Item 15. Exhibits and Financial Statement Schedules

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Item 15. Exhibits and Financial Statement Schedules


			Page No.
(a)	(1)	Financial Statements
		The following consolidated financial statements of Simon Property Group, Inc. and subsidiaries are set forth in the Part II, item 8.
		Reports of Independent Registered Public Accounting Firm		62
		Consolidated Balance Sheets as of December 31, 2014 and 2013		64
		Consolidated Statements of Operations and Comprehensive Income for years ended December 31, 2014, 2013 and 2012		65
		Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012		66
		Consolidated Statements of Equity for the years ended December 31, 2014, 2013 and 2012		67
		Notes to Consolidated Financial Statements		69
	(2)	Financial Statement Schedule
		Simon Property Group, Inc. and Subsidiaries Schedule III — Schedule of Real Estate and Accumulated Depreciation		108
		Notes to Schedule III		113
		Other financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.
	(3)	Exhibits
		The Exhibit Index attached hereto is hereby incorporated by reference to this Item.		114

**SIGNATURES **

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		SIMON PROPERTY GROUP, INC.
		By		/s/ DAVID SIMON David Simon Chairman of the Board of Directors and Chief Executive Officer

February 27, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


Signature	Capacity	Date

/s/ DAVID SIMON David Simon	Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer)	February 27, 2015
/s/ HERBERT SIMON Herbert Simon	Chairman Emeritus and Director	February 27, 2015
/s/ RICHARD S. SOKOLOV Richard S. Sokolov	President, Chief Operating Officer and Director	February 27, 2015
/s/ MELVYN E. BERGSTEIN Melvyn E. Bergstein	Director	February 27, 2015
/s/ LARRY C. GLASSCOCK Larry C. Glasscock	Director	February 27, 2014
/s/ REUBEN S. LEIBOWITZ Reuben S. Leibowitz	Director	February 27, 2015
/s/ J. ALBERT SMITH, JR. J. Albert Smith, Jr.	Director	February 27, 2015
/s/ KAREN N. HORN Karen N. Horn	Director	February 27, 2015


Signature	Capacity	Date

/s/ ALLAN HUBBARD Allan Hubbard	Director	February 27, 2015
/s/ DANIEL C. SMITH Daniel C. Smith	Director	February 27, 2015
/s/ ANDREW JUSTER Andrew Juster	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 27, 2015
/s/ STEVEN K. BROADWATER Steven K. Broadwater	Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 27, 2015

SCHEDULE III

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2014 (Dollars in thousands)


