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 Simon Property Group, L.P. are set forth in Part II, item 8.
		Reports of Independent Registered Public Accounting Firm	80
		Consolidated Financial Statements of Simon Property Group, Inc. Consolidated Balance Sheets as of December 31, 2024 and 2023	88
		Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2024, 2023 and 2022	89
		Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022	90
		Consolidated Statements of Equity for the years ended December 31, 2024, 2023 and 2022	91
		Consolidated Financial Statements of Simon Property Group, L.P. Consolidated Balance Sheets as of December 31, 2024 and 2023	93
		Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2024, 2023 and 2022	94
		Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022	95
		Consolidated Statements of Equity for the years ended December 31, 2024, 2023 and 2022	96
		Notes to Consolidated Financial Statements	98
	(2)	Financial Statement Schedule
		Simon Property Group, Inc. and Simon Property Group, L.P. Schedule III — Schedule of Real Estate and Accumulated Depreciation	155
		Notes to Schedule III	160
		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.	147

Item 16. Form 10-K Summary

None.

EXHI****BIT INDEX


Exhibits
2.1		Separation and Distribution Agreement by and among Simon Property Group, Inc., 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).

2.2		Amended and Restated Agreement and Plan of Merger, dated as of November 14, 2020, by and among the Taubman Parties and the Simon Parties (incorporated by reference to exhibit 2.1 of Simon Property Group Inc.’s and Simon Property Group L.P.’s Current Report on Form 8-K filed on November 16, 2020).

3.1		Restated Certificate of Incorporation of Simon Property Group, Inc. (incorporated by reference to Appendix A of Simon Property Group, Inc.’s Proxy Statement on Schedule 14A filed March 27, 2009).

3.2		Amended and Restated By-Laws of Simon Property Group, Inc. as adopted on March 20, 2017 (incorporated by reference to Exhibit 3.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed March 24, 2017).

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 Simon Property Group, Inc.’s Current Report on Form 8-K filed October 20, 2004).

3.4		Certificate of Designation of Series A Junior Participating Redeemable Preferred Stock (incorporated by reference to Exhibit 3.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed May 15, 2014).

3.5		Second Amended and Restated Certificate of Limited Partnership of the Limited Partnership (incorporated by reference to Exhibit 3.1 of Simon Property Group, L.P.'s Annual Report on Form 10-K filed March 31, 2003).

3.6		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 Simon Property Group, Inc.’s Current Report on Form 8-K filed May 9, 2008).

3.7		Certificate of Designation of Series B Junior Participating Redeemable Preferred Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 3.1 of Simon Property Group, L.P.'s Quarterly Report on Form 10- Q filed August 8, 2014).

3.8		Agreement between Simon Property Group, Inc. and Simon Property Group, L.P. dated March 7, 2007, but effective as of August 27, 1999, regarding a prior agreement filed under an exhibit 99.1 to Form S-3/A of Simon Property Group, L.P. on November 20, 1996 (incorporated by reference to Exhibit 3.4 of Simon Property Group, L.P.'s Annual Report on Form 10-K filed March 16, 2007).

3.9		Agreement between Simon Property Group, Inc. and Simon Property Group, L.P. dated April 29, 2009, but effective as of October 14, 2004, regarding redemption of the Registrant's Series I Preferred Units (incorporated by reference to Exhibit 3.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 8, 2009).

4.1	(a)	Indenture, dated as of November 26, 1996, by and among Simon Property Group, L.P. and The Chase Manhattan Bank, as trustee (incorporated by reference to Exhibit 4.1 of Simon Property Group, L.P.'s Registration Statement on Form S-3 filed October 21, 1996 (Reg. No. 333-11491)).

4.2		Description of Each Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.

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 Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 10, 2004).

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 Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 10, 2004).


Exhibits
10.1		Form of the Indemnity Agreement between Simon Property Group, Inc. and its directors and officers (incorporated by reference to Exhibit 10.7 of Simon Property Group, Inc.’s Form S-4 filed August 13, 1998 (Reg. No. 333-61399)).

10.2		Registration Rights Agreement, dated as of September 24, 1998, by and among Simon Property Group, Inc. and the persons named therein (incorporated by reference to Exhibit 4.4 of Simon Property Group, Inc.’s Current Report on Form 8-K filed October 9, 1998).

10.3		Registration Rights Agreement, dated as of August 27, 1999, by and among Simon Property Group, Inc. 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)).

10.4		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)).

10.5*		Simon Property Group, L.P. Amended and Restated 1998 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 10, 2014).

10.6*		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 Simon Property Group, Inc.’s Annual Report on Form 10-K filed March 16, 2005).

10.7*		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 Simon Property Group, Inc.’s Annual Report on Form 10-K filed February 28, 2007).

10.8*		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 Simon Property Group, Inc.’s Annual Report on Form 10-K filed March 16, 2005).

10.9*		Employment Agreement between Simon Property Group, Inc. and David Simon effective as of July 6, 2011 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).

10.10*		First Amendment to Employment Agreement between Simon Property Group, Inc. and David Simon, dated as of March 29, 2013 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4, 2013).

