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First Quarter 2008

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First Quarter 2008 First Quarter 2008 Consolidated Revenue ($ in millions) YTD ‘08 $895 YTD ‘07 $852 ’07 $3,651 ’06 $3,332 ’05 $3,167 Diluted FFO per Share* YTD ‘08 $1.46 YTD ‘07 $1.37 ’07 $5.90 ’06 $5.39 ’05 $4.96 Total Market Capitalization ($ in billions) YTD ‘08 $51.3 YTD ‘07 $53.5 ’07 $49.3 ’06 $48.8 ’05 $40.2 Fact Sheet RECENT HIGHLIGHTS (EPA) for outstanding energy management and HIGH QUALITY PORTFOLIO c Diluted Funds from Operations (“FFO”) per reductions in greenhouse gas emissions at its Simon owns or has an interest in assets of national share* increased 6.6% to $1.46 for the quarter and international renown: malls across the country. Simon was the first REIT from $1.37 in 2007. to win the award in the last five years and is the Arkadia Shopping Center – Warsaw, Poland c Revenues grew 5.0% to $895 million for the only REIT recognized this year. Copley Place – Boston quarter from $852 million in 2007. Dadeland Mall – Miami DEVELOPMENT PIPELINE The Fashion Centre at Pentagon – Washington, D.C. c On March 27th, the Company opened Houston Simon has a development and redevelopment Fashion Valley Mall – San Diego Premium Outlets in Cypress, Texas, located pipeline of over $5 billion of projects in the U.S. The Florida Mall – Orlando approximately 30 miles northwest of Houston. and abroad scheduled to open over the next four The Forum Shops at Caesars – Las Vegas This center is leased to merchants including Ann to five years. Two new U.S. development projects The Galleria – Houston Taylor, BCBG Max Azria, Burberry, Coach, Crocs, are scheduled to open in May: Hamilton Town Gotemba Premium Outlets – Tokyo, Japan Elie Tahari, Juicy Couture, Kate Spade, Lucky Center in Noblesville, Indiana, and Pier Park in Lenox Square and Phipps Plaza – Atlanta Brand Jeans, Michael Kors and True Religion. Panama City Beach, Florida. Jersey Shore Premium The Mall at Chestnut Hill – Boston c During the quarter, Simon completed five Outlets, located in Tinton Falls, New Jersey, is under Orlando Premium Outlets – Orlando significant redevelopment and expansion construction and scheduled to open in November Roosevelt Field – New York projects including the addition of Nordstrom of 2008. Sawgrass Mills – Ft. Lauderdale and small shops at Aventura Mall and Simon has eight new international development SouthPark – Charlotte Burlington Mall, as well as expansions at three projects under construction: two in Italy, one in South Shore Plaza – Boston Premium Outlets — Las Vegas Premium Japan and five in China. Stanford Shopping Center – Palo Alto Outlets, Philadelphia Premium Outlets and Town Center at Boca Raton – Boca Raton Rio Grande Valley Premium Outlets. The Company also has 12 significant The Westchester – New York redevelopment and expansion projects under Woodbury Common Premium Outlets – New York c On March 4th, the Company announced that it construction that include the addition of lifestyle was named a 2008 ENERGY STAR Partner of the components featuring tenants such as Barnes & This high-quality portfolio provides geographic, Year by the U.S. Environmental Protection Agency Noble, Ulta Cosmetics and P.F. Chang’s, as well property and tenant diversity. as small shops. A mall renovation initiative is underway to update mall appearance and enhance * Please refer to back cover for a reconciliation of diluted net income customer amenities at nine regional malls, all available to common stockholders to diluted FFO per share. scheduled to be completed in 2008. The Largest Retail 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 channels have appeal to our retailers and consumers. As of March 31, 2008, Simon Property Group: c Is an S&P 500 company and the largest public U.S. retail real estate Selected Financial Data company As of As of As of As of As of (In thousands, except per share data) 3/31/08 3/31/07 12/31/07 12/31/06 12/31/05 c Owns or has an interest in 321 properties in the U.S. and Puerto Rico OPERATING DATA: comprising 243 million square feet of Total revenue (1) $ 895,298 $ 852,141 $ 3,650,799 $ 3,332,154 $ 3,166,853 GLA Income from continuing