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 Part II, item 8.
		Reports of Independent Registered Public Accounting Firm		67
		Consolidated Balance Sheets as of December 31, 2015 and 2014		69
		Consolidated Statements of Operations and Comprehensive Income for years ended December 31, 2015, 2014 and 2013		70
		Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013		71
		Consolidated Statements of Equity for the years ended December 31, 2015, 2014 and 2013		72
		Notes to Consolidated Financial Statements		74
	(2)	Financial Statement Schedule
		Simon Property Group, Inc. and Subsidiaries Schedule III — Schedule of Real Estate and Accumulated Depreciation		112
		Notes to Schedule III		117
		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.		118

**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 26, 2016

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 26, 2016
/s/ HERBERT SIMON Herbert Simon	Chairman Emeritus and Director	February 26, 2016
/s/ RICHARD S. SOKOLOV Richard S. Sokolov	President, Chief Operating Officer and Director	February 26, 2016
/s/ MELVYN E. BERGSTEIN Melvyn E. Bergstein	Director	February 26, 2016
/s/ LARRY C. GLASSCOCK Larry C. Glasscock	Director	February 26, 2016
/s/ REUBEN S. LEIBOWITZ Reuben S. Leibowitz	Director	February 26, 2016
/s/ J. ALBERT SMITH, JR. J. Albert Smith, Jr.	Director	February 26, 2016
/s/ KAREN N. HORN Karen N. Horn	Director	February 26, 2016


Signature	Capacity	Date

/s/ ALLAN HUBBARD Allan Hubbard	Director	February 26, 2016
/s/ DANIEL C. SMITH Daniel C. Smith	Director	February 26, 2016
/s/ GARY RODKIN Gary Rodkin	Director	February 26, 2016
/s/ ANDREW JUSTER Andrew Juster	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 26, 2016
/s/ STEVEN K. BROADWATER Steven K. Broadwater	Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 26, 2016