								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
						Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
*Malls*
Bangor Mall	Bangor, ME		80,000		5,478		59,740		—		12,690	$	5,478	$	72,430	$	77,908	$	32,708	2004 (5)
Barton Creek Square	Austin, TX		—		2,903		20,929		7,983		63,632		10,886		84,561		95,447		54,300	1981
Battlefield Mall	Springfield, MO		125,000		3,919		27,231		3,000		64,575		6,919		91,806		98,725		62,825	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		26,725		10,464		52,348		62,812		28,608	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		—		45,199		39,500		254,401		293,901		112,583	1998 (4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		24,612		11,306		57,043		68,349		31,339	1994 (4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		19,600		98,850		66,200		402,468		468,668		173,559	1998 (4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		75,531		33,684		173,818		207,502		87,897	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		56,279		1,613		71,541		73,154		41,384	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		45,487		1,723		61,732		63,455		35,938	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		26,575		17,441		93,155		110,596		46,545	1987
Copley Place	Boston, MA		—		—		378,045		—		134,988		—		513,033		513,033		186,391	2002 (4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		21,772		13,556		115,402		128,958		73,716	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		62,190		25,947		135,281		161,228		54,859	1998 (4)
Domain, The	Austin, TX		198,454		40,436		197,010		—		140,748		40,436		337,758		378,194		95,746	2005
Empire Mall	Sioux Falls, SD		176,300		35,998		192,186		—		23,023		35,998		215,209		251,207		22,834	1998 (5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		86,836		29,145		207,415		236,560		87,335	1997 (4)
Firewheel Town Center	Garland (Dallas), TX		—		8,485		82,716		—		28,391		8,485		111,107		119,592		43,708	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		236,894		—		513,461		513,461		205,871	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		75,733		2,423		23,445		5,253		116,642		7,676		140,087		147,763		69,569	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		28,434		11,591		162,327		173,918		89,144	1998 (4)
Independence Center	Independence (Kansas City), MO		200,000		5,042		45,798		—		35,209		5,042		81,007		86,049		43,934	1994 (4)
Ingram Park Mall	San Antonio, TX		137,783		733		17,163		37		23,977		770		41,140		41,910		27,454	1979
King of Prussia Mall	King of Prussia (Philadelphia), PA		97,661		175,063		1,128,200		—		102,386		175,063		1,230,586		1,405,649		149,322	2003 (5)
La Plaza Mall	McAllen, TX		—		1,375		9,828		6,569		51,454		7,944		61,282		69,226		31,414	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		18,189		10,102		99,757		109,859		51,916	1995
Lenox Square	Atlanta, GA		—		38,058		492,411		—		112,373		38,058		604,784		642,842		259,596	1998 (4)
Livingston Mall	Livingston (New York), NJ		—		22,214		105,250		—		45,782		22,214		151,032		173,246		64,746	1998 (4)
Mall at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000		449		25,102		43,257		98,336		43,706		123,438		167,144		12,617	2002 (5)
Mall of Georgia	Buford (Atlanta), GA		—		47,492		326,633		—		12,634		47,492		339,267		386,759		141,018	1999 (5)
McCain Mall	N. Little Rock, AR		—		—		9,515		10,530		27,441		10,530		36,956		47,486		10,081	1973
Menlo Park Mall	Edison (New York), NJ		—		65,684		223,252		—		47,372		65,684		270,624		336,308		137,796	1997 (4)
Midland Park Mall	Midland, TX		81,860		687		9,213		—		24,747		687		33,960		34,647		20,380	1980
Miller Hill Mall	Duluth, MN		—		2,965		18,092		1,811		40,307		4,776		58,399		63,175		36,560	1973
Montgomery Mall	North Wales (Philadelphia), PA		100,000		27,105		86,915		—		56,661		27,105		143,576		170,681		48,698	2004 (5)
North East Mall	Hurst (Dallas), TX		—		128		12,966		19,010		151,139		19,138		164,105		183,243		93,959	1971
Northgate Mall	Seattle, WA		—		24,369		115,992		—		100,121		24,369		216,113		240,482		97,943	1987

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2014 (Dollars in thousands)