10.11*		Non-Qualified Deferred Compensation Plan dated as of December 31, 2008 (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed November 5, 2009).

10.12*		Amendment — 2008 Performance Based-Restricted Stock Agreement dated as of March 6, 2009 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed November 5, 2009).

10.13*		Certificate of Designation of Series 2010 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.'s Current Report on Form 8-K filed March 19, 2010).

10.14*		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 Simon Property Group, Inc.’s Current Report on Form 8-K filed March 19, 2010).

10.15*		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 Simon Property Group, Inc.’s Current Report on Form 8-K filed March 19, 2010).

10.16*		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 Simon Property Group, Inc.’s Current Report on Form 8-K filed March 19, 2010).


Exhibits
10.17*		Certificate of Designation of Series CEO LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.'s Current Report on Form 8-K filed July 7, 2011).

10.18*		Simon Property Group Series CEO LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).

10.19*		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 Simon Property Group, Inc.’s Annual Report on Form 10-K filed February 28, 2012).

10.20*		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 Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4, 2013).

10.21*		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 Simon Property Group, Inc.’s Current Report on Form 8-K filed January 2, 2014).

10.22*		Certificate of Designation of Series 2011 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.5 of Simon Property Group, Inc.'s Current Report on Form 8-K filed July 7, 2011).

10.23*		Form of Simon Property Group Series 2011 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.6 of Simon Property Group, Inc.’s Current Report on Form 8-K filed July 7, 2011).

10.24*		Certificate of Designation of Series 2012 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 11, 2012).

10.25*		Amended and Restated Certificate of Designation of Series 2012 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.5 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 7, 2014).

10.26*		Form of Simon Property Group Series 2012 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 8, 2012).

10.27*		Simon Property Group Amended and Restated Series 2012 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).

10.28*		Certificate of Designation of Series 2013 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 10, 2013).

10.29*		Form of Simon Property Group Series 2013 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 4, 2013).

10.30*		Form of Simon Property Group Executive Officer LTIP Waiver, dated April 18, 2014 (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).

10.31*		Simon Property Group CEO LTIP Unit Adjustment Waiver, dated April 18, 2014 (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Current Report on Form 8-K filed April 28, 2014).

10.32*		Form of Simon Property Group Series 2014 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q filed May 7, 2014).

10.33*		Certificate of Designation of Series 2014 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q filed May 7, 2014).

10.34*		Form of Simon Property Group Series 2015 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015 filed on January 13, 2016).


Exhibits
10.35*		Certificate of Designation of Series 2015 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.4 of Simon Property Group, L.P.'s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2015 filed on January 13, 2016).

10.36*		Form of Simon Property Group Series 2016 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed on May 5, 2016).

10.37*		Form of Certificate of Designation of Series 2016 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed on May 5, 2016).

10.38*		Form of Simon Property Group Series 2018 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed on May 3, 2018).

10.39*		Form of Certificate of Designation of Series 2018 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 filed on May 3, 2018).

10.40*		Form of Simon Property Group Series 2019 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed on August 7, 2019).

10.41*		Form of Certificate of Designation of Series 2019 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed on August 7, 2019).

10.42*		Form of Restricted Stock Unit Agreement under Simon Property Group, L.P. 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.48 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed February 25, 2021).

10.43*		Form of Simon Property Group Series 2021 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 10, 2021).

10.44*		Form of Certificate of Designation of Series 2021 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 10, 2021).

10.45*		Simon Property Group, Inc., 2022 Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).

10.46*		Form of Simon Property Group Series 2022 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).

10.47*		Form of Certificate of Designation of Series 2022 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).

10.48*		Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed on May 9, 2022).

10.49		Third Amended and Restated $5,000,000,000 Credit Agreement, dated as of March 14, 2023 (incorporated by reference to Exhibit 99.2 of Simon Property Group, Inc. and L.P.’s Current Report on Form 8-K filed March 15, 2023).


Exhibits

10.50*		Simon Property Group, Inc., 2023 Incentive Compensation Plan (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).

10.51*		Form of Simon Property Group Series 2023 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).

10.52*		Form of Certificate of Designation of Series 2023 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).

10.53*		Form of Simon Property Group 2023 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.5 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 4, 2023).

10.54*		Amended and Restated Other Platform Investment Incentive Program (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s Form 8-K/A filed on November 9, 2023).

10.55*		Simon Property Group L.P. 2019 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).

10.56*		Form of Simon Property Group Series 2024 LTIP Unit Award Agreement incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).

10.57*		Form of Certificate of Designation of Series 2024 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.3 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).

10.58*		Form of Simon Property Group 2024 Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.4 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed on May 7, 2024).

10.59*		Form of Simon Property Group Series 2024-2 LTIP Unit Award Agreement (incorporated by reference to Exhibit 10.1 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed on August 29, 2024).

10.60*		Form of Certificate of Designation of Series 2024-2 LTIP Units of Simon Property Group, L.P. (incorporated by reference to Exhibit 10.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed on August 29, 2024).

