SEC Filing | Simon Property Group, L.P.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 7, 2003

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

Delaware	001-14469	046268599
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
115 WEST WASHINGTON STREET INDIANAPOLIS, INDIANA (Address of principal executive offices)		46204 (Zip Code)

Registrant's telephone number, including area code: 317.636.1600

Not Applicable
(Former name or former address, if changed since last report)

Item 7. Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit No.		Description		Page Number in This Filing
99.1		Supplemental Information as of December 31, 2002		5
99.2		Earnings Release for the quarter ended December 31, 2002		46

Item 9. Regulation FD Disclosure

On February 6, 2003, the Registrant issued a press release containing information on earnings for the quarter ended December 31, 2002 and other matters. A copy of the press release is included as an exhibit to this filing.

On February 7, 2003, the Registrant made available additional ownership and operation information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of December 31, 2002, in the form of a Supplemental Information package, a copy of which is included as an exhibit to this filing. The Supplemental Information package is also available upon request as specified therein.

SIGNATURES

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.

Dated: February 7, 2003
	SIMON PROPERTY GROUP, INC.
	By:	/s/ STEPHEN E. STERRETT Stephen E. Sterrett, Executive Vice President and Chief Financial Officer

SIMON PROPERTY GROUP

Table of Contents

As of December 31, 2002

Description		Page
Exhibit 99.1	Supplemental Information
	Company Overview
	Overview (reporting calendar, stock information, and corporate ratings)	5-6
	Ownership Structure	7-8
	Financial Data
	Selected Financial Information
	Financial Highlights and Operational Statistics	9-10
	Equity Information	11
	Debt-to-Market Capitalization	11
	Miscellaneous Balance Sheet Data	11
	Balance Sheets	12
	Income Statements	13-14
	Analysis of Other Income and Other Expense	15
	EBITDA Composition	16
	Operational Data
	Portfolio GLA, Occupancy & Rent Data	17
	Rent Information	18
	Lease Expirations	19-20
	Top Regional Mall Tenants	21
	2002 and 2003 Regional Mall Anchor/Big Box Openings	22-23
	Property Listing	24-29
	Development Activity
	Capital Expenditures	30
	Development Activity—Project Overview, Construction-in-Progress and Land Held for Development	31-32
	Balance Sheet Information
	Debt Amortization and Maturities by Year	33
	Summary of Indebtedness	34
	Summary of Indebtedness by Maturity	35-41
	Unencumbered Assets	42-44
	Preferred Stock/Units Outstanding	45
	Quarterly Earnings Announcement
Exhibit 99.2	Press Release	46-57

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Item 7. Financial Statements and Exhibits

Item 9. Regulation FD Disclosure

SIGNATURES
SIMON PROPERTY GROUP Table of Contents As of December 31, 2002

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Exhibit 99.1

SIMON PROPERTY GROUP

Overview

The Company

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

At December 31, 2002, the Company, directly or through the Operating Partnership, owned or had an interest in 246 properties which consisted of regional malls, community shopping centers and office and mixed-use properties (mixed-use properties include a combination of retail, office space or hotel components) containing an aggregate of 185 million square feet of gross leasable area (GLA) in 36 states and eight assets in Europe and Canada.

On January 13, 2002, the Company announced a joint agreement with The Rouse Company and Westfield America Trust to purchase the assets of Rodamco North America N.V. (RNA). The transaction was completed on May 3, 2002. The portfolio acquired by the Company consists primarily of interests in 13 high-quality, highly productive regional malls in the United States, as well as ownership interests in other real estate assets. The Company's share of the gross RNA consideration was approximately $1.6 billion, including the assumption of $579 million of property-level debt and preferred units.

Effective December 31, 2002, SPG Realty Consultants, Inc. was merged into the Company, ending the "paired share" REIT structure that the Company had gained from its 1998 combination with Corporate Property Investors, Inc. Although SPG Realty Consultants was able to conduct activities which are not customary for a real estate investment trust, changes in laws since 1998 significantly reduced the need for a paired share REIT structure. Many of the activities previously conducted through SPG Realty Consultants are now conducted through various taxable REIT subsidiaries ("TRS") of the Company.

Subsequent to year-end 2002, the Company's partnership subsidiary, Simon Property Group, L.P., acquired all of the remaining equity interests of M.S. Management Associates, Inc. ("MSM"). MSM provides management, leasing and other services for certain of the Company's properties. The interests acquired consist of 95% of the voting common stock of MSM and approximately 3% of the economic interests of MSM. MSM is now a wholly owned TRS of Simon Property Group, L.P.

This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of December 31, 2002, for the Company and the Operating Partnership.

SIMON PROPERTY GROUP

Overview

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

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

Reporting Calendar

Results for the next four quarters will be announced according to the following approximate schedule:

First Quarter 2003		Early May 2003
Second Quarter 2003		Late July 2003
Third Quarter 2003		Late October 2003
Fourth Quarter and Year-End 2003		Early February 2004

Stock Information

Simon Property Group, Inc. common stock and three issues of preferred stock are traded on the New York Stock Exchange under the following symbols:

Common Stock		SPG
6.5% Series B Convertible Preferred		SPGPrB
8.75% Series F Cumulative Preferred		SPGPrF
7.89% Series G Cumulative Preferred		SPGPrG

Senior Unsecured Debt Ratings

Standard & Poor's		BBB (CreditWatch Negative)
Moody's		Baa2

Preferred Stock Ratings

Standard & Poor's		BBB- (CreditWatch Negative)
Moody's		Baa3

Simon Property Group Ownership Structure(1)
December 31, 2002

(1): Schedule excludes preferred stock (see "Preferred Stock/Units Outstanding") and units not convertible into common stock.
(2): The number of outstanding shares of common stock of the Company exceeds the number of Simon Property Group, L.P. units owned by the Company by 1,670,944. This is the result of the direct ownership of Ocean County Mall by the Company, partially offset by units issued to the Company in exchange for the contribution of interests in Northshore Mall.
(3): Consists of Melvin Simon, Herbert Simon, David Simon, and/or trusts established for the benefit of members of the Simon family and Melvin Simon & Associates, Inc.
(4): Holders of Class B common stock are entitled to elect 4 of the 13 members of the Board of Directors and also have voting rights with regular common stock.
(5): Consists of NID Corporation, the estate of the late Edward J. DeBartolo, members of the DeBartolo family, including Edward J. DeBartolo, Jr. and M. Denise DeBartolo York, or trusts established for the benefit of members of the DeBartolo family or partnerships in which the foregoing persons hold partnership interests.
(6): Holders of Class C common stock are entitled to elect 2 of the 13 members of the Board of Directors and also have voting rights with regular common stock.
(7): Other executives includes directors and executive officers of the Company, other than Simon and DeBartolo family members.
(8): Prior to January 1, 2003, Simon Property Group, L.P. owned 5% of the voting common stock and 80% of the total voting and nonvoting common stock of M.S. Management Associates, Inc. The Simon Family owned the remaining interests. In addition, Simon Property Group, L.P. owns all $100 million of the outstanding series of participating preferred stock of and also holds a note receivable from M.S. Management Associates, Inc. As a result, Simon Property Group, L.P. received substantially all of the economic benefits of M.S. Management Associates, Inc. On January 1, 2003, Simon Property Group, L.P. acquired the Simon Family's interests in M.S. Management Associates, Inc. and M.S. Management Associates, Inc. became a wholly owned subsidiary of Simon Property Group, L.P. In 2001, M.S. Management Associates, Inc. elected to be treated as a "taxable REIT subsidiary."

SIMON PROPERTY GROUP

Changes in Common Shares and Unit Ownership

For the Period from December 31, 2001 through December 31, 2002

	Operating Partnership Units(1)		Company Common Shares(2)
Number Outstanding at December 31, 2001	63,930,350		173,806,306
Common Stock Offering on July 1, 2002	—		9,000,000
Issuance of Stock for Stock Option Exercises	—		671,836
Conversion of Series A Preferred Shares into Common Stock	—		1,913,026
Conversion of Units into Common Stock	(173,442	)	173,442
Conversion of Units into Cash	(10,895	)	—
Restricted Stock Forfeitures	—		(21,070	)
Number Outstanding at December 31, 2002	63,746,013		185,543,540

Total Common Shares and Units Outstanding at December 31, 2002:

249,289,553(2)

Details for Diluted Common Shares Outstanding:

Company Common Shares Outstanding at December 31, 2002		185,543,540
Number of Common Shares Issuable Assuming Conversion of:
	Series B Preferred 6.5% Convertible(3)	12,490,773
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4)		654,375
Diluted Common Shares Outstanding at December 31, 2002		198,688,688

Fully Diluted Common Shares and Units Outstanding at December 31, 2002:

262,434,701

(1): Excludes units owned by the Company (shown here as Company Common Shares) and units not convertible into common shares.
(2): Excludes preferred units relating to preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 45).
(3): Conversion terms provided in footnotes (1) and (2) on page 45 of this document.
(4): Based upon the weighted average stock price for 2002.

SIMON PROPERTY GROUP
Selected Financial Information
As of December 31, 2002
Unaudited
(In thousands, except as noted)

		As of or for the Three Months Ended December 31,				As of or for the Nine Months Ended December 31,
		2002		2001		2002			2001
*Financial Highlights of the Company*
Total Revenue—Consolidated Properties		$	622,629	$	569,242	$	2,185,802		$	2,048,835
Total EBITDA of the Simon Group Portfolio(1)(2)		$	650,207	$	623,280	$	2,298,077		$	2,193,230
Simon Group's Share of EBITDA(2)		$	512,068	$	470,360	$	1,767,212		$	1,661,010
Net Income Available to Common Shareholders		$	96,308	$	43,853	$	358,387	(3)	$	147,789
Basic Net Income per Share		$	0.52	$	0.25	$	1.99	(3)	$	0.86
Diluted Net Income per Share		$	0.52	$	0.25	$	1.99	(3)	$	0.85
FFO of the Simon Portfolio(4)		$	299,733	$	273,112	$	943,760		$	850,117
Basic FFO Allocable to the Company		$	222,609	$	199,055	$	696,457		$	618,020
Diluted FFO Allocable to the Company		$	232,866	$	209,872	$	734,731		$	657,061
Basic FFO per Share		$	1.20	$	1.15	$	3.87		$	3.58
Diluted FFO per Share		$	1.17	$	1.12	$	3.79		$	3.51
Distributions per Share		$	0.550	$	0.525	$	2.175		$	2.080
*Operational Statistics*
Occupancy at End of Period:
	Regional Malls(5)						92.7	%		91.9	%
	Community Shopping Centers(6)						86.9	%		90.0	%
Average Base Rent per Square Foot:
	Regional Malls(5)					$	30.70		$	29.28
	Community Shopping Centers(6)					$	10.12		$	9.83
Releasing Spread, Regional Malls:
	Opening Base Rent per Square Foot					$	40.35		$	34.88
	Closing Base Rent per Square Foot					$	32.58		$	29.10
	Releasing Spread per Square Foot					$	7.77		$	5.78
	Percentage Increase						23.8	%		19.9	%
Regional Malls:
	Total Tenant Sales Volume, in millions(7)(8)					$	17,971		$	16,941
	Comparable Sales per Square Foot(8)					$	391		$	383
	Total Sales per Square Foot(8)					$	386		$	378
Number of U.S. Properties Open at End of Period(9)							246			252
Total U.S. GLA at End of Period (in millions of square feet)							184.5			187.4

(1): Management believes that EBITDA is an effective measure of shopping center operating performance because it is industry practice to evaluate real estate properties based on operating income before interest, taxes, depreciation and amortization, which is generally equivalent to EBITDA; and it is unaffected by the debt and equity structure of the property owner. However, EBITDA does not represent cash flow from operations as defined by accounting principles

generally accepted in the United States; should not be considered as an alternative to net income as a measure of operating performance; is not indicative of cash flows from operating, investing and financing activities; and is not an alternative to cash flows as a measure of liquidity.

(2): Excludes technology initiatives.
(3): Includes net gains from the sale of real estate of $162.0 million, or approximately $0.66 per share.
(4): Funds from Operations ("FFO") is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to Generally Accepted Accounting Principles (GAAP) net income and earnings per share. FFO, as defined by NAREIT, means consolidated net income without giving effect to real estate depreciation and amortization, gains or losses from extraordinary items and gains or losses on the sales of real estate, plus the allocable portion, based on economic ownership interest, of funds from operations of unconsolidated joint ventures, all determined on a consistent basis in accordance with accounting principles generally accepted in the United States. However, FFO does not represent cash flow from operations, should not be considered as an alternative to net income as a measure of operating performance, and is not an alternative to cash flow as a measure of liquidity.
(5): Includes mall and freestanding stores.
(6): Includes all Owned GLA.
(7): Represents only those tenants who report sales.
(8): Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes only mall and freestanding stores less than 10,000 square feet.

(9)	Number of U.S. Properties at 12/31/01	252
	Plus: Properties Acquired	9
	Less: Properties Sold	-15

	Number of U.S. Properties at 12/31/02	246

SIMON PROPERTY GROUP
Selected Financial Information
As of December 31, 2002
Unaudited
(In thousands, except as noted)

	December 31, 2002		December 31, 2001
*Equity Information*
Limited Partner Units Outstanding at End of Period		63,746		63,930
Shares Outstanding at End of Period		185,544		173,806

Total Common Shares and Units Outstanding at End of Period		249,290		237,736

Weighted Average Shares Outstanding—Basic(1)		179,910		172,669
Weighted Average Shares Outstanding—Diluted(1)		193,992		187,430
*Debt Information*
Consolidated Debt	$	9,546,081	$	8,841,378
Simon Group's Share of Joint Venture Debt	$	2,279,609	$	2,392,523
*Debt-to-Market Capitalization*
Common Stock Price at End of Period	$	34.07	$	29.33
Equity Market Capitalization(2)	$	9,483,358	$	7,968,576
Total Consolidated Capitalization	$	19,029,439	$	16,809,954
Total Capitalization—Including Simon Group's Share of JV Debt	$	21,309,048	$	19,202,477

		As of or for the Twelve Months Ended December 31,
		2002		2001
*Miscellaneous Balance Sheet Data*
Interest Capitalized during the Period:
	Consolidated Properties	$	4,250	$	9,687
	Joint Venture Properties	$	3,308	$	1,331
	Simon Group's Share of Joint Venture Properties	$	1,524	$	645

(1): For purposes of computing FFO per share
(2): Market value of Common Stock, Units and all issues of Preferred Stock of the Company.

On this and the following two pages, we present balance sheet and income statement data intended to report the Company's economic ownership of the entire Simon Group portfolio. While these statements were not prepared in accordance with GAAP, we believe that they do reflect the Company's proportionate economic ownership of each asset in the Simon Group portfolio.

