ABOUT SIMON Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and the largest real estate company in the world. We own or have  an interest in 337 retail real estate properties in North America and Asia comprising 245 million square feet. In March of 2012, we  acquired a 29% interest in Klépierre, a publicly-traded French REIT with a portfolio of approximately 270 shopping centers in 13  countries in Europe. We are based in Indianapolis, Indiana and employ approximately 5,500 people in the U.S.  (1)  Additional Simon Property Group information is available at www.simon.com. TABLE OF CONTENTS FINANCIAL HIGHLIGHTS 2011 2010 OPERATING DATA  (in millions) Consolidated Revenue  $ 4,306 $ 3,958 Funds from Operations (FFO)  (2) 2,439 $   1,770 PER COMMON SHARE DATA FFO  (2)  (Diluted)  $ 6.89 $ 5.03 Net Income (Diluted)  3.48 2.10 Dividends  $ 3.50 $ 2.60 Common Stock Price at December 31  $ 128.94 $   99.49 STOCK AND LIMITED PARTNER UNITS AT YEAR END Shares of Common Stock Outstanding (in thousands)  293,856 292,962 Limited Partner Units in the Operating Partnership Outstanding (in thousands)   60,858 60,233 Total Equity Capitalization (in millions)  $ 45,815 $ 35,213 Total Market Capitalization  (3)  (in millions)  $ 70,492  58,982 OTHER DATA Total Number of Properties in the U.S.  325 (4) 338 U.S. Square Footage (in thousands)  240,932  (4) 250,540 Total Number of International Properties   12  (4) 55 International Square Footage (in thousands)  3,691 (4) 13,109 (1) As of March 26, 2012. (2) FFO is a non-GAAP financial measure commonly used in the real estate industry that we believe provides useful information to investors. Please refer topage 26 for a  definition of FFO and to page 27 for a reconciliation of net income to FFO and of diluted net income per share to diluted FFO per share. (3) Includes our share of consolidated and joint venture debt. (4) Excludes 45 shopping centers comprising 10 million square feet owned through the Company’s interest in Gallerie Commerciali Italia (GCI); this interest was sold on  January 9, 2012. Also excludes one mall disposed of in January of 2012. This Annual Report contains a number of forward-looking statements. For more information, please see page 25.  2011 Annual Report 13 2011 Annual Report  1 Notes to Consolidated Financial Statements  36  Properties 65 Board of Directors  68 Executive Officers and Senior Management  70 Investor Information  71 Financial Highlights  1 From the Chairman & CEO  2  Selected Financial Data  9 Management’s Discussion and Analysis  10 Consolidated Financial Statements  31