SCHEDULE III

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2015 (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	$	—	$	13,599	$	5,478	$	73,339	$	78,817	$	35,268	2004 (5)
Barton Creek Square	Austin, TX		—		2,903		20,929		7,983		67,405		10,886		88,334		99,220		56,790	1981
Battlefield Mall	Springfield, MO		124,467		3,919		27,231		3,000		63,987		6,919		91,218		98,137		64,580	1970
Bay Park Square	Green Bay, WI		—		6,358		25,623		4,106		25,912		10,464		51,535		61,999		28,944	1980
Brea Mall	Brea (Los Angeles), CA		—		39,500		209,202		—		45,970		39,500		255,172		294,672		120,465	1998 (4)
Broadway Square	Tyler, TX		—		11,306		32,431		—		27,175		11,306		59,606		70,912		33,195	1994 (4)
Burlington Mall	Burlington (Boston), MA		—		46,600		303,618		19,600		99,494		66,200		403,112		469,312		186,168	1998 (4)
Castleton Square	Indianapolis, IN		—		26,250		98,287		7,434		76,214		33,684		174,501		208,185		93,721	1972
Cielo Vista Mall	El Paso, TX		—		1,005		15,262		608		56,005		1,613		71,267		72,880		43,202	1974
College Mall	Bloomington, IN		—		1,003		16,245		720		46,585		1,723		62,830		64,553		37,926	1965
Columbia Center	Kennewick, WA		—		17,441		66,580		—		28,108		17,441		94,688		112,129		49,309	1987
Copley Place	Boston, MA		—		—		378,045		—		164,956		—		543,001		543,001		202,102	2002 (4)
Coral Square	Coral Springs (Miami), FL		—		13,556		93,630		—		21,636		13,556		115,266		128,822		78,296	1984
Cordova Mall	Pensacola, FL		—		18,626		73,091		7,321		64,641		25,947		137,732		163,679		58,541	1998 (4)
Domain, The	Austin, TX		195,224		40,436		197,010		—		139,994		40,436		337,004		377,440		110,570	2005
Empire Mall	Sioux Falls, SD		190,000		35,998		192,186		—		23,833		35,998		216,019		252,017		30,463	1998 (5)
Fashion Mall at Keystone, The	Indianapolis, IN		—		—		120,579		29,145		90,392		29,145		210,971		240,116		94,575	1997 (4)
Firewheel Town Center	Garland (Dallas), TX		—		8,485		82,716		—		27,079		8,485		109,795		118,280		47,765	2004
Forum Shops at Caesars, The	Las Vegas, NV		—		—		276,567		—		241,471		—		518,038		518,038		219,881	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		74,710		2,423		23,445		5,253		116,410		7,676		139,855		147,531		71,929	1979
Haywood Mall	Greenville, SC		—		11,585		133,893		6		36,461		11,591		170,354		181,945		93,940	1998 (4)
Independence Center	Independence (Kansas City), MO		200,000		5,042		45,798		—		43,166		5,042		88,964		94,006		46,127	1994 (4)
Ingram Park Mall	San Antonio, TX		135,491		733		17,163		37		23,970		770		41,133		41,903		28,372	1979
King of Prussia	King of Prussia (Philadelphia), PA		75,641		175,063		1,128,200		—		241,420		175,063		1,369,620		1,544,683		194,201	2003 (5)
La Plaza Mall	McAllen, TX		—		87,912		9,828		6,569		54,620		94,481		64,448		158,929		32,951	1976
Lakeline Mall	Cedar Park (Austin), TX		—		10,088		81,568		14		17,689		10,102		99,257		109,359		54,030	1995
Lenox Square	Atlanta, GA		—		38,058		492,411		—		116,271		38,058		608,682		646,740		278,923	1998 (4)
Livingston Mall	Livingston (New York), NJ		—		22,214		105,250		—		45,506		22,214		150,756		172,970		69,295	1998 (4)
Mall of Georgia	Buford (Atlanta), GA		—		47,492		326,633		—		20,673		47,492		347,306		394,798		156,378	1999 (5)
McCain Mall	N. Little Rock, AR		—		—		9,515		10,530		27,992		10,530		37,507		48,037		11,225	1973
Menlo Park Mall	Edison (New York), NJ		—		65,684		223,252		—		65,851		65,684		289,103		354,787		145,610	1997 (4)
Midland Park Mall	Midland, TX		80,362		687		9,213		—		24,594		687		33,807		34,494		20,849	1980
Miller Hill Mall	Duluth, MN		—		2,965		18,092		1,811		40,222		4,776		58,314		63,090		37,094	1973
Montgomery Mall	North Wales (Philadelphia), PA		100,000		27,105		86,915		—		61,554		27,105		148,469		175,574		53,682	2004 (5)
North East Mall	Hurst (Dallas), TX		—		128		12,966		19,010		151,594		19,138		164,560		183,698		99,013	1971
Northgate Mall	Seattle, WA		—		24,369		115,992		—		106,816		24,369		222,808		247,177		105,543	1987