								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
						Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Ocean County Mall	Toms River (New York), NJ		—		20,404		124,945		—		30,639		20,404		155,584		175,988		71,395	1998 (4)
Orland Square	Orland Park (Chicago), IL		—		35,514		129,906		—		50,512		35,514		180,418		215,932		83,769	1997 (4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		66,514		24,544		100,287		—		18,607		24,544		118,894		143,438		69,426	2003 (4)
Penn Square Mall	Oklahoma City, OK		93,998		2,043		155,958		—		48,096		2,043		204,054		206,097		96,100	2002 (4)
Pheasant Lane Mall	Nashua, NH		—		3,902		155,068		550		46,155		4,452		201,223		205,675		80,931	2004 (5)
Phipps Plaza	Atlanta, GA		—		16,185		210,610		—		41,356		16,185		251,966		268,151		114,662	1998 (4)
Plaza Carolina	Carolina (San Juan), PR		225,000		15,493		279,560		—		62,061		15,493		341,621		357,114		111,495	2004 (4)
Prien Lake Mall	Lake Charles, LA		—		1,842		2,813		3,053		49,383		4,895		52,196		57,091		23,065	1972
Rockaway Townsquare	Rockaway (New York), NJ		—		41,918		212,257		—		43,188		41,918		255,445		297,363		112,753	1998 (4)
Roosevelt Field	Garden City (New York), NY		—		163,160		702,008		93		251,214		163,253		953,222		1,116,475		346,583	1998 (4)
Ross Park Mall	Pittsburgh, PA		—		23,541		90,203		—		89,769		23,541		179,972		203,513		95,786	1986
Santa Rosa Plaza	Santa Rosa, CA		—		10,400		87,864		—		25,222		10,400		113,086		123,486		49,437	1998 (4)
Shops at Nanuet, The	Nanuet, NY		—		28,125		143,120		—		8,019		28,125		151,139		179,264		7,630	2013
Shops at Riverside, The	Hackensack (New York), NJ		130,000		13,521		238,746		—		5,137		13,521		243,883		257,404		25,217	2007 (4) (5)
South Hills Village	Pittsburgh, PA		—		23,445		125,840		1,472		56,299		24,917		182,139		207,056		75,009	1997 (4)
South Shore Plaza	Braintree (Boston), MA		—		101,200		301,495		—		158,767		101,200		460,262		561,462		179,736	1998 (4)
Southdale Center	Edina (Minneapolis), MN		155,000		40,172		184,967		—		38,599		40,172		223,566		263,738		22,300	2007 (4) (5)
SouthPark	Charlotte, NC		187,439		42,092		188,055		100		181,111		42,192		369,166		411,358		155,981	2002 (4)
Southridge Mall	Greendale (Milwaukee), WI		125,000		12,359		130,111		2,389		18,410		14,748		148,521		163,269		19,389	2007 (4) (5)
St. Charles Towne Center	Waldorf (Washington, D.C.), MD		—		7,710		52,934		1,180		31,061		8,890		83,995		92,885		49,586	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		—		—		339,537		—		66,277		—		405,814		405,814		121,500	2003 (4)
Summit Mall	Akron , OH		65,000		15,374		51,137		—		47,534		15,374		98,671		114,045		47,796	1965
Tacoma Mall	Tacoma (Seattle), WA		—		37,803		125,826		—		87,784		37,803		213,610		251,413		99,336	1987
Tippecanoe Mall	Lafayette, IN		—		2,897		8,439		5,517		48,508		8,414		56,947		65,361		39,480	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—		64,200		307,317		—		168,055		64,200		475,372		539,572		213,868	1998 (4)
Town Center at Cobb	Kennesaw (Atlanta), GA		198,095		32,355		158,225		—		18,514		32,355		176,739		209,094		86,734	1998 (5)
Towne East Square	Wichita, KS		—		8,525		18,479		4,108		44,870		12,633		63,349		75,982		41,034	1975
Treasure Coast Square	Jensen Beach, FL		—		11,124		72,990		3,067		38,226		14,191		111,216		125,407		58,459	1987
Tyrone Square	St. Petersburg (Tampa), FL		—		15,638		120,962		1,459		35,695		17,097		156,657		173,754		79,999	1972
University Park Mall	Mishawaka, IN		—		16,768		112,158		7,000		58,511		23,768		170,669		194,437		135,520	1996 (4)
Walt Whitman Shops	Huntington Station (New York), NY		115,492		51,700		111,258		3,789		124,069		55,489		235,327		290,816		87,286	1998 (4)
White Oaks Mall	Springfield, IL		50,000		3,024		35,692		2,102		62,388		5,126		98,080		103,206		41,085	1977
Wolfchase Galleria	Memphis, TN		225,000		15,881		128,276		—		12,677		15,881		140,953		156,834		72,914	2002 (4)
Woodland Hills Mall	Tulsa, OK		91,688		34,211		187,123		—		26,957		34,211		214,080		248,291		99,583	2004 (5)

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2014 (Dollars in thousands)