10.61		Third Amended and Restated $3,500,000,000 Credit Agreement dated as of September 19, 2024 (incorporated by reference to Exhibit 99.2 of Simon Property Group, Inc.’s and Simon Property Group, L.P.’s Form 8-K filed September 19, 2024).

19.1		Simon Property Group, Inc. – Insider Trading Policy

21.1		List of Subsidiaries of Simon Property Group Inc. and Simon Property Group, L.P.

23.1		Simon Property Group, Inc. — Consent of Ernst & Young LLP.

23.2		Simon Property Group, L.P. — Consent of Ernst & Young LLP.

31.1		Simon Property Group, Inc. — 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.


Exhibits
31.2		Simon Property Group, Inc. — 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.

31.3		Simon Property Group, L.P. — 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.

31.4		Simon Property Group, L.P. — 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.

32.1		Simon Property Group, Inc. — 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.

32.2		Simon Property Group, L.P. — 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.

97		Simon Property Group, Inc. – Policy For Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 of Simon Property Group, Inc.’s Annual Report on Form 10-K filed February 22, 2024).

101.INS		XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

104		Cover Page Interactive File (formatted as Inline XBRL and contained in Exhibit 101)

(a) Does not include supplemental indentures that authorize the issuance of debt securities series, none of which exceeds 10% of the total assets of Simon Property Group, L.P. on a consolidated basis. Simon Property Group, L.P. agrees to file copies of any such supplemental indentures upon the request of the Commission.

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

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each 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, Chief
		Executive Officer and President
		Date: February 21, 2025

		SIMON PROPERTY GROUP, L.P.

		/s/ DAVID SIMON
		David Simon
		Chairman of the Board of Directors, Chief Executive Officer and President of Simon Property Group, Inc., General Partner
		Date: February 21, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Simon Property Group, Inc., for itself and in its capacity as General Partner of Simon Property Group, L.P., and in the capacities and on the dates indicated.

Signature	Capacity	Date

/s/ DAVID SIMON	Chairman of the Board of Directors, Chief Executive Officer (Principal Executive Officer) and President	February 21, 2025
David Simon

/s/ ELI SIMON	Director and Chief Investment Officer	February 21, 2025
Eli Simon

/s/ RICHARD S. SOKOLOV	Director and Vice Chairman	February 21, 2025
Richard S. Sokolov

/s/ LARRY C. GLASSCOCK	Director	February 21, 2025
Larry C. Glasscock

/s/ REUBEN S. LEIBOWITZ	Director	February 21, 2025
Reuben S. Leibowitz

/s/ RANDALL J. LEWIS	Director	February 21, 2025
Randall J. Lewis

/s/ NINA P. JONES	Director	February 21, 2025
Nina P. Jones

/s/ ALLAN HUBBARD	Director	February 21, 2025
Allan Hubbard

/s/ DANIEL C. SMITH	Director	February 21, 2025
Daniel C. Smith

Signature	Capacity	Date

/s/ GARY M. RODKIN	Director	February 21, 2025
Gary M. Rodkin

/s/ GLYN F. AEPPEL	Director	February 21, 2025
Glyn F. Aeppel

/s/ STEFAN M. SELIG	Director	February 21, 2025
Stefan M. Selig

/s/ MARTA R. STEWART	Director	February 21, 2025
Marta R. Stewart

/s/ PEGGY F. ROE	Director	February 21, 2025
Peggy F. Roe
/s/ BRIAN J. MCDADE	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 21, 2025
Brian J. McDade

/s/ ADAM J. REUILLE	Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 21, 2025
Adam J. Reuille