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2015 (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		—		31,772		20,404		156,717		177,121		76,563	1998 (4)
Orland Square	Orland Park (Chicago), IL		—		35,514		129,906		—		50,868		35,514		180,774		216,288		89,356	1997 (4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		65,249		24,544		100,287		—		20,367		24,544		120,654		145,198		72,266	2003 (4)
Penn Square Mall	Oklahoma City, OK		310,000		2,043		155,958		—		49,533		2,043		205,491		207,534		102,945	2002 (4)
Pheasant Lane Mall	Nashua, NH		—		3,902		155,068		550		46,296		4,452		201,364		205,816		86,814	2004 (5)
Phipps Plaza	Atlanta, GA		—		15,005		210,610		—		59,887		15,005		270,497		285,502		122,663	1998 (4)
Plaza Carolina	Carolina (San Juan), PR		225,000		15,493		279,560		—		62,451		15,493		342,011		357,504		124,038	2004 (4)
Prien Lake Mall	Lake Charles, LA		—		1,842		2,813		3,053		49,413		4,895		52,226		57,121		24,866	1972
Rockaway Townsquare	Rockaway (New York), NJ		—		41,918		212,257		—		44,919		41,918		257,176		299,094		120,410	1998 (4)
Roosevelt Field	Garden City (New York), NY		—		163,160		702,008		1,246		339,761		164,406		1,041,769		1,206,175		371,047	1998 (4)
Ross Park Mall	Pittsburgh, PA		—		23,541		90,203		—		91,305		23,541		181,508		205,049		102,132	1986
Santa Rosa Plaza	Santa Rosa, CA		—		10,400		87,864		—		26,267		10,400		114,131		124,531		52,621	1998 (4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		120,000		449		25,102		43,257		102,405		43,706		127,507		171,213		17,569	2002 (5)
Shops at Nanuet, The	Nanuet, NY		—		28,125		143,120		—		10,175		28,125		153,295		181,420		14,340	2013
Shops at Riverside, The	Hackensack (New York), NJ		130,000		13,521		238,746		—		16,255		13,521		255,001		268,522		34,240	2007 (4) (5)
South Hills Village	Pittsburgh, PA		—		23,445		125,840		1,472		58,817		24,917		184,657		209,574		80,596	1997 (4)
South Shore Plaza	Braintree (Boston), MA		—		101,200		301,495		—		159,976		101,200		461,471		562,671		195,016	1998 (4)
Southdale Center	Edina (Minneapolis), MN		152,990		40,172		184,967		—		45,050		40,172		230,017		270,189		30,404	2007 (4) (5)
SouthPark	Charlotte, NC		184,908		42,092		188,055		100		186,322		42,192		374,377		416,569		167,958	2002 (4)
Southridge Mall	Greendale (Milwaukee), WI		123,922		12,359		130,111		2,389		18,403		14,748		148,514		163,262		26,086	2007 (4) (5)
St. Charles Towne Center	Waldorf (Washington, DC), MD		—		7,710		52,934		1,180		30,898		8,890		83,832		92,722		52,033	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		—		—		339,537		—		104,531		—		444,068		444,068		133,697	2003 (4)
Summit Mall	Akron, OH		65,000		15,374		51,137		—		47,643		15,374		98,780		114,154		49,922	1965
Tacoma Mall	Tacoma (Seattle), WA		—		37,803		125,826		—		87,545		37,803		213,371		251,174		106,676	1987
Tippecanoe Mall	Lafayette, IN		—		2,897		8,439		5,517		48,227		8,414		56,666		65,080		40,768	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		—		64,200		307,317		—		176,802		64,200		484,119		548,319		229,468	1998 (4)
Town Center at Cobb	Kennesaw (Atlanta), GA		195,052		32,355		158,225		—		18,869		32,355		177,094		209,449		94,183	1998 (5)
Towne East Square	Wichita, KS		—		8,525		18,479		4,108		45,317		12,633		63,796		76,429		42,464	1975
Treasure Coast Square	Jensen Beach, FL		—		11,124		72,990		3,067		37,728		14,191		110,718		124,909		61,410	1987
Tyrone Square	St. Petersburg (Tampa), FL		—		15,638		120,962		1,459		50,226		17,097		171,188		188,285		85,056	1972
University Park Mall	Mishawaka, IN		—		16,768		112,158		7,000		58,184		23,768		170,342		194,110		137,801	1996 (4)
Walt Whitman Shops	Huntington Station (New York), NY		113,933		51,700		111,258		3,789		126,352		55,489		237,610		293,099		94,988	1998 (4)
White Oaks Mall	Springfield, IL		50,000		3,024		35,692		2,102		62,858		5,126		98,550		103,676		44,361	1977
Wolfchase Galleria	Memphis, TN		225,000		15,881		128,276		—		16,002		15,881		144,278		160,159		77,313	2002 (4)
Woodland Hills Mall	Tulsa, OK		90,370		34,211		187,123		—		27,751		34,211		214,874		249,085		106,778	2004 (5)

