!O8FH-
M/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO1F]N="`\/"`O1C,@,3(R
M(#`@4B`O1C8@,3(U(#`@4B`O1C<@.3<@,"!2(#X^(`TO17AT1U-T871E(#P\
M("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TV(#`@;V)J#3P\("],96YG
M=&@@,C0S."`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B;17
MR7+CR!&]\P-\KD,[`G24,+4O<^O-$VK/8H<X!T=K#A!9W4(/"<@$J![Y,WSI
MWW56%186%ZBEF5%+T02KLE`O\^7+3(((_*/H'S."WL&G3XCD`GU&E*`?T/M?
M"%K-OOGNBJ*/S8RB$LT$53DQ2`F6,X4V,Z%DKD7_O)X)K?>>-S/)Y-XB-7"X
M(J2WY;E@_;.W-;E1X[ID/#=F;SV82ZX2\^YY,!_6._-Q/9HSEIHSEIHSEIHS
MEIJ37"?FX7G/O%L?S/OU8"Y4:MX]#^;#>F<^KD=SH5+S^#R:]^N]^;`>S*EE
MB7GW/)@/ZYWYN![-E4G-X_-HWJ_WYL-Z-)<B-8_/HWF_WIL/Z]%<I*[KGD=S
MD;IN7(_FW"9Q[YY'\WZ]-^_7KV:O%K-O_@X[T.+#C)*8,/!KM<\$341.%('%
MS:Q;0[_"I\5R1G+X]O/L?795;NH*_7-^`61@V;:^<]OV`7VWK7=W&%U6RQP5
MU0I=[6Z:<E46V](U\U\6[^"E.KZ4YU8R=$%SAA9O9MGKNFKJ=;DJ6K="KXIU
M42T=NKIUKFWFBT^S"Y$S.^Z^SM[4ZW6Q;5!9H?:VWC7PL@8C]]O2W;4([H*:
MVV+K4+&I=U7;7,_](0-@$S`!E;K$ER-<``8GN,T-',$)GE]086VNLC=NV7U)
M<0#"<DI`!RZHOQ")/F&$V/F%E%+GTC^8%#)<GVIODLM@U+ORYZK8K4H`#LXT
M2L/;7C;HY>K3KO'?Q2.ZF]MP<XL4_++]((6#7E[Y<&17;Q?A0TZS;SMSWD7:
MOYS"S][[L\OJWC7MQE7@N!A'"!9&18N6==-ZQU&>*P;O#4;<&!N8$(SSK_A)
M?`^W9H0-IQ%"F#\M>\$D%D1B0VC<WUT9DIUJ$[>'30PV:2HC*W@N18(IX>CW
MP1VN:=`75"R7N\UN'?BU<G=;MRR+MJRKX"`J?634\R"F\%BNA+'=20&9PH9K
MP,7/XU*8&H&9D<E9%SIG?H\G#/R$G=1@J32VUIP_C5I,&,6"D^@DF1/!V*G0
MORZ:VY"G2__!_6=7WA=K($+(.4ISO1>II\?]R#<ZIVPX,/B&8RTD5C;UC<Z%
MZGV8:<VQ%")"@;)G.3\!Y7VVF%,)P:X*X#%$UP&4F[5K`CP(_G8'@=^Z>U?M
M'$:5:V,6>P8.X?IJC`DL:G.IE$Y@2885GPB1H`(;J1X!M9^:('2[:KFODO!M
M.:2JCUW[X,]C())FN,Y70DH!@7SQ_JH1$,62:"S,!(<I5HIC8U1/.GF&=&_<
M![?=`@`O+S$^=7L+TEHT32?W%$1"#C=X.O4.%><P/A13I;"V;`H.809SSA^#
M\V/=NCW"H0_;>@//46GNBFV,"BB,Y,]5F",\1"0"PQ4&'3V/!1HVK/L-O;@`
MI)YVO;KLYQ(A6=T6ZSXH21D!+!:<\'N$X20R#M3EX\%);;!:847$5&W@&$($
M@F*/@/HBP;J+=EZ#ZG#Y\M7E]Y>+R[=771?S-=7RAWK;?BP^NGWBEM7*W4"X
M*R@U?W2P69+-HTN@$"AE,653Y1(V@?1CR5EDL9@LER_G4"V7R]`Q`7,?/)WQ
MH)WNMSM7-5YNRJHMJH^E5U<<O+#J,[K3UT@7B*9\5%L3L#KG='!;EZA$$LR4
MG4Q4HS`3YK%$#<5N53;MMKS9^=(?0[BN@>&AD?3)6KEM<UO>Q:5/-4!%`*G=
M;8]TEL,<\8C.)N#@TB9M#(3@</>)^'$#>=M7\?-5XJ=`PG59W)3K4!&2FK<J
M[\N5@_8X,!-*JX13GL',0UH>EG)J(/?8E*)*B:FD4RJDSJG0'K@T1Q7,.4^O
MWX\*$0$WI4P$">70JE`[50(MY*2`/]J'+#9>D,/>6?M<K#>;,A3V&"PH[&U9
M?735TB,$8^(]HC4<#5:@5>6F[.N)I^C_H%7ODPXXZH">;9R%'/H)6OC"GP;3
M&0Q\-!MI'=Y5U;Z/:+<P0<&FV/_NTRJ#0YW;A&+6GQWS8Y@._NR*1D/23V0&
M"]6@2WD]4*AW6._F*^<'3W2)U%^]B^_][3TL@''GVAT0:W1CT];+7S'RS3,A
M_B^.D!"?'4R8V_*_;H4#[GU?O<\TW`,:5*Z#;S66UE]=H+)I?/:%(K%K&U#,
M%7@;@T0V=V[9EO=N_1`495V"I*S"+(*@^]ZY^876(N=9GHY^$$JI]SCY.>H#
MU7I"0+3%DO*#E#OVU_OL[;]^OES\>VYL;@_+X.)OHS^]CV[K]2I0<-3"E#^O
MB[O2)VWP*+K.M"2#3]N0SL>>12]\;:.>X-$+Q[[.&/>#C]J/3?T!ZM+23WA+
MR"CP8!]%,KYR?,MHY0\'7-E!^*_GW_8K'77>H4`RF7M^$N3_IT!72S7BQ.9$
MP9T7FSX>?JL-&RULT[D*VQ3TGW%;]I?CPVS.TCTF.06JJ$W6^U@`H^-`"U1"
M>RE[S.@#0H>DX;GU";OOWOUH:'"S%>8LBS^7+0R.Q]P=71L]\H);;$1@*+SQ
M1.5Y:K]XH-/BJ`R!1NLX@YR9O(`_?3LD<WVFI+Y.V'3$322"1\49F4#,P+#$
M!&96']/8.Y-Q/_5"9`3I?)PJ0[""\O&\-CL55YYK/C@^UK*)=HJ)7E3/]E%K
MF`G0JX.,._8191-*BDP_LJ3..4VXL`]<((98/ZO4IWZQN3`I=[Z<=\N7Z!4S
MT5U&T8,ZV2D2:-/@C0"`Y^IW7#^]/+1-1"0U4V,.A.+<3,R!6%"H&#$?)UKE
M812(`N-"AU\NRS84!F@IQ'3?^ZQ@,-L7MXN].><Z8]AHAI61U_.SR*(%'2P$
M>,(R&RT\4*H>'7L&K'&F`W:#DM["R./UU0\)L5/ZXQIH*&<GKT]]FVR.T/94
M3;U#E<1$J1&I]1C/8$UD#=VZ]2KTC%M7-+OM@V]&EG73@KK!6,DQ!:?Y/!38
MMQ'<JBZ-CRMS1'^H7T"O$_+U5,%/]9[EZJ3+H!TTIQARVF=^7J2D]QD??#9,
M(`D_8`R1W1C2G.I_`BWHGYK;/@3`:B8G=!LK$%QK33]ZG!.J'Y/V?^SP.XU]
M;*9].AQ[-/AJ9K`4$T(EC,%6V8.^57S5J+@7E>%P^6=-B?9@2H34A9)G]<20
M"(E%0)V4/D#'AXA-H5N7Q4VY+OT0%I+S%%H*VB+[]ST#[F'[(-7`QC&-7C`)
M./T4)LYC?0$R`J"P%ETL=8>6\]P0WW_RG)Q(NFP!<VRQ]!I<5`^>IE7=>L1;
M^+H*G/VX]=,;C+:^SH)B-PZR$_1[XZJVR9,K0>'ETF>X&L4J!.CM8O;_`0!/
M#(E&"F5N9'-T<F5A;0UE;F1O8FH--R`P(&]B:@T\/"`-+U1Y<&4@+U!A9V4@
M#2]087)E;G0@,3$R(#`@4B`-+U)E<V]U<F-E<R`X(#`@4B`-+T-O;G1E;G1S
M(#D@,"!2(`TO365D:6%";W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O<$)O>"!;
M(#`@,"`U.30@-S<T(%T@#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TX(#`@;V)J
M#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-+T9O;G0@/#P@+T8S(#$R
M,B`P(%(@+T8V(#$R-2`P(%(@+T8W(#DW(#`@4B`^/B`-+T5X=$=3=&%T92`\
M/"`O1U,Q(#$S,R`P(%(@/CX@#3X^(`UE;F1O8FH-.2`P(&]B:@T\/"`O3&5N
M9W1H(#,U,3@@+T9I;'1E<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A;0T*2(FL
M5\MRVT86W?,K>I$%6`4A_7[,SF,K'F5BR64I4U,E94&1D`6/2*@`4/',C^1W
MYS;Z`30HPK)+2:K"U@7NP3WW=1HC#/\2],\%1K_"KR\(%QS]B0A&']#U'QAM
M%C^_OR3H<[L@J$(+QD1!*)+<%%2B[8)36HAP?%APQH?C=B'HR!9>9:I0UL@4
M+B@/9[!K.CI'U\'L74>KHH4:O<TU'YT]='3MH(74";0_6VA>Z,',B2G,R.R@
M![.#'LQ:C,X6>NS:0POA*`G0[ARA@SE`![.'CF8/'<T>.MA%XMI!<RZ3J/TY
M0$>SAXYF!SV8'?1@=M#1+A+7'IJQ)&I_CM#!'*"#V4-'LX>.9@\=[")Q[:"9
M)DG4_AR@H]E#1[.#'LP.>C`[Z&@7B6L/'<H_0,<.<-"Q=SQTVCR#V4-'LX<>
MFFOLVD-3F4*[<X0.Y@`=S!XZFCUT-'OH8!>)ZP#-4\+=>8#F*>'!'*!Y2G@T
M!V@^(CRZ]M!XDFN<YAI/<HW37.-)KO$DUWB<:SS)-<8IX>X\0..4\&`.T#@E
M/)H#-!X1'ET[:*I4`NW/`3J:/70T.^C![*`'LX..=I&X#M`B(=R?!VB1$![-
M`5HDA`_F`"T&P@?7'AJG@]2?(S1.!VDT>VB<#M+![*'Q:)`.KATTL0MJ!.W/
M`3J:/70T.^C![*`'LX..=I&X]M"3S472S44FFRN:+P/X9'>1R>XBX]U%)KN+
MR+30_'D`3PLMF@-T6FB#.4"/"BT:+Q=_OUK\_(L$:7)UMR#8R13XSZ@":Z0P
M+[#$8-PNO`W]!WY=K1>X@+_^N;C.+JMMO4,?ER<4OCIKZL>RZ?Z+WC?U_C%'
M9[MU@5:[#;K<W[;5IEHU5=DN_[CZ%4"5`SV1A1`4G9""HJMWB^SWW6J_J;IR
M@][6N[9^J#8K>[CLX'_;<M>UJ+Y#%X"RZBIXH/?^MMX^-N5]N6NKI]*"UMMR
M>?5E`:.3\,'U3?:N?GA8-2VJ=JB[K_<MO-SFJ/RZ+A\[!#Y1>[]J2K3:UGM`
MNEE:)Y$>!31;#E2_/IR*DK@0GJ#K[)>EP%G=@.L27=TW98D^U+ONOEV>,,-)
M8CZO=M%JZ0#N"%;PJ?9#K[/3W<;&#%]5;F_ALQC.ER><4$CELS;G@FC";+2"
M,6;]8)<ABK&!MR7E]J>&GQI*1H6_:T;=WY.TZ#Y4N\%=H-3$0&/JW[3HS>;+
MOH7\+$^44J:0R=^<0\^>]NS9_TL##O&HM'IWGT[_=7K^^^GRQ!9X]C?_.O.U
M:0,C!!K&!N:^(/M0[:KM?HL:J`N7;TV(_?+^&6Y_VU+MGRV^^4^2;,H*;J3P
MOJR;Z^PG2"30P3.A<$XP3K]0%)ISY5[PSUJ6A52Y83HEPSZKB'OV!(C`EHCU
M(ON)Y`J;G'#E/L:[E@6FFH:XQD]+S7--C'T:,ND>&Q,U:M7LX@F:YG,Y8HL(
M+'^4K0E=HA!0GR.Z,F)RC642QSCLC,J<&I%XL?T:\I=QD2MCICRP\,69Q+G2
MU$5N"J5)B%R-2N0ZNUI"E%FY6^TZB+S:WNZ;U@V2/B4$NU>_FX4T?'@3PU`>
MA4^ESB4A<_%+>$`>)T!!;@T6QQE0"CQ(%2B@^MD>6>T@Z39@=%>6;E[6,((:
M8..IW.UA'L/[!&X4+);[MVE(OIKPP@C!DNA-;K0^'CQC.1/X>.P&Y]+PR?N"
M!HHS@DE.N9D/_:(/LQJM@]<;#["2]3A@)G-.U?&`.<G9I-IAF).82T+`@2''
MDTU@SC-*$P^VY5WH0FLZ+7L,VZ9;/80\I]-*%B`4S`]R,9V4RA(_(L-0J%Q&
MC[-AF,A%R&^D@\O0B!G-%5<Y9O(X(?"(8+EF9D*)<74R(@7VZ;\_GIY?GE[V
M*H6\9+=<9Q^7%$<]4SO!L?O<OPG"S<1Z_S[R4NIHP4S:.(1`3$0<IXY0E0LR
M,S?AQ@B#4Q\GC@F:$_V-L?&N!$6UKGJ1U<\,T$1-5_VO_T,_,4`:ZCCR7D9"
M.C54`5V<K`PJ8*^*N9D)=6/F@E="YT2QF9F)<2Z4F`T>I,B2VSHIH7O*UBI/
MU*V^>N6J"\(X^;'.F3:.$&GC*-B98CKV1O'#1@#.CD\1*LA\^%3P'"ORPO`?
M5U7C-L9V5>TZNT37;HX04G!.OR_[AP38>TZZ-4$TS!<`#$%#C^=?DMS0N94I
M<BKT,Z(A)>#-LI\3&U!,7=5"V_<D/#;UMN[KOZ>`0OVREZ_,9WO`N"$U[@&6
M4SHGFVAN^#P#0LPP(*$`7(G-,G#3%T%6KFO@`.;?W<W2QO\$;,!`N(-KS+HI
MX9Z&'NJV]9U!0(`*_=(%.Y40W(17G2+F/1TWF>(B7,0B'SS9O1`1GNX21<)V
MLS7%YA8)43D;5-011K)_@(CHJZ`I/P,%,!GJN[MJ7:)UW7;M:TU$B>E$1>9Z
M(H)3'<4/1$$Z#TVN#A9QHJ-TKJ2<WP7ORQULOP>W!C9;N'2UG=V&3[VJ>HT^
ML)=!'8(*215X)G`!XN!03@TYARTJ#RY1HYR+G+/G+@])X&=;.P%[[;R^7S6?
M^WA?;?GS0L8+HXOYK^/Q_I6\RPHC:<PAQSE7Z<+O=>'HS1-!HBP*43I];*T4
MD`Z'^4LN@<^$I<'99*@+*.(Y2:-S/'<1`KUB\(R@@:5G9#H`K#(.69W3QE'7
MH?+K8[D+DVR0AN15AORTN`6SZG6&$@$QT\F83P0R@;8%+<1G)CW))3.Y5%-F
M#@5R9.;BX^FG)7ROZ3=@=G5V_AZ=G;^]^'!Z2`O]@19(*X446.%$_\!N!_TR
M<XUBVEX<9P:>T23'9JH@8C.`/"*@H604@-.FB*T/<J<![1?JPCZO7O'^"!T<
MIXC;=\3O.RI4KC4YV'D#"S@\">DU(F['9^A(/2NJ8=/AB>=QS03/"D/Y8>6>
MM#1I(\6S.N$W>Z7*0`,@D`7E5]M*^ZJ][V=F?8<VY6WGM`$L>*J_LV8.=L1`
M__?-RZ1$TK<8Q)8*#QKH!:W)/%LG`L-5#6(?<]`'$.ME;04"7!/0+:S+.U!&
M-YFO'9!.0`685K</)?IT>G:%VOUM6VVJ55.5O7:@L@"-,CMGDH"L4DAW!V5Z
MP@:787"E<1E%)R5CF9MX@XD[O8?(@=T;:"2XN@S<'*F/0,L=*&>TA]^[MGZH
M-G"AVB"HD*KSX1/I0GYY=:035A9*Z8DFE`?SE7$=QR=H/C(S1F!E2<-G9BO+
ML<3I8`4:CJZ<MQ?GEQ>_G;T;#]?3=^C\].KY^0IB1L2F?%&W3`GAZ0J&44'T
MC)XBPBI%=9P1J@A(37.<$HX9#%<:*N)Y*7E>=JAR-;'JNJ:ZW7=]4W0UVM6V
M/KJF?GBP^[CR`]BU!ROP2Z9'\OFFD+$#?%6K'+;YS':!K'-^G`.)#[930H$A
MN28Z,'#T;O71IK\I[\H&KE!H4SU5FW*W<<K#%(1Q\F,[9BHOL9!)^#(7[/_L
M5TUOVC`8ON]7^+`#G4R4V([C[$8I4JMU10)ZZBX138&-0I6$2MVOWV/G@SA`
M"-J.ZZ52^];%CY_W^6A2H+X3'F6JY?;H47[8<GO.::@NV(D]^<D@WXO953__
M/KF[?ISI_CFXOA^1V9A@ZOOX(7>2A@8#F.EL//QV.[Z_&4VFC1A\+*M?%M/Q
MR:M>87!\ZGV^ZG/%'('ZY%-?!/;RUM6TF!5.`'@95:@T^:P\I)^9#6"V.!=,
M\J%?UKFRM@/Y+$*]`JFUE@G[7.W99AI8!1!N"_CKP?1N2$:#R0/RW90@\Q7X
MDNGM8#+2CN[XO:_F1(O!;>N+'[XB`J39=OYKN5T_QTEJ/05PE.%YB6^ZG&=1
MV%S;4XKC\\&0U1G@,>F#3KB->P9VQL!4B<F`GP$=DPQG>@[C%T!^<W>OE_Y1
MBWX[\.(_\!<#KTX!WQO6$\>F`M$""&5&""8NUES;<5%[I7]*)@KW[203A1%W
MD8G2D[O(1&G/>K:.6-.A'S=)'*U7OX'7C]X:P1[IM6`>6%:Z,DF`*%G&SPL0
M<I'$L0[\99*5LJT<-I*G*6!6<`/+3ELT-+0,NGMLJOO:05=2+F2'ML-I4/:M
MEJYC=K""!%A@TU;O4;9ZCP%+FB4[@P%)XODZ2M/5RPH0ZN!K`JZUS=%\OGO=
MK0TIM]DR3O02OR7Q$FTA/\[@7<,?>UY"KX^;?2D`K;53%!E6$;"SUQUS/.F$
MRCN**)"288=F*D'A\*!D!)6/YJ?R8MIS$9L.'ZK)#/WO?4^<?ZCA#L%J,_\@
M61)M4L"\PFM%SS]W:5;1%'WT[Q)VT$C8/@W9Z09F/KP4;@.3`/FK?+.>#.W"
M(O+&>>09/+WV:@]$:S,=+J/-(D[!'Q*]1ZNU]HW^RS;IIQ$,)(WGN\3T,!)M
M"C::-6;_)'%S1;ED+;4#HJ3\`YY4F9*Y@N*5K0.">N@,J!+<[AR-H`D/.-PM
M0X$BFUZ<M>UMP5^Z-E$])9"46T0,WDJY\DY';9""*M:6M4-&.6<E`8Z6K:>C
M-^_>N_IX3(?UG*L^H(&#.+8G<2M7&-"X3L,M)9,'5+9=.U30E[9^Y5(A;/77
MMS_1,+I=_VQ\PHZREG1@DP'*>3($B)"Z0G0+`6BJ@7LN.^4A@$N/NM+M%`*X
MBX:JRL\0%%N+,9>$Q`L$("2>\!V<AU^]5DC.E@!NKDTJVGQHEFRVF5:,!#_.
M0\$BB=;D+4HRLGTA$)$4TI+!X(S@.G;>X@[W/3@BNBZ^]O0QW7,T^_1'@`$`
M2=!%B`IE;F1S=')E86T-96YD;V)J#3$P(#`@;V)J#3P\(`TO5'EP92`O4&%G
M92`-+U!A<F5N="`Q,3(@,"!2(`TO4F5S;W5R8V5S(#$Q(#`@4B`-+T-O;G1E
M;G1S(#$R(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!"
M;W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH-,3$@
M,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO1F]N="`\/"`O
M1C,@,3(R(#`@4B`O1C8@,3(U(#`@4B`O1C<@.3<@,"!2(#X^(`TO17AT1U-T
M871E(#P\("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TQ,B`P(&]B:@T\
M/"`O3&5N9W1H(#(T,S`@+T9I;'1E<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A
M;0T*2(FT5\EVV\@5W?,K:M$+,*>(KGG(3I$EAYVV[)AL9R'W`B)A"6X28`.@
M'>='^G?SJC`0@$@)]"#I'+)4]8"Z;[CO/H((_%+TKPE!O\"WCXB$`GU&E*!7
MZ/9W@M:3GU\N*+HO)A0E:"*8#"E#2IB0*;2=2":;Q:;=Y*K:%,J&1#5KV#>T
MLZZ-V\W*6!C1,Z[7K7&[[XP/F[6Q)GWC:GTP;O:]<;M9&7/3-Z[7K7&[[XP/
MF[6QZF.NUP=CU<%\V*R,F>@;U^O6N-UWQH?-VIBSOG&U/A@W^]ZXW:R,J>V_
MN5ZWQNV^,SYLUL9Z8*P'QKIKK(?&(M0]8[_N&-?[E7&]N9C\8SGY^1JVT?+#
MA)(J>^'/ZI`8I(D`6P*;VTF]A_Z`;\O5A(3PW\^3VV"1;+,4O9G.&$0PR+-=
MG)=?T,L\V^\PFJ>K$$7I&BWV=T6R3J(\B8OI[\M?X*6Z>NF,A,H:-*,A0\L7
MD^"W--JODS)>H\LL+;)-LH[<8E'"QS9.RP)E']!E5#R@ZTWVN9@N/TYD:$7G
M">^#%]EF$^4%2E)4/F3[`FY0O)^ZHRU6X^$8)+@&:Z04:9'>!M=328(L!^,8
MW21IC%YE:?E071SN2YB6\#K_LJMT[6X7[^!V=W&..,'N/>`>[6XDW2%2>8H1
M8J<S82T+I5N8OB-D*+1_;FU4.3BX*-#%^N.^`"?T`%@/P"(%?]1T+G\Y922X
M6/P37?_Z^C\+=/WV]2OT^LW5VRFUH0HNW.YR?O,275PNY^_FR_G5PL>.!W_W
M]Z'N!A1^/+Q>#-*X!)>NLFU<W837:4-#P8R[C[\V-_#=98B_?CCVIP>.Z9"*
M^H'N6;?!3],9I9S#-9FFF#-;.Z^^`Q0#E:JRZ!X6A&-*614YP4-MA.@";-/8
M^\7[N4JR,D-YO,K25;*)T>JX%]PAMUJY;-SEV:?$Y<+=ER-^=&41E4EZCZ)5
MF7Q*2J@#])?#O/S;)'@1[^!E"1R`4G+E$FVSO$S^Y__A#E$>6L+8U[JX[UL1
M\HYK`ZTD^%/V0MIU9Z",PD8R=V`F1"BH-D=<&,RWNRC)G??0ZB'*[WV2F%!;
M./9MJ3&XOX4KM,_T$*@@6&C3@V!"H42=0\%?U>55J)32QRZ_*/,HN7\H9QM7
M[CF`J&Y/Y;??OG]]#J]TE_`/=61"7.&N'&TQ@KE6#5%U0J%-]SAOCBM,)*F.
MN\!(#B'K8NOP='#UYSX!7@9&K',76'2?]A(;0/N\]`D'7'$^]!Y0("5U`BB5
M6%DQ&BCE&.AM)-`725'FR=W>E8[O%37>#WFV?0HQXZ$P3<*,0-S'*CN7K\M*
M8F/XZ:HR`C.K>D^9">AD)ZKK\B%*[V/?TJ*BB(&A'$]LDN@NV738Y$#*W8?<
M!LLIA986IQ%4)U!-G'R*[C9Q]9!HM<KWX(T\_A2G^Q@[3JLH[#LD`8@1V2]6
MP[&DYK1CF,#4RB;6I_SQ(OX0YSG<>I45M3,R:-=Y[1V?PY`IX^/Y!`A(#:W[
MJ=ED,C=84'E.R5I"QV5RW9-6JVSO&M(N^N)"AMMPQ?_=Q6D1%QARHH3D2%Q`
M,5HWCJG#V?'-X[Y4>:.31>YB<"W;1./@N',([Y$'H1=3TG!!71\6,ZZ>J`^&
M+2.#^N!M/D@))SOY<'.D#Z-C7;=?)>;;,UR'O;H'<2(H9D:<A@;;P(!<B0&Z
MICW!3`$_/7ER3-3-;]Y=+8Y).5-+N5-D<#T5)-BG:^<8(,A-%J6UX-EX6MQ%
M>=GH=&"V[Z<\7/@:+PPZ`O0^6`X*29\L)',X/1,PJSQ91V\=WA@*J)X?TF<@
M0T0/9'X>Y"%>?F@I_N8":T)Z&&6H.]P':5'MNVPXV0NB75)&FXH!8%;:YZ[P
M'6L[UOL!:MQ4CSG&?]";*7N^E;/ZO%(&RMXVD5-/1BZ8IY_B1I!#XWM*K\#`
M\'41>Q0RRH]3/558*CN:ZI7"O.D,#NB3HN7-/@?-7'A5MHWR/^+2<;UG[C1+
M9YU_%?%JGQ]$BPC9@5?'`!_*%M5*Z0%:#OQKQ@>62XEMH^F>#>PBVIR/%6CQ
M[%EBJ$B'DX,06(AA%^H4)+1W:1N6.37Y/)*<J[I`G]*<G;;LP)F0C-,J?40,
MAHF6G:O^HQ@V3#_1?2S%DIA'G54\UUGW!5S?#Q"N*I_JJA#](PIB1#GV:Y&$
MFC7@!K2C"1#I^.PTFD-+ILWY%G73.3H=M]<YCK7=Z_G-Q<WE5[3=-^YA>;:*
MXW51I481.0WN$B;;;J$M%66V^F.@UQC]`1)%<>M&S4&SM>VX%EC(>_9<WG=9
M:Y-LDZ:1IB##]VG2JG#%SIBKGLD)@,+Z0K(_]XB0M"UW,$4*D%QT'"$WP6JT
M=!48^!9O=[[**Z'`0GT>^SZ/[A0?&XV5>=Q]](GN0[$1<IP^&M`7B"*@8:"L
M,L\V&U?E,%[$H#!*])!MUG'N6S&H;-#6+37#1=1HD=C/35X1SA'(#/)4F=$-
MEQI,^<CX!I<.7XO9%^/YJ&%X&*4YAI0M69^R&=;6/#4N&"Z?J<5APJZ'+0GX
M!+UNQZ$W4VY#$52U6CPDNXIJ6&C/E8Y#HCDE%"D!1J'C@\DQM^;KBG6=N`$P
M75<M=CW,;E_+=5`KV)""ZCS8?=0`0YQ"#65KV7AY+`C,AF2DBGI4N`,2_A'\
M"XK1<GX4J\&:ZP%4^8BA&JA4"FPY&PGU59:7]]%]?&B.4(_K^`[0IG%1N,KT
M?=6/03[?<YCPG#Z!MKK*BJH7,1M:.6:RZV&&2FDA5P7K9AZH2D-.%ZW`E%A,
MM*G@@=M<<SW21)]'EJ2K9`=JLAE@/9)OS5D9RF-185C"G`/I?"1EC[,TQT)+
M+`Z1;\45B"K7BKN2LAO25E="[%S!KM'=%_0^J%7F^RGZD*010#^M,X&OA#DC
MM8>-YZ!W&AX&6&[(&T"7`T71IK#5V`I[MJJ<WUR^O;I87*'Y#;J<4AMJKS$O
M;EY42^.75__^;?YNJOWRUZN;Y:(O+@'\]]:%,/%IAJD8XN_H0@H#$^7B$>"F
M+6D-G]VVU"KHY]!A=!??)VGJX@WU"ZTJR=8#R/);IUU[&$L\8@US@13B=!E+
M2`AKV`F\G0!_!=[8%?P)I-\AN!"WEGH]VMO@I^F,&[@T%*T6$CH3[[^V"]V?
MII3SD$-;4IA251_6M1LX:&T)Q#CC\-F?&9>@-J(53#6[*/WB(IIFI1MY<T=S
M7EK=YY[1\K(6)S!%%&54QI[APOXX"5=PSI@!>PNHQ`H/O,6+HJOEY/\#`(G3
M3D4*96YD<W1R96%M#65N9&]B:@TQ,R`P(&]B:@T\/"`-+U1Y<&4@+U!A9V4@
M#2]087)E;G0@,3$R(#`@4B`-+U)E<V]U<F-E<R`Q-"`P(%(@#2]#;VYT96YT
M<R`Q-2`P(%(@#2]-961I84)O>"!;(#`@,"`U.30@-S<T(%T@#2]#<F]P0F]X
M(%L@,"`P(#4Y-"`W-S0@72`-+U)O=&%T92`P(`T^/B`-96YD;V)J#3$T(#`@
M;V)J#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-+T9O;G0@/#P@+T8S
M(#$R,B`P(%(@+T8U(#$S,"`P(%(@+T8V(#$R-2`P(%(@/CX@#2]%>'1'4W1A
M=&4@/#P@+T=3,2`Q,S,@,"!2(#X^(`T^/B`-96YD;V)J#3$U(#`@;V)J#3P\
M("],96YG=&@@,C4V-B`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M
M#0I(B917VW+;1A)]R#[I*^8E5>`6"0.\<]\4V7(YD2.MI<0/UCZ,@*$X7A##
MQ0!BN']A?_&>[AG<*"K1VJZ2/)A+7TZ?/OW3W=F;R[F(Q=WZ+(X$_<6/>+4(
MHZ581-,PFD?XN#WSW\2_S]Z\OXW%H\7*77(6A?BZ/_L2W.JMR<7-8#2.PG%0
MF)TJRH-X7YAJ-Q0?\B04,D_%;?5@=:IEH94=_.ONY[/1.!S'8S&*PZ6X>WL6
M7)@\5;E5J?C5E,J*T@@L69/I5)98O=2YS!,M,W%;8F&K\M(.[KZ>K<+9M+TF
M(IN"^^"W7%:IQKG[`6UZ<SEQGJ[8F968X]\L;GUTSN#@6Y-ELK!"YZ+<F,K"
M=CL4ZH]$[4IA-[)0[`Z<K/^W-15,X=7]1F%%YZE.V&9<LM59IN&',(5X\+_7
M-OGH1P*QF.!/X\"7(`X1SS$LC(/KXE'F^K^RQ%&.7./,A-U>+E=\,(Q6LUD_
M)?$J7)W,B(:]XJW*Y)Y<2$RQ,P4_`*=E*>B$I"1(VF=5MA[)=*MS;4LXF+*O
MO+J5N7Q4J4LHFS/&'V].[`%2*"1-6<H:(O*$WRAYHBPJ6PXI+I_>?;@;Q--5
M.`V&H@(,"IBA8"E>RW'VTV"R"A>!>E)YI8"*5(6BX^+BV,6K$.MS^A#R_739
M-;ND\T>V]>[O,'`2Q3Y>-X-I%,BBS%5A-QHW(#ZF*L16?C6%+@\CL\_A]J[=
M(FR-YX,/V1XYEEDFS)J/=IW>.?N`_!!.D3E6M69$*X>]I"F`O"X`,KRJD8PT
M=<IAW92#;<IAR`<0M*T5W[[MU??O0_RL[/?OG+%OWV`8?B_4FB)L7`P)BFQ'
M7,=B'+U8Q1I`MYU*#MF-8QPN:AQ^'BRC0`VB@,(S%"DRF)D=W^20`UM*J;,7
MHC5$0>EDPXX#>OBBMW@V.U"0"_4(O.+8%E''5J1\&<X`MJVNMJ<`R4&^KLI,
ME:[\9JZ*QN%BL0`I$`G]\+<>6T3A<NJ^P*NI3Y,B6.+!.\3Z(RK:]FY;A(OI
MS)_A_3\<W3B;KHZO'')$$K/=5CG0]B;3:\3BD*$RW6.A.+?D\RU(2&T?D+U)
M-!3C*%HA1$HX=`+H&Y51<:+*J$XM^SF*XW"%4NS59AS-78;`4)/Q#`?PNAHA
M]&F5H$@Z27!,J,1O.8.0R?<X,_3Z6L3SR;.LP$-.S-0G1O@$M.B/)_VP+J(_
MB\103.9=XV3RGTH7CFK)2L1DX1:M9CZ#74VB0!T-T=7$T,`_6BX8M8';VKG#
MI0=<8;"?:-_L=A0C;Q)=9-BK9@7&P'&&LVL,-Q7L->*33DPHKM=L:L^1M@HC
M9\6Q8\XJ6%^NP0%FB&B3;\PEO8"`SQN'>1>M'*>%;%H333GZ]^%NC)B@/3(\
M&OQ]'BRHEW`MR\P:PEP7:62FR1519**8!#-Z@P%Y"D!XO1#KJJSPOJ<%HK"P
M`XS9W+.([P,E>Y`=AM257BZ&C4RY(!Q-U_9Q3F:Q>%=1J&#XLRS>!Y>#"0,5
MO*K`>:7,#JTY<6,.YY,:AB$7[P=0!_IQ4[I>M.SCO(N(G^5.$NP0)=XZ/;F5
M=GY4?P`H+V]MK1K'RUFG?.CP+;"X$;\84*K+<[DIE'KN+[9>;-!$P"W()[4.
M</WC1GPUB)E`J^7<R`+A>'3MQ47WJ2V9>.D::/`\WG72`=;,[(\8Q;7X3MK=
ML3;%_X#J&$]_[-^V-XT3_9X5=%SBK+';$L06SGY\AE"9IMJ]<QP3;Q=Q&K1)
MPO311.EEQ?8E&+=B[2=I-:/3Z>$8B;.X_*_%6[Q:.GA1\<H$-0FT',BX_T,`
M<%G4PFA)8#RE_?(DJU+%Y'=2MRUG-04E3MKB5E(V1VJHJP,<TFB3U8^Y7D/_
MUED=>5<:H4P0$@]*Y4)E&J*2O`G%6RB[TK1LO/#`)A!9)2TG#'L)E+`G@5N2
M,NID'7^52-F3=L*!CB'T558ZJJ'_LSEZ2]I=FU0H9#L]P2+$B4<`@R`3N4J4
MM4Y^>(6OGY3GX.8MD/R#PKBP4PDGR3^]KA":@Y(%X^A8+\V6LR;W5KTBS6T(
M=X4"Y;HV0?DJ4F(OL=?@`.=S@V4VCCEN%IABBVEO],_3`)A//0!(\7FT>&GK
M[H1;6S<NT)94VR0S%IFQB(-O6P\'X?'CBA_WZ%V&'8\*7$%%3M\I^$<-H@U]
MO/#3C.L8]\%[-]"<DT(]O[D?<'CKK"(0:(YX#(1&^^8!AP,+U#)P_T&DAJ3U
M*9=><H%>K-^CUSK#PV3EF1?P!B>KDYFJ]3YPBNG)R1&G?.GSD$V0Z=?*C42V
M`=G!]4>I"\IPRR!-;"9>K=\'SAL*<DY9(2V=5$5!"PAP4:%;(U(M8KSW*#EB
MFK_&&B<'G,;(F?21X^<7SQ>@TPKM_H&J07)6<?O7*G=,VD#R]6Q&X"HPI);-
M3(0S5/8.,]`OQ\,+ZG<ISO.\JJ?&9<"P`/.3`X0>[\`O+XPN[,F?JNV>W>-H
M"BF,)M?,B!TI1JIQV6TXG8\\-'JF.2[`\63JW$&]\,Z\]\90/%2E%^#.GK(P
M&<E0`DVS3M*.XNVFI@/RDBL0,XVLK.>6*!&GYUR=UF35T3QSWY.@/A!U@E0\
M7_0&-,]O?='0W5!9.D9[J*S0BK:JW!B>%UI^\/;,G#U^-.R9$KDI(96'46E&
M^-$R/^=J-:E+F2Q\V1R*'-="BI(MM@PE3@6)83!I"7(BI_ROMB]XQO.QASIZ
M7XD61QV`MB*L.\E,5Y`6M`[MJ%SJ`\2[#'QKE4=UWW@GXE\R&@-#!^A1Y*M-
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MNX><P*/:<$$:PG`K7E6*'4YCU+ZV,NL@[*K"5B1IZP.[708%2-'8M1D3\A&C
MEFO\IW3>Q&/V\V`9>>K-J%`@'G(,@/YILMRK25^>U\V'&^IAXZ#[Y)HF%XB$
MM2H(HU`R9:%!<[7B0_,N4A<9UY-.:K[Q-/;&X4AEQ8.TN,PX\5*[^+UF-(KU
MGJ=>;`)X"N+KYT.@K95=SP'B^=:!4/S:'6CC>.+,>&TP9KU@E,YWPO`SSPOB
MN77FA#D,HY!##)FM:LYQ0C&%D#GC&28AA&<TA5%QS&%B[,PIM>_NSOXW`(2>
M/#<*96YD<W1R96%M#65N9&]B:@TQ-B`P(&]B:@T\/"`-+U1Y<&4@+U!A9V4@
M#2]087)E;G0@,3$R(#`@4B`-+U)E<V]U<F-E<R`Q-R`P(%(@#2]#;VYT96YT
M<R`Q."`P(%(@#2]-961I84)O>"!;(#`@,"`U.30@-S<T(%T@#2]#<F]P0F]X
M(%L@,"`P(#4Y-"`W-S0@72`-+U)O=&%T92`P(`T^/B`-96YD;V)J#3$W(#`@
M;V)J#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-+T9O;G0@/#P@+T8S
M(#$R,B`P(%(@+T8V(#$R-2`P(%(@+T8X(#DX(#`@4B`^/B`-+T5X=$=3=&%T
M92`\/"`O1U,Q(#$S,R`P(%(@/CX@#3X^(`UE;F1O8FH-,3@@,"!O8FH-/#P@
M+TQE;F=T:"`R,SDX("]&:6QT97(@+T9L871E1&5C;V1E(#X^(`US=')E86T-
M"DB)C%?+EMLV$MWW5V`1GR/-:='46UIZ[/:,G4SL22LGBV06$`F)<%,$#9"M
M*)^17_"/SJT"^)!:;;M[(U$@4'7K5MV+?VYN7KZ=BK'8[&[6(L;_6BS68AG/
MHW@1X_'A)N;'8_%P\_)?]V.Q=WBR26[B*)[.YV)SO/E]4)@B,45E39[K8B]T
M42FK7.4B\:&VXJCT/JM4*N2CLG*OA#D6RKI,E^U*?!!5IL2'$BLJVN/C<+J*
ME@-IJV;M43JQFD3C%T(6J5BNH^6+X?\V[Q'-:!Q-\"<V;RBJ]92C&NR,Y3T+
M72AQ0'B9$ZI($<>]*BMUV"HKIO&MF,3QFK?$A]6M0#BE2BK]J/)3)%XY87;/
MO?!&)>'I^':X^72S^0>?/_:@^.T,`/C.?-?1]$F^TRCV^:[B:/;B,KK?ADMZ
M20WC@9#IIQH;TZZY/FC@S>AP3"&B,NS^=U<A(?TK`(8253+)!&+2)A65P6F[
M'*?1"FU[9_?>OUZX52^1B..84I56J]7:5VD\G?B8/@XG\0#G*&M1F52[RNIM
M76E3,/)70)KU00K'RR0QAU(6)UKE*HEJJ:+B'8Q_F_8C'!/I,@YH-+W@S6SM
M:9.;HT.N)?+#'I<A%:AHA1.*E(XJV\CK0G=H5OJ@Z.Q4);GTI]/7\BSP!L%,
MY:G8GEH"<;$&H8;M.V"2O3SNEC.2ENJ1Y#51&W@4BN@%/`!+Y4.7VUQ1/9_M
M4SK\Y=N5GP,`9A)-\<?`^#+]0F6B;)S3.YUX0!G'=GS$YQ6.%PO_ZF_#5>PI
M>I"I$HFRE428]G(W1@C,LPT!Y<'414<Q1.Y,KE-)L.QT(8M$R[Q?;62(1>C[
MP_4*SY=^,F`=;<A]',K,(41B@\=/`SL"I8MVP&?`V/:#3$W95%FB`L?\)+1S
M-0T]4!-I`.^VPM/YBN-@&DF;8K.<L_I*B0B%;R-`?/#1(0/E'#T-;=0-J#$7
M9G">);]ZP&NU5<U;()I2!R:/4TEM=:45D<Z)76VQI07!70*&>>+];"HEI@RB
MNP9C)E.D=\%SC;8%I`@`E7C4IG:`#MUG+"79Y_*CU'E#9#S!1$?F)GG(3)ZB
M0:@_E+28]GM'#!(N0V=\A=F#^WKKU.>:DKU[)/C\VNMTGBR6\TL^9Q`TH1YE
M7OOJ`?BK52$E<MUAZM&S-;.FWF=G`\-OP97G;]I=97*8YV^'LW@`MHMQ//IO
M%+IQT8;?I?K[8!H-1Y/)?!R-!_=Z7W!5$,JKEIR8K9-UM!B`7PFJ'#;K<!M'
MR^5RQ;B]Q@AENO"'N\^U!@3?PJ]IOCY^Q&>-V@F9YR*#24#I<XW]B$Z/8+V'
MKZQMDDD'A(^ZHI-1:KT'T#DF2D6T/!%:ZUBD\L0\R$%]HLE6\;RG8*_C&"]]
M*]`BU242^=1Z3WC*)M):32U=(717W8ICIJ&7LBRM^5,C%N40D7T`:8D4ZLHV
M>X5ACG1[XWZ\\E.)T7#<>$1O99E&I027;\56%@]$<DP3>!%0C!KQKK8FQ:"0
M)`_HF8"3D'NK>@,!G:).36"[ND@)H^[\%2OQ(,RI)O=&*_O1<^M?M4.WC0)A
M^FUE3O'1PA^F<;06!XU99HK^E(,KZ@)83!H`1ELKV:'M]:XBN*%_UNRM/+B`
M]5&)E(9DU2-/.QBHSP+`XFCL`]$ZD:6N",?:E@8C,1)OFQ;M)N(J]A'H`EI?
M!S')4.82(PWM006C#OY$T[]NA";!3[;3K@3C4E?":O?0HD'N+WD.3GYXAL0X
M#CV"4ZD],4,55B,W%\S>TG=.F<OD6[MSLU!7-9%]KF5.O4)9ZLH;FDC\VQPQ
MD$`Q8K77YIYQ#(*)\83JLPH_>UZ*H>W8LX0V/3L)_#M1/T(GU)\)]2<@>_OF
MW6O>[/[=Q]>TNK9$G0:0S@A]U:$$)?D/$YR)0%O^;(I1[]%]*V!?G5*SD''O
MS4[Z1-.BL"EH)YV?FIG='U?D.;DP9;#*(2N6`)UJO$A@TIKN-0KJB5^9+!I:
M>C%SS6QHI(^^_P3YM:CJ.W(*!=,1=/_XTVMVC.%7?US:N$<RRZIP7OC!I:*?
M`+O*CI.3,"*#;>MGRLX5O4`SA6%(U;8"7O91)V0`0`[;&7'^L2?RC*LBZ]O;
ME/H=`Z^I4\\H<#^RXFZ50OY0?2;%Q<5B,IEYT,C*5:?2@]:K8=\JGY=.D.G8
M00#-]]60MH>,AF'^U&VN?2\WL^#7Z![>:#B&S*X&EIW6B4IDV$GQKWN#3BPX
MEE[$DAPH%%(2`3'%,'-:J-M%W'-!#ND[PMV3YVQ;.0[,WED#PT!E&\?B!,?D
M&L?6/Y+4+M@W$CS73=D1INS(R=!EM)"U#G5DB:Y+4.IS;6@.!,E!MR2]<N)B
MX"-I<S=;X@PWFR[*FF97IJ[OP@?2^&_C\:8==P60YB_FMM?0"X""6+=13.*I
ME[V^>.\DKKF<SFUS+?L>'FB$E7ZJ'=MR9!6"Z>Y]Z`)=']Q%8RT:W<5=(JS$
M9=.K,-6G,3>1^'`V*XBY3=?3T;DSS2VC"8".NE:R@,<IZJHQ"Y>B9D=J/P;#
MJKV?)2XS9<E:JFC&>-W2CKO''`LJX"Y4$IG@3$&7C\[AFMI?F7XM6!U^Q%:I
M.9"9Z-U)@@*W1&]OB0A`L9=N=@U]RPW3AP%/?H2Z;^[OP.P81I+K0:,.4M0M
M572%\RX$<E3A@(H9WE/A(,)AQU^&TW6T'E`@=SZ0=UTI?#\O!K9V?(EY+XM:
MHJ_'[(N63>G\)>ZR<`UG_'T4U#MC?$^%PTCC%FBL%A5$MIX*%5;P]:2M&3I?
M<=[P?44%/\=/6N"8WRXHU].VA^<PN"#\Q1.R5Z#UO*%K?:C]H;[F=))5:%CG
M6X1O:W\,<N/<'T-!MXN<S]U3/<F<XP=*GTK+Q^"97T66H2[:Y\U"NH2J]%(.
MN'P<P0C24(S@2&DTVM,U58@7<Q_^&Z0*X"@>V"'<,2V4"(S7)A6*K>?[NE`]
M7WL\0T1B]A0CMC[`V>Z]RQW/XFC>V%R6W1_B:#:YI@KC51C#=$--=5X3CBSN
M[.#!$N6O8W3+N9*<T*"SMLT8Z`86T,C-,5@T:T^TA__!:UE7R<DLF(HK\R02
MKY@9`03OS:ZX_:/O_%1,Y]&L-?C!I$"G)5;`>7)G0=(D$])5O>&WZF#@U^C4
M+_-H.;L(X?;9&$+(?[MK0B&.&")?IM%ZR>]_F47+-=69(IC,X?A1D-&L*PP'
MLZ1?[S8W_Q\`3T:D/`IE;F1S=')E86T-96YD;V)J#3$Y(#`@;V)J#3P\(`TO
M5'EP92`O4&%G92`-+U!A<F5N="`Q,3(@,"!2(`TO4F5S;W5R8V5S(#(P(#`@
M4B`-+T-O;G1E;G1S(#(Q(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@
M72`-+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE
M;F1O8FH-,C`@,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO
M1F]N="`\/"`O1C,@,3(R(#`@4B`O1C@@.3@@,"!2(#X^(`TO17AT1U-T871E
M(#P\("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TR,2`P(&]B:@T\/"`O
M3&5N9W1H(#(U,#@@+T9I;'1E<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A;0T*
M2(F,5\N2VS@2O/=7X."#M"'1U%LZ>M;VQCAF9S?&BIF#8P\0"34Q)@D-`+8L
M?\9^\685P%=;[74[W*UF@T"B*BLKZZ?CP^OW*[$0Q_/#0:3X=Q#;@]BEFR3=
MIGA</:3\>"$^/[S^Q\>%>'1X<LP>TB1=B^/U8>(*:=5,6.4N*O/Z296W1+QQ
M0M*CIO3"G(4OE'#ZL=9GG<DZ4T+6N<@;*[TV=;L@5UFI:R5TS;]ZXV4I>'=Q
ML9I>\N)#@P6K=":6:7J838]_`LQ\D2SQ)8YO`6JUVFT8EJZSLLEU_2BRQEI5
M9S?@>9)EPV>ZV?,CZ4]*7*7#0U6I'!"%P1H[]X6LYUY5%V.EO0E=7:2VE:K]
M3%P+G16$XO@W"LB*3U;.RU.I74&;B%I=16:<%R?IM*.[FL;BP"<LHTWH[%_T
M25D_#MM,9#CW43E:()^D+K&IFI^-G3M9(IP*]])>8P$%DZ'V2`[;&`2^9H8+
MFU+GT@,2T.$R=#)AN:B0A+!+9JJ+586J'?*(@_$[_T`D%>]D$3#I'.>QS=VK
MQ3I--J+298DG/89T21@^3<[65$)F65,U)2-@K/?/\D8H:6NDS>&LL!S/?('0
MU::>9](5%!C[J!+Q[^EBGVPF5AL;%BGQ5R.MQ^:JIM1/_W/\$,'L`BT^3<8,
M"N'I`QU8$),4TS),UE59"L*Y!-4!3=??N4SR?KK:)ZL)H2M4CV6]6`2*CL&*
MC^J"Q.#(`;RK8CH0'RMI/].R%Y`A`+1"X5-A3?-8/*?$=A-.O0M5'`L5B4=G
MT$YS;^9Q1YG_V<1CSN$V;:#+FP"#M,GI$@#Y[1TZ`(O=/@"@&D-QX62KI.OJ
MO0M]>SFBUFJ7[%IFB:OV!>HC,Y;$QH2H#;#=ST8+H%4%NBX]6Y%P[/?[0Q".
M-%;OO[@Z';2)=,HU)Z=S+2W7&>?^KT;;P,I*ZMKC/Y=4XPW$H=*UKII*9/*B
M2;ZHJ+#7I6SPND,ZRY)^=F]*0C)?C34L1:X"6=OM2HU3<XV@<+5RNL!"0\)+
M?$!U*>>Z2AG0`J+ESZA]0GL3)X6M*@WJ)H(NFJNSLG0;BAC"Q34]J)K5GF-R
M*3E?[:8A$JT0D,KA:"LY'<]DB19R8G/2/WQOD#>0Q_C(:+"+Q=T%"@X.Z8F3
M!MX4$GR5>,MG!1U5:GG2)0=%@1-Y!()=9&6:%N:Y*8FD\D;RV<H$Q+PT-P60
MUR(H#F64E7(0A[YT0CXF="-Z@?:-K+T;04$!2\3?>UWI".YBMW-C!6=F908=
M\FN0E58%9WT8-H>`XM2@F:A,-DZUK?-.3.@QM:J,I:%6OI-S)[XJ"P[]#/KE
M(!4`SRARV.O;\J4L]H'8AY;_5F5QU8)7[5FH"IF/2$+UNUDFJZY^*7RO-JMD
MW3X9NX;83D754+=4HG&AS,[-$,)FP1!"[$\>4;1/9`YB879'0P">M&D<DL^!
M)@:.!/-BJ?EQ^-$<<^:?4]^G>9^,U2YP4I5Y$$I/N;QUI.\IZ8F...<KDP17
M8QT0S&8F:TP8O0E5B%I>`%+DR1"1-R,Y:X^]*VC+Z(3>8@FHT>6IDKD2HX+F
M5.W2+E$D3-QN0X5RY42V$K$D]4'2'*HR[@C(D`I=[IZ<K;9!S?CVE?*%H6A/
M%^M#LI^8:3H)-?F%[_Z2[1I8M3/\5VP7NK-K%#,*J<G8[^5\U:MI$,;0(GI9
M:QDT5DILH!%A_*HK]AW],??"NXPB/2'9HO)J:K2SDM/\"&EW+Y<4FPAY`0&_
M\%&@Z*O5(=F."L4J,-@!6%"F>X%=I%$1.EL;WPR^J?.]?8MTG"WJ&-]F5I,&
MOWD!\RQV5DI*"R>VB!#-01L>^+87K6Y?'WE@)T\(>`;\T5IP`G-(E_%L8'6D
MV(`)@W(\=(%@493UK75Q`?C@OA2C^^0F+0#JD_HA\S^0@S2>'PHV]K4`)J+%
MP*$9UBS05'W1CDF&?$A,.5"(UDF1INL*G1U`9VWSR&10^ZAY+=Q9*R5]*#IY
M_+_",K[U2$M>O]^'H1"4@X3CBRCW:?)^ND\G5!>_3P_X0!?\)TQ<$X67:ZP;
M*--QQ2RV^Z`#?]`FBNJ>P;R0!Y*9,`.^6N^V2:].>'Z/H*WRMESI-8%1?5,\
MZ]9D_3*=+X$'+0BPA]I27QKOGO7)5KEQ@'Z2/EAHYVT3RBMTL&_M$=XAEM-1
M"XPL?-@RGC#P6\O@M\(N?!''_@@ATB4SFA()7?!D!!&OJ[P(^6A5['O1(3]:
M`S?8>X&3+-G-\K"V'3CJEAK=CCVC%[%[9-\Y`3?L>,YNO6_L?2#,^4RKT'R?
M6W?N'\CAQ3B.+KGF'O6@N)8Q4]'M.%FU'B_AD*:8LE[*'V.(AC,X3:XY,*3V
M&&)+B+ZJV*-)]B&S:+8Y-D_::>)EH.@H4YN(R35T3W@(;[+/*.LX3`8^!G#K
M-M_WP9D3>1CFOZZ!K0I23B@=S'HI[7.,@BY0A\\#3(M%-`4,-E8$M1G<.[29
M3D=CZ"^2M!AS&.A]A005I%0CP\I84`0?E1*_(HAB&R4KURYKP'`@15KH9L\D
MJ*,%2=9W1>6W*=6?!Z6B%Q1O!AWKM^D"O7'2-Y5?#8QLC>6@&ECT<^1O&#B.
MT\.!`MX*]COD$ESZKBZED>KOSN=X_@=9-_3VHA47\CNYN1`"."-U12RU<S36
M1!O$LX\'`FF#J-=CE&V5N5@:=XW2)HR@T<JZ8,+N[1(<6C><WF+7@F=`$H/B
M*+XXQZ0?B2@=Q`$,A#F'LY\+^NPMHZN@;$#`4".XK?3>:DP>PRGJ)7`!#+8M
M&^KP)!G`^\*YY+NUZV(WJ/I-'+I*9T07DBB*[&LB32M9UZ`TKA;NS](R'KW`
M<W#IOS`W5RQUA;[T:(-EBMOW%3H`L@UEU?>YUF$\"T`,^<#P6/0U78>)3I(5
MZ&*`NN'.@B<UD0YEQ-)*CH691BK:8U@'"9P0#T,\GK2ZJCRB']0.Y2HRE8,S
M0$UKV[:4Q4'5&M(XP&+20@@@],]:\6#V2F-*L+JQ[*NB#-!TI4IS90<I::QK
M2A_+ADHYHLFDM3<*5:`CF\UG01Q`Z&I&T)C5$W0?Z_5$PXA&O9&,Z9#M#.X2
M(6_-WV#(\X;WKCBT(<>.O(22$/">.<3/1/RD,HGYDPT*""-"YQGD(VC<CV#7
M]1!%!F<9V88!MP6EJF[6:U^C=,#T%;WEZ!U%AV.S66\&QO-'X!BT';0`NA$P
MH7:(&8&Y5(JTS7!>0)%BK'']$#(NSK<JBSXL2.6N3W&G_S^.#0E]M88_&MB(
M8#=&OJ%#L5RL&42+D:().6ZJ)O2*7('GFL5R)#[M;3]"/_&92V-PY:AN][C*
M5Z'SEYLDW4.WY^MDN]WN6+\9RY[^^N[X\+\!`$=*D$<*96YD<W1R96%M#65N
M9&]B:@TR,B`P(&]B:@T\/"`-+U1Y<&4@+U!A9V4@#2]087)E;G0@,3$R(#`@
M4B`-+U)E<V]U<F-E<R`R,R`P(%(@#2]#;VYT96YT<R`R-"`P(%(@#2]-961I
M84)O>"!;(#`@,"`U.30@-S<T(%T@#2]#<F]P0F]X(%L@,"`P(#4Y-"`W-S0@
M72`-+U)O=&%T92`P(`T^/B`-96YD;V)J#3(S(#`@;V)J#3P\(`TO4')O8U-E
M="!;("]01$8@+U1E>'0@72`-+T9O;G0@/#P@+T8S(#$R,B`P(%(@+T8V(#$R
M-2`P(%(@+T8X(#DX(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O1U,Q(#$S,R`P
M(%(@/CX@#3X^(`UE;F1O8FH-,C0@,"!O8FH-/#P@+TQE;F=T:"`Q-C4T("]&
M:6QT97(@+T9L871E1&5C;V1E(#X^(`US=')E86T-"DB)G%?)DMLV$+WK*_K@
M5$DIB@97D;DY<9RRX\2N&MT\/D`D-()-$@I`:J+?R!>G&P"I932.*S6'(8FE
M7[]^O8@!P[\(?I\Q>(=/7X"%*3Q"Q.`/^/2903U[^=M=!`]F%H&$65+&81Q#
M%N._'-I9FA1ADH[OS2S-V-D[KI?9:3$ITS"'=,7&LUE83N]T-CY;+!.Z:%KT
M9[/T\JQ[]V>G17]V7!S/QN'JXJQ]'\^.B^-9OW@W^WD]>_DF08[6VUEIZ2HA
M+V'%LI#E##^W,^99_(I/ZVJ&D.,5K!]G\TYUE>IZK9I&=@^@12U$RS>-`-GU
M0@O3&WR"O59[H7LI3`"]PFW;1E0]]#L!U8YW#[3='F[WO50=''@S".!NA^AJ
M4%L0O-HMUE\0P3)"^QBD]6M$PC*6$91/<RWV"FT@#+0E51T`UP)OK92N14UV
M>54-[=#P'E]KL965[$-XM8C*,)[7M233O&F.`=1H'?=7B)DCLHJ;W3F\K>#]
M@,XA/,38\N/B\_K=;/TCPHDL+1L!1`2:44-O9"W(`35H\&0%\"A@QP\$CRP0
M/+Q<::Z/(/X:9'^$JN'&2`3)G4VE)SQ[)%!H!`1#)WL3$BT)T5(41>EHB5AI
MD7Q`HUK@3<*85G0]`2%26_R&+MA/'`F^LH8!.TB#3\8:/HNK$=6@)842>&,H
MEF9HB%#9$8QE<AF>9(P.&<587)KQK-QAO/"^MY#_`+^H[D!2(5L?%PF%1NB]
MZ`?>X#N&JIQ/WM_UJOH*]_/IO-V07VVX7\!6J_84(Y8FEAN42<L[8L!3CB%_
M$@8O!8*_5XA](QN[E2*/0:S4T-2P(=]POW8Z<W39,YZNHXL?ZHA(<BCRS%(S
M'_;(!.U5*$^$W556+OPL-;QL0!P0+8IG)ZL=/%K3LJN:`05VOMT&F']1UK#G
MN$9P5:^T$^V$(F*QBX\U;D`A^7A7_ZC@*+CVJ13"FE*5:WVD_.*M&DY2NF#_
M.CC2$)$8.Z0%I0J-1)IJ?LKRX!279)5ZL3@'I;'W>VM[?K0"?(8N,^`)RT\(
M[Q?+F*%0N.DIF^TEM7*Y>RU:6CU+WZ2P,7FB5(3O!<$-7%4]?+U9^,AN(UM)
MAO9<]YW0YI_+PDA;/B#'G.K6*2B.A8^+E,W]N9W<!X`2L@D?V)2]-'N%Z9GR
M&UI7KVK%I,375(P:,P;V1KQ)2<]:LCEAJ]I&B.XLVUU67*?;K7+ARB?5;4Z5
MIVG4H_F)-KY\4[@.5=A65$#*\K#`1IS&B)]ZU*?Y*T*^6&8LS_TS.4NNQJL,
M[9")3U@L]ICD&Y1YPH+%,DK+(HS0]<I_C)PBB:!X/,5<0&+&2KP_6L5A1B^%
MW3DUS\BW26R@)601\\!&K]X_D4*EVA:U]6U%1):A,Q17LO`8<H<A+L(L1Q#6
MU1>+95+D\Z+(`G3S$FP6KM*+?>D\3\I@M7+[ECA#)"?+WH4_OR4YWU&?[?PW
MG)EWHG?1'>&72%KL<,WOYU&6!SB"W"_<IB?0E\@QHQ&E<KM94$3,[28'"BQN
M:"_W]JI3:JT7N'FN>BQ,S\K93RFN2GC)7G)=3ES[T'C"5W$19&GQGX2G11&4
MN2-\G+QH<$L87>RDD]KZ3'KFOFSY]#1/^ZF=KLBGL53U<*YK(,E2PZ"!`-W:
M'.%%CCJ'5J+O-&-@F[3U\-G,?)&$##9^.XXA!ZD&TQS!S5ZBOC6*Q$7DR_H;
M4NZ@T8(.*,&O/)J*=`"H"P*J6IH">RTW0V\EAV7DV7C=CVW#=43C=7PUC\1N
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MOG>4WKQ[,`[`%A7555?W:N%^7^&12PD_'S'P#)^IPLWG9V,+?H_Q]VB!>;R,
M5V&94N"P1Y2T\NMZ]N\`8.SZT@IE;F1S=')E86T-96YD;V)J#3(U(#`@;V)J
M#3P\(`TO5'EP92`O4&%G92`-+U!A<F5N="`Q,3(@,"!2(`TO4F5S;W5R8V5S
M(#(V(#`@4B`-+T-O;G1E;G1S(#(W(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y
M-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@
M#3X^(`UE;F1O8FH-,C8@,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X
M="!=(`TO1F]N="`\/"`O1C,@,3(R(#`@4B`O1C8@,3(U(#`@4B`O1C@@.3@@
M,"!2(#X^(`TO17AT1U-T871E(#P\("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N
M9&]B:@TR-R`P(&]B:@T\/"`O3&5N9W1H(#(V,30@+T9I;'1E<B`O1FQA=&5$
M96-O9&4@/CX@#7-T<F5A;0T*2(F,5TMWX[85WNM78.$%U4,Q``B08';N)&DS
M.9GIZ3BG"T\6L`1)G%"DPH=5]V=TT[_;>P'P:6D\]D;D!>_CNZ\/E%#X9^27
M%27OX=<70B-!+H11\BMY_)V2W>J[OWUBY-"L&,G)*HY9%`N2I"+B"3FM!%.3
MYV(E8CJ32RY'8?]QPITP3E2DAF>0*SIY'I7W\E[Y($]9E*B)7,639V]\4.Z,
M2R9FQOWS8'R0>^.#W!L?Y<[X*'?&!SD:'Y4[XR)3,^/^>3`^R+WQ0>Z-CW)G
M?)0[XX,<C8_*O?%X'KE_'HW'\\@'>6\\GD<^RKWQ>!+YJ-P;9XO(V2)RMHB<
M+2)GB\C9(G(VC9PM(F=)E,Z,V^>)<2\?C'OY8+R7]\9[>6_<RYUQ+V09BP0G
M#`K0"CD8ETG_7*QX!L8G\IAGD>2C/!9L\@S&*8^D&N6?5G]]6'WW4PS=^[!?
M9;:1,Y(E)*4RH@F%UZ<5]?W]!_QZV*YH!&\OJ^">U%51[*OZHNL=J?:DK,IM
M5;;X-B\/)"];4YNF;4C>$-V0/;RO+LWWZX<O8%(YD\KJ5B2.E6T[E0QF'X.?
MUBD-JIJT1T,>CK4QY%?0?VS6&T%9&K'9@0]Y.<A_?WB/;J9D`YI^`$T_ECNS
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M%UI%I/H8J#_'!`UE*A9J)UC,U;*4A51)=QR3F4V3.1T`'Z'M:@(9/=?F:,HF
M?S9]AC\'1=4TG]=$0\]O?9Y1(1M4!;>R;@?$PU]6P6]E;721_P>Z\Z#S<E1:
ME<-I4NO6D*/9'<Q<O<-4'V!JG$RYK"49I4,EL)#%RT)(O4RF[$:3`%*<RK=`
MY1Y4Q9(>4)B\[`:@V"+3(*%P\F?=.ERAW#H;":G-MM!-D^]S0&9?5Z<%L'J[
M[4Y=`<#`6'X[1SW<`&DUXFK^?8;C9EFR;%ZQ29R\*E=.^34(L!W%HEHG'3=4
M:YC%?*$3=H*Z"FO*Y#?`^JZK:U-N7TA;Z[(!7*!EB=Y]Z9KV2FDD8VFX**$^
M*%VFF:FK_L3J580I2Z81,B66>%W3Q,.89=_0@^^.NCP86+$0T;/."VRU#>SD
M3:.AYQJS[>J\S>&`+GTQO!%M$BJ1W)JI/$R4?#5OAI$*<T;$"Z2&<00X2C5?
M.1LFHP3@@<@2>P2&[FWCD`<A;AJ/52BS99J$O(XM3\18-Q[;9(GM8W"_YC08
MZ@2'?)&?<FRKLZ[;$L;Z?R<L!SL1>PN&5F-V=A>.3?D85!?\X)B?,5=(6#["
M+H=:A-'WCW6<17'@=<(1OW'':;7<%#P).7L]TD<X,%/Q`JQQ^;&$A4JRKZ+5
M[P.@"C2=P"5NE>)O96ZY7M,!0%>P>F.;P]H!6KKH^WX._V_V<3S.`]AN,LPR
M?K/JDBRDKBAO+'+G-FRB9U.WSG,8CR<8$<U10V:7;L>+5,0P'EX/P<7.'@9$
MF/'T&U8VT+<T^]:-S=-0J.0K&7*;>AZ(BK(!PTS.#,4#[#QD/<%*^I3(X;,T
MOO[9/.0LA$O*V]UVF_^:<O?MS#>%<I5"W6:^%+I?\+>8;Z_F;>;K]>'!'Q\@
M&$DN9`447U#(*X,K%U/#@[]OS:X"<08WLN$J0*&<W>QQA''#1"S@HO,`\P(O
M&$1O@0[D[0O<IMRUI[7W(ISN<$4PFQ->@#Q6#4*WO-HX-3"FBFX':P%(V&:K
MFZ,-`';HM#UH;'T)=C.J"ZFX@RNM(*<<,H6;%&S?,;@OQL.KVCCV`;TT__BL
M\QW.OPZ;+H1SS=E@1*9XB6;WPLE5-);9!"'/OD=F]/.$&:$K?P<NB`5T[Y#*
M^P[V2:08H5*0%!LDE9D+\F-)WNNRT_4+80ZDD%P`V%UUQDA*<RE>^N$&!*OJ
M2CNZ#UV^T^766+J6-UN@5%V-Z_:IZMH;!,ZV0FR1AC_OAW"!801''X$>(B"7
M8[X]$@V?[UR40,\T_@9:]YQ773,Q#JC^V>6UH[T1P=(9O/2BAOS9`;-NK6N>
M_X$/O$_W(HSJZ8O+DK,-@4!V#^@75F'7H+-CJ.X0&`"$G(4KR&#I[G5>DV==
M=`:+"CZ:>")<%R#O=_J0J\+7-UEQ1/ZU3G&+FC4-D")7]0YO'S/'*K=YGW1A
MT6B.!ABW;B>>.+S&!-N^<#Y)Y2H%8]Z.M.MU)%.+.W.V.?.6<:K9GNP:>Q3?
MC<>AXH[&$G:HO*.&`$T!P-M&&K$1PK>E:?)#B=<?/<<$GOL2LHV(G8>\`V'4
MYS/4L;TO3<L81;UM].GJ]T?=C%Y`8]H,-2!O[$T$O]L"VP17-/3+UC0-=A/,
M@.M&?<:8RQ@"H@'#.C<PW68HDGU>0KYR7<RN00[[28*L1W"MK$]P$JS4#N,G
M+%!P!CTYZ5*#$Y!!YPWZ7.?-'U!C35.!"03[DL,(A<_!PLX\P1O[-4(TW([.
M^L57W<>N'D!ATD_,2</@L&NF"\W=6&?M`CV+*.VPM?137N!\OW(7LRY,@@`/
M0>)Z?EH@2>I2,[=XJIZ'D;!F(HN2H$+@,2&G<Y$W1T`C;\9FM_/O7.<GR`FD
M#Q,TU]A<]-GALH4?-ITJ4GT#VD$#*G4[21%C?KWU!7;CBOL$)9@?CF#6[/?.
M'42R-KMNBY_U>9L``(;P]8N%<^@-"YC-=43NP=G1%R:E]P4BZ@H@&EC]AEPT
M;D6"W^?[?`M3#"P/7MA2L$Q?E[9,,0N3("8S>P=7+^^JV\>(D*)]P>]MG18O
M$X^6;0T61E!<A">86`WJ;,8F'9H./-=]F[5^WFQA^>-*?C5LB&5;X*]=O/%B
M+5+GS+W=]Z\)1.@FE&OZ/5"VZH*>P&2'"BYW7Z_W"3N8'\*,?C^C`<K2`$4X
ML*2$$Y8*H`)3(O"ALWY5>[M4&9Q"AN\HVL^]\G^B\I$RK#<\51SR,*$.P+12
ME<"[#Q7"!0/D_H1S:LX`1^;&,A8)<$A2[]#4W)IET`=H]!.V"-A32D8\$/:7
M".Z23$:T9TO6!(TXZ!EOB]>4O;.Z8B8$Z(I[77%&%[HFW(FQ9,HN)7?S"7?<
M5M?U"R9JV%MNY"T[G.@#,$P+4CC?E2'PH9Y)]E/3;I`B=U,L]US@HJ]S'IDZ
M=^[8E#SJ&S7W_T&J9E0')J.X#Y@HB\`^`>;?/&#-#O$9T,V8AH'<8P3J>1D#
M'66B9PYS%-@]AN`^#[`Y#P`[?]65"F5N9'-T<F5A;0UE;F1O8FH-,C@@,"!O
M8FH-/#P@#2]4>7!E("]086=E(`TO4&%R96YT(#$Q-"`P(%(@#2]297-O=7)C
M97,@,CD@,"!2(`TO0V]N=&5N=',@,S`@,"!2(`TO365D:6%";W@@6R`P(#`@
M-3DT(#<W-"!=(`TO0W)O<$)O>"!;(#`@,"`U.30@-S<T(%T@#2]2;W1A=&4@
M,"`-/CX@#65N9&]B:@TR.2`P(&]B:@T\/"`-+U!R;V-3970@6R`O4$1&("]4
M97AT(%T@#2]&;VYT(#P\("]&,R`Q,C(@,"!2("]&-B`Q,C4@,"!2("]&."`Y
M."`P(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q,S,@,"!2(#X^(`T^/B`-
M96YD;V)J#3,P(#`@;V)J#3P\("],96YG=&@@,C`X-2`O1FEL=&5R("]&;&%T
M941E8V]D92`^/B`-<W1R96%M#0I(B:Q7RY+;MA+=ZRNP\$)*431($'QDE\1V
M*D[E435*I6ZYLL!0T)`V1:KX&'E^(QM_0?[SG@;`AS2/2G*O74Y$-H!SNOMT
M-\@9Q]^`_;CB[#U^?63<C]B9!9S]Q#[\P=E^]?K[FX#==:N`E6P5QAF+PM@/
M8W9<B2P8'ZI5Q,5LD:&<+69/$+D]830^5"LAXH6%3ALMYK31$LET84GX;#$X
MHX5PA$AG'/=@<68+<"8+X4P6PIDMP)DLA#-9#$[`%SCVP>%,%L(9+09GM!B<
MR4(XH\7@C!:#PU,_F7#L@\.9+(0S6@S.:#$XDX5P1HO!&2V$$T;1C.,>+,YL
M`<YD(9S)0CBS!3B3A7`FB\$)X@6.?7`XDX5P1HO!&2T&9[(0SF@Q.*/%XL@Y
M/^YAQ)%S?B:+Q9%S?F:+P9%S?B;+S>K;W>KU.X'RV1U6F:FDC`$\X=+G,<?K
MXXJ[`ON$7[M\Q7T1"\EVY]5:U7MVUNQ.U[I55?7`]@VKFYZITPD/A=[?::;R
MO!GJOJSO6-^POM`=WK6MJN_T4==]Y[-=H6'J5<7NVJ;K:,=P'"K5ZSUKL*'=
M[#X">AOX(?ZPW1M0X#(T#/+F>&IUH>NNO->LHNVMMEN!U@PMV^NVO%<]F56.
M_Y5]J3N/E75>#7MB18NZ0K6:-0?B9S'9$R<?VN;(/C9EW1.CW5?@$1@6]W!D
MP`&GMCGIU@(@!FWSN3P:+J]D[`MV+*NJ;&JF.H*ZT:=>'V\!);C'0LXSGXX5
MY&B:IIESE"<$\6']^R;E:[WA:T945=4U3'\^-9WU]%`->3_`S:;NX!L[-*TN
M[VHLR0L*-6O!`[`UC/>ZZTWH$9NZ.9:UH8A-:MJ6#VVKZ_QA\\?N_6HKKF(?
M2&DY]87J20!%4^T]>`]OVQ*9QUGOU4GA1`CD[4!1\=GOFR3SA75A@`A&#`(]
MJW;/U%VKK2;(HZ.J%7A3=HR?%%^\MNYTAIC-0"0<FQ?=SI$7A17_V01AYD=K
M76^7WK<ZUY#);:4AR.]>8(;P-14$<2@_&TD7>D$E21V5WV[>;+81WJRW`!1(
MW!4G.AKAKZ"M]H'4H%AWTGEY*$%&':EBZ.UU/LB3Y<H]CK(%=)$QPX9'L6/S
MA!NDH?[A5.:F;'/5%:S3?5]9(?QV@TJN*M5VAB><+%MV4/C/O:H&J`_D4"$H
M"NV*&B:[GXYWM)!PC)OU(D`\R"PC+-*MP<+V,5AB$2Q'&1(=6HHSE8?ALB@K
M$/]+L%M75*,6(1:=]T3+YA0,B[89[@KV#01:X:0@6#"2L66$S:17I(-4=YDK
M)")+4.H@^O6L'X_>GXLR+ZY)!7X\T6KU$;+K7JCY9<),-Z%T/E[(JE+AT+)_
M8+>J4G6NEYW.]M4I:F?`O0IP#9I:#@JQ[%S7LTFV;6X\%3W+G[J:X.%UTRD0
M&@`>*@27($ERMA1-NYFUX00SLT$GK?L6O=>LU*JMD5#7]H<:[;EZH`P_(>#$
M=E>U_SB,'<LD6H]U\5P)SRUR9EQ2ZT-3UR86\\AJ#@<HUYQJZXYH7O7WD?1+
MSCUNWH_"5Z-]0?5EOVW+[M-V3!_-23.(GAE65B*OW\5V2E,[#GV!/Q8D\C?;
M,)0!FLVOFPAX+;LQX^R-ZI7;Z@;\U6P)XO0ZS7N-PD1$-436E?F4+H:YYJ8D
M##28;2+.2$-!3HR54P]&M="Z66U4CZ@?L;[KF_S3DQ,%)66)-$/?]<@/A<-5
M/J$`O&SV;H3(:Z;[LAJ(PK_GNFCA@1FWZZ?)LR4_&&X!CQM0V1<&`/IJ30/$
M5>81F#O1MJEFJ/96$[=:SVKCJ>T`2QC5=</1_*@J=FIZ'%_:NQ:Y34H9&5J`
M,QHKJ1*P_=AAG4E9F2-.%61EVS2.[+H21>-?:7YGRJRJFK/)`M45M7A3`\Y?
MNB(-O;ET4*1H5%O54(4]GQ6#]/I=:C69FMLE;JN9\%-\6.$3A<=T[?RP?K=)
M^-I6'+H%9A?["=56=)MMDN&+*;Y8\#-)P=DIG32.H3);(V]K:GH7376S37F4
MHFB>LAF1<C\5B22E2B-3*U'JQ9MM#`O]3.>?%V\O*C9P-VA.-^N(A\[!,=(_
MH_W\X%I3W[?E[6"CC<1]9U)+\0I,Q5AO;DB+=.?2&-!?V+<4\\TV$S)"<;S:
M;(-$\G7`I2>CY+(!A-)/P&3V9EH=A%X*%RYXQ^/BQ;HL\*24EZ<^L2Y,$D\$
MT57GHAO1Y,?H_MO#@08V!#0INM.8!J;W?6VUXH`@SP_K'XXG90?\][:)LU\W
M(H,:5-OC^4_JWW2[@,#1R(G`,G:_0(;*?(V878G;U17ER=[OJ<Q&(F-?6,^$
MC+:;D[EH6V[.N5`L`KN.X^R"^10B1%I>[$O`S%I$>+5E-`11=K%EB\]1XU.\
MC./_*J,WMF!1%Y&D<,Y"BCU\F/X#(65A]/>$E"9_2TA1+)X14B(7$:`YAGXP
M-MYO-E'FIVO7?F]L"_QET5F_7(G#>>+**4@P'M$>PC3P(O0$(=*K$,P)POCU
MA(P]GD07B9JS'L8!5D@OBM)G=!&&D1=S[B5Q0"O(Q?B%6G'SZ"DAAGXHEUH4
M(O;2+'X&5\:9%\GT.=X9>2^>VYNA:TAN^>).(E\@3!<E1!WCBSX0,=3L1+%I
MH<J[E.?:.KC''0B7O/V5B\&5BPE//"XO0YOZF5NS_G*Q6\RUZ(4Q]]+PLO"R
MR?[E4=G%UV7W?Q+=5'Q!'"8"7TUA&GI1$GEA%KXHNPS_Y-@YGI`=JA&Q2?AS
M*:0S@DQX<6!DEYE)E6$:AYAZL7"C:FVM;W>K_PX`F(_Z,PIE;F1S=')E86T-
M96YD;V)J#3,Q(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-+U!A<F5N="`Q,30@
M,"!2(`TO4F5S;W5R8V5S(#,R(#`@4B`-+T-O;G1E;G1S(#,S(#`@4B`-+TUE
M9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@-3DT(#<W
M-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH-,S(@,"!O8FH-/#P@#2]0<F]C
M4V5T(%L@+U!$1B`O5&5X="!=(`TO1F]N="`\/"`O1C,@,3(R(#`@4B`O1C8@
M,3(U(#`@4B`O1C@@.3@@,"!2(#X^(`TO17AT1U-T871E(#P\("]'4S$@,3,S
M(#`@4B`^/B`-/CX@#65N9&]B:@TS,R`P(&]B:@T\/"`O3&5N9W1H(#(S,C$@
M+T9I;'1E<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A;0T*2(FL5]MNW,@1?==7
M](,7F`EF:))SSYM7M@4[-FRLM%D$=H#TD#UBRQPVEQ>-YS?RQ3E5W;QJO+$W
MD0$9(MEU/:?J],]W5\]?+T0@[@Y7.^'CWT[LUF+CKSQ_[>/Q\<KGQX'X<O7\
MYC80]R6>W$57ON<'FY6X.UU]FKR>+OV)*425*)'I3(FCR:JD%"J+52QN55ZI
MXUX58N'/1.C[NYG(3:6R2LLT/8M8IW6E'Y4H5507NM*J%#J+TCK&H\I$7X3)
M*VVR<B8BDSVJHM+[5$W_>??V:KX0\\`+\2/N7E)(*XYHDA?JH(H"SMD`'ZQT
M=@^?<*C+LI8P(<I$%G!V*,S1>8KUHXX1-GS5F:Y*I"0K@:^$^AHE$A;XX`')
M1N:(--TYF<73NX>KN[\@B"`(QU&,;/720*:5:6S9SV#[B3-3%V*4E"?N4&Z3
M(:&N<&T0?K#D&-AG(F,ANSJKPT%%%=NECE5)H11E\%V]$R=5C/K"9_L5[J+P
MUPXBWU-S3[R>+G;>:O)G`MO.^,RH'EQSAHIMC0WF<CV>)N:)WZ:;G;><J*D_
M$3**BEIUX8I3HC)R>N:FQBI*\7_LL;OGK]>65;Z8ARU"/TU6WG0>AJO`"R9O
M`(*R.J)B`('X-4,%2Y/J6%;([Q6JR0VUQK;6&,-]O5YOK+%?IJ$_43(5K\H*
MI\1;`S2)OT^W.V\[@=VZ:`TLVF@";[/9;!U?PJ6MB#WYZ,XXD#(F-:<H"G*C
MK!N=Q759%6=7GM"6IRZ5>!B:`;(/.I-9I`!>DQ/D%9@5JT>5FEQDZG21Q4&X
M<ZCIGR(<H/:J*/7AS(0H=/F%XI,BE_@HJE'_QM&9:)2;HCJ@I,9&:N-,5!H/
M`Q7FE,%LHG-B(U!05C2!.MCX33R!O^AETM3F5]"6($G%0>W`X,,EXE`"+U7D
MG@86M1S9UMLXB*6EL0'V`Q'5R?0PO/77-II1M4^)CA+.)1:K0+RJ*5")"968
M/`<U1:3(Z(]'^()@UF?1)G3UN#3:3^I;:2A]GU2CTO>J68/8F'3X4Q+[Z,1;
MF<MLY@8!'^PU)=S9("Z8PM'K!,B;81ZHRQ[/]-%[]55'QF+KC[^\-765B+\9
M\,"UC&`_'"P33`A39^UD'1-BD&Q)'2'TJ-]K#1]'524FIL8X*WCOT2!=C"B[
M<-OEMMZ#CLT2Q2\Z2[3XID]B=5GO'VC8@9H%M8.A<-!%68'BA[J4Z4SLZ_.\
M5#"(LX^ZM*N7EA#"+2BD)VLW<'L7QQ5]>93%%T49-$ZH(D12XID#*L\8S!&#
MC[G$_1$SS$'>H_\T*.VJH:IU,^A#773[!L+%KM[&EZ7HT]%TE.03(Y:\V2^Z
M;`7MZ>PL*GU4XO.D5S-Z*O,\U1$OLY2619U3RJ4^:LR?W@)F>$X(_86.>)]\
MGLY<\N@PV(%W=5I9:E!M.3-;0]O*AC[";42:L8201PE?%$`DRX1>[DU1F!,*
MSD-71L`4U:W3)!S+L*JM<=[%K#!LU1AV_9W3+;#).R,S]G'[\6;^^OJ]_?3B
M=K'L?%&R60J;,GBOT[2T`9::BF+7]@?+>@#F(TF`Q<3UCV;R4<94Z:%?!H(U
MEA<:$-)$`H"89O#%K1(NEQ8;B.3=FY\__"+RM"Y%N/'G(83L7I8:MJA")4LK
ME/I0\YHG78#*QV)_ON">F*1RP,F&R*.D(8I%PJ)QO$_UO712UBK<9@A`-Z@C
MBPXJ%!O^]U/!]^*'!C=7MHMBMW91U!7-#7:]EREO9P>W0ATE2($7E$N_VB?L
MC&?KQ=KS!6">4ISD\]DJ]+U-\VA&@,[!%&SI%,Q\"1&6W7<1;!<KITF5&SE]
M78<8VEQL^">J2V0*TGL@76&^HM$53",4;S<,)`BZ.(A0+;A19W/LE6&UX1@^
M3S+%H.0/YW09P1!6*5B<R9:L_7SHKY2U&>I2)0`+%<FJ<"[7048Z)2M[)7GR
MN`AHF#`N18.\$2T=#H<8Y+20+D\KY/2V1JFVU-D`73]A7I`LZ(T"[*_Y&9YQ
M><#=BN?8'Q#Y$^0GXK.Y8N[VI./&24?1"53+J)%X#'VW@%NE<4E_>D,!BCZM
MT`+?QO#;=.M;Y0/Q&]>8L>W4:R-K!0$/<^N+%(&I[VT)6O>=0)@'2W8SW%++
M+9>[V0%_%;>:%.Z;1YDE1HE;+A<")(%%GR^7[1R;_(OW'HWUM9CW7K96I5=X
MJ<=[<F#6BHL;[&=5:"6NH:I5$6%I:_&FPF_)1VZNWU@D1;(HSL1`>60I80[L
MF."]&ZGD]<;Q&;O!P!0I]KTF]:<'-PN[W:A2X_G?MM?R.PS7WG9(JS!<>F'W
MJ'3Q6/#N%E:(?/<\&M*IFX`D7AIR(8D<4,ZL,H$6JH^U?3.:JMNE$Z%THE`)
M8?Y1.;[;8HZVRK*_51(D(\7*_VF@_D>0H#RD6.Z&'[6RC].GUCWEV0(_U">&
MS&+5[$+]?2Q!K.OE?R/)J,=.7@_)\W$:T`4-@UW71TBE*J6I-V`4:VS'FI#]
M#F'F+C^3AG(C(04+5M)@6B<FY7J-BFKGX+?P?3F;LAO9@1\^52\.LHO`]]9#
MR"Z0Q7H(V1]8F0.(=B$L`]?"/P5:<1FB']Q4M\XWO/#0&V+P/Z9!N(4,4N:A
M[EUYMEL7QD>ZD@VZ2A(=A;1[E=N^'K7=7O]&EYG9I0:.6=$TD*1V=^59.D$Q
M[AVML.;FY.:*MQIMZVU?2/Q8BT;+\_\P4RZWY\+=*_2;BV_'2;[KHE@HVP)Y
M_M3M_3(Q>4ZAN,*/[C1%(;-[=ZO!/8+#Z>ZM=O*PQ8MJUE]:4@R&%TV!H\RD
M-=OQ7)A'?*244YOVKD-7&H`F,MA,KGZB%9QTB2C%#0!2B?=4RIX6F/7N.$L.
MXET5V\UW\QYK[+J&B:R".8P,I1KE;ZM@;Z&$<JN4FQ#IWLD/P`<9Q]K-KP:S
MI8`4YTYEN$[5?)UJPPAW3F"3@;A6?-NDG@+U3@Y2MQE4#.)O;4J$SX@=B<W5
M9CAC.L=;VX1GJT5?C_XO(^?)O<`AV"(6WXS@7P%%96J[+..'VO7H*7H'F(TB
M'KY4)VIN_[;9KHYOBX6Z;,)3N,:!Y4=5)29VW"++>.\)QFT(.46K<+X<7@PG
M04@AOKJ[^L\`(!CI/PIE;F1S=')E86T-96YD;V)J#3,T(#`@;V)J#3P\(`TO
M5'EP92`O4&%G92`-+U!A<F5N="`Q,30@,"!2(`TO4F5S;W5R8V5S(#,U(#`@
M4B`-+T-O;G1E;G1S(#,V(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@
M72`-+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE
M;F1O8FH-,S4@,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO
M1F]N="`\/"`O1C,@,3(R(#`@4B`O1C8@,3(U(#`@4B`O1C@@.3@@,"!2(#X^
M(`TO17AT1U-T871E(#P\("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TS
M-B`P(&]B:@T\/"`O3&5N9W1H(#$V.#0@+T9I;'1E<B`O1FQA=&5$96-O9&4@
M/CX@#7-T<F5A;0T*2(FT5LMRVS84W>LKL.B"ZL`*WB2R<QRG39HTF;&F73A9
MT!1D,Z5(E:3L^#.<37^W%P^^%$M.IM-X$4+W'MR#<Q\`003^*/IM1M`;^/J,
MR$*@.T0)>H<N/Q&TFCW[Y8*BZV9&48YF@G(D-5TPA38SH?I%,1.Q'"R2R9'%
M8K@>8?PB8#J+P_06P(!UP(2%Q_06BQDL%B-'<<(B8.0HSF!QF'@1#QBWZ##!
MXC&=!3!<ZP$3%A[36RQFL%B,'&/D&"/'&#G&"#["^$7`=!:'Z2T.PP8-PJ+#
ML$&#P6(Q)!EA_")@.HO#]!:'42-N?M%AU(A;;P$,BY,!$Q8>TULL9K!8C&(C
MC%\$3&=QF-[B,*,:#8L.,ZK1P6(Q8E1O81$P8E1O@\5A1OEAX_RP<7YZR\7L
MQ7+V[)6"EENN9]IUGT9*HYC(!5$$?M[,2&C*O^!KF<W(`GZ]FT47N\TFK>_1
MJ[Q,RRQ/"_2Z7%?U)FWSJIPO/\.^W._+T0E=)$FBT?(EP&%?.=EAW>^0#SN@
MCU%>HO:FVC5IN6H^SE&U1FE1V/^J78T^5WG9HEM3MKO:-`A\4(J:L&/PR<M;
MT[0;\(%/2^G$46'PSU.AG#HJEY'%-S=I;2PV+[-J8]"ZKC:P97:S'VQ=%45U
MMT!_SF-HW,C,282RJER9LC$K0+<5:LPVK=/6H"(O#<I;LVG0)OU<U2A+M_9\
MC0W4WICYI^6;V?)G2T8$79H6@):U\ZFVIDX]`L294K&Q##`"SZ8J5LAN#XY5
MD:]@B]4"G?4K*VF59;NZ07<WID1W!J79W[L<-DF=-HX#$=Q12%>KW$)<3GP(
MY-)A]@B`;ABEH#\"GUW18G2=@N.NS`M@4`,>"+5U583CHFUM#]3>6ZY6[I4!
MMPV(M$(@VY494>ERXV&YR^R5*<TZAV*I[X/^L=>_-EF1-DV^OK=AFHGP+B,/
M#R_SQI+)RQT$>^..\<><$I="?YK7G9Q?O[J*>G@X&\DY3E4<N/7;4/+8)I77
MS!=,7EZCJ[2`6C=0:\:TOFP/I1NC?`TU`YM!:V!(,&R5MC9QF_1^Q,4E;`L1
M;9U#X;K"RV]-R,AC1>05FF8R)":'^KXQ4$NI`UZ8+9"[,C4,3HP8`;5\;R>^
MMQ,W'!(DJ%AH@13AT-]V:EQ&$^C\A)&8+VCTTF3A1XK=(>QH@)ET0EU+>E5M
MG/F)C"6QGXGSZ\<4#0.)V$$EH0)\P$Z)%Z=O3W\_.T<7OYZ?+R\L6>*:OM\^
M.FT:T/[Y9$:-I'P]3(U!$RAR*V[3>E2@P@4\3\BP\T^,XH1PS*B8[*X@O'-S
M'B)F6&CB!I(@"S70\PPNH[=6KL@T#?H'NC3;;7:VFU;0+)!G*'XW8B>B<#EE
M(C#7!"MQB`?'B6982S4YSPG<C9:-<CXTQH(R+&-R8!-P`/VQY,*?A0+_O;-$
M9VESX\H\LQ\&)LYM6MABGPJI%M#M(_Y0$CBAZD#@A$B@1GU4MN#R6PF7<RIM
M2Z:01M#,0-BKHKLHLJRV,Z`V4/P[@U%IVCTY]_GP6&#"D@-\!$LP9^PPGW%1
MN?$X'M,(?LW[(K,2M??'U8$+'',1'V##H-^$CH^P>6G6IJXALJUHKTD%,P$F
MLFN-X\$5(9@R>2"XU`**(ND*P@=7CZ2F:N%R"/&FVO.]IJ(:"PGED!PJ!^NA
M.*1`L&DY^^YR$DS:*T^O\L))[L[^80X/?16E=5N:NOF*SET*G@=:(=PP1:)W
M5=U>I]=FK%P.U_\5)+.$KCT^(ZB"WE,XYH?R9SU4`AZ$'ID1IW,8$5E6[>S%
ML4WO;7GCOK3-EZU]C=A+I&S3\CJWQ8\=WU67_%#^3U2^9@K+O4Z$82.[&8!)
M3&"0]!G_AFKTW@E4#*)/]=F;7!13`H-'[JNCNX@Z89A)\9T5-@Z[7V9Z$C?!
M&AHGI@>G70(YTUA3?G#:748?;%;J3F%X!GU3W6JAINUD#WLHYF"TG9P\,N<^
MS`49*C<,C^,9!6UQS`[.5A!!Q_K'Y77%M3U.Y7]N[>@]O/HOPC-^>L$/[?OT
M`)IV[&7T$[Q%"(EBK&&X:::G@Z$GVSLFF$AH\I@[Q[Y_8_FCF7N$"$Q>$G&E
M,57J&`_G)SGO^1X;(ZO5<W3^);,/CN&B>J**E):8\4-YBX7&C.W=0=,JLKF"
MBQ=-K\;QNYR')_5WY@=&D1)8$/94?BAF"<=4JB/Y^4]#OH\$@US85"5/40)'
M#J]"ZG.EW0M7(Z;90B+5O:DC/WK.E[-_!P"Z+]@Q"F5N9'-T<F5A;0UE;F1O
M8FH-,S<@,"!O8FH-/#P@#2]4>7!E("]086=E(`TO4&%R96YT(#$Q-"`P(%(@
M#2]297-O=7)C97,@,S@@,"!2(`TO0V]N=&5N=',@,SD@,"!2(`TO365D:6%"
M;W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O<$)O>"!;(#`@,"`U.30@-S<T(%T@
M#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TS."`P(&]B:@T\/"`-+U!R;V-3970@
M6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,C(@,"!2("]&-B`Q,C4@
M,"!2("]&."`Y."`P(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q,S,@,"!2
M(#X^(`T^/B`-96YD;V)J#3,Y(#`@;V)J#3P\("],96YG=&@@,C<P,"`O1FEL
M=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B8Q7RW;;.!+=ZRNP<)\C
M]:$8O$'T;KICSW&F'>?$ZC,+IQ>T!,7,2*2&I!Q[_J*SZ=^=*A)\6K2=;$P5
M4/>B'A<%2BC\9^1?,TH^P%_?"`TE^4X8)5?D]D]*-K-W_[QAY&LQ8R0A,\%T
M*"31DH5<D_U,,M9\[&:2B\ZBN.HLS39N:Z-0)M11\PUV;7O?WFUCK-RVEOXV
M&='.4@&V#FM`I<0`T'^W@*T=`5LC`G:6_C8$;"T(V#FL`:50`T#_W0*V=@1L
MC0C86?K;$+"U(&#GT`.R84C]=P?(>B%MC14@ZX6TLR`@ZX6T<U@#"C,$]-\M
M8&M'P-:(@)VEOPT!6PL"=@X]H&)#0,6&@*I7BZVQ`FPM_6T5H.I5:>?0`XYR
M*$8Y%/T<BGX.13^'HI]#T<^A&.50"!&:`6#UW0/T]AK0&VO`QM+?5@-Z2PW8
M./2`S`P!Z^\.L+%7@(VQ`FPM_6T58&.I`%N'-2"/[`#0?[>`K1T!6R,"=I;^
M-@1L+0C8.?2`9AA2_]T!FEY(6V,%:'HA[2P(:'HA[1PV@'Q0-/Z[!\B[HFF-
M-2#OBJ:S5("\*YK6<C/[=35[=R%`M5?;F:T$W!*KB:$JI)K"S_L9];K^'_AK
MM9[1D%I!5M]G\[_^.G]<NZ(@E^F#*\J]2\L?/TCN#KDKX.^"E/>.'--XG^5E
M\C^W(9MDNW6Y2]>.9%N2'7.2M#M)]N#RZK?B/LZK!;C=_?>8E$^P;K'Z-EL*
MLH3^@G]D]1Z(,&Z0R.V\!MJX?/>4I%])ZDH2%X4#"M[-MRP!B`?`.0(Y$J_!
M;>XV(?GW`B2"S=V"SDE#E+CZ6&-RZ&B7;%MNN=O%I=LL_EQ]F*U^QL!PHZK(
M'/+LX,"7*P)2/AV2=;S;/9$T(U]S!UO059P22<F3BW-8$Z>;RJ-G$)=)EI($
M&:QWQPU$+DD]X@$6P#<L/"*M+2[)]HYL\VR/(:IXL(K$$2QID>V2#;(D<(P$
M&86X[-U%5.<\JI(+_<=-J#C1<`<U>;^=7RP,G6?UP5?WN7/D*DO+^V*QE%;)
M4`\6?$S2UHX1`1H:PK%DF*O;^7F*Y[AQA]+M[R`"@@:+I:*6@IM3MMH%996+
M4%4)KY/-*;7`0&M@C!\1?$16^=\5X_Y7]/#N0M?G9+Z*X9*W1(.DM-5=1^MV
M?K-:2#K_QX+3^>K\ZOSCZH9<7Y#K3^>?%W!M*6^YO/YX4W.K2K%'ZS/:'938
MT?WBL7U?L6ZI3\U5DB;[XQ[RF99U.CQ-#DH`"D![?L\62Q')N8RB@"H^]*Q"
MT:SV"SDLU(&*]/#XN)#7"^=G+)!2!9I%-73KR_06"!50;:JFD\AZ?()K:(CX
MJSMQ`A4R%O5.,!<RX%2.L#HZ7`>6T8&/CDJD`B;9!$_#@:>M.;(P4F.2M_/5
M@BE(2AI#K^0NV=\=\\)A0Q?#\'`HYB%I+@6P'B/W6"L3<&4G:!MF@TBJ*=Y0
MW\J:AKAX1GQ^#0V5^]9^+;HFH,).\M0LB#0?T6R,C*G`2CU!DT&1B(@V-5#3
MU"?BFY7Q#L);E?XHKF(<UXA"TNP8LN,;"0Z5:0:$96A5$_9`:"AO12<X@ST2
M@8S$P`%&62/[:!!DD&A06K@OSA\/+BU<\<O`:U?TM_-/V-RUJ#^1K-GX6A$Q
M$P7<3A<1,R8PFDT4$8@:A&(J.])*"&3T0A&]QXMXG=27"=XP_=ME6%7/F8-W
MP\TT<\L#$YD)YBJB`6=3Y:^@;[G2T\Q12T&*'505W+]P>9$R?G3CEGW6"=B1
M3:F?Z@1H:"6G.L%2:*/)3K`@E_R%AFT8'^(D+ZI8[V,8.%!XUN.6>,8;!%`R
M,:TT$<CYN(-;*8'NEU,Z#O5#(_62/E9WVN8!1Y4"&P&9P^RRSZH2>84WTP&E
MXR3W2D0'C$T)I)2!G0PWZ`ZO17^*MV_'!V`-M;V%"60-TUQ2DET&8]_S2AE5
MMP@4GPZX!O3).HFZR^J$8`;4\!.\:SV?%/*Y1,F:;C:0>"W'-V3+2+!`1Y.4
M.%2]5&_4\%;88`*N%?$U.5=PT1DZ+L".NN*HR)-RS@(%>B\G;WBT0U#Y,!VM
MG`\/TNGY97UQ+IG1,%]*:"%4JV@X.PG:\O!5P4"UQ.0D`D08'5^TK57:0"H_
MB_!3:GP)<@!/C[()[;@:^&#LFW^9<\X"IO67Q;/@^H5+&(\I#K'K:CD4D=*V
M6=[RU[9+6+50PT@`\^$SOX;R4W[A%@BX\7XQ\A:>EKW1=]TEX,O\]\42&A-Z
M\,NB_S`A$T^1477IYT$0`3-T1%6',/LWK=%,+VUMJ=;VI9X&7CLH]P<54")B
M%#[,I3^O?G[>R]X)?X.'3Y(>L?I\'<*!H0(I_`\MW(A0'J/A7;!0#@I0@YC3
M\9W:S0H41N')/@=A$LU(>:K^AFPW2;&N"4,VOF5P51&8WLIC[DCBZW2<'!-&
M>M#Z?T\V_=\3+33>T>J]&05=GFKOCZ[L&MMJ"XCXY(G@;70RNI#<`>';>C5O
MPCSU/JK6&9#$)N*C%Y<9+X/02[@P!OZP4:KYT:BAV-XG^6;Y:2%L&,UC'"8O
MTP>(=I87/\C-?0P)R+:D?U0%+P58ZT\J0&X9?>M)X>*(Y/1+L'<$&+KIBR=E
M'-89>!A2,7'2D1@?\]/G8=)2'6J\28U\K2.X!0F<FH]AWE.3#2%Q,&+/FOGD
M$-0;BY'M^>/:%85/##X6L8VEA1L=5`+O^,B`3(R)MRGHR6>C8@P>8?(-TBQQ
MW9N568C`1NR$8LDW*=8?0TT^;S1Y"3>=`LG"I`LH.1EHI=Y:<<P$@O&7*ZXJ
M)7AY:BM?K3@F`JKIT)^%1918HBWA"@-/5GO8HD.X?/`'!B^?N]+OB3SCJA>-
M&3P`_X!K>`V:MR'5AG[0:?5:C");KZ<155U=']M]&]A'X,\<JF3W1#"@"4@G
M5M$9PPS<);N=+ZO"I4G6WYQFI:N6PG!(NN$%Q"$*%8I#ZO+B/CE4)UE6)^#P
MSS/2-1^<V#/@="9"U:)U&'XLWL;K9)>43P$!!K_5OUTLM(58>4M(5L"B;S*-
MB=RY&%XUS<5`XI+\?OGK]6=RV!T+(DQ85\?J9Z3%;,WK+H9(D`->+?6#*(8W
MZ`:<`S^8-!M"9.LJA6`<Z??VC/E$4)'-GGV,-U5!/L3I,<Z?"+07X7#1^H<7
M$NX8U:EVC_`8VT!`LM21)S@/G@+CEAV048C)%Z.<&]\T[X\YY@6SE":P?0\W
MYWU!:G\W[E"Z_9W+B:#(@MK@5#YM+Y\DQW?BAFR3!P=5D2=U%;1).YGO^AAU
MR90XK*/K,TN!)]G7:0_(]_MD?4_N8_3]".2``2S/X_0KKJZZ'LJ$_@0>2!1J
M\=.I<_-&P5-R%>?@CZO)@]E!H9*D*'"@.-.J1^N%VH<<Q#75TS4N_C]3:*Z#
MISV0C\#I!=27455(*4U5<"PHRLQ1@"0!2SV%<$US2V"3/U730$.AM!AH%<C1
MP#YM<FIJ2C$D#$`B^6EIJ9!HS0?&1TII<JI"4GY147XY4`P8'7E@19#DAY:6
MHC7<-,T-X(D1E.9`'=#T5&`H`%-V>7Y1-LC<Y,2"3%"?JJ"TJ"`?V)/2`QMC
M9*)G86P,]*<9L/MG:(BHZ0S!71S7$"X`#Q]_!0IE;F1S=')E86T-96YD;V)J
M#30P(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-+U!A<F5N="`Q,30@,"!2(`TO
M4F5S;W5R8V5S(#0Q(#`@4B`-+T-O;G1E;G1S(#0R(#`@4B`-+TUE9&EA0F]X
M(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO
M4F]T871E(#`@#3X^(`UE;F1O8FH--#$@,"!O8FH-/#P@#2]0<F]C4V5T(%L@
M+U!$1B`O5&5X="!=(`TO1F]N="`\/"`O1C,@,3(R(#`@4B`O1C8@,3(U(#`@
M4B`O1C@@.3@@,"!2(#X^(`TO17AT1U-T871E(#P\("]'4S$@,3,S(#`@4B`^
M/B`-/CX@#65N9&]B:@TT,B`P(&]B:@T\/"`O3&5N9W1H(#(P.3,@+T9I;'1E
M<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A;0T*2(FD5UUOW+@5??>OX(,7T!2R
MHN^1'G<W<="@10)XVJ`P^L"1.#.L)5)+4IZXO[[WDI)&(\N;3==!XHS$X3T\
M]]QS+W_9W;R[3TA$=H>;DH3PIR1E3K9A%H1Y"(_;F]`^CLC3S;N/#Q$Y:GBR
MJV["($RW&=F=;QZ]SX+\G;Z0*/-)'(:E3\R)D<\=4]1P<21?-DD99!Y51C"E
M3[PC7.N>U>0V#V$;TO*FX5(0>2":"2X5Z85F5:]@B9"&:4(-H>3`O\$#+@Q3
M3)O-OW>?;NX2<A<%,?R0W7N`%,5;AP@B,]PO#[;93Z3NV0Q@E`8$$/^,J%*O
M/_;:D"@:H9_9B(X*0NN:&X!&&W*;+;'B(35MX1^F.("4!XMI]Q<$DC@<;YR'
MP]9$L3O9P7M@:-B-"X@&L>3A`%N*8T"^;K:EQS:A1WH-W\9%G9(58[4F!R5;
M^V1<#H\@UI$!R[2984$HWEFJ)PQ5T8X;B-'UJI.:Z6"S^\^-I;$HBG*@,4^'
MS+[O<6,;!8`RTDIA3IHP40.:!]89UNZ9(DDXHZ]6[$QH*WMA9B!_A=-S0^XW
M>1'D'JUXP\T+,9(<>F$/MIK0,!R(5*RC+RT3!KEZK9N6&H=TP;1C,(@<A[@)
MA\1"6&-I)K<0C.S'?<0":1DD$]+:[G]A-1S%_T>Y"<@.5@Z1>Z,-%34BWM.&
MBHJ-&ECGB:*\KC>=02F*`0O&(6=8?)MF.9QL8,@GM&G@]`U418V<8Z!_!`\!
MJ6734$78;SU_ILU`[X=>25!_3?ZUB>(B*#PF[FHF9,N%W6`OE9)G%)QOEXW)
M<VHK4JNWEG[C;=\.0K@Z<?UCHK('HAWH'G8$`,T+IBT?TV8%[$)O'0\_KEI<
M>6;\>,+CT6>HGR-;3=(K*)?@-O+M%DRE&'FWT-[=%\Y?0=IQD,`/2MM[&&3Z
MGNV-6S;8<+BHQ31WN=UMHBSTK'Q&B7,XT!X@"Z:U2WM^X<6F!AXDEP=FC5U<
M]IY5PU/G@X6_5HWVA."]':L,?X;#KWD'?'EJ"I]ZR-65-SCIH/6GUR6,AMA(
ML-SSB5<G5\_HJ=:GBZ`<?=H:>&Y![QE5>NH'MD>L>\CD9JZ#C+VA`*P_855R
M[4+#[Y'9_0NIE-3ZKL(",6BH_+^L]H>G-3O0OD&QM%*9(ZC%0OVH&!-G*6O7
M\K;0\IZ@\32-OW#C1^\!U'5RR\K+,GNNKYL(W*+P:&/(UQ,W+17V;6`W69?3
MHW>_*4*/<D7^N2GA/TUOSVC5Y;ZV+J\P+P=Y00E45*D7E/OS^'W9*_B@.-TW
M[,X2=SDP8I50.<JR=U47&BL*L!P0D-W,.7$!8X!U8DB87;B>,!@_K-:P+&=;
M(*!*"BT;7ELCLOE<PNJU:W/Z1`Z-/&M2<UVA!V%I&P+Y5>ASDXE9/<Q.,U5T
M.#;QJS)[M?ULSQ82R8S;\+KSC.<E/W"DJ97-Q%/:;'ENBG!0?NNE%:*+W2E>
M,?!EJ7S"#]`$5]\3JACX'.4-)M96)LP7ZTMAII@HB;>)RXQ%!L,*O#]S$++F
M4,G02*!26L>EZ\BXPC6^Q:%16+.S(L%O^]/%9+-\</BE83G[B_(@N_:_*`[2
M\8E/YN8%M2S;CBK7$:^E;[-J3C`?D=JJ`V:[A=%'^6QR<*'2H%P/-?2!?*K`
M2^&&3F+;8',7QUD$>OD`O=B\7!?MTF,+)P/D]5<X!!.:XIB*'UIN#)MJ]Q=)
M56V-@"M`(Y65AE6A?06.<X9?P$&<QGY4)$2?J'(I0E<%"8`B$/ZR2.,P&5Q5
M&UD](8>L[1KYPIP7WCL'9'O54_5"XNV83DV`=#...S9W;@<.#58@83CB'A5M
MP6R9+0J8$"'5>-H'#KU\-OGD0W/\LHE#3\$XK6!8^JADW_GD;\&7390CB(!`
MX13DP8;YZQ3F2T/%<+5`<0ZRG[SO-DF"*"2PIR/%AUW\),K6*;I@2@I7(C::
M1.]6T-'B\?QOQXNA%^3S>"BK;9ZN!B33_C]#H38D2ER`BWT-$ZKW.Q'3.(""
MFB+:>Q%>E(JQ9:.&A!1W8VHO.@+/0`\9U`/W)YB^+D!G%9N,8\,U<)=3@\VW
M^TX>LB0HDR4OB1]GX>\S,P/A)@#O4P_38/3]3,#PG)1S7B8'6RY%#;\*/;(R
M@Q"FXXQ^OTG#5V7A+U4")[S.*TXG>V;[%:OD4>`X@L7$OF'Y`Y9GYNKZ`#F[
M>X'9B#QCUX$OP/WT&:Q\)M'4)04.R&7]_Y]NKA4+><ZO_P;B:R-]]*X.0&%7
MMHJ>C&!M6TU<6^5:]XC+J>#$&IR)B0';T+VRM\N6/KFF:U%K-T,MK[M)M+PV
M'+B"D7)^>0`VIBEV"!OY29KY6;Z=R1!Z"GR!3)Z8%:2!WHCLH>T)9D?6-4-U
M&-BWZD3%$=,(;`B\F<'`+WK;[&#_7G"CU^;NJ,R<QJ&$+UTT*OQ7L&,_C$L_
M3-.W8"\L&A`HZ.LPRM?\F<-%$!OFV@F2L!PT/M_N))L:3XWE)J;+5=5(.[W8
M(</6W!:J?+NLN<_PF5H9V%$Y\08.3[R#.ZV6PYD6X[67@A^EP(QE"]/P*@>*
M-;:UP#M<`C,BB'S?F_'6MF0W+$=RG<;+-5ZS.//C\$_Q.GQCC=ZP+&8-]X_2
MFL5!&7^'UO@-6DD6I?XV#B<>ESS_65K#>-(L6DD4K[":^&$8XM^W:.5X=^SZ
M?<,K>'=@MHBMN2\?CJR\67Z/WFV&G7/.%PP1.$,H63%6PSBL9&O3-^UJ&R&,
MS[6MV2,3>%LD9ZF>W$VAXP8^=[WJ8)X<'"A.@P(GP+OM-`1Z48:X/NQN_C<`
M$AZZSPIE;F1S=')E86T-96YD;V)J#30S(#`@;V)J#3P\(`TO5'EP92`O4&%G
M92`-+U!A<F5N="`Q,30@,"!2(`TO4F5S;W5R8V5S(#0T(#`@4B`-+T-O;G1E
M;G1S(#0U(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!"
M;W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH--#0@
M,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO1F]N="`\/"`O
M1C,@,3(R(#`@4B`O1C8@,3(U(#`@4B`O1C@@.3@@,"!2(#X^(`TO17AT1U-T
M871E(#P\("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TT-2`P(&]B:@T\
M/"`O3&5N9W1H(#(X-#<@+T9I;'1E<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A
M;0T*2(F,5\N6V[@1W>LKL&B?0^50-$"``)B=QQXG]CSL,^YDTYX%6T)+M"E2
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M?5BE+DM2DDJB:!)12?'S<47[Y/F,_]UN5S2B7";D]KP*WI7DEZS>'DB<A`0@
MIB$Y&Y(W36=VA*DP3FA(*27-(:M-0ZH'LJV.QZHD35MM/Y.\)!DY=?=%OH7L
MP=1YN2=9>^7'4YUOS?KVTVK#R89%,?[([2N8PA+A3+D+H/R&LRBAY&1J_V)$
MWJ\90A/4U=:874,>ZNI(VH.9%)]-;4C7P-RV(K4Y98\D.U9=V39D5V?GDL!8
M^\'+VNSREKQ>2QVE0;;-B[S%U7)''JIZ_?OMV]7MWZPY#I:]*4V=%>1<U9_M
M(]OLE+<XG[KZ5#6FB:PGSA&M$1KG")5R"2G33R%-PH2EH0+Z7T$T:\@IJUO[
MN[7ZCPX'4Q>/9)=_R7>F=&[Z+ZZA21/AP73:#E6Q,W7C(H)(?8%/>T.V1=6,
M(2$.]23B>H[Z+9Y^AW/6VHOOUQQI%L`2H-(<\A/)BJ8:61)RD80L8:0K<Z#>
M5I=H%ODQ;W'SU&M`F(JL]1&S7^SRIJWS^Z[-J_(:LC$7/5N[FOQ09?6.'+(=
MR;KV4-7Y?ZPBV(O8=X`]:YQ/W<EJOV$1)?=Y44#S$ZC;0UUU^P-YVP%>&ZB(
M_%I=I:A[?-#>>,H=LYU91BO'H:[V=7:T>>$56B"''\^X758M#"W-&49;[AW<
M;V=B_CSE(*CS_OEK[;,99L01QY\UXRZX73-*`W,\5756/Y(?_^C`8(?UF/_T
M@I*Q[G/K]5K0H*KGG"(@DXWN!W-JS?$>/W`Z$'8@#ORJ@/D'I!K\?N.R,:@-
M4@_&D@\.1H>&]<L4^3Z_+XQG:`FVM<ZZ)W#2Q(<3QN3UD`B[SJ7SW,"\A*8I
M3ZPEE[EBKX,[^_VLRCA*HX!2-4)^-*V]73U8?!TS:9)Z(]YVI1D]C\@+]]0U
M3.Q3WJW&LJE_=?XDLDAX9NXS,,`^?&],:5^/",K"\-1DA(S[^$Q/7*2=FJ<=
M0#?F:*E3%("C;=K,QQ##3/+LN8XH?49>=L<.Z95_,>0W:`C<-YF-BZNE>HK?
MOUR^+LH?[3-MFS4'RV)K4;;?UV:/A.T+JW-6)R%5U!/<FG4\V>SMT3CWD2ER
M<'27.<F7K.C,4-9.HPV^9IP/^?8PPL(%]ZA8/;[4X,XVJ^M'ZZS3Y`!]81%*
M@F[?-2V)U3Q2%S`FWPEC0I]-8'#-^_!<8!K]-:HVN=6U>$3B>R+B<7'PSH.3
MNN!\/]Z.S#?H[0E7SJ0;%FJ%5H^4.IFM-:IX##W\/I$=W#XQEX`WWZA-0XE\
M><C*/1X%<?KJY#ZY7IR89)YKED(/55%49U<`'#"HF;;=`4>8BJRS[=K[U3/H
MWNSSLG3C!MSJ2]EH\3`!V,N5;=S&F1-^O;K["^B4OA-E8QV;ZLW83>V#UZ^7
ML+0JVQK>6#-0P(!ITS9_7V`GW3B&<1,))+$D<#NI^3G-L>W%=NLY8W;K#5-:
MJ>"E[_B6"BP2$A[,C+\+W@&2>KT1N`RJO^RGE;S$YTQAE4D"5ZM].<8LFRC.
M>QUWP?N!?KBME;`*_&L;QCD%/7%$PAY,V8`OZTTL!`]^_'-K&E=1-YQJ^\+"
M:@Y-P3]-L7-&8-Q.D#._+M#!)<XQ5O=]S8;)V8=!7DLU6N<-WW`!L]/AA/$W
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MYZV43VT,WF!2SDH_)EPW<`X5=DLNYQP)!`W5$/P9Z@-0DWB#O3:^BM+[BWWL
M8AA>;[0`SU4@UANEN,UG%DJN0\ZE+0L4N<*&GP0=>Y(?RUWU6?!<1S%;0BH<
M2*"1N.0E0\FA\0)+'28Z^18K>:]-A(C"$T(F;*$M#7F\U";1VP?T%%]\+68,
M9#Q,9/QM8%^L8QKL/F$".1K,1F@"E^O.?WW9GGT\UA>_S^;EUA8@U$T_`075
M>1A5^A%LG&:&&:D/JIWJI\'&%EJ.BB<=:='I$P9HEEQ'+1L+2G_G@M>3^]]@
M]*O9RM:@`-N>Z(=ROQ5^7-L]$)\OW!X89T?Z63<=W+X$+L1:M"VZW>0W.MUR
MKDOG<]TX52[H>3>OYDPS<%,&S!+>M2VA:4A%O(2)2_#W:46X`[")5B&ZI^TV
MJ+ZVIMB2AY_4B#4?BSU+XBO%%!_$,A2Q\L3=)'TEG\'LZL]5K$&P:LBW!;A?
MF3U&-)<U1OYES4ODM4I_W9W9;>N-_H8WBV'"4A\=_"+0"[>F56&WP`'S24\;
M;&JGJK8MMY_*+K:+,:LP"J/?B8'Q/12Q`!2+CLQ$&J94@R+<S4XQ8R$BB<J(
M'H8S^A9G<AGL&"N8&NHQON=*+EZQL'A0Y$4!>;IKXJ$4\X2<C09)B*'HXD46
MJ5@M^L1-O!PWYA/"@L90C)*+<H_8)?!-7W+WR:R@0H[NS[G^SEE!JSB4^FEI
MOI@5E`SU=.OKLX**T1*$_OJL`"\H#=.AF/>:4C>AI79"8^DX90_(ZP@5,T8.
M,S?QYJZ"^_D>0X4M,@:+AVEZ:*;-!\@KI2?<?\[;?._6DV\M/%2(8=_!HG7(
MOM@MQI18&L@14W.=8V3?&6QDU<D;<L[;P["IV;RWG>#4KSK%^*3-BVU1H7W8
M;E%UM>60)B]*C*'%M86')JI?:W^S_<,@>5JD$WGM"VI5'PG[?]U5D!LA#`/O
M?46.16H1N_2P?4!/O5;:LQ.R)5(@%2'P_8YMT-*5>DX4SXRM<:9Y_10=@&WT
MZS_X$%,/,(0032&#4@[\VYE[H-KA%1#1B#E0YVO1M'T0J#TKKFMU`:ZJ><9[
M[!%+BHO26U`@E:P6:*+_!B9D1><]JP)W[&E6$/OJ3!-.V!P<I,GR!6.-;`%&
M))C:7"L)35+.^AC`4'/28T[$.$O_I$8N#KU),*/1'U1X,2Y2&'2(J!O"R*:%
MH\7_P;F&&"'NO*EV%Y@Z_LP"_?!#3MH"M/O6QU)JMM;=0`K#R?13#EH:"I>H
MJ3?IFA2CG(RCW)M;3*O2?<?2$KJ3=Y`'Y=T^[C.XD`V1;72%2>,,O<O8ZGPG
M!ZSLPWK=+!W$+-GHA31K3D,J>,K1"$4-_VW2B`LPZ#P'IMK53`G.>VDYB+[=
M998'3^*='U]/OZ=RHBH*96YD<W1R96%M#65N9&]B:@TT-B`P(&]B:@T\/"`-
M+U1Y<&4@+U!A9V4@#2]087)E;G0@,3$T(#`@4B`-+U)E<V]U<F-E<R`T-R`P
M(%(@#2]#;VYT96YT<R`T."`P(%(@#2]-961I84)O>"!;(#`@,"`U.30@-S<T
M(%T@#2]#<F]P0F]X(%L@,"`P(#4Y-"`W-S0@72`-+U)O=&%T92`P(`T^/B`-
M96YD;V)J#30W(#`@;V)J#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-
M+T9O;G0@/#P@+T8S(#$R,B`P(%(@+T8V(#$R-2`P(%(@+T8X(#DX(#`@4B`^
M/B`-+T5X=$=3=&%T92`\/"`O1U,Q(#$S,R`P(%(@/CX@#3X^(`UE;F1O8FH-
M-#@@,"!O8FH-/#P@+TQE;F=T:"`R,3@S("]&:6QT97(@+T9L871E1&5C;V1E
M(#X^(`US=')E86T-"DB)M%=-D]NX$;W/K\!A#U)*PZ6DT==Q'*]=ZZJM;&5F
M*P=/#A`)2EA3A`*`DI6?D5^<UPV('S)G7$GMVE7VC"@VNE^_?OWP[OGNQP]K
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MA,:O7I:4S_-?")%-0.2'9;(4V_B&VTLDCT#]:@X(L9,[Q2`85&N%[@"/7Q@"
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MIRGG=,-YQIKH^P8*L26?1],4:$Q70&,6T<B(6!]T):M,`YG'#+-2><KGB8"6
M-O\.$NMU"/US)=XC&J>*=%83+J@3>3S=)(O10'SQSN`_\3+Z,)ZF])U'RNSI
MW<L8$^QJ@%"I,R!LWMS5P+?*0(=J")$D72RX/:-M[32/468.6V32=AJZ@$YY
M:S"=B`AF*JN<YX'KM;!H"F#.T(!<Q\(J-!5O(6!HL&7"-F.03L,8'I1T1'G"
M0^<(H`LH8HD9<$XA6GPWG_344E-@E']`$I2QK"ZO97U5B1@(/[!,Z%81TN62
M4RFDMN(DRYI$K?-2H**@DJ&"VN_%SIC\#.W"2%[)J;YFA"6_+LPI*DJE_)M5
M)>*Y(PWI(HA#TT)HM"H*E7D-W2TP&H.`1QZ$YPY;0ER4M`[)[715L8`5P*)E
MX'3!FKY.Q-\J\4E64*^+F$[:/!XVBV9R6/AE;H[4<*JIR2XT.M=$&!]V@Q1.
M[RH4FT$.A3X<9>8)2]H#;>[7Z9Z`)8XU&"I(8A`X>".5*"N3;B^*TIP=S_'-
ME*7S33-E'\8/F-NMY9*HQCAI/#RKZ_!<(9,$8U$T"<62D,E!>\]?,)6Z)SBQ
MM`N%/5`RSLS6P['D#G#6P[/VL`Y`HKZC52=M:H<5'D]O@+2JY'&"GK<<%'$R
MXE`1[:S:D1;@:^!Z"^>54YB#[GS0`NELO31D0IN)VD5['YWZ-XX-DIN5QE'%
MOIM#G)U!V@$N26%JRPJ]E0YT?1DA0(G,/?(!L>!87L;$LPZYPGH8M<03@SP;
MAJ)%38+Y/F+GW@*E^WEGUB(@MY")/Q:A%HT(2`#J9O!7@>I</O$P[LO_<X!$
M?V3H*-JV)R@9/RUZ<]QF,9^V')''8ZE#M:[&3'A]8,CE:WU!5#G0`LJE]VEK
M>$&7N"6@[CQY-Y-/IB<42##W3N9.(<`!8%O-QCC7D$H;K2!&V=3P2JQ*6Z6P
MN&29U65T'MJP>[KB/:@JL\6BD95/-:S'ZW)"N!>Z.])12`CT/"Q!6@*>S"&I
MI#_#NGEU))BMD82O@8]%:62]SGM%9G=04J:;A]@DA`1X_G*/=?>EMXQUY;RM
MN2LO))^D^CGYI4))\I?L'=A*?PVJHXE!9_AP;[(O$SS)RIIM9$PI+KF6*0"'
MDVA/^@_Y"'8@="P"VTR[X&3!`A^4LL/"F]TS+`$W<(:IN"')'S,C@P28\0'?
MR;/CM[`CZ`JA>>?&)G::X<2.;PGLX/G*<P\M(#[*"ST?NK/-(@M''J\Z%!I,
M&EWUI/4ZT\?0';YLL(@EXK=XH4&/K\E-<)TYP0SAL(&#A3RSU>2AHBY*W='K
MZ^:@*3:V4-JSD[%ZM_>LN[DFDE=Y-._A%R8GV,-UOXRN:!RE9CFM*_H)1'RK
ME&#M;(=WTW6D'1$T`$D\@8,]UF$/4Y>QKJD%CA9YO%L><<>MR9,@7[[JG<U]
M5D*AH&%^;X(1:_3@5B+)Y-S0[KN6QZHC;HK(\=ML!MDV735J\XN\1)Z]X5UN
M9@/-15NTV],C52D;5E&\1)`XMU<$<C`$;=QI9+]-\<IE(1H8=>)&,D-,A@9%
M3TD);F7)B>!LZ#W99+&M/507Y[RR&:DEL0[*A?;-2>J2B84.;:]/DROJG`2U
MJ`E"!M^:O(;MYBM0F#Q3FMV%CP?[`\FCE7?R0%L0U-'P;;&4CBE37[7S+:5:
MN#I;FK-H4`V<Z;BX>./IP<K!&!._MZ;>[6._#K*2NU#('FOUJOV8SWKK$(E5
ME$$?\'#HW76@N`R.#\+A]-BFYLQ7&G!6O0Y\]X6.'$23P!%>Z5H?F+.\O<;P
MW4P?XM6-71&&0QLP%=+1WEAX[<;;RJ9OF6X,$P.-EK?TZ-]+<#_\\Q;%9OZ-
M47A[=MM'Z^81_]_.Z%,SNW\U.:L+U_DRZOX*_0QLZEX4!P=YMHAM^U_@?U+8
M<-T;8^A!/R/<BW1%6LU3N-?`S6;["_6Y:=9\L8Q>ZK?D*1$?J52N]_%73J(5
MK\#=W@$R?.9,2?_4-@L<DC5T&WM",JL:L@4>7MWK]L)H!,8\7`T=-MG.G)2M
M^/96!FO&JW-H"?22R6`M=[&#&.&*%WQL0JQMNDX6375-7MIU,N%.6,5V-2/W
M2X+U)Q)V]I"LYW-08IVL5JLU4X)SF*[H\4_/=_\=`#R+L2@*96YD<W1R96%M
M#65N9&]B:@TT.2`P(&]B:@T\/"`-+U1Y<&4@+U!A9V4@#2]087)E;G0@,3$T
M(#`@4B`-+U)E<V]U<F-E<R`U,"`P(%(@#2]#;VYT96YT<R`U,2`P(%(@#2]-
M961I84)O>"!;(#`@,"`U.30@-S<T(%T@#2]#<F]P0F]X(%L@,"`P(#4Y-"`W
M-S0@72`-+U)O=&%T92`P(`T^/B`-96YD;V)J#34P(#`@;V)J#3P\(`TO4')O
M8U-E="!;("]01$8@+U1E>'0@72`-+T9O;G0@/#P@+T8S(#$R,B`P(%(@+T8U
M(#$S,"`P(%(@+T8V(#$R-2`P(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q
M,S,@,"!2(#X^(`T^/B`-96YD;V)J#34Q(#`@;V)J#3P\("],96YG=&@@,C8W
M-B`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B817VY+;N!%]
M2)[F*_"R551*HDG=Y3??9LM.'+L\DVRE[#Q`)"3!I@B:(*517O(-GB_.Z09X
MD49V-K4;#0D"IT^?/MUX>7_S['8B8G&_N5F)"/];B=5<+*)9&,TC/-[?1/PX
M%M]NGOU^%XNMQ9/[Y"8*X]5$W!]O/@=O<_&NSI481]%J**J=$K>#.%J%B^#%
M8!P%=R^%S*P1VMI:I4+F0NY5GN+?2E2&U\LD,75>Z7R+UZE(M4TR8^M2B5)]
MKW6I:+$5&U/2\L&_[]_=C"9B%(=C_"/N7Q.:14QH@L3DUF0ZE94VN3`;<9"E
MENM,"9U7JE2V$MA+5UI9\27XY]LW]LL@%/<[;7NP_*F6P"KZK"BU582V4"50
M[(44WVN9Z0K''-3@_NO-_5\`(EHN&83,97:RV/*X4[E(%7;8ZYS"PP-$4`I$
MDIM*Z$KL:T#J4(,,`50$2?40,8,_A=4!F,UG+BG8$7S6IK;9"1]*:Y6U[?&_
M./?%(%Z%<9"FFAB4679R.;W"CLIW,D]4/V&6D^/)6#DRUJ:NSB$_6F3C8+(#
M)U8<=;6CPRUG7^8G8?4VUQN=2+Q-<,B6TB?PZ3>A'@HGC;163C^RZN\V%-*V
M?,0+A^&HL@S/Q<X<$?O/3M?[0B9X2^&>@=WH'(%JF0F+C#LUAN)6>WK.TW'4
M.&O=B2*.QXS!TY82:$^8.@OT:YUNG="9!I3+OJ`<6%%;_YE7DKK4$=X]366+
M8#R=L2J""YGC#[79J(0TS,5U+<ZF;MU[F^#E2<G2(L2MSEG4<@-8XN\&A*[Q
M(YX-V0LZ`*XTWZ,LMJHY&?DDGHO2)*1,5&J_3NB52P>]D:DI*O>X'P`?\.QV
M[OPK$J-Q:PAP)>`7XW`PBJ,("'JG(Z&O$4AM+5D$<?VBJ5><==MR\,KDK@AX
MS:=!O`Q7@;)U5O'"#_`"=AFG^=9'V9@6B\72&=-XWI3DOP;Q)`I,+>S.U%E*
M59ERH!N39>9(\:4=+O"#E'ZM\X0AL$IY\;4<$4#H0+%V2P5'N.J1G`:=)UF=
M(J.<`01=JL*4%V3&L;/]6,Q78C9=HAVX9D`[?#BH\J#5T7WQM'W,)N-F?1A-
M?)>XTWN$\9'<9164!N15)_%[:>IB*-[F23@D+?<6S9I%0U*+%*]5)H\2=9^8
M$GB=OW/Q&TX$V2*MLRK;C&1*.K)D^.E/VL7<P2+F^),]ZX.SD@G%W))-X)?K
M5"7\DC%^>O/V?A!/R22'HLY3Q4T),>`TZ`A"F5#O4P>5PZ%>F53!S/F#96`&
M4>`ZQ^;DX+:[+8)AWSNGSCM!QU88+G7D*M]:N`T80&7`)=G"(9FJU.N:RKX2
M&9R^$JN(&E5"N"%4,KQ*/O@FB(_9-^FIK4SR;6<RQ$`:RFORLZYLHWCBI0N(
MLRB0#T0R4E!(G8KUZ?Q[:K=E"G66)X`ZZ!152N)*%.PE;:T]D07:9B:V4L/9
M.O1I*-X;8&?FK6MXKC!ZM$0+#XB%NU$X&%M5R)G+$D\/ABW1VZTG&&XT"2QW
M<'D2378=%_(AO"J\1IU_"_%\3AER(J5L^^+/M_V<.6@?!U-0558Y2-GIPLMW
M+[^:4E>GD3GF8*/H%@A;KZU.-?&&;'5(6ARD\B&H`I<5NCD@Z+SY"XB..=&5
MT<>F+CM`\6+IV>IKNG"[8OX)H5GG`)WMN%Y//FS%CQ]']?@XQ/_7]O&1N?WQ
M`R?@=ZDVI$C3H5V"GK9@?\)0_!.":&=\HLN."H+''UZX:31K)/G'8!D%BNH)
M!(`=U%MF_&:NEH&RDCH3UZ,?XK?>XR2>C[8\Z^##+,.;)AZUU_5>?*BK3%7>
MY&?.[::3<+I:3.%X!(MK]4]_/O/#*%S.QG.W($AX/K!#6C&:+D($<69'T6+B
M&[02[S$_6+=5<QA2>7;2Q4&SZ<J_;C=R/$#?^SJ'ZI[!<,#`"0[@H6#0XRYV
MIXK*M>U)-/0C_%$)IU(H;:<RGMG;Z1E=8S*>^>(9N8#"1;RZ\-?5PJ4)A*=U
M0KVMH[[I_?\`-)QRQQ6/8W<ZV?$<0\Z=$KIX/GF2G&E\-3]-8$/<7GI%Z0?B
MX!=4#,5DWD<G$S^H>9@@9>$>6MW<*MI$P>#;=L3NP$\=_?&L9Z4KA\-Y.2:`
MHB!2/`3ZT)R%08<C4N^&159;\;$&0",^Z<2$XL.&L9TC]X`=,&KJ,%!MAJ`1
MF#LLT[AU46756>@PS#8T_D[R)>P\`Q3;!D8@7#OVQ';*^F.P6(9S5YSLXU#3
MI89,KGK&,&:U!'#%1+&1970&:^^:5MPP6E=\#7"%S_-@TX2[FPNDO),'IV?G
MM@T(9FL6]^YNC;.\J8D0X'V2I2_!+37W>5#2O0=S"QK9B>GXZ)J^(=Q?!D.A
M]'97N7ZRO*Y3.OZ=1!\?$A=NZ?2*Y?C&UX!S7]/'[]4#E-#[^GI!T-([:&LG
M_FK@A(W;EDH]C0]+7V'*D#`'I(U\'!UPNQ-?#5CKIRMR8L:(PSF094EW-#>+
M_A_*SP?>GO;<*-5+I_NNR^9S(=ML36)?U^/I;V>ZJH[F:EQ=JB3\*YS]=JE&
M7#*:*^_E!@[:Q6V&?`I#H9O.6^)HT5G+ZC>JK<IY4F4.FH'`MVT4&0^,T'9I
M]CS'X3=/_;Z-50J#/W-(\SO0/6\R\CGX[V`TC6-,I"_QF:#9=P\=E)0/-U5&
M?7ONK:=1GEHE$>-'1M<YZ:2UI'LGC=GNZ$=A9094!Y/5>\5*ZHEBY2?J=N]/
MU.=5@FLAM7.*D]I[A9TTI;,WL]"42,MX1%4/A:*+%X1UV11H>=%,1:89,(;<
MX1E)?.W"XUM_1>,KK<7T6OHQ@320NUIF::0'$J/E2RTQ@E08KXD^+$[S*+X8
M3<9-C;K`?3I]A/OV^MF,[SARX^H3_VU&>I5I9,]=*X=MV-VD@MUZ.VV4LK^X
MZ?'MB#RZ.A4Z8<Y=2NO"N$(L>RCI[Y;<M2(._)WHJ:H1[3Q^,HA9I;Z);6F.
M$"TJ0LDR=U>634U7`1:VSQJ'!Q._O?W@1Q5I=V(#5[!TL5#YCBZY@.!1;7!G
M6.N,ZJ51W=68/P?M`0WS_?:6I[T[G>M4=#'HT*._RH22D6G@X>'8!]1XX9E_
M/;\ZHTX7%Y5P2X(P&+$I(B"CZN;@#%5S2;7>I8)`UA5B_4\;!JHC-_NFB)!)
MOL%A1*D3U=6!DRALXTK)M_2TF-X\0'!IH_12C5R1NWT@.OJQH3X'#I3(3.*R
M1I=,XD=5,,L#V5CY#;VFY!'NBB&]&(RC(.5S]OI!I:,:NZG,]PJZCW43^97/
M[[`TH8/(+W@NHYUVZ*[B.VZKI(?^>"^M515/4^WTPYRYYV>.=7Y(1MOF)A\E
MIFRV"3L:K[DY3S8D#A*LMW;:Q=9%X>*3V86KG_<^28%IBOQYK]./FRMNERG$
MMB8]LGK82VB^DY9TY)CU25`6KQ,NF(-.J?/1H.3Z!_U%F78#Z)JTJ*SU>B.C
M@:67HVLN.HZGKM=N2,**5KN15Y&%:[)/4-NU)5QN3VQ/_UMQ);`=GPMJ-L$E
M@4V#O!1P8(/*+J#3<B"!!DP(H,"!U"^0MJH1L`=E;`S,6\9Z9F9FYHCNCZ$%
M2-HUA`L`6"\8#`IE;F1S=')E86T-96YD;V)J#34R(#`@;V)J#3P\(`TO5'EP
M92`O4&%G92`-+U!A<F5N="`Q,30@,"!2(`TO4F5S;W5R8V5S(#4S(#`@4B`-
M+T-O;G1E;G1S(#4T(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-
M+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O
M8FH--3,@,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO1F]N
M="`\/"`O1C,@,3(R(#`@4B`O1C@@.3@@,"!2(#X^(`TO17AT1U-T871E(#P\
M("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TU-"`P(&]B:@T\/"`O3&5N
M9W1H(#(V,C`@+T9I;'1E<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A;0T*2(F4
M5UV3VS82?-]?@8=UE72E92A2GWF[Q/9=<DGMEKVIU)5]#Q`)K6!3``V0*^^]
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M[I5[U`A<-%;8UHE&&8FM^13;[)1#L-H455O2ZH/TC1([/*PX;2S:RD)7&GMV
M.TW&_[K_^6IZ*2E:CSV%EY42=BN44>[AB5.ZE,IT^2R5MZKBDZT3E9*>?JUH
M5UE^D`4PZ=+P.UO7])2^5*[+7!/VA=WOK:F>A%/`Q:'$>$EZ\<<?MFTJV_@O
M7[#_A2PX!UY52U>HRB=?OASC7BZ7JUB"Y3S&_?MXE8[4.!V)K2U:+ZP1._VP
M$Y]:R9@Y!7HHHHP2LG#6>\;'J4;JZN2IKU71N':?B-_'RU6R#KNJSS47RF&M
ML8^T$+DHLR,R<@8W^1FFLS107'W6/G#7>X6<":(MZ+H)U:1M`[^!I71*'';*
MB(,2&U5IT(_CU`9D;HBC5$W"O9!UI#SVY&^<]A]OG#J@>PBK^[]P8?.`3^$T
MJJ,E9[7NLO*J0K)H%-0H]H$PZC`H(D[&$0T^6T0KC4"$DK"3#3#9Z8U&V'A,
MG+=U6W''ALXIK+%[73`X%`R#\>#LH=DE%&!^5LOY[+R4#@1`\S*!'C7B"ATI
MJS:4\5.KO>8#P4'KFI8:'S%OI`?7\#6@TTYT2*-@8&1=J8`C(*.7MDC,)A=+
MF&7K4,);K-5$[UZ1D#-B>'B*+8M#P=3&A.X_Z&;'=-I4VN\0RI!?%((T%"8W
MM88*%/32R?['`O+YQ_+[L'EE"^Q8M&@J4W!F>ZC>7O];@?].Z0>#ZA0@YX-B
M7CP'_-WH?CR=IR/+/&@9/\8D5&A"#%0`RX*AP-$I=0.DRIYW'0#?=_4=:,?=
M.$M'SC[J,K"W>\<HJ):7C@/>MD@_'L9[G*CS8+=?):#!#Z+<;G6AJ7C;"EUU
M+*LL:./^'.*L-$\$Q9Y&`.15U"V*$:9%[30U<%##Y]'_*HT$;(2%?81Z5U57
MI9!V6S2MHY8$,%N)4<%$0S]@?I$TJ]".@Y9]<!)(%!!`=$L8!SXP[KO7JS!!
MD7PV2/X-(:A\6Z'@MX^D]^H07\C[%TZZ9YT%JK[45=N`<DHZ0^<(-'(4XJ@O
MI2JHA['F.DWFJ2A;)BT5:JN=;P3>4P+KFYTGM<G2=#TAY9NER?+%A/#&B\N<
M!?FL8_(9-_%HZ^Q>7.-)3D6(HVBO*!AM2TP2'/.$$!-QOSM&1)B6E^*/P@CA
MD4WC]*:EUF(%EGVG9-,P"T;74-YDCH;``+.&(T>\\!NT4[<][S@)@_<&U3,W
M#=AN'9%3HT&UX\JAA1RUD(*PA?%U5EIMCJVZ"/KUB][PZ/]IV-`3<??+CQQ+
M?`SVB=^2?R3BS:N?T(FS=9*-2)Q[[8-^NE*%,7XQS!B;-@%>TMN>SH@F6S$:
M&(".YG(L)*K-N/$KD`F-CJ(1%FQ4ZX)^8W$3ZE(1%W#$I]82`%L`(TB`U="L
M=/!T>M1#DJYF<01&+2+QLX:M%L:;/41Y<.Z)]N&-N\.1$(A)>IZ(ET>*#LFI
M#`'T5M4`!:"*/)U0DJO),8#%,A3EH(Z(2G&=@:H=0R"FG@V#^DR=B9FRZP9M
MJ3;->?'1Q2C!$*;E"P'-*&5SBZK<C?-5DH^D$W=M<RQ'EN?1J;P9SU#B,/$Y
M^BY-9L>OMW=W;]XFXO4X7R>S4>P=UE\NT3']V$N>E5I6WL(MDCTK=1Q13'46
M)SN@1:C'\^;BCJ7\F"4*HY7<:_2SK`.RABWXK/<``Q/YFL#ED*Z);)>:"W)8
M=_;BXL1?!HK^B(G5^W2>"Y(*@)R0&AY)1%'0OING0$M-<P#:V'L,,.%1PX1P
MW;ZE9Y<T"X2)I8D]@IXD].&1'KKK!V8`SVW'ND.N.F)'[44SUS9<OMIO)UW;
ME`+C)'OQ/^GK28VB;[R>Y2O:,)3F>K;.PZ<+>HH&)=XGXN_V`!OG)I&IP_@E
MS3*T()DC,K$->;MN$F1)^H)BZ/LFG75!<#QTL.1HGW4;9D,($)!EBV^M7'7B
M@XZ*5PHL\[4D^6G8KRL70DN.D<RR<UL82!$'0,6#0S["QH?:Q(K`%I]O2E,Z
MB"7<O'9!N8AG-).#U0UW@B%LO44<UH>5?N1X0`?O!E'I<O+P`>A$I'8]0_A_
M@AWNO&0;3+@AB&F:+%[TA6$#<AKM$)K^`AHT91BV+8H6-A/>D*;F>IK,7GPC
M"#P)]`XRM\Z2^5>7HXKP3\H,M:V[A:%!(^`;:3ZZMFZ*SNB&.F$2P:CRD/%A
M]N^I^7V8YW3I8'=T*@)19N_&TU6R`.I[W>[%+6Z0:B"P:1[;)MQ#*2$3K$+(
MB7:H+5T7'H<'N6BRNJYZIJ\,0P]F#*4G!=[?2^KU85$X#+Y]@H#K)6%YV.E*
M79`0OQW8L1FM)'<U6V>A),:W^RX7;=J0"?BR94KSU34.8R@U+I>#N9?U%>'[
M(PXNFB[\7C9+>S`PLR8A<&G>G(![QNBHQM=H\SF+7<ZJ(3<@Z3..4EW.Y#Y;
MQMO47[_*0U(MQ6K/58KN>V,=K@F\.5V@CH`U!TMRI@&DU=S@5LR314;<O:3T
MTSQ29,#UY_PF7F)+_).1'CS]!G:I.7&LA"B+ZB\__7#[)L2(68G;QG.3FBX"
M._;R@W5APG+2V\I&/H8,83O>CP`9M6%S$2I@XULO\F2=7UZS>C^.F73!'IUJ
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M`A]<VJJ"ER8_"J6+MOQ5ZRP/E7^.I]DZF8^4N2D529IAIW[$+PC1S5EJ*,XI
M]MK[EL*\7LSQM$\-S8UYG*,),:`UT#MB:RPY!O(S60KEQ,5MN0[NI.V("<P*
MI<I^?G5FNO-ZYWB'F+!Y"Z">4V!8N7E7N<OY39?9.;OZ#/&AIPKR6R3+/TUO
M]O^EAR;Y:GZC!V5(U%%\1]=8=&K=XC>O@J_!O6R5YVB6V;%9^+WIFAZ_NK_Z
M[P"21-S+"F5N9'-T<F5A;0UE;F1O8FH--34@,"!O8FH-/#P@#2]4>7!E("]0
M86=E(`TO4&%R96YT(#$Q-"`P(%(@#2]297-O=7)C97,@-38@,"!2(`TO0V]N
M=&5N=',@-3<@,"!2(`TO365D:6%";W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O
M<$)O>"!;(#`@,"`U.30@-S<T(%T@#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TU
M-B`P(&]B:@T\/"`-+U!R;V-3970@6R`O4$1&("]497AT(%T@#2]&;VYT(#P\
M("]&,R`Q,C(@,"!2("]&-2`Q,S`@,"!2("]&-B`Q,C4@,"!2("]&."`Y."`P
M(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q,S,@,"!2(#X^(`T^/B`-96YD
M;V)J#34W(#`@;V)J#3P\("],96YG=&@@,3DR-"`O1FEL=&5R("]&;&%T941E
M8V]D92`^/B`-<W1R96%M#0I(B<Q72V_<1A(^+'8/_!5UL`!RX6GU@X^F;[&S
M#I!=(T(T00YR#A39TM`FV1,^-#M[R5]/=?,A#CT:*9(!KV78(JN[^JNOOJIJ
M4J#XP^#?#H4?\;=/0(D/.V`4/L#5;Q0RY_R'2P:WC<,@!T>$E$@(6$AX"*7C
MTY#$?'PN')_)V3/:PX!0?V:/HMESZ00\N#>&,024]08F(NNH?[8VX=/!)BEA
MX?AL;5Q&@XW%))+C<V\3_F`+?7/X\&QM3([GQ9*$XV/A7#IOU\[Y>X',K&^<
MV)(40QQ"1#&@D.+KTJ$#=Y_QMW7J4$)Y%,!ZYURY?W@KGS'"W%IE2I5Y=0LW
M^9V"1M6Y:D#?0)FT76W>=U6CT@[70:5;M+6Z30IC>!53=`EE7A2YKF"WR=,-
M;)(,/?T75]>)65TGU:WU7NO2^VW](V9IA3'@'UA_CY"8P>,*$M`S]`P8I#@C
MWOJ3LUHN%'2)_5K7M=Y9*/X!%/R;0*&3$92-Q815P7>>B`EWN]NN:8&]!DXQ
M4TF5P;5*Z@;RJE6XLH4$_\X"04:.HH]'0B6A](S`>I,W_<GX_\C;]1[26C?-
M*M5%@<YJY.]_*GL]O,W43=(5+2XL==W>)K<]TA]JI:J=UAE<&,S23>K/\"$I
MBM<6R?J?(WM7[J7NVDV_++Y?9L/ZU6/4;BY:^'63MR5",U9BG9R_E[V"#-M\
M"NS*_:7*#:#+UB;QPO.-#T1WHY%@^#YIDV'_H$!J>(DB5+;EA0IA>7'7&P7;
M:5^&^R#+F[1K&O2>5]`:OO2=JN]RM<,7:=%E1F.X#;<4?78_JSWH+=+6FJ<&
M,>5-FZ?-&]!IVFV3*MUCL.@$J;/2$8=9HIP-6;I.&@6UJEI`=]#\WB6U.4BW
M/5FI+K=)G5P76`A)@3@6J_"?&G170Z9+92!`@H&@,\PJFLJ&(-^1)(&K/.J.
MX4"2_M[E*(3[O%$>]X"VM0FL-34WLF%)NE98-94)U[Y6L$=YFK*TOIJ\-3(W
MD&M5(GTP\]/H(CO8A81O-?(]@!,]N$R;>IY!8GZ?L@EUM9^[+72:&$F@U)H\
M,P5A3S@0BM'_/'%M3Z5J&\,<2A1W8`(>RJ?)G<%B8>"&-^:%.%066_2`&<)V
M8XH64Y7J"DG(,XL7F3`9.WAWDU<HFCPI[.&J1$$T?571N7*.'[,S"4UU5_5R
MZ*H,16*H4)B9=@^E:C=8M#97=ID),FG@D\;F`G=XENE%5G`C^[.#>N77ZE9;
M`G<:#.VW>FS+,R"VR]EN/"LQ5'C>+(I;VCD@89B-''M5:.8#-@ZUQ?"O,0!!
M7WLKYN.485^\C7A`0O?LW/K&LS".OAD2*7$^8N\PJ>D3PRF-O57`P\#\*C$L
M3CD6Q+L-#@+UT64?O0%<V(-CPY2B8,>K/V";,OVSQZF+U:`KC--TKN;-871]
MRB8([D]C3S#JF1H4LNR^FVF@-PX8!"4"QRHU3MR8D?#L8"]&'\C1RDD\6(/1
MRD,^6/]^X):26`Y>QT&'4PRNM\V!>Z2(<,$78?Q2I4^#2R=`Q^!B[2SA1D^'
M*R>T!F0T`WGEKG&R4-?*[\+C9O*,(O16W*=<X)C%X_VSPTDA`CS&'XZQAR"E
MP4LH93-*Y7%*K]SO$*W;CPAX:Z;`SYZYB;GC++CLN_Q[+S1O]=`9Y_+IP9[2
M$&,C,DJI,%<N]Y7`:<`6Z9%L#,Z8L5[F?B(2^GRB!UU@5SA;Z`6O2Z$_!?>(
M5(ZA0@],/HS*9R20IU$)(L]Z71R"L:>PX;H9Q\.8LUK!SC*H1="Y5H2D$=KP
M#D=H\*58.%_B[S/QRESDPM,H.:%G"V$LX0YMYMW]Z+^TH__""V+L>@MIR!=*
MX\I]Y:VB@+OX(7+H9I:`^T5A."P:"B,D+`@?*PR787_X4C+TKTOF'HADCZ,-
M`O$LM&)(TA+DE)N3G<:JAT]`A3RAH-[=N#1^'EQ$MX0;'<"]0%04/ZS*O"OA
MIZXM\(;X3ID/B[\XNHZV^VAJEL?:O1S*\BM,IZ_>2D^UI+&D<;H&#_<ECGV"
M+RJ>+2J>3?S(X]I_N.27X,5I\`LU\2=4"`N6D@N?(#E_"&G6O.:*LQ]9'W*\
M&1UDWB<\B.9S]F^+`P(_'@YXLR",2+R$3;WB*:KD9LX_J$I_LCY'E7B/_+:J
M1#]A^+`JT>P_,H?8\^?02T0IPOAQ48I(/D>48\8?$.65:Q799R%^R07^F-ZD
M/'7IE=%T@S^BMW_\_W=!#,8_<6?$IA<?A#?+6*^W4[V$?Q,ERJ=<=WS^K(G,
M3T]D$TG957F[/_]/?J.:=H\A30-YSL575V+,7O1IP\-OW?D$$2>4:*YN]+$;
M>%^*_UJ;B0,[<,(8F"^)8%`Z3$X/A7/IO%W?'X1?=>8'_S,;1(B9A76)3@1^
M/5II?7391\];,5_X^/EPX?D4;^LI1HU$-%`F>ZAT"[5*DR+M"KSG0M8I:#74
MNJNRO+HEYE,$;TSS;4F5P772Y"AWG2.!Z2:I[/M:6=HX2FM1*GC5V]:J,1[:
M_$Z!OH$6)W*_$VYJ7?;/]_6TK7-=F]SD.B.&G=C&&@/'01I`*,9@A_DW$/CG
M`(F'0T@*96YD<W1R96%M#65N9&]B:@TU."`P(&]B:@T\/"`-+U1Y<&4@+U!A
M9V4@#2]087)E;G0@,3$U(#`@4B`-+U)E<V]U<F-E<R`U.2`P(%(@#2]#;VYT
M96YT<R`V,"`P(%(@#2]-961I84)O>"!;(#`@,"`U.30@-S<T(%T@#2]#<F]P
M0F]X(%L@,"`P(#4Y-"`W-S0@72`-+U)O=&%T92`P(`T^/B`-96YD;V)J#34Y
M(#`@;V)J#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-+T9O;G0@/#P@
M+T8S(#$R,B`P(%(@+T8U(#$S,"`P(%(@+T8V(#$R-2`P(%(@+T8X(#DX(#`@
M4B`O1CD@.3D@,"!2(#X^(`TO17AT1U-T871E(#P\("]'4S$@,3,S(#`@4B`^
M/B`-/CX@#65N9&]B:@TV,"`P(&]B:@T\/"`O3&5N9W1H(#(S,3<@+T9I;'1E
M<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A;0T*2(FT5]MRVT82K=VJW0=^Q;RX
M"DR!,`8W`OOFR'$2Q[94$6M3NU(>1N!0A`UB&%Q$TR_[#<D_^#_W]`Q``B0L
MVZE=N2P1'$Q/G^[3W6=<YN(?9S]-7/82G]XRUPG8CG&7O68WO[IL.7GZ_35G
M]]6$LXQ-_"AP@H"%7N1X$=M,`NXZ8=0]YY/`\WK/6(]B)XI[Z[';>]Y,0B\\
M+D8)"SDW"SP)G3#NGO/)]>3;Q>3IBQB^+E:31+N=L"1B<S=TW,C%UYN)VZ)Y
MAT^+=.)B(0[98C>YL2[3M-F*(MVS5_)!YA43Q9(]FR;.W'J0I;B7[%M12?;S
ME"=.;,FB9E?3,'$22Y;L^K=&E)*]F$;TA5*U,_UU\1+>^,8;+W0X',"9SR>]
M@^@$T1J_(^,EF25+]+1DJF`;D>?3Q=O)S(NUB1G0XH<,P7G7:YV_+U55L5R*
M2MSEDDP(FZF2??_J&?[N"AB[V[.F8EG!ZC4==)^I0N3:?F4S_&:U+$11`W>M
M7[F:\AA`2[G)F@V[;.I<UBR%@[(\V9`5&NWB&QU/<L@B`Z\SF&9;5=8KE6?*
M-G"'!Z5JLVF*K-X_S;.5K.H]G&_/<'!F>=S.UJ*"MUE1XS_@5+5&JOK!I$!I
M+[AV(BM2Q($">1;DRJ%W#VSQV<P#:\%;$]<Y;^-ZH39;4>J3KD4N*Y/S^9?D
MG(=.$$=MSGMV*FT'ON7-4K):U<A"*0DG'"TEX'41:E]%F$P&D4Q-!>2%+)]0
MP;ALW5HKY)W2JN.]*B7"BD]9<8^8J1(&=UF]!E=`F'HM"E2R[;HNJPR>E93U
M[72<)X<,&G_)Y)`TQP0$W`3P:NJYXQS2QD9XXJ#$_,3Q+1.*0PPNNQ@PL5K)
MM(83#[)HI+:S+=4J`R.R'%P"-BK@(RGY/#3!N9.I:*HN!TL)/S9@DW9#;%2#
MF*L5PU?9!O[J:D2(X#+"=`=FKD5Y+Y>V?G\K2T)"M-(O@FIY]H%66V`G;"QE
MJHB&Q`'Y?BN+"B[<6E0!J'.J6$-O"F@J;6V/4>YJ^"?>2Q2=K%,'N=$N=8$G
MUQ`05>),Q;9B/\)L'S^:AC]2Y`M1FYQ>E0H@$*_GHA9F5\M=E\@5QW'2DLN/
M-80%8"-'N=I1ZM_)/2,#HC;<PM^JSM)*-S`DY"%;(F'$1H5"S@9';\W1&:':
MK;-TS7;(0)KJ%-"6IH)1S79_2'1^Z"_RMX:2O9'U6BTI;^U^;!S&(-9-/V;=
M:/+CPSRXL:[EMI:;.Q2T[]K3&0\2--I/?/OD*1I(1EP%&DTOBA)Z\(QKYPSE
M/==-IC/,K)`^QM-9$*$&+E!J][)M$5';(MIQY#(]V`+=/3<'D-\U%"7D]WJM
MMEL*\H4IG7^<)\L[.'"<+^:M]BR?.RX/VG:$T1D_&1@)G2B,NU5@;5=#LQHX
MH=^ULK\-S+I.TC6YSFW/=]G=MAJ8GP6>PY/@X.E(9]WV>ZIN`.BI;;R2%@..
M"-O#]%%_&?C"G:3U,4`&]$JWT4FXUZ[]=>!8;X^7G&".YO'G,%MH\D].D/H.
M<G_,B=-VPF?4"8=*PM>C!(P_Q1[]">S=JN63P!K`!Y3H4_"/VW``']B,G.#`
MF+"E1`]>/(!WTEJF,P\Z<=CYJY,!Z2/"\SZD6XO?3LV(,VM=$+^(TPCFHYQ.
MAIR&*#QP^N^?XW0\3NGHSU,Z.D\KACAUI;2-QL?$MQ/?/8$4=T36`O;&^@B9
M9B6![<?SUG+892_\`OY"G/^?^3L"U!C\B";I<BNPY^#=@!D]E/JU(/;P6A3R
MH<DY>-YEGSN^QO'=`AZ'N)_072'@F'V<[@KQX>%P4>A8V._!@>L>>K`7A*T(
M-+3$$/`##('G"IDM5'V0<#3=.DT#V?1:OL]2A<D.`9V<%`"[PGP2[`V)O=NI
MS:Y5`RGVDZ+A?VO]:\JA\G&A4&\;C=1SYN=Y.%=4%9G"S+Q89P79T:.F6C?L
MQX)=T(B\RL4'<3MUAN'KKDC`[4?S%O>-]3/9EU63PUT,U4LSX55Q4KW^B42(
M#WV`B>4RHQTD2+2R2NOL@?Q89E7:5%J0WT$+=2+S]]\UE;SNU$NP["&3NS_^
M8!6$'BP9Q764'MM.N>!/@2^,;^-2@=28PO;RZ(<1D'3!HM0!&G3G4AC];5Q8
ME6I#*Q`3#1VH#E'HG$Y-L<.BEH*96IJQ?!(7[D8MB_X#'N.NRJW+`M?*P+6:
M^Z:J660S$@PV"2!"`R<NP*RLH%Y*E[#DK(U"81)3!ZH=]08T/7W-<I5J2.WM
MC(_$YL;Z9<JY:XD2"I9=D'C:V^QR39>U`AQ=$P&.WAC^S$XL>?-@!."VA';W
M_'-P"W.U3)S00HPA8E%!D+,78B.P)5=F,1J!['EGD!]!!HDMBHI8>`P$^^>4
MNVW/:DIQ0'S`^JH=6ZIBSZ#6T,,_@9G[(UE]`TYKS<@-[KB/^R7:`P0SI%S9
M!L`;2ZL?/I[61Q#W<"[(?FQ!I0)_>T.E"YS-WLA=Z\HX,AXFCP"+SG%1+:!*
M%5W"UC06J&>4.:K.I'($).?!%R?RF$>[G\CV!)N]R%6)VG6,:A@:<*FEG6)Y
M+?:,G\-H69<!Y!45IRC?D:O)>9G9>LM,9"BQ;(4+VA[S_JSF8,5'S`O06O=@
M>P2AQO<8`(^/E-9K4>*ZY,W/,?R@T%!4\4C3P*XO:AJ/L$QLT7S?9QN\EN]Q
M.V*;C*3.#H&@U'<^(`(7^RW:*0X&&P/=WM^+03WUIL<\"#\W/G!7[`T0V&_'
M1G`Z-FS,C>&XP+:MJC+3OVD>?-7\Z`\+]$(T+3,>FF(P.A!`X^37#HAPI)4<
M[Y]>?-Y#KYL/:W4RWBF_\_!\*)PST^P>(V278RTD'/;+=$Z-0TY=BZU5CJG-
MZ&[QA*E=@1:RSK8P!^.4>@TZJ]KC/M$U_<]`#<^A_GLMB_MQM$%TWBN_9O8=
M3-NL#WC^OP/,DY$&]+)!W20=THNUS"NHOY<";8[I&T2!B?2J7CJMINNM&QGT
M5L$)]J!GF&2[=89V8/0)R(<7QB`?6J&V(ZMV!,7#)L$NCC+6V$4BU@($)L$Q
M%@:[R].SC18K,<(W<N=;?',HIQX1L<<VP'3WP^2-?1_EX1^[H\=;4?_?`0#1
MJO<!"F5N9'-T<F5A;0UE;F1O8FH--C$@,"!O8FH-/#P@#2]4>7!E("]086=E
M(`TO4&%R96YT(#$Q-2`P(%(@#2]297-O=7)C97,@-C(@,"!2(`TO0V]N=&5N
M=',@-C,@,"!2(`TO365D:6%";W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O<$)O
M>"!;(#`@,"`U.30@-S<T(%T@#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TV,B`P
M(&]B:@T\/"`-+U!R;V-3970@6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&
M,R`Q,C(@,"!2("]&."`Y."`P(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q
M,S,@,"!2(#X^(`T^/B`-96YD;V)J#38S(#`@;V)J#3P\("],96YG=&@@,C(T
M-B`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B8Q7RW+;N!+=
M^RNPL*ND6Q+#ARB)R[E.G'&J/'95-#6+F;N`2$A$3!(<@)2C;.8;QE\\W0#X
M%.T[254>--"/TZ=/-_Z[N_IP%Q"/[`Y7$7'A=T2B-=FXH>.N7?B<7[GZLT>>
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M34!0Y`3HUQ`9!O:2\C@%$KR9[ZS)+9K*K07^010_P#DEON<MUJY+U)\UE8P<
MA*C&=4>_]CP&?7;FNV^7<'C^!!Q?:LBJQ0&X:]W?IK0XJK0F]X`UK\[D*:,F
MGM5VLW!'\4A649XUT?0HT9AYK_RW*2_H9/D#WPG?(D"5<O4N[2>Z^H&>B7^9
MZ\\TYUDE"LO7%?*5W&K3F'`4NA<)X\TEY7*4.2_>R?,7L<^8.H$6,*A3D7#:
MIKT9I!V^R?HWDMYNMY$M\F9MBWR'/`?J:G6J92D4\-.JU4%DF7C1_!%Y2257
MD/R>52^,&<$J.+`B%T65*@("H'6@K`:*&`$T16*P-*$$HZQ7FNUHCN[%B9%*
MTD+1&/4/Q!"0E.S`),ID)0C((9[\^V^KI.?!\==7!XDXC#WA*JZ5TN9L7P).
M=5;A?[$#=O]I>PYM4FUJ`3Y,UA3*\?IJHE`80T_$L;XZ/WL1W%6I%/4Q%;61
M7OC.1:);?B^J5$/2(J(;\,/=UDPD`,9W`OB%P,QVJ60,VQ7!_?0&N.2D'/)O
M3FZ-)SO[W!$;7*.`LP=>\!Q$6P)U,.18,JK`W+7O^`3(GP$R)*FER;-)#B-H
M1]MY5+\X%G6!77X`DE%RO7:BQI)6GS$;0AM*XQQJ=%"L(OLSW$Z8_0AH=L4!
M>_VPH<;7*V?3>-'"[#K1C0ESVD1+@\`U=!R:Q"E<2IY#"V001U5)OJ\K[1LY
MB?AL.GQ8G&%?V*%^P/:'F\^0Q(EFM1X.O%B6&8T9R3"6UKL+FXAV3W,!!/M!
MS1*@'41]!VT*"M#FQ[1::I<Z6M-P<,=UMI-W]OCW(,&%17G4#1KS:Z^76UN5
M80$,2@<I<A)3B?:>N5#/-A2@/1`1^%@*2240A!44SFOR!T,F>I$9/K/'$_33
ML;'<1)\@?\)!9?WP9H&J0&U3([KX[Z36#-15T/Z(HB"KFH8==>'F)`MU#"9!
MHSMF>>-P^<RHG`K=;]8GF`XA[&/:IV0\W]=2L?RRH]PNCZ1NB!2`[PNPQX3K
M;9+G:4W=A@;&02_V.PFJZHTZ9`5`]FF"7GHU[JG>!=R]:QV75X$=,>P[J&3"
MS>H#&Q2,_281PP12TK.=,C!,4/,I=`P.-/@Q-`E^T_ZQ*02LU@PYS)6>BEM8
M(O54C$$`>6&0S/D1Y-@L5X;0KB46RK]U^XI^\T8SWG*.9C7Z&D-=I0/_SI*E
MO4QR5J4B$9DXGA=VK5-,GA@>'H\74P%$]@1:0O<\PYU)CUN8V)+!AEAK\"7+
M=/.CP_Y16Y<:5%YF&C2-+@SM24ZNUU;888<X:A*2`\,JM&UI?0YZ+'!6+0F!
M]/">*:%LYW'=NQO0$K`@3762NS*9E^8YT$[@%]AALO,2UY<$-*.L^`GS5K74
MH$.@W%`-`H4Y#H%"W"U`ME\0B4&G)_#S3)28YV($/0HMPH4&!]MX-[A@PG.L
MN3X&-D\`^*1(;5?]3A>P2ELP`2J1LSZ48;_-T;<=)2VF)H>NE>!&I]H%D*7?
M6Y.][FWLP&SW/PQB\<[`,H""-A7`TDJS`KO%H(T!V0/8:+0L,]XV+)8N$_"@
M.=!8$W*$\@N'%>?KT^?EW>T#^4,O=4.PJY16W;O7/'BA<+"A;/Z83U+8M;+Z
M-/?=65.J;MV*A1H.""\8S7[/=38W?3AT;QE9QWS0@NERD6D$\,,TU#K'/N.`
MI!2I.SW,/,]TWT<&](^Y:6@]G'OCO6G@_G#P5H-]JR4[!S6.JZ:'NGFD]U!`
MXYUAAF[!$XP#'82EMXDFCEEF]U[3U[UP<5[&@#DH8G\$J#@%&#*[UP$D7>=-
M5G%KD+"+XHFKQO:>)N!PCSL#LAW<@V]X!DCPLNC7M;?2]6HY4`)][VRW^K>*
M%S-^0CHKJ]4I!+#'!PTD?>*B5IHA6L&3J50"^W2:_8RMCOA)=L2IE.&`Y2A>
MMJ"]X#=#11T&WYT#=.&)5;#,T/J=:HXZ^H+'/6KV-!0HALIZ,H,=@C0USK!X
MDQ1>^:$=XO>-O$S1==/;3B?[#.OSV/;LTSS8.ML9;(KV\?H*(J!4;8;]X8UG
MHA7=Z]!M)17I4D,P<8UJ4@C4,/CZTSR(G-6L/M80K^<U[]#K]?"F@IX!!DX8
M>*!GXH6+]K'6[1%NZ-DPUN&_-B:!9G[8A-&M85WA^1A=-`HUO05+O")W\_76
M"6:-YG9;C29#KP=@)P'S9J%@Y->O^C$&K3I56]?6%DJKIY9>WVOX=Z%$QA-=
MNG8.]P76_W^=>*1Z@XG%L>`_=';Z":H]3"X)ZW8U2[@JA>*-%%$4V79(<=P#
M0_>&F+4AAZ')EP>:&[(IGF"XT(?-<"(T^4:1\;I%"M8(9]NP.8S@\8K6LK13
MNVEQU\=_8<W`O9BRA2AL-V9HKBGQ`,MM]YJYA)*.U_$W]>#WF8W!%G[0:I&S
M[K6:H]GCKYQM$(`IOTM)Y^/[Z.33[NJ?`0#W\FD8"F5N9'-T<F5A;0UE;F1O
M8FH--C0@,"!O8FH-/#P@#2]4>7!E("]086=E(`TO4&%R96YT(#$Q-2`P(%(@
M#2]297-O=7)C97,@-C4@,"!2(`TO0V]N=&5N=',@-C8@,"!2(`TO365D:6%"
M;W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O<$)O>"!;(#`@,"`U.30@-S<T(%T@
M#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TV-2`P(&]B:@T\/"`-+U!R;V-3970@
M6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,C(@,"!2("]&."`Y."`P
M(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q,S,@,"!2(#X^(`T^/B`-96YD
M;V)J#38V(#`@;V)J#3P\("],96YG=&@@,C$W-R`O1FEL=&5R("]&;&%T941E
M8V]D92`^/B`-<W1R96%M#0I(B8Q7RW+C-A;=^RNPL*OD*8G-AZC',NFD,YT:
MIUVQ4EFDLH!(R$*;)!B`E-KYC/GB.1?@`Y+9/7$OVB9!X-YSSSWWX/O=S;L/
M"8O8[G"S92'^;=EVQ=9A&H2K$(_+F]`^CMC+S;N?GB+V;/!DE]V$6+!AN_/-
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M>-;@(U0SRU1;-=CMH#0%\Z8PR2:U4=S&<9`.IW7%[X,)4*>RYII3F<JOQ8OD
M^@ULE9#B7<!V1VG8&<RJ-7BC)7B3MX*A3)P"VOV+HE@G+H@H\H+HM\8O5X=V
M&VA1X#W!@GA-S3,Q!W]ODR">W,-]>]"J9!G7C9FS%ZG,BYF/<2Q3AP:O<J:`
M@&8H:*TTUP!65+RBK]3A8$3#]J]T6!0'V[%(8CPM&Q$;:D-E.<GF=>Z!P9M&
MRWW;T,HA$,<,PHCV+(AIV))*<N!2,WSZ@@A.O``0R%U6B[I`^JRPI_-2H:7^
MYL2!@/9,KIBW6MG]/Z'U^+/H01TU(8+&7)0R3N_FU^I`O^>M)9H-SL+##"_0
M<V";1U5\.<4]EZ3#":<B6T=DB8]?!==3H<=Q)R2[^R@-9^Y,+62Y;[41Y34E
M-R,5Y@/MV.UVBB%^(<9@7.4F12T*5XXM%RUWR8X1QPMR.&6])@AIVAN0_<_$
MEQKR+9L6"ZZXPHM"94/HCJJLYJ_4'9T>`F4.ZD`BZ3780L_LV40754'4V1[]
M9":!3T*7[`.OP!E"FAT$!3RTBA8G4;7BDDEAL!H00&FK3-8(]?4ZS_$3%+X2
M^:16+5VJ$/U2MB5!S6B>G(\*.R[4&=^ALVOT&*%E6FVS1*3208M("W5&I`B\
MC[9G!57D@L\YWA>JID3G5UCWJD,;?E;`DV$K*LK8Z9A+DD"VR[JNGX(U#*/4
M)[1J,/@<G,!*E>("S&2<U7-[.NFJBWPDS&VT]#"OP$6?0E1]K&ZZ[:>)G70X
M3VD4@>501-MA>)O&<D&#/0YBBJ=;0(R"92CDP$RJ5Z%X!1W+9`%0V%DV1_;T
M^-/BP_N'*YR]5O+Z%$E24@ZD'EMZ>AN.4CQ)X668^K:H*Q7]!ZFT?6(N=3!.
M1X=C=7`=Q'>^>&,"\<9I%V5&&Y!C:K0J+!;T8!IBFZ!/.'"4$W,GNR^*'$UF
M/PBP/Y-6VNT)OM8[?3#"5\!T[9'!X[J$^&1-WT*CZ!(<%<#XAF+3L3@)FF>#
MZ"M@H\DRS&3MHK%M[85+0R$#Y%`@7_%,=@0,A?,HU(-CX[V%XH_9K_=+Z'Z-
M,>CHY@O:9:\DOO!<6H^A6(:?*%DF#CB\,<X@6@HFO3/Z-W4AG:3%,ZED01(O
M25@ZM'W";#W!?W/JN!"Y&U55HG"<^P;65YWWAF4><3R!`P%(]DYNRB!*5X&"
MH)TD6+C=.'Z--O.O%B8)>PGK;7]NX4%Z_SMG9]*<3#U7\F^\Y*Q2U2+CYL@R
MF.YGVZ30H=!S<YJH8"@JM_^DPL>KKD-M=R^:(Z\6HP,CSDIMY<9W0\X&[4&:
MLQNL7&L[]P9_1*AY6H6/_R/WU/P!^_U^O0F6,W$?SFQ&&LF.).B-J=W6988B
MT(BRK/'ZR4A@`5I8'E(A8-B'-J`%5SZNL4IOKRA$%+*N*%K1YE:(6MQIJNQU
M-*;;N!,,RLGNBQO(=^,,G5^?X7*G^9`+3.N<)/3_@#KOKA.`"723YDA?74ER
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MJ8U94!!':5P6>Y'Q%E7I8W+`Q]LA$'>WHY-(+FVC">>DNLC<8;:U^5Z=A#.`
MM(#F9Q(N[!C_+4`\\)3Q)EC/B!HM>MT2JC/#C9,A60XM0J'TMJ1#8[*.Z\0-
MQH_.H!ZT*D%6%,&H0N86],%S^UWM&9$K]T_\M$6[=-.]%;%-,S4N0G>/?6M&
MYF,;6&3Z,6]C/?"3<O>NBT5N?KZALC/:/$?SN.GO>YI1H(>[B3I)8R^"5W)%
M.Q:]44/.=8M>MO?.+",>4<4M,EW101C3B'K1UJ9GNH4('2=53NL4!8$#R$&/
M@:S3=!A9//L+!)3]D0]`W_BJ06N>R8YY?8B_[#D6*BI,+DVMQDVL%??EGK,T
MO&/V]G4U+$J45RX.O'3J;61.O`"$@_GG^6=.3L5:FVJ8U8/3*G%7]`SZZ!JG
MB;FVQ_XB^MO-FXL+;$IGG`K:KZ__A>E/HLLKZZ6'XQ>WJ:_XF$[5NR"ZOKV8
M5]M@Y<TK9SOC9;!)$FR5CDG9A.*$#OEQ=_._`0#K$S.E"F5N9'-T<F5A;0UE
M;F1O8FH--C<@,"!O8FH-/#P@#2]4>7!E("]086=E(`TO4&%R96YT(#$Q-2`P
M(%(@#2]297-O=7)C97,@-C@@,"!2(`TO0V]N=&5N=',@-CD@,"!2(`TO365D
M:6%";W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O<$)O>"!;(#`@,"`U.30@-S<T
M(%T@#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TV."`P(&]B:@T\/"`-+U!R;V-3
M970@6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,C(@,"!2("]&-B`Q
M,C4@,"!2("]&."`Y."`P(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q,S,@
M,"!2(#X^(`T^/B`-96YD;V)J#38Y(#`@;V)J#3P\("],96YG=&@@,C(S-2`O
M1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B91738_;.!*]]Z_@
MH0/("UO1AS]W3Y-D>Y!!!@DF#>RALP=:HFUN2Y17E.ST:7[#Y!?OJR(MR6Y[
M,-M!T&J)9%6]>O6J^.[Q[NU#*F+QN+E;B0C_5F(U%XMH%D;S"*_+NXA?Q^+Y
M[NW/7V.QM7CSF-U%893.9^+Q>/<4?!DE45"KC:IKE8M<'W2N3&Y%KK):28MW
M]_$TG(I2%X6NC)!62%$KVQ:-J#:BV2F15>:@:DM?\4;N]W7U79>R4<6+F`^V
MVIW$1JP9_?OQE[M)*B9QF.!'/'Z`2S'Y$U1M+;ZJ6F/=1['O_+)-E3T+;9H*
MULJR/RQO:VVV(HFB93AZ_`\0F3M$(C%)PA0_=/I3\$G_M]6Y;EZ$-+EX+_>Z
MD87X;12OPGF@+,QFRK)?':;LWW*Y7#G_DNF"/7RG,ME:)8Y*;)51->($'@=E
M6KBSKQ%XK1'XIJY*451F.VE4C2?"THX%Q;?11IJ,W+8-;=^^X(!"GVVO#$5S
MB5$:3UW6^H,W^COP82]RM6Y"\:_1@F,:18$HI9%;Y8P6E6S(9K=4`,RU$A)Y
MK/%05$<1SR;)[`WGM2)\JK:Q#0##/L;F\6_$G5GBG-"&CE&Y4=:&XN&U@:Q%
M\DR#<)`TQ&8I^P9_GG-D%2[8)KGI[()1MBITCN]Y']8R3%Q8LK!5[T\<>RK#
ME*H=230]*MLX9V"L45G#]-W62I58:9G)Y`<<HT78):W5V*.-`XZ"(9_.#T,8
MS]Z=J7,G!U\/:@!0&K%'05G9YA18T1'0,8/Y@/(!_!V-]I75#8X21@$\:7>4
MM:/;4.UI#4*PS.`<CM9ZW;HWL)%Y2M-BHHZ#)HH\-JTYPQ0`P-+)`0:=*SV<
MB;6O5E]95.`;72,0HXT2*+UFQP91<JM0?`2D.<+"CC&O?8]RU8UX&,T)'YGI
M`C$/DL7``'72&0H%R02Z1G+<K@[I]!XNI(GP8SB,4I"F@ZP]BHTN.7'TF\O_
M5<VN7"8^XX2U+%!VRH&%PPA&?E`P=0``1`IM.ME+P^C_`@..7*O9Q-5L@/,6
MW7F2=WU5^T:5:Y`VC<8>T+_LZ:TCQK2\8T"R8N,?5.97Q;QJ.:9(BY9R<)]&
MX:K7=]BZ3U;A\O1F3&J_I_(YH%CIKX(I!-@Y+]5D76,3WFSUAFA;]];CU71V
M2OBVEB4$\+C3V8[$,Z^$J1HN=5"A%O(@=2'7!1"&'KF:*,2QJI\)^1.]]VV-
M*E'0FT?D0GV':EN'C;9BIXJ<JE?V#B3.OFDY>@#FQ1=':6-1!&U?4SC!FX4H
M:?0T2W'BO`KMS>CMKO%O23_$IJ4VZ??US@.6UFF+Z;U@'W19HC2HSJ_0_"I[
MHP%Y6ZM)9\&Y7!5(`O91_X,M6*S5MBUD3<J:,2)$5)9@\H_6HI!.$*+#/*O&
M[9/09!\)4+].WX7S0F8XQNKF1)(</:^H]HR%)';`!K%C^-Z;9$HZ/QW\*!W9
MN))RZD[)Q(NRTI07<K\#+XK=J!*\\I^D:ZVVT!!L(5*S&4<P`]VTN^IHA=5;
MIY!R[?K33N:D.[K<PVWT(Q+[EPY@97^<:H.Z7N=%NG!"BM2!Q7+-NL9-PR%^
M`VW?CU/7*1CO_*+]01BFG3"XX$'S=:&S5RGST/2=9LZM.+BI2?\0P``)J5F<
M:T5<-=SHVIKS@$(\PC0/`IZ^J$C@U/(SBM12-P5'D![XA597@2RHT&K`[VCA
MVXS54`V)-H[1A%?A,-<=[/EDLJ:!Y\#V=Y*4O]UL=*8=:5#-@&)':/)_5UP.
M<7"5"IF5!U+`?=/UG(LF\Q0\C!;1J0-QIO*\IE319DZ7(R'W02>Q#FW799I=
M7;7;'6",H]!/ALMN,NQGR^!3)0U7T]<O/T\>WO_JQM"T&T,')>W\^@F#GJR[
M\?E7X`\'^O)RC?2S:_@@[)=12@S"%HB3W>D]',\5ALMSNQR#.ZR?(Z6;6NS5
MD3N9>GF&)Y\^OOO\F]@7$)1D$4T29'0M,0YA*,'\X_2VTXHC4:DE*J]?KICG
M2M_+%^\B?:B(?GTUS7U?KD#SK>R&&-X^*#\&@B2EW#?^>L%+?EQ>#4+QTXUV
MR-:'[6]0TJXWNG9(E@;C[K`'$U]J54IMZ`/%-$3]"*V_GZ=S3`MG/7261&CX
M5YMHV/NP].KZX:\,&'2N\_9(L*``\M=J,K]LYG'<^T&E?!IG!]F8NP:%&1'S
MU+>`QD_8Y(43'A5?!.JUU,:EZMOH3X:"9@?2$$A.U1FNS:D*UTK6MA^HP4[I
MIFI<"L^[Y1D?S[G(87'M\GU"_-("JN68*Q70Z&8GFF,UZ,F549,76,:\T"AC
M68UN7Q:#]R1`N,X<[5DI7W3GR(L>M^?;`SN2ZKOC26;^='07MP9U&HJ('<2+
M:WTZ=@TJ\)11/)%=FPZO#?L7<[QCET)N<XX,_,I8$]E#C$>GJB`5[?/F\>BO
MMQ0M"\%P2*!@N(]1/KF=T&GW\V@6SD\T/:G-$+F:Q*<F&2$$L]:R_/"U55^,
M6D_!'W\\G'GQ@::,'S_$H,RXHKP#"-C#>Z:ZRW`U5%VZ=OZ=A?2,"D_![Z/)
M%%46!\A;+J;1.)E%XRB*,(%(YBAR7)7(C!,KJIVV8",$!-]X.X@)BQA(^,R,
MV5YTH=OITO?;SO)>:B^%._C`&-$-ZS2BM@95<?IP0;_[.)KWXSZYU%TZ[F?+
M69@./K$W\07SW'0V#/!DTK+:3LXV7#I]H>07CO=?Z;P+YQDZ@I&N,'&GM?T@
MP";/<*)FHDJB/R*+>Z'<;C%#DQ"YB9QUSAM7O@TLPL7LS=OE&Y&U):9MOK"Z
MXUAD.D^O8,0(W0*$ND!ZF4_JL_#R3`M..J&^[Q5-5:WGUGT:IX-8O@4-%\_5
MY?[6-YS>K^4T\1XAK;;Q+$FG$(Q!/S/507:W`1B1K*QBN&,^W,%W`(6J;/R:
MUW.!HY)7SLK`^9LQ3Y,^9.I'_M)[DVL>T/X"QRIT2VW9_?E`D!BD!$5/36+2
M3W-!,B6S_WR\^]\`56WZYPIE;F1S=')E86T-96YD;V)J#3<P(#`@;V)J#3P\
M(`TO5'EP92`O4&%G92`-+U!A<F5N="`Q,34@,"!2(`TO4F5S;W5R8V5S(#<Q
M(#`@4B`-+T-O;G1E;G1S(#<R(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W
M-S0@72`-+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^
M(`UE;F1O8FH--S$@,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=
M(`TO1F]N="`\/"`O1C,@,3(R(#`@4B`O1C8@,3(U(#`@4B`O1C@@.3@@,"!2
M(#X^(`TO17AT1U-T871E(#P\("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B
M:@TW,B`P(&]B:@T\/"`O3&5N9W1H(#(P,#8@+T9I;'1E<B`O1FQA=&5$96-O
M9&4@/CX@#7-T<F5A;0T*2(F45]MRVT82?>=7](-<!6Z1R`SNR)L<6UMV=DM;
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M;.B4Y3EM%37=?H]SJFRIK:A0JAUVE4^DOAQ5V:AFM=P\+]8NK:7MX$.;=\`A
MG-C70(JJ;`_Y5]JI;4N-JE^R5*VH5FE7URPE38Y9F^1&VBYKNQH2@7<'H,K@
M/%8UPZ)J3[NL:>MLVQF8P-2T5?KY4.4[53=4JE0U35)_Q0J#VOR#D032`$FR
MLL4_55U-G]Y_V-"?79)GL$\;3?NJ)D>(V";X+MD!"MYJYS&T5'L`+DFVN>*?
MU58+&^#SZ;(J7]DUPH!GC$/.#6VZ]$!)0TGZ9Y<U6B?>%LDSY&V[+-^QK%J5
MU4L?&O8,1"1E8[;B[$DA6OAF#$UZ4+LN1TR/@,$AGR"@CHTCH!N:5$/LU*YM
M6@AE/5G)45*[$EY<F:107]BE?Y4O#.I4U9_G`85YB'8?S!&#CL6CI05LJ[JN
M3CC3`ZGIIUK!,W2W#&+;MY(TR[/VJ[W\8_,1E1"82A"T=FP7'TXTZRXK$Y@)
MO8SA'>"S*L')&(9AI/?\@BQ%6-2T/I:5SMHHBN(^:R/A&X#W0-.-YW3R<F11
M"<CE%#8C$1O.R!L08D!;%$R?HHTJLVI^N*Q:I;=R0M^/Y?.?I1NQD74+KS:'
M[*C-?%U'?H]H*(FYCZ+11[2Y6`J')21M@MI`\BN$I"54_[\^O+W_1,>\:\@-
MP8';!.:@S+#'Q#*9*H!S>Y"T5TJ#G$<2=DGG0L9K-&,P26<?_/$Q*3NN5"E7
M*#NT']9;)`P72=>B1."ZJE3T%?`9-.='=61()B$N0Q<[!M"[3M<?NZK,<%X3
M4$-&X(,ZMJK8JAH\N]+EKBM\5ZL3)475L0-,<D/;C<MV]9&=K(EFUH!GKD8M
MZ(.V[_JHX;0JC@.-W01@>4%%+QL\8HH2N%$TF4F7BPRRZ==E&"'D:BDLR#LF
M&0(%!%QL.A'12<<\U/4T!4NXD0$T#TH\FK'[/I^9^/::9_RQ37(4HQIR?>XR
M;]`U2R#9MXA$F_M:#9VP<F,FAMY5()-<6WLZ9"!.WI!6!:BNX6PQ:G^Q'VS:
M57F.O%%@U9<DYP:&U?==79VQD0B\/E"_+:4K+%6N=^#:`J3"-#<1E+&X2+YD
M15=<M?D[73@+C>\:-[`QR?%85U`"]>"9FQFUV/3=B<T[3RI[.K`MR0N(YTG-
ML5^2\AB^\A713&QR!67H@HF&"/U?MG[XFSPLO<!`VBRE+RR=:$,QS)N4R9!@
M1L#,(GCA3B_::YEEFD7:O]44)*+5M5K6H0%A\0B0O<!>VP"/KM@W>O*A*PHF
M-^3<W5(R3P]MJO?.=;.=0%>I;C[<8ZH\V^E$9(N1^KOGKN%'C!^UVN<\E,Q3
M$3-0QF/"BX*3,"=U!?)^-DRI_=X8,6;%M<G-\3Q3E7W"C(V#6W]#WRK6U3=\
M.C3+J3[W*$U=5?2[9<J4N].0C%IW>ZBZ!O*:WY<_GKD[TO-N1([/D,D-7-2P
M'H0'U]\.3GIKLGFY=B,_L@/K_6`]WH2Z)5W9&@:!+6=;.5KH;AY<Q-YY-%RU
M7(.4`NO7903*Z.OK=BF%95R&92_TQZU>B#[R[<TFYW3+&)1<H8NUX_D^K/@P
M1.,3HJ'?LFVOW*Y7V)3S_6>E.5PI@EC?N8P?+2Y->NBVSV;D':>I(4$>,7)]
M@0E&OPSPA_2^D<$J"L-5'`I8[#JQ!>7BS46VXX(3^P&4FB8I^`Z3FI`_0H2_
M\AQOY4J@]V006SXN0F_.,:\'&><EFD[Q_^\R%ABJ,CVG]R#]F.]BEER%L5Q)
M7_80)5K0)<00XL/(0%R_PNBL`AFM'.D9A/"OM%UYB1$W2(D/8PR"(#1>N\'!
M((A7TNG5XS`"ZEP`D.RW*+[TD3DO/&?EN\[H'MF?7KMN[Q6$T<?WS"O"3+36
M[3?K%O//(6'6C/W93(+-&#O,`&@F(]KKP#,-4'-*CI0\U4IICC&7R@,H@Y*K
MMT'/[WO<93LR,H^8^[1<:'7L6+XQ4^CK[O4R1!87+<5,-IP2=B#>V'3%RJG9
MQV8JLZ;N6.)":UBQ)Z=&S:T:"=/,_,#`6%X[:D+%:/1E`10]<Q>_.N\;+O<-
MSV.NU:3K2H/M)S3U.DE;7$WI?IMG3[,;UOU^O^ZIBAX."MAOZSHIGPQ:^ZRA
M.J'MA,(S>61A>*F5B<]6J1*1Y8$3[0):T@.+:/2=%B.CCIXPA\]B.,S[LX8S
M7/5F5UH>QXJL-?X[UNHE`Y/#?;NL2?.JT?U;#]?,4G1;EFSH)[X*!98Z5G7+
MT\?=TN7IM*H+DF+]LQDI',^.N,]R>45#PS7Q]!GU^\WB?P,`SL^!+PIE;F1S
M=')E86T-96YD;V)J#3<S(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-+U!A<F5N
M="`Q,34@,"!2(`TO4F5S;W5R8V5S(#<T(#`@4B`-+T-O;G1E;G1S(#<U(#`@
M4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@
M-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH--S0@,"!O8FH-/#P@
M#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO1F]N="`\/"`O1C,@,3(R(#`@
M4B`O1C8@,3(U(#`@4B`O1C@@.3@@,"!2(#X^(`TO17AT1U-T871E(#P\("]'
M4S$@,3,S(#`@4B`^/B`-/CX@#65N9&]B:@TW-2`P(&]B:@T\/"`O3&5N9W1H
M(#(W.#(@+T9I;'1E<B`O1FQA=&5$96-O9&4@/CX@#7-T<F5A;0T*2(F45\N6
MVS82W>LKL.B%-(>B`;Z5G9/.P\[8GF/WF2SL+"@2DN!0H(:/EC6?,5\\MP#P
MU6YG)FT?NXDB@5M5MVX5../X(]BO*\Y>X[?/C/L1NS+!V1OV\7?.RM6+GS\(
M=FQ7@BFV"M+`#Q*6))S^.Z]"/CY4JU!D,TN<^?',EO+I\;R*1#RW1D&ZL";9
MS);QR1('LZ\&,&$T`V,?')C18L&,-@MFL#HP@]6!&:U)-K,1F,%BP`R6$4S@
MIQ,8\S"`&2P.S&!S8)QU`..L`YC!FF0SFP'C+!:,LS@P<;:;P+@'"V:R&#"3
MS8`9K1;,:+5@)FN2S6P`,UH(S&@9P*31#(Q]<&!&BP4SVBR8P>K`#%8'9K0F
MV<Q&8`:+`3-81C#AQ!GW,(`)YYR9;`Y,..?,:!W`A!-G)IL!$TZ<&2T?5M\_
MK%[\%*(`'PZKG:G%'=LE+.6QSQ..Y?.*NQ+]`[\]%"ON\S".V<-UM7ZE62./
M>5.VK*M95>OCMI/-F95RW[&\:7)]E&>IN]9CW4FR0UU5]57I(^OR?259VY_/
M>:/^+5MC/N?X6.45R]N+++J6U0=:;_%AW_6-W#Q\7FU#MA5^@!_V<`\H(=P@
M)/6^4L>\4[5N\3E]^4%>.GG>RX:%W&,!YSL/`!IS4B//N=(E;'B13"S7)>#L
M6_FO'GC93>:-`=7(_`!4[-.Z!'A:5)IP//R-@H&#NU/=M_BZ_;3YC@PO?LIL
M,#,3M8P%F?!%`,V(IH#Z@K[]N*:C-]M@ER)W>!!\BW\$5F(1^0FM!+02T0KR
M*]8O-P%?&T!V.4RR;/VP$9ROZRZO-K\_O`:"9)G.!'^CW7CZQ_7?*5&;<.?O
MW+>4LWODS'WOZ"`6H;:(?T"`ZTJ52%7Y:2T^;39;$25AZJ?K.Y$$7AIF6`DA
M`^'Z+O+2-//"-#)+(7R\VVQCG)=Z^,0363@9$H_C71'/ED3F)7'B15&V]&L+
M8`'(;@C@(OD/A(BOFYHU>9>S]I0WDG([>IH^\?2[O^IJ\)6KG"]=!<V"./O:
MU2A)O4P$"U?%SDNCI:MANO.R0!A<Q*[!L]>U`B'_"?24+Y`3E=".>&)NB`(X
M800J(:0$1WC1#H>F1"Y[0H"(XXPX,N_8E2`2WBY,QG<2+XFX%XMGPBW\)$E2
M"L['&=V8B3IHB;B_I[A_^)]Q7X8]0!JS*`)+I[#?14$$H.D4V\0+`E`C3&?Q
MXI[@B2>29%K+O"`17D).#TM![/&`>V&X,^?^^+`B";VR%4HB3K"Y@""*;'QP
M@C@KG#@6\[*-DMBB'+B?AC'B_WX3P<4+$D-BQRZ-TH6Z($"0M+Y1G8+"U;JZ
M&9DQJ@(EDAZ37XJJ+V'4LL-7\JSZ<VM>*E5;U+VV(G@GD+XT-(:\LE7^1`>#
MF#MD#21,-;*$4$$G9(N-\YL189_]MDEW@"LW?`UST3>+]^27B]2MR=]=&F08
MP\ZJJB"IGL&'Y2*_*.0=BCW[K#X\X2S2(_QT^GA07:TT1+[6W:EE$NI;/J/1
M_M<B3\$.OAWLNF\0NJ>%_VP**'[_1\C](<"!'^''!IC3+_#M74]-X[#=YU6N
M"_2PDY3+7L<*"(>BN#>*VAO2#D`$4^E'!,R^I*AU`AX6(##LLZGR1U?>['I2
MQ0F[/MOS>)#:]EO49X23MK)-;=H.S:UON\82CD("CXM&[4W>V-L:K\2NO3*-
M)]._Z2$OL.DEUS?JT@>EX2-U9+.K)='0_7PA'(S7<^RV]RO;T2N5[U6ENMMP
MUL)-S[QVNZ@"I+ZQ5H*0`+B_??TJ9?@BF^[F&8_PG:[U=@;%UB7(CQ0VX##<
MZ4'XE]\<!:Z2G?(2,TNNV;'/D;Y.2EMM4>8'`WMIH[:_7.JF,RGLC.[=)7["
M]O:-"81!,#)PB?^,#8[Y41KX-4D`Y0BADJ66+4F&H;/-#[EO)Z1\7S]*W\X5
M3HXY\1+Z%A(9UB\+5'NKW."#O>]5>ZG=@OW.::TA499![&S?%'9P^KZ_;5M9
M513A1^QD]@'@B5MS7EWRIM.R:4_JPO)C(QTGV)O:"($M1O>.V4;IME-=3W`P
MGCQ+YIU-G2V.NB'RU\C-([QG)T5+ACXE1*WH9C5DL76YJN80??9NC@'O$*9G
MR422<,YO8P+YP"*E$3]RUTZ?\\B@U#7XJ<XXZ-6!6%1*&GE)VI3AO3L1N(L_
M3G6%(;/]#]N34`Z*V1I%[$W-7?JF..6MG"@_P4ELA@;4H^!2FG'P7E9*(DJ&
MR12M$LI/J"L%3I14=3A`?D%965>FPZZ*QM8.X:4AF$J=(!=Y>V('3.BM-XN)
MFW*EIH,0+O;MZ,`K65&2<.Z^OTT1*E1I2M(0C0+HJ+),RQ@?4YW4C<Q6LX!8
M,+T+EU7PNI#2WC\@'CT4&8Z!";HDMQ8U1FV(WK(4HD25B%]57XA-'GT^?R1G
MOD`)VUF-VZN&48->FY[B+V;^1<]8U*:_J,7$%[O033VX365FWY<5)>5X<CH\
M?DO!.BFL([M&2^&4>E0EGN9,!E["A3N6JEO;`D>;O>\8/=CNS-G+&L0%B!#D
MVN3@V&!G:@.UIC)SN3HV];4[@==HM/*(74V62E52`[%X&VF2.SNX[`V[S.5/
M-0CZ?`9P=Z\_":$-^%S2GL8QX%,<>>Q&H-\V&;=##EIQIW0O7:FUO65.:7:$
ME\LP=2?4M[8760CTF3J[K67K<\'00\T=U7`);YM)`2$E&(N0BMB."Z2!%!]3
M?F8>N`VB!=KWMA2MY"MLV:"(23=SG_U27T''9A%EB]NT%U-%`(X[+P(\.?&D
M'?V%!#S;7^ZGDF`OBPZ\ZVY/\S5O*SRT25B_E5=V7Y]1:`C;;)=E`@5R'0B;
MP?7/"B$Q4%MUU.J`N0"GEO65Y&$<<]#A=7V^>:/NM?V>ZAV:1%.$%8&2\F;H
M+F)SPC(YP3`LSRJ>M9A^231\=C\%#<EI2JJ\!GD?`F;.1L`USOF!YDRMD0;<
MAD3F9VL[4Z(-=94D+<M9Q#ENBYRUM(^<3<O<5OZA1F[[2XLYB"16]X>\($6D
MSE&;;5A!PT$#9A:Y&Q+>U+JI,4.]^\5G#Q071/ILC'9&*:@E@_94R-C!N$)S
M1OT9LCJQ)')#W#5OV=TN]/DX^=@9E-8/O9G6B:HL?P1WS6QBVT53GP<>4GFR
M=V:V06UH>Z`&#Z;AC;A<$Y6?T-2)O2FV88`R##>[4<S-1K-T&<7?+ZCR)T*R
M)68&-N<?QFK^<=!W.SJ]WPAS.]+UH_-F>5L5B1\'B2/K*XV&6UJ!!I(GZ(RG
MYH9E\D`*7+G<F.M!U_2%^123@*7ISNR]E.5=:',S+X=FA$>87\R[U)!<,Z:X
M:Y%3!;1B;>X]PWQI&[=[NY'N`C'?>LI0F+EJ&1U&=M[630DWD'T<A@?HR0EW
M6O;FOVV7,0^",!"%=W\%@P,D2K"@:!B-`UL32)P;@I%(A""#^NM]=P5:T9ER
ME.O[[KV"PA5:&1[\T&W@NI*N:ZJ[\1/N<P9-7YV,E\M:O54"1NKJ4JX?_8M"
M[_@95,Z]303'<A5DK"QR8C'LB:HF7%9RM$E3TQ!N!+&!003_`RL=+FT0H*23
M%K^DH@HMEUH(^+GRS@.Y=XZ*KW)UXSMG+V:96+L9(9HR"R,S]+E0;=5KK];]
M9HZFL/4'(9L".IAB3-=,@W5,6CS?',VUP*9FYRD3X)K.3`?(@C$#LJK%RT\>
M)ABHRS`(S%1@QD3D[\D@UMN94XL=/3[EBP\^1)4<"F5N9'-T<F5A;0UE;F1O
M8FH--S8@,"!O8FH-/#P@#2]4>7!E("]086=E(`TO4&%R96YT(#$Q-2`P(%(@
M#2]297-O=7)C97,@-S<@,"!2(`TO0V]N=&5N=',@-S@@,"!2(`TO365D:6%"
M;W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O<$)O>"!;(#`@,"`U.30@-S<T(%T@
M#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TW-R`P(&]B:@T\/"`-+U!R;V-3970@
M6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,C(@,"!2("]&."`Y."`P
M(%(@+T8Y(#DY(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O1U,Q(#$S,R`P(%(@
M/CX@#3X^(`UE;F1O8FH--S@@,"!O8FH-/#P@+TQE;F=T:"`R,S8U("]&:6QT
M97(@+T9L871E1&5C;V1E(#X^(`US=')E86T-"DB)K%?;CMLX$@7VL;^"#QW`
MO7`KNMF2\I;-#9W)S`;;'@P&@P56EFF+B2PZI-1.[\O^P_["_.B>(BE+\B7)
M9"=YB"-*Y*E35><4_[:X>OHZ90%;K*\RYN-OQK(Y2_R9Y\]]/-Y>^>9QP#Y>
M/7US'["-QI-%<77K>WX<S=AB?_7;Y*YNN*KS1L@ZK]A+_L`KN=ORNF'/BT8\
MB.;Q)LJ\V<2[^>?B+4Z,[(G!S`O\.79?O,0FO]RD_H3?^!/6/.Y$D5?5(U-<
MU`]<-ZSF#2MR7;)U)?=LK>26R58Q,3K8ODOG:M9(MF[KE3GP-DC-0;>!%^(/
M'0?T\\B"7[=-J_C15JM!#+F+P6._W"29%UF02UX)O,2:4FBF&Y4W?//(MJ(1
M&_S$([GE3*ZQSID2^B/]MI#QR@BLP;CX*S"!4,=H7J_,V_SS3FJ"AWB*,J\W
MV%G4;"W!S*9F1:L4KPO!M0,76G!E#F1YI2T)W.[UJE5RQ_-ZQ-->-&4/P$]3
M`V!"[]ZN>"VW`IQ@@Z542NY%O0&U96Y(8;EF.<-RJQ!/R5<;G+G)18U\51()
M[.`](FMMT;2&7"!=$&4E?4T(EYS7Q-+-XH,%$22A)0$)YP:@@?_^)LB\=*+X
M5K1;]O>VJ5`3+SBES7#R-M\A-B+N1_Y9%)+M2P[B]IRUV.;7FR#,O&#"[2OO
MJ2"S"<?YPRC7^!=TUIMISTF0Q"XIBNL=IV+@55<,J>4;:<*"@:G+7)G$7RZH
M0FHPCQRRT/<S1%A58('ENYV2G\462%#ZUT'LHYRJ"M][`S0F/7>7BQ7!*3YX
M\A38\EKCS4,A]T>+NJC:%=?/B/R(&B1-T\PV2!#-7=S_N;F-@P#D%7*[`^O@
MQYR#:JKI-X)]OA4V0;-Q@C1[7U(6@RE*)0R3J>_[3']JB:.UE(W]*#J;51-T
M,.Y:&SY5%Z7KD'7\V)>B*"G;I:Q6."SVGS"YKU$<I=C99*#H*<[;HSW]</;M
M@;Z1#=\N\R\&&U*P03(_";9/1;_3Q2A_F[R_"?VSS+#O)X#B<:)X=*:??2,+
M3:DXJG6U$J[^="EW.UHI;#<B?%3T`..+$GTU/0<R"KW9D\N)/L7O]1GL2S4,
M`H?]A5&<IGJ<FF8DVT"-DQ1?4%*2YP=9H94JZ@PGV"1_4Z,9*:E$/1T*AN$"
M;ZE.ABV?T5%567.<]!+-H'HUJH`:7,$"/'97'VB<,@V@O#<Y;5UNK")(@;(J
MRJBHBBY:R`?QW]FE8;W74TNE03R4"JC-!Z@6TH5\K*3!YH0,'"F^RQO`;/C!