Simon Property Group, Inc.
Unaudited Pro-Rata Balance Sheet
As of December 31, 2002

			Consolidated			Minority Interest			Real Estate Joint Ventures			Total
ASSETS:
	Investment properties, at cost		$	14,249,615			(126,805	)	$	4,356,610		$	18,479,420
	Less—accumulated depreciation			2,222,242			(46,989	)		547,680			2,722,933

				12,027,373			(79,816	)		3,808,930			15,756,487
	Cash and cash equivalents			397,129			(26,374	)		79,917			450,672
	Tenant receivables and accrued revenue, net			311,361			(32,475	)		74,919			353,805
	Notes and advances receivable from Management Company and affiliates			75,105			—			—			75,105
	Investment in unconsolidated entities, at equity			1,665,654			—			(1,607,119	)		58,535
	Goodwill, net			37,212			—			—			37,212
	Deferred costs, other assets, and minority interest, net			390,668			(101,123	)		75,768			365,313

		Total assets	$	14,904,502		$	(239,788	)	$	2,432,415		$	17,097,129

LIABILITIES:
	Mortgages and other indebtedness		$	9,546,081		$	(150,591	)	$	2,279,609		$	11,675,099
	Accounts payable and accrued expenses			624,505			(73,169	)		109,466			660,802
	Cash distributions and losses in partnerships and joint ventures, at equity			13,898			—			—			13,898
	Other liabilities, minority interest and accrued dividends			228,508			(16,028	)		43,340			255,820

		Total liabilities		10,412,992			(239,788	)		2,432,415			12,605,619

LIMITED PARTNERS' INTEREST IN THE OPERATING PARTNERSHIPS				872,925			—			—			872,925
LIMITED PARTNERS' PREFERRED INTEREST IN THE
SPG OPERATING PARTNERSHIP				150,852			—			—			150,852
SHAREHOLDERS' EQUITY:
	CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock):
	All series of preferred stock, 100,000,000 shares authorized, 16,830,057 and 16,879,896 issued and outstanding, respectively. Liquidation values $858,006 and $907,845, respectively.			814,254			—			—			814,254
	Common stock, $.0001 par value, 400,000,000 shares authorized, 184,438,095 and 172,700,861 issued, respectively			18			—			—			18
	Class B common stock, $.0001 par value, 12,000,000 shares authorized, 3,200,000 issued and outstanding			1			—			—			1
	Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding			—			—			—			—
	Capital in excess of par value			3,685,523			—			—			3,685,523
	Accumulated deficit			(961,338	)		—			—			(961,338	)
	Accumulated other comprehensive income			(7,471	)		—			—			(7,471	)
	Unamortized restricted stock award			(10,736	)		—			—			(10,736	)
	Common stock held in treasury at cost, 2,098,555 shares			(52,518	)		—			—			(52,518	)

		Total shareholders' equity		3,467,733			—			—			3,467,733

			$	14,904,502		$	(239,788	)	$	2,432,415		$	17,097,129

Simon Property Group, Inc.
Unaudited Pro-Rata Statement of Operations
For three months ended December 31, 2002

				Consolidated			Minority Interest			Real Estate Joint Ventures			Total
REVENUE:
	Minimum rent			$	375,577			(7,212	)		103,183		$	471,548
	Overage rent				22,960			(860	)		7,324			29,424
	Tenant reimbursements				185,408			(3,927	)		50,283			231,764
	Other income				38,684			(610	)		6,280			44,354

		Total revenue			622,629			(12,609	)		167,070			777,090

EXPENSES:
	Property operating				92,385			(1,450	)		24,283			115,218
	Depreciation and amortization				127,207			(2,272	)		41,675			166,610
	Real estate taxes				57,733			(462	)		15,091			72,362
	Repairs and maintenance				23,020			(573	)		8,395			30,842
	Advertising and promotion				23,205			(397	)		7,118			29,926
	Provision for credit losses				1,993			(97	)		2,071			3,967
	Other				11,010			(892	)		5,495			15,613

		Total operating expenses			336,553			(6,143	)		104,128			434,538

OPERATING INCOME					286,076			(6,466	)		62,942			342,552
Interest Expense					152,258			(2,337	)		37,756			187,677

Income before minority interest					133,818			(4,129	)		25,186			154,875
Minority interest					(4,129	)		4,129			—			—
Gain on sales of assets and partnership interests, net					(8,372	)		—			—			(8,372	)

Income before unconsolidated entities					121,317			—			25,186			146,503
Loss from MerchantWired, LLC					—			—			—			—
Income (Loss) from unconsolidated entities					26,628			—			(25,186	)		1,442	(a)

Income before extraordinary items, and cumulative effect of accounting change					147,945			—			—			147,945
Extraordinary items					(10	)		—			—			(10	)
Cumulative effect of accounting change					—			—			—			—

Income before allocation to limited partners					147,935			—			—			147,935
LESS:
	Limited partners' interest in the Operating Partnerships				33,109			—			—			33,109
	Preferred distributions of the SPG Operating Partnership				2,835			—			—			2,835

NET INCOME					111,991			—			—			111,991
Preferred dividends					(15,683	)		—			—			(15,683	)

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS				$	96,308		$	—		$	—		$	96,308

RECONCILIATION TO FFO:
Income before extraordinary items, and cumulative effect of accounting change ("IBEC")					147,945									147,945
	Less:
		Joint Venture IBEC			(25,185	)					25,185			—
		Minority Interest IBEC			4,129			(4,129	)					—

	IBEC				126,889			(4,129	)		25,185			147,945
	Plus:
		Depreciation and amortization from combined consolidated properties			126,623									126,623
		Our share of depreciation and amortization from unconsolidated affiliates			1,136						41,427			42,563
		Gain on sale of real estate			8,372									8,372
		Our share of impairment charge and writeoff from MerchantWired LLC, net of tax benefit			—									—
		Adjustment to market value for acquired in place leases												—
	Less:
		Our share of adjustment to market value for acquired in place leases			(2,084	)					(2,900	)		(4,984	)
		Management Company gain on sale of real estate			—									—
		Minority interest portion of depreciation and amortization and extraordinary items						(2,268	)					(2,268	)
		Preferred distributions (Including those of subdisiaries)			(18,518	)								(18,518	)

		Our FFO			242,418			(6,397	)		63,712			299,733

			% of Total FFO:		80.88	%		-2.13	%		21.26	%		100.00	%

(a): Total Income (Loss) from Unconsolidated entities relates to income(loss) from the Management Company

Basis of Presentation: The consolidated amounts shown above are prepared on a consistent basis with the consolidated financial statements prepared by the Company and included in its periodic filings.

The Real Estate Joint Ventures column was derived on a property by property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for minority interests.

Simon Property Group, Inc.
Unaudited Pro-Rata Statement of Operations
For twelve months ended December 31, 2002

				Consolidated			Minority Interest			Real Estate Joint Ventures			Total
REVENUE:
	Minimum rent			$	1,337,928			(27,111	)		378,119		$	1,688,936
	Overage rent				47,977			(1,988	)		13,466			59,455
	Tenant reimbursements				658,894			(11,607	)		185,533			832,820
	Other income				141,003			(2,029	)		21,443			160,417

		Total revenue			2,185,802			(42,735	)		598,561			2,741,628

EXPENSES:
	Property operating				364,848			(6,299	)		98,016			456,565
	Depreciation and amortization				480,012			(7,953	)		144,675			616,734
	Real estate taxes				217,579			(1,889	)		58,617			274,307
	Repairs and maintenance				77,472			(2,077	)		27,399			102,794
	Advertising and promotion				61,327			(1,188	)		18,316			78,455
	Provision for credit losses				8,972			(104	)		3,590			12,458
	Other				36,854			(3,278	)		17,208			50,784

		Total operating expenses			1,247,064			(22,788	)		367,821			1,592,097

OPERATING INCOME					938,738			(19,947	)		230,740			1,149,531
Interest Expense					602,972			(9,449	)		152,045			745,568

Income before minority interest					335,766			(10,498	)		78,695			403,963
Minority interest					(10,498	)		10,498			—			—
Gain on sales of assets and partnership interests, net					162,011			—			—			162,011

Income before unconsolidated entities					487,279			—			78,695			565,974
Loss from MerchantWired, LLC					(32,742	)		—			—			(32,742	)
Income (Loss) from unconsolidated entities					92,811			—			(78,695	)		14,116	(a)

Income before extraordinary items, and cumulative effect of accounting change					547,348			—			—			547,348
Extraordinary items					14,307			—			—			14,307
Cumulative effect of accounting change					—			—			—			—

Income before allocation to limited partners					561,655			—			—			561,655
LESS:
	Limited partners' interest in the Operating Partnerships				127,727			—			—			127,727
	Preferred distributions of the SPG Operating Partnership				11,340			—			—			11,340

NET INCOME					422,588			—			—			422,588
Preferred dividends					(64,201	)		—			—			(64,201	)

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS				$	358,387		$	—		$	—		$	358,387

RECONCILIATION TO FFO:
Income before extraordinary items, and cumulative effect of accounting change ("IBEC")					547,348									547,348
	Less:
		Joint Venture IBEC			(78,695	)					78,695			—
		Minority Interest IBEC			10,498			(10,498	)					—

	IBEC				479,151			(10,498	)		78,695			547,348
	Plus:
		Depreciation and amortization from combined consolidated properties			478,379									478,379
		Our share of depreciation and amortization from unconsolidated affiliates			6,061						144,156			150,217
		Gain on sale of real estate			(162,011	)								(162,011	)
		Our share of impairment charge and writeoff from MerchantWired LLC, net of tax benefit			26,695									26,695
														—
	Less:
		Our share of adjustment to market value for acquired in place leases			(2,084	)					(2,900	)		(4,984	)
		Management Company gain on sale of real estate			(8,400	)								(8,400	)
		Minority interest portion of depreciation and amortization and extraordinary items						(7,943	)					(7,943	)
		Preferred distributions (Including those of subdisiaries)			(75,541	)								(75,541	)

	Our FFO				742,250			(18,441	)		219,951			943,760

			% of Total FFO:		78.65	%		-1.95	%		23.31	%		100.00	%

(a): Total Income (Loss) from Unconsolidated entities relates to income(loss) from the Management Company

SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of December 31, 2002
(In thousands)

	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,
	2002		2001		2002			2001
*Consolidated Properties*
*Other Income*
Interest Income	$	5,365	$	7,168	$	23,942		$	29,104
Lease Settlement Income		3,822		3,280		17,215			21,932
Gains (Losses) on Land Sales and Income from the Sale of Net Leases		11,133		9,686		37,677			16,876
SBV/SBN Revenues(1)		17,315		10,485		40,448	(2)		31,699	(2)
Income from Hedging Activity		—		—		7,840			—
Kimsward Fee		—		—		—			5,708	(3)
Other		1,049		6,128		13,881			17,324

Totals	$	38,684	$	36,747	$	141,003		$	122,643

*Other Expense*
Ground Rent	$	3,665	$	3,542	$	13,984		$	13,786
Professional Fees		2,403		3,752		7,243			8,788
SBN (Parking Garage Expenses)		865		515		2,275			1,596
Write-off of Technology Investments		2,730		—		2,730			2,680
Investment Write-down		—		—		—			2,970
Costs of Hedging Activity		106		—		856			—
Agostinelli Litigation Settlement Costs		—		—		3,072			—
Other		1,241		1,522		6,694			6,609

Totals	$	11,010	$	9,331	$	36,854		$	36,429

(1): Additional SBV and SBN revenues are recorded in minimum rent and in the Management Company.
(2): Reflects the reclassification of parking income generated during the first nine months from "other" to SBN ($2,882 in 2002 and $1,650 in 2001).
(3): Additional income of $18 million relating to the Kimsward transaction (Montgomery Ward liquidation) was recorded in the Management Company.

SIMON PROPERTY GROUP
EBITDA Composition
For the Twelve Months Ended December 31, 2002

U.S. Geographic Diversification
of Regional Mall Portfolio(1)

Asset Mix of Portfolio

(1): Northeast—PA, NY, VT, NH, ME, MA, NJ, CT and RI
Mideast—KY, WV, MD, DE, VA, NC and SC
Southeast—TN, MS, AL, GA and FL
Southwest—TX, OK, LA and AR
West North Central—ND, SD, NE, KS, MN, IA and MO
East North Central—WI, MI, OH, IN and IL
Mountain—NV, AZ, NM, UT, CO, ID, MT and WY
Pacific—CA, OR and WA

SIMON PROPERTY GROUP
Portfolio GLA, Occupancy & Rent Data
As of December 31, 2002

Type of Property		GLA-Sq. Ft.	Total Owned GLA	% of Owned GLA		% of Owned GLA Which is Leased		Average Base Rent Per Square Foot
Regional Malls
—Anchor		101,687,111	30,225,484	28.6	%	95.6	%	$	4.08
—Mall Store		58,255,609	58,207,712	55.0	%	92.7	%	$	31.39
—Freestanding		3,713,664	1,821,718	1.7	%	93.4	%	$	10.06

	Subtotal	61,969,273	60,029,430	56.7	%	92.7	%	$	30.70
Regional Mall Total		163,656,384	90,254,914	85.3	%	93.7	%
Community Shopping Centers
—Anchor		12,018,887	7,384,561	7.0	%	86.2	%	$	8.18
—Mall Store		4,324,820	4,241,993	4.0	%	87.4	%	$	13.63
—Freestanding		823,331	376,606	.3	%	95.5	%	$	7.88

Community Ctr. Total		17,167,038	12,003,160	11.3	%	86.9	%	$	10.12
Office Portion of Mixed-Use Properties		3,395,168	3,395,168	3.2	%	85.4	%	$	25.05
Other		322,997	212,427	0.2	%
GRAND TOTAL		184,541,587	105,865,669	100.00	%

Occupancy History
As of	Regional Malls(1)		Community Shopping Centers(2)
12/31/02	92.7	%	86.9	%
12/31/01	91.9	%	90.0	%
12/31/00	91.8	%	91.5	%
12/31/99	90.6	%	88.6	%
12/31/98	90.0	%	91.4	%

(1): Includes mall and freestanding stores.
(2): Includes all Owned GLA.

SIMON PROPERTY GROUP
Rent Information
As of December 31, 2002

Average Base Rent
Per Square Foot

As of	Mall & Freestanding Stores at Regional Malls		% Change		Community Shopping Centers		% Change
12/31/02	$	30.70	4.8	%	$	10.12	3.0	%
12/31/01		29.28	3.4			9.83	5.0
12/31/00		28.31	3.6			9.36	12.0
12/31/99		27.33	6.3			8.36	8.9
12/31/98		25.70	8.7			7.68	3.2

Rental Rates

	Average Base Rent(1)				Amount of Change
Year	Store Openings During Period		Store Closings During Period		$ Change			% Change
Regional Malls:
2002	$	40.35	$	32.58	$	7.77		23.8	%
2001		34.88		29.10		5.78		19.9
2000		35.13		29.24		5.89		20.1
1999		31.25		24.55		6.70		27.3
1998		27.33		23.63		3.70		15.7
Community Shopping Centers:
2002	$	10.19	$	8.39	$	1.80		21.5	%
2001		12.79		9.30		3.49		37.5
2000		14.21		11.51		2.70		23.5
1999		10.26		7.44		2.82		37.9
1998		10.43		10.95		(0.52	)	(4.7	)

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

SIMON PROPERTY GROUP
Lease Expirations(1)
As of December 31, 2002

Year	Number of Leases Expiring	Square Feet	Avg. Base Rent per Square Foot at 12/31/02
Regional Malls—Mall Stores & Freestanding
2003	1,870	4,209,343	$	31.55
2004	2,004	4,964,187	$	30.96
2005	1,915	5,442,681	$	30.95
2006	1,898	5,287,368	$	30.95
2007	1,956	5,240,631	$	32.69
2008	1,500	5,086,410	$	31.64
2009	1,454	4,600,201	$	30.76
2010	1,568	4,728,923	$	34.29
2011	1,439	4,515,677	$	32.07
2012	1,134	3,843,789	$	34.36
2013	517	2,034,496	$	32.84
2014 and Thereafter	148	2,459,804	$	17.92
Regional Malls—Anchor Tenants
2003	11	1,351,995	$	2.74
2004	25	2,479,462	$	3.43
2005	24	2,958,181	$	2.25
2006	22	2,592,437	$	2.72
2007	19	2,058,834	$	2.11
2008	24	2,860,866	$	3.54
2009	16	1,986,791	$	2.82
2010	15	1,445,148	$	4.08
2011	13	1,372,201	$	4.82
2012	16	1,905,452	$	5.60
2013	9	1,412,010	$	6.81
2014 and Thereafter	50	5,475,962	$	6.25
Community Centers—Mall Stores & Freestanding
2003	116	389,064	$	12.54
2004	174	529,021	$	13.74
2005	216	673,015	$	14.73
2006	150	546,391	$	14.20
2007	127	574,736	$	12.37
2008	45	250,411	$	11.94
2009	16	108,606	$	12.68
2010	27	216,726	$	13.72
2011	29	189,267	$	14.61
2012	20	130,212	$	15.39
2013	5	106,874	$	5.11
2014 and Thereafter	7	87,375	$	11.15

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

SIMON PROPERTY GROUP
Lease Expirations(1)
As of December 31, 2002

Year	Number of Leases Expiring	Square Feet	Avg. Base Rent per Square Foot at 12/31/02
Community Centers—Anchor Tenants
2003	7	149,082	$	9.43
2004	8	280,709	$	6.00
2005	11	343,053	$	8.66
2006	17	716,221	$	5.51
2007	15	528,336	$	6.03
2008	12	287,247	$	10.67
2009	14	555,691	$	7.18
2010	16	621,671	$	9.45
2011	7	162,359	$	11.97
2012	10	478,851	$	8.94
2013	8	194,546	$	8.44
2014 and Thereafter	35	1,891,403	$	8.91

