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1Q 2019 SUPPLEMENTAL		1

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SIMON PROPERTY GROUP REPORTS FIRST QUARTER 2019 RESULTS

INDIANAPOLIS, April 30, 2019 - Simon, a global leader in premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2019.

RESULTS FOR THE QUARTER

•

Net income attributable to common stockholders was $548.5 million, or $1.78 per diluted share, as compared to $620.7 million, or $2.00 per diluted share in 2018. The prior year period includes gains of $135.3 million, or $0.38 per diluted share, primarily related to disposition activity. Adjusting for the prior year gains, net income attributable to common stockholders per diluted share increased 9.9%.

•

Funds from Operations ("FFO") was $1.082 billion, or $3.04 per diluted share, as compared to $1.026 billion, or $2.87 per diluted share, in the prior year period, an increase of 5.9% per diluted share. Adjusting the prior year for the $11.3 million impact of expensing internal leasing costs due to the recently implemented ASC 842, FFO per diluted share increased 7.0%.

"I am pleased with our quarterly results, which exceeded the end of the first quarter First Call consensus estimate by $0.10 per share," said David Simon, Chairman, Chief Executive Officer and President. "Our growing development and redevelopment pipeline, combined with our A-rated balance sheet, sets us apart and allows us to continue to strengthen our platforms with a focus on the future."

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EARNINGS RELEASE

U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS

•

Reported retailer sales per square foot was $660, an increase of 3.1%, for the trailing 12-months ended March 31, 2019.

•

Occupancy was 95.1% at March 31, 2019, compared to 94.6% at March 31, 2018.

•

Base minimum rent per square foot was $54.34 at March 31, 2019.

•

Leasing spread per square foot for the trailing 12-months ended March 31, 2019 was $14.17, an increase of 27.3%.

PORTFOLIO NET OPERATING INCOME ("NOI") AND COMPARABLE PROPERTY NOI

Total portfolio NOI growth for the three months ended March 31, 2019 was 1.7%. Total portfolio NOI includes NOI from comparable properties, new developments, redevelopments, expansions, acquisitions, international properties and our share of NOI from investments. Comparable property NOI growth for the three months ended March 31, 2019 was 1.6%.

DIVIDENDS

Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.05 per share. This is a 5.1% increase year-over-year. The dividend will be payable on May 31, 2019 to shareholders of record on May 17, 2019.

Simon's Board of Directors also declared the quarterly dividend on its 8 ³ / 8 % Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 28, 2019 to shareholders of record on June 14, 2019.

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EARNINGS RELEASE

DEVELOPMENT ACTIVITY

During the quarter, construction started on a 251,000 square foot upscale outlet located in Bangkok, Thailand, projected to open in February 2020. Simon owns 50% of this project.

Construction continues on three new international development projects including:

•

Queretaro Premium Outlets (Queretaro, Mexico); scheduled to open in May 2019. Simon owns a 50% interest in this project.

•

Malaga Designer Outlet (Malaga, Spain); scheduled to open in September 2019. Simon owns a 46% interest in this project.

•

West Midland Designer Outlet (Cannock, England); scheduled to open in October 2020. Simon owns a 20% interest in this project.

Construction also continues on other significant redevelopment and expansion projects including The Shops at Riverside (Hackensack, NJ), Southdale Center (Edina (Minneapolis), MN), Northshore Mall (Peabody (Boston), MA), Paju Premium Outlets (Seoul, South Korea) and Gotemba Premium Outlets (Gotemba, Japan).

At quarter-end, redevelopment and expansion projects, including the redevelopment of former department store spaces, were underway at more than 30 properties in the U.S., Canada, Asia and Europe. Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was more than $1.4 billion.

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EARNINGS RELEASE

SHOP PREMIUM OUTLETS

On March 26, 2019, we launched Shop Premium Outlets® (SPO), a new online outlet shopping platform which drives business to the stores and online of participating retailers. SPO will enable the highly engaged Premium Outlets® customer base to shop 24/7 for their favorite fashion, luxury and lifestyle brands, all in one place, up to 65 percent off every day.

BALANCE SHEET ACTIVITY

As of March 31, 2019, Simon had approximately $7.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.

The Company ended the first quarter with strong credit profile metrics, including:

•

Net debt to NOI of 5.1X.

•

Fixed charge coverage of 5.1X.

COMMON STOCK REPURCHASE PROGRAM

On February 12 ^th , the Company announced that its Board of Directors authorized a new common stock repurchase program. Under the new program, the Company may purchase up to $2 billion of its common stock over the next 24 months, as market conditions warrant. The shares may be purchased in the open market or in privately negotiated transactions.

2019 GUIDANCE

The Company reaffirms its previous financial guidance and continues to estimate net income to be within a range of $7.30 to $7.40 per diluted share for the year ending December 31, 2019 and that FFO will be within a range of $12.30 to $12.40 per diluted share.

The following table provides the reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated FFO per diluted share:

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EARNINGS RELEASE

CONFERENCE CALL

Simon will hold a conference call to discuss the quarterly financial results today at 8:30 a.m. Eastern Time, Tuesday, April 30, 2019. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until May 7, 2019. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 5667848.

SUPPLEMENTAL MATERIALS AND WEBSITE

Supplemental information on our first quarter 2019 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

NON-GAAP FINANCIAL MEASURES

This press release includes FFO, FFO per share, portfolio net operating income growth and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

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FORWARD-LOOKING STATEMENTS

Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact, if any, of the United Kingdom's exit from the European Union; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; and the loss of key management personnel. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

ABOUT SIMON

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. For more information, visit simon.com.

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EARNINGS RELEASE

Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

		FOR THE THREE MONTHS ENDED MARCH 31,
		2019			2018
REVENUE:
Lease income		$	1,280,058		$	1,267,893
Management fees and other revenues			27,544			28,181
Other income			145,232			98,108
​	​	​	​	​	​	​	​
Total revenue			1,452,834			1,394,182
​	​	​	​	​	​	​	​
EXPENSES:
Property operating			111,549			113,448
Depreciation and amortization			328,643			316,936
Real estate taxes			115,459			114,187
Repairs and maintenance			27,922			27,684
Advertising and promotion			37,125			34,800
Home and regional office costs			52,560			41,064
General and administrative			9,136			12,628
Other			20,102			31,502
​	​	​	​	​	​	​	​
Total operating expenses			702,496			692,249
​	​	​	​	​	​	​	​
OPERATING INCOME BEFORE OTHER ITEMS			750,338			701,933
Interest expense			(198,733)			(205,492)
Income and other taxes			(10,102)			(6,220)
Income from unconsolidated entities			90,444			90,026
Gain on sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net			—			135,277
​	​	​	​	​	​	​	​
CONSOLIDATED NET INCOME			631,947			715,524
Net income attributable to noncontrolling interests			82,638			94,036
Preferred dividends			834			834
​	​	​	​	​	​	​	​
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	548,475		$	620,654
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders		$	1.78		$	2.00
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

1Q 2019 SUPPLEMENTAL		8

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EARNINGS RELEASE

Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)

		MARCH 31, 2019			DECEMBER 31, 2018
ASSETS:
Investment properties, at cost		$	37,193,798		$	37,092,670
Less — accumulated depreciation			13,119,895			12,884,539
​	​	​	​	​	​	​	​
			24,073,903			24,208,131
Cash and cash equivalents			436,802			514,335
Tenant receivables and accrued revenue, net			733,159			763,815
Investment in unconsolidated entities, at equity			2,197,309			2,220,414
Investment in Klépierre, at equity			1,676,635			1,769,488
Deferred costs and other assets			1,723,968			1,210,040
​	​	​	​	​	​	​	​
Total assets		$	30,841,776		$	30,686,223
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
LIABILITIES:
Mortgages and unsecured indebtedness		$	23,185,965		$	23,305,535
Accounts payable, accrued expenses, intangibles, and deferred revenues			1,157,477			1,316,861
Cash distributions and losses in unconsolidated entities, at equity			1,559,534			1,536,111
Other liabilities			1,012,976			500,597
​	​	​	​	​	​	​	​
Total liabilities			26,915,952			26,659,104
​	​	​	​	​	​	​	​
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties			225,882			230,163
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3 / 8 % cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847			42,666			42,748
Common stock, $0.0001 par value, 511,990,000 shares authorized, 320,435,571 and 320,411,571 issued and outstanding, respectively			32			32
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding			—			—
Capital in excess of par value			9,706,021			9,700,418
Accumulated deficit			(4,979,489)			(4,893,069)
Accumulated other comprehensive loss			(120,962)			(126,017)
Common stock held in treasury, at cost, 11,449,963 and 11,402,103 shares, respectively			(1,435,309)			(1,427,431)
​	​	​	​	​	​	​	​
Total stockholders' equity			3,212,959			3,296,681
Noncontrolling interests			486,983			500,275
​	​	​	​	​	​	​	​
Total equity			3,699,942			3,796,956
​	​	​	​	​	​	​	​
Total liabilities and equity		$	30,841,776		$	30,686,223
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

1Q 2019 SUPPLEMENTAL		9

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EARNINGS RELEASE

Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)

		FOR THE THREE MONTHS ENDED MARCH 31,
		2019			2018
REVENUE:
Lease income		$	758,979		$	752,606
Other income			75,922			81,108
​	​	​	​	​	​	​	​
Total revenue			834,901			833,714
OPERATING EXPENSES:
Property operating			144,721			146,293
Depreciation and amortization			170,258			159,836
Real estate taxes			68,717			68,267
Repairs and maintenance			22,376			23,196
Advertising and promotion			24,326			24,224
Other			49,316			49,732
​	​	​	​	​	​	​	​
Total operating expenses			479,714			471,548
​	​	​	​	​	​	​	​
OPERATING INCOME BEFORE OTHER ITEMS			355,187			362,166
Interest expense			(156,016)			(150,932)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net			21,587			—
​	​	​	​	​	​	​	​
NET INCOME		$	220,758		$	211,234
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Third-Party Investors' Share of Net Income		$	112,668		$	106,183
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Our Share of Net Income			108,090			105,051
Amortization of Excess Investment (A)			(20,792)			(21,527)
Our Share of Gain on Sale or Disposal of Assets and Interests in
Other Income in the Consolidated Financial Statements			(9,155)			—
​	​	​	​	​	​	​	​
Income from Unconsolidated Entities (B)		$	78,143		$	83,524
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Note:

The above financial presentation does not include any information related to our investments in Klépierre S.A. ("Klépierre") and HBS Global Properties ("HBS"). For additional information, see footnote B.

1Q 2019 SUPPLEMENTAL		10

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EARNINGS RELEASE

Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)

		MARCH 31, 2019			DECEMBER 31, 2018
Assets:
Investment properties, at cost		$	18,887,972		$	18,807,449
Less - accumulated depreciation			6,971,412			6,834,633
​	​	​	​	​	​	​	​
			11,916,560			11,972,816
Cash and cash equivalents			1,012,497			1,076,398
Tenant receivables and accrued revenue, net			407,040			445,148
Deferred costs and other assets			617,399			390,818
​	​	​	​	​	​	​	​
Total assets		$	13,953,496		$	13,885,180
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Liabilities and Partners' Deficit:
Mortgages		$	15,202,622		$	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue			876,348			976,311
Other liabilities			560,101			344,205
​	​	​	​	​	​	​	​
Total liabilities			16,639,071			16,555,931
Preferred units			67,450			67,450
Partners' deficit			(2,753,025)			(2,738,201)
​	​	​	​	​	​	​	​
Total liabilities and partners' deficit		$	13,953,496		$	13,885,180
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Our Share of:
Partners' deficit		$	(1,184,895)		$	(1,168,216)
Add: Excess Investment (A)			1,581,225			1,594,198
​	​	​	​	​	​	​	​
Our net Investment in unconsolidated entities, at equity		$	396,330		$	425,982
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Note:

The above financial presentation does not include any information related to our investments in Klépierre and HBS Global Properties. For additional information, see footnote B.