								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
						Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
*Premium Outlets*
Albertville Premium Outlets	Albertville (Minneapolis), MN		—		3,900		97,059		—		6,217		3,900		103,276		107,176		38,433	2004 (4)
Allen Premium Outlets	Allen (Dallas), TX		—		13,855		43,687		97		14,418		13,952		58,105		72,057		24,704	2004 (4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—		2,370		24,326		—		4,466		2,370		28,792		31,162		18,722	2004 (4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		102,362		11,477		77,856		—		3,926		11,477		81,782		93,259		17,898	2010 (4)
Calhoun Premium Outlets	Calhoun, GA		19,683		1,745		12,529		—		887		1,745		13,416		15,161		5,788	2010 (4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—		16,670		224,721		395		64,570		17,065		289,291		306,356		95,495	2004 (4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—		12,890		184,990		96		4,469		12,986		189,459		202,445		59,242	2004 (4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		48,448		3,175		59,863		5,311		5,438		8,486		65,301		73,787		28,294	2004 (4)
Chicago Premium Outlets	Aurora (Chicago), IL		—		659		118,005		13,050		31,524		13,709		149,529		163,238		50,063	2004 (4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—		14,117		71,520		—		4,589		14,117		76,109		90,226		21,254	2008
Clinton Crossing Premium Outlets	Clinton, CT		—		2,060		107,556		1,532		3,065		3,592		110,621		114,213		41,027	2004 (4)
Columbia Gorge Premium Outlets	Troutdale (Portland), OR		—		7,900		16,492		—		2,735		7,900		19,227		27,127		10,171	2004 (4)
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		—		3,440		338,679		—		94,260		3,440		432,939		436,379		108,736	2004 (4)
Edinburgh Premium Outlets	Edinburgh (Indianapolis), IN		—		2,857		47,309		—		13,791		2,857		61,100		63,957		25,458	2004 (4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		100,466		15,807		182,412		—		4,102		15,807		186,514		202,321		46,572	2010 (4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—		9,060		50,281		—		4,235		9,060		54,516		63,576		24,502	2004 (4)
Gaffney Premium Outlets	Gaffney (Greenville/Charlotte), SC		35,721		4,056		32,371		—		2,203		4,056		34,574		38,630		9,268	2010 (4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—		9,630		194,122		—		10,060		9,630		204,182		213,812		73,554	2004 (4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		120,000		9,497		197,242		—		—		9,497		197,242		206,739		15,463	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		108,453		6,421		121,880		—		3,101		6,421		124,981		131,402		32,630	2010 (4)
Gulfport Premium Outlets	Gulfport, MS		24,198		—		27,949		—		2,198		—		30,147		30,147		8,209	2010 (4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington DC), MD		86,045		3,576		85,883		—		900		3,576		86,783		90,359		19,215	2010 (4)
Houston Premium Outlets	Cypress (Houston), TX		—		8,695		69,350		—		46,294		8,695		115,644		124,339		31,069	2007
Jackson Premium Outlets	Jackson (New York), NJ		—		6,413		104,013		3		5,458		6,416		109,471		115,887		34,827	2004 (4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		67,306		15,390		50,979		—		75,614		15,390		126,593		141,983		36,202	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—		2,800		39,546		—		6,778		2,800		46,324		49,124		16,685	2004 (4)
Kittery Premium Outlets	Kittery , ME		—		11,832		94,994		—		7,515		11,832		102,509		114,341		30,769	2004 (4)
Las Americas Premium Outlets	San Diego, CA		176,605		45,168		251,878		—		6,561		45,168		258,439		303,607		55,965	2007 (4)
Las Vegas North Premium Outlets	Las Vegas, NV		—		25,435		134,973		16,536		132,127		41,971		267,100		309,071		72,952	2004 (4)
Las Vegas South Premium Outlets	Las Vegas, NV		—		13,085		160,777		—		23,993		13,085		184,770		197,855		52,538	2004 (4)
Lebanon Premium Outlets	Lebanon (Nashville), TN		14,877		1,758		10,189		—		896		1,758		11,085		12,843		3,509	2010 (4)
Lee Premium Outlets	Lee, MA		49,134		9,167		52,212		—		1,209		9,167		53,421		62,588		14,077	2010 (4)
Leesburg Corner Premium Outlets	Leesburg (Washington D.C.), VA		—		7,190		162,023		—		4,689		7,190		166,712		173,902		63,162	2004 (4)

