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Fourth Quarter 2008

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Fourth Quarter 2008 Fourth Quarter 2008 Consolidated Revenue ($ in millions) ‘08 $3,783 ’07 $3,651 ’06 $3,332 ’05 $3,167 Diluted FFO per Share* ‘08 $6.42 ’07 $5.90 ’06 $5.39 ’05 $4.96 Total Market Capitalization ($ in billions) ‘08 $40.3 ’07 $49.3 ’06 $48.8 ’05 $40.2 Fact Sheet 2008 HIGHLIGHTS INVESTMENT MERITS HIGH QUALITY PORTFOLIO c Diluted Funds from Operations (“FFO”) per share* c Strong balance sheet, liquidity and access to Simon owns or has an interest in assets of increased 8.8% for the year to $6.42 from $5.90. capital national and international renown: c Revenues grew 3.6% for the year to $3.783 Simon has the highest investment grade Arkadia Shopping Center – Warsaw, Poland billion from $3.651 billion. ratings among U.S. regional mall companies: Copley Place – Boston Standard & Poor’s A- (Stable Outlook) Dadeland Mall – Miami c 2008 comparable sales per square foot were Moody’s A3 (Stable Outlook) Desert Hills Premium Outlets – Riverside $470 in the regional malls and $513 in the The Fashion Centre at Pentagon – Washington, D.C. Premium Outlets. As of December 31, 2008, Simon had cash- on-hand of $1.075 billion including our Fashion Valley Mall – San Diego c In 2008, the Company opened seven new share of joint venture cash, and availability The Florida Mall – Orlando development projects: two U.S. open-air on our corporate credit facility of over $2.4 The Forum Shops at Caesars – Las Vegas centers, three Premium Outlets (one in Japan), a billion. The Galleria – Houston shopping center in Italy and one in China. Gotemba Premium Outlets – Tokyo, Japan c Unmatched product, geographic and tenant Las Americas Premium Outlets – San Diego c The Company completed several significant diversity Lenox Square – Atlanta redevelopment/expansion projects in 2008, The Mall at Chestnut Hill – Boston which included the addition of four new c Stable operating performance from core portfolio Orlando Premium Outlets – Orlando Nordstrom stores as well as small shops and generating positive comparable property NOI Phipps Plaza – Atlanta restaurants at six of our regional malls and five c Historical growth through opportunistic Roosevelt Field – New York Premium Outlets. acquisitions Sawgrass Mills – Ft. Lauderdale c In 2008, Simon completed 21 new secured SouthPark – Charlotte c Equity outperformance; SPG has outperformed financings, generating $3.2 billion of proceeds South Shore Plaza – Boston the Morgan Stanley REIT Index for 8 consecutive (our share was $2.2 billion), and issued $1.5 Stanford Shopping Center – Palo Alto years and the S&P 500 Index for 7 of the last 8 billion of unsecured notes. Town Center at Boca Raton – Boca Raton years The Westchester – New York * Please refer to back cover for a reconciliation of diluted net income Woodbury Common Premium Outlets– New York available to common stockholders to diluted FFO per share. The Largest U.S. Real Estate Company Simon Property Group operates from five major platforms – regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers, and international properties. Within these platforms, nearly all retail distribution channels are represented – from community centers to power centers to lifestyle centers to Premium Outlet Centers to value-oriented regional malls to mega-town centers and super-regional malls. Our strategy is to have a significant presence in each of these elements of the retail real estate spectrum since all of these formats have appeal to our retailers and consumers. As of January 31, 2009, Simon Property Group: Selected Financial Data c Is an S&P 500 company and the largest public U.S. real estate As of As of As of As of company (In thousands, except per share data) 12/31/08 12/31/07 12/31/06 12/31/05 c Owns or has an interest in 324 OPERATING DATA: properties in 41 states in the U.S. and Total revenue (1) $ 3,783,155 $ 3,650,799 $ 3,332,154 $ 3,166,853 Puerto Rico comprising 246 million Net income available to common stockholders $ 422,517 $ 436,164 $ 486,145 $ 401,895 square feet of GLA PER COMMON SHARE DATA: c Hosts over 2.8 billion annual shopper FFO (2) (diluted) $ 6.42 $ 5.90 $ 5.39 $ 4.96 visits in its U.S. portfolio, generating Net income (diluted) $ 1.87 $ 1.95 $ 2.19 $ 1.82 annual retail sales in excess of $60 Cash dividends $ 3.60 $ 3.36 $ 3.04 $ 2.80 billion Common stock price $ 53.13 $ 86.86 $ 101.29 $ 76.63 c Owns or has an interest in 82 regional malls, 15 Premium Outlet Centers CONSOLIDATED BALANCE SHEET DATA: and 14 Mills in the top 25 largest U.S. Cash and cash equivalents $ 773,544 $ 501,982 $ 929,360 $ 337,048 CBSAs* Total assets $ 