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

SIMON PROPERTY GROUP
Top Regional Mall Tenants
As of December 31, 2002
(Square Feet in 000's)

Top 15 In-Line Retail Tenants (sorted by percentage of total base minimum rent)

Tenant	Number of Stores	Square Feet	Percent of Total Sq. Ft.		Percent of Total Base Min. Rent
Limited	655	4,340	2.4	%	5.3	%
The Gap, Inc.	359	3,670	2.0	%	3.1	%
Foot Locker	394	1,594	0.9	%	2.2	%
Zale Corporation	438	483	0.3	%	1.9	%
Luxottica Group S.P.A	350	607	0.3	%	1.3	%
Abercrombie & Fitch	117	877	0.5	%	1.2	%
Sterling Jewelers	186	263	0.1	%	1.0	%
Best Buy Company	171	697	0.4	%	1.0	%
Hallmark Cards	213	700	0.4	%	1.0	%
Trans World Entertainment	116	687	0.4	%	0.9	%
The Wet Seal, Inc.	136	529	0.3	%	0.8	%
American Eagle Outfitters, Inc.	121	589	0.3	%	0.8	%
Charming Shoppes	129	785	0.4	%	0.8	%
Retail Brand Alliance, Inc.	99	522	0.3	%	0.8	%
Borders Group	119	577	0.3	%	0.7	%

Top 15 Anchors (sorted by percentage of total square footage)

Tenant	Number of Stores	Square Feet	Percent of Total Sq. Ft.		Percent of Total Base Min. Rent
Sears	134	20,230	11.0	%	0.5	%
Federated Dept. Stores	93	17,946	9.7	%	0.9	%
J.C. Penney Co., Inc.	115	16,486	8.9	%	1.1	%
The May Dept. Stores	87	12,591	6.8	%	0.2	%
Dillard's Dept. Stores	86	12,537	6.8	%	0.2	%
Saks Incorporated	41	4,758	2.6	%	1.2	%
Target Corporation	27	3,198	1.7	%	0.0	%
Nordstrom, Inc.	15	2,784	1.5	%	0.1	%
Belk, Inc.	15	1,680	0.9	%	0.1	%
Neiman Marcus Group	5	667	0.4	%	0.1	%
Kohl's Dept. Stores	7	648	0.4	%	0.1	%
Von Maur	7	601	0.3	%	0.0	%
Boscov's Department Stores, Inc.	3	526	0.3	%	0.1	%
Elder-Beerman Stores	6	504	0.3	%	0.1	%
Burlington Coat Factory	4	354	0.2	%	0.1	%

SIMON PROPERTY GROUP
2002 and 2003 Regional Mall Anchor/Big Box Openings

2002 Openings

Property Name	Location	Tenant Name
Arsenal Mall	Watertown, MA	Linens 'N Things Home Depot
Auburn Mall	Auburn (Boston), MA	Filene's Home Store
Battlefield Mall	Springfield, MO	Dillard's
Chesapeake Square	Chesapeake, VA	Target
Cielo Vista Mall	El Paso, TX	Foley's
Columbia Center	Kennewick, WA	The Bon Marche Home & Men
Cordova Mall	Pensacola, FL	Best Buy Bed Bath & Beyond
Florida Mall	Orlando, FL	Nordstrom Lord & Taylor
Lafayette Square	Indianapolis, IN	Steve & Barry's
Liberty Tree Mall	Danvers (Boston), MA	Kohl's
Memorial Mall	Sheboygan, WI	Hobby Lobby
Port Charlotte Town Center	Port Charlotte, FL	Beall's
Richardson Square Mall	Richardson, TX	Super Target
St. Charles Towne Center	Waldorf, MD	Hecht's Home Store
Towne East Square	Wichita, KS	Von Maur
West Ridge Mall	Topeka, KS	Kansas International Museum
Westminster Mall	Westminster, CA	Macy's

SIMON PROPERTY GROUP
2002 and 2003 Regional Mall Anchor/Big Box Openings

2003 Projected Openings

Property Name	Location	Tenant Name
Barton Creek Square	Austin, TX	Nordstrom
Bay Park Square	Green Bay, WI	Younkers
Century III Mall	Pittsburgh, PA	Steve & Barry's
Dadeland Mall	North Miami Beach, FL	Lord & Taylor expansion and renovation
Fashion Mall at Keystone	Indianapolis, IN	Saks Fifth Avenue
Greenwood Park Mall	Greenwood, IN	Dick's Sporting Goods
The Galleria	Houston, TX	Foley's Nordstrom
Lincolnwood Town Center	Lincolnwood, IL	Kohl's
Menlo Park Mall	Edison (NYC), NJ	Cheesecake Factory Barnes & Noble Benihana
NorthPark Mall	Davenport, IA	Dillard's
Prien Lake Mall	Lake Charles, LA	Foley's
Rolling Oaks Mall	San Antonio, TX	Tony Hawk's Skate Park
Square One	Saugus (Boston), MA	Best Buy Gold's Gym
Southern Hills Mall	Sioux City, IA	Sheel's Sporting Goods
Towne West Square	Wichita, KS	Dick's Sporting Goods
Walt Whitman Mall	Huntington Station, NY	Organized Living

SIMON PROPERTY GROUP
Property Listing (sorted by state)
As of December 31, 2002

						Gross Leasable Area
Property Name	State	City	Type	Ownership		Total	Anchor	Mall & Freestanding
*Regional Malls:*
McCain Mall	AR	N. Little Rock	Mall	100.0	%	777,103	554,156	222,947
University Mall	AR	Little Rock	Mall	100.0	%	565,494	412,761	152,733
Metrocenter	AZ	Phoenix	Mall	50.0	%	1,367,281	876,027	491,254
Southgate Mall	AZ	Yuma	Mall	100.0	%	321,574	252,264	69,310
Brea Mall	CA	Brea	Mall	100.0	%	1,314,612	874,802	439,810
Fashion Valley Mall	CA	San Diego	Mall	50.0	%	1,710,046	1,053,305	656,741
Laguna Hills Mall	CA	Laguna Hills	Mall	100.0	%	867,689	536,500	331,189
Santa Rosa Plaza	CA	Santa Rosa	Mall	100.0	%	695,849	428,258	267,591
Shops at Mission Viejo	CA	Mission Viejo	Mall	100.0	%	1,149,864	677,215	472,649
Westminster Mall	CA	Westminster	Mall	100.0	%	1,219,552	716,939	502,613
Aurora Mall	CO	Aurora	Mall	100.0	%	1,014,180	566,015	448,165
Mesa Mall	CO	Grand Junction	Mall	50.0	%	867,232	425,817	441,415
Crystal Mall	CT	Waterford	Mall	74.6	%	793,716	442,311	351,405
Aventura Mall	FL	Miami Beach	Mall	33.3	%	1,901,213	1,242,098	659,115
Avenues, The	FL	Jacksonville	Mall	25.0	%	1,118,145	754,956	363,189
Boynton Beach Mall	FL	Boynton Beach	Mall	100.0	%	1,183,677	883,720	299,957
Coral Square	FL	Coral Springs	Mall	97.2	%	943,446	648,144	295,302
Cordova Mall	FL	Pensacola	Mall	100.0	%	851,641	488,263	363,378
Crystal River Mall	FL	Crystal River	Mall	100.0	%	424,157	302,495	121,662
Dadeland Mall	FL	North Miami Beach	Mall	50.0	%	1,393,621	1,062,072	331,549
DeSoto Square	FL	Bradenton	Mall	100.0	%	691,119	435,467	255,652
Edison Mall	FL	Fort Myers	Mall	100.0	%	1,041,918	742,667	299,251
Florida Mall, The	FL	Orlando	Mall	50.0	%	1,835,073	1,218,085	616,988
Gulf View Square	FL	Port Richey	Mall	100.0	%	803,156	568,882	234,274
Indian River Mall	FL	Vero Beach	Mall	50.0	%	747,997	445,552	302,445
Lake Square Mall	FL	Leesburg	Mall	50.0	%	561,303	296,037	265,266
Melbourne Square	FL	Melbourne	Mall	100.0	%	729,381	471,173	258,208
Miami International Mall	FL	South Miami	Mall	47.8	%	972,971	683,308	289,663
Orange Park Mall	FL	Orange Park	Mall	100.0	%	923,774	534,180	389,594
Paddock Mall	FL	Ocala	Mall	100.0	%	560,231	387,378	172,853
Palm Beach Mall	FL	West Palm Beach	Mall	100.0	%	1,085,273	749,288	335,985
Port Charlotte Town Center	FL	Port Charlotte	Mall	80.0	%(6)	780,856	458,554	322,302
Seminole Towne Center	FL	Sanford	Mall	45.0	%	1,153,578	768,798	384,780
The Shops @ Sunset Place	FL	Miami	Mall	37.5	%	499,956	—	499,956
Town Center at Boca Raton	FL	Boca Raton	Mall	100.0	%	1,555,307	1,061,076	494,231
Treasure Coast Square	FL	Jensen Beach	Mall	100.0	%	871,319	511,372	359,947
Tyrone Square	FL	St. Petersburg	Mall	100.0	%	1,127,993	748,269	379,724
University Mall	FL	Pensacola	Mall	100.0	%	707,885	478,449	229,436
Gwinnett Place	GA	Duluth (Atlanta)	Mall	50.0	%	1,276,839	843,609	433,230
Lenox Square	GA	Atlanta	Mall	100.0	%	1,481,514	821,356	660,158
Mall of Georgia	GA	Mill Creek (Atlanta)	Mall	50.0	%	1,785,700	989,590	796,110
Northlake Mall	GA	Atlanta	Mall	100.0	%	962,163	665,745	296,418
Phipps Plaza	GA	Atlanta	Mall	100.0	%	821,421	472,385	349,036
Town Center at Cobb	GA	Kennesaw (Atlanta)	Mall	50.0	%	1,273,108	851,346	421,762
Lindale Mall	IA	Cedar Rapids	Mall	50.0	%	691,824	305,563	386,261
NorthPark Mall	IA	Davenport	Mall	50.0	%	1,073,298	651,533	421,765
Southern Hills Mall	IA	Sioux City	Mall	50.0	%	802,014	372,937	429,077
SouthRidge Mall	IA	Des Moines	Mall	50.0	%	1,002,538	497,806	504,732

Alton Square	IL	Alton	Mall	100.0	%	639,220	426,315	212,905
Lincolnwood Town Center	IL	Lincolnwood	Mall	100.0	%	422,256	220,830	201,426
Northfield Square Mall	IL	Bourbonnais	Mall	31.6	%	558,317	310,994	247,323
Northwoods Mall	IL	Peoria	Mall	100.0	%	695,507	472,969	222,538
Orland Square	IL	Orland Park	Mall	100.0	%	1,213,286	773,295	439,991
River Oaks Center	IL	Calumet City	Mall	100.0	%	1,370,213	834,588	535,625	(1)
SouthPark Mall	IL	Moline	Mall	50.0	%	1,026,536	578,056	448,480
White Oaks Mall	IL	Springfield	Mall	77.0	%	950,116	601,708	348,408
Castleton Square	IN	Indianapolis	Mall	100.0	%	1,447,966	1,082,021	365,945
Circle Centre	IN	Indianapolis	Mall	14.7	%	790,970	350,000	440,970
College Mall	IN	Bloomington	Mall	100.0	%	706,883	439,766	267,117
Eastland Mall	IN	Evansville	Mall	50.0	%	897,871	532,955	364,916
Fashion Mall at Keystone	IN	Indianapolis	Mall	100.0	%	658,370	249,721	408,649	(1)
Greenwood Park Mall	IN	Greenwood	Mall	100.0	%	1,327,719	898,928	428,791
Lafayette Square	IN	Indianapolis	Mall	100.0	%	1,213,025	937,223	275,802
Markland Mall	IN	Kokomo	Mall	100.0	%	393,044	252,444	140,600
Mounds Mall(5)	IN	Anderson	Mall	100.0	%	404,423	277,256	127,167
Muncie Mall	IN	Muncie	Mall	100.0	%	654,902	435,756	219,146
Richmond Square(5)	IN	Richmond	Mall	100.0	%	391,199	260,562	130,637
Tippecanoe Mall	IN	Lafayette	Mall	100.0	%	859,556	568,373	291,183
University Park Mall	IN	Mishawaka (South Bend)	Mall	60.0	%	940,989	622,508	318,481
Washington Square	IN	Indianapolis	Mall	100.0	%	1,140,520	832,326	308,194
Hutchinson Mall	KS	Hutchinson	Mall	100.0	%	525,672	277,665	248,007
Towne East Square	KS	Wichita	Mall	100.0	%	1,201,781	788,281	413,500
Towne West Square	KS	Wichita	Mall	100.0	%	966,017	628,971	337,046
West Ridge Mall	KS	Topeka	Mall	100.0	%	1,040,309	716,811	323,498
Prien Lake Mall	LA	Lake Charles	Mall	100.0	%	811,143	631,762	179,381
South Park Mall	LA	Shreveport	Mall	100.0	%	857,546	618,915	238,631
Arsenal Mall	MA	Watertown	Mall	100.0	%	501,890	191,395	310,495	(1)
Atrium Mall	MA	Chestnut Hill	Mall	49.1	%	206,062	—	206,062
Auburn Mall	MA	Auburn (Boston)	Mall	49.1	%	592,368	417,620	174,748
Burlington Mall	MA	Burlington	Mall	100.0	%	1,253,162	836,236	416,926
Cape Cod Mall	MA	Hyannis	Mall	49.1	%	723,838	420,199	303,639
Emerald Square	MA	North Attleboro (Boston)	Mall	49.1	%	1,021,972	647,372	374,600
Greendale Mall	MA	Worcester (Boston)	Mall	49.1	%	431,512	132,634	298,878	(1)
Liberty Tree Mall	MA	Danvers (Boston)	Mall	49.1	%	856,879	498,000	358,879
Mall at Chestnut Hill, The	MA	Newton	Mall	47.2	%	478,305	297,253	181,052
Northshore Mall	MA	Peabody (Boston)	Mall	49.1	%	1,684,621	989,277	695,344
Solomon Pond Mall	MA	Marlborough	Mall	49.1	%	880,924	506,591	374,333
South Shore Plaza	MA	Braintree (Boston)	Mall	100.0	%	1,443,088	847,603	595,485
Square One Mall	MA	Saugus (Boston)	Mall	49.1	%	865,290	540,101	325,189
Bowie Town Center	MD	Bowie	Mall	100.0	%	664,215	338,567	325,648
Forest Village Park Mall	MD	Forestville	Mall	100.0	%	417,207	242,567	174,640
St. Charles Towne Center	MD	Waldorf	Mall	100.0	%	987,461	631,602	355,859
Mall of America	MN	Bloomington	Mall	27.5%	(4)	2,778,690	1,220,305	1,558,385
Maplewood Mall	MN	Minneapolis	Mall	100.0	%	909,292	578,060	331,232
Miller Hill Mall	MN	Duluth	Mall	100.0	%	803,758	429,508	374,250
Battlefield Mall	MO	Springfield	Mall	100.0	%	1,184,684	770,111	414,573
Independence Center	MO	Independence	Mall	100.0	%	1,022,852	499,284	523,568
Biltmore Square	NC	Asheville	Mall	66.7	%	494,236	242,576	251,660
SouthPark Mall	NC	Charlotte	Mall	100.0	%	1,110,342	789,342	321,000
Crossroads Mall	NE	Omaha	Mall	100.0	%	858,455	609,669	248,786