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2014 (Dollars in thousands)


								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
						Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
Liberty Village Premium Outlets	Flemington (New York), NJ		—		5,670		28,904		—		1,606		5,670		30,510		36,180		15,494	2004 (4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—		6,630		94,138		—		8,542		6,630		102,680		109,310		42,698	2004 (4)
Merrimack Premium Outlets	Merrimack, NH		130,000		17,028		118,428		—		813		17,028		119,241		136,269		14,076	2012
Napa Premium Outlets	Napa, CA		—		11,400		45,023		—		4,498		11,400		49,521		60,921		18,889	2004 (4)
North Bend Premium Outlets	North Bend (Seattle), WA		—		2,143		36,197		—		3,499		2,143		39,696		41,839		12,705	2004 (4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—		4,300		132,325		—		2,883		4,300		135,208		139,508		48,183	2004 (4)
Orlando International Premium Outlets	Orlando, FL		—		31,998		472,815		—		3,108		31,998		475,923		507,921		81,925	2010 (4)
Orlando Vineland Premium Outlets	Orlando, FL		—		14,040		304,410		38,656		78,186		52,696		382,596		435,292		109,502	2004 (4)
Osage Beach Premium Outlets	Osage Beach, MO		—		9,460		85,804		—		6,661		9,460		92,465		101,925		35,800	2004 (4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—		13,322		13,710		—		1,774		13,322		15,484		28,806		9,106	2004 (4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—		16,676		105,249		—		16,604		16,676		121,853		138,529		42,832	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—		—		63,751		—		51		—		63,802		63,802		6,337	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		33,850		4,317		19,044		—		1,667		4,317		20,711		25,028		6,394	2010 (4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		92,998		16,823		126,686		—		3,346		16,823		130,032		146,855		25,459	2010 (4)
Puerto Rico Premium Outlets	Barceloneta, PR		125,000		20,586		114,021		—		3,003		20,586		117,024		137,610		23,285	2010 (4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		66,150		8,129		61,950		—		2,979		8,129		64,929		73,058		13,832	2010 (4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—		12,229		41,547		—		32,929		12,229		74,476		86,705		29,930	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—		14,706		82,252		—		1,686		14,706		83,938		98,644		35,433	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—		21,925		308,694		40,046		16,991		61,971		325,685		387,656		22,827	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		137,569		13,180		287,179		—		6,897		13,180		294,076		307,256		50,624	2010 (4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—		—		103,722		—		53,354		—		157,076		157,076		47,499	2004 (4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—		6,090		57,670		2		9,480		6,092		67,150		73,242		27,592	2004 (4)
The Crossings Premium Outlets	Tannersville , PA		115,000		7,720		172,931		—		12,969		7,720		185,900		193,620		59,249	2004 (4)
Vacaville Premium Outlets	Vacaville , CA		—		9,420		84,850		—		12,825		9,420		97,675		107,095		40,848	2004 (4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—		22,630		77,316		—		10,033		22,630		87,349		109,979		30,727	2004 (4)
Waterloo Premium Outlets	Waterloo , NY		—		3,230		75,277		—		8,382		3,230		83,659		86,889		34,507	2004 (4)
Williamsburg Premium Outlets	Williamsburg, VA		99,406		10,323		223,789		—		2,969		10,323		226,758		237,081		39,553	2010 (4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—		9,414		150,414		—		281		9,414		150,695		160,109		10,953	2013 (4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—		11,110		862,559		1,658		116,994		12,768		979,553		992,321		276,603	2004 (4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—		4,900		282,031		—		8,858		4,900		290,889		295,789		98,278	2004 (4)
*The Mills*
Arizona Mills	Tempe (Phoenix), AZ		164,566		41,936		297,289		—		3,290		41,936		300,579		342,515		9,976	2007 (4)(5)
Great Mall	Milpitas (San Jose), CA		—		70,496		463,101		—		11,751		70,496		474,852		545,348		47,214	2007 (4)(5)
Gurnee Mills	Gurnee (Chicago), IL		321,000		41,133		297,911		—		7,914		41,133		305,825		346,958		31,813	2007 (4)(5)
Opry Mills	Nashville, TN		371,427		51,000		327,503		—		9,765		51,000		337,268		388,268		34,648	2007 (4)(5)
Potomac Mills	Woodbridge (Washington, D.C.), VA		410,000		61,755		425,370		—		27,701		61,755		453,071		514,826		46,933	2007 (4)(5)
Sawgrass Mills	Sunrise (Miami), FL		—		194,002		1,641,153		—		38,809		194,002		1,679,962		1,873,964		161,050	2007 (4)(5)