23,596,672 $ 23,605,662 $ 22,084,455 $ 21,131,039 Mortgages and other indebtedness $ 18,042,532 $ 17,218,674 $ 15,394,489 $ 14,106,117 c Owns an interest in 52 European Stockholders’ equity $ 3,040,183 $ 3,563,383 $ 3,979,642 $ 4,307,296 shopping centers in France, Italy and Poland and one shopping center in OTHER DATA: China Shares of Common Stock 231,320 223,035 221,431 220,361 c Owns an interest in seven Premium Operating Partnership Units 56,368 57,913 59,113 58,523 Outlet Centers in Japan and one Total Market Capitalization (in millions) $ 40,273 $ 49,265 $ 48,780 $ 40,153 Premium Outlet Center in both Mexico (1) Before allocation to Limited Partners. and Korea (2) Please refer to the back cover for a reconciliation of diluted net income available to common stockholders to diluted FFO per share. * based on the U.S. Office of Management and Budget’s definition of Core Based Statistical Area (CBSA) DEVELOPMENT ACTIVITY Simon’s Five Retail Real Estate Platforms In the U.S., Simon continues construction on two new development projects scheduled to open in 2009: Cincinnati Premium Outlets in Monroe, Ohio, and the phase II expansion of The Domain in Austin, Texas. Significant redevelopment projects currently under construction include Camarillo Premium REGIONAL Premium OUTLET THE MILLS® Community/Lifestyle International MALLS CENTERS® CENTERS Properties Outlets – The Promenade and South Shore Plaza. U.S. Operational Statistics As of As of As of As of 12/31/08 12/31/07 12/31/06 12/31/05 OCCUPANCY: Regional Malls 92.4% 93.5% 93.2% 93.1% Premium Outlet Centers 98.9% 99.7% 99.4% 99.6% The Mills 94.5% 94.1% (1) (1) Mills Regional Malls 87.4% 89.5% (1) (1) Community/Lifestyle Centers 90.7% 94.1% 93.2% 91.6% AVERAGE BASE RENT PER SQUARE FOOT: Regional Malls $ 39.49 $ 37.09 $ 35.38 $ 34.49 Premium Outlet Centers $ 27.65 $ 25.67 $ 24.23 $ 23.16 The Mills $ 19.51 $ 19.06 (1) (1) Mills Regional Malls $ 36.99 $ 35.63 (1) (1) Community/Lifestyle Centers $ 13.25 $ 12.43 $ 11.82 $ 11.41 LEASING ACTIVITY: Regional Malls Opening Base Rent per Square Foot $ 45.74 $ 44.76 $ 43.21 $ 43.18 Regional Malls Leasing Spread (Percentage Increase) 21.3% 14.4% 17.6% 20.7% Premium Outlet Centers Opening Base Rent per Square Foot $ 38.07 $ 31.43 $ 29.95 $ 26.48 Premium Outlet Centers Leasing Spread (Percentage Increase) 48.8% 33.0% 31.0% 20.9% COMPARABLE SALES PER SQUARE FOOT: Regional Malls $ 470 $ 491 $ 476 $ 450 Premium Outlet Centers $ 513 $ 504 $ 471 $ 444 (1) (1) The Mills $ 372 $ 372 (1) (1) Mills Regional Malls $ 418 $ 444 OCCUPANCY COST AS A PERCENTAGE OF SALES: Regional Malls 14.2% 13.1% 12.9% 12.9% Premium Outlet Centers 8.2% 8.0% 7.8% 8.0% NUMBER OF PrOPERTIES: Regional Malls 164 168 171 171 Premium Outlet Centers 40 38 36 33 The Mills Portfolio 36 37 (1) (1) Community/Lifestyle Centers 70 67 69 71 Other Properties 14 10 10 11 Total Number of Properties 324 320 286 286 U.S. GrOss LEASABLE ArEA (in thousands) 246,039 242,114 201,015 200,412 (1) On April 3, 2007, SPG-FCM Ventures, LLC, a joint venture between an entity owned 50% by the Company and 50% by funds managed by Farallon Capital Management, L.L.C., completed the acquisition of The Mills Corporation. Design and Production by www.annualreportsinc.com by and Production Design STOCKHOLDER INQUIRIES COMPANY SECURITIEs TOTAL RETURN TO STOCKHOLDERS Shelly J. Doran Simon Property Group, Inc. common stock and Vice President of Investor Relations two public issues of preferred stock are traded Total Simon Property Group, Inc. on the New York Stock Exchange (“NYSE”) Year Return P.O. Box 7033 under the following symbols: 2000 14% Indianapolis, IN 46207 Common Stock SPG 2001 31% 800-461-3439 6.0% Series I Convertible 2002 24% Perpetual Preferred SPGPrI 8.375% Series J Cumulative 2003 43% Redeemable Preferred SPGPrJ 2004 45% On January 30, 2009, the Company announced 2005 23% WEBSITE that it will pay its quarterly dividend of $0.90 Information such as financial results, corporate 2006 37% per share in a combination of 10% cash and announcements, dividend news and corporate 90% common stock. The Company intends 2007 -11% governance is available on Simon’s website: that the aggregate cash component of the div- 2008 -36% www.simon.com (Investor Relations tab). idend will not exceed 10% in the aggregate, Average Annual Return to or $0.09 per share. The dividend is payable on INVESTOR SERVICES PROGRAM Stockholders (2000-2008) 19% March 18, 2009 to stockholders of record on Simon Property Group offers an Investor February 12, 2009. If adopted for all of 2009, Services Program for investors wishing to the Company would retain up to $925 million purchase or sell our common stock.
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