M;89*R7-5&S=P'-9XP`!UZYV1$G]N,2Q*"E"I1U-26]D"A;/%1C9D&'*[%+6!
MWUD4'7`OMNB9NX>\+B5G]_:(T$OG&!XPAL2Q.<8<\2]3'W@:P.\'BP<,N:>\
MRD-YJ/&V4Y/7-R_NIF:':.;!"D<9#;/$IA3.!=3W?$<-#%(C?VKD=.KTU$2'
M#E"\,EQ1'\G:V"V^RXNBW;9VQ2:%UA4O.:3A@;MZ15)R?4BA'Z?FY.LPG'OI
MP1:@"FKDYB=<N9A,M>!@8IQL#L&WVO8R.N-32Z6_Y4TI5PXAO8AUKT>01(<4
MVER9D0Q.UO5,%H<CP>/<++UY]YS1#$)A8C)0&`1(`('4SB/4%6/GHS.?OL[L
MC!A'J*/(SH@VPW^QZVZ&]+V96SQ`#,.@8PAI7IMTQK$7I=$YB;&*U#OWE^$$
ML9?,@F^"8[>?10,LBETGB1=W3]@2;@'&NSFN,90\^_G^)?K0:A2CN5([T0N]
M<':D?(&=8B?/+Y9D<[GGR"$^2"@,>\#A=@@>MITI#K$I&VLR7'/;&F,:HZR;
M$R[ZE?X3&\/TQ6$<BN+.NZ^CP/?F?6LL;H*8YC-)\]F*9`P164H.PTIZ[-_.
M\0RT0;%V[C=T7!+N>C,8G6>9&]U'U8.&G2;GNX*FZ#.]-/[^+8PG!=!?&6Y+
M,5OV=<U.*W>`)O-GY^"\-3Y&V\V]<+`;*G.>HG9/*A.?5[B,+:MNA,8-HSY7
MHICJN6V?WI60VQX2VM)!<L9S018,O:3&@W$)?O2#7/+;>V3"SEY'F9O:6XD9
MI9&9,8G#^TUL(=!T%OR?:<G`8H*2^W).+D$)$W?_Q%:QCZTBSQ\G)(IZJ?^>
MA(RF"S(!RHTD76_'E9O,W:@RS`2QOI<GLQW3!6YZ;>5<)/0#OQL,GU&^*8,_
MY6@B;0W5/;H7A0!MYC+7L;M14NNC*:7BN3:Q@;S<T("4&&;/V,NY42,*W=SU
M78IHQM$O:N(;X&K8CU"Q<UKH1^[TN]Z4I^Q=L_+^9`5DU[-DJ';/![-"UDGB
MQ?AI?N_R:6ZK2.!A3C^D;3#AVY>I@&S/#L9(J[2I%X^4=E!=KKC<V2BI[N1O
M$EL':669&_4@B#^TQVD?]WQ8A[2E!U'1C=E@=1@Y;7^_^`D2^P>[V7PT"Y,3
MBS^8_@%%.+,3W+D^QBY_0%&[9)QD8BR!??SN<G3D!+#+2^,:-?;7)=#$'@S'
MF[.6-.[OTRV"^1%]87QN0OHZ76?$($C,H2];1=6#"DQ-==E2W--$C-%7\2.[
M8-%L@,`$8KI3-[+X2#_>"314\^AU/]RUC.NSDN!;)X9A;6PSG4@J84*629?,
MA=>HD6G_G1+H=\6;7""I6M.,@O:5[::4;6.^^-G[H0="!6J?O%[<OV)PN)[_
MV#5B)72G/'G].+6:;*(L9862TO]E:]26"?EWC+M=1QB8.QK9S4F#6P>]F)YM
M'8%5@M,78YI]A0RC>$)SELR>D*Z9F-T5`X[1[OJQH5&RHI*Q>MT]<(J.D>'W
M(.@]M<<0=?-JQQJ^?,`/(SCXS#'X#YJ49A,.D*]T0[+6BSII'JQW/E$MM08-
M+37:")ID1#;I;F:("%^0CO49&@YIV=DA;?[$!2Q45WZN1/+5AU9;[7+KGUI)
M_]_FZB,Z%<P5?'0-/3@-FAJS?'WHFAY&X,>=_SLS\IAK&2*=]`%Q`!<R+W!#
MY.!_Q=ZVD*+>5/94IH7<U.+?U$_L.HC]P3R),Q5UJ@-CX`_$P4\2"V%@MKGM
M"`W08HW6KPM[G5VUZ#4SH=BB6/&B$G;*6.=@Y"&O6LZ64,6]J;^#U=L%,L\5
MYUN+8DE['FF4:;U;B&E]"^_<246)%>@6H8SAT>L0J32*T.I9+S?6YA):?K6X
M^M\`$4@>(@IE;F1S=')E86T-96YD;V)J#3<Y(#`@;V)J#3P\(`TO5'EP92`O
M4&%G92`-+U!A<F5N="`Q,34@,"!2(`TO4F5S;W5R8V5S(#@P(#`@4B`-+T-O
M;G1E;G1S(#@Q(#`@4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R
M;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH-
M.#`@,"!O8FH-/#P@#2]0<F]C4V5T(%L@+U!$1B`O5&5X="!=(`TO1F]N="`\
M/"`O1C,@,3(R(#`@4B`O1C8@,3(U(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O
M1U,Q(#$S,R`P(%(@/CX@#3X^(`UE;F1O8FH-.#$@,"!O8FH-/#P@+TQE;F=T
M:"`R-C,P("]&:6QT97(@+T9L871E1&5C;V1E(#X^(`US=')E86T-"DB)E%=-
M<]O($;WK5\PAJ2)3)!<@*7[L31M;+B<;VVLKM0=7#D-@2(X%8+`8@+3VDM]@
M7_)W\[I[\"&)]M;*99LB,#.O7[]^W?/3W=4/MRL5J[O]U59%^+-5JZU:1]>S
M:!7AZ_PJXJ]C=7_UPZL/L3IX?'.7T#_GJ]$+>[*I*5(_OON$G1:RTT)-X]EF
ML]FJNQ=7T2R*%M?T]L?1K^---#+C:*1*;5.E5>+RW!7*URZY5VG83+F]^DLT
M6T6J-)7R1UT990M5'PW^VBI5OS6ZJO$([\VC:#M3=WC4K3YK+]O/H[]BW?@_
M=_^XFC*D.7X$TCQ>"Z)$^Z/26+7AEP,2W^P^F:16M5,FPP<+C+L'1L`O'%V6
MFLK/U*_C]58"LMXW!F=.HOEV$BV7@ML3QD=!.@%T]S>@B.,X$//!E+7)=X@I
MWDPX**5KXB=SWA8'558V,<S+>C';KGMB!,)L+B"(J<K\UM@*4`"^U`_8)+>%
MS9M<9>9D,MJDI<KCG1Y-M-T&-+FV18V_RC4XIM9UXQ5(U>K]R]=WXWBYG:U&
M,_46#_N=B$/BYRV@Z9HPOQLOMK/K$5)5@*NC+;]ZE=G<UL!6RK=8[^O*[AIB
M&&@>2IOH+'L8@+H64"/S.3%82(@*4R-58-6H@RGH.#P`6ET\J(,]F4(]&%T1
M9[FN;/:@=B;1C6?^4E-6)K&:#IRH\]$F1Z0.H7WY4KAB2G+X^E69SZ4IO)F1
MJ@7&II7P[7@9C9JZJ<R3X!^'@J,NL#$?L*'.-LL`#9"@9>0(04!C%.!/3E=<
M!2^0R*1VE5<[[4W:TS)?;(06Z$HG=:,SY-TW6<TG.SD5."9*!'[2-M.[S*B]
M>YJT[Z9DPJ^<CQ!CKHG(CI%8Z!BJ[8]ELQS-.(:G!A%OGQD$`C=%C>3IHG!-
MD=`1!.-,7E!3G7?Z#G:`=R_;"<5,R=@#5WU\ZAX7_2%>Q4+O,R<"H^`%'%%2
M\9@];&<+YINKO764RP8@9L4OX>O2%8A2U&)]+[?E/!#2NQJII7"U"H4@YL9Q
MZ<.A,@=4P40A4N"-YT\-HN74F^ID>%%E#\>ZY;`>^B<`(:-@T_96Q600Z)D8
M?6@9D9K.9PO\!-;:$KF.1JXZ0\33GYV[)Z8^0`XFQ]:>]_Q6JU@L@Z[_;BJ6
MDN_605YIZ`,H6!]<&0&;S)OST53]P\J4KFH5B_K"!BD*?!\P98*)(GF6]W5+
M?'\P_.!LL:^0G1M=A-33K^_&,<FZLB>\KCZ8I*EL;9'VG_'?043QGDI_-3(X
M/U<WM&`S2CCI,2QWIFZR^NB:PY&TO3.9-9*B0;6OX]8$2\0MI8TH]]2;>N][
M$M^0.VH,;"'H/UBHO2O8#C2Z5EZ&4C^3+@NV4"BMKW0I!7JUTBA$J4.J\4=P
M6CO3-27.I&(=MB9[+9WWEL[KECXQ+4I5:O=[J#8'Z,I2%U#[RN4#"UXQ#G#E
M*=4I6D4MG@FRO/E>^&EC2.I:G=`03/U`W%?6WXL#DKNPVBAQ,_6A04_8:_%=
M])FL2<VDAS%?2R[@D$PKU63KH;7[4:+;V<SB&#)%@VZ5FEVMJ/:HBP?+9&03
M*6"Q9UD#:'O829$@!IC-41<'0SAXXP16:^L^-9N5@)$F\^AU]+Y['$W=D4V(
M7!-TUQPRN#+V4)"9\(KP&CEE^PA*K@Q0F!9D']/1I(>^$T37D8#H3J#-F-])
MR[+WCIJN2;F49+\$-'@KC3BET<25Q`GC@[(T7%8<M:RHH=6,1!I^%O:%3=&F
M/93U5C3B\`@9)8'A9<-2D#`RBV/30/3@*?@YX5/(BBE.MG(%_88W,BO!,P*.
M4NQ>9Q/5?X('\Z<^.ZU4N,VZA,Y"\W"Y33#861*ZOY@R.;62YW7%K3K83P@+
M\F_0IA\F0@$5($8*+^Q".T=7#?)S+3#0-76G.4BL3VCB,K(2/KDM%GIIIXO[
MJBGKY(&,UA;>91BO$N8N[$8/'-ZMSM:;R3`O5(/8YY,#8QV8^2)P@GUXB!HF
M-W&^'C9,E)>6J8+.2KCWYJ6ID0E85&`+>DUH\2-%T,&/$M4!6&PWDA/TCU.7
MTM;:!`'E*W$G".U`JC%5Y;![K89K!FGKDDKK`BI\E5HQ1GP[<(]H.&-+6#RR
M/1F9+BL38D#:P\P?2U/'O)8TWO-\1#9((#@AWW(X_(;+RV#$WJP#)DKYT>B4
M,O?ERWLL5[?C%;4K<4-TPN!#N:,RYQ%-W10%6?E[&?>E]2)YM_3[=D0]+XZF
M_PR@-P*:_+XI4XJ.6T((@@I>3AC`F[>7I%^Z.>^][,UG^>ZP37O8+Q-%[MS)
MDCH;!UWK>S)L2+QF1;M=UC9I""8`PO>5.=&RQWUE<&]C!3WO,W2A,$Q]R"$U
M-\IN8<Z(B_I_N'CLPPVBMST_>51)WYFS/H[>X*;RZN;FG;J51@'V_X6>3CO^
M#U3P1-*0:5`#;>\@D.)W1Z]XM0D\OP[F@MHDQ4.@EFZ*RIQTUK"U#\39UR]E
MCBX1_:"Q[T$,KR2(\_;V+0MB0XJY.('/ES)STK"-S-$*PD`#AKHW#S2'<<"A
M=EQWT<(')KJ;5`">>K3'K&+W<K\$\?OVPJ63!/>+.@R$(KEX&:C`'1+\EAFB
M"YTGXQ6F#',7E<R_"V[^/.)*>*\H!_/1S7@>C6XP(JZC$87;WFWZ(0_P*#!`
M/)JLW#>9&!?5.]_ZPL55IB@]*(KK-EEGL`-,J$5W*.SOP#%@AM`-^<!7<A>+
M")YX`Q)(@[\(-D.."\Z@E6F`#!<SDR<WAB4?NO4C/WM2$,/;F\X\Z@G(0]J"
M%Q-[+3S"=CEK(:54W'N767?QSM@VU^&IJ<$I.1++QW8RY-L-)9P-&7,8-PTT
M2AD=U9O0(]1-&%/"W`&7V<S6(Q+[2Q'[Z\Z)+]\:!1#X640C<FI1PYL;(6VY
MQ6X3\@92-2)+N545P`.5N=PPVTT[T4.75<J$<%=G3<6MIGY\SLG'T7_'TV4<
M4V/X3%,K\3HLU;8WIJ:$7$*<)`%D%A7\NW@3;QP-`[NX\0'=1`248;@WH<S-
MY[K2@`U?@G^@+/+039N\H9$`HC>8\A-I\WWIM>UTTFKJ3YQ)*?0ZDRFW).MV
MC><:#V&2"GJA]?/&X((570<Q=:>6&5HQSZD9C6YT>2%!!FF0OO`?^NHPD]"%
M7/Y"8(8';6D]O!=-_C65`"XQ`+5G!/$%$8UZ:B9!R$WI!J.&.\.-:.;KYOI)
M.VA,XV\D#Y'T)<*5H5F)&&U,5_1_J#QQLUXE@Y)<+)Z5Y%$CY3IU[)>A$*9S
MC&&CKRB##-9"EMS2^J12`]%LD^'6A.G%BZ'PO4Q8[11UL2JCZW!)*EP!0>!:
M0SH0;5)C``I,'GL+@"C-1PJ>/!?N-W1+=:Y9H/2)Y!G:?]]7IH`2M>/?(^7^
M2>'**"7\MCS@7*+J6850_7-7>'3@H)$LMT(.(&18AT":.@,KN\9F5'0(349:
M+@':&31.!U]YHC0,Q?1X,*T>G6S!(Q!6/;^3\9@S7\XV--M,KV?K]7K#66-,
M\PT]?GEW]?\!`&K&(1<*96YD<W1R96%M#65N9&]B:@TX,B`P(&]B:@T\/"`-
M+U1Y<&4@+U!A9V4@#2]087)E;G0@,3$U(#`@4B`-+U)E<V]U<F-E<R`X,R`P
M(%(@#2]#;VYT96YT<R`X-"`P(%(@#2]-961I84)O>"!;(#`@,"`U.30@-S<T
M(%T@#2]#<F]P0F]X(%L@,"`P(#4Y-"`W-S0@72`-+U)O=&%T92`P(`T^/B`-
M96YD;V)J#3@S(#`@;V)J#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-
M+T9O;G0@/#P@+T8S(#$R,B`P(%(@+T8U(#$S,"`P(%(@+T8V(#$R-2`P(%(@
M+T8X(#DX(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O1U,Q(#$S,R`P(%(@/CX@
M#3X^(`UE;F1O8FH-.#0@,"!O8FH-/#P@+TQE;F=T:"`R-S<X("]&:6QT97(@
M+T9L871E1&5C;V1E(#X^(`US=')E86T-"DB)S%?)<MO*%5UEPZ_HA5T%ID"X
M!XQOY]B68[_R$)M56<AO`1$M$<\D(`.@%663?\@7Y]SNQD1J\B[RP@1NXYX[
MG#LT9QS_!/M]P=E[_/J3\2!D-TQP]H&=_\%9L7CQ]JM@5^U"L)(M5,B#2+(H
M"0,9L_TBE+Q_V"U"-9%$,AHE_6>QM$)E!>X9\C2>/#NUO="H'22)#**)+`W'
M1P<Z*'6@*IV#VN<1M)<;T%YH0`>)!1UD%K27&M!!:0\:!\D,U#Q/0)W<@CJA
M!>TE#K27.5`GM:"]4@<JY1S4/H^@O=R`]D(#.D@LZ""SH+W4@`Y*>U`Q#Z]]
MGH"*27A[H045L_`.,@<J)N$=E%K04,Q!W?,`.L@)=!`2Z"@QH*/,@`Y2`AV5
M6E"5)3-0]SR`#G("'80$.DH,Z"@SH(.40$>E/6@TRZE[GH!&8TX'H06-ICD=
M90XT&G,Z*K6@\@A4'H'**:B<@LHYJ)R#RBFH/`9-Q1S4/H^@O=R`]D(#.D@L
MZ""SH+W4@`Y*>U`^RZE[GH#R,:>#T(+R:4Y'F0/E8TX'V=?%W]:+%V<*#7=]
MN<A,[\U8%K.$1P&/.5[O%]RUY._XM=XL>,!3$;'US<+[>WVC?^K&9[?U@;7;
M^K`KV*$J=--V>56P;IMWK#XT;%/OKP]=WI5UQ>I+=G;VB>W+JVW'JKIC%]K(
M\R:_V&G6U4;<Z.NZZ73!+FZ7ZS\7*\56X#[^V/HU+!`$?^[5W58W[,N;=^NE
MX%F0>BT;<*'EM^4?Z_<+\VF:IAE]>N[]9[FB.A)>4>O6&`"L1K>ZZM@F;[?L
M<E??L,NFWK/Z6C?&:*AM6:$OR\I8Q-XN108-+Y>2>R\_+T7"/=]@\;F97/+(
M6CJ@NB@-CE=MB7A!;4ZVLWS7Z:8"Z$\3BDIWK*P0'@UX2/;&@A+G-INZ*?)J
MH]E-V6W)HC2(>XN,,K;7>7MHM#%,W!$_#ZEP+E97##\NZV9/*GV*H@G[[+.)
M%Z6-W*G!0P3;F0V4]5WYXU`697<;C*'JTP(Z9I92ZZUFE_4.&LBH=K/5Q0&T
M:'77XGT#5[NZRW>&)!<:;S1,V-4;2RY8`$H`:E\2>4"JK@(;"9[>?^J]O8M3
M/.F3]7D9<L]]NBVO`[;>PN'!EGS7UB`-<K<I=^`0);'>E45.D&/&?':S+3=;
M=J-AZ*Y$H3!H(3/V==NQHH2*;G<[(;^)R_JO([_?FG2ZG()]2$X)WUU0_;Y8
M$`6C%]Z5==$R1V==V$B_.$MM?:>FD%.FPA`($1H*CZG`S[VS)2CLM*RWC=;L
M0UUUVW:YPMD0Q)H>^`@2]G*3R4`D"*6ER!N4?\&^ZNM.[R]0G(K[4!(E*5AS
ME\P:&%L#L>IEE)3(9,3&0'*>04,BDB"BAY0XB/S8]R$M5^Z]5774R^*,19%T
MCO;$_^:AA#I48@NBM]^61(?1"+)`X,\Z=$;A1U-K;4_X-/2$Y4ID:10%TGL6
M)LKGB9I;H""*H(4/SN!@K/PT2V9X:+0I.&B.><^$+W&&1Z$]H_HSJ5)J/*.$
M\%,>SO2LPC@0<4RI")+C3OFNVC1@C6;?O$+;G]^6U$@,?\BQ:W"G<12":S(*
M)?*.R#T_<BN9N+5"V7"NS%@P'@H>I,^M65%ON@IA5!^%S<+[RSS<09;&4VW"
M'%)!\OPH!$J%)ZA3P"$.:9"))&4K&:B^O]#9<^\+Y=(5;FFR^-O8'?N4#S%[
M-:WKCZCK=Z:N$9R49R)02(3*?)%F1P$*3_,NHLQ/U/UY/_>>+5=)1*U5)DBO
M/-(YS?_D;,B5+X0T9U=4U"[]1ZYXKVG";:S'9D+F>[32\M_VA4G_K(E=-S07
MNE*W,XLE1DR<9E//9)CX4L5'F9H06BKI1S(\\GS"YB1,?9&)^^D>9]SG"`BU
M[#`*0I/:4Q^_EONZ^B_:]#:W\Z9XU&E2.4L]ZGP6!S31\C0*R4D4!"<3DR,?
MHC$*F?"SDR"HT4>9)G[&'P@"-C:?JT>#\''<%_*N:\H+;%UNJZIJ\JUK,%MI
MLI:8#Q@3'=O6.UK8\.(D'-:Y^\D@TS`\K=QOGO03SONN.B%%>$?]FM-1>M2#
MR?=YC^EUISZ/PQ/=J8KBNW0G?A0)>YK:(Z=C<P<W8^SN#A#&*='&;J['G+HG
M9%.F/3UH7"1/#AKXE/(G!RWV9:2>'+38#\/D:4&C70DMM=&7NJ$EMBA;RSJ[
M-%?TYB<67(S/^:27V=V!X&X^IWX<RR.+<8VY+QH1\OST<&#OX-$I0>^+!UJ<
M2HX9N@JQC[C(1!'^/XG,__OB\."^0&O!2[-7N_9AVBO[3!>?V+,=X7:>4H6/
MC_KB,Y6ANL6Q25.S5<)]$3WL&%>)'TKUH&,\#.$8OW\C2M`QIR.QW!WF^SKM
M/FYZP-_"R2D0@^"><F^.5HKAYG2R4CR$"EHDBIN]`C\CSCV._>4Q:IQ/3D=\
MGI&3#4-*LS;PX)AR)_N%.XG[D7+;17S?=G'^R^N%89'TAKEB.NG)'N;5A^97
MISDN3\<S/+^\-)G1K6_"#EWWC,*AT_>:'H.=D4V)$_J+@,O[J8_S#ZQ%*I`/
M5+(*0FEKN-]U3W>!=[A6;HR_>5&49"^NCH;6):ZBK=X<&K/<F.OC"<VG?B4/
M=6J\.6[4IV,K=*T4#^K);1H/T:-->J(Y.VG1Z2,M^O6=1;ZBJZ6B]NPJ2_Q2
M'8H@%D^K0Q5D\FEUB-$7NSI4K@X5HN-\PJ\P,NE8;S4HNP&M=7^Y&[M:V9XL
MA1W.E^!)V>RQZ[(-SEUI1OVL*1`7J*`3/PYY@Q+!.DPOWQ^@'"/4\$]1<.4P
M/92*K"$40J+>,Q&B+[%]B5)S%40:!QJ6EJ2CD=]H].!JBF^I_C_DS69K/ON0
MWS+]XU!VMY!AW4#EMOCE:K4G?7Z-=?5?Y1[UOKMES_`Z-5_CEXIZ?[IMH[5Y
M75&@,-BZ+9E0UAC6ULFO^KK3^PN8!4\9>>,C+.VUWI#9N]M@?H<U=TW*G,G;
M.WS*5``^@*#(WC\.^:[L<N,PH>*9+A;VQ>NRW>SJ]@#M[.5%?>C(Y^]H5%_*
M]KMC1^I81\%.W966Z"^%C?977;6HY9\4G)<H\]NV;(-9X:!-)#SLB?7/9<H]
MO>0>+6R$3GT2/7J/9K<E73]-TF=&_Y@:G3L0Q.0J;PKJHGMK=0.KZ2YAR"J$
MA9UQ1*C0%@REX@,T76DB'ZYN%(I#V_9$Z3TA+IR558X1BP[VJJYL-S-GOBP5
M7/-T>]AUYN"X9M&`W1T<C8E+R*(M8\N7Q#6!EU4%5TE31IIH!C!H/[//=;-G
M@J]^#QAJ"_S<YG#_0NL*4X01S1HR"H537>FV)UC>MH?]M;7B0,%%AVUZ&R^Z
M'*PK)I:X)>*N2+9P`AS1&T=&8<B8/DZ_<*3?*SOK[#[^F=J;&;X;71#I'J`8
M&!::7'EO?N:[0][?@D;*LKGN_[59QCH(PD`8WGT*1@8T4`G&V3"[.+HTI4@'
MD5!17P.>V/]:N$KBW'!W_'Q\5RZZAD_`O\4?^)3L>T/I`'K91CHTP;49;TM1
MV@$?]&48BK=Y-AXND;NJ*[;2+/5_1`=C&64ZGOG.H"4S&!0U=3@U1M=1^<%"
M=&R?<6%0Z$[=_%F`;SY+J"(]JV$B9X16VY6-A/>@A[S2UMS\^(\%ST5PXUB%
M--5OFAVG.4W0HK2H4Q,Y1)GC_A`/T'BVEU@\UUC#FIR;BP@)N76RS7<%[0R^
MF(@C#5I>-E\A,Q-N"F5N9'-T<F5A;0UE;F1O8FH-.#4@,"!O8FH-/#P@#2]4
M>7!E("]086=E(`TO4&%R96YT(#$Q-2`P(%(@#2]297-O=7)C97,@.#8@,"!2
M(`TO0V]N=&5N=',@.#<@,"!2(`TO365D:6%";W@@6R`P(#`@-3DT(#<W-"!=
M(`TO0W)O<$)O>"!;(#`@,"`U.30@-S<T(%T@#2]2;W1A=&4@,"`-/CX@#65N
M9&]B:@TX-B`P(&]B:@T\/"`-+U!R;V-3970@6R`O4$1&("]497AT(%T@#2]&
M;VYT(#P\("]&,R`Q,C(@,"!2("]&."`Y."`P(%(@/CX@#2]%>'1'4W1A=&4@
M/#P@+T=3,2`Q,S,@,"!2(#X^(`T^/B`-96YD;V)J#3@W(#`@;V)J#3P\("],
M96YG=&@@-30U("]&:6QT97(@+T9L871E1&5C;V1E(#X^(`US=')E86T-"DB)
M=%+-<ILP$+[S%'N$CDTDP-@<&S?NM)=,8FYU#[)8;#58<H5PFL=(GK@K$;N3
MIH4#]NY*^_U=U]'5*@<.=1M5P.BMH*Q@SF8I*QF5#Q$+90X/T=7G-8==3Y5:
M1HP&2J@?HV_Q&N5@E5/8P\TON1=ZA_`QX54ZCZ4#TP*O\@(VL=LC/#^_'2EI
MY.5EDVP2$+V?]4.HF_//(UIE&I#FA!8;V#Y15?5P-PCKT'9/<)_D5<IC/!KK
MDN_U5T(WY6E&#]2?/,K%?#;"-!I62<%B8P_`V?0NA6O1TYW#D3IN+QS@272#
M<,KH25B^W"MLB1/Q<^J$<-NV2J(%0?C&WDIIH:42W:6W%S0HC9;=T&`3$-4?
M"`?W(.*PQ@P6&M7+SO2##</.FJX/UQZMD=A0N8='8@S8MBC#\E&>-1X='K:T
M*&<3R!BKTJ3^028N1A-SF&9I0<\K^Z(:R2^#YCTH#5\T*:<)\G)<#+>D+4E#
M;LSB"Y][_[\:=55ZEP8FEZQD>9H7)>6"ML3UWB,-Q+5QL$74Q.4)Y)^=GK(Z
M[WTE['%/LS)<]-8RGITM\\C:"R9[1D-A(CD:I!892/>'%!3QT"'P7$SY;!.W
M(52CX)("ZN-#POK3WMN?8X)\UJCQ7M9P\F_[`L>#H',$A\(G@CO83,!0*D@$
MBZ(W6FRIUZD'I(\S[P],_JD'_(]M<#@KTD6>D[WE:&W`DS/?NJFCWP(,`%VQ
M*[0*96YD<W1R96%M#65N9&]B:@TX."`P(&]B:@T\/"`-+U1Y<&4@+U!A9V4@
M#2]087)E;G0@,3$V(#`@4B`-+U)E<V]U<F-E<R`X.2`P(%(@#2]#;VYT96YT
M<R`Y,"`P(%(@#2]-961I84)O>"!;(#`@,"`U.30@-S<T(%T@#2]#<F]P0F]X
M(%L@,"`P(#4Y-"`W-S0@72`-+U)O=&%T92`P(`T^/B`-96YD;V)J#3@Y(#`@
M;V)J#3P\(`TO4')O8U-E="!;("]01$8@+U1E>'0@72`-+T9O;G0@/#P@+T8S
M(#$R,B`P(%(@+T8V(#$R-2`P(%(@/CX@#2]%>'1'4W1A=&4@/#P@+T=3,2`Q
M,S,@,"!2(#X^(`T^/B`-96YD;V)J#3DP(#`@;V)J#3P\("],96YG=&@@,3(P
M.2`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B8Q6RW+;1A"\
M\ROFE")2)(0''T!N<BR[E+A**HLN5RK*80DLR8T!++0+4-9G6)?\;GIV09&V
M)2?4B0MPIKNG>U:O5J.S-PN*:;49Y13A+Z=%3LMH'D:+",?U*'+',7T:G;V]
MB6EK<;(J1E&(I_>C/\?7P2P:"]/1Y27]0U?=3AJZ;#;:U*)3N@G^6OV&7TSC
M<+E<9K1ZC9]<=K*F.`RF<12ASOB=W(J*KH-IPM^,+J0L5;.U[K=G;U*/+^4B
M69;E7"0*H]F,`8Q7:"AI)_:2UE(VU&A"9VD42I9R+RO=UK+I+-VK;D=&VE86
M'76:@)1:V7`GJE2GM@XOE<H6E;:R)-60[@TE4931>=/TH@I6?X^F#D>"SX!C
MOIQ[)=ZS$K+5T`)UW@1I'N9CZ$!Q-/V=1%,RMD;>OX!/FU,8CI`PRH*254TA
M@1>H#O!Z$*%[9EZ+4H9.J6\%2A./ZV.0`5<0C5%/@M5>5WM/;X\&ND=K-[7*
MC:$]ZH^6HO,@^&T63!L\$>:!"DB#8[UQ&JU[8)36AO0Q6&;AW+=;RTJ!H0/W
MK6SQ(G.RC5T/VQ>8C>X[5#E184)%)51MG7BBK%6C;&?P"-J<XKQ7505QNT&U
MH\"BW$N&J>I6%&XL0,M37/WL+)0.H]N`5%/P+UIME1L`QL',H'-?\71`M)7&
MP?(T\S#U-(TL(`O:%KH!@2VF"0YBK4#D@>YWF*`@S,R2LOR.524&5S*#M5A7
MDMDYC1RH>%`%Q[7N4:H0#91$%V%U@_<?2-I.,<4R9"I/`4;*DC#%YS1EY\%T
MQJD:TC9^K^PG>'/.WH0DVOQ'RO*#1*L=YK/=#;&!;TIPV3LBZP><@IMQYI_P
M*S":<R<<;]6V41L%&N"R$]#''N(W@%EDX7(`\U7\GC>.A_/ER]/BB7^A5X/_
M'A\/CCQ)+;WG*,Y>C&8X*/`#&9/CLOK0&+F%#1WS&U%)YXV+NYZ'?2.+WL`_
MTEOV@T^(WVS9L-E^+'@\F_E<O$8A;":6Z:X'3004RXI[RA:0UOB>1A/FF4^@
M-;QE>\DN['0'SFB;1-ED$>=D=\)XE"Q,H>L:&MA.%Y_P[K,K;;'P(E>J5AT[
M%?T;!(EK,*`KGP3`NV8IY^/A^4ZUO"CD9S]GPBT`'4C>\12:WH%&B;Y12!1>
M-%@0@G>;]MM%?I9U^W1K'..`@!I=DQ?>9Y#3LU>E=Q]D=V>SVW%R&QQ0G@SC
M/(ASS(Y7P(;B/$TG)#"BVBGZS/8<;I6#A;VQ75;;WH"<]7I*/W5[;%3^_ZE]
M'5Z>P7>VFQ]M]_S%^J*+XFR([3,V>BFVG%5I]JHX7"VMD5/1LM"'MR643#-8
MN2]51[_"2JKKI#/YC:KU\XE-H_GA7X4D0@A@'HCV%NNDG8!1$3Y:>J4%5BC*
MO%98IVX3P!R\XWA77)C&=O03_1'$"<\1>W$[H7?OKH-XD0/-Q#E;06B^T'G_
MGF2T[=>5*DX<-3^L-%$4O&%9GXTR=4@KEN-XP_*^YNN5AVY[WE_`<O!:')W?
MCM5M\)+E+@XA@/<R;)\G[\W8>]\97)3?>#F)DJ>JPJP%UMOTZG,E'[R9TZ$@
MG)1X`R>S,&/[3%-O`K=%TIA==K$:_3L`*[,1)@IE;F1S=')E86T-96YD;V)J
M#3DQ(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-+U!A<F5N="`Q,38@,"!2(`TO
M4F5S;W5R8V5S(#DR(#`@4B`-+T-O;G1E;G1S(#DS(#`@4B`-+TUE9&EA0F]X
M(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@-3DT(#<W-"!=(`TO
M4F]T871E(#`@#3X^(`UE;F1O8FH-.3(@,"!O8FH-/#P@#2]0<F]C4V5T(%L@
M+U!$1B`O5&5X="!=(`TO1F]N="`\/"`O1C,@,3(R(#`@4B`O1C8@,3(U(#`@
M4B`O1C@@.3@@,"!2(#X^(`TO17AT1U-T871E(#P\("]'4S$@,3,S(#`@4B`^
M/B`-/CX@#65N9&]B:@TY,R`P(&]B:@T\/"`O3&5N9W1H(#DY-2`O1FEL=&5R
M("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B=Q536_;.!"]ZU?,40YLAI1L
M6=I;DB9%OY(V]@(+)#W0,FVSU8=+T4WR-_:R?W<?2<M.MP&Z>UT8!B2*\V;>
MX_`-)XZ?H'<1I[=X^D*<C>F!!*</=/>9TS(Z?3T3M.XB09JB:<YX3MDT94E&
M=23XA$T.[U4DQ/39>QU-1';\.(O.Y]'I589T\U54^,P%905-@<(SCN4ZXON"
MON)I7D:<8?4ANHO?6%53Q@8CP3D6X\O'C5YHVPT^S]\"-`^@N8_.:5JP8DQ9
M_AP7,'W48/XE&@%EDDQHA,^OCGFN=_5"F<$H25*>LTD?0:]45QJ]M;IM^IQI
MR"GV)2-OZL7)TD/6NU@`^015)YS'UVTS^K23E5YIM03B2AF#AXNVWJJFDPZ;
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M=S9C%^S`1J03_DO*!<]^HGP@FL."/-%>A.`O@76X#,61],%=!!>!/,+G`%ZU
M5=4^Z&9--6Z;`:F.5J:M::9K9P9.41&;=@NIGNBU:7?;(;UI2O9G1W`2@YCJ
M*5SE)%;;UJ"D9J]!\5R#J\&8QS``V-3H$](:S^M;@"!8AC,`!2V"U?!PKX?D
M3<,ZB71#?YS?OJ=[6**%7>E%I8X=<+[K-`3J0BUYJ,7Q>@^^L*<8?;>3:W4_
M^`T(`AWK#QMFVE8Z.,VYK+P]S39*V6Z(;<D+V_J4\<SBU1F5=\D;*.3[J`N=
M`DLU:N/*1`]!L+96#C%]*?$/2.[P'/R%[#9TA<-!)0[Q/AXC]KJUN$=HDA\`
MCAUYA!J2E>MU,-!%!6?U95KU:'U_7,[1%!,,6DQ4&B<%2X4;I\7A93\NC\/%
M[<-T15.Z:<:$0(_[GCIQPPK&<NN.6(%VYZE(M%0#Q;V7EVUCC2SMD'#R93]O
M6O-$6X@^/'QWGZ4QSB1\G%'?=MK-J/W-2MCTT%2'IEZ@CW7UCUO4CY>UQH`)
M-WPV>A<<H1_]29%``S\NCR,:]A#T^5N``0"""7Q9"F5N9'-T<F5A;0UE;F1O
M8FH-.30@,"!O8FH-/#P@#2]4>7!E("]086=E(`TO4&%R96YT(#$Q-B`P(%(@
M#2]297-O=7)C97,@.34@,"!2(`TO0V]N=&5N=',@.38@,"!2(`TO365D:6%"
M;W@@6R`P(#`@-3DT(#<W-"!=(`TO0W)O<$)O>"!;(#`@,"`U.30@-S<T(%T@
M#2]2;W1A=&4@,"`-/CX@#65N9&]B:@TY-2`P(&]B:@T\/"`-+U!R;V-3970@
M6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,C(@,"!2("]&-B`Q,C4@
M,"!2(#X^(`TO17AT1U-T871E(#P\("]'4S$@,3,S(#`@4B`^/B`-/CX@#65N
M9&]B:@TY-B`P(&]B:@T\/"`O3&5N9W1H(#4S."`O1FEL=&5R("]&;&%T941E
M8V]D92`^/B`-<W1R96%M#0I(B5Q2VW*;,!!]YROV472,+"&N?6L2XB:=V(Q1
M.M/QY`&#;)3:D`J1V]=7PG;C5,PPDO;LV:.S>\&=Z74$%/C&28&8+P4_2K#O
M0TQ\3")B0GN'C"$*OYWIK*"P[<T-K^SOQ5FAXF8V_^;2%*>(WR^SPGW@MX:6
M'6@]$Z`LC,"C.$F2%/B50S!AR2$Y'U0_E*T&W8%N!"CQ9Y!*[$6K>^@VXUTA
MJD%)+44/V6O5E.U6P%B0HDI;$$U9,#FF;V6OE25LRA[J8?<&53GTHC9AV9OX
M4Z?TJ-!C5I)OUD$2M8*0D;$6T,MM:U*Z%J21L19-N=O`^FTL,;2U4$>`.2LQ
MM"9IK%0.NNF4?!<U=OGCA[5^B)E9X#$<15%LZUG;[A9SR)>+/%O:Q\2(_X+9
M<G&?NS1)<8(F<#._Q)_=Y%].KD_[J>N%A*"#W_'8HA@8#7`<QA"1Q+3/-@_Q
M+/^>S:V@4XM9$.`@"L]`Q^>O$&08_F.,`NQ3>@X>G>+9<IEQ;GDS_F]$?IC=
MK=D]`L$!O``E<`>K!P*U0T&"XZ=6FV&,8.^$?G@Z[)S"N>`?0VA@8<H^JT.%
M%D^-:$>-6B@EM+;ER7DC5RA[-?.BY;.`GRZS1LI*0.[Z!"G1R]I,%I1M#9>-
M%!NXEFW95K+<P6*S,4`UOIV<MPI=E5I\A7GW+/9KH2"<@$](:BM[!(?@A<$X
M0:-$QHZ&_!5@`#01W7$*96YD<W1R96%M#65N9&]B:@TY-R`P(&]B:@T\/"`-
M+U1Y<&4@+T9O;G0@#2]3=6)T>7!E("]4>7!E,2`-+T9I<G-T0VAA<B`S,B`-
M+TQA<W1#:&%R(#$X,2`-+U=I9'1H<R!;(#(U,"`R.38@,S,U(#<V.2`U,#`@
M.30P(#<R,"`Q-S(@,S@X(#,X."`U,#`@.#,S(#(U,"`S,S`@,C4P(#(W-2`U
M,#`@#34P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#(W,R`R
M-S,@.#,S(#@S,R`X,S,@-#4W(#DX-B`--CDP(#8U,R`W,#$@-S4U(#8W-B`V
M,#0@.#`V(#<W-2`S-C4@,S@R(#8W-B`V-C@@.#<X(#<T-2`W-CD@-C`P(`TW
M-CD@-C<Q(#4T.2`V,C4@-S,Q(#8U,"`X.#(@-C@S(#8Q,R`V.#,@-#(T(#(W
M-2`T,C0@,3`P,"`U,#`@-3`P(`TU,#D@-3`W(#0T-"`U,C@@-#(X(#(Y-B`T
M,C8@-3,W(#(V-"`R-3D@-3`U(#(U-R`X,3D@-30R(#4R,B`U,#<@#34P-2`S
M,S,@,S<P(#(W."`U-#(@-#0R(#8V-"`T,34@-#`R(#,Y-B`U,#`@-3`P(#4P
M,"`X,S,@,C4P(#(U,"`-,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U
M,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(`TR-3`@,C4P(#(U
M,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P
M(#(U,"`R-3`@#3(U,"`U,#`@-3`P(#(U,"`R-3`@,C4P(#(U,"`R-3`@.#(R
M(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`-.#,S(#(U,"`R-3`@,C4P
M(#4W,2!=(`TO16YC;V1I;F<@+U=I;D%N<VE%;F-O9&EN9R`-+T)A<V5&;VYT
M("]'3$]/3TTK1'5T8V@X,#%"5"U)=&%L:6,@#2]&;VYT1&5S8W)I<'1O<B`Q
M,#`@,"!2(`T^/B`-96YD;V)J#3DX(#`@;V)J#3P\(`TO5'EP92`O1F]N="`-
M+U-U8G1Y<&4@+U1Y<&4Q(`TO1FER<W1#:&%R(#,R(`TO3&%S=$-H87(@,3@Q
M(`TO5VED=&AS(%L@,C4P(#(Y-B`S-#4@-S8Y(#4P,"`X,S8@-S0S(#$W."`S
M.38@,SDV(#4P,"`X,S,@,C4P(#,R."`R-3`@,C<X(#4P,"`--3`P(#4P,"`U
M,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@,C<S(#(W,R`X,S,@.#,S(#@S
M,R`T.3`@.3@V(`TV,C4@-C0Q(#8U-2`W,C`@-C4V(#8Q,2`W-#,@-S4V(#,W
M,2`T-#0@-C,U(#8S,R`X-S0@-CDW(#<Q,B`V,#D@#3<Q,B`V,SD@-30Y(#8P
M,"`W,3$@-3DT(#@Q."`U-C8@-3(P(#4Y-"`S.38@,C<X(#,Y-B`Q,#`P(#4P
M,"`U,#`@#34P,"`T.#`@-#$R(#0Y."`T,#$@,C@X(#0T-"`U,S(@,C@Y(#(V
M-2`T.#$@,C4X(#<X,2`U,S(@-#<P(#0Y,2`--#<X(#,X."`S-S8@,C<U(#4S
M,B`T,C,@-C(U(#0U,"`T,3D@,S@W(#4P,"`U,#`@-3`P(#@S,R`R-3`@,C4P
M(`TR-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P
M(#(U,"`R-3`@,C4P(#(U,"`R-3`@#3(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P
M(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`-,C4P
M(#4P,"`U,#`@,C4P(#(U,"`R-3`@,C4P(#(U,"`X,C(@,C4P(#(U,"`R-3`@
M,C4P(#(U,"`R-3`@,C4P(`TX,S,@,C4P(#(U,"`R-3`@-3@W(%T@#2]%;F-O
M9&EN9R`O5VEN06YS:45N8V]D:6YG(`TO0F%S949O;G0@+T=,3U!#32M$=71C
M:#@P,4)4+4)O;&1)=&%L:6,@#2]&;VYT1&5S8W)I<'1O<B`Q,#(@,"!2(`T^
M/B`-96YD;V)J#3DY(#`@;V)J#3P\(`TO5'EP92`O1F]N="`-+U-U8G1Y<&4@
M+U1Y<&4Q(`TO1FER<W1#:&%R(#$@#2],87-T0VAA<B`R(`TO5VED=&AS(%L@
M-3`P(#4P,"!=(`TO16YC;V1I;F<@,3`V(#`@4B`-+T)A<V5&;VYT("]'3$]0
M3DLK3&EN;W1Y<&5%=7)O1F]N=%1T;UH@#2]&;VYT1&5S8W)I<'1O<B`Q,#0@
M,"!2(`TO5&]5;FEC;V1E(#$P-R`P(%(@#3X^(`UE;F1O8FH-,3`P(#`@;V)J
M#3P\(`TO5'EP92`O1F]N=$1E<V-R:7!T;W(@#2]!<V-E;G0@-S(W(`TO0V%P
M2&5I9VAT(#<Q,B`-+T1E<V-E;G0@+3(S,B`-+T9L86=S(#DX(`TO1F]N=$)"
M;W@@6R`M,38W("TR,S8@,3(X.2`Y-C,@72`-+T9O;G1.86UE("]'3$]/3TTK
M1'5T8V@X,#%"5"U)=&%L:6,@#2])=&%L:6-!;F=L92`M,34N-C`P,#$@#2]3
M=&5M5B`W,R`-+UA(96EG:'0@-#<R(`TO0VAA<E-E="`H+V$O:2]P87)E;FQE
M9G0O="]J+W!A<F5N<FEG:'0O5"]U+T$O3R]G+T(O=B]M+W@O0R]W+V\O9"]C
M+VPO1"]C;VUM82]Y+W`O7`UE+U,O;B]5+V8O22]P97)I;V0O<B]S<&%C92]H
M+T8O<RD-+T9O;G1&:6QE,R`Q,#$@,"!2(`T^/B`-96YD;V)J#3$P,2`P(&]B
M:@T\/"`O1FEL=&5R("]&;&%T941E8V]D92`O3&5N9W1H(#0R,3`@+U-U8G1Y
M<&4@+U1Y<&4Q0R`^/B`-<W1R96%M#0I(B824>5`361['N]-THP(1Q3!KMW:G
MAEE9#QAP4#E60$3$`QA$P`,/()%3A"0<&B"`W#$D(`IH2`@")1!//%`90<L#
M[W,40;QUV-J9==VQYA?F437;.E7SS]36UJMZ5>_]ZON^O\_OO=_#,2L!AN/X
MU*4KP\+"0F8'9BKB$SW=W`-6NRQ3Q*8FQ7\*!EH8S#(-MTP76%C"PEFQHK;?
M;`6(M"4NV5I9Q+:.R`<53"/'_QI-LDWX;VKU[[.M->@GPJ5)+=,FU4_&*!P?
M)U'D[:R=Z^KFXN[JMGA;^G994D*B0NSNY>4FCI6+8]/$F6GIF7&I2?)$J42<
MO4V6(H[;+@Y(4L@5,FGL5O&RM'A7L7A1:JKXLU`NEDGE4EF65,+O+MZ6MB5)
M(DU3),6FNGZF$/,8XM\A_EB';I-MC4W],R2&\P,;CV-V&#81P[XD,&<,FX5A
M;ACF(<`","S0&@NQPB*LL1E\N3`!1F`+L1S,C%W#_XX_%?@)3A+SB0KB9ZO-
M5K?(5>1S:@'UQ'J!];%QZ\9]&+]E_,L)_C8"F_VV5K8'[01V"7;GA"N$IHD3
M)AZP_XM0&(T2C;^*C/C@,`$Q*%&D;R`WO\U_/D+#@6>0`7-@)IN_CT0Q:*X3
M6HVB:63?A;YXBJ:S?RAA`R^=-YHD4N:1I]SK%[C2Z(`GRD!ST$RV+I>$&)C[
M$2(AF@;[.'#T!EZ*?(S@!#9X)M@2BY&SJ#J;_/C=E>'[]-FTSL04N3PEI4G5
MEL/JRK3%A?36Q*C%$E98`N/P`K`F"GI%J6WI'1VMK9V=LM:4E(ST5%8(56H#
MI!ZU?&/$T>11.8$F.T(1I3.0ZS-WM^[7MYJ/<X_>D+MK=FOW,J"DRI`-N;@\
M7[:THEQ=SI3ED&"FJ@QDB$:F/Z=1ZVJU:ETUW6)Y16938R5CSZ-#DJ1!E5/A
M-52+8`>TJ5`;*80D=0<\ZH360Y,MJ\$J\J/#W;6.<)F"*"!^`/N!N(N^K9S#
M"!"=EZ\.T.]]>Y`+BW93I=ED7[FI()DNJL@IEK/(?DQ*+MN>E;FBHE)=P3C<
MY14G+5-%O;":O-!04W6->79:LL3)/PQ]E:+2[->H-;LTG,-=+W19U`_9I*G:
MH#[!_-(;[X'L%BY"7Z[)JCY8LZM!I^>$T)![:I0VX\=@`F%Y!RXBSP"O6`\&
MV?J]@K_^<O3CW:?<T)TG)X:8D;ZH.3O5!94JKHDZ`;$\L[(HOR@_?6WG?`99
M(YMP)S?.ST,R>S:-_(!``@@$ZW<]'X;YJM]1FT<I,V[Y!XPCHASA`@7$V^;>
M`0Z$SV[">'"D(1#9\9H-+&JD2CZ1-ZN2:56YLD3!HDF?R;=G+OU,#J\L?:('
MANJ]MQAP>NR#9J-IX6B*9S`7MS90X<4$;]W37E-EK#7S8)YJ(SP[!">,^(;1
M><0&1^BA-(UDV"[9GJ-TK::NJIZ]"57D('7/5!!14*DL5_!@MT#+@RU(C%>Z
M,!'4>=A(7MVGV]O/#%*OS.F>7$EE23%MI#K`DQPK_I^9!E=^RE3HKS:.BGES
M2\PG<S.E,Y)1FLPZ,UU7I:]N9F&214I>UQM:KE=IU%4,'T6=_^](&%:VC\YJ
MQSN!M,B`)"P9HYZBD;[ER`8Q$6C.7&<N+&IEZDIF9L0=L(,I%^"K=__A;ERZ
M=>@&,Q8^%BQ"7W^8`9Z`_]3]YAG[X\_G8=('&MQGO$<>"'->/^MKUF7F.F2%
M"%H(.._DW(G#%_\"NQ\);9ZHD3)6[ZLSM%Q,>LG`E!]>`_7/Z)ZP?F[9[?@S
M??2][NY[3\^&(4K#[J<Z81.90REWYNU49L:W+6+0!&]?)Z^^J-M!W-6571O#
MZ86K0GQGASX`QW(VIY+OD1"^5/9'\%NC&/&](]RFJHUD6;FZC`G)J#W<J&NI
M[>"`L120>EUUK9XY1;WMR/0N5!?R3]'`>_F18P^I3<C;5$$"<>1B$PB8=DI?
M4ZHJJRRM+.40/59`>F?FIBPHK^"[6`BGE3VC4PSXX_?$OT?GB?K+#Q0ET#FE
MN65YK"?J)XL2BY*3:"1X'@#3P??A$`2=8P?@)/E3:T/W/:VN4L?P/P#*H_C?
MX%IEHRJ&SB[=5KB%78+JLOUVA"=(IFZ.C\I>P;A'GATVU)S47^<>P6'RD='4
M?KM*RU^SEA=W4\*[1?VA-RPBXX[6R85OP&_(06()`H$HKX[<E*10*)G"XIJ:
M/5K3GB/<.WA,^E'YFTD'O;DXPQ#'K%@6YQ/"A?NGN'K32SJEO0^O70?[1VS6
MDOP8.;VU0=G&.DB.]W0-7N0<],@#7HK,C5EQ$7+?R/G<HICX+5(F8T?3\7[3
MB].#W/VNTX>[&:&V\(QE3BM>^0921@BP_")2ZLEO(]>D13.KI&>>/.EXWG>%
M.W7LF+&;,=7M+.%4<E4Z+=/GMG883(=/2,TA_L&IH=^R*X)3`OQHA%]:.7+_
MSO$G=UCA:U6?Q?D`GO\&UCPFH`]\1#FA1;%R.MF0T]G=W35XA576D^LDLHQL
M)J^PMFZ?5E]MXL#5,D3NTJHU6KJFO*I$N591,H\MS2%U.K6..=10G)5=FEN>
MS\4B+[*I*+U>PD0$)08NYP+]MKC-H_V/;[@Y<.TJV-QC2Z!=U&[,E*Q3?+-^
M(>>Y)GY3#).@.'CF4O/`^9?<_9.]1[]CA*K"<Q#0#-(VO.0MI`\1,`QVHHC(
MJ/2-3$CJD0<-&I.NG8.(E@_?OZ#/);>%A?@E!"UG0Y<G^RRB_]87_F+X]M'!
MZRS2@$@$T[H&'UY@FNMS9?_EN\R_HCK/.!Y*WZE5.S'<#M9[DWN3%*M68T]P
MC6:I%ES0HR$",J)$9)&=69F5V1>&S@S##,,R*YO#P`A(0$$%P149-URB453`
MV"8:&JOM.>_U7'M.+SGI.?TA[1_PWN=[W^?S/-_ONVY#/(5)""850XE;7[X6
M@J9`!/4F>2S22:YE?<=8]6H?H")+A;NS,+W!5D54V:OK4)^RKE0HEY44!7A'
M_CX"E\`S%_$>R`9P-L,6`M0O&2UP-ICT!H]V8^X:C8K0:=5E**^^K*G=XVGM
M/=B>$OOQAQ11B"N3P7L,9ADE;B=_U@3W]SF;HSX.!R?@FNMIDTAXN(NU*N/S
MU&1T\Y4]_X2_^^;Z]S?W!!<?QG?X\^O]J+/&UU"/F[SU%4X,H3UW<FJZSN0R
MN(FQO@1&5G['9HQBQL8N8S?E#W"(I"0@EVOE:A0)"UUE005.GUA'QK*Z`\7L
M)9^MVY'!"PY.7WQP@4#"U#NOUK/@ZUD7I3O1.';.HK7[.Z^>:/MBM`MG3BO"
M;#_)&H$YOB@8G#`\1@3\Z(>,`&1T?'MU8M:=D<'N=LQ;K2Z5&P3:0F(WE020
M<DV!@2]#\[RB]J&!_K\.X+):L*N`5UR**;0.5ZW-YP@0YV`J0`3.SLI6/]I9
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MJC299C5=>IMN].4<;X1IZMJS2)@&(UDR%]B7R^<),:7>X:JR>NT!`L:25V=4
MVRO1*J-5JV4K5$MQDP0,5+CT!:B^0E.NQ"GD52Y0[%7G<M!"G[C]R+GN\7,X
MDWQ=%=[M)Z,O9GBCR-<>P<1'2*$X^AZCMC/XE^:GD],+1L\,!)KH/NO$`CU7
M4T"LH(9H8X;^RS`&$J.8OUHMTI1+=!PBD3H`-`7E7"6*',YR23K[AWL?#N!E
M;I":)^`*,)7.46\SVRT.XA)4@.I054LCVBULS-Z\*H&:_S[N"=?TMZ'=(G]F
M_(I-U%N+\;-P$[#8S565,Y>APY%/M6RQ?BEAE(#C)K^6B\IT7'4NCA0RG__(
M:;HW"G;,8)HEB;[/",*?A[Z]-D5C>FH&4\=/8NJC,3WY_S#-^A%3D3][V_N;
MJ;<6T3IFA%F=%KL%M5=8C=IDB2H&+Y<`J_7/%JS7H^6IC*6:(@+)8CY0!LD_
M'HK2/];=@C%/-5\C2?`$F<@ZTY831R#!^()%R1MQ=LX^3@:64M`]1B!)X>8'
M1Z_A-_J&CYS$D"`U3!UG+;Z<\+?[$\?&K^!(TE`X<&,4_3[A\L(-'QSX<#..
M!).WE\1O19E7*9$'IK20?SB>[HF"_5><CY%I>L&)6-#&L'G`+KZCU6ZIJ701
M'3`&*'PM^A!V^T;7K3!Q^7;'HSOH1-JIC;MVY&]-P5ON_,"?#:TJM]!7OE>=
M*M&\1R#3!@D8K'`9BU"#26D0ST0?D3Q1)-]I6H#LA0'R,Q;\5?OU\`C6'RA(
MBB]9D19';-_/SF=CV6)WL-I28ZTCF&_3B6\2@C1ZEU0^0\;$T>.,H_!/83A_
M\M$LGM4G:\+:6@)=;5(_YT!B/(5^3`S"+3/]MUG0:I-9BR,-6K:\;"E1+@8G
M36Y],:HP<-4'<62,&:\,D!L.15RX,S0>F:]G^1E.B\-6ZPN5GL4>70K?OY#3
MG7F:*.SEMW:B](OC\-E0QIIJW,/PPR5`RE!7J+5*87X#&XM+86]).9S=DT*T
M9;849Z.[\W+W)F8/?F/$I6;`I%;KSY,@!"/]$=:O(X/D!ZPQQDKJ+M"7FJ0*
M-,\M#0T,=-\>QN4>D);+XTLPM=91Y[3.N.8].`0F&8X06,WHAO.!@)&Z-BEM
MNVH6\[EVA)SC-?BC[`]@\A3RE8_\A'7<8RA1FD1Z`9%.K0'*='5V/IK1R.VY
M-_X`QC[#"]\&ZCP#1X3F>J2'3YSN>7@*+ZNG!ZR$]FF%SNZJJ6RL[B"0(U/P
M)OB((5B8NS+EDUG+MJ:D96(29:W?:0O4'J4%!8&UQNRPH95&JX;>5]K4,M4R
M@FE1^,F5O@AXZ6FDAES/^B'ZGG>F4XB#<%,>T,"`;T`"0`#GG7TR2H]J2TF)
M6,+#LT^H^&CQIXNI-RD"5\%=`/Y:IQZ58O(LN7H3G?4%2C^YSF/S1QA?,B-O
M*NFP"@OADR[J"7`S:#/=`<:?'?OR`OV]0UR>1,K!L[]0BM&B_,2MZ_&XU3ED
M)-TE*H=Z;()S`%QHTMXLPQ199:IXPB0%%C,]<Z>=;&JNA6#RE)=V3,++XY\?
MCWIQ27<3B8,+((<52\T#0IE"(97*7%),()7PN5[IH;Y0^_E>XL8S_W*`M"34
M5^4-8CU]O0_/$/2Z8N=QN&),J`Z<4A%%](I[!`*^.J^OUJ5HP)K<[N86J:LH
M@Y.?>(!@QP'D-R40`PU&G4.!B?:)5!_-`&IUN<QNK,LMW5]-('',;$IXA3PV
ME>&)HGY!2I$Q.%O'VK(<9!;SQ2J>W"W&Z-\6\/S2MMM3<"Z4P87$73AO:/)+
MM*>TN9`KEO*Y+FV]"J]3V?4BM+@X*64UGKB<\^]]UV+];IA?<:M:6EBA/+FB
MQ5.^H^IRY^3HA;\Y)8&YHGKVC\S>[X6S9DYB^UW1P[Z4ZPKW]SZ1'SZB`%;S
M1#`*96YD<W1R96%M#65N9&]B:@TQ,#(@,"!O8FH-/#P@#2]4>7!E("]&;VYT
M1&5S8W)I<'1O<B`-+T%S8V5N="`W,3(@#2]#87!(96EG:'0@-S$R(`TO1&5S
M8V5N="`M,C,R(`TO1FQA9W,@.3@@#2]&;VYT0D)O>"!;("TR,#<@+3(S-B`Q
M,3<P(#DV,R!=(`TO1F]N=$YA;64@+T=,3U!#32M$=71C:#@P,4)4+4)O;&1)
M=&%L:6,@#2])=&%L:6-!;F=L92`M,34@#2]3=&5M5B`Q,3@@#2]82&5I9VAT
M(#0W,B`-+T-H87)3970@*"]I+V0O3"]P97)C96YT+TXO>2]Z97)O+VHO32]N
M+V]N92]K+T$O3R]T=V\O;2]X+W1H<F5E+V\O<&%R96YL969T+U(O<"]%+UP-
M4R]P87)E;G)I9VAT+V9O=7(O5"]Q+U4O9R]"+W(O<W!A8V4O5B]B+T,O<R]A
M+U<O8R]L+V-O;6UA+T0O="]E:6=H="]E+T<O7`UH>7!H96XO=2]N:6YE+T@O
M9B])+W8O<&5R:6]D+V@O4"]*+T8O=R]S;&%S:"D-+T9O;G1&:6QE,R`Q,#,@
M,"!2(`T^/B`-96YD;V)J#3$P,R`P(&]B:@T\/"`O1FEL=&5R("]&;&%T941E
M8V]D92`O3&5N9W1H(#8Q-3<@+U-U8G1Y<&4@+U1Y<&4Q0R`^/B`-<W1R96%M
M#0I(B6Q4>5135Q[.([P'8@B8^!#>T_=2ZF@+@H):M:+(8A5%0$`!1]G#&@@D
M`054(!4%PB;*4EM(V$1609!1A`JU<=<"BF-+K=WP6#LZ8TOG]YB;F3;:,\L?
M<^XY]]SSN]]WO]_WG7LOQC,UX6$8MFB+KW^`UPY'[PQ53,+:%2Z>P4Z><EFL
MCRI*EACS"K")HWG<0HQ;9,(Q?&Z^Z2F!R6(!_ZG`E&,%-B@&Y2TTK?Q'",[H
ML%\UFM]G@1G46\'@O):%M%#$PS',/#9+7>/JO,+)Q7F%ESPM2Y$8GZ"2N*Q;
MMT(2I91$I4HR4M,RHF6)R@1IK&2_7)$LB<Z2>":JE"J%-"I%XI,:XRR1>,AD
MDM=$I40A54H5F=)88]5+GAJ7&"M-525&R9Q?FY`874A>>9#\;N(_Q?]OD8<9
M!X_@\>9@/$MSGAW&LY_#<S+EK<1YGK:\C<:0>"8\/N]SS!8+Q=['ZK!![(')
M6I-#)G?YKOQT_G/37:;G\&UX,V%+Z,PD9DWFJ\P/F]^?LWA.HX7`0F'Q;&[*
MW*\%KH(V@<%29?FK\+!PTFJ_U:2UA_7S>:IY3T3[1%/B5>*9^>KY4Z22G+$)
MLAE<(%C0L`#9QMG^9)<@%$+OP2&HO)@[`L>'1>?`#`*[QV`.!/2*]\(T]XRL
MR"W-RZ6B<D)D`4Q86F)Z"BW+U/4T?Z#O'6.OM+>TZNBJD\J"+A:]:>#(3PB.
MF@W"DXGP[6'I.^D4967E?K8]378JCD8$PI$U$J^]'/0`S)Z#+3BQ%<7EY=2Q
MN@^+/J![SI[\J)<5-[D:E.2:T9U3(X.G+_<R@[>;)D:H>WN'O9$),D/SD!4#
MY1!"MC>F1TIS@A,"V7!YNC*93CZ@Z^FHOWMADNUMK*]OI85H.7+7SE[78E\\
MY4,X<B<;JO'X\9S/IRFPZP3'H1GFTLQ=_96^K'I;%&6/K%`PBJ:053^R>(3,
MF?_288>1OWQV,ZG*P\]N_FB#"X7LDI#C'GLF=LUN7[>@N@.V$#4#5A`,T118
M18/%.GC%WZ&%-BU6",[\&+2#!-&GMQ]]27V:V!<JE:5&,O[C11%47%3RQKU&
MJ!+<P,((/<TO!#<2BH@S8(&C(D)X$-["JF$IO_HJ&=V9U-_7V=G?G]09$YV4
M%&VDM3AK9P^\DNCA7W8F(6M6AP<3*.N?.EP8FMTY:]F--3Z'RI=\&)]=1)ZK
MSXR*5""GC>@(ZY*:&;&73LIH[#O="%[?015[O[FI]RR-!@U>)'K[^NKGG]SH
MO#/"/'@Z#&_``@H<_+Y=$AR0Z+.+\5@>ANR1+24,U33,BK38"<Z!?\(&?F@@
MMJ=4=9THJRT_Q<(R[L&FG)792[/L"C/QTB9M21W=7:-.SSV:79#!(IZ!5+AF
MRU<6V1D/`3ZGFL;@2R#Y>3;P+^+/L`M7$0$I\2I?&CD2D`!>8/D2K*@7[TTX
MK/+>A7@A3$,^/MH]T'J!OM$7^=YJS\7(`3FPR!R9&WT?[.<>?R:"/\$\%R#%
M.K"'G\F_'AT*>8MZ,W#;;B:HX(4/G:1(DT4,2K^"=X`$:U@\(;\8>)H5!SQL
M&KQVEWH8?,7!?7O$JN!7.I=Z.YH'Z(\[$D+=_'8AH8(5ZXQ-:V'!"\Y%BZFY
M2OX-*".A!9J]43/N@XQK:Z(/'/$[1,L+W(<`G-N,!Q"&]8;U<H3AH"&$H3F=
MLW/;194_5H'I8^#'_2`^`\DP2=[PZ=BW@W(+#_7UEP[=^:;WUN0Y)JV11,(]
M`4'.E.M#3S`'F^EG(-#+]8&W&''PC^<O7KA'?;MU5(+,-FV4,.(SNYM#A_<:
M=T!TE0P82AD>HJYT]@]>[(C9OENU9U\L8XQ'"P5]'-:%7081^/_"SZTB*Q0X
M7!J`[1`'!RA@MTY)C(],@.:BE8ZWMWU3KRVOT#'^:.ZJ]6C^/G/C52+)WH:T
M/P:F(F&L.ZO,/92GI,.538.G:Y[TO62'ZW5-W;1P4M,,OOW<:BVV9'8]?XD-
MQ#03D>49-?74AS5UVA9FXGL<XHECZPHWJ],\CMHIX$ZSF7]I<ONU4DU9&=7(
MZ7$Y89`;'L6'9\K"BNV@'3)("`)U'E+CPFE-)^C;H:%3Q"V'94ZP5#P&I^`)
M>;Q"<YS^?D"Z0>*W;K$TN[KA9.FIXSI6_'0<:LGK<`AO.EY;U4+?;)-ML_??
M@DR.J$M*#K/B,73?8$:"GG@R5MLXP-[L.C\V1MV+&')M9<1/P:KEIOXQ!?RE
MW<B/0>E*8NB8+C^94A=E%F0P"#>\F[DA1^%=;"<>$_Z</3AKTHVUP3(^=P%<
MR#4[/2/=Z;?]Q@#_I1>LKTVS4R,W^V[1WPUM12+V3-$`9.-IQ`'U(76./+C5
MF9;8ASJZL5O62B7V%'IG9BF\"_B3H9\F&"%LT+1S?V_#N/.PA`^AP"-!S"GP
MGJKJNHOTWT:W(ALDBD*6OIM8OU"_%'<Z/*>FK;JTNJR61<7(".XBOIHJ&9IF
M8?[X%V`#]A1L>^,O2,H@K9+X^%A]?CQUI"BK0/7:#[XA,R?=FQ;.:+I`WP7U
M'5C8K`\_S(;[C-!#!*X@$+EQ4PSZ`QURL+*ILJRV0LO>-&9;<O*DIHK^NEOA
M=5B36WR(;2`FX(P1O3QJWR&7]]6:/%H/<OQ\]8F*41JL1V(D;*&FL)!J)7H@
M`#>T_[N/H\591Q3_FZOPFJ81[K9#8Z>Q#P_C1PY"4@_).)@4MV>OI?*-8H<9
M'3$.K48QC_3=B2MI=;ZF))^]"NGXV:H3-0-&N='(W^BN]J"FSBR^,=Z;'7>-
M#S:NWCMSK[2*U:EVM(K69U$IBJ*@@A7Q!1B05P+A&<(;$R*$1P)4GDD@(1`(
M%`3D#>4AJ*!44.Q40&FKW>IT5^WTN]DO.[-?T%J[._Y]SWSG=W[GG-_YW56T
M-%TF1>D:P!',4B;"V].T"4'_W\9P,%+&.:&(*JPB5(I2I0YQ?TQ<#QIT8+R.
M900?L)F'K;Q6X(AU%ZBJF[,RTS-('32).#UR36H`D2(7IX92PO>P0[%A@L](
M.,=Y%"QZ4@VPH9_I'WH'F\?('_L/PGD9M`%O!L$(<'1R8G)\X`G#)M+VHX#]
M#O3JC>YH\;@$_!2P;<'AF<>:I@<(PCG$P;56H"M''#Q[Q4$O\,%`"NX.3[]N
MV"QRS\S(R]5$7F9Q3CF%I&>K^FZ^82)C63F\)>)TS%:<(H^Z***\X&X,IN"M
M8(=ZXK+^KC5B1,3Y7T[>?OFD(J+`B#@I4>K1Y=F77F:>B]`P06QP"J&9S351
M\.JE6]:7RM[)KF=FQ&7C;^PN7U%O]BIGK69FV$#*M/*@K:44<Q''!ON1<4FJ
M7/JRMM1$&,,U?M[(3CEU^#\%"_MZ`59%@;\QHK>Q=\G4;\:'.YE>RS!6LA98
M!W<4OP%.(D,"YQ[9=!PN(5V#<[0%V6JEGD;'YQ/U1*%^_#7L+KDZWO^M7?AM
M!L'$JWJ/_YO/?FXM=RYC/V+IP0PXPV:^1I&[HW9)A+NM!=Y"5&6&HP)S%9H<
M[6P3L&\T1;H[9#F,XL!!B\"-$6`P"@E)FB;!*B31OR^>.-01L1TXV\<OJM],
MH-WK[.86]K]0]E^9E2#'4H=5X6`MTZ^Y7Z@;L^(/1"V6:^,"B%BI1!I#K8//
MH#_#Q^`)$?Z5K$SB2\3+HE(%E*UEY9N^!O[>C=F^@DWB.O."6I8!K&#F(JDQ
M@!@>7/]T`WCO.6!U/9NFOGW2`O[Z$OF!#Y]`NY6K3Z[=0FVP.PTY*PEF';.#
M=[/>:]/>,+CT"%R$[K''03<GTIG?-C-9">AAL(3^9V=?YPC)'4#3W&D"=286
MXXN2,$O,'_-@U:RR)KY[:%X18H79`SRQ.OSIF-+41P]]:1JX1KQTZ(9K*#@?
MWN8-@FBL(2^GP$0.5@;MAW]V<X1SDI(R,A)I[G<H[Y`)5%2S&#[2Z-DUZ@/G
M,2/^*YS&@)<>=\\2%TE:-H.<I6"A_O;M*>*7[2W0GH*:=\K3'\!9NS4,TGC7
M$093;E9^+3E@##BPXI`#9*<EIV=(:*X<\8O7LEX`+I@#%K#C$WD5N+8P+Z_8
MU'[^.Q+8/;H/%CYQ[]\R3A_N]C-V$P/-K4.C?8?7R]-3+B52E7@;4F`A'I,@
M3I((3QIWD'#^UBTKUO;[W'&FAUT;_-T(9P_7S]9ZW`1<"EU2!2'`N1WI.@;4
MLH:9*?;P$G!3AQ_/BE89"66&2J&DP`=,$Z;(3%>0#YH]5BB1+E6"8YBE$>=#
M)_2_\>3*_>[[V=:S"NTL5Q-."27'TM`V;!0/,+]H63<!S?X9.<MNN3J)3R2D
MQ<OBJ:VP`TLXD^H?2M@^V`/>!QM&IL&N3FH*F+3W"J[VJ9;IH#=22UE%%)^(
M3N5+W"EW>!B#F[U.V,-YI*/7U:'2+$.NB7X,'F&#1845`UE9&9ED&1SB<)MC
MU>:_E[.:S!^SS:>L(^,3AE^YI(V+(03BR+`@"M;"%\7@/YGCZ=IO<I;I88^(
MTR^K"'9-2Y>E$:&6?M1G1L!,8JWUY96-&0JDW%R@%JO-O`I6BQF9Y'EB7B4.
M6IC8!$LLB@7/F*^K>S3573EHMPZ).(H,Q-*7Q0FB.&E"2AP-/X>32M"LF,PP
M#BE0A#:,TZ&)\:+EZ7(Y<2D$NL"A3#""C:C*.[,H/=0).7UR3="GEZR?N9_'
MWP7FED#U8@%8!`C`0@8FE['GE1>*`X,3]OA^1.\*]#WO3X9*-/5-93_US-`=
M50:=CK2IE,!KO(MALJA8XIPFHK&[H_E1-Q51@)T*B11%D\D7587Y2OT7C?04
M:,:6X[%',9O1EN2P,E_RV'[^;C?ZT,X+ZQP(AZLG;R"O>*.S<;J#YNZ-JV/0
M]72N4*E98C`?^(+Y[#'S4JN9RD:F/34L61:3(J`A80G'9/'RI!1"U.]W]]%$
MP_UA:O!.]?08,76F\X#G6>%1;^I[,+Y3XICL(EO69!GF5;W``+?6=+.'-)1$
M^GK&;/?>2N^[X'WA'!F9F%><K5"K*FDNI..&F05&5AQ8Q`;38"%/6(KM/^,3
MRB?/AIBN]Y3<:QBC>ZM,!AU9I$J)I\71":%$4%E43;U>W]1^JLGQZ(&0HVZ4
M\P'^QFW$JG[7G\:'VQ[W4EP/R3V'"6"Y@NK*52\.1^M&@C_9^()B9BM/4Q@3
M$!*]QG,5?508*`PF0V/4M8WJJ<[OZ2&3P5A#VG1%P>N\5%%:E)@XJQ4U=#:U
M/.REPHLPK^!H42R9*LW.SL]&!Y8&ZYE[V^*<DHY(EPDY5XHOAB6D2:31-!_R
ML**(<)6`='/S=SQ"N^P,7.]$V/AN;/`<H6RZ;K0W/>Q"A:^)N\7\I9H5"VR`
MXQ0;C*':!268JU]`L`]Y.K2JO511G%5"@VV5,_>^)7J]ZYR<G?SV'J:..0=O
M/TC877.=>3#8\F,[!3W^P0.4Z:NQ)K*T0!+J[+KM?1%ZO0CZU#`/&D&(D04/
M,2_8:F8=;Q2W$)_$0(^=9%*J4D4KB_)TA"&Z1!@<&1[H57>A&^QK!F>9]=/4
M0SRG$;/'P:H:PYUF,B]'>I%.C$5[%J:-J*@I59O:?(W[/]QF#[><HQQQ[G+H
M70,FC4!:LWC7C.2Y/>`@O[L'S+-1_B#EO0QLBSU#>)_V=W0^4=M6I]?WE%/>
M!;S-`N]@3\)E%'D'8/OXUJ.[+I7+JRF;"QY%PMQ2(C\W_[]]EXM34V<:QM>E
M7[!HH\OQ=/"<G7.VLY6Q8FWMN-HZ];)X`]D"K>`E0%'!7"`0$I)`8DA(B%$T
M0,`0(48#(8D@5^4N>`,176>MQ7O7=JUUO6RM:SN=?<_,<6;W0^WJ..O^`><[
MO^_YGO=YW]?C8DJ]GIUN&L+O?//`M=.UHX8=%CBZT3Q!R^:TO<DTL847S)XW
M)\67/2AG"5EB=DZ>E"*J%/L*V@H88@O$<1^2C;4%F^>G1B4I]-Y#7P_\.,P*
M"XW75WLY=.F)W\/A)DPB,A5O@E``SM%_PO33M`N[S+S=9#.PLAE(N52?)*:(
M05&#LGMH^.B#DXRF!B5G:10ZVF+=75-A=SIJV0%X"]6=J^YKH`:5`='R^,_X
MUZ(9^!4W:Y%AI25^.[;&?TNIV*:S*EDB4\B[35?@>W^U]RY$3+##5`=$A,";
MW+])<6-N1WM38T='3J-$G)LK9N+X$7(='X]*\FP:'946S.L;/M;[W3&FH!:E
MRM78CA9KU9XJO.?XV+_#K;7FN.)%ENEV%2HOWU5.'ZBQ%)JV:RUR;(C#?$8K
M=_7I+\-Y$;=X#DPG[HW!>3+J\22TM%`GSJ)-)8Y*UN794T\%"KRY\@*-+*U+
M-@J"L]]`="_S,_?>VN(X\XOGUUH*C=NT)3DL,>T<C)#BIA?H<S"]<$7Q5:SW
MK``DC>NMX$J)5/@`2DEX@Q.]2A]^UN.3.#D$@Y#0%D2$GY\;:%AUA1[L[K[9
MR:I=:+-.I]71TL)K\(&&/=XST-G>AOM*@-^H#&TI==NT%)&J2$K[_<=X3.TW
M7>&^PG?&\3(E!$*YHR3_^N-%J$2Q7:.G4@\H^T=Z>V^=9`K<6,S\9V(ZRO>.
MU_8<[LN7U<2W+;9I+=FL$/1/?70QR5]=%PZW83*0V$J)06X6^5QYK(R<7<"?
M1S!)0(BA^O0CB'CJ,,L.DVTK&SD^=80*FNXB2#]_\?[02^9;HD_&YMLO\BN[
MA_O[;PTS&C?Z7*Y3O=I\<6O2YL0QE7Y'W3YJ0!D4+8_[E)\8S1#BX_!'1.Q?
M8HPI_FS;1"+QES)XCD^L_S_H_A?1S3O&^:2_\+U$IQ^G*\%T9>-T1Y[0N3`=
ML?Y)<3SC\3_A6?^,1[BPJ)6;TSS!`&&0#F$A!H@DWST;^_WUO[1?/L6<^")X
MY1SU\)/1R&7QLFB<?[&*Q;$4-$`'V>96IVS2S]KT#KLJ-U<FI67Z^KYC^W_J
M^X$]<R#0U$8+$_B,("QLYUX;2_8[\47'X#?$#?YU/H.$TH#@\S)]92-5;7<[
M/$P3A"!=O=<6H,]>Z+P^P@Y=:OQVC+JQ^<B?DE.D,>L8(K/I$2)NQ)CB+`DE
M$U6AA]S;5+:=)ISV>!:,Q>N>38,C*1,:N-^2$-;</7J,]NTM$$MT"S;.95=E
MB;.DM-KH\E66USE;6&'T.-='U^#Q884W'%N3F`JWN`VD58F(>SZUTI5#KTV4
MK5CSK'/,.[SAW)F>MHO]>%1*1^N-5ETRG0<[`Z'I=KT3[QGEN/@9?,0,K@=_
MSZ^4DPTU6^62PBC1.VR20J[`'4[_O,,%#S;30G[!+B_<>_3D^;5<%!$#BZ$5
MKY0QB.A[^BIEJHA7N"$&S&>NP)36F@II#]U>'^QAB;Y>K4_&$#%KT^+YR9_@
ML%E6U,;-/CBA^\?6GT,DV\C`=E2[N[:JVM>B.D5_>W;T:KNA0WZ83?XBLZN#
M"OKJFX\W9BRL90([ZF$V4@J,5HNM2".K^Y1>DIP4&]N;-K22]6?OR=-2$JU6
MDB#MNV-E<AU(R#?B,>IAYP0U+N[]7!0Y(%C$MR.KRJ8MH-)\JKXS)X[<Q8W;
MC=;*U'F%=(G565M3X:MN82]#%?I*X.I$'PNZ80;:+-BP-'[#"M5$86'1I677
MX7Z;T:MO"K?BJF;A#<+)30%$WH'O$#])P%<G1O(1B71Q255-95FM8Q]+K'X`
M#Y888[%HTXG@B]%KQM&;Q<KXR4@75YRNHD1!Y>"%/P]#R`7&G(9LFAT&,T6L
MQIG>-73DI?IVNEC"65[FK-B+4VR:P<M%^O%\5LI-#1DSD/7VXR<0S(7Y5T$X
M1G6J`C)IOBJ+V=AKE5#YDICY[S*N76X/!<O5\.NMIA2C81YC5R)[107F.KF;
M#^'WL`6[]`9*>/GYP3=#N+>`).5P$ZD$_/O\/@3+2K;>UM/&E**B/[#_\_NF
M,E@(S0&^]4!9[U$$,V'A)9C\)=63'Y1(U7DY3.H1FY122:,_?(\11A;]$'4=
M3M\3-91[PV.X&L+CY^:1SMWV2KK+M2VYFCW(+UBW`&TU&\WF0H,WB\[.5\DD
M`?7AT?:AAR.X9[Y=%Q2=H$\<ZOKK*1;GM21'I]'3&F-=CX7-A;>[1I#?XW)[
M?7NU!^E`G:^E)=\O69.9^GX":SJ-",^I8K-721>*C.:/L#TC^$U?<TW!<CS]
MA_-AG(FX9L+CD<-A=]#^/1:EDW7)O2L],R=Z9CKC\ZG4F)4J1I'7+J&SE?E9
MTD9E_]_^<1\2?F)OP_R^?QVC>M0-6\0JE81)&2K+H%3*%8F_8XB-8$XSP`0Y
MK4C7V5:QQ#6AWL,EU\"6?=5V`9^Q*[0Y#,(F0?DT;H#\#\8>^?4*96YD<W1R
M96%M#65N9&]B:@TQ,#0@,"!O8FH-/#P@#2]4>7!E("]&;VYT1&5S8W)I<'1O
M<B`-+T%S8V5N="`P(`TO0V%P2&5I9VAT(#<Q,B`-+T1E<V-E;G0@,"`-+T9L
M86=S(#0@#2]&;VYT0D)O>"!;("TY."`M,3DX(#<T.2`X,#(@72`-+T9O;G1.
M86UE("]'3$]03DLK3&EN;W1Y<&5%=7)O1F]N=%1T;UH@#2])=&%L:6-!;F=L
M92`P(`TO4W1E;58@.#D@#2]#:&%R4V5T("@O02]%*0TO1F]N=$9I;&4S(#$P
M-2`P(%(@#3X^(`UE;F1O8FH-,3`U(#`@;V)J#3P\("]&:6QT97(@+T9L871E
M1&5C;V1E("],96YG=&@@-C,R("]3=6)T>7!E("]4>7!E,4,@/CX@#7-T<F5A
M;0T*2(EL4%U(%%$4GMEUKEFK5J0^S#)S*;.D,"0L+2FW-*/L!Q*C-<K9F;OK
MQ7%FG1]K,=@B%E(1ZZ4B!2-77TPD,B/:2*J7D`PJBX*>LB<?)`CN;/=AF]U>
M>SE\YSM\/QR6R?,P+,OZFUM.G3YY?$<+UG0K%D5-MJ$?T36KU=*#V?M>IYAQ
M>-;Q>QR_URG+<_R^TDH:3%]+SW'"?38S./AO^O+)RGJR6DQ^;WB:!AL9#\M^
M_]7:B:""(]B25#4&D2;K"E)@MR1W8@U!`TF*%%(1U&U+S1**9$DPK!LP:NB*
M+6,M`BW7H=6M%99D9$(5RT@S70M+AS'=AMB$LAZ-&3C2:;GL]L.5.V%U75TM
M#,6@I"DYM>L51885@WH8'D5806H(&1%DP$;#EKNZ)3-71H.!YJQDEYN.+1.:
M=LC$"I8,C,PJ&%!5F`LQW=(F,GJ14O7?AS&,)]#$,)N9"L;KOI?)8P;8-7^N
M%#DWXK-D(O4B1>P9]L.*UQER'I;$23UW%<0'$G9?W['9,SSE:VDY+3!%&9A!
M[@WH/\>I6?0:T(J[[VD]:>`79Y)/GHL#TYPJ=VAM/"WM(H'5ZR*QP7B*H\-@
M='!D:%0@8[GU,?AY>X[PQ,M_?72P)2FZ+2[/$V/IY=(7TL`ND&JO,_RNY&W^
MA?;SP49^2X)L^YP0R2$PM<31\"1($CL_"V^!A9MWR-8?_,=G^]NFQ21IZ`5]
M_8F>WIZVN1,\%0[03;30$#N`&N`60/]93@-=`6X1T/*Q;[2,U/"?7DW-I\2B
M2_?2[2-`&)=EW5<@U(SOSJQ=7B=43^[)"/MPW.=;%JP'%WV%PD3&5_Q7@`$`
MK0T,C0IE;F1S=')E86T-96YD;V)J#3$P-B`P(&]B:@T\/"`-+U1Y<&4@+T5N
M8V]D:6YG(`TO1&EF9F5R96YC97,@6R`Q("]%("]!(%T@#3X^(`UE;F1O8FH-
M,3`W(#`@;V)J#3P\("]&:6QT97(@+T9L871E1&5C;V1E("],96YG=&@@,C,U
M(#X^(`US=')E86T-"DB);)`Q:\,P$(5W_8H;$SI(,NEFM*0M&)JVU&F';HIT
M-H+Z)&1Y\+^OI+B!0@<]N+MWCT_'C]U#1RX!?XO>])A@<&0CSGZ)!N&"HR.0
M#5AGTE95-9,.P/-RO\X)IXX&#VW+^'L>SBFNL'MVY-,:\'&)_LE3.B?_=2?V
MP%^CQ>AHA-U9?GSF1K^$\(T34@(!2H'%@?'C28<7/2'P_X.J2VXPWN(<M,&H
M:41HA519&@5(]N^,-=>-RW`M-VL5<;A7K*YM(@Y2L1SQ:RYIY=LW-+/$F*GK
M;2IP@7*$M_,%'PI#>>Q'@`$`_D%WQPIE;F1S=')E86T-96YD;V)J#3$P."`P
M(&]B:@T\/"`-+U`@*#`I#3X^(`UE;F1O8FH-,3`Y(#`@;V)J#3P\(`TO4R`O
M1"`-+U-T(#(@#3X^(`UE;F1O8FH-,3$P(#`@;V)J#3P\(`TO3G5M<R!;(#`@
M,3`X(#`@4B`Q(#$P.2`P(%(@72`-/CX@#65N9&]B:@TQ,3$@,"!O8FH-/#P@
M#2]0<F]D=6-E<B`H17!R;V]F(#(N,"D-+TME>7=O<F1S("@I#2]-;V1$871E
M("A$.C(P,#DQ,3`U,3`T-3,Q+3`U)S`P)RD-+T%U=&AO<B`H365R<FEL;"!#
M;W)P;W)A=&EO;BD-+U-U8FIE8W0@*"D-+T-R96%T;W(@*$UE<G)I;&P@0V]R
M<&]R871I;VX@3F5T=V]R:R!#;VUP;W-I=&EO;B!3>7-T96TI#2]4:71L92`H
M*0TO0W)E871I;VY$871E("A$.C(P,#DQ,#(Q,3,Q,#(W*0T^/B`-96YD;V)J
M#3$Q,B`P(&]B:@T\/"`-+U1Y<&4@+U!A9V5S(`TO2VED<R!;(#$Q.2`P(%(@
M,2`P(%(@-"`P(%(@-R`P(%(@,3`@,"!2(#$S(#`@4B`Q-B`P(%(@,3D@,"!2
M(#(R(#`@4B`R-2`P(%(@#5T@#2]#;W5N="`Q,"`-+U!A<F5N="`Q,3,@,"!2
M(`T^/B`-96YD;V)J#3$Q,R`P(&]B:@T\/"`-+U1Y<&4@+U!A9V5S(`TO2VED
M<R!;(#$Q,B`P(%(@,3$T(#`@4B`Q,34@,"!2(#$Q-B`P(%(@72`-+T-O=6YT
M(#,S(`T^/B`-96YD;V)J#3$Q-"`P(&]B:@T\/"`-+U1Y<&4@+U!A9V5S(`TO
M2VED<R!;(#(X(#`@4B`S,2`P(%(@,S0@,"!2(#,W(#`@4B`T,"`P(%(@-#,@
M,"!2(#0V(#`@4B`T.2`P(%(@-3(@,"!2(#4U(#`@4B`-72`-+T-O=6YT(#$P
M(`TO4&%R96YT(#$Q,R`P(%(@#3X^(`UE;F1O8FH-,3$U(#`@;V)J#3P\(`TO
M5'EP92`O4&%G97,@#2]+:61S(%L@-3@@,"!2(#8Q(#`@4B`V-"`P(%(@-C<@
M,"!2(#<P(#`@4B`W,R`P(%(@-S8@,"!2(#<Y(#`@4B`X,B`P(%(@.#4@,"!2
M(`U=(`TO0V]U;G0@,3`@#2]087)E;G0@,3$S(#`@4B`-/CX@#65N9&]B:@TQ
M,38@,"!O8FH-/#P@#2]4>7!E("]086=E<R`-+TMI9',@6R`X."`P(%(@.3$@
M,"!2(#DT(#`@4B!=(`TO0V]U;G0@,R`-+U!A<F5N="`Q,3,@,"!2(`T^/B`-
M96YD;V)J#7AR968-,"`Q,3<@#3`P,#`P,#`P,#`@-C4U,S4@9@T*,#`P,#`R
M,C@P,2`P,#`P,"!N#0HP,#`P,#(R.34S(#`P,#`P(&X-"C`P,#`P,C,P-CD@
M,#`P,#`@;@T*,#`P,#`R-#`P-2`P,#`P,"!N#0HP,#`P,#(T,34W(#`P,#`P
M(&X-"C`P,#`P,C0R.#0@,#`P,#`@;@T*,#`P,#`R-C<Y-B`P,#`P,"!N#0HP
M,#`P,#(V.30X(#`P,#`P(&X-"C`P,#`P,C<P-S4@,#`P,#`@;@T*,#`P,#`S
M,#8V-R`P,#`P,"!N#0HP,#`P,#,P.#(R(#`P,#`P(&X-"C`P,#`P,S`Y-3`@
M,#`P,#`@;@T*,#`P,#`S,S0U-2`P,#`P,"!N#0HP,#`P,#,S-C$P(#`P,#`P
M(&X-"C`P,#`P,S,W,SD@,#`P,#`@;@T*,#`P,#`S-C,X,"`P,#`P,"!N#0HP
M,#`P,#,V-3,U(#`P,#`P(&X-"C`P,#`P,S8V-C,@,#`P,#`@;@T*,#`P,#`S
M.3$S-B`P,#`P,"!N#0HP,#`P,#,Y,CDQ(#`P,#`P(&X-"C`P,#`P,SDT,#<@
M,#`P,#`@;@T*,#`P,#`T,3DY,"`P,#`P,"!N#0HP,#`P,#0R,30U(#`P,#`P
M(&X-"C`P,#`P-#(R-S,@,#`P,#`@;@T*,#`P,#`T-#`P,B`P,#`P,"!N#0HP
M,#`P,#0T,34W(#`P,#`P(&X-"C`P,#`P-#0R.#4@,#`P,#`@;@T*,#`P,#`T
M-CDW-"`P,#`P,"!N#0HP,#`P,#0W,3(Y(#`P,#`P(&X-"C`P,#`P-#<R-3<@
M,#`P,#`@;@T*,#`P,#`T.30Q-R`P,#`P,"!N#0HP,#`P,#0Y-3<R(#`P,#`P
M(&X-"C`P,#`P-#DW,#`@,#`P,#`@;@T*,#`P,#`U,C`Y-B`P,#`P,"!N#0HP
M,#`P,#4R,C4Q(#`P,#`P(&X-"C`P,#`P-3(S-SD@,#`P,#`@;@T*,#`P,#`U
M-#$S."`P,#`P,"!N#0HP,#`P,#4T,CDS(#`P,#`P(&X-"C`P,#`P-30T,C$@
M,#`P,#`@;@T*,#`P,#`U-S$Y-B`P,#`P,"!N#0HP,#`P,#4W,S4Q(#`P,#`P
M(&X-"C`P,#`P-3<T-SD@,#`P,#`@;@T*,#`P,#`U.38T-R`P,#`P,"!N#0HP
M,#`P,#4Y.#`R(#`P,#`P(&X-"C`P,#`P-3DY,S`@,#`P,#`@;@T*,#`P,#`V
M,C@U,B`P,#`P,"!N#0HP,#`P,#8S,#`W(#`P,#`P(&X-"C`P,#`P-C,Q,S4@
M,#`P,#`@;@T*,#`P,#`V-3,Y,R`P,#`P,"!N#0HP,#`P,#8U-30X(#`P,#`P
M(&X-"C`P,#`P-C4V-S<@,#`P,#`@;@T*,#`P,#`V.#0R."`P,#`P,"!N#0HP
M,#`P,#8X-3@S(#`P,#`P(&X-"C`P,#`P-C@V.3D@,#`P,#`@;@T*,#`P,#`W
M,3,Y-"`P,#`P,"!N#0HP,#`P,#<Q-30Y(#`P,#`P(&X-"C`P,#`P-S$V.#D@
M,#`P,#`@;@T*,#`P,#`W,S8X."`P,#`P,"!N#0HP,#`P,#<S.#0S(#`P,#`P
M(&X-"C`P,#`P-S,Y.30@,#`P,#`@;@T*,#`P,#`W-C,X-B`P,#`P,"!N#0HP
M,#`P,#<V-30Q(#`P,#`P(&X-"C`P,#`P-S8V-3<@,#`P,#`@;@T*,#`P,#`W
M.#DW."`P,#`P,"!N#0HP,#`P,#<Y,3,S(#`P,#`P(&X-"C`P,#`P-SDR-#D@
M,#`P,#`@;@T*,#`P,#`X,34P,2`P,#`P,"!N#0HP,#`P,#@Q-C4V(#`P,#`P
M(&X-"C`P,#`P.#$W.#0@,#`P,#`@;@T*,#`P,#`X-#`Y-"`P,#`P,"!N#0HP
M,#`P,#@T,C0Y(#`P,#`P(&X-"C`P,#`P.#0S-S<@,#`P,#`@;@T*,#`P,#`X
M-C0U."`P,#`P,"!N#0HP,#`P,#@V-C$S(#`P,#`P(&X-"C`P,#`P.#8W-#$@
M,#`P,#`@;@T*,#`P,#`X.34Y."`P,#`P,"!N#0HP,#`P,#@Y-S4S(#`P,#`P
M(&X-"C`P,#`P.#DX.#`@,#`P,#`@;@T*,#`P,#`Y,C,R,"`P,#`P,"!N#0HP
M,#`P,#DR-#<U(#`P,#`P(&X-"C`P,#`P.3(U.3(@,#`P,#`@;@T*,#`P,#`Y
M-3(Y-R`P,#`P,"!N#0HP,#`P,#DU-#4R(#`P,#`P(&X-"C`P,#`P.34U.3(@
M,#`P,#`@;@T*,#`P,#`Y.#0T-2`P,#`P,"!N#0HP,#`P,#DX-C`P(#`P,#`P
M(&X-"C`P,#`P.3@W,38@,#`P,#`@;@T*,#`P,#`Y.3,S-2`P,#`P,"!N#0HP
M,#`P,#DY-#DP(#`P,#`P(&X-"C`P,#`P.3DV,#<@,#`P,#`@;@T*,#`P,#$P
M,#@Y,2`P,#`P,"!N#0HP,#`P,3`Q,#0V(#`P,#`P(&X-"C`P,#`Q,#$Q-S0@
M,#`P,#`@;@T*,#`P,#$P,C(T,R`P,#`P,"!N#0HP,#`P,3`R,SDX(#`P,#`P
M(&X-"C`P,#`Q,#(U,34@,#`P,#`@;@T*,#`P,#$P,S$R-R`P,#`P,"!N#0HP
M,#`P,3`S.3(T(#`P,#`P(&X-"C`P,#`Q,#0W,C4@,#`P,#`@;@T*,#`P,#$P
M-#DS,2`P,#`P,"!N#0HP,#`P,3`U,CDR(#`P,#`P(&X-"C`P,#`Q,#DU.34@
M,#`P,#`@;@T*,#`P,#$Q,#`T,2`P,#`P,"!N#0HP,#`P,3$V,CDQ(#`P,#`P
M(&X-"C`P,#`Q,38U,C,@,#`P,#`@;@T*,#`P,#$Q-S(T-R`P,#`P,"!N#0HP
M,#`P,3$W,S$U(#`P,#`P(&X-"C`P,#`Q,3<V,C4@,#`P,#`@;@T*,#`P,#$Q
M-S8U-R`P,#`P,"!N#0HP,#`P,3$W-CDV(#`P,#`P(&X-"C`P,#`Q,3<W-3(@
M,#`P,#`@;@T*,#`P,#$Q-SDY,2`P,#`P,"!N#0HP,#`P,3$X,3,X(#`P,#`P
M(&X-"C`P,#`Q,3@R,S$@,#`P,#`@;@T*,#`P,#$Q.#,X,"`P,#`P,"!N#0HP
M,#`P,3$X-3(Y(#`P,#`P(&X-"G1R86EL97(-/#P-+U-I>F4@,3$W#2])1%L\
M964R965B,C-E8S4P93-F-6-D93<S-S9E-V(T8C-F,S4^/&5E,F5E8C(S96,U
M,&4S9C5C9&4W,S<V93=B-&(S9C,U/ET-/CX-<W1A<G1X<F5F#3$W,PTE)45/
M1@T`````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
8````````````````````````````````
`
end
</PDF>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>a2195218zex-10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Merrill Lynch Non-Qualified Deferred Compensation Plan</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article 1 -
Introduction</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Purpose of
Plan</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Employer has adopted the Plan set forth
herein to provide a means by which certain employees may elect to </font><font size="2" style="font-size:10.0pt;">defer receipt </font><font size="2" style="font-size:10.0pt;">of designated percentages
or amounts of their Compensation and to provide a means for certain other
deferrals of Compensation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Status of Plan</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan is intended to be &#147;a plan that is
unfunded and is maintained by an employer primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees&#148; within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA, and shall be interpreted and administered to the extent possible in a
manner consistent with that intent. The Plan was originally adopted effective January
1, 1995, and has not been amended or materially modified (other than as
otherwise permitted under regulations issued by the Secretary of the Treasury) after
October 3, 2004. By action of its sole general partner, the Employer froze the
Plan with respect to the vested benefits of Plan participants earned on or
before December 31, 2004 in such manner as ensured that the frozen Plan shall
not be subject to section 409A of the Code. The Plan has not been amended (or
otherwise materially modified in any manner that would subject the Plan to Code
Section 409A) with respect to those Plan benefits accrued or earned by
participants and vested as of December 31, 2004 and including actual or deemed
interest accumulations or increases in the present value of the December 31, 2004
vested accrued benefits (the &#147;Frozen Benefits&#148;). Any attempted amendment or
purported material modification with respect to such Frozen Benefits shall be
null and void and of no force or effect. The Frozen Benefits shall be governed
by the terms of this Plan as it existed as of December 31, 2004. The Plan is
intended to permit the deferral of compensation on and after January 1, 2005 (or
with respect to amounts deferred before January 1, 2005 but not vested as of
that date) in accordance with section 409A of the Code and all provisions of
this Plan shall be interpreted and applied in a manner consistent with section
409A of the Code. Any provision that would conflict with such requirements
shall not be valid or enforceable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article 2 -
Definitions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wherever used herein, the following terms
have the meanings set forth below, unless a different meaning is clearly
required by the context:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Account </font></b><font size="2" style="font-size:10.0pt;">means, for each
Participant, the account established for his or her benefit under Section</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">5.1.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.2.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Adoption
Agreement </font></b><font size="2" style="font-size:10.0pt;">means The Merrill Lynch Non-Qualified Deferred
Compensation Plan Adoption Agreement, which shall be incorporated herein, signed
by the Employer to establish the Plan and containing all the options selected
by the Employer, as the same may be amended from time to time.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Change of
Control </font></b><font size="2" style="font-size:10.0pt;">has </font><font size="2" style="font-size:10.0pt;">the meaning set forth in the
Stock Plan. It is the Employer&#146;s responsibility to determine whether a Change
of Control has occurred and to advise the Plan Administrator (or its delegate) accordingly.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.4.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Code </font></b><font size="2" style="font-size:10.0pt;">means the
Internal Revenue Code of 1986, as amended from time to time. Reference to</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">any section or
subsection of the Code includes </font><font size="2" style="font-size:10.0pt;">reference to any comparable </font><font size="2" style="font-size:10.0pt;">or succeeding provisions
of any legislation that amends, supplements or replaces such section or
subsection. In addition, reference to any section or subsection of the Code
includes a reference to </font><font size="2" style="font-size:10.0pt;">regulations,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=692145,FOLIO='',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">notices,
rulings and other official Internal Revenue Service guidance issued in
connection with such section or subsection.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.5.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Compensation</font></b><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">means</font><font size="2" style="font-size:10.0pt;"> the compensation, otherwise
subject to a deferral election hereunder and as</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">defined
by the Employer in the Adoption Agreement.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.6.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Effective</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"> Date</font></b><font size="2" style="font-size:10.0pt;"> means the date chosen in
the Adoption Agreement as of which the Plan first</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">becomes
effective.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.7.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Election Form</font></b><font size="2" style="font-size:10.0pt;"> means the participation election form as approved and prescribed by the
Plan</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">Administrator.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.8.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Elective</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"> Deferral</font></b><font size="2" style="font-size:10.0pt;"> means the portion of
Compensation that is deferred by a Participant under</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">Section
4.1.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.9.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Eligible
Employee</font></b><font size="2" style="font-size:10.0pt;"> means, on the Effective
Date or on any entry date thereafter, each</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">employee</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">of the Employer who the Employer determines satisfies the criteria
established in the Adoption Agreement.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.10.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Employer</font></b><font size="2" style="font-size:10.0pt;"> means the Employer
referred to in the Adoption Agreement, any successor to all or a major portion
of the Employer&#146;s assets or business that assumes the obligations of the
Employer, and each other entity that is affiliated with the Employer, which adopts
the Plan with the consent of the Employer, provided that the Employer that
signs the Adoption Agreement shall have the sole power to amend this Plan and
shall be the Plan Administrator if no other person or entity is so serving at
any time.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.11.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">ERISA</font></b><font size="2" style="font-size:10.0pt;"> means the Employee
Retirement Security Act of 1974, as amended from time to time. Reference to any
section or subsection of ERISA includes reference to any comparable or
succeeding provisions of any legislation that amends, supplements or replaces
such section or subsection.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.12.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Incentive Deferral</font></b><font size="2" style="font-size:10.0pt;"> means a
discretionary additional deferral made by the Employer as described in Section 4.3.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.13.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Insolvent</font></b><font size="2" style="font-size:10.0pt;"> means either (i) the
Employer is unable to pay its debts as they become due, or (ii) the Employer is
subject to a pending proceeding as a debtor under the United States Bankruptcy
Code.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.14.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Matching Deferral</font></b><font size="2" style="font-size:10.0pt;"> means a deferral
for the benefit of a Participant as described in Section 4.2.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.15.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Participant</font></b><font size="2" style="font-size:10.0pt;"> means any individual who
participates in the Plan in accordance with Article 3.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.16.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Plan</font></b><font size="2" style="font-size:10.0pt;"> means the Employer&#146;s plan
in the form of the Merrill Lynch Non-Qualified Deferred Compensation Plan and
the </font><font size="2" style="font-size:10.0pt;">Adoption Agreement and all amendments
thereto.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.17.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Plan
Administrator</font></b><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">means the person, persons or entity designated by the Employer in the
Adoption Agreement to administer the Plan and to serve as the agent </font><font size="2" style="font-size:10.0pt;">for</font><font size="2" style="font-size:10.0pt;"> Employer with respect to the Trust as
contemplated by the agreement establishing the Trust. If no such person or
entity is so serving at any time, the Employer shall be the Plan Administrator.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.18.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Plan Year</font></b><font size="2" style="font-size:10.0pt;"> means the calendar year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.19.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Retirement Age</font></b><font size="2" style="font-size:10.0pt;"> means the Retirement Age
chosen in the Adoption Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=2,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=936687,FOLIO='2',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.20.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Stock Plan </font></b><font size="2" style="font-size:10.0pt;">means the Simon Property
Group, L.P. 1998 Stock Incentive Plan, as the same has been or may be modified
or supplemented from time-to-time, or any successor thereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.21.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Total and Permanent Disability</font></b><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">means that the Participant (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, or (ii) is, by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not
less than 12 months, receiving income replacement benefits for a period of not
less than 3 months under an accident and health plan covering employees of the
Participant&#146;s Employer. The permanence and degree of any Total and Permanent
Disability shall be supported by medical evidence satisfactory to the Plan
Administrator. The Plan Administrator may rely on a determination of disability
made by the Social Security Administration for the purposes of determining
whether a Participant has a Total and Permanent Disability.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.22.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Trust</font></b><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">means the Trust established by the Employer that identifies the Plan as a
plan with respect to which assets are to be held by the Trustee.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.23.&#160;&#160;&#160;&#160;&#160;&#160; Trustee</font></b><font size="2" style="font-size:10.0pt;">
means the Trustee or Trustees under the Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.24.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Year of Service</font></b><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">means the computation period and service requirement provided for in Section
6.2 and as elected in the Adoption Agreement.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article 3 -
Participation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Commencement
of </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Participation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any individual who
elects to defer part of his or her Compensation in accordance with Section 4.1
shall become a Participant in the Plan as of the date such deferrals commence. Any
individual who is not already a Participant and whose Account is credited with
an Incentive Deferral shall become a Participant as of the date such amount is
credited.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.2.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Continued
Participation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
provided herein, a Participant in the Plan shall continue to be a Participant
so long as any amount remains credited to his or her Account, subject to the
following:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Employer may determine, before the beginning of a Plan Year that, effective
after the end of the current Plan Year, a Participant will not be eligible (i) to
elect to defer part of his or her Compensation in accordance with Section 4.1, (ii)
for the credits for Matching Deferrals in accordance with Section 4.2, or (iii)
for Incentive Deferrals in accordance with Section 4.3.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Elective
Deferral elections under Section 4.1 shall be terminated (subject to a
Participant&#146;s subsequent timely deferral election under Section 4.1) in
accordance with the rules in Section 7.5 for unforeseen financial emergency
withdrawals</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Elective
Deferral elections </font><font size="2" style="font-size:10.0pt;">under Section 4.1 shall be
terminated if the Participant elects to receive a hardship distribution under a
tax-qualified cash or deferred arrangement subject to section 401(k) of the
Code maintained by the Employer. In such case, any later </font><font size="2" style="font-size:10.0pt;">Elective Deferral election under Section 4.1 of this Plan cannot be
earlier than the first day of any Plan Year after the expiration of the
suspension of deferrals under the section 401(k) plan.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">4 </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">- Elective, Matching and Incentive
Deferrals</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Elective
Deferrals</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elective Deferral
elections shall be made on such Election Forms provided by the Plan
Administrator and in accordance with the following provisions:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=3,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=672653,FOLIO='3',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General Rule on Timing of Elective
Deferral Elections</u>. </font><font size="2" style="font-size:10.0pt;">Except as otherwise
provided </font><font size="2" style="font-size:10.0pt;">in </font><font size="2" style="font-size:10.0pt;">this
Section 4.1 or otherwise in this Plan, an Eligible Employee may elect to defer
a percentage or dollar amount of Compensation to be earned in a Plan Year by
making an irrevocable election to do so before January 1st of that Plan Year.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Initial Elective Deferral Election
Upon Effective Date of Plan</u>. </font><font size="2" style="font-size:10.0pt;">If
an Eligible Employee is not otherwise eligible to participate in another
individual account non-qualified deferred compensation plan, and the individual
is an Eligible Employee on the Effective Date, the Eligible Employee may
irrevocably elect to defer a percentage or dollar amount of Compensation to be
earned by the Eligible Employee in the same Plan Year as long as the election
is made within 30 days following the Effective Date and applies only to
Compensation earned after the election is made. Thereafter, the timing of
future Elective Deferral elections is governed by Section 4.1(a).</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Initial Elective Deferral Election
Upon an Individual&#146;s First Becoming Eligible After the Plan&#146;s Effective Date</u>.
</font><font size="2" style="font-size:10.0pt;">If an Eligible Employee is not otherwise
eligible to participate in another individual account non-qualified deferred
compensation plan, and the individual first becomes eligible for this Plan
after the Effective Date, the Eligible Employee may irrevocably elect to defer
a percentage or dollar amount of Compensation to be earned by the Eligible
Employee in the same Plan Year as long as the election is made within 30 days
following the date the individual first becomes an Eligible Employee and
applies only to Compensation earned after the election is made. Thereafter, the
timing of future Elective Deferral elections is governed by Section </font><font size="2" style="font-size:10.0pt;">4.1(a).</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Special Rule for Final Payroll in
a Plan Year</u>. </font><font size="2" style="font-size:10.0pt;">If an Employer&#146;s normal
payroll practice is such that the last payroll beginning in a Plan Year covers
services performed at the end of that Plan Year </font><font size="2" style="font-size:10.0pt;">and
into </font><font size="2" style="font-size:10.0pt;">the beginning of the next Plan Year, then any
Elective </font><font size="2" style="font-size:10.0pt;">Deferral </font><font size="2" style="font-size:10.0pt;">elections under this Plan for a Plan Year will irrevocably apply to all
payroll periods beginning in that Plan Year.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Crediting Elective Deferral
Elections</u>. </font><font size="2" style="font-size:10.0pt;">Elective Deferrals shall
be credited to the Participant&#146;s Account as soon as practicable after the date
the amounts would otherwise have been paid to the Participant in the absence of
an Elective Deferral election.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If </font><font size="2" style="font-size:10.0pt;">an Employer elects to </font><font size="2" style="font-size:10.0pt;">allow for the
deferral of Performance-Based Compensation (as defined in Appendix A) by making
the election in Section 4 of the Adoption Agreement, the rules set forth in
Appendix A with respect to deferrals of Performance-Based Compensation shall
apply. The Plan Administrator may adopt such additional administrative
requirements regarding the form and timing of Elective Deferral elections as
long as those requirements are consistent with the preceding provisions of this
Section 4.1 and the Code.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.2.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Matching</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"> Deferrals</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For each eligible
Participant in the Plan, as of the end of each payroll period, calendar month, calendar
quarter, or calendar year as determined by the Employer and specified in the
Adoption Agreement (the &#147;Determination Period&#148;), the Employer may, in its sole
and absolute discretion, add a Matching Deferral amount </font><font size="2" style="font-size:10.0pt;">calculated at the end of the Determination Period, equal to the product
of: (i) the rate of the Matching Deferral amount, if any, specified by the
Employer in the Adoption Agreement, and (ii) the amount of the Elective
Deferral credited to the Account of the Participant for that Determination
Period pursuant to Section 4.1. The Employer may contribute an amount equal to
such Matching Deferral amount to </font><font size="2" style="font-size:10.0pt;">the
Trust as soon as practicable thereafter. The Matching Deferral amount will be
credited to the Account of the Participant as soon as practicable after the
Determination Period.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Incentive</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;"> Deferrals</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to any
amounts which may be credited to the Account of a Participant pursuant to Section
4.1 for any year, the Employer may, in its sole and absolute discretion, at any
time and from time to time</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=4,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=240550,FOLIO='4',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">determine to credit
the Account of a Participant with an amount
determined by the Employer in its sole and absolute discretion. Such amount
shall be authorized for such purpose or purposes as the Employer may deem
appropriate and, except for determining the form and timing of distribution of
such amounts, shall be subject to such terms and conditions as the Employer may
determine in its sole and absolute discretion. In all events, any such terms
and conditions that the Employer may determine must be established in writing
and comply with the terms of this Plan and the requirements of section 409A of
the Code. For example, the Employer may credit an amount to the Account of a
Participant and condition the credit of that amount and any adjustment of that
amount upon the Participant remaining employed by the Employer for an
additional specified period of time. The terms and conditions specified by the
Employer shall be set forth in writing and reflected in an attachment to the
Adoption Agreement. All Incentive Deferrals credited to a Participant&#146;s Account
for a Plan Year will be distributed according to the Participant&#146;s election in
effect for Elective Deferrals credited to the Participant&#146;s Account for the same Plan Year. If there is no such
election in effect, then all Incentive Deferrals credited to a Participant&#146;s
Account for a Plan Year will be distributed in a single sum payment upon the
earlier of the date specified in Section 7.3 (Separation from Service) or Section
7.4 (Death).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article 5 -
Accounts</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Accounts</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan
Administrator shall establish an Account for each participant reflecting
Elective Deferrals, Matching Deferrals (if any) and Incentive Deferrals (if any)
credited for the Participant&#146;s benefit together with any adjustments for income,
gain or loss and any payments from the Account, The Plan Administrator may
cause the Trustee to maintain and invest separate asset accounts corresponding
to each Participant&#146;s Account. The Plan Administrator shall establish
sub-accounts for each Participant who has more than one election in effect
under Section 7.1 and such other sub-accounts as are necessary for the proper
administration of the Plan. The Plan</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">Administrator
shall provide the Participant with a statement of his or her Account reflecting
the income, gains and losses (realized and unrealized), amounts of deferrals, and
distributions of such Account since the prior statement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Deemed Investments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the
elections made by the Employer in the Adoption Agreement, for purposes of
measuring the value of the benefit that may be payable to or with respect to a
Participant under the Plan, such value may be determined taking into account
Participant-directed deemed investment elections made in accordance with the
terms and conditions of this Section 5.2.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For
purposes of measuring the amounts to be credited (or debited) to a Participant&#146;s
Account, a Participant or the Participant&#146;s investment advisor may select, from
the investment options or other investment media selected by the Plan
Administrator and approved by the Employer, the investments in which all or
part of his or her Account shall be deemed to be invested. In no event shall
any Participant be entitled to have any such investments made other than on a
deemed basis. The Accounts maintained pursuant to this Plan are for bookkeeping
purposes only, and neither the Employer nor the Trustee is under any obligation
to invest any amounts credited to </font><font size="2" style="font-size:10.0pt;">such
Accounts.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Participant or the Participant&#146;s </font><font size="2" style="font-size:10.0pt;">investment
advisor shall make an </font><font size="2" style="font-size:10.0pt;">investment designation (on
the Election Form used to elect to defer Compensation under Section 4.1 or in
such other </font><font size="2" style="font-size:10.0pt;">manner </font><font size="2" style="font-size:10.0pt;">as specified by the Plan Administrator or the Employer) which shall remain effective until another valid
direction has been made by Participant or the Participant&#146;s investment advisor.
The Participant or the Participant&#146;s investment advisor may amend the
Participant&#146;s investment designation at such times and </font><font size="2" style="font-size:10.0pt;">in such manner as prescribed by the Plan Administrator. A timely change
to the Participant&#146;s investment designation shall become effective as soon as
administratively practicable in accordance with procedures established by</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=5,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=595184,FOLIO='5',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
Plan Administrator. The investment options or investment media deemed to be
made available to the Participant, and any limitation on the maximum or minimum
percentages of the Participant&#146;s Account that may be deemed to be invested in
any particular option or investment, shall be the same as from time to time
communicated to the Participant by the Plan Administrator.</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Participant&#146;s appointment of an investment advisor to act on his or her behalf
under subsection (a) shall not be effective until the Participant notifies the
Employer of such appointment in a manner acceptable to the Employer. The
removal of any Participant&#146;s investment advisor shall not be effective until
the participant notifies the Employer of the removal in a manner acceptable to
the Employer.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Trustee shall invest assets of the Trust in accordance with the terms and
provisions of the trust agreement that establishes and governs the Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Hypothetical Accounts</font></b></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Accounts (and
any sub-accounts) established under this Plan for Participants and their
Beneficiaries shall be hypothetical in nature and shall be maintained for
bookkeeping purposes only. Neither the Plan nor any of the Accounts (sub-accounts
or any accounts established under this Plan) shall be required to hold any
actual funds or assets.</font></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article 6 -
Vesting</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vested Benefit</font></b></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;Vested&#148;
shall mean the Participant&#146;s non-forfeitable interest in the benefit described
under the Plan which may be payable to or with respect to the Participant in
accordance with and subject to the terms of the Plan. Except as otherwise
specifically provided in the Plan and subject to earlier vesting in accordance
with Sections 6.3, 6.4 and 6.5 of the Plan, the amounts credited to the Account
(or any sub-accounts) of each Participant shall be Vested as follows:</font></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
amounts credited to the Account of each Participant attributable to Elective
Deferrals, as adjusted based upon the measuring investments, shall be one
hundred percent (100%) Vested at all times subject, in all cases, to any vesting
requirements set forth in, or established under, the Stock Plan for any
Elective Deferrals consisting of awards under the Stock </font><font size="2" style="font-size:10.0pt;">Plan;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
amounts credited to the Account of each Participant attributable to Matching
Deferrals, as adjusted based upon the measuring investments, shall be Vested in
accordance with the schedule selected by the Employer in the Adoption Agreement;
and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
amounts credited to the Account of each Participant attributable to Incentive
Deferrals, as adjusted based upon the measuring investments, shall be Vested in
accordance with the schedule selected by the Employer in the Adoption
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vesting Service</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes </font><font size="2" style="font-size:10.0pt;">of applying the vesting schedule in the Adoption Agreement, unless
otherwise provided in the Adoption Agreement, a Participant shall be </font><font size="2" style="font-size:10.0pt;">considered to have completed a Year of Service </font><font size="2" style="font-size:10.0pt;">for each </font><font size="2" style="font-size:10.0pt;">complete year of </font><font size="2" style="font-size:10.0pt;">full-time service with the Employer or an Affiliate, measured from the
Participant&#146;s first </font><font size="2" style="font-size:10.0pt;">date of such employment
unless the Employer also maintains a section 401(k) plan that is </font><font size="2" style="font-size:10.0pt;">qualified under </font><font size="2" style="font-size:10.0pt;">section 401(a) of the Code
in which the Participant participates, in which case the rules governing
vesting service under that plan shall also be controlling under this Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In calculating
Years of Service for vesting purposes with respect to Simon Property Group
Common Stock allocated to a Participant as an Incentive Deferral, Years of
Service shall include the period of time after the Participant&#146;s &#147;Approved
Retirement&#148; as though that period of time is full-time service with the
Employer. A Participant&#146;s &#147;Approved Retirement&#148; means retirement from the
Employer on or after a</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=6,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=351295,FOLIO='6',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">date as of which
the Participant has attained the age of 59 1/2 years while employed by Employer
or the date as of which either the Participant has attained the age of 55 years
plus 10 years of continuous employment (in full and partial years) with
Employer, as long as the Participant has executed a form of non-compete
agreement as prescribed by the Employer and is in full compliance with such
non-compete agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Change or
Control</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any
provision in the Plan to the contrary, all amounts credited to the Account (and
any sub-accounts) of each Participant attributable to Matching Deferrals and
any Incentive Deferrals, as adjusted based upon the measuring investments, shall
be one hundred percent (100%) Vested, as that term is defined in Section 6.1 of
the Plan, immediately upon a Change of Control.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Death or
Disability</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any
provision in the Plan to the contrary, all amounts credited to the Account (and
any sub-accounts) of each Participant attributable to Matching Deferrals and
any Incentive Deferrals, as adjusted based upon the measuring investments, shall
be one hundred percent (100%) Vested, as that term is defined in Section 6.1 of
the Plan, immediately upon the termination of the Participant&#146;s employment by
reason of the Participant&#146;s death or Total and Permanent Disability.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insolvency</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any
provision in the Plan to the contrary, all amounts credited to the Account (and
any sub-accounts) of each Participant attributable to Matching Deferrals and
any Incentive Deferrals, as adjusted based upon the measuring investments, shall
be one hundred percent (100%) Vested, as that term is defined in Section 6.1 of
the Plan, immediately upon the Employer becoming Insolvent, in which event the
Participant shall have the same rights and interest in such amounts so credited
to his or her Account (and any sub-accounts) as a general unsecured creditor of
the Employer.</font></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article 7 -
</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Payments</font></b></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Election as to Time and Form of Payment
&#150; Scheduled In-Service Payments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to
deferrals made for each Plan Year, a Participant may elect (on the Election Form
used to elect to defer Compensation under Section 4.1 of the Plan) a specified
date at which the amounts credited to the Account of the Participant
attributable to Elective Deferrals and Matching Deferrals (as adjusted based
upon the measuring investments) will be payable to the Participant. Alternatively,
a Participant may elect to have his Account paid as of the earlier of the date
specified in the preceding sentence or the date he separates from services. The
Participant may elect separate distribution schedules for each Plan Year&#146;s
deferral amounts and for Elective Deferrals separately from Matching Deferrals.
Distributions of any Incentive Deferrals credited to a Participant&#146;s Account
for any Plan Year shall be paid in the same time and manner as any Elective
Deferrals credited to the Participant&#146;s Account for the same Plan Year. If
there is no such election in effect, then all Incentive Deferrals credited to a
Participant&#146;s Account for a Plan Year will be distributed in a single sum
payment upon the earlier of the date specified in Section 7.3 (Separation from
Service) or Section 7.4 (Death). The Participant shall also elect on such
Election Form the form of the benefit payable to the Participant which shall
include:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a
single lump-sum payment; or</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">annual
installment payments over a period elected by the Participant not to exceed
fifteen (15) annual installment payments, with each annual installment payment
determined by multiplying the balance of the amount payable to the Participant
with respect to the Account (and any sub-accounts) determined as of the date of
distribution, by a fraction with one (1) as the numerator and the number of
annual installment payments remaining to be paid as the denominator.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=7,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=332505,FOLIO='7',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each such
distribution election will be effective for the Plan Year for which it is made
and each succeeding Plan Year for which any amounts are deferred hereunder for
the Participant, unless an effective election is made by the Participant to
change the time or form of distribution for deferrals for a future year or a
change is </font><font size="2" style="font-size:10.0pt;">made </font><font size="2" style="font-size:10.0pt;">to the time or form of distribution for amounts already </font><font size="2" style="font-size:10.0pt;">deferred </font><font size="2" style="font-size:10.0pt;">in
accordance with Section 7.2.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided
in Sections 7.3, 7.4 and 7.5, payment of amounts credited to the Account of the
Participant shall be made in accordance with the elections made by the
Participant under this Section 7.1 (</font><font size="2" style="font-size:10.0pt;">or
any </font><font size="2" style="font-size:10.0pt;">modified elections made by the Participant
under Section 7.2). In addition, if a Participant has not made an election for
a scheduled in-service payment in accordance with this Section 7.1, all amounts
under this Plan shall be paid only in accordance with Sections 7.3, 7.4 and
7.5.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.2.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Modification of Election as
to Time and Form of Payment for In-Service Payments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Participant may
elect, in writing, to modify his or her prior election under Section 7.1 as to
time or form of payment, provided, however, that any such modification election
must comply with the following requirements:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
election may not take effect until at least 12 months after the date on which
the election is made; and</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
payment with respect to an amended election must be deferred for a period of
not less than 5 years from the date such payment would otherwise have been paid
(or, in the case of installment payments, no more than 5 years from the date
the first amount was scheduled to be paid); and</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any election related to a payment
otherwise made at a specified time may not be made less than 12 months prior to
the date the payment is otherwise to be paid (or, in the case of installment
payments, 12 months prior to the date the first amount was scheduled to be
paid).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
this Plan, distributions that are to be made in the form of installments shall
be treated as a single payment (and not a series of separate payments). Therefore,
the five-year deferral rule is measured from the commencement of installment
payments; each installment payment is not separately deferred for a five-year
period.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Separation from Service</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent
elected by a Participant on the Participant&#146;s Election Form completed in
accordance with Section 7.1 and Section 7.2, upon the Participant&#146;s separation
from service for any reason other than death, the Vested portion of the
Participant&#146;s Account (including any portion Vested pursuant to Section 6.4 as
a consequence of the Participant&#146;s Total and Permanent Disability) shall be
paid to the Participant in the form elected by the Participant as soon as
practicable (but no later than 30 days) following the date of such separation
from service. Solely for purposes of this Plan, a Participant shall be deemed
to have separated from service upon his Total and Permanent Disability. </font><font size="2" style="font-size:10.0pt;">The </font><font size="2" style="font-size:10.0pt;">form
of distribution of such Vested amounts elected by the Participant is determined
as to the Participant&#146;s deferrals for each Plan Year (on a class year basis) as
follows: with respect to deferral </font><font size="2" style="font-size:10.0pt;">amounts
credited to a Participant&#146;s Account </font><font size="2" style="font-size:10.0pt;">for
any </font><font size="2" style="font-size:10.0pt;">Plan Year, such amounts shall be paid under
this Section 7.3 in the form of a single sum payment unless otherwise elected
by the Participant on the Participant&#146;s Election Form completed prior to the
Plan Year of the applicable deferral amount (or within the 30-day period
referred to in Section 4.1(b) or (c)). Once the form of payment on account of a
Participant&#146;s separation from service is </font><font size="2" style="font-size:10.0pt;">determined
for a Plan Year, it may not be changed thereafter. Notwithstanding the
foregoing, as long as the Employer&#146;s stock is publicly traded on an established
securities market, any distribution to any &#147;specified employee&#148; (</font><font size="2" style="font-size:10.0pt;">as determined by the Plan Administrator in accordance with section 409A
of the Code) on account of a separation from service shall be made as soon as
practicable (but no later than 30 days) after the date that is six months after
the date of separation from service (or, if earlier, the date of the
Participant&#146;s death in accordance with Section 7.4). In the event the preceding
sentence applies to a Participant, any</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=8,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=484207,FOLIO='8',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">distribution which
would otherwise be paid to the Participant within the first six months
following the separation from service shall be accumulated and paid to the
Participant in a lump sum as of the first day of the seventh month following
the separation from service. All subsequent distributions shall be paid in the
manner specified.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any deferral
amounts not otherwise Vested upon a Participant&#146;s separation from service shall
be immediately forfeited thereafter.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
determining whether and when a Participant has incurred a separation from
service, the Plan Administrator shall apply the default rule under section 409A
of the Code pursuant to which the employment relationship will be deemed to
have ended at the date the Participant and his Employer reasonably anticipate
that the level of bona fide services the Participant will perform for the
Employer and any Related Company </font><font size="2" style="font-size:10.0pt;">after </font><font size="2" style="font-size:10.0pt;">such
date (whether as an employee or independent contractor, but not as a director) will
permanently decrease to a level that is no more than 20% of the average level
of bona fide services the Participant performed over the immediately preceding
36-month period. The term &#147;Related Company&#148; means any corporation, trade or
business during any period in which it is, along with the Employer, a member of
a controlled group of corporations or a controlled group of trades or
businesses (as described in sections 414(b) and (c), respectively, of the
Code).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Death</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a Participant
dies prior to the complete distribution of his or her Account, the Vested
balance of the Account shall be paid as soon as practicable to the Participant&#146;s
designated beneficiary or beneficiaries, in the form of a single lump sum </font><font size="2" style="font-size:10.0pt;">payment </font><font size="2" style="font-size:10.0pt;">payable
as soon as practicable after the Participant&#146;s death. Any designation of
beneficiary shall be made by the Participant on an Election Form filed with the
Plan Administrator and may be changed by the Participant at any time by filing
another Election Form containing the revised instructions. If no beneficiary is
properly designated or no designated beneficiary survives the Participant, payment
shall be made to the Participant&#146;s surviving spouse, or, if none, to his or her
issue </font><font size="2" style="font-size:10.0pt;">per </font><font size="2" style="font-size:10.0pt;">stirpes, in a single </font><font size="2" style="font-size:10.0pt;">payment. </font><font size="2" style="font-size:10.0pt;">If no spouse or issue
survives the Participant, payment shall be made in a single lump sum to the
Participant&#146;s estate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unforeseeable Emergency</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a Participant
experiences </font><font size="2" style="font-size:10.0pt;">an &#147;Unforeseeable
Emergency,&#148; as that term is defined in this Section 7.5, and the Employer has
made this Section 7.5 applicable by so electing in the Adoption Agreement, the
Participant may make a request to the Plan Administrator, by submitting a form
or otherwise evidencing such request by a telephonic or an electronic method
acceptable to the Plan Administrator, to receive a distribution of all or a
portion of the Vested (as that term is defined in Section 6.1 of the Plan) amounts
allocated to the Account of the Participant in accordance with the provisions
and requirements of this Section 7.5.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
amount distributed with respect to an emergency shall not exceed the lesser of:
(i) the Vested amounts allocated to the Account of the Participant calculated
as if the Participant were receiving a distribution based upon a separation
from service, or (ii) the amount necessary to satisfy such emergency plus an
amount necessary to pay taxes reasonably anticipated as a result of the </font><font size="2" style="font-size:10.0pt;">distribution.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
amount distributed with respect to an emergency shall be determined after
taking into account the extent to which such hardship is or may be relieved
through reimbursement or compensation by insurance or otherwise or by
liquidation of the assets of the Participant (to the extent the liquidation of
such assets would </font><font size="2" style="font-size:10.0pt;">not itself cause severe
financial hardship).</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If
the Plan Administrator, in its sole discretion, approves the request for such a
distribution, the Elective Deferrals of </font><font size="2" style="font-size:10.0pt;">the
</font><font size="2" style="font-size:10.0pt;">Participant under Section 4.1 will </font><font size="2" style="font-size:10.0pt;">immediately terminate (if and to the </font><font size="2" style="font-size:10.0pt;">extent
necessary to alleviate the hardship), and the distribution under this Section 7.5
shall be made in the form of a </font><font size="2" style="font-size:10.0pt;">lump sum </font><font size="2" style="font-size:10.0pt;">payment
as soon as practicable after the approval by</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=9,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=486240,FOLIO='9',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
Plan Administrator. If Elective Deferrals are terminated under this Section 7.5,
the Participant may not again elect to defer compensation under Section 4.1
until the enrollment period for the Plan Year that begins at least twelve (12) months
after such hardship distribution.</font></p>