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Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)

		RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO
				FOR THE THREE MONTHS ENDED MARCH 31,
				2019			2018
		Consolidated Net Income (D)		$	631,947		$	715,524
		Adjustments to Arrive at FFO:
		Depreciation and amortization from consolidated properties			325,938			314,006
		Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS			134,630			134,925
		Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			—			(135,277)
		Unrealized change in fair value of equity instruments			(5,317)			3,029
		Net loss attributable to noncontrolling interest holders in properties			917			92
		Noncontrolling interests portion of depreciation and amortization			(4,882)			(4,648)
		Preferred distributions and dividends			(1,313)			(1,313)
​	​	​	​	​	​	​	​	​	​	​
		FFO of the Operating Partnership		$	1,081,920		$	1,026,338
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
		Diluted net income per share to diluted FFO per share reconciliation:
		Diluted net income per share		$	1.78		$	2.00
		Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS, net of noncontrolling interests portion of depreciation and amortization			1.27			1.24
		Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			—			(0.38)
		Unrealized change in fair value of equity instruments			(0.01)			0.01
​	​	​	​	​	​	​	​	​	​	​
		Diluted FFO per share		$	3.04		$	2.87
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
		Details for per share calculations:
		FFO of the Operating Partnership		$	1,081,920		$	1,026,338
		Diluted FFO allocable to unitholders			(142,319)			(134,559)
​	​	​	​	​	​	​	​	​	​	​
		Diluted FFO allocable to common stockholders		$	939,601		$	891,779
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
		Basic and Diluted weighted average shares outstanding			308,978			310,584
		Weighted average limited partnership units outstanding			46,800			46,863
​	​	​	​	​	​	​	​	​	​	​
		Basic and Diluted weighted average shares and units outstanding			355,778			357,447
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
		Basic and Diluted FFO per Share		$	3.04		$	2.87
		Percent Change			5.9%

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EARNINGS RELEASE

Simon Property Group, Inc.
Footnotes to Unaudited Financial Information

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related properties.

(B)

The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre and HBS Global Properties. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre and HBS Global Properties. For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO and FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper — 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of real estate. Gains and losses on assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

-

Gains on land sales of $4.4 million and $1.3 million for the three months ended March 31, 2019 and 2018, respectively.

-

Straight-line adjustments increased income by $16.7 million and $8.6 million for the three months ended March 31, 2019 and 2018, respectively.

-

Amortization of fair market value of leases from acquisitions increased income by $1.3 million and $1.4 million for the three months ended March 31, 2019 and 2018, respectively.

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OVERVIEW

THE COMPANY

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At March 31, 2019, we owned or had an interest in 234 properties comprising 190 million square feet in North America, Asia and Europe. Additionally, at March 31, 2019, we had a 21.6% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 16 European countries.

This package was prepared to provide operational and balance sheet information as of March 31, 2019 for the Company and the Operating Partnership.

Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; and the loss of key management personnel. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).

1Q 2019 SUPPLEMENTAL		14

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Table of Contents

OVERVIEW

STOCK INFORMATION

The Company's common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:

		Common Stock		SPG
		8.375% Series J Cumulative Redeemable Preferred		SPGPrJ
CREDIT RATINGS
		Standard & Poor's
		Corporate		A		(Stable Outlook)
		Senior Unsecured		A		(Stable Outlook)
		Commercial Paper		A1		(Stable Outlook)
		Preferred Stock		BBB+		(Stable Outlook)
		Moody's
		Senior Unsecured		A2		(Stable Outlook)
		Commercial Paper		P1		(Stable Outlook)
		Preferred Stock		A3		(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS  ⁽¹⁾

		Required		Actual		Compliance
​	​	​	​	​	​	​
Total Debt to Total Assets  (1)		£ 65%		39%		Yes
Total Secured Debt to Total Assets  (1)		£ 50%		18%		Yes
Fixed Charge Coverage Ratio		>1.5X		5.1X		Yes
Total Unencumbered Assets to Unsecured Debt		³ 125%		293%		Yes

(1)

Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.

1Q 2019 SUPPLEMENTAL		15

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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)

		​	THREE MONTHS ENDED MARCH 31,
​	​	​	​	​	​	​	​
		​	2019		​	2018
Financial Highlights
Total Revenue - Consolidated Properties		$	1,452,834		$	1,394,182
Consolidated Net Income		$	631,947		$	715,524
Net Income Attributable to Common Stockholders		$	548,475		$	620,654
Basic and Diluted Earnings per Common Share (EPS)		$	1.78		$	2.00
Funds from Operations (FFO) of the Operating Partnership		$	1,081,920		$	1,026,338
Basic and Diluted FFO per Share (FFOPS)		$	3.04		$	2.87
Dividends/Distributions per Share/Unit		$	2.05		$	1.95

Stockholders' Equity Information		​	AS OF MARCH 31, 2019		​	AS OF DECEMBER 31, 2018
Limited Partners' Units Outstanding at end of period			46,782			46,807
Common Shares Outstanding at end of period			308,994			309,018
​	​	​	​	​	​	​	​
Total Common Shares and Limited Partnership Units Outstanding at end of period			355,776			355,825
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Weighted Average Limited Partnership Units Outstanding			46,800			46,893
Weighted Average Common Shares Outstanding:
Basic and Diluted - for purposes of EPS and FFOPS			308,978			309,627
Debt Information
Share of Consolidated Debt		$	23,022,474		$	23,139,977
Share of Joint Venture Debt			7,142,738			7,160,392
​	​	​	​	​	​	​	​
Share of Total Debt		$	30,165,212		$	30,300,369
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Market Capitalization
Common Stock Price at end of period		$	182.21		$	167.99
Common Equity Capitalization, including Limited Partnership Units		$	64,825,983		$	59,775,015
Preferred Equity Capitalization, including Limited Partnership Preferred Units			81,642			80,287
​	​	​	​	​	​	​	​
Total Equity Market Capitalization		$	64,907,625		$	59,855,302
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Total Market Capitalization - Including Share of Total Debt		$	95,072,837		$	90,155,671
Debt to Total Market Capitalization			31.7%			33.6%

1Q 2019 SUPPLEMENTAL		16

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NET OPERATING INCOME (NOI) COMPOSITION  ⁽¹⁾
For the Three Months Ended March 31, 2019

 

(1)

Based on our share of total NOI and does not reflect any property, entity or corporate-level debt.

(2)

Includes Klépierre, international Premium Outlets, international Designer Outlets and distributions from other international investments.

(3)

Includes Lifestyle Centers.

1Q 2019 SUPPLEMENTAL		17

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NET OPERATING INCOME OVERVIEW  ⁽¹⁾
(In thousands)

		​	FOR THE THREE MONTHS ENDED MARCH 31,					% GROWTH
​	​	​	​	​	​	​	​	​
		​	2019		​	2018		​
Comparable Property NOI  (2)		$	1,339,088		$	1,318,041		1.6%
NOI from New Development, Redevelopment, Expansion and Acquisitions  (3)			48,727			49,166
International Properties  (4)			114,496			111,082
Our share of NOI from Investments  (5)			54,675			52,447
Portfolio NOI		$	1,556,986		$	1,530,736		1.7%
Corporate and Other NOI Sources  (6)			163,811			116,274
​	​	​	​	​	​	​	​	​
Combined NOI		$	1,720,797		$	1,647,010
​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
Less: Joint Venture Partners' Share of NOI			276,488			275,173
​	​	​	​	​	​	​	​	​
Our Share of Total NOI		$	1,444,309		$	1,371,837
​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​

(1)

All amounts are presented at gross values unless otherwise indicated as our share. See reconciliation on following page.

(2)

Includes Malls, Premium Outlets, The Mills and Lifestyle Centers opened and operating as comparable for the period.

(3)

Includes total property NOI for properties undergoing redevelopment as well as incremental NOI for expansion properties not yet included in comparable properties.

(4)

Includes International Premium Outlets (except for Canadian International Premium Outlets included in Comparable NOI) and International Designer Outlets.

(5)

Includes our share of NOI of Klépierre, HBS, and other corporate investments.

(6)

Includes income components excluded from Portfolio NOI and Comparable Property NOI (domestic lease termination income, interest income, land sale gains, straight line rent, above/below market lease adjustments), gains on sale of equity instruments, unrealized gains and losses on equity instruments, Simon management company revenues, and other assets.

1Q 2019 SUPPLEMENTAL		18

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF NET INCOME TO NOI
		​	THREE MONTHS ENDED MARCH 31,
​	​	​	​	​	​	​
		​	2019		​	2018
Reconciliation of NOI of consolidated entities:		​
Consolidated Net Income		$	631,947		$	715,524
Income and other tax expense		​	10,102			6,220
Interest expense		​	198,733			205,492
Income from unconsolidated entities		​	(90,444)			(90,026)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		​	–			(135,277)
​	​	​	​	​	​	​
Operating Income Before Other Items		​	750,338			701,933
Depreciation and amortization		​	328,643			316,936
Home and regional office costs		​	52,560			41,064
General and administrative		​	9,136			12,628
​	​	​	​	​	​	​
NOI of consolidated entities		$	1,140,677		$	1,072,561
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Reconciliation of NOI of unconsolidated entities:		​
Net Income		$	220,758		$	211,234
Interest expense		​	156,016			150,932
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		​	(21,587)			–
​	​	​	​	​	​	​
Operating Income Before Other Items		​	355,187			362,166
Depreciation and amortization		​	170,258			159,836
​	​	​	​	​	​	​
NOI of unconsolidated entities		$	525,445		$	522,002
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Add: Our share of NOI from Klépierre, HBS and other corporate investments		​	54,675			52,447
​	​	​	​	​	​	​
Combined NOI		$	1,720,797		$	1,647,010
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​

1Q 2019 SUPPLEMENTAL		19

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)	​	​			​
	​	​			​
	​	THREE MONTHS ENDED MARCH 31, 2019			​
FFO of the Operating Partnership	​	​	$	1,081,920	​
Non-cash impacts to FFO (1)	​	​	(3,434)		​
​	​	​	​		​
FFO of the Operating Partnership excluding non-cash impacts	​	​	1,078,486		​
Tenant allowances	​	​	(42,142)		​
Operational capital expenditures	​	​	(28,690)		​
​	​	​	​		​
Funds available for distribution	​	​	$	1,007,654	​
​	​ ​	​	​		​
​	​ ​	​	​		​
​	​ ​	​	​		​

(1)

Non-cash impacts to FFO of the Operating Partnership include:

	​	​			​
	​	THREE MONTHS ENDED MARCH 31, 2019			​
Deductions:	​	​			​
Straight-line lease income	​	​	$	(16,660)	​
Fair value of debt amortization	​	​	(23)		​
Fair market value of lease amortization	​	​	(1,338)		​
Additions:	​	​			​
Stock based compensation expense	​	​	7,110		​
Mortgage, financing fee and terminated swap amortization expense	​	​	7,477		​
​	​	​	​		​
	​	​	$	(3,434)	​
​	​	​	​		​
​	​	​	​		​
​	​	​	​		​

This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, funds available for distribution, net operating income (NOI), portfolio NOI, and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on pages 18 – 20 and in the Earnings Release for the latest period.