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2015 (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		—		7,651		3,900		104,710		108,610		41,127	2004 (4)
Allen Premium Outlets	Allen (Dallas), TX		—		13,855		43,687		9,132		14,883		22,987		58,570		81,557		26,551	2004 (4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		—		2,370		24,326		—		5,075		2,370		29,401		31,771		19,612	2004 (4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		100,460		11,477		77,856		—		5,212		11,477		83,068		94,545		21,469	2010 (4)
Calhoun Premium Outlets	Calhoun, GA		19,309		1,745		12,529		—		1,187		1,745		13,716		15,461		6,683	2010 (4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		—		16,670		224,721		395		65,372		17,065		290,093		307,158		104,629	2004 (4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		—		12,890		184,990		96		6,034		12,986		191,024		204,010		64,132	2004 (4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		47,409		3,175		59,863		5,311		6,101		8,486		65,964		74,450		30,147	2004 (4)
Chicago Premium Outlets	Aurora (Chicago), IL		—		659		118,005		13,050		94,636		13,709		212,641		226,350		54,598	2004 (4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		—		14,117		71,520		—		5,199		14,117		76,719		90,836		24,572	2008
Clinton Crossing Premium Outlets	Clinton, CT		—		2,060		107,556		1,532		3,831		3,592		111,387		114,979		44,404	2004 (4)
Columbia Gorge Premium Outlets	Troutdale (Portland), OR		—		7,900		16,492		—		2,189		7,900		18,681		26,581		10,423	2004 (4)
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		—		3,440		338,679		—		98,699		3,440		437,378		440,818		121,914	2004 (4)
Edinburgh Premium Outlets	Edinburgh (Indianapolis), IN		—		2,857		47,309		—		15,158		2,857		62,467		65,324		27,262	2004 (4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		178,000		15,807		182,412		—		5,159		15,807		187,571		203,378		56,859	2010 (4)
Folsom Premium Outlets	Folsom (Sacramento), CA		—		9,060		50,281		—		4,544		9,060		54,825		63,885		26,112	2004 (4)
Gaffney Premium Outlets	Gaffney (Greenville/Charlotte), SC		35,042		4,056		32,371		—		2,672		4,056		35,043		39,099		11,354	2010 (4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		—		9,630		194,122		—		10,697		9,630		204,819		214,449		79,050	2004 (4)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		120,000		9,497		196,271		—		—		9,497		196,271		205,768		22,660	2012
Grove City Premium Outlets	Grove City (Pittsburgh), PA		140,000		6,421		121,880		—		4,380		6,421		126,260		132,681		39,372	2010 (4)
Gulfport Premium Outlets	Gulfport, MS		50,000		—		27,949		—		2,434		—		30,383		30,383		9,717	2010 (4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		84,410		3,576		85,883		—		2,333		3,576		88,216		91,792		22,933	2010 (4)
Houston Premium Outlets	Cypress (Houston), TX		—		8,695		69,350		—		45,070		8,695		114,420		123,115		35,097	2007
Jackson Premium Outlets	Jackson (New York), NJ		—		6,413		104,013		3		6,218		6,416		110,231		116,647		37,818	2004 (4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		—		15,390		50,979		—		75,287		15,390		126,266		141,656		41,045	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		—		2,800		39,546		—		6,951		2,800		46,497		49,297		17,956	2004 (4)
Kittery Premium Outlets	Kittery, ME		—		11,832		94,994		—		8,099		11,832		103,093		114,925		33,778	2004 (4)
Las Americas Premium Outlets	San Diego, CA		174,269		45,168		251,878		—		6,713		45,168		258,591		303,759		63,471	2007 (4)
Las Vegas North Premium Outlets	Las Vegas, NV		—		25,435		134,973		16,536		147,840		41,971		282,813		324,784		81,049	2004 (4)
Las Vegas South Premium Outlets	Las Vegas, NV		—		13,085		160,777		—		31,102		13,085		191,879		204,964		59,268	2004 (4)
Lebanon Premium Outlets	Lebanon (Nashville), TN		—		1,758		10,189		—		741		1,758		10,930		12,688		4,164	2010 (4)
Lee Premium Outlets	Lee, MA		48,201		9,167		52,212		—		1,510		9,167		53,722		62,889		16,887	2010 (4)
Leesburg Corner Premium Outlets	Leesburg (Washington, DC), VA		—		7,190		162,023		—		5,292		7,190		167,315		174,505		66,955	2004 (4)