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2014 (Dollars in thousands)


								Cost Capitalized Subsequent to Acquisition (3)				Gross Amounts At Which Carried At Close of Period
				Initial Cost (3)
						Date of Construction or Acquisition
Name	Location	Encumbrances (6)		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total (1)		Accumulated Depreciation (2)
*Community Centers*
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		4,360		10,428		79,693		90,121		10,949	2011 (4)
*Other Properties*
Florida Keys Outlet Center	Florida City, FL		10,253		1,560		1,748		—		2,462		1,560		4,210		5,770		1,351	2010 (4)
Huntley Outlet Center	Huntley, IL		28,679		3,477		2,027		—		345		3,477		2,372		5,849		922	2010 (4)
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		2,858		—		24,157		24,157		13,311	2003 (4)
Naples Outlet Center	Naples, FL		15,415		1,514		519		—		79		1,514		598		2,112		424	2010 (4)
Outlet Marketplace	Orlando , FL		—		3,367		1,557		—		380		3,367		1,937		5,304		961	2010 (4)
*Development Projects*
Tampa Premium Outlets	Tampa, FL		—		14,298		14,996		—		—		14,298		14,996		29,294		—
Tucson Premium Outlets	Marana (Tucson), AZ		—		12,507		12,561		—		—		12,507		12,561		25,068		—
Other pre-development costs			—		72,983		9,630		—		—		72,983		9,630		82,613		78
*Other*			—		2,615		10,045		—		—		2,615		10,045		12,660		4,568

		$	6,195,628	$	2,861,905	$	22,230,768	$	323,719	$	5,597,741	$	3,185,624	$	27,828,509	$	31,014,133	$	8,740,928

Simon Property Group, Inc. and Subsidiaries

Notes to Schedule III as of December 31, 2014

(Dollars in thousands)

All periods presented exclude properties which were spun-off to Washington Prime Group Inc. as further discussed in Note 3 to the consolidated financial statements.

(1)

Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2014, 2013, and 2012 are as follows:


	2014			2013			2012
Balance, beginning of year	$	30,048,230		$	29,263,463		$	24,736,546
Acquisitions and consolidations (5)		393,351			288,835			4,408,870
Improvements		791,453			874,240			746,161
Disposals and deconsolidations		(218,901	)		(378,308	)		(628,114	)

Balance, close of year	$	31,014,133		$	30,048,230		$	29,263,463

The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2014 was $23,893,426.

(2)

Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows:


	2014			2013			2012
Balance, beginning of year	$	7,896,614		$	7,055,622		$	6,483,917
Depreciation expense		997,482			948,811			908,029
Disposals and deconsolidations		(153,168	)		(107,819	)		(336,324	)

Balance, close of year	$	8,740,928		$	7,896,614		$	7,055,622

Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below.

Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment.