1Q 2019 SUPPLEMENTAL		20

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OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)

		​	THREE MONTHS ENDED MARCH 31,
​	​	​	​	​	​	​
		​	2019		​	2018
Consolidated Properties
Other Income
Interest, dividend and distribution income   (1)		$	6,786		$	24,868
Lease settlement income			2,498			26,689
Gains on land sales			2,550			1,274
Other   (2)			133,398			45,277
​	​	​	​	​	​	​
Totals		$	145,232		$	98,108
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Other Expense
Ground leases		$	10,245		$	10,962
Unrealized change in fair value of equity instruments   (3)			(5,317)			3,029
Professional fees and other			15,174			17,511
​	​	​	​	​	​	​
Totals		$	20,102		$	31,502
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​

 

Capitalized Interest		​	THREE MONTHS ENDED MARCH 31,
​	​	​	​	​	​	​
		​	2019		​	2018
Interest Capitalized during the Period:
Our Share of Consolidated Properties		$	6,428		$	4,573
Our Share of Joint Venture Properties		$	249		$	598

(1)

Includes distributions from other international investments.

(2)

Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues, gains on sale of non-retail investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.

(3)

Relates to period value fluctuations of Washington Prime Group ("WPG") equity and amounts not included in FFO.

1Q 2019 SUPPLEMENTAL		21

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U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION

		​	AS OF MARCH 31,
​	​	​	​	​	​	​
		​	2019		​	2018
Total Number of Properties		​	176			175
Total Square Footage of Properties (in millions)		​	150.6			151.2
Ending Occupancy  (1) :		​
Consolidated Assets		​	95.1%			94.7%
Unconsolidated Assets		​	94.9%			94.5%
Total Portfolio		​	95.1%			94.6%
Total Sales per Square Foot (PSF)  (2) :		​
Consolidated Assets		$	640		$	625
Unconsolidated Assets		$	719		$	686
Total Portfolio		$	660		$	641
Base Minimum Rent PSF  (3) :		​
Consolidated Assets		$	52.70		$	51.79
Unconsolidated Assets		$	58.67		$	58.20
Total Portfolio		$	54.34		$	53.54

Open / Close Spread

​

​

RENT PSF (BASE MINIMUM RENT & CAM)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SQUARE FOOTAGE OF OPENINGS

​

AVERAGE OPENING RATE PSF   (4)

​

AVERAGE CLOSING RATE PSF   (4)

​

LEASING SPREAD   (4)

​

SPREAD TO CLOSE %

3/31/19

​

7,499,068

$

66.00

$

51.83

$

14.17

​

27.3%

12/31/18

8,722,732

$

62.04

$

54.29

$

7.75

14.3%

3/31/18

6,044,658

$

75.77

$

67.32

$

8.45

12.6%

Occupancy Cost as a Percentage of Sales  (5) :

3/31/19

​

12.8%

12/31/18

12.8%

3/31/18

13.0%

(1)

Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.

(2)

Total Sales PSF is defined as total sales of the tenants open and operating in the center during the reporting period divided by the associated company owned and occupied GLA on a trailing 12-month basis. Includes tenant sales activity for all months a tenant is open within the trailing 12-month period. In accordance with the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, stores with less than 10,000 square feet are included for malls and stores with less than 20,000 square feet are included for Premium Outlets.

(3)

Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.

(4)

The Open / Close Spread is a measure that compares opening and closing rates on all spaces. The Opening Rate is the initial cash Rent PSF for spaces leased during the trailing 12-month period, and includes new leases, renewals, amendments and relocations (including expansions and downsizings) if lease term is greater than one year. The Closing Rate is the final cash Rent PSF as of the month the tenant terminates or closes. Rent PSF includes Base Minimum Rent and Common Area Maintenance (CAM) rents.

(5)

Occupancy Cost as a Percentage of Sales is the trailing 12-month Base Minimum Rent, plus all applicable ancillary charges, plus overage rent, if applicable (based on last 12 months of sales), divided by the trailing 12-month Total Sales PSF for the same tenants.

1Q 2019 SUPPLEMENTAL		22

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THE MILLS AND INTERNATIONAL OPERATING INFORMATION

		​	AS OF MARCH 31,
​	​	​	​	​	​	​
		​	2019		​	2018
The Mills		​
Total Number of Properties		​	14			14
Total Square Footage of Properties (in millions)		​	21.4			21.1
Ending Occupancy (1)		​	97.4%			98.3%
Total Sales PSF (2)		$	610		$	599
Base Minimum Rent PSF (3)		$	32.87		$	31.38
Leasing Spread PSF (4)		$	10.94		$	9.00
Leasing Spread (Percentage Change) (4)		​	27.4%			14.7%
		​
International Properties		​
Premium Outlets		​
Total Number of Properties		​	19			18
Total Square Footage of Properties (in millions)		​	7.3			6.6
Designer Outlets		​
Total Number of Properties		​	9			9
Total Square Footage of Properties (in millions)		​	2.2			2.2
Statistics for Premium Outlets in Japan (5)		​
Ending Occupancy		​	99.6%			99.6%
Total Sales PSF		​	¥ 107,643			¥ 106,210
Base Minimum Rent PSF		​	¥ 5,184			¥ 5,075

(1)

See footnote 1 on page 22 for definition, except Ending Occupancy is calculated on all company owned space.

(2)

See footnote 2 on page 22 for definition; calculation methodology is the same as for malls.

(3)

See footnote 3 on page 22 for definition.

(4)

See footnote 4 on page 22 for definition.

(5)

Information supplied by the managing venture partner; includes 9 properties.

1Q 2019 SUPPLEMENTAL		23

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

YEAR		​	NUMBER OF LEASES EXPIRING		​	SQUARE FEET		​	AVG. BASE MINIMUM RENT PSF AT 3/31/19		​	PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES   (2)
Inline Stores and Freestanding
Month to Month Leases			1,169			4,599,744		$	53.83			4.4%
2019 (4/1/19 - 12/31/19)			977			3,064,795		$	52.10			2.8%
2020			2,487			8,380,588		$	51.21			7.5%
2021			2,227			8,454,915		$	49.76			7.4%
2022			2,099			8,266,517		$	50.05			7.4%
2023			2,312			8,663,456		$	57.23			8.7%
2024			1,737			6,951,838		$	58.31			7.2%
2025			1,433			5,443,448		$	65.79			6.4%
2026			1,274			4,559,334		$	63.78			5.2%
2027			1,014			3,820,794		$	63.28			4.2%
2028			870			3,703,797		$	57.99			3.8%
2029			368			2,062,368		$	56.02			1.9%
2030 and Thereafter			328			1,754,283		$	42.87			1.4%
Specialty Leasing Agreements w/ terms in excess of 12 months			1,624			4,121,775		$	18.84			1.4%
Anchors
2019 (4/1/19 - 12/31/19)			6			707,265		$	4.22			0.1%
2020			17			2,030,477		$	6.17			0.2%
2021			12			1,422,205		$	4.74			0.1%
2022			14			1,915,691		$	6.41			0.2%
2023			18			2,468,058		$	6.55			0.3%
2024			22			1,611,774		$	10.03			0.3%
2025			17			1,779,587		$	7.92			0.3%
2026			5			633,170		$	4.97			0.1%
2027			6			920,224		$	4.16			0.1%
2028			9			857,119		$	7.53			0.1%
2029			4			551,988		$	4.61			0.0%
2030 and Thereafter			14			1,504,280		$	7.53			0.2%

(1)

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

(2)

Annual rental revenues represent 2018 consolidated and joint venture combined base rental revenue.

1Q 2019 SUPPLEMENTAL		24

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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS

Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)

TENANT		​	NUMBER OF STORES		​	SQUARE FEET (000's)		​	PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES		​	PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES
The Gap, Inc.			367			3,779			2.1%			3.4%
L Brands, Inc.			306			1,893			1.0%			2.1%
Ascena Retail Group Inc			443			2,461			1.4%			1.8%
PVH Corporation			236			1,466			0.8%			1.6%
Signet Jewelers, Ltd.			369			535			0.3%			1.4%
Forever 21, Inc.			99			1,508			0.8%			1.4%
Tapestry, Inc.			247			977			0.5%			1.4%
Foot Locker, Inc.			233			1,061			0.6%			1.3%
Luxottica Group SPA			388			695			0.4%			1.2%
Abercrombie & Fitch Co.			153			1,089			0.6%			1.2%

Top Anchors (sorted by percentage of total square footage in U.S. properties)   ⁽¹⁾

TENANT		​	NUMBER OF STORES		​	SQUARE FEET (000's)		​	PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES		​	PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES
Macy's Inc.			116			22,202			12.3%			0.4%
J.C. Penney Co., Inc.			66			10,589			5.9%			0.3%
Dillard's, Inc.			38			6,779			3.8%			*
Nordstrom, Inc.			28			4,679			2.6%			0.1%
Sears Holdings Corporation			25			4,274			2.4%			*
Dick's Sporting Goods, Inc.			32			2,175			1.2%			0.5%
Hudson's Bay Company			16			2,128			1.2%			0.1%
Belk, Inc.			9			1,504			0.8%			*
The Neiman Marcus Group, Inc.			12			1,458			0.8%			0.1%
Target Corporation			6			831			0.5%			*
Von Maur, Inc.			6			768			0.4%			*

(1)

Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.

*

Less than one-tenth of one percent.

1Q 2019 SUPPLEMENTAL		25

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Table of Contents

CAPITAL EXPENDITURES
(In thousands)

		​			​	UNCONSOLIDATED PROPERTIES
​	​	​	​	​	​	​	​	​	​
		​	CONSOLIDATED PROPERTIES		​	TOTAL		​	OUR SHARE
New development projects		$	32,538		$	84,661		$	24,371
Redevelopment projects with incremental square footage and/or anchor replacement			102,274			64,839			31,695
Redevelopment projects with no incremental square footage (1)			7,645			5,635			1,605
​	​	​	​	​	​	​	​	​	​
Subtotal new development and redevelopment projects		​	142,457		​	155,135		​	57,671
Tenant allowances			35,196			16,091			6,946
Operational capital expenditures at properties:
CAM expenditures			18,362			8,324			3,838
Non-CAM expenditures			4,796			4,687			1,694
​	​	​	​	​	​	​	​	​	​
Totals		$	200,811		$	184,237		$	70,149
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Conversion from accrual to cash basis			15,970			3,992			1,520
​	​	​	​	​	​	​	​	​	​
Capital Expenditures for the Three Months Ended 3/31/19 (2)		$	216,781		$	188,229		$	71,669
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Capital Expenditures for the Three Months Ended 3/31/18 (2)		$	172,756		$	188,397		$	102,236
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​

(1)

Includes restoration projects as a result of property damage from natural disasters.

(2)

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; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

1Q 2019 SUPPLEMENTAL		26

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Table of Contents

DEVELOPMENT ACTIVITY SUMMARY  ⁽¹⁾
As of March 31, 2019
(in millions, except percent)

PLATFORM     PROJECT TYPE

​

​

PROJECTED GROSS COST  (2)

​

​

PROJECTED NET COST  (3)

​

​

OUR SHARE OF NET COST  (4)

​

​

EXPECTED STABILIZED RATE OF RETURN  (4)

​

​

TOTAL CONSTRUCTION IN PROGRESS

​

​

OUR SHARE OF TOTAL CONSTRUCTION IN PROGRESS

​

​

Malls

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Redevelopments

$

1,075

$

1,063

$

954

7%

$

384

$

338

​

Premium Outlets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

New Developments

$

480

$

413

$

155

9%

$

206

$

84

Redevelopments

$

577

$

550

$

291

10%

$

149

$

76

​

The Mills

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Redevelopments

$

39

$

39

$

39

8%

$

12

$

12

​

Totals

​

$

2,171

​

$

2,065

​

$

1,439

​

​

8%

​

$

751

​

$

510

​

Notes:

(1)

Represents projects under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million or incremental square footage. Includes both domestic and international properties.