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2015 (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		—		1,660		5,670		30,564		36,234		16,815	2004 (4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		—		6,630		94,138		—		9,051		6,630		103,189		109,819		45,349	2004 (4)
Merrimack Premium Outlets	Merrimack, NH		128,876		17,028		118,428		—		1,117		17,028		119,545		136,573		19,546	2012
Napa Premium Outlets	Napa, CA		—		11,400		45,023		—		4,808		11,400		49,831		61,231		20,261	2004 (4)
North Bend Premium Outlets	North Bend (Seattle), WA		—		2,143		36,197		—		3,645		2,143		39,842		41,985		13,875	2004 (4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		—		4,300		132,325		—		3,174		4,300		135,499		139,799		51,543	2004 (4)
Orlando International Premium Outlets	Orlando, FL		—		31,998		472,815		—		3,148		31,998		475,963		507,961		99,605	2010 (4)
Orlando Vineland Premium Outlets	Orlando, FL		—		14,040		304,410		36,023		79,938		50,063		384,348		434,411		121,507	2004 (4)
Osage Beach Premium Outlets	Osage Beach, MO		—		9,460		85,804		—		7,176		9,460		92,980		102,440		38,512	2004 (4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		—		13,322		13,710		—		3,178		13,322		16,888		30,210		9,542	2004 (4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		—		16,676		105,249		—		17,114		16,676		122,363		139,039		48,133	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		—		—		63,724		—		—		—		63,724		63,724		9,960	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		33,850		4,317		19,044		—		1,866		4,317		20,910		25,227		7,621	2010 (4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		34,560		16,823		126,686		—		4,508		16,823		131,194		148,017		30,877	2010 (4)
Puerto Rico Premium Outlets	Barceloneta, PR		125,000		20,586		114,021		—		4,737		20,586		118,758		139,344		27,930	2010 (4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		66,150		8,129		61,950		—		3,831		8,129		65,781		73,910		16,751	2010 (4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		—		12,229		41,547		—		32,538		12,229		74,085		86,314		33,103	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		—		14,706		82,252		—		3,631		14,706		85,883		100,589		38,818	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		—		21,925		308,694		40,046		50,266		61,971		358,960		420,931		33,858	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		—		13,180		287,179		—		8,249		13,180		295,428		308,608		61,969	2010 (4)
Seattle Premium Outlets	Tulalip (Seattle), WA		—		—		103,722		—		54,487		—		158,209		158,209		53,196	2004 (4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		—		6,090		57,670		2		10,128		6,092		67,798		73,890		29,324	2004 (4)
Tampa Premium Outlets	Lutz (Tampa), FL		—		14,298		97,188		—		—		14,298		97,188		111,486		1,146	2015
The Crossings Premium Outlets	Tannersville, PA		114,827		7,720		172,931		—		14,177		7,720		187,108		194,828		64,181	2004 (4)
Tucson Premium Outlets	Marana (Tucson), AZ		—		12,508		69,677		—		—		12,508		69,677		82,185		666	2015
Vacaville Premium Outlets	Vacaville, CA		—		9,420		84,850		—		13,957		9,420		98,807		108,227		43,736	2004 (4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		—		22,630		77,316		—		18,519		22,630		95,835		118,465		33,442	2004 (4)
Waterloo Premium Outlets	Waterloo, NY		—		3,230		75,277		—		8,656		3,230		83,933		87,163		36,662	2004 (4)
Williamsburg Premium Outlets	Williamsburg, VA		97,517		10,323		223,789		—		4,684		10,323		228,473		238,796		48,100	2010 (4)
Woodburn Premium Outlets	Woodburn (Portland), OR		—		9,414		150,414		—		536		9,414		150,950		160,364		17,456	2013 (4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		—		11,110		862,559		1,658		176,467		12,768		1,039,026		1,051,794		301,038	2004 (4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		—		4,900		282,031		—		9,637		4,900		291,668		296,568		105,572	2004 (4)