Mall at Rockingham Park	NH	Salem	Mall	24.6	%	1,020,283	638,111	382,172
Mall of New Hampshire	NH	Manchester	Mall	49.1	%	806,274	444,889	361,385
Pheasant Lane Mall	NH	Nashua	Mall	100.0	%	988,750	675,759	312,991
Bergen Mall	NJ	Paramus (NYC)	Mall	100.0	%	857,889	453,260	404,629
Brunswick Square	NJ	Brunswick (NYC)	Mall	100.0	%	772,635	467,626	305,009
Livingston Mall	NJ	Livingston (NYC)	Mall	100.0	%	985,170	616,128	369,042
Menlo Park Mall	NJ	Edison (NYC)	Mall	100.0	%	1,307,233	587,591	719,642	(1)
Ocean County Mall	NJ	Toms River	Mall	100.0	%	902,709	626,638	276,071
Rockaway Townsquare	NJ	Rockaway (NYC)	Mall	100.0	%	1,247,470	786,626	460,844
Cottonwood Mall	NM	Albuquerque	Mall	100.0	%	1,041,189	631,556	409,633
Forum Shops at Caesars	NV	Las Vegas	Mall	60.0	%	483,366	—	483,366
Chautauqua Mall	NY	Lakewood	Mall	100.0	%	432,186	213,320	218,866
Eastern Hills Mall	NY	Williamsville	Mall	100.0	%	994,014	713,070	280,944
Jefferson Valley Mall	NY	Yorktown Heights	Mall	100.0	%	586,995	310,095	276,900
Nanuet Mall	NY	Nanuet (NYC)	Mall	100.0	%	916,014	583,711	332,303
Roosevelt Field	NY	Garden City (NYC)	Mall	100.0	%	2,177,843	1,430,425	747,418
Smith Haven Mall	NY	Lake Grove (NYC)	Mall	25.0	%	1,359,163	902,595	456,568
Source, The	NY	Westbury (NYC)	Mall	25.0	%	727,698	210,798	516,900
Walt Whitman Mall	NY	Huntington Station	Mall	98.3	%	1,017,903	742,214	275,689
Westchester, The	NY	White Plains (NYC)	Mall	40.0	%	824,588	349,393	475,195
Great Lakes Mall	OH	Mentor (Cleveland)	Mall	100.0	%	1,305,841	879,300	426,541
Lima Mall	OH	Lima	Mall	100.0	%	745,903	541,861	204,042
Richmond Town Square	OH	Richmond Heights (Cleveland)	Mall	100.0	%	1,016,642	685,251	331,391
Southern Park Mall	OH	Boardman	Mall	100.0	%	1,197,708	811,858	385,850
Summit Mall	OH	Akron	Mall	100.0	%	763,440	432,936	330,504
Upper Valley Mall	OH	Springfield	Mall	100.0	%	750,598	479,418	271,180
Woodville Mall	OH	Northwood (Toledo)	Mall	100.0	%	772,394	518,792	253,602
Eastland Mall	OK	Tulsa	Mall	100.0	%	699,335	435,843	263,492
Heritage Park Mall	OK	Midwest City	Mall	100.0	%	604,880	382,700	222,180
Penn Square Mall	OK	Oklahoma City	Mall	94.4	%	1,044,576	658,453	386,123
Woodland Hills Mall	OK	Tulsa	Mall	47.2	%	1,091,509	709,447	382,062
Century III Mall	PA	West Mifflin	Mall	100.0	%	1,283,945	725,360	558,585
Cheltenham Square	PA	Philadelphia	Mall	100.0	%	635,372	364,106	271,266
Granite Run Mall	PA	Media	Mall	50.0	%	1,047,438	500,809	546,629
Ross Park Mall	PA	Pittsburgh	Mall	100.0	%	1,234,101	827,015	407,086
South Hills Village	PA	Pittsburgh	Mall	100.0	%	1,113,156	655,987	457,169
Anderson Mall	SC	Anderson	Mall	100.0	%	622,210	404,394	217,816
Haywood Mall	SC	Greenville	Mall	100.0	%	1,244,493	913,633	330,860
Empire Mall	SD	Sioux Falls	Mall	50.0	%	1,047,883	497,341	550,542
Rushmore Mall	SD	Rapid City	Mall	50.0	%	835,408	470,660	364,748
Knoxville Center	TN	Knoxville	Mall	100.0	%	979,476	597,028	382,448
Oak Court Mall	TN	Memphis	Mall	100.0	%	853,194	535,000	318,194	(1)
Raleigh Springs Mall	TN	Memphis	Mall	100.0	%	918,013	691,230	226,783
West Town Mall	TN	Knoxville	Mall	50.0	%	1,327,764	878,311	449,453
Wolfchase Galleria	TN	Memphis	Mall	94.4	%	1,266,276	761,648	504,628

Barton Creek Square	TX	Austin	Mall	100.0	%	1,244,079	777,266	466,813
Broadway Square	TX	Tyler	Mall	100.0	%	618,267	427,730	190,537
Cielo Vista Mall	TX	El Paso	Mall	100.0	%	1,191,682	793,716	397,966
Highland Mall	TX	Austin	Mall	50.0	%	1,090,685	732,000	358,685
Houston Galleria	TX	Houston	Mall	31.5	%	1,755,997	859,066	896,931
Ingram Park Mall	TX	San Antonio	Mall	100.0	%	1,128,796	751,704	377,092
Irving Mall	TX	Irving	Mall	100.0	%	1,124,245	726,574	397,671
La Plaza Mall	TX	McAllen	Mall	100.0	%	1,215,105	788,896	426,209
Lakeline Mall	TX	Austin	Mall	100.0	%	1,100,388	745,179	355,209
Longview Mall	TX	Longview	Mall	100.0	%	613,849	402,843	211,006
Midland Park Mall	TX	Midland	Mall	100.0	%	618,995	339,113	279,882
North East Mall	TX	Hurst	Mall	100.0	%	1,705,645	1,348,279	357,366
Richardson Square Mall	TX	Richardson (Dallas)	Mall	100.0	%	755,258	471,436	283,822
Rolling Oaks Mall	TX	San Antonio	Mall	100.0	%	737,568	460,857	276,711
Sunland Park Mall	TX	El Paso	Mall	100.0	%	917,710	575,837	341,873
Valle Vista Mall	TX	Harlingen	Mall	100.0	%	657,084	389,781	267,303
Trolley Square	UT	Salt Lake City	Mall	90.0	%	221,982	—	221,982
Apple Blossom Mall	VA	Winchester	Mall	49.1	%	443,270	229,011	214,259
Charlottesville Fashion Sq.	VA	Charlottesville	Mall	100.0	%	572,285	381,153	191,132
Chesapeake Square	VA	Chesapeake	Mall	75.0	%	809,561	537,279	272,282
Valley Mall	VA	Harrisonburg	Mall	50.0	%	486,850	307,798	179,052
Virginia Center Commons	VA	Glen Allen	Mall	100.0	%	787,311	506,639	280,672
Columbia Center	WA	Kennewick	Mall	100.0	%	741,173	408,052	333,121
Northgate Mall	WA	Seattle	Mall	100.0	%	999,449	688,391	311,058
Tacoma Mall	WA	Tacoma	Mall	100.0	%	1,289,633	924,045	365,588
Bay Park Square	WI	Green Bay	Mall	100.0	%	652,024	447,508	204,516
Forest Mall	WI	Fond Du Lac	Mall	100.0	%	501,374	327,260	174,114
Memorial Mall(5)	WI	Sheboygan	Mall	100.0	%	344,114	228,888	115,226
*(173 properties)*
*Community Centers:*
Plaza at Buckland Hills	CT	Manchester	Comm Cnt	35.0	%	334,487	252,179	82,308
Gaitway Plaza	FL	Ocala	Comm Cnt	23.3	%	230,170	148,074	82,096
Grove @ Lakeland Square	FL	Lakeland	Comm Cnt	100.0	%	215,591	142,317	73,274
Highland Lakes Center	FL	Orlando	Comm Cnt	100.0	%	477,986	372,316	105,670
Indian River Commons	FL	Vero Beach	Comm Cnt	50.0	%	262,881	233,358	29,523
Royal Eagle Plaza	FL	Coral Springs	Comm Cnt	35.0	%	199,125	124,479	74,646
Terrace @ the Florida Mall	FL	Orlando	Comm Cnt	100.0	%	329,362	281,831	47,531
Waterford Lakes Town Center	FL	Orlando	Comm Cnt	100.0	%	818,071	501,244	316,827
West Town Corners	FL	Altamonte Springs	Comm Cnt	23.3	%	385,037	263,782	121,255
Westland Park Plaza	FL	Jacksonville	Comm Cnt	23.3	%	163,154	123,548	39,606
Mall of Georgia Crossing	GA	Mill Creek (Atlanta)	Comm Cnt	50.0	%	440,612	341,503	99,109

Bloomingdale Court	IL	Bloomingdale	Comm Cnt	100.0	%	604,763	425,886	178,877
Bridgeview Court	IL	Bridgeview	Comm Cnt	100.0	%	273,678	216,491	57,187
Countryside Plaza	IL	Countryside	Comm Cnt	100.0	%	435,608	290,216	145,392
Crystal Court	IL	Crystal Lake	Comm Cnt	35.0	%	278,971	201,993	76,978
Forest Plaza	IL	Rockford	Comm Cnt	100.0	%	429,250	325,170	104,080
Fox River Plaza	IL	Elgin	Comm Cnt	100.0	%	322,997	276,096	46,901
Lake Plaza	IL	Waukegan	Comm Cnt	100.0	%	215,462	170,789	44,673
Lake View Plaza	IL	Orland Park	Comm Cnt	100.0	%	371,480	270,628	100,852
Lincoln Crossing	IL	O'Fallon	Comm Cnt	100.0	%	161,337	134,935	26,402
Matteson Plaza	IL	Matteson	Comm Cnt	100.0	%	275,455	230,885	44,570
North Ridge Plaza	IL	Joliet	Comm Cnt	100.0	%	305,070	190,323	114,747
North Riverside Park Plaza	IL	North Riverside	Comm Cnt	100.0	%	119,608	58,587	61,021
White Oaks Plaza	IL	Springfield	Comm Cnt	100.0	%	391,417	275,703	115,714
Willow Knolls Court	IL	Peoria	Comm Cnt	35.0	%	382,377	309,440	72,937
Yards Plaza, The	IL	Chicago	Comm Cnt	35.0	%	272,452	228,813	43,639
Brightwood Plaza	IN	Indianapolis	Comm Cnt	100.0	%	38,493	—	38,493
Eastland Convenience Center	IN	Evansville	Comm Cnt	50.0	%	173,069	60,000	113,069
Greenwood Plus	IN	Greenwood	Comm Cnt	100.0	%	159,931	134,141	25,790
Griffith Park Plaza	IN	Griffith	Comm Cnt	100.0	%	274,230	175,595	98,635
Keystone Shoppes	IN	Indianapolis	Comm Cnt	100.0	%	29,140	—	29,140
Markland Plaza	IN	Kokomo	Comm Cnt	100.0	%	93,536	29,957	63,579
Mounds Mall Cinema(5)	IN	Anderson	Comm Cnt	100.0	%	7,500	7,500	—
Muncie Plaza	IN	Muncie	Comm Cnt	100.0	%	172,651	145,456	27,195
New Castle Plaza	IN	New Castle	Comm Cnt	100.0	%	91,648	24,912	66,736
Northwood Plaza	IN	Fort Wayne	Comm Cnt	100.0	%	173,397	99,028	74,369
Teal Plaza	IN	Lafayette	Comm Cnt	100.0	%	101,087	98,337	2,750
Tippecanoe Plaza	IN	Lafayette	Comm Cnt	100.0	%	94,598	85,811	8,787
University Center	IN	Mishawaka (South Bend)	Comm Cnt	60.0	%	150,548	104,359	46,189
Village Park Plaza	IN	Carmel	Comm Cnt	35.0	%	545,448	431,018	114,430
Wabash Village	IN	West Lafayette	Comm Cnt	100.0	%	124,536	109,388	15,148
Washington Plaza	IN	Indianapolis	Comm Cnt	100.0	%	50,107	21,500	28,607
West Ridge Plaza	KS	Topeka	Comm Cnt	100.0	%	237,755	182,161	55,594
Park Plaza	KY	Hopkinsville	Comm Cnt	100.0	%	115,024	82,398	32,626
St. Charles Towne Plaza	MD	Waldorf	Comm Cnt	100.0	%	404,988	291,782	113,206
Regency Plaza	MO	St. Charles	Comm Cnt	100.0	%	287,526	210,627	76,899
Ridgewood Court	MS	Jackson	Comm Cnt	35.0	%	240,662	185,939	54,723
Rockaway Convenience Ctr	NJ	Rockaway (NYC)	Comm Cnt	100.0	%	135,689	20,929	114,760
Cobblestone Court	NY	Victor	Comm Cnt	35.0	%	265,499	206,680	58,819
Boardman Plaza	OH	Youngstown	Comm Cnt	100.0	%	640,541	375,502	265,039
Great Lakes Plaza	OH	Mentor	Comm Cnt	100.0	%	164,104	142,229	21,875
Lima Center	OH	Lima	Comm Cnt	100.0	%	206,878	159,584	47,294
Northland Plaza	OH	Columbus	Comm Cnt	100.0	%	209,534	118,304	91,230
Eastland Plaza	OK	Tulsa	Comm Cnt	100.0	%	188,229	152,451	35,778
Great Northeast Plaza	PA	Philadelphia	Comm Cnt	50.0	%	298,125	240,525	57,600
Charles Towne Square	SC	Charleston	Comm Cnt	100.0	%	199,693	199,693	—
Empire East	SD	Sioux Falls	Comm Cnt	50.0	%	250,081	192,766	57,315
Knoxville Commons	TN	Knoxville	Comm Cnt	100.0	%	180,463	91,483	88,980

Arboretum, The	TX	Austin	Comm Cnt	100.0	%	211,082	35,773	175,309
Celina Plaza	TX	El Paso	Comm Cnt	100.0	%	32,622	23,927	8,695
Ingram Plaza	TX	San Antonio	Comm Cnt	100.0	%	111,518	—	111,518
Lakeline Plaza	TX	Austin	Comm Cnt	100.0	%	344,693	275,321	69,372
Mainland Crossing	TX	Texas City	Comm Cnt	80.0	%	390,987	306,158	84,829
Shops at North East Mall	TX	Hurst	Comm Cnt	100.0	%	364,357	265,382	98,975
Chesapeake Center	VA	Chesapeake	Comm Cnt	100.0	%	299,604	219,462	80,142
Fairfax Court	VA	Fairfax	Comm Cnt	26.3	%	249,297	168,683	80,614
Martinsville Plaza	VA	Martinsville	Comm Cnt	100.0	%	102,105	60,000	42,105
Memorial Plaza	WI	Sheboygan	Comm Cnt	100.0	%	131,499	103,974	27,525
*(68 properties)*
*Mixed-Used:*
New Orleans Centre	LA	New Orleans	Mixed	100.0	%	1,031,051	331,831	699,220	(1)
Copley Place	MA	Boston	Mixed	98.2	%	1,214,279	104,332	1,109,947	(1)
Fashion Centre at Pentagon	VA	Arlington	Mixed	50.0	%	991,570	472,729	518,841	(1)
*(3 properties)*
*Office:*
O'Hare International Center	IL	Rosemont	Office	100.0	%	495,579	—	495,579	(2)
Riverway	IL	Rosemont	Office	100.0	%	818,867	—	818,867	(3)
*(2 properties)*
Total Portfolio						184,541,587	113,982,094	70,559,493

(1): Office space included as follows:

Arsenal Mall—approx. 106,000 sq. ft.

Copley Place—approx. 847,000 sq. ft.

Fashion Centre at Pentagon—approx. 169,000 sq. ft.

Fashion Mall at Keystone—approx. 30,000 sq. ft.

Greendale Mall—approx. 120,000 sq. ft.

Menlo Park Mall—approx. 44,000 sq. ft.

New Orleans Centre—approx. 563,000 sq. ft.

Oak Court Mall—approx. 130,000 sq. ft.

River Oaks Mall—approx. 109,000 sq. ft.

(2): Includes approximately 13,000 sq. ft. of retail space.
(3): Includes approximately 24,000 sq. ft. of retail space.
(4): The SPG Operating Partnership is entitled to 50% of the economic benefit of this Property due to a partner preference.
(5): Asset was sold in January, 2003.
(6): The SPG Operating Partnership receives substantially all the economic benefit of this property due to a partner preference.