(2)

Projected Gross 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.

(3)

Projected Net Cost includes cost recoveries such as land sales, tenant reimbursements, Tax Increment Financing (TIF), CAM, and other such recoveries.

(4)

Costs and returns are based upon current budget assumptions; actual costs may vary and no assurance can be given that expected returns will be achieved. Returns do not include any development or leasing fees earned as part of the development by Simon from joint venture partners.

1Q 2019 SUPPLEMENTAL		27

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Table of Contents

DEVELOPMENT ACTIVITY SUMMARY
As of March 31, 2019

 

(1)

Includes hotel, residential, office and other

(2)

Includes international Premium Outlets and international Designer Outlets

1Q 2019 SUPPLEMENTAL		28

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Table of Contents

DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of March 31, 2019

PROPERTY/ LOCATION		PROJECT DESCRIPTION		ACTUAL/ PROJECTED OPENING		COMPANY'S OWNERSHIP PERCENTAGE
Malls - Redevelopments
Burlington Mall - Burlington (Boston), MA		Redevelopment of the former Sears TBA		9/19		100%
Columbia Center - Kennewick, WA		Dick's Sporting Goods		10/19		100%
Del Amo Fashion Mall - Torrance, CA		Mitsuwa Marketplace		10/19		50%
Orland Square - Orland Park, IL		Redevelopment of the former Carson's with Von Maur		11/19		100%
Roosevelt Field - Garden City (New York), NY		163 room Residence Inn by Marriott		12/19		50%
Shops at Riverside, The - Hackensack (New York), NJ		Redevelopment		12/19		100%
Southdale Center - Edina (Minneapolis), MN		Redevelopment of the former JCPenney building with Life Time Athletic and Life Time Sport/Work		12/19		100%
Burlington Mall - Burlington (Boston), MA		Redevelopment of the former Sears lower level		4/20		100%
Midland Park Mall - Midland, TX		Redevelopment of the former Sears building with Dillard's		6/20		100%
Broadway Square - Tyler, TX		Redevelopment of the former Sears building with retail and restaurants		7/20		100%
Ocean County Mall - Toms River, NJ		Redevelopment of the former Sears building with B.J.'s Restaurant & Brewhouse, LA Fitness, Ulta, and Homesense		8/20		100%
Cape Cod Mall - Hyannis, MA		Redevelopment of the former Sears building and TBA with Target and other retailers		10/20		56%
Dadeland Mall - Miami, FL		Kendall West expansion including the addition of Apple and North Italia		10/20		50%
Northshore Mall - Peabody, MA		Redevelopment of the former Sears building and TBA with Life Time Athletic and Tesla		11/20		56%
Phipps Plaza - Atlanta, GA		Mixed use redevelopment of the former Belk building with Nobu Hotel and Restaurant, Life Time Athletic, Life Time Work, Office, and retail		8/21		100%
Other Properties		Redevelopment projects at various properties

1Q 2019 SUPPLEMENTAL		29

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Table of Contents

DEVELOPMENT ACTIVITY REPORT ⁽¹⁾
As of March 31, 2019

PROPERTY/ LOCATION		PROJECT DESCRIPTION		ACTUAL/ PROJECTED OPENING		COMPANY'S OWNERSHIP PERCENTAGE
Premium Outlets - New Developments
Queretaro Premium Outlets - Queretaro, Mexico		294,000 SF upscale Premium Outlet Center		5/19		50%
Siam Premium Outlets Bangkok - Bangkok, Thailand		251,000 SF upscale Premium Outlet Center		2/20		50%
Designer Outlet - New Developments
Malaga Designer Outlet - Malaga, Spain		191,000 SF upscale Designer Outlet Center		9/19		46%
West Midland Designer Outlet - Cannock, England		197,000 SF upscale Designer Outler Center		10/20		20%
Premium Outlets - Redevelopments and Expansions
Woodbury Common Premium Outlets - Central Valley (New York), NY		Luxury Expansion		7/19		100%
Paju Premium Outlets - Seoul, South Korea		116,000 SF Phase III expansion		8/19		50%
Tosu Premium Outlets - Tosu, Japan		38,000 SF Phase IV expansion		11/19		40%
Wrentham Premium Outlets - Wrentham (Boston), MA		Redevelopment		11/19		100%
Gotemba Premium Outlets - Gotemba, Japan		178,000 SF Phase IV expansion		4/20		40%
Woodbury Common Premium Outlets - Central Valley (New York), NY		Redevelopment		4/20		100%
Round Rock Premium Outlets - Round Rock, TX		433 Unit Multi-family Residential		9/20		50%
Designer Outlet - Expansions
Vancouver Designer Outlet - Vancouver (British Columbia), Canada		84,000 SF Phase II expansion		8/19		46%
Ashford Designer Outlet - Kent, United Kingdom		98,000 SF Phase II expansion		10/19		46%
Noventa di Piave Designer Outlet - Noventa di Piave (Venice), Italy		29,000 SF Phase V expansion		10/19		92%
The Mills - Redevelopments
Sawgrass Mills - Sunrise (Miami), FL		Redevelopment of the former JCPenney Outlet with Primark and Mattel		12/20		100%

(1)

Projects listed above are included in the Development Activity Summary and are under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million or incremental square footage. Includes both domestic and international properties

1Q 2019 SUPPLEMENTAL		30

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Table of Contents

DENSIFICATION PROJECTS

PROPERTY NAME/LOCATION		PROPERTY TYPE		PROJECT DESCRIPTION
Openings during the First Three Months of 2019
Auburn Mall - Auburn, MA *		Office		88,000 SF medical office space
Colorado Mills - Lakewood (Denver), CO		Hotel		127 room SpringHill Suites by Marriott
Openings Projected for the Remainder of 2019
Miller Hill Mall - Duluth, MN		Office		145,000 SF Essentia Health
Roosevelt Field - Garden City (New York), NY *		Hotel		163 room Residence Inn by Marriott
Southdale Center - Edina (Minneapolis), MN *		Office		64,000 SF Life Time Work / Sport
Openings Projected for 2020 and Beyond
Allen Premium Outlets - Allen (Dallas), TX		Hotel		101 room Staybridge Suites
Dadeland Mall - Miami, FL *		Hotel		177 room AC Hotel by Marriott
Denver Premium Outlets - Thornton, CO		Hotel		111 room Staybridge Suites
Firewheel Town Center - Garland (Dallas), TX		Hotel		90 room Fairfield Inn by Marriott
Northgate - Seattle, WA *		Office		30,000 SF NHL Seattle Corporate Headquarters
		Office		1,000,000 SF of Class A office building
		Hotel		372 hotel rooms
		Residential		1,032 residential units
Phipps Plaza - Atlanta, GA *		Hotel		150 room Nobu Hotel
		Office		30,000 SF Life Time Work
		Office		354,000 SF of Class A office building
Round Rock Premium Outlets - Round Rock (Austin), TX		Hotel		170 room Embassy Suites by Hilton
Round Rock Premium Outlets - Round Rock (Austin), TX *		Residential		433 residential units
Sawgrass Mills - Sunrise (Miami), FL *		Hotel		174 room AC Hotel by Marriott
Shops at Mission Viejo, The - Mission Viejo (Los Angeles), CA		Office		105,000 SF of Class A medical office building
Wolfchase Galleria - Memphis, TN		Hotel		112 room Courtyard by Marriott

*

Projects in which Simon has an ownership interest

1Q 2019 SUPPLEMENTAL		31

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Table of Contents

COMMON AND PREFERRED STOCK INFORMATION

                    CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
                     For the Period December 31, 2018 through March 31, 2019

		​	COMMON SHARES  (1)		​	LIMITED PARTNERSHIP UNITS  (2)
Number Outstanding at December 31, 2018			309,017,468			46,807,372
Activity During the First Three Months of 2019:
Exchange of Limited Partnership Units for Common Stock			24,000			(24,000)
Redemption of Limited Partnership Units for Cash			–			(774)
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other			(1,483)			–
Repurchase of Simon Property Group Common Stock in open market			(46,377)			–
​	​	​	​	​	​	​
Number Outstanding at March 31, 2019			308,993,608			46,782,598
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Number of Limited Partnership Units and Common Shares at March 31, 2019			355,776,206
​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​

                    PREFERRED STOCK/UNITS OUTSTANDING AS OF MARCH 31, 2019
                     ($ in 000's, except per share amounts)

ISSUER

DESCRIPTION

​

NUMBER OF SHARES/UNITS

​

PER SHARE LIQUIDATION PREFERENCE

​

AGGREGATE LIQUIDATION PREFERENCE

​

TICKER SYMBOL

Preferred Stock:

Simon Property Group, Inc.

Series J 8.375% Cumulative Redeemable  (3)

796,948

$

50.00

$

39,847

SPGPrJ

Preferred Units:

Simon Property Group, L.P.

7.50% Cumulative Redeemable  (4)

255,373

$

100.00

$

25,537

N/A

(1)

Excludes Limited Partnership preferred units relating to preferred stock outstanding.

(2)

Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.

(3)

Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2019 was $70.40 per share.

(4)

Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

1Q 2019 SUPPLEMENTAL		32

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Table of Contents

CREDIT PROFILE
(As of March 31, unless otherwise indicated)

(1)

Includes a $0.33 per share charge for loss on extinguishment of debt and $0.22 per share for gain upon sale of marketable securities.

(2)

Includes a charge for loss on extinguishment of debt of $0.38 per share and $0.36 per share in 2016 and 2017, respectively.

1Q 2019 SUPPLEMENTAL		33

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Table of Contents

SUMMARY OF INDEBTEDNESS
As of March 31, 2019
(In thousands)

​

TOTAL INDEBTEDNESS

​

​

OUR SHARE OF INDEBTEDNESS

​

​

WEIGHTED AVERAGE END OF PERIOD INTEREST RATE

​

​

WEIGHTED AVERAGE YEARS TO MATURITY

Consolidated Indebtedness

Mortgage Debt

Fixed Rate

$

6,076,720

$

5,949,551

3.89%

5.3

Variable Rate Debt

735,078

698,071

3.04%

2.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Mortgage Debt

6,811,798

6,647,622

3.80%

5.1

Unsecured Debt

Fixed Rate

14,993,714

14,993,714

3.23%

7.3

Revolving Credit Facility - USD Currency

125,000

125,000

3.27%

3.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Revolving Credit Facilities

125,000

125,000

3.27%

3.2

Global Commercial Paper - USD

1,311,800

1,311,800

2.58%

0.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Unsecured Debt

16,430,514

16,430,514

3.17%

6.7

Premium

10,560

10,559

Discount

(42,944)

(42,944)

Debt Issuance Costs

(91,218)

(90,532)

Other Debt Obligations

67,255

67,255

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consolidated Mortgages and Unsecured Indebtedness   (1)

$

23,185,965

$

23,022,474

​

​

3.35%

​

​

​

6.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Joint Venture Indebtedness

Mortgage Debt

Fixed Rate

$

13,474,741

$

6,422,401

4.01%

4.0

Floating Rate Debt (Hedged)   (1)

253,222

98,569

1.68%

6.3

Variable Rate Debt

1,096,855

478,260

3.36%

3.0

TMLP Debt   (2)

417,915

162,067

–

–

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Mortgage Debt

15,242,733

7,161,297

3.96%

3.9

Premium

2,084

1,042

Discount

–

–

Debt Issuance Costs

(42,195)

(19,601)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Joint Venture Mortgages and Other Indebtedness   (1)

$

15,202,622

$

7,142,738

​

​

3.96%

​

​

​

3.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Our Share of Total Indebtedness

​

​

$

30,165,212

​

​

​

3.49%

​

​

​

5.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL INDEBTEDNESS

​

​

OUR SHARE OF INDEBTEDNESS

​

​

WEIGHTED AVERAGE END OF PERIOD INTEREST RATE

​

​

WEIGHTED AVERAGE YEARS TO MATURITY

Summary of Our Share of Fixed and Variable Rate Debt

Consolidated

Fixed

96.5%

$

22,220,294

3.37%

7.0

Variable

3.5%

802,180

3.08%

2.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

100.0%

23,022,474

3.35%

6.2

Joint Venture

Fixed

92.0%

$

6,569,872

4.01%

4.0

Variable

8.0%

572,866

3.36%

3.5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

100.0%

7,142,738

3.96%

3.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Debt

$

30,165,212

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Fixed Debt

​

95.4%

$

28,790,166

​

​

3.51%

​

​

​

5.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Variable Debt

​

4.6%

$

1,375,046

​

​

3.19%

​

​

​

3.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)

Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.