SCHEDULE III

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2024

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Malls
Barton Creek Square	Austin, TX	$	-	$	2,903	$	20,929	$	7,983	$	104,331	$	10,886	$	125,260	$	136,146	$	77,462	1981
Battlefield Mall	Springfield, MO		-		3,919		27,231		3,000		76,698		6,919		103,929		110,848		82,028	1970
Bay Park Square	Green Bay, WI		-		6,278		25,623		4,106		31,653		10,384		57,276		67,660		39,375	1980
Brea Mall	Brea (Los Angeles), CA		-		39,500		209,202		3,847		219,740		43,347		428,942		472,289		188,906	1998	(4)
Broadway Square	Tyler, TX		-		11,306		32,431		-		53,318		11,306		85,749		97,055		50,395	1994	(4)
Burlington Mall	Burlington (Boston), MA		-		46,600		303,618		27,458		277,625		74,058		581,243		655,301		317,197	1998	(4)
Castleton Square	Indianapolis, IN		-		26,250		98,287		7,434		82,590		33,684		180,877		214,561		139,683	1972
Cielo Vista Mall	El Paso, TX		-		1,005		15,262		608		63,078		1,613		78,340		79,953		57,736	1974
College Mall	Bloomington, IN		-		1,003		16,245		720		72,503		1,723		88,748		90,471		56,869	1965
Columbia Center	Kennewick, WA		-		17,441		66,580		-		48,803		17,441		115,383		132,824		78,658	1987
Copley Place	Boston, MA		-		-		378,045		-		236,259		-		614,304		614,304		329,118	2002	(4)
Coral Square	Coral Springs (Miami), FL		-		12,282		93,630		-		23,066		12,282		116,696		128,978		96,101	1984
Cordova Mall	Pensacola, FL		-		18,626		73,091		7,321		76,987		25,947		150,078		176,025		98,469	1998	(4)
Domain, The	Austin, TX		210,000		40,436		197,010		-		196,440		40,436		393,450		433,886		220,797	2005
Empire Mall	Sioux Falls, SD		169,566		35,998		192,186		-		41,985		35,998		234,171		270,169		99,168	1998	(5)
Fashion Mall at Keystone, The	Indianapolis, IN		-		-		120,579		29,145		123,834		29,145		244,413		273,558		160,486	1997	(4)
Firewheel Town Center	Garland (Dallas), TX		-		8,438		82,716		-		28,327		8,438		111,043		119,481		72,154	2004
Forum Shops at Caesars Palace, The	Las Vegas, NV		-		-		276,567		-		344,242		-		620,809		620,809		369,290	1992
Greenwood Park Mall	Greenwood (Indianapolis), IN		-		2,423		23,445		5,253		131,643		7,676		155,088		162,764		105,783	1979
Haywood Mall	Greenville, SC		-		11,585		133,893		6		48,480		11,591		182,373		193,964		131,890	1998	(4)
King of Prussia	King of Prussia (Philadelphia), PA		-		175,063		1,128,236		-		440,595		175,063		1,568,831		1,743,894		669,884	2003	(5)
La Plaza Mall (13)	McAllen, TX		-		87,912		9,828		6,569		197,764		94,481		207,592		302,073		76,134	1976
Lakeline Mall	Cedar Park (Austin), TX		-		8,944		81,568		14		26,600		8,958		108,168		117,126		76,662	1995
Lenox Square	Atlanta, GA		-		37,216		492,411		-		167,283		37,216		659,694		696,910		450,514	1998	(4)
Mall of Georgia	Buford (Atlanta), GA		-		47,492		326,633		-		20,688		47,492		347,321		394,813		240,683	1999	(5)
McCain Mall	N. Little Rock, AR		-		-		9,515		10,142		31,042		10,142		40,557		50,699		22,715	1973
Menlo Park Mall	Edison (New York), NJ		-		65,684		223,252		-		107,385		65,684		330,637		396,321		226,902	1997	(4)
Miami International	Miami, FL		158,000		3,996		160,710		-		350		3,996		161,060		165,056		68,883	1982	(3) (5)
Midland Park Mall	Midland, TX		-		687		9,213		1,196		46,118		1,883		55,331		57,214		27,336	1980
Miller Hill Mall	Duluth, MN		-		2,965		18,092		1,811		50,657		4,776		68,749		73,525		50,609	1973
North East Mall	Hurst (Dallas), TX		-		128		12,966		19,010		135,086		19,138		148,052		167,190		115,948	1971
Ocean County Mall	Toms River (New York), NJ		-		20,404		124,945		3,277		89,072		23,681		214,017		237,698		128,165	1998	(4)
Orland Square	Orland Park (Chicago), IL		-		35,439		129,906		-		83,641		35,439		213,547		248,986		142,289	1997	(4)
Penn Square Mall	Oklahoma City, OK		310,000		2,043		155,958		-		67,007		2,043		222,965		225,008		164,406	2002	(4)
Pheasant Lane Mall	Nashua, NH		-		3,902		155,068		550		52,797		4,452		207,865		212,317		140,998	2004	(5)
Phipps Plaza	Atlanta, GA		-		15,005		210,610		-		274,918		15,005		485,528		500,533		222,387	1998	(4)
Plaza Carolina	Carolina (San Juan), PR		-		15,493		279,560		-		84,628		15,493		364,188		379,681		213,887	2004	(4)
Prien Lake Mall	Lake Charles, LA		-		1,842		2,813		3,053		69,031		4,895		71,844		76,739		34,945	1972
Rockaway Townsquare	Rockaway (New York), NJ		-		41,918		212,257		-		76,917		41,918		289,174		331,092		194,087	1998	(4)
Roosevelt Field	Garden City (New York), NY		-		163,160		702,008		1,246		412,044		164,406		1,114,052		1,278,458		672,623	1998	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2024