<p style="margin:0in 0in .0001pt .7in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For
purposes of this Section 7.5, an Unforeseeable Emergency means a severe
financial hardship to the Participant resulting from a sudden and unexpected
illness or accident of the Participant, the Participant&#146;s beneficiary, or of a
dependent (as defined in section 152 of the Code without regard to section 152(b)(1),
(b)(2), and (d)(1)(B)) of </font><font size="2" style="font-size:10.0pt;">the </font><font size="2" style="font-size:10.0pt;">Participant; loss of the
Participant&#146;s property due to casualty, (including the need to rebuild a home
following damage to a home not otherwise covered by insurance, for example, not
as a result of a natural disaster); or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the
Participant&#146;s control. For example, the imminent foreclosure of or eviction
from the Participant&#146;s primary residence may constitute an Unforeseeable Emergency.
In addition, the need to pay for medical expenses, including non-refundable
deductibles, as well as for the costs of prescription drug medication, may
constitute an Unforeseeable Emergency. Finally, the need to pay for the funeral
expenses of a </font><font size="2" style="font-size:10.0pt;">spouse,
</font><font size="2" style="font-size:10.0pt;">a beneficiary, or a dependent (as defined in
section 152 of the Code, without regard to section 152(b)(1), (b)(2), and (d)(1)(B))
may also constitute an unforeseeable emergency. However, except as specifically
provided above, distributions under this Section 7.5 shall not be allowed for
purposes of sending a child to college or the Participant&#146;s desire to purchase
a home or other residence.</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In all events, the circumstances that will constitute a severe financial
hardship will depend on the facts of each case (as determined in a manner
consistent with the requirements of section 409A of the Code) and be based on
information supplied by the Participant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Forfeiture of Non-Vested Amounts</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that
any amounts credited to a Participant&#146;s Account are not Vested at the time such
amounts are otherwise payable under Section 7.3, such amounts shall be
immediately forfeited and such forfeitures shall be used to offset any future
Employer contributions to the Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Taxes</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All federal, state
or local taxes that the Plan Administrator determines are required to be
withheld from any payments made pursuant to this Article 7 shall be withheld.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Special Election Rule</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the
terms and conditions of the Plan and notwithstanding anything in the Plan to
the contrary, each individual who is a Participant in the Plan prior to January
1, 2009 and who is permitted by the Employer to make an election under Section 7.3,
may elect the time at which payment of his Plan benefit will commence by filing
a written election with the Plan Administrator, no later than December 31, 2008,
in a form and </font><font size="2" style="font-size:10.0pt;">manner
</font><font size="2" style="font-size:10.0pt;">and subject to such limitations as the Plan
Administrator in its sole discretion may establish, subject to the following:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .95in;text-indent:-.45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">an election pursuant to this Section 7.8 shall be available only to the
extent that payment would not otherwise commence in the year in which the
election is made; and</font></p>

