CONSOLIDATED STATEMENTS OF EQUITY  Preferred  Common Stock  Stock  Balance at December 31, 2008 $ 46,032  $ 24  Conversion of limited partner units (1,866,474 common shares, Note 10)  Public offerings of common stock (40,250,000 common shares)  4 Stock options exercised (181,850 common shares)  Series J preferred stock premium amortization  (328)  Conversion of Series C preferred units to limited partner units  Issuance of limited partner units with the redemption of the Series C preferred units  Issuance of limited partner units with the redemption of the Series D preferred units  Stock incentive program (254,227 common shares, net)  Amortization of stock incentive  Other  Adjustment to limited partners’ interest from increased ownership in the Operating Partnership  Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests  Stock and units issued to common shareholders and limited partners (11,876,076 common shares)  1 Distributions to other noncontrolling interest partners  Other comprehensive income (loss)  Net income, excluding $11,885 attributable to preferred interests in the Operating Partnership  Balance at December 31, 2009 $ 45,704  $ 29  Conversion of limited partner units (247,640 common shares, Note 10)  Issuance of limited partner units  Stock options exercised (178,683 common shares)  Series I preferred unit conversion to limited partner units  Series I preferred stock conversion to common stock (7,871,276 preferred shares to 6,670,589 common shares)  1 Series J preferred stock premium amortization  (329)  Stock incentive program (116,726 common shares, net)  Amortization of stock incentive  Issuance of unit equivalents and other  Adjustment to limited partners’ interest from increased ownership in the Operating Partnership  Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests  Distributions to other noncontrolling interest partners  Other comprehensive income (loss)  Net income, excluding $2,315 attributable to preferred interests in the Operating Partnership  Balance at December 31, 2010 $ 45,375  $ 30  Conversion of limited partner units (584,432 common shares, Note 10)  Issuance of limited partner units  Stock options exercised (324,720 options exercised net of 76,969 shares used to fund required witholding tax)  Common Stock Retired (61,584 common shares)  Series J preferred stock premium amortization  (328)  Stock incentive program (116,885 common shares, net)  Amortization of stock incentive  Issuance of unit equivalents and other (6,857 treasury shares)  Adjustment to limited partners’ interest from increased ownership in the Operating Partnership  Distributions to common shareholders and limited partners, excluding Operating Partnership  preferred interests  Distribution to other noncontrolling interest partners  Other comprehensive income  Net income, excluding $1,915 attributable to preferred interests in the Operating Partnership and $8,946 attributable to noncontrolling redeemable interests in properties in temporary equity  Balance at December 31, 2011 $ 45,047  $ 30  (Dollars in thousand) 34 Simon Property Group, Inc. The accompanying notes are an integral part of these statements.