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Ross Park Mall	Pittsburgh, PA	$	-	$	23,541	$	90,203	$	5,815	$	162,232	$	29,356	$	252,435	$	281,791	$	156,797	1986
Santa Rosa Plaza	Santa Rosa, CA		-		10,400		87,864		-		31,631		10,400		119,495		129,895		80,614	1998	(4)
Shops at Chestnut Hill, The	Chestnut Hill (Boston), MA		93,075		449		25,102		38,864		107,735		39,313		132,837		172,150		60,996	2002	(5)
Shops at Riverside, The	Hackensack (New York), NJ		-		13,521		238,746		-		275,240		13,521		513,986		527,507		175,456	2007	(4) (5)
Smith Haven Mall	Lake Grove (New York)		-		25,822		398,974		-		1,139		25,822		400,113		425,935		257,416	1995	(4) (5)
South Hills Village	Pittsburgh, PA		-		23,445		125,840		1,472		99,541		24,917		225,381		250,298		133,709	1997	(4)
South Shore Plaza	Braintree (Boston), MA		-		101,200		301,495		1,972		178,531		103,172		480,026		583,198		323,508	1998	(4)
Southdale Center	Edina (Minneapolis), MN		-		41,430		184,967		-		195,872		41,430		380,839		422,269		106,762	2007	(4) (5)
SouthPark	Charlotte, NC		-		42,092		188,055		100		252,956		42,192		441,011		483,203		273,203	2002	(4)
St. Charles Towne Center	Waldorf (Washington, DC), MD		-		7,710		52,934		1,180		25,249		8,890		78,183		87,073		66,648	1990
Stanford Shopping Center	Palo Alto (San Jose), CA		-		-		339,537		-		243,663		-		583,200		583,200		283,248	2003	(4)
Summit Mall	Akron, OH		85,000		15,374		51,137		-		61,715		15,374		112,852		128,226		79,028	1965
Tacoma Mall	Tacoma (Seattle), WA		-		37,113		125,826		-		188,904		37,113		314,730		351,843		182,943	1987
Tippecanoe Mall	Lafayette, IN		-		2,897		8,439		5,517		51,252		8,414		59,691		68,105		48,612	1973
Town Center at Boca Raton	Boca Raton (Miami), FL		-		64,200		307,317		-		278,939		64,200		586,256		650,456		372,051	1998	(4)
Towne East Square	Wichita, KS		-		8,024		18,479		4,108		64,787		12,132		83,266		95,398		53,351	1975
Treasure Coast Square	Jensen Beach, FL		-		10,750		72,990		3,067		29,817		13,817		102,807		116,624		76,016	1987
Tyrone Square	St. Petersburg (Tampa), FL		-		15,638		120,962		1,459		51,295		17,097		172,257		189,354		132,925	1972
University Park Mall	Mishawaka, IN		-		10,762		118,164		7,000		60,885		17,762		179,049		196,811		153,914	1996	(4)
Walt Whitman Shops	Huntington Station (New York), NY		-		51,700		111,258		3,789		146,371		55,489		257,629		313,118		159,826	1998	(4)
White Oaks Mall	Springfield, IL		34,000		2,907		35,692		2,468		69,009		5,375		104,701		110,076		70,665	1977
Wolfchase Galleria	Memphis, TN		155,152		16,407		128,276		-		20,212		16,407		148,488		164,895		116,046	2002	(4)
Woodland Hills Mall	Tulsa, OK		-		34,211		187,123		13,811		53,723		48,022		240,846		288,868		177,173	2004	(5)

Premium Outlets
Albertville Premium Outlets	Albertville (Minneapolis), MN		-		3,900		97,059		-		11,295		3,900		108,354		112,254		75,819	2004	(4)
Allen Premium Outlets	Allen (Dallas), TX		-		20,932		69,788		-		45,389		20,932		115,177		136,109		51,036	2004	(4)
Aurora Farms Premium Outlets	Aurora (Cleveland), OH		-		2,370		24,326		541		10,255		2,911		34,581		37,492		27,066	2004	(4)
Birch Run Premium Outlets	Birch Run (Detroit), MI		123,000		11,477		77,856		-		9,423		11,477		87,279		98,756		47,917	2010	(4)
Camarillo Premium Outlets	Camarillo (Los Angeles), CA		-		16,599		224,721		395		79,553		16,994		304,274		321,268		183,418	2004	(4)
Carlsbad Premium Outlets	Carlsbad (San Diego), CA		-		12,890		184,990		96		14,886		12,986		199,876		212,862		108,623	2004	(4)
Carolina Premium Outlets	Smithfield (Raleigh), NC		-		3,175		59,863		5,311		9,442		8,486		69,305		77,791		44,524	2004	(4)
Chicago Premium Outlets	Aurora (Chicago), IL		-		659		118,005		13,050		98,447		13,709		216,452		230,161		107,321	2004	(4)
Cincinnati Premium Outlets	Monroe (Cincinnati), OH		-		14,117		71,520		-		5,132		14,117		76,652		90,769		44,758	2008
Clinton Premium Outlets	Clinton, CT		-		2,060		107,556		1,532		7,785		3,592		115,341		118,933		75,699	2004	(4)
Denver Premium Outlets	Thornton (Denver), CO		-		10,182		45,335		10		65,942		10,192		111,277		121,469		35,181	2018
Desert Hills Premium Outlets	Cabazon (Palm Springs), CA		-		3,440		338,679		-		121,909		3,440		460,588		464,028		240,073	2004	(4)
Ellenton Premium Outlets	Ellenton (Tampa), FL		178,000		15,807		182,412		-		9,691		15,807		192,103		207,910		142,793	2010	(4)
Finger Lakes Premium Outlets	Waterloo, NY		-		3,230		75,277		-		16,557		3,230		91,834		95,064		57,361	2004	(4)
Folsom Premium Outlets	Folsom (Sacramento), CA		-		9,060		50,281		-		7,067		9,060		57,348		66,408		38,751	2004	(4)
Gilroy Premium Outlets	Gilroy (San Jose), CA		-		8,539		190,835		-		-		8,539		190,835		199,374		115,071	2004	(4)
Gloucester Premium Outlets	Blackwood (Philadelphia). NJ		75,000		14,389		107,685		-		1,142		14,389		108,827		123,216		37,328	2015	(5)
Grand Prairie Premium Outlets	Grand Prairie (Dallas), TX		-		9,497		194,245		-		2,238		9,497		196,483		205,980		78,046	2012