<p style="margin:0in 0in .0001pt .95in;text-indent:-.45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .95in;text-indent:-.45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">such election shall not be effective if it would cause payment to
commence in the year in which the election is made that would not otherwise
commence in such year.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=10,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=679478,FOLIO='10',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-01_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:12 2009' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article&nbsp;8 - Plan Administrator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.1.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Plan Administration and
Interpretation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan Administrator shall oversee the
administration of the Plan. The Plan Administrator shall have complete control
and authority to determine the rights and benefits and all claims, demands and
actions arising out of the provisions of the Plan of any Participant, beneficiary,
deceased Participant, or other person having or claiming to have any interest
under the Plan. The Plan Administrator shall have complete discretion to interpret
the Plan and to decide all matters under the Plan. Such interpretation and
decision shall be final, conclusive and binding on all Participants and any
person claiming under or through any Participant, in the absence of clear and
convincing evidence that the Plan Administrator acted arbitrarily and
capriciously. Any individual(s)&nbsp;serving as Plan Administrator who is a
Participant will not vote or act on any matter relating solely to himself or
herself. When making a determination or calculation, the Plan Administrator
shall be entitled to rely on information furnished by a Participant, a
beneficiary, the Employer or the Trustee. The Plan Administrator shall have the
responsibility for complying with any reporting and disclosure requirements of ERISA.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.2.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Powers, Duties,
Rules&nbsp;and Procedures</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan Administrator shall have such powers and
duties, may adopt such rules&nbsp;and tables, may act in accordance with such
procedures, may appoint such officers or agents, may delegate such powers and
duties, may receive such reimbursements and compensation, and shall follow such
claims and appeal procedures with respect to the Plan as it may establish.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.3.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Information</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to enable the Plan Administrator to perform
its functions, the Employer shall supply full and timely information to the
Plan Administrator on all matters relating to the compensation of Participants,
their employment, retirement, death, separation from service, and such
pertinent facts as the Plan Administrator may require.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.4.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Indemnification
of Plan Administrator</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Employer agrees to indemnify and to defend to
the fullest extent permitted by law any officer(s)&nbsp;or employee(s)&nbsp;who
serve as Plan Administrator (including any such individual who formerly served
as Plan Administrator) against all liabilities, damages, costs and expenses (including
attorneys&#146; fees and amounts paid in settlement of any claims approved by the
Employer) occasioned by any act or omission to act in connection with the Plan,
if such act or omission is in good faith.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.5.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Operation
of Plan and Claims Procedures</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Employer shall be responsible for the general operation
and administration of the Plan and for carrying out the provisions thereof. The
Employer shall be responsible for the expenses incurred in the administration
of the Plan. The Employer shall also be responsible for determining eligibility
for payments and the amounts payable pursuant to the Plan. The Employer shall
be entitled to rely conclusively upon all tables, valuations, certificates, opinions
and reports furnished by any actuary, accountant, controller, counsel or other
person employed or engaged by the Employer with respect to the Plan. The procedures
for filing claims for payments under the Plan are described below. For claims
procedures purposes, the &#147;Claims Manager&#148; shall be the Employer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">It is the intent of the Employer that benefits payable under the Plan
shall be payable without the Participant having to complete or submit any
claims forms. However, a Participant who believes he or she is entitled to a
payment under the Plan may submit a claim for payments in writing to the
Employer. Any claim for payments under the Plan must be made by the Participant
or his or her beneficiary in writing and state the claimant&#146;s name and the
nature of benefits payable under the Plan on a form acceptable to the Employer.
If for any reason a claim for payments under the Plan is denied by the Employer,
the Claims Manager shall</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=11,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=410966,FOLIO='11',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">deliver to the claimant a written explanation
setting forth the specific reasons for the denial, specific references to the
pertinent provisions of the Plan on which the denial is based, a description of
any additional material or information necessary for the claimant to perfect
the claim and an explanation of why such material or information is necessary, and
information on the procedures to be followed by the claimant in obtaining a
review of his or her claim, all written in a manner calculated to be understood
by the claimant. For this purpose:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">the claimant&#146;s claim shall be deemed to be filed when presented orally or
in writing to the Claims Manager;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">the Claims Manager&#146;s explanation shall be in writing delivered to the
claimant within ninety (90) days of the date the claim is filed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">The claimant shall have sixty (60) days following his or her receipt of
the denial of the claim to file with the Claims Manager a written request for
review of the denial. For such review, the claimant or the claimant&#146;s
representative may review pertinent documents and submit written issues and
comments.</font></p>

<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">The Claims Manager shall decide the issue on review and furnish the
claimant with a copy within sixty (60) days of receipt of the claimant&#146;s
request for review of the claimant&#146;s claim. The decision on review shall be in
writing and shall include specific reasons for the decision, </font><font size="2" style="font-size:10.0pt;">written </font><font size="2" style="font-size:10.0pt;">in a manner calculated to
be understood by the claimant, as well as specific references to the pertinent
provisions in the Plan on which the decision is based. If a copy of the
decision is not so furnished to the claimant within such sixty (60) days, the
claim shall be deemed denied on review. In no event may a claimant commence
legal action for benefits the claimant believes are due the claimant until the
claimant has exhausted all of the remedies and procedures afforded the claimant
by this Section&nbsp;8.5.</font></p>