SIMON PROPERTY GROUP
Capital Expenditures
For the Twelve Months Ended December 31, 2002

(In millions)

					Unconsolidated Entities
		Consolidated Properties			Total			Simon Group's Share
New development projects		$	7.2		$	71.1(1	)	$	34.3(1	)
Redevelopment projects with incremental GLA and/or Anchor Replacement			95.0			96.6			36.5
Renovations with no incremental GLA			20.8			—			—
Tenant allowances			60.9			25.7			9.7
Operational capital expenditures at properties:
	CAM expenditures(2)		37.2			17.5			7.5
	Non-CAM expenditures		10.5			3.5			3.1
	Telecommunications cabling infrastructure		13.7			5.5			5.5

Totals		$	245.3		$	219.9		$	96.6

Plus (Less): Conversion from accrual to cash basis			(31.3	)		1.2

Capital expenditures(3)		$	214.0		$	221.1

(1): Does not include the Company's European initiatives (total cost of $131.6 million; the Company's share is $42.5 million)
(2): Expenditure included in the pool of expenses allocated to tenants as common area maintenance or CAM.
(3): Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties as this is not required by the SEC or GAAP; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

SIMON PROPERTY GROUP
Development Activity*
Project Overview, Construction-in-Progress and Land Held for Development
As of December 31, 2002

											Construction-in-Progress
													Unconsolidated Entities
Mall/ Location	Project Description	The Company's Ownership Percentage		Opening	Projected Cost(1) (in millions)		The Company's Share of Project Cost		Stabilized Rate of Return		Consolidated Properties		Total		The Company's Share
*New Development Projects:*
Chicago Premium Outlets Aurora, IL (Chicago)	438,000 sf premium outlet center	50	%	2^nd Quarter 2004	$	79	$	40	13	%		—	$	16.2	$	8.1
Las Vegas Premium Outlets Las Vegas, NV	435,000 sf premium outlet center	50	%	8/03	$	88	$	44	12	%		—	$	43.8	$	21.9
Rockaway Town Court Rockaway, NJ (New York)	89,000 sf community center featuring Linens "N Things, Borders Books and Michael's Arts & Crafts	100	%	9/03	$	17	$	17	11	%	$	3.8		—		—
Lakeline Village Austin, TX	42,000 sf community center featuring Ultimate Electronics	100	%	10/03	$	5	$	5	11	%	$	2.0		—		—
*Redevelopment Projects with Incremental GLA*
Barton Creek Square Austin, TX	Nordstrom replacing Montgomery Ward plus 40,000 sf of small shop GLA; mall renovation	100	%	8/03	$	28	$	28	10	%	$	13.9		—		—
Bay Park Square Green Bay, WI	Younkers replacing Montgomery Ward plus 67,000 sf of small shop GLA	100	%	10/03	$	19	$	19	11	%	$	11.9		—		—
Dadeland Mall Miami, FL	Expansion of Lord & Taylor (71,000 sf); remodel of Lord & Taylor, Saks Fifth Avenue and Burdines; mall renovation	50	%	11/02 (renov) 10/03 (expan)	$	30	$	15	8	%		—	$	27.5	$	13.8
The Galleria Houston, TX	Mall renovation; addition of Nordstrom (218,000 sf), Foley's (250,000 sf), small shops (228,000 sf) and two parking decks	31.5	%	12/02 (renov) 3/03 (expan)	$	144	$	45	10	%		—	$	93.3	$	28.9
Menlo Park Mall Edison, NJ (New York)	Addition of Barnes & Noble (32,000 sf), Benihana (outlot), and Cheesecake Factory (12,000 sf—opened 1/03)	100	%	6/03	$	10	$	10	13	%	$	9.1		—		—
SouthPark Charlotte, NC	Addition of Nordstrom (153,000 sf) and an additional anchor pad, Hecht's expansion (60,000 sf) and renovation, Belk's expansion (46,000 sf) and renovation, addition of small shops (50,000 sf), three new parking decks and Cheesecake Factory and Maggiano's	100	%	Spring 2004	$	90	$	90	10	%	$	47.2		—		—

SIMON PROPERTY GROUP
Development Activity*
Project Overview, Construction-in-Progress and Land Held for Development
As of December 31, 2002

											Construction-in-Progress
													Unconsolidated Entities
Mall/ Location	Project Description	The Company's Ownership Percentage		Opening	Projected Cost(1) (in millions)		The Company's Share of Project Cost		Stabilized Rate of Return		Consolidated Properties		Total		The Company's Share
*Other*
Lincolnwood Town Center Lincolnwood, IL (Chicago)	Kohl's replacing JCPenney	100	%	8/03
Penn Square Mall Oklahoma City, OK	Small shops in former Dillard's building	100	%	4/03
Rockaway Convenience Center Rockaway, NJ (New York)	Demolition of AMC Theater and creation of a new pad for Best Buy (1/03); renovation	100	%	12/03
Southern Hills Mall Sioux City, IA	Addition of Scheel's Sporting Goods	50	%	4/03
Village Park Plaza Carmel, IN (Indianapolis)	Demolition of existing shops and addition of Bed Bath & Beyond (25,000 sf)	35	%	6/03
Walt Whitman Mall Huntington Station, NY (New York)	Addition of Organized Living and Bennigan's in former theater space	98	%	10/03
	Subtotal Other				$	26	$	23	11	%	$	11.9	$	6.1	$	2.5
Total Construction in Progress(2)											$	99.8	$	186.9	$	75.2
Land Held for Development											$	28.5	$	25.1	$	12.6

*: Cost and return are based upon current budget assumptions. Actual results may vary.
(1): Total Projected Cost reflects net development costs. Total Projected Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.
(2): Does not include the Company's European initiatives (unconsolidated total of $93.3 million; the Company's share of $28.9 million)
(4): 1998 and 1999 redevelopment costs were transferred from Construction-in-Progress to the fixed asset accounts in prior periods (Total = $83 million; SPG's Share = $41.5 million)

SIMON PROPERTY GROUP
The Company's Share of Total Debt Amortization and Maturities by Year
As of December 31, 2002
(In thousands)

Year	The Company's Share of Secured Consolidated Debt		The Company's Share of Unsecured Consolidated Debt			The Company's Share of Unconsolidated Joint Venture Debt		The Company's Share of Total Debt
2003		305,374		634,078			162,401		1,101,853
2004		625,890		915,000			224,631		1,765,521
2005		236,206		660,000			358,054		1,254,260
2006		296,952		858,000			348,899		1,503,851
2007		517,937		930,000			164,687		1,612,624
2008		103,786		350,000			300,871		754,657
2009		408,063		450,000			85,437		943,500
2010		192,037		0			255,861		447,898
2011		372,728		200,000			180,194		752,922
2012		345,466		350,000			194,353		889,819
Thereafter		94,126		525,000			0		619,126

Subtotal Face Amounts	$	3,498,565	$	5,872,078		$	2,275,388	$	11,646,031

Premiums and Discounts on Indebtedness, Net		28,758		(3,910	)		4,221		29,069

The Company's Share of Total Indebtedness	$	3,527,323	$	5,868,168		$	2,279,609	$	11,675,100

SIMON PROPERTY GROUP
Summary of Indebtedness
As of December 31, 2002
(In thousands)

			Total Indebtedness	The Company's Share of Indebtedness	Weighted Avg. Interest Rate		Weighted Average Years to Maturity
Consolidated Indebtedness
	Mortgage Debt
		Fixed Rate(1)	2,880,763	2,746,567	7.27	%	6.6
		Other Hedged Debt(2)	157,000	145,250	2.92	%	3.7
		Floating Rate Debt	610,467	606,748	2.69	%	1.7

	Total Mortgage Debt		3,648,230	3,498,565	6.30	%	5.6
	Unsecured Debt
		Fixed Rate	5,318,200	5,318,200	6.90	%	4.9
		Floating Rate Debt	245,878	245,878	2.25	%	1.1

	Subtotal		5,564,078	5,564,078	6.70	%	4.7
		Revolving Corporate Credit Facility	168,073	168,073	2.03	%	3.3
		Revolving Corporate Credit Facility (Hedged)(2)	139,927	139,927	2.03	%	3.3

	Subtotal		308,000	308,000	2.03	%	3.3
	Total Unsecured Debt		5,872,078	5,872,078	6.45	%	4.7
	Net Discount—Fixed Rate		17,159	16,234	N/A		N/A
	Fair Value Interest Rate Swaps		8,614	8,614	N/A		N/A

Consolidated Mortgages and Other Indebtedness(3)			9,546,081	9,395,491	6.39	%	5.0

Joint Venture Indebtedness
	Mortgage Debt
		Fixed Rate	4,075,329	1,810,442	7.29	%	5.6
		Other Hedged Debt(2)	897,531	343,152	2.33	%	1.9
		Floating Rate Debt	325,202	121,794	3.89	%	3.0

	Total Mortgage Debt		5,298,062	2,275,388	6.36	%	4.9
	Net Premium—Fixed Rate		8,403	4,221	N/A		N/A

Joint Venture Mortgages and Other Indebtedness			5,306,465	2,279,609	6.36	%	4.9

The Company's Share of Total Indebtedness				11,675,100	6.38	%	5.0

(1): Includes $162,312 of variable rate debt, of which $126,282 is SPG's share, that is effectively fixed to maturity through the use of interest rate hedges.
(2): These debt obligations are hedged by interest rate cap agreements.
(3): The Company holds $400.0 million of notional amount fixed rate swap agreements that have a weighted average pay rate of 1.55% and a weighted average receive rate of 1.43% at December 31, 2002 which mature in June and December 2003. The Company also holds $675.0 million of notional amount variable rate swap agreements that have a weighted average pay rate of 1.43% and a weighted average receive rate of 3.33% at December 31, 2002 which mature in June 2003 and February of 2004.

SIMON PROPERTY GROUP

Summary of Indebtedness By Maturity

As of December 31, 2002

(In thousands)

Property Name				Maturity Date	Interest Rate		Total Indebtedness	The Company's Share of Indebtedness	Weighted Avg Interest Rate by Year
Consolidated Indebtedness
*Fixed Rate Mortgage Debt:*
	Battlefield Mall—1			12/31/03	7.50	%	43,597	43,597
	Battlefield Mall—2			12/31/03	6.81	%	42,944	42,944

		Subtotal 2003					86,541	86,541	7.16	%
	Forum Phase I—Class A-2			05/15/04	6.19	%	44,386	26,632
	Forum Phase II—Class A-2			05/15/04	6.19	%	40,614	22,338
	Forum Phase I—Class A-1			05/15/04	7.13	%	46,996	28,198
	Forum Phase II—Class A-1			05/15/04	7.13	%	43,004	23,652
	CMBS Loan—Fixed (encumbers 7 Properties)		(5)	12/15/04	7.31	%	173,693	173,693
	CMBS Loan—Variable (encumbers 7 Properties)		(4),(5)	12/15/04	6.20	%	49,112	49,112

		Subtotal 2004					397,805	323,625	6.94	%
	Tippecanoe Mall—1			01/01/05	8.45	%	42,752	42,752
	Tippecanoe Mall—2			01/01/05	6.81	%	15,269	15,269
	Melbourne Square			02/01/05	7.42	%	37,228	37,228
	Cielo Vista Mall—2			11/01/05	8.13	%	975	975

		Subtotal 2005					96,224	96,224	7.79	%
	Treasure Coast Square—1			01/01/06	7.42	%	50,254	50,254
	Treasure Coast Square—2			01/01/06	8.06	%	11,736	11,736
	Gulf View Square			10/01/06	8.25	%	35,050	35,050
	Paddock Mall			10/01/06	8.25	%	27,876	27,876

		Subtotal 2006					124,916	124,916	7.90	%
	Cielo Vista Mall—1		(3)	05/01/07	9.38	%	52,026	52,026
	Cielo Vista Mall—3		(3)	05/01/07	6.76	%	37,157	37,157
	Lakeline Mall			05/01/07	7.65	%	69,563	69,563
	McCain Mall—1		(3)	05/01/07	9.38	%	24,293	24,293
	McCain Mall—2		(3)	05/01/07	6.76	%	17,151	17,151
	Valle Vista Mall—1		(3)	05/01/07	9.38	%	32,175	32,175
	Valle Vista Mall—2		(3)	05/01/07	6.81	%	7,626	7,626
	Wolfchase Galleria			06/30/07	7.80	%	75,496	71,341
	Copley Place			08/01/07	7.44	%	183,537	180,136
	University Park Mall			10/01/07	7.43	%	59,365	35,619

		Subtotal 2007					558,389	527,087	7.83	%

	Arsenal Mall—1			09/28/08	6.75	%	33,428	33,428

		Subtotal 2008					33,428	33,428	6.75	%
	College Mall—1		(2)	01/01/09	7.00	%	38,282	38,282
	College Mall—2		(2)	01/01/09	6.76	%	11,447	11,447
	Greenwood Park Mall—1		(2)	01/01/09	7.00	%	32,063	32,063
	Greenwood Park Mall—2		(2)	01/01/09	6.76	%	59,143	59,143
	Towne East Square—1		(2)	01/01/09	7.00	%	50,612	50,612
	Towne East Square—2		(2)	01/01/09	6.81	%	23,857	23,857
	Penn Square Mall			03/01/09	7.03	%	72,208	68,234

Bloomingdale Court		(10)	10/01/09	7.78	%	29,026	29,026
Forest Plaza		(10)	10/01/09	7.78	%	15,920	15,920
Lake View Plaza		(10)	10/01/09	7.78	%	21,163	21,163
Lakeline Plaza		(10)	10/01/09	7.78	%	23,202	23,202
Lincoln Crossing		(10)	10/01/09	7.78	%	3,204	3,204
Matteson Plaza		(10)	10/01/09	7.78	%	9,319	9,319
Muncie Plaza		(10)	10/01/09	7.78	%	8,057	8,057
Regency Plaza		(10)	10/01/09	7.78	%	4,368	4,368
St. Charles Towne Plaza		(10)	10/01/09	7.78	%	27,958	27,958
West Ridge Plaza		(10)	10/01/09	7.78	%	5,631	5,631
White Oaks Plaza		(10)	10/01/09	7.78	%	17,183	17,183

	Subtotal 2009					452,643	448,669	7.24	%
Trolley Square			08/01/10	9.03	%	29,336	26,402
Coral Square			10/01/10	8.00	%	89,855	87,357
Crystal River			11/11/10	7.63	%	16,018	16,018
Biltmore Square			12/11/10	7.95	%	26,000	17,342
Port Charlotte Town Center			12/11/10	7.98	%	53,250	42,600

	Subtotal 2010					214,459	189,719	8.10	%
Ingram Park Mall		(9)	08/11/11	6.99	%	83,273	83,273
Knoxville Center		(9)	08/11/11	6.99	%	63,059	63,059
Northlake Mall		(9)	08/11/11	6.99	%	72,746	72,746
Towne West Square		(9)	08/11/11	6.99	%	54,509	54,509
Tacoma Mall			09/28/11	7.00	%	133,391	133,391

	Subtotal 2011					406,978	406,978	6.99	%
Longview Mall		(7)	10/10/12	6.20	%	33,441	33,441
Century III Mall		(7)	10/10/12	6.20	%	88,844	88,844
Highland Lakes Center		(7)	10/10/12	6.20	%	16,471	16,471
Forest Mall		(8)	10/10/12	6.20	%	17,869	17,869
Markland Mall		(8)	10/10/12	6.20	%	23,659	23,659
Midland Park Mall		(8)	10/10/12	6.20	%	34,540	34,540
Richmond Towne Square		(8)	10/10/12	6.20	%	48,515	48,515
Anderson Mall			10/10/12	6.20	%	30,097	30,097
Crossroads Mall			10/10/12	6.20	%	44,622	44,622
Palm Beach Mall			10/10/12	6.20	%	55,253	55,253

	Subtotal 2012					393,311	393,311	6.20	%
Chesapeake Center		(11)	05/15/15	8.44	%	6,563	6,563
Grove at Lakeland Square, The		(11)	05/15/15	8.44	%	3,750	3,750
Terrace at Florida Mall, The		(11)	05/15/15	8.44	%	4,688	4,688