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2024

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Grove City Premium Outlets	Grove City (Pittsburgh), PA	$	140,000	$	6,421	$	121,880	$	-	$	11,026	$	6,421	$	132,906	$	139,327	$	97,735	2010	(4)
Gulfport Premium Outlets	Gulfport, MS		50,000		-		27,949		-		8,616		-		36,565		36,565		23,260	2010	(4)
Hagerstown Premium Outlets	Hagerstown (Baltimore/Washington, DC), MD		68,365		3,560		85,883		-		760		3,560		86,643		90,203		50,692	2010	(4)
Houston Premium Outlets	Cypress (Houston), TX		-		8,695		69,350		-		41,086		8,695		110,436		119,131		66,539	2007
Indiana Premium Outlets	Edinburgh (Indianapolis), IN		-		2,857		47,309		-		23,881		2,857		71,190		74,047		43,305	2004	(4)
Jackson Premium Outlets	Jackson (New York), NJ		-		6,413		104,013		3		9,330		6,416		113,343		119,759		63,855	2004	(4)
Jersey Shore Premium Outlets	Tinton Falls (New York), NJ		-		15,390		50,979		-		81,429		15,390		132,408		147,798		82,529	2007
Johnson Creek Premium Outlets	Johnson Creek, WI		-		2,800		39,546		-		8,788		2,800		48,334		51,134		28,415	2004	(4)
Kittery Premium Outlets	Kittery, ME		-		11,832		94,994		-		15,096		11,832		110,090		121,922		58,923	2004	(4)
Las Americas Premium Outlets	San Diego, CA		-		52,969		283,081		-		14,522		52,969		297,603		350,572		134,603	2007	(4)
Las Vegas North Premium Outlets	Las Vegas, NV		-		25,435		134,973		16,536		154,418		41,971		289,391		331,362		167,869	2004	(4)
Las Vegas South Premium Outlets	Las Vegas, NV		-		13,085		160,777		-		40,216		13,085		200,993		214,078		107,295	2004	(4)
Lee Premium Outlets	Lee, MA		45,089		9,167		52,212		-		5,614		9,167		57,826		66,993		39,774	2010	(4)
Leesburg Premium Outlets	Leesburg (Washington, DC), VA		-		7,190		162,023		-		25,353		7,190		187,376		194,566		108,129	2004	(4)
Lighthouse Place Premium Outlets	Michigan City (Chicago, IL), IN		-		6,630		94,138		-		14,556		6,630		108,694		115,324		69,844	2004	(4)
Merrimack Premium Outlets	Merrimack, NH		-		14,975		118,428		-		12,674		14,975		131,102		146,077		58,987	2012
Napa Premium Outlets	Napa, CA		-		11,400		45,023		-		8,252		11,400		53,275		64,675		33,911	2004	(4)
North Bend Premium Outlets	North Bend (Seattle), WA		-		2,012		36,036		-		30		2,012		36,066		38,078		20,975	2004	(4)
North Georgia Premium Outlets	Dawsonville (Atlanta), GA		-		4,300		137,020		-		5,196		4,300		142,216		146,516		81,256	2004	(4)
Orlando International Premium Outlets	Orlando, FL		-		31,998		472,815		-		22,239		31,998		495,054		527,052		244,446	2010	(4)
Orlando Vineland Premium Outlets	Orlando, FL		-		14,040		382,949		36,023		35,536		50,063		418,485		468,548		227,552	2004	(4)
Petaluma Village Premium Outlets	Petaluma (San Francisco), CA		-		13,322		13,710		-		3,889		13,322		17,599		30,921		12,183	2004	(4)
Philadelphia Premium Outlets	Limerick (Philadelphia), PA		-		16,676		105,249		-		28,421		16,676		133,670		150,346		87,379	2006
Phoenix Premium Outlets	Chandler (Phoenix), AZ		-		-		63,082		-		1,817		-		64,899		64,899		32,613	2013
Pismo Beach Premium Outlets	Pismo Beach, CA		30,335		4,317		19,044		-		4,604		4,317		23,648		27,965		17,081	2010	(4)
Pleasant Prairie Premium Outlets	Pleasant Prairie (Chicago, IL/Milwaukee), WI		145,000		16,823		126,686		-		10,775		16,823		137,461		154,284		73,847	2010	(4)
Pocono Premium Outlets	Tannersville, PA		-		7,720		172,931		-		32,331		7,720		205,262		212,982		108,904	2004	(4)
Puerto Rico Premium Outlets	Barceloneta, PR		-		20,586		114,021		-		11,355		20,586		125,376		145,962		67,121	2010	(4)
Queenstown Premium Outlets	Queenstown (Baltimore), MD		53,290		8,129		61,950		-		6,358		8,129		68,308		76,437		37,400	2010	(4)
Rio Grande Valley Premium Outlets	Mercedes (McAllen), TX		-		12,229		41,547		-		29,550		12,229		71,097		83,326		48,008	2005
Round Rock Premium Outlets	Round Rock (Austin), TX		-		12,985		82,252		-		9,158		12,985		91,410		104,395		59,480	2005
San Francisco Premium Outlets	Livermore (San Francisco), CA		-		21,925		308,694		46,177		75,416		68,102		384,110		452,212		146,135	2012
San Marcos Premium Outlets	San Marcos (Austin/San Antonio), TX		-		13,180		287,179		-		33,112		13,180		320,291		333,471		157,020	2010	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2024