<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Any review of an appeal of a determination with respect to the
Participant&#146;s Total and Permanent Disability must meet the following standards:
the review does not afford deference to the initial adverse determination; the
review is conducted by an appropriate person who is neither the party who made
the initial adverse benefit determination that is the subject of the appeal nor
a subordinate of such party; the review provides for the appropriate person to
consult with health care professionals with appropriate training and experience
in the field of medicine involved in the medical judgment in deciding the
appeal of an adverse benefit determination that is based in whole or in part on
a medical judgment; and the review provides for the identification of the
medical or vocational experts whose advice was obtained in connection with the
claimant&#146;s adverse benefit determination, without regard to whether the advice
was relied upon in making the determination. Furthermore, the ninety (90) day
period described in these procedures shall be reduced to forty-five (45) days
in the case of a claim of the Participant&#146;s Total and Permanent Disability. The
forty-five (45) </font><font size="2" style="font-size:10.0pt;">day </font><font size="2" style="font-size:10.0pt;">period may be extended by thirty (30) days if the Claims Manager
determines the extension is necessary due to circumstances outside the control
of the Plan, and the claimant is notified prior to the end of the forty-five (45)
day period. If prior to the end of the thirty (30) day extension period, the
Claims Manager determines that additional time is necessary, the period may be
extended for a second thirty (30) day period, provided the claimant is notified
prior to </font><font size="2" style="font-size:10.0pt;">the end of the first thirty (30) day
extension period and such notice specifies </font><font size="2" style="font-size:10.0pt;">the
circumstances requiring the extension and the date as of which the Plan expects
to render a decision. The sixty (60) day period described in these procedures
shall </font><font size="2" style="font-size:10.0pt;">be </font><font size="2" style="font-size:10.0pt;">reduced
to forty-five (</font><font size="2" style="font-size:10.0pt;">45) days with respect to
the appeal of the denial of the Participant&#146;s claim of Total and Permanent
Disability. The forty-five (45) </font><font size="2" style="font-size:10.0pt;">day
period may be extended by an additional forty-five (45) days if the Claims
Manager determines the extension is necessary to circumstances outside the
control of the Plan, and the claimant is notified prior to the end of the
initial forty-five (45) day period.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=12,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=96187,FOLIO='12',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">No
inquiry or question shall be deemed to be a claim or a request for a review of
a denied claim unless made in accordance with the claims procedure. The Claims
Manager may require that any claim for benefits and any request for a review of
a denied claim be filed on forms to be furnished by the Claims Manager upon request.
The Claims Manager may, in its discretion, hold one or more hearings on a claim
or a request for a review of a denied claim. Claimants may be represented by a
lawyer or other representative at their own expense, but the Claims Manager
reserves the right to require the claimant to furnish written authorization. A
claimant&#146;s representative shall be entitled to copies of all notices given to the
claimant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">To
be considered timely under the Plan&#146;s claim and review procedure, a claim must
be filed with the Employer within one (1)&nbsp;year after the claimant knew or
reasonably should have known of the principal facts upon which the claim is
based.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">The exhaustion of the claim and review procedure is mandatory for
resolving every claim and dispute arising under this Plan. As to such claims
and disputes:</font></p>

<p style="margin:0in 0in .0001pt .7in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">no claimant shall be permitted to commence any legal action to recover
Plan benefits or to enforce or clarify rights under the Plan under section 502
or section 510 of ERISA </font><font size="2" style="font-size:10.0pt;">or </font><font size="2" style="font-size:10.0pt;">under
any other provision of law, whether or not statutory, until the claim and
review procedure set forth herein have been exhausted in their entirety; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">in any such legal action all explicit and all implicit determinations by
the Employer (including, but not limited to, determinations as to whether the
claim, or a request for a review of a denied claim, was timely filed) shall be
afforded the maximum deference permitted by law.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">No legal action to recover Plan benefits or to enforce or clarify rights
under the Plan under section 502 or section 510 of ERISA or under any other
provision of law, whether or not statutory, may be brought by any claimant on
any matter pertaining to this Plan unless the legal action is commenced in the
proper forum before the earlier of:</font></p>

<p style="margin:0in 0in .0001pt .7in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">thirty (30) months after the claimant knew or reasonably should have
known of the principal facts on which the claim is based, or</font></p>

<p style="margin:0in 0in .0001pt .95in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">six (6)&nbsp;months after the claimant has exhausted the claim and review
procedure.</font></p>

<p style="margin:0in 0in .0001pt .7in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Knowledge
of all facts that a Participant knew or reasonably should have known shall be
imputed to every claimant who is or claims to be a beneficiary of the
Participant or otherwise claims to derive an entitlement by reference to the
Participant for the purpose of applying the previously specified periods.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article&nbsp;9 - Amendment and Termination</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.1.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Amendments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Employer shall have the right to amend the Plan
from time to time, subject to Section&nbsp;9.3, by an instrument in writing
which has been executed on the Employer&#146;s behalf by its duly authorized officer.
Notwithstanding anything herein to the contrary, in no event shall any
amendment be made in a manner that is </font><font size="2" style="font-size:10.0pt;">inconsistent
with the requirements to avoid adverse federal tax </font><font size="2" style="font-size:10.0pt;">consequences
under section </font><font size="2" style="font-size:10.0pt;">409A of the Code.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.2.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Termination of Plan</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Plan is strictly a voluntary undertaking on the
part of </font><font size="2" style="font-size:10.0pt;">the Employer and shall not be deemed to
constitute a contract between the Employer and any Eligible Employee (or </font><font size="2" style="font-size:10.0pt;">any other employee) or a consideration for, or an inducement or condition
of </font><font size="2" style="font-size:10.0pt;">employment for, the </font><font size="2" style="font-size:10.0pt;">performance of the services by any Eligible Employee (or other employee).
The Employer reserves the right to terminate the Plan at any time, subject to Section&nbsp;9.3,
by an instrument in writing which has been executed on the Employers behalf</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=13,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=211500,FOLIO='13',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by its duly authorized officer. Notwithstanding
anything to the contrary in this Plan, each Participant&#146;s Vested benefit shall
be distributed immediately in a lump sum if this Plan terminates in the
following circumstances:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Within thirty (30) days before or twelve (12) months after a change in
the ownership or effective control of the Employer, or in the ownership of a
substantial portion of the assets of the Employer as described in section 409A(2)(A)(v)
of the Code, provided that termination of this Plan was effected through an
irrevocable action taken by the Employer and provided further that all
distributions are made no later than twelve (12) months following such
termination of the Plan and that all the Employer&#146;s arrangements which are
substantially similar to the Plan are terminated so all Participants and any
participants in the similar arrangements are required to receive all amounts of
compensation deferred under the terminated arrangements within twelve (12) months
of the termination of the arrangements;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Upon the Employer&#146;s dissolution or with the approval of a bankruptcy
court provided that the amounts deferred under the Plan are included in each
Participant&#146;s gross income in the latest of (i)&nbsp;the calendar year in which
the Plan terminates; (ii)&nbsp;the calendar year in which the amount is no
longer subject to a substantial risk of forfeiture; or (iii)&nbsp;the first
calendar year in which the distribution is administratively practical; or</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Upon the Employer&#146;s termination of this and all other account balance
plans (as referenced in Section&nbsp;409A of the Code or the regulations
thereunder), provided that all distributions are made no earlier than twelve (12)
months and no later than twenty-four (24) months following such termination, provided
further that the termination of this Plan does not occur proximate to the
downturn in the financial health of the Employer and provided further that the
Employer does not adopt any new account balance plans for a minimum of three (3)&nbsp;years
following the date of such termination.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.3.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Existing Rights</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No amendment or termination of the Plan shall
adversely affect the rights of any Participant with respect to amounts that
have been credited to his or her Account prior to the date of such amendment or
termination, and each Participant&#146;s rights after termination of the Plan shall
remain subject to the terms of the Plan prior to its termination.</font></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Article&nbsp;10 - Miscellaneous</font></b></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.1.&#160;&#160;&#160;&#160;&#160;&#160; Unfunded and
Unsecured</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall at all times be considered entirely
unfunded both for tax purposes and for purposes of Title I of the ERISA, and no
provision shall at any time be required with respect to segregating assets of
the Employer for payment of any amounts under the Plan. Any funds invested
under the Plan shall continue for all purposes to be part of the general assets
of the Employer and available to the general creditors in the event the
Employer becomes Insolvent. The Employer shall promptly notify the Trustee and
the applicable Participants of such Insolvency. No Participant or any other
person shall have any interests in any particular assets </font><font size="2" style="font-size:10.0pt;">of the Employer by reason of the right to receive a </font><font size="2" style="font-size:10.0pt;">benefit under </font><font size="2" style="font-size:10.0pt;">the Plan and to the extent
the Participant or any other </font><font size="2" style="font-size:10.0pt;">person acquires a
right to receive </font><font size="2" style="font-size:10.0pt;">a benefit </font><font size="2" style="font-size:10.0pt;">under the </font><font size="2" style="font-size:10.0pt;">Plan, such right </font><font size="2" style="font-size:10.0pt;">shall be no greater than the right of any general </font><font size="2" style="font-size:10.0pt;">unsecured creditor. The Plan constitutes </font><font size="2" style="font-size:10.0pt;">a
mere promise by </font><font size="2" style="font-size:10.0pt;">the Employer for the
payment of benefits payable under the Plan to the Participants in the future. Nothing
contained in the Plan shall constitute a guaranty by the Employer or any other
person or entity that any funds in Trust or the assets of the Employer will be
sufficient to pay any benefit under the Plan. Furthermore, no Participant shall
have any right to a benefit under the Plan except in accordance with the terms
and conditions of the Plan.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=14,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=60764,FOLIO='14',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.2.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Non-Assignability</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of the benefits, payments, proceeds or claims
of any Participant or beneficiary shall be subject to any claim of any creditor
of any Participant or beneficiary and, in particular, the same shall not </font><font size="2" style="font-size:10.0pt;">be </font><font size="2" style="font-size:10.0pt;">subject
to attachment or garnishment or other legal process by any creditor of such
Participant or beneficiary, nor shall any Participant or beneficiary have any
right to alienate, anticipate, commute, pledge, encumber or assign any of the
benefits or payments or proceeds that he or she may expect to receive, contingently
or otherwise, under the Plan. Notwithstanding the foregoing, payments of Vested
amounts under this Plan may be made to an individual other than the Participant
to the extent necessary to fulfill a domestic relations order (as defined in
section 414 (p)(1)(B) of the Code).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.3.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Limitation of Participants&#146; Rights</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing contained in the Plan shall confer upon any
person a right to be employed or to </font><font size="2" style="font-size:10.0pt;">continue </font><font size="2" style="font-size:10.0pt;">in the employ of the Employer, or interfere in any way with the right of
the Employer to terminate the employment of a Participant in the Plan at any
time, with or without cause.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.4.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Participants Bound</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any action with respect to the Plan taken by the
Plan Administrator or the Employer or the Trustee or any action authorized by
or taken at the direction of the Plan Administrator, the Employer or the
Trustee shall be conclusive upon all Participants and beneficiaries entitled to
benefits.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.5.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Receipt and Release</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any payment to any Participant or beneficiary in
accordance with the provisions of the Plan shall, to the extent thereof, be in
full satisfaction of all claims against the Employer, the Plan Administrator
and the Trustee under the Plan, and the Plan Administrator may require such
Participant or beneficiary, as a condition precedent to such payment, to
execute a receipt and release to such effect. If any Participant or beneficiary
is determined by the Plan Administrator to be incompetent by reason of physical
or mental disability (including minority) to give a valid receipt and release, the
Plan Administrator may cause the payment or payments becoming due to such
person to be made to another person for his or her benefit without
responsibility on the part of the Plan Administrator, the Employer or the
Trustee to follow the application of such funds.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.6.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Governing Law</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall be construed, administered, and
governed in all respects under and by the laws of the state in which the
Employer maintains its primary place of business. If any provision shall be
held by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.7.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Headings and Subheadings</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Headings and subheadings in this Plan are inserted
for convenience only and are not to be considered in the construction of the
provisions hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.8.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Distributions Upon Income Inclusion Under Section&nbsp;409A of the Code</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the inclusion of any amount into a Participant&#146;s
income as a result of the failure of this Plan to comply with the requirements
of section 409A of the Code, to the extent such tax liability can be covered by
the amount of the Participant&#146;s Account, a distribution shall be made as soon
as is administratively practicable following the discovery of the Plan failure.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=15,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=93397,FOLIO='15',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appendix A</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Performance-Based Compensation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Employer has elected to offer the deferral of
Performance-Based Compensation by making the election in Section&nbsp;4 of the
Adoption Agreement, then the following rules&nbsp;shall apply:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.1</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Definitions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Performance-Based Compensation</font></b><font size="2" style="font-size:10.0pt;">
means the compensation paid by the Employer as set forth in the Adoption
Agreement as Performance-Based Compensation. In all events, Performance-Based
Compensation definition must meet the following criteria:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">the compensation must be based on services performed over a period of at
least 12 months;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">the payment or amount of the compensation must be contingent on the
satisfaction of pre-established organizational or individual performance
criteria (established no later than 90 days after the beginning of the Service
Period); and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><font size="2" style="font-size:10.0pt;">the compensation cannot include any amount or portion of any amount that
will be paid either regardless of performance or based on a level of
performance that is substantially certain to be met at the time the performance
criteria are established.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term Performance-Based Compensation includes
payments based upon subjective performance criteria, provided that: (i)&nbsp;the
subjective performance criteria are bona fide and relate to the performance of
the Eligible Employee, a group of employees that includes the Eligible Employee,
or a business unit for which the Eligible Employee provides services (which may
include the entire organization); and (ii)&nbsp;The determination that any
subjective performance criteria have been met is not made by the Eligible
Employee or a family member of the Eligible Employee (as defined in section 267(c)(4)&nbsp;of
the Code applied as if the family of an individual includes the spouse of any
member of the family), or a person under the effective control of the Eligible
Employee or such a family member, and no amount of the compensation of the
person making such determination is effectively controlled in whole or in part
by the Eligible Employee or such a family member.</font></p>

<p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In all events, the Employer is responsible for
determining whether the actual definition of Performance-Based Compensation
used in this Plan conforms with the requirements of Code section 409 A.</font></p>

<p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Performance-Based Compensation Elective Deferral</font></b><font size="2" style="font-size:10.0pt;"> means the portion of the Performance-Based Compensation that is deferred
by a Participant, according to this Appendix A.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Service Period</font></b><font size="2" style="font-size:10.0pt;"> means a period of at
least 12 months with respect to which Performance-Based Compensation is
otherwise determined and payable.</font></p>

<p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.2</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Performance-Based Compensation Elective Deferrals</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If </font><font size="2" style="font-size:10.0pt;">this
Appendix A is applicable, Performance-Based Compensation Elective Deferral
elections shall be made on such Election Forms provided by the Plan
Administrator and in accordance with the following provisions:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font size="2" style="font-size:10.0pt;">Performance-Based Compensation Elective Deferral Elections</font></u><font size="2" style="font-size:10.0pt;">. Provided that an Eligible Employee performs services continuously from
the later of the beginning of the Service Period or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=16,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=442796,FOLIO='16',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the date the performance criteria for the
Performance-Based Compensation are established through the date of the election
described herein, an Eligible Employee may, by completing an Election Form&nbsp;and
filing it with the Plan Administrator no later than six months before the end
of the applicable Service Period irrevocably elect to defer a percentage or
dollar amount of Performance-Based Compensation otherwise payable to the
Eligible Employee. Any election to defer a percentage of Performance-Based
Compensation shall be made in whole percentage increments up to 100%, after
taking into account required tax withholding and payroll deductions for other
benefit programs. In addition, in no event may an election to defer
Performance- Based Compensation be made after the compensation has become
readily ascertainable. </font><b><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:bold;">An
election to defer a percentage or dollar amount of Performance-Based
Compensation for any </font></i></b><b><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Service Period (</font></i></b><b><i><font size="2" style="font-size:10.0pt;font-style:italic;font-weight:bold;">or any election not to defer any&nbsp;amount of
Performance-Based Compensation for a Service Period) shall not apply for
subsequent payments of Performance-Based Compensation and a separate deferral
election shall be required for each Service Period&#146;s payment of
Performance-Based Compensation.</font></i></b></p>

<p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font size="2" style="font-size:10.0pt;">Initial Performance-Based Compensation Elective Deferral Election Upon an
Individual&#146;s First Becoming Eligible After the Plan&#146;s Effective Date</font></u><font size="2" style="font-size:10.0pt;">. </font><font size="2" style="font-size:10.0pt;">If an Eligible Employee is not otherwise
eligible to participate in another individual account non-qualified deferred
compensation plan, and the individual first becomes eligible for this Plan
after the Effective Date and during a Service Period, the Eligible Employee may
irrevocably elect to defer a percentage or dollar amount of Performance-Based
Compensation to be earned by the Eligible Employee in the same Plan Year as
long as the election is made within 30 days following the date the individual
first becomes an Eligible Employee and applies only to Performance-Based
Compensation earned after the election is made. The maximum amount of
Performance-Based Compensation taken into account for this purpose shall be the
total amount of Performance-Based Compensation for such Service Period, multiplied
by the ratio of remaining days in the Service Period over the total number of
days in the Service Period (after taking into account required tax withholding
and payroll deductions for other benefit programs).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.3</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Accounts</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Performance-Based Compensation Elective
Deferrals shall be credited to the Participant&#146;s Elective Deferral Account. For
purposes of measuring the amounts to be credited (or debited) to a Participant&#146;s
Account attributable to Performance-Based Compensation Elective Deferrals, a
Participant or the Participant&#146;s investment advisor may select the deemed
investment options in accordance with Article&nbsp;5.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.4</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Vesting</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amounts credited to the Account of each
Participant attributable to Performance-Based Compensation Elective Deferrals, as
adjusted based upon the measuring investments, shall be subject to the vesting
requirements set forth in, or established under, the Stock Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.5</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Payments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions of all Performance-Based Compensation
Elective </font><font size="2" style="font-size:10.0pt;">Deferrals credited to a Participant&#146;s </font><font size="2" style="font-size:10.0pt;">Account for any Plan Year shall be paid in the same time and manner as
any Elective Deferrals credited to the Participant&#146;s Account for the same Plan
Year, in accordance with Section&nbsp;7.1 and 7.2. If there is no such election
in effect, then all Performance-Based Compensation Elective </font><font size="2" style="font-size:10.0pt;">Deferrals </font><font size="2" style="font-size:10.0pt;">credited to a Participant&#146;s
Account for </font><font size="2" style="font-size:10.0pt;">a Plan Year will be
distributed in a single sum payment upon the earlier of the date specified in Section&nbsp;7.3
(separation from service) or Section&nbsp;7.4 (death).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=17,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=738590,FOLIO='17',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.6</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Unforeseeable Emergency</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance-Based Compensation Elective Deferral
elections under this Appendix A shall be terminated to the extent required by
section 401(k)&nbsp;of the Code, if the Participant elects to receive a
hardship distribution under a tax-qualified cash or deferred arrangement
subject to section 401(k)&nbsp;of the Code maintained by the Employer. If
Performance-Based Compensation Elective Deferral elections are terminated based
on the foregoing, any later Performance-Based Compensation Elective Deferral
election can be made after the expiration of the suspension of deferrals under
the section 401(k)&nbsp;plan and at the time otherwise required under Section&nbsp;A.2(a)&nbsp;above.
In addition, all amounts attributable to Performance-Based Compensation
Elective Deferral elections shall not be available for withdrawal under Section&nbsp;7.5
(Unforeseeable Emergency) of the Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.7</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Matching</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance-Based Compensation Elective Deferrals
are eligible for Matching Deferrals under Section&nbsp;4.2 of the Plan. </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=18,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=496755,FOLIO='18',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Merrill Lynch N</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">on-Qualified Deferred Compensation
Plan </font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adoption Agreement</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please complete the information requested in the
Adoption Agreement to establish the specific provisions of your plan. This
document and the Merrill Lynch Non-Qualified Deferred Compensation Plan
document govern the rights of Plan participants and should, therefore, be
disclosed to participants and retained as part of your permanent records.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1. Employer Information</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Plan:</font></p>
  </td>
  <td width="80%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Simon Property Group, L.P. Deferred Compensation
  Plan</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font></p>
  </td>
  <td width="95%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:95.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name and address of employer sponsoring the Plan:</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="95%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:95.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Please provide Employer&#146;s business name)</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Simon Property Group, L.P.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business Name</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">225 West Washington Street</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indianapolis, IN 46204</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">City</font></p>
  </td>
  <td width="18%" colspan="3" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Zip Code</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font></p>
  </td>
  <td width="95%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:95.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provide Employer&#146;s primary contact for the Plan
  and telephone and fax numbers. Also, include the Employer&#146;s tax
  identification number.</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John M. Yahwak, Vice President,
  Compensation&nbsp;&amp; Benefits</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Primary Contact</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">317-263-2207</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">317-263-2474</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone Number</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax Number</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EIN 35-</font><font size="2" style="font-size:10.0pt;">1903854</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employer Tax Identification Number (TIN)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="31" style="border:none;"></td>
  <td width="112" style="border:none;"></td>
  <td width="241" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="56" style="border:none;"></td>
  <td width="76" style="border:none;"></td>
  <td width="226" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font></p>
  </td>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Give the first day of the 12-month period for
  which the Employer pays taxes: </font></p>
  </td>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January
  1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 1pt 0in;width:1.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2. Plan Information</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font></p>
  </td>
  <td width="35%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:35.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">What
  is the effective date of the Plan?</font></p>
  </td>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restatement
  effective January 1, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:80.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font></p>
  </td>
  <td width="95%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:95.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plan Year. (The Plan Year for this Plan is defined
  as the calendar year. If this is a new Plan, please complete the following
  section.)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="31" style="border:none;"></td>
  <td width="112" style="border:none;"></td>
  <td width="152" style="border:none;"></td>
  <td width="453" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan&#146;s initial Plan Year shall be the
period beginning</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;"> </font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
<font size="2" style="font-size:10.0pt;">and ending December 31, 20&nbsp;&nbsp;. Thereafter, the
Plan Year shall be the 12-month period ending December&nbsp;31 of each calendar
year.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=19,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=441900,FOLIO='19',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3. Eligible Employees</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following persons or classes of persons shall be
Participants (enter the names or positions of individuals eligible to
participate or the criteria used to identify Participants; e.g., &#147;Those key
employees of the Employer selected by the Compensation Committee of the Board
of Directors&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Those key employees of the Employer selected by the
Compensation Committee of the Board of Directors of the Managing Partner</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4. Compensation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation is used to determine the amount of
Elective Deferrals a Participant can elect. The Plan allows for deferrals of &#147;Compensation.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of the Plan, Compensation will be
determined before giving effect to Elective Deferrals and other salary
reduction amounts that are not included in the Participant&#146;s gross income under
Code section 125, 401(k), 402(h)&nbsp;or 403(b).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation </font><font size="2" style="font-size:10.0pt;">under
the Plan is defined as (select one):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">The Participant&#146;s cash wages, salaries, and other cash amounts received
in the course of employment with the Employer or an Affiliate to the extent
that the amounts are includable in gross income, and otherwise reported on the
Eligible Employee&#146;s Form&nbsp;W-2.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">The
regular or base cash salary or wages payable to the individual by the Employer
or an Affiliate, excluding commissions and bonuses and any other special, unusual,
non-recurring or non-regular items of compensation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Option for Performance-Based Compensation:</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Employer wishes to offer the deferral of
Performance-Based Compensation, please indicate below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Employer elects to offer the deferral of Performance-Based Compensation, in
accordance with the rules&nbsp;set forth in Appendix </font><font size="2" style="font-size:10.0pt;">A.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Performance-Based Compensation </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">is defined as:</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amounts earned and awarded under the Simon
Property </font></u><u><font size="2" style="font-size:10.0pt;">Group, </font></u><u><font size="2" style="font-size:10.0pt;">L.P. 1998 Stock Incentive Plan, as </font></u><u><font size="2" style="font-size:10.0pt;">the
</font></u><u><font size="2" style="font-size:10.0pt;">same has been or may be modified or
supplemented from time-to-time, or any successor thereto (the &#147;Stock Plan&#148;).</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Note:</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">To qualify as &#147;Performance-Based Compensation&#148; under the Plan and section
409A of the Code, the compensation must </font><font size="2" style="font-size:10.0pt;">satisfy
certain requirements set forth in Appendix A, which include the following:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Performance-Based Compensation </font></b><font size="2" style="font-size:10.0pt;">means the compensation paid by the Employer as set forth in the Adoption
Agreement as </font><font size="2" style="font-size:10.0pt;">Performance-Based
Compensation. In all events, Performance-Based Compensation definition must
meet the following criteria:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">the compensation must be based on services performed over a period of at
least 12 months;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=20,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=1027147,FOLIO='20',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-03_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:14 2009' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .95in;text-indent:-.45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
payment or amount of the compensation must be contingent on the satisfaction of
pre-established organizational or individual performance criteria (established
no later than 90 days after the beginning of the Service Period); and</font></p>

<p style="margin:0in 0in .0001pt .95in;text-indent:-.45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .95in;text-indent:-.45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
compensation cannot include any amount or portion of any amount that will be
paid either regardless of performance or based on a level of performance that
is substantially certain to be met at the time the performance criteria are
established.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
all events, the Employer is responsible for determining whether the actual
definition of Performance-Based Compensation used in this Plan conforms with
the requirements of Code section 409A.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Deferrals</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Elective
Deferrals</font></b><font size="2" style="font-size:10.0pt;">. Participants may elect
to reduce their Compensation and to have Elective Deferrals credited to their
Accounts by making an election under the Plan (which may be changed each year
as described in the Plan), but no Participant may defer more than 100% (1% to
100% (after taking into account required tax withholding and payroll deductions
for other benefit programs) in whole increments) of his or her Compensation for
a year.</font></p>

<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Matching
Deferrals</font></b><font size="2" style="font-size:10.0pt;">. If the Employer elects
to match Elective Deferrals, the Employer must specify below the Determination
Period for which the Matching Deferrals are to be contributed to the Trust, the
matching rate to be applied, and the amount of the Participant&#146;s Elective
Deferral that will be matched. The Employer may also elect to decide each Plan
Year whether Matching Deferrals will be made and, if so, what that Plan Year&#146;s
matching rate will be. For example, the Employer may decide to credit a
Matching Deferral of, for example, 50 cents for each dollar of a Participant&#146;s
Elective Deferrals, but limit the match to the first 5% of Compensation
deferred by the Participant. If the Employer wishes to set a maximum dollar
amount on the amount of Elective Deferrals that will be matched, insert the
dollar amount and interval over which that amount is to be measured. For
example the Employer could provide that the Employer will not match Elective
Deferrals in excess of $1,000 per month. Matching Deferrals can be made after
each payroll period, monthly, quarterly or annually, at the Employer&#146;s
discretion. Matching Deferrals will be subject to the vesting schedule selected
in Item 6A.</font></p>

<p style="margin:0in 0in .0001pt .3in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Select One:</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Matching Deferrals will
be credited.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Employer will credit
to Participants&#146; Accounts a Matching Deferral amount as determined in this Item
5B as of the end of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each payroll
period, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each
calendar month,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each calendar
quarter, or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each
calendar year. The Employer will credit Matching Deferrals for each Participant
equal to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the first &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the Participant&#146;s Compensation which is elected as an Elective Deferral, but
no Matching Deferral will be made on Elective Deferrals in excess of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (specify time
period if applicable).</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Employer will decide
from year to year whether Matching Deferrals will be made and will notify
Participants annually of the manner in which Matching Deferrals will </font><font size="2" style="font-size:10.0pt;">be</font><font size="2" style="font-size:10.0pt;"> calculated
for the subsequent year. Absent an affirmative action by the Employer to
provide for Matching Deferrals for a particular year, no Matching Deferrals
will be made for that year.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Incentive
Deferrals.</font></b><font size="2" style="font-size:10.0pt;"> The Employer may at any
time and from time to time determine to credit the Account of a Participant
with an amount determined by the Employer in its sole and absolute discretion
if the Employer elects to do so in this Item 5C. If an affirmative election is
made in this Item 5C, the purpose or purposes for authorizing Incentive
Deferrals to be credited to an Account of a Participant, the amount to be so
credited, the terms and conditions, if any, that may apply with respect</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=21,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=521696,FOLIO='21',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-05_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:17 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to
the crediting of such amount, and the vesting schedule that may apply with
respect to the amount so credited, shall be reflected in an attachment to this
Adoption Agreement.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incentive
Deferrals will be distributed according to the election in effect for Elective
Deferrals credited in the Plan Year in which the Participant first earned the
right to the Incentive Deferrals, regardless of whether the right was subject
to any restrictions. In the absence of any such election, Incentive Deferrals
credited for a Plan Year will be paid in a single lump sum payment upon a
Participant&#146;s separation from service (in accordance with Section&nbsp;7.4) or
death (in accordance with Section&nbsp;7.5).</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Employer hereby elects to be able to determine to credit the Account of a
Participant with Incentive Deferrals pursuant to and in accordance with Section&nbsp;4.3
of the Plan and this Item 5C:</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">Yes</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">No</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Vesting of
Matching Deferrals and Incentive Deferrals</font></b><font size="2" style="font-size:10.0pt;">  </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Vesting </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Schedule for Matching Deferrals.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate
below how the portion of a Participant&#146;s Account attributable to Matching
Deferrals is to vest by selecting one of the following six vesting schedules (select
<u>one</u> group of the three different groups ((1), (2), or (3)&nbsp;below) and
then select <u>one</u> option within group):</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">(1)</font></b><font size="2" style="font-size:10.0pt;">&nbsp;The following three options base the vesting of Matching Deferrals
on a Participant&#146;s Years of Service under the Plan:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">100%
immediate.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">100% after
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years of Service.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">20% after </font><font size="2" style="font-size:10.0pt;">One </font><font size="2" style="font-size:10.0pt;">Years of Service and an additional 20% for
each year thereafter.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">(2)&nbsp;(CLASS&nbsp;</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">YEAR VESTING)</font></b><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">The following two options base the vesting of Matching Deferrals on a
Participant&#146;s Years of </font><font size="2" style="font-size:10.0pt;">Service un</font><font size="2" style="font-size:10.0pt;">der the Plan performed after the Plan Year for which Matching Deferrals
are credited:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For
Matching Deferrals in a given Plan Year, 100% after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Years
of Service performed beginning after the last day of the Plan Year in which the
Matching Deferrals are credited.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For
Matching Deferrals in a given Plan Year, 20% per Year of Service performed
beginning after the last day of the Plan Year in which the Matching Deferrals
are credited.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">(3)</font></b><font size="2" style="font-size:10.0pt;">&nbsp;The
following option is available if the foregoing options are not suitable and you
want a more specific vesting schedule:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Other
vesting schedule for Matching Deferrals. (specify):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=22,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=935753,FOLIO='22',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-05_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:17 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B. </font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Vesting
Schedule for Incentive Deferrals.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate
how the portion of a Participant&#146;s Account attributable to Incentive Deferrals
is to vest.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise specified by the Employer at the time a Incentive Deferral is made, Incentive
Deferrals vest in accordance with the following schedule (select <u>one</u>
group of the three different groups ((1), (2), or (3)&nbsp;below) and then
select <u>one</u> option within group):</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(1)</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
following three options base the vesting of Incentive Deferrals on a
participant&#146;s Years of Service under the Plan</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160; </font><font size="2" style="font-size:10.0pt;">100% immediate.</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160; </font><font size="2" style="font-size:10.0pt;">100% after&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Years
of Service.</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160; </font><font size="2" style="font-size:10.0pt;">20% after One Years of
Service and an additional 20% for each year thereafter.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(2)</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">(CLASS&nbsp;YEAR VESTING)</font></b><font size="2" style="font-size:10.0pt;"> The following two options base the vesting of Incentive Deferrals on a
Participant&#146;s Years of Service under the Plan performed after the Plan Year in
which Incentive Deferrals are credited:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160; </font><font size="2" style="font-size:10.0pt;">For Incentive Deferrals in
a given Plan Year, 100% after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years of
Service performed beginning after the last day of the Plan Year in which the
Incentive Deferrals are credited.</font></p>

<p style="margin:0in 0in .0001pt .45in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160; </font><font size="2" style="font-size:10.0pt;">For Incentive Deferrals in
a given Plan Year, 20% per Year of Service performed beginning after the last
day of the Plan Year in which the Incentive Deferrals are credited.</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(3)</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
following option is available if the foregoing options are not suitable and you
want a more specific vesting schedule:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7in;text-indent:-.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160; </font><font size="2" style="font-size:10.0pt;">Other vesting schedule for
Incentive Deferrals. (specify):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Vesting
Upon Attainment of Retirement Age.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition to A. and B. above, indicate below whether a Participant&#146;s Account
attributable to Matching Deferrals and/or Incentive Deferrals should become
fully Vested upon attainment of Retirement Age by checking the box below and
indicating whether it applies to Matching Deferrals, Incentive Deferrals or
both:</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following option will provide for full vesting upon attainment of Retirement
Age:</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">100% immediate vesting
upon a Participant&#146;s attainment of Retirement Age.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing election shall apply to the portion </font><font size="2" style="font-size:10.0pt;">of
</font><font size="2" style="font-size:10.0pt;">a Participant&#146;s Account attributable to (select
either or both of the following):</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Matching Deferrals</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Incentive </font><font size="2" style="font-size:10.0pt;">Deferrals</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Vesting
Service.</font></b></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Indicate
whether </font><font size="2" style="font-size:10.0pt;">you will give credit for vesting service for
time spent with a predecessor employer, and if so, specify the maximum number
of years and the type of predecessor service for which credit will be given. For
vesting purposes (select one):</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Service with </font><font size="2" style="font-size:10.0pt;">a predecessor employer will not be considered.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=23,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=836546,FOLIO='',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-05_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:17 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Service (up to a maximum
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
years) with the following employer(s) will be considered:</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Under
the Plan, if you maintain a 401(k)&nbsp;plan, years of service for vesting
purposes include all years of full-time service measured from the employee&#146;s
date of employment. If you maintain a 401(k)&nbsp;plan, the rules&nbsp;in that
plan govern the calculation of vesting service for employees covered under that
plan. If you would like to apply other rules&nbsp;on determining vesting
service under this Plan, please indicate below:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Service prior to an
Eligible Employee&#146;s eligibility date under this Plan shall be disregarded.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Service prior to adoption
of this Plan shall be disregarded.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Service prior to an
Eligible Employee&#146;s attainment of age&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shall be disregarded.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Other rules&nbsp;on
calculating service for vesting purposes under this Plan:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Distribution
Options</font></b></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cashout
of Small Amounts</font></u><font size="2" style="font-size:10.0pt;">. The Employer may elect
to add a cashout rule&nbsp;under which the Vested amount of a Participant&#146;s
Account will automatically be paid as a single sum cash distribution as soon as
practicable after separation from service if such Vested amount does not exceed
some stated amount.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Employer hereby elects
to provide for a cashout distribution upon a Participant&#146;s separation from
service if the Vested amount in the Participant&#146;s Account does not exceed $15,500
or the current 402(g) limit.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
Installments Before Attainment of Retirement Age</font></u><font size="2" style="font-size:10.0pt;">. The
Employer may elect to prohibit the payment of installment distributions if a
Participant&#146;s separation from service occurs before Retirement Age.</font></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notwithstanding any
Participant&#146;s form of distribution election, if the Participant separates from
service before attainment of Retirement Age, distributions hereunder upon such
separation from service shall only be made in a single sum cash payment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Accounts</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If it is desired
that the Trust assets be invested in accordance with Participants&#146; deemed
investment elections, each Participant&#146;s Account balance should be invested as
a separate account. Otherwise, the Account balances of all Participants may be
invested as a single fund (select one):</font></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Account
balances are to be invested separately.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Account balances are to be
invested as a single fund.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Investments</font></b></p>

<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .05in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Direction</font></u><font size="2" style="font-size:10.0pt;">. The
Employer may direct the investment of Trust assets or direct the Trustee to
invest Trust assets in accordance with Participants&#146; deemed investment
elections (select one):</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=24,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=432120,FOLIO='24',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-05_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:17 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Trust assets are to be
invested in accordance with Participants&#146; deemed investment elections made in
accordance with the terms of the Plan, until further notice from the Employer.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Trust assets are to be
invested in accordance with the Employer&#146;s attached investment instructions, until
further notice from the Employer.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Retirement
Age</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Retirement Age
under the Plan is the normal retirement age specified in </font><font size="2" style="font-size:10.0pt;">1. </font><font size="2" style="font-size:10.0pt;">below and, if elected by the Employer, the
early retirement age elected in 2. below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Normal
Retirement Age. A Participant&#146;s normal retirement age shall be (select one):</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">attainment of age </font><font size="2" style="font-size:10.0pt;">59 1/2</font><font size="2" style="font-size:10.0pt;"> while employed.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">attainment of the later of
age&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;anniversary
of participation in the Plan, while employed.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Early
Retirement Age. A Participant&#146;s early retirement age shall be (select one):</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Attainment of age&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;while
employed.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Attainment of age 55 and
10 Years of Service (for vesting purposes) while employed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Withdrawals
on Account of Unforeseeable Emergency</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Employer may
permit a Participant to request to receive a distribution of all or a portion
of the Vested amounts allocated to the Account of the Participant in accordance
with the provisions and requirements of Section&nbsp;7.5 of the Plan and this
Item 10 if the Employer affirmatively elects to permit such distributions in
this Item 10.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Employer hereby
elects to permit withdrawals by a Participant of all or a portion of the Vested
amounts allocated to the Account of the Participant in the event of an
Unforeseeable Emergency under the terms of the Plan:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">Yes</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> No</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Employer
elects to permit distributions in the event of an Unforeseeable Emergency (as
that term is defined in Section&nbsp;7.5 of the Plan), a request for such a
distribution must be made by a Participant in accordance with the requirements
of Section&nbsp;7.5, if an Unforeseeable Emergency is determined to have
occurred, the amount </font><font size="2" style="font-size:10.0pt;">distributed to </font><font size="2" style="font-size:10.0pt;">the Participant shall not exceed the maximum amount permitted in Section&nbsp;7.5,
and if an amount is so distributed, Elective Deferrals of the Participant will
immediately terminate and the Participant may not again elect to defer
compensation under Section&nbsp;4.1 of the Plan until the enrollment period for
the Plan Year that begins at least twelve (12) months after such distribution.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">12.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Administration</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plan
Administrator</font></u><font size="2" style="font-size:10.0pt;">. </font><font size="2" style="font-size:10.0pt;">The Plan Administrator is legally responsible for the operation of the
Plan, including:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Keeping
track of which employees </font><font size="2" style="font-size:10.0pt;">are eligible to
participate in the Plan and the date each employee becomes eligible to
participate.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Maintaining
Participants&#146; Accounts, including all sub-accounts required for different
contribution types and payment elections, and keeping track of all elections
made by Participants under the Plan and any other relevant information.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Transmitting
important communications to the Participants, and obtaining relevant
information from Participants such </font><font size="2" style="font-size:10.0pt;">as
changes in investment selections.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=25,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=726135,FOLIO='25',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-05_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:17 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Filing
important reports required to be submitted to governmental agencies. </font></p>

<p style="margin:0in 0in .0001pt .05in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan
Administrator will be the person or persons identified below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
  Rulli</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen
  Sterrett</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andrew
  Juster</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President and</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President and</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President and</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Administrative Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial </font><font size="2" style="font-size:10.0pt;">Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=26,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=627190,FOLIO='26',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-05_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:17 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Signatures</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After reviewing the
Adoption Agreement, enter the current date and the name of the Employer. The
signature of the Employer or the person signing for the Employer must be
witnessed. Note that the person signing for the Employer must be authorized to
do so, such as by a resolution of the Employer&#146;s board of directors or
governing bylaws.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Merrill
Lynch Non-Qualified Deferred Compensation Plan, including this Adoption Agreement,
has been designed in a manner to permit Participants to defer federal income
tax on amounts credited to their accounts until the amounts are actually paid, neither
Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, the sponsor of
this document, nor any of its affiliates (&#147;Merrill Lynch&#148;) provide any
assurances of that result in the Employer&#146;s particular situation or assume any
responsibility in this regard. The applicable federal law in this area (in
particular, section 409A of the Code) is complex and changes from time to time
Please consult your tax advisor regarding the tax consequences of this Plan to
you and your employees. In addition, please consult your independent legal
counsel with respect to securities law issues. By signing this Adoption
Agreement, the Employer acknowledges that no representations or warranties as
to the tax consequences to the Employer and Participants of the operation of
this Plan have been made by Merrill Lynch.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Simon
Property Group Administrative Services Partnership, L.P.,</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">a Delaware
limited partnership</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By:</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">M.S. Management Associates,&nbsp;Inc.,
a Delaware corporation,<br>
its general partner</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name
  of Employer (Print or Type)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITNESS</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ </font><font size="2" style="font-size:10.0pt;">James M Barkley</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized
  Signature</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John
  Rulli</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James
  M Barkley</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ </font><font size="2" style="font-size:10.0pt;">John Rulli</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print
  Name and Title</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print
  Name and Title</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President and</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Administrative Officer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date
  </font><font size="2" style="font-size:10.0pt;">December&nbsp;31,
  2008</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date
  </font><font size="2" style="font-size:10.0pt;">December&nbsp;31,
  2008</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=27,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="3",CHK=485133,FOLIO='27',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KG-05_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:17 2009' -->


<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>a2195218zex-10_2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDMENT</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2008 PERFORMANCE BASED RESTRICTED STOCK AGREEMENT</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Executive Group</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
amendment to the 2008 Performance Based Restricted Stock Agreement (&#147;<u>Amendment</u>&#148;)
is being entered into as of the 6</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;day of March,
2009, among Simon property Group, L.P., a Delaware limited partnership (the &#147;<u>Partnership</u>&#148;),
Simon Property Group, Inc., a Delaware corporation (the &#147;<u>Company</u>&#148;), and
[Fname] [LName], a key personnel member of the Partnership or one of the
Partnership&#146;s Affiliates (&#147;<u>Participant</u>&#148;), pursuant to the Simon Property
Group, L.P. 1998 Stock Incentive Plan (the &#147;<u>Plan</u>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the Compensation Committee (the &#147;<u>Committee</u>&#148;) of the Board of the
Company, appointed to administer the Plan, has allocated to Participate a
dollar allocation, a portion of which has been converted into an award of
restricted stock; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the parties entered into a 2008 Restricted Stock Agreement dated as of May 1,
2008, describing such dollar allocation and the terms and conditions of any
award to Participant (the &#147;<u>Agreement</u>&#148;); and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the parties desire to amend the Agreement in certain respects.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in
this Agreement, the parties agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Capitalized
Terms.</font></u><font size="2" style="font-size:10.0pt;">&#160; All capitalized terms used in
this Amendment and not otherwise defined shall have the meanings given them in
the Agreement and the Plan.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Allocation of
Award.</font></u><font size="2" style="font-size:10.0pt;">&#160; The Partnership, with the
approval of the Committee, has awarded to Participant [Award_Value_] shares (the
&#147;<u>Award</u>&#148;) of common stock of the Company, par value 0.0001 per share (&#147;<u>Common
Stock</u>&#148;), subject to vesting requirements and other terms and conditions set
forth in the Agreement and the Plan, as the same may be amended or modified
from time-to-time by the Committee.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Distributions.</font></u><font size="2" style="font-size:10.0pt;">&#160; The Participant has the right, pursuant to
the Agreement, to receive distributions on the Award.&#160; Notwithstanding the terms of the Agreement, the
parties hereto have agreed that Participant shall relinquish and release the
Partnership and the Company from any obligation to distribute to the
Participant that portion of distributions on the unvested portion of the Award
which the Company has or may hereafter elect to distribute in the form of
additional Common Stock.&#160; The Participant
does not waive, and shall be entitled to continue to receive, all distributions
on the unvested portion of the Award which shall be paid in cash, as well as
all distributions made by the Company, in </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="4",CHK=841469,FOLIO='1',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KI_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:20 2009' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">whatever form, on the vested portion of the Award as well as any other
award of Common Stock, whether or not vested, made to Participant pursuant to
the Plan.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
as herein amended, all terms and conditions of the Agreement shall remain in
full force and effect.&#160; This Amendment
shall be binding upon and inure to the benefit of the successors, assigns, and
heirs of the respective parties.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first
written above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON
  PROPERTY GROUP, L.P., a Delaware limited partnership</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;By:</font></p>
  </td>
  <td width="41%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:41.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Simon
  Property Group, Inc., a Delaware</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporation,
  its general partner</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John
  Rulli, Executive Vice President</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON
  PROPERTY GROUP, INC., a Delaware corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John
  Rulli, Executive Vice President</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  of Participant</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="374" style="border:none;"></td>
  <td width="61" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="285" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">{please return a signed copy to Human Resources}</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=2,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="4",CHK=402563,FOLIO='2',FILE="DISK130:[09ZDV2.09ZDV15802]30758-2-KI_ZDV15802.CHC",USER="MVANGB",CD='Nov  3 15:20 2009' -->


