MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For the purposes of the following comparisons between the years ended December 31, 2011 and 2010 and the years ended  December 31, 2010 and 2009, the above transactions are referred to as the property transactions. In the following discussions  of our results of operations, “comparable” refers to properties open and operating throughout both years in the year-to-year  comparisons. During 2011, we agreed to dispose of certain consolidated properties that had an aggregate carrying value of $355.4 million  and debt obligations of $162.0 million for aggregate sales proceeds of $136.0 million resulting in a net loss of $42.4 million. The  loss on disposition of these properties recognized in the consolidated statements of operations and comprehensive income and  the operating results of such properties were not significant to our consolidated results of operations. The following lists those  consolidated properties we disposed of during 2011 and the date of disposition: During 2010, we disposed of three consolidated properties that had an aggregate carrying value of $91.4 million and debt  obligations of $91.3 million for which we received aggregate sales proceeds of $5.8 million resulting in a net gain of $5.7 million.  The gain on disposition of these properties recognized in the consolidated statements of operations and comprehensive income  and the operating results of the properties that we sold or disposed of during 2010 were not significant to our consolidated results  of operations. The following lists those consolidated properties we disposed of during 2010 and the date of disposition: During 2009, we disposed of four consolidated properties that had an aggregate net book value of $13.7 million for aggregate  sales proceeds of $3.9 million, resulting in a net loss of $9.8 million. The loss on disposition of these assets recognized in the  consolidated statements of operations and comprehensive income and the operating results of the properties that we sold or  disposed of during 2009 were not significant to our consolidated results of operations. The following lists those consolidated  properties we disposed of during 2009 and the date of disposition: 16 Simon Property Group, Inc. Property Date of Disposition  Crossville Outlet Center  March 18, 2011 Prime Outlets—Jeffersonville  June 28, 2011 Century III Mall  September 1, 2011 Crystal River Mall  December 1, 2011 Factory Merchants Branson  December 31, 2011 Property Date of Disposition  Crossroads Mall  March 4, 2010 Brightwood Plaza  March 30, 2010 Palm Beach Mall  March 31, 2010 Property Date of Disposition  Knoxville Commons  November 2, 2009 Park Plaza  November 2, 2009 Eastland Plaza  October 30, 2009 Raleigh Springs Mall  October 15, 2009