**Simon Property Group, Inc. and Subsidiaries **Real Estate and Accumulated Depreciation December 31, 2015 (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)
*The Mills*
Arizona Mills	Tempe (Phoenix), AZ		161,834		41,936		297,289		—		9,686		41,936		306,975		348,911		21,076	2007 (4) (5)
Great Mall	Milpitas (San Jose), CA		—		70,496		463,101		—		15,318		70,496		478,419		548,915		64,259	2007 (4) (5)
Gurnee Mills	Gurnee (Chicago), IL		321,000		41,133		297,911		—		9,722		41,133		307,633		348,766		42,976	2007 (4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		350,000		120,417		865,605		—		3,088		120,417		868,693		989,110		33,444	2015 (4)
Opry Mills	Nashville, TN		350,800		51,000		327,503		—		10,063		51,000		337,566		388,566		46,444	2007 (4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		410,000		61,755		425,370		—		34,324		61,755		459,694		521,449		64,120	2007 (4) (5)
Sawgrass Mills	Sunrise (Miami), FL		—		194,002		1,641,153		5,395		94,365		199,397		1,735,518		1,934,915		218,917	2007 (4) (5)
*Community Centers*
ABQ Uptown	Albuquerque, NM		—		6,374		75,333		4,054		4,522		10,428		79,855		90,283		14,299	2011 (4)
University Park Village	Fort Worth, TX		55,000		18,031		100,354		—		2,362		18,031		102,716		120,747		3,542	2015 (4)
*Other Properties*
Florida Keys Outlet Center	Florida City, FL		17,000		1,560		1,748		—		3,017		1,560		4,765		6,325		1,738	2010 (4)
Huntley Outlet Center	Huntley, IL		—		3,477		2,027		—		345		3,477		2,372		5,849		1,462	2010 (4)
Lincoln Plaza	King of Prussia (Philadelphia), PA		—		—		21,299		—		2,925		—		24,224		24,224		14,042	2003 (4)
Naples Outlet Center	Naples, FL		—		1,514		519		—		107		1,514		626		2,140		458	2010 (4)
Outlet Marketplace	Orlando, FL		—		3,367		1,557		—		1,891		3,367		3,448		6,815		1,209	2010 (4)
*Development Projects*
Other pre-development costs			—		68,319		15,607		—		—		68,319		15,607		83,926		78
*Other*			—		2,615		10,873		—		—		2,615		10,873		13,488		5,423

		$	6,570,833	$	3,081,047	$	23,341,842	$	336,669	$	6,373,327	$	3,417,716	$	29,715,169	$	33,132,885	$	9,696,420

Simon Property Group, Inc. and Subsidiaries

Notes to Schedule III as of December 31, 2015

(Dollars in thousands)

All periods presented exclude properties which were spun-off to Washington Prime 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, 2015, 2014, and 2013 are as follows:


	2015			2014			2013
Balance, beginning of year	$	31,014,133		$	30,048,230		$	29,263,463
Acquisitions and consolidations (5)		1,190,944			393,351			288,835
Improvements		995,964			791,453			874,240
Disposals and deconsolidations		(68,156	)		(218,901	)		(378,308	)

Balance, close of year	$	33,132,885		$	31,014,133		$	30,048,230

The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2015 was $29,771,725.

(2)

Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2015, 2014, and 2013 are as follows:


	2015			2014			2013
Balance, beginning of year	$	8,740,928		$	7,896,614		$	7,055,622
Depreciation expense		1,018,078			997,482			948,811
Disposals and deconsolidations		(62,586	)		(153,168	)		(107,819	)

Balance, close of year	$	9,696,420		$	8,740,928		$	7,896,614

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		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).
	10.8	*	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).
	10.9	*	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
	10.10	*	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).
	10.11	*	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).
	10.12	*	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).
	10.13	*	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).
	10.14	*	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).
	10.15	*	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).
	10.16	*	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).
	10.17	*	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).
	10.18	*	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).
	10.19	*	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).
	10.20	*	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).
	10.21	*	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).
	10.22	*	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).
	10.23	*	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).
	10.24	*	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).
	10.25	*	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
	10.26	*	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).
	10.27	*	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).
	10.28	*	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).
	10.29	*	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).
	10.30	*	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).
	10.31		Amended and Restated $2,750,000,000 Credit Agreement dated as of March 2, 2015 (incorporated by reference to Exhibit 10.1 of Simon Property Group, L.P.'s Current Report on Form 8-K filed March 3, 2015).
	10.32		Notice of Increase of Maximum Amount Under Global Dealer Agreement dated as of February 27, 2015 (incorporated by reference to Exhibit 10.2 of Simon Property Group, L.P.'s Current Report on Form 8-K filed March 3, 2015).
	10.33	*	Form of Simon Property Group Series 2015 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of the Registrant's Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015 filed on January 13, 2016).
	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