<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>5
<FILENAME>a2195218zex-31_1.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#09ZDV15801_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_kk15801_1_34"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="kk15801_exhibit_31.1"> </A>
<A NAME="toc_kk15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT&nbsp;31.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> CERTIFICATION PURSUANT TO<BR>
RULE&nbsp;13a-14(a)/15d-14(a)<BR>
OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION&nbsp;302 OF THE SARBANES-OXLEY ACT OF&nbsp;2002  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>I,
David Simon, certify that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>I
have reviewed this quarterly report on Form&nbsp;10-Q of Simon Property Group, Inc.;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules&nbsp;13a-15(f) and 15d-15(f)
for the registrant and have:
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and
<BR><BR></FONT></DD></DL>
</UL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize and report financial information; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting. </FONT></DD></DL>
</UL>
</DD></DL>
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Date: November&nbsp;5, 2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2> /s/&nbsp;DAVID SIMON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> David Simon<BR>
Chairman and Chief&nbsp;Executive&nbsp;Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="5",CHK=211275,FOLIO='34',FILE='DISK128:[09ZDV1.09ZDV15801]KK15801A.;5',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="09ZDV15801_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kk15801_1">EXHIBIT 31.1</A></FONT><BR>
</UL>
<!-- SEQ=,FILE='QUICKLINK',USER=MVANGB,SEQ=,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="5" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>6
<FILENAME>a2195218zf5_ex-311.pdf
<DESCRIPTION>EX-31.1
<TEXT>
<PDF>
begin 644 a2195218zf5_ex-311.pdf
M)5!$1BTQ+C,-)>+CS],-"C4@,"!O8FH-/#P@#2],:6YE87)I>F5D(#$@#2]/
M(#<@#2]((%L@-CDV(#$W-B!=(`TO3"`Q-#<X-R`-+T4@,30R,3@@#2].(#$@
M#2]4(#$T-3<P(`T^/B`-96YD;V)J#2`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("!X<F5F#34@
M,30@#3`P,#`P,#`P,38@,#`P,#`@;@T*,#`P,#`P,#8R-"`P,#`P,"!N#0HP
M,#`P,#`P.#<R(#`P,#`P(&X-"C`P,#`P,#$P,C,@,#`P,#`@;@T*,#`P,#`P
M,3$S-B`P,#`P,"!N#0HP,#`P,#`Q-3@Q(#`P,#`P(&X-"C`P,#`P,#(R-SD@
M,#`P,#`@;@T*,#`P,#`P,C8U-"`P,#`P,"!N#0HP,#`P,#`S-#0X(#`P,#`P
M(&X-"C`P,#`P,#4T-C0@,#`P,#`@;@T*,#`P,#`Q,#DQ."`P,#`P,"!N#0HP
M,#`P,#$T,3`R(#`P,#`P(&X-"C`P,#`P,#`V.38@,#`P,#`@;@T*,#`P,#`P
M,#@U,B`P,#`P,"!N#0IT<F%I;&5R#3P\#2]3:7IE(#$Y#2]);F9O(#,@,"!2
M(`TO4F]O="`V(#`@4B`-+U!R978@,30U-C$@#2])1%L\-3-B,S(X83`X,C0R
M,SEB,3EC83-A8S`S-C$T-6(W8V(^/#4S8C,R.&$P.#(T,C,Y8C$Y8V$S86,P
M,S8Q-#5B-V-B/ET-/CX-<W1A<G1X<F5F#3`-)25%3T8-("`@("`--B`P(&]B
M:@T\/"`-+U1Y<&4@+T-A=&%L;V<@#2]086=E<R`T(#`@4B`-+U!A9V5,86)E
M;',@,B`P(%(@#3X^(`UE;F1O8FH-,3<@,"!O8FH-/#P@+U,@,S8@+TP@-SD@
M+T9I;'1E<B`O1FQA=&5$96-O9&4@+TQE;F=T:"`Q."`P(%(@/CX@#7-T<F5A
M;0T*2(EB8&#@86!@VL$`!,9_&+`!#B@M`,1<4,S`X,?`R^3!<>B>VH$IW0:?
M0AD2!:#*&!D8S+8`:28@#@`(,`!J%0F9#65N9'-T<F5A;0UE;F1O8FH-,3@@
M,"!O8FH--C8@#65N9&]B:@TW(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-+U!A
M<F5N="`T(#`@4B`-+U)E<V]U<F-E<R`X(#`@4B`-+T-O;G1E;G1S(#$S(#`@
M4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@
M-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH-."`P(&]B:@T\/"`-
M+U!R;V-3970@6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,"`P(%(@
M+T8V(#$R(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O1U,Q(#$V(#`@4B`^/B`-
M/CX@#65N9&]B:@TY(#`@;V)J#3P\(`TO5'EP92`O1F]N=$1E<V-R:7!T;W(@
M#2]!<V-E;G0@-S$R(`TO0V%P2&5I9VAT(#<Q,B`-+T1E<V-E;G0@+3(S,B`-
M+T9L86=S(#,T(`TO1F]N=$)";W@@6R`M,38W("TR-38@,3(X.2`Y-C,@72`-
M+T9O;G1.86UE("].1D=!14(K1'5T8V@X,#%"5"U2;VUA;B`-+TET86QI8T%N
M9VQE(#`@#2]3=&5M5B`X-R`-+UA(96EG:'0@-#<R(`TO0VAA<E-E="`H+VDO
M9"]S96UI8V]L;VXO>2].+WIE<F\O32]Z+VXO;VYE+VLO02]/+W1W;R]M+W%U
M;W1E<FEG:'0O42]X+W1H<F5E+V\O<&%R7`UE;FQE9G0O4B]P+V9O=7(O4R]P
M87)E;G)I9VAT+T4O5"]Q+V9I=F4O9R]"+W(O<W!A8V4O5B]B+T,O<R]A+V,O
M1"]C;VUM82]<#6PO="]E+T<O:'EP:&5N+W4O;FEN92]F+TDO=B]P97)I;V0O
M8V]L;VXO:"]0+T8O=R]S;&%S:"D-+T9O;G1&:6QE,R`Q-"`P(%(@#3X^(`UE
M;F1O8FH-,3`@,"!O8FH-/#P@#2]4>7!E("]&;VYT(`TO4W5B='EP92`O5'EP
M93$@#2]&:7)S=$-H87(@,S(@#2],87-T0VAA<B`Q.#$@#2]7:61T:',@6R`R
M-3`@,S(V(#,S-2`W-CD@-3`P(#DT,"`X,C`@,3<R(#,X,R`S.#,@-3`P(#@S
M,R`R-3`@,S,P(#(U,"`R-S(@-3`P(`TU,#`@-3`P(#4P,"`U,#`@-3`P(#4P
M,"`U,#`@-3`P(#4P,"`R-S,@,C<S(#@S,R`X,S,@.#,S(#0Y,B`Y.#8@#3<V
M.2`V.#,@-S`X(#@P-R`V.3<@-C(P(#@Q,"`X,3D@,S@Q(#0S.2`W-#`@-C0R
M(#DT-R`W-CD@.#$P(#8P-"`-.#$P(#<V.2`U-#<@-C4X(#@R,"`W-C8@.3@U
M(#<V.2`W-C8@-S$R(#,R-R`R-S(@,S(W(#$P,#`@-3`P(#4P,"`--#DS(#4S
M,2`T,SD@-30W(#0Y-"`S,C@@-#@X(#4T."`R-S0@,C8W(#4R,"`R-S(@.#(Q
M(#4T."`U-#4@-30W(`TU-#$@,S@S(#,X,B`S,C8@-30Y(#0U,R`V-S8@-#0R
M(#0T-B`T,S8@-3`P(#4P,"`U,#`@.#,S(#`@,"`P(#`@#3`@,"`P(#`@,"`P
M(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#`@
M,"`P(#(U,"`-,"`U,#`@-3`P(#`@,"`P(#`@,"`X,C(@,"`P(#`@,S,P(#`@
M,"`P(#@S,R`P(#`@,"`U-S$@72`-+T5N8V]D:6YG("]7:6Y!;G-I16YC;V1I
M;F<@#2]"87-E1F]N="`O3D9'045"*T1U=&-H.#`Q0E0M4F]M86X@#2]&;VYT
M1&5S8W)I<'1O<B`Y(#`@4B`-/CX@#65N9&]B:@TQ,2`P(&]B:@T\/"`-+U1Y
M<&4@+T9O;G1$97-C<FEP=&]R(`TO07-C96YT(#<Q,B`-+T-A<$AE:6=H="`W
M,3(@#2]$97-C96YT("TR,S(@#2]&;&%G<R`S-"`-+T9O;G1"0F]X(%L@+3$V
M-R`M,C,V(#$Q-#0@.30W(%T@#2]&;VYT3F%M92`O3D9'0410*T1U=&-H.#`Q
M0E0M0F]L9"`-+TET86QI8T%N9VQE(#`@#2]3=&5M5B`Q-#(@#2]82&5I9VAT
M(#0W,B`-+T-H87)3970@*"]A+W!A<F5N;&5F="],+WIE<F\O6"]P87)E;G)I
M9VAT+U0O;VYE+T@O02]/+VYI;F4O0B]9+W1W;R]#+W1H<F5E+V0O4B]$+UP-
M8V]M;6$O3B]F;W5R+T4O4R]'+VAY<&AE;B]F:79E+U4O22]P97)I;V0O<W!A
M8V4O4"]&+W-L87-H*0TO1F]N=$9I;&4S(#$U(#`@4B`-/CX@#65N9&]B:@TQ
M,B`P(&]B:@T\/"`-+U1Y<&4@+T9O;G0@#2]3=6)T>7!E("]4>7!E,2`-+T9I
M<G-T0VAA<B`S,B`-+TQA<W1#:&%R(#$X,2`-+U=I9'1H<R!;(#(U,"`S,C8@
M,S0U(#<V.2`U,#`@-S@W(#<X-2`Q-S@@,S@T(#,X-"`U,#`@.#,S(#(U,"`S
M,C<@,C4P(#(V.2`U,#`@#34P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U
M,#`@-3`P(#(W,R`R-S,@.#,S(#@S,R`X,S,@-#@V(#DX-B`--C4P(#8U.2`V
M.3<@-S,X(#8U."`V,#(@-S4V(#<W.2`S.#@@-#DR(#<V,"`V,S4@.30T(#<S
M-2`W.#(@-C(R(`TW.#(@-S`T(#4X,2`V,S`@-S,S(#8S-R`Y,3`@-S`Q(#8S
M-"`V-3@@-#,Q(#(V.2`T,S$@,3`P,"`U,#`@-3`P(`TU,3(@-3,W(#0S-R`U
M-3$@-#0X(#,Q."`T.#<@-38W(#(Y-2`S,3(@-3,T(#(Y-R`X,C4@-38W(#4P
M,2`U-3,@#34T,B`T,C@@-#(Y(#,T,"`U-3@@-#4V(#8T-R`T-S4@-#0W(#0S
M-B`U,#`@-3`P(#4P,"`X,S,@,C4P(#(U,"`-,C4P(#(U,"`R-3`@,C4P(#(U
M,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P
M(`TR-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P
M(#(U,"`R-3`@,C4P(#(U,"`R-3`@#3(U,"`U,#`@-3`P(#(U,"`R-3`@,C4P
M(#(U,"`R-3`@.#(R(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`-.#,S
M(#(U,"`R-3`@,C4P(#4X-R!=(`TO16YC;V1I;F<@+U=I;D%N<VE%;F-O9&EN
M9R`-+T)A<V5&;VYT("].1D=!1%`K1'5T8V@X,#%"5"U";VQD(`TO1F]N=$1E
M<V-R:7!T;W(@,3$@,"!2(`T^/B`-96YD;V)J#3$S(#`@;V)J#3P\("],96YG
M=&@@,3DT,2`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B:17
MVU+C2!)]]U?DH[QA"TF6;]U/!DRWYP(]V+W1&S`/9:F,:]#%HY+PL)^Q7SPG
MJ^0KZFABUA!@25E5)T]FGDQ=+EH7-P/R:;%JC<G#SYC"P<CMT=#KN][`PY.T
MY9DG/CVW+C[-?7K2N+.(6IZ+I]N6,_WV>78Y6U#/=_WVXH^67]M[%`0>MAJ,
MAONM'IRKZ7W;'[MC9S&[F5W9KY-VX.'Z[I:^?+V??VV'8W?H3&X7M+AK_[[X
MJ>6[H_Z`NKX;T.*ZY=Q__65*?D]T_?#1$8_M"[\?[[XS@&[?[8_"O?V#<W=#
MB\]3FD^OOM[/%K/IG*;?^.30N?H\N?TTI<G5@F#DCWMAQYP8NN'P>(?)G";7
M=U\6T^L#Q/XQQ.[`]4='"W"6<:CG!;0[?G)_.;F=SMO=T(/3W3OV^MLOT__L
MC@\\+S";7=ST3F,RP&\0[%ET9AVZ%B\JIKE*\ZQ#D2Q*M7JE<BW*#TR!QU!&
MH]'8HO'==C<(^@B0,Z.U>)%4R!<EMS+&$J7ISTH4I2R25]S?Y$5)>48W[1XS
ME!<I0MG]C?*5/8V^,'5#I\@W./65/A5YM>G0+(O<CP;]XE](#:\WZG-V/#C!
MX>Q+H7$BMDA?Z3G+MXF,GV3'0J@/CG.I*<M+BO*L%"HCD;U2E95%)4F7HI2I
MS$K&(BC%5:%$0BL1X59!>:I**G-K1\*`Z9F8X,-$`)9O4#FG:S,92:U%\<JK
M4_$L`>GH.(U[,7`"3:*>UN9X-HA4$54IS#(L!\A8%K1=JVA-NN(_^_4<$<.*
M+9BM+&2])7N:*IU($:OLB;:J7(,)O9&1\81/`<LJC\''"Y;%M'P]YNNCR??>
M<;29>Z_FOO<.[B6M5`87F(T#Y`Z(ASD>%T?/5;9"/HA281^514D58T_0<H2H
M`TH5,JF1_?[0TK^!CQQ'CF^2'")9NZ[/8"$78L6'=MBB2F"`$'#^&2C:8(V$
M7M,JR;=Z%Y]"/BE=%@('B?,8Y"OK(?SI'-&LJ8;VQJ]&I@,4IB$Z/!"].#GY
M?[HFL2Y1CG*^6BE<FO-G)`II_(8?:IE(1D02@5@F2J_9G,U2E`*7`U_'2D=)
MKJM"-G(<AG7PN8**/+'L;(H\DC'6:().:HHEZ+5.3O^*UB)[DC3APNXY2+U[
MKOVQ4R4P-T+;?W3D8]OL9,367M=W`$T6F8T3GTB<J@<I\"V<0S@MH>S*.Z`4
M)R!69R#XF@D[#S=,6.8^&!3>>7D,:H9LQ^CZPS#`8==2JR<&8JKWP#)]A\@.
M:TXD*OW^):CIII@%PY%)RJ4$&34(*R=Y56!OY.:+TB;_(0HR,T>PUA\JY[@R
M"YD(0V^M(`=B.OLJ\$96(QQ;QFRM4%;`K?-$Q:(T3BVUBI4H%#NKK`P:\<AX
MZTJS&)GLUD:Y3,'D6@)AB7+E11OT%155B6!%.*U`$&(P'B0.ZZU\'C<$?%M*
M-D1A8C<9-Q:BC^+;Q71I8^J%Z-"G,6U,5&I(S#>A_<'*QD(,C)N'9`=E[PLP
M\@6]G>,F=)X)%@6A$7/N,QQ,4<0[YA!J)98J4>41O4'=Y""#347'*6E8-X3:
ME#DQ/6I\1HS^JGW?5,4&X=5&MJ,H+V)&=-[<N(4]R0S:G&">@)W<<#+Q`O1Q
M&TDDG=J@KIO;UV@?RLB&<MQW!\[T1225R4L&+U<K-`KU@H-T@^!#=M]1C?;R
M3.^;QX;>43!-T+`G"D?;]K/,J_+[L-XC)6)O+;GOKLY8_>$@0,M=?S?Y*BU9
M0/>1CVKL7;Z_HSDV-`]&(VC^M07[IO^90:Q69_/DC.YWUY81KB:2?5LP>115
M!3MX)!`G)Z6Y1EO`R`:A7P$M-J_G5_23-]8K!`L9>69H/3B0'-8E@R%"FNF2
M!\^LVN-&FS%ZNQ9ZK[F<W2;<,C9Z8:BJ*_85D^*S3.J!\LR^<WIVG5G_A,M#
M<`=G>E@/N@]._Y]/)N9%(=[E0^>08IS_QU$X9!MSMT/?&&-;1S_6WS>M"W`%
M^E29%WJO8.8&2$HQ^)?2!.YDP3*'5+XMIE@!M]GH$:\W7%>:JQC_N8?N<D[^
M62GX9;*LRB(S:#ZVW[Y=01W&C?/$!),M:[T"ISR4\)P3*0E7:^G9-^^M%,\L
M&%9:C628+F%>:G93[C&U;R>M\XDB[-F$;BI`VV3MW-F0KR+&IEKNT[4A$+;C
ML#&81!_HG#%LE$U#UG25II@?_BN-P[62-+Y/?$>GNJ#7\QI[^P2"M"J0`QUX
M)$TJ@R_S1E43V[%%J[*7/'F17+F9>*K?((LZ^V6Z2?)7B:?;=6Y37AR'K3&+
M;<GFR?\IA>ZN=`,WQ(<W=ZZ!_0/=8DFZQ*I^AP+/&[-AT'=[^)SDGN7E0E^T
MNWW/<ZX-VB%Y^!E2SQ\B-X<8ED/7&WA`G;:<R;]GU[S;V!B-J=<;N'Y_=&)D
M/(Q:#LW9<K]=&+I!SS^U-':S7^]NV7*Z:'G&V*>?\>TG?/N#/#>D+?D>_4H/
MOWL4MWQ2U`H,+GZ#HK35Q_!67R2M>>MRL4=GS/`N<H)LRRQA0J*Y2O-L7Y"[
M^#A7:[R!ID;"8[I:*[G"BX6,*N[+=&<ESC#ON7WJ#@^!-5OWPMJ5OP<`UR(%
MT`IE;F1S=')E86T-96YD;V)J#3$T(#`@;V)J#3P\("]&:6QT97(@+T9L871E
M1&5C;V1E("],96YG=&@@-3,V,B`O4W5B='EP92`O5'EP93%#(#X^(`US=')E
M86T-"DB);%8)4!17&NZ>GN[F')5Q4*>U>\)ZK*`<7HC&"SS6"XU%5+2D1!AE
MN)V+6Y&@@`,H`45%F4&18'12"`9!V-*(E!I7T647C?%*-AJUU$1WX]_XD^P^
M=)/:JDV]JJ[J[GK_]W_?_WVO'DTI%11-TT/#YR^8,R_4;Z[%'!,W-3`H-&+\
MBI2DZ.3^?S-E@9*'T_((A2PRLJ1$=P^FPT,IZSR\<3I6#&==WZQB10?];YOM
MW=.#A_(!T#BH=O@0T8OB:-HEUI2=]_$$_\#Q0?Z!82FI&4;#ICBS+B@D)%`7
M;=)%)^LLR:F6#8D&4YP^5I>68DS0;<C0A1K,)K-1'YVD6Y@<XZ_3S4E,U+W=
M:-(9]2:]T:J/)5_#4I(W&F+UR69#=*+_V_9UI'_=V^Y_>PU/,29%)_X?.8HF
MBW)14)ZNE%9!^7"4+T7Y\U0P186Z4$L&4.\3<2@%Q5!3J32JF7I"_4(+=`C]
M$7U%H5/L4IQCAC&9S$FEB]+"#F+CV9M<%'>=G\]G\]^YS'`I=W5US77S=-OJ
M=LU]A'NY^S./B1XG/)6>$2J5*EO5,R!C0./`B(&=@]P&[1STQFN)UVDO69VJ
M/C=X_N!NS0)-ODHE+[+#J'_2%T#'M,N1FGW9[,/6EDM_TUY(.AZYT6Q)2'*D
M'1<K*TK+A:J2@NS83>O"UD@J'ZRPOUEFIR^_8.`^5F@.5+'H`^KU,`;BM1#?
M`J/`!W@QZR"+X:@-1C\T:''#-Q@(BU$0?]L.QA?,V=XT3786"SZH;L8Q&*_%
M^"@<B3[(BU49+(2#]CZ,`X,6-DR&`%P,9#O.LH,?*.AV&,-TX"S-]ZUM5VYJ
M+R9^MGJ#R6Q(<%B=8N7>=PUGQ6Q:,R=24N$$B.JAFZ&`:88H#13T8`&GV@HJ
M^@JHF"OM&D-=JM-95^=TIM89#*FI!@*2Z&_O+;;3VZ"%@;S>51HL_OD4>YJ#
MXMY3K*IRR]'>@%JZ_AD4_<"`%[S4@+GN]?.GM0$8@55YZ('*T>:?(%/T+=9@
M_DT<0/08_14,AA(PAH`[CD!A(GIAAJBJM#EZ@X@42=\R#[WA'PXN/]^V71BW
MO>J1)-_F)ZV<O7YQ_-ZTH5^>8"NJ#^RN%`X59QJD`EMA@;9O"N^_)6>46%!@
M*Q!(G=MR6P]]K`;^_`USS%OVX3IA;'H9&QJO+YPAX$H.?&$R^^+UY3LOM*"8
MVX4*=)TQ#X>DB(X"]D%]1TNW\.#\"C]D@B?B8'Q/TJ%;/\T&^+L#[-U></-N
M["WU)1@/SS6ENVRE`@R[L<)GPOQY<U/2]E<;I2-)QOTI@BDST[RQ+?$>3`-7
M4(#T*.K2A$\D=>J5\\=;.[4WEER<,"XT`JDH\>!6]GKC.>=EX6KK^J4AB^;[
MY$KJ2X2#'0*[Y*5VNE;^@+D,A1K8`J]8?,5CH?(6S'W6Y2M'1W'8T;>:G0E'
M>%5E3I-\_S8-O=>8\_(T#43F_FLZ#M(B]:>P:?K,FNK-XD&+J3Q=,&9D6V//
M)-Z'R:`DRP_$T4_PPT^EEA]9L'+-S[>4L\:LG")382&1$E=QA'@-;&^4A5JZ
MX3'L>,3`+_!$$Y>2D*D7IJV\!2+PGU_JNM<>@GZ)A9OR8R7LP-<:V'.8!"`8
M*K4P9](/.!Q=)OFB@.)74X!J.7W@TU.B`=\?ZX=3S"XJ3"#N@V+BP![BP)[?
M<:#,*7_'E0DXVT[R0$,I>'I=AC$H@:>Z_@;.UJB7?]]ZYB_].7"2'%C^-P>E
M)`<;^W.@KM\O=Q.HS4[GT:-.Y^9?RX+3YH"8)GF2G=[16\OL\(8T!U=49"L2
M5IOVU5?N/K2W5FH'!0OM7"<.87?GEN3F:0V6;1$[12M\;N>-F;OV94LYE3GV
MG&/XB?QRJ(G#AKY'R>'FU,B=PR`-;!H8`<V@QF96!:ML#FL37'#"\<^L#B^2
M'@4<`N5$<%>7'/&&:QQ$_W@9AC]<T8G*&DD]Y6%=VX5N[<N)5W&&B`\X=8F5
MOU=8G3Y7VZ?G0RT9TW>*:CW$7==`,G^BK+1!W+//5B6`>#UR]!\7?8B>TD?Y
MMGQAN:6DC=2">TI8S)_=6](%@SMCQHY<J,?1XO8=MAU"7%%)DZ2"U*SFWB$-
M="NX,[VS89(F8-;,#>\).!89T,`*6$.4]X(@X.XL1*]&R<&E@9E-YZPY.>FB
M86F3CT`&-(ZL>(PG)]H?(`4&/#W[TTU2N)N0/BG_W/!?QO)80K>6T#W+@>?C
MRHMWI<?7VIZ"NQ;T.`J\L4K$.YQZGY7_NJ@FC5"-)533^ZG6JA,A[K5&7L[?
MV+/O"AC`C21Y#:Y$-^1Q;<CV/5^3<>H)6#-\T02.IGZ\@43A"PYU<8VW_(K[
M`F:F5[!J*RK7K37A0`&G<-'Y^\]($,/7E9;5BR!Q3X_G!I5)#LBS<I,+XG+'
M$P]S*3M*CTD0SC?MJF@5(8Q[XK0&'"`"Y,%XMN\[3EULY>\6VC/"^J<2EI$1
M7$3:&$I<=>,4U)ZRU+P;\\<.]3/"N<?!!1=OKN[10@1_I+SLL/B8>U:7Y]L/
M663EIAJR_<0`+KFPK%Z"97SC@;V-(HSAGC>DCJLB@+D0S/;]E6ACX6\?3@N5
M^F+X.5E9DPM%]3,5]&2=A/LUT-)$MX&[O`!HIG<M<<8Z_LOR0STE8@VV6_CG
M!67;9FEQ&1^_\0/K$@%#4$D46@NKW\XV&-ROKD*O]K=(!C:3,V[?NB4K87DS
M*@6T8"`9;C+JP1='0L;+I_4=WTHJ'3G"R:4$!&"8$][0Y>"FE5BKN[7_H;Q:
M@Z*XLK#C.'W'51&9&M9T;[IEE5(Q)@$?N!4?,2H^((+R!A54(BJ0@.+(,`P#
MR'L&<`!'`DS/H,-CAJ>*B(@/0$1!HZNN;XV`T6A2V:U8>IJZI&HOF*UU]\=6
M;?6/KNJZ]YSO?/U]]YPK1*#;%>4/\UDSOO[>CUR1D+"(L".$_;[-H5TX\79D
MXP$SM4BGM@S2@A>"TN%;$A,%Q*^2X2"T-$7AGD6\=M:,%NC33'=I82.Z5W1D
M((_$WH1PQG`ESA8J)7B+@NK/*(Q?0@]_AMP28Y;EOO/V:)Z)[8)GNQB6@%0N
MK$="Y'"GQ"S<IFX:C,_T)`SY@<\R#BD)Q(EH^&,A18(]%%1K5LV^RBW2X02T
M,D7IED$0Y)F1FS[%>),>)7N(.29J(TSO(7YI@U_D.!9([X;=Y)E!6EXLQ!*>
MG$;L0'JZ$XYE88(C;'H)D\F$X/P23\:;\.:YY.6,G>>2CYL)7"D1S9E&Z!IU
MRF0B&@50LI\MCM!GIMQT:M,+&MR1,5]7RN;G:PN8^]?RCG1SUZM.]CVB0;JH
M%R]D<=>H<_JS#RO7T,/^R%4=[T[4`1'"&#E$HE.%I>=A[,7@V3,]_?#DF+3"
M2I+US@'K^[60!O:+_'\")0IX*_?^!XACP)XY:M7E-7!FA&<6+VGB:8,IK]G$
M@OV5*S`&/J+_FP3L]1Q/`(^@W\_=MD:X.%JLTULH!R3[N=$1;ILITHNRF67Q
M1__&P3+$%^EYMI=ZC,7]3L]G2\'53&TNF`MCR%P3)@5)9?>59S2@17W8E<6O
M1ZM_G'-$Y3%BQN7[]JX:F1$R&4+!3A#DL!>=/7SP(DSM#9^!T9)P/&]_>I&1
MM;ND:AR:UB#J^A%TK\5WU'(C59YO*.*/GHE]Q,"'3Q_`^('P=M<.#D^\*5E[
M8G?#>;JG[=2-AU=],#K!FJEX^$JBI/;GI*4D?1UN^X+!]HN7.B]N"1@,Y&#,
M.LGU[?7A`?0JWX#EGRV^"O;!K(*R@Z5$FA-.B,`*8\7PN2.9-2CGO"S+$UI(
M1C:]MAD^:$O#\A*V`CQ^0U0&]I"8*9"6M%2`O5ZO/<@TY^5\S0VGH?FJ!#?"
MIDUE&OK$+"H=2A(+#BIY!04EPL.::Z:&T_D?F/%7"G0QNR(MBM9D*-31+/8<
M=I'@J7#<`UQMM/6(OJ>`N."T`G7E5D4TN4OM#J:U"PN.BEH'8$V_&*YWRL,,
M_/XZIOZ8N=G*:;Z5)*M3,Q*9?>EEM1PDH5^#SV+*>55`0`R?4%W%\T?9TJS#
M>KJZMJJMSQBSDO5'>-V&A9L^HE>?#O_KF;/FEBXV^X1\EV*[8@>S:>>QL[V7
M6F!2,V?7DE8CN%R"SXV5)M%W`Z!])OZN5;Z[LT/1S8#+&Y@`"\%AR<`LG\WQ
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MS0-(K($IM:*FNQ!/IFXI/)`_*FX]=8WI;MGRI3)#J^"`QK/ER\,"(CV9F:L>
MPX<<.2$*:+A'P1_25UZ?P6"YJS-VQ3/Z/P'I3[>Z82(I",_7F@771HBL%;T>
M$/..T&2F7'1)9?=HN`63&O$DF(AZBFTG+84I\<5LK*$XL8HQEY59CNVP>?]Y
M_1(\FU.Y1WZ/GR/O9/4*<MYJL:83_G+_H17JJAU,EQ6#\V^"]X"Q5;9@#,PB
MI\KMH_6=9T^NQA.\8W>'^F[O`Q$KNYP2BM_(`T._V;F=]NS9!L0,;U[]U!+;
M$&%@0TM6Z3XMD,KFC=F:M__0$;K48#(;V<PC?+:1>7/WYJ^U:5:5A7O:C,=3
MEIT[#.$,2>2\8KF35^7F"]$<V1:\Y9NH*)KDV&-052O9Z@-RV*;^P;B6#O'P
MQ]1TW_J.BC*KS<+:]6AY868/?,%7F40_#D+`@-CL"$J>\M4EEW?14(,:ZYK*
MCS.]%=L7<G@'"DQ*\LEE$T#!HQ"=JO0T#5$(9/&7G$,#XX)]62"7U+@@U<Y,
M:0(:-6M;OCIHQ*P^!Q(]2?_#NTDZ9[[2!)-@G,-S&.?T3#;U^9"+/-JRQV:S
M6&RV/9;HJ+U[HEG9L[6_N<A'D&S0I1(DPI_0ZKC`I'>1#Y+([3H2&1O^%;F6
M!%[)@U>YS21ZT2_^UA'4/)6;H\UE_%)-W1Q,186Z@@)]079F`4M&TGF2$E6A
M)H5.3<J*&JDGGD>CBZ-C*EIV<=@=(N[?D;2?:VZXJM-I=0R/HQ)08VY9II).
M.9"<J&*QR$F2GIZ>G<-D:`N*.6$=VI(0H/16$T_JB@NUA4R+7AG"#6>B0(UR
M/9N32Z9J<KO4\D-31HA^,2@VO<?RT'BT)BY0%?GOVO+^@S7H)\5-XY-Z$TT.
M/PS"Q@'8."AK>!=A@R[9T$[#<51_K(%O8L[51/MQN`1M34KSSB9UJ7GT95I)
M)P?U9(&MO)'IL$4'<K@(!:>GKLXA"U0\6J?++NFC(0[!V)B.N2$AT4&>[/G$
MK58_)C0X-F`C)[OW!(7%^RN]4PF^@GSBZLZ#B3XC08)4&O\<5M8PJJ)IO*:'
M`!P5D:SN_U?1E+V7Y_@%Q07[L;)[#Y!G7&!"6`9)6%A("#F7ETQ0ZW\G1%9G
M=U%C%;RJ1+6OH.F5&,HU<ICU\N_P,?RSYJJ-:>H*PV'UWF.VY)IY+;)[MWO]
M%D:V98&0$;<Y-1N9'P.&H)LK3!&P!02DEML6;6T++5]%UE;HURT5J+"*2`'1
M(0Z"PJ*1A+D9E^E&4+,P_;$/DW/=\<=.N_G[??.^YSSO.<_[/$EO+2(.K4]<
MAQ+1AD<;X:L\>@WVR^&R\9L_+\QB&X:H+S-34C]^#-_$RP^91%@8EN)%\_7:
MP/)["_#D0_JV"YGDT"R2'[48O=<8N`E4AR.&2RR4/WJ"K>2:]WY%+^0J*O?F
M\O397X!"G5?SJ>XY+I==T;D)(-M0B]&G;\,4."6'(1")#`8&V3LS6Q"%5N1L
M3<\O#(X<YJF)6/\9:6.?'K/J`VA=H!]+`"Z1'U$<S'Y_UVWL/NAKM^[=B)1D
M<+3SG6?WY/"$2.8=\TWP3RF0748TV.IC*UY0]G[((AH;%H0UZJV4)Q-C76-X
M:1>!O!I=-M<8-76TDUJ#I\2+X4#<'_=EP7C8)I(9=JW[*@,=8*0W&`R*WHHP
M>]KGZ^U5!Y7%A>69"GX1%.AWZ[8+SU_FMX[:7!Y90:9.V&7EJ-7&;BDK%#<P
M![?-R4;KY%ZRW>YH[0@-:R;9^9GINU,5(Y^<Y5._(13=ZNX!YOS79RY='3VP
MV<V)I`6N)?2DT6JI,^E+_9^QZ=FY'^P.%4TK^0=[B8M5W>HB)E]5FK=SS_CO
M:DX@*91FG)96GH/+8M^G4\J0?X\>DEM"AVY<.=\].<@==Q-'-6I#-5ML[+S,
MPSFXY!S6^&L%4+Y-L7M'T5+JN]J`?EKB1&-@^?P"S+M/.Z7/,=;P'T"7H503
M(8#9D]IL'OE`B:I$>Y#=J1Z:YVDG'(_&4Z+QYA9,!3=;U-OY^J:Z.@:E`42?
MSOKKRECW^!0>T+O@>L^$?]2YU`\:3>8F,UMH<5_@J4.&@)0IQAV5#LN@TH`A
M@NG2.M^P,Q!N>45$KPL@TN@S:YCC%IU)S26AAE700=1Y;.U.IM?ON,B)2(D[
M-^'.9SHT^0'L*K/^*WCDZ0X9S#'(?21\&6+G@\8(7#M)6NT=/A7LL>/:JP4P
MU.BV53/&>HVQG$M#56]`(V'QV3Q.ILOGZH^*:3OFMDH!7&AT'?,4AS(2TM"^
M9&@E+'ZKQ\5T.9U=G+TEEI3Y__U[.FJ*W3REB/%MG%XJDNGC8;I(VAJP=#UR
MW.%QM8G>(/_CWW<017QE:#UF802=M1#_]@K,L4V88RNU@7X-CVBX;_:WX:F^
MOK%F?-;M`CCK-:M-]7J#GL_9G+5(6$Y972[&YVD=:,$@J`5POE&L[51!&=J:
M@"4U4:`Z6EW6$'W:U'YDN"O]&<58*8/%=?(-!;HO]NOTOC*VJD9;4=:E&9X?
M_0DF3O)PC91`C/E=6+LWQ6@]60`Q$/H\)P2+36NJXE.18SUL)4R=]7XOT^EV
MA#E[*[8<(E)%4YOM;(]+J\0`[&F*2%@YMTN)LO9X:279#E<1`KG55%JQF47)
M)+PH;2(<SPA@1O&$G_S!UQ.<96$"B8:>O4U0>J^D\L(#GC8GB4QV$'IQX25H
M7R'5RO\%X.4IW0IE;F1S=')E86T-96YD;V)J#3$U(#`@;V)J#3P\("]&:6QT
M97(@+T9L871E1&5C;V1E("],96YG=&@@,S`Y,B`O4W5B='EP92`O5'EP93%#
M(#X^(`US=')E86T-"DB)7)4)4!1G%L>[Z>EN$!P3A\&DF^V9`"ML(2@85BYA
M`06C"QY8>"P:KM$9Q0%F!I!#1`DR.#!XHQ(9$`8O4.(J@2@N1%W1"*X1C;O)
M>A^QUHI:F^SKV3>I;*/93=56=W55?UWO_=[__[[W-4G(7`B2)">E)";%S5H0
M.*O0E*T-GQ82OS@H/B\W9^S33)$G1&]2_)6+*%"BI\S/@_K60R:J/+PP"BN]
M9>O_G40++>1/%LN;IP<+Y@EP].TV[_%!$PF:)%US#&5;0X.G!84$3TO(RR\Q
MZ%9K3>J0B(AIZDRC.E.O+M3G%V;EZHQ:38ZZ.,^P5IU5HH[7F8PF@R9SG?H#
M?7:P6AV7FZM^'6A4&S1&C:%(DR.M)N3I5^ER-'J3+C,W^'7M:JEX]5CI_WO[
M?TD$*5V$&TF,=R,X@O!Q)8((8JH+,9TB(D@BGB!F$X2?9`HA(U@BEB@FNH@+
MQ$/B)S*-;"#ONLQQ*7>Y0@52VV5JF4EVDUY(GV$F,SN9899C3>R0:ZAKIYNW
MF\;MZCCMN+^ZKW#_PCE7+MUX`6-LCA$;^11H"EXY?J_$Z"FA&(2I'"[\!X9"
M2)1PF$7WFT7_@ID<&.K`'WSO"K_$09(4V(4Q2HA^]AB"(96#A8$0BB%?"WDL
MN,>UJ'$FAX9:_`WZA@L2$A?98!I$D%V02/7C(B605P:^?,2-9O:F+5NS:FGZ
MH75]PJX==0U\H]5<OF)5]JSE*CG^"+'@0?9`-=4#L4JH!@^L9J1D&R"&/`V1
MU.DOE4L[=6?/'C]QIG_UB17+M:O^(+%F!-L<&VUD"1RGNH.54.PX1"]FL/C'
M0[2\O,OQ=A=IAU!X!T(IJ'/X*4?J)J->56(I+>-PGGE&RIRM+T`O'+!\W,3!
M/.N](0$->$.)N=^C-WB`VP_@"298YP/>Z(%N[^$D-`AR2ZN#ESR9`U,HN/="
M*=XO9;%>31O9?4<ZMC?S70WEV2IG%+M@36E8K5`H<JUL6/V:C__,R2W@+2:#
MC(0>\*8:O<1@YC3HZ2(F6J\SA_+X+B,AQ]/W'UP>>LF!6]SPK_U"HU&N%]J9
MBZV]1P?XOWR6'A$0%X034:V:&4;+-PR((U]/!!OXQX!,L0W>`Z<2/'77XJ9R
M<1GIR[2FCA,ZH=UHVJ_EL_,-VD67<I["#)@$;N!_3SL8?5*ER.@_=OC<&>[V
M_`'_P,@E`4L$6R5]_N1Q^P#_^1^S4I(S5H87JA3;Y!:;Y*"+&"BI/@B^%!ST
M`E^8<@E<YHNQT0Q>=<;2Z`)U++C(,(.!#.B6S+\"G<#?!4]29&Y3@_"-$C*K
M@$KRXU(RLM.$Q.6/$_ELDV'UDL'LIQ`)U"LII3_2]S%9555=9^9;[M#0*AGD
M2>,P(R^W07TOX!&R$P*!AZD47(%AY::*BII2_H/2&^#_K+'OS)\.QF'`"G-6
M]6H5=J`$;&N%*`B'S1S$!`*)2IP0'(0J=+\5\:KC\/;&8\):G!P4C-[%KG*-
MI0-B3HM)-K+"$4;!3*A2/H/*YUA).]U0J\R'#SO8VEI++;_<N/?8GH;F7:VJ
M(Z,T&)@CL?1NP_:235Q>P<;%6X5\N-'!9I0?N[Y.A9O%RW0^@QN=?Z<7FDS&
M'%ZNM]@+3L#046@[9FB?"!2\#T$0B3Z0H/@MM(GN2LAF>ZW-9T8/9X;XY.A\
M!+/98N85FES9SAV6G3S(3F<BY9.W+&3EAJ9>5;UE^QY.L0DMZ*J$.PS$?#<*
M$Y[,/8^3VE4**Y`M@_UWN)?3/\=X`2\:F%M;]Q;$<,Y8-JG<D&`6%)ODN\K.
M.>A.\B0D4(Y@>$>99Z>C4L(SHGB<E/@25L#:2T#`^'_>"<=Q/:IVJ"A@]!^5
ME1EUJ;V3><Q`7VG>,U`GM<T7EH+KBW//KZGD_6,2Q1\ZQ_2Y0!@T2-K2CWC!
M%08V2?N;E>8I%SUA`E:I<.A-48F<<Q&KJ$RN7)]8(RC2%;E0_8U27,4.[C@P
M"&\-^V(Z9J1,1J^TCPX,"/)UEG;#*>@Y#H>ZQQ@RR<.0-D5=BY=XBSD%.CJ/
M412AUY*83%3SJ>6[^E56B]4JG6IL7;VECO^^.P===TMBGA@9==GJK-`M6RS5
M/&C9BWNV70:_D2Q\:[]P$%8Z1QA%G8']:FMC?BSGG,TFE9CB!7F8Q0Z7CD/'
MB?]V;TJ'XKDT#6AG0NL+F[[B0,=:&RQ6_EGWAT@WJNSP;3[C4Y&3,;VFQE+#
M0R%[=I_E`KQ[.1]5[4*;A+G,*/8:V-M5>XOGC&$2UA<F;A$4S^77RKM@6YM(
M=I*G8!;T03#EF-*CA`"ISN;K5J$-'QK9N^:FTA1N!KO0I(]!CWC)BAS0#4DM
M\WCZZ'>HZ!/LL#&?R:VHK#`5S/O4E\?EZ(<!4LNT(*`?Y-]_:OOD@4K^1!)U
M_E/H;"=?2]H,[U.2I,=V)M9:T3;"@08VHX:=75$<6R,4P$,[FV0M:1_FQ`7L
MU:;FZ]N$=GPH*=C26);$82INAE1VN+'Y=H.T_LC`#M>T%,WCG`LD`XVS:Z5_
MRH#%[F`EE-0W2B0<D4I\;F!&:YO+YW/.''9165%LE43YSLY&[JRP#7%B)GNI
M>=^H59"G21OKE"B^,5[1#6TP02DFL]?W'7A0)[%>2BQS2]'<7U@%X@WV$RB5
M1E"Q`/W39F>BP"NZ$[;L'U')/_NY"KI/C.JC8#JX*<4`5DQV=M&'Q)O,\)Z#
MMZQ2T@(#^[>:W85S.?R"Q5>B=,QE21-?LZNBJ?BHYC]L5FU05&48%==[7].Z
M4UPO8_?6O02.18"-TPQE$\4(%AM9,E:"+"RNPV"++.R""+.K8HC"+LB`R:Y\
M+?MQ$5A@,0$7%)=`J@5-9OH:'<R88<:R9K)L?)9YF:D7:_Q#O]Z?YWG/.<\Y
MS_K%/4A97IQ`D$`OH]?KCCJN\LPOQMZ%L%ZB6B+\`=L4P0#<X;`V-1R3B"0U
M2B323CX@[\KK>!7.$1?;P[`:HG`,[`8UR;98R()L'`711"PUCL:;<*;(*(E"
M/5X8>V2[5V$KV1(7W.6@#GD;;>=O=:LB\(J<O2^*K3#/X1&:G5W&O9YHBO[3
M]+UY!*_,?0_4-SF3;W5)['[GKO=K$@6FF2`->6#D$9(2XA\BW>.@!(TWV"9N
MG,^(C<A4;1#963O\R&&_@28XI<K_QTGK1.0[,Q3DRK39;#$+6E.+IT3"6Z&1
M^KW#?V66!^:%24R*/-S4O[#.$_+=_:684$P;N0[:5=]PVM$UK+TM0.RO<\#^
M^=%XQ*@4[:.2/;G=?G[\PL#7L[<2,3HKNJ&@@"ZI.E)NS-_E(56Z.BX>,R_Y
MM\/JG=+/F=3G>CE/Q:>H5`F1*3.P(4_4T4RJ10[^W1,"IB4?DK+G@@YT\J2E
MEH3L]`Y,+T6$9O$.WM-!P\K3TX&_'J[UH@-M.UB40+YX7T9;:@ZY9GC&5^I?
M6$&L%$+8NNY30$CP*P[/(1S_PVOP+C"W+\[UB6T^R^4O>!A&7S8Y`J>(L?))
MM!QO.TB,=1/A9U+?QH]%JZ_`&G*)6.MY^';Y!C&V?QW;LA"G:`F#XS*=7F0[
M:ZUO/V.7'D#,;W@3U6QH*#W,&PX<S1"KJTA3Z6%>1N9J0KJNK/V<0<+I$"#&
MBZ.N#0]V3Y(TK!7<V&Q`(V9'N8$OKSA05BC&X:=BX7FJO*72VL@[[+9S9TZ1
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MMR4*;\;2C9A[8Q?DD0Z)*6T+:FR@;J9Q3BWJ7`,1:X-5ZQ:2N'\&`'>.7NH*
M96YD<W1R96%M#65N9&]B:@TQ-B`P(&]B:@T\/"`-+U1Y<&4@+T5X=$=3=&%T
M92`-+U-!(&9A;'-E(`TO4TT@,"XP,B`-+U12,B`O1&5F875L="`-/CX@#65N
M9&]B:@TQ(#`@;V)J#3P\(`TO4R`O1"`-+U-T(#,T(`T^/B`-96YD;V)J#3(@
M,"!O8FH-/#P@#2].=6US(%L@,"`Q(#`@4B!=(`T^/B`-96YD;V)J#3,@,"!O
M8FH-/#P@#2]0<F]D=6-E<B`H17!R;V]F(#(N,"D-+TME>7=O<F1S("@I#2]-
M;V1$871E("A$.C(P,#DQ,3`U,3`T-3,T+3`U)S`P)RD-+T%U=&AO<B`H365R
M<FEL;"!#;W)P;W)A=&EO;BD-+U-U8FIE8W0@*"D-+T-R96%T;W(@*$UE<G)I
M;&P@0V]R<&]R871I;VX@3F5T=V]R:R!#;VUP;W-I=&EO;B!3>7-T96TI#2]4
M:71L92`H*0TO0W)E871I;VY$871E("A$.C(P,#DQ,#(Q,3,Q,#(W*0T^/B`-
M96YD;V)J#30@,"!O8FH-/#P@#2]4>7!E("]086=E<R`-+TMI9',@6R`W(#`@
M4B!=(`TO0V]U;G0@,2`-/CX@#65N9&]B:@UX<F5F#3`@-2`-,#`P,#`P,#`P
M,"`V-34S-2!F#0HP,#`P,#$T,3@P(#`P,#`P(&X-"C`P,#`P,30R,3@@,#`P
M,#`@;@T*,#`P,#`Q-#(V,"`P,#`P,"!N#0HP,#`P,#$T-#DW(#`P,#`P(&X-
M"G1R86EL97(-/#P-+U-I>F4@-0TO241;/#4S8C,R.&$P.#(T,C,Y8C$Y8V$S
M86,P,S8Q-#5B-V-B/CPU,V(S,CAA,#@R-#(S.6(Q.6-A,V%C,#,V,30U8C=C
M8CY=#3X^#7-T87)T>')E9@TQ-S,-)25%3T8-````````````````````````
K`````````````````````````````````````````````````````````#\_
`
end
</PDF>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>7
<FILENAME>a2195218zex-31_2.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#09ZDV15801_7">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_km15801_1_35"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="km15801_exhibit_31.2"> </A>
<A NAME="toc_km15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT&nbsp;31.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> CERTIFICATION PURSUANT TO<BR>
RULE&nbsp;13a-14(a)/15d-14(a)<BR>
OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION&nbsp;302 OF THE SARBANES-OXLEY ACT OF&nbsp;2002  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>I,
Stephen&nbsp;E. Sterrett, certify that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>I
have reviewed this quarterly report on Form&nbsp;10-Q of Simon Property Group, Inc.;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules&nbsp;13a-15(f) and 15d-15(f)
for the registrant and have:
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and
<BR><BR></FONT></DD></DL>
</UL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize and report financial information; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting. </FONT></DD></DL>
</UL>
</DD></DL>
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Date: November&nbsp;5, 2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2> /s/&nbsp;STEPHEN E. STERRETT<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Stephen&nbsp;E. Sterrett<BR>
Executive Vice President and Chief&nbsp;Financial&nbsp;Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="7",CHK=275068,FOLIO='35',FILE='DISK128:[09ZDV1.09ZDV15801]KM15801A.;5',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="09ZDV15801_7">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_km15801_1">EXHIBIT 31.2</A></FONT><BR>
</UL>
<!-- SEQ=,FILE='QUICKLINK',USER=MVANGB,SEQ=,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="7" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>8
<FILENAME>a2195218zf7_ex-312.pdf
<DESCRIPTION>EX-31.2
<TEXT>
<PDF>
begin 644 a2195218zf7_ex-312.pdf
M)5!$1BTQ+C,-)>+CS],-"C4@,"!O8FH-/#P@#2],:6YE87)I>F5D(#$@#2]/
M(#<@#2]((%L@-CDV(#$W-B!=(`TO3"`Q-#@R,2`-+T4@,30R-3(@#2].(#$@
M#2]4(#$T-C`T(`T^/B`-96YD;V)J#2`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("!X<F5F#34@
M,30@#3`P,#`P,#`P,38@,#`P,#`@;@T*,#`P,#`P,#8R-"`P,#`P,"!N#0HP
M,#`P,#`P.#<R(#`P,#`P(&X-"C`P,#`P,#$P,C,@,#`P,#`@;@T*,#`P,#`P
M,3$S-B`P,#`P,"!N#0HP,#`P,#`Q-3@Q(#`P,#`P(&X-"C`P,#`P,#(R-SD@
M,#`P,#`@;@T*,#`P,#`P,C8U-"`P,#`P,"!N#0HP,#`P,#`S-#0X(#`P,#`P
M(&X-"C`P,#`P,#4T.3(@,#`P,#`@;@T*,#`P,#`Q,#DU,B`P,#`P,"!N#0HP
M,#`P,#$T,3,V(#`P,#`P(&X-"C`P,#`P,#`V.38@,#`P,#`@;@T*,#`P,#`P
M,#@U,B`P,#`P,"!N#0IT<F%I;&5R#3P\#2]3:7IE(#$Y#2]);F9O(#,@,"!2
M(`TO4F]O="`V(#`@4B`-+U!R978@,30U.34@#2])1%L\,S$S9C(V8C(W9F(Q
M96,V,#0P93,S-S0V9C`V835F.6(^/#,Q,V8R-F(R-V9B,65C-C`T,&4S,S<T
M-F8P-F$U9CEB/ET-/CX-<W1A<G1X<F5F#3`-)25%3T8-("`@("`--B`P(&]B
M:@T\/"`-+U1Y<&4@+T-A=&%L;V<@#2]086=E<R`T(#`@4B`-+U!A9V5,86)E
M;',@,B`P(%(@#3X^(`UE;F1O8FH-,3<@,"!O8FH-/#P@+U,@,S8@+TP@-SD@
M+T9I;'1E<B`O1FQA=&5$96-O9&4@+TQE;F=T:"`Q."`P(%(@/CX@#7-T<F5A
M;0T*2(EB8&#@86!@VL$`!"9R#-@`!Y06`&(N*&9@\&/@9?+@.'1/[<"4;H.O
M5]D2!:#*&!D8S*X!:28@#@`(,``Q4PEG#65N9'-T<F5A;0UE;F1O8FH-,3@@
M,"!O8FH--C8@#65N9&]B:@TW(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-+U!A
M<F5N="`T(#`@4B`-+U)E<V]U<F-E<R`X(#`@4B`-+T-O;G1E;G1S(#$S(#`@
M4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@
M-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH-."`P(&]B:@T\/"`-
M+U!R;V-3970@6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,"`P(%(@
M+T8V(#$R(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O1U,Q(#$V(#`@4B`^/B`-
M/CX@#65N9&]B:@TY(#`@;V)J#3P\(`TO5'EP92`O1F]N=$1E<V-R:7!T;W(@
M#2]!<V-E;G0@-S$R(`TO0V%P2&5I9VAT(#<Q,B`-+T1E<V-E;G0@+3(S,B`-
M+T9L86=S(#,T(`TO1F]N=$)";W@@6R`M,38W("TR-38@,3(X.2`Y-C,@72`-
M+T9O;G1.86UE("],4$U(34,K1'5T8V@X,#%"5"U2;VUA;B`-+TET86QI8T%N
M9VQE(#`@#2]3=&5M5B`X-R`-+UA(96EG:'0@-#<R(`TO0VAA<E-E="`H+VDO
M9"]S96UI8V]L;VXO>2].+WIE<F\O>B]N+V]N92]K+T$O3R]T=V\O;2]Q=6]T
M97)I9VAT+U$O>"]T:')E92]O+W!A<F5N7`UL969T+U(O<"]%+U,O<&%R96YR
M:6=H="]F;W5R+U0O<2]F:79E+V<O0B]R+W-P86-E+U8O8B]#+W,O82]C+VPO
M8V]M;6$O1"]<#70O92]'+VAY<&AE;B]U+VYI;F4O9B](+TDO=B]P97)I;V0O
M8V]L;VXO:"]0+T8O=R]S;&%S:"D-+T9O;G1&:6QE,R`Q-"`P(%(@#3X^(`UE
M;F1O8FH-,3`@,"!O8FH-/#P@#2]4>7!E("]&;VYT(`TO4W5B='EP92`O5'EP
M93$@#2]&:7)S=$-H87(@,S(@#2],87-T0VAA<B`Q.#$@#2]7:61T:',@6R`R
M-3`@,S(V(#,S-2`W-CD@-3`P(#DT,"`X,C`@,3<R(#,X,R`S.#,@-3`P(#@S
M,R`R-3`@,S,P(#(U,"`R-S(@-3`P(`TU,#`@-3`P(#4P,"`U,#`@-3`P(#4P
M,"`U,#`@-3`P(#4P,"`R-S,@,C<S(#@S,R`X,S,@.#,S(#0Y,B`Y.#8@#3<V
M.2`V.#,@-S`X(#@P-R`V.3<@-C(P(#@Q,"`X,3D@,S@Q(#0S.2`W-#`@-C0R
M(#DT-R`W-CD@.#$P(#8P-"`-.#$P(#<V.2`U-#<@-C4X(#@R,"`W-C8@.3@U
M(#<V.2`W-C8@-S$R(#,R-R`R-S(@,S(W(#$P,#`@-3`P(#4P,"`--#DS(#4S
M,2`T,SD@-30W(#0Y-"`S,C@@-#@X(#4T."`R-S0@,C8W(#4R,"`R-S(@.#(Q
M(#4T."`U-#4@-30W(`TU-#$@,S@S(#,X,B`S,C8@-30Y(#0U,R`V-S8@-#0R
M(#0T-B`T,S8@-3`P(#4P,"`U,#`@.#,S(#`@,"`P(#`@#3`@,"`P(#`@,"`P
M(#`@,"`P(#`@,"`P(#`@,"`P(#(U,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#`@
M,"`P(#(U,"`-,"`U,#`@-3`P(#`@,"`P(#`@,"`X,C(@,"`P(#`@,S,P(#`@
M,"`P(#@S,R`P(#`@,"`U-S$@72`-+T5N8V]D:6YG("]7:6Y!;G-I16YC;V1I
M;F<@#2]"87-E1F]N="`O3%!-2$U#*T1U=&-H.#`Q0E0M4F]M86X@#2]&;VYT
M1&5S8W)I<'1O<B`Y(#`@4B`-/CX@#65N9&]B:@TQ,2`P(&]B:@T\/"`-+U1Y
M<&4@+T9O;G1$97-C<FEP=&]R(`TO07-C96YT(#<Q,B`-+T-A<$AE:6=H="`W
M,3(@#2]$97-C96YT("TR,S(@#2]&;&%G<R`S-"`-+T9O;G1"0F]X(%L@+3$V
M-R`M,C,V(#$Q-#0@.30W(%T@#2]&;VYT3F%M92`O3%!-2$U!*T1U=&-H.#`Q
M0E0M0F]L9"`-+TET86QI8T%N9VQE(#`@#2]3=&5M5B`Q-#(@#2]82&5I9VAT
M(#0W,B`-+T-H87)3970@*"]A+W!A<F5N;&5F="],+WIE<F\O6"]P87)E;G)I
M9VAT+U0O;VYE+T@O02]/+VYI;F4O0B]9+W1W;R]#+W1H<F5E+V0O4B]$+UP-
M8V]M;6$O3B]F;W5R+T4O4R]'+VAY<&AE;B]F:79E+U4O22]P97)I;V0O<W!A
M8V4O4"]&+W-L87-H*0TO1F]N=$9I;&4S(#$U(#`@4B`-/CX@#65N9&]B:@TQ
M,B`P(&]B:@T\/"`-+U1Y<&4@+T9O;G0@#2]3=6)T>7!E("]4>7!E,2`-+T9I
M<G-T0VAA<B`S,B`-+TQA<W1#:&%R(#$X,2`-+U=I9'1H<R!;(#(U,"`S,C8@
M,S0U(#<V.2`U,#`@-S@W(#<X-2`Q-S@@,S@T(#,X-"`U,#`@.#,S(#(U,"`S
M,C<@,C4P(#(V.2`U,#`@#34P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U
M,#`@-3`P(#(W,R`R-S,@.#,S(#@S,R`X,S,@-#@V(#DX-B`--C4P(#8U.2`V
M.3<@-S,X(#8U."`V,#(@-S4V(#<W.2`S.#@@-#DR(#<V,"`V,S4@.30T(#<S
M-2`W.#(@-C(R(`TW.#(@-S`T(#4X,2`V,S`@-S,S(#8S-R`Y,3`@-S`Q(#8S
M-"`V-3@@-#,Q(#(V.2`T,S$@,3`P,"`U,#`@-3`P(`TU,3(@-3,W(#0S-R`U
M-3$@-#0X(#,Q."`T.#<@-38W(#(Y-2`S,3(@-3,T(#(Y-R`X,C4@-38W(#4P
M,2`U-3,@#34T,B`T,C@@-#(Y(#,T,"`U-3@@-#4V(#8T-R`T-S4@-#0W(#0S
M-B`U,#`@-3`P(#4P,"`X,S,@,C4P(#(U,"`-,C4P(#(U,"`R-3`@,C4P(#(U
M,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P
M(`TR-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P
M(#(U,"`R-3`@,C4P(#(U,"`R-3`@#3(U,"`U,#`@-3`P(#(U,"`R-3`@,C4P
M(#(U,"`R-3`@.#(R(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`-.#,S
M(#(U,"`R-3`@,C4P(#4X-R!=(`TO16YC;V1I;F<@+U=I;D%N<VE%;F-O9&EN
M9R`-+T)A<V5&;VYT("],4$U(34$K1'5T8V@X,#%"5"U";VQD(`TO1F]N=$1E
M<V-R:7!T;W(@,3$@,"!2(`T^/B`-96YD;V)J#3$S(#`@;V)J#3P\("],96YG
M=&@@,3DV.2`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B:17
MVW*C2!)]UU?D(]J0,"#0I?M)MG&W9F=MCT5O](8]#R4H636-0$.!U=[/V"^>
MDP6ZFHYVS-H=;BY952=/9IY,+J/.Q<V07(J6G0DY^)V0/QS;`QHY@>T,';Q9
M=QSSQJ5OG8M/<Y>>-9Y$<<>Q\7;;L<*OGV>7LX@&KNUUHS\Z;F/OD.<YV&HX
M'NVW>K2NPH>N.[$G5C2[F5W5E].NY^#^[I;NOSS,OW3]B3VRIK<117?=WZ-?
M.JX]#H;4Q_X477>LAR^_AN0.1-_UGRSQU+UP@V1WS0#Z@1V,_;W]HW5W0]'G
MD.;AU9>'630+YQ1^Y9-]Z^KS]/932-.KB&#D3@9^SYSHV_[H>(?IG*;7=_=1
M>'V`&!Q#[`]M=WRT`&<9AP:.1[OCIP^7T]MPWNW[#ISNW['77W\-_[,[WG,<
MSVQV<3,XC<D0_SQOSZ(UZ]&\E)N5S"BT^;(H9%GV*)9%J9:O5*Y$^8&I<!C2
M>#R>U*A<N]OWO,"U76M&*_$BJ9`O2FYE@B5*TY^5*+!9^HKGF[PH*<_HICM@
MIO)BC9#V?Z-\27.UQHM[IG!D%?D&I[[2IR*O-CV:9;']T7@1_0,IX@S&`6?)
MH^4=SKX4&B=BB_4K?<OR;2J39]FK(30')[G4E.4EQ7E6"I61R%ZIRLJBDJ1+
M4<JUS$K&(FB-NT*)E)8BQJ."\K4JJ<QK.Q(&S,#$!C],!&"Y!I5UNC:3L=1:
M%*^\>BV^24`Z.D[C60*<0).JYY4YG@UB5<35&F89E@-D(@O:KE2\(EWQG_UZ
MCHAAI2Z<K2QDLR5[NE8ZE2)1V3-M5;D"$WHC8^,)GP*659Z`CQ<L2VCQ>LS7
M1Y/W@^-H,_=.P_W@'=Q+6JH,+C`;!\@]$`]SO"Z.WJMLB7P0I<(^*HO3*L&>
MH.4(40^4*F12*_O!J*9_`Q\YCAS?-#U$LG%=G\%"+B2*#^VQ197"`"'@_#-0
MM,$:"[VB99IO]2X^A7Q6NBP$#A+G,<B7M8?PIW=$LZ8&VAN_6IGV4*"&:/]`
M='1R\O]T0V)3HASE?+E4N#7GST@4TO@-/]0BE8R()`*Q2)5>L3F;K5$*7`Y\
MGR@=I[FN"MG*L>\WP><**O*T9F=3Y+%,L$83]%)3(D%O[63X/5Z)[%G2E`M[
M8"'U'KCV)U:5PMP(;O!DR:>NV<F(;GW?/`$T661UG/A$XE0]2(%;PSF$LR:4
M77D'E.($Q/(,!-\S8>?AA@G+W`>#PCDOCV'#4-TY^N[(]W#8M=3JF8&8ZCVP
M3#\@LL>:$XM*OW\):KHM9MYH;))R(4%&`Z*6D[PJL#=R\T5ID_\0!9F9(UCK
M#Y5S7)F%3(6AMU&0`S&]?14XXUHCK+J,V5JAK(!;YZE*1&F<6FB5*%$H=E;5
M,FC$(^.M*\UB9+);&^4R!9-K"80ERI47;=!75%RE@A7AM`)!B,%XD#BLK^7S
MN"'@:B'9$(6)W6326H@NBF\7TT4=4\='ISZ-:6NB4DMBO@GM3U:V%J)GW#PD
M.RA[7X"1+R\JX;@)G6>"14%HQ)S[#`=3%,F..81:B85*57E$K]<T.<A@6]%Q
M2AK6#:%URIR8'C4^(T;?&]\W5;%!>+61[3C.BX01G3<W;F'/,H,VIY@G8"<W
MG$R\`'V\CB223FU0U^WM:[P/95R'<A+80RM\$6EE\I+!R^42C4*]X"#=(OB0
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M]?=-ZP)<@3Y5YH7>*YAY`)+6&/Q+:0)WLF"10RK?%E.B@-ML](3/&ZXKS56,
M_[F'[G)._EDI^&6RK,IB,V@^==]^74$=)JWSQ!23+6N]`J<\E/"<$RL)5QOI
MV3?OK13?6#!J:3628;J$^:C93;G'U+Z=M,XG"G]0)W1;`=9-MIX[6_)5)-A4
MRWVZM@2B[CAL#";1!WIG#!METY`U7:W7F!_^*XW#C9*T?D_\0*?ZH-=Q6GO[
M%(*T+)`#/7@D32J#+_-%U1#;JXM692]Y^B*Y<C/QW'Q!%DWVR_4FS5\EWFY7
M>9WRXCALK5E<EVR>_I]2:.]*U[-]_/#FUC6P?Z!;+%DOL"KHD><X$S;T`GN`
MGY/<JWFYT!?=?N`XUMR@'9&#WQ$-7-\>!2,,R[[M#!V@7G>L*+S_'-[R?A-C
M-J&![]L^1N)CL_W43J%-9[L.?=,[3LP-(5'X\!!&$>\=1AW'V+OT3US]@JL_
MR+%]VI+KT+_H\7>'DHY+BCK>A!'RMQ2M.X$7[&[2SKQS&>U1&C-\E9PAM.:E
MW*QD9G""]D*6Y;Y$=Q%[M,+O,JZX+]._^=-F;$'FZ+[K.1!>S+BR^6:X6BFY
MI)M]I.YJ/33^(Q,#ZH\.:6".'P2-NW\-`'9K%L(*96YD<W1R96%M#65N9&]B
M:@TQ-"`P(&]B:@T\/"`O1FEL=&5R("]&;&%T941E8V]D92`O3&5N9W1H(#4S
M-C@@+U-U8G1Y<&4@+U1Y<&4Q0R`^/B`-<W1R96%M#0I(B6R4"5`49Q;'NZ>G
MNY%C5,9!G=;N":L2!3F\$(T7&#?>1QG/DA)AE.%V+FY%@AP.H`04!&$&18(Q
MDT4Q!(24B4<I&J\U06-43+(:M=!$U_B:/)+=#]Q-;=6FOJJIZI[ZWGN___O_
MFZ:4"HJFZ6&+EBU^9W&8[UR+.3)Z:F!0Z,KQ*Q+C(Q+Z_ILI"Y0\@I9'*F21
MD24ENKDS9]R5LL[="Z=CV0AVP*^K6=%!_\MF>_WKSD/I0/C;X+H10T,\*8ZF
M7:),&=GO3_`/'!_D'QB6F)1J-&R)-NN"0D("=1$F742"SI*09-D49S!%ZZ-T
MR8G&6-VF5%VHP6PR&_41\;KY"9'^.MV<N#A=_T63SJ@WZ8U6?11Y&Y:8L-D0
MI4\P&R+B_/O'UY'Y=?W3__&X)-$8'Q'W?W`430[EHJ`\!E!:!>7M0@5P5#!%
MA;I0BP92;Q%E*`7%4%.I9*J9>DS]3@MT"/T>?4FA4^Q6?,X,9]*88TH7I84=
MS,:P-[EP[AH_C__21>&RWN78`)\!-:Z^KM6NW6[3W8ZYN[HO=[_HX>UA5/FI
M*E4O!Y8/O#;(..B'P6\.;O`<YAGC^;7:2UVLOC<D:LASC5YS4*62%]AA]#_I
MLZ!CVN6UFHH,]D%KRX6OM&?CCZ[=;+;$QCN2CXKE9<6E0E517D;4E@UAZR25
M-Y;9?UUJISN>,="%99K**A:]0;T1?"!&"S$M,!J\@1?3#["X!+7!Z(L&+6[Z
M#@-A(0KB']?!^(PYU9.LR4AGP1O5S>B#,5J,"<=1Z(V\6)7*PA+0=H$?&+2P
M:3($X$(@UW&6'7Q!0;>##W,&9VE^;&V[=%-[/N[C-9M,9D.LP^H4R_>]'C@]
M<LNZ.6LE%4Z`\$ZZ&?*89@C70%XGYG&J[:"B+X&*N=2N,=0G.9WU]4YG4KW!
MD)1D($WB_.T]A79Z![0PD-VS6H.%OYU@/^6@L.<$JRK?=K@GH(YNZ(:"GQCP
MA.<:,->_>OJD+@!78E4VNJ-RC/D72!/'%6HPYR8.)'J,^0:&0!$80\`-1Z(P
M$3TQ5525VQP]042*^.^9!U[P@X/+R;'M%/QV5CV4Y-O\I%6S-RZ,V9<\[.)'
M;%E-Y9YRH;HPS2#EV?+SM+U3>/]MF:/%O#Q;GD#JW);;.NDCM?#9=\P1+]F;
M.P=C4TK8T!A]_@P!5W$P#B:SSUYUW'FF!<7<JZC``3/>QJ&)HB./O=]PIN6&
M</_T"E]D@B?B$'Q#TJ%K'V8C?.T`^PU/N'DWZI;Z`HR'IYKBW;9B`89?7^$]
M8=[;<Q.3]]<8I4/QQOV)@BDMS;RY+>X>3(,!H`#I8?B%"1](ZJ1+IX^VGM->
M7W1^@E_H2J3"Q0/;V6O'/W=V")=;-RX.63#/.TM27R`,=@B\*B^VTW7R<J8#
M\C6P#5ZP^(+'?.4MF-M]=9P<$<[AF=XU[$PXQ*O*,YODKMLT]%QA3LO3-+`V
MZ^5T'*Q%ZIVP:?JTVIJMX@&+J31%,*9F6*-.QG7!9%"2XPOBF,?X[H=2R\\L
M6+GFI]M*66-Z9H$I/Y](B:LY`EX+.X_+0AW=^`AR'S+P.SS61"?&INF%::MN
M@0C\)Q>NWFL/0=^X_"TY41*>P5<:V'N0!"`8RK4P9])/.`)=)HU#`<5OI@#5
M\FGEAR=$`[XUUA>GF%U4&$O<!X7$@9W$@9U_XD"94_Z)*V-QMIWD@89B\/#L
M`!^4P$/=<!UG:]3+?FP]^65?#IPD!Y;_S4$QR<'FOARH&_;+-TBKK4[GX<-.
MY];_E@6GS0&13?(D.YW;4\?D>D&R@RLHL!4(:TP5#>5[JO?52>V@8*&=.X=#
MV3U915G96H-EQ\I=HA4^L?/&M-T5&5)F>:8]\PA^(#\?9N*PL?=APA)STMI=
MPR$9;!H8"<V@QF96!:MM#FL3G'7"T8^M#D^2'@54@W(BN*F+#GG!%0XB?NZ`
M$0]6G$-EK:2>\J"^[>P-[?.)EW&&B/<Y=9&5OY=?DS)7VZOG0RVITW>):CU$
M7]-``O]127&CN+?"5B6`>&WMF#<7O(L>TGLYMAQAF:6HC=2">TI8R)_:5W05
MAIR+'#MJOA['B#MS;;E"=$%1DZ2"I/3FGJ&-="NX,3VS89(F8-;,36\(.!89
MT,`*6$>4]X0@X.[,1\_CDH-+!C.;PEDS,U-$P^(F;X$LR(^<&(PA7[2_0"(,
M?'+JEYND\`T"?4S^K?$_Q/)8@EM'<$]QX/&H_/Q=Z=&5MB?@I@4]C@8OK!+Q
M#J>NL/+?%M0F$]0H@IK2AUJGCH/H5QIY&7]];\4E,(`K2?(Z7(6NR./ZD)U[
MOR7KU)-FS?!%$SB:^OH-(@J?=:@+:[WD%]P7,#.EC%5;4;EAO0D'"3B%B\C9
M?U*"2+Z^N*1!!(E[<C0KJ$1R0+:5FYP7G36>>)A+S"T^(L$2OFEW6:L(8=QC
MIS6@D@B0#>/9WG]PZD(K?S??GAK6MY6PU-3@`C+&,.*JZR>@[H2E]O6:WW>H
MNPESIX,++MQ:TZF%E?RATI*#XB.NNSY[7%_+`BLWU9#A*P9P"?DE#1(LY8]7
M[CLN@@_WM#')KXHTS()@MO?O1!L+?_M@<JC4&\G/24^?G"^JNU70F7X,NFJA
MI8EN`S?YKT`S/>N),S;P%TNK.XO$6FRW\$_S2G;,TN)2/F;S<NLB`4-0211:
M#VOZ=QL,;I=7HV=[?R<#F\89=V[?EAZ[K!F5`EHPD"PW`?4P#D=!ZO,G#6>^
M)[OM(IQ7CL-G#KJ?\B4H&$)YV<%-+[)6?Z6%?U->K4%-G6F8&,D75T4D$]:>
MLSU'5AD5:UN4BMMZHRI>L()R!U%4*LJE!<1(""&`@$`28B(B!7(2[B1<541N
M7@`1!1477>N]<JE6V^GNU+%OF(_.[`=V9]W]L3,[Y\>9.?->G^]YOO<]VU&I
M+J^4@79!J28]CL4[T#K"VVRBG5M&])GZ,'>'LH2A0<[P5,T8\2URZ%DE!$F\
M&L5DIA]F<!LI0E?.PEITUUC\*)?8W'R'&&X2Z:<YC,U<,DC(7@0T\/FU]C!@
M%'RJEKR-?+?DK=?`.U[K$A)69+]5_J3;C`Z+1P<?5H%0;-F&+.'C7=9&RUW!
M8+Y^5$M<R?&.9IR4$M<9:/Q#2XHU=I<(6HY5'Z[8)1Q/0.M3I$LS2#]J(UJJ
M3=$/4I-',4:?YK61<X@C:FJ#G\4X!LADAPCRS"<#,09B"(H.$V(A$]\!QS`P
MW1YVOH199']P?(EGX9TX9`EY.6+')>1C""E72*!N;X#N21W-(F!+0"#ZJ=P>
M^HV"I2JYX04%KDB?JRID<G.5&OK!375I#SM0>:[_,07"%7UX.8.[)W4UE'5*
MNHD:]T7.\GA7PAT(LUB)(1R=UQ5>@BE7`A<M\/#!LZ+3=!4DZ[VCIG=[(>/M
M9_'_+)3PXU>QYS^`'PVV=)E)I:YGC0@OR%O5R%'Y!G63@0';Z]?!"CZ@_AL$
MO/4YG@[N`;_?RFT-<&6R68=?H1B0Z*<&>[AK%)!)E46OB2_[&PMK$'="RS%]
M@B>8/^3P?)$0G(V"$,T2L");SVXA6%?T7!^E`*WHQ\X,?CW9_9/L4IG[A%3=
M#A_:,+%!9-($@@-@$<,A=.'4\2LPIR]T/D:K0O&R(^DG](S-55G#V-QZ7O</
MH'K-OR<7ZP7%N?DGN++VF,<TO/_L(4P;#NUP[F3QC$'KS6<CZB]1O6WG;S^Z
MX8716<8HB(<OK:6"(]EI*4E?A9H_I['MRM6.*YO]1OQ9L-IB/;"O+M2/VN#M
MY_;9RAM@&\A(!#:PFE!S^ED>F(B>8*T]V40$CNICY4\I2S(R:Y5-\%Y;&A87
M,"7@_AL29&!W:Z,`A`7-)6"KU2J/TTWJ[*_8\33D(DM82M`TRPQC'QEYA6-)
M?(N=3%PB@`++H^J;AOK6W/>,^$L)NI)5DA9)*3(D\B@&>XP[6>,Y<,8=G,V4
MJ53;JR$J:)6@[IS*L$97H<WQM`[+)V6\EF'8-,2'@2[Q[GSN2"U==]K89&(5
MWU@GRU,S$NG#Z44U+"2A7P(O8('C!C^_:"ZAJI+CRIC"8Z>T5%5-95N_/GH]
MXXOPENW+=WY`;6P-_6O[!6-S-Y-U5GQ0LD^RG]YYX/2%OJO-,+.)M6E.J[8X
M786U^@H#[]8P*$?YMUK$$5V=DAX:G-[`=%@.=JN&%WJ%Q(?XLM"#O.+\Y'O2
MA5)T0QV_AAT>WRL&'>IHK^QZW.>&;?$?O5>[>NXTM3(V08K[ECFUO*KO^!87
M<!5O"MT3M95VWOR(L%EX_?;M\\5'0D^PX;J3"76TB=.;>CQ;/L;THKEX"6:?
M+82I0S<[84H7:W-584CLMBRNAG6%U0:[,R.B#HNM0GR):]>WG!(6HXP,0K3]
MQTXUL1:,PF5^B>MEPB2DF=@G+^;+@UGL@DQ1>XN#"#T6S\?+6%$8GO?`!:9=
M;C.<:V5$':*PVJFQ40>3(^BEFY_"/)C2/?BX[[*W/VNC53R$Q&J87<-K_!;B
MR4XNA(?BQWDMYV_2/<V[OI!F*"4L4'B1V&VW7[@'O6##$WB?)3>$AH+[`OA#
M^OJ!^306.SMB9SQ_Z",0_GBG!V:0AK"+TFAQ;H#P&M[K83YG#XU&@9,JJ>@^
M!7=@9@.>"3-0;Y[Y7+DN)3Z/B<G/2ZRDC45%Y:?WFSW_O&T57L3*7,._P\^1
M9[)\';FEE5C1!7]Y\,@$M55VAFN2$9=!\!S6MX@^L8*%Y%:Y6U;7=>'<1CS=
M,R8BV'M?/_`8T;648/Q&[!_\]8%]E$?O7B!B>//JQ^:8^K!\)KA@@^ICC5"T
MS&J/^LC)4JHPWV#4,YFE7):>?O/MX"\U:299.?NL"4\3E!_8GQ]*DT2.Z]P<
MME:$7(YBB5O@KJ\C(RF2(RY?5B5EJHZ*8:_\>_UF*LC=%POF>==UEA29S.6,
M3:^2LRSHA<^Y2@/OAQ'P&^8;[4'*";Q5R<7=%%2CAMK&XC-T7\F^Y2S>C_R3
MDKQRF`20<"A()2MLI2`2@2C^JF.P?VR@-P/D%S8V0'8@4YB`)L7:EBL/F!"K
MU]%$#S*7<`1)Y\A5&&`F3+5[#E,=1D5SGH\YB:/*X\SF\G*S.:X\*O)07!0C
M&MW\FY-XHI+MJE12B>5/:&.L?]+;R,=)Y`X5B8SS_Q6YA@1>S\'68K.!]V*(
M_XT]R#E!3K8RA_9)-?2P,`?I5!J-5I.5J6'(PKK,ND"F4Z10J4G'(B?ZB>?0
MI'%4=$GS01:[0MB#>]8=%YOJ;ZA42A7-X<@$U)!3E"FE4HXF)\H8S'.P3D]/
MS\JF,Y2:/-:R!>U*\)-ZRHDF57DZI8YNUDJ#V/%,Y*^0;F.R<\C.3?X]E=S8
M[`F@7XSP#>^@/#8-;8KUEX7_NS?U?Z`&0Z2YN5Q27Z+![OL1V#$,.T9$]6\C
M;%<EYW=0<`;5G:[G&NF+U5$^+"Y`>Y+2/+-(7W(.?9%6T,5"'3$P%S?0G>8H
M?Q:?0('IJ1NSB8&,0UM4607]%,0BF!+=N20H*"K`@[F4N,?D0P<'QOCM8$7W
MGZ+=\;Y2SU12GR:7J+KK>*+71)``F<(WFQ'53[)H+J?H)05.DDA4^_^S:/:A
M:XM]`F(#?1C1_8?((]8_87<&2:C3$4`NJI-)U=K?`1'5VEQ1F"Q;*WDUKZ#Q
M%1^*%6)8^/+O\"'\L^:JC6GJ"L-A]=YCMN2:>2VR>[=[_19&MF6!D!&W.34;
MF1\#AJ";*TP1L`4$I);;%FUM"RU?1=96Z-<M%:BPBD@!T2$.@L*BD82Y&9?I
M1E"S,/VQ#Y-SW?''3KOY^WWSON<\[SG/^SQ);RTB#JU/7(<2T89'&^&K/'H-
M]LOALO&;/R_,8I.&J"\S4U(_?@S?Q,L/F418&);B1?/UVL#R>POPY$/ZM@N9
MY-`LDA^U&+W7&+@)5(<CADLLE#]Z@HWFFO=^12_D*BKWYO+TV5^`0IU7\ZGN
M.2Z77=&Y"2#;4(O1IV_#%#@EAR$0B0P&!MD[,UL0A5;D;$W/+PR.'.:IB5C_
M&6ECGQZSZ@-H7:`?2P`ND1]1',Q^?]=M[$WH:[?NW8B49'"T\YUG]^3PA$CF
M'?--\$\ID%U&--CJ8RM>4/9^R"(:VQF$%>RME"<38UUC>&D7@;P:73;7&+5\
MM)-:@Z?$B^%`W!_W9<%XV":2&7:M^RH#'6"D-Q@,BMZ*,'O:Y^OM50>5Q87E
MF0I^$13H=^NV"\]?YK>.VEP>64&F3MAEY:C5QFXI*Q0W,`>WS<E&Z^1>LMWN
M:.T(#6LFV?F9Z;M3%2.?G.53OR$4W>KN`>;\UV<N71T]L-G-B:0%KB7TI-%J
MJ3/I2_V?L>G9N1_L#A5-*_D'>XF+5=WJ(B9?59JW<\_X[VI.("F49IR65IZ#
MRV+?IU/*D'^/'I);0H=N7#G?/3G('7<31S5J0S5;;.R\S,,YN.0<=@!K!5"^
M3;%[1]%2ZKO:@'Y:XD1C8/G\`LR[3SNESS'6\!]`EZ%4$R&`V9/:;![Y0(FJ
M1'N0W:D>FN=I)QR/QE.B\>863`4W6]3;^?JFNCH&I0%$G\[ZZ\I8]_@4'M"[
MX'K/A'_4N=0/&DWF)C-;:'%?X*E#AH"4*<8=E0[+H-*`(8+ITCK?L#,0;GE%
M1*\+(-+H,VN8XQ:=2<TEH895T$'4>6SM3J;7[[C(B4B).S?ASF<Z-/D![$NR
M_BMXY.D.&<PQR'TD?!EB7X3&"%P[25KM'3X5[+'CVJL%,-3HME4SQGJ-L9Q+
M0U5O0"-A\=D\3J;+Y^J/BFD[YK9*`5QH=!WS%(<R$M+0OF1H)2Q^J\?%=#F=
M79R])9:4^?_]>SIJBMT\I8CQ;9Q>*I+IXV&Z2-H:L'0]<MSA<;6)WB#_X]]W
M$$5\96@]9F$$G;40__8*S+%-F&,KM8%^#8]HN&_VM^&IOKZQ9GS6[0(XZS6K
M3?5Z@Y[/V9RU2%A.65TNQN=I'6C!(*@%<+Y1K.U401G:FH`E-5&@.EI=UA!]
MVM1^9+@K_1G%6"F#Q77R#06Z+_;K]+XRMJI&6U'6I1F>'_T))D[R<(V40(SY
M75B[-\5H/5D`,1#Z/"<$BTUKJN)3D6,];"5,G?5^+]/I=H0Y>RNV'")215.;
M[6R/2ZO$`.QIBDA8.;=+B;+V>&DEV0Y7$0*YU51:L9E%R22\*&TB',\(8$;Q
MA)_\P=<3G&5A`HF&GKU-4'JOI/+"`YXV)XE,=A!Z<>$E:%\AU<K_!;>).*H*
M96YD<W1R96%M#65N9&]B:@TQ-2`P(&]B:@T\/"`O1FEL=&5R("]&;&%T941E
M8V]D92`O3&5N9W1H(#,P.3(@+U-U8G1Y<&4@+U1Y<&4Q0R`^/B`-<W1R96%M
M#0I(B5R5"5`49Q;'N^GI;A`<$X?!I)OMF0`K;"&C8%BYA`44C`8\L/!8-!PS
MRB@.,#.`'")*D,&!P1N5R"$,7J#$50)17(BZHA%<(QIWD_4^8JT5M3;9U[-O
M4ME&=S=56]W55?UUO?=[___[WM<D(7,A2)*<].&"I#E)L8&S"LQ9V6'3@N,6
M!\7EYFC'/LT4>4+T)L5?N8@")7K*_#RH[SQDHLK#"R.QPENV_E^)M-!"_FRU
MOGEZL&"9`$??;O,>'S21H$G256LLW1JBF184K)D6GYM7;-2OSC:K@\/#IZDS
M3.H,@[K`D%>0F:,W9>NTZJ)<XUIU9K$Z3F\VF8VZC'7J#PQ9&K4Z-B='_3K0
MI#;J3#ICH4XKK<;G&E;IM3J#69^1HWE=NUHJ7CU6^O_>_E\204H7X482X]T(
MCB!\7(D@@ICJ0DRGB'"2B".(V03A)YE"R`B6B"&*B"[B`O&0^)E,)>O)NRYS
M7,I<KE"!U':96F:6W:07TF>8R<Q.9ICE6#,[Y!KBVNGF[:9SNSHN>]Q?W%>X
M?^F<*Y=NO(#1S8Z19O(IT!2\<GRHQ*@I(1B$*1PN_#N&0'"D<)A%]YN%_X29
M'!AKP1]\[PJ_Q$&B%-B%T4J(>O88-)#"P<)`",'@;X1<%MQC6]0XDT-C#?X&
M?<,$"8F+FF$:A)-=D$#UXR(ED%<&OGK$C6;TIBY;LVIIVJ%U?<*N';7U?(/-
M4K9B5=:LY2HY_@0QX$'V0!75`S%*J`(/K&*D9!L@FCP-$=3IKY1+._5GSQX_
M<:9_]8D5R[-7_5YBS=`T.S8VD\5PG.K6**'(<8A>S&#13X=H>5F7X^TNT@XA
M\`Z$4%#K\%..U$Y&@ZK86E+*X3S+C.0Y6U^`03A@_:21@WFV>T,"&O&&$G-^
M0&_P`+<?P1/,L,X'O-$#W=[#26@4Y-96!R]Y,@>F4'#OA5*\7\)BG9HVL?N.
M=&QOXKOJR[)4SDAVP9J2T!JA0.1:V="Z-9_\B9-;P5M,`AD)/>!--7B)&N8T
M&.A")LJ@MX3P^"XC(<?3]Q]<'GK)@5OL\*_]0J)0;A#:F8NMO4<'^#]_GA8>
M$!N$$U&MFAE*RS<,B"/?3(1F\(\&F6(;O`=.)7CJK\5.Y6+3TY9EFSM.Z(5V
MDWE_-I^59\Q>=$G[%&;`)'`#_WO9@U$G58KT_F.'SYWA;L\?\`^,6!*P1&BN
MH,^?/&X?X+_X0V9R4OK*L`*58IO<VBPYZ"(&2JH/@B\%![W`%Z9<`I?Y8DP4
M@U>=,32Z0"T++C),9R`=NB7SKT`G\'?!DQ29V]0@?*N$C$J@$OVXY/2L5"%A
M^>,$/LML7+UD,.LI1`#U2DKIC_1]3%)55M5:^)8[-+1*!GG2.,S(RYJAKA?P
M"-D)@<##5`JNP+!R4WEY=0G_0<D-\'_6T'?FCP=C,6"%);-JM0H[4`*VM4(D
MA,%F#J(#@40E3M`$H0K=;X6_ZCB\O>&8L!8G!VG0N\A5KK-V0/1I,;&9+'>$
M4C`3*I7/H.(Y5M!.-\Q6YL%''6Q-C;6&7V[:>VQ/?=.N5M6141J,S)$8>K=Q
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M$R9@I0J'WA25P#D7L8J*I(KU"=6"(DV1`U7?*L55[.".`X/PUK`OIF%Z\F3T
M2OWXP(`@7V=M-YZ"GN-PJ'N,(9,\#&Y3U+9XB;>84Z"G<QE%(7HMB<Y`-9]2
MMJM?9;/:;-*IQM;666OY'[JUZ+I;$O/$Q*A+5V>&;-EBK>(AF[VX9]ME\!O)
MQ+?V"P=AI7.$4=0:V:^W-N3%<,[9;&*Q.4Z0AUKM<.DX=)SX;_>F="B>2].`
M=B:DKJ#Q:P[TK*W>:N.?=7^$=(/*#M_E,3[EVO3IU=76:AX*V+/[K!?@W<MY
MJ&H7VB3,94:QU\C>KMQ;-&<,$[^^(&&+H'@NOU;6!=O:1+*3/`6SH`\TE&-*
MCQ("I#J;KMN$-GQH8N]:&DN2N1GL0K,A&CWB)"NTH!^26N;Q]-'O4-$GV&%C
M'I-37E%NSI_WF2^/R]$/`Z2698.`?I!W_VGSIP]4\B>2J/.?06<[^5K29GB?
MDB0]MC,QMO*V$0YTL!EU[.SRHIAJ(1\>VME$6W'[,"<N8*\V-EW?)K3C0TG!
MEH;21`Y3<#.DL,,-3;?KI?5'1G:XNJ5P'N=<(!EHFETC_5,&K'8'*Z&DOE$B
MX8A0XG,C,UK35#:?<VK91:6%,942Y7L[&[&SO'F($S/82TW[1FV"/%7:6*=$
M\8WQBFYH@PE*,8F]ON_`@UJ)]5)B65H*Y_["RA=OL)]"B32"B@7HGSH[`P5>
MT1V_9?^(2O[Y?ZJ@^\3(/@JF@YM2#&#%)&<7?4B\R0SO.7C+)B7--[)_K=Y=
M,)?#+UE\)4K'7*8T\=6[RAN+CNK^S6;5!D55AE%QO?<UK3O%]3)V;]U+X%@$
MV#C-4#91C&"QD25C)<C"XCH,MLC"+H@PNRJ&*.R"#)CLRM>R'Q>!!183<$%Q
M":1:T&2FK]'!C!EF+&LFR\9GF9>9>K'&/_3K_7F>]YSSG/.L7]R#E.7%"00)
M]#)ZO>ZHXRK/_&+L70CK):HEPA^P31$,P!T.:U/#,8E(4J-$(NWD`_*NO(Y7
MX1QQL3T,JR$*Q\!N4)-LBX4LR,91$$W$4N-HO`EGBHR2*-3CA;%'MGL5MI(M
M<<%=#NJ0M]%V_E:W*@*OR-G[HM@*\QP>H=G99=SKB:;H/TW?FT?PRMSW0'V3
M,_E6E\3N=^YZOR918)H)TI`'1AXA*2'^(=(]#DK0>(-MXL;YC-B(3-4&D9VU
MPX\<]AMH@E.J_'^<M$Y$OC-#0:Y,F\T6LZ`UM7A*)+P5&JG?._Q79GE@7IC$
MI,C#3?T+ZSPAW]U?B@G%M)'KH%WU#:<=7</:VP+$_CH'[)\?C4>,2M$^*MF3
MV^WGQR\,?#U[*Q&CLZ(;"@KHDJHCY<;\71Y2I:OCXC'SDG\[K-XI_9Q)?:Z7
M\U1\BDJ5$)DR`QOR1!W-I%KDX-\](6!:\B$I>R[H0"=/6FI)R$[OP/121&@6
M[^`]'32L/#T=^.OA6B\ZT+:#10GDB_=EM*7FD&N&9WRE_H45Q$HAA*WK/@6$
M!+_B\!S"\3^\!N\"<_OB7)_8YK-<_H*'8?1EDR-PBA@KGT3+\;:#Q%@W$7XF
M]6W\6+3Z"JPAEXBUGH=OEV\08_O7L2T+<8J6,#@NT^E%MK/6^O8S=ND!Q/R&
M-U'-AH;2P[SAP-$,L;J*-)4>YF5DKB:DZ\K:SQDDG`X!8KPXZMKP8/<D2<-:
MP8W-!C1B=I0;^/**`V6%8AQ^*A:>I\I;*JV-O,-N.W?F%+FMW?@NB<\:$I]]
M;MUNCP0)N)4X,Y?*V*<Q:`3F0S(;+8=`Q1*7D81+2$'DF.N1!YW.OKJG99RG
M1[4U!&_4;=09*TI,9)A0G(-#P4)5-)VP?<K;G5:O6%=O:1!D/*M'HY5->I<:
MWL!3Z_'&Y;9B<-*A:^],!?G>T"[82%HEG/7!93^77==1/"H,>EO[>Z3#[=2Q
M3RI.'!.,9FN7!(4(%&FC)/^>2-JIU+@+!S[K='G%WH+&-M[NL`Z-.?4?B&\B
MK$R+2W^99].V#V7-B*QO?,(QY)/8M.I!3E><;RH3M$:G_^K`T,TV<J\^:YHP
MR,'')R#9%=I)QM@,D615?@**RSZRKR!?V%$2@">!=4P%O-T&;;W$7EI<NXK=
MWSHS90L(["4WRFJH;+[(!Z?PQT7(;VXU:7B<C/IU>^V9PG-;HO!F+-V(N3=V
M01[ID)C2MJ#&!NIF&N?4HLXU$+$V6+5N(8G[9P`^'5[Y"F5N9'-T<F5A;0UE
M;F1O8FH-,38@,"!O8FH-/#P@#2]4>7!E("]%>'1'4W1A=&4@#2]302!F86QS
M92`-+U--(#`N,#(@#2]44C(@+T1E9F%U;'0@#3X^(`UE;F1O8FH-,2`P(&]B
M:@T\/"`-+U,@+T0@#2]3="`S-2`-/CX@#65N9&]B:@TR(#`@;V)J#3P\(`TO
M3G5M<R!;(#`@,2`P(%(@72`-/CX@#65N9&]B:@TS(#`@;V)J#3P\(`TO4')O
M9'5C97(@*$5P<F]O9B`R+C`I#2]+97EW;W)D<R`H*0TO36]D1&%T92`H1#HR
M,#`Y,3$P-3$P-#4T,BTP-2<P,"<I#2]!=71H;W(@*$UE<G)I;&P@0V]R<&]R
M871I;VXI#2]3=6)J96-T("@I#2]#<F5A=&]R("A-97)R:6QL($-O<G!O<F%T
M:6]N($YE='=O<FL@0V]M<&]S:71I;VX@4WES=&5M*0TO5&ET;&4@*"D-+T-R
M96%T:6]N1&%T92`H1#HR,#`Y,3`R,3$S,3`R-RD-/CX@#65N9&]B:@TT(#`@
M;V)J#3P\(`TO5'EP92`O4&%G97,@#2]+:61S(%L@-R`P(%(@72`-+T-O=6YT
M(#$@#3X^(`UE;F1O8FH->')E9@TP(#4@#3`P,#`P,#`P,#`@-C4U,S4@9@T*
M,#`P,#`Q-#(Q-"`P,#`P,"!N#0HP,#`P,#$T,C4R(#`P,#`P(&X-"C`P,#`P
M,30R.30@,#`P,#`@;@T*,#`P,#`Q-#4S,2`P,#`P,"!N#0IT<F%I;&5R#3P\
M#2]3:7IE(#4-+TE$6SPS,3-F,C9B,C=F8C%E8S8P-#!E,S,W-#9F,#9A-68Y
M8CX\,S$S9C(V8C(W9F(Q96,V,#0P93,S-S0V9C`V835F.6(^70T^/@US=&%R
K='AR968-,3<S#24E14]&#0```````````````````````````````````#\_
`
end
</PDF>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>9
<FILENAME>a2195218zex-32.htm
<DESCRIPTION>EX-32
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#09ZDV15801_9">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_kq15801_1_36"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="kq15801_exhibit_32"> </A>
<A NAME="toc_kq15801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT&nbsp;32    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> CERTIFICATION PURSUANT TO<BR>
18&nbsp;U.S.C. SECTION&nbsp;1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT OF&nbsp;2002  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Quarterly Report of Simon Property Group, Inc. (the "Company") on Form&nbsp;10-Q
for the period ending September&nbsp;30, 2009 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned certify, pursuant to 18&nbsp;U.S.C.
&sect;&nbsp;1350, as adopted pursuant to &sect;&nbsp;906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Report fully complies with the requirements of section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </FONT></DD></DL>
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>/s/&nbsp;DAVID SIMON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> David Simon<BR>
Chairman and Chief&nbsp;Executive&nbsp;Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><BR><FONT SIZE=2> Date: November&nbsp;5, 2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><BR><FONT SIZE=2> /s/&nbsp;STEPHEN E. STERRETT<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Stephen&nbsp;E. Sterrett<BR>
Executive Vice President and Chief&nbsp;Financial&nbsp;Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><BR><FONT SIZE=2> Date: November&nbsp;5, 2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="9",CHK=819523,FOLIO='36',FILE='DISK128:[09ZDV1.09ZDV15801]KQ15801A.;6',USER='EYOUNG',CD=';3-NOV-2009;09:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="09ZDV15801_9">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kq15801_1">EXHIBIT 32</A></FONT><BR>
</UL>
<!-- SEQ=,FILE='QUICKLINK',USER=MVANGB,SEQ=,EFW="2195218",CP="SIMON PROPERTY GROUP, INC.",DN="9" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>10
<FILENAME>a2195218zf9_ex-32.pdf
<DESCRIPTION>EX-32
<TEXT>
<PDF>
begin 644 a2195218zf9_ex-32.pdf
M)5!$1BTQ+C,-)>+CS],-"C4@,"!O8FH-/#P@#2],:6YE87)I>F5D(#$@#2]/
M(#<@#2]((%L@-CDV(#$W-B!=(`TO3"`Q,SDQ,R`-+T4@,3,S-#0@#2].(#$@
M#2]4(#$S-CDV(`T^/B`-96YD;V)J#2`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("!X<F5F#34@
M,30@#3`P,#`P,#`P,38@,#`P,#`@;@T*,#`P,#`P,#8R-"`P,#`P,"!N#0HP
M,#`P,#`P.#<R(#`P,#`P(&X-"C`P,#`P,#$P,C,@,#`P,#`@;@T*,#`P,#`P
M,3$S-B`P,#`P,"!N#0HP,#`P,#`Q-#@R(#`P,#`P(&X-"C`P,#`P,#(R-S4@
M,#`P,#`@;@T*,#`P,#`P,S,Y."`P,#`P,"!N#0HP,#`P,#`S.#<R(#`P,#`P
M(&X-"C`P,#`P,#0U-S4@,#`P,#`@;@T*,#`P,#`Q,#,T,R`P,#`P,"!N#0HP
M,#`P,#$S,C(X(#`P,#`P(&X-"C`P,#`P,#`V.38@,#`P,#`@;@T*,#`P,#`P
M,#@U,B`P,#`P,"!N#0IT<F%I;&5R#3P\#2]3:7IE(#$Y#2]);F9O(#,@,"!2
M(`TO4F]O="`V(#`@4B`-+U!R978@,3,V.#<@#2])1%L\9#DW,S)B9C!C-3!E
M,3$V-38W-68T8F(W-3EC8CDT9CD^/&0Y-S,R8F8P8S4P93$Q-C4V-S5F-&)B
M-S4Y8V(Y-&8Y/ET-/CX-<W1A<G1X<F5F#3`-)25%3T8-("`@("`--B`P(&]B
M:@T\/"`-+U1Y<&4@+T-A=&%L;V<@#2]086=E<R`T(#`@4B`-+U!A9V5,86)E
M;',@,B`P(%(@#3X^(`UE;F1O8FH-,3<@,"!O8FH-/#P@+U,@,S8@+TP@-SD@
M+T9I;'1E<B`O1FQA=&5$96-O9&4@+TQE;F=T:"`Q."`P(%(@/CX@#7-T<F5A
M;0T*2(EB8&#@86!@VL$`!`:3&+`!#B@M`,1<4,S`X,?`R^3!<4A"9Q-7FX&?
MF57X#J@R1@8&8R\@S03$`0`!!@`:"P=W#65N9'-T<F5A;0UE;F1O8FH-,3@@
M,"!O8FH--C8@#65N9&]B:@TW(#`@;V)J#3P\(`TO5'EP92`O4&%G92`-+U!A
M<F5N="`T(#`@4B`-+U)E<V]U<F-E<R`X(#`@4B`-+T-O;G1E;G1S(#$Q(#`@
M4B`-+TUE9&EA0F]X(%L@,"`P(#4Y-"`W-S0@72`-+T-R;W!";W@@6R`P(#`@
M-3DT(#<W-"!=(`TO4F]T871E(#`@#3X^(`UE;F1O8FH-."`P(&]B:@T\/"`-
M+U!R;V-3970@6R`O4$1&("]497AT(%T@#2]&;VYT(#P\("]&,R`Q,R`P(%(@
M+T8V(#$P(#`@4B`^/B`-+T5X=$=3=&%T92`\/"`O1U,Q(#$V(#`@4B`^/B`-
M/CX@#65N9&]B:@TY(#`@;V)J#3P\(`TO5'EP92`O1F]N=$1E<V-R:7!T;W(@
M#2]!<V-E;G0@-S$R(`TO0V%P2&5I9VAT(#<Q,B`-+T1E<V-E;G0@+3(S,B`-
M+T9L86=S(#,T(`TO1F]N=$)";W@@6R`M,38W("TR,S8@,3$T-"`Y-#<@72`-
M+T9O;G1.86UE("]'24-)4$8K1'5T8V@X,#%"5"U";VQD(`TO271A;&EC06YG
M;&4@,"`-+U-T96U6(#$T,B`-+UA(96EG:'0@-#<R(`TO0VAA<E-E="`H+TPO
M96EG:'0O6"]Z97)O+U0O;VYE+T@O02]/+VYI;F4O0B]9+W1W;R]#+W1H<F5E
M+U(O1"]C;VUM82].+T4O4R]H>7!H96XO7`UF:79E+U4O22]P97)I;V0O<VEX
M+W-P86-E+U`O1BD-+T9O;G1&:6QE,R`Q-2`P(%(@#3X^(`UE;F1O8FH-,3`@
M,"!O8FH-/#P@#2]4>7!E("]&;VYT(`TO4W5B='EP92`O5'EP93$@#2]&:7)S
M=$-H87(@,S(@#2],87-T0VAA<B`Q.#$@#2]7:61T:',@6R`R-3`@,S(V(#,T
M-2`W-CD@-3`P(#<X-R`W.#4@,3<X(#,X-"`S.#0@-3`P(#@S,R`R-3`@,S(W
M(#(U,"`R-CD@-3`P(`TU,#`@-3`P(#4P,"`U,#`@-3`P(#4P,"`U,#`@-3`P
M(#4P,"`R-S,@,C<S(#@S,R`X,S,@.#,S(#0X-B`Y.#8@#38U,"`V-3D@-CDW
M(#<S."`V-3@@-C`R(#<U-B`W-SD@,S@X(#0Y,B`W-C`@-C,U(#DT-"`W,S4@
M-S@R(#8R,B`--S@R(#<P-"`U.#$@-C,P(#<S,R`V,S<@.3$P(#<P,2`V,S0@
M-C4X(#0S,2`R-CD@-#,Q(#$P,#`@-3`P(#4P,"`--3$R(#4S-R`T,S<@-34Q
M(#0T."`S,3@@-#@W(#4V-R`R.34@,S$R(#4S-"`R.3<@.#(U(#4V-R`U,#$@
M-34S(`TU-#(@-#(X(#0R.2`S-#`@-34X(#0U-B`V-#<@-#<U(#0T-R`T,S8@
M-3`P(#4P,"`U,#`@.#,S(#(U,"`R-3`@#3(U,"`R-3`@,C4P(#(U,"`R-3`@
M,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`-
M,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R
M-3`@,C4P(#(U,"`R-3`@,C4P(`TR-3`@-3`P(#4P,"`R-3`@,C4P(#(U,"`R
M-3`@,C4P(#@R,B`R-3`@,C4P(#(U,"`R-3`@,C4P(#(U,"`R-3`@#3@S,R`R
M-3`@,C4P(#(U,"`U.#<@72`-+T5N8V]D:6YG("]7:6Y!;G-I16YC;V1I;F<@
M#2]"87-E1F]N="`O1TE#25!&*T1U=&-H.#`Q0E0M0F]L9"`-+T9O;G1$97-C
M<FEP=&]R(#D@,"!2(`T^/B`-96YD;V)J#3$Q(#`@;V)J#3P\("],96YG=&@@
M,3`T."`O1FEL=&5R("]&;&%T941E8V]D92`^/B`-<W1R96%M#0I(B8R5VW+:
M2!"&[_44?2EMP3"CL[)7&$1,=@,.&J>R97*A2",S69"().SP&,Y+Y#6W9\31
MNZE:H`H)]>'OK[N'&VX,)CXPX(41`<5W!&[@$>I"0/'+I_AH8U#]B,'?QN!M
MPN"QP5]X9E""3Y\-,_YT.[V9<G!LBW\UV,&:@FU3XH`?!J=`#^8H7E@L(I')
MIY/IJ+L<6C;%^_D,[NX7R;WE1B0PAS,.?&Y]YN\,1B+'A3XC-O`QQF`AW%N>
M\B0)&1%(XI'V9HY'>]H#;5D87K@,$QB.YW<\'I]S>)<Y^CYZ7#@<8T;4A_D$
M^&T,R7!Q,YS%B=5W*>;NSY7L3W_&?\%PQ)613:FM@PTFSC73R`??<<\\"8U"
M3[%[,*<E9%59BJR550G/LEU!NQ+P89?6K:C7>UA8CM(JME7=0E5`(C=H>*?0
M!69=;47=[N%M7>VV/9B6&8&EJ0*\O(RJS38M]S]^+"U`CXF*XYA5O<'>]#]`
M4=5=Y8XN&U^J<I3F:V4Z"`:750ZBS&7Y"(G8MF+S1=3@T)ZJ-H*T@4*N17X6
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M&:7K-:`S#EJZQGJ;+9;8]+1O(<NTS-3O&#:7.H'2]\L2T'VW[DBIO="2FB.9
MPSJ08WD.\7T_T.Y=98-F8/4]2LVQSA#HW0T@C'!;`_"8?=I?<_AQ.E9QCON-
M;2;,"Z^,M*C,,"%1EL=HC/G$=MBUI;:;OI_/E&7,3^?M'WCU#J^^`B4N/*LS
M]3T\?*:0&PPD&'X$'F:V?=@8MM+8W:R-Q+CA)W%HY4;!M2Z$-4Z?9-Z=)BHM
MO01JCE;8JDVJ><-H)46!XX2CU<HG`?.BD+AN!R^;N/C27F/LXQN854_=*>%U
MA\3![M>\DVO>/@F\`%R'G7GS^.XVGET11XXNGE279J>%A1C_%*Z",@>Q,W9M
MKC'P>+&(.3^05ZSLX$ST</,?1#'_:Z))*[8K4>KL.-"U:-M_D7TPSQP_JMT(
M362)QSG^E^#XRAP7XP+ZY+0"1^B'0^9_4;==$CJ.FG6/>)[GG^";CG\H^)\!
M`"1*'.T*96YD<W1R96%M#65N9&]B:@TQ,B`P(&]B:@T\/"`-+U1Y<&4@+T9O
M;G1$97-C<FEP=&]R(`TO07-C96YT(#<Q,B`-+T-A<$AE:6=H="`W,3(@#2]$
M97-C96YT("TR,S(@#2]&;&%G<R`S-"`-+T9O;G1"0F]X(%L@+3$V-R`M,C4V
M(#$R.#D@.38S(%T@#2]&;VYT3F%M92`O1TE#25!(*T1U=&-H.#`Q0E0M4F]M
M86X@#2])=&%L:6-!;F=L92`P(`TO4W1E;58@.#<@#2]82&5I9VAT(#0W,B`-
M+T-H87)3970@*"]I+V0O<V5M:6-O;&]N+WDO3B]Z97)O+TTO<V5C=&EO;B]N
M+V]N92]!+T\O='=O+VTO<75O=&5R:6=H="]1+W@O=&AR964O;UP-+W!A<F5N
M;&5F="]2+W`O12]3+W!A<F5N<FEG:'0O9F]U<B]4+V9I=F4O<75O=&5L969T
M+U4O<2]G+W(O<W!A8V4O<VEX+V(O7`U6+T,O<R]A+V,O;"]C;VUM82]$+W0O
M96EG:'0O92]'+VAY<&AE;B]U+VYI;F4O9B](+TDO<&5R:6]D+W8O8V]L;VXO
M:"]0+T9<#2]W+W-L87-H*0TO1F]N=$9I;&4S(#$T(#`@4B`-/CX@#65N9&]B
M:@TQ,R`P(&]B:@T\/"`-+U1Y<&4@+T9O;G0@#2]3=6)T>7!E("]4>7!E,2`-
M+T9I<G-T0VAA<B`S,B`-+TQA<W1#:&%R(#$X,2`-+U=I9'1H<R!;(#(U,"`S
M,C8@,S,U(#<V.2`U,#`@.30P(#@R,"`Q-S(@,S@S(#,X,R`U,#`@.#,S(#(U
M,"`S,S`@,C4P(#(W,B`U,#`@#34P,"`U,#`@-3`P(#4P,"`U,#`@-3`P(#4P
M,"`U,#`@-3`P(#(W,R`R-S,@.#,S(#@S,R`X,S,@-#DR(#DX-B`--S8Y(#8X
M,R`W,#@@.#`W(#8Y-R`V,C`@.#$P(#@Q.2`S.#$@-#,Y(#<T,"`V-#(@.30W
M(#<V.2`X,3`@-C`T(`TX,3`@-S8Y(#4T-R`V-3@@.#(P(#<V-B`Y.#4@-S8Y
M(#<V-B`W,3(@,S(W(#(W,B`S,C<@,3`P,"`U,#`@-3`P(`TT.3,@-3,Q(#0S
M.2`U-#<@-#DT(#,R."`T.#@@-30X(#(W-"`R-C<@-3(P(#(W,B`X,C$@-30X
M(#4T-2`U-#<@#34T,2`S.#,@,S@R(#,R-B`U-#D@-#4S(#8W-B`T-#(@-#0V
M(#0S-B`U,#`@-3`P(#4P,"`X,S,@,"`P(#`@,"`-,"`P(#`@,"`P(#`@,"`P
M(#`@,"`P(#`@,"`P(#(U,"`R-3`@,"`P(#`@,"`P(#`@,"`P(#`@,"`P(#`@
M,"`R-3`@#3`@-3`P(#4P,"`P(#`@,"`U,#`@,"`X,C(@,"`P(#`@,S,P(#`@
M,"`P(#@S,R`P(#`@,"`U-S$@72`-+T5N8V]D:6YG("]7:6Y!;G-I16YC;V1I
M;F<@#2]"87-E1F]N="`O1TE#25!(*T1U=&-H.#`Q0E0M4F]M86X@#2]&;VYT
M1&5S8W)I<'1O<B`Q,B`P(%(@#3X^(`UE;F1O8FH-,30@,"!O8FH-/#P@+T9I
M;'1E<B`O1FQA=&5$96-O9&4@+TQE;F=T:"`U-C<V("]3=6)T>7!E("]4>7!E
M,4,@/CX@#7-T<F5A;0T*2(ELE`E0%&<6Q[NGI[N':U#&1NW![A&C1D$.HR`>
M*(<:XT*,15!P9>64X79F&&Y"*$X'\`!%19T!1T3=B0B&@)"8B)8'&D/<130J
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M_WT9FJY)C4[Y@S@,%P.323`'6VPJ@;EBV!L4YF&#!=A@(0Y8`H8M%\W!"(S$
MEF"Y6!<V)KK!XTOQ4OR:1"6ID7Q&.!-ZX@?I.FF9]"ZYAFRB'*F]M(PNE$EE
MBV5-,F3SGLTE6W_;/CM_NVJ[9_;^]IGVHPZK'*KEM'R+_)1CDN/M"?,G)$VT
MGU@X\8+32J<.A4RA5;1/<I^4STB8'<Z$\W657`SA'2/,?(%?`!71(T0P^_+)
M1UV=E__&7D@]&9&@RTQ.-66=Y.KK:FJ5#=7E^7%;-P=%\O*CJ,[X\[M&_,I3
M`H90'7.@@42NH-@"LR&)A:1.F`FN0'-Y!TD4BEA?Y(;4+(KY%GG!6J3D?D\'
MS5/BG#6+R<\CP14I.M!LE,2BI"CT!G)%-->00T(HL$/@#FH68A:")UH+8KH*
M+3>"&TCP'IA-]*+ES/==W7VWV$LI'VV,T>K4R2:]A:O?^VO'>;%;(P,B>'D&
M1`W@'5!.=$`4`^4#J)R2JSX`.=X'<J*OAU$W9U@LS<T62T:S6IV1H>;D/AY&
M:Y41_Q`Z"2BV;F!0U2]GR$\HJ+*>(>6%1ZV>9KQE%"J?$>`$/S*@:WXY]L3L
MB<)00S&R1])9NI\@EYM;Q:"26\A1M&/6;9@$U:#Q`SLT#2G?0DXHAY,;3%9O
MT8C4A\0C9_C.1)64&$J5[J4-P[QPAUX0OF++VJ2]65.N_I6L.WQ@9[WR4%6N
MFB\W5)2SXSZT1V'!3*Z\W%"NE!ON"-T#^/%&^/1;XKBSX$I=A#G9N\C`I/B*
M94H43L%<6$@^?7GE[E,6),$WD`39+%N))J=SIG+R04MOYTWE@_/KW1#A^Q::
MA*;S*F0K:FR%OYO`>-,);MV+&U1<AGDPQM3L,-0H86K_>M?YJU8&IV?M/ZSA
MCZ1J]J<KM;FYNH3NE/NP&&Q``OQPU.7YQWA%1M_YDUT7V?X_79KO'AB&L"CN
MX`?D5VV?6ZXHKW=M"?%[9Y5K$:^X+#<8P>N&$&+$S<)[Q!6H8*`0GI/H.8TJ
MI(,0/'ICKA`=1:'>\8VD/QRAY07MPM`='*Q?$N>%Q0Q$%/UK"9K((NSMH,7Q
MN8V'MW$',[6UV4I-3KX^[FS*$"P$J1ANP,UZC-X_P7?^0(*>ZA@KK"4U>065
MVHH*T4:T@9(7'A%<VJ"T$6\?AK(1`J;#"^:C8R</GE;>_=P?<8B.#EF]*/(^
MN)VH.;6[C8=>>,F@/3IQ=!>A>A8%/'P37$#V<!24P"U[(.K]2WY*#&>!I6/_
M!)\FF;S@F-7#[-1V,[(?2J^'#2K,D`###,A67(Q8R2[=%.'GNZ[OP>"IOJL6
M3EO/S-D<&;*$G3$4!';`/+H/V%!8K^IK3K'Q27=G]R#[W<I>1"+9LH`9G,(<
MW+YAZ'UQ:^0SYLU+FSKZV&N?GNV_U?EG_]#D\)`83E[8"*5M@M*,MXY`V3`!
M_X;'3&)Z<FZ\<G'X('!`?WSYQOT>/^264K&U)(Y'O>@E`WN:1*9]H9Z%@`7/
MD`N2+9B+E(B[[0-8YR<'3ISAU&CI'#?DHY/)?46<H$I$:D!$:N#_("50TC]B
MYHM6&$7`<:@!!Z<K,!OQX*!HZ4<K&,6Z[[O.7GO%M47D.O-_N:X1N4YXQ;6B
M9;]P4ZRTS6(Y>M1BV?;;J8*7P02Q[<("(UYF-1-ESI!EHBHK#97*C=I]+?4[
M#^TU\ST@(:&'NH@FDSN+JHN*677FAV';.3U\;*0UN3OVY?,%]07&@N/HF/#C
M%"V%6L>'TT)U&1';IT(6&!B8!AV@0!VD'%[D=5@GM^)=8$=85\`"QG.Y?\QT
M)9J#"&!@/42*ZIS`&ZB[:Y!3&V^BLD!'9E/Z@H)L3AW2[JI$R<A=C"24)#Z#
M,R`=')^<^^D6+Q?"#2;]:>&75KW)23Q!(LP!.X7YB#.<H\!AI/[2/7[DR^XG
M8,="/)H)SJB!0W<IQ3X]_4UE8U8P.QY'!V9F+]DNSH8B!1)?,L(ZNG_/OCY0
M@ZWX`D2B<&2+:+3)KW3/-YP<1L1B'?!%.YC:7]6;($)\P:2H:G06GE-?@']V
M':G0(^GF35HT08E\J.B2_6=YB*6;:W:U<,!33TX6>>_B35"LIQ:6)Q;-$Z>$
M2B^K.<Y#*-V^HZZ+@R#JL47O>4`TH!CFD>/_H!15>OI>A3$GB!V/IX-R<GPK
MQ38:Q)OK/P/F,YF-KT7#;I-B5-0\8*)\J[8='F`AC#Y2NZN)&Z%&FXOGOBI9
MJ:<6J?/=.$\JK6)7"P_OTFT']K9Q,)L::\UP;Q`+%H$O.?ZUZ$TF?:<I*Y`?
MCZ4#\O(65G"*4;D0D7<:AAJALQWO!CMA->"$==-7#&RFK]8>&JCF&O_+=[5'
M-7%F<6+(?'%]4;)#[4R=T556I745?*#UB0_4R@I"!1%1%`0%M(`0@?`205$2
M$-1HD20#!"2(@(H((50%\8$B+KCUA5;`TG>[6U?O<#YZSG[!]JR[?^S)'W-.
MSMQ[?_?^[N_>.]@2AWX\F+=O,8,]47CH.J4'B^=A6U*A`-@PQ*TKC&CWP_:6
MH4@[98E43&9JBBK"JP[;LC@.SR#D[L;;P0E/@H1_?E?>TDNXW4;RO'L>F@3)
M4);_@F%2DF6[0,W7*'7W&5B'BO./%7/02!7G9L3PV!LMBTN8?XCTYUT!S=?$
MZ;L8,01UZ@W/-)R`[Q+2LXI()?$B%'4@(X[#9@(BW\C#$G1?*'R20]YI?ZLQ
MW)0)'QWF1I>0_4,.*S*LI-)*!^@0J(\TRC>>[Q>]L>IXRVI9?/Q<PI'8^YN9
MO46\\-IJN%^@YJJ3C7V,Z(&@8+!+9J"`*%,VN`$M2E.Z'B2HFP0T.R_=\(`1
MO='#H\6]5M2;$,X<+,598JD,;U92/9GYL0N9P?G()7'7XL-O5#P49Z1%7&.1
MPD*0T^):)(8--LL$\3[5J=6]R"-N2!N]R#R>0"".1(-_$=-DV%U)U1\LCRO=
M+!^,1\O3$EPR"0*-@%SRTG2=S!#E`^PYB9GP'4-4:X:?:!P%Y.R`</*;1-9U
M%$01MB9814G.D0DXBH,1#K#I6QA#CAO';_$8O`D'3B,/1^PXC?P92%HWFU#:
M6`TM0WH=0TA5`J7XP>@`MP7*19UL^)H!5Z3+41=P.3G9N>RC=DUQ*]]1=O%V
M-P/RN6UX#H=;AO3;DW4B814SN!XY)\>ZDAZ%$-&&AC!T*;_@,@R[YC]U\II/
M\)A=Z?FEI$C^^TUOYT+V[T_T_P5*^O`U[?D/D.X".[;$I-94\0+"DX\MK-$S
M6H.FUL"!W:U;8`,?,O];!.S1CT>`^X;?)JRY&JX-)3OA-10"4OQ0[0#W!8HL
MTRQV<6S)WWE8C/1'\_1<&_442WLF]$^5@[-`!>9.`QOL`EOD("MMO?6"`33W
M-G;F\,NA[)\>*E:Y6T>"6]R>%=8#YP!+2K`#1!KVH*831Z[!V+:@21@M#,(S
M]V8<U9'*>ZNJ!\9725J^`?5+Z1?)M(XJS-$>U9<T1G6S,.[Y8QC>&V1QOLKC
MD9VRU1?"JRXS-\R7[CVYXX71!4Z@8F&[+(':>R@]+6EW4,52%MLM6.2XH,ZW
MSX\'FX]E'<%G@WR9%3Z^;O,7W`$[?TY)C8:KI#='7)"`B0@7ECB06XERU!PT
M/F/$%%21EUT+[YG3,7V2*P+W7Q&5B=UE`@7RDW5%8)>7EWV$K=4<VLT/IJ-9
MJG@74LY@E7G@CZ35R=@579ND10,SZ7[M3CR,Q\?1GPM6-V[F_!L?[?F9!>^?
M?X0`'BK18T-YEU5$64K4?5B(GL=@,\+3Y\TCU^4XCR]@+@=F]*R@J-OZSDTT
M6IRF,@Q,%R0%`TE2T5Y%%U%P4GQ2WFZH:LAY3\#;E>A:5E%Z!).:J4R.Y/":
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MY.JYR=3`C7Z:^E`<6RDY_:54G`6N]*J@K9$>K//J)T1I\EOW[ETJW!MTE`_+
M/QY_EC7I=:96S_H9F)TZ'D_#_/,I8-O3?A6&-1.`WJF&Q!;Q@W)85E!NL#_?
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M.F4\%UKA^:>U"_%47N4:]B7N1YXIR<O(,H!W<6HSS'OTQ`25I^T--Y5]LSK!
MLU=7KYAM`U/(S+M?<K:YZ>)*/,(S*CS`)_@V2#C%S;0`_(KV"_AT1S"SYL8V
M($I]]=WW=5%5(5HNX.0*]8Q<N6*FS5;-WN/%3('6(.BX`\7Z+!W[ZD'G+V?2
M32HC_[P6#Z>,.T*U02P)Y+C,;8)':>"52)Z8^6_^-"*"(3%BM*K3"=SI_31L
M2_Y*MYK9Z+X>4Q-]SEXM.F6J,!+H/MEZ<?(-6*HO,TB^Z0/?7JG@``EZRD>=
M4MC"0#FJKJPI/,^V%07/X7$H\DM*\CK,Q8-2CS:J504-#$0@4,1>=PSPB_;W
MX>`><H_>H-IQ0!Z/AD:).2=Y@W64>.U/7$/6\UP2S5%?:H!18&O?#[837BC&
M]@\XT9'&F(H*H[&B(L88&;$G)I)3O%C]JQ-M!;).O8\`$=]'*Z/]DMXX/D(<
M6]3$,=;^[GA.MG[@'6L.7_=)#6\E,#`<K8KV4X7]QT[S7X#$$()HO#ZI+=%@
M_U4?>/>"=Y^BZHV'=>H4K86!\^CLN2I]#?MY>>0G_ZZ\VG^:.L-P$$^/V9(:
M/=:YT^T<=5YP1I<,-)I=O+!)AC+N=P$5`5N*W&HI+=!:"I0"16RKE)93"J5<
M6N2.8@5!$!:)+.@T;%-'0+.@+KMION.^_;"OJ'_`?O[>O._[/<][>VA8BQ\O
M4`5K$`2%#!ZDJKU!@PYDT&[IY(^VBZ)IJ,=CU6<#RI&!G,$#*S6U4R3(QL&R
MC-$=<7&BF,/4==GQM@A^?&Q65!A-S#["D\21^<%G47[5.M0R-\[)0CQ.8N2*
MR'**N/2:H?6,8A)EN$00X?K_#*W*_6Y[1$QV;`1%S/Z$'\Z.EB:5H(CGSR-$
MAJN*4-HU;Q`A7%P0HFACCSB\G$]!UU-O8%'P@,_B[V`GV/;)(I*9FWTV01^X
MY=E6\`$-/P0=/+!RZ/;/\]-(:D'NL6!?OV^>@YV>Q0=5#$AVLFN9XEL%UM4/
MY\&Y)\1](U3Q0#'#.52E--\DP6=XKK-',<@'O&<OP"ZP\8M?X++(A*R82)IP
M/<(3Q%%Y8;*WT%PS>JB3XJ&*`D0`<1_X@C$><.`]/=W6;O[LY`'(A6O"#^Y-
M3+;UGT;3X\A2`I/LUC8Y&EN/0=D\\9S%P7)>3L+)T"^#[B,%1-R\^W"J)RV`
M(@Q[_GW(`V<93E2A981^Q<5#15BYIG1IP4L%K5_S(8%$$T1W\EW?%R/N)C?:
MV"EX5)XLE-)ZQ!MAX#8CHFC&:?7Z8\';MA;4,)P`7;YIG`1ZO+_59K,QYDPG
MO]%B:6T5VP2IR1G!"?0BGB2/D`5*WU;G=7U!)`W+\&"9-*B,XMJ5=C;$X=4Y
M`_QGO"^7\,R<BSI]=:VC3S+*GYN<>#"6V?^MB_:[BB78Q?9.LJN]97#\\HE]
M)HKAJ,%'F)RC+%.7J.3I];'\O:&1^R,<*1,"^G$,=B7;+DXA$X7I44>BAYZ*
M*2F'*U).L.]=`BN7.JB!#>#=@4\X!QRGIH:[[*/=5)$).R,1*W+YJ<J&:S28
M`<LO(9GQD13/\$^(.)RR@@LB"JSR"99BE-;5<_,@:H$PL'$(:_`/3HB@GPJ3
MXM/G\D-I:,'3A&GY)_E'Q+US-&$`0YYW7\][955%)?]VE3B0+JTH*2'A;AP2
MC2%_#;OM0V.(H,_Q6\TC]9<-*^IQK:JXHIB?K#8-T-QG"BL;S'B=84][`X$"
M003VLILL?0:KL^I]!GXLQ7NTEF()6:26J<34-EB^'NBQDCK-10/96J^_0C%0
M@")7H,@MM9)$*RJ;NZ\=YKPZ[`W"%3P+!ZP"2'U!-X9\;V,WF/LNV)IUR/<&
M*=ZK-6ER266I1)E![8;9.X`24ULT=0:RR6+L\)S2.CX#LZ3X@-986)?J"%BW
M&\9O!V68NKZLSD@V&0Q-E*YJR2CXS?^;:_-2331W#M725XR7G$WQEJ\%>QF.
MIAP=KCE%^CIC#6.VT??^GH5<[+RBNE!-2F5ER:CA,QE<6U&AY6?E6SLD-"1`
M_/2O?6-M;>Y*E&N@%'>9B\6J4KE"3H?O"UG$U!?*C$;24E?=685`$$OQ+BU3
MT"`$WO#@.G108TG",[FB<D]I<Q]#Q0/V3P_&`F^06L+;DB0[>EPFMXCXV7GY
MF:(F2=_<Y1^!SR@--K+K,'>]$5WN'D09N%V*+X'05G=6JM;DJ[)I/ZC?#*HQ
M54-IO9EL,.F=E*X:"0X&"CVFE3I^LS%?@`"`JYI`N1V4-@%M\^KQZ;27G_X`
MEKWTOR?YG@C;#VZ`3;P%W8C[#NG.'`QS4[ON8:%#:1V#9'^K8ZC;+I-3:`G*
MTPM/D[FVO!97H]TU'G5US\[@</\8YXG):(K0*'>51\;XDXFMB>-QU,(^[&:L
M*RV5/"X012;DF.HI8EQI:K_@)!T2VVFA."<U:OSHX]^F1F8H%-V=?C5HF").
M[8>'0!+/U=[>Z^K,B;]&]:0T9@C(DZ+,9*&P:2"1.M:;W3)`<N5F5F@&)^IJ
M#!RHTN&.=^;?935KP"O>?PC1VDD*96YD<W1R96%M#65N9&]B:@TQ-2`P(&]B
M:@T\/"`O1FEL=&5R("]&;&%T941E8V]D92`O3&5N9W1H(#(W.3,@+U-U8G1Y
M<&4@+U1Y<&4Q0R`^/B`-<W1R96%M#0I(B5R3"5`45QK'N^GI;A`<U*%1N]F>
M$8U@$5`P)!S*!%'P6`Q1"H^`F8$99!`&F!E0#I$C"#@P>",>',*@7,H:<"&*
M@:"KL()166,EAM4846O=J+5FOR9OMG8;LT?55G>]KGZOWO?[_[\#QR1V&([C
MLR/6A*V)"O=:F6E*2`I8XKLBVGM%6HIFZFBYP&&"&R[\QD[@"<%%LL")>.8D
M$>1.KB@8%;A)=OT20?+U^#_-YE]7)QK*G*%U9J.;XY-9&(GC]AI#[CX_GR7>
MOCY+PM+2LPVZ[4DFA6]@X!*%VJA0ZQ69^O3,^!2=,4FK4>Q,,^Q0Q&<K5NA,
M1I-!JTY5K-$G^"@4H2DIBK<7C0J#UJ@U9&DUXFY8FCY1I]'J33IUBL];[0I1
MO&)*^G___M\2AHL/-MT.FTE@KC@V%\?<26P1CGECV&([;"F!!>*87$P*)L%H
M;#D6C1FQ89S`-^*7[:;9)=L])]82G1*EY)#D#9E.?DM%4(74*.U)Y]$3]BK[
MKQWF.A1,<YM6:5LK??NB#76P!`+Q#@@G^M`&!O#A_CL_LF/JGI@MR8F;8\^D
M]O*'#U94<=66LKRXQ(256^52]`]0@A-^$4J(BZ!DH`2<4`DE!ML-(7@W!!'=
M=YC-[;K+E\^=O]2W_7S<UJ3$3WAI7L?DS`[<"GXP!_P(J)A<P(Q6+$1Z>;8Y
M)Y=%Z\H^6+]ZWTO0\Z?,)T^PL,[R\`:/#.@N@U+>(#=P`H>?P05,D.H.;L@)
M.<Q#LY&!EYH;)KDZ'%;#NP0\?,D(CW)H5*D@C71-2_.!6JZC*B]!;@NFHY)S
M_,OY3(%MH/TKDT_^@96:P4V(!`D.%\&-J'85?*ANT)-9U#*]KLR/0W,I$3F=
M?/3#T(U7+#B$CKRSP&\9DNKY)NI:0T]K/_?U%[&!GJ'>:!92R)?[D]+=_<+H
M=[.@#CQ"0"+;#_/`QH"+[E;H8C94%;LER=1\7L<W&4W'D[B$=$/2ANN:I_`!
MS`8'\'B8-+#L@ERFZFL[>^42>_^C?@^OH$V>F_BZ`G+PPCEK/_?5Y_'K(U7;
M`C+ELOW2O&%H!^[/X((+U'UB`!XPH"X&(F(!NUZ5$,.';WT2SB68#-LW#20\
MA2`@7L-\\$#D(Q0I+RZI*./JQTEH$,VZD&B$DNYN@5]ZH:).[(#%P($7(:1,
MKF108Z8X/0&HB$4A?T$8,.#\[!G(P5$Y_DYZ6LF>'7P[>#Q_"ER=/6I&`TQ%
M3<T9;N3D2N3AO2?NDTVF,?"\NK^KJDG^MNSMLUK!42$&\0,>N<(TV5E0P2#S
M<$M7=`C[VT1-7)2V?_QZP]6V5C[M)..1M&U+`+OH03C,@'D3WX'+X]A!KV%>
M%OVDM>OS.^SWRIO($;DN#?+D96>#NF,FHL4C</XK\_X5=>\@>Z6MX_*7[:H/
MM^;'9Z2*75<'E3V`6O!V\!+M+29@&$:8POS\TAQN3<Y=T41U[Z4O3X<BS[BR
M^)+M<M&-F,_&!@B&`"AB(<0+<,0@9Q]O)$>.]P)?-Y\]4-W&[T`+O7V0VTY[
MJ=;<#"'=0D0=GC_I3\!R*&:>0\$+5$#:'%`2DPZ?-M/EY>9R;JOQ6-O1JMK#
M#?*6,1(,5(N2/&(XD%W(IF7LB=['I\/=9EJ5UW8[58Z*A"$RG4)[;-^3'YM,
M1@TGU9NM&>?A1BLTMAF:9@$![X$W!"%W").]#XV"(P,)=(^E]M+86;6ONT;G
MSI>5F<LXF39%<NB@^1`'DFXU(MS3MOANVWVB1UYI/G"4E14B,[)G8)R"D)_&
MP'EB[2":W22760"O'^@;9U\M_0JMX-$U`W5OW[&,$-:FI"/R#&%EO*Q0>CCW
MRB39CE^`,&+2!^8P:58R>'V`*IA#L\-?01SLN`X83/_;>`":=E'>!/D9E/ZS
MW%RC;F//0@ZIT'RT2%QU8E?.A\U@__+*BUMR:=^41>'G]BE_=N`/5:*WV!97
M&*:@4!Q%6AS]%.0"SJA8CF[\*BJ<M6V@9061!;O"2WE9K"P%2AXP0B(]</#4
M`,P8F8]BD6K]0N0:\]FI?EZ::FXR=,'%<W"F<XHA$7/HVRBKJ'<5[E%=H"/3
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ME\:(U>X2A%^S(>N$1G!FA$CZ=LVI'RI$UBN155:?M?9_K`SA+OT[R!'G0A:%
M/&)6J1'/R3K#]AX?E4N_^+<*LE<([B5@*3@P@B<M1-HZR#/"GZB1HZ?O6<2@
M&0;ZV](CF6M9]$<:O1:4)(H7Q[#T</Z)G:W:.38UO:;`]*%(@@PKO:RJL.$F
M*WV>VS'IVH%W01B\AE6$,`1/&93\L0*1R"X"2-!`\K6_BU^[6TB"M+RM_E]L
MEOM+4V$8QUURSFL&!U(G=19GH5+9U'ZS"QBB=!&[292ILY4AAJ:VB3>T,D33
MS0MJZKS.N1UO$TW,FH:M3"N32NA&,9.!4%A09/1,'J%>+?S%_H+O^WZ?S_=Y
MOMZH`G\,@%A0T843"&?A'/J#`F-1A0H,PGB!BZ`3ZNV'!ZLL[($PBJX)YJ50
M2?KK](,S/4H?=$F\L%-H@3DICK">]C7>J^E,R;^9'ILCL-OQ%IA7B1,'N^6>
ME]JCCY>%R[@FJG3'`B.K2A$0LJ+T70I99*Q:_^C]8%R@3[S23_"T&^"C%&T:
MENKD1/Q?YTP7H=^99B!)9+5:G5:6G-]LR9)C&-0QWSILXW8>N!T32(_]UOQ;
MBUX6R9N%Y>RZ3N5).UA3576ML7LX>58&@5\<X/GC])C/J%QA90Y;DGIL_-C=
MVR_L,^%(.@4SI*>S6277"O)2HRWT%+L%AR"WRW84W$[*/\<S#]5BBI*/5"I#
M?2.GP2]%2&.Y*)WH_-TK@?QE#FE9D#J-I*)"5TXWW]0)9)=SF[#T"<]WL+"N
M=FKRYTK6EHSD0'9&*/WB@DCVEETQ3?.<-<>VZ$)1DE"W7EI=0>)\*D4'P9!W
M^^`(<+/W''U"JU5W_S$/P^1)HW&RAH*52O->W)I-P?I`<$O4(5RO4(V#.VTR
M]54\O%Z;($[_E]CFQ6#79F\H%MF8#'UG?55;@T'^"P*^8A#3I*G.N<IK,J_'
M":4E]'RH84XDVE)J>EINVX!&CC$P2<$+9IX/#_5,T!55+C.C5D-&M,8"#5]0
MF)E[60C&C8&PG2EH+JJOXXT&_4!##6W!9IRG.ZV,[K0^<UJL10ZAV$+)3&+B
M+B9H$F3<*?HV5I1`X;*7OM1+B"2T\/6*0^WM?96;14Q1D_(RJC=JSDO+*\S*
MIX_QP$3T`!U3V'A#?Y,WM-?W"Y55NFJ9B'8U&2UJ5)M4L!^?;<)M:['B<EJ=
M"7I0-;&86$ZZW,%G@[/$BY:0/P,`:'JYG`IE;F1S=')E86T-96YD;V)J#3$V
M(#`@;V)J#3P\(`TO5'EP92`O17AT1U-T871E(`TO4T$@9F%L<V4@#2]332`P
M+C`R(`TO5%(R("]$969A=6QT(`T^/B`-96YD;V)J#3$@,"!O8FH-/#P@#2]3
M("]$(`TO4W0@,S8@#3X^(`UE;F1O8FH-,B`P(&]B:@T\/"`-+TYU;7,@6R`P
M(#$@,"!2(%T@#3X^(`UE;F1O8FH-,R`P(&]B:@T\/"`-+U!R;V1U8V5R("A%
M<')O;V8@,BXP*0TO2V5Y=V]R9',@*"D-+TUO9$1A=&4@*$0Z,C`P.3$Q,#4Q
M,#0U,S@M,#4G,#`G*0TO075T:&]R("A-97)R:6QL($-O<G!O<F%T:6]N*0TO
M4W5B:F5C="`H*0TO0W)E871O<B`H365R<FEL;"!#;W)P;W)A=&EO;B!.971W
M;W)K($-O;7!O<VET:6]N(%-Y<W1E;2D-+U1I=&QE("@I#2]#<F5A=&EO;D1A
M=&4@*$0Z,C`P.3$P,C$Q,S$P,C<I#3X^(`UE;F1O8FH--"`P(&]B:@T\/"`-
M+U1Y<&4@+U!A9V5S(`TO2VED<R!;(#<@,"!2(%T@#2]#;W5N="`Q(`T^/B`-
M96YD;V)J#7AR968-,"`U(`TP,#`P,#`P,#`P(#8U-3,U(&8-"C`P,#`P,3,S
M,#8@,#`P,#`@;@T*,#`P,#`Q,S,T-"`P,#`P,"!N#0HP,#`P,#$S,S@V(#`P
M,#`P(&X-"C`P,#`P,3,V,C,@,#`P,#`@;@T*=')A:6QE<@T\/`TO4VEZ92`U
M#2])1%L\9#DW,S)B9C!C-3!E,3$V-38W-68T8F(W-3EC8CDT9CD^/&0Y-S,R
M8F8P8S4P93$Q-C4V-S5F-&)B-S4Y8V(Y-&8Y/ET-/CX-<W1A<G1X<F5F#3$W
M,PTE)45/1@T`````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
:```````````````````````````````````_
`
end
</PDF>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>11
<FILENAME>spg-20090930.xml
<DESCRIPTION>EX-101.INS
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu XWand B0126 -->
<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:dei="http://xbrl.us/dei/2009-01-31" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://xbrl.us/us-gaap/negated/2008-03-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:spg="http://simon.com/20090930" xmlns:us-gaap="http://xbrl.us/us-gaap/2009-01-31" xmlns:us-roles="http://xbrl.us/us-roles/2009-01-31" xmlns:us-types="http://xbrl.us/us-types/2009-01-31" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <link:schemaRef xlink:href="spg-20090930.xsd" xlink:type="simple" />
  <xbrli:context id="I2009Q3">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-09-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2009Q3">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-07-01</xbrli:startDate>
      <xbrli:endDate>2009-09-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2008Q3">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2008-07-01</xbrli:startDate>
      <xbrli:endDate>2008-09-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2009Q3YTD">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-01-01</xbrli:startDate>
      <xbrli:endDate>2009-09-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2008Q3YTD">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2008-01-01</xbrli:startDate>
      <xbrli:endDate>2008-09-30</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2009Q3_CommonClassAMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-09-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2009Q3_CommonClassBMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2009-09-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008_CommonClassAMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008_CommonClassBMember">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
      <xbrli:segment>
        <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
      </xbrli:segment>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008Q3">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-09-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2007">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2007-12-31</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="D2008">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2008-01-01</xbrli:startDate>
      <xbrli:endDate>2008-12-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id="I2008PF">
    <xbrli:entity>
      <xbrli:identifier scheme="http://www.sec.gov/CIK">0001063761</xbrli:identifier>
    </xbrli:entity>
    <xbrli:period>
      <xbrli:instant>2008-06-30</xbrli:instant>
    </xbrli:period>
  </xbrli:context>
  <xbrli:unit id="USD">
    <xbrli:measure>iso4217:USD</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="Shares">
    <xbrli:measure>xbrli:shares</xbrli:measure>
  </xbrli:unit>
  <xbrli:unit id="USDPerShare">
    <xbrli:divide>
      <xbrli:unitNumerator>
        <xbrli:measure>iso4217:USD</xbrli:measure>
      </xbrli:unitNumerator>
      <xbrli:unitDenominator>
        <xbrli:measure>xbrli:shares</xbrli:measure>
      </xbrli:unitDenominator>
    </xbrli:divide>
  </xbrli:unit>
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="I2009Q3" decimals="-3" unitRef="USD">25405801000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <us-gaap:RealEstateInvestmentPropertyAtCost contextRef="I2008" decimals="-3" id="id_footnote_elem_15189646" unitRef="USD">25205715000</us-gaap:RealEstateInvestmentPropertyAtCost>
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="I2009Q3" decimals="-3" unitRef="USD">6837803000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation contextRef="I2008" decimals="-3" id="id_footnote_elem_20700430" unitRef="USD">6184285000</us-gaap:RealEstateInvestmentPropertyAccumulatedDepreciation>
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="I2009Q3" decimals="-3" unitRef="USD">18567998000</us-gaap:RealEstateInvestmentPropertyNet>
  <us-gaap:RealEstateInvestmentPropertyNet contextRef="I2008" decimals="-3" id="id_footnote_elem_31918114" unitRef="USD">19021430000</us-gaap:RealEstateInvestmentPropertyNet>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="I2009Q3" decimals="-3" unitRef="USD">3745693000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="I2008" decimals="-3" id="id_footnote_elem_28220940" unitRef="USD">773544000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:AccountsAndNotesReceivableNet contextRef="I2009Q3" decimals="-3" unitRef="USD">352638000</us-gaap:AccountsAndNotesReceivableNet>
  <us-gaap:AccountsAndNotesReceivableNet contextRef="I2008" decimals="-3" id="id_footnote_elem_27192920" unitRef="USD">414856000</us-gaap:AccountsAndNotesReceivableNet>
  <us-gaap:EquityMethodInvestments contextRef="I2009Q3" decimals="-3" unitRef="USD">1507483000</us-gaap:EquityMethodInvestments>
  <us-gaap:EquityMethodInvestments contextRef="I2008" decimals="-3" id="id_footnote_elem_25806833" unitRef="USD">1663886000</us-gaap:EquityMethodInvestments>
  <spg:DeferredCostsAndOtherAssets contextRef="I2009Q3" decimals="-3" unitRef="USD">1166792000</spg:DeferredCostsAndOtherAssets>
  <spg:DeferredCostsAndOtherAssets contextRef="I2008" decimals="-3" id="id_footnote_elem_23231393" unitRef="USD">1028333000</spg:DeferredCostsAndOtherAssets>
  <us-gaap:NotesReceivableRelatedParties contextRef="I2009Q3" decimals="-3" unitRef="USD">636000000</us-gaap:NotesReceivableRelatedParties>
  <us-gaap:NotesReceivableRelatedParties contextRef="I2008" decimals="-3" id="id_footnote_elem_28724814" unitRef="USD">520700000</us-gaap:NotesReceivableRelatedParties>
  <us-gaap:Assets contextRef="I2009Q3" decimals="-3" unitRef="USD">25976604000</us-gaap:Assets>
  <us-gaap:Assets contextRef="I2008" decimals="-3" id="id_footnote_elem_32174545" unitRef="USD">23422749000</us-gaap:Assets>
  <us-gaap:DebtAndCapitalLeaseObligations contextRef="I2009Q3" decimals="-3" unitRef="USD">18669121000</us-gaap:DebtAndCapitalLeaseObligations>
  <us-gaap:DebtAndCapitalLeaseObligations contextRef="I2008" decimals="-3" id="id_footnote_elem_30019063" unitRef="USD">18042532000</us-gaap:DebtAndCapitalLeaseObligations>
  <spg:AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues contextRef="I2009Q3" decimals="-3" unitRef="USD">1050269000</spg:AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues>
  <spg:AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues contextRef="I2008" decimals="-3" id="id_footnote_elem_26381713" unitRef="USD">1086248000</spg:AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues>
  <spg:CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity contextRef="I2009Q3" decimals="-3" unitRef="USD">443081000</spg:CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity>
  <spg:CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity contextRef="I2008" decimals="-3" id="id_footnote_elem_23403880" unitRef="USD">380730000</spg:CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity>
  <spg:OtherLiabilitiesAndAccruedDividends contextRef="I2009Q3" decimals="-3" unitRef="USD">182722000</spg:OtherLiabilitiesAndAccruedDividends>
  <spg:OtherLiabilitiesAndAccruedDividends contextRef="I2008" decimals="-3" id="id_footnote_elem_653726" unitRef="USD">155151000</spg:OtherLiabilitiesAndAccruedDividends>
  <us-gaap:Liabilities contextRef="I2009Q3" decimals="-3" unitRef="USD">20345193000</us-gaap:Liabilities>
  <us-gaap:Liabilities contextRef="I2008" decimals="-3" id="id_footnote_elem_11317965" unitRef="USD">19664661000</us-gaap:Liabilities>
  <spg:LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties contextRef="I2009Q3" decimals="-3" unitRef="USD">150261000</spg:LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties>
  <spg:LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties contextRef="I2008" decimals="-3" id="id_footnote_elem_12119430" unitRef="USD">276608000</spg:LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties>
  <us-gaap:TemporaryEquityCarryingAmount contextRef="I2009Q3" decimals="-3" unitRef="USD">380177000</us-gaap:TemporaryEquityCarryingAmount>
  <us-gaap:TemporaryEquityCarryingAmount contextRef="I2008" decimals="-3" id="id_footnote_elem_2226455" unitRef="USD">379513000</us-gaap:TemporaryEquityCarryingAmount>
  <us-gaap:PreferredStockValue contextRef="I2009Q3" decimals="-3" unitRef="USD">45786000</us-gaap:PreferredStockValue>
  <us-gaap:PreferredStockValue contextRef="I2008" decimals="-3" id="id_footnote_elem_15109649" unitRef="USD">46032000</us-gaap:PreferredStockValue>
  <us-gaap:AdditionalPaidInCapital contextRef="I2009Q3" decimals="-3" unitRef="USD">7391338000</us-gaap:AdditionalPaidInCapital>
  <us-gaap:AdditionalPaidInCapital contextRef="I2008" decimals="-3" id="id_footnote_elem_26656057" unitRef="USD">5410147000</us-gaap:AdditionalPaidInCapital>
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="I2009Q3" decimals="-3" unitRef="USD">-2872685000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="I2008" decimals="-3" id="id_footnote_elem_6198978" unitRef="USD">-2491929000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="I2009Q3" decimals="-3" unitRef="USD">-15158000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="I2008" decimals="-3" id="id_footnote_elem_12099366" unitRef="USD">-165066000</us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
  <us-gaap:TreasuryStockValue contextRef="I2009Q3" decimals="-3" unitRef="USD">176885000</us-gaap:TreasuryStockValue>
  <us-gaap:TreasuryStockValue contextRef="I2008" decimals="-3" id="id_footnote_elem_23340814" unitRef="USD">186210000</us-gaap:TreasuryStockValue>
  <us-gaap:StockholdersEquity contextRef="I2009Q3" decimals="-3" unitRef="USD">4372425000</us-gaap:StockholdersEquity>
  <us-gaap:StockholdersEquity contextRef="I2008" decimals="-3" id="id_footnote_elem_28603427" unitRef="USD">2612998000</us-gaap:StockholdersEquity>
  <us-gaap:MinorityInterest contextRef="I2009Q3" decimals="-3" unitRef="USD">728548000</us-gaap:MinorityInterest>
  <us-gaap:MinorityInterest contextRef="I2008" decimals="-3" id="id_footnote_elem_16764271" unitRef="USD">488969000</us-gaap:MinorityInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="I2009Q3" decimals="-3" unitRef="USD">5100973000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="I2008" decimals="-3" id="id_footnote_elem_11108760" unitRef="USD">3101967000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="I2009Q3" decimals="-3" unitRef="USD">25976604000</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="I2008" decimals="-3" id="id_footnote_elem_5288057" unitRef="USD">23422749000</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:CommonStockValue contextRef="I2009Q3_CommonClassAMember" decimals="-3" unitRef="USD">29000</us-gaap:CommonStockValue>
  <us-gaap:CommonStockValue contextRef="I2008_CommonClassAMember" decimals="-3" id="id_footnote_elem_9799415" unitRef="USD">24000</us-gaap:CommonStockValue>
  <us-gaap:CommonStockValue contextRef="I2009Q3_CommonClassBMember" decimals="-3" unitRef="USD">0</us-gaap:CommonStockValue>
  <us-gaap:CommonStockValue contextRef="I2008_CommonClassBMember" decimals="-3" id="id_footnote_elem_8128178" unitRef="USD">0</us-gaap:CommonStockValue>
  <us-gaap:TemporaryEquitySharesAuthorized contextRef="I2009Q3" decimals="INF" unitRef="Shares">19000000</us-gaap:TemporaryEquitySharesAuthorized>
  <us-gaap:TemporaryEquitySharesAuthorized contextRef="I2008" decimals="INF" unitRef="Shares">19000000</us-gaap:TemporaryEquitySharesAuthorized>
  <us-gaap:TemporaryEquitySharesIssued contextRef="I2009Q3" decimals="INF" unitRef="Shares">7603537</us-gaap:TemporaryEquitySharesIssued>
  <us-gaap:TemporaryEquitySharesIssued contextRef="I2008" decimals="INF" unitRef="Shares">7590264</us-gaap:TemporaryEquitySharesIssued>
  <us-gaap:TemporaryEquitySharesOutstanding contextRef="I2009Q3" decimals="INF" unitRef="Shares">7603537</us-gaap:TemporaryEquitySharesOutstanding>
  <us-gaap:TemporaryEquitySharesOutstanding contextRef="I2008" decimals="INF" unitRef="Shares">7590264</us-gaap:TemporaryEquitySharesOutstanding>
  <spg:CapitalStockSharesAuthorized contextRef="I2009Q3" decimals="INF" unitRef="Shares">750000000</spg:CapitalStockSharesAuthorized>
  <spg:CapitalStockSharesAuthorized contextRef="I2008" decimals="INF" unitRef="Shares">750000000</spg:CapitalStockSharesAuthorized>
  <spg:CapitalStockParValuePerShare contextRef="I2009Q3" decimals="INF" unitRef="USDPerShare">0.0001</spg:CapitalStockParValuePerShare>
  <spg:CapitalStockParValuePerShare contextRef="I2008" decimals="INF" unitRef="USDPerShare">0.0001</spg:CapitalStockParValuePerShare>
  <spg:CaptialStockSharesOfExcessCommonStock contextRef="I2009Q3" decimals="INF" unitRef="Shares">237996000</spg:CaptialStockSharesOfExcessCommonStock>
  <spg:CaptialStockSharesOfExcessCommonStock contextRef="I2008" decimals="INF" unitRef="Shares">237996000</spg:CaptialStockSharesOfExcessCommonStock>
  <spg:CapitalStockAuthorizedSharesOfPreferredStock contextRef="I2009Q3" decimals="INF" unitRef="Shares">100000000</spg:CapitalStockAuthorizedSharesOfPreferredStock>
  <spg:CapitalStockAuthorizedSharesOfPreferredStock contextRef="I2008" decimals="INF" unitRef="Shares">100000000</spg:CapitalStockAuthorizedSharesOfPreferredStock>
  <us-gaap:PreferredStockSharesAuthorized contextRef="I2009Q3" decimals="INF" unitRef="Shares">1000000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesAuthorized contextRef="I2008" decimals="INF" unitRef="Shares">1000000</us-gaap:PreferredStockSharesAuthorized>
  <us-gaap:PreferredStockSharesIssued contextRef="I2009Q3" decimals="INF" unitRef="Shares">796948</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesIssued contextRef="I2008" decimals="INF" unitRef="Shares">796948</us-gaap:PreferredStockSharesIssued>
  <us-gaap:PreferredStockSharesOutstanding contextRef="I2009Q3" decimals="INF" unitRef="Shares">796948</us-gaap:PreferredStockSharesOutstanding>
  <us-gaap:PreferredStockSharesOutstanding contextRef="I2008" decimals="INF" unitRef="Shares">796948</us-gaap:PreferredStockSharesOutstanding>
  <spg:PreferredStockLiquidationValue contextRef="I2009Q3" decimals="-3" unitRef="USD">39847000</spg:PreferredStockLiquidationValue>
  <spg:PreferredStockLiquidationValue contextRef="I2008" decimals="-3" unitRef="USD">39847000</spg:PreferredStockLiquidationValue>
  <us-gaap:TreasuryStockShares contextRef="I2009Q3" decimals="INF" unitRef="Shares">4123116</us-gaap:TreasuryStockShares>
  <us-gaap:TreasuryStockShares contextRef="I2008" decimals="INF" unitRef="Shares">4379396</us-gaap:TreasuryStockShares>
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="I2009Q3_CommonClassAMember" decimals="INF" unitRef="USDPerShare">0.0001</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="I2008_CommonClassAMember" decimals="INF" unitRef="USDPerShare">0.0001</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="I2009Q3_CommonClassBMember" decimals="INF" unitRef="USDPerShare">0.0001</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockParOrStatedValuePerShare contextRef="I2008_CommonClassBMember" decimals="INF" unitRef="USDPerShare">0.0001</us-gaap:CommonStockParOrStatedValuePerShare>
  <us-gaap:CommonStockSharesAuthorized contextRef="I2009Q3_CommonClassAMember" decimals="INF" unitRef="Shares">400004000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesAuthorized contextRef="I2008_CommonClassAMember" decimals="INF" unitRef="Shares">400004000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesIssued contextRef="I2009Q3_CommonClassAMember" decimals="INF" unitRef="Shares">287424297</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesIssued contextRef="I2008_CommonClassAMember" decimals="INF" unitRef="Shares">235691040</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesAuthorized contextRef="I2009Q3_CommonClassBMember" decimals="INF" unitRef="Shares">12000000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesAuthorized contextRef="I2008_CommonClassBMember" decimals="INF" unitRef="Shares">12000000</us-gaap:CommonStockSharesAuthorized>
  <us-gaap:CommonStockSharesIssued contextRef="I2009Q3_CommonClassBMember" decimals="INF" unitRef="Shares">8000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesIssued contextRef="I2008_CommonClassBMember" decimals="INF" unitRef="Shares">8000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesOutstanding contextRef="I2009Q3_CommonClassBMember" decimals="INF" unitRef="Shares">8000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:CommonStockSharesOutstanding contextRef="I2008_CommonClassBMember" decimals="INF" unitRef="Shares">8000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:MinimumRents contextRef="D2009Q3" decimals="-3" unitRef="USD">570100000</us-gaap:MinimumRents>
  <us-gaap:MinimumRents contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_2345573" unitRef="USD">567938000</us-gaap:MinimumRents>
  <us-gaap:MinimumRents contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">1709147000</us-gaap:MinimumRents>
  <us-gaap:MinimumRents contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_8687673" unitRef="USD">1684819000</us-gaap:MinimumRents>
  <us-gaap:OperatingLeasesIncomeStatementContingentRevenue contextRef="D2009Q3" decimals="-3" unitRef="USD">19806000</us-gaap:OperatingLeasesIncomeStatementContingentRevenue>
  <us-gaap:OperatingLeasesIncomeStatementContingentRevenue contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_17336283" unitRef="USD">26295000</us-gaap:OperatingLeasesIncomeStatementContingentRevenue>
  <us-gaap:OperatingLeasesIncomeStatementContingentRevenue contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">45799000</us-gaap:OperatingLeasesIncomeStatementContingentRevenue>
  <us-gaap:OperatingLeasesIncomeStatementContingentRevenue contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_24078267" unitRef="USD">60782000</us-gaap:OperatingLeasesIncomeStatementContingentRevenue>
  <us-gaap:TenantReimbursements contextRef="D2009Q3" decimals="-3" unitRef="USD">268611000</us-gaap:TenantReimbursements>
  <us-gaap:TenantReimbursements contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_20647117" unitRef="USD">266616000</us-gaap:TenantReimbursements>
  <us-gaap:TenantReimbursements contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">784905000</us-gaap:TenantReimbursements>
  <us-gaap:TenantReimbursements contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_13700068" unitRef="USD">776667000</us-gaap:TenantReimbursements>
  <spg:ManagementFeesAndOtherRevenues contextRef="D2009Q3" decimals="-3" unitRef="USD">29988000</spg:ManagementFeesAndOtherRevenues>
  <spg:ManagementFeesAndOtherRevenues contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_9318375" unitRef="USD">33350000</spg:ManagementFeesAndOtherRevenues>
  <spg:ManagementFeesAndOtherRevenues contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">90694000</spg:ManagementFeesAndOtherRevenues>
  <spg:ManagementFeesAndOtherRevenues contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_32069009" unitRef="USD">101249000</spg:ManagementFeesAndOtherRevenues>
  <us-gaap:OtherIncome contextRef="D2009Q3" decimals="-3" unitRef="USD">36427000</us-gaap:OtherIncome>
  <us-gaap:OtherIncome contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_28900451" unitRef="USD">41395000</us-gaap:OtherIncome>
  <us-gaap:OtherIncome contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">116491000</us-gaap:OtherIncome>
  <us-gaap:OtherIncome contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_14947538" unitRef="USD">130322000</us-gaap:OtherIncome>
  <us-gaap:Revenues contextRef="D2009Q3" decimals="-3" unitRef="USD">924932000</us-gaap:Revenues>
  <us-gaap:Revenues contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_2780517" unitRef="USD">935594000</us-gaap:Revenues>
  <us-gaap:Revenues contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">2747036000</us-gaap:Revenues>
  <us-gaap:Revenues contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_11413197" unitRef="USD">2753839000</us-gaap:Revenues>
  <us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment contextRef="D2009Q3" decimals="-3" unitRef="USD">113815000</us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment>
  <us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_30398941" unitRef="USD">127515000</us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment>
  <us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">326798000</us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment>
  <us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_6674704" unitRef="USD">352187000</us-gaap:DirectCostsOfLeasedAndRentedPropertyOrEquipment>
  <us-gaap:DepreciationAndAmortization contextRef="D2009Q3" decimals="-3" unitRef="USD">250151000</us-gaap:DepreciationAndAmortization>
  <us-gaap:DepreciationAndAmortization contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_5961861" unitRef="USD">235915000</us-gaap:DepreciationAndAmortization>
  <us-gaap:DepreciationAndAmortization contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">758173000</us-gaap:DepreciationAndAmortization>
  <us-gaap:DepreciationAndAmortization contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_15988552" unitRef="USD">700575000</us-gaap:DepreciationAndAmortization>
  <us-gaap:RealEstateTaxExpense contextRef="D2009Q3" decimals="-3" unitRef="USD">79854000</us-gaap:RealEstateTaxExpense>
  <us-gaap:RealEstateTaxExpense contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_5176659" unitRef="USD">84101000</us-gaap:RealEstateTaxExpense>
  <us-gaap:RealEstateTaxExpense contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">251173000</us-gaap:RealEstateTaxExpense>
  <us-gaap:RealEstateTaxExpense contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_22409515" unitRef="USD">254071000</us-gaap:RealEstateTaxExpense>
  <us-gaap:CostOfPropertyRepairsAndMaintenance contextRef="D2009Q3" decimals="-3" unitRef="USD">19151000</us-gaap:CostOfPropertyRepairsAndMaintenance>
  <us-gaap:CostOfPropertyRepairsAndMaintenance contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_30777945" unitRef="USD">20392000</us-gaap:CostOfPropertyRepairsAndMaintenance>
  <us-gaap:CostOfPropertyRepairsAndMaintenance contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">61925000</us-gaap:CostOfPropertyRepairsAndMaintenance>
  <us-gaap:CostOfPropertyRepairsAndMaintenance contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_24316742" unitRef="USD">75258000</us-gaap:CostOfPropertyRepairsAndMaintenance>
  <us-gaap:MarketingAndAdvertisingExpense contextRef="D2009Q3" decimals="-3" unitRef="USD">23226000</us-gaap:MarketingAndAdvertisingExpense>
  <us-gaap:MarketingAndAdvertisingExpense contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_3411387" unitRef="USD">22942000</us-gaap:MarketingAndAdvertisingExpense>
  <us-gaap:MarketingAndAdvertisingExpense contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">61555000</us-gaap:MarketingAndAdvertisingExpense>
  <us-gaap:MarketingAndAdvertisingExpense contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_25410398" unitRef="USD">64054000</us-gaap:MarketingAndAdvertisingExpense>
  <us-gaap:ProvisionForLoanLeaseAndOtherLosses contextRef="D2009Q3" decimals="-3" unitRef="USD">-745000</us-gaap:ProvisionForLoanLeaseAndOtherLosses>
  <us-gaap:ProvisionForLoanLeaseAndOtherLosses contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_30530383" unitRef="USD">4004000</us-gaap:ProvisionForLoanLeaseAndOtherLosses>
  <us-gaap:ProvisionForLoanLeaseAndOtherLosses contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">19336000</us-gaap:ProvisionForLoanLeaseAndOtherLosses>
  <us-gaap:ProvisionForLoanLeaseAndOtherLosses contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_28157392" unitRef="USD">17367000</us-gaap:ProvisionForLoanLeaseAndOtherLosses>
  <spg:HomeAndRegionalOfficeCosts contextRef="D2009Q3" decimals="-3" unitRef="USD">26899000</spg:HomeAndRegionalOfficeCosts>
  <spg:HomeAndRegionalOfficeCosts contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_30517860" unitRef="USD">34322000</spg:HomeAndRegionalOfficeCosts>
  <spg:HomeAndRegionalOfficeCosts contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">79732000</spg:HomeAndRegionalOfficeCosts>
  <spg:HomeAndRegionalOfficeCosts contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_26963351" unitRef="USD">108766000</spg:HomeAndRegionalOfficeCosts>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="D2009Q3" decimals="-3" unitRef="USD">4509000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_7144337" unitRef="USD">5035000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">13867000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_29902377" unitRef="USD">15432000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:AssetImpairmentCharges contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">140478000</us-gaap:AssetImpairmentCharges>
  <us-gaap:OtherCostAndExpenseOperating contextRef="D2009Q3" decimals="-3" unitRef="USD">15895000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherCostAndExpenseOperating contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_29738659" unitRef="USD">18016000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherCostAndExpenseOperating contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">52908000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:OtherCostAndExpenseOperating contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_31007669" unitRef="USD">51964000</us-gaap:OtherCostAndExpenseOperating>
  <us-gaap:CostsAndExpenses contextRef="D2009Q3" decimals="-3" unitRef="USD">532755000</us-gaap:CostsAndExpenses>
  <us-gaap:CostsAndExpenses contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_31437151" unitRef="USD">552242000</us-gaap:CostsAndExpenses>
  <us-gaap:CostsAndExpenses contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">1765945000</us-gaap:CostsAndExpenses>
  <us-gaap:CostsAndExpenses contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_31982068" unitRef="USD">1639674000</us-gaap:CostsAndExpenses>
  <us-gaap:OperatingIncomeLoss contextRef="D2009Q3" decimals="-3" unitRef="USD">392177000</us-gaap:OperatingIncomeLoss>
  <us-gaap:OperatingIncomeLoss contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_6116915" unitRef="USD">383352000</us-gaap:OperatingIncomeLoss>
  <us-gaap:OperatingIncomeLoss contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">981091000</us-gaap:OperatingIncomeLoss>
  <us-gaap:OperatingIncomeLoss contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_8844482" unitRef="USD">1114165000</us-gaap:OperatingIncomeLoss>
  <us-gaap:InterestExpense contextRef="D2009Q3" decimals="-3" unitRef="USD">257881000</us-gaap:InterestExpense>
  <us-gaap:InterestExpense contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_28610198" unitRef="USD">239955000</us-gaap:InterestExpense>
  <us-gaap:InterestExpense contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">728360000</us-gaap:InterestExpense>
  <us-gaap:InterestExpense contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_12369390" unitRef="USD">702207000</us-gaap:InterestExpense>
  <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_26362129" unitRef="USD">-20330000</us-gaap:GainsLossesOnExtinguishmentOfDebt>
  <us-gaap:IncomeTaxExpenseBenefit contextRef="D2009Q3" decimals="-3" unitRef="USD">-238000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:IncomeTaxExpenseBenefit contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_10718466" unitRef="USD">972000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:IncomeTaxExpenseBenefit contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">-2904000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:IncomeTaxExpenseBenefit contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_22185844" unitRef="USD">1576000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="D2009Q3" decimals="-3" unitRef="USD">4655000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_15411681" unitRef="USD">17312000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">15694000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:IncomeLossFromEquityMethodInvestments contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_15316996" unitRef="USD">13060000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:ProfitLoss contextRef="D2009Q3" decimals="-3" unitRef="USD">139189000</us-gaap:ProfitLoss>
  <us-gaap:ProfitLoss contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_14329519" unitRef="USD">159737000</us-gaap:ProfitLoss>
  <us-gaap:ProfitLoss contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">271329000</us-gaap:ProfitLoss>
  <us-gaap:ProfitLoss contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_16457576" unitRef="USD">403112000</us-gaap:ProfitLoss>
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="D2009Q3" decimals="-3" unitRef="USD">27103000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_13910568" unitRef="USD">35644000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">60177000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_16900632" unitRef="USD">91818000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
  <us-gaap:PreferredStockDividends contextRef="D2009Q3" decimals="-3" unitRef="USD">6539000</us-gaap:PreferredStockDividends>
  <us-gaap:PreferredStockDividends contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_7268156" unitRef="USD">11284000</us-gaap:PreferredStockDividends>
  <us-gaap:PreferredStockDividends contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">19597000</us-gaap:PreferredStockDividends>
  <us-gaap:PreferredStockDividends contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_26629693" unitRef="USD">33980000</us-gaap:PreferredStockDividends>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="D2009Q3" decimals="-3" unitRef="USD">105547000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_27543380" unitRef="USD">112809000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">191555000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_18848737" unitRef="USD">277314000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <us-gaap:EarningsPerShareBasic contextRef="D2009Q3" decimals="2" unitRef="USDPerShare">0.38</us-gaap:EarningsPerShareBasic>
  <us-gaap:EarningsPerShareBasic contextRef="D2008Q3" decimals="2" id="id_footnote_elem_28504782" unitRef="USDPerShare">0.50</us-gaap:EarningsPerShareBasic>
  <us-gaap:EarningsPerShareBasic contextRef="D2009Q3YTD" decimals="2" unitRef="USDPerShare">0.73</us-gaap:EarningsPerShareBasic>
  <us-gaap:EarningsPerShareBasic contextRef="D2008Q3YTD" decimals="2" id="id_footnote_elem_14299224" unitRef="USDPerShare">1.23</us-gaap:EarningsPerShareBasic>
  <us-gaap:EarningsPerShareDiluted contextRef="D2009Q3" decimals="2" unitRef="USDPerShare">0.38</us-gaap:EarningsPerShareDiluted>
  <us-gaap:EarningsPerShareDiluted contextRef="D2008Q3" decimals="2" id="id_footnote_elem_21705097" unitRef="USDPerShare">0.50</us-gaap:EarningsPerShareDiluted>
  <us-gaap:EarningsPerShareDiluted contextRef="D2009Q3YTD" decimals="2" unitRef="USDPerShare">0.73</us-gaap:EarningsPerShareDiluted>
  <us-gaap:EarningsPerShareDiluted contextRef="D2008Q3YTD" decimals="2" id="id_footnote_elem_19217535" unitRef="USDPerShare">1.23</us-gaap:EarningsPerShareDiluted>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="D2009Q3" decimals="-3" unitRef="USD">4883000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_14258980" unitRef="USD">2838000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">-6346000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_25607274" unitRef="USD">-3781000</us-gaap:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax>
  <us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax contextRef="D2009Q3" decimals="-3" unitRef="USD">3769000</us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax>
  <us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_27702981" unitRef="USD">6739000</us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax>
  <us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">10816000</us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax>
  <us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_6671086" unitRef="USD">3514000</us-gaap:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax>
  <spg:ChangesInAvailableForSaleSecuritiesAndOther contextRef="D2009Q3" decimals="-3" unitRef="USD">38362000</spg:ChangesInAvailableForSaleSecuritiesAndOther>
  <spg:ChangesInAvailableForSaleSecuritiesAndOther contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_14915751" unitRef="USD">13185000</spg:ChangesInAvailableForSaleSecuritiesAndOther>
  <spg:ChangesInAvailableForSaleSecuritiesAndOther contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">204965000</spg:ChangesInAvailableForSaleSecuritiesAndOther>
  <spg:ChangesInAvailableForSaleSecuritiesAndOther contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_261604" unitRef="USD">7843000</spg:ChangesInAvailableForSaleSecuritiesAndOther>
  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="D2009Q3" decimals="-3" unitRef="USD">184593000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_19238118" unitRef="USD">165381000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">459827000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_3262367" unitRef="USD">392332000</us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest contextRef="D2009Q3" decimals="-3" unitRef="USD">35549000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_3938474" unitRef="USD">37681000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">98767000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_28183662" unitRef="USD">90448000</us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest>
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="D2009Q3" decimals="-3" unitRef="USD">149044000</us-gaap:ComprehensiveIncomeNetOfTax>
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_26193339" unitRef="USD">127700000</us-gaap:ComprehensiveIncomeNetOfTax>
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">361060000</us-gaap:ComprehensiveIncomeNetOfTax>
  <us-gaap:ComprehensiveIncomeNetOfTax contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_28138968" unitRef="USD">301884000</us-gaap:ComprehensiveIncomeNetOfTax>
  <spg:DepreciationAndAmortizationCashFlows contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">765325000</spg:DepreciationAndAmortizationCashFlows>
  <spg:DepreciationAndAmortizationCashFlows contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_29248009" unitRef="USD">686852000</spg:DepreciationAndAmortizationCashFlows>
  <us-gaap:IncreaseDecreaseInDeferredRentReceivables contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">20376000</us-gaap:IncreaseDecreaseInDeferredRentReceivables>
  <us-gaap:IncreaseDecreaseInDeferredRentReceivables contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_21200121" unitRef="USD">26050000</us-gaap:IncreaseDecreaseInDeferredRentReceivables>
  <us-gaap:EquityMethodInvestmentDividendsOrDistributions contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">75883000</us-gaap:EquityMethodInvestmentDividendsOrDistributions>
  <us-gaap:EquityMethodInvestmentDividendsOrDistributions contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_24884063" unitRef="USD">84296000</us-gaap:EquityMethodInvestmentDividendsOrDistributions>
  <us-gaap:IncreaseDecreaseInAccountsAndNotesReceivable contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">-83518000</us-gaap:IncreaseDecreaseInAccountsAndNotesReceivable>
  <us-gaap:IncreaseDecreaseInAccountsAndNotesReceivable contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_20703975" unitRef="USD">-24195000</us-gaap:IncreaseDecreaseInAccountsAndNotesReceivable>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">38415000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_22087148" unitRef="USD">26901000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
  <spg:IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">79236000</spg:IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities>
  <spg:IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_4843199" unitRef="USD">82920000</spg:IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">1341284000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_9180073" unitRef="USD">1215364000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:OriginationOfNotesReceivableFromRelatedParties contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">120000000</us-gaap:OriginationOfNotesReceivableFromRelatedParties>
  <us-gaap:OriginationOfNotesReceivableFromRelatedParties contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_15320365" unitRef="USD">8000000</us-gaap:OriginationOfNotesReceivableFromRelatedParties>
  <us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">4700000</us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
  <us-gaap:RepaymentOfNotesReceivableFromRelatedParties contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_26702704" unitRef="USD">25300000</us-gaap:RepaymentOfNotesReceivableFromRelatedParties>
  <us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">16569000</us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
  <us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_6619620" unitRef="USD">66315000</us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
  <us-gaap:PaymentsToAcquireInvestments contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">132984000</us-gaap:PaymentsToAcquireInvestments>
  <us-gaap:PaymentsToAcquireInvestments contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_30471522" unitRef="USD">355994000</us-gaap:PaymentsToAcquireInvestments>
  <us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">44446000</us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments>
  <us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_20870109" unitRef="USD">8459000</us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments>
  <spg:DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">162827000</spg:DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther>
  <spg:DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_289075" unitRef="USD">191508000</spg:DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">-370704000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_13414142" unitRef="USD">-873281000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">1639376000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
  <us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_29189975" unitRef="USD">9452000</us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
  <us-gaap:PaymentsForRepurchaseOfOtherEquity contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_27902282" unitRef="USD">14361000</us-gaap:PaymentsForRepurchaseOfOtherEquity>
  <us-gaap:ProceedsFromRepurchaseOfRedeemablePreferredStock contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">-87689000</us-gaap:ProceedsFromRepurchaseOfRedeemablePreferredStock>
  <us-gaap:ProceedsFromRepurchaseOfRedeemablePreferredStock contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_12437608" unitRef="USD">-1845000</us-gaap:ProceedsFromRepurchaseOfRedeemablePreferredStock>
  <us-gaap:PaymentsToMinorityShareholders contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">21668000</us-gaap:PaymentsToMinorityShareholders>
  <us-gaap:PaymentsToMinorityShareholders contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_24893763" unitRef="USD">18131000</us-gaap:PaymentsToMinorityShareholders>
  <us-gaap:ProceedsFromMinorityShareholders contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">2798000</us-gaap:ProceedsFromMinorityShareholders>
  <us-gaap:ProceedsFromMinorityShareholders contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_29542370" unitRef="USD">1835000</us-gaap:ProceedsFromMinorityShareholders>
  <spg:DistributionsToPreferredUnitHoldersFinancingActivities contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">10451000</spg:DistributionsToPreferredUnitHoldersFinancingActivities>
  <spg:DistributionsToPreferredUnitHoldersFinancingActivities contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_1285328" unitRef="USD">13398000</spg:DistributionsToPreferredUnitHoldersFinancingActivities>
  <us-gaap:PaymentsOfOrdinaryDividends contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">107692000</us-gaap:PaymentsOfOrdinaryDividends>
  <us-gaap:PaymentsOfOrdinaryDividends contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_26577875" unitRef="USD">640210000</us-gaap:PaymentsOfOrdinaryDividends>
  <us-gaap:PaymentsOfDividendsMinorityInterest contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">18737000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <us-gaap:PaymentsOfDividendsMinorityInterest contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_19739852" unitRef="USD">154932000</us-gaap:PaymentsOfDividendsMinorityInterest>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">3121880000</us-gaap:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet>
  <us-gaap:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_32956702" unitRef="USD">4109078000</us-gaap:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet>
  <us-gaap:RepaymentsOfLongTermDebtAndCapitalSecurities contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">2516248000</us-gaap:RepaymentsOfLongTermDebtAndCapitalSecurities>
  <us-gaap:RepaymentsOfLongTermDebtAndCapitalSecurities contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_20619045" unitRef="USD">3475437000</us-gaap:RepaymentsOfLongTermDebtAndCapitalSecurities>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">2001569000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_9932945" unitRef="USD">-197949000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">2972149000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_29832587" unitRef="USD">144134000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="I2007" decimals="-3" id="id_footnote_elem_25305965" unitRef="USD">501982000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="I2008Q3" decimals="-3" id="id_footnote_elem_757152" unitRef="USD">646116000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:PaymentsForProceedsFromProductiveAssets contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">313124000</us-gaap:PaymentsForProceedsFromProductiveAssets>
  <us-gaap:PaymentsForProceedsFromProductiveAssets contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_30719924" unitRef="USD">668239000</us-gaap:PaymentsForProceedsFromProductiveAssets>
  <dei:EntityCentralIndexKey contextRef="D2009Q3YTD">0001063761</dei:EntityCentralIndexKey>
  <dei:DocumentType contextRef="D2009Q3YTD">10-Q</dei:DocumentType>
  <dei:DocumentPeriodEndDate contextRef="D2009Q3YTD">2009-09-30</dei:DocumentPeriodEndDate>
  <dei:AmendmentFlag contextRef="D2009Q3YTD">false</dei:AmendmentFlag>
  <dei:CurrentFiscalYearEndDate contextRef="D2009Q3YTD">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:EntityWellKnownSeasonedIssuer contextRef="D2009Q3YTD">Yes</dei:EntityWellKnownSeasonedIssuer>
  <dei:EntityVoluntaryFilers contextRef="D2009Q3YTD">No</dei:EntityVoluntaryFilers>
  <dei:EntityCurrentReportingStatus contextRef="D2009Q3YTD">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityFilerCategory contextRef="D2009Q3YTD">Large Accelerated Filer</dei:EntityFilerCategory>
  <us-gaap:CommitmentsAndContingencies2009 contextRef="D2009Q3YTD" xsi:nil="true" />
  <us-gaap:CommitmentsAndContingencies2009 contextRef="D2008" xsi:nil="true" />
  <dei:EntityPublicFloat contextRef="I2008PF" decimals="-6" unitRef="USD">19730000000</dei:EntityPublicFloat>
  <dei:EntityCommonStockSharesOutstanding contextRef="I2009Q3" decimals="INF" unitRef="Shares">283301181</dei:EntityCommonStockSharesOutstanding>
  <spg:EntityClassBCommonStockSharesOutstanding contextRef="I2009Q3" decimals="INF" unitRef="Shares">8000</spg:EntityClassBCommonStockSharesOutstanding>
  <dei:EntityRegistrantName contextRef="D2009Q3YTD">SIMON PROPERTY GROUP INC /DE/</dei:EntityRegistrantName>
  <spg:BasisOfPresentationAndConsolidationDisclosureTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;2.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Basis
of Presentation&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
accompanying unaudited consolidated financial statements of Simon
Property Group, Inc. include the accounts of all majority-owned
subsidiaries, and all significant inter-company amounts have been
eliminated. Due to the seasonal nature of certain operational
activities, the results for the interim period ended
September&amp;nbsp;30, 2009 are not necessarily indicative of the
results to be expected for the full year.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;These
consolidated financial statements have been prepared in accordance
with the instructions to Form&amp;nbsp;10-Q and include all of the
information and disclosures required by accounting principles
generally accepted in the United States (GAAP) for interim
reporting. Accordingly, they do not include all of the disclosures
required by GAAP for complete financial statements. In the opinion
of management, all adjustments necessary for fair presentation
(including normal recurring accruals) have been included. The
consolidated financial statements in this Form&amp;nbsp;10-Q should be
read in conjunction with the audited consolidated financial
statements and related notes contained in our 2008 Annual Report on
Form&amp;nbsp;10-K.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;As
of September&amp;nbsp;30, 2009, we consolidated 204 wholly-owned
properties and 18 additional properties that are less than
wholly-owned, but which we control or for which we are the primary
beneficiary. We account for the remaining 167&amp;nbsp;properties, or
the joint venture properties, using the equity method of
accounting. We manage the day-to-day operations of 93 of the 167
joint venture properties, but have determined that our partner or
partners have substantive participating rights with respect to the
assets and operations of these joint venture properties. Our
investments in joint ventures in Japan, Europe, and Asia comprise
64 of the remaining 74&amp;nbsp;properties. The international
properties are managed locally by joint ventures in which we share
oversight responsibility with our partner. Additionally, we account
for our investment in SPG-FCM Ventures, LLC, or SPG-FCM, which
acquired The Mills Corporation and its majority-owned subsidiary,
The Mills Limited Partnership, collectively Mills, in April 2007,
using the equity method of accounting. We have determined that
SPG-FCM is not a variable interest entity (VIE) and that Farallon
Capital Management, L.L.C., or Farallon, our joint venture partner,
has substantive participating rights with respect to the assets and
operations of SPG-FCM pursuant to the applicable partnership
agreements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
allocate net operating results of the Operating Partnership after
preferred distributions to third parties and to us based on the
partners' respective weighted average ownership interests in the
Operating Partnership. Net operating results of the Operating
Partnership attributed to third parties are reflected in net income
attributable to noncontrolling interests. Our weighted average
ownership interest in the Operating Partnership was 82.1% and 79.7%
for the nine months ended September&amp;nbsp;30, 2009 and 2008,
respectively. As of September&amp;nbsp;30, 2009 and December&amp;nbsp;31,
2008, our ownership interest in the Operating Partnership was 83.0%
and 80.4%, respectively. We adjust the limited partners' interests
at the end of each period to reflect their respective interests in
the Operating Partnership.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Preferred
distributions of the Operating Partnership in the accompanying
statements of operations and cash flows represent distributions on
outstanding preferred units at the time of declaration of
partnership interests held by limited partners, or preferred units,
and are included in net income attributable to noncontrolling
interests.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Reclassifications&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
made certain reclassifications of prior period amounts in the
consolidated financial statements to conform to the 2009
presentation. The reclassifications were to reflect the
retrospective adoption of a newly issued accounting standard
related to noncontrolling interests in consolidated financial
statements and the reassessment of the classification and
measurement of redeemable securities, as further described in
Note&amp;nbsp;3. These reclassifications had no impact on previously
reported net income available to common stockholders or earnings
per share.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Subsequent Events&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
have evaluated the financial statements for subsequent events
through the time of the filing of this
Form&amp;nbsp;10-Q.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</spg:BasisOfPresentationAndConsolidationDisclosureTextBlock>
  <us-gaap:NatureOfOperations contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;1.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Organization&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Simon
Property Group, Inc. is a Delaware corporation that operates as a
self-administered and self-managed real estate investment trust, or
REIT, under the Internal Revenue Code. Simon Property Group, L.P.,
or the Operating Partnership, is our majority-owned partnership
subsidiary that owns all of our real estate properties. In these
condensed notes to the unaudited consolidated financial statements,
the terms "we", "us" and "our" refer to Simon Property Group, Inc.
and its subsidiaries.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
own, develop and manage retail real estate properties, which
consist primarily of regional malls, Premium Outlet&amp;#174; centers, The
Mills&amp;#174;, and community/lifestyle centers. As of September&amp;nbsp;30,
2009, we owned or held an interest in 325 income-producing
properties in the United States, which consisted of 163 regional
malls, 41 Premium Outlet centers, 70 community/lifestyle centers,
36&amp;nbsp;properties acquired in the 2007 acquisition of The Mills
Corporation, or the Mills acquisition, and 15 other shopping
centers or outlet centers in 41&amp;nbsp;states and Puerto Rico. Of the
36&amp;nbsp;properties acquired in the Mills portfolio, 16 of these
properties are The Mills, 16 are regional malls, and four are
community centers. We also own an interest in one parcel of land
held in the United States for future development. Internationally,
as of September&amp;nbsp;30, 2009, we had ownership interests in
51&amp;nbsp;European shopping centers (France, Italy and Poland), eight
Premium Outlet centers in Japan, one Premium Outlet center in
Mexico, one Premium Outlet center in South Korea, and three
shopping centers in China. Also, through joint venture arrangements
we have ownership interest in the following properties under
development internationally: a 24% interest in two shopping centers
in Italy and a 32.5% interest in one additional shopping center
under construction in China.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:NatureOfOperations>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;3.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Significant
Accounting Policies&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Cash and Cash
Equivalents&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
consider all highly liquid investments purchased with an original
maturity of 90&amp;nbsp;days or less to be cash and cash equivalents.
Cash equivalents are carried at cost, which approximates market
value. Cash equivalents generally consist of commercial paper,
bankers acceptances, Eurodollars, repurchase agreements and money
market funds or accounts. Cash and cash equivalents, as of
September&amp;nbsp;30, 2009, include a balance of $30.9&amp;nbsp;million
related to our co-branded gift card programs which we do not
consider available for general working capital purposes. Financial
instruments that potentially subject us to concentrations of credit
risk include our cash and cash equivalents and our tenant
receivables. We place our cash and cash equivalents with high
credit quality institutions. However, at certain times, the cash
and cash equivalents deposited with any institution may be in
excess of FDIC and SIPC insurance limits.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Marketable and Non-Marketable
Securities&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Marketable
securities consist primarily of the investments of our captive
insurance subsidiaries, our investment in shares of common stock of
Liberty International PLC, or Liberty, our deferred compensation
plan investments, and certain investments held to fund the debt
service requirements of debt previously secured by investment
properties that have been sold.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
types of securities included in the investment portfolio of our
captive insurance subsidiaries typically include U.S. Treasury or
other U.S. government securities as well as corporate debt
securities with maturities ranging from 1 to 10&amp;nbsp;years. These
securities are classified as available-for-sale and are valued
based upon quoted market prices or other observable inputs when
quoted market prices are not available. The amortized cost of debt
securities, which approximates fair value, held by our captive
insurance subsidiaries is adjusted for amortization of premiums and
accretion of discounts to maturity. Our investment in Liberty is
also accounted for as an available-for-sale security. Liberty
operates regional shopping centers and is the owner of other retail
assets throughout the United Kingdom, as well as certain real
estate assets in the U.S. Liberty is a U.K. FTSE&amp;nbsp;100 listed
company. Liberty elected to be treated as a U.K. Real Estate
Investment Trust on January&amp;nbsp;1, 2007. Our interest in Liberty
is adjusted to their quoted market price, including a related
foreign exchange component. Changes in the values of these
securities are recognized in accumulated other comprehensive income
(loss) until the gain or loss is realized or until any unrealized
loss is deemed to be other-than-temporary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;During
the quarterly period ended June&amp;nbsp;30, 2009, we recognized a
non-cash charge of $140.5&amp;nbsp;million, or $0.42 per diluted share,
representing an other-than-temporary impairment in fair value below
the carrying value of our investment in Liberty. As of June&amp;nbsp;30
and September&amp;nbsp;30, 2009, we owned 35.4&amp;nbsp;million shares at a
weighted average cost per share of &amp;#163;5.74. As of June&amp;nbsp;30, and
September&amp;nbsp;30, 2009, Liberty's quoted market price was &amp;#163;3.97
and &amp;#163;4.79 per share, respectively. As a result of the significance
and duration of the decline in the total share price at
June&amp;nbsp;30, 2009, including currency revaluations, the decline in
value was deemed an other-than-temporary impairment, which
established a new cost basis of our investment in Liberty. As a
result, changes in available-for-sale securities and other in the
consolidated statement of operations and comprehensive income
include the reclassification of $140.5&amp;nbsp;million from
accumulated other comprehensive income to earnings related to this
non-cash charge. Prior to the quarter ending June&amp;nbsp;30, 2009,
the changes in value of our Liberty investment were reflected in
other comprehensive income.For the quarter ending
September&amp;nbsp;30, 2009, we resumed marking our Liberty investment
to market through other comprehensive income. The resulting
mark-to-market adjustment for the quarterly period ended
September&amp;nbsp;30, 2009 was an increase in the value of Liberty of
$37.7&amp;nbsp;million with a corresponding adjustment in other
comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Our
insurance subsidiaries are required to maintain statutory minimum
capital and surplus as well as maintain a minimum liquidity ratio.
Therefore, our access to this investment portfolio may be limited.
Our deferred compensation plan investments are classified as
trading securities and are valued based upon quoted market prices.
The investments have a matching liability recorded as the amounts
are fully payable to the employees who earned the compensation and
who are in the deferred compensation plan. Changes in the values of
these securities are recognized in earnings, but because of the
matching liability the impact to net income is zero. In addition,
as of September&amp;nbsp;30, 2009 and December&amp;nbsp;31, 2008, we had
investments of $52.3&amp;nbsp;million and $53.4&amp;nbsp;million,
respectively, which must be used to fund the debt service
requirements of previously secured by investment properties sold.
These investments are classified as held-to-maturity and are
recorded at amortized cost as we have the ability and intent to
hold these investments to maturity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;During
2008, we made an investment of $70&amp;nbsp;million in a non-marketable
security that we account for under the cost method. To the extent
an other-than-temporary decline in fair value is deemed to have
occurred, we would adjust this investment to its estimated fair
value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
net unrealized gains as of September&amp;nbsp;30, 2009 were
approximately $39.6&amp;nbsp;million and represented the valuation and
related currency adjustments for our marketable securities. As of
September&amp;nbsp;30, 2009, other than the adjustment related to our
investment in Liberty recorded during the second quarter, we do not
consider the decline in value of any of our other marketable and
non-marketable securities to be an other-than-temporary impairment,
as these market value declines, if any, have existed for a short
period of time, and, in the case of debt securities, we have the
ability and intent to hold these securities to maturity.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Fair Value
Measurements&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
hold marketable securities that total $476.0&amp;nbsp;million at
September&amp;nbsp;30, 2009, and are considered to have Level&amp;nbsp;1
fair value inputs. In addition, we have derivative instruments
which are classified as having Level&amp;nbsp;2 inputs which consist
primarily of interest rate swap agreements with a gross liability
balance of $16.7&amp;nbsp;million and interest rate cap agreements with
a gross asset value of $3&amp;nbsp;million, which are offset by a
corresponding counter position cap liability of the same amount.
Level&amp;nbsp;1 fair value inputs are quoted prices for identical
items in active, liquid and visible markets such as stock
exchanges, and Level&amp;nbsp;2 fair value inputs are observable
information for similar items in active or inactive markets, and
appropriately consider counterparty creditworthiness in the
valuations. See Note&amp;nbsp;6 for a discussion of fair value of
debt.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Retrospective Adjustments Related to
Noncontrolling Interests and Temporary
Equity&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Effective
January&amp;nbsp;1, 2009, we adopted a newly issued accounting standard
for noncontrolling interests, which requires a noncontrolling
interest in a subsidiary to be reported as equity and the amount of
consolidated net income specifically attributable to the
noncontrolling interest to be included within consolidated net
income. This standard also requires consistency in the manner of
reporting changes in the parent's ownership interest and requires
fair value measurement of any noncontrolling equity investment
retained in a deconsolidation. In connection with our adoption, we
also reviewed and retrospectively adopted the measurement and
classification provisions for redeemable securities as further
discussed below. As a result, we adjusted the carrying amounts of
noncontrolling redeemable interests held by third parties in
certain of our properties to redemption values at each reporting
date. Because holders of the noncontrolling redeemable interests in
properties can require us to redeem these interests for cash, we
have classified these noncontrolling redeemable interests outside
of permanent equity. These adjustments increased the
December&amp;nbsp;31, 2007 carrying value of these noncontrolling
redeemable interests by $41.5&amp;nbsp;million, with a corresponding
increase to accumulated deficit in consolidated equity. Subsequent
adjustments to the carrying amounts of these noncontrolling
redeemable interests in properties, to reflect the change in
redemption value at the end of each reporting period, are recorded
to accumulated deficit. Additionally, due to certain cash
redemption features that may be deemed outside of our control, we
have retained temporary equity classification for certain preferred
units.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Our
reassessment of the measurement and classification provisions for
redeemable securities also resulted in the reclassification of our
Series&amp;nbsp;I 6% Convertible Perpetual Preferred Stock
(Series&amp;nbsp;I Preferred Stock) from permanent equity to temporary
equity due to the possibility that we could be required to redeem
the security for cash upon the occurrence of a change in control
event, which would include a change in the majority of our
directors that occurs over a two year period. The carrying amount
of the Series&amp;nbsp;I Preferred Stock is equal to its liquidation
value, which is the amount payable upon the occurrence of such
event. Lastly, the adoption also resulted in the reclassification
to equity as noncontrolling nonredeemable interests the limited
partners' interests in the Operating Partnership, or units, and
nonredeemable noncontrolling interests in properties.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Details
of the carrying amount of our noncontrolling interests that have
been reclassified to permanent equity are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 20%; WIDTH: 60%; PADDING-TOP: 0pt; POSITION: relative"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;&lt;font size="2"&gt;
&lt;!-- COMMAND=ADD_TABLEWIDTH,"100%" --&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- User-specified TAGGED TABLE --&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
&lt;tr style="HEIGHT: 0px"&gt;&lt;!-- TABLE COLUMN WIDTHS SET --&gt;
&lt;td style="FONT-FAMILY: times" align="left"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="63"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="60"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;!-- TABLE COLUMN WIDTHS END --&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;As of&lt;br /&gt;
September&amp;nbsp;30,&lt;br /&gt;
2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;As of&lt;br /&gt;
December&amp;nbsp;31,&lt;br /&gt;
2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Limited partners' common interests in the Operating
Partnership&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;885,149&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;639,779&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Nonredeemable noncontrolling deficit interests in
properties, net&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(156,601&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(150,810&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Total noncontrolling interests reflected in
equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;728,548&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;488,969&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;!-- end of user-specified TAGGED TABLE --&gt;&lt;/div&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;As
a result of these reclassifications, total equity at
December&amp;nbsp;31, 2008 increased by $61.8&amp;nbsp;million from the
$3.0&amp;nbsp;billion previously reported.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Further,
as a result of the adoption, net income attributable to
noncontrolling interests (which includes nonredeemable
noncontrolling interests in consolidated properties, limited
partners' interests in the Operating Partnership and preferred
distributions of the Operating Partnership) is now excluded from
the determination of consolidated net income. In addition, the
individual components of other comprehensive income are now
presented in the aggregate, with the portion attributable to
noncontrolling interests deducted from comprehensive income
attributable to common stockholders. Corresponding changes have
also been made to the accompanying consolidated statements of cash
flows. Such changes resulted in a net increase to cash flows
provided by operating activities with an offsetting increase to
cash flows used in financing activities related to distributions to
noncontrolling interest holders in properties.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;A
rollforward of noncontrolling interests is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 80%; PADDING-TOP: 0pt; POSITION: relative"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;&lt;font size="2"&gt;
&lt;!-- COMMAND=ADD_TABLEWIDTH,"100%" --&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- User-specified TAGGED TABLE --&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
&lt;tr style="HEIGHT: 0px"&gt;&lt;!-- TABLE COLUMN WIDTHS SET --&gt;
&lt;td style="FONT-FAMILY: times" align="left" width="10"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="left"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="51"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="51"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="56"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="56"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;!-- TABLE COLUMN WIDTHS END --&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left" colspan="2"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="5"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;For the Three
Months&lt;br /&gt;
Ended September&amp;nbsp;30,&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="5"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;For the Nine
Months&lt;br /&gt;
Ended September&amp;nbsp;30,&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left" colspan="2"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Noncontrolling interest, beginning of
period&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;696,063&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;528,366&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;488,969&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;592,978&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Net income attributable to noncontrolling
interests&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;24,980&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;31,378&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;49,726&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;78,420&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Distributions to noncontrolling
interestholders(1)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(42,878&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(55,582&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(140,574&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(171,085&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Other comprehensive income (loss) allocable to
noncontrolling interests:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Unrealized gain (loss) on interest rate hedge
agreements&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;1,136&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;571&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(205&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(816&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Net (loss) on derivative instruments reclassified
from accumulated other comprehensive income (loss) into interest
expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(636&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(1,374&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(1,932&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(715&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Currency translation adjustments&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;1,100&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(738&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;184&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(2,319&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Changes in available-for-sale securities and
other&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;6,846&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;2,685&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;40,543&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;1,586&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;8,446&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;1,144&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;38,590&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(2,264&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Adjustment to limited partners' interests from
increased ownership in the Operating Partnership&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(26,214&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;2,683&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;161,851&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(28,074&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Units issued to limited partners&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;71,162&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;145,992&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;69,043&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Units converted to common shares&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(3,106&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(7,927&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(16,079&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(27,486&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Other&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;95&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;2,180&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;73&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(9,290&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Noncontrolling interest, end of
period&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;728,548&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;502,242&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;728,548&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;502,242&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;!-- end of user-specified TAGGED TABLE --&gt;&lt;/div&gt;
&lt;div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; PADDING-TOP: 0pt; POSITION: relative; TEXT-ALIGN: left"&gt;
&lt;!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" --&gt;
&lt;hr style="COLOR: #000000" align="left" width="26%"
noshade="noshade" size="1" /&gt;
&lt;dl compact="compact"&gt;
&lt;dt style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;(1)&lt;/font&gt;&lt;/dt&gt;
&lt;dd style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;The 2009 activity for the three and nine-month
periods ended September&amp;nbsp;30, 2009 includes non-cash
distributions of $30.4&amp;nbsp;million and $105.3&amp;nbsp;million related
to distributions paid in units,
respectively.&lt;/font&gt;&lt;/dd&gt;&lt;/dl&gt;&lt;/div&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Derivative Instruments and Hedging
Activities&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
January&amp;nbsp;1, 2009, we adopted newly issued accounting guidance
on disclosures about derivative instruments and hedging activities
which amends and expands previous disclosure requirements. The
guidance requires qualitative disclosures about objectives and
strategies for using derivatives and quantitative disclosures about
the fair value of and gains and losses on derivative instruments.
We record all derivatives on the balance sheet at fair value. The
accounting for changes in the fair value of derivatives depends on
the intended use of the derivative, whether we have elected to
designate a derivative in a hedging relationship and apply hedge
accounting and whether the hedging relationship has satisfied the
criteria necessary to apply hedge accounting. We use a variety of
derivative financial instruments in the normal course of business
to manage or hedge the risks associated with our indebtedness and
interest payments. Our objectives in using interest rate
derivatives are to add stability to interest expense and to manage
our exposure to interest rate movements. To accomplish this
objective, we primarily use interest rate swaps and caps. We
require that hedging derivative instruments be highly effective in
reducing the risk exposure that they are designated to hedge. As a
result, there was no significant ineffectiveness from any of our
derivative activities during the period. We formally designate any
instrument that meets these hedging criteria as a hedge at the
inception of the derivative contract.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;As
of September&amp;nbsp;30, 2009, we had the following outstanding
interest rate derivatives related to interest rate risk:&lt;/font&gt;&lt;/p&gt;
&lt;!-- User-specified TAGGED TABLE --&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" border="0"&gt;
&lt;tr style="HEIGHT: 0px"&gt;&lt;!-- TABLE COLUMN WIDTHS SET --&gt;
&lt;td style="FONT-FAMILY: times" align="center" width="115"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="53"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="82"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;!-- TABLE COLUMN WIDTHS END --&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" nowrap="nowrap" align="left"&gt;
&lt;div style="MARGIN-BOTTOM: 0pt; WIDTH: 72pt; BORDER-BOTTOM: #000000 1pt solid"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Interest&amp;nbsp;Rate&amp;nbsp;Derivative
&lt;!-- COMMAND=ADD_SCROPPEDRULE,72pt --&gt;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Number of&lt;br /&gt;
Instruments&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Notional&amp;nbsp;Amount&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="top" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" align="center"&gt;
&lt;font size="2"&gt;Interest&amp;nbsp;Rate&amp;nbsp;Swaps&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" align="right"&gt;
&lt;font size="2"&gt;4&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" align="right"&gt;
&lt;font size="2"&gt;695.0&amp;nbsp;million&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="top" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" align="center"&gt;
&lt;font size="2"&gt;Interest Rate Caps&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" align="right"&gt;
&lt;font size="2"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" align="right"&gt;
&lt;font size="2"&gt;390.0&amp;nbsp;million&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;!-- end of user-specified TAGGED TABLE --&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
carrying value of our interest rate swap agreements, at fair value,
is included with other liabilities and was $15.3&amp;nbsp;million as of
September&amp;nbsp;30, 2009. The interest rate cap agreements were of
no net value at September&amp;nbsp;30, 2009 and we generally do not
apply hedge accounting to these arrangements. The total gross
accumulated other comprehensive loss related to our derivative
activities, including our share of the other comprehensive loss
from joint venture properties, approximated $56.3&amp;nbsp;million as
of September&amp;nbsp;30, 2009.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
are also exposed to fluctuations in foreign exchange rates on
investments denominated in a foreign currency that we hold,
primarily in Japan and Europe. We use currency forward agreements
to manage our exposure to changes in foreign exchange rates on
certain Yen-denominated receivables. Currency forward agreements
involve fixing the USD-Yen exchange rate for delivery of a
specified amount of foreign currency on a specified date. The
currency forward agreements are typically cash settled in US
dollars for their fair value at or close to their settlement date.
We entered into USD-Yen forwards during 2009 for approximately
&amp;#165;3&amp;nbsp;billion that we expect to receive through April 2011 at an
average exchange rate of 97.1&amp;nbsp;USD:Yen, of which approximately
&amp;#165;1.6&amp;nbsp;billion remains as of September&amp;nbsp;30, 2009. The
September&amp;nbsp;30, 2009 liability balance related to these forwards
was $1.4&amp;nbsp;million and is included in other liabilities. We have
reflected the changes in fair value for these forward contracts in
earnings. The underlying currency adjustments on the
foreign-denominated receivables are also reflected in income and
generally offset the amounts in earnings for these forward
contracts.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
have no credit-risk-related hedging or derivative
activities.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="D2009Q3" decimals="-3" unitRef="USD">5928000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="D2008Q3" decimals="-3" id="id_footnote_elem_8958714" unitRef="USD">-3640000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="D2009Q3YTD" decimals="-3" unitRef="USD">695000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease contextRef="D2008Q3YTD" decimals="-3" id="id_footnote_elem_26745569" unitRef="USD">-11328000</us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease>
  <us-gaap:EarningsPerShareTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;4.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Per
Share Data&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
determine basic earnings per share based on the weighted average
number of shares of common stock outstanding during the period. We
determine diluted earnings per share based on the weighted average
number of shares of common stock outstanding combined with the
incremental weighted average shares that would have been
outstanding assuming all potentially dilutive common shares were
converted into shares at the earliest date possible. The following
table sets forth the computation of our basic and diluted earnings
per share.&lt;/font&gt;&lt;/p&gt;
&lt;div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 73%; PADDING-TOP: 0pt; POSITION: relative"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;&lt;font size="2"&gt;
&lt;!-- COMMAND=ADD_TABLEWIDTH,"110%" --&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- User-specified TAGGED TABLE --&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="110%" border="0"&gt;
&lt;tr style="HEIGHT: 0px"&gt;&lt;!-- TABLE COLUMN WIDTHS SET --&gt;
&lt;td style="FONT-FAMILY: times" align="left"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="74"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="74"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="74"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="74"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;!-- TABLE COLUMN WIDTHS END --&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="5"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;For the Three
Months&lt;br /&gt;
Ended September&amp;nbsp;30,&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="5"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;For the Nine
Months&lt;br /&gt;
Ended September&amp;nbsp;30,&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Net Income attributable to Common
Stockholders&amp;nbsp;&amp;#151; Basic&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;105,547&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;112,809&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;191,555&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;277,314&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Effect of dilutive
securities:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Impact to General Partner's interest in Operating
Partnership from all dilutive securities and
options&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;669&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;115&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;32&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;149&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Net Income attributable to Common
Stockholders&amp;nbsp;&amp;#151; Diluted&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;106,216&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;112,924&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;191,587&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;277,463&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Weighted Average Shares Outstanding&amp;nbsp;&amp;#151;
Basic&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;281,430,338&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;225,356,074&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;261,355,448&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;224,600,761&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Effect of stock options&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;336,896&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;569,458&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;291,433&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;592,850&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Effect of contingently issuable shares from stock
dividends&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;707,058&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;1,260,822&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Weighted Average Shares Outstanding&amp;nbsp;&amp;#151;
Diluted&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;282,474,292&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;225,925,532&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;262,907,703&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;225,193,611&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;!-- end of user-specified TAGGED TABLE --&gt;&lt;/div&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;For
the nine months ended September&amp;nbsp;30, 2009, potentially dilutive
securities include stock options, convertible preferred stock,
contingently issuable shares from stock dividends, units that are
exchangeable for common stock and preferred units that are
convertible into common units or exchangeable for our preferred
stock. The only securities that had a dilutive effect for the three
and nine months ended September&amp;nbsp;30, 2009 were stock options
and contingently issuable shares from stock dividends. For the
three and nine months ended September&amp;nbsp;30, 2008, the only
securities that had a dilutive effect were stock options. We accrue
dividends when they are declared.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;5.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Investment
in Unconsolidated Entities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Real Estate Joint
Ventures&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Joint
ventures are common in the real estate industry. We use joint
ventures to finance properties, develop new properties, and
diversify our risk in a particular property or portfolio. We held
joint venture ownership interests in 103&amp;nbsp;properties in the
United States as of September&amp;nbsp;30, 2009 and December&amp;nbsp;31,
2008. We also held interests in two joint ventures which owned
51&amp;nbsp;European shopping centers as of September&amp;nbsp;30, 2009 and
December&amp;nbsp;31, 2008. At September&amp;nbsp;30, 2009, we also held
interests in eight joint venture properties under operation in
Japan, three joint venture properties in China, one joint venture
property in Mexico, and one joint venture property in South Korea.
We account for these joint venture properties using the equity
method of accounting.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Substantially
all of our joint venture properties are subject to rights of first
refusal, buy-sell provisions, or other sale or marketing rights for
partners which are customary in real estate joint venture
agreements and the industry. Our partners in these joint ventures
may initiate these provisions at any time (subject to any
applicable lock up or similar restrictions), which could result in
either the sale of our interest or the use of available cash or
borrowings to acquire a joint venture interest from our
partner.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Loans to SPG-FCM&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;As
part of the Mills acquisition, the Operating Partnership made loans
to SPG-FCM and Mills primarily at rates of LIBOR plus 270-275 basis
points. These funds were used by SPG-FCM and Mills to repay loans
and other obligations, including the redemption of Mills' preferred
stock. As of September&amp;nbsp;30, 2009 and December&amp;nbsp;31, 2008,
the outstanding balance of our remaining loan to SPG-FCM was
$636.0&amp;nbsp;million and $520.7&amp;nbsp;million, respectively. During
the first nine months of 2009 and 2008, we recorded approximately
$6.9&amp;nbsp;million and $11.7&amp;nbsp;million in interest income (net of
inter-entity eliminations), respectively, related to this loan. The
loan facility bears interest at a rate of LIBOR plus 275 basis
points and matures on June&amp;nbsp;8, 2010, with two available
one-year extensions.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;International Joint Venture
Investments&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;European
Joint
Ventures.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
conduct our international operations in Europe through two European
joint ventures: Simon Ivanhoe S.&amp;#224;.r.l., or Simon Ivanhoe, and
Gallerie Commerciali Italia, or GCI. The carrying amount of our
total combined investment in these two joint venture investments
was $226.8&amp;nbsp;million and $224.2&amp;nbsp;million as of
September&amp;nbsp;30, 2009 and December&amp;nbsp;31, 2008, respectively,
including all related components of accumulated other comprehensive
income. The Operating Partnership has a 50% ownership in Simon
Ivanhoe and a 49% ownership in GCI.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Asian
Joint
Ventures.&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
conduct our investment in the eight international Premium Outlet
operations in Japan through joint ventures in which we hold a 40%
ownership interest. The carrying amount of our investment in these
joint ventures was $310.6&amp;nbsp;million and $312.6&amp;nbsp;million as
of September&amp;nbsp;30, 2009 and December&amp;nbsp;31, 2008,
respectively, including all related components of accumulated other
comprehensive income. On June&amp;nbsp;1, 2007, we opened Yeoju Premium
Outlets, our first Premium Outlet center in South Korea, in which
we hold a 50% ownership interest. Our investment in this property
was $22.5&amp;nbsp;million and $18.0&amp;nbsp;million as of
September&amp;nbsp;30, 2009 and December&amp;nbsp;31, 2008, respectively,
including all related components of accumulated other comprehensive
income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
also own a 32.5% interest shopping center joint venture
arrangements located in China, and a 32.5% ownership in the
management operation overseeing these projects, collectively
referred to as Great Mall Investments, Ltd., or GMI. Currently
three of the centers are open and operational, and one additional
center is under construction and due for completion in late 2009.
Our combined investment in GMI was approximately $57.6&amp;nbsp;million
and $53.9&amp;nbsp;million as of September&amp;nbsp;30, 2009 and
December&amp;nbsp;31, 2008, respectively, including the related
cumulative translation adjustments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
account for all of our international joint venture investments
using the equity method of accounting.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;Summary Financial Information&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Summary
financial information (in thousands) of all of our joint ventures
and a summary of our investment in and share of income from such
joint ventures follow. We condensed into separate line items major
captions of the statements of operations for joint venture
interests sold or consolidated. Consolidation occurs when we
acquire an additional interest in the joint venture and, as a
result, gain unilateral control of the property or are determined
to be the primary beneficiary. We reclassify these line items into
"Discontinued Joint Venture Interests" and "Consolidated Joint
Venture Interests" on the following balance sheets and statements
of operations, if material, so that we may present comparative
results of operations for these joint venture properties held as of
September&amp;nbsp;30, 2009.&lt;/font&gt;&lt;/p&gt;
&lt;div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 80%; PADDING-TOP: 0pt; POSITION: relative"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;&lt;font size="2"&gt;
&lt;!-- COMMAND=ADD_TABLEWIDTH,"100%" --&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- User-specified TAGGED TABLE --&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
&lt;tr style="HEIGHT: 0px"&gt;&lt;!-- TABLE COLUMN WIDTHS SET --&gt;
&lt;td style="FONT-FAMILY: times" align="left" width="10"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="left"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="68"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="68"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;!-- TABLE COLUMN WIDTHS END --&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left" colspan="2"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;September&amp;nbsp;30,
2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;December&amp;nbsp;31,
2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;BALANCE SHEETS&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Assets:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Investment properties, at cost&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;21,803,214&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;21,472,490&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Less&amp;nbsp;&amp;#151; accumulated depreciation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;4,390,644&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;3,892,956&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&amp;nbsp;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;17,412,570&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;17,579,534&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;825,816&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;805,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Tenant receivables and accrued revenue,
net&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;374,028&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;428,322&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Investment in unconsolidated entities, at
equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;243,347&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;230,497&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Deferred costs and other assets&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;600,125&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;594,578&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Total assets&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;19,455,886&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;19,638,342&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-TOP: 12pt; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Liabilities and Partners'
Equity:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Mortgages and other indebtedness&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;16,896,737&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;16,686,701&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Accounts payable, accrued expenses, intangibles, and
deferred revenue&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;926,516&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;1,070,958&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Other liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;1,107,457&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;982,254&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Total liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;18,930,710&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;18,739,913&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Preferred units&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;67,450&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;67,450&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Partners' equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;457,726&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;830,979&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Total liabilities and partners'
equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;19,455,886&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;19,638,342&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-TOP: 12pt; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Our Share of:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Total assets&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;7,994,929&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;8,056,873&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Partners' equity&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;369,166&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;533,929&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Add: Excess Investment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;695,236&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;749,227&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Our net Investment in Joint Ventures&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;1,064,402&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;1,283,156&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Mortgages and other indebtedness&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;6,649,168&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;6,632,419&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="2"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;!-- end of user-specified TAGGED TABLE --&gt;&lt;/div&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;"Excess
Investment" represents the unamortized difference of our investment
over our share of the equity in the underlying net assets of the
joint ventures acquired. We amortize excess investment over the
life of the related properties, typically no greater than
40&amp;nbsp;years, and the amortization is included in the reported
amount of income from unconsolidated entities.&lt;/font&gt;&lt;/p&gt;
&lt;div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 80%; PADDING-TOP: 0pt; POSITION: relative"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;&lt;font size="2"&gt;
&lt;!-- COMMAND=ADD_TABLEWIDTH,"100%" --&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- User-specified TAGGED TABLE --&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" border="0"&gt;
&lt;tr style="HEIGHT: 0px"&gt;&lt;!-- TABLE COLUMN WIDTHS SET --&gt;
&lt;td style="FONT-FAMILY: times" align="left" width="10"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="left" width="10"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="left"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="56"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="56"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="61"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="7"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="61"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;!-- TABLE COLUMN WIDTHS END --&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left" colspan="3"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="5"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;For the Three
Months&lt;br /&gt;
Ended September&amp;nbsp;30,&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="5"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;For the Nine
Months&lt;br /&gt;
Ended September&amp;nbsp;30,&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left" colspan="3"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2009&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;2008&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;STATEMENTS OF OPERATIONS&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Revenue:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Minimum rent&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;488,052&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;486,586&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;1,445,618&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;1,435,067&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Overage rent&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;34,204&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;26,910&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;85,141&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;72,439&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Tenant reimbursements&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;243,201&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;257,259&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;719,845&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;730,597&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Other income&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;37,039&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;61,862&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;115,946&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;145,380&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Total revenue&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;802,496&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;832,617&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;2,366,550&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;2,383,483&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-TOP: 12pt; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Operating Expenses:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Property operating&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;178,291&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;177,761&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;489,616&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;494,498&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Depreciation and amortization&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;194,727&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;192,787&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;580,215&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;572,256&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Real estate taxes&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;57,262&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;63,254&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;190,036&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;195,627&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Repairs and maintenance&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;26,413&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;28,582&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;77,048&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;89,085&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Advertising and promotion&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;16,005&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;16,119&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;44,936&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;45,241&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Provision for credit losses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;3,523&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;6,244&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;18,910&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;14,072&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" colspan="2"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Other&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;43,487&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;37,640&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;131,680&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;123,245&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="0"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Total operating expenses&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;519,708&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;522,387&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;1,532,441&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;1,534,024&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Operating Income&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;282,788&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;310,230&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;834,109&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;849,459&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Interest expense&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(221,166&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(243,569&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(661,586&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(727,279&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;(Loss) income from unconsolidated
entities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(3,170&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;346&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(2,383&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(3,783&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Income from Continuing
Operations&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;58,452&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;67,007&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;170,140&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;118,397&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;Income from discontinued joint venture
interests&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;&amp;#151;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;&amp;#151;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;47&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Net Income&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;58,452&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;67,007&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;170,140&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;118,444&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Third-Party Investors' Share of Net
Income&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;39,710&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;37,846&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;112,600&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;71,403&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Our Share of Net Income&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;18,742&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;29,161&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;57,540&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;47,041&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Amortization of Excess
Investment&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(14,087&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(11,849&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;(41,846&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;(33,981&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times" colspan="3"&gt;
&lt;p style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&lt;b&gt;Income from Unconsolidated
Entities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;4,655&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;17,312&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;&lt;b&gt;15,694&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="2"&gt;13,060&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="2"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom" colspan="3"&gt;
&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times"
    valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;!-- end of user-specified TAGGED TABLE --&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
  <us-gaap:DebtDisclosureTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;6.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Debt&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Unsecured Debt&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Our
unsecured debt currently consists of $11.6&amp;nbsp;billion of senior
unsecured notes of the Operating Partnership and our
$3.5&amp;nbsp;billion unsecured credit facility, or Credit Facility.
The Credit Facility bears interest at LIBOR plus 37.5 basis points
and an additional facility fee of 12.5 basis points. The Credit
Facility matures January&amp;nbsp;11, 2010 and may be extended one year
at our option.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;During
the nine months ended September&amp;nbsp;30, 2009, the Operating
Partnership repaid five series of unsecured notes totaling
$900.0&amp;nbsp;million, which had fixed rates ranging from 3.50% to
8.63%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
March&amp;nbsp;25, 2009, the Operating Partnership issued
$650.0&amp;nbsp;million of senior unsecured notes at a fixed interest
rate of 10.35% due April&amp;nbsp;1, 2019. We used the proceeds from
the offering to reduce borrowings on the Credit Facility and for
general working capital purposes.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
May&amp;nbsp;15, 2009, the Operating Partnership issued
$600.0&amp;nbsp;million of senior unsecured notes at a fixed interest
rate of 6.75% due May&amp;nbsp;15, 2014. On August&amp;nbsp;11, 2009, we
issued an additional $500.0&amp;nbsp;million of the same series of
senior unsecured notes in a re-opening of the initial offering. We
used the proceeds from the offerings for general working capital
purposes.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;During
the nine months ended September&amp;nbsp;30, 2009, we drew amounts from
the Credit Facility to fund the repayment of $600.0&amp;nbsp;million of
maturing unsecured notes. We repaid a total of $1.2&amp;nbsp;billion on
the Credit Facility during the nine months ended September&amp;nbsp;30,
2009. The total outstanding balance of the Credit Facility as of
September&amp;nbsp;30, 2009 was $456.2&amp;nbsp;million, all related to the
U.S. dollar equivalent of Euro and Yen-denominated borrowings, and
the maximum amount outstanding during the nine months ended
September&amp;nbsp;30, 2009 was approximately $1.6&amp;nbsp;billion. During
the nine months ended September&amp;nbsp;30, 2009, the weighted average
outstanding balance was approximately
$739.8&amp;nbsp;million.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Secured Debt&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Total
secured indebtedness was $6.6&amp;nbsp;billion and $6.3&amp;nbsp;billion at
September&amp;nbsp;30, 2009 and December&amp;nbsp;31, 2008,
respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
July&amp;nbsp;30, 2009, we borrowed $400.0&amp;nbsp;million on a loan which
matures on August&amp;nbsp;1, 2016 and bears interest at a fixed rate
of 8.00%. This loan is secured by cross-collateralized,
cross-defaulted mortgages on Greenwood Park Mall, South Park Mall,
and Walt Whitman Mall.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Fair Value of
Debt&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
carrying value of our variable-rate mortgages and other loans
approximates their fair values. We estimate the fair values of
consolidated fixed-rate mortgages using cash flows discounted at
current borrowing rates and other indebtedness using cash flows at
current market rates. We estimate the fair values of consolidated
fixed-rate unsecured notes using quoted market prices, or, if no
quoted market prices are available, we use quoted market prices for
securities with similar terms and maturities. The fair values of
our fixed-rate debt at September&amp;nbsp;30, 2009 and
December&amp;nbsp;31, 2008 was $16.5&amp;nbsp;billion and
$12.4&amp;nbsp;billion, respectively, compared to carrying values at
those dates of $16.2&amp;nbsp;billion and $14.9&amp;nbsp;billion,
respectively.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;7.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Equity&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
Compensation Committee of our Board of Directors, or the Board,
awarded 242,183&amp;nbsp;shares of restricted stock to employees on
February&amp;nbsp;27, 2009 as part of the 2008 stock incentive program
created under The Simon Property Group, L.P. 1998 Stock Incentive
Plan at a fair market value of $33.10 per share, 19,315&amp;nbsp;shares
of restricted stock on March&amp;nbsp;2, 2009 at a fair market value of
$29.96 per share, and 764&amp;nbsp;shares of restricted stock on
April&amp;nbsp;13, 2009 at a fair market value of $42.65 per share. On
May&amp;nbsp;8, 2009, our non-employee Directors were awarded
11,178&amp;nbsp;shares of restricted stock under this plan at a fair
market value of $53.93 per share, and 3,250&amp;nbsp;shares of
restricted stock on June&amp;nbsp;1, 2009 at a fair market value of
$56.39 per share. The fair market value of the restricted stock
awarded on February&amp;nbsp;27, 2009, March&amp;nbsp;2, 2009 and
April&amp;nbsp;13, 2009 is being recognized as expense over the
four-year vesting service period. The fair market value of the
restricted stock awarded on May&amp;nbsp;8, 2009 and June&amp;nbsp;1, 2009,
is being recognized as expense over a one-year vesting service
period. We issued shares held in treasury to make the
awards.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;During
the first nine months of 2009, we issued 1,345,567&amp;nbsp;shares of
common stock to 58 limited partners in exchange for an equal number
of units.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
September&amp;nbsp;18, 2009, we issued 2,029,044&amp;nbsp;shares of common
stock as part of the quarterly dividend to common stockholders at
an average closing price of $73.97 per share. The Operating
Partnership also issued 411,489&amp;nbsp;units to limited partners
related to its distribution.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
June&amp;nbsp;19, 2009, we issued 2,525,204&amp;nbsp;shares of common stock
as part of the quarterly dividend to common stockholders at an
average closing price of $52.92 per share. The Operating
Partnership also issued 514,720&amp;nbsp;units to limited partners
related to its distribution.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
May&amp;nbsp;12, 2009, we issued 23,000,000&amp;nbsp;shares of common stock
in a public offering at a public offering price of $50.00 per
share. Proceeds from the offering were used for general working
capital
purposes.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
March&amp;nbsp;25, 2009, we issued 17,250,000&amp;nbsp;shares of common
stock in a public offering at a public offering price of $31.50 per
share. Proceeds from the offering were used to repay amounts drawn
on the Credit Facility and for general working capital
purposes.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
March&amp;nbsp;18, 2009, we issued 5,519,765&amp;nbsp;shares of common
stock as part of the quarterly dividend to common stockholders at
an average closing price of $35.38 per share. The Operating
Partnership also issued 1,345,151&amp;nbsp;units to limited partners
related to its distribution.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Our
Board had authorized the repurchase of up to $1.0&amp;nbsp;billion of
common stock through July 2009. No purchases were made as part of
this program in 2009. The program was not renewed and has now
expired.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Temporary Equity&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;For
the quarter ending September&amp;nbsp;30, 2009, holders of our
Series&amp;nbsp;I Preferred Stock were not eligible to convert their
shares during the quarter into shares of our common stock as the
triggering price of $77.07 was not met as of June&amp;nbsp;30, 2009. As
of September&amp;nbsp;30, 2009, the conversion trigger price of $75.34
had again not been met. On June&amp;nbsp;30, 2009, the Operating
Partnership redeemed all outstanding 7.75%/8.00% Cumulative
Redeemable Preferred Units for cash in the aggregate amount of
$85,070. The redemption price was the liquidation value of the
preferred units which was also its carrying value. On
August&amp;nbsp;27, 2009, the Operating Partnership redeemed all
outstanding 7.50% Cumulative Redeemable Preferred Units and 7.00%
Cumulative Redeemable Preferred Units for units. The redemption
price was the liquidation values of $25,537 and $1,875,
respectively, which were also their carrying values.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Changes in Equity&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
following table provides a reconciliation of the beginning and
ending carrying amounts of total equity, equity attributable to
common stockholders and equity attributable to noncontrolling
interests:&lt;/font&gt;&lt;/p&gt;
&lt;div style="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; MARGIN-LEFT: 10%; WIDTH: 54%; PADDING-TOP: 0pt; POSITION: relative"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;&lt;font size="1"&gt;
&lt;!-- COMMAND=ADD_TABLEWIDTH,"150%" --&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- User-specified TAGGED TABLE --&gt;
&lt;div align="center"&gt;
&lt;table cellspacing="0" cellpadding="0" width="150%" border="0"&gt;
&lt;tr style="HEIGHT: 0px"&gt;&lt;!-- TABLE COLUMN WIDTHS SET --&gt;
&lt;td style="FONT-FAMILY: times" align="left"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="41"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="32"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="50"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="50"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="54"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="46"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="50"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right" width="6"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="50"&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" width="12"&gt;&lt;/td&gt;
&lt;!-- TABLE COLUMN WIDTHS END --&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom"&gt;
&lt;th style="FONT-FAMILY: times" align="left"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;br /&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Preferred&lt;br /&gt;
Stock&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Common&lt;br /&gt;
Stock&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Accumulated&lt;br /&gt;
Other&lt;br /&gt;
Comprehensive&lt;br /&gt;
Income (Loss)&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Capital&amp;nbsp;in&lt;br /&gt;
Excess of&lt;br /&gt;
Par Value&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Accumulated&lt;br /&gt;
Deficit&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Common&lt;br /&gt;
Stock&lt;br /&gt;
Held in&lt;br /&gt;
Treasury&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;
&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Noncontrolling&lt;br /&gt;
interests&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;
&lt;th style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
align="center" colspan="2"&gt;&lt;font size="1"&gt;&lt;b&gt;&lt;i&gt;Total&lt;br /&gt;
Equity&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;
&lt;th style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;January&amp;nbsp;1, 2009&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;46,032&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;24&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(165,066&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;5,410,147&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(2,491,929&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;(186,210&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;488,969&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;3,101,967&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Conversion of limited partner units&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;16,079&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(16,079&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Issuance of limited partner units&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;40,724&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;40,724&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Public offering of common stock&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;4&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;1,638,336&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;1,638,340&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Other&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(246&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;8,585&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(4,175&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;9,325&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;73&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;13,562&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Adjustment to limited partners' interest from
increased ownership in the Operating Partnership&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;(161,851&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;161,851&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Distributions (and stock issued) to common
shareholders and limited partners, excluding Operating Partnership
preferred interests&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;480,042&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(587,733&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(18,737&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;(126,427&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Distributions to other noncontrolling interest
partners&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(16,569&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;(16,569&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="#CCEEFF"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;Comprehensive income, excluding preferred
distributions on temporary equity preferred units of
$10,451&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;149,908&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;211,152&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;88,316&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;449,376&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="HEIGHT: 0px" valign="bottom" bgcolor="white"&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;p style="MARGIN-LEFT: 8pt; TEXT-INDENT: -8pt; FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&lt;b&gt;September&amp;nbsp;30, 2009&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;45,786&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;29&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(15,158&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;7,391,338&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;(2,872,685&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;(176,885&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;&lt;b&gt;728,548&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;&lt;font size="1"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" align="right"&gt;
&lt;font size="1"&gt;5,100,973&lt;/font&gt;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times"&gt;
&lt;font size="1"&gt;&amp;nbsp;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="FONT-SIZE: 1.5pt; HEIGHT: 0px" valign="top"&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times"
valign="bottom" align="right" colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
&lt;td style="FONT-FAMILY: times" valign="bottom"&gt;
&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
&lt;!-- end of user-specified TAGGED TABLE --&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;8.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Commitments
and Contingencies&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Litigation&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;There
have been no material developments with respect to the pending
litigation disclosed in our 2008 Annual Report on Form&amp;nbsp;10-K
and no new material developments or litigation have arisen since
those disclosures were made.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
are involved in various other legal proceedings that arise in the
ordinary course of our business. We believe that such routine
litigation, claims and administrative proceedings will not have a
material adverse impact on our financial position, results of
operations or cash flows. We record a contingent liability when a
loss is considered probable and the amount can be reasonably
estimated.&lt;/font&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="list-style: none"&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;&lt;i&gt;Guarantees of
Indebtedness&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/li&gt;&lt;/ul&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Joint
venture debt is the liability of the joint venture, and is
typically secured by the joint venture property, which is
non-recourse to us. As of September&amp;nbsp;30, 2009, we have loan
guarantees of $48.2&amp;nbsp;million to support our total
$6.6&amp;nbsp;billion share of joint venture mortgage and other
indebtedness in the event that the joint venture borrower defaults
under the terms of the underlying arrangement. Mortgages which are
guaranteed by us are secured by the property of the joint venture
and that property may be sold in order to satisfy the outstanding
obligation.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <spg:RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;9.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Real
Estate Acquisitions and Dispositions&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;We
had no consolidated property acquisitions or dispositions during
the nine months ended September&amp;nbsp;30,
2009.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</spg:RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock>
  <us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock contextRef="D2009Q3YTD">&lt;table style="font-size:10pt; font-family:'Times New Roman',times,serif;"&gt;
&lt;tr&gt;
&lt;td&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&lt;b&gt;10.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Recent
Financial Accounting Standards&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In
December 2007, the Financial Accounting Standards Board (FASB)
issued new accounting guidance on business combinations and
noncontrolling interests in consolidated financial statements which
requires an acquirer to measure the identifiable assets acquired,
the liabilities assumed and any noncontrolling interest in the
acquiree at their fair values on the acquisition date, with
goodwill being the excess value over the net identifiable assets
acquired. The guidance is effective for financial statements issued
for fiscal years beginning after December&amp;nbsp;15, 2008. On
January&amp;nbsp;1, 2009, we adopted the guidance which did not have a
significant impact on our financial position, results of operations
or cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In
February 2008, the FASB issued a staff position which permitted a
one-year deferral for the implementation of previously issued
guidance related to fair value measurements with regard to
nonfinancial assets and liabilities that are not recognized or
disclosed at fair value in the financial statements on a recurring
basis (at least annually). On January&amp;nbsp;1, 2009, we adopted the
fair value measurement guidance as it relates to nonfinancial
assets and nonfinancial liabilities that are not recognized or
disclosed at fair value in the financial statements on at least an
annual basis. The adoption had no impact on our financial position,
results of operations or cash flows. The provisions of the guidance
are applied at such time as a fair value measurement of a
nonfinancial asset or nonfinancial liability is required, which may
result in a fair value that is materially different than would have
been calculated prior to adoption.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In
June 2008, the FASB ratified guidance which provides an entity use
a two step approach to evaluate whether an equity-linked financial
instrument (or embedded feature) is indexed to its own stock,
including evaluating the instrument's contingent exercise and
settlement provisions. On January&amp;nbsp;1, 2009, we adopted the
guidance which had no impact on our financial position, results of
operations or cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;On
January&amp;nbsp;1, 2009, we adopted guidance on determining whether
instruments granted in share-based payment transactions are
participating securities. Under this guidance, unvested share-based
payment awards that contain nonforfeitable rights to dividends or
dividend equivalents (whether paid or unpaid) are participating
securities and are included in the computation of earnings per
share pursuant to the two-class method. The adoption of the
guidance did not have a significant impact on reported earnings per
share.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In
May 2009, the FASB issued guidance which established general
standards of accounting for and disclosure of events that occur
after the balance sheet date but before financial statements are
issued or are available to be issued. The statement introduces new
terminology but is based on the same principles that previously
existed in the accounting standards. The guidance requires
disclosure of the date through which management has evaluated
subsequent events and whether that date represents the date the
financial statements were issued or the date the financial
statements were available to be issued. The guidance was effective
for interim and annual periods ending after June&amp;nbsp;15, 2009. The
adoption of this statement did not have any impact on our financial
position, results of operations or cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In
June 2009, the FASB issued the FASB Accounting Standards
Codification (Codification) which is effective for interim and
annual periods ending after September&amp;nbsp;15, 2009. The
Codification defines a new hierarchy for U.S.&amp;nbsp;GAAP and
establishes the Codification as the sole source for authoritative
guidance to be applied by nongovernmental entities. The adoption of
the Codification changed the manner in which U.S.&amp;nbsp;GAAP
guidance is referenced, but did not have any impact on our
financial position, results of operations or cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times; TEXT-ALIGN: justify"&gt;
&lt;font size="2"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;In
June 2009, the FASB also issued an amendment to the accounting and
disclosure requirements for the consolidation of variable interest
entities (VIEs). This amendment requires an enterprise to perform a
qualitative analysis when determining whether or not it must
consolidate a VIE. The amendment also requires an enterprise to
continuously reassess whether it must consolidate a VIE.
Additionally, the amendment requires enhanced disclosures about an
enterprise's involvement with VIEs and any significant change in
risk exposure due to that involvement, as well as how its
involvement with VIEs impacts the enterprise's financial
statements. Finally, an enterprise will be required to disclose
significant judgments and assumptions used to determine whether or
not to consolidate a VIE. This amendment is effective for financial
statements issued for fiscal years beginning after
November&amp;nbsp;15, 2009. Management is in the process of determining
the impact of adopting this amendment.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;
</us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock>
  <link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="#id_footnote_elem_15189646" xlink:label="RealEstateInvestmentPropertyAtCost_15189646" xlink:type="locator" />
    <link:footnote xlink:label="footnote_17989588" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">As Adjusted</link:footnote>