(2)

See footnote 21 on the Property and Debt information.

1Q 2019 SUPPLEMENTAL		34

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Table of Contents

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of March 31, 2019
(In thousands)

YEAR		​	OUR SHARE OF UNSECURED CONSOLIDATED DEBT		​	WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT		​	OUR SHARE OF SECURED CONSOLIDATED DEBT		​	WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT		​	OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		​	WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT		​	OUR SHARE OF TOTAL DEBT		​	TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT
2019		$	1,311,800			2.58%		$	55,080			–		$	252,381			2.34%		$	1,619,261			2.57%
2020			1,341,393			2.42%			603,139			4.45%			478,851			5.10%			2,423,383			3.38%
2021			2,150,000			3.31%			963,247			3.67%			1,065,066			4.48%			4,178,313			3.69%
2022			2,716,393			2.38%			820,857			3.34%			942,536			3.80%			4,479,786			2.86%
2023			1,100,000			2.75%			750,982			3.92%			539,235			3.28%			2,390,217			3.25%
2024			1,500,000			3.53%			368,876			3.87%			1,050,028			4.10%			2,918,904			3.78%
2025			1,160,928			2.41%			834,446			3.57%			857,437			3.36%			2,852,811			3.04%
2026			1,550,000			3.28%			2,058,301			3.89%			848,213			3.76%			4,456,514			3.66%
2027			1,500,000			3.38%			146,279			4.00%			377,538			3.76%			2,023,817			3.49%
2028			–			–			46,415			3.85%			725,543			4.11%			771,958			4.09%
2029			–			–			–			–			610			–			610			–
Thereafter			2,100,000			5.10%			–			–			23,859			6.25%			2,123,859			5.11%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Face Amounts of Indebtedness		$	16,430,514			3.17%		$	6,647,622			3.80%		$	7,161,297			3.96%		$	30,239,433			3.49%
Premiums (Discounts) on Indebtedness, Net			(42,944)						10,559						1,042						(31,343)
Debt Issuance Costs			(71,598)						(18,934)						(19,601)						(110,133)
Other Debt Obligations			67,255						–						–						67,255
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Our Share of Total Indebtedness		$	16,383,227		​	​		$	6,639,247		​	​		$	7,142,738		​	​		$	30,165,212		​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

1Q 2019 SUPPLEMENTAL		35

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Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

												DEBT INFORMATION
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
								LEGAL		TOTAL		MATURITY				INTEREST				​	INDEBTEDNESS ($ in 000's)
		PROPERTY NAME		STATE		CITY (CBSA)		OWNERSHIP		SQUARE FEET		DATE		​		RATE  (1)		TYPE		​	TOTAL		​	OUR SHARE
​		Malls																		​			​
1.		Apple Blossom Mall		VA		Winchester		49.1%		472,803		(2)
2.		Auburn Mall		MA		Auburn		56.4%		583,739		09/01/20				6.02%		Fixed			36,842			20,768
3.		Aventura Mall  (3)		FL		Miami Beach (Miami)		33.3%		2,110,627		07/01/28				4.12%		Fixed			1,750,000			583,333
4.		Avenues, The		FL		Jacksonville		25.0%	(4)	1,111,812		02/06/23				3.60%		Fixed			110,000			27,500
5.		Barton Creek Square		TX		Austin		100.0%		1,430,222		(2)
6.		Battlefield Mall		MO		Springfield		100.0%		1,202,212		09/01/22				3.95%		Fixed			117,074			117,074
7.		Bay Park Square		WI		Green Bay		100.0%		724,373		(2)
8.		Brea Mall		CA		Brea (Los Angeles)		100.0%		1,319,805		(2)
9.		Briarwood Mall		MI		Ann Arbor		50.0%		978,682		09/01/26				3.29%		Fixed			165,000			82,500
10.		Brickell City Centre		FL		Miami		25.0%		476,799		(2)
11.		Broadway Square		TX		Tyler		100.0%		520,403		(2)
12.		Burlington Mall		MA		Burlington (Boston)		100.0%		1,119,134		(2)
13.		Cape Cod Mall		MA		Hyannis		56.4%		587,963		03/06/21				5.75%		Fixed			88,133			49,681
14.		Castleton Square		IN		Indianapolis		100.0%		1,381,533		(2)
15.		Cielo Vista Mall		TX		El Paso		100.0%		1,245,362		(2)
16.		Coconut Point		FL		Estero		50.0%		1,205,433		10/01/26				3.95%		Fixed			188,632			94,316
17.		College Mall		IN		Bloomington		100.0%		610,256		(2)
18.		Columbia Center		WA		Kennewick		100.0%		762,495		(2)
19.		Copley Place		MA		Boston		94.4%	(7)	1,260,061		(2)
20.		Coral Square		FL		Coral Springs (Miami)		97.2%		943,773		(2)
21.		Cordova Mall		FL		Pensacola		100.0%		929,685		(2)
22.		Crystal Mall		CT		Waterford		78.2%		782,878		06/06/22				4.46%		Fixed			87,322			68,273
23.		Dadeland Mall		FL		Miami		50.0%		1,496,842		12/05/21				4.50%		Fixed			407,977			203,988
24.		Del Amo Fashion Center		CA		Torrance (Los Angeles)		50.0%		2,519,378		06/01/27				3.66%		Fixed			585,000			292,500
25.		Domain, The		TX		Austin		100.0%		1,233,744		08/01/21				5.44%		Fixed			183,724			183,724
26.		Dover Mall		DE		Dover		68.1%		927,224		08/06/21				5.57%		Fixed			83,213			56,660
27.		Emerald Square		MA		North Attleboro (Providence, RI)		56.4%		1,022,295		08/11/22				4.71%		Fixed			102,087			57,547
28.		Empire Mall		SD		Sioux Falls		100.0%		1,124,706		12/01/25				4.31%		Fixed			189,221			189,221
29.		Falls, The		FL		Miami		50.0%		839,967		09/01/26				3.45%		Fixed			150,000			75,000
30.		Fashion Centre at Pentagon City, The		VA		Arlington (Washington, DC)		42.5%		1,037,160		07/01/21				5.11%		Fixed			40,000			17,000
												07/01/21				4.87%		Fixed			410,000			174,250
31.		Fashion Mall at Keystone, The		IN		Indianapolis		100.0%		716,548		(2)
32.		Fashion Valley		CA		San Diego		50.0%		1,725,236		01/04/21				4.30%		Fixed			429,253			214,626
33.		Firewheel Town Center		TX		Garland (Dallas)		100.0%		995,806		(2)
34.		Florida Mall, The		FL		Orlando		50.0%		1,716,031		09/05/20				5.25%		Fixed			319,852			159,926
35.		Forum Shops at Caesars Palace, The		NV		Las Vegas		100.0%		663,190		(2)
36.		Galleria, The		TX		Houston		50.4%		2,016,834		03/01/25				3.55%		Fixed			1,200,000			604,440
37.		Greenwood Park Mall		IN		Greenwood (Indianapolis)		100.0%		1,259,740		(2)
38.		Haywood Mall		SC		Greenville		100.0%		1,237,811		(2)
39.		Ingram Park Mall		TX		San Antonio		100.0%		1,118,942		06/01/21				5.38%		Fixed			127,342			127,342

1Q 2019 SUPPLEMENTAL		36

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Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

												DEBT INFORMATION
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
								LEGAL		TOTAL		MATURITY				INTEREST				​	INDEBTEDNESS ($ in 000's)
		PROPERTY NAME		STATE		CITY (CBSA)		OWNERSHIP		SQUARE FEET		DATE		​		RATE  (1)		TYPE		​	TOTAL		​	OUR SHARE
40.		King of Prussia		PA		King of Prussia (Philadelphia)		100.0%		2,667,086		(2)
41.		La Plaza Mall		TX		McAllen		100.0%		1,315,403		(2)
42.		Lakeline Mall		TX		Cedar Park (Austin)		100.0%		1,099,410		(2)
43.		Lehigh Valley Mall		PA		Whitehall		50.0%		1,160,563		11/01/27				4.06%		Fixed			195,433			97,716
44.		Lenox Square		GA		Atlanta		100.0%		1,549,868		(2)
45.		Livingston Mall		NJ		Livingston (New York)		100.0%		968,882		(2)
46.		Mall at Rockingham Park, The		NH		Salem (Boston)		28.2%		1,024,159		06/01/26				4.04%		Fixed			262,000			73,845
47.		Mall at Tuttle Crossing, The		OH		Dublin (Columbus)		50.0%		1,122,253		05/01/23				3.56%		Fixed			118,231			59,115
48.		Mall of Georgia		GA		Buford (Atlanta)		100.0%		1,845,186		(2)
49.		Mall of New Hampshire, The		NH		Manchester		56.4%		801,093		07/01/25				4.11%		Fixed			150,000			84,555
50.		McCain Mall		AR		N. Little Rock		100.0%		793,611		(2)
51.		Meadowood Mall		NV		Reno		50.0%		901,357		11/06/21				5.82%		Fixed			111,797			55,899
52.		Menlo Park Mall		NJ		Edison (New York)		100.0%		1,331,907		(2)
53.		Miami International Mall		FL		Miami		47.8%		1,082,486		02/06/24				4.42%		Fixed			160,000			76,442
54.		Midland Park Mall		TX		Midland		100.0%		635,788		09/06/22				4.35%		Fixed			75,014			75,014
55.		Miller Hill Mall		MN		Duluth		100.0%		831,526		(2)
56.		Montgomery Mall		PA		North Wales (Philadelphia)		79.4%		1,100,773		05/01/24				4.57%		Fixed			100,000			79,351
57.		North East Mall		TX		Hurst (Dallas)		100.0%		1,667,833		(2)
58.		Northgate		WA		Seattle		100.0%		1,045,461		(2)
59.		Northshore Mall		MA		Peabody (Boston)		56.4%		1,385,784		07/05/23				3.30%		Fixed			241,542			136,158
60.		Ocean County Mall		NJ		Toms River (New York)		100.0%		775,321		(2)
61.		Orland Square		IL		Orland Park (Chicago)		100.0%		1,229,921		(2)
62.		Oxford Valley Mall		PA		Langhorne (Philadelphia)		85.5%		1,338,506		12/07/20				4.77%		Fixed			60,689			51,913
63.		Penn Square Mall		OK		Oklahoma City		94.5%		1,083,937		01/01/26				3.84%		Fixed			310,000			292,938
64.		Pheasant Lane Mall		NH		Nashua			(10)	979,435		(2)
65.		Phipps Plaza		GA		Atlanta		100.0%		662,223		(2)
66.		Plaza Carolina		PR		Carolina (San Juan)		100.0%		1,158,453		07/27/21				3.59%		Variable			225,000			225,000
67.		Prien Lake Mall		LA		Lake Charles		100.0%		842,455		(2)
68.		Quaker Bridge Mall		NJ		Lawrenceville		50.0%		1,081,469		05/01/26				4.50%		Fixed			180,000			90,000
69.		Rockaway Townsquare		NJ		Rockaway (New York)		100.0%		1,246,313		(2)
70.		Roosevelt Field		NY		Garden City (New York)		100.0%		2,346,463		(2)
71.		Ross Park Mall		PA		Pittsburgh		100.0%		1,236,512		(2)
72.		Santa Rosa Plaza		CA		Santa Rosa		100.0%		692,086		(2)
73.		Shops at Chestnut Hill, The		MA		Chestnut Hill (Boston)		94.4%		470,071		11/01/23				4.69%		Fixed			120,000			113,328
74.		Shops at Clearfork, The		TX		Fort Worth		45.0%		552,307		03/18/21		(8)		4.24%		Variable			176,358			79,361
75.		Shops at Crystals, The		NV		Las Vegas		50.0%		251,901		07/01/26				3.74%		Fixed			550,000			275,000
76.		Shops at Mission Viejo, The		CA		Mission Viejo (Los Angeles)		51.0%		1,254,716		02/01/23				3.61%		Fixed			295,000			150,450
77.		Shops at Nanuet, The		NY		Nanuet		100.0%		757,928		(2)
78.		Shops at Riverside, The		NJ		Hackensack (New York)		100.0%		654,488		02/01/23				3.37%		Fixed			130,000			130,000