Tenant Allowances and Improvements — shorter of lease term or useful life.

(3)

Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition.

(4)

Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests.

(5)

Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting.

(6)

Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.

EXHIBIT INDEX


Exhibits
	2.1		Separation and Distribution Agreement by and among the Registrant, Simon Property Group, L.P., Washington Prime Group Inc. and Washington Prime Group, L.P., dated as of May 27, 2014 (incorporated by reference to Exhibit 2.1 of the Registrant's Current Report on Form 8-K filed May 29, 2014).
	3.1		Restated Certificate of Incorporation of the Registrant (incorporated by reference to Appendix A of the Registrant's Proxy Statement on Schedule 14A filed March 27, 2009, SEC File No. 001-14469).
	3.2		Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed March 25, 2009, SEC File No. 001-14469).
	3.3		Certificate of Powers, Designations, Preferences and Rights of the 83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 Par Value (incorporated by reference to Exhibit 3.2 of the Registrant's Current Report on Form 8-K filed October 20, 2004, SEC File No. 001-14469).
	3.4		Certificate of Designation of Series A Junior Participating Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K filed May 15, 2014).
	9.1		Second Amended and Restated Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between Melvin Simon & Associates, Inc., on the one hand and Melvin Simon, Herbert Simon and David Simon on the other hand (incorporated by reference to Exhibit 9.1 of the Registrant's Quarterly Report on Form 10-Q filed May 10, 2004, SEC File No. 001-14469).
	9.2		Voting Trust Agreement, Voting Agreement and Proxy dated as of March 1, 2004 between David Simon, Melvin Simon and Herbert Simon (incorporated by reference to Exhibit 9.2 of the Registrant's Quarterly Report on Form 10-Q filed May 10, 2004, SEC File No. 001-14469).
	10.1		Eighth Amended and Restated Limited Partnership Agreement of Simon Property Group, L.P. dated as of May 8, 2008 (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed May 9, 2008, SEC File No. 001-14469).
	10.2		Form of the Indemnity Agreement between the Registrant and its directors and officers (incorporated by reference to Exhibit 10.7 of the Registrant's Form S-4 filed August 13, 1998 (Reg. No. 333-61399)).
	10.3		Registration Rights Agreement, dated as of September 24, 1998, by and among the Registrant and the persons named therein (incorporated by reference to Exhibit 4.4 of the Registrant's Current Report on Form 8-K filed October 9, 1998, SEC File No. 001-14469).
	10.4		Registration Rights Agreement, dated as of August 27, 1999 by and among the Registrant and the persons named therein (incorporated by reference to Exhibit 4.4 of the Registration Statement on Form S-3 filed March 24, 2004 (Reg. No. 333-113884)).
	10.5		Registration Rights Agreement, dated as of November 14, 1997, by and between O'Connor Retail Partners, L.P. and Simon DeBartolo Group, Inc. (incorporated by reference to Exhibit 4.8 of the Registration Statement on Form S-3 filed December 7, 2001 (Reg. No. 333-74722)).
	10.6		Amended and Restated $4,000,000,000 Credit Agreement dated as of April 7, 2014 (incorporated by reference to Exhibit 99.2 of Simon Property Group, L.P.'s Current Report on Form 8-K filed April 8, 2014).
	10.7		$2,000,000,000 Credit Agreement dated as of June 1, 2012 (incorporated by reference to Exhibit 99.2 of Simon Property Group, L.P.'s Current Report on Form 8-K filed June 4, 2012).
	10.8		Form of Global Dealer Agreement, dated October 6, 2014 (incorporated by reference to Exhibit 10.2 of Simon Property Group, L.P.'s Current Report on Form 8-K filed October 7, 2014).
	10.9	*	Simon Property Group, L.P. Amended and Restated 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed April 10, 2014).
	10.10	*	Form of Nonqualified Stock Option Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 of the Registrant's Annual Report on Form 10-K filed March 16, 2005, SEC File No. 001-14469).