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Seattle Premium Outlets	Tulalip (Seattle), WA	$	-	$	-	$	103,722	$	-	$	56,982	$	-	$	160,704	$	160,704	$	92,773	2004	(4)
St. Augustine Premium Outlets	St. Augustine (Jacksonville), FL		-		6,090		57,670		2		17,226		6,092		74,896		80,988		45,678	2004	(4)
Tampa Premium Outlets	Lutz (Tampa), FL		-		14,298		97,188		121		12,354		14,419		109,542		123,961		38,139	2015
Tucson Premium Outlets	Marana (Tucson), AZ		-		12,508		69,677		-		6,799		12,508		76,476		88,984		27,144	2015
Tulsa Premium Outlets	Jenks (Tulsa), OK		-		11,026		102,600		1		52,026		11,027		154,626		165,653		2,878	2024
Vacaville Premium Outlets	Vacaville, CA		-		9,420		84,850		-		20,252		9,420		105,102		114,522		66,720	2004	(4)
Waikele Premium Outlets	Waipahu (Honolulu), HI		-		22,630		77,316		-		21,904		22,630		99,220		121,850		59,450	2004	(4)
Williamsburg Premium Outlets	Williamsburg, VA		185,000		10,323		223,789		-		11,450		10,323		235,239		245,562		117,025	2010	(4)
Woodburn Premium Outlets	Woodburn (Portland), OR		-		9,414		150,414		-		5,660		9,414		156,074		165,488		66,478	2013	(4)
Woodbury Common Premium Outlets	Central Valley (New York), NY		-		11,010		862,559		1,779		284,336		12,789		1,146,895		1,159,684		573,646	2004	(4)
Wrentham Village Premium Outlets	Wrentham (Boston), MA		-		4,900		282,031		-		58,069		4,900		340,100		345,000		183,801	2004	(4)

The Mills
Arizona Mills	Tempe (Phoenix), AZ		94,000		41,285		297,289		-		19,686		41,285		316,975		358,260		118,066	2007	(4) (5)
Great Mall	Milpitas (San Jose), CA		-		69,853		463,101		-		68,227		69,853		531,328		601,181		230,996	2007	(4) (5)
Gurnee Mills	Gurnee (Chicago), IL		257,710		41,133		297,911		-		43,215		41,133		341,126		382,259		148,573	2007	(4) (5)
Mills at Jersey Gardens, The	Elizabeth, NJ		-		120,417		865,605		-		32,696		120,417		898,301		1,018,718		321,737	2015	(4)
Opry Mills	Nashville, TN		375,000		51,000		327,503		-		30,461		51,000		357,964		408,964		142,722	2007	(4) (5)
Outlets at Orange, The	Orange (Los Angeles), CA		-		64,973		211,322		-		8,656		64,973		219,978		284,951		49,402	2007	(4) (5)
Potomac Mills	Woodbridge (Washington, DC), VA		416,000		61,608		425,370		-		49,281		61,608		474,651		536,259		209,799	2007	(4) (5)
Sawgrass Mills	Sunrise (Miami), FL		-		192,981		1,641,153		5,395		254,007		198,376		1,895,160		2,093,536		782,774	2007	(4) (5)