1Q 2019 SUPPLEMENTAL		37

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Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

DEBT INFORMATION

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LEGAL

TOTAL

MATURITY

INTEREST

​

INDEBTEDNESS ($ in 000's)

PROPERTY NAME

STATE

CITY (CBSA)

OWNERSHIP

SQUARE FEET

DATE

​

RATE  (1)

TYPE

​

TOTAL

​

OUR SHARE

79.

Smith Haven Mall

NY

Lake Grove (New York)

25.0%

(4)

1,294,785

05/29/20

(8)

3.69%

Variable

180,000

45,000

80.

Solomon Pond Mall

MA

Marlborough (Boston)

56.4%

886,596

11/01/22

4.01%

Fixed

96,746

54,536

81.

South Hills Village

PA

Pittsburgh

100.0%

1,129,178

(2)

82.

South Shore Plaza

MA

Braintree (Boston)

100.0%

1,587,863

(2)

83.

Southdale Center

MN

Edina (Minneapolis)

100.0%

1,053,824

04/01/23

3.84%

Fixed

143,722

143,722

84.

SouthPark

NC

Charlotte

100.0%

1,678,376

(2)

85.

Southridge Mall

WI

Greendale (Milwaukee)

100.0%

1,220,786

06/06/23

3.85%

Fixed

116,334

116,334

86.

Springfield Mall  (3)

PA

Springfield (Philadelphia)

50.0%

609,910

10/06/25

4.45%

Fixed

61,442

30,721

87.

Square One Mall

MA

Saugus (Boston)

56.4%

930,279

01/06/22

5.47%

Fixed

89,088

50,219

88.

St. Charles Towne Center

MD

Waldorf (Washington, DC)

100.0%

979,933

(2)

89.

St. Johns Town Center

FL

Jacksonville

50.0%

1,391,741

09/11/24

3.82%

Fixed

350,000

175,000

90.

Stanford Shopping Center

CA

Palo Alto (San Jose)

94.4%

(7)

1,338,934

(2)

91.

Stoneridge Shopping Center

CA

Pleasanton (San Francisco)

49.9%

1,300,362

09/05/26

3.50%

Fixed

330,000

164,670

92.

Summit Mall

OH

Akron

100.0%

777,775

10/01/26

3.31%

Fixed

85,000

85,000

93.

Tacoma Mall

WA

Tacoma (Seattle)

100.0%

1,319,507

(2)

94.

Tippecanoe Mall

IN

Lafayette

100.0%

831,563

(2)

95.

Town Center at Boca Raton

FL

Boca Raton (Miami)

100.0%

1,778,541

(2)

96.

Town Center at Cobb

GA

Kennesaw (Atlanta)

100.0%

1,281,734

05/01/22

4.76%

Fixed

184,373

184,373

97.

Towne East Square

KS

Wichita

100.0%

1,145,210

(2)

98.

Treasure Coast Square

FL

Jensen Beach

100.0%

851,095

(2)

99.

Tyrone Square

FL

St. Petersburg (Tampa)

100.0%

960,215

(2)

100.

University Park Mall

IN

Mishawaka

100.0%

918,472

(2)

101.

Walt Whitman Shops

NY

Huntington Station (New York)

100.0%

1,084,827

(2)

102.

West Town Mall

TN

Knoxville

50.0%

1,338,790

07/01/22

4.37%

Fixed

210,000

105,000

103.

Westchester, The

NY

White Plains (New York)

40.0%

808,648

05/05/20

6.00%

Fixed

322,979

129,193

104.

White Oaks Mall

IL

Springfield

80.7%

925,472

06/01/23

(8)

5.24%

Variable

49,250

39,734

105.

Wolfchase Galleria

TN

Memphis

94.5%

1,151,465

11/01/26

4.15%

Fixed

158,399

149,681

106.

Woodfield Mall

IL

Schaumburg (Chicago)

50.0%

2,150,047

03/05/24

4.50%

Fixed

410,972

205,486

107.

Woodland Hills Mall

OK

Tulsa

94.5%

1,091,822

(2)

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​

Total Mall Square Footage

​

​

​

120,174,188

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Lifestyle Centers

​

​

1.

ABQ Uptown

NM

Albuquerque

100.0%

230,061

(2)

2.

Hamilton Town Center

IN

Noblesville (Indianapolis)

50.0%

672,905

04/01/22

4.81%

Fixed

78,846

39,423

3.

Pier Park

FL

Panama City Beach

65.6%

942,585

(2)

4.

University Park Village

TX

Fort Worth

100.0%

169,940

05/01/28

3.85%

Fixed

55,000

55,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Lifestyle Centers Square Footage

2,015,491

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1Q 2019 SUPPLEMENTAL		38

---

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

												DEBT INFORMATION
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
								LEGAL		TOTAL		MATURITY				INTEREST				​	INDEBTEDNESS ($ IN 000's)
		PROPERTY NAME		STATE		CITY (CBSA)		OWNERSHIP		SQUARE FEET		DATE		​		RATE  (1)		TYPE		​	TOTAL		​	OUR SHARE
​		Premium Outlets		​		​		​		​		​		​		​		​		​	​		​	​
1.		Albertville Premium Outlets		MN		Albertville (Minneapolis)		100.0%		429,551		(2)
2.		Allen Premium Outlets		TX		Allen (Dallas)		100.0%		544,770		(2)
3.		Aurora Farms Premium Outlets		OH		Aurora (Cleveland)		100.0%		271,705		(2)
4.		Birch Run Premium Outlets		MI		Birch Run (Detroit)		100.0%		606,452		02/06/26				4.21%		Fixed			123,000			123,000
5.		Camarillo Premium Outlets		CA		Camarillo (Los Angeles)		100.0%		675,519		(2)
6.		Carlsbad Premium Outlets		CA		Carlsbad (San Diego)		100.0%		289,383		(2)
7.		Carolina Premium Outlets		NC		Smithfield (Raleigh)		100.0%		438,840		12/01/22				3.36%		Fixed			43,871			43,871
8.		Charlotte Premium Outlets		NC		Charlotte		50.0%		398,686		07/01/28				4.27%		Fixed			100,000			50,000
9.		Chicago Premium Outlets		IL		Aurora (Chicago)		100.0%		687,362		(2)
10.		Cincinnati Premium Outlets		OH		Monroe (Cincinnati)		100.0%		398,752		(2)
11.		Clarksburg Premium Outlets		MD		Clarksburg (Washington, DC)		66.0%		390,128		01/01/28				3.95%		Fixed			160,000			105,600
12.		Clinton Crossing Premium Outlets		CT		Clinton		100.0%		276,101		(2)
13.		Denver Premium Outlets		CO		Thornton (Denver)		100.0%		328,120		(2)
14.		Desert Hills Premium Outlets		CA		Cabazon (Palm Springs)		100.0%		655,596		(2)
15.		Edinburgh Premium Outlets		IN		Edinburgh (Indianapolis)		100.0%		377,979		(2)
16.		Ellenton Premium Outlets		FL		Ellenton (Tampa)		100.0%		477,043		12/01/25				4.30%		Fixed			178,000			178,000
17.		Folsom Premium Outlets		CA		Folsom (Sacramento)		100.0%		297,548		(2)
18.		Gilroy Premium Outlets		CA		Gilroy (San Jose)		100.0%		578,252		(2)
19.		Gloucester Premium Outlets		NJ		Blackwood (Philadelphia)		50.0%		369,686		03/01/23		(8)		3.99%		Variable			86,000			43,000
20.		Grand Prairie Premium Outlets		TX		Grand Prairie (Dallas)		100.0%		416,322		04/01/23				3.66%		Fixed			113,405			113,405
21.		Grove City Premium Outlets		PA		Grove City (Pittsburgh)		100.0%		530,755		12/01/25				4.31%		Fixed			140,000			140,000
22.		Gulfport Premium Outlets		MS		Gulfport		100.0%		300,020		12/01/25				4.35%		Fixed			50,000			50,000
23.		Hagerstown Premium Outlets		MD		Hagerstown (Baltimore/ Washington, DC)		100.0%		485,148		02/06/26				4.26%		Fixed			75,621			75,621
24.		Houston Premium Outlets		TX		Cypress (Houston)		100.0%		542,202		(2)
25.		Jackson Premium Outlets		NJ		Jackson (New York)		100.0%		285,612		(2)
26.		Jersey Shore Premium Outlets		NJ		Tinton Falls (New York)		100.0%		434,434		(2)
27.		Johnson Creek Premium Outlets		WI		Johnson Creek		100.0%		277,672		(2)
28.		Kittery Premium Outlets		ME		Kittery		100.0%		259,300		(2)
29.		Las Americas Premium Outlets		CA		San Diego		100.0%		553,887		(2)
30.		Las Vegas North Premium Outlets		NV		Las Vegas		100.0%		676,324		(2)
31.		Las Vegas South Premium Outlets		NV		Las Vegas		100.0%		535,661		(2)
32.		Lee Premium Outlets		MA		Lee		100.0%		224,846		06/01/26		(15)		4.17%		Fixed			51,450			51,450
33.		Leesburg Corner Premium Outlets		VA		Leesburg (Washington, DC)		100.0%		478,257		(2)
34.		Lighthouse Place Premium Outlets		IN		Michigan City (Chicago, IL)		100.0%		454,782		(2)
35.		Merrimack Premium Outlets		NH		Merrimack		100.0%		408,902		07/01/23				3.78%		Fixed			121,088			121,088
36.		Napa Premium Outlets		CA		Napa		100.0%		179,354		(2)
37.		Norfolk Premium Outlets		VA		Norfolk		65.0%		332,087		(2)
38.		North Bend Premium Outlets		WA		North Bend (Seattle)		100.0%		223,560		(2)
39.		North Georgia Premium Outlets		GA		Dawsonville (Atlanta)		100.0%		540,704		(2)

1Q 2019 SUPPLEMENTAL		39

---

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

DEBT INFORMATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LEGAL

TOTAL

MATURITY

INTEREST

​

INDEBTEDNESS ($ IN 000's)

PROPERTY NAME

STATE

CITY (CBSA)

OWNERSHIP

SQUARE FEET

DATE

​

RATE  (1)

TYPE

​

TOTAL

​

OUR SHARE

40.