operations $ 99,284 $ 112,949 $ 519,304 $ 563,443 $ 353,407 Net income available to c Hosts over 2.8 billion annual shopper common stockholders $ 87,933 $ 98,381 $ 436,164 $ 486,145 $ 401,895 visits in its U.S. portfolio, generating annual retail sales in excess of $60 PER COMMON SHARE DATA: billion FFO (2) (diluted) $ 1.46 $ 1.37 $ 5.90 $ 5.39 $ 4.96 c Owns or has an interest in 82 regional Net income (diluted) $ 0.39 $ 0.44 $ 1.95 $ 2.19 $ 1.82 malls, 14 Premium Outlet Centers Cash dividends $ 0.90 $ 0.84 $ 3.36 $ 3.04 $ 2.80 and 14 Mills in the top 25 largest U.S. Common stock price $ 92.91 $ 111.25 $ 86.86 $ 101.29 $ 76.63 CBSAs* BALANCE SHEET DATA: c Owns an interest in 51 European Cash and cash equivalents $ 428,659 $ 339,953 $ 501,982 $ 929,360 $ 337,048 shopping centers in France, Italy and Total assets $ 23,503,125 $ 23,743,590 $ 23,605,662 $ 22,084,455 $ 21,131,039 Poland Mortgages and other indebtedness $ 17,445,746 $ 17,152,418 $ 17,218,674 $ 15,394,489 $ 14,106,117 c Owns an interest in six Premium Stockholders’ equity $ 3,478,715 $ 3,951,317 $ 3,563,383 $ 3,979,642 $ 4,307,296 Outlet Centers in Japan and one OTHER DATA: Premium Outlet Center in both Mexico and South Korea Shares of Common Stock (in thousands) 224,755 223,387 223,035 221,431 220,361 c Has the highest investment grade Operating Partnership Units ratings among U.S. regional mall (in thousands) 57,563 57,945 57,913 59,113 58,523 companies Total Market Capitalization (in millions) $ 51,267 $ 53,469 $ 49,265 $ 48,780 $ 40,153 n Standard & Poor’s A- (Stable Outlook) (1) Before allocation to Limited Partners. n (2) Please refer to the back cover for a reconciliation of diluted net income available to common stockholders to diluted FFO per share. Moody’s A3 (Stable Outlook) * based on the U.S. Office of Management and Budget’s definition of Core Based Statistical Area (CBSA) GROWTH STRATEGY Simon’s Five Retail Real Estate Platforms Our multi-faceted growth strategy is to: c Increase the profitability of our existing portfolio c Identify opportunistic acqui- sitions that create value, such as the recent Mills acquisition c Develop high quality assets across the U.S. retail real estate spectrum and REGIONAL Premium OUTLET THE MILLS® Community/Lifestyle International c Expand our international MALLS CENTERS® CENTERS Properties presence. U.S. Operational Statistics As of As of As of As of As of 3/31/08 3/31/07 12/31/07 12/31/06 12/31/05 OCCUPANCY: Regional Malls 91.7% 91.8% 93.5% 93.2% 93.1% Premium Outlet Centers 97.9% 99.1% 99.7% 99.4% 99.6% The Mills 94.2% (1) 94.1% (1) (1) Mills Regional Malls 86.8% (1) 89.5% (1) (1) Community/Lifestyle Centers 93.3% 93.1% 94.1% 93.2% 91.6% AVERAGE BASE RENT PER SQUARE FOOT: Regional Malls $ 37.73 $ 36.18 $ 37.09 $ 35.38 $ 34.49 Premium Outlet Centers $ 26.32 $ 24.84 $ 25.67 $ 24.23 $ 23.16 The Mills $ 19.25 (1) $ 19.06 (1) (1) Mills Regional Malls $ 37.05 (1) $ 35.63 (1) (1) Community/Lifestyle Centers $ 12.47 $ 11.94 $ 12.43 $ 11.82 $ 11.41 LEASING SPREAD: Regional Malls Opening Base Rent per Square Foot $ 54.55 $ 45.54 $ 44.76 $ 43.21 $ 43.18 Regional Malls Leasing Spread (Percentage Increase) 38.7% 21.3% 14.4% 17.6% 20.7% Premium Outlet Centers Opening Base Rent per Square Foot $ 31.73 $ 29.19 $ 31.43 $ 29.95 $ 26.48 Premium Outlet Centers Leasing Spread (Percentage Increase) 28.6% 29.2% 33.0% 31.0% 20.9% COMPARABLE SALES PER SQUARE FOOT: Regional Malls $ 491 $ 487 $ 491 $ 476 $ 450 Premium Outlet Centers $ 511 $ 485 $ 504 $ 471 $ 444 The Mills $ 379 (1) $ 372 (1) (1) (1) (1) (1) Mills Regional Malls $ 450 $ 444 OCCUPANCY COST AS A PERCENTAGE OF SALES: (2) (2) Regional Malls 13.1% 12.9% 12.9% (2) (2) Premium Outlet Centers 8.0% 7.8% 8.0% NUMBER OF PrOPERTIES: Regional Malls 168 171 168 171 171 Premium Outlet Centers 39 36 38 36 33 The Mills Portfolio 37 (1) 37 (1) (1) Community/Lifestyle Centers 67 68 67 69 71 Office and Other Properties 10 10 10 10 11 Total Number of Properties 321 285 320 286 286 U.S. GrOss LEASABLE ArEA (in thousands) 243,405 201,019 242,114 201,015 200,412 (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 (2) Occupancy cost as a percentage of sales is provided at year-end only.
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