	Subtotal 2015					15,001	15,001	8.44	%
Arsenal Mall—2			05/05/16	8.20	%	1,929	1,929

	Subtotal 2016					1,929	1,929	8.20	%
Sunland Park Mall			01/01/26	8.63	%	37,766	37,766

	Subtotal 2026					37,766	37,766	8.63	%

	Keystone at the Crossing			07/01/27	7.85	%	61,373	61,373

		Subtotal 2027					61,373	61,373	7.85	%

	Total Consolidated Fixed Rate Mortgage Debt						2,880,763	2,746,567	7.27	%

*Variable Rate Mortgage Debt:*
	Shops @ Mission Viejo			09/14/03	2.43	%	151,299	151,299
	Arboretum			12/01/03	2.88	%	34,000	34,000

		Subtotal 2003					185,299	185,299	2.51	%
	Jefferson Valley Mall			01/11/04	2.63	%	60,000	60,000
	North East Mall		(1)	05/21/04	2.76	%	140,000	140,000
	Waterford Lakes		(1)	08/16/04	2.78	%	68,000	68,000

		Subtotal 2004					268,000	268,000	2.73	%
	Brunswick Square		(1)	06/12/05	2.88	%	45,000	45,000
	Raleigh Springs Mall			12/09/05	3.80	%	11,000	11,000
	Bowie Mall		(1)	12/14/05	2.88	%	52,605	52,605

		Subtotal 2005					108,605	108,605	2.97	%
	Chesapeake Square		(1)	07/01/06	4.13	%	47,000	35,250
	Riverway		(1)	10/01/06	2.53	%	110,000	110,000

		Subtotal 2006					157,000	145,250	2.92	%
	White Oaks Mall		(1)	02/25/08	2.48	%	48,563	44,844

		Subtotal 2008					48,563	44,844	2.48	%
	Total Variable Rate Mortgage Debt						767,467	751,998	2.73	%

	Total Consolidated Mortgage Debt						3,648,230	3,498,565	6.30	%

*Fixed Rate Unsecured Debt:*
	Retail Property Trust (Bonds)			04/01/03	7.05	%	100,000	100,000
	Simon Property Group, LP (Bonds)			06/15/03	6.63	%	375,000	375,000
	Simon ERE Facility			07/31/03	7.75	%	28,200	28,200
	Simon Property Group, LP (PATS)			11/15/03	6.75	%	100,000	100,000

		Subtotal 2003					603,200	603,200	6.77	%
	Shopping Center Associates (Bonds)			01/15/04	6.75	%	150,000	150,000
	Simon Property Group, LP (Bonds)			02/09/04	6.75	%	300,000	300,000
	Simon Property Group, LP (Bonds)			07/15/04	6.75	%	100,000	100,000
	Retail Property Trust (Bonds)			08/15/04	7.75	%	150,000	150,000

		Subtotal 2004					700,000	700,000	6.96	%
	Shopping Center Associates (Bonds)			05/15/05	7.63	%	110,000	110,000
	Simon Property Group, LP (Bonds)			06/15/05	6.75	%	300,000	300,000
	Simon Property Group, LP (Medium Term Notes)			06/24/05	7.13	%	100,000	100,000
	Simon Property Group, LP (Bonds)			10/27/05	6.88	%	150,000	150,000

		Subtotal 2005					660,000	660,000	6.98	%

	Simon Property Group, LP (Bonds)			01/20/06	7.38	%	300,000	300,000
	Simon Property Group, LP (Bonds)			11/15/06	6.88	%	250,000	250,000

		Subtotal 2006					550,000	550,000	7.15	%
	Simon Property Group, LP (Medium Term Notes)			09/20/07	7.13	%	180,000	180,000
	Simon Property Group, LP (Bonds)			11/15/07	6.38	%	750,000	750,000

		Subtotal 2007					930,000	930,000	6.52	%
	Simon Property Group, LP (MOPPRS)			06/15/08	7.00	%	200,000	200,000
	Simon Property Group, LP (Bonds)			08/28/08	5.38	%	150,000	150,000

		Subtotal 2008					350,000	350,000	6.30	%
	Simon Property Group, LP (Bonds)			02/09/09	7.13	%	300,000	300,000
	Simon Property Group, LP (Bonds)			07/15/09	7.00	%	150,000	150,000

		Subtotal 2009					450,000	450,000	7.08	%
	Simon Property Group, LP (Bonds)			01/20/11	7.75	%	200,000	200,000

		Subtotal 2011					200,000	200,000	7.75	%
	Simon Property Group, LP (Bonds)			08/28/12	6.35	%	350,000	350,000

		Subtotal 2012					350,000	350,000	6.35	%
	Retail Property Trust (Bonds)			09/01/13	7.18	%	75,000	75,000

		Subtotal 2013					75,000	75,000	7.18	%
	Retail Property Trust (Bonds)			03/15/16	7.88	%	250,000	250,000

		Subtotal 2016					250,000	250,000	7.88	%
	Simon Property Group, LP (Bonds)			06/15/18	7.38	%	200,000	200,000

		Subtotal 2018					200,000	200,000	7.38	%

Total Unsecured Fixed Rate Debt							5,318,200	5,318,200	6.90	%

*Variable Rate Unsecured Debt:*
	Simon ERE Facility			07/31/03	3.50	%	30,878	30,878

		Subtotal 2003					30,878	30,878	3.50	%
	Simon Property Group, LP (Term Loan)		(1)	02/28/04	2.03	%	150,000	150,000
	Simon Property Group, LP (Term Loan)		(1)	03/15/04	2.18	%	65,000	65,000

		Subtotal 2004					215,000	215,000	2.08	%
	Corporate Revolving Credit Facility		(1)	04/16/06	2.03	%	308,000	308,000

		Subtotal 2006					308,000	308,000	2.03	%

	Total Unsecured Variable Rate Debt						553,878	553,878	2.13	%

		Total Unsecured Debt					5,872,078	5,872,078	6.45	%

	Net Discount on Fixed-Rate Indebtedness						17,159	16,234	N/A
	Fair Value Interest Rate Swaps						8,614	8,614	N/A

	Total Consolidated Debt						9,546,081	9,395,491	6.39	%

Joint Venture Indebtedness
*Fixed Rate Mortgage Debt:*
	Avenues, The			05/15/03	8.36	%	54,254	13,564
	Miami International Mall			12/21/03	6.91	%	43,976	21,010

		Subtotal 2003					98,230	34,574	7.48	%
	Solomon Pond			02/01/04	7.83	%	92,788	45,594
	Northshore Mall			05/14/04	9.05	%	161,000	79,111
	Indian River Commons			11/01/04	7.58	%	8,226	4,113
	Indian River Mall			11/01/04	7.58	%	45,643	22,822

		Subtotal 2004					307,657	151,640	8.42	%
	Westchester, The—1			09/01/05	8.74	%	146,458	58,583
	Westchester, The—2			09/01/05	7.20	%	51,865	20,746
	Houston Galleria—1			12/01/05	7.93	%	219,688	69,169

		Subtotal 2005					418,011	148,498	8.15	%
	Cobblestone Court			01/01/06	7.64	%	6,179	2,163
	Crystal Court			01/01/06	7.64	%	4,045	1,416
	Fairfax Court			01/01/06	7.64	%	10,319	2,709
	Gaitway Plaza			01/01/06	7.64	%	7,349	1,715
	Plaza at Buckland Hills, The			01/01/06	7.64	%	17,679	6,055
	Ridgewood Court			01/01/06	7.64	%	7,979	2,793
	Royal Eagle Plaza			01/01/06	7.64	%	7,920	2,772
	Village Park Plaza			01/01/06	7.64	%	8,483	2,969
	West Town Corners			01/01/06	7.64	%	10,329	2,411
	Westland Park Plaza			01/01/06	7.64	%	4,950	1,155
	Willow Knolls Court			01/01/06	7.64	%	6,489	2,271
	Yards Plaza, The			01/01/06	7.64	%	8,270	2,895
	CMBS Loan—1 Fixed (encumbers 13 Properties)		(6)	05/15/06	7.41	%	300,000	150,000
	CMBS Loan—2 Fixed (encumbers 13 Properties)		(6)	05/15/06	8.13	%	57,100	28,550
	Great Northeast Plaza			06/01/06	9.04	%	16,970	8,485
	Smith Haven Mall			06/01/06	7.86	%	115,000	28,750
	Mall of Georgia Crossing			06/09/06	7.25	%	33,771	16,886
	Greendale Mall			12/10/06	8.23	%	41,079	20,185

		Subtotal 2006					663,911	284,180	7.65	%
	River Ridge Mall			01/01/07	8.05	%	22,952	2,632
	Town Center at Cobb—1			04/01/07	7.54	%	48,389	24,195
	Town Center at Cobb—2			04/01/07	7.25	%	63,570	31,785

	Gwinnett Place—1			04/01/07	7.54	%	37,980	18,990
	Gwinnett Place—2			04/01/07	7.25	%	83,531	41,766
	Mall at Rockingham			09/01/07	7.88	%	97,960	24,068

		Subtotal 2007					354,382	143,436	7.46	%
	Metrocenter			02/28/08	8.45	%	29,350	14,675
	Aventura Mall—A			04/06/08	6.55	%	141,000	47,000
	Aventura Mall—B			04/06/08	6.60	%	25,400	8,467
	Aventura Mall—C			04/06/08	6.89	%	33,600	11,200
	West Town Mall			05/01/08	6.90	%	76,000	38,000
	Mall of New Hampshire—1			10/01/08	6.96	%	101,614	49,931
	Mall of New Hampshire—2			10/01/08	8.53	%	8,305	4,081
	Fashion Valley Mall—1			10/11/08	6.49	%	168,477	84,239
	Fashion Valley Mall—2			10/11/08	6.58	%	29,124	14,562
	Source, The			03/11/09	6.65	%	124,000	31,000

		Subtotal 2008					736,870	303,155	6.79	%
	Woodland Hills Mall			01/01/09	7.00	%	86,338	40,793
	Apple Blossom Mall			09/10/09	7.99	%	39,952	19,631
	Auburn Mall			09/10/09	7.99	%	46,772	22,983

		Subtotal 2009					173,062	83,407	7.51	%
	Mall at Chestnut Hill			02/01/10	8.45	%	14,843	7,009
	Mall of Georgia			07/01/10	7.09	%	200,000	100,000
	Florida Mall, The			12/10/10	7.55	%	265,480	132,740

		Subtotal 2010					480,323	239,749	7.38	%
	Atrium at Chestnut Hill			03/11/11	6.89	%	48,333	23,750
	Cape Cod Mall			03/11/11	6.80	%	98,302	48,303
	Highland Mall			07/10/11	6.83	%	70,107	35,054
	European Retail Enterprises—Fixed Components			08/27/11	6.52	%	62,906	20,300
	Fashion Centre Pentagon Retail			09/11/11	6.63	%	164,895	70,080

		Subtotal 2011					444,543	197,487	6.73	%
	Dadeland Mall			02/11/12	6.75	%	198,346	99,173
	Square One			03/11/12	6.73	%	94,335	46,354
	Crystal Mall			09/11/12	5.62	%	105,659	78,789

		Subtotal 2012					398,340	224,316	6.35	%

		Total Joint Venture Fixed Rate Mortgage Debt					4,075,329	1,810,442	7.29	%

*Variable Rate Mortgage Debt:*
	CMBS Loan—1 Floating (encumbers 13 Properties)		(6)	05/15/03	1.88	%	184,500	92,250
	Liberty Tree Mall			10/01/03	2.88	%	45,221	22,220

		Subtotal 2003					229,721	114,470	2.07	%
	Circle Centre Mall—1		(1)	01/31/04	1.82	%	60,000	8,802
	Circle Centre Mall—2		(1)	01/31/04	2.88	%	7,500	1,100

Fashion Centre Pentagon Office		(1)	09/10/04	2.88	%	33,000	14,025
Shops at Sunset Place, The		(1)	10/15/04	4.38	%	96,754	36,283

	Subtotal 2004					197,254	60,210	3.63	%
Mall of America		(1)	03/10/05	1.91	%	312,000	85,800
Emerald Square Mall—1		(1)	04/01/05	2.68	%	129,400	63,584
Emerald Square Mall—2		(1)	04/01/05	4.43	%	15,600	7,665
Northfield Square		(1)	04/30/05	3.88	%	37,000	11,692
Seminole Towne Center		(1)	07/01/05	3.88	%	70,131	31,559

	Subtotal 2005					564,131	200,300	2.68	%
CMBS Loan—2 Floating (encumbers 13 Properties)		(6)	05/15/06	1.75	%	81,400	40,700
Montreal Forum		(1)	08/08/06	4.78	%	35,526	12,656

	Subtotal 2006					116,926	53,356	2.47	%
Houston Galleria—2		(1)	06/25/07	3.13	%	51,351	16,168

	Subtotal 2007					51,351	16,168	3.13	%
European Retail Enterprises—Variable Components			03/11/10	4.83	%	63,350	20,442

	Subtotal 2010					63,350	20,442	4.83	%

	Total Joint Venture Variable Rate Mortgage Debt					1,222,733	464,946	2.74	%

Net Premium on JV Fixed-Rate Indebtedness						8,403	4,221

*Total Joint Venture Debt*						5,306,465	2,279,609	6.36	%

*The Company's Share of Total Indebtedness*							11,675,100	6.38	%

Footnotes:

(1): Includes applicable extensions available at Simon Group's option.
(2): This Pool is secured by cross-collateralized and cross-defaulted mortgages encumbering these three Properties.
(3): This Pool is secured by cross-collateralized and cross-defaulted mortgages encumbering these three Properties.
(4): Through an interest rate protection agreement, effectively fixed at an all-in rate of 6.19%.
(5): These notes are secured by cross-collateralized and cross-defaulted mortgages encumbering seven of the Properties (West Ridge Mall, Bay Park Mall, Boardman Plaza, Cheltenham Square, DeSoto Square, Upper Valley Mall and Washington Square).
(6): These Commercial Mortgage Notes are secured by cross-collateralized mortgages encumbering thirteen of the Properties (Eastland Mall, Southern Hills Mall, Lindale Mall, Southridge Mall, Granite Run Mall, Lake Square Mall, Northpark Mall, Southpark Mall, Valley Mall, Mesa Mall, Empire Mall, Empire East Mall and Rushmore Mall). A weighted average rate is used.
(7): These three Properties are secured by cross-collateralized and cross-defaulted mortgages.
(8): These four Properties are secured by cross-collateralized and cross-defaulted mortgages.
(9): These four Properties are secured by cross-collateralized and cross-defaulted mortgages.
(10): These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.
(11): These three Properties are secured by cross-collateralized and cross-defaulted mortgages.