Orlando International Premium Outlets

FL

Orlando

100.0%

773,364

(2)

41.

Orlando Vineland Premium Outlets

FL

Orlando

100.0%

656,893

(2)

42.

Petaluma Village Premium Outlets

CA

Petaluma (San Francisco)

100.0%

201,704

(2)

43.

Philadelphia Premium Outlets

PA

Limerick (Philadelphia)

100.0%

549,153

(2)

44.

Phoenix Premium Outlets

AZ

Chandler (Phoenix)

100.0%

356,506

(2)

45.

Pismo Beach Premium Outlets

CA

Pismo Beach

100.0%

147,430

09/06/26

(17)

3.33%

Fixed

35,166

35,166

46.

Pleasant Prairie Premium Outlets

WI

Pleasant Prairie (Chicago, IL/ Milwaukee)

100.0%

402,613

09/01/27

4.00%

Fixed

145,000

145,000

47.

Puerto Rico Premium Outlets

PR

Barceloneta

100.0%

350,074

07/26/21

3.59%

Variable

160,000

160,000

48.

Queenstown Premium Outlets

MD

Queenstown (Baltimore)

100.0%

289,597

09/06/26

(17)

3.33%

Fixed

61,778

61,778

49.

Rio Grande Valley Premium Outlets

TX

Mercedes (McAllen)

100.0%

603,929

(2)

50.

Round Rock Premium Outlets

TX

Round Rock (Austin)

100.0%

488,699

(2)

51.

San Francisco Premium Outlets

CA

Livermore (San Francisco)

100.0%

696,886

(2)

52.

San Marcos Premium Outlets

TX

San Marcos (Austin/ San Antonio)

100.0%

731,365

(2)

53.

Seattle Premium Outlets

WA

Tulalip (Seattle)

100.0%

554,574

(2)

54.

Silver Sands Premium Outlets

FL

Destin

50.0%

450,954

06/01/22

3.93%

Fixed

100,000

50,000

55.

St. Augustine Premium Outlets

FL

St. Augustine (Jacksonville)

100.0%

327,691

(2)

56.

St. Louis Premium Outlets

MO

St. Louis (Chesterfield)

60.0%

351,494

10/06/24

4.06%

Fixed

95,000

57,000

57.

Tampa Premium Outlets

FL

Lutz (Tampa)

100.0%

459,485

(2)

58.

Tanger Outlets - Columbus (3)

OH

Sunbury (Columbus)

50.0%

355,255

11/28/21

(8)

4.14%

Variable

85,000

42,500

59.

Tanger Outlets - Galveston/Houston (3)

TX

Texas City

50.0%

352,705

07/01/22

(8)

4.14%

Variable

80,000

40,000

60.

The Crossings Premium Outlets

PA

Tannersville

100.0%

411,747

12/01/22

3.41%

Fixed

107,614

107,614

61.

Tucson Premium Outlets

AZ

Marana (Tucson)

100.0%

363,437

(2)

62.

Twin Cities Premium Outlets

MN

Eagan

35.0%

408,932

11/06/24

4.32%

Fixed

115,000

40,250

63.

Vacaville Premium Outlets

CA

Vacaville

100.0%

445,438

(2)

64.

Waikele Premium Outlets

HI

Waipahu (Honolulu)

100.0%

219,279

(2)

65.

Waterloo Premium Outlets

NY

Waterloo

100.0%

421,369

(2)

66.

Williamsburg Premium Outlets

VA

Williamsburg

100.0%

522,456

02/06/26

4.23%

Fixed

185,000

185,000

67.

Woodburn Premium Outlets

OR

Woodburn (Portland)

100.0%

389,820

(2)

68.

Woodbury Common Premium Outlets

NY

Central Valley (New York)

100.0%

899,086

(2)

69.

Wrentham Village Premium Outlets

MA

Wrentham (Boston)

100.0%

657,159

(2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total U.S. Premium Outlet Square Footage

30,470,396

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1Q 2019 SUPPLEMENTAL		40

---

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

DEBT INFORMATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LEGAL

TOTAL

MATURITY

INTEREST

INDEBTEDNESS ($ IN 000's)

PROPERTY NAME

STATE

CITY (CBSA)

OWNERSHIP

SQUARE FEET

DATE

​

RATE  (1)

TYPE

​

TOTAL

​

OUR SHARE

​

The Mills

​

​

1.

Arizona Mills

AZ

Tempe (Phoenix)

100.0%

1,237,077

07/01/20

5.76%

Fixed

152,042

152,042

2.

Arundel Mills

MD

Hanover (Baltimore)

59.3%

1,930,843

02/06/24

4.29%

Fixed

383,500

227,224

3.

Colorado Mills

CO

Lakewood (Denver)

37.5%

1,414,077

11/01/24

4.28%

Fixed

133,021

49,883

07/01/21

5.04%

Fixed

25,999

9,750

4.

Concord Mills

NC

Concord (Charlotte)

59.3%

1,362,404

11/01/22

3.84%

Fixed

235,000

139,261

5.

Grapevine Mills

TX

Grapevine (Dallas)

59.3%

1,781,573

10/01/24

3.83%

Fixed

268,000

158,817

6.

Great Mall

CA

Milpitas (San Jose)

100.0%

1,365,947

(2)

7.

Gurnee Mills

IL

Gurnee (Chicago)

100.0%

1,936,736

10/01/26

3.99%

Fixed

263,284

263,284

8.

Katy Mills

TX

Katy (Houston)

62.5%

(4)

1,788,216

12/06/22

3.49%

Fixed

140,000

35,000

9.

Mills at Jersey Gardens, The

NJ

Elizabeth

100.0%

1,303,453

11/01/20

3.83%

Fixed

350,000

350,000

10.

Ontario Mills

CA

Ontario (Riverside)

50.0%

1,421,472

03/05/22

4.25%

Fixed

302,921

151,461

11.

Opry Mills

TN

Nashville

100.0%

1,168,641

07/01/26

4.09%

Fixed

375,000

375,000

12.

Outlets at Orange, The

CA

Orange (Los Angeles)

100.0%

866,973

04/01/24

4.22%

Fixed

215,000

215,000

13.

Potomac Mills

VA

Woodbridge (Washington, DC)

100.0%

1,540,304

11/01/26

3.46%

Fixed

416,000

416,000

14.

Sawgrass Mills

FL

Sunrise (Miami)

100.0%

2,281,141

(2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total The Mills Square Footage

21,398,857

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Properties

​

​

Calhoun Outlet Marketplace, Circle Centre, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Lebanon Outlet Marketplace, Liberty Tree Mall, Liberty Village Outlet Marketplace, Lincoln Plaza, Orlando Outlet Marketplace, Osage Beach Outlet Marketplace, Philadelphia Mills, and Sugarloaf Mills

(15)(21)

579,038

252,276

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Other Properties Square Footage

6,561,073

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL U.S. SQUARE FOOTAGE  (11)(24)

180,620,005

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1Q 2019 SUPPLEMENTAL		41

---

Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

DEBT INFORMATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LEGAL

TOTAL

MATURITY

INTEREST

INDEBTEDNESS ($ IN 000's)

PROPERTY NAME

STATE

CITY (CBSA)

OWNERSHIP

SQUARE FEET

DATE

​

RATE  (1)

TYPE

​

TOTAL

​

OUR SHARE

​

International Properties

​

​

AUSTRIA

1.

Parndorf Designer Outlet Phases 3 & 4

Vienna

90.0%

118,000

05/25/22

(20)

1.90%

Fixed

103,211

92,890

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Austria Square Footage

118,000

CANADA

2.

Premium Outlet Collection Edmonton IA

Edmonton, Canada

50.0%

424,000

11/10/21

(8)(23)

3.28%

Variable

98,116

49,058

3.

Premium Outlets Montréal

Montréal (Quebec)

50.0%

366,700

06/01/24

(23)

3.10%

Fixed

89,886

44,943

4.

Toronto Premium Outlets

Toronto (Ontario)

50.0%

500,400

06/01/22

(23)

3.13%

Fixed

127,338

63,669

5.

Vancouver Designer Outlet

Vancouver (British Columbia)

45.0%

242,000

06/19/21

(8)(14)

3.53%

Variable

89,942

40,474

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Canada Square Footage

1,533,100

FRANCE

6.

Provence Designer Outlet

Miramas

90.0%

269,000

07/27/22

(8)(20)

1.60%

Variable

91,879

82,691

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal France Square Footage

269,000

GERMANY

7.

Ochtrup Designer Outlet

Ochtrup

70.5%

191,500

06/30/21

(20)

2.49%

Fixed

44,639

31,470

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Germany Square Footage

191,500

ITALY

8.

La Reggia Designer Outlet

Marcianise (Naples)

90.0%

288,000

02/15/22

(20)

2.25%

Variable

144,162

129,746

9.

Noventa Di Piave Designer Outlet

Venice

90.0%

324,000

07/25/25

(20)

1.95%

Fixed

291,683

262,514

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Italy Square Footage

612,000

JAPAN

10.

Ami Premium Outlets

Ami (Tokyo)

40.0%

315,000

09/25/23

(25)

1.79%

Fixed

44,256

17,703

11.

Gotemba Premium Outlets

Gotemba City (Tokyo)

40.0%

481,500

(2)

12.

Kobe-Sanda Premium Outlets

Kobe (Osaka)

40.0%

441,000

01/31/23

(25)

0.44%

Variable

29,982

11,993

13.

Rinku Premium Outlets

Izumisano (Osaka)

40.0%

416,500

07/31/22

(25)

0.33%

Variable

9,020

3,608

14.

Sano Premium Outlets

Sano (Tokyo)

40.0%

390,800

02/28/25

(25)

0.28%

Fixed

41,040

16,416

15.

Sendai-Izumi Premium Outlets

Izumi Park Town (Sendai)

40.0%

164,200

(2)

16.

Shisui Premium Outlets

Shisui (Chiba)

40.0%

434,600

05/31/23

(25)

0.31%

Variable

25,256

10,102

11/30/23

(25)

0.31%

Variable

23,452

9,381

05/29/22

(25)

0.38%

Fixed

45,099

18,039

17.

Toki Premium Outlets

Toki (Nagoya)

40.0%

367,700

05/31/20

(25)

0.92%

Variable

5,459

2,184

11/29/19

(25)

0.35%

Fixed

27,214

10,885

18.

Tosu Premium Outlets

Fukuoka (Kyushu)

40.0%

290,400

07/31/21

(25)

0.38%

Variable

10,373

4,149

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Japan Square Footage

3,301,700

1Q 2019 SUPPLEMENTAL		42

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Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

DEBT INFORMATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LEGAL

TOTAL

MATURITY

INTEREST

INDEBTEDNESS ($ IN 000's)

PROPERTY NAME

STATE

CITY (CBSA)

OWNERSHIP

SQUARE FEET

DATE

​

RATE  (1)

TYPE

​

TOTAL

​

OUR SHARE

KOREA

19.

Busan Premium Outlets

Busan

50.0%

360,200

09/09/20

(26)

3.40%

Fixed

99,784

49,892

20.

Paju Premium Outlets

Paju (Seoul)

50.0%

442,900

07/13/23

(26)

3.49%

Fixed

57,322

28,661

21.

Siheung Premium Outlets

Siheung (Seoul)

50.0%

444,400

03/15/23

(26)

3.28%

Fixed

131,874

65,937

22.

Yeoju Premium Outlets

Yeoju (Seoul)

50.0%

551,600

09/28/21

(26)

3.45%

Fixed

72,973

36,485

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal South Korea Square Footage

1,799,100

MALAYSIA

23.

Genting Highlands Premium Outlets

Pahang (Kuala Lumpur)

50.0%

277,500

02/14/24

(27)

5.27%

Variable

32,207

16,103

24.