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RealEstateInvestmentPropertyAtCost_15189646" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_20700430" xlink:label="RealEstateInvestmentPropertyAccumulatedDepreciation_20700430" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RealEstateInvestmentPropertyAccumulatedDepreciation_20700430" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_31918114" xlink:label="RealEstateInvestmentPropertyNet_31918114" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RealEstateInvestmentPropertyNet_31918114" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_27192920" xlink:label="AccountsAndNotesReceivableNet_27192920" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="AccountsAndNotesReceivableNet_27192920" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_25806833" xlink:label="EquityMethodInvestments_25806833" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="EquityMethodInvestments_25806833" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_23231393" xlink:label="DeferredCostsAndOtherAssets_23231393" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DeferredCostsAndOtherAssets_23231393" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28724814" xlink:label="NotesReceivableRelatedParties_28724814" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NotesReceivableRelatedParties_28724814" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_32174545" xlink:label="Assets_32174545" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Assets_32174545" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_30019063" xlink:label="DebtAndCapitalLeaseObligations_30019063" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DebtAndCapitalLeaseObligations_30019063" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26381713" xlink:label="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_26381713" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_26381713" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_23403880" xlink:label="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_23403880" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_23403880" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_653726" xlink:label="OtherLiabilitiesAndAccruedDividends_653726" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherLiabilitiesAndAccruedDividends_653726" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_11317965" xlink:label="Liabilities_11317965" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Liabilities_11317965" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_12119430" xlink:label="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties_12119430" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties_12119430" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_2226455" xlink:label="TemporaryEquityCarryingAmount_2226455" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="TemporaryEquityCarryingAmount_2226455" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_15109649" xlink:label="PreferredStockValue_15109649" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PreferredStockValue_15109649" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26656057" xlink:label="AdditionalPaidInCapital_26656057" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="AdditionalPaidInCapital_26656057" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_6198978" xlink:label="RetainedEarningsAccumulatedDeficit_6198978" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RetainedEarningsAccumulatedDeficit_6198978" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_12099366" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax_12099366" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="AccumulatedOtherComprehensiveIncomeLossNetOfTax_12099366" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_23340814" xlink:label="TreasuryStockValue_23340814" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="TreasuryStockValue_23340814" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28603427" xlink:label="StockholdersEquity_28603427" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="StockholdersEquity_28603427" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_16764271" xlink:label="MinorityInterest_16764271" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="MinorityInterest_16764271" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_5288057" xlink:label="LiabilitiesAndStockholdersEquity_5288057" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="LiabilitiesAndStockholdersEquity_5288057" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_2345573" xlink:label="MinimumRents_2345573" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="MinimumRents_2345573" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_17336283" xlink:label="OperatingLeasesIncomeStatementContingentRevenue_17336283" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OperatingLeasesIncomeStatementContingentRevenue_17336283" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_20647117" xlink:label="TenantReimbursements_20647117" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="TenantReimbursements_20647117" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_9318375" xlink:label="ManagementFeesAndOtherRevenues_9318375" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ManagementFeesAndOtherRevenues_9318375" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28900451" xlink:label="OtherIncome_28900451" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherIncome_28900451" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_2780517" xlink:label="Revenues_2780517" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Revenues_2780517" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_30398941" xlink:label="DirectCostsOfLeasedAndRentedPropertyOrEquipment_30398941" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DirectCostsOfLeasedAndRentedPropertyOrEquipment_30398941" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_5961861" xlink:label="DepreciationAndAmortization_5961861" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DepreciationAndAmortization_5961861" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_5176659" xlink:label="RealEstateTaxExpense_5176659" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RealEstateTaxExpense_5176659" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_30777945" xlink:label="CostOfPropertyRepairsAndMaintenance_30777945" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CostOfPropertyRepairsAndMaintenance_30777945" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_3411387" xlink:label="MarketingAndAdvertisingExpense_3411387" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="MarketingAndAdvertisingExpense_3411387" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_30530383" xlink:label="ProvisionForLoanLeaseAndOtherLosses_30530383" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProvisionForLoanLeaseAndOtherLosses_30530383" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_30517860" xlink:label="HomeAndRegionalOfficeCosts_30517860" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="HomeAndRegionalOfficeCosts_30517860" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_7144337" xlink:label="GeneralAndAdministrativeExpense_7144337" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="GeneralAndAdministrativeExpense_7144337" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_29738659" xlink:label="OtherCostAndExpenseOperating_29738659" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherCostAndExpenseOperating_29738659" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_31437151" xlink:label="CostsAndExpenses_31437151" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CostsAndExpenses_31437151" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_6116915" xlink:label="OperatingIncomeLoss_6116915" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OperatingIncomeLoss_6116915" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28610198" xlink:label="InterestExpense_28610198" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="InterestExpense_28610198" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_10718466" xlink:label="IncomeTaxExpenseBenefit_10718466" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncomeTaxExpenseBenefit_10718466" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_15411681" xlink:label="IncomeLossFromEquityMethodInvestments_15411681" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncomeLossFromEquityMethodInvestments_15411681" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_14329519" xlink:label="ProfitLoss_14329519" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProfitLoss_14329519" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_13910568" xlink:label="NetIncomeLossAttributableToNoncontrollingInterest_13910568" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NetIncomeLossAttributableToNoncontrollingInterest_13910568" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_7268156" xlink:label="PreferredStockDividends_7268156" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PreferredStockDividends_7268156" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_27543380" xlink:label="NetIncomeLossAvailableToCommonStockholdersBasic_27543380" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic_27543380" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28504782" xlink:label="EarningsPerShareBasic_28504782" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="EarningsPerShareBasic_28504782" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_21705097" xlink:label="EarningsPerShareDiluted_21705097" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="EarningsPerShareDiluted_21705097" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_14258980" xlink:label="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_14258980" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_14258980" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_27702981" xlink:label="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax_27702981" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax_27702981" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_14915751" xlink:label="ChangesInAvailableForSaleSecuritiesAndOther_14915751" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ChangesInAvailableForSaleSecuritiesAndOther_14915751" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_19238118" xlink:label="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_19238118" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_19238118" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_3938474" xlink:label="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_3938474" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_3938474" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26193339" xlink:label="ComprehensiveIncomeNetOfTax_26193339" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ComprehensiveIncomeNetOfTax_26193339" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_8687673" xlink:label="MinimumRents_8687673" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="MinimumRents_8687673" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_24078267" xlink:label="OperatingLeasesIncomeStatementContingentRevenue_24078267" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OperatingLeasesIncomeStatementContingentRevenue_24078267" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_13700068" xlink:label="TenantReimbursements_13700068" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="TenantReimbursements_13700068" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_32069009" xlink:label="ManagementFeesAndOtherRevenues_32069009" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ManagementFeesAndOtherRevenues_32069009" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_14947538" xlink:label="OtherIncome_14947538" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherIncome_14947538" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_11413197" xlink:label="Revenues_11413197" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Revenues_11413197" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_6674704" xlink:label="DirectCostsOfLeasedAndRentedPropertyOrEquipment_6674704" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DirectCostsOfLeasedAndRentedPropertyOrEquipment_6674704" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_15988552" xlink:label="DepreciationAndAmortization_15988552" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DepreciationAndAmortization_15988552" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_22409515" xlink:label="RealEstateTaxExpense_22409515" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RealEstateTaxExpense_22409515" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_24316742" xlink:label="CostOfPropertyRepairsAndMaintenance_24316742" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CostOfPropertyRepairsAndMaintenance_24316742" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_25410398" xlink:label="MarketingAndAdvertisingExpense_25410398" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="MarketingAndAdvertisingExpense_25410398" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28157392" xlink:label="ProvisionForLoanLeaseAndOtherLosses_28157392" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProvisionForLoanLeaseAndOtherLosses_28157392" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26963351" xlink:label="HomeAndRegionalOfficeCosts_26963351" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="HomeAndRegionalOfficeCosts_26963351" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_29902377" xlink:label="GeneralAndAdministrativeExpense_29902377" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="GeneralAndAdministrativeExpense_29902377" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_31007669" xlink:label="OtherCostAndExpenseOperating_31007669" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherCostAndExpenseOperating_31007669" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_31982068" xlink:label="CostsAndExpenses_31982068" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CostsAndExpenses_31982068" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_8844482" xlink:label="OperatingIncomeLoss_8844482" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OperatingIncomeLoss_8844482" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_12369390" xlink:label="InterestExpense_12369390" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="InterestExpense_12369390" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26362129" xlink:label="GainsLossesOnExtinguishmentOfDebt_26362129" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="GainsLossesOnExtinguishmentOfDebt_26362129" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_22185844" xlink:label="IncomeTaxExpenseBenefit_22185844" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncomeTaxExpenseBenefit_22185844" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_15316996" xlink:label="IncomeLossFromEquityMethodInvestments_15316996" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncomeLossFromEquityMethodInvestments_15316996" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_16457576" xlink:label="ProfitLoss_16457576" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProfitLoss_16457576" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_16900632" xlink:label="NetIncomeLossAttributableToNoncontrollingInterest_16900632" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NetIncomeLossAttributableToNoncontrollingInterest_16900632" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26629693" xlink:label="PreferredStockDividends_26629693" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PreferredStockDividends_26629693" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_18848737" xlink:label="NetIncomeLossAvailableToCommonStockholdersBasic_18848737" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic_18848737" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_14299224" xlink:label="EarningsPerShareBasic_14299224" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="EarningsPerShareBasic_14299224" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_19217535" xlink:label="EarningsPerShareDiluted_19217535" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="EarningsPerShareDiluted_19217535" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_25607274" xlink:label="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_25607274" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_25607274" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_6671086" xlink:label="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax_6671086" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax_6671086" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_261604" xlink:label="ChangesInAvailableForSaleSecuritiesAndOther_261604" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ChangesInAvailableForSaleSecuritiesAndOther_261604" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_3262367" xlink:label="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_3262367" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_3262367" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28183662" xlink:label="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_28183662" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_28183662" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_28138968" xlink:label="ComprehensiveIncomeNetOfTax_28138968" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ComprehensiveIncomeNetOfTax_28138968" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_29248009" xlink:label="DepreciationAndAmortizationCashFlows_29248009" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DepreciationAndAmortizationCashFlows_29248009" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_21200121" xlink:label="IncreaseDecreaseInDeferredRentReceivables_21200121" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncreaseDecreaseInDeferredRentReceivables_21200121" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_24884063" xlink:label="EquityMethodInvestmentDividendsOrDistributions_24884063" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="EquityMethodInvestmentDividendsOrDistributions_24884063" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_20703975" xlink:label="IncreaseDecreaseInAccountsAndNotesReceivable_20703975" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncreaseDecreaseInAccountsAndNotesReceivable_20703975" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_22087148" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_22087148" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_22087148" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_4843199" xlink:label="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_4843199" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_4843199" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_9180073" xlink:label="NetCashProvidedByUsedInOperatingActivities_9180073" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NetCashProvidedByUsedInOperatingActivities_9180073" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_15320365" xlink:label="OriginationOfNotesReceivableFromRelatedParties_15320365" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OriginationOfNotesReceivableFromRelatedParties_15320365" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26702704" xlink:label="RepaymentOfNotesReceivableFromRelatedParties_26702704" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RepaymentOfNotesReceivableFromRelatedParties_26702704" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_30719924" xlink:label="PaymentsForProceedsFromProductiveAssets_30719924" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PaymentsForProceedsFromProductiveAssets_30719924" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_6619620" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates_6619620" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PaymentsToAcquireInterestInSubsidiariesAndAffiliates_6619620" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_30471522" xlink:label="PaymentsToAcquireInvestments_30471522" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PaymentsToAcquireInvestments_30471522" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_20870109" xlink:label="ProceedsFromSaleMaturityAndCollectionsOfInvestments_20870109" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProceedsFromSaleMaturityAndCollectionsOfInvestments_20870109" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_289075" xlink:label="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_289075" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_289075" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_13414142" xlink:label="NetCashProvidedByUsedInInvestingActivities_13414142" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NetCashProvidedByUsedInInvestingActivities_13414142" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_29189975" xlink:label="ProceedsFromIssuanceOrSaleOfEquity_29189975" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProceedsFromIssuanceOrSaleOfEquity_29189975" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_27902282" xlink:label="PaymentsForRepurchaseOfOtherEquity_27902282" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PaymentsForRepurchaseOfOtherEquity_27902282" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_12437608" xlink:label="ProceedsFromRepurchaseOfRedeemablePreferredStock_12437608" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProceedsFromRepurchaseOfRedeemablePreferredStock_12437608" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_24893763" xlink:label="PaymentsToMinorityShareholders_24893763" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PaymentsToMinorityShareholders_24893763" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_29542370" xlink:label="ProceedsFromMinorityShareholders_29542370" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProceedsFromMinorityShareholders_29542370" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_1285328" xlink:label="DistributionsToPreferredUnitHoldersFinancingActivities_1285328" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="DistributionsToPreferredUnitHoldersFinancingActivities_1285328" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26577875" xlink:label="PaymentsOfOrdinaryDividends_26577875" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PaymentsOfOrdinaryDividends_26577875" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_19739852" xlink:label="PaymentsOfDividendsMinorityInterest_19739852" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="PaymentsOfDividendsMinorityInterest_19739852" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_32956702" xlink:label="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_32956702" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_32956702" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_20619045" xlink:label="RepaymentsOfLongTermDebtAndCapitalSecurities_20619045" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="RepaymentsOfLongTermDebtAndCapitalSecurities_20619045" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_9932945" xlink:label="NetCashProvidedByUsedInFinancingActivities_9932945" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="NetCashProvidedByUsedInFinancingActivities_9932945" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_29832587" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease_29832587" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease_29832587" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_11108760" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_11108760" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_11108760" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_9799415" xlink:label="CommonStockValue_9799415" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CommonStockValue_9799415" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_8128178" xlink:label="CommonStockValue_11464042" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CommonStockValue_11464042" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_8958714" xlink:label="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_8958714" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_8958714" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_26745569" xlink:label="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_26745569" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_26745569" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_757152" xlink:label="CashAndCashEquivalentsAtCarryingValue_757152" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CashAndCashEquivalentsAtCarryingValue_757152" xlink:to="footnote_17989588" xlink:type="arc" />
    <link:loc xlink:href="#id_footnote_elem_25305965" xlink:label="CashAndCashEquivalentsAtCarryingValue_25305965" xlink:type="locator" />
    <link:footnoteArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="CashAndCashEquivalentsAtCarryingValue_25305965" xlink:to="footnote_17989588" xlink:type="arc" />
  </link:footnoteLink>
</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>12
<FILENAME>spg-20090930.xsd
<DESCRIPTION>EX-101.SCH
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu XWand B0126 -->
<xsd:schema xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:spg="http://simon.com/20090930" xmlns:stm-all-re="http://xbrl.us/re/stm-all/2009-01-31" xmlns:stm-re="http://xbrl.us/re/stm/2009-01-31" xmlns:us-gaap="http://xbrl.us/us-gaap/2009-01-31" xmlns:us-gaap-all="http://xbrl.us/us-gaap-all/2009-01-31" xmlns:us-gaap-std="http://xbrl.us/us-gaap-std/2009-01-31" xmlns:us-roles="http://xbrl.us/us-roles/2009-01-31" xmlns:us-types="http://xbrl.us/us-types/2009-01-31" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink" elementFormDefault="qualified" targetNamespace="http://simon.com/20090930">
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="spg-20090930_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="spg-20090930_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="spg-20090930_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-lab-2009-01-31.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="spg-20090930_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple" />
      <link:roleType id="RT_11" roleURI="http://simon.com/role/BalanceSheets">
        <link:definition>0010 - Statement - Consolidated Balance Sheets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_12" roleURI="http://simon.com/role/StatementsOfOperationsAndComprehensiveIncome">
        <link:definition>0020 - Statement - Consolidated Statements of Operations and Comprehensive Income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_14" roleURI="http://simon.com/role/StatementsOfCashFlows">
        <link:definition>0030 - Statement - Consolidated Statements of Cash Flows</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_15" roleURI="http://simon.com/role/StatementsOfStockholdersEquity">
        <link:definition>0040 - Statement - Consolidated Statements of Stockholders' Equity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_1" roleURI="http://simon.com/role/BalanceSheetsParenthetical">
        <link:definition>0015 - Statement - Consolidated Balance Sheets (parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_2" roleURI="http://simon.com/role/StatementsOfStockholdersEquityParenthetical">
        <link:definition>0045 - Statement - Consolidated Statements of Stockholders' Equity (parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_3" roleURI="http://simon.com/role/DocumentAndEntityInformation">
        <link:definition>9999 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_4" roleURI="http://simon.com/role/DisclosureOrganization">
        <link:definition>1010 - Disclosure - Organization</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_5" roleURI="http://simon.com/role/DisclosureBasisOfPresentation">
        <link:definition>1020 - Disclosure - Basis of Presentation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_6" roleURI="http://simon.com/role/DisclosureSummaryOfSignificantAccountingPolicies">
        <link:definition>1030 - Disclosure - Significant Accounting Policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_7" roleURI="http://simon.com/role/DisclosurePerShareData">
        <link:definition>1040 - Disclosure - Per Share Data</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_8" roleURI="http://simon.com/role/DisclosureInvestmentsInUnconsolidatedEntities">
        <link:definition>1050 - Disclosure - Investment in Unconsolidated Entities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_9" roleURI="http://simon.com/role/DisclosureDebt">
        <link:definition>1060 - Disclosure - Debt</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_10" roleURI="http://simon.com/role/DisclosureEquity">
        <link:definition>1070 - Disclosure - Equity</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_17" roleURI="http://simon.com/role/DisclosureCommitmentsAndContingencies">
        <link:definition>1080 - Disclosure - Commitments and Contingencies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_18" roleURI="http://simon.com/role/DisclosureRealEstateAcquisitionsAdnDispositions">
        <link:definition>1090 - Disclosure - Real Estate Acquisitions and Dispositions</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_19" roleURI="http://simon.com/role/DisclosureRecentlyIssuedAccountingPronouncements">
        <link:definition>1100 - Disclosure - Recent Financial Accounting Standards</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_20" roleURI="http://simon.com/role/DisclosureInvestmentProperties">
        <link:definition>1110 - Disclosure - Investment Properties</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_21" roleURI="http://simon.com/role/DisclosureIndebtednessAndDerivativeFinancialInstruments">
        <link:definition>1120 - Disclosure - Indebtedness and Derivative Financial Instruments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_22" roleURI="http://simon.com/role/DisclosureRentalsUnderOperatingLeases">
        <link:definition>1130 - Disclosure - Rentals under Operating Leases</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_23" roleURI="http://simon.com/role/DisclosureRelatedPartyTransactions">
        <link:definition>1140 - Disclosure - Related Party Transactions</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_24" roleURI="http://simon.com/role/DisclosureQuarterlyFinancialData">
        <link:definition>1150 - Disclosure - Quarterly Financial Data</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_13" roleURI="http://simon.com/role/UnusedElements">
        <link:definition>8888 - Disclosure - Un Used Elements</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType id="RT_16" roleURI="http://simon.com/role/StatementsOfStockholdersEquity2">
        <link:definition>0046 - Statement - Consolidated Statements of Stockholders' Equity (calculation2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.us/us-gaap/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd" />
  <xsd:import namespace="http://xbrl.us/us-types/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-types-2009-01-31.xsd" />
  <xsd:import namespace="http://xbrl.us/dei/2009-01-31" schemaLocation="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd" />
  <xsd:import namespace="http://xbrl.us/us-gaap/negated/2008-03-31" schemaLocation="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd" />
  <xsd:element id="spg_DeferredCostsAndOtherAssets" name="DeferredCostsAndOtherAssets" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element id="spg_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" name="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element id="spg_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" name="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element id="spg_OtherLiabilitiesAndAccruedDividends" name="OtherLiabilitiesAndAccruedDividends" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element id="spg_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" name="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element id="spg_CommonClassCMember" name="CommonClassCMember" nillable="true" substitutionGroup="xbrli:item" type="us-types:domainItemType" xbrli:periodType="duration" />
  <xsd:element abstract="false" id="spg_CapitalStock" name="CapitalStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_CapitalStockSharesAuthorized" name="CapitalStockSharesAuthorized" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant" />
  <xsd:element id="spg_CapitalStockParValuePerShare" name="CapitalStockParValuePerShare" nillable="true" substitutionGroup="xbrli:item" type="us-types:perShareItemType" xbrli:periodType="instant" />
  <xsd:element id="spg_CaptialStockSharesOfExcessCommonStock" name="CaptialStockSharesOfExcessCommonStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant" />
  <xsd:element id="spg_CapitalStockAuthorizedSharesOfPreferredStock" name="CapitalStockAuthorizedSharesOfPreferredStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant" />
  <xsd:element id="spg_PreferredStockLiquidationValue" name="PreferredStockLiquidationValue" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element id="spg_ManagementFeesAndOtherRevenues" name="ManagementFeesAndOtherRevenues" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_HomeAndRegionalOfficeCosts" name="HomeAndRegionalOfficeCosts" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_ChangesInAvailableForSaleSecuritiesAndOther" name="ChangesInAvailableForSaleSecuritiesAndOther" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_OtherComprehensiveIncomeOtherIncomeLoss" name="OtherComprehensiveIncomeOtherIncomeLoss" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_DepreciationAndAmortizationCashFlows" name="DepreciationAndAmortizationCashFlows" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" name="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" name="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_CashIncreaseDecreaseFromConsolidationAndDeconsolidationOfProperties" name="CashIncreaseDecreaseFromConsolidationAndDeconsolidationOfProperties" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" name="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" name="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" name="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_DistributionsToPreferredUnitHoldersFinancingActivities" name="DistributionsToPreferredUnitHoldersFinancingActivities" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element abstract="true" id="spg_NotesToConsolidatedFinancialStatementsAbstract" name="NotesToConsolidatedFinancialStatementsAbstract" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_BasisOfPresentationAndConsolidationDisclosureTextBlock" name="BasisOfPresentationAndConsolidationDisclosureTextBlock" nillable="true" substitutionGroup="xbrli:item" type="us-types:textBlockItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" name="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" nillable="true" substitutionGroup="xbrli:item" type="us-types:textBlockItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_DebtAndDerivativeInstrumentsDisclosureTextBlock" name="DebtAndDerivativeInstrumentsDisclosureTextBlock" nillable="true" substitutionGroup="xbrli:item" type="us-types:textBlockItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_PreferredStockPremiumNetOfAmortization" name="PreferredStockPremiumNetOfAmortization" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_PreferredStockPremiumAmortization" name="PreferredStockPremiumAmortization" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_PreferredStockDiscountAccretion" name="PreferredStockDiscountAccretion" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" name="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" name="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" name="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_IssuanceOfCommonSharesUponConversionOfClassC" name="IssuanceOfCommonSharesUponConversionOfClassC" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_StockRedeemedDuringPeriodValue" name="StockRedeemedDuringPeriodValue" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element id="spg_StockRedeemedDuringPeriodShares" name="StockRedeemedDuringPeriodShares" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_SeriesIPreferredStockMember" name="SeriesIPreferredStockMember" nillable="true" substitutionGroup="xbrli:item" type="us-types:domainItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_SeriesJPreferredStockMember" name="SeriesJPreferredStockMember" nillable="true" substitutionGroup="xbrli:item" type="us-types:domainItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_SeriesKPreferredStockMember" name="SeriesKPreferredStockMember" nillable="true" substitutionGroup="xbrli:item" type="us-types:domainItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_SeriesLPreferredStockMember" name="SeriesLPreferredStockMember" nillable="true" substitutionGroup="xbrli:item" type="us-types:domainItemType" xbrli:periodType="duration" />
  <xsd:element abstract="true" id="spg_DocumentAndEntityInformationAbstract" name="DocumentAndEntityInformationAbstract" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_EntityClassBCommonStockSharesOutstanding" name="EntityClassBCommonStockSharesOutstanding" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant" />
  <xsd:element id="spg_EntityClassCCommonStockSharesOutstanding" name="EntityClassCCommonStockSharesOutstanding" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="instant" />
  <xsd:element id="spg_ConversionOfPreferredUnitsToLimitedPartnerUnits" name="ConversionOfPreferredUnitsToLimitedPartnerUnits" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" name="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnits" name="IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnits" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element abstract="true" id="spg_UnusedElementsAbstract" name="UnusedElementsAbstract" nillable="true" substitutionGroup="xbrli:item" type="xbrli:stringItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_PublicOfferingOfCommonStockValue" name="PublicOfferingOfCommonStockValue" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_PublicOfferingOfCommonStockShares" name="PublicOfferingOfCommonStockShares" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_StockIssuedToCommonShareholdersAndLimitedPartners" name="StockIssuedToCommonShareholdersAndLimitedPartners" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnitsSecondSeriesInYear" name="IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnitsSecondSeriesInYear" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" name="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_OtherComprehensiveIncomeLossPriorYears" name="OtherComprehensiveIncomeLossPriorYears" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_StockIssuedToCommonShareholdersAndLimitedPartnersShares" name="StockIssuedToCommonShareholdersAndLimitedPartnersShares" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" name="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element id="spg_ConversionOfClassCStock" name="ConversionOfClassCStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration" />
  <xsd:element id="spg_PreferredStockConversionToCommonStock" name="PreferredStockConversionToCommonStock" nillable="true" substitutionGroup="xbrli:item" type="xbrli:sharesItemType" xbrli:periodType="duration" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>13
<FILENAME>spg-20090930_cal.xml
<DESCRIPTION>EX-101.CAL
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu XWand B0126 -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:spg="http://simon.com/20090930" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfFinancialPositionClassified-RealEstateOperations" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#sfp-clreo" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfFinancialPositionUnclassified-RealEstateOperations" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#sfp-ucreo" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfIncomeRealEstateExcludingREITs" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soi-re" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfIncomeRealEstateInvestmentTrusts" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soi-reit" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfIncomeRealEstateExcludingREITsCalc2" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soi-re2" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfIncomeRealEstateInvestmentTrustsCalc2" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soi-reit2" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfOtherComprehensiveIncome" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soc" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfOtherComprehensiveIncomeFirstAlternate" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soc1" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfCashFlowsDirect" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#scf-dir" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfCashFlowsIndirectRealEstate" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#scf-re" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfCashFlowsIndirectRealEstateFirstAlternate" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#scf-re1" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfPartnersCapital" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#spc" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfShareholdersEquityAndOtherComprehensiveIncome" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#sheci" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfShareholdersEquityAndOtherComprehensiveIncomeCalc2" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#sheci2" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/BalanceSheets" xlink:href="spg-20090930.xsd#RT_11" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfCashFlows" xlink:href="spg-20090930.xsd#RT_14" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfOperationsAndComprehensiveIncome" xlink:href="spg-20090930.xsd#RT_12" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfStockholdersEquity" xlink:href="spg-20090930.xsd#RT_15" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfStockholdersEquityParenthetical" xlink:href="spg-20090930.xsd#RT_2" xlink:type="simple"/>
<link:calculationLink xlink:role="http://simon.com/role/StatementsOfOperationsAndComprehensiveIncome" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="IncomeLossFromContinuingOperationsPerBasicShare" xlink:title="IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="locator"/>
<link:calculationArc order="1.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="EarningsPerShareBasic" xlink:title="calculation: EarningsPerShareBasic to IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:label="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:title="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="locator"/>
<link:calculationArc order="2.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="EarningsPerShareBasic" xlink:title="calculation: EarningsPerShareBasic to IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:to="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:title="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="locator"/>
<link:calculationArc order="1.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="EarningsPerShareDiluted" xlink:title="calculation: EarningsPerShareDiluted to IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:label="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:title="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="locator"/>
<link:calculationArc order="2.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="EarningsPerShareDiluted" xlink:title="calculation: EarningsPerShareDiluted to IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockDividends" xlink:label="PreferredStockDividends" xlink:title="PreferredStockDividends" xlink:type="locator"/>
<link:calculationArc order="3.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="calculation: NetIncomeLossAvailableToCommonStockholdersBasic to PreferredStockDividends" xlink:to="PreferredStockDividends" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="NetIncomeLossAttributableToNoncontrollingInterest" xlink:title="NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="calculation: NetIncomeLossAvailableToCommonStockholdersBasic to NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="calculation: NetIncomeLossAvailableToCommonStockholdersBasic to ProfitLoss" xlink:to="ProfitLoss" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" xlink:type="locator"/>
<link:calculationArc order="4.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:title="calculation: ProfitLoss to OperatingIncomeLoss" xlink:to="OperatingIncomeLoss" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:title="calculation: OperatingIncomeLoss to Revenues" xlink:to="Revenues" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="TenantReimbursements" xlink:title="TenantReimbursements" xlink:type="locator"/>
<link:calculationArc order="3.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Revenues" xlink:title="calculation: Revenues to TenantReimbursements" xlink:to="TenantReimbursements" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherIncome" xlink:label="OtherIncome" xlink:title="OtherIncome" xlink:type="locator"/>
<link:calculationArc order="1.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Revenues" xlink:title="calculation: Revenues to OtherIncome" xlink:to="OtherIncome" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ManagementFeesAndOtherRevenues" xlink:label="ManagementFeesAndOtherRevenues" xlink:title="ManagementFeesAndOtherRevenues" xlink:type="locator"/>
<link:calculationArc order="4.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Revenues" xlink:title="calculation: Revenues to ManagementFeesAndOtherRevenues" xlink:to="ManagementFeesAndOtherRevenues" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinimumRents" xlink:label="MinimumRents" xlink:title="MinimumRents" xlink:type="locator"/>
<link:calculationArc order="6.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Revenues" xlink:title="calculation: Revenues to MinimumRents" xlink:to="MinimumRents" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementContingentRevenue" xlink:label="OperatingLeasesIncomeStatementContingentRevenue" xlink:title="OperatingLeasesIncomeStatementContingentRevenue" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Revenues" xlink:title="calculation: Revenues to OperatingLeasesIncomeStatementContingentRevenue" xlink:to="OperatingLeasesIncomeStatementContingentRevenue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="CostsAndExpenses" xlink:title="CostsAndExpenses" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="OperatingIncomeLoss" xlink:title="calculation: OperatingIncomeLoss to CostsAndExpenses" xlink:to="CostsAndExpenses" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:title="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to DepreciationAndAmortization" xlink:to="DepreciationAndAmortization" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateTaxExpense" xlink:label="RealEstateTaxExpense" xlink:title="RealEstateTaxExpense" xlink:type="locator"/>
<link:calculationArc order="3.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to RealEstateTaxExpense" xlink:to="RealEstateTaxExpense" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfPropertyRepairsAndMaintenance" xlink:label="CostOfPropertyRepairsAndMaintenance" xlink:title="CostOfPropertyRepairsAndMaintenance" xlink:type="locator"/>
<link:calculationArc order="4.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to CostOfPropertyRepairsAndMaintenance" xlink:to="CostOfPropertyRepairsAndMaintenance" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MarketingAndAdvertisingExpense" xlink:label="MarketingAndAdvertisingExpense" xlink:title="MarketingAndAdvertisingExpense" xlink:type="locator"/>
<link:calculationArc order="5.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to MarketingAndAdvertisingExpense" xlink:to="MarketingAndAdvertisingExpense" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForLoanLeaseAndOtherLosses" xlink:label="ProvisionForLoanLeaseAndOtherLosses" xlink:title="ProvisionForLoanLeaseAndOtherLosses" xlink:type="locator"/>
<link:calculationArc order="6.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to ProvisionForLoanLeaseAndOtherLosses" xlink:to="ProvisionForLoanLeaseAndOtherLosses" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_HomeAndRegionalOfficeCosts" xlink:label="HomeAndRegionalOfficeCosts" xlink:title="HomeAndRegionalOfficeCosts" xlink:type="locator"/>
<link:calculationArc order="7.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to HomeAndRegionalOfficeCosts" xlink:to="HomeAndRegionalOfficeCosts" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" xlink:type="locator"/>
<link:calculationArc order="8.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to GeneralAndAdministrativeExpense" xlink:to="GeneralAndAdministrativeExpense" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="OtherCostAndExpenseOperating" xlink:title="OtherCostAndExpenseOperating" xlink:type="locator"/>
<link:calculationArc order="10.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to OtherCostAndExpenseOperating" xlink:to="OtherCostAndExpenseOperating" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges" xlink:type="locator"/>
<link:calculationArc order="9.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CostsAndExpenses" xlink:title="calculation: CostsAndExpenses to AssetImpairmentCharges" xlink:to="AssetImpairmentCharges" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" xlink:type="locator"/>
<link:calculationArc order="5.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:title="calculation: ProfitLoss to InterestExpense" xlink:to="InterestExpense" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="GainsLossesOnExtinguishmentOfDebt" xlink:title="GainsLossesOnExtinguishmentOfDebt" xlink:type="locator"/>
<link:calculationArc order="6.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:title="calculation: ProfitLoss to GainsLossesOnExtinguishmentOfDebt" xlink:to="GainsLossesOnExtinguishmentOfDebt" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit" xlink:type="locator"/>
<link:calculationArc order="7.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:title="calculation: ProfitLoss to IncomeTaxExpenseBenefit" xlink:to="IncomeTaxExpenseBenefit" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" xlink:type="locator"/>
<link:calculationArc order="8.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:title="calculation: ProfitLoss to IncomeLossFromEquityMethodInvestments" xlink:to="IncomeLossFromEquityMethodInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:label="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="locator"/>
<link:calculationArc order="10.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ProfitLoss" xlink:title="calculation: ProfitLoss to DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:calculationArc order="1.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTax" xlink:title="calculation: ComprehensiveIncomeNetOfTax to ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:title="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="locator"/>
<link:calculationArc order="2.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:label="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:title="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="locator"/>
<link:calculationArc order="3.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:to="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherComprehensiveIncomeOtherIncomeLoss" xlink:label="OtherComprehensiveIncomeOtherIncomeLoss" xlink:title="OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="locator"/>
<link:calculationArc order="5.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to OtherComprehensiveIncomeOtherIncomeLoss" xlink:to="OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="arc"/>
<link:calculationArc order="1.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to ProfitLoss" xlink:to="ProfitLoss" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ChangesInAvailableForSaleSecuritiesAndOther" xlink:label="ChangesInAvailableForSaleSecuritiesAndOther" xlink:title="ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="locator"/>
<link:calculationArc order="6.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to ChangesInAvailableForSaleSecuritiesAndOther" xlink:to="ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:calculationArc order="7.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:title="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:calculationArc order="2.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ComprehensiveIncomeNetOfTax" xlink:title="calculation: ComprehensiveIncomeNetOfTax to ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="arc"/>
</link:calculationLink>
<link:calculationLink xlink:role="http://simon.com/role/StatementsOfCashFlows" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" xlink:type="locator"/>
<link:calculationArc order="1.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInOperatingActivities" xlink:to="NetCashProvidedByUsedInOperatingActivities" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DepreciationAndAmortizationCashFlows" xlink:label="DepreciationAndAmortizationCashFlows" xlink:title="DepreciationAndAmortizationCashFlows" xlink:type="locator"/>
<link:calculationArc order="10.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to DepreciationAndAmortizationCashFlows" xlink:to="DepreciationAndAmortizationCashFlows" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:label="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="locator"/>
<link:calculationArc order="12.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges" xlink:type="locator"/>
<link:calculationArc order="13.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to AssetImpairmentCharges" xlink:to="AssetImpairmentCharges" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" xlink:type="locator"/>
<link:calculationArc order="16.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncomeLossFromEquityMethodInvestments" xlink:to="IncomeLossFromEquityMethodInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:label="EquityMethodInvestmentDividendsOrDistributions" xlink:title="EquityMethodInvestmentDividendsOrDistributions" xlink:type="locator"/>
<link:calculationArc order="17.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to EquityMethodInvestmentDividendsOrDistributions" xlink:to="EquityMethodInvestmentDividendsOrDistributions" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:label="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:title="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="locator"/>
<link:calculationArc order="21.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccountsAndNotesReceivable" xlink:to="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="locator"/>
<link:calculationArc order="22.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:label="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:title="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="locator"/>
<link:calculationArc order="23.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:to="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to ProfitLoss" xlink:to="ProfitLoss" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="locator"/>
<link:calculationArc order="14.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRentReceivables" xlink:label="IncreaseDecreaseInDeferredRentReceivables" xlink:title="IncreaseDecreaseInDeferredRentReceivables" xlink:type="locator"/>
<link:calculationArc order="15.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="calculation: NetCashProvidedByUsedInOperatingActivities to IncreaseDecreaseInDeferredRentReceivables" xlink:to="IncreaseDecreaseInDeferredRentReceivables" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" xlink:type="locator"/>
<link:calculationArc order="2.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInInvestingActivities" xlink:to="NetCashProvidedByUsedInInvestingActivities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:label="PaymentsForProceedsFromProductiveAssets" xlink:title="PaymentsForProceedsFromProductiveAssets" xlink:type="locator"/>
<link:calculationArc order="4.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to PaymentsForProceedsFromProductiveAssets" xlink:to="PaymentsForProceedsFromProductiveAssets" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CashIncreaseDecreaseFromConsolidationAndDeconsolidationOfProperties" xlink:label="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:title="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="locator"/>
<link:calculationArc order="5.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:to="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:label="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:title="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="locator"/>
<link:calculationArc order="6.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:to="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="locator"/>
<link:calculationArc order="7.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:label="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:title="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="locator"/>
<link:calculationArc order="9.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:to="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:label="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:title="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:to="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="OriginationOfNotesReceivableFromRelatedParties" xlink:title="OriginationOfNotesReceivableFromRelatedParties" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to OriginationOfNotesReceivableFromRelatedParties" xlink:to="OriginationOfNotesReceivableFromRelatedParties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xlink:label="RepaymentOfNotesReceivableFromRelatedParties" xlink:title="RepaymentOfNotesReceivableFromRelatedParties" xlink:type="locator"/>
<link:calculationArc order="3.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to RepaymentOfNotesReceivableFromRelatedParties" xlink:to="RepaymentOfNotesReceivableFromRelatedParties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="PaymentsToAcquireInvestments" xlink:title="PaymentsToAcquireInvestments" xlink:type="locator"/>
<link:calculationArc order="8.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to PaymentsToAcquireInvestments" xlink:to="PaymentsToAcquireInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:title="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="locator"/>
<link:calculationArc order="8.1" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="calculation: NetCashProvidedByUsedInInvestingActivities to ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:to="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" xlink:type="locator"/>
<link:calculationArc order="3.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="calculation: CashAndCashEquivalentsPeriodIncreaseDecrease to NetCashProvidedByUsedInFinancingActivities" xlink:to="NetCashProvidedByUsedInFinancingActivities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="ProceedsFromIssuanceOrSaleOfEquity" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to ProceedsFromIssuanceOrSaleOfEquity" xlink:to="ProceedsFromIssuanceOrSaleOfEquity" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:label="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:title="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:to="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:label="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:title="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="locator"/>
<link:calculationArc order="4.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:to="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="ProceedsFromMinorityShareholders" xlink:title="ProceedsFromMinorityShareholders" xlink:type="locator"/>
<link:calculationArc order="6.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to ProceedsFromMinorityShareholders" xlink:to="ProceedsFromMinorityShareholders" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:label="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:title="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="locator"/>
<link:calculationArc order="7.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to DistributionsToPreferredUnitHoldersFinancingActivities" xlink:to="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:label="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:title="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="locator"/>
<link:calculationArc order="10.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:to="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:title="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="locator"/>
<link:calculationArc order="11.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:to="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfOtherEquity" xlink:label="PaymentsForRepurchaseOfOtherEquity" xlink:title="PaymentsForRepurchaseOfOtherEquity" xlink:type="locator"/>
<link:calculationArc order="3.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to PaymentsForRepurchaseOfOtherEquity" xlink:to="PaymentsForRepurchaseOfOtherEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToMinorityShareholders" xlink:label="PaymentsToMinorityShareholders" xlink:title="PaymentsToMinorityShareholders" xlink:type="locator"/>
<link:calculationArc order="5.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to PaymentsToMinorityShareholders" xlink:to="PaymentsToMinorityShareholders" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="PaymentsOfDividendsMinorityInterest" xlink:title="PaymentsOfDividendsMinorityInterest" xlink:type="locator"/>
<link:calculationArc order="9.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to PaymentsOfDividendsMinorityInterest" xlink:to="PaymentsOfDividendsMinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="PaymentsOfOrdinaryDividends" xlink:title="PaymentsOfOrdinaryDividends" xlink:type="locator"/>
<link:calculationArc order="8.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="calculation: NetCashProvidedByUsedInFinancingActivities to PaymentsOfOrdinaryDividends" xlink:to="PaymentsOfOrdinaryDividends" xlink:type="arc"/>
</link:calculationLink>
<link:calculationLink xlink:role="http://simon.com/role/BalanceSheets" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:title="calculation: LiabilitiesAndStockholdersEquity to Liabilities" xlink:to="Liabilities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations" xlink:label="DebtAndCapitalLeaseObligations" xlink:title="DebtAndCapitalLeaseObligations" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Liabilities" xlink:title="calculation: Liabilities to DebtAndCapitalLeaseObligations" xlink:to="DebtAndCapitalLeaseObligations" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:label="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:title="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Liabilities" xlink:title="calculation: Liabilities to AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:to="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:label="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:title="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="locator"/>
<link:calculationArc order="3.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Liabilities" xlink:title="calculation: Liabilities to CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:to="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherLiabilitiesAndAccruedDividends" xlink:label="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:title="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="locator"/>
<link:calculationArc order="4.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Liabilities" xlink:title="calculation: Liabilities to OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:to="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:calculationArc order="4.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:title="calculation: LiabilitiesAndStockholdersEquity to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" xlink:type="locator"/>
<link:calculationArc order="1.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to StockholdersEquity" xlink:to="StockholdersEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:title="calculation: StockholdersEquity to PreferredStockValue" xlink:to="PreferredStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:title="calculation: StockholdersEquity to CommonStockValue" xlink:to="CommonStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital" xlink:type="locator"/>
<link:calculationArc order="3.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:title="calculation: StockholdersEquity to AdditionalPaidInCapital" xlink:to="AdditionalPaidInCapital" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="TreasuryStockValue" xlink:title="TreasuryStockValue" xlink:type="locator"/>
<link:calculationArc order="6.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:title="calculation: StockholdersEquity to TreasuryStockValue" xlink:to="TreasuryStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="locator"/>
<link:calculationArc order="5.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:title="calculation: StockholdersEquity to AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" xlink:type="locator"/>
<link:calculationArc order="4.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquity" xlink:title="calculation: StockholdersEquity to RetainedEarningsAccumulatedDeficit" xlink:to="RetainedEarningsAccumulatedDeficit" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterest" xlink:label="MinorityInterest" xlink:title="MinorityInterest" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="calculation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to MinorityInterest" xlink:to="MinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquityCarryingAmount" xlink:label="TemporaryEquityCarryingAmount" xlink:title="TemporaryEquityCarryingAmount" xlink:type="locator"/>
<link:calculationArc order="3.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:title="calculation: LiabilitiesAndStockholdersEquity to TemporaryEquityCarryingAmount" xlink:to="TemporaryEquityCarryingAmount" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:label="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:title="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="LiabilitiesAndStockholdersEquity" xlink:title="calculation: LiabilitiesAndStockholdersEquity to LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:to="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="RealEstateInvestmentPropertyNet" xlink:title="RealEstateInvestmentPropertyNet" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:title="calculation: Assets to RealEstateInvestmentPropertyNet" xlink:to="RealEstateInvestmentPropertyNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="RealEstateInvestmentPropertyAtCost" xlink:title="RealEstateInvestmentPropertyAtCost" xlink:type="locator"/>
<link:calculationArc order="1.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="RealEstateInvestmentPropertyNet" xlink:title="calculation: RealEstateInvestmentPropertyNet to RealEstateInvestmentPropertyAtCost" xlink:to="RealEstateInvestmentPropertyAtCost" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:title="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="RealEstateInvestmentPropertyNet" xlink:title="calculation: RealEstateInvestmentPropertyNet to RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
<link:calculationArc order="2.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:title="calculation: Assets to CashAndCashEquivalentsAtCarryingValue" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="AccountsAndNotesReceivableNet" xlink:title="AccountsAndNotesReceivableNet" xlink:type="locator"/>
<link:calculationArc order="3.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:title="calculation: Assets to AccountsAndNotesReceivableNet" xlink:to="AccountsAndNotesReceivableNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="EquityMethodInvestments" xlink:title="EquityMethodInvestments" xlink:type="locator"/>
<link:calculationArc order="4.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:title="calculation: Assets to EquityMethodInvestments" xlink:to="EquityMethodInvestments" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DeferredCostsAndOtherAssets" xlink:label="DeferredCostsAndOtherAssets" xlink:title="DeferredCostsAndOtherAssets" xlink:type="locator"/>
<link:calculationArc order="5.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:title="calculation: Assets to DeferredCostsAndOtherAssets" xlink:to="DeferredCostsAndOtherAssets" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="NotesReceivableRelatedParties" xlink:title="NotesReceivableRelatedParties" xlink:type="locator"/>
<link:calculationArc order="6.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Assets" xlink:title="calculation: Assets to NotesReceivableRelatedParties" xlink:to="NotesReceivableRelatedParties" xlink:type="arc"/>
</link:calculationLink>
<link:calculationLink xlink:role="http://simon.com/role/StatementsOfStockholdersEquity" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="StockholdersEquityPeriodIncreaseDecrease" xlink:title="StockholdersEquityPeriodIncreaseDecrease" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="StockIssuedDuringPeriodValueConversionOfUnits" xlink:title="StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="locator"/>
<link:calculationArc order="10.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:title="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="locator"/>
<link:calculationArc order="60.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:title="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="locator"/>
<link:calculationArc order="50.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator"/>
<link:calculationArc order="70.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockPremiumAmortization" xlink:label="PreferredStockPremiumAmortization" xlink:title="PreferredStockPremiumAmortization" xlink:type="locator"/>
<link:calculationArc order="80.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to PreferredStockPremiumAmortization" xlink:to="PreferredStockPremiumAmortization" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator"/>
<link:calculationArc order="90.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="TreasuryStockValueAcquiredCostMethod" xlink:title="TreasuryStockValueAcquiredCostMethod" xlink:type="locator"/>
<link:calculationArc order="120.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to TreasuryStockValueAcquiredCostMethod" xlink:to="TreasuryStockValueAcquiredCostMethod" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockDiscountAccretion" xlink:label="PreferredStockDiscountAccretion" xlink:title="PreferredStockDiscountAccretion" xlink:type="locator"/>
<link:calculationArc order="130.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to PreferredStockDiscountAccretion" xlink:to="PreferredStockDiscountAccretion" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="StockRedeemedOrCalledDuringPeriodValue" xlink:title="StockRedeemedOrCalledDuringPeriodValue" xlink:type="locator"/>
<link:calculationArc order="140.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockRedeemedOrCalledDuringPeriodValue" xlink:to="StockRedeemedOrCalledDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="locator"/>
<link:calculationArc order="170.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="locator"/>
<link:calculationArc order="180.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="StockholdersEquityOther" xlink:title="StockholdersEquityOther" xlink:type="locator"/>
<link:calculationArc order="200.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockholdersEquityOther" xlink:to="StockholdersEquityOther" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:label="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:title="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="locator"/>
<link:calculationArc order="220.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:to="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" xlink:type="locator"/>
<link:calculationArc order="150.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockIssuedDuringPeriodValueNewIssues" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:title="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="locator"/>
<link:calculationArc order="240.0" use="optional" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PublicOfferingOfCommonStockValue" xlink:label="PublicOfferingOfCommonStockValue" xlink:title="PublicOfferingOfCommonStockValue" xlink:type="locator"/>
<link:calculationArc order="40.0" use="optional" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to PublicOfferingOfCommonStockValue" xlink:to="PublicOfferingOfCommonStockValue" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnits" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="locator"/>
<link:calculationArc order="100.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:to="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="locator"/>
<link:calculationArc order="110.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:to="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockRedeemedDuringPeriodValue" xlink:label="StockRedeemedDuringPeriodValue" xlink:title="StockRedeemedDuringPeriodValue" xlink:type="locator"/>
<link:calculationArc order="160.0" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockRedeemedDuringPeriodValue" xlink:to="StockRedeemedDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:label="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:title="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="locator"/>
<link:calculationArc order="190.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:to="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:label="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:title="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="locator"/>
<link:calculationArc order="210.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:to="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:label="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:title="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="locator"/>
<link:calculationArc order="230.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to StockIssuedToCommonShareholdersAndLimitedPartners" xlink:to="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:calculationArc order="250.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:calculationArc order="260.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:label="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:title="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="locator"/>
<link:calculationArc order="290.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:to="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherComprehensiveIncomeLossPriorYears" xlink:label="OtherComprehensiveIncomeLossPriorYears" xlink:title="OtherComprehensiveIncomeLossPriorYears" xlink:type="locator"/>
<link:calculationArc order="281.0" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="calculation: StockholdersEquityPeriodIncreaseDecrease to OtherComprehensiveIncomeLossPriorYears" xlink:to="OtherComprehensiveIncomeLossPriorYears" xlink:type="arc"/>
</link:calculationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>14
<FILENAME>spg-20090930_def.xml
<DESCRIPTION>EX-101.DEF
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu XWand B0126 -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:p0="http://xbrl.org/2005/xbrldt" xmlns:spg="http://simon.com/20090930" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<link:roleRef roleURI="http://simon.com/role/StatementsOfStockholdersEquity" xlink:href="spg-20090930.xsd#RT_15" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/BalanceSheetsParenthetical" xlink:href="spg-20090930.xsd#RT_1" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfStockholdersEquityParenthetical" xlink:href="spg-20090930.xsd#RT_2" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DocumentAndEntityInformation" xlink:href="spg-20090930.xsd#RT_3" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/BalanceSheets" xlink:href="spg-20090930.xsd#RT_11" xlink:type="simple"/>
<link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" xlink:type="simple"/>
<link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" xlink:type="simple"/>
<link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" xlink:type="simple"/>
<link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" xlink:type="simple"/>
<link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" xlink:type="simple"/>
<link:definitionLink xlink:role="http://simon.com/role/BalanceSheets" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator"/>
<link:definitionArc order="1.0" p0:contextElement="segment" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to StatementTable" xlink:to="StatementTable" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" xlink:type="locator"/>
<link:definitionArc order="1.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="StatementTable" xlink:title="definition: StatementTable to StatementClassOfStockAxis" xlink:to="StatementClassOfStockAxis" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain" xlink:title="ClassOfStockDomain" xlink:type="locator"/>
<link:definitionArc order="1.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="StatementClassOfStockAxis" xlink:title="definition: StatementClassOfStockAxis to ClassOfStockDomain" xlink:to="ClassOfStockDomain" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain_2" xlink:title="ClassOfStockDomain" xlink:type="locator"/>
<link:definitionArc order="2.0" priority="1" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="StatementClassOfStockAxis" xlink:title="definition: StatementClassOfStockAxis to ClassOfStockDomain" xlink:to="ClassOfStockDomain_2" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="CommonClassAMember" xlink:title="CommonClassAMember" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockDomain" xlink:title="definition: ClassOfStockDomain to CommonClassAMember" xlink:to="CommonClassAMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="CommonClassBMember" xlink:title="CommonClassBMember" xlink:type="locator"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockDomain" xlink:title="definition: ClassOfStockDomain to CommonClassBMember" xlink:to="CommonClassBMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CommonClassCMember" xlink:label="CommonClassCMember" xlink:title="CommonClassCMember" xlink:type="locator"/>
<link:definitionArc order="3.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockDomain" xlink:title="definition: ClassOfStockDomain to CommonClassCMember" xlink:to="CommonClassCMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" xlink:type="locator"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to AssetsAbstract" xlink:to="AssetsAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="RealEstateInvestmentPropertyAtCost" xlink:title="RealEstateInvestmentPropertyAtCost" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to RealEstateInvestmentPropertyAtCost" xlink:to="RealEstateInvestmentPropertyAtCost" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:title="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="locator"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="RealEstateInvestmentPropertyNet" xlink:title="RealEstateInvestmentPropertyNet" xlink:type="locator"/>
<link:definitionArc order="3.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to RealEstateInvestmentPropertyNet" xlink:to="RealEstateInvestmentPropertyNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
<link:definitionArc order="4.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to CashAndCashEquivalentsAtCarryingValue" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="AccountsAndNotesReceivableNet" xlink:title="AccountsAndNotesReceivableNet" xlink:type="locator"/>
<link:definitionArc order="5.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to AccountsAndNotesReceivableNet" xlink:to="AccountsAndNotesReceivableNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="EquityMethodInvestments" xlink:title="EquityMethodInvestments" xlink:type="locator"/>
<link:definitionArc order="6.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to EquityMethodInvestments" xlink:to="EquityMethodInvestments" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DeferredCostsAndOtherAssets" xlink:label="DeferredCostsAndOtherAssets" xlink:title="DeferredCostsAndOtherAssets" xlink:type="locator"/>
<link:definitionArc order="7.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to DeferredCostsAndOtherAssets" xlink:to="DeferredCostsAndOtherAssets" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DueFromRelatedParties" xlink:label="DueFromRelatedParties" xlink:title="DueFromRelatedParties" xlink:type="locator"/>
<link:definitionArc order="8.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to DueFromRelatedParties" xlink:to="DueFromRelatedParties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" xlink:type="locator"/>
<link:definitionArc order="9.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="AssetsAbstract" xlink:title="definition: AssetsAbstract to Assets" xlink:to="Assets" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" xlink:type="locator"/>
<link:definitionArc order="3.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to LiabilitiesAbstract" xlink:to="LiabilitiesAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" xlink:type="locator"/>
<link:definitionArc order="5.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LiabilitiesAbstract" xlink:title="definition: LiabilitiesAbstract to Liabilities" xlink:to="Liabilities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations" xlink:label="DebtAndCapitalLeaseObligations" xlink:title="DebtAndCapitalLeaseObligations" xlink:type="locator"/>
<link:definitionArc order="1.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LiabilitiesAbstract" xlink:title="definition: LiabilitiesAbstract to DebtAndCapitalLeaseObligations" xlink:to="DebtAndCapitalLeaseObligations" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:label="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:title="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="locator"/>
<link:definitionArc order="2.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LiabilitiesAbstract" xlink:title="definition: LiabilitiesAbstract to AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:to="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:label="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:title="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="locator"/>
<link:definitionArc order="3.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LiabilitiesAbstract" xlink:title="definition: LiabilitiesAbstract to CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:to="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherLiabilitiesAndAccruedDividends" xlink:label="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:title="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="locator"/>
<link:definitionArc order="4.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="LiabilitiesAbstract" xlink:title="definition: LiabilitiesAbstract to OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:to="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" xlink:type="locator"/>
<link:definitionArc order="8.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to LiabilitiesAndStockholdersEquity" xlink:to="LiabilitiesAndStockholdersEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingencies2009" xlink:label="CommitmentsAndContingencies2009" xlink:title="CommitmentsAndContingencies2009" xlink:type="locator"/>
<link:definitionArc order="4.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to CommitmentsAndContingencies2009" xlink:to="CommitmentsAndContingencies2009" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:label="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:title="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="locator"/>
<link:definitionArc order="5.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:to="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquityCarryingAmount" xlink:label="TemporaryEquityCarryingAmount" xlink:title="TemporaryEquityCarryingAmount" xlink:type="locator"/>
<link:definitionArc order="6.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to TemporaryEquityCarryingAmount" xlink:to="TemporaryEquityCarryingAmount" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="locator"/>
<link:definitionArc order="7.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="StockholdersEquityAbstract" xlink:title="StockholdersEquityAbstract" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="definition: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to StockholdersEquityAbstract" xlink:to="StockholdersEquityAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="TreasuryStockValue" xlink:title="TreasuryStockValue" xlink:type="locator"/>
<link:definitionArc order="5.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityAbstract" xlink:title="definition: StockholdersEquityAbstract to TreasuryStockValue" xlink:to="TreasuryStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" xlink:type="locator"/>
<link:definitionArc order="6.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityAbstract" xlink:title="definition: StockholdersEquityAbstract to StockholdersEquity" xlink:to="StockholdersEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital" xlink:type="locator"/>
<link:definitionArc order="2.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityAbstract" xlink:title="definition: StockholdersEquityAbstract to AdditionalPaidInCapital" xlink:to="AdditionalPaidInCapital" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" xlink:type="locator"/>
<link:definitionArc order="3.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityAbstract" xlink:title="definition: StockholdersEquityAbstract to RetainedEarningsAccumulatedDeficit" xlink:to="RetainedEarningsAccumulatedDeficit" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="locator"/>
<link:definitionArc order="4.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityAbstract" xlink:title="definition: StockholdersEquityAbstract to AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStock" xlink:label="CapitalStock" xlink:title="CapitalStock" xlink:type="locator"/>
<link:definitionArc order="1.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityAbstract" xlink:title="definition: StockholdersEquityAbstract to CapitalStock" xlink:to="CapitalStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to PreferredStockValue" xlink:to="PreferredStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="ClassOfStockLineItems" xlink:title="ClassOfStockLineItems" xlink:type="locator"/>
<link:definitionArc order="1.5" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to ClassOfStockLineItems" xlink:to="ClassOfStockLineItems" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockLineItems" xlink:title="definition: ClassOfStockLineItems to CommonStockValue" xlink:to="CommonStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterest" xlink:label="MinorityInterest" xlink:title="MinorityInterest" xlink:type="locator"/>
<link:definitionArc order="2.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="definition: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to MinorityInterest" xlink:to="MinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:definitionArc order="3.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="definition: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc"/>
</link:definitionLink>
<link:definitionLink xlink:role="http://simon.com/role/BalanceSheetsParenthetical" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator"/>
<link:definitionArc order="1.0" p0:contextElement="segment" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to StatementTable" xlink:to="StatementTable" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" xlink:type="locator"/>
<link:definitionArc order="1.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="StatementTable" xlink:title="definition: StatementTable to StatementClassOfStockAxis" xlink:to="StatementClassOfStockAxis" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain" xlink:title="ClassOfStockDomain" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="StatementClassOfStockAxis" xlink:title="definition: StatementClassOfStockAxis to ClassOfStockDomain" xlink:to="ClassOfStockDomain" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="CommonClassAMember" xlink:title="CommonClassAMember" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockDomain" xlink:title="definition: ClassOfStockDomain to CommonClassAMember" xlink:to="CommonClassAMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="CommonClassBMember" xlink:title="CommonClassBMember" xlink:type="locator"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockDomain" xlink:title="definition: ClassOfStockDomain to CommonClassBMember" xlink:to="CommonClassBMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CommonClassCMember" xlink:label="CommonClassCMember" xlink:title="CommonClassCMember" xlink:type="locator"/>
<link:definitionArc order="3.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ClassOfStockDomain" xlink:title="definition: ClassOfStockDomain to CommonClassCMember" xlink:to="CommonClassCMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStock" xlink:label="CapitalStock" xlink:title="CapitalStock" xlink:type="locator"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockParValuePerShare" xlink:label="CapitalStockParValuePerShare" xlink:title="CapitalStockParValuePerShare" xlink:type="locator"/>
<link:definitionArc order="21.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CapitalStockParValuePerShare" xlink:to="CapitalStockParValuePerShare" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockSharesAuthorized" xlink:label="CapitalStockSharesAuthorized" xlink:title="CapitalStockSharesAuthorized" xlink:type="locator"/>
<link:definitionArc order="20.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CapitalStockSharesAuthorized" xlink:to="CapitalStockSharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CaptialStockSharesOfExcessCommonStock" xlink:label="CaptialStockSharesOfExcessCommonStock" xlink:title="CaptialStockSharesOfExcessCommonStock" xlink:type="locator"/>
<link:definitionArc order="22.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CaptialStockSharesOfExcessCommonStock" xlink:to="CaptialStockSharesOfExcessCommonStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="PreferredStockSharesAuthorized" xlink:title="PreferredStockSharesAuthorized" xlink:type="locator"/>
<link:definitionArc order="30.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to PreferredStockSharesAuthorized" xlink:to="PreferredStockSharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="PreferredStockSharesIssued" xlink:title="PreferredStockSharesIssued" xlink:type="locator"/>
<link:definitionArc order="31.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to PreferredStockSharesIssued" xlink:to="PreferredStockSharesIssued" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="PreferredStockSharesOutstanding" xlink:title="PreferredStockSharesOutstanding" xlink:type="locator"/>
<link:definitionArc order="32.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to PreferredStockSharesOutstanding" xlink:to="PreferredStockSharesOutstanding" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockLiquidationValue" xlink:label="PreferredStockLiquidationValue" xlink:title="PreferredStockLiquidationValue" xlink:type="locator"/>
<link:definitionArc order="33.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to PreferredStockLiquidationValue" xlink:to="PreferredStockLiquidationValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="CommonStockParOrStatedValuePerShare" xlink:title="CommonStockParOrStatedValuePerShare" xlink:type="locator"/>
<link:definitionArc order="40.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CommonStockParOrStatedValuePerShare" xlink:to="CommonStockParOrStatedValuePerShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" xlink:type="locator"/>
<link:definitionArc order="41.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CommonStockSharesAuthorized" xlink:to="CommonStockSharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" xlink:type="locator"/>
<link:definitionArc order="42.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CommonStockSharesIssued" xlink:to="CommonStockSharesIssued" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" xlink:type="locator"/>
<link:definitionArc order="43.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CommonStockSharesOutstanding" xlink:to="CommonStockSharesOutstanding" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="TreasuryStockShares" xlink:title="TreasuryStockShares" xlink:type="locator"/>
<link:definitionArc order="50.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to TreasuryStockShares" xlink:to="TreasuryStockShares" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockAuthorizedSharesOfPreferredStock" xlink:label="CapitalStockAuthorizedSharesOfPreferredStock" xlink:title="CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="locator"/>
<link:definitionArc order="23.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStock to CapitalStockAuthorizedSharesOfPreferredStock" xlink:to="CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesAuthorized" xlink:label="TemporaryEquitySharesAuthorized" xlink:title="TemporaryEquitySharesAuthorized" xlink:type="locator"/>
<link:definitionArc order="10.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStockAbstract to TemporaryEquitySharesAuthorized" xlink:to="TemporaryEquitySharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesIssued" xlink:label="TemporaryEquitySharesIssued" xlink:title="TemporaryEquitySharesIssued" xlink:type="locator"/>
<link:definitionArc order="11.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStockAbstract to TemporaryEquitySharesIssued" xlink:to="TemporaryEquitySharesIssued" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesOutstanding" xlink:label="TemporaryEquitySharesOutstanding" xlink:title="TemporaryEquitySharesOutstanding" xlink:type="locator"/>
<link:definitionArc order="12.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="CapitalStock" xlink:title="definition: CapitalStockAbstract to TemporaryEquitySharesOutstanding" xlink:to="TemporaryEquitySharesOutstanding" xlink:type="arc"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to CapitalStock" xlink:to="CapitalStock" xlink:type="arc"/>
</link:definitionLink>
<link:definitionLink xlink:role="http://simon.com/role/StatementsOfStockholdersEquity" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator"/>
<link:definitionArc order="1.0" p0:contextElement="segment" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to StatementTable" xlink:to="StatementTable" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="StatementTable" xlink:title="definition: StatementTable to StatementEquityComponentsAxis" xlink:to="StatementEquityComponentsAxis" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="StatementEquityComponentsAxis" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain" xlink:to="EquityComponentDomain" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain_2" xlink:title="EquityComponentDomain" xlink:type="locator"/>
<link:definitionArc order="2.0" priority="1" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="StatementEquityComponentsAxis" xlink:title="definition: StatementEquityComponentsAxis to EquityComponentDomain" xlink:to="EquityComponentDomain_2" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ParentMember" xlink:label="ParentMember" xlink:title="ParentMember" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:title="definition: EquityComponentDomain to ParentMember" xlink:to="ParentMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="PreferredStockMember" xlink:title="PreferredStockMember" xlink:type="locator"/>
<link:definitionArc order="1.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ParentMember" xlink:title="definition: ParentMember to PreferredStockMember" xlink:to="PreferredStockMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" xlink:type="locator"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ParentMember" xlink:title="definition: ParentMember to CommonStockMember" xlink:to="CommonStockMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="AccumulatedOtherComprehensiveIncomeMember" xlink:title="AccumulatedOtherComprehensiveIncomeMember" xlink:type="locator"/>
<link:definitionArc order="3.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ParentMember" xlink:title="definition: ParentMember to AccumulatedOtherComprehensiveIncomeMember" xlink:to="AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember" xlink:type="locator"/>
<link:definitionArc order="4.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ParentMember" xlink:title="definition: ParentMember to AdditionalPaidInCapitalMember" xlink:to="AdditionalPaidInCapitalMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" xlink:type="locator"/>
<link:definitionArc order="5.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ParentMember" xlink:title="definition: ParentMember to RetainedEarningsMember" xlink:to="RetainedEarningsMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember" xlink:type="locator"/>
<link:definitionArc order="6.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="ParentMember" xlink:title="definition: ParentMember to TreasuryStockMember" xlink:to="TreasuryStockMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="NoncontrollingInterestMember" xlink:title="NoncontrollingInterestMember" xlink:type="locator"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="EquityComponentDomain" xlink:title="definition: EquityComponentDomain to NoncontrollingInterestMember" xlink:to="NoncontrollingInterestMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="locator"/>
<link:definitionArc order="2.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="StatementLineItems" xlink:title="definition: StatementLineItems to IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:definitionArc order="400.0" priority="1" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="StockIssuedDuringPeriodValueConversionOfUnits" xlink:title="StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="locator"/>
<link:definitionArc order="10.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:title="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="locator"/>
<link:definitionArc order="60.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:title="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="locator"/>
<link:definitionArc order="50.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator"/>
<link:definitionArc order="70.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockPremiumAmortization" xlink:label="PreferredStockPremiumAmortization" xlink:title="PreferredStockPremiumAmortization" xlink:type="locator"/>
<link:definitionArc order="80.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to PreferredStockPremiumAmortization" xlink:to="PreferredStockPremiumAmortization" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator"/>
<link:definitionArc order="90.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="TreasuryStockValueAcquiredCostMethod" xlink:title="TreasuryStockValueAcquiredCostMethod" xlink:type="locator"/>
<link:definitionArc order="120.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to TreasuryStockValueAcquiredCostMethod" xlink:to="TreasuryStockValueAcquiredCostMethod" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockDiscountAccretion" xlink:label="PreferredStockDiscountAccretion" xlink:title="PreferredStockDiscountAccretion" xlink:type="locator"/>
<link:definitionArc order="130.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to PreferredStockDiscountAccretion" xlink:to="PreferredStockDiscountAccretion" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="StockRedeemedOrCalledDuringPeriodValue" xlink:title="StockRedeemedOrCalledDuringPeriodValue" xlink:type="locator"/>
<link:definitionArc order="140.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockRedeemedOrCalledDuringPeriodValue" xlink:to="StockRedeemedOrCalledDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="locator"/>
<link:definitionArc order="170.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="locator"/>
<link:definitionArc order="180.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="StockholdersEquityOther" xlink:title="StockholdersEquityOther" xlink:type="locator"/>
<link:definitionArc order="200.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquityOther" xlink:to="StockholdersEquityOther" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:label="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:title="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="locator"/>
<link:definitionArc order="220.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:to="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" xlink:type="locator"/>
<link:definitionArc order="150.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueNewIssues" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:title="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="locator"/>
<link:definitionArc order="240.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:definitionArc order="280.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PublicOfferingOfCommonStockValue" xlink:label="PublicOfferingOfCommonStockValue" xlink:title="PublicOfferingOfCommonStockValue" xlink:type="locator"/>
<link:definitionArc order="40.0" use="optional" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to PublicOfferingOfCommonStockValue" xlink:to="PublicOfferingOfCommonStockValue" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnits" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="locator"/>
<link:definitionArc order="100.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:to="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="locator"/>
<link:definitionArc order="110.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:to="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:label="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:title="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="locator"/>
<link:definitionArc order="210.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:to="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:label="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:title="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="locator"/>
<link:definitionArc order="230.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedToCommonShareholdersAndLimitedPartners" xlink:to="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="StockholdersEquityPeriodIncreaseDecrease" xlink:title="StockholdersEquityPeriodIncreaseDecrease" xlink:type="locator"/>
<link:definitionArc order="399.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquityPeriodIncreaseDecrease" xlink:to="StockholdersEquityPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:label="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:title="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="locator"/>
<link:definitionArc order="190.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:to="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockRedeemedDuringPeriodValue" xlink:label="StockRedeemedDuringPeriodValue" xlink:title="StockRedeemedDuringPeriodValue" xlink:type="locator"/>
<link:definitionArc order="160.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to StockRedeemedDuringPeriodValue" xlink:to="StockRedeemedDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:definitionArc order="250.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:definitionArc order="260.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:label="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:title="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="locator"/>
<link:definitionArc order="290.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:to="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherComprehensiveIncomeLossPriorYears" xlink:label="OtherComprehensiveIncomeLossPriorYears" xlink:title="OtherComprehensiveIncomeLossPriorYears" xlink:type="locator"/>
<link:definitionArc order="281.0" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="definition: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeLossPriorYears" xlink:to="OtherComprehensiveIncomeLossPriorYears" xlink:type="arc"/>
</link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>15
<FILENAME>spg-20090930_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu XWand B0126 -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:spg="http://simon.com/20090930" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://xbrl.us/us-gaap/role/label/negated" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" xlink:type="simple" />
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="locator" />
    <link:label xlink:label="label_AccumulatedOtherComprehensiveIncomeLossNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="resource" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="label:AccumulatedOtherComprehensiveIncomeLossNetOfTax to label_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="label_AccumulatedOtherComprehensiveIncomeLossNetOfTax_2" xlink:type="arc" />
    <link:label id="label_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="label_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive loss</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="label: AccumulatedOtherComprehensiveIncomeLossNetOfTax to label_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="label_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:title="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="locator" />
    <link:label xlink:label="label_RealEstateInvestmentPropertyAccumulatedDepreciation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="resource" xml:lang="en-US">Real Estate Investment Property, Accumulated Depreciation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:title="label:RealEstateInvestmentPropertyAccumulatedDepreciation to label_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="label_RealEstateInvestmentPropertyAccumulatedDepreciation_2" xlink:type="arc" />
    <link:label id="label_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="label_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="resource" xml:lang="en-US">Less - accumulated depreciation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:title="label: RealEstateInvestmentPropertyAccumulatedDepreciation to label_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="label_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital" xlink:type="locator" />
    <link:label xlink:label="label_AdditionalPaidInCapital_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalPaidInCapital" xlink:type="resource" xml:lang="en-US">Additional Paid in Capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapital" xlink:title="label:AdditionalPaidInCapital to label_AdditionalPaidInCapital" xlink:to="label_AdditionalPaidInCapital_2" xlink:type="arc" />
    <link:label id="label_AdditionalPaidInCapital" xlink:label="label_AdditionalPaidInCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalPaidInCapital" xlink:type="resource" xml:lang="en-US">Capital in excess of par value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapital" xlink:title="label: AdditionalPaidInCapital to label_AdditionalPaidInCapital" xlink:to="label_AdditionalPaidInCapital" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:label="EquityMethodInvestmentDividendsOrDistributions" xlink:title="EquityMethodInvestmentDividendsOrDistributions" xlink:type="locator" />
    <link:label xlink:label="label_EquityMethodInvestmentDividendsOrDistributions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityMethodInvestmentDividendsOrDistributions" xlink:type="resource" xml:lang="en-US">Equity Method Investment, Dividends or Distributions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentDividendsOrDistributions" xlink:title="label:EquityMethodInvestmentDividendsOrDistributions to label_EquityMethodInvestmentDividendsOrDistributions" xlink:to="label_EquityMethodInvestmentDividendsOrDistributions_2" xlink:type="arc" />
    <link:label id="label_EquityMethodInvestmentDividendsOrDistributions" xlink:label="label_EquityMethodInvestmentDividendsOrDistributions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityMethodInvestmentDividendsOrDistributions" xlink:type="resource" xml:lang="en-US">Distributions of income from unconsolidated entities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentDividendsOrDistributions" xlink:title="label: EquityMethodInvestmentDividendsOrDistributions to label_EquityMethodInvestmentDividendsOrDistributions" xlink:to="label_EquityMethodInvestmentDividendsOrDistributions" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges" xlink:type="locator" />
    <link:label xlink:label="label_AssetImpairmentCharges_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetImpairmentCharges" xlink:type="resource" xml:lang="en-US">Asset Impairment Charges</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetImpairmentCharges" xlink:title="label:AssetImpairmentCharges to label_AssetImpairmentCharges" xlink:to="label_AssetImpairmentCharges_3" xlink:type="arc" />
    <link:label id="label_AssetImpairmentCharges" xlink:label="label_AssetImpairmentCharges" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_AssetImpairmentCharges" xlink:type="resource" xml:lang="en-US">Impairment charge</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetImpairmentCharges" xlink:title="label: AssetImpairmentCharges to label_AssetImpairmentCharges" xlink:to="label_AssetImpairmentCharges" xlink:type="arc" />
    <link:label id="label_AssetImpairmentCharges_2" xlink:label="label_AssetImpairmentCharges_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetImpairmentCharges" xlink:type="resource" xml:lang="en-US">Impairment charge</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetImpairmentCharges" xlink:title="label: AssetImpairmentCharges to label_AssetImpairmentCharges" xlink:to="label_AssetImpairmentCharges_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" xlink:type="locator" />
    <link:label id="label_StatementOfFinancialPositionAbstract" xlink:label="label_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfFinancialPositionAbstract" xlink:type="resource" xml:lang="en-US">Consolidated Balance Sheets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:title="label: StatementOfFinancialPositionAbstract to label_StatementOfFinancialPositionAbstract" xlink:to="label_StatementOfFinancialPositionAbstract" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:label="PaymentsForProceedsFromProductiveAssets" xlink:title="PaymentsForProceedsFromProductiveAssets" xlink:type="locator" />
    <link:label xlink:label="label_PaymentsForProceedsFromProductiveAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForProceedsFromProductiveAssets" xlink:type="resource" xml:lang="en-US">Payments for (Proceeds from) Productive Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForProceedsFromProductiveAssets" xlink:title="label:PaymentsForProceedsFromProductiveAssets to label_PaymentsForProceedsFromProductiveAssets" xlink:to="label_PaymentsForProceedsFromProductiveAssets_2" xlink:type="arc" />
    <link:label id="label_PaymentsForProceedsFromProductiveAssets" xlink:label="label_PaymentsForProceedsFromProductiveAssets" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsForProceedsFromProductiveAssets" xlink:type="resource" xml:lang="en-US">Capital expenditures, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForProceedsFromProductiveAssets" xlink:title="label: PaymentsForProceedsFromProductiveAssets to label_PaymentsForProceedsFromProductiveAssets" xlink:to="label_PaymentsForProceedsFromProductiveAssets" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" xlink:type="locator" />
    <link:label xlink:label="label_CashAndCashEquivalentsAtCarryingValue_4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsAtCarryingValue" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:title="label:CashAndCashEquivalentsAtCarryingValue to label_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_CashAndCashEquivalentsAtCarryingValue_4" xlink:type="arc" />
    <link:label id="label_CashAndCashEquivalentsAtCarryingValue" xlink:label="label_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsAtCarryingValue" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to label_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" />
    <link:label id="label_CashAndCashEquivalentsAtCarryingValue_2" xlink:label="label_CashAndCashEquivalentsAtCarryingValue_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalentsAtCarryingValue" xlink:type="resource" xml:lang="en-US">CASH AND CASH EQUIVALENTS, beginning of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to label_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_CashAndCashEquivalentsAtCarryingValue_2" xlink:type="arc" />
    <link:label id="label_CashAndCashEquivalentsAtCarryingValue_3" xlink:label="label_CashAndCashEquivalentsAtCarryingValue_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalentsAtCarryingValue" xlink:type="resource" xml:lang="en-US">CASH AND CASH EQUIVALENTS, end of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAtCarryingValue" xlink:title="label: CashAndCashEquivalentsAtCarryingValue to label_CashAndCashEquivalentsAtCarryingValue" xlink:to="label_CashAndCashEquivalentsAtCarryingValue_3" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:label="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:title="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="locator" />
    <link:label xlink:label="label_IncreaseDecreaseInAccountsAndNotesReceivable_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Accounts and Notes Receivable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:title="label:IncreaseDecreaseInAccountsAndNotesReceivable to label_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:to="label_IncreaseDecreaseInAccountsAndNotesReceivable_2" xlink:type="arc" />
    <link:label id="label_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:label="label_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="resource" xml:lang="en-US">Tenant receivables and accrued revenue, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:title="label: IncreaseDecreaseInAccountsAndNotesReceivable to label_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:to="label_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRentReceivables" xlink:label="IncreaseDecreaseInDeferredRentReceivables" xlink:title="IncreaseDecreaseInDeferredRentReceivables" xlink:type="locator" />
    <link:label xlink:label="label_IncreaseDecreaseInDeferredRentReceivables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInDeferredRentReceivables" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Deferred Rent Receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeferredRentReceivables" xlink:title="label:IncreaseDecreaseInDeferredRentReceivables to label_IncreaseDecreaseInDeferredRentReceivables" xlink:to="label_IncreaseDecreaseInDeferredRentReceivables_2" xlink:type="arc" />
    <link:label id="label_IncreaseDecreaseInDeferredRentReceivables" xlink:label="label_IncreaseDecreaseInDeferredRentReceivables" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_IncreaseDecreaseInDeferredRentReceivables" xlink:type="resource" xml:lang="en-US">Straight-line rent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeferredRentReceivables" xlink:title="label: IncreaseDecreaseInDeferredRentReceivables to label_IncreaseDecreaseInDeferredRentReceivables" xlink:to="label_IncreaseDecreaseInDeferredRentReceivables" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="locator" />
    <link:label xlink:label="label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Prepaid, Deferred Expense and Other Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="label:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets to label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_2" xlink:type="arc" />
    <link:label id="label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="resource" xml:lang="en-US">Deferred costs and other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="label: IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets to label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="label_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="locator" />
    <link:label id="label_IncreaseDecreaseInOperatingCapitalAbstract_2" xlink:label="label_IncreaseDecreaseInOperatingCapitalAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="resource" xml:lang="en-US">Changes in assets and liabilities -</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="label: IncreaseDecreaseInOperatingCapitalAbstract to label_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="label_IncreaseDecreaseInOperatingCapitalAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_CommitmentsAndContingenciesDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="label:CommitmentsAndContingenciesDisclosureTextBlock to label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="label_CommitmentsAndContingenciesDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="label: CommitmentsAndContingenciesDisclosureTextBlock to label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="label_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="CommonClassBMember" xlink:title="CommonClassBMember" xlink:type="locator" />
    <link:label id="label_CommonClassBMember" xlink:label="label_CommonClassBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonClassBMember" xlink:type="resource" xml:lang="en-US">Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonClassBMember" xlink:title="label: CommonClassBMember to label_CommonClassBMember" xlink:to="label_CommonClassBMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" xlink:type="locator" />
    <link:label xlink:label="label_CommonStockSharesAuthorized_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockSharesAuthorized" xlink:type="resource" xml:lang="en-US">Common Stock, Shares Authorized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:title="label:CommonStockSharesAuthorized to label_CommonStockSharesAuthorized" xlink:to="label_CommonStockSharesAuthorized_2" xlink:type="arc" />
    <link:label id="label_CommonStockSharesAuthorized" xlink:label="label_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommonStockSharesAuthorized" xlink:type="resource" xml:lang="en-US">Common stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesAuthorized" xlink:title="label: CommonStockSharesAuthorized to label_CommonStockSharesAuthorized" xlink:to="label_CommonStockSharesAuthorized" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" xlink:type="locator" />
    <link:label xlink:label="label_CommonStockSharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockSharesOutstanding" xlink:type="resource" xml:lang="en-US">Common Stock, Shares, Outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:title="label:CommonStockSharesOutstanding to label_CommonStockSharesOutstanding" xlink:to="label_CommonStockSharesOutstanding_2" xlink:type="arc" />
    <link:label id="label_CommonStockSharesOutstanding" xlink:label="label_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommonStockSharesOutstanding" xlink:type="resource" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:title="label: CommonStockSharesOutstanding to label_CommonStockSharesOutstanding" xlink:to="label_CommonStockSharesOutstanding" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" xlink:type="locator" />
    <link:label xlink:label="label_CommonStockValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockValue" xlink:type="resource" xml:lang="en-US">Common Stock, Value, Issued</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:title="label:CommonStockValue to label_CommonStockValue" xlink:to="label_CommonStockValue_2" xlink:type="arc" />
    <link:label id="label_CommonStockValue" xlink:label="label_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommonStockValue" xlink:type="resource" xml:lang="en-US">Common stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockValue" xlink:title="label: CommonStockValue to label_CommonStockValue" xlink:to="label_CommonStockValue" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" xlink:type="locator" />
    <link:label xlink:label="label_ComprehensiveIncomeNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeNetOfTax" xlink:type="resource" xml:lang="en-US">Comprehensive Income, Net of Tax, Attributable to Parent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:title="label:ComprehensiveIncomeNetOfTax to label_ComprehensiveIncomeNetOfTax" xlink:to="label_ComprehensiveIncomeNetOfTax_2" xlink:type="arc" />
    <link:label id="label_ComprehensiveIncomeNetOfTax" xlink:label="label_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ComprehensiveIncomeNetOfTax" xlink:type="resource" xml:lang="en-US">Comprehensive income attributable to common stockholders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:title="label: ComprehensiveIncomeNetOfTax to label_ComprehensiveIncomeNetOfTax" xlink:to="label_ComprehensiveIncomeNetOfTax" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:title="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="locator" />
    <link:label xlink:label="label_DirectCostsOfLeasedAndRentedPropertyOrEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="resource" xml:lang="en-US">Direct Costs of Leased and Rented Property or Equipment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:title="label:DirectCostsOfLeasedAndRentedPropertyOrEquipment to label_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="label_DirectCostsOfLeasedAndRentedPropertyOrEquipment_2" xlink:type="arc" />
    <link:label id="label_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="label_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="resource" xml:lang="en-US">Property operating</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:title="label: DirectCostsOfLeasedAndRentedPropertyOrEquipment to label_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="label_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateTaxExpense" xlink:label="RealEstateTaxExpense" xlink:title="RealEstateTaxExpense" xlink:type="locator" />
    <link:label xlink:label="label_RealEstateTaxExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealEstateTaxExpense" xlink:type="resource" xml:lang="en-US">Real Estate Tax Expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateTaxExpense" xlink:title="label:RealEstateTaxExpense to label_RealEstateTaxExpense" xlink:to="label_RealEstateTaxExpense_2" xlink:type="arc" />
    <link:label id="label_RealEstateTaxExpense" xlink:label="label_RealEstateTaxExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealEstateTaxExpense" xlink:type="resource" xml:lang="en-US">Real estate taxes</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateTaxExpense" xlink:title="label: RealEstateTaxExpense to label_RealEstateTaxExpense" xlink:to="label_RealEstateTaxExpense" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfPropertyRepairsAndMaintenance" xlink:label="CostOfPropertyRepairsAndMaintenance" xlink:title="CostOfPropertyRepairsAndMaintenance" xlink:type="locator" />
    <link:label xlink:label="label_CostOfPropertyRepairsAndMaintenance_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfPropertyRepairsAndMaintenance" xlink:type="resource" xml:lang="en-US">Cost of Property Repairs and Maintenance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfPropertyRepairsAndMaintenance" xlink:title="label:CostOfPropertyRepairsAndMaintenance to label_CostOfPropertyRepairsAndMaintenance" xlink:to="label_CostOfPropertyRepairsAndMaintenance_2" xlink:type="arc" />
    <link:label id="label_CostOfPropertyRepairsAndMaintenance" xlink:label="label_CostOfPropertyRepairsAndMaintenance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfPropertyRepairsAndMaintenance" xlink:type="resource" xml:lang="en-US">Repairs and maintenance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfPropertyRepairsAndMaintenance" xlink:title="label: CostOfPropertyRepairsAndMaintenance to label_CostOfPropertyRepairsAndMaintenance" xlink:to="label_CostOfPropertyRepairsAndMaintenance" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations" xlink:label="DebtAndCapitalLeaseObligations" xlink:title="DebtAndCapitalLeaseObligations" xlink:type="locator" />
    <link:label xlink:label="label_DebtAndCapitalLeaseObligations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtAndCapitalLeaseObligations" xlink:type="resource" xml:lang="en-US">Debt and Capital Lease Obligations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtAndCapitalLeaseObligations" xlink:title="label:DebtAndCapitalLeaseObligations to label_DebtAndCapitalLeaseObligations" xlink:to="label_DebtAndCapitalLeaseObligations_2" xlink:type="arc" />
    <link:label id="label_DebtAndCapitalLeaseObligations" xlink:label="label_DebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtAndCapitalLeaseObligations" xlink:type="resource" xml:lang="en-US">Mortgages and other indebtedness</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtAndCapitalLeaseObligations" xlink:title="label: DebtAndCapitalLeaseObligations to label_DebtAndCapitalLeaseObligations" xlink:to="label_DebtAndCapitalLeaseObligations" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="DebtDisclosureTextBlock" xlink:title="DebtDisclosureTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_DebtDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtDisclosureTextBlock" xlink:title="label:DebtDisclosureTextBlock to label_DebtDisclosureTextBlock" xlink:to="label_DebtDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_DebtDisclosureTextBlock" xlink:label="label_DebtDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtDisclosureTextBlock" xlink:title="label: DebtDisclosureTextBlock to label_DebtDisclosureTextBlock" xlink:to="label_DebtDisclosureTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization" xlink:type="locator" />
    <link:label xlink:label="label_DepreciationAndAmortization_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortization" xlink:type="resource" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortization" xlink:title="label:DepreciationAndAmortization to label_DepreciationAndAmortization" xlink:to="label_DepreciationAndAmortization_2" xlink:type="arc" />
    <link:label id="label_DepreciationAndAmortization" xlink:label="label_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationAndAmortization" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortization" xlink:title="label: DepreciationAndAmortization to label_DepreciationAndAmortization" xlink:to="label_DepreciationAndAmortization" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted" xlink:type="locator" />
    <link:label xlink:label="label_EarningsPerShareDiluted_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareDiluted" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Diluted</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareDiluted" xlink:title="label:EarningsPerShareDiluted to label_EarningsPerShareDiluted" xlink:to="label_EarningsPerShareDiluted_2" xlink:type="arc" />
    <link:label id="label_EarningsPerShareDiluted" xlink:label="label_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EarningsPerShareDiluted" xlink:type="resource" xml:lang="en-US">Net income attributable to common stockholders (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareDiluted" xlink:title="label: EarningsPerShareDiluted to label_EarningsPerShareDiluted" xlink:to="label_EarningsPerShareDiluted" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:label="EquityMethodInvestmentsDisclosureTextBlock" xlink:title="EquityMethodInvestmentsDisclosureTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_EquityMethodInvestmentsDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityMethodInvestmentsDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Equity Method Investments Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsDisclosureTextBlock" xlink:title="label:EquityMethodInvestmentsDisclosureTextBlock to label_EquityMethodInvestmentsDisclosureTextBlock" xlink:to="label_EquityMethodInvestmentsDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_EquityMethodInvestmentsDisclosureTextBlock" xlink:label="label_EquityMethodInvestmentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityMethodInvestmentsDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Investment in Unconsolidated Entities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestmentsDisclosureTextBlock" xlink:title="label: EquityMethodInvestmentsDisclosureTextBlock to label_EquityMethodInvestmentsDisclosureTextBlock" xlink:to="label_EquityMethodInvestmentsDisclosureTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="locator" />
    <link:label xlink:label="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="resource" xml:lang="en-US">Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="label:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax to label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_3" xlink:type="arc" />
    <link:label id="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="resource" xml:lang="en-US">Loss on sale of discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="label: DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax to label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="arc" />
    <link:label id="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_2" xlink:label="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_2" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="resource" xml:lang="en-US">Loss on disposal or sale of discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="label: DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax to label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="label_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:label="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:title="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:type="locator" />
    <link:label xlink:label="label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:type="resource" xml:lang="en-US">Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:title="label:DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax to label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:to="label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_2" xlink:type="arc" />
    <link:label id="label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:label="label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:type="resource" xml:lang="en-US">Discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:title="label: DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax to label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:to="label_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:label="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:title="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="locator" />
    <link:label xlink:label="label_DistributionMadeToMemberOrLimitedPartnerCashDistribution_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="resource" xml:lang="en-US">Distribution Made to Member or Limited Partner, Cash Distribution</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:title="label:DistributionMadeToMemberOrLimitedPartnerCashDistribution to label_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:to="label_DistributionMadeToMemberOrLimitedPartnerCashDistribution_2" xlink:type="arc" />
    <link:label id="label_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:label="label_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="resource" xml:lang="en-US">Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:title="label: DistributionMadeToMemberOrLimitedPartnerCashDistribution to label_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:to="label_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="PaymentsOfOrdinaryDividends" xlink:title="PaymentsOfOrdinaryDividends" xlink:type="locator" />
    <link:label xlink:label="label_PaymentsOfOrdinaryDividends_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsOfOrdinaryDividends" xlink:type="resource" xml:lang="en-US">Payments of Ordinary Dividends</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfOrdinaryDividends" xlink:title="label:PaymentsOfOrdinaryDividends to label_PaymentsOfOrdinaryDividends" xlink:to="label_PaymentsOfOrdinaryDividends_2" xlink:type="arc" />
    <link:label id="label_PaymentsOfOrdinaryDividends" xlink:label="label_PaymentsOfOrdinaryDividends" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsOfOrdinaryDividends" xlink:type="resource" xml:lang="en-US">Preferred dividends and distributions to stockholders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfOrdinaryDividends" xlink:title="label: PaymentsOfOrdinaryDividends to label_PaymentsOfOrdinaryDividends" xlink:to="label_PaymentsOfOrdinaryDividends" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" xlink:type="locator" />
    <link:label xlink:label="label_IncomeLossFromEquityMethodInvestments_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromEquityMethodInvestments" xlink:type="resource" xml:lang="en-US">Income (Loss) from Equity Method Investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestments" xlink:title="label:IncomeLossFromEquityMethodInvestments to label_IncomeLossFromEquityMethodInvestments" xlink:to="label_IncomeLossFromEquityMethodInvestments_3" xlink:type="arc" />
    <link:label id="label_IncomeLossFromEquityMethodInvestments" xlink:label="label_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeLossFromEquityMethodInvestments" xlink:type="resource" xml:lang="en-US">Income from unconsolidated entities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestments" xlink:title="label: IncomeLossFromEquityMethodInvestments to label_IncomeLossFromEquityMethodInvestments" xlink:to="label_IncomeLossFromEquityMethodInvestments" xlink:type="arc" />
    <link:label id="label_IncomeLossFromEquityMethodInvestments_2" xlink:label="label_IncomeLossFromEquityMethodInvestments_2" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_IncomeLossFromEquityMethodInvestments" xlink:type="resource" xml:lang="en-US">Equity in income of unconsolidated entities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestments" xlink:title="label: IncomeLossFromEquityMethodInvestments to label_IncomeLossFromEquityMethodInvestments" xlink:to="label_IncomeLossFromEquityMethodInvestments_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="EquityMethodInvestments" xlink:title="EquityMethodInvestments" xlink:type="locator" />
    <link:label xlink:label="label_EquityMethodInvestments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityMethodInvestments" xlink:type="resource" xml:lang="en-US">Equity Method Investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestments" xlink:title="label:EquityMethodInvestments to label_EquityMethodInvestments" xlink:to="label_EquityMethodInvestments_2" xlink:type="arc" />
    <link:label id="label_EquityMethodInvestments" xlink:label="label_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityMethodInvestments" xlink:type="resource" xml:lang="en-US">Investment in unconsolidated entities, at equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMethodInvestments" xlink:title="label: EquityMethodInvestments to label_EquityMethodInvestments" xlink:to="label_EquityMethodInvestments" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:label="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="locator" />
    <link:label xlink:label="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="resource" xml:lang="en-US">Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="label:DisposalGroupNotDiscontinuedOperationGainLossOnDisposal to label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_3" xlink:type="arc" />
    <link:label id="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:label="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="resource" xml:lang="en-US">Gain (loss) on sales of assets and interests in unconsolidated entities, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="label: DisposalGroupNotDiscontinuedOperationGainLossOnDisposal to label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="arc" />
    <link:label id="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_2" xlink:label="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_2" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="resource" xml:lang="en-US">(Gain) loss on sales of assets and interests in unconsolidated entities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="label: DisposalGroupNotDiscontinuedOperationGainLossOnDisposal to label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="label_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="GainsLossesOnExtinguishmentOfDebt" xlink:title="GainsLossesOnExtinguishmentOfDebt" xlink:type="locator" />
    <link:label xlink:label="label_GainsLossesOnExtinguishmentOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesOnExtinguishmentOfDebt" xlink:type="resource" xml:lang="en-US">Gains (Losses) on Extinguishment of Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnExtinguishmentOfDebt" xlink:title="label:GainsLossesOnExtinguishmentOfDebt to label_GainsLossesOnExtinguishmentOfDebt" xlink:to="label_GainsLossesOnExtinguishmentOfDebt_2" xlink:type="arc" />
    <link:label id="label_GainsLossesOnExtinguishmentOfDebt" xlink:label="label_GainsLossesOnExtinguishmentOfDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesOnExtinguishmentOfDebt" xlink:type="resource" xml:lang="en-US">Loss on extinguishment of debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnExtinguishmentOfDebt" xlink:title="label: GainsLossesOnExtinguishmentOfDebt to label_GainsLossesOnExtinguishmentOfDebt" xlink:to="label_GainsLossesOnExtinguishmentOfDebt" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" xlink:type="locator" />
    <link:label xlink:label="label_GeneralAndAdministrativeExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeExpense" xlink:type="resource" xml:lang="en-US">General and Administrative Expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:title="label:GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense_2" xlink:type="arc" />
    <link:label id="label_GeneralAndAdministrativeExpense" xlink:label="label_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeneralAndAdministrativeExpense" xlink:type="resource" xml:lang="en-US">General and administrative</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:title="label: GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:title="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="locator" />
    <link:label xlink:label="label_IncomeLossFromContinuingOperationsPerDilutedShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="resource" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Diluted Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:title="label:IncomeLossFromContinuingOperationsPerDilutedShare to label_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="label_IncomeLossFromContinuingOperationsPerDilutedShare_2" xlink:type="arc" />
    <link:label id="label_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="label_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="resource" xml:lang="en-US">Income from continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:title="label: IncomeLossFromContinuingOperationsPerDilutedShare to label_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="label_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="IncomeLossFromContinuingOperationsPerBasicShare" xlink:title="IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="locator" />
    <link:label xlink:label="label_IncomeLossFromContinuingOperationsPerBasicShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="resource" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Basic Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsPerBasicShare" xlink:title="label:IncomeLossFromContinuingOperationsPerBasicShare to label_IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="label_IncomeLossFromContinuingOperationsPerBasicShare_2" xlink:type="arc" />
    <link:label id="label_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="label_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="resource" xml:lang="en-US">Income from continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsPerBasicShare" xlink:title="label: IncomeLossFromContinuingOperationsPerBasicShare to label_IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="label_IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="IncomeLossFromContinuingOperations" xlink:title="IncomeLossFromContinuingOperations" xlink:type="locator" />
    <link:label id="label_IncomeLossFromContinuingOperations" xlink:label="label_IncomeLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncomeLossFromContinuingOperations" xlink:type="resource" xml:lang="en-US">Income from continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperations" xlink:title="label: IncomeLossFromContinuingOperations to label_IncomeLossFromContinuingOperations" xlink:to="label_IncomeLossFromContinuingOperations" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:label="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:title="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="locator" />
    <link:label xlink:label="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="resource" xml:lang="en-US">Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:title="label:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare to label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_2" xlink:type="arc" />
    <link:label id="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:label="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="resource" xml:lang="en-US">Discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:title="label: IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare to label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:label="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:title="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="locator" />
    <link:label xlink:label="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="resource" xml:lang="en-US">Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:title="label:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare to label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:to="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_2" xlink:type="arc" />
    <link:label id="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:label="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="resource" xml:lang="en-US">Discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:title="label: IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare to label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:to="label_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:label="MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:title="MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:type="locator" />
    <link:label id="label_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:label="label_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:type="resource" xml:lang="en-US">Limited partners' interest in the Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:title="label: MinorityInterestInNetIncomeLossLimitedPartnerships to label_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:to="label_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:type="arc" />
    <link:label id="label_MinorityInterestInNetIncomeLossLimitedPartnerships_2" xlink:label="label_MinorityInterestInNetIncomeLossLimitedPartnerships_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:type="resource" xml:lang="en-US">Limited partners' interest in the Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:title="label: MinorityInterestInNetIncomeLossLimitedPartnerships to label_MinorityInterestInNetIncomeLossLimitedPartnerships" xlink:to="label_MinorityInterestInNetIncomeLossLimitedPartnerships_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:label="MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:title="MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:type="locator" />
    <link:label id="label_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:label="label_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:type="resource" xml:lang="en-US">Minority interest in income of consolidated entities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:title="label: MinorityInterestInNetIncomeLossOtherMinorityInterests to label_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:to="label_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:type="arc" />
    <link:label id="label_MinorityInterestInNetIncomeLossOtherMinorityInterests_2" xlink:label="label_MinorityInterestInNetIncomeLossOtherMinorityInterests_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:type="resource" xml:lang="en-US">Minority interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:title="label: MinorityInterestInNetIncomeLossOtherMinorityInterests to label_MinorityInterestInNetIncomeLossOtherMinorityInterests" xlink:to="label_MinorityInterestInNetIncomeLossOtherMinorityInterests_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" xlink:type="locator" />
    <link:label xlink:label="label_InterestExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpense" xlink:type="resource" xml:lang="en-US">Interest Expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:title="label:InterestExpense to label_InterestExpense" xlink:to="label_InterestExpense_2" xlink:type="arc" />
    <link:label id="label_InterestExpense" xlink:label="label_InterestExpense" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_InterestExpense" xlink:type="resource" xml:lang="en-US">Interest expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:title="label: InterestExpense to label_InterestExpense" xlink:to="label_InterestExpense" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" xlink:type="locator" />
    <link:label id="label_LiabilitiesAbstract_2" xlink:label="label_LiabilitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAbstract" xlink:type="resource" xml:lang="en-US">LIABILITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:title="label: LiabilitiesAbstract to label_LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" xlink:type="locator" />
    <link:label xlink:label="label_LiabilitiesAndStockholdersEquity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAndStockholdersEquity" xlink:type="resource" xml:lang="en-US">Liabilities and Stockholders' Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:title="label:LiabilitiesAndStockholdersEquity to label_LiabilitiesAndStockholdersEquity" xlink:to="label_LiabilitiesAndStockholdersEquity_2" xlink:type="arc" />
    <link:label id="label_LiabilitiesAndStockholdersEquity" xlink:label="label_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LiabilitiesAndStockholdersEquity" xlink:type="resource" xml:lang="en-US">Total liabilities and equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:title="label: LiabilitiesAndStockholdersEquity to label_LiabilitiesAndStockholdersEquity" xlink:to="label_LiabilitiesAndStockholdersEquity" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" xlink:type="locator" />
    <link:label xlink:label="label_Liabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Liabilities" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:title="label:Liabilities to label_Liabilities" xlink:to="label_Liabilities_2" xlink:type="arc" />
    <link:label id="label_Liabilities" xlink:label="label_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Liabilities" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:title="label: Liabilities to label_Liabilities" xlink:to="label_Liabilities" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestInLimitedPartnerships" xlink:label="MinorityInterestInLimitedPartnerships" xlink:title="MinorityInterestInLimitedPartnerships" xlink:type="locator" />
    <link:label id="label_MinorityInterestInLimitedPartnerships" xlink:label="label_MinorityInterestInLimitedPartnerships" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MinorityInterestInLimitedPartnerships" xlink:type="resource" xml:lang="en-US">Limited partners' preferred interest in the Operating Partership and noncontrolling redeemable interests in properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInLimitedPartnerships" xlink:title="label: MinorityInterestInLimitedPartnerships to label_MinorityInterestInLimitedPartnerships" xlink:to="label_MinorityInterestInLimitedPartnerships" xlink:type="arc" />
    <link:label id="label_MinorityInterestInLimitedPartnerships_2" xlink:label="label_MinorityInterestInLimitedPartnerships_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinorityInterestInLimitedPartnerships" xlink:type="resource" xml:lang="en-US">LIMITED PARTNERS' INTEREST IN THE OPERATING PARTNERSHIP</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInLimitedPartnerships" xlink:title="label: MinorityInterestInLimitedPartnerships to label_MinorityInterestInLimitedPartnerships" xlink:to="label_MinorityInterestInLimitedPartnerships_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterest" xlink:label="MinorityInterest" xlink:title="MinorityInterest" xlink:type="locator" />
    <link:label xlink:label="label_MinorityInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinorityInterest" xlink:type="resource" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterest" xlink:title="label:MinorityInterest to label_MinorityInterest" xlink:to="label_MinorityInterest_2" xlink:type="arc" />
    <link:label id="label_MinorityInterest" xlink:label="label_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinorityInterest" xlink:type="resource" xml:lang="en-US">Noncontrolling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterest" xlink:title="label: MinorityInterest to label_MinorityInterest" xlink:to="label_MinorityInterest" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="locator" />
    <link:label id="label_NetCashProvidedByUsedInFinancingActivitiesAbstract_2" xlink:label="label_NetCashProvidedByUsedInFinancingActivitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM FINANCING ACTIVITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="label: NetCashProvidedByUsedInFinancingActivitiesAbstract to label_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="label_NetCashProvidedByUsedInFinancingActivitiesAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" xlink:type="locator" />
    <link:label xlink:label="label_NetCashProvidedByUsedInFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInFinancingActivities" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="label:NetCashProvidedByUsedInFinancingActivities to label_NetCashProvidedByUsedInFinancingActivities" xlink:to="label_NetCashProvidedByUsedInFinancingActivities_2" xlink:type="arc" />
    <link:label id="label_NetCashProvidedByUsedInFinancingActivities" xlink:label="label_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetCashProvidedByUsedInFinancingActivities" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) financing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:title="label: NetCashProvidedByUsedInFinancingActivities to label_NetCashProvidedByUsedInFinancingActivities" xlink:to="label_NetCashProvidedByUsedInFinancingActivities" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="locator" />
    <link:label id="label_NetCashProvidedByUsedInInvestingActivitiesAbstract_2" xlink:label="label_NetCashProvidedByUsedInInvestingActivitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="label: NetCashProvidedByUsedInInvestingActivitiesAbstract to label_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="label_NetCashProvidedByUsedInInvestingActivitiesAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" xlink:type="locator" />
    <link:label xlink:label="label_NetCashProvidedByUsedInInvestingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInInvestingActivities" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="label:NetCashProvidedByUsedInInvestingActivities to label_NetCashProvidedByUsedInInvestingActivities" xlink:to="label_NetCashProvidedByUsedInInvestingActivities_2" xlink:type="arc" />
    <link:label id="label_NetCashProvidedByUsedInInvestingActivities" xlink:label="label_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetCashProvidedByUsedInInvestingActivities" xlink:type="resource" xml:lang="en-US">Net cash used in investing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:title="label: NetCashProvidedByUsedInInvestingActivities to label_NetCashProvidedByUsedInInvestingActivities" xlink:to="label_NetCashProvidedByUsedInInvestingActivities" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator" />
    <link:label id="label_NetCashProvidedByUsedInOperatingActivitiesAbstract_2" xlink:label="label_NetCashProvidedByUsedInOperatingActivitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM OPERATING ACTIVITIES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="label: NetCashProvidedByUsedInOperatingActivitiesAbstract to label_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="label_NetCashProvidedByUsedInOperatingActivitiesAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" xlink:type="locator" />
    <link:label xlink:label="label_NetCashProvidedByUsedInOperatingActivities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashProvidedByUsedInOperatingActivities" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="label:NetCashProvidedByUsedInOperatingActivities to label_NetCashProvidedByUsedInOperatingActivities" xlink:to="label_NetCashProvidedByUsedInOperatingActivities_2" xlink:type="arc" />
    <link:label id="label_NetCashProvidedByUsedInOperatingActivities" xlink:label="label_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetCashProvidedByUsedInOperatingActivities" xlink:type="resource" xml:lang="en-US">Net cash provided by operating activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to label_NetCashProvidedByUsedInOperatingActivities" xlink:to="label_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="locator" />
    <link:label xlink:label="label_NetIncomeLossAvailableToCommonStockholdersBasic_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="label:NetIncomeLossAvailableToCommonStockholdersBasic to label_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="label_NetIncomeLossAvailableToCommonStockholdersBasic_2" xlink:type="arc" />
    <link:label id="label_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="label_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="resource" xml:lang="en-US">NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="label: NetIncomeLossAvailableToCommonStockholdersBasic to label_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="label_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="locator" />
    <link:label xlink:label="label_CashAndCashEquivalentsPeriodIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="label:CashAndCashEquivalentsPeriodIncreaseDecrease to label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="label_CashAndCashEquivalentsPeriodIncreaseDecrease_2" xlink:type="arc" />
    <link:label id="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">INCREASE IN CASH AND CASH EQUIVALENTS</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="label: CashAndCashEquivalentsPeriodIncreaseDecrease to label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="label_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:label="ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:title="ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="resource" xml:lang="en-US">Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:title="label:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock to label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:to="label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_2" xlink:type="arc" />
    <link:label id="label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:label="label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="resource" xml:lang="en-US">Recent Financial Accounting Standards</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:title="label: ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock to label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:to="label_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MarketingAndAdvertisingExpense" xlink:label="MarketingAndAdvertisingExpense" xlink:title="MarketingAndAdvertisingExpense" xlink:type="locator" />
    <link:label xlink:label="label_MarketingAndAdvertisingExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MarketingAndAdvertisingExpense" xlink:type="resource" xml:lang="en-US">Marketing and Advertising Expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketingAndAdvertisingExpense" xlink:title="label:MarketingAndAdvertisingExpense to label_MarketingAndAdvertisingExpense" xlink:to="label_MarketingAndAdvertisingExpense_2" xlink:type="arc" />
    <link:label id="label_MarketingAndAdvertisingExpense" xlink:label="label_MarketingAndAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MarketingAndAdvertisingExpense" xlink:type="resource" xml:lang="en-US">Advertising and promotion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MarketingAndAdvertisingExpense" xlink:title="label: MarketingAndAdvertisingExpense to label_MarketingAndAdvertisingExpense" xlink:to="label_MarketingAndAdvertisingExpense" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementContingentRevenue" xlink:label="OperatingLeasesIncomeStatementContingentRevenue" xlink:title="OperatingLeasesIncomeStatementContingentRevenue" xlink:type="locator" />
    <link:label xlink:label="label_OperatingLeasesIncomeStatementContingentRevenue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingLeasesIncomeStatementContingentRevenue" xlink:type="resource" xml:lang="en-US">Operating Leases, Income Statement, Contingent Revenue</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesIncomeStatementContingentRevenue" xlink:title="label:OperatingLeasesIncomeStatementContingentRevenue to label_OperatingLeasesIncomeStatementContingentRevenue" xlink:to="label_OperatingLeasesIncomeStatementContingentRevenue_2" xlink:type="arc" />
    <link:label id="label_OperatingLeasesIncomeStatementContingentRevenue" xlink:label="label_OperatingLeasesIncomeStatementContingentRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingLeasesIncomeStatementContingentRevenue" xlink:type="resource" xml:lang="en-US">Overage rent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesIncomeStatementContingentRevenue" xlink:title="label: OperatingLeasesIncomeStatementContingentRevenue to label_OperatingLeasesIncomeStatementContingentRevenue" xlink:to="label_OperatingLeasesIncomeStatementContingentRevenue" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:label="OperatingLeasesOfLessorDisclosureTextBlock" xlink:title="OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_OperatingLeasesOfLessorDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Operating Leases of Lessor Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesOfLessorDisclosureTextBlock" xlink:title="label:OperatingLeasesOfLessorDisclosureTextBlock to label_OperatingLeasesOfLessorDisclosureTextBlock" xlink:to="label_OperatingLeasesOfLessorDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_OperatingLeasesOfLessorDisclosureTextBlock" xlink:label="label_OperatingLeasesOfLessorDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Rentals under Operating Leases</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesOfLessorDisclosureTextBlock" xlink:title="label: OperatingLeasesOfLessorDisclosureTextBlock to label_OperatingLeasesOfLessorDisclosureTextBlock" xlink:to="label_OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" xlink:type="locator" />
    <link:label xlink:label="label_OperatingIncomeLoss_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingIncomeLoss" xlink:type="resource" xml:lang="en-US">Operating Income (Loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:title="label:OperatingIncomeLoss to label_OperatingIncomeLoss" xlink:to="label_OperatingIncomeLoss_2" xlink:type="arc" />
    <link:label id="label_OperatingIncomeLoss" xlink:label="label_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OperatingIncomeLoss" xlink:type="resource" xml:lang="en-US">OPERATING INCOME</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:title="label: OperatingIncomeLoss to label_OperatingIncomeLoss" xlink:to="label_OperatingIncomeLoss" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="RevenuesAbstract" xlink:title="RevenuesAbstract" xlink:type="locator" />
    <link:label id="label_RevenuesAbstract_2" xlink:label="label_RevenuesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenuesAbstract" xlink:type="resource" xml:lang="en-US">REVENUE:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenuesAbstract" xlink:title="label: RevenuesAbstract to label_RevenuesAbstract" xlink:to="label_RevenuesAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues" xlink:type="locator" />
    <link:label xlink:label="label_Revenues_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Revenues" xlink:type="resource" xml:lang="en-US">Revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenues" xlink:title="label:Revenues to label_Revenues" xlink:to="label_Revenues_2" xlink:type="arc" />
    <link:label id="label_Revenues" xlink:label="label_Revenues" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Revenues" xlink:type="resource" xml:lang="en-US">Total revenue</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenues" xlink:title="label: Revenues to label_Revenues" xlink:to="label_Revenues" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="OriginationOfNotesReceivableFromRelatedParties" xlink:title="OriginationOfNotesReceivableFromRelatedParties" xlink:type="locator" />
    <link:label xlink:label="label_OriginationOfNotesReceivableFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OriginationOfNotesReceivableFromRelatedParties" xlink:type="resource" xml:lang="en-US">Origination of Notes Receivable from Related Parties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginationOfNotesReceivableFromRelatedParties" xlink:title="label:OriginationOfNotesReceivableFromRelatedParties to label_OriginationOfNotesReceivableFromRelatedParties" xlink:to="label_OriginationOfNotesReceivableFromRelatedParties_2" xlink:type="arc" />
    <link:label id="label_OriginationOfNotesReceivableFromRelatedParties" xlink:label="label_OriginationOfNotesReceivableFromRelatedParties" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_OriginationOfNotesReceivableFromRelatedParties" xlink:type="resource" xml:lang="en-US">Funding of loans to related parties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OriginationOfNotesReceivableFromRelatedParties" xlink:title="label: OriginationOfNotesReceivableFromRelatedParties to label_OriginationOfNotesReceivableFromRelatedParties" xlink:to="label_OriginationOfNotesReceivableFromRelatedParties" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="locator" />
    <link:label xlink:label="label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="label:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease_2" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Currency translation adjustments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="label: OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:label="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:title="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="locator" />
    <link:label xlink:label="label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income, Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:title="label:OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax to label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:to="label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax_2" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:label="label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="resource" xml:lang="en-US">Net (loss) on derivative instruments reclassified from accumulated other comprehensive income (loss) into interest expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:title="label: OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax to label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:to="label_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:title="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="locator" />
    <link:label xlink:label="label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:title="label:OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax to label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax_2" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="resource" xml:lang="en-US">Unrealized (loss) income on interest rate hedge agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:title="label: OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax to label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="label_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="PaymentsOfDividendsMinorityInterest" xlink:title="PaymentsOfDividendsMinorityInterest" xlink:type="locator" />
    <link:label xlink:label="label_PaymentsOfDividendsMinorityInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsOfDividendsMinorityInterest" xlink:type="resource" xml:lang="en-US">Payments of Dividends, Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsMinorityInterest" xlink:title="label:PaymentsOfDividendsMinorityInterest to label_PaymentsOfDividendsMinorityInterest" xlink:to="label_PaymentsOfDividendsMinorityInterest_2" xlink:type="arc" />
    <link:label id="label_PaymentsOfDividendsMinorityInterest" xlink:label="label_PaymentsOfDividendsMinorityInterest" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsOfDividendsMinorityInterest" xlink:type="resource" xml:lang="en-US">Distributions to limited partners</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfDividendsMinorityInterest" xlink:title="label: PaymentsOfDividendsMinorityInterest to label_PaymentsOfDividendsMinorityInterest" xlink:to="label_PaymentsOfDividendsMinorityInterest" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfOtherEquity" xlink:label="PaymentsForRepurchaseOfOtherEquity" xlink:title="PaymentsForRepurchaseOfOtherEquity" xlink:type="locator" />
    <link:label xlink:label="label_PaymentsForRepurchaseOfOtherEquity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForRepurchaseOfOtherEquity" xlink:type="resource" xml:lang="en-US">Payments for Repurchase of Other Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRepurchaseOfOtherEquity" xlink:title="label:PaymentsForRepurchaseOfOtherEquity to label_PaymentsForRepurchaseOfOtherEquity" xlink:to="label_PaymentsForRepurchaseOfOtherEquity_2" xlink:type="arc" />
    <link:label id="label_PaymentsForRepurchaseOfOtherEquity" xlink:label="label_PaymentsForRepurchaseOfOtherEquity" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsForRepurchaseOfOtherEquity" xlink:type="resource" xml:lang="en-US">Purchase of limited partner units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRepurchaseOfOtherEquity" xlink:title="label: PaymentsForRepurchaseOfOtherEquity to label_PaymentsForRepurchaseOfOtherEquity" xlink:to="label_PaymentsForRepurchaseOfOtherEquity" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="PreferredStockSharesAuthorized" xlink:title="PreferredStockSharesAuthorized" xlink:type="locator" />
    <link:label xlink:label="label_PreferredStockSharesAuthorized_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockSharesAuthorized" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares Authorized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesAuthorized" xlink:title="label:PreferredStockSharesAuthorized to label_PreferredStockSharesAuthorized" xlink:to="label_PreferredStockSharesAuthorized_2" xlink:type="arc" />
    <link:label id="label_PreferredStockSharesAuthorized" xlink:label="label_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferredStockSharesAuthorized" xlink:type="resource" xml:lang="en-US">Series J 8 3/8% cumulative redeemable preferred stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesAuthorized" xlink:title="label: PreferredStockSharesAuthorized to label_PreferredStockSharesAuthorized" xlink:to="label_PreferredStockSharesAuthorized" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="PreferredStockSharesIssued" xlink:title="PreferredStockSharesIssued" xlink:type="locator" />
    <link:label xlink:label="label_PreferredStockSharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockSharesIssued" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares Issued</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesIssued" xlink:title="label:PreferredStockSharesIssued to label_PreferredStockSharesIssued" xlink:to="label_PreferredStockSharesIssued_2" xlink:type="arc" />
    <link:label id="label_PreferredStockSharesIssued" xlink:label="label_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferredStockSharesIssued" xlink:type="resource" xml:lang="en-US">Series J 8 3/8% cumulative redeemable preferred stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesIssued" xlink:title="label: PreferredStockSharesIssued to label_PreferredStockSharesIssued" xlink:to="label_PreferredStockSharesIssued" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockDividends" xlink:label="PreferredStockDividends" xlink:title="PreferredStockDividends" xlink:type="locator" />
    <link:label xlink:label="label_PreferredStockDividends_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockDividends" xlink:type="resource" xml:lang="en-US">Preferred Stock Dividends</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockDividends" xlink:title="label:PreferredStockDividends to label_PreferredStockDividends" xlink:to="label_PreferredStockDividends_2" xlink:type="arc" />
    <link:label id="label_PreferredStockDividends" xlink:label="label_PreferredStockDividends" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferredStockDividends" xlink:type="resource" xml:lang="en-US">Preferred dividends</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockDividends" xlink:title="label: PreferredStockDividends to label_PreferredStockDividends" xlink:to="label_PreferredStockDividends" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestInPreferredUnitHolders" xlink:label="MinorityInterestInPreferredUnitHolders" xlink:title="MinorityInterestInPreferredUnitHolders" xlink:type="locator" />
    <link:label id="label_MinorityInterestInPreferredUnitHolders" xlink:label="label_MinorityInterestInPreferredUnitHolders" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MinorityInterestInPreferredUnitHolders" xlink:type="resource" xml:lang="en-US">Series I 6% convertible perpetual preferred stock, 19,000,000 shares authorized, 7,593,604 and 7,590,264 issued and outstanding, at liquidation value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInPreferredUnitHolders" xlink:title="label: MinorityInterestInPreferredUnitHolders to label_MinorityInterestInPreferredUnitHolders" xlink:to="label_MinorityInterestInPreferredUnitHolders" xlink:type="arc" />
    <link:label id="label_MinorityInterestInPreferredUnitHolders_2" xlink:label="label_MinorityInterestInPreferredUnitHolders_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinorityInterestInPreferredUnitHolders" xlink:type="resource" xml:lang="en-US">LIMITED PARTNERS' PREFERRED INTEREST IN THE OPERATING PARTNERSHIP</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestInPreferredUnitHolders" xlink:title="label: MinorityInterestInPreferredUnitHolders to label_MinorityInterestInPreferredUnitHolders" xlink:to="label_MinorityInterestInPreferredUnitHolders_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="ProceedsFromIssuanceOrSaleOfEquity" xlink:type="locator" />
    <link:label xlink:label="label_ProceedsFromIssuanceOrSaleOfEquity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssuanceOrSaleOfEquity" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance or Sale of Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="label:ProceedsFromIssuanceOrSaleOfEquity to label_ProceedsFromIssuanceOrSaleOfEquity" xlink:to="label_ProceedsFromIssuanceOrSaleOfEquity_2" xlink:type="arc" />
    <link:label id="label_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="label_ProceedsFromIssuanceOrSaleOfEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromIssuanceOrSaleOfEquity" xlink:type="resource" xml:lang="en-US">Proceeds from sales of common stock and other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="label: ProceedsFromIssuanceOrSaleOfEquity to label_ProceedsFromIssuanceOrSaleOfEquity" xlink:to="label_ProceedsFromIssuanceOrSaleOfEquity" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="ProceedsFromMinorityShareholders" xlink:title="ProceedsFromMinorityShareholders" xlink:type="locator" />
    <link:label xlink:label="label_ProceedsFromMinorityShareholders_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromMinorityShareholders" xlink:type="resource" xml:lang="en-US">Proceeds from Noncontrolling Interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromMinorityShareholders" xlink:title="label:ProceedsFromMinorityShareholders to label_ProceedsFromMinorityShareholders" xlink:to="label_ProceedsFromMinorityShareholders_2" xlink:type="arc" />
    <link:label id="label_ProceedsFromMinorityShareholders" xlink:label="label_ProceedsFromMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromMinorityShareholders" xlink:type="resource" xml:lang="en-US">Contributions from noncontrolling interest holders in properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromMinorityShareholders" xlink:title="label: ProceedsFromMinorityShareholders to label_ProceedsFromMinorityShareholders" xlink:to="label_ProceedsFromMinorityShareholders" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:label="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:title="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="locator" />
    <link:label xlink:label="label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance of Long-term Debt and Capital Securities, Net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:title="label:ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet to label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:to="label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_2" xlink:type="arc" />
    <link:label id="label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:label="label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="resource" xml:lang="en-US">Mortgage and other indebtedness proceeds, net of transaction costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:title="label: ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet to label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:to="label_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:label="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:title="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="locator" />
    <link:label xlink:label="label_ProceedsFromRepurchaseOfRedeemablePreferredStock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="resource" xml:lang="en-US">Proceeds from (Repurchase of) Redeemable Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:title="label:ProceedsFromRepurchaseOfRedeemablePreferredStock to label_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:to="label_ProceedsFromRepurchaseOfRedeemablePreferredStock_2" xlink:type="arc" />
    <link:label id="label_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:label="label_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="resource" xml:lang="en-US">Preferred stock redemptions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:title="label: ProceedsFromRepurchaseOfRedeemablePreferredStock to label_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:to="label_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForLoanLeaseAndOtherLosses" xlink:label="ProvisionForLoanLeaseAndOtherLosses" xlink:title="ProvisionForLoanLeaseAndOtherLosses" xlink:type="locator" />
    <link:label xlink:label="label_ProvisionForLoanLeaseAndOtherLosses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForLoanLeaseAndOtherLosses" xlink:type="resource" xml:lang="en-US">Provision for Loan, Lease, and Other Losses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLoanLeaseAndOtherLosses" xlink:title="label:ProvisionForLoanLeaseAndOtherLosses to label_ProvisionForLoanLeaseAndOtherLosses" xlink:to="label_ProvisionForLoanLeaseAndOtherLosses_2" xlink:type="arc" />
    <link:label id="label_ProvisionForLoanLeaseAndOtherLosses" xlink:label="label_ProvisionForLoanLeaseAndOtherLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForLoanLeaseAndOtherLosses" xlink:type="resource" xml:lang="en-US">(Recovery of) provision for credit losses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLoanLeaseAndOtherLosses" xlink:title="label: ProvisionForLoanLeaseAndOtherLosses to label_ProvisionForLoanLeaseAndOtherLosses" xlink:to="label_ProvisionForLoanLeaseAndOtherLosses" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="locator" />
    <link:label xlink:label="label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="resource" xml:lang="en-US">Payments to Acquire Interest in Subsidiaries and Affiliates</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="label:PaymentsToAcquireInterestInSubsidiariesAndAffiliates to label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_2" xlink:type="arc" />
    <link:label id="label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="resource" xml:lang="en-US">Investments in unconsolidated entities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="label: PaymentsToAcquireInterestInSubsidiariesAndAffiliates to label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="label_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="PaymentsToAcquireInvestments" xlink:title="PaymentsToAcquireInvestments" xlink:type="locator" />
    <link:label xlink:label="label_PaymentsToAcquireInvestments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsToAcquireInvestments" xlink:type="resource" xml:lang="en-US">Payments to Acquire Investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInvestments" xlink:title="label:PaymentsToAcquireInvestments to label_PaymentsToAcquireInvestments" xlink:to="label_PaymentsToAcquireInvestments_2" xlink:type="arc" />
    <link:label id="label_PaymentsToAcquireInvestments" xlink:label="label_PaymentsToAcquireInvestments" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsToAcquireInvestments" xlink:type="resource" xml:lang="en-US">Purchase of marketable and non-marketable securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireInvestments" xlink:title="label: PaymentsToAcquireInvestments to label_PaymentsToAcquireInvestments" xlink:to="label_PaymentsToAcquireInvestments" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateOwnedTextBlock" xlink:label="RealEstateOwnedTextBlock" xlink:title="RealEstateOwnedTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_RealEstateOwnedTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealEstateOwnedTextBlock" xlink:type="resource" xml:lang="en-US">Real Estate Owned [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateOwnedTextBlock" xlink:title="label:RealEstateOwnedTextBlock to label_RealEstateOwnedTextBlock" xlink:to="label_RealEstateOwnedTextBlock_2" xlink:type="arc" />
    <link:label id="label_RealEstateOwnedTextBlock" xlink:label="label_RealEstateOwnedTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealEstateOwnedTextBlock" xlink:type="resource" xml:lang="en-US">Investment Properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateOwnedTextBlock" xlink:title="label: RealEstateOwnedTextBlock to label_RealEstateOwnedTextBlock" xlink:to="label_RealEstateOwnedTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="RealEstateInvestmentPropertyAtCost" xlink:title="RealEstateInvestmentPropertyAtCost" xlink:type="locator" />
    <link:label xlink:label="label_RealEstateInvestmentPropertyAtCost_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealEstateInvestmentPropertyAtCost" xlink:type="resource" xml:lang="en-US">Real Estate Investment Property, at Cost</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyAtCost" xlink:title="label:RealEstateInvestmentPropertyAtCost to label_RealEstateInvestmentPropertyAtCost" xlink:to="label_RealEstateInvestmentPropertyAtCost_2" xlink:type="arc" />
    <link:label id="label_RealEstateInvestmentPropertyAtCost" xlink:label="label_RealEstateInvestmentPropertyAtCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealEstateInvestmentPropertyAtCost" xlink:type="resource" xml:lang="en-US">Investment properties, at cost</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyAtCost" xlink:title="label: RealEstateInvestmentPropertyAtCost to label_RealEstateInvestmentPropertyAtCost" xlink:to="label_RealEstateInvestmentPropertyAtCost" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="RealEstateInvestmentPropertyNet" xlink:title="RealEstateInvestmentPropertyNet" xlink:type="locator" />
    <link:label xlink:label="label_RealEstateInvestmentPropertyNet_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealEstateInvestmentPropertyNet" xlink:type="resource" xml:lang="en-US">Real Estate Investment Property, Net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyNet" xlink:title="label:RealEstateInvestmentPropertyNet to label_RealEstateInvestmentPropertyNet" xlink:to="label_RealEstateInvestmentPropertyNet_2" xlink:type="arc" />
    <link:label id="label_RealEstateInvestmentPropertyNet" xlink:label="label_RealEstateInvestmentPropertyNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_RealEstateInvestmentPropertyNet" xlink:type="resource" xml:lang="en-US">Investment properties, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestmentPropertyNet" xlink:title="label: RealEstateInvestmentPropertyNet to label_RealEstateInvestmentPropertyNet" xlink:to="label_RealEstateInvestmentPropertyNet" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_RelatedPartyTransactionsDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="label:RelatedPartyTransactionsDisclosureTextBlock to label_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="label_RelatedPartyTransactionsDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="label_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Related Party Transactions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to label_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="label_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xlink:label="RepaymentOfNotesReceivableFromRelatedParties" xlink:title="RepaymentOfNotesReceivableFromRelatedParties" xlink:type="locator" />
    <link:label xlink:label="label_RepaymentOfNotesReceivableFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentOfNotesReceivableFromRelatedParties" xlink:type="resource" xml:lang="en-US">Repayment of Notes Receivable from Related Parties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfNotesReceivableFromRelatedParties" xlink:title="label:RepaymentOfNotesReceivableFromRelatedParties to label_RepaymentOfNotesReceivableFromRelatedParties" xlink:to="label_RepaymentOfNotesReceivableFromRelatedParties_2" xlink:type="arc" />
    <link:label id="label_RepaymentOfNotesReceivableFromRelatedParties" xlink:label="label_RepaymentOfNotesReceivableFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepaymentOfNotesReceivableFromRelatedParties" xlink:type="resource" xml:lang="en-US">Repayments on loans to related parties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfNotesReceivableFromRelatedParties" xlink:title="label: RepaymentOfNotesReceivableFromRelatedParties to label_RepaymentOfNotesReceivableFromRelatedParties" xlink:to="label_RepaymentOfNotesReceivableFromRelatedParties" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:title="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="locator" />
    <link:label xlink:label="label_RepaymentsOfLongTermDebtAndCapitalSecurities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="resource" xml:lang="en-US">Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:title="label:RepaymentsOfLongTermDebtAndCapitalSecurities to label_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:to="label_RepaymentsOfLongTermDebtAndCapitalSecurities_2" xlink:type="arc" />
    <link:label id="label_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="label_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="resource" xml:lang="en-US">Mortgage and other indebtedness principal payments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:title="label: RepaymentsOfLongTermDebtAndCapitalSecurities to label_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:to="label_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToMinorityShareholders" xlink:label="PaymentsToMinorityShareholders" xlink:title="PaymentsToMinorityShareholders" xlink:type="locator" />
    <link:label xlink:label="label_PaymentsToMinorityShareholders_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsToMinorityShareholders" xlink:type="resource" xml:lang="en-US">Payments to Noncontrolling Interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToMinorityShareholders" xlink:title="label:PaymentsToMinorityShareholders to label_PaymentsToMinorityShareholders" xlink:to="label_PaymentsToMinorityShareholders_2" xlink:type="arc" />
    <link:label id="label_PaymentsToMinorityShareholders" xlink:label="label_PaymentsToMinorityShareholders" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsToMinorityShareholders" xlink:type="resource" xml:lang="en-US">Distributions to noncontrolling interest holders in properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToMinorityShareholders" xlink:title="label: PaymentsToMinorityShareholders to label_PaymentsToMinorityShareholders" xlink:to="label_PaymentsToMinorityShareholders" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" xlink:type="locator" />
    <link:label xlink:label="label_RetainedEarningsAccumulatedDeficit_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsAccumulatedDeficit" xlink:type="resource" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAccumulatedDeficit" xlink:title="label:RetainedEarningsAccumulatedDeficit to label_RetainedEarningsAccumulatedDeficit" xlink:to="label_RetainedEarningsAccumulatedDeficit_2" xlink:type="arc" />
    <link:label id="label_RetainedEarningsAccumulatedDeficit" xlink:label="label_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetainedEarningsAccumulatedDeficit" xlink:type="resource" xml:lang="en-US">Accumulated deficit</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAccumulatedDeficit" xlink:title="label: RetainedEarningsAccumulatedDeficit to label_RetainedEarningsAccumulatedDeficit" xlink:to="label_RetainedEarningsAccumulatedDeficit" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="TenantReimbursements" xlink:title="TenantReimbursements" xlink:type="locator" />
    <link:label xlink:label="label_TenantReimbursements_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenantReimbursements" xlink:type="resource" xml:lang="en-US">Tenant Reimbursements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenantReimbursements" xlink:title="label:TenantReimbursements to label_TenantReimbursements" xlink:to="label_TenantReimbursements_2" xlink:type="arc" />
    <link:label id="label_TenantReimbursements" xlink:label="label_TenantReimbursements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenantReimbursements" xlink:type="resource" xml:lang="en-US">Tenant reimbursements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenantReimbursements" xlink:title="label: TenantReimbursements to label_TenantReimbursements" xlink:to="label_TenantReimbursements" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SeriesFPreferredStockMember" xlink:label="SeriesFPreferredStockMember" xlink:title="SeriesFPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesFPreferredStockMember" xlink:label="label_SeriesFPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesFPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series F Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesFPreferredStockMember" xlink:title="label: SeriesFPreferredStockMember to label_SeriesFPreferredStockMember" xlink:to="label_SeriesFPreferredStockMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SeriesGPreferredStockMember" xlink:label="SeriesGPreferredStockMember" xlink:title="SeriesGPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesGPreferredStockMember" xlink:label="label_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesGPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series G Preferred stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesGPreferredStockMember" xlink:title="label: SeriesGPreferredStockMember to label_SeriesGPreferredStockMember" xlink:to="label_SeriesGPreferredStockMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_SignificantAccountingPoliciesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantAccountingPoliciesTextBlock" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:title="label:SignificantAccountingPoliciesTextBlock to label_SignificantAccountingPoliciesTextBlock" xlink:to="label_SignificantAccountingPoliciesTextBlock_2" xlink:type="arc" />
    <link:label id="label_SignificantAccountingPoliciesTextBlock" xlink:label="label_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SignificantAccountingPoliciesTextBlock" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantAccountingPoliciesTextBlock" xlink:title="label: SignificantAccountingPoliciesTextBlock to label_SignificantAccountingPoliciesTextBlock" xlink:to="label_SignificantAccountingPoliciesTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="StockholdersEquityAbstract" xlink:title="StockholdersEquityAbstract" xlink:type="locator" />
    <link:label id="label_StockholdersEquityAbstract_3" xlink:label="label_StockholdersEquityAbstract_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityAbstract" xlink:type="resource" xml:lang="en-US">Stockholders' equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityAbstract" xlink:title="label: StockholdersEquityAbstract to label_StockholdersEquityAbstract" xlink:to="label_StockholdersEquityAbstract_3" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="StockholdersEquityNoteDisclosureTextBlock" xlink:title="StockholdersEquityNoteDisclosureTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_StockholdersEquityNoteDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityNoteDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Stockholders' Equity Note Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:title="label:StockholdersEquityNoteDisclosureTextBlock to label_StockholdersEquityNoteDisclosureTextBlock" xlink:to="label_StockholdersEquityNoteDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_StockholdersEquityNoteDisclosureTextBlock" xlink:label="label_StockholdersEquityNoteDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockholdersEquityNoteDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityNoteDisclosureTextBlock" xlink:title="label: StockholdersEquityNoteDisclosureTextBlock to label_StockholdersEquityNoteDisclosureTextBlock" xlink:to="label_StockholdersEquityNoteDisclosureTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember" xlink:type="locator" />
    <link:label id="label_TreasuryStockMember" xlink:label="label_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryStockMember" xlink:type="resource" xml:lang="en-US">Common Stock Held in Treasury</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockMember" xlink:title="label: TreasuryStockMember to label_TreasuryStockMember" xlink:to="label_TreasuryStockMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" xlink:type="locator" />
    <link:label id="label_CommonStockMember" xlink:label="label_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockMember" xlink:type="resource" xml:lang="en-US">Common Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockMember" xlink:title="label: CommonStockMember to label_CommonStockMember" xlink:to="label_CommonStockMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="PreferredStockMember" xlink:title="PreferredStockMember" xlink:type="locator" />
    <link:label id="label_PreferredStockMember" xlink:label="label_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockMember" xlink:type="resource" xml:lang="en-US">Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockMember" xlink:title="label: PreferredStockMember to label_PreferredStockMember" xlink:to="label_PreferredStockMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" xlink:type="locator" />
    <link:label xlink:label="label_Assets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Assets" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:title="label:Assets to label_Assets" xlink:to="label_Assets_2" xlink:type="arc" />
    <link:label id="label_Assets" xlink:label="label_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Assets" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:title="label: Assets to label_Assets" xlink:to="label_Assets" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" xlink:type="locator" />
    <link:label id="label_AssetsAbstract_2" xlink:label="label_AssetsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsAbstract" xlink:type="resource" xml:lang="en-US">ASSETS:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:title="label: AssetsAbstract to label_AssetsAbstract" xlink:to="label_AssetsAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator" />
    <link:label id="label_StatementLineItems_2" xlink:label="label_StatementLineItems_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementLineItems" xlink:type="resource" xml:lang="en-US">Statement - Line Items</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:title="label: StatementLineItems to label_StatementLineItems" xlink:to="label_StatementLineItems_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquityCarryingAmount" xlink:label="TemporaryEquityCarryingAmount" xlink:title="TemporaryEquityCarryingAmount" xlink:type="locator" />
    <link:label xlink:label="label_TemporaryEquityCarryingAmount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TemporaryEquityCarryingAmount" xlink:type="resource" xml:lang="en-US">Temporary Equity, Carrying Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquityCarryingAmount" xlink:title="label:TemporaryEquityCarryingAmount to label_TemporaryEquityCarryingAmount" xlink:to="label_TemporaryEquityCarryingAmount_2" xlink:type="arc" />
    <link:label id="label_TemporaryEquityCarryingAmount" xlink:label="label_TemporaryEquityCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TemporaryEquityCarryingAmount" xlink:type="resource" xml:lang="en-US">Series I 6% convertible perpetual preferred stock, 19,000,000 shares authorized, 7,603,537 and 7,590,264 issued and outstanding, respectively, at liquidation value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquityCarryingAmount" xlink:title="label: TemporaryEquityCarryingAmount to label_TemporaryEquityCarryingAmount" xlink:to="label_TemporaryEquityCarryingAmount" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="QuarterlyFinancialInformationTextBlock" xlink:title="QuarterlyFinancialInformationTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_QuarterlyFinancialInformationTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_QuarterlyFinancialInformationTextBlock" xlink:type="resource" xml:lang="en-US">Quarterly Financial Information [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuarterlyFinancialInformationTextBlock" xlink:title="label:QuarterlyFinancialInformationTextBlock to label_QuarterlyFinancialInformationTextBlock" xlink:to="label_QuarterlyFinancialInformationTextBlock_2" xlink:type="arc" />
    <link:label id="label_QuarterlyFinancialInformationTextBlock" xlink:label="label_QuarterlyFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_QuarterlyFinancialInformationTextBlock" xlink:type="resource" xml:lang="en-US">Quarterly Financial Data (Unaudited)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuarterlyFinancialInformationTextBlock" xlink:title="label: QuarterlyFinancialInformationTextBlock to label_QuarterlyFinancialInformationTextBlock" xlink:to="label_QuarterlyFinancialInformationTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain" xlink:title="ClassOfStockDomain" xlink:type="locator" />
    <link:label id="label_ClassOfStockDomain" xlink:label="label_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassOfStockDomain" xlink:type="resource" xml:lang="en-US">Class of Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassOfStockDomain" xlink:title="label: ClassOfStockDomain to label_ClassOfStockDomain" xlink:to="label_ClassOfStockDomain" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="TreasuryStockValue" xlink:title="TreasuryStockValue" xlink:type="locator" />
    <link:label xlink:label="label_TreasuryStockValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryStockValue" xlink:type="resource" xml:lang="en-US">Treasury Stock, Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockValue" xlink:title="label:TreasuryStockValue to label_TreasuryStockValue" xlink:to="label_TreasuryStockValue_2" xlink:type="arc" />
    <link:label id="label_TreasuryStockValue" xlink:label="label_TreasuryStockValue" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_TreasuryStockValue" xlink:type="resource" xml:lang="en-US">Common stock held in treasury at cost, 4,123,116 and 4,379,396 shares, respectively</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockValue" xlink:title="label: TreasuryStockValue to label_TreasuryStockValue" xlink:to="label_TreasuryStockValue" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="CommonClassAMember" xlink:title="CommonClassAMember" xlink:type="locator" />
    <link:label id="label_CommonClassAMember" xlink:label="label_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonClassAMember" xlink:type="resource" xml:lang="en-US">Common stock, $.0001 par value, 400,004,000 shares authorized, 287,424,297 and 235,691,040 issued, respectively</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonClassAMember" xlink:title="label: CommonClassAMember to label_CommonClassAMember" xlink:to="label_CommonClassAMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic" xlink:type="locator" />
    <link:label xlink:label="label_EarningsPerShareBasic_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareBasic" xlink:type="resource" xml:lang="en-US">Earnings Per Share, Basic</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasic" xlink:title="label:EarningsPerShareBasic to label_EarningsPerShareBasic" xlink:to="label_EarningsPerShareBasic_2" xlink:type="arc" />
    <link:label id="label_EarningsPerShareBasic" xlink:label="label_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EarningsPerShareBasic" xlink:type="resource" xml:lang="en-US">Net income attributable to common stockholders (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasic" xlink:title="label: EarningsPerShareBasic to label_EarningsPerShareBasic" xlink:to="label_EarningsPerShareBasic" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" xlink:type="locator" />
    <link:label xlink:label="label_CommonStockSharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockSharesIssued" xlink:type="resource" xml:lang="en-US">Common Stock, Shares, Issued</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:title="label:CommonStockSharesIssued to label_CommonStockSharesIssued" xlink:to="label_CommonStockSharesIssued_2" xlink:type="arc" />
    <link:label id="label_CommonStockSharesIssued" xlink:label="label_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommonStockSharesIssued" xlink:type="resource" xml:lang="en-US">Common stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesIssued" xlink:title="label: CommonStockSharesIssued to label_CommonStockSharesIssued" xlink:to="label_CommonStockSharesIssued" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="OtherCostAndExpenseOperating" xlink:title="OtherCostAndExpenseOperating" xlink:type="locator" />
    <link:label xlink:label="label_OtherCostAndExpenseOperating_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCostAndExpenseOperating" xlink:type="resource" xml:lang="en-US">Other Cost and Expense, Operating</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCostAndExpenseOperating" xlink:title="label:OtherCostAndExpenseOperating to label_OtherCostAndExpenseOperating" xlink:to="label_OtherCostAndExpenseOperating_2" xlink:type="arc" />
    <link:label id="label_OtherCostAndExpenseOperating" xlink:label="label_OtherCostAndExpenseOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCostAndExpenseOperating" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCostAndExpenseOperating" xlink:title="label: OtherCostAndExpenseOperating to label_OtherCostAndExpenseOperating" xlink:to="label_OtherCostAndExpenseOperating" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="PreferredStockSharesOutstanding" xlink:title="PreferredStockSharesOutstanding" xlink:type="locator" />
    <link:label xlink:label="label_PreferredStockSharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockSharesOutstanding" xlink:type="resource" xml:lang="en-US">Preferred Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesOutstanding" xlink:title="label:PreferredStockSharesOutstanding to label_PreferredStockSharesOutstanding" xlink:to="label_PreferredStockSharesOutstanding_2" xlink:type="arc" />
    <link:label id="label_PreferredStockSharesOutstanding" xlink:label="label_PreferredStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferredStockSharesOutstanding" xlink:type="resource" xml:lang="en-US">Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockSharesOutstanding" xlink:title="label: PreferredStockSharesOutstanding to label_PreferredStockSharesOutstanding" xlink:to="label_PreferredStockSharesOutstanding" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="EarningsPerShareBasicAbstract" xlink:title="EarningsPerShareBasicAbstract" xlink:type="locator" />
    <link:label id="label_EarningsPerShareBasicAbstract_2" xlink:label="label_EarningsPerShareBasicAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareBasicAbstract" xlink:type="resource" xml:lang="en-US">BASIC EARNINGS PER COMMON SHARE:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasicAbstract" xlink:title="label: EarningsPerShareBasicAbstract to label_EarningsPerShareBasicAbstract" xlink:to="label_EarningsPerShareBasicAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="EarningsPerShareDilutedAbstract" xlink:title="EarningsPerShareDilutedAbstract" xlink:type="locator" />
    <link:label id="label_EarningsPerShareDilutedAbstract_2" xlink:label="label_EarningsPerShareDilutedAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareDilutedAbstract" xlink:type="resource" xml:lang="en-US">DILUTED EARNINGS PER COMMON SHARE:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareDilutedAbstract" xlink:title="label: EarningsPerShareDilutedAbstract to label_EarningsPerShareDilutedAbstract" xlink:to="label_EarningsPerShareDilutedAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" xlink:type="locator" />
    <link:label id="label_EarningsPerShareAbstract_2" xlink:label="label_EarningsPerShareAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareAbstract" xlink:type="resource" xml:lang="en-US">EARNINGS PER SHARE</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:title="label: EarningsPerShareAbstract to label_EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="CommonStockParOrStatedValuePerShare" xlink:title="CommonStockParOrStatedValuePerShare" xlink:type="locator" />
    <link:label xlink:label="label_CommonStockParOrStatedValuePerShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonStockParOrStatedValuePerShare" xlink:type="resource" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockParOrStatedValuePerShare" xlink:title="label:CommonStockParOrStatedValuePerShare to label_CommonStockParOrStatedValuePerShare" xlink:to="label_CommonStockParOrStatedValuePerShare_2" xlink:type="arc" />
    <link:label id="label_CommonStockParOrStatedValuePerShare" xlink:label="label_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommonStockParOrStatedValuePerShare" xlink:type="resource" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockParOrStatedValuePerShare" xlink:title="label: CommonStockParOrStatedValuePerShare to label_CommonStockParOrStatedValuePerShare" xlink:to="label_CommonStockParOrStatedValuePerShare" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="TreasuryStockShares" xlink:title="TreasuryStockShares" xlink:type="locator" />
    <link:label xlink:label="label_TreasuryStockShares_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryStockShares" xlink:type="resource" xml:lang="en-US">Treasury Stock, Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockShares" xlink:title="label:TreasuryStockShares to label_TreasuryStockShares" xlink:to="label_TreasuryStockShares_2" xlink:type="arc" />
    <link:label id="label_TreasuryStockShares" xlink:label="label_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TreasuryStockShares" xlink:type="resource" xml:lang="en-US">Common stock held in treasury, shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockShares" xlink:title="label: TreasuryStockShares to label_TreasuryStockShares" xlink:to="label_TreasuryStockShares" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="NotesReceivableRelatedParties" xlink:title="NotesReceivableRelatedParties" xlink:type="locator" />
    <link:label xlink:label="label_NotesReceivableRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesReceivableRelatedParties" xlink:type="resource" xml:lang="en-US">Notes Receivable, Related Parties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedParties" xlink:title="label:NotesReceivableRelatedParties to label_NotesReceivableRelatedParties" xlink:to="label_NotesReceivableRelatedParties_2" xlink:type="arc" />
    <link:label id="label_NotesReceivableRelatedParties" xlink:label="label_NotesReceivableRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotesReceivableRelatedParties" xlink:type="resource" xml:lang="en-US">Note receivable from related party</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedParties" xlink:title="label: NotesReceivableRelatedParties to label_NotesReceivableRelatedParties" xlink:to="label_NotesReceivableRelatedParties" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" xlink:type="locator" />
    <link:label xlink:label="label_StockholdersEquity_4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquity" xlink:type="resource" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:title="label:StockholdersEquity to label_StockholdersEquity" xlink:to="label_StockholdersEquity_4" xlink:type="arc" />
    <link:label id="label_StockholdersEquity" xlink:label="label_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_StockholdersEquity" xlink:type="resource" xml:lang="en-US">Total stockholders' equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:title="label: StockholdersEquity to label_StockholdersEquity" xlink:to="label_StockholdersEquity" xlink:type="arc" />
    <link:label id="label_StockholdersEquity_2" xlink:label="label_StockholdersEquity_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_StockholdersEquity" xlink:type="resource" xml:lang="en-US">Balance at beginning of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:title="label: StockholdersEquity to label_StockholdersEquity" xlink:to="label_StockholdersEquity_2" xlink:type="arc" />
    <link:label id="label_StockholdersEquity_3" xlink:label="label_StockholdersEquity_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_StockholdersEquity" xlink:type="resource" xml:lang="en-US">Balance at end of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:title="label: StockholdersEquity to label_StockholdersEquity" xlink:to="label_StockholdersEquity_3" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit" xlink:type="locator" />
    <link:label xlink:label="label_IncomeTaxExpenseBenefit_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxExpenseBenefit" xlink:type="resource" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseBenefit" xlink:title="label:IncomeTaxExpenseBenefit to label_IncomeTaxExpenseBenefit" xlink:to="label_IncomeTaxExpenseBenefit_2" xlink:type="arc" />
    <link:label id="label_IncomeTaxExpenseBenefit" xlink:label="label_IncomeTaxExpenseBenefit" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_IncomeTaxExpenseBenefit" xlink:type="resource" xml:lang="en-US">Income tax benefit (expense) of taxable REIT subsidiaries</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseBenefit" xlink:title="label: IncomeTaxExpenseBenefit to label_IncomeTaxExpenseBenefit" xlink:to="label_IncomeTaxExpenseBenefit" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAbstract" xlink:label="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="ComprehensiveIncomeNetOfTaxAbstract" xlink:type="locator" />
    <link:label id="label_ComprehensiveIncomeNetOfTaxAbstract_2" xlink:label="label_ComprehensiveIncomeNetOfTaxAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeNetOfTaxAbstract" xlink:type="resource" xml:lang="en-US">COMPREHENSIVE INCOME</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="label: ComprehensiveIncomeNetOfTaxAbstract to label_ComprehensiveIncomeNetOfTaxAbstract" xlink:to="label_ComprehensiveIncomeNetOfTaxAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PercentageRent" xlink:label="PercentageRent" xlink:title="PercentageRent" xlink:type="locator" />
    <link:label id="label_PercentageRent" xlink:label="label_PercentageRent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageRent" xlink:type="resource" xml:lang="en-US">Overage rent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageRent" xlink:title="label: PercentageRent to label_PercentageRent" xlink:to="label_PercentageRent" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherIncome" xlink:label="OtherIncome" xlink:title="OtherIncome" xlink:type="locator" />
    <link:label xlink:label="label_OtherIncome_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIncome" xlink:type="resource" xml:lang="en-US">Other Income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:title="label:OtherIncome to label_OtherIncome" xlink:to="label_OtherIncome_2" xlink:type="arc" />
    <link:label id="label_OtherIncome" xlink:label="label_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherIncome" xlink:type="resource" xml:lang="en-US">Other income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:title="label: OtherIncome to label_OtherIncome" xlink:to="label_OtherIncome" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember" xlink:type="locator" />
    <link:label id="label_AdditionalPaidInCapitalMember" xlink:label="label_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalPaidInCapitalMember" xlink:type="resource" xml:lang="en-US">Capital in Excess of Par Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalPaidInCapitalMember" xlink:title="label: AdditionalPaidInCapitalMember to label_AdditionalPaidInCapitalMember" xlink:to="label_AdditionalPaidInCapitalMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" xlink:type="locator" />