SIMON PROPERTY GROUP
Unencumbered Assets
As of December 31, 2002

Property Name	City	State
*Regional Malls:*
University Mall	Little Rock	AR
Southgate Mall	Yuma	AZ
Brea Mall	Brea	CA
Laguna Hills Mall	Laguna Hills	CA
Santa Rosa Plaza	Santa Rosa	CA
Westminster Mall	Westminster	CA
Aurora Mall	Aurora	CO
Boynton Beach Mall	Boynton Beach	FL
Cordova Mall	Pensacola	FL
Edison Mall	Fort Meyers	FL
Orange Park Mall	Orange Park	FL
Town Center at Boca Raton	Boca Raton	FL
Tyrone Square	St. Petersburg	FL
University Mall	Pensacola	FL
Lenox Square	Atlanta	GA
Phipps Plaza	Atlanta	GA
Alton Square	Alton	IL
Lincolnwood Town Center	Lincolnwood	IL
Northwoods Shopping Center	Peoria	IL
Orland Square	Orland Park	IL
River Oaks Center	Calumet City	IL
Castleton Square Mall	Indianapolis	IN
Lafayette Square	Indianapolis	IN
Mounds Mall	Anderson	IN
Muncie Mall	Muncie	IN
Richmond Square	Richmond	IN
Hutchinson Mall	Hutchinson	KS
Prien Lake Mall	Lake Charles	LA
South Park Mall	Shreveport	LA
Burlington Mall	Burlington	MA
South Shore Plaza	Braintree (Boston)	MA
Forest Village Park Mall	Forestville (Washington, D.C.)	MD
St. Charles Towne Center	Waldorf	MD
Maplewood Mall	Minneapolis	MN
Miller Hill Mall	Duluth	MN
Independence Center	Independence	MO
SouthPark Mall	Charlotte	NC

Pheasant Lane	Nashua	NH
Bergen Mall	Paramus (NYC)	NJ
Livingston Mall	Livingston (NYC)	NJ
Menlo Park Mall	Edison (NYC)	NJ
Ocean County Mall	Toms River	NJ
Rockaway Townsquare	Rockaway (NYC)	NJ
Cottonwood Mall	Albuquerque	NM
Chautauqua Mall	Lakewood	NY
Eastern Hills Mall	Williamsville	NY
Nanuet Mall	Nanuet (NYC)	NY
Roosevelt Field	Garden City (NYC)	NY
Walt Whitman Mall	Huntington Station	NY
Great Lakes Mall	Mentor	OH
Lima Mall	Lima	OH
Southern Park Mall	Boardman	OH
Summit Mall	Akron	OH
Woodville Mall	Northwood	OH
Eastland Mall	Tulsa	OK
Heritage Park Mall	Midwest City	OK
Ross Park Mall	Pittsburgh	PA
South Hills Village	Pittsburgh	PA
Haywood Mall	Greenville	SC
Oak Court Mall	Memphis	TN
Barton Creek Square	Austin	TX
Broadway Square	Tyler	TX
Irving Mall	Irving	TX
La Plaza Mall	McAllen	TX
Richardson Square Mall	Richardson	TX
Rolling Oaks Mall	San Antonio	TX
Charlottesville Fashion Square	Charlottesville	VA
Virginia Center Commons	Glen Allen	VA
Columbia Center	Kennewick	WA
Northgate Mall	Seattle	WA
Memorial Mall	Sheboygan	WI
*Community Centers:*
Bridgeview Court	Bridgeview	IL
Countryside Plaza	Countryside	IL
Fox River Plaza	Elgin	IL
Lake Plaza	Waukegan	IL
North Ridge Plaza	Joliet	IL
North Riverside Park Plaza	North Riverside	IL
Brightwood Plaza	Indianapolis	IN

Greenwood Plus	Greenwood	IN
Griffith Park Plaza	Griffith	IN
Markland Plaza	Kokomo	IN
Mounds Mall Cinema	Anderson	IN
New Castle Plaza	New Castle	IN
Northwood Plaza	Fort Wayne	IN
Teal Plaza	Lafayette	IN
Tippecanoe Plaza	Lafayette	IN
University Center	Mishawaka	IN
Wabash Village	West Lafayette	IN
Washington Plaza	Indianapolis	IN
Park Plaza	Hopkinsville	KY
Rockaway Convenience Center	Rockaway (NYC)	NJ
Great Lakes Plaza	Mentor	OH
Lima Center	Lima	OH
Northland Plaza	Columbus	OH
Eastland Plaza	Tulsa	OK
Charles Towne Square	Charleston	SC
Knoxville Commons	Knoxville	TN
Celina Plaza	El Paso	TX
Ingram Plaza	San Antonio	TX
Mainland Crossing	Texas City	TX
Martinsville Plaza	Martinsville	VA
Memorial Plaza	Sheboygan	WI
*Mixed-Used:*
New Orleans Centre	New Orleans	LA
*Office:*
O'Hare International Center	Rosemont	IL

SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of December 31, 2002
($ in 000's)

Issuer	Description	Number of Shares/Units	Per Share Liquidation Preference		Aggregate Liquidation Preference		Ticker Symbol
Preferred Shares:
Convertible
Simon Property Group, Inc.	Series B Preferred 6.5% Convertible(1)	4,830,057	$	100	$	483,006	SPGPrB
Perpetual
Simon Property Group, Inc.	Series E Preferred 8% Cumulative Redeemable(2)	1,000,000	$	25	$	25,000	N/A
Simon Property Group, Inc.	Series F Preferred 8³/4% Perpetual(3)	8,000,000	$	25	$	200,000	SPGPrF
Simon Property Group, Inc.	Series G Preferred 7.89% Perpetual(4)	3,000,000	$	50	$	150,000	SPGPrG
Preferred Units:
Simon Property Group, L.P.	Series C 7% Cumulative Convertible Preferred(5)	2,600,895	$	28	$	72,825	N/A
Simon Property Group, L.P.	Series D 8% Cumulative Redeemable Preferred(6)	2,600,895	$	30	$	78,027	N/A

(1): Each share is convertible into a number of shares of common stock of the Company obtained by dividing $100 by $38.669 (the conversion price), which is subject to adjustment as outlined below. The Company may redeem the stock on or after September 24, 2003 at a price beginning at 105% of the liquidation preference plus accrued dividends and declining to 100% of the liquidation preference plus accrued dividends any time on or after September 24, 2008. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2002, was $93.00 per share. (The conversion price of the Series B Convertible Preferred Stock is subject to adjustment by the Company in connection with certain events.)
(2): The shares are not redeemable prior to August 27, 2004.
(3): The shares are redeemable on or after September 29, 2006. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2002, was $26.77 per share.
(4): The Cumulative Step-Up Premium Rate Preferred Stock was issued at 7.89%. The shares are redeemable after September 30, 2007. Beginning October 1, 2012, the rate increases to 9.89%. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2002 was $50.40 per share.
(5): Each unit/share is convertible into 0.75676 shares of common stock on or after August 27, 2004 if certain conditions are met. Each unit/share is not redeemable prior to August 27, 2009.
(6): Each unit/share is not redeemable prior to August 27, 2009.

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Exhibit 99.1

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Exhibit 99.2

CONTACTS:
Shelly Doran	317.685.7330	Investors
Les Morris	317.263.7711	Media

FOR IMMEDIATE RELEASE

SIMON PROPERTY GROUP ANNOUNCES 8% INCREASE IN
2002 FFO PER SHARE AND DECLARES
9.1% INCREASE IN COMMON STOCK DIVIDEND

Indianapolis, Indiana—February 6, 2003...Simon Property Group, Inc. (the "Company") (NYSE:SPG) today announced results for the quarter and twelve months ended December 31, 2002.

•: Diluted funds from operations for the quarter increased 11% to $232.9 million from $209.9 million in 2001. On a per share basis, the increase was 4.5% to $1.17 per share from $1.12 per share in 2001.
•: Net income available to common shareholders increased 119% for the quarter to $96.3 million from $43.9 million in 2001. Diluted earnings per share increased 108% to $0.52 per share from $0.25 in 2001.
•: Diluted funds from operations for the twelve months increased 12% to $734.7 million from $657.1 million in 2001. On a per share basis, the increase was 8.0% to $3.79 per share from $3.51 per share in 2001.
•: Net income available to common shareholders for the twelve months increased 142% to $358.4 million from $147.8 million in 2001. Diluted earnings per share for the twelve months increased 134% to $1.99 as compared to $0.85 in 2001.

Funds from Operations ("FFO") is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to Generally Accepted Accounting Principles (GAAP) net income and earnings per share. A reconciliation of net income to FFO is provided in the financial statement section of this press release.

Occupancy for mall and freestanding stores in the regional malls at December 31, 2002 was 92.7% as compared to 91.9% at December 31, 2001. Comparable retail sales per square foot increased 2% to $391 as compared to $383 at December 31, 2001, while total retail sales per square foot increased 2% to $386 at December 31, 2002 as compared to $378 at December 31, 2001. Average base rents for mall and freestanding stores in the regional mall portfolio were $30.70 per square foot at December 31, 2002, an increase of $1.42 or 5%, from December 31, 2001. The average initial base rent for new mall store leases signed during 2002 was $40.35, an increase of $7.77 or 24% over the tenants who closed or whose leases expired.

Major factors driving results for the quarter and twelve months:

•: The Company's regional mall portfolio continues to demonstrate its stability and strength, with occupancy 80 basis points above the year-earlier period and average base rents 5% higher. Releasing spreads also held firm at 24% for the year.
•: The portfolio of assets acquired from Rodamco North America, N.V. on May 3rd has contributed to profitability and is performing consistent with expectations.
•: The lower interest rate environment afforded the Company the opportunity to refinance $1.28 billion of maturing mortgage debt in 2002 at a weighted average interest rate of 5.68%.
•: The above positive factors were partially offset by the dilutive impact of the sale of 17 non-core assets during 2002 and the issuance of 9 million shares of common stock in June of 2002.

"The year 2002 was one of the most active in the Company's history," said David Simon, chief executive officer. "We acquired nine assets for $1.6 billion in the Rodamco transaction, sold 17 non-core assets for total consideration including debt of $589 million, refinanced $1.28 billion of mortgage debt, and issued $500 million of bonds. Our portfolio continues to perform well in a difficult economic environment, as evidenced by the improvement of all of our operating metrics in 2002.

"We're very pleased to have delivered a 24% total return to our shareholders in 2002, significantly outperforming the broader markets. We are also delighted to announce a 9.1% increase in our quarterly common stock dividend, from $0.55 to $0.60 per share. This increase is indicative of the confidence we have in our business going forward."

Fourth Quarter Activities

New Development Projects:

The Company has two new development projects currently under construction:

•: Las Vegas Premium Outlets is a 435,000 square foot premium manufacturers' outlet shopping center. This will be the Company's second ⁵⁰/50 joint venture with Chelsea Property Group. The center is under construction on a 39-acre parcel near downtown Las Vegas, located at Interstate 15 and US route ⁹⁵/93 at Charleston Boulevard. The site is one of the most visible locations in Las Vegas, approximately 10 minutes from the Las Vegas Strip. The center will offer shoppers the area's largest collection of upscale outlet stores. Scheduled opening: August 2003.
•: Chicago Premium Outlets is the third development to be undertaken jointly by Simon and Chelsea. Also a ⁵⁰/50 joint venture, the site is approximately 35 miles west of downtown Chicago on Interstate 88, also known as the East-West Tollway, in Aurora, Illinois. Scheduled opening: Second Quarter 2004.

Simon Brand Ventures:

On December 10, Simon and The Coca-Cola Company announced a multi-year comprehensive marketing alliance. The agreement, which began in January of 2003, covers vending, sponsorships, promotion and on-mall advertising across the vast Simon franchise. Coca-Cola will employ major marketing initiatives at Simon properties throughout the term of the agreement.

As the exclusive non-alcoholic beverage vendor for mall space controlled by Simon Property Group in its mall and community center properties, Coca-Cola will have promotional and exclusive vending rights within the common areas of Simon properties in the United States.

As David Simon stated in the initial announcement, "This agreement further validates our strategy of positioning the mall as an outstanding marketing opportunity and we're delighted to be partnering

with Coca-Cola. Our properties give Coca-Cola the ability to interact one-on-one with their millions of U.S. consumers in a comfortable environment. Coca-Cola will be able to leverage Simon's advertising network and a variety of interactive marketing platforms to engage customers in a truly unique and differentiated way. For Coca-Cola, this multi-faceted partnership is an effective way to engage their customers and for us, it further demonstrates the marketing value of the Simon mall franchise."

Dispositions:

The Company's aggressive recycling of capital continued in the fourth quarter with the disposition of four non-core assets:

•: Sawmill Place in Columbus, Ohio on November 15
•: Wichita Mall in Wichita, Kansas on December 3
•: North Towne Square in Toledo, Ohio on December 20
•: Machesney Park Mall in Rockford, Illinois on December 23

The Company recorded a net loss of approximately $8 million on these dispositions.

During the year, the Company sold its interests in 17 non-core assets for total consideration of $589 million. During 2002, net gains on the sale of real estate assets totaled approximately $170 million.

2003 Activities

The Company's disposition efforts continue in 2003 with the sale of a portfolio of assets. On January 9, 2003, Memorial Mall in Sheboygan, Wisconsin; Mounds Mall and Cinema in Anderson, Indiana; and Richmond Square in Richmond, Indiana were sold for total consideration of $34 million.

The Company also announced today that it intends to acquire the remaining ownership interest in The Forum Shops at Caesars in Las Vegas, Nevada for approximately $174 million in cash.

Forum Shops is one of the top retail destinations in the world with a tenant mix comprised of a "who's who" in retailing—Christian Dior, Emporio Armani, Gianni Versace, Gucci, Louis Vuitton, Dolce & Gabbana, Valentino, Salvatore Ferragamo, Escada, Fendi, MaxMara, St. John, BOSS Hugo Boss, DKNY, Tourneau, Judith Lieber and many more. Traffic at the center averages 54,000 shoppers daily and annual tenant sales exceed $1,100 per square foot. A 175,000 square foot expansion of The Forum Shops affronting Las Vegas Boulevard is scheduled to open in the fall of 2004, adding a multilevel luxury retail, restaurant, and entertainment complex to the project.

The acquisition of this interest would be accretive to earnings immediately. Upon completion of The Forum Shops expansion, a return in excess of 12% is expected on this additional investment.

Dividends

Today the Company also announced a common stock dividend of $0.60 per share, an increase of 9.1%. This dividend will be paid on February 28, 2003 to shareholders of record on February 18, 2003.

Solely for purposes of satisfying U.S. federal income tax withholding obligations under section 1.1445-8 of the federal income tax regulations with respect to payments to non-U.S. shareholders, the Company will characterize this entire distribution as a capital gain dividend to reflect the taxable composition of its 2002 distributions. This characterization is relevant only for purposes of withholding on payments to non-U.S. shareholders of record as of the close of business on February 18, 2003, and is not relevant to U.S. shareholders.

The Company also declared dividends on its three public issues of preferred stock, all payable on March 31, 2003 to shareholders of record on March 17, 2003:

•: Simon Property Group, Inc. 6.50% Series B Convertible Preferred Stock (NYSE:SPGPrB)—$1.625 per share
•: Simon Property Group, Inc. 8.75% Series F Cumulative Redeemable Preferred Stock (NYSE:SPGPrF)—$0.546875 per share
•: Simon Property Group, Inc. 7.89% Series G Cumulative Preferred Stock (NYSE:SPGPrG)- $0.98625 per share.

Earnings Estimates

The Company also announced today that its current business plan for 2003 is in line with the current Wall Street consensus FFO estimate of $4.01 per share.

This guidance is based on management's view of current market conditions in the regional mall business. Estimates of future FFO and future earnings per share are, and certain other matters discussed in this press release may be, deemed forward-looking statements within the meaning of the federal securities laws. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its 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.

Those risks and uncertainties include, but are not limited to, the national, regional and local economic climate, competitive market forces, changes in market rental rates, trends in the retail industry, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, and changes in market rates of interest. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K for a discussion of such risks and uncertainties.

Funds from Operations ("FFO") is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to Generally Accepted Accounting Principles (GAAP) net income and earnings per share. FFO, as defined by NAREIT, means consolidated net income without giving effect to real estate depreciation and amortization, gains or losses from extraordinary items and gains or losses on the sales of real estate, plus the allocable portion, based on economic ownership interest, of funds from operations of unconsolidated joint ventures, all determined on a consistent basis in accordance with accounting principles generally accepted in the United States. However, FFO does not represent cash flow from operations, should not be considered as an alternative to net income as a measure of operating performance, and is not an alternative to cash flow as a measure of liquidity.

Simon Property Group, Inc. (NYSE:SPG), headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 242 properties containing an aggregate of 183 million square feet of gross leasable area in 36 states, as well as eight assets in Europe and Canada and ownership interests in other real estate assets. Additional Simon Property Group information is available at www.shopsimon.com.

Supplemental Materials

The Company's supplemental information package to be filed today on Form 8-K may be requested in e-mail or hard copy formats by contacting Shelly Doran—Vice President of Investor Relations, Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207 or via e-mail at sdoran@simon.com.

Conference Call

The Company will provide an online simulcast of its fourth quarter conference call at www.shopsimon.com (Corporate Info tab), www.companyboardroom.com, and www.streetevents.com. To listen to the live call, please go to either of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Standard Time tomorrow, February 7th. An online replay will be available for approximately 90 days at www.shopsimon.com.