Johor Premium Outlets

Johor (Singapore)

50.0%

309,400

11/01/19

(27)

5.02%

Variable

1,509

755

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Malaysia Square Footage

586,900

MEXICO

25.

Premium Outlets Punta Norte

Mexico City

50.0%

333,000

(2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Mexico Square Footage

333,000

NETHERLANDS

26.

Roermond Designer Outlet Phases 2, 3 & 4

Roermond

(28)

298,000

12/18/21

(20)

1.47%

Fixed

258,026

232,223

08/17/25

(20)

1.30%

Variable

188,472

89,077

27.

Rosada Designer Outlet

Roosendaal

94.0%

247,500

02/25/24

(8)(20)

1.75%

Variable

64,787

60,900

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal Netherlands Square Footage

545,500

UNITED KINGDOM

28.

Ashford Designer Outlet

Kent

45.0%

183,000

02/22/22

(5)

3.01%

Fixed

103,275

46,474

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subtotal United Kingdom Square Footage

183,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(29)

9,472,800

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL SQUARE FOOTAGE

190,092,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Secured Indebtedness:

(13)

297,613

147,310

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TOTAL SECURED INDEBTEDNESS

$

13,808,919

(6)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Our Share of Consolidated Mortgage Debt

$

6,647,622

Our Share of Joint Venture Mortgage Debt

$

7,161,297

1Q 2019 SUPPLEMENTAL		43

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Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

​

DEBT INFORMATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

INDEBTEDNESS

UNSECURED INDEBTEDNESS:

​

MATURITY DATE

​

INTEREST RATE (1)

TYPE

​

($ in 000's) TOTAL

Global Commercial Paper - USD

07/03/19

(12)

2.58%

Fixed

1,311,800

Simon Property Group, LP (Sr. Notes)

09/01/20

2.50%

Fixed

500,000

Simon Property Group, LP (Euro Sr. Notes)

10/02/20

(22)

2.38%

Fixed

841,393

Simon Property Group, LP (Sr. Notes)

03/01/21

(19)

3.16%

Fixed

900,000

Simon Property Group, LP (Sr. Notes)

07/15/21

2.50%

Fixed

550,000

Simon Property Group, LP (Sr. Notes)

12/01/21

4.13%

Fixed

700,000

Simon Property Group, LP (Sr. Notes)

01/30/22

2.35%

Fixed

550,000

Simon Property Group, LP (Sr. Notes)

03/15/22

3.38%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

06/15/22

2.63%

Fixed

600,000

Revolving Credit Facility - USD Currency

06/30/22

(8)

3.27%

Variable

125,000

Simon Property Group, LP (Euro Sr. Notes)

11/18/22

(16)

1.38%

Fixed

841,393

Simon Property Group, LP (Sr. Notes)

02/01/23

2.75%

Fixed

500,000

Simon Property Group, LP (Sr. Notes)

06/01/23

2.75%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

02/01/24

3.75%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

10/01/24

3.38%

Fixed

900,000

Simon Property Group, LP (Euro Sr. Notes)

05/13/25

(9)

1.25%

Fixed

560,928

Simon Property Group, LP (Sr. Notes)

09/01/25

3.50%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

01/15/26

3.30%

Fixed

800,000

Simon Property Group, LP (Sr. Notes)

11/30/26

3.25%

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

06/15/27

3.38%

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

12/01/27

3.38%

Fixed

750,000

Simon Property Group, LP (Sr. Notes)

02/01/40

6.75%

Fixed

600,000

Simon Property Group, LP (Sr. Notes)

03/15/42

4.75%

Fixed

550,000

Simon Property Group, LP (Sr. Notes)

10/01/44

4.25%

Fixed

400,000

Simon Property Group, LP (Sr. Notes)

11/30/46

4.25%

Fixed

550,000

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Unsecured Indebtedness

$

16,430,514

(18)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1Q 2019 SUPPLEMENTAL		44

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Table of Contents

PROPERTY AND DEBT INFORMATION
As of March 31, 2019

FOOTNOTES:

 

(1)

Variable rate debt interest rates are based on the following base rates as of March 31, 2019: 1M LIBOR at 2.49%; 1M EUR LIBOR at –.42%; 1M EURIBOR at –.37%; 3M EURIBOR at –.31%; 6M EURIBOR at –.23%; 3M GBP LIBOR at 0.85%; 1M YEN TIBOR at 0.06%; 6M YEN TIBOR at .13%; 1M YEN LIBOR at –0.10%; 1M CDOR at 1.98%; and Cost of Funds Rate at 3.52%.

(2)

Unencumbered asset.

(3)

This property is managed by a third party.

(4)

The Operating Partnership's direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.

(5)

Amount shown in USD equivalent; GBP equivalent is 79.2 million.

(6)

Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including TMLP. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $211.3 million of payment guarantees provided by the Operating Partnership (of which $10.8 million is recoverable from our venture partner under the partnership agreement).

(7)

The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(8)

Includes applicable extensions available at our option.

(9)

Amount shown in USD equivalent; Euro equivalent is 500.0 million.

(10)

The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(11)

Does not include any other spaces in joint ventures which are not listed above.

(12)

Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of commercial paper at March 31, 2019.

(13)

Consists of ten loans with interest rates ranging from 2.13% to 9.92% and maturities between 2019 and 2035.

(14)

Amount shown in USD equivalent; CAD equivalent is 120.1 million.

(15)

These three properties (which includes Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.

(16)

Amount shown in USD equivalent; Euro equivalent is 750.0 million.

(17)

These two properties are secured by cross-collateralized and cross-defaulted mortgages.

(18)

Also represents our share of Total Unsecured Indebtedness.

(19)

Through cross currency swap agreements, $150.0 million was swapped to Euro-equivalent 121.6 million at 1.37% and $200.7 million was swapped to Yen-equivalent 22.3 billion at 1.19%, resulting in an interest rate essentially fixed at the all-in rate presented.

(20)

Amount shown in USD equivalent; Euro equivalent is 1.1 billion.

(21)

Consists of seven encumbered properties with interest rates ranging from 3.41% to 7.32% and maturities between 2019 and 2026, of which two properties are held within TMLP.

(22)

Amount shown in USD equivalent; Euro equivalent is 750.0 million.

(23)

Amounts shown in USD equivalent; CAD equivalent is 421.0 million.

(24)

Includes office space of 2,137,217 square feet including the following centers with more than 75,000 square feet of office space:

Auburn Mall - 85,619 sq. ft.		Fashion Centre at Pentagon City - 169,089 sq. ft.
Circle Centre - 131,655 sq. ft.		Oxford Valley Mall - 137,728 sq. ft.
Copley Place - 894,668 sq. ft.		The Shops at Clearfork - 146,571 sq. ft.
Domain, The - 156,240 sq. ft.

(25)

Amounts shown in USD equivalent; Yen equivalent is 29.1 billion.

(26)

Amounts shown in USD equivalent; Won equivalent is 411.7 billion.

(27)

Amounts shown in USD equivalent; Ringgit equivalent is 148.4 million.

(28)

The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.

(29)

Does not include Klépierre.

1Q 2019 SUPPLEMENTAL		45

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Table of Contents

NON-GAAP PRO-RATA FINANCIAL INFORMATION

The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled "Our Share of Joint Ventures" were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled "Noncontrolling Interests," which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

•

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•

Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.

Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.

1Q 2019 SUPPLEMENTAL		46

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Table of Contents

NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)

​

FOR THE THREE MONTHS ENDED MARCH 31, 2019

​

FOR THE THREE MONTHS ENDED MARCH 31, 2018

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NONCONTROLLING INTERESTS (1)

​

OUR SHARE OF JOINT VENTURES

​

NONCONTROLLING INTERESTS (1)

​

OUR SHARE OF JOINT VENTURES

REVENUE:

Lease income

$

(10,684)

357,067

$

(10,861)

354,173

Management fees and other revenues

–

–

–

–

Other income

(377)

37,582

(451)

39,880

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total revenue

(11,061)

394,649

(11,312)

394,053

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EXPENSES:

Property operating

(2,043)

64,544

(2,051)

65,016

Depreciation and amortization

(4,250)

102,217

(4,051)

97,410

Real estate taxes

(615)

32,473

(610)

31,920

Repairs and maintenance

(416)

10,643

(395)

10,886

Advertising and promotion

(1,236)

11,592

(1,073)

11,384

Home and regional office costs

–

–

–

–

General and administrative

–

–

–

–

Other

(2,119)

21,808

(1,472)

22,307

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total operating expenses

(10,679)

243,277

(9,652)

238,923

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING INCOME BEFORE OTHER ITEMS

(382)

151,372

(1,660)

155,130

Interest expense

1,466

(73,397)

1,819

(71,673)

Loss on extinguishment of debt

–

–

–

–

Income and other taxes

–

–

–

–

Income from unconsolidated entities

(167)

(77,975)

(67)

(83,457)

Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

–

–

–

–

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CONSOLIDATED NET INCOME

917

–

92

–

Net income attributable to noncontrolling interests

917

–

92

–

Preferred dividends

–

–

–

–

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

–

$

–

$

–

$

–

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)

Represents our venture partners' share of operations from consolidated properties.

1Q 2019 SUPPLEMENTAL		47

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Table of Contents

NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)

​

AS OF MARCH 31, 2019

​

AS OF MARCH 31, 2018

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NONCONTROLLING INTERESTS

​

OUR SHARE OF JOINT VENTURES

​

NONCONTROLLING INTERESTS

​

OUR SHARE OF JOINT VENTURES

ASSETS:

Investment properties, at cost

$

(451,232)

$

10,682,684

$

(412,255)

$

10,766,742

Less - accumulated depreciation

(90,839)

3,296,072

(81,238)

3,079,156

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(360,393)

7,386,612

(331,017)

7,687,586

Cash and cash equivalents

(17,095)

462,033

(14,391)

438,777

Tenant receivables and accrued revenue, net

(11,427)

195,033

(6,844)

181,791

Investment in unconsolidated entities, at equity

(21,434)

(2,175,875)

(24,416)

(2,244,540)

Investment in Klépierre, at equity

–

–

–

–

Deferred costs and other assets

(33,229)

375,369

(41,490)

177,211

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

$

(443,578)

$

6,243,172

$

(418,158)

$

6,240,825

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES:

Mortgages and unsecured indebtedness

$

(163,492)

$

7,142,738

$

(169,925)

$

7,053,466

Accounts payable, accrued expenses, intangibles, and deferred revenues

(21,469)

409,115

(18,002)

428,584

Cash distributions and losses in unconsolidated entities, at equity

–

(1,559,534)

–

(1,421,879)

Other liabilities

(51,282)

250,853

(50,288)

180,654

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total liabilities

(236,243)

6,243,172

(238,215)

6,240,825

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commitments and contingencies

Limited partners' preferred interest in the Operating Partnership

(200,345)

–

(176,144)

–

EQUITY:

Stockholders' equity

Capital stock

Series J 8 3 / 8 % cumulative redeemable preferred stock

–

–

–

–

Common stock, $.0001 par value

–

–

–

–

Class B common stock, $.0001 par value

–

–

–

–

Capital in excess of par value

–

–

–

–

Accumulated deficit

–

–

–

–

Accumulated other comprehensive loss

–

–

–

–

Common stock held in treasury at cost

–

–

–

–

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total stockholders' equity

–

–

–

–

Noncontrolling interests

(6,990)

–

(3,799)

–

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total equity

(6,990)

–

(3,799)

–

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total liabilities and equity

$

(443,578)

$

6,243,172

$

(418,158)

$

6,240,825

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1Q 2019 SUPPLEMENTAL		48

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