MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS At December 31, 2011, we or our subsidiaries were the borrowers under 89 non-recourse mortgage notes secured by  mortgages on 89 properties, including 10 separate pools of cross-defaulted and cross-collateralized mortgages encumbering a  total of 44 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool  may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each  property within the pool. Certain of our secured debt contains financial and other non-financial covenants which are specific to the  properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate  the debt and enforce its right against their collateral. At December 31, 2011, the applicable borrowers under these non-recourse  mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable  cross-default provisions, have a material adverse effect on our financial condition, results of operations or cash flows. Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest  rates as of December 31, 2011 and 2010, consisted of the following (dollars in thousands): Summary of Financing Contractual Obligations and Off-balance Sheet Arrangements In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on  our consolidated indebtedness as of December 31, 2011, and subsequent years thereafter (dollars in thousands) assuming the  obligations remain outstanding through initial maturities: As of December 31, 2011, we had $485.8 million of notional amount fixed rate swap agreements that have a weighted  average fixed pay rate of 2.52% and a weighted average variable receive rate of 0.58%. As of December 31, 2011, the net effect  of these agreements effectively converted $485.8 million of variable rate debt to fixed rate debt. 2012  2013 to 2014  2015 to 2017  After 2017  Total Long Term Debt  (1) $1,564,661 $ 3,003,954 $ 7,977,855 $ 5,874,898 $18,421,368 Interest Payments  (2) 955,071 1,695,024 1,650,615 1,547,215 5,847,925 Consolidated Capital Expenditure Commitments  229,543  —  —  —  229,543 Consolidated Ground Lease Commitments  (3) 26,193 53,220 82,161 823,737 985,311 Effective Effective Adjusted Weighted Adjusted Weighted Balance   Average  Balance  Average as of  Interest  as of Interest Debt Subject to  December 31, 2011  Rate  December 31, 2010  Rate Fixed Rate $ 16,407,374 5.83%  $15,471,545  6.05% Variable Rate 2,039,066 1.45% 2,002,215 1.93% $18,446,440 5.35%  $ 17,473,760  5.58% 22 Simon Property Group, Inc. (1) Represents principal maturities only and therefore, excludes net premiums of $25,072. (2) Variable rate interest payments are estimated based on the LIBOR rate at December 31, 2011. (3) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options.