    <link:label id="label_RetainedEarningsMember" xlink:label="label_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsMember" xlink:type="resource" xml:lang="en-US">Accumulated Deficit</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:title="label: RetainedEarningsMember to label_RetainedEarningsMember" xlink:to="label_RetainedEarningsMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="AccumulatedOtherComprehensiveIncomeMember" xlink:title="AccumulatedOtherComprehensiveIncomeMember" xlink:type="locator" />
    <link:label id="label_AccumulatedOtherComprehensiveIncomeMember" xlink:label="label_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedOtherComprehensiveIncomeMember" xlink:type="resource" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedOtherComprehensiveIncomeMember" xlink:title="label: AccumulatedOtherComprehensiveIncomeMember to label_AccumulatedOtherComprehensiveIncomeMember" xlink:to="label_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" xlink:type="locator" />
    <link:label id="label_EquityComponentDomain" xlink:label="label_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityComponentDomain" xlink:type="resource" xml:lang="en-US">Total equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityComponentDomain" xlink:title="label: EquityComponentDomain to label_EquityComponentDomain" xlink:to="label_EquityComponentDomain" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="AccountsAndNotesReceivableNet" xlink:title="AccountsAndNotesReceivableNet" xlink:type="locator" />
    <link:label xlink:label="label_AccountsAndNotesReceivableNet_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountsAndNotesReceivableNet" xlink:type="resource" xml:lang="en-US">Accounts and Notes Receivable, Net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsAndNotesReceivableNet" xlink:title="label:AccountsAndNotesReceivableNet to label_AccountsAndNotesReceivableNet" xlink:to="label_AccountsAndNotesReceivableNet_2" xlink:type="arc" />
    <link:label id="label_AccountsAndNotesReceivableNet" xlink:label="label_AccountsAndNotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccountsAndNotesReceivableNet" xlink:type="resource" xml:lang="en-US">Tenant receivables and accrued revenue, net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsAndNotesReceivableNet" xlink:title="label: AccountsAndNotesReceivableNet to label_AccountsAndNotesReceivableNet" xlink:to="label_AccountsAndNotesReceivableNet" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="locator" />
    <link:label xlink:label="label_StockRepurchasedAndRetiredDuringPeriodValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="resource" xml:lang="en-US">Stock Repurchased and Retired During Period, Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="label:StockRepurchasedAndRetiredDuringPeriodValue to label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="label_StockRepurchasedAndRetiredDuringPeriodValue_2" xlink:type="arc" />
    <link:label id="label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="resource" xml:lang="en-US">Common stock retired (23,000 shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="label: StockRepurchasedAndRetiredDuringPeriodValue to label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="label_StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="StockRepurchasedAndRetiredDuringPeriodShares" xlink:title="StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="locator" />
    <link:label xlink:label="label_StockRepurchasedAndRetiredDuringPeriodShares_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="resource" xml:lang="en-US">Stock Repurchased and Retired During Period, Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedAndRetiredDuringPeriodShares" xlink:title="label:StockRepurchasedAndRetiredDuringPeriodShares to label_StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="label_StockRepurchasedAndRetiredDuringPeriodShares_2" xlink:type="arc" />
    <link:label id="label_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="label_StockRepurchasedAndRetiredDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="resource" xml:lang="en-US">Common stock retired (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedAndRetiredDuringPeriodShares" xlink:title="label: StockRepurchasedAndRetiredDuringPeriodShares to label_StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="label_StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="TreasuryStockSharesAcquired" xlink:title="TreasuryStockSharesAcquired" xlink:type="locator" />
    <link:label xlink:label="label_TreasuryStockSharesAcquired_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryStockSharesAcquired" xlink:type="resource" xml:lang="en-US">Treasury Stock, Shares, Acquired</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockSharesAcquired" xlink:title="label:TreasuryStockSharesAcquired to label_TreasuryStockSharesAcquired" xlink:to="label_TreasuryStockSharesAcquired_2" xlink:type="arc" />
    <link:label id="label_TreasuryStockSharesAcquired" xlink:label="label_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TreasuryStockSharesAcquired" xlink:type="resource" xml:lang="en-US">Treasury stock purchase (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockSharesAcquired" xlink:title="label: TreasuryStockSharesAcquired to label_TreasuryStockSharesAcquired" xlink:to="label_TreasuryStockSharesAcquired" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="StockRedeemedOrCalledDuringPeriodValue" xlink:title="StockRedeemedOrCalledDuringPeriodValue" xlink:type="locator" />
    <link:label xlink:label="label_StockRedeemedOrCalledDuringPeriodValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRedeemedOrCalledDuringPeriodValue" xlink:type="resource" xml:lang="en-US">Stock Redeemed or Called During Period, Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedOrCalledDuringPeriodValue" xlink:title="label:StockRedeemedOrCalledDuringPeriodValue to label_StockRedeemedOrCalledDuringPeriodValue" xlink:to="label_StockRedeemedOrCalledDuringPeriodValue_2" xlink:type="arc" />
    <link:label id="label_StockRedeemedOrCalledDuringPeriodValue" xlink:label="label_StockRedeemedOrCalledDuringPeriodValue" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_StockRedeemedOrCalledDuringPeriodValue" xlink:type="resource" xml:lang="en-US">Series G preferred stock redemption (3,000,000 shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedOrCalledDuringPeriodValue" xlink:title="label: StockRedeemedOrCalledDuringPeriodValue to label_StockRedeemedOrCalledDuringPeriodValue" xlink:to="label_StockRedeemedOrCalledDuringPeriodValue" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="CostsAndExpensesAbstract" xlink:title="CostsAndExpensesAbstract" xlink:type="locator" />
    <link:label id="label_CostsAndExpensesAbstract_2" xlink:label="label_CostsAndExpensesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostsAndExpensesAbstract" xlink:type="resource" xml:lang="en-US">EXPENSES:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpensesAbstract" xlink:title="label: CostsAndExpensesAbstract to label_CostsAndExpensesAbstract" xlink:to="label_CostsAndExpensesAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="CostsAndExpenses" xlink:title="CostsAndExpenses" xlink:type="locator" />
    <link:label xlink:label="label_CostsAndExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostsAndExpenses" xlink:type="resource" xml:lang="en-US">Costs and Expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpenses" xlink:title="label:CostsAndExpenses to label_CostsAndExpenses" xlink:to="label_CostsAndExpenses_2" xlink:type="arc" />
    <link:label id="label_CostsAndExpenses" xlink:label="label_CostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CostsAndExpenses" xlink:type="resource" xml:lang="en-US">Total operating expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostsAndExpenses" xlink:title="label: CostsAndExpenses to label_CostsAndExpenses" xlink:to="label_CostsAndExpenses" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="TreasuryStockValueAcquiredCostMethod" xlink:title="TreasuryStockValueAcquiredCostMethod" xlink:type="locator" />
    <link:label xlink:label="label_TreasuryStockValueAcquiredCostMethod_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryStockValueAcquiredCostMethod" xlink:type="resource" xml:lang="en-US">Treasury Stock, Value, Acquired, Cost Method</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockValueAcquiredCostMethod" xlink:title="label:TreasuryStockValueAcquiredCostMethod to label_TreasuryStockValueAcquiredCostMethod" xlink:to="label_TreasuryStockValueAcquiredCostMethod_2" xlink:type="arc" />
    <link:label id="label_TreasuryStockValueAcquiredCostMethod" xlink:label="label_TreasuryStockValueAcquiredCostMethod" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_TreasuryStockValueAcquiredCostMethod" xlink:type="resource" xml:lang="en-US">Treasury stock purchase (572,000 Shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryStockValueAcquiredCostMethod" xlink:title="label: TreasuryStockValueAcquiredCostMethod to label_TreasuryStockValueAcquiredCostMethod" xlink:to="label_TreasuryStockValueAcquiredCostMethod" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:label="StockRedeemedOrCalledDuringPeriodShares" xlink:title="StockRedeemedOrCalledDuringPeriodShares" xlink:type="locator" />
    <link:label xlink:label="label_StockRedeemedOrCalledDuringPeriodShares_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRedeemedOrCalledDuringPeriodShares" xlink:type="resource" xml:lang="en-US">Stock Redeemed or Called During Period, Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedOrCalledDuringPeriodShares" xlink:title="label:StockRedeemedOrCalledDuringPeriodShares to label_StockRedeemedOrCalledDuringPeriodShares" xlink:to="label_StockRedeemedOrCalledDuringPeriodShares_2" xlink:type="arc" />
    <link:label id="label_StockRedeemedOrCalledDuringPeriodShares" xlink:label="label_StockRedeemedOrCalledDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockRedeemedOrCalledDuringPeriodShares" xlink:type="resource" xml:lang="en-US">Series G preferred stock redemption (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedOrCalledDuringPeriodShares" xlink:title="label: StockRedeemedOrCalledDuringPeriodShares to label_StockRedeemedOrCalledDuringPeriodShares" xlink:to="label_StockRedeemedOrCalledDuringPeriodShares" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SharesIssued" xlink:label="SharesIssued" xlink:title="SharesIssued" xlink:type="locator" />
    <link:label id="label_SharesIssued" xlink:label="label_SharesIssued" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_SharesIssued" xlink:type="resource" xml:lang="en-US">Shares at beginning of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:title="label: SharesIssued to label_SharesIssued" xlink:to="label_SharesIssued" xlink:type="arc" />
    <link:label id="label_SharesIssued_2" xlink:label="label_SharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_SharesIssued" xlink:type="resource" xml:lang="en-US">Shares at end of period</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesIssued" xlink:title="label: SharesIssued to label_SharesIssued" xlink:to="label_SharesIssued_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="EarningsPerShareTextBlock" xlink:title="EarningsPerShareTextBlock" xlink:type="locator" />
    <link:label xlink:label="label_EarningsPerShareTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareTextBlock" xlink:type="resource" xml:lang="en-US">Earnings Per Share [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareTextBlock" xlink:title="label:EarningsPerShareTextBlock to label_EarningsPerShareTextBlock" xlink:to="label_EarningsPerShareTextBlock_2" xlink:type="arc" />
    <link:label id="label_EarningsPerShareTextBlock" xlink:label="label_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EarningsPerShareTextBlock" xlink:type="resource" xml:lang="en-US">Per Share Data</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareTextBlock" xlink:title="label: EarningsPerShareTextBlock to label_EarningsPerShareTextBlock" xlink:to="label_EarningsPerShareTextBlock" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" xlink:type="locator" />
    <link:label xlink:label="label_ProfitLoss_4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLoss" xlink:type="resource" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:title="label:ProfitLoss to label_ProfitLoss" xlink:to="label_ProfitLoss_4" xlink:type="arc" />
    <link:label id="label_ProfitLoss" xlink:label="label_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLoss" xlink:type="resource" xml:lang="en-US">CONSOLIDATED NET INCOME</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:title="label: ProfitLoss to label_ProfitLoss" xlink:to="label_ProfitLoss" xlink:type="arc" />
    <link:label id="label_ProfitLoss_2" xlink:label="label_ProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLoss" xlink:type="resource" xml:lang="en-US">Consolidated net income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:title="label: ProfitLoss to label_ProfitLoss" xlink:to="label_ProfitLoss_2" xlink:type="arc" />
    <link:label id="label_ProfitLoss_3" xlink:label="label_ProfitLoss_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLoss" xlink:type="resource" xml:lang="en-US">Consolidated net income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:title="label: ProfitLoss to label_ProfitLoss" xlink:to="label_ProfitLoss_3" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="NetIncomeLossAttributableToNoncontrollingInterest" xlink:title="NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="locator" />
    <link:label xlink:label="label_NetIncomeLossAttributableToNoncontrollingInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAttributableToNoncontrollingInterest" xlink:title="label:NetIncomeLossAttributableToNoncontrollingInterest to label_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="label_NetIncomeLossAttributableToNoncontrollingInterest_2" xlink:type="arc" />
    <link:label id="label_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="label_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Net income attributable to noncontrolling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAttributableToNoncontrollingInterest" xlink:title="label: NetIncomeLossAttributableToNoncontrollingInterest to label_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="label_NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinimumRents" xlink:label="MinimumRents" xlink:title="MinimumRents" xlink:type="locator" />
    <link:label xlink:label="label_MinimumRents_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumRents" xlink:type="resource" xml:lang="en-US">Minimum Rents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumRents" xlink:title="label:MinimumRents to label_MinimumRents" xlink:to="label_MinimumRents_2" xlink:type="arc" />
    <link:label id="label_MinimumRents" xlink:label="label_MinimumRents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumRents" xlink:type="resource" xml:lang="en-US">Minimum rent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumRents" xlink:title="label: MinimumRents to label_MinimumRents" xlink:to="label_MinimumRents" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:label="IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:title="IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator" />
    <link:label xlink:label="label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest to label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_2" xlink:type="arc" />
    <link:label id="label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:label="label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Consolidated income from continuing operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label: IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest to label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator" />
    <link:label xlink:label="label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_2" xlink:type="arc" />
    <link:label id="label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Comprehensive income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label: ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest to label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:title="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="locator" />
    <link:label xlink:label="label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Comprehensive Income, Net of Tax, Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:title="label:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest to label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_2" xlink:type="arc" />
    <link:label id="label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Comprehensive income attributable to noncontrolling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:title="label: ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest to label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="label_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="locator" />
    <link:label id="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_2" xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="resource" xml:lang="en-US">EQUITY:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator" />
    <link:label xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:type="arc" />
    <link:label id="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Total equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" />
    <link:label id="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2" xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3" xlink:type="arc" />
    <link:label id="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3" xlink:label="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="label: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest to label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="label_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_4" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="NoncontrollingInterestMember" xlink:title="NoncontrollingInterestMember" xlink:type="locator" />
    <link:label id="label_NoncontrollingInterestMember" xlink:label="label_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterestMember" xlink:type="resource" xml:lang="en-US">Noncontrolling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestMember" xlink:title="label: NoncontrollingInterestMember to label_NoncontrollingInterestMember" xlink:to="label_NoncontrollingInterestMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ParentMember" xlink:label="ParentMember" xlink:title="ParentMember" xlink:type="locator" />
    <link:label id="label_ParentMember" xlink:label="label_ParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParentMember" xlink:type="resource" xml:lang="en-US">Total stockholders' equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParentMember" xlink:title="label: ParentMember to label_ParentMember" xlink:to="label_ParentMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingencies2009" xlink:label="CommitmentsAndContingencies2009" xlink:title="CommitmentsAndContingencies2009" xlink:type="locator" />
    <link:label xlink:label="label_CommitmentsAndContingencies2009_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommitmentsAndContingencies2009" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingencies2009" xlink:title="label:CommitmentsAndContingencies2009 to label_CommitmentsAndContingencies2009" xlink:to="label_CommitmentsAndContingencies2009_2" xlink:type="arc" />
    <link:label id="label_CommitmentsAndContingencies2009" xlink:label="label_CommitmentsAndContingencies2009" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommitmentsAndContingencies2009" xlink:type="resource" xml:lang="en-US">Commitments and contingencies</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAndContingencies2009" xlink:title="label: CommitmentsAndContingencies2009 to label_CommitmentsAndContingencies2009" xlink:to="label_CommitmentsAndContingencies2009" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator" />
    <link:label id="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_2" xlink:label="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile consolidated net income to net cash provided by operating activities -</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="label: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="label_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="NatureOfOperations" xlink:title="NatureOfOperations" xlink:type="locator" />
    <link:label xlink:label="label_NatureOfOperations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NatureOfOperations" xlink:type="resource" xml:lang="en-US">Nature of Operations [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NatureOfOperations" xlink:title="label:NatureOfOperations to label_NatureOfOperations" xlink:to="label_NatureOfOperations_2" xlink:type="arc" />
    <link:label id="label_NatureOfOperations" xlink:label="label_NatureOfOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NatureOfOperations" xlink:type="resource" xml:lang="en-US">Organization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NatureOfOperations" xlink:title="label: NatureOfOperations to label_NatureOfOperations" xlink:to="label_NatureOfOperations" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_DeferredCostsAndOtherAssets" xlink:label="DeferredCostsAndOtherAssets" xlink:title="DeferredCostsAndOtherAssets" xlink:type="locator" />
    <link:label id="label_DeferredCostsAndOtherAssets" xlink:label="label_DeferredCostsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredCostsAndOtherAssets" xlink:type="resource" xml:lang="en-US">Deferred Costs and Other Assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCostsAndOtherAssets" xlink:title="label: DeferredCostsAndOtherAssets to label_DeferredCostsAndOtherAssets" xlink:to="label_DeferredCostsAndOtherAssets" xlink:type="arc" />
    <link:label id="label_DeferredCostsAndOtherAssets_2" xlink:label="label_DeferredCostsAndOtherAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredCostsAndOtherAssets" xlink:type="resource" xml:lang="en-US">Total of Deferred Costs and Other Assets.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCostsAndOtherAssets" xlink:title="label: DeferredCostsAndOtherAssets to label_DeferredCostsAndOtherAssets" xlink:to="label_DeferredCostsAndOtherAssets_2" xlink:type="arc" />
    <link:label id="label_DeferredCostsAndOtherAssets_3" xlink:label="label_DeferredCostsAndOtherAssets_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredCostsAndOtherAssets" xlink:type="resource" xml:lang="en-US">Deferred costs and other assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredCostsAndOtherAssets" xlink:title="label: DeferredCostsAndOtherAssets to label_DeferredCostsAndOtherAssets" xlink:to="label_DeferredCostsAndOtherAssets_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:label="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:title="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="locator" />
    <link:label id="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:label="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="resource" xml:lang="en-US">Accounts Payable, Accrued Expenses, Intangibles, and Deferred Revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:title="label: AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues to label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:to="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="arc" />
    <link:label id="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_2" xlink:label="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="resource" xml:lang="en-US">Total of Accounts Payable, Accrued Expenses, Intangibles, and Deferred Revenues.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:title="label: AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues to label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:to="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_2" xlink:type="arc" />
    <link:label id="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_3" xlink:label="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="resource" xml:lang="en-US">Accounts payable, accrued expenses, intangibles, and deferred revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:title="label: AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues to label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:to="label_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:label="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:title="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="locator" />
    <link:label id="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:label="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="resource" xml:lang="en-US">Cash Distributions and Losses in Partnerships and Joint Ventures, at Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:title="label: CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity to label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:to="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="arc" />
    <link:label id="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_2" xlink:label="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="resource" xml:lang="en-US">Cash Distributions and Losses in Partnerships and Joint Ventures, at Equity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:title="label: CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity to label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:to="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_2" xlink:type="arc" />
    <link:label id="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_3" xlink:label="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="resource" xml:lang="en-US">Cash distributions and losses in partnerships and joint ventures, at equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:title="label: CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity to label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:to="label_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_OtherLiabilitiesAndAccruedDividends" xlink:label="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:title="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="locator" />
    <link:label id="label_OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:label="label_OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="resource" xml:lang="en-US">Other Liabilities and Accrued Dividends</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:title="label: OtherLiabilitiesMinorityInterestAndAccruedDividends to label_OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:to="label_OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="arc" />
    <link:label id="label_OtherLiabilitiesMinorityInterestAndAccruedDividends_2" xlink:label="label_OtherLiabilitiesMinorityInterestAndAccruedDividends_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="resource" xml:lang="en-US">Total of Other Liabilities and Accrued Dividends.  Other liabilities are the carrying amount as of the balance sheet date of liabilities not individually reported in the financial statements.  Accrued dividends are the carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:title="label: OtherLiabilitiesMinorityInterestAndAccruedDividends to label_OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:to="label_OtherLiabilitiesMinorityInterestAndAccruedDividends_2" xlink:type="arc" />
    <link:label id="label_OtherLiabilitiesAndAccruedDividends" xlink:label="label_OtherLiabilitiesAndAccruedDividends" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLiabilitiesAndAccruedDividends" xlink:type="resource" xml:lang="en-US">Other liabilities and accrued dividends</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:title="label: OtherLiabilitiesAndAccruedDividends to label_OtherLiabilitiesAndAccruedDividends" xlink:to="label_OtherLiabilitiesAndAccruedDividends" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CommonClassCMember" xlink:label="CommonClassCMember" xlink:title="CommonClassCMember" xlink:type="locator" />
    <link:label id="label_CommonClassCMember" xlink:label="label_CommonClassCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonClassCMember" xlink:type="resource" xml:lang="en-US">Class C common stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonClassCMember" xlink:title="label: CommonClassCMember to label_CommonClassCMember" xlink:to="label_CommonClassCMember" xlink:type="arc" />
    <link:label id="label_CommonClassCMember_2" xlink:label="label_CommonClassCMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommonClassCMember" xlink:type="resource" xml:lang="en-US">A classification of common stock that may be accompanied by more or less voting rights than Class A or Class B shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonClassCMember" xlink:title="label: CommonClassCMember to label_CommonClassCMember" xlink:to="label_CommonClassCMember_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_ManagementFeesAndOtherRevenues" xlink:label="ManagementFeesAndOtherRevenues" xlink:title="ManagementFeesAndOtherRevenues" xlink:type="locator" />
    <link:label id="label_ManagementFeesAndOtherRevenues" xlink:label="label_ManagementFeesAndOtherRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementFeesAndOtherRevenues" xlink:type="resource" xml:lang="en-US">Management Fees and Other Revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementFeesAndOtherRevenues" xlink:title="label: ManagementFeesAndOtherRevenues to label_ManagementFeesAndOtherRevenues" xlink:to="label_ManagementFeesAndOtherRevenues" xlink:type="arc" />
    <link:label id="label_ManagementFeesAndOtherRevenues_2" xlink:label="label_ManagementFeesAndOtherRevenues_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementFeesAndOtherRevenues" xlink:type="resource" xml:lang="en-US">Revenue, comprised of base and incentive revenue, from operating and managing another entity's business during the reporting period; plus revenues not otherwise specified.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementFeesAndOtherRevenues" xlink:title="label: ManagementFeesAndOtherRevenues to label_ManagementFeesAndOtherRevenues" xlink:to="label_ManagementFeesAndOtherRevenues_2" xlink:type="arc" />
    <link:label id="label_ManagementFeesAndOtherRevenues_3" xlink:label="label_ManagementFeesAndOtherRevenues_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ManagementFeesAndOtherRevenues" xlink:type="resource" xml:lang="en-US">Management fees and other revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementFeesAndOtherRevenues" xlink:title="label: ManagementFeesAndOtherRevenues to label_ManagementFeesAndOtherRevenues" xlink:to="label_ManagementFeesAndOtherRevenues_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_HomeAndRegionalOfficeCosts" xlink:label="HomeAndRegionalOfficeCosts" xlink:title="HomeAndRegionalOfficeCosts" xlink:type="locator" />
    <link:label id="label_HomeAndRegionalOfficeCosts" xlink:label="label_HomeAndRegionalOfficeCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HomeAndRegionalOfficeCosts" xlink:type="resource" xml:lang="en-US">Home and Regional Office Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HomeAndRegionalOfficeCosts" xlink:title="label: HomeAndRegionalOfficeCosts to label_HomeAndRegionalOfficeCosts" xlink:to="label_HomeAndRegionalOfficeCosts" xlink:type="arc" />
    <link:label id="label_HomeAndRegionalOfficeCosts_2" xlink:label="label_HomeAndRegionalOfficeCosts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HomeAndRegionalOfficeCosts" xlink:type="resource" xml:lang="en-US">Home and Regional Office Costs.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HomeAndRegionalOfficeCosts" xlink:title="label: HomeAndRegionalOfficeCosts to label_HomeAndRegionalOfficeCosts" xlink:to="label_HomeAndRegionalOfficeCosts_2" xlink:type="arc" />
    <link:label id="label_HomeAndRegionalOfficeCosts_3" xlink:label="label_HomeAndRegionalOfficeCosts_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HomeAndRegionalOfficeCosts" xlink:type="resource" xml:lang="en-US">Home and regional office costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HomeAndRegionalOfficeCosts" xlink:title="label: HomeAndRegionalOfficeCosts to label_HomeAndRegionalOfficeCosts" xlink:to="label_HomeAndRegionalOfficeCosts_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_OtherComprehensiveIncomeOtherIncomeLoss" xlink:label="OtherComprehensiveIncomeOtherIncomeLoss" xlink:title="OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="locator" />
    <link:label id="label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:label="label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income, Other Income (Loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeOtherIncomeLoss" xlink:title="label: OtherComprehensiveIncomeOtherIncomeLoss to label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:to="label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeOtherIncomeLoss_2" xlink:label="label_OtherComprehensiveIncomeOtherIncomeLoss_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="resource" xml:lang="en-US">Increase (decrease) in other comprehensive income not otherwise identifed.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeOtherIncomeLoss" xlink:title="label: OtherComprehensiveIncomeOtherIncomeLoss to label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:to="label_OtherComprehensiveIncomeOtherIncomeLoss_2" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeOtherIncomeLoss_3" xlink:label="label_OtherComprehensiveIncomeOtherIncomeLoss_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="resource" xml:lang="en-US">Other income (loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeOtherIncomeLoss" xlink:title="label: OtherComprehensiveIncomeOtherIncomeLoss to label_OtherComprehensiveIncomeOtherIncomeLoss" xlink:to="label_OtherComprehensiveIncomeOtherIncomeLoss_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_DepreciationAndAmortizationCashFlows" xlink:label="DepreciationAndAmortizationCashFlows" xlink:title="DepreciationAndAmortizationCashFlows" xlink:type="locator" />
    <link:label id="label_DepreciationAndAmortizationCashFlows" xlink:label="label_DepreciationAndAmortizationCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortizationCashFlows" xlink:type="resource" xml:lang="en-US">Depreciation and Amortization, Cash Flows</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortizationCashFlows" xlink:title="label: DepreciationAndAmortizationCashFlows to label_DepreciationAndAmortizationCashFlows" xlink:to="label_DepreciationAndAmortizationCashFlows" xlink:type="arc" />
    <link:label id="label_DepreciationAndAmortizationCashFlows_2" xlink:label="label_DepreciationAndAmortizationCashFlows_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DepreciationAndAmortizationCashFlows" xlink:type="resource" xml:lang="en-US">The cash flow addback for the noncash expense of depreciation and amortization.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortizationCashFlows" xlink:title="label: DepreciationAndAmortizationCashFlows to label_DepreciationAndAmortizationCashFlows" xlink:to="label_DepreciationAndAmortizationCashFlows_2" xlink:type="arc" />
    <link:label id="label_DepreciationAndAmortizationCashFlows_3" xlink:label="label_DepreciationAndAmortizationCashFlows_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationAndAmortizationCashFlows" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortizationCashFlows" xlink:title="label: DepreciationAndAmortizationCashFlows to label_DepreciationAndAmortizationCashFlows" xlink:to="label_DepreciationAndAmortizationCashFlows_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CashIncreaseDecreaseFromConsolidationAndDeconsolidationOfProperties" xlink:label="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:title="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="locator" />
    <link:label id="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties_2" xlink:label="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="resource" xml:lang="en-US">Cash Increase (Decrease) from Consolidation and Deconsolidation of Properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:title="label: CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties to label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:to="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties_2" xlink:type="arc" />
    <link:label id="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:label="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="resource" xml:lang="en-US">The increase in cash due to including a property's cash in the consolidated entity's cash when they become a subsidiary; or the decrease in cash due to no longer including the former subsidiary's cash in the consolidated entity's cash.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:title="label: CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties to label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:to="label_CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="arc" />
    <link:label id="label_CashIncreaseDecreaseFromConsolidationandDeconsolidationOfProperties" xlink:label="label_CashIncreaseDecreaseFromConsolidationandDeconsolidationOfProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashIncreaseDecreaseFromConsolidationandDeconsolidationOfProperties" xlink:type="resource" xml:lang="en-US">Cash impact from the consolidation and de-consolidation of properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:title="label: CashIncreaseDecreaseFromConsolidationandDeconsolidationOfProperties to label_CashIncreaseDecreaseFromConsolidationandDeconsolidationOfProperties" xlink:to="label_CashIncreaseDecreaseFromConsolidationandDeconsolidationOfProperties" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:label="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:title="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="locator" />
    <link:label id="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:label="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="resource" xml:lang="en-US">Proceeds from Sale of Partnership Interests, Other Assets, and Discontinued Operations, Net</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:title="label: ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet to label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:to="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="arc" />
    <link:label id="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet_2" xlink:label="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="resource" xml:lang="en-US">Cash inflows from the sale of partnership interests, other assets, and discontinued operations.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:title="label: ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet to label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:to="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet_2" xlink:type="arc" />
    <link:label id="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet_3" xlink:label="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="resource" xml:lang="en-US">Net proceeds from sale of partnership interests, other assets and discontinued operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:title="label: ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet to label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:to="label_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:label="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:title="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="locator" />
    <link:label id="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:label="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="resource" xml:lang="en-US">Distributions of Capital from Unconsolidated Entities and Other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:title="label: DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther to label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:to="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="arc" />
    <link:label id="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_2" xlink:label="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="resource" xml:lang="en-US">Cash inflows from unconsolidated entities and other.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:title="label: DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther to label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:to="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_2" xlink:type="arc" />
    <link:label id="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_3" xlink:label="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="resource" xml:lang="en-US">Distributions of capital from unconsolidated entities and other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:title="label: DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther to label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:to="label_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:label="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:title="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="locator" />
    <link:label id="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships_2" xlink:label="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="resource" xml:lang="en-US">Payments to Acquire Real Estate and Interests in Real Estate Partnerships</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:title="label: PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships to label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:to="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships_2" xlink:type="arc" />
    <link:label id="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships_3" xlink:label="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships_3" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="resource" xml:lang="en-US">Acquisitions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:title="label: PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships to label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:to="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships_3" xlink:type="arc" />
    <link:label id="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:label="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="resource" xml:lang="en-US">Cash outflows to Acquire Real Estate and Interests in Real Estate Partnerships.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:title="label: PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships to label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:to="label_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:label="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:title="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="locator" />
    <link:label id="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:label="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="resource" xml:lang="en-US">Payments for Purchase of Limited Partner Units and Treasury Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:title="label: PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock to label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:to="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="arc" />
    <link:label id="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock_2" xlink:label="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock_2" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="resource" xml:lang="en-US">Purchase of limited partner units and treasury stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:title="label: PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock to label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:to="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock_2" xlink:type="arc" />
    <link:label id="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock_3" xlink:label="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="resource" xml:lang="en-US">Cash outflows to purchase limited partner units and treasury stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:title="label: PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock to label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:to="label_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:label="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:title="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="locator" />
    <link:label id="label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:label="label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="resource" xml:lang="en-US">Distributions to Preferred Unit Holders, Financing Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:title="label: DistributionsToPreferredUnitHoldersFinancingActivities to label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:to="label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="arc" />
    <link:label id="label_DistributionsToPreferredUnitHoldersFinancingActivities_2" xlink:label="label_DistributionsToPreferredUnitHoldersFinancingActivities_2" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="resource" xml:lang="en-US">Preferred distributions of the Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:title="label: DistributionsToPreferredUnitHoldersFinancingActivities to label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:to="label_DistributionsToPreferredUnitHoldersFinancingActivities_2" xlink:type="arc" />
    <link:label id="label_DistributionsToPreferredUnitHoldersFinancingActivities_3" xlink:label="label_DistributionsToPreferredUnitHoldersFinancingActivities_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="resource" xml:lang="en-US">Distributions from earnings to preferred unit holders.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:title="label: DistributionsToPreferredUnitHoldersFinancingActivities to label_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:to="label_DistributionsToPreferredUnitHoldersFinancingActivities_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:label="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:title="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="locator" />
    <link:label id="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:label="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Accounts Payable, Accrued Expenses, Intangibles, Deferred Revenues, and Other Liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:title="label: IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities to label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:to="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="arc" />
    <link:label id="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_2" xlink:label="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="resource" xml:lang="en-US">The net change during the reporting period in accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:title="label: IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities to label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:to="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_2" xlink:type="arc" />
    <link:label id="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_3" xlink:label="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="resource" xml:lang="en-US">Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:title="label: IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities to label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:to="label_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CapitalStock" xlink:label="CapitalStock" xlink:title="CapitalStock" xlink:type="locator" />
    <link:label id="label_CapitalStock_2" xlink:label="label_CapitalStock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalStock" xlink:type="resource" xml:lang="en-US">Capital stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStock" xlink:title="label: CapitalStock to label_CapitalStock" xlink:to="label_CapitalStock_2" xlink:type="arc" />
    <link:label id="label_CapitalStock" xlink:label="label_CapitalStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalStock" xlink:type="resource" xml:lang="en-US">All types, classes, and series of stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStock" xlink:title="label: CapitalStock to label_CapitalStock" xlink:to="label_CapitalStock" xlink:type="arc" />
    <link:label id="label_CapitalStock_3" xlink:label="label_CapitalStock_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CapitalStock" xlink:type="resource" xml:lang="en-US">Capital stock (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStock" xlink:title="label: CapitalStock to label_CapitalStock" xlink:to="label_CapitalStock_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockSharesAuthorized" xlink:label="CapitalStockSharesAuthorized" xlink:title="CapitalStockSharesAuthorized" xlink:type="locator" />
    <link:label id="label_CapitalStockSharesAuthorized" xlink:label="label_CapitalStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalStockSharesAuthorized" xlink:type="resource" xml:lang="en-US">Capital Stock, Shares Authorized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockSharesAuthorized" xlink:title="label: CapitalStockSharesAuthorized to label_CapitalStockSharesAuthorized" xlink:to="label_CapitalStockSharesAuthorized" xlink:type="arc" />
    <link:label id="label_CapitalStockSharesAuthorized_2" xlink:label="label_CapitalStockSharesAuthorized_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalStockSharesAuthorized" xlink:type="resource" xml:lang="en-US">The number of shares of capital stock authorized.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockSharesAuthorized" xlink:title="label: CapitalStockSharesAuthorized to label_CapitalStockSharesAuthorized" xlink:to="label_CapitalStockSharesAuthorized_2" xlink:type="arc" />
    <link:label id="label_CapitalStockSharesAuthorized_3" xlink:label="label_CapitalStockSharesAuthorized_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalStockSharesAuthorized" xlink:type="resource" xml:lang="en-US">Capital stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockSharesAuthorized" xlink:title="label: CapitalStockSharesAuthorized to label_CapitalStockSharesAuthorized" xlink:to="label_CapitalStockSharesAuthorized_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockParValuePerShare" xlink:label="CapitalStockParValuePerShare" xlink:title="CapitalStockParValuePerShare" xlink:type="locator" />
    <link:label id="label_CapitalStockParValuePerShare" xlink:label="label_CapitalStockParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalStockParValuePerShare" xlink:type="resource" xml:lang="en-US">Capital Stock, Par Value Per Share</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockParValuePerShare" xlink:title="label: CapitalStockParValuePerShare to label_CapitalStockParValuePerShare" xlink:to="label_CapitalStockParValuePerShare" xlink:type="arc" />
    <link:label id="label_CapitalStockParValuePerShare_2" xlink:label="label_CapitalStockParValuePerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalStockParValuePerShare" xlink:type="resource" xml:lang="en-US">Face amount or stated value of all types and classes of stock per share.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockParValuePerShare" xlink:title="label: CapitalStockParValuePerShare to label_CapitalStockParValuePerShare" xlink:to="label_CapitalStockParValuePerShare_2" xlink:type="arc" />
    <link:label id="label_CapitalStockParValuePerShare_3" xlink:label="label_CapitalStockParValuePerShare_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalStockParValuePerShare" xlink:type="resource" xml:lang="en-US">Capital stock, par value (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockParValuePerShare" xlink:title="label: CapitalStockParValuePerShare to label_CapitalStockParValuePerShare" xlink:to="label_CapitalStockParValuePerShare_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CaptialStockSharesOfExcessCommonStock" xlink:label="CaptialStockSharesOfExcessCommonStock" xlink:title="CaptialStockSharesOfExcessCommonStock" xlink:type="locator" />
    <link:label id="label_CaptialStockSharesOfExcessCommonStock_2" xlink:label="label_CaptialStockSharesOfExcessCommonStock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CaptialStockSharesOfExcessCommonStock" xlink:type="resource" xml:lang="en-US">Captial Stock, Shares of Excess Common Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CaptialStockSharesOfExcessCommonStock" xlink:title="label: CaptialStockSharesOfExcessCommonStock to label_CaptialStockSharesOfExcessCommonStock" xlink:to="label_CaptialStockSharesOfExcessCommonStock_2" xlink:type="arc" />
    <link:label id="label_CaptialStockSharesOfExcessCommonStock" xlink:label="label_CaptialStockSharesOfExcessCommonStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CaptialStockSharesOfExcessCommonStock" xlink:type="resource" xml:lang="en-US">The number of shares of capital stock authorized less the number of shares of capital stock issued.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CaptialStockSharesOfExcessCommonStock" xlink:title="label: CaptialStockSharesOfExcessCommonStock to label_CaptialStockSharesOfExcessCommonStock" xlink:to="label_CaptialStockSharesOfExcessCommonStock" xlink:type="arc" />
    <link:label id="label_CaptialStockSharesOfExcessCommonStock_3" xlink:label="label_CaptialStockSharesOfExcessCommonStock_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CaptialStockSharesOfExcessCommonStock" xlink:type="resource" xml:lang="en-US">Capital stock, shares of excess common stock (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CaptialStockSharesOfExcessCommonStock" xlink:title="label: CaptialStockSharesOfExcessCommonStock to label_CaptialStockSharesOfExcessCommonStock" xlink:to="label_CaptialStockSharesOfExcessCommonStock_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockLiquidationValue" xlink:label="PreferredStockLiquidationValue" xlink:title="PreferredStockLiquidationValue" xlink:type="locator" />
    <link:label id="label_PreferredStockLiquidationValue" xlink:label="label_PreferredStockLiquidationValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockLiquidationValue" xlink:type="resource" xml:lang="en-US">Preferred Stock, Liquidation Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockLiquidationValue" xlink:title="label: PreferredStockLiquidationValue to label_PreferredStockLiquidationValue" xlink:to="label_PreferredStockLiquidationValue" xlink:type="arc" />
    <link:label id="label_PreferredStockLiquidationValue_2" xlink:label="label_PreferredStockLiquidationValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PreferredStockLiquidationValue" xlink:type="resource" xml:lang="en-US">The aggregate liquidation value of the outstanding shares of preferred stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockLiquidationValue" xlink:title="label: PreferredStockLiquidationValue to label_PreferredStockLiquidationValue" xlink:to="label_PreferredStockLiquidationValue_2" xlink:type="arc" />
    <link:label id="label_PreferredStockLiquidationValue_3" xlink:label="label_PreferredStockLiquidationValue_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferredStockLiquidationValue" xlink:type="resource" xml:lang="en-US">Series J 8 3/8% cumulative redeemable preferred stock, liquidation value (in dollars)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockLiquidationValue" xlink:title="label: PreferredStockLiquidationValue to label_PreferredStockLiquidationValue" xlink:to="label_PreferredStockLiquidationValue_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator" />
    <link:label id="label_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="label_NotesToConsolidatedFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesToConsolidatedFinancialStatementsAbstract" xlink:type="resource" xml:lang="en-US">Condensed Notes to Consolidated Financial Statements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="label: NotesToConsolidatedFinancialStatementsAbstract to label_NotesToConsolidatedFinancialStatementsAbstract" xlink:to="label_NotesToConsolidatedFinancialStatementsAbstract" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:label="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:title="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="locator" />
    <link:label id="label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:label="label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Basis of Presentation and Consolidation Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:title="label: BasisOfPresentationAndConsolidationDisclosureTextBlock to label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:to="label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="arc" />
    <link:label id="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_2" xlink:label="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Basis of Presentation and Consolidation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:title="label: BasisOfPresentationAndConsolidationDisclosureTextBlock to label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:to="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_3" xlink:label="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Describes an entity's accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. An entity also may describe its accounting treatment for intercompany accounts and transactions, minority interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.  Also discloses any material changes in classifications in the current financial statements compared to the classifications in the prior year's financial statements, including an explanation of the reason for the change and the areas impacted.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:title="label: BasisOfPresentationAndConsolidationDisclosureTextBlock to label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:to="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_3" xlink:type="arc" />
    <link:label id="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_4" xlink:label="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Basis of Presentation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:title="label: BasisOfPresentationAndConsolidationDisclosureTextBlock to label_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:to="label_BasisOfPresentationAndConsolidationDisclosureTextBlock_4" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:label="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:title="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="locator" />
    <link:label id="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:label="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Real Estate Acquisitions, Disposals and Impairment Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:title="label: RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock to label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:to="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="arc" />
    <link:label id="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_2" xlink:label="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Real Estate Acquisitions, Disposals and Impairment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:title="label: RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock to label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:to="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_3" xlink:label="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">The entire disclosure of real estate acquisitions, disposals, and impairments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:title="label: RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock to label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:to="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_3" xlink:type="arc" />
    <link:label id="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_4" xlink:label="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Real Estate Acquisitions and Dispositions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:title="label: RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock to label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:to="label_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock_4" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:label="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:title="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:type="locator" />
    <link:label id="label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:label="label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Debt and Derivative Instruments Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:title="label: DebtAndDerivativeInstrumentsDisclosureTextBlock to label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:to="label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:type="arc" />
    <link:label id="label_DebtAndDerivativeInstrumentsDisclosureTextBlock_2" xlink:label="label_DebtAndDerivativeInstrumentsDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">Indebtedness and Derivative Financial Instruments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:title="label: DebtAndDerivativeInstrumentsDisclosureTextBlock to label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:to="label_DebtAndDerivativeInstrumentsDisclosureTextBlock_2" xlink:type="arc" />
    <link:label id="label_DebtAndDerivativeInstrumentsDisclosureTextBlock_3" xlink:label="label_DebtAndDerivativeInstrumentsDisclosureTextBlock_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:type="resource" xml:lang="en-US">The complete disclosure of indebtedness and derivative financial instruments.  The disclosure on indebtednesss includes information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancings and noncompliance with debt covenants.  The disclosure of derivative financial instruments includes a description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:title="label: DebtAndDerivativeInstrumentsDisclosureTextBlock to label_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:to="label_DebtAndDerivativeInstrumentsDisclosureTextBlock_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockPremiumAmortization" xlink:label="PreferredStockPremiumAmortization" xlink:title="PreferredStockPremiumAmortization" xlink:type="locator" />
    <link:label id="label_PreferredStockPremiumAmortization_3" xlink:label="label_PreferredStockPremiumAmortization_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PreferredStockPremiumAmortization" xlink:type="resource" xml:lang="en-US">The sum of the periodic adjustments of the differences between Preferred Stock's face value and purchase prices that are charged against earnings. This is called amortization if the Preferred Stock was purchased at premium.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockPremiumAmortization" xlink:title="label: PreferredStockPremiumAmortization to label_PreferredStockPremiumAmortization" xlink:to="label_PreferredStockPremiumAmortization_3" xlink:type="arc" />
    <link:label id="label_PreferredStockPremiumAmortization_2" xlink:label="label_PreferredStockPremiumAmortization_2" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_PreferredStockPremiumAmortization" xlink:type="resource" xml:lang="en-US">Series J preferred stock premium amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockPremiumAmortization" xlink:title="label: PreferredStockPremiumAmortization to label_PreferredStockPremiumAmortization" xlink:to="label_PreferredStockPremiumAmortization_2" xlink:type="arc" />
    <link:label id="label_PreferredStockPremiumAmortization" xlink:label="label_PreferredStockPremiumAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockPremiumAmortization" xlink:type="resource" xml:lang="en-US">Preferred Stock, Premium Amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockPremiumAmortization" xlink:title="label: PreferredStockPremiumAmortization to label_PreferredStockPremiumAmortization" xlink:to="label_PreferredStockPremiumAmortization" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockDiscountAccretion" xlink:label="PreferredStockDiscountAccretion" xlink:title="PreferredStockDiscountAccretion" xlink:type="locator" />
    <link:label id="label_PreferredStockDiscountAccretion" xlink:label="label_PreferredStockDiscountAccretion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockDiscountAccretion" xlink:type="resource" xml:lang="en-US">Preferred Stock, Discount Accretion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockDiscountAccretion" xlink:title="label: PreferredStockDiscountAccretion to label_PreferredStockDiscountAccretion" xlink:to="label_PreferredStockDiscountAccretion" xlink:type="arc" />
    <link:label id="label_PreferredStockDiscountAccretion_2" xlink:label="label_PreferredStockDiscountAccretion_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PreferredStockDiscountAccretion" xlink:type="resource" xml:lang="en-US">The sum of the periodic adjustments of the differences between Preferred Stock's face value and purchase prices that are charged against earnings. This is called accretion if the Preferred Stock was purchased at a discount.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockDiscountAccretion" xlink:title="label: PreferredStockDiscountAccretion to label_PreferredStockDiscountAccretion" xlink:to="label_PreferredStockDiscountAccretion_2" xlink:type="arc" />
    <link:label id="label_PreferredStockDiscountAccretion_3" xlink:label="label_PreferredStockDiscountAccretion_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferredStockDiscountAccretion" xlink:type="resource" xml:lang="en-US">Series G preferred stock accretion</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockDiscountAccretion" xlink:title="label: PreferredStockDiscountAccretion to label_PreferredStockDiscountAccretion" xlink:to="label_PreferredStockDiscountAccretion_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:label="AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:title="AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:type="locator" />
    <link:label id="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization_2" xlink:label="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:type="resource" xml:lang="en-US">Adjustments to Additional Paid in Capital, Share-based Compensation Amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:title="label: AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization to label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:to="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization_2" xlink:type="arc" />
    <link:label id="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:label="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:type="resource" xml:lang="en-US">Adjustment to additional paid-in-capital resulting from the periodic adjustments of stock incentives.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:title="label: AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization to label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:to="label_AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:type="arc" />
    <link:label id="label_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:label="label_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="resource" xml:lang="en-US">Amortization of stock incentive</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAdditionalPaidinCapitalSharebasedCompensationAmortization" xlink:title="label: AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization to label_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:to="label_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:label="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:title="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:type="locator" />
    <link:label id="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock_2" xlink:label="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Conversion of Preferred Units to Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:title="label: StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock to label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:to="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:label="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:type="resource" xml:lang="en-US">Value of Preferred Units converted into Preferred Shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:title="label: StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock to label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:to="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock_3" xlink:label="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:type="resource" xml:lang="en-US">Stock issued during period, conversion of preferred units to preferred stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:title="label: StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock to label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:to="label_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:label="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:title="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:type="locator" />
    <link:label id="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock_2" xlink:label="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Conversion of Preferred Units to Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:title="label: StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock to label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:to="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:label="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:type="resource" xml:lang="en-US">Number of shares of Preferred Stock that were issued upon the conversion of Preferred Units to Preferred Shares.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:title="label: StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock to label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:to="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock_3" xlink:label="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:type="resource" xml:lang="en-US">Stock issued during period, conversion of preferred units to preferred stock, shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:title="label: StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock to label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:to="label_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_StockRedeemedDuringPeriodValue" xlink:label="StockRedeemedDuringPeriodValue" xlink:title="StockRedeemedDuringPeriodValue" xlink:type="locator" />
    <link:label id="label_StockRedeemedDuringPeriodValue" xlink:label="label_StockRedeemedDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRedeemedDuringPeriodValue" xlink:type="resource" xml:lang="en-US">Stock Redeemed During Period, Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue" xlink:type="arc" />
    <link:label id="label_StockRedeemedDuringPeriodValue_2" xlink:label="label_StockRedeemedDuringPeriodValue_2" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_StockRedeemedDuringPeriodValue" xlink:type="resource" xml:lang="en-US">Series L preferred stock redemption (6,000,000 shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue_2" xlink:type="arc" />
    <link:label id="label_StockRedeemedDuringPeriodValue_3" xlink:label="label_StockRedeemedDuringPeriodValue_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockRedeemedDuringPeriodValue" xlink:type="resource" xml:lang="en-US">Value of stock bought back by the entity at the redemption price.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodValue" xlink:title="label: StockRedeemedDuringPeriodValue to label_StockRedeemedDuringPeriodValue" xlink:to="label_StockRedeemedDuringPeriodValue_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_StockRedeemedDuringPeriodShares" xlink:label="StockRedeemedDuringPeriodShares" xlink:title="StockRedeemedDuringPeriodShares" xlink:type="locator" />
    <link:label id="label_StockRedeemedDuringPeriodShares" xlink:label="label_StockRedeemedDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRedeemedDuringPeriodShares" xlink:type="resource" xml:lang="en-US">Stock Redeemed During Period, Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares" xlink:type="arc" />
    <link:label id="label_StockRedeemedDuringPeriodShares_2" xlink:label="label_StockRedeemedDuringPeriodShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockRedeemedDuringPeriodShares" xlink:type="resource" xml:lang="en-US">Series L preferred stock redemption (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares_2" xlink:type="arc" />
    <link:label id="label_StockRedeemedDuringPeriodShares_3" xlink:label="label_StockRedeemedDuringPeriodShares_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockRedeemedDuringPeriodShares" xlink:type="resource" xml:lang="en-US">Number of shares of stock bought back by the entity at the redemption price.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRedeemedDuringPeriodShares" xlink:title="label: StockRedeemedDuringPeriodShares to label_StockRedeemedDuringPeriodShares" xlink:to="label_StockRedeemedDuringPeriodShares_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockPremiumNetOfAmortization" xlink:label="PreferredStockPremiumNetOfAmortization" xlink:title="PreferredStockPremiumNetOfAmortization" xlink:type="locator" />
    <link:label id="label_PreferredStockPremiumNetOfAmortization" xlink:label="label_PreferredStockPremiumNetOfAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockPremiumNetOfAmortization" xlink:type="resource" xml:lang="en-US">Preferred Stock Premium, Net of Amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockPremiumNetOfAmortization" xlink:title="label: PreferredStockPremiumNetOfAmortization to label_PreferredStockPremiumNetOfAmortization" xlink:to="label_PreferredStockPremiumNetOfAmortization" xlink:type="arc" />
    <link:label id="label_PreferredStockPremiumNetOfAmortization_2" xlink:label="label_PreferredStockPremiumNetOfAmortization_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PreferredStockPremiumNetOfAmortization" xlink:type="resource" xml:lang="en-US">The sum of the periodic adjustments of the differences between Preferred Stock's face value and purchase prices that are charged against earnings, net of any amounts that have been amortized.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockPremiumNetOfAmortization" xlink:title="label: PreferredStockPremiumNetOfAmortization to label_PreferredStockPremiumNetOfAmortization" xlink:to="label_PreferredStockPremiumNetOfAmortization_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_SeriesIPreferredStockMember" xlink:label="SeriesIPreferredStockMember" xlink:title="SeriesIPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesIPreferredStockMember" xlink:label="label_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesIPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series I Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesIPreferredStockMember" xlink:title="label: SeriesIPreferredStockMember to label_SeriesIPreferredStockMember" xlink:to="label_SeriesIPreferredStockMember" xlink:type="arc" />
    <link:label id="label_SeriesIPreferredStockMember_2" xlink:label="label_SeriesIPreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SeriesIPreferredStockMember" xlink:type="resource" xml:lang="en-US">Outstanding nonredeemable series I preferred stock or outstanding series I preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesIPreferredStockMember" xlink:title="label: SeriesIPreferredStockMember to label_SeriesIPreferredStockMember" xlink:to="label_SeriesIPreferredStockMember_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_SeriesJPreferredStockMember" xlink:label="SeriesJPreferredStockMember" xlink:title="SeriesJPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesJPreferredStockMember" xlink:label="label_SeriesJPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesJPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series J Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesJPreferredStockMember" xlink:title="label: SeriesJPreferredStockMember to label_SeriesJPreferredStockMember" xlink:to="label_SeriesJPreferredStockMember" xlink:type="arc" />
    <link:label id="label_SeriesJPreferredStockMember_2" xlink:label="label_SeriesJPreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SeriesJPreferredStockMember" xlink:type="resource" xml:lang="en-US">Outstanding nonredeemable series J preferred stock or outstanding series J preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesJPreferredStockMember" xlink:title="label: SeriesJPreferredStockMember to label_SeriesJPreferredStockMember" xlink:to="label_SeriesJPreferredStockMember_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_SeriesKPreferredStockMember" xlink:label="SeriesKPreferredStockMember" xlink:title="SeriesKPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesKPreferredStockMember" xlink:label="label_SeriesKPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesKPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series K Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesKPreferredStockMember" xlink:title="label: SeriesKPreferredStockMember to label_SeriesKPreferredStockMember" xlink:to="label_SeriesKPreferredStockMember" xlink:type="arc" />
    <link:label id="label_SeriesKPreferredStockMember_2" xlink:label="label_SeriesKPreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SeriesKPreferredStockMember" xlink:type="resource" xml:lang="en-US">Outstanding nonredeemable series K preferred stock or outstanding series K preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesKPreferredStockMember" xlink:title="label: SeriesKPreferredStockMember to label_SeriesKPreferredStockMember" xlink:to="label_SeriesKPreferredStockMember_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_SeriesLPreferredStockMember" xlink:label="SeriesLPreferredStockMember" xlink:title="SeriesLPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesLPreferredStockMember" xlink:label="label_SeriesLPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesLPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series L Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesLPreferredStockMember" xlink:title="label: SeriesLPreferredStockMember to label_SeriesLPreferredStockMember" xlink:to="label_SeriesLPreferredStockMember" xlink:type="arc" />
    <link:label id="label_SeriesLPreferredStockMember_2" xlink:label="label_SeriesLPreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SeriesLPreferredStockMember" xlink:type="resource" xml:lang="en-US">Outstanding nonredeemable series L preferred stock or outstanding series L preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesLPreferredStockMember" xlink:title="label: SeriesLPreferredStockMember to label_SeriesLPreferredStockMember" xlink:to="label_SeriesLPreferredStockMember_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformtionAbstract" xlink:title="DocumentAndEntityInformtionAbstract" xlink:type="locator" />
    <link:label id="label_DocumentAndEntityInformtionAbstract" xlink:label="label_DocumentAndEntityInformtionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentAndEntityInformtionAbstract" xlink:type="resource" xml:lang="en-US">Document and Entity Information</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAndEntityInformtionAbstract" xlink:title="label: DocumentAndEntityInformtionAbstract to label_DocumentAndEntityInformtionAbstract" xlink:to="label_DocumentAndEntityInformtionAbstract" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_EntityClassBCommonStockSharesOutstanding" xlink:label="EntityCommonClassBSharesOutstanding" xlink:title="EntityCommonClassBSharesOutstanding" xlink:type="locator" />
    <link:label id="label_EntityCommonClassBSharesOutstanding" xlink:label="label_EntityCommonClassBSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonClassBSharesOutstanding" xlink:type="resource" xml:lang="en-US">Entity Class B Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonClassBSharesOutstanding" xlink:title="label: EntityCommonClassBSharesOutstanding to label_EntityCommonClassBSharesOutstanding" xlink:to="label_EntityCommonClassBSharesOutstanding" xlink:type="arc" />
    <link:label id="label_EntityClassBCommonStockSharesOutstanding" xlink:label="label_EntityClassBCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EntityClassBCommonStockSharesOutstanding" xlink:type="resource" xml:lang="en-US">The total number of shares of Class B common stock held by shareholders.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonClassBSharesOutstanding" xlink:title="label: EntityClassBCommonStockSharesOutstanding to label_EntityClassBCommonStockSharesOutstanding" xlink:to="label_EntityClassBCommonStockSharesOutstanding" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_EntityClassCCommonStockSharesOutstanding" xlink:label="EntityCommonClassCSharesOutstanding" xlink:title="EntityCommonClassCSharesOutstanding" xlink:type="locator" />
    <link:label id="label_EntityCommonClassCSharesOutstanding" xlink:label="label_EntityCommonClassCSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonClassCSharesOutstanding" xlink:type="resource" xml:lang="en-US">Entity Class C Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonClassCSharesOutstanding" xlink:title="label: EntityCommonClassCSharesOutstanding to label_EntityCommonClassCSharesOutstanding" xlink:to="label_EntityCommonClassCSharesOutstanding" xlink:type="arc" />
    <link:label id="label_EntityClassCCommonStockSharesOutstanding" xlink:label="label_EntityClassCCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EntityClassCCommonStockSharesOutstanding" xlink:type="resource" xml:lang="en-US">The total number of shares of Class C common stock held by shareholders.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonClassCSharesOutstanding" xlink:title="label: EntityClassCCommonStockSharesOutstanding to label_EntityClassCCommonStockSharesOutstanding" xlink:to="label_EntityClassCCommonStockSharesOutstanding" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:label="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:title="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="locator" />
    <link:label id="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties_2" xlink:label="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="resource" xml:lang="en-US">Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:title="label: LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties to label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:to="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties_2" xlink:type="arc" />
    <link:label id="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:label="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="resource" xml:lang="en-US">Limited Partners' Preferred Interest in Operating Partnership and Noncontrolling Redeemable Interests in Properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:title="label: LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties to label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:to="label_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_ChangesInAvailableForSaleSecuritiesAndOther" xlink:label="ChangesInAvailableForSaleSecuritiesAndOther" xlink:title="ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="locator" />
    <link:label id="label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:label="label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="resource" xml:lang="en-US">Changes in Available-for-sale Securities and Other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInAvailableForSaleSecuritiesAndOther" xlink:title="label: ChangesInAvailableForSaleSecuritiesAndOther to label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:to="label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="arc" />
    <link:label id="label_ChangesInAvailableForSaleSecuritiesAndOther_2" xlink:label="label_ChangesInAvailableForSaleSecuritiesAndOther_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="resource" xml:lang="en-US">Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax, plus other increases (decreases) in other comprehensive income not otherwise identified.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInAvailableForSaleSecuritiesAndOther" xlink:title="label: ChangesInAvailableForSaleSecuritiesAndOther to label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:to="label_ChangesInAvailableForSaleSecuritiesAndOther_2" xlink:type="arc" />
    <link:label id="label_ChangesInAvailableForSaleSecuritiesAndOther_3" xlink:label="label_ChangesInAvailableForSaleSecuritiesAndOther_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="resource" xml:lang="en-US">Changes in available-for-sale securities and other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInAvailableForSaleSecuritiesAndOther" xlink:title="label: ChangesInAvailableForSaleSecuritiesAndOther to label_ChangesInAvailableForSaleSecuritiesAndOther" xlink:to="label_ChangesInAvailableForSaleSecuritiesAndOther_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockAuthorizedSharesOfPreferredStock" xlink:label="CapitalStockAuthorizedSharesOfPreferredStock" xlink:title="CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="locator" />
    <link:label id="label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:label="label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="resource" xml:lang="en-US">Capital Stock, Authorized Shares of Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockAuthorizedSharesOfPreferredStock" xlink:title="label: CapitalStockAuthorizedSharesOfPreferredStock to label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:to="label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="arc" />
    <link:label id="label_CapitalStockAuthorizedSharesOfPreferredStock_2" xlink:label="label_CapitalStockAuthorizedSharesOfPreferredStock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="resource" xml:lang="en-US">The number of shares of preferred stock authorized as part of the total number of shares of capital stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockAuthorizedSharesOfPreferredStock" xlink:title="label: CapitalStockAuthorizedSharesOfPreferredStock to label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:to="label_CapitalStockAuthorizedSharesOfPreferredStock_2" xlink:type="arc" />
    <link:label id="label_CapitalStockAuthorizedSharesOfPreferredStock_3" xlink:label="label_CapitalStockAuthorizedSharesOfPreferredStock_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="resource" xml:lang="en-US">Capital stock, authorized shares of preferred stock (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalStockAuthorizedSharesOfPreferredStock" xlink:title="label: CapitalStockAuthorizedSharesOfPreferredStock to label_CapitalStockAuthorizedSharesOfPreferredStock" xlink:to="label_CapitalStockAuthorizedSharesOfPreferredStock_3" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="locator" />
    <link:label xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:title="label:OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease_2" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:title="label: OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator" />
    <link:label id="label_StatementTable" xlink:label="label_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementTable" xlink:type="resource" xml:lang="en-US">Statement - Table</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:title="label: StatementTable to label_StatementTable" xlink:to="label_StatementTable" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="StockholdersEquityPeriodIncreaseDecrease" xlink:title="StockholdersEquityPeriodIncreaseDecrease" xlink:type="locator" />
    <link:label xlink:label="label_StockholdersEquityPeriodIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Stockholders' Equity, Period Increase (Decrease)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="label:StockholdersEquityPeriodIncreaseDecrease to label_StockholdersEquityPeriodIncreaseDecrease" xlink:to="label_StockholdersEquityPeriodIncreaseDecrease_2" xlink:type="arc" />
    <link:label id="label_StockholdersEquityPeriodIncreaseDecrease" xlink:label="label_StockholdersEquityPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_StockholdersEquityPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Increase (decrease) in equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityPeriodIncreaseDecrease" xlink:title="label: StockholdersEquityPeriodIncreaseDecrease to label_StockholdersEquityPeriodIncreaseDecrease" xlink:to="label_StockholdersEquityPeriodIncreaseDecrease" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" xlink:type="locator" />
    <link:label id="label_StatementClassOfStockAxis" xlink:label="label_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementClassOfStockAxis" xlink:type="resource" xml:lang="en-US">Statement - Class of Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementClassOfStockAxis" xlink:title="label: StatementClassOfStockAxis to label_StatementClassOfStockAxis" xlink:to="label_StatementClassOfStockAxis" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" xlink:type="locator" />
    <link:label id="label_StatementEquityComponentsAxis" xlink:label="label_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementEquityComponentsAxis" xlink:type="resource" xml:lang="en-US">Statement - Equity Components</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementEquityComponentsAxis" xlink:title="label: StatementEquityComponentsAxis to label_StatementEquityComponentsAxis" xlink:to="label_StatementEquityComponentsAxis" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:label="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:title="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="locator" />
    <link:label xlink:label="label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="resource" xml:lang="en-US">Adjustments to Additional Paid in Capital, Reallocation of Noncontrolling Interest</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:title="label:AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest to label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:to="label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest_2" xlink:type="arc" />
    <link:label id="label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:label="label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="resource" xml:lang="en-US">Adjustment to limited partners' interest from increased ownership in the Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:title="label: AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest to label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:to="label_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodValueNewIssues_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueNewIssues" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, New Issues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueNewIssues" xlink:title="label:StockIssuedDuringPeriodValueNewIssues to label_StockIssuedDuringPeriodValueNewIssues" xlink:to="label_StockIssuedDuringPeriodValueNewIssues_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodValueNewIssues" xlink:label="label_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_StockIssuedDuringPeriodValueNewIssues" xlink:type="resource" xml:lang="en-US">Series L preferred stock issuance (6,000,000 shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueNewIssues" xlink:title="label: StockIssuedDuringPeriodValueNewIssues to label_StockIssuedDuringPeriodValueNewIssues" xlink:to="label_StockIssuedDuringPeriodValueNewIssues" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodValueShareBasedCompensation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Share-based Compensation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="label:StockIssuedDuringPeriodValueShareBasedCompensation to label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="label_StockIssuedDuringPeriodValueShareBasedCompensation_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="resource" xml:lang="en-US">Stock incentive program (253,957; 276,872; and 222,725 common shares, net, in 2009, 2008, and 2007, respectively)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="label: StockIssuedDuringPeriodValueShareBasedCompensation to label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="label_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:title="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodValueStockOptionsExercised_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Stock Options Exercised</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:title="label:StockIssuedDuringPeriodValueStockOptionsExercised to label_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="label_StockIssuedDuringPeriodValueStockOptionsExercised_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="label_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="resource" xml:lang="en-US">Stock options exercised (66,000; 282,106; and 231,025 common shares, in 2009, 2008, and 2007, respectively)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:title="label: StockIssuedDuringPeriodValueStockOptionsExercised to label_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="label_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:title="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Conversion of Convertible Securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:title="label:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities to label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="resource" xml:lang="en-US">Series I preferred stock conversion to common stock (6,437,072 preferred shares to 5,151,776 common shares and 65,907 preferred shares to 51,987 common shares in 2008 and 2007, respectively)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:title="label: StockIssuedDuringPeriodValueConversionOfConvertibleSecurities to label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="label_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodSharesNewIssues_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodSharesNewIssues" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesNewIssues" xlink:title="label:StockIssuedDuringPeriodSharesNewIssues to label_StockIssuedDuringPeriodSharesNewIssues" xlink:to="label_StockIssuedDuringPeriodSharesNewIssues_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodSharesNewIssues" xlink:label="label_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodSharesNewIssues" xlink:type="resource" xml:lang="en-US">Series L preferred stock issuance (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesNewIssues" xlink:title="label: StockIssuedDuringPeriodSharesNewIssues to label_StockIssuedDuringPeriodSharesNewIssues" xlink:to="label_StockIssuedDuringPeriodSharesNewIssues" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:title="StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodSharesShareBasedCompensation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Share-based Compensation</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:title="label:StockIssuedDuringPeriodSharesShareBasedCompensation to label_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="label_StockIssuedDuringPeriodSharesShareBasedCompensation_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="label_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="resource" xml:lang="en-US">Stock incentive program, net (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:title="label: StockIssuedDuringPeriodSharesShareBasedCompensation to label_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="label_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:title="StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodSharesStockOptionsExercised_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Stock Options Exercised</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:title="label:StockIssuedDuringPeriodSharesStockOptionsExercised to label_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="label_StockIssuedDuringPeriodSharesStockOptionsExercised_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="label_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="resource" xml:lang="en-US">Stock options exercised (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:title="label: StockIssuedDuringPeriodSharesStockOptionsExercised to label_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="label_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:title="StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Conversion of Convertible Securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:title="label:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities to label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="resource" xml:lang="en-US">Series I preferred stock conversion to common stock (in preferred shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:title="label: StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities to label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="label_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="StockIssuedDuringPeriodValueConversionOfUnits" xlink:title="StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodValueConversionOfUnits_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Conversion of Units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueConversionOfUnits" xlink:title="label:StockIssuedDuringPeriodValueConversionOfUnits to label_StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="label_StockIssuedDuringPeriodValueConversionOfUnits_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="label_StockIssuedDuringPeriodValueConversionOfUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="resource" xml:lang="en-US">Conversion of limited partner units (1,345,567; 2,574,608; and 1,692,474 common shares, in 2009, 2008 and 2007, respectively, Note 10)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodValueConversionOfUnits" xlink:title="label: StockIssuedDuringPeriodValueConversionOfUnits to label_StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="label_StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="StockIssuedDuringPeriodSharesConversionOfUnits" xlink:title="StockIssuedDuringPeriodSharesConversionOfUnits" xlink:type="locator" />
    <link:label xlink:label="label_StockIssuedDuringPeriodSharesConversionOfUnits_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Conversion of Units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesConversionOfUnits" xlink:title="label:StockIssuedDuringPeriodSharesConversionOfUnits to label_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:to="label_StockIssuedDuringPeriodSharesConversionOfUnits_2" xlink:type="arc" />
    <link:label id="label_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="label_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:type="resource" xml:lang="en-US">Conversion of limited partner units, Note 10 (shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedDuringPeriodSharesConversionOfUnits" xlink:title="label: StockIssuedDuringPeriodSharesConversionOfUnits to label_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:to="label_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract" xlink:type="locator" />
    <link:label id="label_IncomeStatementAbstract" xlink:label="label_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementAbstract" xlink:type="resource" xml:lang="en-US">Consolidated Statements of Operations and Comprehensive Income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementAbstract" xlink:title="label: IncomeStatementAbstract to label_IncomeStatementAbstract" xlink:to="label_IncomeStatementAbstract" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" xlink:type="locator" />
    <link:label id="label_StatementOfCashFlowsAbstract" xlink:label="label_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfCashFlowsAbstract" xlink:type="resource" xml:lang="en-US">Consolidated Statements of Cash Flows</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:title="label: StatementOfCashFlowsAbstract to label_StatementOfCashFlowsAbstract" xlink:to="label_StatementOfCashFlowsAbstract" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" xlink:type="locator" />
    <link:label id="label_StatementOfStockholdersEquityAbstract" xlink:label="label_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfStockholdersEquityAbstract" xlink:type="resource" xml:lang="en-US">Statement of Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfStockholdersEquityAbstract" xlink:title="label: StatementOfStockholdersEquityAbstract to label_StatementOfStockholdersEquityAbstract" xlink:to="label_StatementOfStockholdersEquityAbstract" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesAuthorized" xlink:label="TemporaryEquitySharesAuthorized" xlink:title="TemporaryEquitySharesAuthorized" xlink:type="locator" />
    <link:label xlink:label="label_TemporaryEquitySharesAuthorized_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TemporaryEquitySharesAuthorized" xlink:type="resource" xml:lang="en-US">Temporary Equity, Shares Authorized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquitySharesAuthorized" xlink:title="label:TemporaryEquitySharesAuthorized to label_TemporaryEquitySharesAuthorized" xlink:to="label_TemporaryEquitySharesAuthorized_2" xlink:type="arc" />
    <link:label id="label_TemporaryEquitySharesAuthorized" xlink:label="label_TemporaryEquitySharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TemporaryEquitySharesAuthorized" xlink:type="resource" xml:lang="en-US">Series I 6% convertible perpetual preferred stock, shares authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquitySharesAuthorized" xlink:title="label: TemporaryEquitySharesAuthorized to label_TemporaryEquitySharesAuthorized" xlink:to="label_TemporaryEquitySharesAuthorized" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesIssued" xlink:label="TemporaryEquitySharesIssued" xlink:title="TemporaryEquitySharesIssued" xlink:type="locator" />
    <link:label xlink:label="label_TemporaryEquitySharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TemporaryEquitySharesIssued" xlink:type="resource" xml:lang="en-US">Temporary Equity, Shares Issued</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquitySharesIssued" xlink:title="label:TemporaryEquitySharesIssued to label_TemporaryEquitySharesIssued" xlink:to="label_TemporaryEquitySharesIssued_2" xlink:type="arc" />
    <link:label id="label_TemporaryEquitySharesIssued" xlink:label="label_TemporaryEquitySharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TemporaryEquitySharesIssued" xlink:type="resource" xml:lang="en-US">Series I 6% convertible perpetual preferred stock, shares issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquitySharesIssued" xlink:title="label: TemporaryEquitySharesIssued to label_TemporaryEquitySharesIssued" xlink:to="label_TemporaryEquitySharesIssued" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesOutstanding" xlink:label="TemporaryEquitySharesOutstanding" xlink:title="TemporaryEquitySharesOutstanding" xlink:type="locator" />
    <link:label xlink:label="label_TemporaryEquitySharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TemporaryEquitySharesOutstanding" xlink:type="resource" xml:lang="en-US">Temporary Equity, Shares Outstanding</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquitySharesOutstanding" xlink:title="label:TemporaryEquitySharesOutstanding to label_TemporaryEquitySharesOutstanding" xlink:to="label_TemporaryEquitySharesOutstanding_2" xlink:type="arc" />
    <link:label id="label_TemporaryEquitySharesOutstanding" xlink:label="label_TemporaryEquitySharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TemporaryEquitySharesOutstanding" xlink:type="resource" xml:lang="en-US">Series I 6% convertible perpetual preferred stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryEquitySharesOutstanding" xlink:title="label: TemporaryEquitySharesOutstanding to label_TemporaryEquitySharesOutstanding" xlink:to="label_TemporaryEquitySharesOutstanding" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="ClassOfStockLineItems" xlink:title="ClassOfStockLineItems" xlink:type="locator" />
    <link:label id="label_ClassOfStockLineItems" xlink:label="label_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassOfStockLineItems" xlink:type="resource" xml:lang="en-US">Common stock:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassOfStockLineItems" xlink:title="label: ClassOfStockLineItems to label_ClassOfStockLineItems" xlink:to="label_ClassOfStockLineItems" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:title="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="locator" />
    <link:label xlink:label="label_ProceedsFromSaleMaturityAndCollectionsOfInvestments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="resource" xml:lang="en-US">Proceeds from Sale, Maturity and Collections of Investments</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:title="label:ProceedsFromSaleMaturityAndCollectionsOfInvestments to label_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:to="label_ProceedsFromSaleMaturityAndCollectionsOfInvestments_2" xlink:type="arc" />
    <link:label id="label_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="label_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="resource" xml:lang="en-US">Sale of marketable and non-marketable securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:title="label: ProceedsFromSaleMaturityAndCollectionsOfInvestments to label_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:to="label_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SeriesCPreferredStockMember" xlink:label="SeriesCPreferredStockMember" xlink:title="SeriesCPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesCPreferredStockMember" xlink:label="label_SeriesCPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesCPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series C Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesCPreferredStockMember" xlink:title="label: SeriesCPreferredStockMember to label_SeriesCPreferredStockMember" xlink:to="label_SeriesCPreferredStockMember" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SeriesDPreferredStockMember" xlink:label="SeriesDPreferredStockMember" xlink:title="SeriesDPreferredStockMember" xlink:type="locator" />
    <link:label id="label_SeriesDPreferredStockMember" xlink:label="label_SeriesDPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeriesDPreferredStockMember" xlink:type="resource" xml:lang="en-US">Series D Preferred Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeriesDPreferredStockMember" xlink:title="label: SeriesDPreferredStockMember to label_SeriesDPreferredStockMember" xlink:to="label_SeriesDPreferredStockMember" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator" />
    <link:label id="label_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="label_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="resource" xml:lang="en-US">Conversion Of Preferred Units To Limited Partner Units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="label: ConversionOfPreferredUnitsToLimitedPartnerUnits to label_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="label_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc" />
    <link:label id="label_ConversionOfPreferredUnitsToLimitedPartnerUnits_2" xlink:label="label_ConversionOfPreferredUnitsToLimitedPartnerUnits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="resource" xml:lang="en-US">Series I preferred unit conversion to limited partner units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="label: ConversionOfPreferredUnitsToLimitedPartnerUnits to label_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="label_ConversionOfPreferredUnitsToLimitedPartnerUnits_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator" />
    <link:label id="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Conversion of Preferred Units to Limited Partner Units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="label: StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits to label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc" />
    <link:label id="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits_2" xlink:label="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="resource" xml:lang="en-US">Conversion of Series C preferred Units to limited partner units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="label: StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits to label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="label_StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="StockholdersEquityOther" xlink:title="StockholdersEquityOther" xlink:type="locator" />
    <link:label xlink:label="label_StockholdersEquityOther_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockholdersEquityOther" xlink:type="resource" xml:lang="en-US">Stockholders' Equity, Other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityOther" xlink:title="label:StockholdersEquityOther to label_StockholdersEquityOther" xlink:to="label_StockholdersEquityOther_2" xlink:type="arc" />
    <link:label id="label_StockholdersEquityOther" xlink:label="label_StockholdersEquityOther" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_StockholdersEquityOther" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityOther" xlink:title="label: StockholdersEquityOther to label_StockholdersEquityOther" xlink:to="label_StockholdersEquityOther" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:label="PartnersCapitalAccountPeriodIncreaseDecrease" xlink:title="PartnersCapitalAccountPeriodIncreaseDecrease" xlink:type="locator" />
    <link:label xlink:label="label_PartnersCapitalAccountPeriodIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Partners' Capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnersCapitalAccountPeriodIncreaseDecrease" xlink:title="label:PartnersCapitalAccountPeriodIncreaseDecrease to label_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:to="label_PartnersCapitalAccountPeriodIncreaseDecrease_2" xlink:type="arc" />
    <link:label id="label_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:label="label_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Adjustment to limited partners' interest from increased ownership in the Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnersCapitalAccountPeriodIncreaseDecrease" xlink:title="label: PartnersCapitalAccountPeriodIncreaseDecrease to label_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:to="label_PartnersCapitalAccountPeriodIncreaseDecrease" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:title="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="locator" />
    <link:label xlink:label="label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="resource" xml:lang="en-US">Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:title="label:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders to label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_2" xlink:type="arc" />
    <link:label id="label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:title="label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="resource" xml:lang="en-US">Distributions to other noncontrolling interest partners</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:title="label: MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders to label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="label_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_UnusedElementsAbstract" xlink:label="UnusedElements" xlink:title="UnusedElements" xlink:type="locator" />
    <link:label id="label_UnusedElements" xlink:label="label_UnusedElements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusedElements" xlink:type="resource" xml:lang="en-US">Unused Elements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedElements" xlink:title="label: UnusedElements to label_UnusedElements" xlink:to="label_UnusedElements" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue" xlink:type="locator" />
    <link:label id="label_PreferredStockValue" xlink:label="label_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PreferredStockValue" xlink:type="resource" xml:lang="en-US">Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding, with a liquidation value of $39,847</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockValue" xlink:title="label: PreferredStockValue to label_PreferredStockValue" xlink:to="label_PreferredStockValue" xlink:type="arc" />
    <link:label xlink:label="label_PreferredStockValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockValue" xlink:type="resource" xml:lang="en-US">Preferred Stock, Value, Issued</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockValue" xlink:title="label:PreferredStockValue to label_PreferredStockValue" xlink:to="label_PreferredStockValue_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="locator" />
    <link:label xlink:label="label_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="resource" xml:lang="en-US">Increase (decrease) in equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="label:IncreaseDecreaseInStockholdersEquityRollForward to label_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="label_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PublicOfferingOfCommonStockValue" xlink:label="PublicOfferingOfCommonStockValue" xlink:title="PublicOfferingOfCommonStockValue" xlink:type="locator" />
    <link:label id="label_PublicOfferingOfCommonStockValue" xlink:label="label_PublicOfferingOfCommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PublicOfferingOfCommonStockValue" xlink:type="resource" xml:lang="en-US">Public Offering Of Common Stock, Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PublicOfferingOfCommonStockValue" xlink:title="label: PublicOfferingOfCommonStockValue to label_PublicOfferingOfCommonStockValue" xlink:to="label_PublicOfferingOfCommonStockValue" xlink:type="arc" />
    <link:label id="label_PublicOfferingOfCommonStockValue_2" xlink:label="label_PublicOfferingOfCommonStockValue_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PublicOfferingOfCommonStockValue" xlink:type="resource" xml:lang="en-US">Public offering of common stock (40,250,000 common shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PublicOfferingOfCommonStockValue" xlink:title="label: PublicOfferingOfCommonStockValue to label_PublicOfferingOfCommonStockValue" xlink:to="label_PublicOfferingOfCommonStockValue_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PublicOfferingOfCommonStockShares" xlink:label="PublicOfferingOfCommonStockShares" xlink:title="PublicOfferingOfCommonStockShares" xlink:type="locator" />
    <link:label id="label_PublicOfferingOfCommonStockShares" xlink:label="label_PublicOfferingOfCommonStockShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PublicOfferingOfCommonStockShares" xlink:type="resource" xml:lang="en-US">Public Offering Of Common Stock, Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PublicOfferingOfCommonStockShares" xlink:title="label: PublicOfferingOfCommonStockShares to label_PublicOfferingOfCommonStockShares" xlink:to="label_PublicOfferingOfCommonStockShares" xlink:type="arc" />
    <link:label id="label_PublicOfferingOfCommonStockShares_2" xlink:label="label_PublicOfferingOfCommonStockShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PublicOfferingOfCommonStockShares" xlink:type="resource" xml:lang="en-US">Public offering of common stock (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PublicOfferingOfCommonStockShares" xlink:title="label: PublicOfferingOfCommonStockShares to label_PublicOfferingOfCommonStockShares" xlink:to="label_PublicOfferingOfCommonStockShares_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnits" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="locator" />
    <link:label id="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:label="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="resource" xml:lang="en-US">Issuance of Limited Partner Units With Redemption of Preferred Units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:title="label: IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits to label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:to="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="arc" />
    <link:label id="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits_2" xlink:label="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="resource" xml:lang="en-US">Issuance of limited partner units with the redemption of the Series C preferred units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:title="label: IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits to label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:to="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="locator" />
    <link:label id="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:label="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="resource" xml:lang="en-US">Issuance of Limited Partner Units With Redemption of Preferred Units, Second Series in Year</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:title="label: IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear to label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:to="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="arc" />
    <link:label id="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear_2" xlink:label="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="resource" xml:lang="en-US">Issuance of limited partner units with the redemption of the Series D preferred units</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:title="label: IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear to label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:to="label_IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:label="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:title="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="locator" />
    <link:label id="label_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:label="label_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="resource" xml:lang="en-US">Stock Issued to Common Shareholders and Limited Partners</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:title="label: StockIssuedToCommonShareholdersAndLimitedPartners to label_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:to="label_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="arc" />
    <link:label id="label_StockIssuedToCommonShareholdersAndLimitedPartners_2" xlink:label="label_StockIssuedToCommonShareholdersAndLimitedPartners_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="resource" xml:lang="en-US">Stock issued to common shareholders and limited partners (10,074,013 common shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:title="label: StockIssuedToCommonShareholdersAndLimitedPartners to label_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:to="label_StockIssuedToCommonShareholdersAndLimitedPartners_2" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="locator" />
    <link:label xlink:label="label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:title="label:OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease_2" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:label="label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Unrealized loss on interest rate hedge agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:title="label: OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="arc" />
    <link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="locator" />
    <link:label xlink:label="label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income, Available-for-sale Securities Adjustment, Net of Tax</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="label:OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease_2" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="resource" xml:lang="en-US">Unrealized gain on marketable securities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="label: OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease to label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="label_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:label="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:title="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="locator" />
    <link:label id="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:label="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="resource" xml:lang="en-US">Net Income (Loss), Excluding Amount Attributable to Preferred Interests in Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:title="label: NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership to label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:to="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="arc" />
    <link:label id="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership_2" xlink:label="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="resource" xml:lang="en-US">Net income, excluding $10,451, $17,599 and $21,580, in 2009, 2008 and 2007, respectively, attributable to preferred interests in the Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:title="label: NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership to label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:to="label_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_OtherComprehensiveIncomeLossPriorYears" xlink:label="OtherComprehensiveIncomeLossPriorYears" xlink:title="OtherComprehensiveIncomeLossPriorYears" xlink:type="locator" />
    <link:label id="label_OtherComprehensiveIncomeLossPriorYears" xlink:label="label_OtherComprehensiveIncomeLossPriorYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeLossPriorYears" xlink:type="resource" xml:lang="en-US">Other Comprehensive Income (Loss), Prior Years</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossPriorYears" xlink:title="label: OtherComprehensiveIncomeLossPriorYears to label_OtherComprehensiveIncomeLossPriorYears" xlink:to="label_OtherComprehensiveIncomeLossPriorYears" xlink:type="arc" />
    <link:label id="label_OtherComprehensiveIncomeLossPriorYears_2" xlink:label="label_OtherComprehensiveIncomeLossPriorYears_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeLossPriorYears" xlink:type="resource" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossPriorYears" xlink:title="label: OtherComprehensiveIncomeLossPriorYears to label_OtherComprehensiveIncomeLossPriorYears" xlink:to="label_OtherComprehensiveIncomeLossPriorYears_2" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:label="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:title="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:type="locator" />
    <link:label id="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:label="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:type="resource" xml:lang="en-US">Stock Issued To Common Shareholders And Limited Partners Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:title="label: StockIssuedToCommonShareholdersAndLimitedPartnersShares to label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:to="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:type="arc" />
    <link:label id="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares_2" xlink:label="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:type="resource" xml:lang="en-US">Stock issued to common shareholders and limited partners (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:title="label: StockIssuedToCommonShareholdersAndLimitedPartnersShares to label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:to="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares_2" xlink:type="arc" />
    <link:label id="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares_3" xlink:label="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:type="resource" xml:lang="en-US">Stock issued to common shareholders and limited partners</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:title="label: StockIssuedToCommonShareholdersAndLimitedPartnersShares to label_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:to="label_StockIssuedToCommonShareholdersAndLimitedPartnersShares_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:label="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:title="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:type="locator" />
    <link:label id="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:label="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:type="resource" xml:lang="en-US">Net Income Loss Attributable To Preferred Interest In Operating Partnership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:title="label: NetIncomeLossAttributableToPreferredInterestInOperatingPartnership to label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:to="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:type="arc" />
    <link:label id="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership_2" xlink:label="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:type="resource" xml:lang="en-US">Net income attributable to preferred interests in the Operating Partnership (in dollars)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:title="label: NetIncomeLossAttributableToPreferredInterestInOperatingPartnership to label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:to="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership_2" xlink:type="arc" />
    <link:label id="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership_3" xlink:label="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:type="resource" xml:lang="en-US">Net income attributable to preferred interests in the Operating Partnership (in dollars)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:title="label: NetIncomeLossAttributableToPreferredInterestInOperatingPartnership to label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:to="label_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_ConversionOfClassCStock" xlink:label="ConversionOfClassCStock" xlink:title="ConversionOfClassCStock" xlink:type="locator" />
    <link:label id="label_ConversionOfClassCStock" xlink:label="label_ConversionOfClassCStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConversionOfClassCStock" xlink:type="resource" xml:lang="en-US">Conversion of Class C stock (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfClassCStock" xlink:title="label: ConversionOfClassCStock to label_ConversionOfClassCStock" xlink:to="label_ConversionOfClassCStock" xlink:type="arc" />
    <link:label id="label_ConversionOfClassCStock_2" xlink:label="label_ConversionOfClassCStock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConversionOfClassCStock" xlink:type="resource" xml:lang="en-US">Conversion Of Class C Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfClassCStock" xlink:title="label: ConversionOfClassCStock to label_ConversionOfClassCStock" xlink:to="label_ConversionOfClassCStock_2" xlink:type="arc" />
    <link:label id="label_ConversionOfClassCStock_3" xlink:label="label_ConversionOfClassCStock_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConversionOfClassCStock" xlink:type="resource" xml:lang="en-US">Conversion Of Class C Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConversionOfClassCStock" xlink:title="label: ConversionOfClassCStock to label_ConversionOfClassCStock" xlink:to="label_ConversionOfClassCStock_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfCommonSharesUponConversionOfClassC" xlink:label="IssuanceOfCommonSharesUponConversionOfClassC" xlink:title="IssuanceOfCommonSharesUponConversionOfClassC" xlink:type="locator" />
    <link:label id="label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:label="label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:type="resource" xml:lang="en-US">Issuance Of Common Shares Upon Conversion Of Class C</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfCommonSharesUponConversionOfClassC" xlink:title="label: IssuanceOfCommonSharesUponConversionOfClassC to label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:to="label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:type="arc" />
    <link:label id="label_IssuanceOfCommonSharesUponConversionOfClassC_2" xlink:label="label_IssuanceOfCommonSharesUponConversionOfClassC_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:type="resource" xml:lang="en-US">Issuance of common shares upon conversion of Class C shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfCommonSharesUponConversionOfClassC" xlink:title="label: IssuanceOfCommonSharesUponConversionOfClassC to label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:to="label_IssuanceOfCommonSharesUponConversionOfClassC_2" xlink:type="arc" />
    <link:label id="label_IssuanceOfCommonSharesUponConversionOfClassC_3" xlink:label="label_IssuanceOfCommonSharesUponConversionOfClassC_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:type="resource" xml:lang="en-US">Issuance of common shares upon conversion of Class C shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfCommonSharesUponConversionOfClassC" xlink:title="label: IssuanceOfCommonSharesUponConversionOfClassC to label_IssuanceOfCommonSharesUponConversionOfClassC" xlink:to="label_IssuanceOfCommonSharesUponConversionOfClassC_3" xlink:type="arc" />
    <link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockConversionToCommonStock" xlink:label="PreferredStockConversionToCommonStock" xlink:title="PreferredStockConversionToCommonStock" xlink:type="locator" />
    <link:label id="label_PreferredStockConversionToCommonStock" xlink:label="label_PreferredStockConversionToCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockConversionToCommonStock" xlink:type="resource" xml:lang="en-US">Preferred Stock Conversion To Common Stock</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockConversionToCommonStock" xlink:title="label: PreferredStockConversionToCommonStock to label_PreferredStockConversionToCommonStock" xlink:to="label_PreferredStockConversionToCommonStock" xlink:type="arc" />
    <link:label id="label_PreferredStockConversionToCommonStock_2" xlink:label="label_PreferredStockConversionToCommonStock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreferredStockConversionToCommonStock" xlink:type="resource" xml:lang="en-US">Series I preferred stock conversion to common stock (in common shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockConversionToCommonStock" xlink:title="label: PreferredStockConversionToCommonStock to label_PreferredStockConversionToCommonStock" xlink:to="label_PreferredStockConversionToCommonStock_2" xlink:type="arc" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>16
<FILENAME>spg-20090930_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by Fujitsu XWand B0126 -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:spg="http://simon.com/20090930" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfFinancialPositionClassified-RealEstateOperations" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#sfp-clreo" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfFinancialPositionUnclassified-RealEstateOperations" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#sfp-ucreo" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfIncomeRealEstateExcludingREITs" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soi-re" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfIncomeRealEstateInvestmentTrusts" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soi-reit" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfOtherComprehensiveIncome" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#soc" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfCashFlowsDirect" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#scf-dir" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfCashFlowsIndirectRealEstate" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#scf-re" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/label/negated" xlink:href="http://www.xbrl.org/lrr/role/negated-2008-03-31.xsd#negated" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfPartnersCapital" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#spc" xlink:type="simple"/>
<link:roleRef roleURI="http://xbrl.us/us-gaap/role/statement/StatementOfShareholdersEquityAndOtherComprehensiveIncome" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-roles-2009-01-31.xsd#sheci" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/BalanceSheets" xlink:href="spg-20090930.xsd#RT_11" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfCashFlows" xlink:href="spg-20090930.xsd#RT_14" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfOperationsAndComprehensiveIncome" xlink:href="spg-20090930.xsd#RT_12" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfStockholdersEquity" xlink:href="spg-20090930.xsd#RT_15" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/BalanceSheetsParenthetical" xlink:href="spg-20090930.xsd#RT_1" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/StatementsOfStockholdersEquityParenthetical" xlink:href="spg-20090930.xsd#RT_2" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DocumentAndEntityInformation" xlink:href="spg-20090930.xsd#RT_3" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureBasisOfPresentation" xlink:href="spg-20090930.xsd#RT_5" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureCommitmentsAndContingencies" xlink:href="spg-20090930.xsd#RT_17" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureDebt" xlink:href="spg-20090930.xsd#RT_9" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureEquity" xlink:href="spg-20090930.xsd#RT_10" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureIndebtednessAndDerivativeFinancialInstruments" xlink:href="spg-20090930.xsd#RT_21" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureInvestmentProperties" xlink:href="spg-20090930.xsd#RT_20" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureInvestmentsInUnconsolidatedEntities" xlink:href="spg-20090930.xsd#RT_8" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureOrganization" xlink:href="spg-20090930.xsd#RT_4" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosurePerShareData" xlink:href="spg-20090930.xsd#RT_7" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureQuarterlyFinancialData" xlink:href="spg-20090930.xsd#RT_24" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureRealEstateAcquisitionsAdnDispositions" xlink:href="spg-20090930.xsd#RT_18" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureRecentlyIssuedAccountingPronouncements" xlink:href="spg-20090930.xsd#RT_19" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureRelatedPartyTransactions" xlink:href="spg-20090930.xsd#RT_23" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureRentalsUnderOperatingLeases" xlink:href="spg-20090930.xsd#RT_22" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/DisclosureSummaryOfSignificantAccountingPolicies" xlink:href="spg-20090930.xsd#RT_6" xlink:type="simple"/>
<link:roleRef roleURI="http://simon.com/role/UnusedElements" xlink:href="spg-20090930.xsd#RT_13" xlink:type="simple"/>
<link:presentationLink xlink:role="http://simon.com/role/BalanceSheets" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to StatementTable" xlink:to="StatementTable" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:title="presentation: StatementTable to StatementClassOfStockAxis" xlink:to="StatementClassOfStockAxis" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain" xlink:title="ClassOfStockDomain" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementClassOfStockAxis" xlink:title="presentation: StatementClassOfStockAxis to ClassOfStockDomain" xlink:to="ClassOfStockDomain" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="CommonClassAMember" xlink:title="CommonClassAMember" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockDomain" xlink:title="presentation: ClassOfStockDomain to CommonClassAMember" xlink:to="CommonClassAMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="CommonClassBMember" xlink:title="CommonClassBMember" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockDomain" xlink:title="presentation: ClassOfStockDomain to CommonClassBMember" xlink:to="CommonClassBMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CommonClassCMember" xlink:label="CommonClassCMember" xlink:title="CommonClassCMember" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockDomain" xlink:title="presentation: ClassOfStockDomain to CommonClassCMember" xlink:to="CommonClassCMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:title="presentation: StatementTable to StatementLineItems" xlink:to="StatementLineItems" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to AssetsAbstract" xlink:to="AssetsAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="RealEstateInvestmentPropertyAtCost" xlink:title="RealEstateInvestmentPropertyAtCost" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to RealEstateInvestmentPropertyAtCost" xlink:to="RealEstateInvestmentPropertyAtCost" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:title="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="RealEstateInvestmentPropertyNet" xlink:title="RealEstateInvestmentPropertyNet" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to RealEstateInvestmentPropertyNet" xlink:to="RealEstateInvestmentPropertyNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to CashAndCashEquivalentsAtCarryingValue" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="AccountsAndNotesReceivableNet" xlink:title="AccountsAndNotesReceivableNet" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to AccountsAndNotesReceivableNet" xlink:to="AccountsAndNotesReceivableNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="EquityMethodInvestments" xlink:title="EquityMethodInvestments" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to EquityMethodInvestments" xlink:to="EquityMethodInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="NotesReceivableRelatedParties" xlink:title="NotesReceivableRelatedParties" xlink:type="locator"/>
<link:presentationArc order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to NotesReceivableRelatedParties" xlink:to="NotesReceivableRelatedParties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" xlink:type="locator"/>
<link:presentationArc order="9.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to Assets" xlink:to="Assets" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DeferredCostsAndOtherAssets" xlink:label="DeferredCostsAndOtherAssets" xlink:title="DeferredCostsAndOtherAssets" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AssetsAbstract" xlink:title="presentation: AssetsAbstract to DeferredCostsAndOtherAssets" xlink:to="DeferredCostsAndOtherAssets" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to LiabilitiesAbstract" xlink:to="LiabilitiesAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:title="presentation: LiabilitiesAbstract to Liabilities" xlink:to="Liabilities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations" xlink:label="DebtAndCapitalLeaseObligations" xlink:title="DebtAndCapitalLeaseObligations" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:title="presentation: LiabilitiesAbstract to DebtAndCapitalLeaseObligations" xlink:to="DebtAndCapitalLeaseObligations" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:label="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:title="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:title="presentation: LiabilitiesAbstract to AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:to="AccountsPayableAccruedExpensesIntangiblesAndDeferredRevenues" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:label="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:title="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:title="presentation: LiabilitiesAbstract to CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:to="CashDistributionsAndLossesInPartnershipsAndJointVenturesAtEquity" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherLiabilitiesAndAccruedDividends" xlink:label="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:title="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="LiabilitiesAbstract" xlink:title="presentation: LiabilitiesAbstract to OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:to="OtherLiabilitiesMinorityInterestAndAccruedDividends" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to LiabilitiesAndStockholdersEquity" xlink:to="LiabilitiesAndStockholdersEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingencies2009" xlink:label="CommitmentsAndContingencies2009" xlink:title="CommitmentsAndContingencies2009" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CommitmentsAndContingencies2009" xlink:to="CommitmentsAndContingencies2009" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="StockholdersEquityAbstract" xlink:title="StockholdersEquityAbstract" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to StockholdersEquityAbstract" xlink:to="StockholdersEquityAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="TreasuryStockValue" xlink:title="TreasuryStockValue" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:title="presentation: StockholdersEquityAbstract to TreasuryStockValue" xlink:to="TreasuryStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="StockholdersEquity" xlink:title="StockholdersEquity" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:title="presentation: StockholdersEquityAbstract to StockholdersEquity" xlink:to="StockholdersEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:title="presentation: StockholdersEquityAbstract to AdditionalPaidInCapital" xlink:to="AdditionalPaidInCapital" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:title="presentation: StockholdersEquityAbstract to RetainedEarningsAccumulatedDeficit" xlink:to="RetainedEarningsAccumulatedDeficit" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:title="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:title="presentation: StockholdersEquityAbstract to AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStock" xlink:label="CapitalStock" xlink:title="CapitalStock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityAbstract" xlink:title="presentation: StockholdersEquityAbstract to CapitalStock" xlink:to="CapitalStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="PreferredStockValue" xlink:title="PreferredStockValue" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CapitalStock" xlink:title="presentation: CapitalStock to PreferredStockValue" xlink:to="PreferredStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="CommonStockValue" xlink:title="CommonStockValue" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CapitalStock" xlink:title="presentation: CapitalStock to CommonStockValue" xlink:to="CommonStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterest" xlink:label="MinorityInterest" xlink:title="MinorityInterest" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to MinorityInterest" xlink:to="MinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:title="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:title="presentation: StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract to StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquityCarryingAmount" xlink:label="TemporaryEquityCarryingAmount" xlink:title="TemporaryEquityCarryingAmount" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to TemporaryEquityCarryingAmount" xlink:to="TemporaryEquityCarryingAmount" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:label="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:title="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:to="LimitedPartnersPreferredInterestInOperatingPartnershipAndNoncontrollingRedeemableInterestsInProperties" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/StatementsOfOperationsAndComprehensiveIncome" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="CostsAndExpensesAbstract" xlink:title="CostsAndExpensesAbstract" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CostsAndExpensesAbstract" xlink:to="CostsAndExpensesAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="CostsAndExpenses" xlink:title="CostsAndExpenses" xlink:type="locator"/>
<link:presentationArc order="15.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to CostsAndExpenses" xlink:to="CostsAndExpenses" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="OtherCostAndExpenseOperating" xlink:title="OtherCostAndExpenseOperating" xlink:type="locator"/>
<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to OtherCostAndExpenseOperating" xlink:to="OtherCostAndExpenseOperating" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" xlink:type="locator"/>
<link:presentationArc order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to GeneralAndAdministrativeExpense" xlink:to="GeneralAndAdministrativeExpense" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_HomeAndRegionalOfficeCosts" xlink:label="HomeAndRegionalOfficeCosts" xlink:title="HomeAndRegionalOfficeCosts" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to HomeAndRegionalOfficeCosts" xlink:to="HomeAndRegionalOfficeCosts" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProvisionForLoanLeaseAndOtherLosses" xlink:label="ProvisionForLoanLeaseAndOtherLosses" xlink:title="ProvisionForLoanLeaseAndOtherLosses" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to ProvisionForLoanLeaseAndOtherLosses" xlink:to="ProvisionForLoanLeaseAndOtherLosses" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MarketingAndAdvertisingExpense" xlink:label="MarketingAndAdvertisingExpense" xlink:title="MarketingAndAdvertisingExpense" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to MarketingAndAdvertisingExpense" xlink:to="MarketingAndAdvertisingExpense" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfPropertyRepairsAndMaintenance" xlink:label="CostOfPropertyRepairsAndMaintenance" xlink:title="CostOfPropertyRepairsAndMaintenance" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to CostOfPropertyRepairsAndMaintenance" xlink:to="CostOfPropertyRepairsAndMaintenance" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateTaxExpense" xlink:label="RealEstateTaxExpense" xlink:title="RealEstateTaxExpense" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to RealEstateTaxExpense" xlink:to="RealEstateTaxExpense" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="DepreciationAndAmortization" xlink:title="DepreciationAndAmortization" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to DepreciationAndAmortization" xlink:to="DepreciationAndAmortization" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:title="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges" xlink:type="locator"/>
<link:presentationArc order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CostsAndExpensesAbstract" xlink:title="presentation: CostsAndExpensesAbstract to AssetImpairmentCharges" xlink:to="AssetImpairmentCharges" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to OperatingIncomeLoss" xlink:to="OperatingIncomeLoss" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InterestExpense" xlink:label="InterestExpense" xlink:title="InterestExpense" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to InterestExpense" xlink:to="InterestExpense" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="IncomeTaxExpenseBenefit" xlink:title="IncomeTaxExpenseBenefit" xlink:type="locator"/>
<link:presentationArc order="9.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to IncomeTaxExpenseBenefit" xlink:to="IncomeTaxExpenseBenefit" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" xlink:type="locator"/>
<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to IncomeLossFromEquityMethodInvestments" xlink:to="IncomeLossFromEquityMethodInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:label="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="locator"/>
<link:presentationArc order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:title="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="locator"/>
<link:presentationArc order="20.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockDividends" xlink:label="PreferredStockDividends" xlink:title="PreferredStockDividends" xlink:type="locator"/>
<link:presentationArc order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to PreferredStockDividends" xlink:to="PreferredStockDividends" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="RevenuesAbstract" xlink:title="RevenuesAbstract" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to RevenuesAbstract" xlink:to="RevenuesAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Revenues" xlink:label="Revenues" xlink:title="Revenues" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RevenuesAbstract" xlink:title="presentation: RevenuesAbstract to Revenues" xlink:to="Revenues" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherIncome" xlink:label="OtherIncome" xlink:title="OtherIncome" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RevenuesAbstract" xlink:title="presentation: RevenuesAbstract to OtherIncome" xlink:to="OtherIncome" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ManagementFeesAndOtherRevenues" xlink:label="ManagementFeesAndOtherRevenues" xlink:title="ManagementFeesAndOtherRevenues" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RevenuesAbstract" xlink:title="presentation: RevenuesAbstract to ManagementFeesAndOtherRevenues" xlink:to="ManagementFeesAndOtherRevenues" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="TenantReimbursements" xlink:title="TenantReimbursements" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RevenuesAbstract" xlink:title="presentation: RevenuesAbstract to TenantReimbursements" xlink:to="TenantReimbursements" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinimumRents" xlink:label="MinimumRents" xlink:title="MinimumRents" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RevenuesAbstract" xlink:title="presentation: RevenuesAbstract to MinimumRents" xlink:to="MinimumRents" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementContingentRevenue" xlink:label="OperatingLeasesIncomeStatementContingentRevenue" xlink:title="OperatingLeasesIncomeStatementContingentRevenue" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="RevenuesAbstract" xlink:title="presentation: RevenuesAbstract to OperatingLeasesIncomeStatementContingentRevenue" xlink:to="OperatingLeasesIncomeStatementContingentRevenue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="GainsLossesOnExtinguishmentOfDebt" xlink:title="GainsLossesOnExtinguishmentOfDebt" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to GainsLossesOnExtinguishmentOfDebt" xlink:to="GainsLossesOnExtinguishmentOfDebt" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:label="IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:title="IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:presentationArc order="13.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:label="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:title="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:type="locator"/>
<link:presentationArc order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:to="DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="locator"/>
<link:presentationArc order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" xlink:type="locator"/>
<link:presentationArc order="16.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to ProfitLoss" xlink:to="ProfitLoss" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="NetIncomeLossAttributableToNoncontrollingInterest" xlink:title="NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:presentationArc order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:title="presentation: IncomeStatementAbstract to StatementLineItems" xlink:to="StatementLineItems" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="EarningsPerShareBasicAbstract" xlink:title="EarningsPerShareBasicAbstract" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:title="presentation: IncomeStatementAbstract to EarningsPerShareBasicAbstract" xlink:to="EarningsPerShareBasicAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareBasicAbstract" xlink:title="presentation: EarningsPerShareBasicAbstract to EarningsPerShareBasic" xlink:to="EarningsPerShareBasic" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:label="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:title="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareBasicAbstract" xlink:title="presentation: EarningsPerShareBasicAbstract to IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:to="IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="IncomeLossFromContinuingOperationsPerBasicShare" xlink:title="IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareBasicAbstract" xlink:title="presentation: EarningsPerShareBasicAbstract to IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="EarningsPerShareDilutedAbstract" xlink:title="EarningsPerShareDilutedAbstract" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:title="presentation: IncomeStatementAbstract to EarningsPerShareDilutedAbstract" xlink:to="EarningsPerShareDilutedAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareDilutedAbstract" xlink:title="presentation: EarningsPerShareDilutedAbstract to EarningsPerShareDiluted" xlink:to="EarningsPerShareDiluted" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:label="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:title="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareDilutedAbstract" xlink:title="presentation: EarningsPerShareDilutedAbstract to IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:title="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EarningsPerShareDilutedAbstract" xlink:title="presentation: EarningsPerShareDilutedAbstract to IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAbstract" xlink:label="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="ComprehensiveIncomeNetOfTaxAbstract" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncomeStatementAbstract" xlink:title="presentation: IncomeStatementAbstract to ComprehensiveIncomeNetOfTaxAbstract" xlink:to="ComprehensiveIncomeNetOfTaxAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" xlink:type="locator"/>
<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to ComprehensiveIncomeNetOfTax" xlink:to="ComprehensiveIncomeNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherComprehensiveIncomeOtherIncomeLoss" xlink:label="OtherComprehensiveIncomeOtherIncomeLoss" xlink:title="OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to OtherComprehensiveIncomeOtherIncomeLoss" xlink:to="OtherComprehensiveIncomeOtherIncomeLoss" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:label="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:title="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:to="OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:label="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:title="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:to="OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax" xlink:type="arc"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to ProfitLoss" xlink:to="ProfitLoss" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ChangesInAvailableForSaleSecuritiesAndOther" xlink:label="ChangesInAvailableForSaleSecuritiesAndOther" xlink:title="ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to ChangesInAvailableForSaleSecuritiesAndOther" xlink:to="ChangesInAvailableForSaleSecuritiesAndOther" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:title="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:title="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="locator"/>
<link:presentationArc order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ComprehensiveIncomeNetOfTaxAbstract" xlink:title="presentation: ComprehensiveIncomeNetOfTaxAbstract to ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/StatementsOfCashFlows" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue" xlink:title="CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
<link:presentationArc order="8.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" priority="2" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CashAndCashEquivalentsAtCarryingValue" xlink:to="CashAndCashEquivalentsAtCarryingValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="CashAndCashEquivalentsAtCarryingValue_2" xlink:title="CashAndCashEquivalentsAtCarryingValue" xlink:type="locator"/>
<link:presentationArc order="9.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" priority="3" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CashAndCashEquivalentsAtCarryingValue" xlink:to="CashAndCashEquivalentsAtCarryingValue_2" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInOperatingActivitiesAbstract to ProfitLoss" xlink:to="ProfitLoss" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInOperatingActivitiesAbstract to AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DepreciationAndAmortizationCashFlows" xlink:label="DepreciationAndAmortizationCashFlows" xlink:title="DepreciationAndAmortizationCashFlows" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to DepreciationAndAmortizationCashFlows" xlink:to="DepreciationAndAmortizationCashFlows" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:label="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:title="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="AssetImpairmentCharges" xlink:title="AssetImpairmentCharges" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to AssetImpairmentCharges" xlink:to="AssetImpairmentCharges" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="IncomeLossFromEquityMethodInvestments" xlink:title="IncomeLossFromEquityMethodInvestments" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to IncomeLossFromEquityMethodInvestments" xlink:to="IncomeLossFromEquityMethodInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:label="EquityMethodInvestmentDividendsOrDistributions" xlink:title="EquityMethodInvestmentDividendsOrDistributions" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to EquityMethodInvestmentDividendsOrDistributions" xlink:to="EquityMethodInvestmentDividendsOrDistributions" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="locator"/>
<link:presentationArc order="20.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:label="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:title="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccountsAndNotesReceivable" xlink:to="IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:title="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:label="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:title="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInOperatingCapitalAbstract" xlink:title="presentation: IncreaseDecreaseInOperatingCapitalAbstract to IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:to="IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" xlink:type="locator"/>
<link:presentationArc order="30.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to NetCashProvidedByUsedInOperatingActivities" xlink:to="NetCashProvidedByUsedInOperatingActivities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:title="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRentReceivables" xlink:label="IncreaseDecreaseInDeferredRentReceivables" xlink:title="IncreaseDecreaseInDeferredRentReceivables" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="presentation: AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract to IncreaseDecreaseInDeferredRentReceivables" xlink:to="IncreaseDecreaseInDeferredRentReceivables" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" xlink:type="locator"/>
<link:presentationArc order="20.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to NetCashProvidedByUsedInInvestingActivities" xlink:to="NetCashProvidedByUsedInInvestingActivities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForProceedsFromProductiveAssets" xlink:label="PaymentsForProceedsFromProductiveAssets" xlink:title="PaymentsForProceedsFromProductiveAssets" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to PaymentsForProceedsFromProductiveAssets" xlink:to="PaymentsForProceedsFromProductiveAssets" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CashIncreaseDecreaseFromConsolidationAndDeconsolidationOfProperties" xlink:label="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:title="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:to="CashIncreaseDecreaseFromTheConsolidationandDeconsolidationOfProperties" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:label="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:title="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:to="ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:title="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:label="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:title="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="locator"/>
<link:presentationArc order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:to="DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:label="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:title="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:to="PaymentsToAcquireRealEstateAndInterestsInRealEstatePartnerships" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="OriginationOfNotesReceivableFromRelatedParties" xlink:title="OriginationOfNotesReceivableFromRelatedParties" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to OriginationOfNotesReceivableFromRelatedParties" xlink:to="OriginationOfNotesReceivableFromRelatedParties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentOfNotesReceivableFromRelatedParties" xlink:label="RepaymentOfNotesReceivableFromRelatedParties" xlink:title="RepaymentOfNotesReceivableFromRelatedParties" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to RepaymentOfNotesReceivableFromRelatedParties" xlink:to="RepaymentOfNotesReceivableFromRelatedParties" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToAcquireInvestments" xlink:label="PaymentsToAcquireInvestments" xlink:title="PaymentsToAcquireInvestments" xlink:type="locator"/>
<link:presentationArc order="8.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to PaymentsToAcquireInvestments" xlink:to="PaymentsToAcquireInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:label="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:title="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="locator"/>
<link:presentationArc order="8.1" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInInvestingActivitiesAbstract to ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:to="ProceedsFromSaleMaturityAndCollectionsOfInvestments" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" xlink:type="locator"/>
<link:presentationArc order="20.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to NetCashProvidedByUsedInFinancingActivities" xlink:to="NetCashProvidedByUsedInFinancingActivities" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:label="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:title="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:to="PaymentsForPurchaseOfLimitedPartnerUnitsAndTreasuryStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="ProceedsFromIssuanceOrSaleOfEquity" xlink:title="ProceedsFromIssuanceOrSaleOfEquity" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to ProceedsFromIssuanceOrSaleOfEquity" xlink:to="ProceedsFromIssuanceOrSaleOfEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:label="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:title="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:to="ProceedsFromRepurchaseOfRedeemablePreferredStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="ProceedsFromMinorityShareholders" xlink:title="ProceedsFromMinorityShareholders" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to ProceedsFromMinorityShareholders" xlink:to="ProceedsFromMinorityShareholders" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:label="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:title="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="locator"/>
<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:to="ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:title="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="locator"/>
<link:presentationArc order="11.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:to="RepaymentsOfLongTermDebtAndCapitalSecurities" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DistributionsToPreferredUnitHoldersFinancingActivities" xlink:label="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:title="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to DistributionsToPreferredUnitHoldersFinancingActivities" xlink:to="DistributionsToPreferredUnitHoldersFinancingActivities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfOtherEquity" xlink:label="PaymentsForRepurchaseOfOtherEquity" xlink:title="PaymentsForRepurchaseOfOtherEquity" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to PaymentsForRepurchaseOfOtherEquity" xlink:to="PaymentsForRepurchaseOfOtherEquity" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsToMinorityShareholders" xlink:label="PaymentsToMinorityShareholders" xlink:title="PaymentsToMinorityShareholders" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to PaymentsToMinorityShareholders" xlink:to="PaymentsToMinorityShareholders" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="PaymentsOfOrdinaryDividends" xlink:title="PaymentsOfOrdinaryDividends" xlink:type="locator"/>
<link:presentationArc order="8.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to PaymentsOfOrdinaryDividends" xlink:to="PaymentsOfOrdinaryDividends" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="PaymentsOfDividendsMinorityInterest" xlink:title="PaymentsOfDividendsMinorityInterest" xlink:type="locator"/>
<link:presentationArc order="9.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="presentation: NetCashProvidedByUsedInFinancingActivitiesAbstract to PaymentsOfDividendsMinorityInterest" xlink:to="PaymentsOfDividendsMinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:title="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfCashFlowsAbstract" xlink:title="presentation: StatementOfCashFlowsAbstract to StatementLineItems" xlink:to="StatementLineItems" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/StatementsOfStockholdersEquity" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:title="presentation: StatementTable to StatementLineItems" xlink:to="StatementLineItems" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:title="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="locator"/>
<link:presentationArc order="60.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:title="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="locator"/>
<link:presentationArc order="50.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator"/>
<link:presentationArc order="70.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="ConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockPremiumAmortization" xlink:label="PreferredStockPremiumAmortization" xlink:title="PreferredStockPremiumAmortization" xlink:type="locator"/>
<link:presentationArc order="80.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to PreferredStockPremiumAmortization" xlink:to="PreferredStockPremiumAmortization" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:label="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:title="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="locator"/>
<link:presentationArc order="90.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:to="StockIssuaedDuringPeriodValueConversionOfPreferredUnitsToLimitedPartnerUnits" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="TreasuryStockValueAcquiredCostMethod" xlink:title="TreasuryStockValueAcquiredCostMethod" xlink:type="locator"/>
<link:presentationArc order="120.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to TreasuryStockValueAcquiredCostMethod" xlink:to="TreasuryStockValueAcquiredCostMethod" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockDiscountAccretion" xlink:label="PreferredStockDiscountAccretion" xlink:title="PreferredStockDiscountAccretion" xlink:type="locator"/>
<link:presentationArc order="130.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to PreferredStockDiscountAccretion" xlink:to="PreferredStockDiscountAccretion" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="StockRedeemedOrCalledDuringPeriodValue" xlink:title="StockRedeemedOrCalledDuringPeriodValue" xlink:type="locator"/>
<link:presentationArc order="140.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockRedeemedOrCalledDuringPeriodValue" xlink:to="StockRedeemedOrCalledDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:title="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="locator"/>
<link:presentationArc order="170.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="StockIssuedDuringPeriodValueShareBasedCompensation" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="StockRepurchasedAndRetiredDuringPeriodValue" xlink:title="StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="locator"/>
<link:presentationArc order="180.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="StockholdersEquityOther" xlink:title="StockholdersEquityOther" xlink:type="locator"/>
<link:presentationArc order="200.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquityOther" xlink:to="StockholdersEquityOther" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:label="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:title="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="locator"/>
<link:presentationArc order="220.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:to="DistributionMadeToMemberOrLimitedPartnerCashDistribution" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="StockIssuedDuringPeriodValueNewIssues" xlink:title="StockIssuedDuringPeriodValueNewIssues" xlink:type="locator"/>
<link:presentationArc order="150.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueNewIssues" xlink:to="StockIssuedDuringPeriodValueNewIssues" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:title="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="locator"/>
<link:presentationArc order="240.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:presentationArc order="280.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PublicOfferingOfCommonStockValue" xlink:label="PublicOfferingOfCommonStockValue" xlink:title="PublicOfferingOfCommonStockValue" xlink:type="locator"/>
<link:presentationArc order="40.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to PublicOfferingOfCommonStockValue" xlink:to="PublicOfferingOfCommonStockValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfUnits" xlink:label="StockIssuedDuringPeriodValueConversionOfUnits" xlink:title="StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="locator"/>
<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedDuringPeriodValueConversionOfUnits" xlink:to="StockIssuedDuringPeriodValueConversionOfUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnits" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="locator"/>
<link:presentationArc order="100.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:to="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfLimitedPartnerUnitsWithRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:label="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:title="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="locator"/>
<link:presentationArc order="110.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:to="IssuanceOfLimitedPartnerUnitsWithTheRedemptionOfPreferredUnitsSecondSeriesInYear" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:label="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:title="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="locator"/>
<link:presentationArc order="210.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:to="AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedToCommonShareholdersAndLimitedPartners" xlink:label="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:title="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="locator"/>
<link:presentationArc order="230.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockIssuedToCommonShareholdersAndLimitedPartners" xlink:to="StockIssuedToCommonShareholdersAndLimitedPartners" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityPeriodIncreaseDecrease" xlink:label="StockholdersEquityPeriodIncreaseDecrease" xlink:title="StockholdersEquityPeriodIncreaseDecrease" xlink:type="locator"/>
<link:presentationArc order="399.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockholdersEquityPeriodIncreaseDecrease" xlink:to="StockholdersEquityPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:label="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:title="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="locator"/>
<link:presentationArc order="190.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:to="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationAmortization" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockRedeemedDuringPeriodValue" xlink:label="StockRedeemedDuringPeriodValue" xlink:title="StockRedeemedDuringPeriodValue" xlink:type="locator"/>
<link:presentationArc order="160.0" preferredLabel="http://xbrl.us/us-gaap/role/label/negated" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to StockRedeemedDuringPeriodValue" xlink:to="StockRedeemedDuringPeriodValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:presentationArc order="250.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:label="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:title="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="locator"/>
<link:presentationArc order="260.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:to="OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:label="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:title="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="locator"/>
<link:presentationArc order="290.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:to="NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_OtherComprehensiveIncomeLossPriorYears" xlink:label="OtherComprehensiveIncomeLossPriorYears" xlink:title="OtherComprehensiveIncomeLossPriorYears" xlink:type="locator"/>
<link:presentationArc order="281.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="IncreaseDecreaseInStockholdersEquityRollForward" xlink:title="presentation: IncreaseDecreaseInStockholdersEquityRollForward to OtherComprehensiveIncomeLossPriorYears" xlink:to="OtherComprehensiveIncomeLossPriorYears" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="StatementEquityComponentsAxis" xlink:title="StatementEquityComponentsAxis" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:title="presentation: StatementTable to StatementEquityComponentsAxis" xlink:to="StatementEquityComponentsAxis" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="EquityComponentDomain" xlink:title="EquityComponentDomain" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementEquityComponentsAxis" xlink:title="presentation: StatementEquityComponentsAxis to EquityComponentDomain" xlink:to="EquityComponentDomain" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ParentMember" xlink:label="ParentMember" xlink:title="ParentMember" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:title="presentation: EquityComponentDomain to ParentMember" xlink:to="ParentMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="PreferredStockMember" xlink:title="PreferredStockMember" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ParentMember" xlink:title="presentation: ParentMember to PreferredStockMember" xlink:to="PreferredStockMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockMember" xlink:label="CommonStockMember" xlink:title="CommonStockMember" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ParentMember" xlink:title="presentation: ParentMember to CommonStockMember" xlink:to="CommonStockMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="AccumulatedOtherComprehensiveIncomeMember" xlink:title="AccumulatedOtherComprehensiveIncomeMember" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ParentMember" xlink:title="presentation: ParentMember to AccumulatedOtherComprehensiveIncomeMember" xlink:to="AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="AdditionalPaidInCapitalMember" xlink:title="AdditionalPaidInCapitalMember" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ParentMember" xlink:title="presentation: ParentMember to AdditionalPaidInCapitalMember" xlink:to="AdditionalPaidInCapitalMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ParentMember" xlink:title="presentation: ParentMember to RetainedEarningsMember" xlink:to="RetainedEarningsMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="TreasuryStockMember" xlink:title="TreasuryStockMember" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ParentMember" xlink:title="presentation: ParentMember to TreasuryStockMember" xlink:to="TreasuryStockMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="NoncontrollingInterestMember" xlink:title="NoncontrollingInterestMember" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="EquityComponentDomain" xlink:title="presentation: EquityComponentDomain to NoncontrollingInterestMember" xlink:to="NoncontrollingInterestMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfStockholdersEquityAbstract" xlink:title="presentation: StatementOfStockholdersEquityAbstract to StatementTable" xlink:to="StatementTable" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/BalanceSheetsParenthetical" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfFinancialPositionAbstract" xlink:title="presentation: StatementOfFinancialPositionAbstract to StatementTable" xlink:to="StatementTable" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:title="presentation: StatementTable to StatementClassOfStockAxis" xlink:to="StatementClassOfStockAxis" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain" xlink:title="ClassOfStockDomain" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementClassOfStockAxis" xlink:title="presentation: StatementClassOfStockAxis to ClassOfStockDomain" xlink:to="ClassOfStockDomain" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="CommonClassAMember" xlink:title="CommonClassAMember" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockDomain" xlink:title="presentation: ClassOfStockDomain to CommonClassAMember" xlink:to="CommonClassAMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonClassBMember" xlink:label="CommonClassBMember" xlink:title="CommonClassBMember" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockDomain" xlink:title="presentation: ClassOfStockDomain to CommonClassBMember" xlink:to="CommonClassBMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CommonClassCMember" xlink:label="CommonClassCMember" xlink:title="CommonClassCMember" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="ClassOfStockDomain" xlink:title="presentation: ClassOfStockDomain to CommonClassCMember" xlink:to="CommonClassCMember" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:title="presentation: StatementTable to StatementLineItems" xlink:to="StatementLineItems" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockSharesAuthorized" xlink:label="CapitalStockSharesAuthorized" xlink:title="CapitalStockSharesAuthorized" xlink:type="locator"/>
<link:presentationArc order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CapitalStockSharesAuthorized" xlink:to="CapitalStockSharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockParValuePerShare" xlink:label="CapitalStockParValuePerShare" xlink:title="CapitalStockParValuePerShare" xlink:type="locator"/>
<link:presentationArc order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CapitalStockParValuePerShare" xlink:to="CapitalStockParValuePerShare" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CaptialStockSharesOfExcessCommonStock" xlink:label="CaptialStockSharesOfExcessCommonStock" xlink:title="CaptialStockSharesOfExcessCommonStock" xlink:type="locator"/>
<link:presentationArc order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CaptialStockSharesOfExcessCommonStock" xlink:to="CaptialStockSharesOfExcessCommonStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="PreferredStockSharesAuthorized" xlink:title="PreferredStockSharesAuthorized" xlink:type="locator"/>
<link:presentationArc order="30.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to PreferredStockSharesAuthorized" xlink:to="PreferredStockSharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="PreferredStockSharesIssued" xlink:title="PreferredStockSharesIssued" xlink:type="locator"/>
<link:presentationArc order="31.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to PreferredStockSharesIssued" xlink:to="PreferredStockSharesIssued" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="PreferredStockSharesOutstanding" xlink:title="PreferredStockSharesOutstanding" xlink:type="locator"/>
<link:presentationArc order="32.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to PreferredStockSharesOutstanding" xlink:to="PreferredStockSharesOutstanding" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockLiquidationValue" xlink:label="PreferredStockLiquidationValue" xlink:title="PreferredStockLiquidationValue" xlink:type="locator"/>
<link:presentationArc order="33.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to PreferredStockLiquidationValue" xlink:to="PreferredStockLiquidationValue" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="CommonStockParOrStatedValuePerShare" xlink:title="CommonStockParOrStatedValuePerShare" xlink:type="locator"/>
<link:presentationArc order="40.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CommonStockParOrStatedValuePerShare" xlink:to="CommonStockParOrStatedValuePerShare" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="CommonStockSharesAuthorized" xlink:title="CommonStockSharesAuthorized" xlink:type="locator"/>
<link:presentationArc order="41.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CommonStockSharesAuthorized" xlink:to="CommonStockSharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="CommonStockSharesIssued" xlink:title="CommonStockSharesIssued" xlink:type="locator"/>
<link:presentationArc order="42.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CommonStockSharesIssued" xlink:to="CommonStockSharesIssued" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" xlink:type="locator"/>
<link:presentationArc order="43.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CommonStockSharesOutstanding" xlink:to="CommonStockSharesOutstanding" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="TreasuryStockShares" xlink:title="TreasuryStockShares" xlink:type="locator"/>
<link:presentationArc order="50.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to TreasuryStockShares" xlink:to="TreasuryStockShares" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_CapitalStockAuthorizedSharesOfPreferredStock" xlink:label="CapitalStockAuthorizedSharesOfPreferredStock" xlink:title="CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="locator"/>
<link:presentationArc order="23.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to CapitalStockAuthorizedSharesOfPreferredStock" xlink:to="CapitalStockAuthorizedSharesOfPreferredStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesAuthorized" xlink:label="TemporaryEquitySharesAuthorized" xlink:title="TemporaryEquitySharesAuthorized" xlink:type="locator"/>
<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to TemporaryEquitySharesAuthorized" xlink:to="TemporaryEquitySharesAuthorized" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesIssued" xlink:label="TemporaryEquitySharesIssued" xlink:title="TemporaryEquitySharesIssued" xlink:type="locator"/>
<link:presentationArc order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to TemporaryEquitySharesIssued" xlink:to="TemporaryEquitySharesIssued" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TemporaryEquitySharesOutstanding" xlink:label="TemporaryEquitySharesOutstanding" xlink:title="TemporaryEquitySharesOutstanding" xlink:type="locator"/>
<link:presentationArc order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to TemporaryEquitySharesOutstanding" xlink:to="TemporaryEquitySharesOutstanding" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/StatementsOfStockholdersEquityParenthetical" xlink:type="extended">
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" xlink:type="locator"/>
<link:presentationArc order="2.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementTable" xlink:title="presentation: StatementTable to StatementLineItems" xlink:to="StatementLineItems" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits" xlink:label="StockIssuedDuringPeriodSharesConversionOfUnits" xlink:title="StockIssuedDuringPeriodSharesConversionOfUnits" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodSharesConversionOfUnits" xlink:to="StockIssuedDuringPeriodSharesConversionOfUnits" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:label="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:title="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:type="locator"/>
<link:presentationArc order="3.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:to="StockIssuedDuringPeriodSharesConversionOfPreferredUnitsToPreferredStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="TreasuryStockSharesAcquired" xlink:title="TreasuryStockSharesAcquired" xlink:type="locator"/>
<link:presentationArc order="4.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to TreasuryStockSharesAcquired" xlink:to="TreasuryStockSharesAcquired" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:label="StockRedeemedOrCalledDuringPeriodShares" xlink:title="StockRedeemedOrCalledDuringPeriodShares" xlink:type="locator"/>
<link:presentationArc order="6.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockRedeemedOrCalledDuringPeriodShares" xlink:to="StockRedeemedOrCalledDuringPeriodShares" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="StockIssuedDuringPeriodSharesNewIssues" xlink:title="StockIssuedDuringPeriodSharesNewIssues" xlink:type="locator"/>
<link:presentationArc order="7.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodSharesNewIssues" xlink:to="StockIssuedDuringPeriodSharesNewIssues" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockRedeemedDuringPeriodShares" xlink:label="StockRedeemedDuringPeriodShares" xlink:title="StockRedeemedDuringPeriodShares" xlink:type="locator"/>
<link:presentationArc order="8.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockRedeemedDuringPeriodShares" xlink:to="StockRedeemedDuringPeriodShares" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:title="StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="locator"/>
<link:presentationArc order="9.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="StockRepurchasedAndRetiredDuringPeriodShares" xlink:title="StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="locator"/>
<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:title="StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="locator"/>
<link:presentationArc order="5.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PublicOfferingOfCommonStockShares" xlink:label="PublicOfferingOfCommonStockShares" xlink:title="PublicOfferingOfCommonStockShares" xlink:type="locator"/>
<link:presentationArc order="3.2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to PublicOfferingOfCommonStockShares" xlink:to="PublicOfferingOfCommonStockShares" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:label="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:title="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:type="locator"/>
<link:presentationArc order="11.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:to="StockIssuedToCommonShareholdersAndLimitedPartnersShares" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:label="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:title="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:type="locator"/>
<link:presentationArc order="12.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:to="NetIncomeLossAttributableToPreferredInterestInOperatingPartnership" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_ConversionOfClassCStock" xlink:label="ConversionOfClassCStock" xlink:title="ConversionOfClassCStock" xlink:type="locator"/>
<link:presentationArc order="1.2" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to ConversionOfClassCStock" xlink:to="ConversionOfClassCStock" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_IssuanceOfCommonSharesUponConversionOfClassC" xlink:label="IssuanceOfCommonSharesUponConversionOfClassC" xlink:title="IssuanceOfCommonSharesUponConversionOfClassC" xlink:type="locator"/>
<link:presentationArc order="1.3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to IssuanceOfCommonSharesUponConversionOfClassC" xlink:to="IssuanceOfCommonSharesUponConversionOfClassC" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:title="StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="locator"/>
<link:presentationArc order="3.3" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockConversionToCommonStock" xlink:label="PreferredStockConversionToCommonStock" xlink:title="PreferredStockConversionToCommonStock" xlink:type="locator"/>
<link:presentationArc order="5.5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementLineItems" xlink:title="presentation: StatementLineItems to PreferredStockConversionToCommonStock" xlink:to="PreferredStockConversionToCommonStock" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="StatementOfStockholdersEquityAbstract" xlink:title="StatementOfStockholdersEquityAbstract" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/label" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="StatementOfStockholdersEquityAbstract" xlink:title="presentation: StatementOfStockholdersEquityAbstract to StatementTable" xlink:to="StatementTable" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DocumentAndEntityInformation" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformationAbstract" xlink:title="DocumentAndEntityInformationAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" xlink:type="locator"/>
<link:presentationArc order="3.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityRegistrantName" xlink:to="EntityRegistrantName" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" xlink:type="locator"/>
<link:presentationArc order="4.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityCentralIndexKey" xlink:to="EntityCentralIndexKey" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" xlink:type="locator"/>
<link:presentationArc order="5.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to DocumentType" xlink:to="DocumentType" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" xlink:type="locator"/>
<link:presentationArc order="6.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to DocumentPeriodEndDate" xlink:to="DocumentPeriodEndDate" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" xlink:type="locator"/>
<link:presentationArc order="7.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to AmendmentFlag" xlink:to="AmendmentFlag" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_AmendmentDescription" xlink:label="AmendmentDescription" xlink:title="AmendmentDescription" xlink:type="locator"/>
<link:presentationArc order="8.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to AmendmentDescription" xlink:to="AmendmentDescription" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" xlink:type="locator"/>
<link:presentationArc order="9.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to CurrentFiscalYearEndDate" xlink:to="CurrentFiscalYearEndDate" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" xlink:type="locator"/>
<link:presentationArc order="10.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityWellKnownSeasonedIssuer" xlink:to="EntityWellKnownSeasonedIssuer" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers" xlink:type="locator"/>
<link:presentationArc order="11.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityVoluntaryFilers" xlink:to="EntityVoluntaryFilers" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus" xlink:type="locator"/>
<link:presentationArc order="12.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityCurrentReportingStatus" xlink:to="EntityCurrentReportingStatus" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory" xlink:type="locator"/>
<link:presentationArc order="13.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityFilerCategory" xlink:to="EntityFilerCategory" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityPublicFloat" xlink:label="EntityPublicFloat" xlink:title="EntityPublicFloat" xlink:type="locator"/>
<link:presentationArc order="14.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityPublicFloat" xlink:to="EntityPublicFloat" xlink:type="arc"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" xlink:type="locator"/>
<link:presentationArc order="15.0" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityCommonStockSharesOutstanding" xlink:to="EntityCommonStockSharesOutstanding" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_EntityClassBCommonStockSharesOutstanding" xlink:label="EntityClassBCommonStockSharesOutstanding" xlink:title="EntityClassBCommonStockSharesOutstanding" xlink:type="locator"/>
<link:presentationArc order="16.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityClassBCommonStockSharesOutstanding" xlink:to="EntityClassBCommonStockSharesOutstanding" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_EntityClassCCommonStockSharesOutstanding" xlink:label="EntityClassCCommonStockSharesOutstanding" xlink:title="EntityClassCCommonStockSharesOutstanding" xlink:type="locator"/>
<link:presentationArc order="17.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:title="presentation: DocumentAndEntityInformationAbstract to EntityClassCCommonStockSharesOutstanding" xlink:to="EntityClassCCommonStockSharesOutstanding" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureOrganization" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="NatureOfOperations" xlink:title="NatureOfOperations" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to NatureOfOperations" xlink:to="NatureOfOperations" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureBasisOfPresentation" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="spg-20090930.xsd#spg_BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:label="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:title="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:to="BasisOfPresentationAndConsolidationDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureSummaryOfSignificantAccountingPolicies" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="SignificantAccountingPoliciesTextBlock" xlink:title="SignificantAccountingPoliciesTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to SignificantAccountingPoliciesTextBlock" xlink:to="SignificantAccountingPoliciesTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosurePerShareData" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="EarningsPerShareTextBlock" xlink:title="EarningsPerShareTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to EarningsPerShareTextBlock" xlink:to="EarningsPerShareTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureInvestmentsInUnconsolidatedEntities" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:label="EquityMethodInvestmentsDisclosureTextBlock" xlink:title="EquityMethodInvestmentsDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to EquityMethodInvestmentsDisclosureTextBlock" xlink:to="EquityMethodInvestmentsDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureDebt" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="DebtDisclosureTextBlock" xlink:title="DebtDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to DebtDisclosureTextBlock" xlink:to="DebtDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureEquity" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="StockholdersEquityNoteDisclosureTextBlock" xlink:title="StockholdersEquityNoteDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to StockholdersEquityNoteDisclosureTextBlock" xlink:to="StockholdersEquityNoteDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureCommitmentsAndContingencies" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="CommitmentsAndContingenciesDisclosureTextBlock" xlink:title="CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureRealEstateAcquisitionsAdnDispositions" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="spg-20090930.xsd#spg_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:label="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:title="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:to="RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureRecentlyIssuedAccountingPronouncements" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:label="ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:title="ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:to="ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureInvestmentProperties" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RealEstateOwnedTextBlock" xlink:label="RealEstateOwnedTextBlock" xlink:title="RealEstateOwnedTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to RealEstateOwnedTextBlock" xlink:to="RealEstateOwnedTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureIndebtednessAndDerivativeFinancialInstruments" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="spg-20090930.xsd#spg_DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:label="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:title="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:to="DebtAndDerivativeInstrumentsDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureRentalsUnderOperatingLeases" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:label="OperatingLeasesOfLessorDisclosureTextBlock" xlink:title="OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to OperatingLeasesOfLessorDisclosureTextBlock" xlink:to="OperatingLeasesOfLessorDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureRelatedPartyTransactions" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to RelatedPartyTransactionsDisclosureTextBlock" xlink:to="RelatedPartyTransactionsDisclosureTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/DisclosureQuarterlyFinancialData" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_NotesToConsolidatedFinancialStatementsAbstract" xlink:label="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="NotesToConsolidatedFinancialStatementsAbstract" xlink:type="locator"/>
<link:loc xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="QuarterlyFinancialInformationTextBlock" xlink:title="QuarterlyFinancialInformationTextBlock" xlink:type="locator"/>
<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" use="optional" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="NotesToConsolidatedFinancialStatementsAbstract" xlink:title="presentation: NotesToConsolidatedFinancialStatementsAbstract to QuarterlyFinancialInformationTextBlock" xlink:to="QuarterlyFinancialInformationTextBlock" xlink:type="arc"/>
</link:presentationLink>
<link:presentationLink xlink:role="http://simon.com/role/UnusedElements" xlink:type="extended">
<link:loc xlink:href="spg-20090930.xsd#spg_UnusedElementsAbstract" xlink:label="UnusedElements" xlink:title="UnusedElements" xlink:type="locator"/>
<link:loc xlink:href="spg-20090930.xsd#spg_SeriesIPreferredStockMember" xlink:label="SeriesIPreferredStockMember" xlink:title="SeriesIPreferredStockMember" xlink:type="locator"/>
<link:presentationArc order="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="UnusedElements" xlink:title="presentation: UnusedElements to SeriesIPreferredStockMember" xlink:to="SeriesIPreferredStockMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_SeriesJPreferredStockMember" xlink:label="SeriesJPreferredStockMember" xlink:title="SeriesJPreferredStockMember" xlink:type="locator"/>
<link:presentationArc order="2.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="UnusedElements" xlink:title="presentation: UnusedElements to SeriesJPreferredStockMember" xlink:to="SeriesJPreferredStockMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_SeriesKPreferredStockMember" xlink:label="SeriesKPreferredStockMember" xlink:title="SeriesKPreferredStockMember" xlink:type="locator"/>
<link:presentationArc order="3.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="UnusedElements" xlink:title="presentation: UnusedElements to SeriesKPreferredStockMember" xlink:to="SeriesKPreferredStockMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_SeriesLPreferredStockMember" xlink:label="SeriesLPreferredStockMember" xlink:title="SeriesLPreferredStockMember" xlink:type="locator"/>
<link:presentationArc order="4.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="UnusedElements" xlink:title="presentation: UnusedElements to SeriesLPreferredStockMember" xlink:to="SeriesLPreferredStockMember" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:label="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:title="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:type="locator"/>
<link:presentationArc order="7.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="UnusedElements" xlink:title="presentation: UnusedElements to StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:to="StockIssuedDuringPeriodValueConversionOfPreferredUnitsToPreferredStock" xlink:type="arc"/>
<link:loc xlink:href="spg-20090930.xsd#spg_PreferredStockPremiumNetOfAmortization" xlink:label="PreferredStockPremiumNetOfAmortization" xlink:title="PreferredStockPremiumNetOfAmortization" xlink:type="locator"/>
<link:presentationArc order="8.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="UnusedElements" xlink:title="presentation: UnusedElements to PreferredStockPremiumNetOfAmortization" xlink:to="PreferredStockPremiumNetOfAmortization" xlink:type="arc"/>
</link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
</SUBMISSION>