SIMON^(A)
Combined Statements of Operations
Unaudited
(In thousands, except as noted)

		For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
		2002^(B)			2001			2002^(B)			2001
REVENUE:
Minimum rent		$	375,577		$	344,297		$	1,337,928		$	1,271,142
Overage rent			22,960			22,953			47,977			48,534
Tenant reimbursements			185,408			165,245			658,894			606,516
Other income			38,684			36,747			141,003			122,643

	Total revenue		622,629			569,242			2,185,802			2,048,835
EXPENSES:
Property operating			92,385			85,970			364,848			329,030
Depreciation and amortization			127,207			129,098			480,012			453,557
Real estate taxes			57,733			50,870			217,579			198,190
Repairs and maintenance			23,020			21,593			77,472			77,940
Advertising and promotion			23,205			24,468			61,327			64,941
Provision for credit losses			1,993			591			8,972			8,415
Impairment on Investment Properties			—			47,000			—			47,000
Other			11,010			9,246			36,854			36,344

	Total operating expenses		336,553			368,836			1,247,064			1,215,417
OPERATING INCOME			286,076			200,406			938,738			833,418
Interest expense			152,258			150,687			602,972			607,625

Income before minority interest			133,818			49,719			335,766			225,793
Minority interest			(4,129	)		(2,876	)		(10,498	)		(10,593	)
Gain (Loss) on sales of assets and other, net			(8,372	)		58			162,011	^(C)		2,610

Income before unconsolidated entities			121,317			46,901			487,279			217,810
Loss from MerchantWired LLC, net			—	^(D)		(5,745	)		(32,742	)^(D)		(18,104	)
Income from other unconsolidated entities			26,628	^(E)		37,811	^(E)		92,811	^(C),(E)		82,591	^(E)

Income before extraordinary items and cumulative effect of accounting change			147,945			78,967			547,348			282,297
Extraordinary items—Debt related transactions			(10	)		408			14,307			163
Cumulative effect of accounting change			—			(62	)		—			(1,700	)^(F)

Income before allocation to limited partners			147,935			79,313			561,655			280,760
LESS:
	Limited partners' interest in the Operating Partnerships		33,109			16,126			127,727			55,526
	Preferred distributions of the SPG Operating Partnership		2,835			2,835			11,340			11,417
	Preferred dividends of subsidiary		—			—			—			14,668

NET INCOME			111,991			60,352			422,588			199,149
Preferred dividends			(15,683	)		(16,499	)		(64,201	)		(51,360	)

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS		$	96,308		$	43,853		$	358,387		$	147,789

SIMON^(A)
Per Share Data and Selected Mall Operating Statistics
Unaudited

		Three Months Ended December 31,				Twelve Months Ended December 31,
		2002		2001		2002		2001
PER SHARE DATA:
Basic per share amounts:
	Income before extraordinary items and cumulative effect of accounting change	$	0.52	$	0.25	$	1.93	$	0.87
	Extraordinary items		—		—		0.06		—
	Cumulative effect of accounting change		—		—		—		(0.01	)

Net income available to Common Shareholders—Basic		$	0.52	$	0.25	$	1.99	$	0.86

Diluted per share amounts:
	Before extraordinary items and cumulative effect of accounting change	$	0.52	$	0.25	$	1.93	$	0.86
	Extraordinary items		—		—		0.06		—
	Cumulative effect of accounting change		—		—		—		(0.01	)

Net income available to Common Shareholders—Diluted		$	0.52	$	0.25	$	1.99	$	0.85

SELECTED REGIONAL MALL OPERATING STATISTICS

	December 31, 2002		December 31, 2001
Occupancy^(G)		92.7%		91.9%
Average rent per square foot^(G)	$	30.70	$	29.28
Total sales volume (in millions)^((H)	$	17,971	$	16,941
Comparable sales per square foot^((H)	$	391	$	383
Total sales per square foot^((H)	$	386	$	378

SIMON^(A)
Reconciliation of Net Income to Funds from Operations ("FFO")
Unaudited
(In thousands, except as noted)

		Three Months Ended December 31,						Twelve Months Ended December 31,
		2002			2001			2002			2001
Income before extraordinary items and cumulative effect of accounting change^{(I) (J)}		$	147,945		$	78,967		$	547,348		$	282,297
Plus: Depreciation and amortization from combined consolidated properties			126,623			128,883			478,379			452,428
Plus: Simon's share of depreciation and amortization from unconsolidated entities			42,563			40,139			150,217			138,814
Plus: Simon's share of MerchantWired LLC impairment charge and write-off, net of tax benefit			—			—			26,695	^(D)		—
Plus: Write-off of Technology Investments			—			—			—			16,645
Plus: Impairment on investment properties			—			47,000			—			47,000
Less: (Gain) Loss on sales of real estate, net			8,372			(58	)		(162,011	)^(C)		(2,610	)
Less: Simon's share of adjustment to market value for acquired in place leases (FASB 141)			(4,984	)		—			(4,984	)		—
Less: Management Co. gain on sale of real estate, net			—			—			(8,400	)^(C)		—
Less: Minority interest portion of depreciation, amortization and extraordinary items			(2,268	)		(2,485	)		(7,943	)		(7,012	)
Less: Preferred distributions (including those of subsidiary)			(18,518	)		(19,334	)		(75,541	)		(77,445	)

FFO of the Simon Portfolio		$	299,733		$	273,112		$	943,760		$	850,117

FFO of the Simon Portfolio		$	299,733		$	273,112		$	943,760		$	850,117
FFO Allocable to the LP Unitholders			(77,124	)		(74,057	)		(247,303	)		(232,097	)

Basic FFO Allocable to the Companies			222,609			199,055			696,457			618,020
Impact of Series A and B Preferred Stock
Conversion & Option Exercise ^(K)			10,257			10,817			38,274			39,041

Diluted FFO Allocable to the Companies		$	232,866		$	209,872		$	734,731		$	657,061

Basic Weighted Average Paired Shares Outstanding			185,539			173,427			179,910			172,669
Effect of Stock Options			654			279			672			358
Impact of Series A Preferred 6.5% Convertible Stock			1			1,894			919			1,912
Impact of Series B Preferred 6.5% Convertible Stock			12,491			12,491			12,491			12,491

Diluted Weighted Average Number of Equivalent Paired Shares			198,685			188,091			193,992			187,430

Basic FFO Per Paired Share:
Basic FFO Allocable to the Companies		$	222,609		$	199,055		$	696,457		$	618,020
Basic Weighted Average Paired Shares Outstanding			185,539			173,427			179,910			172,669
Basic FFO per Paired Share		$	1.20		$	1.15		$	3.87		$	3.58
	Percent Increase		4.5%						8.2%
Diluted FFO per Paired Share:
Diluted FFO Allocable to the Companies		$	232,866		$	209,872		$	734,731		$	657,061
Diluted Weighted Average Number of Equivalent Paired Shares			198,685			188,091			193,992			187,430
Diluted FFO per Paired Share		$	1.17		$	1.12		$	3.79		$	3.51
	Percent Increase		4.5%						8.0%

SIMON^(A)
Combined Balance Sheets
(In thousands, except as noted)

			Unaudited
			December 31, 2002^(B)			December 31, 2001
ASSETS:
	Investment properties, at cost		$	14,249,615		$	13,194,396
		Less—accumulated depreciation		2,222,242			1,877,175

				12,027,373			11,317,221
	Cash and cash equivalents			397,129			259,760
	Tenant receivables and accrued revenue, net			311,361			316,842
	Notes and advances receivable from Management Company and affiliates			75,105			79,738
	Investment in unconsolidated entities, at equity			1,665,654			1,451,137
	Goodwill, net			37,212			37,212
	Deferred costs, other assets, and minority interest, net			390,668			349,044

		Total assets	$	14,904,502		$	13,810,954

LIABILITIES:
	Mortgages and other indebtedness		$	9,546,081		$	8,841,378
	Accounts payable, accrued expenses and deferred revenue			624,505			544,431
	Cash distributions and losses in partnerships and joint ventures, at equity			13,898			26,084
	Other liabilities, minority interest, and accrued dividends			228,508			213,279

		Total liabilities		10,412,992			9,625,172

COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS' INTEREST IN THE OPERATING PARTNERSHIPS				872,925			820,239
LIMITED PARTNERS' PREFERRED INTEREST IN THE SPG OPERATING PARTNERSHIP				150,852			150,852
SHAREHOLDERS' EQUITY
	CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock):
		All series of preferred stock, 100,000,000 shares authorized, 16,830,057 and 16,879,896 issued and outstanding, respectively. Liquidation values $858,006 and $907,845, respectively.		814,254			877,468
		Common stock, $.0001 par value, 400,000,000 shares authorized, 184,438,095 and 172,700,861 issued, respectively		18			17
		Class B common stock, $.0001 par value, 12,000,000 shares authorized, 3,200,000 issued and outstanding		1			1
		Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding		—			—
	Capital in excess of par value			3,685,524			3,347,567
	Accumulated deficit			(961,339	)		(927,654	)
	Accumulated other comprehensive income			(7,471	)		(9,893	)
	Unamortized restricted stock award			(10,736	)		(20,297	)
	Common stock held in treasury at cost, 2,098,555 shares			(52,518	)		(52,518	)

		Total shareholders' equity		3,467,733			3,214,691

			$	14,904,502		$	13,810,954

SIMON^(A)
Combined Joint Venture Statements of Operations
Unaudited
(In thousands, except as noted)

		For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
		2002^(B)			2001			2002^(B)			2001
REVENUE:
Minimum rent		$	228,624		$	196,276		$	808,607		$	691,469
Overage rent			15,969			12,808			29,279			25,640
Tenant reimbursements			116,568			99,552			409,925			349,134
Other income			20,239			15,682			55,409			44,752

	Total revenue		381,400			324,318			1,303,220			1,110,995
EXPENSES:
Property operating			54,966			49,120			210,800			182,489
Depreciation and amortization			63,846			58,446			234,775			203,910
Real estate taxes			34,472			28,771			126,660			112,309
Repairs and maintenance			22,956			15,901			71,054			51,689
Advertising and promotion			15,247			14,808			39,164			36,405
Provision for credit losses			5,214			456			9,168			5,070
Other			14,350			9,358			34,466			20,583

	Total operating expenses		211,051			176,860			726,087			612,455
OPERATING INCOME			170,349			147,458			577,133			498,540
Interest expense			89,677			78,871			338,299			307,849

Income before minority interest and unconsolidated entities			80,672			68,587			238,834			190,691
Income from unconsolidated entities			3,222			—			3,062			—
Minority interest			(362	)		—			(751	)		—

Income from continuing operations			83,532			68,587			241,145			190,691
Income from discontinued joint venture partnership interests^(L)			0			11,037			14,346			32,562

Income before extraordinary items and cumulative effect of accounting change ("IBEC")			83,532			79,624			255,491			223,253
Extraordinary items			—			—			—			(295	)
Cumulative effect of accounting change			—			(128	)		—			(3,011	)^(F)

NET INCOME		$	83,532		$	79,496		$	255,491		$	219,947

Third-party investors' share of IBEC		$	48,914		$	46,401		$	150,161		$	134,748

Our share of IBEC			34,618			33,223			105,330			88,505
Amortization of excess investment			9,432			5,230			26,635			21,279

Income from unconsolidated joint ventures		$	25,186		$	27,993		$	78,695		$	67,226

SIMON^(A)
Combined Joint Venture Balance Sheets
Unaudited
(In thousands, except as noted)

			December 31, 2002		December 31, 2001
ASSETS:
	Investment properties, at cost		$	8,160,065	$	6,958,470
		Less—accumulated depreciation		1,327,751		1,070,594

				6,832,314		5,887,876
	Net investment properties, at cost of discontinued joint venture partnership interests^(L)			—		1,002,274
	Cash and cash equivalents			199,634		167,173
	Tenant receivables			199,675		164,647
	Investment in unconsolidated entities			6,966		—
	Other assets			190,561		134,504
	Other assets of discontinued joint venture partnership interests^(L)			—		101,868

		Total assets	$	7,429,150	$	7,458,342

LIABILITIES AND PARTNERS' EQUITY:
	Mortgages and other notes payable		$	5,306,465	$	4,721,711
	Mortgages of discontinued joint venture partnership interests^(L)			—		967,677

				5,306,465		5,689,388
	Accounts payable and accrued expenses			289,793		191,440
	Other liabilities			66,090		85,137
	Other liabilities discontinued joint venture partnership interests^(L)					28,772

		Total liabilities		5,662,348		5,994,737

	Preferred Units			125,000		—
	Partners' equity			1,641,802		1,463,605

		Total liabilities and partners' equity	$	7,429,150	$	7,458,342

	Our Share of:
	Total assets		$	3,123,011	$	3,088,952

	Partners' equity		$	724,511	$	754,056
	Add: Excess Investment, net			831,728		563,278

	Our net investment in joint ventures		$	1,556,239	$	1,317,334

	Mortgages and other notes payable		$	2,279,609	$	2,392,522

"Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the partnerships and joint ventures acquired. We amortize excess investment over the life of the related Properties, typically 35 years, and the amortization is included in income from unconsolidated entities.

SIMON^(A)
Footnotes to Financial Statements
Unaudited

Notes:

(A): On December 31, 2002, Simon Property Group, Inc. merged with its paired share affiliate, SPG Realty Consultants, Inc. The Statements of Operations and Balance Sheets represent the combined, condensed financial statements of Simon Property Group Inc. and SPG Realty Consultants, Inc.
(B): 2002 results reflect the acquisition of assets from Rodamco North America N.V. on May 3, 2002. The portfolio acquired by Simon consists primarily of interests in 13 high-quality, highly productive regional malls in the United States.
(C): Primary components: sale of 50% interest in Orlando Premium Outlets ($39 million); sale of joint venture interests in five "Mills" properties ($123 million) and partial sale of Miami International Mall ($26 million); offset by the write-off of certain predevelopment and land costs ($17 million), loss on sale of Machesney Mall ($5 million), and loss on sale of Wichita Mall ($2 million). An additional $8.4 million gain, net of tax, related to the sale of joint venture interests in five "Mills" properties was recorded by the management company and is reflected in income from other unconsolidated entities.
(D): Consists of operating losses, net of tax, of $0 million and $6 million and write-downs, net of tax, of $0 million and $26.7 million for the three months and twelve months ended December 31, 2002, respectively. MerchantWired was a network infrastructure business in which the Company owned a 53% interest. The members of MerchantWired LLC concluded during the second quarter that there were no viable alternatives except to discontinue MerchantWired's operations. The network remained active until all MerchantWired retail customers were transferred to alternative service providers on September 3, 2002. No further operating losses or investments are expected.
(E): Consists of income from unconsolidated joint ventures (presented in the attached financial statements) plus the Company's share of income (loss) from the management company of $1.4 million and $9.8 million for the three months ended December 31, 2002 and 2001, respectively, and $14.1 million and $15.3 million for the twelve months ended December 31, 2002 and 2001, respectively.
(F): Due to the adoption of SFAS 133—Accounting for Derivatives and Financial Instruments on January 1, 2001.
(G): Includes mall and freestanding stores.
(H): Based on the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, which includes only mall and freestanding stores.
(I): Includes gains on land sales of $11.1 million and $7.6 million for the three months ended December 31, 2002 and 2001, respectively and $39.4 million and $15.7 million for the twelve months ended December 31, 2002 and 2001, respectively.
(J): Includes straight-line adjustments to minimum rent of $3.4 million and $5.5 million for the three months ended December 31, 2002 and 2001, respectively and $10.2 million and $14.9 million for the twelve months ended December 31, 2002 and 2001, respectively.
(K): Includes dividends of Series A and B Preferred Stock allocable to the Companies as well as increased allocation of FFO to the Company as a result of assumed increase in the number of common shares outstanding.
(L): Discontinued Joint Venture Partnership Interests represent those partnership interests that have been sold or consolidated. Consolidation occurs when the Company acquires additional ownership interests in a partnership and as a result gains control. These interests have been separated from operational interests to present comparative balance sheets and results of operations.

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Exhibit 99.2

SIMON^(A) Combined Statements of Operations Unaudited (In thousands, except as noted)
SIMON^(A) Per Share Data and Selected Mall Operating Statistics Unaudited
SIMON^(A) Combined Balance Sheets (In thousands, except as noted)
SIMON^(A) Combined Joint Venture Statements of Operations Unaudited (In thousands, except as noted)