Designer Outlets
La Reggia Designer Outlet	Marcianise (Naples), Italy		166,195		37,220		233,179		-		44,611		37,220		277,790		315,010		97,541	2013	(4) (5) (7)
Noventa Di Piave Designer Outlet	Venice, Italy		288,341		38,793		309,283		-		81,213		38,793		390,496		429,289		116,864	2013	(4) (5) (7)
Ochtrup Designer Outlet	Ochtrup, Germany		51,936		11,770		97,941		-		68		11,770		98,009		109,779		17,406	2016	(4) (5) (7)
Paris-Giverny Designer Outlets	Normandy, France		95,407		16,312		238,139		-		-		16,312		238,139		254,451		22,104	2023
Parndorf Designer Outlet	Vienna, Austria		187,840		14,903		223,156		-		16,127		14,903		239,283		254,186		86,515	2013	(4) (5) (7)
Provence Designer Outlet	Provence, France		97,724		41,321		84,637		6,169		1,838		47,490		86,475		133,965		55,150	2017	(4) (5) (7)
Roermond Designer Outlet	Roermond, Netherlands		290,842		15,035		400,094		-		40,106		15,035		440,200		455,235		162,233	2013	(4) (5) (7)
Roosendaal Designer Outlet	Roosendaal, Netherlands		67,516		22,191		108,069		-		14,097		22,191		122,166		144,357		45,606	2017	(4) (5) (7)

Lifestyle Centers
ABQ Uptown	Albuquerque, NM		-		6,374		75,333		4,054		12,608		10,428		87,941		98,369		42,023	2011	(4)
Northgate Station	Seattle, WA		-		19,904		115,992		15,964		115,842		35,868		231,834		267,702		72,416	1987
University Park Village	Fort Worth, TX		50,113		18,031		100,523		-		12,181		18,031		112,704		130,735		39,402	2015	(4)

Other Properties
Calhoun Outlet Marketplace	Calhoun, GA		16,282		1,745		12,529		-		2,210		1,745		14,739		16,484		12,622	2010	(4)

Simon Property Group, Inc.

Simon Property Group, L.P.

Real Estate and Accumulated Depreciation

December 31, 2024

(Dollars in thousands)


								Cost Capitalized
								Subsequent to				Gross Amounts At Which								Date of
				Initial Cost (3)				Acquisition (3)				Carried At Close of Period								Construction
						Buildings and				Buildings and				Buildings and				Accumulated		or
Name	Location	Encumbrances (6)		Land		Improvements		Land		Improvements		Land		Improvements		Total (1)		Depreciation (2)		Acquisition
Florida Keys Outlet Marketplace	Florida City, FL	$	17,000	$	1,112	$	1,748	$	-	$	6,899	$	1,112	$	8,647	$	9,759	$	5,742	2010	(4)
Gaffney Outlet Marketplace	Gaffney (Greenville/Charlotte), SC		26,302		4,056		32,371		-		6,515		4,056		38,886		42,942		26,785	2010	(4)
Orlando Outlet Marketplace	Orlando, FL		-		3,367		1,557		-		4,715		3,367		6,272		9,639		4,072	2010	(4)
Oxford Valley Mall	Langhorne (Philadelphia), PA		-		18,355		100,287		-		23,812		18,355		124,099		142,454		94,539	2003	(4)
Southridge Mall	Greendale (Milwaukee), WI		103,889		12,359		130,111		1,939		12,244		14,298		142,355		156,653		74,824	2007	(4) (5)


Other pre-development costs			84,047		66,138		213,610		959		-		67,097		213,610		280,707		1,882
Other			14,753		9,398		475,504		265		6		9,663		475,510		485,173		62,578
Currency Translation Adjustment			-		(11,217)		(76,185)		(513)		(40,944)		(11,730)		(117,129)		(128,859)		(74,898)
		$	5,008,769	$	3,238,299	$	26,008,603	$	390,180	$	10,074,915	$	3,628,479	$	36,083,518	$	39,711,997	$	18,663,586

Simon Property Group, Inc.

Simon Property Group, L.P.

Notes to Schedule III as of December 31, 2024

(Dollars in thousands)

(1)	Reconciliation of Real Estate Properties:

The changes in real estate assets for the years ended December 31, 2024, 2023, and 2022 are as follows:


	2024		2023		2022
Balance, beginning of year	$	38,784,918	$	37,879,778	$	37,497,216
Acquisitions and consolidations (7)		589,501		78,410		122,074
Improvements		744,574		823,705		688,173
Disposals and consolidations		(285,998)		(55,593)		(308,030)
Currency Translation Adjustment		(120,998)		58,618		(119,655)
Balance, close of year	$	39,711,997	$	38,784,918	$	37,879,778

The unaudited aggregate cost of domestic consolidated real estate assets for U.S. federal income tax purposes as of December 31, 2024 was $24,269,521.

(2)	Reconciliation of Accumulated Depreciation:

The changes in accumulated depreciation for the years ended December 31, 2024, 2023, and 2022 are as follows:


	2024		2023		2022
Balance, beginning of year	$	17,351,320	$	16,224,050	$	15,304,461
Depreciation expense (7)		1,118,198		1,193,391		1,075,391
Disposals and consolidations		164,761		(53,489)		(180,091)
Currency Translation Adjustment		29,307		(12,632)		24,289
Balance, close of year	$	18,663,586	$	17,351,320	$	16,224,050

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 and deferred financing costs.

(7)	Represents the original cost and does not include subsequent currency translation adjustments.

Previous: Item 13. Certain Relationships and Related Transactions and Director Independence