Exhibits
	10.11	*	Form of Performance-Based Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.9 of the Registrant's Annual Report on Form 10-K filed February 28, 2007, SEC File No. 001-14469).
	10.12	*	Form of Non-Employee Director Restricted Stock Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 of the Registrant's Annual Report on Form 10-K filed March 16, 2005, SEC File No. 001-14469).
	10.13	*	Employment Agreement among Richard S. Sokolov, the Registrant, and Simon Property Group Administrative Services Partnership, L.P. dated January 1, 2007 (incorporated by reference to Exhibit 10.12 of the Registrant's Annual Report on Form 10-K filed February 26, 2008, SEC File No. 001-14469).
	10.14	*	Employment Agreement between the Registrant and David Simon effective as of July 6, 2011 (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K filed July 7, 2011).
	10.15	*	First Amendment to Employment Agreement between the Registrant and David Simon, dated as of March 29, 2013 (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed April 4, 2013).
	10.16	*	Non-Qualified Deferred Compensation Plan dated as of December 31, 2008 (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q filed November 5, 2009, SEC File No. 001-14469).
	10.17	*	Amendment — 2008 Performance Based-Restricted Stock Agreement dated as of March 6, 2009 (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q filed November 5, 2009, SEC File No. 001-14469).
	10.18	*	Form of Series 2010 LTIP Unit (Three Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed March 19, 2010).
	10.19	*	Form of Series 2010 LTIP Unit (Two Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K filed March 19, 2010).
	10.20	*	Form of Series 2010 LTIP Unit (One Year Program) Award Agreement under the Simon Property Group, L.P. 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 of the Registrant's Current Report on Form 8-K filed March 19, 2010).
	10.21	*	Simon Property Group Series CEO LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.4 of the Registrant's Current Report on Form 8-K filed July 7, 2011).
	10.22	*	First Amendment to Simon Property Group Series CEO LTIP Unit Award Agreement dated as of December 22, 2011 (incorporated by reference to Exhibit 10.24 of the Registrant's Annual Report on Form 10-K filed February 28, 2012).
	10.23	*	Second Amendment to Simon Property Group Series CEO LTIP Unit Award Agreement, dated as of March 29, 2013 (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K filed April 4, 2013).
	10.24	*	Simon Property Group Amended and Restated Series CEO LTIP Unit Award Agreement, dated as of December 31, 2013 (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed January 2, 2014).
	10.25	*	Form of Simon Property Group Series 2011 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.6 of the Registrant's Current Report on Form 8-K filed July 7, 2011).
	10.26	*	Form of Simon Property Group Series 2012 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q filed May 8, 2012).


Exhibits
	10.27	*	Simon Property Group Amended and Restated Series 2012 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed April 28, 2014).
	10.28	*	Form of Simon Property Group Series 2013 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of the Registrant's Current Report on Form 8-K filed April 4, 2013).
	10.29	*	Form of Simon Property Group Executive Officer LTIP Waiver, dated April 18, 2014 (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K filed April 28, 2014).
	10.30	*	Simon Property Group CEO LTIP Unit Adjustment Waiver, dated April 18, 2014 (incorporated by reference to Exhibit 10.3 of the Registrant's Current Report on Form 8-K filed April 28, 2014).
	10.31	*	Form of Simon Property Group Series 2014 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Registrant's Quarterly Report on Form 10-Q filed May 7, 2014).
	12.1		Statement regarding computation of ratios.
	21.1		List of Subsidiaries of the Registrant.
	23.1		Consent of Ernst & Young LLP.
	31.1		Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2		Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32		Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101.INS		XBRL Instance Document
	101.SCH		XBRL Taxonomy Extension Schema Document
	101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
	101.LAB		XBRL Taxonomy Extension Label Linkbase Document
	101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
	101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

Represents a management contract, or compensatory plan, contract or arrangement required to be filed pursuant to Regulation S-K.

Previous: Item 14. Principal Accountant Fees and Services